his inevitable way, he's saying i'm out of here at 6:30. the dow is up about 300 points, 3.4%, and you see it 400 now do i hear 500? we'll see in the next hour when "closing bell" starts off. nasdaq, the s&p up 1.4%. kelly, we'll see you tomorrow. >> good stuff. thank you, sir >> "closing bell" right now. kelly and tyler, thank you welcome to a busy "closing bell." i'm sara eisen here with wilfred frost. we have a flurry of headlines this week surrounding the president's health the nasdaq leading as we head into the time hour of trade. still focused on the president and the coronavirus. the president tweeting moments ago that he will be leaving walter reed medical center at 6:30 p.m. eastern today. we're expecting an update from the president's doctors this hour we will bring it to you live

positive signs on the economic front as the u.s. non-manufacturing index expanded and treasury yields breaking higher today much more on that move in just a bit. 59 minutes left to two in the session, and the dow is up more than 400 points. >> thanks, sara. let's get to the big stories we begin with amon javers. >> reporter: we don't know about the president's condition at this hour, but we know about his intent at this hour. he is ready to go home he has been at walter reed medical center since friday evening, and he's ready go he said, i will be leaving the great walter reed medical center today at 6:30 p.m. feeling really good. don't be afraid of covid don't let it dominate your life. we have developed under the trump administration, some

really great drugs and knowledge. i feel better than i did 20 years ago. that came in the hour in which we were told we would get a briefing from the president's doctors explaining what his condition is exactly it's not clear whether the president is preempting his doctors' announcement in that hour or whether the doctors have a slightly different take on his medical condition. we will find out from them in the next hour. we're not sure exactly when that briefing is going to start, but they did bring the white house press pool up here they are on the campus behind me and ready to go, and as soon as we get any additional information about what's going on with the president's medical condition, we will do that if he leaves here tonight, wilfred, the president is going back to a white house where the virus is rampaging his press secretary and a number of other aides coming down with covid today, being diagnosed positive over the weekend or today. that adds to an expanding circle of people around the president in his inner circle who have all now tested positive there in various states of health at this point given their age and their

various medical conditions and histories, but it's a concerning development that they do not appear to have their arms around the virus at the white house even as the president of the united states is now saying, wilfre wilfred, he is prepared to go back this weekend. back over to you. >> eamon, this is what we welcome. i guess that will be a question about how sensible it is to say, don't be afraid of covid, and we'll dissect that a little bit more with various doctors coming up later in the show, but just to remind us, eamon, what the difference is in the facilities is at walter reed relative to the white house. of course, the white house has more medical facilities than a northern normal house what does that say about his condition that he's able to leave walter reed? >> reporter: well, there's cl r clearly a difference at the white house, they have the ability to conduct surgeries. they have a very robust medical unit there i've seen those guys in action,

wilfred. when there is a medical emergency on the campus, i've seen guys running in they are equipped and they have the bells and whistles to take care of a tourist or reporter who should fall ill. you should imagine what they have for the president is much more elaborate than that, but this is one of the times in that facility, they have just about everything known to medical science. if they can keep the president contained in a special presidential unit, it has a secure facility. he can continue to take secure communications and remain in control as commander in chief. he also has a bedroom, conference room, dining room, all there within that presidential suite here at walter reed. so it's a much more elaborate setup designed for long-term occupancy by vip or the president of the united states in this case there's clearly a distinction. they moved him from the white house hear because of concerns that they might need the apparatus on site here that they don't have at the white house. if he's going to go back, that is a sign his health has

dramatically improved and they don't feel they're in the worst case scenario zone at this point. >> eamon, question on the communications strategy. there were already over the weekend loads of questions about what information we were getting from the doctors versus what was happening in reality it was a little bit confusing, and now that the press secretary has announced that she has covid and will be isolating for 14 days, what's the communication strategy how are you -- how are we and the press relying on getting the right information at this point? >> reporter: well, it doesn't seem that there's a coherent communication strategy at this point at all, especially given what's happened to the press office they have been ravaged there are a number of communicators here, and people here who can pick up the slack from kayleigh mcenany and others who are down with the virus right now. the question is how far will that spread and how will others suffer in terms of communicating, they

have access to the white house press pool they always hawill have access the white house press pool someone in the white house can speak to them at any time. this president, as we've observed throughout this presidency is very much his own press secretary. he's his own communicator and he takes to twitter and does it himself. here in the future, we're going to hear from donald trump and a lot less from the staff. >> as we mentioned, we are expecting to hear from dr. conley, the president's physician at this hour for a medical update thank you very much. stay close stocks meanwhile are rallying are new hopes for a stimulus deal with less uncertainty let's go to mike for his first dash board of the day. how much do you think it has to do with the president's seemingly improved condition >> honestly literally impossible the say, sara because we were rallying all day we had no clarity about that whatsoever we obviously have been at these

levels right now at the s&p 500, a 3,400, which is really the top end of, like, a four, five-week range. we traded here a couple of weeks ago. we traded back in august or february, it's difficult to say what the actual news content is driving a lot of this, but i absolutely think some clarity that the stimulus is part of it along with the fact that the economy in general has looked like it's been modestly improving despite the fears of a following winter all that stuff in the mix as we really do again bump up against what could be the upper end of this race. look at the possibility. let's look at the treasury. they have been nudging higher. they made multi-month highs right now, well above 1.5% this suggests that sooner or later, they think there is a

fiscal impulse coming they meaning those who trade the bond market so small stocks, banks all on the rise today along with big tech, that is all working in one at the moment look at the chart that compares these cyclicals. that's the blueline, and this is morgan stanley today we try to make the point that something similar was going on here before the 2016 election. people not very confident we were going to get this inflation, and then the argument would be the rates need to go higher if, in fact, we're going to get that sense out there that there's a lot of urgency towards some kind of higher growth and fiscal push into the markets, guys >> i would just note that we are seeing session highs, and the s&p 500 just broke above 3,400 the first time we've seen that in a few weeks >> 3,425 that's what you want to watch. that's the one people will

watch. >> 3,425 got it so we're below that level, but above 3,400, up 1.6% mike, does this signal that for all the hammering over the blue sweep and the biden presidency and higher taxes that the market is actually the markets? that the investors are actually okay, that that's not necessarily a reason to sell stocks biden has extended his lead in the polls. >> yeah. >> even though the president is set to be discharged according to him this week, there are still questions about, you know, whether he can get back to campaigning and whether he can sort of close that gap in the polls. so does this suggest that it's not something for investors to be afraid of >> the short answer is yes the longer answer is we can't read the market's mind, but, you know, biden's poll advantage has been consistent as the market has been going higher. it's not just in the last few days so whether, in fact, the polls are entirely wrong or the betting markets are wrong, the mark has been able to live with these trends for awhile. the other thing about a blue

sweep is, you know, get ready for multi-trillion dollar infrastructure spending. that's what the market might sniff out, and the higher probability which really might offset the tax piece of it because that's, in a way, secondary in terms of policy priorities at least maybe that's the market's read right now. >> mike, i don't know if we can go back to your other chart, and your point about when banks started to rally in 2016 when rates started to rise. >> yeah. >> i guess we're in quite a different monetary position today than we were then. even if we get an election that doesn't spook markets or fiscal rates, the fed won't go up any time soon. i wonder whether the difference this time will be a vastly steepening curve if we get that reinflation trade, and the parallel way >> presumably it would be. it would be curve steepening, inflation expectations perhaps going higher which in a sense could make real yields be that much more negative which has

been a problem for us. all that stuff in the mix right now. i don't want to make the case that somehow we're in an exactly parallel situation except that you have had the markets kind of hunkered down a little bit on the bond side and maybe that's starting to change. >> very interesting, and certainly today in the last week or so, it's in the likes of the benefit. mike, thank you very much. after the break, regenerons have been administered to president trump, and we'll speak with an analyst that has updwraded the stock. you're watching "closing bell" on cnbc.

