Christiane and ben next have a lot to get to so lets get started. Heres a headline that will surprise no one in 2020 the u. S. Economy had its worst performance in 74 years since the end of world war 2 it contracted 3. 5 percent now this was of course because of the coronavirus lockdowns and the impact of the worldwide pandemic so whats in store for 2021 especially in an economy that remains so uncertain joining me now to discuss this and more. On it chrystia i ben lets start with you can you give us a rundown of how the economy did or didnt perform in 2020. Yeah i mean as you said in the beginning here its really no surprise to anybody the economy did not do well contract at 3. 5 percent as you said the worst its done since 1946 so its been a long time since the economys contracted that much in a single year and that came off of the 2. 2 percent growth that we saw the year before in 1900 the bottom line here is this is basically every sector was down because of the coronavirus with th
This is a boom bust the one business show you cant afford to miss. In washington coming up u. S. G. D. P. Close out 2020 at its worst rate since 1046. 00 and shrank by 3. 5 percent and the game stop saga continues as robin hood and other Major Trading partners are stressed in trading as the battle between wall street and small investors continues well explain what this means for future trading with the us pros with christiane and ben next have a lot to get to so lets get started. Heres a headline that will surprise no one in 2020 the u. S. Economy had its worst performance in 74 years since the end of world war 2 it contracted 3. 5 percent now this was of course because of the coronavirus lockdowns and the impact of the worldwide pandemic so whats in store for 2021 especially in an economy that remains so uncertain joining me now to discuss this and more. On it chrystia i ben lets start with you can you give us a rundown of how the economy did or didnt perform in 2020. Yeah i mean as y
Help, food aid. Yes, they are still talking. Investors like the idea of many more trillions poured into the economy, but it aint a done deal yet. The political world really cant stop talking about the debate. The president says he won. He, quote, held joe accountable, thats what the president says. Biden says the debate was a national disgrace. The Electoral Commission seems to agree. I they run the debates, and theyre looking at new rules. They agree, they seem to believe and blame the president for the interruptions and insults. Theyre even considering a kill button for the moderator to cut the mic of any offending candidates. The numbers are in. Far fewer people watched than i expected, just 73 million tuned in. Down from 84 million who watched the first debate in 2016. And if you look inside the numbers, the audience dropped away as the chaotic debate kept going. They tuned out. Stay with us for the next three hours, i promise it will be worth it. Varney company is about to begin.
Kelly. The dow shedding 5 in lets get to bob for more on this sell off. Bob. I think the key here today is oils impact but its impacting things outside the oil market. Leets ta lets take a look at the sectors. The two biggest that are out there, tech and financials are the weakst ones. They will put pressure on the s p 500 because they are a big part of the overall market capitalization industrial is also weak. Energy is not among the big pressure points in the s p 500 today. I want to poipt out some of these big momentum names that have helped in the tech area in the last few days. Generally, weak today. Advance micro, starbucks these are momentum names that have done well recently and they are having problems today. The futures contract highly showed you that. Its remarkable to look at an 8 future track as 18. Thats an enormous spread were looking at here. Some of these Tanker Companies have having a tremendous day to the up side. Soc some of these Energy Futures just all over the pl
Formally thats where they stop, unlike the oil futures hallelujah. And thats why we got hammered dow plunging 632 points. S p plummeting 8. 37 nasdaq nose diving 3. 48 the house of pain yesterdays futures in negative territory terrified people if you have to pay to get rid of a barrel of oil or a bank that lent to a bunch of oil companies, even though futures rebounded, oil is above zero the more representative june futures plunged to zero digits before rebounding to the teens in the afternoon its not a good sign in other words, today the real physical world of commodities interfered with the paper world of stocks. My cyclical side says we rally hard from the bottom for not much reason. Since the paends the dow crashed to 18,000, and back to 24,000. Dramatically oversold to dramatically overbought quickly. Maybe we got ahead of ourselves. Sure, it looks like we slowed the coronavirus. More on that tonight youre going to like it i think. Were still seeing thousands of deaths per day and