Away from the alltime record high, there you have it the worlds most valuable company, apple the stock is up again, the worlds most innovative dynamic seller, amazon the stock is up again. The market, that is digested a lot of Bank Earnings already, goldman did very well in the dow is looking at 80point gain and look at the nasdaq up about 26, 27point again, i see a lot of green this wednesday morning. Heres the headline dueling townhouse tomorrow night instead of a second debate, mr. Trump working with nbc, joe biden working with abc, obvious question why not reinstate the debate, the Electoral Commission really blew it by insisting on virtual. Did you see Speaker Pelosi getting rattled on cnn, in primetime will blitzer asked her what was wrong with the president 1. 8 trillion stimulus plan, why not pick up the phone, call the president and make a deal. She became very flustered and accused blitzer and his colleagues of being an apologist for republicans. Have you ever watched online lemon. On the campaign trail he is off to iowa after his rally in pennsylvania last night, we do not yet have joe biden schedule but we do have a big show, Rudy Giuliani on bombshell knew the classified documents and hes leading the Administration Legal team doctor siegel on regeneron, he calls it the october surprise and steve hilton california guy where trickortreat is officially discouraged. One more point, this is a big one, the president will join us live tomorrow morning at 10 00 a. M. Eastern, Varney Company is about to begin. Stuart this is how we do it, everyone of course we gotta get right into it, good Morning HouseSpeaker Nancy Pelosi absolutely unhinged, last night going off on cnn, you must see this. Roll it. Members of your own caucus madam speaker want to accept this deal 1. 8 trillion. I dont know why youre always an apologist in many of your colleagues apologize for the republican position, what makes me amused if it werent so sad is how you all think you know more about the suffering of the American People than those of us selected by them to represent them at the table, with all due respect, with all due respect, weve known each other a long time, you really dont know what youre talking about. Stuart well, more where that came from, my take on the top of the next hour, you will see a lot more of that. Lets get serious, get sure money, big banks reported this morning, most of them doing well, susan the overall report. Susan i was a bank of america wearing buffet not really impressing this mornings been kind of spotty, we had revenue falling short, profit came in higher and unlike j. P. Morgan sitting aside even more money, meantime buffets previous play, wells fargo coming up light, combing low Interest Rates are hurting income and still trying to recover from scandals over the past three years and that includes the fake accounts at 2016 and finally on the bright side in the Investment Banking side, Goldman Sachs did way better than it anticipated, this is a monster report making tried enter twice as much then it anticipated straight to dealmaking and trading especially bond trading given the Interest Rates are close to 0 and there is no alternative. Stuart goldman is a down stock up 2. 2 . Overall not a bad report. Susan it shows the recovery in the economy. Stuart lets bring in market mt watcher shah gilani. Throughout the years and years you bid on this program, you have consistently said the market is going to go up, are you still saying that this wednesday morning . Yes because i am listening to the market, it is telling us a all, investors are looking past the election in the stimulus and they know were going to see something at the end of the selection whatever it looks like it does not matter, they know theres going to be a resolution and stimulus, rain other concentrating on earnings and its come out a lot better than expected, market has nowhere to go but higher, it is try to come down in its came in every time its went up, i dont see that changing theres no reason to change as we get on the other side of the hopefully a vaccine, the market has nowhere to go, it is going higher. Stuart is it a bit like tina, there is no alternative to stocks . It is tina and also foam 0, fear of missing out, there is probably close to now to trillion dollars on the sidelines thats a phenomenal amount of money, that will have to change stocks, there is the alternative anywhere else, dividends are starting to pick up and some of the best stocks that are recovering, that will continue next year, investors are going to go back into stocks, they gotta come off the sidelines and that will drive markets higher. Stuart i gotta say theres many regular market watchers on this program and almost all have go n consistently bullish and with the dow closed at 29000, can consistently right, you are one of them and we thank you for being with us. Mr. Shah gilani, thank you, sir. Apple, look at them 121, what was the general reaction to the product. Susan i was a positive, usually we have apple stock falling during the presentation but it does recover afterwards and analysts have been raising the price target on apple stocks this morning predicting the cheaper price range of ig iphones will buy young, Morgan Stanley predicts apple will get 136 in credit suites also increasing the price target, apple we sell 40 new iphones as anticipated. The iphone 12 many fits into the palm of your hand and starts only at 699, thats encouraging because more people could buy at a lower price range and the promax, biggest screen ever 6. 