welcome back to "closing bell." president trump's doctor has just began let's listen in. >> he has received another dose of remdesivir here today, and then we plan to get him home it's been more than 72 hours since his last fever oxygen revels including saturations and his work of breathing are all normal though he may not entirely be out of the woods yet, the team and i agree that all of our evaluations, and most importantly his clinical status support the president's safe return home where he'll be surrounded by world class medical care 24/7. i would like to bring out

another doctor to review more specifics. >> good afternoon. just a brief update this morning as dr. conley mentioned. the president continues to do very well. his vital signs this morning were notable for a temperature of 98.1. 17 respirations per minute, and his heart rate was 68 heartbeats per minute he currently does not endorse respiratory complaints and aside from our evaluation with the team, we have maintained a full schedule working on the white house medical unit i'll now turn it over to dr. garibaldi to discuss therapeutics >> hi. good afternoon, and again, i wanted to just echo the endme sentiment of what an honor it is to be part of this wonderful

team here. the president received remdesivir without difficulty. our plan is to give the fourth dose of remdesivir before he goes back to the white house, and we've made arrangements to administer the last dose tomorrow evening he continues on dexamethasone, and the plan is to be up and out of bed and eat and drink and work as he is able i would like to turn it over to dr. blaylock to give some updates on infection control thank you. >> good afternoon, everyone. first of all, i just want to say what an honor it's been to be part of this medical team behind me, and to care for the president. since the president's arrival at walter reed, he's received medical management that remains in line with national, clinical, societal guidelines for treatment of covid-19 infection. in addition, both myself and dr. wes campbell have worked very

closely with various laborato laboratories in the area, state of the art facilities to including rare on obtaining advanced diagnosic te diagnostio maintain the status of the president as well as his ability to transmit virus to others. also, we have worked very closely with the walter reed team to ensure that we are looking very closely at infection control prevention strategies and the right posture so that the president can safely return to his residence, and with that, i'll turn it over to dr. conley who will answer any final questions. >> i mentioned it saturday, but i would like to reiterate myself just how grateful the president and i are to the men and women at walter reed, our colleagues at johns hopkins, as well as the many federal, private institutions that we've received support from

so long as everything continues on the track that we're experiencing right now, at this time as the president already tweeted out, we will get him home later today with that, i'll take a couple of questions. >> how is the president going to be discharged? he's still on those steroids, and medicines as you know that are usually given to covid patients who are on ventilators or with low oxygen so did you overtreat him, and if he's still on that medication, how is it safe for him to return to the white house >> so we send patients home with medications all the time in fact, yesterday afternoon you probably met most of his discharge requirements safely from the hospital, and he's returning to a facility, the white house medical country with staff 24/7, topnotch, physicians, nurses, pas, and the team here behind me will continue to support us in that nature >> what infection control measures are you taking and how is it safe for him to drive

around in a cloth mask yesterday, and how was it safe for him to return to the cases where there have been so many cases? how is any of this safe? >> so the -- the president has been surrounded by medical and security staff for days wearing full ppe, and yesterday the u.s. secret service agents were in that same level of ppe for a very short period of time. we've worked with our infectious disease experts to make some recommendations for how to keep everything safe down for the white house with the president and those around him we're looking at where he's going to be able to carry out his duties, you know, office space and i'll just say that it's in line with everything we have been doing upstairs for the last several days. >> can you tell us please, on testing, can you tell us when he

had his last negative test was it thursday? was it wednesday do you remember when he had his last negative test >> i don't want to go backwards. >> isn't that important for contact tracing for people around him >> i understand, and contact tracing as i understand it is being done i'm not involved in that so -- >> did you want him to leave or is that something he pushed for? >> we try to get patients out of the hospital as quickly as is safe and reasonable. every day a patient stays in the hospital unnecessarily is a risk to themselves. right now there's nothing being done upstairs here that we can't safely conduct down home >> you said 7 to 10 days was a window you would be concerned about. i don't think we're there yet. so do you have concerns about potential worsening or reversal and what are your plans for addressing that if it were to happen >> you're absolutely right, and that's why we all remain cautiously optimistic, and on

guard because we're in a bit of unchartered territory when it comes to a patient that received the therapies he has so early in the course so we're looking to this weekend. if we can get through to monday with him remaining the same or improving, better yet, then we will all take that final deep sigh of relief, but as i said, 24/7 world class medical care surrounding him down there we're not going to miss anything that we would have caught up here >> is he physically going to be in the white house, and what does that look like? how do you keep him safely quarantined? >> i wish i could go into that more, but i just can't >> why did he get a dexamethasone treatment? >> yesterday, we talked about that the several little temporary drops in his oxygen and we had discussed that as a team, and elected to start it early in case that persisted or worsened. thepotential risks and side

effects we all discussed we looked at the data, and decided that we would rather, you know, push ahead on it than hold and risk, you know, the opposite >> what about ct scans and chest x-rays >> what about his campaign >> as far as travel goes, we'll see. >> what is his mental status can you talk about whether he has any neurological symptoms? does he have any side effects from his medications any fogginess from the virus >> no. i think you have seen the videos and now the tweets and you'll see him shortly, you know, he's back yeah >> was there any sign of pneumonia or inflammation in his lungs at all >> we've done routine imaging, but i'm not at liberty to discuss. >> you're actively not showing us what those scans showed

>> there are hipaa rules and regulations that restrict me from sharing things for his health and safety for many reasons. >> you said his oxygen dropped several times. can you share how many times he was on oxygen? did you check with the nursing staff yesterday? >> yes so the two episodes like we talked about yesterday, and both times that we received a little bit of oxygen. he recovered immediately >> was oxygen required >> no. it wasn't required he wasn't short of breath. he wasn't looking ill. it was more of us trying to anticipate needs and see how he responded. in both cases, he came right off. he didn't need it for very long at all. >> you were on board air force one for multiple trips are you concerned about your exposure and your exposure of the medical team >> i am concerned, but as the cdc says, there are caveats for essential employees that as long as you continue to test negative, you remain

symptom-free and you keep a maskmask on when you are out and about, which we do inside the hospital 24/7, then you can carry on your duties. >> has he been itching to get out of here? >> the president has been a phenomenal patient during his stay here, and he's been working hand in glove with us and the team, and today it got to the point he's holding court with those of us around him, the whole team going over all the specifics, the testing, what the future is, and we have been back and forth on what's safe and what's reasonable, and he has never once pushed us to do anything that was beyond a safe and reasonable practice that we wanted. >> did you recommend against the president going back to the white house today? what about any white house staffers

>> no. >> the president said don't be afraid of covid. do you agree with that >> i'm not going to get into the president says >> you said his heart, liver can kidney function was normal or improving. does that mean there were effects, and what's up with that >> yeah. it's all normal right now. i would say he appeared to be a little dehydrated friday he got -- he was able to just drink and recover from that, and yeah everything looks great >> what sort of things do you -- >> the first thing we need to do is that there is no evidence of live virus still present that he could possibly transmit to others, and that's what the infectious disease experts and some of our partners, military and civilian entities do in these diagnostics to identify

that we talk about the ten-day window and cdc guidelines, but we're checking him more routinely than just waiting ten days. there's a possibility it's earlier than that. there's a chance that it's a little bit later, but we will know as soon as possible, and then we will look at him clinically how are you feeling? how are you doing? >> you decided not to administer high droksy chloroquihydroxychl president here why? >> i won't get into that there were dozens of therapies that we were aware of, and considered and looked at, you know, the existing literature on, and this was the regimen we chose. >> is he having some of the muscle aches has he lost his sense of taste and smell? >> no. we were just talking about that, what symptoms he has left, and he's -- even the slight cough he used to have, he doesn't really complain of at all

