we'll give you a super easy refund. we'll even cover the return shipping. this is a limited time offer, so go to aerotrainer.com to get the body you want with aerotrainer. romaine: let's take a look at how the market ended the day. a confetti type of day. s&p 500 closing at a record high. caroline: the u.s. reopening trade is back in vogue. the rising tide of economic data. not just the cruise companies. big tech, record stock prices.

record services data, all coming off of standout jobs data on friday. but what does the rush mean for companies trying to sacrifice demand? and what about infrastructure spending? we will dig into all of these themes. but first, rip up the script. we were going to talk about markets. but the shakeup at credit suisse. joe: we continue to see that in the wake of the major losses at archegos, kia, a key figure, add credit suisse involved in risk management. for more let's bring in sally bowser. >> sources have told our colleagues brian chin, it is a hard below because credit suisse's investment bank was making some moves forward.

within this archegos scandal happened and the head of the investment bank is looking like one of the members who will be departing the bank. there is more news, by the way. it is that they will be updating investors this week. we do not know the scale yet of these losses, so investors should finally be getting some clarity, as well as any other executives will be a part of this. romaine: we should point out, this is not just about archegos. you had the greenville fiasco which is unfolding a while prior to this. are there other names that we have been reporting on here bloomberg that might also have their jobs scrutinized? sonali: people we are looking for our lara warner, the head of risk. this is a matter of the investment bank, but also a matter risk management more broadly. there are a couple issues here. we are also watching paul, a big figure in the equities world.

and what kind of responsibility they will be bearing out at the end of the day. questions remain on how to build these businesses once the key officials are out at these businesses. so we will be watching very closely for credit suisse's strategy moving forward. as he's building his new team on top of 18 he just built. -- on top of the team he just built. caroline: we have seen closures on easter market. we will see if we get any updates tomorrow. sonali, thank you. joining us now in terms of the market, katie greifeld is with us. looking away from the fallout and look more broadly. the risk on mood that has pervaded the market. katie: absolutely. across the board it was green today. the s&p 500 and nasdaq was up.

you saw the nasdaq finish about 2% higher, leading all the indexes today. that goes straight back to the bond market. you saw 10-year treasury yield just about flat. even though we did get strong economic data today and we had the lower jobs work from friday. in general it feels like tech is starting to really rebound it is still lower than the s&p 500 on the year but it is rebounding just as the bond selloff cools a little. joe: limos low more of the faang tech. i saw face tech on a tear. maybe at all-time hairs. -- katie: those are the companies that will do well in any environment. they have always been different from growth he or tech names like tesla. you are seeing commentary around wall street that stocks and bonds are moving off the same

data points which all point to the fact that the economy is supposed to bloom in the next few months. obviously that is helping lift everyone. especially some faang names. people are reassessing that the environment. romaine: facebook and alphabet at record highs. even intel up 3%. all the traditional names we turned to in the past market cycle led up higher. i would also like to point out that one of the biggest movers was general motors, decidedly not a tech company, although for some reason tesla is. gm decided it will have this announcement april 6 about their ev strategy. there seems to be sentiment that they are chasing the next structural shift in our economy, and maybe that is ev's, maybe it is something else. is that where investor sentiment is, or are they just looking for the safety of, let me just go into apple because i know they sell iphones every quarter.

katie: the ev space is on fire. tesla production figures we saw over the weekend, or friday, the fact that there global deliveries worst eu -- deliveries were so strong, that is good nose for the broader ev space. right now tesla has a clear lead in terms of time. now as you see competitors start to come in, it will be interesting to see what it means without space, and what it means for tesla, which has enjoyed the advances. caroline: [crosstalk] coming up, u.s. businesses are getting creative. we discuss why they still have jobs they can't fill. this is bloomberg. ♪ s is bloomberg. ♪

romaine: call it the reopening trade, call it whatever you want, but it was back on fire today. you have the blowout jobs number friday, ism services data this morning. joe, hard to be bearish right now. joe: it is looking pretty good. there is all kind of negatives, but the data keeps coming in better-than-expected. services pmi, all-time high, fastest ever growth for the services industry. everyone going out to see, wha t is it, godzilla vs. kong? caroline: that is all it says. the amount of people who want to go to the big screen. joe: joining us now, peter coy. you had a story about all these

