are bad and good, maybe you're just strong. >> let's hope so let's end friday on a happy note >> meanwhile, we'll be looking for those lulu work pants. have a great weekend >> you, too. >> closing bell starts right now. good afternoon welcome to the closing bell. a massive rally to close out the week after a very strong jobs report this morning. took the market by surprise. with the recent rally, stocks irn inging bainching back to near record highs it was the fastest sell off in history in march and now it's been a record selling climb back, an almost 50% jump higher in almost 50 days. the question now is where now. we'll try to answer that question for you throughout the show on the economic front itself, that key jobs data this morning, wall street had been looki inino a decline of millions but saw

2.8 million added we'll explore if that means a v shaped recovery is coming. 2.7% on the s&p 500. >> coming up, retail making a big move higher today as reopening trend ramps up across america. we'll with marc metrick about what he's seeing from customers so far and later, are leaders doing enough to address equality daymond john will join us with his list of actions. let's get straight to the key question of the day. have we bottom ed we're ploex ploering in a number of ways. steve liesman has e details on the number mike looking at the rapid pace of the rally scott will give us his market outlook and we'll focus in on the soaring airline stocks with raymond james analyst. steve, start us off on the jobs

report and how sustainable it is >> great question, sara, but a lot o head scratching going on how u were 2.5 jobs created and no one knew it wall street didn't seem to know it but look, i put together a list here of maybe some reasons how do you get 2.5 million delta there, 11 million jobs 8.3 million decline. first of all, to get there, mass firings have to have stopped which we kind of knew. the second thing, you have to have additional rehiring from reopenings taking place and the ppp program. third, there was no second wave of layoffs than there was just the health shutdowns. finally, maybe the first wave was overdone some were release d and brought back quietly because no one really knew what was happening 2.5 to the upside against the

forecast average hourly earnings declined that showed that low wage workers came back into the workforce. labor participation rate inching up to 60.8%. let's play alphabet economics. did we have a v? here's your v, folks if you look at the change in the month to month payroll, yeah, we were down 20 million, up 2.5 that locks like a v to me. there's another way ha looks more i don't know, call it lish. we went down by about 20 million jobs and came back by 2.5 million. so bottom line on that is there's a long way to return we got back 11% of the jobs we lost the forecast that i'm reading now say june is going to be another month and maybe a str g stronger month in june >> great stuff thanks for that. better than expected the bulls have grabbed on to that number today, push iing th recovery rally even higher mike has more on today's market

action >> that number really emboldened stock buyers to push further in the direction they were leaning. the market was already positioning for a faster, stronger reopening and paps more of a cyclical tone to the market than was the case a few months past this is the s&p over the past year you can see this hlittle acceleration one lesson here is really barely had a pullback just stalled out hasn't really adhered to a lot of these areas on the chart where folks thought it would break. 3130 i talked about. just blew right above that today. also, this is basically flat for the year 32 20ish the market has almost spent no time in its history above the level it's trading at this moment we were just talking about december, january, february of this year. so clearly a ton of ground has been made. look at stocks versus bonds. another part is an unwind of this crowded, bullish bond

position this is the tlt. long-term treasury etf against the s&p 500. this goes back two years and you see how they were pretty well linked up here until february. then of course massive bond rally. huge stock sell off. reconverging here, not joining bonds are still outperforming. this other disconnect when stocks sold off then rejoined bonds. so it doesn't have to be the case that bonds keep going higher, but at some point, maybe some e quul librium is reached they're about at the same level but look where they came from. the transports in orange traded above 11,000 in 2018 dead money for a long time huge bounce then this comeback here is most significant from the recent lows. so clearly, they're not really linked as asset classes, but it's kind of sink ra niehaus and it's appropriate the cyclical

transports sort of take the stage and eclipse the move in the nasdaq composite >> if we look at the stocks and is sectors performing best today and in the rotation of the last couple of weeks, there was some justification for that in the jobs number if you dig down sbo seeing which sectors did the most hiring relative to expectation. >> sure. there's no doubt that the more activity on the consumer front if you're looking at mobility, consumers getting out more does it justify the magnitude of the rally in airlines? perhaps not. that hooks like a hot money chase but none is less, it's pretty match up in tune. the bond move is in tune the global move, it's all in dpeer. all points in the similar direction of recovery. the question is you know, is the market going to overshoot a little bit in the short-term on this theme where we have evidence that it's actually happening. >> it's a good one thank you. let's ask that question and talk more about this massive rally with wells fargo senior market

strategist, scott. thanks for swrojoining us this jobs report today confirmed the market was right to be optimistic about the reopening but is the market overshooting now on the good news >> well, right, i think the market is right to be optimistic but it is probably a bit of an overshoot here now these reopenings, depending on what segments of the economy you look at, they've been going okay some have been going better than others ch but certainly, any news that deals with consumer spending, which clearly employment does, the market is going to like. we need consumer spending in order r for that we need confidence in order for that, we need people out to work if we're all sitting home hike mo like most us here are in september, october, the market isn't going to be where it is now, it's going to be lower but

b obviously, there's anticipation built in here and we're looking for a good quarter and a modest 20, 21. it might be a little ahead of it right here >> to that point, i believe i'm right in saying scott, wells fargo, your year end estimate is 3,000 so we're a couple hundred thousand points above that what would you need to see in the fundamentals to revise that full year estimate higher? >>. >> the data we've seen lately, you could generalize and say are these going better than what we thought? they are is the employment data a little bit better than what we thought? it is. so those are the kinds of things that i think are driving it. we're looking for a little bit over 7% springback or bounceback in the third quarter that might be ali l low.

so we're looking for a contraction is things are looking short-term here. there will be a little pull back but as 3130, that was a big level. we've blown through a number of technical points we've heard good news, but se certainly after 40 plus percent run, you could expect a give back here and sideways trading >> and it is good news, no question about it. a lot better than expected but we've still got 21 million americans unemployed and an unemployment rate we haven't seen since 1940 so how do you position in this kind of an economic environment where small improvement is being awarded in

the markets, but it sounds like you're not convinced given the long road ahead. >> it was funny because when i was sitting here at 7:30 central time and the number came out and you're thinking is this going to be much worse than expected or better right now, face it, there's a lot of guessing going on on some of these numbers and when that number came in, i was just wow, what, this is, this is a pretty unbelievable numberment relative to the consensus which you could probably throw that out the window on most numbers these days, but for us, we've liked technology consumer discretionary sector. communication services we've liked financials and that position sometimes we've looked very smart and other times we haven't. and that position's working a little better now. we also like health care so you know ffor us, we want tos recovery the market seems to think it's coming along faster than what we

initially expected, but i think those are right sectors to be in as we look out over the next 12 months >> not what's working today. energy, financials and industrials are on top thank you for swroining us >> today is that thank you. have a good weekend. >> now it's been a record breaking week for airline stocks with the new york stock exchange airline index on track for its best ever on hopes that sum e travel will pick up as economies begin to reopen. it's up what 36% there's american airlines up 10% today. 75% since the first of june this week now airlines as we said have rallied. and we're joined by raymond james analyst to discuss whether we can go higher thanks so much for joining us. what is this late e leg higher of the rally been off the back