he hasn't ever complained of muscle aches and yeah. he's up and back to him old self predominantly. >> just to be clear, how long will he still be actively shedding the virus >> so this morning i believe there was even an accounting by dr. fauci referencing a five-day -- the first five days of illness that, you know, people are most likely to shed live virus there's a reason for ten days, and that's because most people after seven days, most folks don't have culturable live virus, and we put them at ten to fwif them extra space. it's never 100% between everybody. we'll see. i won't put a specific number, but we looked a that -- that window is all i'll say >> shouldn't he be confined to his residence, or will he be allowed to return to the oval office >> we'll do whatever it takes for the president to safely conduct business for whatever he

needs to do within residence in the white house. >> is he on blood thinners and also, have you been giving him tylenol, advil, any -- >> that came up -- i would like to say he has not been on any fever-reducing medications for over 72 hours. he's on a routine regimen of, you know, covid therapy. i won't go into specifics as to what he is and is not on, but -- >> you said that the president had a mild ough, some nasal congestion and fatigue on thursday back to my question, the reason knowing when the president's last negative test is important, and for that reason, what you said and the contact tracing, but would you recommend it that given the symptoms that the president go to that bedminster fund-raiser? >> it's not up to me necessarily. the president's schedule, but i would say that it wasn't until

after he returned that we really sat down and then knowing the news of the day that we really dove into, how are you feeling what's going on? >> those are the symptoms he was experiencing on thursday >> i'm not going to get into, you know, operations >> when was his last negative test and what was his viral load >> everyone wants that yeah i don't -- i don't have his viral load those are some of the diagnostics we're sending out that will tell us when it's safe to get back out and around people >> why won't you say when his last test was? >> are any of his tests abnormal >> hipaa procolluevents me fromg into too much depth. at some point, maybe, but not today. i think that's it. thank you. >> dr. sean conley outside

walter reed medical center confirming the president will return home to the white house later this evening and will be given one more dose of remdesivir before that, and the fifth and final dose wea we've got meg tirrell and eamon javers the president is well enough to go home medically, and saying, mentally, quote, he's back >> reporter: yeah. this is a president according to his doctor who is ready to get back to work and they say they'll staff him however he wants to be staffed, inside the residence and inside the white house. meaning presumably he'll have access to the oval office once he goes back, but not giving us any details on what that means how many staffers will be in direct physical contact with the president? how long will they expect he will still be condititagious, ad

how will it work in terms of work flow? will he remain isolated or continue to move back and forth? as for travel, he said we'll see how that goes, but he's describing a president ready to get back to it, and that's an encouraging sign as we stand here today, but the medical team continued to refuse questions about when the president's last negative test was. what we don't have a clear sense of right now, and we haven't had since this began is when was the onset of this for the president of the united states did he test negative on tuesday at the debate last week? did he test negative on wednesday during some of his travel, and what about thursday morning? we don't have answers to those questions right now. we do know that he tested positive after returning from that trip to new jersey on thursday in a quick 15-minute test, and then later in the evening they gave him a longer more exstensive testing process, and the white house refuses to put out basic pieces of

information about this right now, wilfred. >> dr. conley also not giving information about what was in the lung scans or some of the vitals including whether the president does have pneumonia. meg tirrell, we're listening obviously and you're tracking the treatments that are going on right now. he's still taking remdesivir and he has two more doses and he's still on dexamethasone, the steroid that's typically used in more severe cases of covid-19. he said it well which is we have been in uncharted territory for a patient seeing so many therapies. this is going to be a big speer experiment >> reporter: that was exactly the phrase that stuck out to me as well. at a press conference where the president's doctors were talking about sending him back to the white house, away from the hospital where they took him to make sure he got the absolute best monitoring and care, they're also saying they're in uncharted territory and they will be in that for at least a week this is the language he used he said, we're in a bit of

uncharted tore storerritory when it comes to a patient that has received the treatment so early in this disease. if we can get through to monday with him remaining the same or improving, we can finally take that deep sigh of relief we're talking about another week that they say they need to be watching the president closely the questions about pneumonia and the lung scans want to know because use of this steroid is done when patients are very severe, and we know that the president's oxygen levels dropped twice to 90% or lower which is the definition of severe covid-19 from the nih we're trying to find out why the president would be sent back to the white house gich aven all of this uncertainty that dr. conley said lasts at least another seven days from now. >> he did keep making the point there's nothing they can't do in the white house unit they' that they're not currently doing

at walter reed. that was the big point he was making thank you for being here we'll talk about this with the former cdc director. also joining us, dr. ian lipkin, an epidemiologist, also nicknamed the virus hunter good to have you both, doctors thank you for joining us dr. frieden, waysthe president s not on fever-reducing medications and his oxygen levels are entirely normal, though he's not out of the woods yet. how would you characterize your assessment based on the information we know of the president's condition right now? >> well, basically what we just heard is so far, so good he's gotten four different treatments oxygen, antibodies which are promising, remdesivir and dexamethasone, which is usually given later in the course of disease for someone who is severely ill, and the doctor

went through that some that th reason was essentially to do everything, to have a no regrets policy, and he seems to be doing well, but as noted, it's often seven to ten days before you see someone who gets seriously ill, and the two things you have to think about when you sen somebody home is are first, is it going to be safe for them and others and second, if they get worse suddenly, will you be able to manage that quickly? because that happens, that patients may be -- they may look great one minute and terrible the next, but right now it looks like all of the signs are pointing to a steady recovery, but as you say, too soon to say for sure >> dr. lipkin what would be your concerns if any about sending him home back to the white house too early, and discharging him from walter reed >> well, i agree with everything that dr. frieden said, and most of what dr. conley said. i would say however, that i wouldn't -- i wouldn't say that

he's not on any anti-fever medications. he's on high doses of dexamethasone which can suppress a fever. so he might, in fact, have a foo fever if he weren't on that, but i'm concerned about the period when he was infectious before he went into walter reed. many people were exposed to him, and we need to make certain they are properly tracked and protected so we have the bedminster fund-raiser we have the drive. we have the rally in minnesota all these people he probably encountered at the time he was most infectious. >> dr. frieden, clearly quite wide ranging and i guess expensive cocktail of drugs and treatment that the president has been on over the last couple of days, yet he tweeted earlier, don't be afraid of covid don't let it dominate your life. is that a sensible message to tweet out, and would others be

able to have such easy access to the treatments he's received >> well, i think there are two different messages there don't let it dominate your life. i think that's good advice we need to see covid as one threat and move forward to the greatest extent possible don't be afraid of covid, you know, we have had 210,000 americans killed by it, 1 million people killed by it around the world it is devastating jobs and our economy, and it comes back to hurt us any time we don't take it seriously so i think it's very important to give this virus the respect it deserves because it can be so deadly even though it causes such a range of symptoms if you look at someone who is 74 years old, their risk just from an infection of dying from it is about 3% if you look at someone who's had symptoms, their risk of dying is about 10%. higher for males, higher if you are obese, lower with good treatment. that means 90% of people in

their 70s are going to be fine they're going to recover fully with this, perhaps with some time we hope that the president and everyone else who gets this virus will recover quickly and fully, but this is a virus that should not be taken lightly. >> he also tweeted in that same tweet some really great drugs and knowledge. i wonder, dr. frieden, you ran the cdc. how is this contrary -- how do you think this country could handle this pandemic differently with president trump's now firsthand knowledge of the drugs and of the severity of the types of symptoms? could it for instance speed up regulatory approval the use for antibodies which is not approved >> the company will have to develop data and show whether it works. they have got one company that looks at 275 people in an uncontrolled fashion we need to know, does it work and is there enough of it? antibodies are a very promising

treatment, so we hope they'll be available for people, and i hope this will emphasize to people that covid can be very serious, and we hope the president will get fully better very quickly, but a lot of people aren't, and, in fact, if you think about a simple number, thursday, the day he became ill with the disease or was diagnosed with the virus, probably 200,000 other americans also got the virus that day. we were diagnosing about 40,000 a day, and five times that many who are actually with the infection. of those 200,000, about 1,000 will die from this so this is still a serious pandemic and we are still in the middle of it we need to do a much better job managing we need to do a much better job managing and understanding it, and we have to wear a mask keep your distance and wash your hands. i think this is a moment where i hope we'll understand more about how important it is to prevent the virus and how important it

