good afternoon welcome to "power lunch. as you certainly know, there's no presidential winner yet as the vote counts continue in multiple states. more on that in a minute wall street does seem to be a big winner today they're now having their best day since june nasdaq, it's best day since april, up about 4% check out some of these big movers in big tech that would be facebook, google, amazon, apple. they are all surging as potential gridlock in washington boosts stocks. finally two other big election day winners, uber and lyft jumping double digits as california votes to allow the companies to keep drivers as contractors. not as full benefitted

employees. we've got those details. but first we start with some breaking news. the electoral vote count stands right now at 227 for mr. biden and 213 for mr. trump. and we still have eight uncalled races. in wisconsin, which is still too close to call, biden holds a narrow lead of just 20,000 votes. well within the margin of error there. well within the drift that let's the president call for a recount. the campaign says they will immediately do so, request a recount. another place biden holds a narrow lead, that's michigan that's where we find brian sullivan in grand rapids any update on this very close race >> reporter: yes, and no how do you like that i'm like an economist on the air. i'm going to give it to you both ways here's where we stand right now. here's the reason i answered that way number one, here's the count 94% of michigan has come in.

it's that last 6% that is the issue. now, you've got joe biden who is up by about 45,000 votes right now. to your point, there are far more outstanding absentee ballots than that 45,000 margin of victory right now but it may not be as it looks. so, first off, when are we going to know michigan how many ballots are outstanding? we're not sure exactly when we're going to find out but earlier we heard from the secretary of state and she tried to tell us, there are about 100,000 or more ballots still outstanding as of a short while ago. listen >> just over 100,000 or so, at least, that we're seeing in the field. you know, as i mentioned, we still have some ballots coming in from detroit. we know we have a sizeable number of absentee ballots still being tabulated in grand rapids. flint is in the final stages of

tabulating their absentee ballots. and i believe they shoulded have results to publish quite soon, if not already in kalamazoo as well, and a number of smaller jurisdictions. >> reporter: and why i said it might be good news for biden, tyler, is the majority of those votes are coming from wayne county, which is detroit, which leans heavily democratic we don't know how they'll come in but it has to let the biden camp feel good since the majority are coming from a democratic stronghold forum. if mr. biden goes on to win the white house and michigan is a big reason, he can thank one group of voters in particular. that is female voters. in fact, if you look going back to 2016 to this year, the exit polls show that joe biden added 8% to that female vote count that would be easily more than the margin of victory, kelly we're still waiting on a result here in michigan i bought a house in grand rapids i got a new family, i got a dog. it's great >> you could have just gone with

an airbnb and a girlfriend, but maybe it will be a while brian, thank you so much we appreciate it brian sullivan out in the midwest for us half the country may not like the eventual outcome of last night's election, the markets are loving it for now let's go to bob pisani for all the stocks >> what a night. the market is largely reacting to the fact that the senate is likely to remain in the hands of the gop. that is a positive for technology stocks and a positive for health care stocks let's just take a look at some of the big ones you talked about. the main cap ones. here you see we call stay at home names, zoom, video, docusign, ay tivision no big tax increases less regulatory pressure, less chance of big tech getting broken up, pharmaceuticals, health care in general, less regulatory pressure on prescription drugs, for example, less regulation in general

these are new highs, by the way, for hue mmana, anthem stimulus less likely, not good for infrastructure stocks. big names like martin marietta and vulcan stocks that ran up nicely, trading to the downside. less chance of large stimulus that would benefit them. clean energy, another group. we had solar stocks running up big going through this bloom energy, plug, nextera. lower stimulus means generally lower bond yields, so we're seeing the bank stocks also move to the downside. so, the right bet right now seems to be only a modest stimulus, maybe 1 trillion, 2 trillion, we don't know. values not doing well, growth is in tech. kelly makes this whole sector rotation story a lot harder to figure out, but the outlook, overall, not negative for equities back to you.

>> i totally agree do we go back to the rotation? how many times have we seen this head fake with value but now big tech trade, i guess that's back on thank you very much, bob with the dow on track for its best week since the beginning of june, let's talk more about what's driving these markets and pick up on what we were saying with bob jonathan, would you stick with the consensus right now, which is big tech, momentum, growth is going to be scarce, go with the growthy plays or do you bet on rotation and broadening that's just a little bit delayed? >> no, i think that growth stays in favor here. i think what's been really amazing is that, you know, if you went back three months ago, everyone thought that biden was going to be a challenge for markets. higher taxes, more regulation and the like and then all of a sudden the last couple of months there was this huge change in that narrative where the markets started to say, wait a second.