of is it certainty these airlines will survive or is it genuine hope that all things will be back to normal within a couple of months? >> thanks. i think it's a combination if you look at other sectors even with the massive move this week, the stocks are down 37%. and so it is a kind of a recognition that maybe bankruptcies are off table and also that things are recovering faster what we find unusual though is there seems to be a simplistic trade that's happening here where you're just buy iing the kind of the stocks that are off the most versus trying to sift through the the fact that the balance sheets are very today than they were at the end of '19 and if you look at enterprise values, the picture is different. like american, interpraise prize value, it's flat year over year unlike the stock and that's in

sharp contrast to southwest where it's down 27% so there are some shares like american that seems to be trading like we are having a v shaped recovery while there are others that are still showing a little bit o a lag here so it's an interesting move and just you know some excitement here that the recovery is coming faster >> but is what you're saying that it doesn't match up with the fundamentals an it's swrus getting swept up in the reopening and the fiscal and monetary stimulus wave waover ti market >> exactly it doesn't seem to be a lot of talk where the bets are being placed if you see the data points from what we've seen so far, lee sure is where the demand is coming back it's the domestic market but if you look at the stocks, it's really any stock that's

sold off the most and irecovered a lot p doesn't have as much exposure to the domestic market as southwest and southwest is still on an enterprise value than american. so it's an opportunity than we would be rotating out of those stocks like american that have you know, recovered fairy well into kind of more domestic stocks like southwest that haven't seen that recovery as much >> where do you stand in terms of the long-term impact of things like work from home on business class travel, those sub sectors of the industry that are so profitable for the major airlines >> i think initially, the demand impact would be driven by people's comfort flying in a world of covid-19. as we get therapeutics and

vaccines, i think that fear goes away the other more important aspect will be just the health of the economy and that will drive business over the longer term, if you have work from home, nobody was flying to the office so i don't think that really impacts demand for travel and i think what has been shown as much as you know zoom or microsoft teams have been helpful, it's just not a good replacement for in person meetings i think the trends we had going into this crisis will return once the economy rohrer rohrers and once we get comfort bable flying in a post covid world gl thanks so much for joining us >> all right >> after the break, is the worst over for retail? as the sector rallies today. we'll speak with the president of sax fifth avenue to discuss the trends he's seeing at the stores that have reopened. you're watching closing bell on cnbc stock slices.

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42 minutes left. s&p up 2.5%. the energy sector within the s&p is up 6.6% occidental and apache at the top of the list. both up more than 20%. p. >> retail is getting a big lift. sax fifth avenue is one that started reopening just a few weeks ago. as of this week, they have 20 open stores, 21 closed with eight temporarily closed when some demonstrations this week turned destructive let's bring if marc. thanks for joining us again. nice to have you tell us about what you're seeing in terms of customer behavior in the stores that have opened and whether you've seen a step back as a result of the protest this is week. zbh good afternoon thanks for having me look, let's just start with a month ago when i was here and we chatted about us, we were opening in texas and we were

really excited what we've seen so far is that the consumer is resilient. they came back in force so really like it pretty optimistic b about what we're seeing and how they're reacting and we feel good about it so it's been good. >> marc, in terms of the level of demand you've seen when you have reopened stores, has it surprised you and specifically, what type of products are are people focusing on >> it's been surprising. i think we didn't know you look at the jobs report that came out this morning. everyone's in a little bit of a guessing game now, but we certainly have bloomed through what our forecast and eck pe expectations were. we have a saying at sax. men are the new women. men are back men now are representing about 25% of the svolume in the stores

open versus 15% or so normally so that's big. we're also seeing omen's footwear, handbags, these are the businesses that are going and were going before. so it's been a little new and some of the same, but super exciting >> i don't quite get that. the men are the new women thing. i don't know what's driving that, marc >> hey, i don't know i joke with my wife that they probably just want to get out of the house, but i don't think so. men are finding themselves they're realizing they only have two wardrobes. now they're hope and are in between so i think it's great. men's footwear is up up 25% last month. that's a business right now positive this this environment it's just crazy. >> what about new york obviously you haven't been allowed to open the flag ship store. how much is that hurting now and are your plans deterred by the protests that have often turned violent as we've seen looting across new york city given what's goin on

>> we're taking new york day by day and have been generating business with our stylists out of the new york because they're working virtually. i never feel we closed our flag ship we're going to be ready to go curb side next week and we are as long as we get the go ahead, we are undeterred. >> there's been changing ways the consumers spend during lockdown and accelerated a structural shift that we've seen over the last five years do you think the add shift to online will stick after we fully reopen again are you worried about that >> not at all. i think where sax as a luxury player is going to win is really the combination f our physical and digital presence that's where we've been investing the last several years and maybe what's happening now is merely an acceleration of a strategy and what the future was

going to look like any way so we are ready and excited. >> what does the future look like for department stores during this crisis, we've seen you know one of your big competitors, niemann marcus, file for bankruptcy. j.c. penny, maybe not a direct competitor >> i think first, painting the department store industry with a broad brush dangerous. a lot of us were investing, getting ready, thinking about digital, stores, fusing together the high traffic digital platforms and the high converting store platforms and we were writing ourselves for the future so i don't think there's going to be problems for a sax fifth avenue that went into this strong, with a strong balance sheet, prepared to invest and prepared to run coming out of it >> can you make as much money in this environment where we are social distancing, where we're taking all sorts of safety precautions, in the stores, out

of the stores. you know it, are you able to get back to the activity you saw precrisis? >> i think especially for a store like sax where we're not, it's not a density play. not a high traffic play. we are a conversion play we you know the way we clientele, the way we go through the transaction with our customers, you can socially distance in our stobefore this you'll be able to after. >> really wiquickly. the employees you furloughed, are they going to come back as you've seen customer activity return >> sure. you think about most of our stores, associate base that's furloughed, were out of the stores and as we're opening, we're rolling through. i think we furloughed 6,000 of our society yassociates and broa third back >> keep us posted. thank you very much for joining us >> thanks so much. >> 35 minutes left before the closing bell take a look at the markets

strong gains across the board. the dow's up more than 3%. 817 points s&p 500 up 2.6 it's being led by energy but every sector is higher in a broad rally. up next, chip stocks are rallying hard with the market today building on gains for the year and two wall street firms are picking winners in the space. the names to watch are up next and take a look at the huge rally in cruise stocks as well today. it's part of the reopening theme along with airlines. these stocks have been hit so cris during the pandemic and and now they're charging back today with royal caribbean leading the pack up 20% we'll be right back. (vo) since our beginning, our business has been people. and their financial well-being. it's evident in good times,