is to do a good job contact tracing so that you stop the spread of the virus. >> dr. lipkin, the president has received a lot of criticism for his trip to the motorcade over the weekend, and some suggesting he might be returning to the white house too early, but dr. conley made clear everyone has been wearing full ppe around him. where do you stand on whether that criticism is warranted or not? >> i'm concerned about the trip and the people who are exposed prayer to the time he went into walter reed. i think that the white house per se has excellent facilities and i think they can take care of him and evacuate him as needed the other thing that i would say is this virus does more than kill people. as a covid, you know, survivor myself, i can tell you that you don't necessarily recover fully. you can have cognitive dysfunction. you can be fatigued. there are all sorts of people with this long hauler syndrome

even if he comes through this without this terrible, you know, reaction which can occur around a seven to ten, he may not recover fully. we don't know that for some time >> thank you both for joining us dr. thomas frieden and ian lipkin valuable to have you here reacting to the president's medical update. >> thank you >> we've got about 20 minutes here before the "closing bell. we're in rally mode, and it's been a consistent bid. session highs on the dow the s&p up 1.75% and the nasdaq zooming. it's the biggest winner of all, up 2.7%. after the break, much more reaction to those breaking news headlines out of washington and how investors should be thinking about the president's upcoming discharge from walter reed, election implications, stimulus as well. we're covering it all for you. 20 minutes until the close we'll be right back.

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welcome back stocks riling as we head to the close. the president says he will leave walter reed medical center 6:30 p.m. eastern time. for market reaction, let's bring in our manager of the wealth management mike still with us as well up 458 points and we were up 460, 470 moments ago thank you for joining us clearly markets rallying today and yields as well rising. do you think that is relating to the president's improvement in his health or do you think it's other factors like hopes for a stimulus bill? >> i think this morning coming into the day it was definitely having to do with some general positive thoughts on the drugs, but i think it was largely having to do with stimulus i think what you have seen in the last let's say 20 minutes is

really more fire power with the market really trying desperately to find a new narrative that is beyond defending the amount of money in the system and the bank stocks going up, and if we have a president well into his 70s who got obviously care and access to things that not everybody gets, but and is able to be leaving today feeling well, everything that you are hearing, then that is a really positive movement on the -- on the medical front, and that's going to send stocks higher for sure >> mike, we've mentioned yields of course earlier in the hour, and obviously equities too, but the dollar softening too that continues to correlate negatively with equities and a big, big jump in oil. >> there's no doubt that it's a little bit of a risk seeking move all around. i'm completely on board with the idea that people are warming to the idea that sooner or later, under one administration or another, we have stimulus coming, but also i can't reconcile that with the nasdaq

100 being up more than 2%, and that's not going to be a cyclical play. it will be a grab for risk, and the nasdaq is farrest away from its high we'll see it get a little bit defensive coming into last week and this week, and so it's a little bit of rebuilding risk positions because it's hard to go down any of the probability paths and now run into something particularly scary in terms of policy or economic implications. unless we're talking about a surge in covid cases, but even at that, it's not going to cause most likely any kind of severe restrictions on business >> about sentiment. you've got a good gauge. how are people feeling about the market here given we have big risks around second or third waves and a slowdown in economic growth and recovery? >> hi, sara. so good to see you yeah there are a ton of risks

i mean, i hate to use the word uncertainty, but the levels and specifics around the unparalleled uncertainty out there is extraordinary however, again, you still have, "a," that wave of cash, and that wave of cash to your point to the institutional hedge fund side even when you go into asset managers, they have not participated in the movement we've seen since march to the same extent retail investors are which has made this, you know, bare market a bear market and bull market, and the narrative is of the equities they've affected and also the people that have played there. i think that people especially in the institutional framework are trying to figure out when it's time to put risk on they don't want to do that in those very narrow text stocks that have helped reformed and they want to get some breadth there, and they want the cyclical and value trades to come up. that's why we're seeing conversations about oil. big jump in oil, certainly

having to do with the risk on and normalization. we're seeing, you know -- we're seeing a weakening dollar which continues to move gold a little bit, and i think you're going to start to see industrials, materials, health care stocks especially if you have a blue wave continue to go and continue to add risk on >> a day where we seemeaningful fall, do you think this should be in my client's portfolio? you make money in real terms with 0.7% today? >> that's the right question, and i actually don't think it's been talked about enough in terms of what has happened to the concept of portfolio theory and investing in individuals, especially taxable individuals' portfolios when you are talking about defense positioning around inflation and, you know, not

even thinking about raising rates. now we're talking until 2024, and we have real -- we're going to experience real materialization in fixed portfolios for clients for at least the next three years that pretext, post-text, however you look at it, we have been looking at especially private investments and to hedge funds, more than we ever have before because there really is -- it's a difficult thing to try to put fixed income into this right now, so with the inclusion of tips which will give you that, with the inflation hedge, with the inclusion of u.s. dollars, merging market bonds, beyond that, it's a tough thing to want to do. the asymmetry to the risk in terms of what you can get versus what i think the downside has, especially if you have a contested election is -- is meaningful and something that really does concern me for

individuals. >> up 1.7% on the s&p. alli mccartney, thank you very much good to see you and good to have you especially on a day when we're looking at the ten-year treasure yaeield mike, see you in just a moment after the break, a look at washington and the headlines that sent theater stocks plunging today everyone's higher on the s&p in terms of sectors energy, health care and technology lead the charge and they're all up more than 2%. we'll be right back. the different positions i've had taught me how to be there for others. ♪ i started out as a cashier. i mean, the sky's the limit with walmart. it's all up to you. ♪ ♪

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we're now in the "closing bell." commercial-free coverage heading into the close mike is here to break down the crucial moments of the trading day, and we have the capitals with us as well. let's kick things off with the border markets stocks higher across the board today. steadily climbing since president trump announced he'll be leaving the hospital later today. the dow is up 450 points the highest was 10 or 20 points higher than that all the sectors on the s&p high. mike, clearly a lot of risk on sentiment out there, but as you pointed out earlier, it is those 2020 winners that are leading the charge most of all >> that's right. yeah i mean, it seems as if when we sort of skimmed away some of that froth in the last month or so, people are back to easy to, and the call option volumes. you have a lot of people speculating in the upside options of these stocks and that's one story line that's happening in the market today, and the rest of it is people feeling as if the cyclical trade might have a little more upsiden

that idea, and i will point out once again, bringing the s&p right up to where it was at the highs and mid september, and still got to prove there's something more behind this than the portfolio shifting in response to people not wanting to miss the possibility of a move we haven't yet seen confirmed. >> there's a lot of buying i've said we saw four groups in the s&p that are at least up 2% right now. it's broad based the small caps are catching a huge bid how are you explaining the strength and where the buying is coming from, and are you in it >> yeah. answering in the opposite direction, yes, we are in it, and i'll take you all the way back to late august, early september to kind of describe and explain what's going on here if you look at the way we just massively got oversold to the beginning of september, we sold off with a viciousness that we have seen in the last five

years, but it was really extraordinary at the beginning of september, and we have been slowly working our way back. the news continues to improve on the economy, and also it's as if it starts with some data points and i will concede that point, but as we're moving through and get out of a chaotic month of september and come into this, i think the market and i've said this, you know this. the market has set up higher, especially with the fed, and they'll keep firing the cannons even when they've extended up to $6 trillion at this point in time they're not going to back down and stay off the gas pedal if they need to be there, and when you layer on the rumor at least at this point, with the possibility that we will get in some sort of stimulus out of congress before the election, that adds up to people being putting the money and liquidity in particularly u.s. equities. >> number of covid-19 treatment and vaccine candidates getting a boost in today's trade regeneron and gilead both after

reports of the president receiving remdesivir, and regener regeneron's antibody cocktail. working on a vaccine are all trending in the green. they're all surging. astrazeneca are higher as well, but underperforming the broader market mike, where is the opportunity in these kind of stocks still? has the vaccine news not been priced in, and treatment news as well does it get a further boost if president trump is on them >> well, you would think it would, you know, i don't really think it really submits to an easy analysis to be honest with you unless you get to product by product, and now we have a general feeling that there's a tremendous amount of kind of fast tracked innovation going on akro across the industry, and you have this story. they have this kind of two ways to win, and that's the sort of risk appetite backdrop that always makes this group work until it gets a little bit

silly. so, you know, i don't know that we're in some kind of new golden age for various therapeutics across the conditions, or if they're saying people are doing cool stuff in drug development, but it's been rolling for awhile >> sitting out the rally, and julia's got the story for us hi, julia. >> hi, will. no wide releases scheduled for months, the owner of regal cinemas announcing it doesn't make sense to keep its u.s. and uk theaters open the james bond film was supposed to be the biggest of the year. it was delayed until april of next year. it sent them about 23% today amc is down about 11%.