7 inches in matters if people want to care about their eyes and dont want to watch a lot of video on their phones, they are cutting it close to the holiday. For shipping thats a big concern, the promax and many only shipping on november 13. Flatter edges, no charger or headphone this time around but the new wireless magnetic backspace getting a lot of buzz charges twice as fast as the cords do, this is something that you slap on the back magnetically. Also surprise when they started the presentation with the home pod mitty, thats when you think of a one last thing at the end, it disappointed a lot of viewers, are we going to get a phone at some point but they eventually rolled them out. Stuart 121 on apple we forecasted it goes higher than that. Regeneron, they make the antibody cocktail that the president was treated with, lets bring in doctor marc siegel who says regeneron is the real october surprise, that is interesting. Go ahead, make your case. I knew that we get your attention as a business expert, october surprise nonpolitical, it is a drug Company Manufacturing antibody cocktail, two different antibodies, 275 patients were already tested with the seditious decreased viral load, increased immunity, they get better even when given earlier in the process as we saw what happened with the president , this is a case of one but he got better very quickly after getting this and i think the antibodies that these type of antibodies synthetic, monoclonal antibodies could be a big game changer on the road to the vaccine which is a big part of operation warp speed, they are part of the process of therapeutics, has not given enough attention, all the progress in six months made in therapeutics with the steroids, remdesivir, the antivirals another monoclonal antibodies, this could change the game with covid19 and help us. Stuart can regeneron get the antibody cocktail out there fast and very large quantities . Thats a really good question theyre pushing hard for emergency use authorization from the fda, i think they will get is sued and health and Human Services has said they are going to make sure gets to seniors and people in high risk groups. That is really important in the studies were done and people in poor neighborhoods in minority communities like get hardhit from covid19. I think that health and Human Services is serious and they will put their backing on this over going to get it out to the public where its needed the most. Stuart wheres my free copy of your book covid the politics of fear and the power of science. Give me 30 seconds to tell me what its about. It is about how fear arose, about how theres too much fighting going on encourage, the stuff we just talked about on the show where we should be excited about the treatment instead, instead the political back fighting, politicians are saying dont trust the vaccine, dont trust the treatment it came out of the trip administration, although that breeze a lot of discontent and anger and you know what pet peoe are angry and afraid, fear drives markets and fear also causes you to take your precautions, we cannot fight this pandemic with fear, fear is the worst pandemic then covid itself, here is erosive and corrosive in a virus in its own right the worst. We have to fight it with courage, kindness and laughter. Stuart we have to have you back on the show, im glad you have a book out and im waiting for the copy to arrive any moment. Thank you very much indeed. This is a bombshell report, on the front page and the cover of the new york post, it reads biden secret emails, the emails link hunter biden and joe biden to burisma, a huge story and Rudy Giuliani is here with his first reaction to that story. Rudy at 11 00 oclock, judge Amy Coney Barrett handles more than ten hours of questioning, no notes in front of her, day three of her hearing is underway, we will be watching it for you. Check futures, we gotta keep it here on varney because we got green on your screen, up 60 for the dow, 28 for the nasdaq, back after this. When i was in high school, this was the theater i came to quite often. The support weve had over the last few months has been amazing. Its not just a work environment. Everyone here is family. If you are ready to open your heart and your home, check us out. We thought for sure that we were done. And this town said not today. Some things are good to know. 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Stuart the state of the Housing Market, why do i say that, we have the latest numbers on mortgage applications, lauren report please. Lauren they were down 2 last week seasonally, they are up 24 from last year if you look at refinances, also down a bit last week but up 44 from last year. Bottom mining, housing continues to be strong and buyers are so used to hearing or gauge rates at or near alltime lows that it doesnt pack a big of a punch anymore, its less enticing because rates have been so low. The Housing Market continues to be strong. Stuart if i see a 30 year fixed below 3 , i think that is a manner enjoy on heaven. That is the way it is for me. Lauren how low does ago. Stuart 2. 