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bringing the week's gains to 5% let's check in on individual market movers now. chip stocks, the semietf hitting a new all time high earlier led by the likes of micron, broadcom and mxp. piper sandler naming broad campaign its top pick saying it's well positioned for the next two years wheen qualcomm a buy rating and 105 price target for high hopes for 5g and shares of grubhub jumping higher now fielding interest from two european food delivery companies. sourcing telling alex sherman takeaway.com and german delivery hero both experrezexpressing int uber's got competition >> thanks. s&p is up 2.8% 31 minutes left of the session still ahead, how corporate

leaders can push for meaningful change we'll ask daymond james if companies are doing enough as they join the discussion around racial equality in america here's a check on bonds. another major move higher in yields, particularly the long end. ten-year is up 0.9%. helping the banks all u week financials up u 4%

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welcome back dow's up 850 points. s&p 500 is also surging and there's a picture. all sectors higher energy, financials and industrials are up the most. consumer staples up the least but still up 1.7%. as far as the growth versus value debate, it's the value sectors that are winning today and for the week with all three of those top performing industries now energy, financials and industrials all up week to date. energy stocks up 15% still down about 26% year. here are three things driving the action hire. historic jobs number shocking wall street and boosting hopes of a v shaped recovery those gains can be seen across the board and though the nasdaq is lacking, it did bach the first of the arches to notch a record high. dr. fauci telling cnbc that a

sec wave of infections is not inevitable if the right precautions are put in place another encouraging development. >> time for a cnbc new s update >> president trump is allowing commercial fishing and marine conversation areas off the new england coast call iing the ban put in place by president obama deeply unfair to lobstermen. and the pentagon is reportically ordered the remaining active duty troops sent to the washington, d.c., area to return the base has also called for federal law enforcement officials to leave the city in the next few days, the supreme court is expected to reveal if it will look again at its 1982 ruling creating qualified immunity for police officers i says police can't be specifically sued for any misconduct that hasn't been declared illegal critics say it lets police act with impunity.

and in mobile, alabama, a statue has been e moved. the mayor says it was a potential distraction to focusing on the city's future. sara back over to you >> frank, thank you very much. we're less than a half an hour before the closing bell. we're seeing a stropg rastrong rally on wall street and that's bringing the gains to about 5% 840 points higher now on the dow. intraday, we saw a record high for the nasdaq up next, how did today's massive jobs number factor into the case for more stimulus? we'll debate with two former white house economists and as we head to break, look at the huge rally for the bank stocks today. bringing their gains for the week to double digits up more than 10% for the financials we'll be right back. [squeaky shopping cart]

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welcome back 24 minutes left of trading here's a look at today's top performing consumer stocks and some double digits koelz up 11.4% they've been hammered throughout the course of the pandemic, have been slow to catch up but are roaring back today on the reopening trade off that bet e jobs report. >> sorry, we lost connection momentarily there, but back and connected. d dow's up b about 3%. mike pence talked to jim cramer earlier today. >> i want to assure you that if there's another phase of reco r

recovery efforts, we're going to make sure we have more pro growth policies in addition to direct relief for families and businesses as we put this coronavirus more and more in the past every day >> does today's job number change the calculus when it comes to more stimulus joining us to discuss are president of the american action forum who's also former chief economist of the council of economic advisers under george w. bush and gene sperling over both president obama and president clinton. the author of the new book, economic dignity very good afternoon to you both doug, just how good were these numbers this morning >> well they were good news. and i think the question is how good and how much news to me, the news is there wasn't a second round of knock on layoffs or firings that produced a negative number in may that's the news that's good

news the e remainder, the people going back to work, we knew there were a lot of temporarily unemployed people who would be brought back we just expected it to happen in june so this is more of a timing phenomenon than really a change in the outlook in my view. >> what will it do to the calls for another round of fiscal stimulus to the extension of the relief packages that are put in place and including state and local government assistance? >> this is really just a shift between may and june i don't think it should change your calculus deeply on what it should look like in september or october, which is really what the next legislation is b about and there will be things that have to get done we have to find a way to get people into workplaces safely. that's going to involve more pressure on the business side to get the liablely reforms on the worker's side to get ppe and workplace modifications. it's a lot of work that needs to

get done and congress can help with that. the states and localities remain an issue and i think the real issue is how much do they borrow from the fed and how much does congress end up helping them out because of they've had the undo expenses of the pandemic so there's going to be a lot of negotiations going on constantly i don't think today's report changes deeply the negotiations ch i just think it strengthens the hands a bit r for those less aggressive >> the tok market stock market recovery v shaped. does that give you hope the economy will follow suit >> unfortunately, i agree with a lot of doug's analysis you've had a dramatic fall you knew that numbers would get better from the trough at some point. this was a few weeks earlier there's just enormous pain still in this market people like my former colleague,

jason, and even to be less if you look at the numbers they're probably closer to 1, 17% unemployment you've still got 6 million more people working part time involuntary ily. this is an unprecedentedly pain labor market now and i think there's a strong and unfortunate chance that we could stay at double digit unemployment for quite a long time. so i think that if you want to have a true recovery, then you're going to have to stay with some of these efforts to help state and local so they're not adding to job loss with t p teacher layoffs et cetera. you're still going to need enhanced unemployment that should be extended until unemployment rates are well below 10%. i think these things are are going to be absolutely essential and yes, this was a surprising number today but you have to look at the level.

the level is still the most pained labor market we've seen in 70 years and we should treat it that way economically, fiscally, but also you know from just a human capacity. >> when it comes to congress moving fast on stimulus like we saw with the last relief effort, it takes a major melt down and scary numbers on the economy so the more improvement we see and the fact that stocks are about to go flat on the year, i just wonder if you think that just hurts the urgency factor for more fiscal stimulus which we still need. >> i didn't come on to promote my book, but part of it is your end goal and economic policy is about the happiness and well being and dignity of american

people i can tell you when i was in the white house at the great recession when it was still 8 or 9% unemployment, you could feel the terrific amount of pain. so many people are going to lose their health care. so many people are are scared. this kind of unemployment is well over 20%. it's still the highest in 70 years. so it's posimportant to keep yor eye on the ball both to be the kind of people we want to look out for each other but also fiscally, it would be a mistake for a member of congress to stand up and say well, the tok market's doing well so i'm not going to look at the degree o unemployment, the degree of people losing health care, the small businesses and jobs that may be lost forever. there's an extraordinary amount of pain b and the best way to reduce that and get economy is to make people hole whole, give small businesses more chance to stay alive and don't add to the

pain by starving state and local governments. they didn't do anything wrong. they just happened to be states and local governments during a once and a 200-year pandemic >> we'll have you back on to talk about how that should look but for now, thank you both very much you guys weren't supposed to agree on so many things. after the break, we're going to take you through the most important stocks and sectors to watch in the final minutes of trading on this big rally day on wall street. you can always watch or listen live on the app, closing bell will be right back dow up 3%. past the 27,000 level but just off session highs. we'll be right back. when you say what you're in the mood for,