imax, just 11% no word when theaters will reopen, but that depends on state regulations and on the studios' release schedules back over to. >> you thank you for that one. particularly annoying that they teased a new date for james bond and the new trailer and then removed it again, but we understand ultimately that they've got to -- they've got to put safety first, and so on and so first thank you so much for that we've got two minutes left of a very positive session what stands out for you, mike? >> it's been strong and actually improving as we've gone along through the afternoon. the internals of the market are pretty much confirming the pretty upbeat message from the index indexes. look at the new york stock exchange volume split. started out more modestly, and it's basically 5-1 advancing versus declining stocks and the bond market is where the action has been today, and not just in treasuries look at the high bond etf, vastly outperforming a comparable treasury etf. that means people are buying the risk here, dead, and that's

a pretty good confirming sign for equities and then the volatility, sort of jumpy. it came out of the gate with a bit of a pop, and still up above 28 that's still not unusual on aened mo, and the market itself. the indexes themselves have been kind of active enough and v volatile enough that it will come within the 30-day election, and that's how vicks gets priced on 30-day elections. sara >> as we head into the close, take a look at the market. just broad index very strong as mike said. trading near the highs of the day, and as we close, the dow is up 1.7%. nasdaq and dow all rebounding from friday where we saw a little selloff as president trump was diagnosed with covid-19 some optimism there around how his prognosis is going, and he is set to be discharged from walter reed medical center at 6:30 p.m want to point out the small caps right now. they're up 2.7% or so percent.

the best since july 15th the small caps are still underperforming for the years. they're down 5.25%, but they're matching up to the cyclical strength, and as we head into the close. the s&p up 1.8%. the nasdaq up 2.3%, and the russell up 3%, and a strong day overall, wilfred. >> welcome to the "closing bell." i'm wilfred frost along with sara eisen, and as sara mentioned, a strong session, and a strong close the high of the day is up 480 points, and we closed up 465 1.7%, and up 2.3% in the russell 2,000. every sector on the s&p 500 was higher, and an interesting mix there at the top energy up 2.9% as jumped up 6%, and technology also at the top.

have a good day. up 3%. crowd strike has been one of the hottest docs of wall street. nearly 200% this year. the cybersecurity company ceo with president trump's diagnosis. led by america app adversary reggie brown joins the conversation as well very good afternoon to you both. mike, to you first of all. to that point that both sara and i were mentioning, tech and its leaders are very much at the top, but also energy and the bank pretty broad rally today. >> absolutely broad, and along a couple of fronts, you had tension release, and everyone would logically ask, you know, as so much going on, noisy policy, and why is the market kind of releasing to the upside, and one of the reasons is we have been tensed up for awhile whether it be the value stocks beaten down and compressed as lags or the nasdaq stocks, all

of them 10% or so off their highs and today was one of the days where it seemed like the market might run away. a lot of things going right. treasury rising and cyclical expectations improving even though we have this noisy news flow this is a potential release as we get into a slightly less scary seasonal part of october, believe it or not in the middle of the month the market has been in this range, and we're bumping at the very top of it that we have been in about four or five weeks. >> reggie, the whole world is glued to the updates on the president's health, his conditions, his treatments where do you think investors stand on the issue as it relates to this incredible rally we saw today? >> well, i think investors welcome clarity around a president's health and seeing that he is going back to the white house at 6:30 p.m. per the news report, i think investors welcome, you know, that outcome for him and releasing any

negative downside that the disease that he has they may cast >> keith bliss, if we do see a stimulus get over the line, is that going to lead to a very big rally, or are we seeing that expectation? >> well, certainly you saw some of that today. to your point, people are starting to get ahead of the stimulus coming out, and what it's going to look like, and whether it will impact the economy, both the u.s. and globally where that liquidity finds its way, but i dare say they find that, and especially the equities we've seen this since the global financial crisis, both global and monetary start goosing the pump and pour liquidity out there. i will say, you know, my analysis as michael was correctly pointing out, we're working off some of that tension that really oversold tension we saw in the marketplace throughout september, and we're not yet even at neutral ranks or neutral levels on the nasdaq 100

or s&p, and we have time to go before i get concerned, and i could see it running up to 3,600 especially if we get a stimulus coming in. >> all right that's a bullish call. we'll hold you to that reggie, as we mentioned, very broad. all dow stocks higher today. the best performing group though was energy potentially the most unloved is there an opportunity here for investors if the market is in this catchup game, and what is it is it economic strength? >> interesting it's coming off a tough month last month september was tough for energy, and i think you're seeing a balance based on the saudis are going to defend oil rights and i think there's confidence there, and i think we're seeing some strength i think there's nothing more than just a trend of higher based on saudi's supporting the marketplace and the investors having the confidence that the

market won't go down for energy that is. i think overall to your question around confidence and marketpla marketplace, you know, i think clarity around the election and having a clear wind is just bringing the marketplace, you know, to march higher into the end of the year. >> keith, do you agree with that take on the election that as long as we get a clear result one way or another that the market would rally >> you know, i'm not so sure about that i think it's going to depend on what that outcome actually is. there is some trepidation out there that will be be a contested election by inauguration day 2021, we wouldn't have a clear winner or know who our next president would be, whether it will be trump continuing or joe biden. i don't see that as a big catalyst to today's rally. i think there are other things going on, and one of the canaries in the coal mine for me that sara pointed out is that the small caps started to come back a little bit. it's clearly a yield curve play as well as the strengthen u.s.

economy and looking forward play, and i think those things are more important than people actually thinking that we're going to be at the supreme court two weeks after the election if we get there, it will throw the market into disarray i agree with that notion so, you know, fingers crossed if you don't see that i don't know if that factors into the trade all that much for me. >> gentlemen, we'll leave it there. reggie, good to talk to you. keith bliss, appreciate it reggie browne and keith bliss. let's zoom in on the move we saw today in the bond market treasure yields making a sizable jump higher today. joining us to discuss this is sebastian page he's head of global multiasset division at t. rowe price. what was that about? up to 0.76% today. >> that's a risk, and you can expect yields to go up in a risk-on day, and we're at a low level in yields, so there was

some upside. we expect relatively low volatility in yields, and we'll see some higher volatility in a 30-year point, but what we're seeing is simply a risk on day as asset allocators though what we're mostly worried about, the slightly higher yields today is the level of yields and whether treasury who will still diversify equity risks going forward. now they move upwards and yields >> what is your answer to that kind of quandary do you think they will serve that purpose over the next decade >> they will not, and look we just had a selloff in september. stocks went down about 9%, and the barclays treasury index actually went down 15 basis points at some point it's simple math, right? if we're not going to see negative rates -- it's still possible, but if we're at the zero bound and we don't expect negative rates, there's only so much bonds can rally