8 is probably the low but im just speculating. Green all over the board, big Money Managers are pouring cash into stocks, i gotta believe that is bullish. Susan definitely bullish, they say the recession is over and buying up stock at the fastest pace in 17 years the past six months according to the base of America Survey trimming their cash holding in the biggest concern for investors Going Forward in the las the next sixs in the next picture is a second wave of covid in the upcoming election, 61 predicting the election will be contested, 14 . The democratic sweep would shock the market, bank of america recommending profit if the s p 500 rallies above the 3600 level, pretty close to where we are, they recommend buying into banks energy in the final three months of this year. Stuart green across your screen as we speak, the retailers in the dow up 60. Lets bring in economist john lonski. Hes another regular on the program that is pointed us to a positive direction and being right. John, i want you to repair compared the recovery after we saw the 2008 crash versus his recovery after the virus, tell me about it, what is a comparison. Lets begin with one of the most important economic indicators, the Unemployment Rate, recently the Unemployment Rate fell under 8 in september, it took only five months for the jobless rates to drop from nearly 15 to less than 8 , 7. 9 , lets go back to 2008 2009 what followed the great recession, it took 35 months, that is nearly three years for the Unemployment Rate to drop from 10 in october of 2009 to less than 8 by a point in 2012, right they were doing that much better we will find indicator after indicator in some cases we are sending new record highs, retail sales has set a new record high, we had to wait 33 months for retail sales to set a record high after the great recession. Stuart tell me about the stock market, i think the baseline for stocks is the profitability of an american corporation, were just starting to get the latest profit report, too few to make a general judgment at this point, how do you see profitability going in the future. Profitability is going to be very good next year, im with the consensus, Equity Analyst look at the stuff very closely and say in 2020 corporate earnings, s p 500 earnings will be down by 17 18 annually, that is bad news but the good news in 2021 the s p 500 earningspershare are expected to grow by more than 22 23 annually but profits will more than fully recover from their covid19 plunge in less then a year. Stuart does not mean the stock market will continue its rally . Why not Interest Rates will remain very low. My goodness, if you get less than 1 from a ten year treasury yield, right out just under 2 from investment corporate bonds, it does not make sense to be in bonds, it makes a lot of sense to be in equities up until the point where the economy is Strong Enough and we begin to see the ten year treasury yield breaking towards 2 . Stuart the bulls are running them up this morning, we thank you as always for joining us today and over the past few years. John lonski everyone. Here is a statistic that shocked me, used car prices are at their highest level in 50 years. Susan why does that surprise you . Stuart 50 year price trend, highest in 50 years, i was not expecting that the big deal. Susan is up more than 6. 5 in september and thats the biggest jump when it comes to car prices, used car prices since 1969 leave it or not. Stuart. Susan demands are searcg their covid chudy dakar factories in many newer cars to bite and they were wanting to drive instead of taking public transport, carmakers have stopped offering as many options and a cheaper model, new car prices are causing sticker shock in this recession, the average price for a new car in recent months, im talking about the past quarter of more than 2000 from a year ago according to admin, why not buy secondhand if youre being price gouged. Stuart what about our producer susanna one year into a lease in her car and they called her up and said would you like to get out because we want to resell your car as a used car. Susan what benefits does she get. Stuart i did not ask to those questions but i found that instructive, 50 year high, amazing. Green all across your screen, the dow was up 60 nasdaq of 21 and will take you to wall street for the opening bell after this. vo im a verizon engineer and today, were turning on 5g across the country. With the coverage of 5g nationwide. And, in more and more cities, the unprecedented performance of ultra wideband. The fastest 5g in the world. It will change your phone and how businesses do everything. Im proud, because we didnt build it the easy way, we built it right. This is the 5g americas been waiting for. Only from verizon. My husband would have been on the sidelines. But not anymore an alternative to pills voltaren is the first full prescription strength nonsteroidal antiinflammatory gel to target pain directly at the source for powerful arthritis pain relief. Voltaren. The joy of movement. Stuart i am still seeing a lot of green, for the dow and s p, up 15point, 14point gain for the nasdaq. Netflix confirming report that it will stop offering free trials to potential customers here in the states. That is not hurting the stock, at 564 premarket, up 9, 1. 7 , disney making a