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we've got capital usa's keith bliss with us as well. leets kick it off with the rally after a surprising jobs report this morning, the u.s. economy added 2.5 million jobs in may. the largest one month increase ever economists were expegting a decline of almost 8.3 million jobs unemployment is at 13.3% still shocking absolute numbers of unemployment of course. mike, up 2.4% on the s&p a little off the highs but a positive day strong week, up 4.6% and all sort of risk on factors have been flashing all week >> came down to bond yields rising, value caps outperforming big caps that's been very much in harmony talking about the same theme of a soon rer than expected rush to reopen i do think the number makes the

outright negative case on the economy and the reopening tougher to make. but this market effect has been in train for a while now so in order, the market has rushed ahead and gotten to this place so the question is whether we've maybe gotten a little bit past where reality is or not and if this is kind of a squeeze and people being forced for a reopening when they're reluctant to do so it's all very positive but, there's been this little ebb in the enthusiasm midday. so maybe just market field position means it makes sense not to press bets here into the weekend. keith, strong rally, strong week you've been pretty positive on this market and have backed the reopening trend. where does it leave us now after we've climbed so far, so fast after the march lows >> there's a couple of things. number one is across all the major indexes while it's rallied hard, especially this week and

today of course, we still don't see them as grossly overbought at this point in time so we've got room to move and also kind of underscoring what michael was getting to and i'll get to the market internals later on. strong breadth has been building across u.s. equities for the last couple of weeks and we got one of our strongest indicators. it doesn't matter what people think about the market, doesn't matter about the fundamentals, valuations, the market will continue to rally 2 to 4%. caught that last thursday o we've been riding that for right now you're right when we were in the doldrums at the end of march, i called the market vastly oversold lots of things are steering anytime the right direction. bond yields are rallying up. oil prices are going up. the employment and jobs numbers we got today no matter how many revisions we may see just because of the way the bureau of labor status ic ss

to calculate now, i still believe this market is et up to move higher and may do so throughout the summer. >> dollar has moved down, too, which has been helpful restaurant stocks have been helpful after restaurants, bars and other food service employment accounted for r about half the gains we saw in jobs in may following steep declines in the previous two months of course mike, how do the restaurant stocks look now? >> they've been rebounding but from very, very cheap levels there's this etf i keep pointing to, pej, has a lot of restaurants and hotels in this and essentially, it's up more than 10% this week but still down you know 25% from the high. so it's a very, very familiar story. there's a big section to this economy where the stock market essential ly discarded them and said we're going to essentially

assume you're on hold and frozen indefinitely and maybe some of you aren't going to make it and any incremental move in this direction. arguably, the easy stuff has been done. we knew there would be a v in the data where it went from negative to positive we just don't know how high the right leg goes and how soon it gets this. that's probably the debate for you. at the moment, it's not as if the restaurant industry has much margin for error, even in the best of times. if we're back at 85% of capacity, it's not going to cut it for a lot of these businesses >> boeing and airline stocks are major drivers of the rally today and this week as a whole hey, phil. >> wow, wilf, what a day for boeing and the airlines. when you look at these stock, they were off to the races from the get go in terms of boeing, it's now above $200 share first time been at that level since march. the shares up 43% in the last week and it's not just boeing. it's also airbus and on a day when airbus reports zero, zero new orders for the month of may,

well, the adrs moved higher. usually does generally in tandem with boeing. as for the airline stocks, american, delta and united, they soared on hopes that passenger levels as they continue to move higher, business will get better and this carried over to the rest of the airline stocks as well they're all having a similar day. keep in mind however, passenger level guy, still down. 85 to 86% compared to the same time last year >> and phil, they'll be making lot of layoffs still in september. >> yeah. that's the expectation at this point. unless we see a huge snap back in terms of travel demand. we're just not seeing that yet t going to keep increasing but not to the levels we were last year >> thanks for that keith, i saw you reply to a tweet i put up earlier i mentioned that to phil because clearly, these airlines would not have enjoyed a 100 plus

rally from their lows without a boit and support for credit markets. all of the sectors, companies really benefitted the most from those sorts of supports from the government and central bank. >> yeah, that's accurate, wilf, and i did like your tweet and when i responded, b b i said know you know why mnuchin wanted warrants as part of that a deal for the bailout when you see the rally and these stock prices here the fact is you're right if we didn't have the bailouts an zero interest rates, not only here but around the globe like you're saying a lot of these carriers would have been in bankruptcy protection at this point in time. they would have burned through their cash while they did build strong balance sheets. they would have burned through those and would have been in bankruptcy protection. so now we have to see how quickly they come back from the reopening of not only the states that have just about fully reopened but u bear in mind, we've got large population centers on the east and west coast that have not fully

opened, for example in new jersey, where i live, we won't be reopened until probably the first weekend in july and will that spur the demand from people like myself and my friends around the state that will help unemployment travel. don't know the answer yet, b but certainly the trend is the right one. >> yeah, president trump calling out warren buffett today in his news conference for selling the airline stocks apple hitting a high today josh with the details. >> that stock is on a role it's surged more than 50% from late march i caught one gene munser he says for one, apple clearly benefits from a rock solid balance sheet with a net cash position of $83 billion. cash is king he says during uncertain times. says the work from home trend benefitting apple as wechlt

wearables and the 5g iphone thi year >> thank you mike, how do you look at apple is that a reoping play because it also did well and came out with the good quarter in the middle of covid-19 as china started to open up and it said online orders were going okay. from the china exposure, it was a bit of a reopening play but can't suffer u much in the depths when things were getting shut down. it's because of the quality balance sheet. then there's the standard it's high margins, pivot to services so you can make the case any

which way when it comes to apple. people keep talk iing about the rotation there really hasn't been one out of the big cap stocks. just been the smaller value stocks have also perform well alongside them so if there's a true pronounce d rotation, am l is probably something that we get harvested in that process but so far, we're not seeing it. >> to that point, apple is up 12.5% and up today and this week does that give you hope that all sectors can continue rising as one as opposed to a rotation >> absolutely. i don't think there's money just moving from one sector to the other nd of the equities market. i think we're seeing it move into the equity market so michael's point is that the megacap tech names haven't really dpoen down. they're not getting you know disinvestment happening as we go along here the nasdaq setting an all time high intraday. we just have money moving out of

ore asset classes. i've long been a fan of apple's business and cash, cash and more cash strong balance sheet wins the game today >> still a buyer at these levels >> never sell apple no >> you just heard the swoosh that was two minutes to go in the trading day. mike, what are you see ng the market internals >> that's what a swoosh sounds like very strong. internals are definitely solid to the upside. not quite 90% as we had seen earlier.