so there are solutions to this, but it's complicated and it invites investors to really rethink their portfolio constructions for the long run, and there are not many alternatives to treasuries as hedges for portfolio risk. you can take up dynamic strategies or long short strategies you can look for other diversifiers, but there aren't that many. gold doesn't really do it. it can trade as a volatile asset in risk markets, and you essentially have to rethink as an investor, as an asset al v alloca allocator. your exposure to loss. or in the long run, or your expectations about what you are going to get to capital markets for the next ten years >> just want to get back to the thesis today, sebastien, on why because i think it informs what comes next for stocks and bonds. do you buy this idea that now there's increased likelihood of a stimulus whether it's under a

potential biden administration and that's what the market is calculating or just more certainly around election results? what do you think is the key message behind the moves that we saw in stocks and the bond market today, and where does that take us >> look. we were just talking about it. today there's a little bit less uncertainty on president trump health there's a little bit less uncertainty or maybe anticipation around the stimulus although we're not out of the woods on that, and i think today we're just taking some uncertainty out of the markets, and ultimately if you zoom out a little bit and you say, look where are we going to be 12 months from now? are we going to be in a better place, and if that's what you believe, as you take uncertainty out, you can expect the small g caps to rally. you can expect the value stocks to rally relative to growth so we're getting a little bit of that today, but i should say, you know, we're neutral between stocks and bonds it will be a bumpy ride. okay it will be a bumpy ride for markets over the election and

over the next six months >> mike santoli, the answer will depend on what the trigger is. if yields rise significantly, what do we expect that to do to the u.s. dollar? >> yeah. i would defer back to we have to know why it's happening, and it's worth keeping in mind that while of course, we have seen a breakout in yields to the upside along the longer end of the curve, you also already have a lot of speculation in exactly that direction in other words, if you look at the way that big money is positioned, it's kind of against longer term treasuries already it's a self-limiting effect, and you can get a somewhat higher range, but it's probably a little premature to say we're all of a sudden up, up and away when it comes to market-based yields and also never, you know, never stop keeping an eye on what the fed might have to say about that because some folks in the fed are already saying, let's concentrate and keep buying on the longer end of the curve of what this is.

wh why they're excited about this on the ends of the yields. >> sebastien, as you mentioned before, but what would it take for the bond story to change the narrative say around the banks which did catch a bid today. they like those higher yields and the steeper yield curve which we saw today, and they're down 20% year to date. >> really hard for banks to make money at this level of rates some of them are transforming into wealth businesses or are getting more revenues through trading, but it's really hard for banks to do well in a low rate environment, and the fed has told us we will be in a low rate environment for quite awhile so it remains challenging from here what could drive rates higher? recognizing that there's a cap right now that's anchored by the fed, well, it would be a risk on environment, reducing the election uncertainty, a big

infrastructure deal and if you add to that, at some point, we get through this pandemic. if you add a covid off effect which is still not priced in markets, you could see rates higher, maybe the ten-year reaches 1% >> sebastien page, thank you we appreciate it up next, we're diving into the treatments and companies behind them that president trump is taking to fight covid-19, particular aiblyntody therapies. we're back in just 90 seconds. turn on my tv and boom,

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president trump announcing on twitter that he will be discharged from walter reed medical center today at 6:30 p.m. eastern, according to his doctors. the president will receive one more dose of gilead's remdesivir before he leaves and a fifth and final dose at the white house tomorrow we know the president was also previously receiving regeneron's antibody cocktail as well as dexamethasone. we're talking to dr. glanville it's good to have you back on the show as you have been listening to these updates and particularly around the treatment mix that he's getting, basically all three of the leading promising candidates here for covid-19, what are your thoughts on how early he's received them and the virus and what's going to happen

>> so he has received these earlier than normal and that's partially because he's the president. in general, anti-viral therapies are more effective the earlier you receive them, and increasingly, we'll probably go in that direction. we'll provide those treatments as early as possible to stomp out the match before it becomes a forest fire. >> what about regeneron's antibody treatment i know you're working on your own. and it was working on hamsters where are you on that, and what do you think of the regeneron high profile test case is going to do for that therapy >> yes this was a very high profile example of the power applying antibody therapies

it treats ebola and rabies the important thing is to provide them early, and there were some risks here, but there were risks of doing nothing. increasingly, we'll see the antibodies, and they'll be the manufacturer, and aiming to go into clinical studies early next year, and we want to give them even earlier so it might be immediate on arrival in the hospital, and an injection people can take the day they find out they got sick. the key is to make it abundant and inexpensive. if we have those medicines available, even with a vaccine, we'll have lots of people like the president reach a hospital and we have to make sure there's something there for them, and ideally something before they get to the hospital. >> dr. glanville, are they inexpensive? sit realistic in the short-term that these could be used very widely >> so that is an excellent question and it gets to the

heart of the matter. antibodies historically have been thought of as very powerful medicin medicines, but expensive medicines. they're often charged at over $10,000 a dose, and obviously we can't be in a position where many americans like the president get sick, but unlike the president they have to ask, maybe i should wait because that seems like a lot of money to find out if i don't need it. antibodies don't actually cost that much to produce the cost of goods is $100 or $200 a dose. the majority of that additional cost is in the cost of paying for clinical trials and the cost of -- it was actually corporate profit what i call for here now is for barta and operation warp speed s and the dfc to subsidize and pay for the clinical trials and ensure that we can produce an affordable medicine. it's life-saving and costs less than an iphone >> so are you insinuating here

that operation warp speed was focused potentially too much on the vaccine front and at the expense of these antibody treatments which are going to be so key to getting us to a vaccine? >> that's right. i think i have been trying to make that case since january i felt that vaccines are very good and we're glad to get them, but the problem is imagine we have vaccines january 1, 2020. not everyone is going to take them, and they don't work on everyone who receives them you add those two things up and you add on top of that there's a two-month timeline before they kick in, and you'll run into the continuing problem of having our hospitals overrun with covid-19 patients throughout 2021 on therapy, a treatment can end the crisis if you have an effective treatment, it's not so scary to get sick anymore, and this downgrades from a medical crisis to a manageable infectious disease. the problem is warp speed and other funding agencies have put over $10 million into vaccines and less than $1 million into antibody therapy

i would strongly call on the white house and these funding agencies to increase their support of these therapies so that it's not so scary to get sick anymore >> how much would they cost, dr. granville, if you removed the corporate profit part of this from the equation? you said it was one of the two issues >> yeah. yeah so the main way that you actually calculate how much a medicine costs is very different than -- my parents had a hotel and rest raiaurant, you would de how much the peas and carrots cost, and add some and charge that that's not how this works. the insurance company will add if they don't have your drug if they have your drug, it's going to cost less you can charge them $10,000, and it will save them money. that's not really an appropriate charge model for this current circumstance where we have essentially a limitless supply of sick people, and we have to give lots of medicine. the cost of goods is $100 to