businesses trying so hard to higher businesses of all they are doing is offering workers free pizza? come on. they have to try harder than that. peter: well, it not just free pizza. i spoke with a company which manufacturs doors and more, offering bonuses of up to $1500 at their factories. the pizza example is just getting people to come into the door. not even to apply but just talk to us. tell us what you are interested in, and maybe we will persuade you into filing an application. they are finding they are just not getting any job seekers. romaine: you know what also gets people in the door? higher wages. when you walk around new york city, there are signs in almost every restaurant window basically saying they are hiring, they need workers. we have heard anecdotally a lot of people who worked in the services industry pre-covid, in

many cases they have moved on to something else. they were not able to work for a year, so they found other jobs. i am wondering how much of an effect that is having on the current situation, and whether that is something that can be addressed by whatever these companies are offering. peter: i think that is definitely happening. the irony is, think about this, you are saying you used to be a server in a restaurant. you are probably not earning $100,000 in some tech job in silicon valley now. it seems as though that should be the industry which would have the easiest time getting people back, because a lot of the workers are not super high skilled. some are. i'm going to be careful here. some are. some are listening right now and they will not like me. but you would think they should have an easy time. restaurants are still not back to full speed, and so there are still -- it's one of the highest

layoff rates in the country is in that sector. so why is that they are having trouble hiring? caroline: talk was anecdotally what you are being told. hey, higher wages. are they waiting for that? is there still fear out there? peter: fear is another factor for sure. customer facing jobs, you don't want to get covid. even if you have gotten vaccinated you may still be nervous. that is a factor. another is people may still have kids at home who are not going to school, so they have to be watching their kids. and i think there's is probably some factor, one woman i spoke with, she found some people just got put off from work and have lost their gumption a bit. going to take some time for them to go back. joe: you spoke about offering people pizza to take a job, but you also mentioned $1500 bonuses.

how is it that companies recognize that right now, there may be an acute labor mismatch, but ultimately they see this settling into another socio- economy. they are happy to pay upfront to get the worker in the door, but they don't want to commit to a longer-term higher wage, because they are still not really convinced the boom can be sustained. peter: right. that's a classic move. you don't give a raise in pay, you give a bonus instead, because you can give -- you can take the bonus away. if the bonuses repeatedly fail, then they will have to start raising wages. so far we have not seen that in the dats so -- data so much. caroline: your story is a great one, with all these small businesses you speak to, what they are doing. do you think many of the people who are, well, as yet to be

attracted to a job, are they trying to wait out to see what the best option is? are they overwhelmed with supplies so they are biding their time? what do you think is on the other side? peter: i really tried to do that. i really wanted to get their voice into the story. they were a little shy of talking to the press. there's a form called r/antiwork with 264,000 members. antiwork. so, i copied down some quotes from there. i wrote, i sent messages to a dozen or so of the people in that group who had posted really the server asleep anti-work messages, and i could not get any of them to give me a quote on the record. romaine: still, great reporting here. peter coy with that report, the challenges of getting us reopened. breaking news evolving auto store, a big company in norway.

softbank near a deal to take a 40% stake in the company. $2.8 billion. this is coming from dow jones, citing unnamed sources. auto store controlled by thomason partners. joe: coming up, president biden working to corral support for his $2.75 trillion infrastructure. historically, some of the most extensive. our next guest offers lessons on how the administration can get the most bang for its buck. this is bloomberg. ♪ s bloomberg. ♪

caroline: the debate around

president biden's infrastructure plan continues to rage, as the administration's says the plan will lead to stronger recovery. >> it a once in a generation investment in our economic future, a chance to win the future, paid for by asking big corporations, many of which do not pay any taxes at all, just to pay their fair share. >> it is a huge tax increase for one thing, and it is a tax increase on small businesses, on job creators in the u.s. >> the american jobs plan is not about short-term stimulus. it is about making sure that america is positioned to compete for the next decade and for the generation ahead. >> we are coming back and we are going to come back stronger. with this american jobs plan we are going to come back stronger than ever in our country. joe: so everybody likes the idea of building infrastructure, creating jobs, makes the economy more productive.