take a look at high yield this week as vastly outperformed treasuries that means credit spreads are coming in. very supportive. that's a dynamic that they want to see continue and the volatility index it's grudgingly going lower. often on a friday, there's give to it then this big rally has it down below 25. i still wouldn't say it's decisive still 24 from the highs from the sell off last august but it's moving in the direction stock bulls would like to see for now. >> one minute left dow's up 3%. nasdaq up about 2% dow's up 800 points. the high just above 1,000 but a resoundingly positive session. energy, financials, industrials, the best performing sectors today and this week for the week as a whole, those three all up more than 10% compared to the s&p 500's near ly 5% gain for te week as a whole.

at the bell, higher on the dow by 486 points or 3.2%. 2.7% on the s&p 500 and 2% on the nasdaq >> what a week the welcome back, everyone to chosing bell take a look at how we finish eda strong week. it closed up 3.1% making it the best day for the dow since may 18th for the week, the s&p gained about 5% very strong.

best weekly performance since april 9th when it gained 12% as we continue this rebound from the lows up 45% since those march lows p check out the nasdaq, it did lag the other major averages as we've seen this rotation into financials and industrials and energy which played out today but then tech joined the party, too. nasdaq up 2% earlier it hit a high. nasdaq 100 did as well the russell 2000 index charging forward. it was big winner on the day as the small caps play a lot of catch up as they had been the underperformers all we're year we've got a lot to talk about we're also going to ask daymond john about the economy and whether corporate leaders are doing enough to address racial injustice in this country. joining us to talk about the market today though, keith bliss is still with us

first to you, another week of gains, a week where we saw the economically sensitive stocks like the banks really take charge where does this leave snus. >> in a place where the markets are sending a message that is comforting in the sense of handicap ping an economic upturn, it's been broad and confirmed by the bond market by the forexmarkets. we're at a point where you have to ask all the indicators to tell you this is a really strong robust rally in control of the bulls. i'm looking at a lot of readings that say we're getting overheated looked like a desperate grab and chase for exposure today but that doesn't mean the rally's over it means watch and wait. be careful you saw a subtle rethink of how

far we've come but i don't think that invalidates the underlying message of what the markets have been saying. >> the nasdaq 100 hit a record high nasdaq composite not quite at that level does stimulus alone justify those levelins or do we need to see e a fully v shaped recovery? >> it seems to me it does justify if you're talking about monetary stimulus, increase in the -- the fed balance sheet from 4 trillion to $7 trillion it's hard to be short. when you talk about the fiscal stimulus, i would argue it's more, i don't want to be overly semantic about it, but it's more income replacement than stimulus thus far so i think you know, i think people are appropriately starting to discount a reopening and better economic news but i'm still, i don't, i've

never been accused of being b r bearish, but i think we've done real damage with the shutdown that will take a long time to repair the market may be yus looking through the next year or near and a half, which it seems to be doing but idea we're going to be back where we were in february, i think obviously history would tell you it's going to take a long time to get that there. >> jason, i was really eager to hear from you because ifls wondering if you were going to capitulate at all off the back of numbers like we got today on jobs because i know you've been cautious on this market. the longer term damage sounds like you're not going there yet. >> there are two different things the markets and economy, obviously over longer term, they have a strong relationship with one another but i also think that there are times at which

they diverge and especially diverge when you have the federal reserve board and you have the federal government kind of putting their thumbs on the scale. now frankly, p you didn't shut the economy down, you wouldn't have had to do that. i have the feeling the market would be at all time highs now any way, but i think that it's just hard to take big victory laps when the rate still 13.5% and it will start to come down no two ways about it, but there's also a sense o airlines haven't laid anyone off. there's likely to be a second wave of unemployment it seems to me of probably higher paid workers. people on supervisory roles. so i want to be clear. i wouldn't short the market here i just would be careful on cyclicals at these levels because i think t going to take time

say three months from now, we have a feeling growth will be scarce and at that point, you want to own tech, things that are growthier. >> it's been a crazy week on wall street. let's get to bob for asummary of all the key pause in the action sxwl and still, wilf, the stunning jobs report really caps a near perfect week for the overall market bulls here. so to reopening story was evident in looking at two big sectors. small caps and transports outperformed the s&p 10% growth on the transports for a week 8% on the small caps they're in the middle and there's the s&p, about a 4% gain there on the green line on the bottom the reopening story was evident all week the stock of the week has to be boeing which represents the transports boeing, 43% for the week huge gains in simon property group. it was up 54%.

the reits rebounded. we had apache jumpi ining huge r the week some big regional banks were up. big cap industrial names like caterpillar were notably on the whereupon side in the mid teens here's some laggards defensive names. as well as names associated with work from home kroger and clorox. act vision and blizzard. the gold stocks. what's missing from this picture is better earnings here. prices are up, but earnings estimates are still coming down and that's a real problem we' herement we've got to see guidance come back and we've got to see analysts moving up their ts back to you. >> bob, thanks for that. mike, clearly, today's jobs number capped off a great week for the u.s. markets though s&p 500 up about 5% the european markets up about 10%, certainly germany, france,

italy, spain, all up more than 10% and i guess the positivity this week was sort of satarted i europe and capped off here with that jobs number >> for sure. even from the last month and the lows in march, the markets have outperformed and the same type of story where there's a spring loaded level is certainly in place this then you have the stimulus because one of the reasons for u.s. outperformance before is that the incremental central bank response by the fed was so vastly greater than what the ecbc was willing to do and what was likely on the fiscal side but that's been balanced out in the last week or so >> keith, i feel like there's a bit of a tug of war going on between the stay at home stocks that have done so well like zoom video is the poster child for that, but clorox as bob showed you which lagged today and some of the others.

amazon certainly in that basket then the airlines an cruise ships and retailers. today was an example where all of them did well but the reopening stocks did better. coke and pepsi are ones that i like to watch because coke does better on the reopening trade. it has more restaurant exposure. pepsi did better all year long because it was more of a stay at home stock which group do you favor now in. >> excellent question and very hard to answer quite candidly i think now given trend we see in the market and what we now determine from the jobs picture, i would go for the reopening stocks right now we got this massive inkroes but haven't even starting to reopen

the major population centers on both coast when new york and new jersey start to get open this month and into july, i think you're going to see the reopening rebound we see in the market and that includes the stocks like coke, which benefits from restaurants and theme parks and the airlines listen, myself and everybody else is itching to get on a plane and go on a vacation somewhere. we've been couped up for 80 days in new jersey and we want to get out. i think those stocks will continue to rally and as long as the market trend is bullish and continue that way and by the way, underscoring something jason said earlier we still got a long way to go. not out of the woods yet still didn't know the economic carnage we're still sorting through the ashes on but right now, the trend is our friend on this trade the reopening stocks i think will start to youtperform especially since the work at home stocks get so out this month. >> i want to ask you where you stand on gold.

sold off today, but we're also starting to talk about the possibility of inflation starting to talk about bond yields rise. prices fall. does gold not therefore offer an attractive hedge to equities even if it fell today? >> my own opinion, i like gold personally and i view it, i always have, viewed it as an snrns po insurance policy like all insurance policies, you hope you don't have to use it. i think it makes sense because you know let's face it, the deficit this year at the start of the year was thought to be 750 billion. probably going to be 3.8 trillion i think people, one of the reasons why gold is off the currencies is that people don't trust politicians to take the stimulus back when it's no longer needed. and that i would say history would say it's an important

level of skepticism and so i like gold. it's going underperform. i think for the next couple of months, it will understood perform other assets but i think for a longer term investor, it makes sense. i also start to think at this point, bonds are starting to offer pretty decent hedge against stocks, too. and so for a while, everything was going up and i think one of the good things for the stock market is that bond yields have started to increase as stocks went up, which is a very strong confirming signal but it givers gives you room to hedge your exposure with bonds. but any way, i like gold >> thanks both very much up next, it's not just the tok market that saw big moves today. bond yields surging after the jobs report. we'll discuss with jeff rosenberg when we come back. (vo) since our beginning, our business has been people.