$200, and on top of that, you need the distribution, manufacturer and a man's got to eat. you need some profit $400 to $500 a dose is achievable to make it affordable to everyone in america. >> we have been talking a lot, dr. glanville about the antibodies as a treatment for sick patients whether severe or less severe as they have been studied. what about as a preventive treatment to actually give it to say, all the frontline health care workers and a broader population, nursing home residents for instance so get them those antibodies to prevent the disease, do you believe they could have that kind of effect as well >> that's right, and there are groups that are exploring anti-bodice for that purpose so vaccines ultimately make your body make antibodies it just takes two months you can think of antibody therapy as vaccines without the wait the challenge is they only last three to four weeks normally in your body. that's the half-life our bodies engineer half that, so a couple of months of

protection, but in the end they would run out. the challenge becomes, how many doses can you make if you can make enough doses for everyone, we could all just take the medicine there is a cost which is higher than a vaccine you're webetter off prioritizin people sick in hospitals and people who just got infected so they don't progress, and if you have extra dose, there are high risk communities like the immunocompromised and the elderly. the final are high risk group communities like military vessels or cruise ships where if there's a certain person who becomes sick, you can give everyone an injection, and their outbreak does not take place. >> dr. glanville, thank you very much for joining us. very insightful, and good luck with the development of the treatment. still ahead, chief investment officer discusses the potential rasisks and rewards fr e rk aweppach election day you can listen to us live and on

the go on the cnbc app "closing bell" will be right back ♪ ♪ ♪ ♪ don't settle for silver #1 for diabetic dry skin* #1 for psoriasis symptom relief* and #1 for eczema symptom relief* gold bond champion your skin

stocks finishing the day sharply higher the nasdaq finishing up 2.3%, but the dow having its best day

since mid july let's go back to mike taking a look at big techs' continued dominance even on a day like today where everyone else joined in big tech led the way. >> they came off the last several weeks, but it hasn't changed the fact that the market remains concentrated in their direction. this is a look at the percentage of the s&p 500 oallocated in the top 25 largest stocks and then the five largest stocks and we're seeing about 40% in the top 25, and it's very concentrated and you saw it back around the year 2000, during the top of the that market, but really this is what's most pronounced is the five among the top 25 are far bigger than they were back then you have this group of absolutely mega huge market cap companies and it falls off from there. there's a silver lining in this concentration, and that's the evaluation of the s&p 500. take a look at this charge that shows the overall s&p. it's now still above 20, a good

deal if you have 21, let's talk about your research. if you take away facebook, amazon, apple, netflix, alphabet and microsoft, right the fang and you come down to about 18 times forward earning so essentially that's much more reasonable it's much more in line with what you might expect if we're going to get a big snapback year next year in profits. so yes, it's a little bit unstable if you have that much of market cap, but on the other hand, they are very expensive. if you take them away, the bottom, you know, 493 stocks in the market or whatever it is, 494 are not quite as overpriced at least by the measure, guys. >> as we discussed, if you are comparing things to the .com bubble, the rates are lower. >> yeah. >> and the multiple then was higher. >> the multiple then was indeed higher, so on both fronts, things are less extreme you could say. >> mike, thank you

last week, universal health system suffered a multiday ransomware attack. up next, we'll ask crowdstrike about what needs to be done to protect the nation's health care system that stock by the way has been on an absolute tear. tomorrow, during cnbc's at work summit, we'll hear from thre hi, my name is sam davis and i'm going to tell you about exciting plans available to anyone with medicare. many plans provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you're covered for hospital stays and doctor office visits, but you have to meet a deductible for

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this year, and goldman sachs came out assuming that a company with a buyer would shift to a new analyst entirely meanwhile, crowdstrike out with its latest threat report which found there were more than -- more cyberhack attempts so far this year than there were in all of 2019. george kurtz joins us now. thanks for joining us again. >> good to see you, thanks >> we noted your recent results and the note that goes into them in detail that points out you had 84% year after year revenue growth over the recent quarter to what extent do you think that's market share gains or infrastructure as a whole? >> it's market share gains few look at the idc numbers which is an analyst report, we went from 3% market share to 6%. even though we have still a relatively small market share, you can see the numbers reflect

tremendous growth, and we're certainly outgrowing our competitors in that space because of our cloud-based platform which delivers more value and better protection to our customers. >> to what extent has greater cloud adoption across all sorts of industries partly because of covid helped to boost your growth, and to what extent do you feel like that might be bringing forward growth that you otherwise would have seen in years ahead? >> well, there's a lot of talk about work from home we look at it as work from anywhere, and that's more of a sustainable trend, and what we found is that companies have to go through a security transformation before a digital transformation and that's a longer term journey for many companies as they move from the cloud and protect the workloads, and talk about the earning, and protect it through everyday containers that are up and down, so it's an amazing opportunity for us, and it's not about pulling rpul

pulling revenue forward. it's about a trend we see going into the future. >> you put out a report that i read recently about the invasions -- intrusions, all the threats that were happening out here, and how this year is so much worse than previous years talk about, george, what you are seeing what kind of attacks what kind of companies are being attacked and what we need to know >> yeah. i think every company can imagine being attacked from every industry we see this across all the countries where we have our technology deployed. the biggest areas where we continue the see is e-crime. ransomware as a service. a day doesn't go by that doesn't go by from a customer saying, please help us our system got encrypted we can basically roll out, help them recover from that, and then put them on our crowdstrike falcon technology which is focused on preventing that ransomware from getting in in the future we see nation state actors when we think about covid-19

research, therapeutics, all of the information that people want access to is highly targeted and sought after by many countries around the globe it's very been a very active year >> which countries in particular >> we certainly see china as an active country they traditionally have gone after intellect property in the past and continue to do so it's not just them north korea, and we see other countries that are out there everyone has an active program and trying to figure out what's happening with covid around the world. >> what about election risk in particular, george what have you seen as we get into the election, especially versus last time around, 2016? >> i think the good news is there's a heightened awareness in 2020 versus 2016 of what can happen, and from a crowdstrike perspective, we work with federal, local and state governments, you know, not only here in the u.s., but around the globe, but particularly in the u.s. to make sure that those systems can be protected

obviously a lot of the balloting is still done in-person with paper, but it is something that we have to keep an eye on, and we have to make sure that we safeguard the integrity of the election, and cybersecurity is a key element to that. >> in the goldman sachs note, george, it referred to the fact that your customer acquisition costs were declining in something that was an expensive area for your industry over the last decade. how much further can that fall >> well, we look at customer acquisition cost as something that we focus on, on a daily basis, right if you look at our last earnings call, we talked about our magic number being 1.3 that's a measure of sales efficiency which is on the very high end of the spectrum and it's because the platform continues to sell to our customers. they buy one piece of technology it's a single agent architecture they can add many other modules from our falcon platform with very little sales cost us to, very little friction, and that's part of our secret sauce and our

magic. it's not a traditional software model. it's a secret software service model and ewith look at ourselves as a salesforce of security. >> that's where i wanted to go, george because your stock has gotten swept up in the work-from-home trade every time there's bad news on the virus, a few stocks like the do docusign, and zoom, i wonder what your restriction is, and the other cloud players and cybersecurity players? >> when you look at companies like salesforce or work there, service now, these are companies born in the cloud, and have really changed their respective industry we feel crowdstrike is in that same, you know, same vein. when you think about what we've done creating the security cloud from a purpose-filled platform which has not been done before there hasn't been a security cloud. if you look at our competitors,

they were firewall or box pushers. our platform focused on the future and that's what we did starting with company in 2011, and that's why you're seeing success today. it wasn't fashionable to be doing what we were doing in 2011 now with work-from-home, work from anywhere, cloud services, it's really been a move to our industry and our customers are seeing the value of it >> george kurtz, thanks so much for joining us. >> thank you very much. stocks staging a big rally today, and coming up, we'll ask a chief investment operator. we'll be right back. at cdw we get you want happy, productive employees. well we've made our office pet friendly. [ bleat ] [ cooing ] maybe a little too pet friendly. well you know cdw can design a mobility solution with light powerful devices from lenovo to make your people more productive in or out of the office. anyone have any questions before we go?

