Years. That is the best month of the year, im connell mcshane. This is the closing bell. Time for news of the hour. Jackie deangelis in new york, blake burman in white house, Hillary Vaughn with the president elect in delaware and Edward Lawrence in washington with the latest on the covid19 relief deal. A lot of moving parts well get into. The market is back in rally mode. Good afternoon, jackie. Reporter good afternoon, connell. Well talk about the records we set today with the s p 500 and also the nasdaq. Look at the gains there we beat what we were expecting handily. You only needed 16 points on the s p and only needed seven on the nasdaq. This was a strong broad based rally today what is interesting big tech continues to gain on this momentum and continues to go higher from there. Facebook, apples, amazon, microsofts of the world are continuing to climb up. That is something you expect to hear. Again it wasnt just tech, it was broadbased. Look at the dow winners you can see we have
Dismal jobs reports. Unemployment to soar to 20 . They broke the streak this as things actually calm down on the protest front. Walk us through the ups and downs. It was a volatile day. As to the move down breaking that fourday winning streak for nasdaq. Nd florida coronavirus numbers came out and higher than the sevenday average and the s p never recovering. Teches have it worse. Nasdaq 100 yesterday had flirted with a recordclosing high. Today, nasdaq had been above that level but not able to close so close. Stay at home weakness and the bioteches and seeing that rotation in the cyclicals. The big question is because these stocks are weighting for the averages, is there more pain especially after a big runup and stocks shouldnt be so high . Overextended conditions, quite frankly. Emily there is uncertainty and there are results withdrawing and slack is a company that we considered a pandemic winner because so many people are slacking as they work from home. And going public and spiki
The u. S. Adds 136,000 jobs were added. Thats less than expected. But there are more than 1. 5 million more jobs than unemployed people, changing the job search. And shelter from the trade storm. Htc says its more sheltered from trade tensions than its u. S. Or chinese competitors. We hear from its ceo. But first, our top story. Microsoft is exposing a foreign power for trying to hack into a u. S. President ial campaign. The tech giant says computer hackers linked to the iranian infiltratetried to accounts for a political campaign. Foreign accounts were compromised by the group. To further discuss, im joined by bloomberg executive editor tom giles. So tom, does this show basically that we havent done enough to look at Election Hacking . Tom its going to be a big issue. Election security and protection against foreign interference in an election has been a big issue and it potentially will be an even bigger issue in 2020. All kinds of ways for foreign powers to get in and muck around wi
Half a dozen fed officials speaking today as the growing rate debate simmers. Speaking of the fed, two perfect guests, both officials who served on the fom, Sarah Bloom Raskin, coming up before the close today. Joining us final hour of trade, josh, nice to see you. Happy to be back, sara. 212 point rally here. Are you buying into it i think whats interesting, the answer is yes. I think whats interesting weve done nothing, given headlines, back to early august, essentially flat im not suggesting thats a bad thing. In fact, bulls would say look how much is thrown at the market in the form of tweets and deals and nondeals and fed volatility. In the meantime, yields havent even stabilized. Yet were still hanging in at these levels i think whats important, give the edge to the bulls. Weve been testing resistance in this range the upper side of this range, more than weve been testing support. So slight edge to the bulls. You look at xly, xlk combined sam will probably correct me, probably 30
Action. E will hear from senators its tradingg in debut. 38. 50,shares opened at 48 above. At 19. 5 a cap at 19. 5 capped atcap at 19. 5 billion. Investor intz is an stephen, you were at microsoft for more than two decades, which is a slack competitor. Guys k sendoff of the off the bigfend guys. Slack is generally viewed as measures. Y a bunch of i think they are in a really great position in undergoing a phenomenal amount of change in terms of the way people work. People are looking for things that integrate more software and slack does a good job doing that. In terms of mechanics, we have a lot of questions on why they chose direct listing. Do you think we got an answer . He is able to explain that the main reason they are looking to do a direct listing is they did not want to dilute shares any further all stop they have a lot of cash and feel confident they dont need to raise any more money and doing a direct listing elastic do that. It allows you to go public and not lose shares. A