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yef rosenberg joins us now by phone. there's a bit of a brokeout here in yields, jeff. first, tell us how significant this move was this week and what drove it >> you know, it's a very significant move and what i want to focus listener's attention on is the five-year five-year forward rate it's a really nice way to see the message from the bond market the rate basically tells you what is the bond market's expectation for longer run expectations on growth and inflation. that level is now back to its highest point since right before the whole crisis began and really this week was the breakout week and so it's a significant message telling you that from the bond market's perspective, you're starting to see what we're all seeing, but it's validated in terms of turning the corner and avoiding the most negative scenarios of

deflation and double dip recession and protracted negativity >> are we going to see if not deflation, significant inflation and perhaps a much steeper curve? >> a couple of things. let's talk about inflation then the steepening of the curve. we've seen a significant steepening of the curve. on inflation, near term, the positive message from the bond market is the avoidance from inflation. you had measures signalling bright red part of the recovery is price iing back more of a low inflation environment. it's key here that we're still in a low inflationa rrry environment. yes, there's a very important medium to long-term conversation about the potential inflationary

trend that's a very long-term. in financing, all these aspects but the near term kind of between now and the next six months, maybe the next year, it's really a low inflationary environment. the second part is the steepening of the curve. the fed flans to stay there for a long time. what the bond market doesn't know and we'll talk more about it and the fomc meeting, what kind of shape of the yield curve is the fed looking for what is consistent with supporting market functioning. another step down in the pace of purchases from treasuries. and that's helping to steepen the curve in light of a historic amount of issuance coming our way.

>> every time people get excited about bond moves, we're back to the lows i know this is still below 11% which is still a low bond yield, but how far do you think this move goes? >> you know, that is not really up to the fundamentals that way it might have been in the two weeks in the middle of the covid crisis, we strurkly changed the make up of the bond market bond professionals like myself, we debate what the fed is going to do. what does supporting market functioning mean how big will the balance sheet go to support that we're detached from the economic fundamentals of real interest rates and inflation and inflation expectations because it's really about this epic wave of supply relative to an unlimited amount of balance

sheets the fed has said it's willing to use i don't think yields to answer the question, are going to go significantly higher because that would tighten financial conditions it would disrupt much of the benefits that the fed liquidity injections have gained and they don't want to see that could they, will they and they seem to be willing to let bond yields in the back end drift a little bit wider here. little bit higher here but i don't think we're going to have a significant increase in yields that's going to disrupt financial market conditions that would undermine everything's that's been accomplished >> the dollar has been all over the place this year. do you feel now it will begin to react begin to differing international fundamentals or is that going to be a risk on ris i off dollar safe haven trade depending on what equity markets are doing? >> i think we reiterated the dollar safe haven status we saw that very clearly, we're

seeing it again. so i think you have that aspect. i think injected in that, especially this week, you have kind of the competing central banks balance sheet growth and so that piece in terms of relative currency valuations will be an additional part so if you u move to less risk on risk off, it may be a more room for tsome of these other factors, bt i don't think the risk on safe haven aspect of the dollar is going to be diminished anytime soon >> jeff, thanks for joining us >> thank you >> up next, after the rapid rise in the market, are investors positioned for more gains in stocks mike checking the charts next and you can always watch or listen live on the go on the cnbc app 'lbeig bk tethe dow closed up 829 points today

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welcome back the dow higher by 829 points the high of the session was over 1,000 but still over 3% gain

2 2.6% gain for the s&p 500. nasdaq 100 hit a record all time high the russell up 3.8%. all 11 sectors up higher today and nicely higher for the week energy, financials and industrials up more than 10% for the week as a whole. >> how about a 12% gain for bank stocks this week not too shabby over to mike now taking a look at how investors are positionedd amid the rally i always love to check in with you on this front. >> it's been a common mantra for the last couple of months to say this was a hated rally it's not quite true. this is from bank of america's wealth management division the strategists there talk about their client allocations now and it's up to 57% equities. you'll see it is above the 15-year average. it's above 60% at peaks during the 2010 bull market so clearly

that's room for it to rise so by no stretch are people underexposed this shot was probably too quick to really have people intentionally take allocations down to so this is really just market prices going down so along with other data and retail participation in this rally, i think you're losing a little bit of that case to say this is a hated outright hated rally even though you still have residual caution in there, guys >> mike, i mean i'm trying to track whether you know, are we at the point where the panic euphoria models as citigroup has it woul go too far in one direction where it's not helpful anymore where everybody's questioning or doubting this rally? >> at this point, you want to have-called wall of worry. you can have periods where people agree things are getting better they're willing to put things at risk and the market can continue to go higher

it's not like it has to be a wrong way move but i think you're lose iing that bullet po that said people are fighting it they don't really want it and you mentioned the city model which measures trading based activities that are starting to seem frothy. nasdaq volumes from small investors seem like they're getting overheated but we'll see if it can persist. >> thanks for that alexis from reddit's board to nll with a black candidate. upext, we'll ask daymond john whether more executives should follow that lead back in a couple of minutes.

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markets rallying today a quick check on how big tech stocks pfinished up. 2% gain for facebook apple, 2.9% despite the fact that various cyclicals and value names rallied most of all.

the bigger recent tech outperformers also registering gains. >> walmart's ceo announcing today a $100 million donation over five years through a new center on racial equity following a nationwide movement protesting police brutality and the death of george floyd. mcmillan is also the chairman of the business round tab group of ceos said the coalition will create a special committee that focuses on public policy solutions and corporate initiatives that advance racial equality. nike is also committing $40 million to supporting orgs that follow on social justicement one of few companies that regularly puts out diversity numbers currently, nike has 23% of its board that's black or african-american and across all employees, 22% ceo john donahoe saying in a letter to employees quote, nike

needs to be better than society as a whole our aspiration is to be a leader while we have made progress, we have a long way to go and then just now, nike owned jordan brand upping the anti. michael jordan and jordan brand will be donating $100 million. wilfred. >> joining us for more on what companies can be doing to support the black community is daymond john, also author of power shift, transform any situation, close any deal and achieve any outcome. very good afternoon to you thanks for joining us. >> thank you for having me >> so many encouraging statements from business leaders this week. are you hopeful there's lasting action to follow >> i am hopeful. i'm glad they're putting it out there. i'm advising a lot of ceos i know the first step. listen to your staff internally.