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welcome back time for a cnbc update with sue herera >> another battle over pandemic health restrictions. new york's governor andrew cuomo will not allow new york city's mayor bill de blasio to shut nonessential businesses in hot spot areas at the same time, cuomo is speeding up the closure of schools in zip codes with big outbreaks. national rifle association

head wayne la pierre is under investigation. that's according to dow jones. > there was a lawsuit over undisclosed pay. the chief economyist estimates500 million jobs have been lost due to the pandemic, and leading to an increasing number of just one meal a day. paying for movie theaters, warner bros. delaying the film "dune," from christmas to october of next year >> you're up to date, sara i'll turn it back to you. >> that's a big delay. sue, thanks. up next, stocks rallied today in hopes -- on hopes of more stimulus, but there's still a lot at stake calsters chief investment officer willoi jn us to break

down what he thinks is the biggest risk to the market "closing bell" will be right back

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is helping keep businesses clean too. look for the ecolab science certified seal. president trump expected to loaf walter reed hospital at 6:30 this evening following treatment for coronavirus this weekend according to a tweet that he sent out earlier later confirmed by his doctors stocks rallied throughout the session today. made a move higher in the final hour of trade. let's bring in chris ailman, the

chief investment officer of kalsterka calsters welcome back it's great to see you. >> good to see you. >> there's a lot of gaming of scenarios whether it's the president's health or the election odds or stimulus, and they're looking at it with a glass half full. it's a pretty rosy scenario at least according to the price action where are you on some of the risks we're facing >> well, i'm right in the middle of half full and half empty. personally i think i'm pretty concerned about the risks in front of us, the fact that the market is so top heavy in the famous five stocks, but it's good to see the small caps do well today so i think that's healthier for the market we need a stimulus the bottom line is the health crisis and the health crisis is far from over. >> and yet the stock market is up 55% from the march lows, chris. what is your allocation these days to equities and

specifically u.s. equities and do you have enough of them given this fierce rally? >> well, sara, we're actually aggressively neutral which i know is a funny saying, but we are right on the mark at our allocation both u.s. and non-u.s. we're at the mark at fixed income, real estate, private equity, infrastructure, all the different parts of our portfolio. we don't really want to be in a position to be overweight or underweight, taking bet in this kind of a market because you can't fight the fed. so while there are risks around us on all sides, we have a very balanced portfolio, and we have a lot of things i'm comfortable with i'm not comfortable with the top five names, but they're profitable companies we'll stay invested and yet at the same time balance the portfolio with other types of assets that give us durability like fixed income, and you were talking to mike about the low

rates we're seeing, but we think that will be an area we can invest in, and then other strategies to give us diversi diversification. >> are you confident over the next decade? >> next decade, that's a tough call, but yes, i think i am. after '08, i saw the fed is able to unwind its balance sheets slowly i'm not concerned about regular rates at this point in the usa, but we only have about 12% of the portfolio at fixed income, so you compare that to the old days when penchant plans were 60% equity and 40% debt. over the last 30 years, our fixed income exposure has declined as rates have declined. we have to use other tools to diversify the portfolio. >> chris, i had a question about state and local governments. i always like to get your take on it, which obviously impacts how much you're going to get in the pension funds. what's going on in california in terms of revenues?

is it as bad as feared and are you concerned that they're talking about all sorts of higher taxes which could lead those wealthy taxpayers to leave? >> i don't even know if you can say it's worse than feared sara, the fires have been absolutely devastating not only do you have the economic slowdown from covid, and shelter at home, butthis fire season has been worse than any of the past. and we have had stagnant air not only in northern california, we have a fire season that's here in october when there's high winds, yet our fire season started way back in august with just a lack of winds so air quality has been terrible so no. the state's going to really have a hard time. the fact that the equity market is up, that means that you are going to still see people with capital gains and pay that into it, but higher taxes may be into the future, and yes, i think states have to balance the risk of higher taxes and whether that drives out some of the wealth

out of the area, we've seen companies and heard from big names like elon musk about moving to texas, moving to other places, but the one difference is california weather. so thank goodness that even with climate change, it's still an attractive place to be >> chris, are you worried about who wins the election or only if the election outcome is conte contested? >> well, wilfred, i think that the question is really whether it's contested i think the market frankly has started to price in the idea of a blue wave. that may shock people, but i think it has the chances of a trump victory are lower now than they were even two weeks ago now that said, he had less than a 7% chance of winning last year -- or last four years ago, but really the market is worried about uncertainty, and uncertainty as a contested election and fight the supreme court, and i think that frankly is part of the republican game plan i'm really sorry to say, but this rhetoric about bat lots and

mail-in ballots, that is a risk. goldman said it's 30%, but i think it's closer to 40% to 45% chance of a contested election let's hope we have a vote and it goes straight forward and we have a smooth transition of power, not a fight because that would be negative for the market >> so how do you -- how do you prepare if at all for such an outcome of a non-outcome, and cocdo you change the type of stocks or sectors you own based on who wins >> we're a passive investor by and large. we'll hold the market, and that means we're very heavy in those five fabulous names but that's why small caps are attract irv to people. remember value stocks. we have not heard of value stocks in over two years they are so underappreciated dividend stocks and things like that can give you a balance in the time of uncertainty, and a portfolio, but in our case, it's

exactly why we're diversified. we have 50% in stocks and we're in besides the usa. but we're going to be still continuing to invest in fixed income, things that we call risk mitigating strategies. that is a whole basket of opportunities that don't move in lock step with the market. that has paid off to us very well last january and last february obviously, it strug when the market goes up as rapidly as it has. that's the straty egy. people have to be balanced they have to look at their 401(k) statements. take a look at it and pay attention to the asset allocation pt. >> always good to check in with you. thank you. >> great to see you. thank you. >> good to see you, too. still ahead, the key thing every investor needs to be watching as we head into a new trading day after big rally today. plus, final thoughts on a wild day for stocks

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and what we're watching as we head into a new trading day. "closing bell" back in a couple. hey, dad! hey, son! no dad, it's a video call. you got to move the phone in front of you like... like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most plus $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today.

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welcome back this is usually the time in the show when we discuss what we're watching for the trading day ahead. and today we're doing a very special version of our wall

street look ahead. because wilfred's new podcast, the frost tapes, is coming out it focuses on his dad's legacy it is debuting tomorrow. i know you worked so hard on this i was lucky enough to get a sneak peek the it's an incredible project where i learned a lot in one episode. tell us more about it. >> thank you of as you know, this has been years in the making. i bored you about many many times. i'm excited we're at that point. it drops overnight it focuses on dad's work in the '60s and '70s. an era where there are many parallels with today over 50% of the foot aage across the episodes has not aired in 50 years. it's been a long process recovering and rediscovering a lot of the tapes some of it never read in the first place, including behind the scenes material with richard nixon and also an interview with joe biden that comes out next week but the first three episodes, one of which you heard, sara,

comes out tonight. and i'm incredibly proud because it's all dad's work. but it has been a privilege to review what he licited from those people from those politicians, civil rights activists and cultural icons of '60s and '70s america. >> there is a nice personal touch. and you're following in his footsteps. the other point which you told me, i got to hear firsthand, is how relevant some of the conversations that he had had decades ago are to what we're dealing with today racial inequality and -- >> absolutely. >> political sort of noise and that this fight with the press history repeats itself >> it does and that's definitely a theme throughout as i reviewed the tapes, i could not believe how many times my jaw would drop to the floor as if these were conversations taking place in 2020 many have not been seen since

1969 i hope people will listen and i hope they enjoy it it's been a pruf ledivilege. and dad, i miss you very much. to your point about today and relevance, we should pivot back to that and the president in fact just tweeted while we were discussing the podcast in saying stop market up big 446 points and he's not wrong there. of course, he will be returning home to the white house which we're all delighted to hear about 6:30 tonight that coverage will continue throughout the evening on cnbc >> and i guess, mike santoli, jobs, jobs, jobs is how he ended the tweet. can they move a stimulus deal? we know house speaker pelosi and secretary mare talking. >> i think it's a sooner or later not necessarily it has to happen imminently.

i think right now with prices higher, it raises the stakes for the market's craving for progress on a deal for sure. >> we're out of time here on "closing bell. coverage continues on "fast money" now >> i'm melissa lee thst is fast money tonight's trader lineup. tonight on fast, stocks rally as president trump says he is leaving the hospital tonight we're live in the nation's capital with the latest. plus, tracking the treatment shares surging on news that president trump is taking the experimental coronavirus treatment. we'll get a top analyst take on that move. later, choose your own adventure. the chart masters laying out five different scenarios on how the market could end the year. find out which path our traders are taking we begin with breaking news out of whi