but we don't seem to be that great at it. for more, let's bring on alon levy, recently put out a report explaining why infrastructure in america costs so much to build. costs have exploded over the years. what is the number one reason why every year it seems the cost of, say, a mile of whatever keeps getting more expensive? alon: remember one reason is a problem of curiosity above all. countries tend to learn mostly from themselves, and then sometimes they think we need to learn from other people. so, usually it is poorer countries learning from richer countries, smaller countries learning from larger countries. and the united states, while it is a very rich and big country, it's a very culturally dominant country, everyone is a global

elite speaks english. not everyone speaks german, japanese, chinese, french. so it is very easy to think that because america is so good at so many things, in biotech, in tech, in agriculture, in mining, it's also the best at literally everything. which it is not. so, even if there may have been a completely random reason that happened several years ago that led american costs to be higher than european costs, it just does not get corrected because people in the united states are not as familiar with how it works in other countries, especially ones that don't speak english. romaine: so i am curious, how do you change the structure here in the u.s.? look, every country falls back onto to what they know best, and we do whatever we do here in the

u.s. whether that is best or not is certainly debatable. but how would you change the mindset here to even get us to a level where we could compete at a cost level with other countries? alon: so, you need certain legal reforms, more understanding of engineering techniques. the basic idea is to understand this frontier of transportation infrastructure construction, of the most innovative technology, unfortunately is not a north america. the main frontier parts of the world in this are continental europe, and east asian. mostly rich east asia. china does some nice things, but construction costs in china are about average. for example, you might want to look at the exact set of

techniques. and i can give some examples, i could give a lot more examples if i had 10 hours, of things being done for high-speed rail. so you could for example look at what germany is doing right now to improve its inter-city rail. of course germany is also big and rich and maybe doesn't learn from everyone, but you can learn from the countries germany is trying to learn from. switzerland, netherlands, austria. and see how they minimize costs whenever they can. they try to avoid over-building, they try to do things -- they aren't just being cheap. they are inexpensive, but also really high quality. they try to make sure the trains always connect, to make sure the

trains are always exactly on time. in switzerland if you have a rail ticket, it's likely to involve a connection, and the connection might take five minutes and he will make it, because they made sure trains run on time so they can do it. so we should learn how they do that and learn construction techniques being used there. and in south korea. caroline: do you send people to those countries? do you get them to come here? an exchange of information? what's the best practical way of making that happen? alon: what you are proposing, the two exchanges, it's funny, we literally had a meeting at the research group trying to think about this. the answer is yes, but it's important that you have an exchange. you don't just send the managers for four days.

oh, everyone wants to go on a vacation to barcelona, roma, berlin. everyone likes that, but you don't learn very much. instead what you want is maybe send someone on an exchange for a longer period, may be measured in months. i know there are exchange programs between various european railways already. i know someone works for the german railway who was doing a few weeks in russia. they also do this with japan. so it is not just entirely western europe. participating in this program, in hiring people, hiring managers from agencies in spain, italy, sweden and so on, and having them help run infrastructure construction in america. joe: we just have about a minute left. let's say president biden calls you up and says alon, i would

really like to advise me on this plan. obviously biden himself, or you yourself cannot unilaterally change the culture. what would be the most important thing that should be written into the bill, such that we have at least a shot of getting stuff built in a reasonably timely manner? alon: for writing something into the bill, practices used for cost control such as -- if you have losses, you probably want to fight them rather than surrender to them. you probably want to employ overbuilding -- avoid overbuilding. you want to avoid other people's problems, where they use federal money to do other things. and try to require some measure of cost control in the bill to

prioritize infrastructure. caroline: fascinating. alon levy, fellow at the nyu marron institute. thank you for staying up late in berlin. that does it for us. we have a couple of minutes left. what is the one thing you are going to look at tomorrow? e vstoxx? -- ev stocks? joe: it is interesting that even with everything booming today, some of the speculative stuff is unimpressive. tesla had great numbers. we will see. does the good news dominate, or does some of this rotate away from the -- caroline: no confetti. joe: and no digital trading cards for me tonight. that was two weeks ago. that is old news. caroline: so passe. romaine: bloomberg technology is

next. this is bloomberg. ♪ s is bloomberg. ♪

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emily: i'm emily chang in san francisco. this is "bloomberg technology." coming up, u.s. stocks climbing to a record amid evidence the economic recovery is gaining momentum. we will check in on tesla after it reported record first quarter deliveries. vaccinations pick up speed in the u.s. variants, still a huge concern. we will get the latest on