i had to have a meeting with my entire staff and i had man a color. i knew they would have questions. a lot hoff people that aren't minorities just don't understand what they feel like they want to do and don't know where to start, so internally, have those tough questions being asked. find out how your colleague or staff feels and have the other individuals who may not be of color ask also and they'll start to get more insight. it has to start within the company and then of course it's amazing they're going out to help other organizations that are helping you know the black community. >> the diversity numbers at nike, of 22, 23% which is actually higher than a lot of the rest of corporate america, which doesn't publish this diversity and inclusion had been hot buzz words for years now esg had been all the rage. why do you think these numbers are still so low and do you have

hope they are going to grow at any rapid pace as a result of this moment we're in right now >> it's been due unfortunately to systemic racisracism it took up until weinstein 60 years later to really start making legislation that means that a woman's voice was heard when you're hiring practices, when you say listen, if you happen to be a felon, let us know, well then all felons aren't created equal i know somebody who had $1,000 worth of drugs with them and spent ten years in jail. if systemic racism is to arrest as many people as you can, you make it hard for people who are employers to hire them because they look at it as if the guy or girl was scar face true entrepreneurs what they do find a problem in the mark

identify the problem, they listen they do their homework and then they figure it out and this is what you have to do. it starts with the systemic racism before you can get to help your company. you need to understand some things to help >> is there racism when it comes to access to capital >> absolutely. you know, listen, the banks often have nott given minoritie the rates they would give others again going back to asking if they had a felony or a crime then you may not have the generational wealth that was passed down or the education you don't necessarily have the grandparents and great grandparents who had businesses to talk about how interest was, setting up the mund mentals o a company. this goes back a long way but u how can people fix it is listen and understand internal ly who your staff is and then you'll be able to externally commute in bet r way. >> i mean this is all coming at

such a hard time for the overall economy. and especially for black employment and black economics we got the jobs report today and it showed job gains and unemployment fell but for black americans, that rate rose. 16.8%. higher than the national avrnl rate ifs whites was 12.4%. how do we fix that >> it starts with education and being open to hiring more people and diversifying your team and understanding you're going to get more value, more creativity from two different or four different parties but u to put the change within your hiring practice you can't force it i don't force any person of color or not of my color to be the initiative but you have to say i'm going to give them a shot and a try and look at the things such as felonies records education.

you know most of my employs came from good schools because they were interns who started but if americans don't have access to that type of education then the pool you're going to come from to take out of is not going to be filled with too many people of color so maybe you should look in other pools as well for people who could be part of your team >> i wanted to pivot to talk about how the businesses that you speak to so often that you are invested in are feeling at the moment in light of the coronavirus. clearly, the stock market back to being flat year to date does that tally with what you invest in? >> no, half are doing really amazing because they may have been people of companies that directly deal with their consumers and some are high touch businesses whether it's raestaurants or service areas. in regards to other ceos i'm talking to, the same thing they're all just trying to make

a change but the stock markets aren't really reflecting what we're doing in business now u >> one more interesting example as it relates to business and the race issue today, the reddit cofounder, he teped down from his own board saying that he was stepping down to urge the company to replace him with a black candidate saying that he's writing it as a father who needs to be able to answer his black daughter when she asks with what did you do? is that a the kind of action you want to see in corporate america? >> i do. i think that is absolutely amazing. i take my hat off because you know he's actually taking action and other people will hopefully follow suit. whether they want to step down or say we need to include this you know people are sart iing to identify a lot now with what's going on and people of all color rs taking to the street to make sure that they, that everybody knows that this is wrong and there needs to be change

you're seeing action like that where other people will follow i think it's amazing >> the only question and i've heard this from business leaders not necessarily on air, how do you do this in a way that doesn't alienate people where you make them feel they're only being put on the board because they're the token minority or black person the same thing with women. whether it's from quotas or just a rising awareness to the moment where you find the qualified people and make them feel included >> yeah, i think the people will understand that they're getting this opportunity but if you're going after a pool of people you think are brilliant, when jackie robinson understood that he was -- he was also a great athlete and play r and overperformed. i think that you should also take that in consideration and don't have anybody that you include in there and if you don't meet up to the standards, you have to get rid of them because it will make us all look

bad, both sides, all color, if we have people there not up to the standard, but there are many people who are up to the standard who just didn't get their shot and i think that we have to do that now. >> thank you for joining us. >> thank you >> appreciate the time coronavirus cases surging. we're going to ask former fda commissioner dr. gottlieb if he thinks civil unrest protests could lead to a second coronavirus wave and slow down the reopening of the economy we'll be right back. as business moves forward, we're all changing the way things get done. like how we redefine collaboration... how we come up with new ways to serve our customers... and deliver our products.

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time for a cnbc news update with frank >> here's what's happening this hour california state police will no longer use the type of restraint used on george floyd in minneapolis. governor newsome saying during a news conference there's no lo longer a place for the technique. john kelly says the u.s. military should not be deployed against americans. kelly joins a chorus of officials who have rejected the president's threat to use military forces against violent protests zblnc protests. and a 57-person unit in buffalo resigning after they injured a 75-year-old man. they're stepping down from a team that reponds to large crowd control situations the local police union says the officers were quote simply f following orders to clear everyone from the area. new fencing has been put up

around the white house the secret service says it will maintain security measures and allow for peaceful protesting. back to you. >> frank, thank you. up next, preventing a second wave as more states move forward with reopening, how u can we ensure people say staff? dr. fauci gave cnbc his takes. we'll break those down with dr. scott gottlieb when we come back i love these fries. you know, the chef here trained in france. mmm, it shows! so good. oh hey, did you say you needed help with investing? because i know someone who's really great. and you trust him? totally. yeah. we went to school together. i'll check him out on investor.gov. so, what'll it be? i'll just have the burger. before you invest, get the full report. check out an investment professional's background

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today, dr. fauci spoke with meg about the taupes we need to take to prevent a second wave of infection. >> we don't have to have a second wave. people talk about it, but it

doesn't necessarily have to occur. as new infections start to creep up, which they will, as we get into the fall, it's the way we and the efficiency and the effectiveness in which we put the manpower, the systems, the tests to identify, isolate and contact trace that will determine how successful we are in preventing that wave. >> joining us now, dr. gottlieb. form rer f drda commissioner, c contributor sits on the boards of pfizer and alum na. given everything you've learned over the week today, what are your latest expectations when it comes to a second wave >> well look, we see a persistent level of infection around the country of about 20,000 diagnosed cases a day and that's been for about a month now and it may be that we just can't get below these levels and we take a lot of infection into

the fall i agree with tony, a second wave isn't inevitable but if we continue to have this level of infection when we're going to reopen schools and try to go back to work, there's a will the of infection that sets up the conditions for a resurgence in the fall we're only diagnosing probably about one in ten infections now. this is really 200,000 infections this has been persistent the question is do you need to crush the epidemic or can you have a level of spread and be able to contain it within that level and a are the of countries like japan, south korea, germany, really crushed their epidemics. we haven't been able to do that here some states have done it, but a lot of states have had this persistent spread. >> i know you're watching the rising cases but how do you explain places like georgia which was among the first b and most aggressive to reopening

we haven't seen a surge. the lake of the ozarks crowds hundreds of people gathered closely and there's no surge there m how do you explain this? >> let's look at georgia new york had the biggest epidemic in the world in terms of what happened in new york city new york city implemented very tough measures really crushed their especially deppic it's come all the way down new york city recorded a day, the first day with no deaths in a r very long time new york state's recording about 150 hospitalizations a day right now. they've come all the way down their curve. georgia by contrast has more hospitalizations than new york right now. they never really had a large epidemic, but never really eck ti extinguished it. georgia was never as heavily seeded so they had infection coming into the state. they had a level of spread they've brought it down to a lower level than what it was at but they've never been al to

really crush the epidemic and drive down their curve to the kinds of levels we're seeing in new york so if they take that level of infection through the summer, i think they're setting up a will the of risk for the fall we may be able to sustain this through the summer because we have a backstop from the seasonal effect of the summer. we may not see it go down much either and that's a lot of risk for the fall i don't know that we're properly discounting that risk for the fall right now >> there's been a lot of talk about what the protests are likely to show us, the likelihood of a second wave. what will you will watching out for in the day and when would you expegt to have gotten confirmation of whether that caused a big second spread or not? >> i think it's going to take two or three weeks really to see the impact from these large gatherings and i think it's inevidefvitablfvitable there wie

of transmission. you look at the picture us a lot of people are wearing masks so they are conscious of the fact there's a pandemic going on, but these gatherings create risk. on what scope, we don't know the it's hard to tale. we need to wait two or three weeks because it's likely to take two or three cycles of transmission before you start to see the impact of these kind of gatherings show up there will be one round of infections that gets sparked and you'll have to go through two or three rounds to see it show up so you have to look at states like minnesota which had high lefl levels of infection and see if you see an uptick, as well as new york new york was really coming down aggressively if you start to see an uptick in new york in the next two or three weeks, some is going to be from the reopening some could be from the gatherings it's going to be hard to isolate the effect >> earlier in the week, we had a cnbc survey that suggested quite a high percentage of people didn't want to take the vaccine if and when one was fully

operational. is that a problem? do we need to see everyone get vaccinated for the vaccine to be fully effective? >> no, we don't and actually, the levels in that survey is pretty consistent levels in thas pretty consistent of what we've seen the vaccine uptick. about 50% take the shingles. and 45% that are eligible. if we can get 40% vaccination rate that will be sufficient by the time we get to a vaccine, assuming we don't have an epidemic in the fall and if we continue on the slow burn of 20,000 infections a day and the epidemic of every 60 days. by the time we get to a licensed vaccine in 2021, probably 20% of the population or 20% would have had covid, you can vaccinate an additional 40% you will get to herd immunity.

by the time we get to a vaccine, a sizeable portion of the population would be exposed. if we do have a higher percentage of people would have been exposed we will get to avaccine and we'll have a technological solution here and all of the data shows us that from these early vaccine trial, but we'll have to get through the fall and maybe part of the way into the winter until we can get to that point. >> dr. gottlieb, thanks for joining us. >> thanks a lot. >> still ahead, the dow closing uporth me an 800 points following a jobs report, but there's one part of the market not benefiting from the economic turnaround we will explain. ask about xeljanz xr, a once-daily pill for adults with moderate to severe rheumatoid arthritis or active psoriatic arthritis for whom methotrexate did not work well enough. it can reduce pain, swelling, and significantly improve physical function. xeljanz can lower your ability to fight infections like tb;

don't start xeljanz if you have an infection. taking a higher than recommended dose of xeljanz for ra can increase risk of death. serious, sometimes fatal infections, cancers including lymphoma, and blood clots have happened. as have tears in the stomach or intestines, serious allergic reactions, and changes in lab results. tell your doctor if you've been somewhere fungal infections are common, or if you've had tb, hepatitis b or c, or are prone to infections. don't let another morning go by without asking your doctor about xeljanz xr.

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today's strong jobs report was a welcome good news for the u.s. economy and it's bad news for mortgage rates diana olick here with that story. diana? >> wilf that's because they follow bond yields take a look at the 30-year fixed riding from a record low and then spiking today according to mortgage news daily. low rates have helped a big spike in demand for mortgages from homebuyers up 18% annually last week. mortgage lenders have struggled to meet that demand and big names like quicken, loan depot and united wholesale mortgage, all adding thousands of jobs i spoke to j.p. morgan chase and wells fargo and they also said they are hiring. this rate could be a new breakout higher and given the volatility and the mark, it is still possible that rates could turn back down again back to you guys. >> diane a thank you very much for that >> sara, able to share a fun photo there, as well by j.p.

morgan this is a photo of jamie dimon's first public outing with employees since his heart surgery and since covid. apparently, this is his local branch outside of new york and great to see and hear that his recovery is going well i have to say with those masks and the open vault it looks like they almost robbed it and decided to pose for a team photo before they escaped with their winnings and obviously, just great to see that his recovery is continuing to go well at that chase branch. >> and it looks like taking a knee to protest the racial inequality as we've been seeing. >> i don't know if that's the tone of it or not, but whether -- >> oh, okay. >> whether that's the -- >> it looks like they're doing that >> it does a bit, but i don't know if it was able to stagger it so they could be socially distanced and still see everyone i'm not actually sure. i don't know the answer to that,

but as you say, in short, if you have the chairman and ceo you dress up smart and suit and ties all around and he showed up in shorts shorts and sneakers, athleisure look the federal reserve and thursday we'll get adobe, lululemon and pvh. mike santoli, as we look toward the market for the week, clearly the market sniffed out the reopening story and the flattening of the curve. i would just add another hugely hopeful sign that we saw in new york city this week that we saw the first day with no deaths in new york city from covid-19 since march and that really was a major milestone. >> yes the markets did sniff out this progress in fact, i will say they have a lungful of it and the question now is can the reality of the

reopening move up to what investors are now implicitly anticipating at this point, but i do think it is also interesting that a fed meeting is almost an afterthought because we just know that they are there and in risk management mode and we'll reiterate the same message >> a strong week it was today and all week for the markets and 2.6 on the s&p and 5% for the week as a whole. >> that does it for "closing bell." fast money begins now. >> i'm melissa lee guy adami, jeff mills, and jim verrone can the record speed of the rally keep the pace? we'll get some answers and how high can airlines fly? the name that just turned in its best week ever despite a big downgrade and later on the special edition of fast we're counting down the biggest stories of the week from the jobs report to social media, we bring you what we call