biden, big stimulus, great for markets. and now we're actually finding that the lack of that stimulus may be a good thing for tech companies, for health care companies. it's not really the stimulus but the headwinds for tech and health care may be salga littlet weaker it's quite unusual to see the yields really collapsing the way they are, which is a sign of -- generally a sign of weakness and stocks are ripping the way that they have been it's just quite unusual. >> i'm glad you highlighted this and we've been asking people what their thoughts are. last hour our guest thought, okay, it's going to be that stocks catch up with bond yields, so to speak and they're going to sell off if they can't maintain the strength. where would you kind of come down on this again, we should -- we know that we've had an environment of well performing stock prices and low bond yields for a while now. it's just that this particular combination today doesn't seem

sustainable. >> no, we've actually seen this. if you take out the last couple of days, when we had this market decline of about 7%, it was -- you know, you actually had emerging markets were beating the developed markets. that doesn't happen normally when stocks are selling off. you had small cap feeding large and value growth all of this kind of very strange internals of the market, what's winning and losing and you have the same thing today. for a market to be this strong and cyclicals to be losing is just something that is extremely rare and i think in many ways when we've been out talking to traders and hedge fund managers and the like, the thing which we're hearing is, don't trust that this is going to stick. not only don't we know the results but the market needs to settle in here ers that a lot of people who are pulling their hedges on and readjusting their portfolios this is a bit of a period of adjustment but if you asked a longer term question, do i think that the

value trade is over for now, absolutely, unequivocally, yes >> really? absolutely, unequivocally yes? >> yeah, that the growth -- the growth trade is going to swing back into favor. these companies in growth land are delivering substantially better earnings. they have less financial leverage they don't need stimulus to do well because they're developing those growth numbers organically. they're running higher profit margins. the only thing that really hurts on a relative basis that growth story in a weird way is a vaccine because a vaccine would be a huge stimulative event for the economy. that would actually help consumer discretionary names and industrial names and banks because it would be a big jump but short of that event, and which will eventually happen, growth is probably the winner in 2021 >> well, we like unequivocal

takes, jonathan. thank you so much. jonathan from credit suisse on these markets today. as we await the results, the final results, whenever they come, of the presidential election, the threat of gridlock does loom in washington. what does it all mean and will we see a stimulus package regardless of the outcome? brian gardner is chief policy strategist at stiefel. welcome. it's good to see you we'll get to the question of stimulus in just a minute. the markets clearly like what they think they're going to get, which is gridlock meaning a republican-controlled senate apart from the presidential race, was last night a disaster for the democrats? >> pretty close to it, tyler i mean, i don't think they saw that many losses in house races and i think the -- there was a lot of confidence in democratic circles about retaking the senate that's probably not going to happen there are a couple races still to be called but their path way to the majority is really narrow.

so i think it was a really bad night for democrats across the board. >> democrats spent a tremendous amount of money, didn't they, trying to defeat senator mcconnell, senator lindsey graham in south carolina, and others, and they failed. >> so, there are two groups, i guess, that are really going to have to rethink their strategies going forward and their models going forward. one are the pollsters, who i'm sure people have been talking about. the other are democratic contributors because they sunk money into kentucky, into south carolina, into a host of other races. and they came up short in pretty much all of them and so there's a real question about how much this -- how much money gets you in politics, how wisely it was spent. so, i think democratic contributors, donors, strategists, they're going to have some long, hard conversations in the coming months what did they do wrong with all that money

>> and what about the ability to persevere of the democratic leadership i mean, does this call into question the leadership of pelosi, the leadership of schumer and others throughout the party because they just didn't get it done >> i think senator schumer's probably safe for now. the house question is more interesting because while the house majority shrank, it also moved to the left because the democrats that lost are the centrists. so, the progressive bloc of the democratic party in the house is actually stronger on a percentage basis than it had been it's not a great bench for democrats in the house leadership their leaders are all in their -- well into their 70s there's no clear succession path for pelosi i think they're going to think over the next few weeks about how to get some younger members in maybe to transition to a

post-pelosi world. i don't know that they can get there right now. i suspect this will be speaker pelosi's last term as speaker. and as democrats try and figure out who's next >> very interesting because as you point out, i guess the second in command on the democratic side is steny hoyer i don't know his age offhand but i assume he's in his upper 60s, maybe into his 70s he's been around for a long time, from maryland. let's go to the question of stimulus, if it's a bit of a log jammed congress. what are the odds there's a stimulus before this congress goes home? >> i think before they go home, before the -- before the holidays, i think it's pretty low. i think leader mcconnell has talked about january and getting a stimulus bill through the senate when you think about what his priorities are as leader and managing the floor time, especially if mr. trump loses,

and that's obviously still to be determined, but let's for a second say that he does. then i think leader mcconnell wants to get as many judicial nominations and other positions finished before the trump administration runs out. and then turn -- pivot in january to a stimulus bill so, i am skeptical on a november-december bill i'm much more positive on a january bill >> brian, thank you for your insights today really appreciate it brian gardner of stiefel kelly? coming up, health care's best performing sector right now, it's up more than 5%. materials going the other way. it's the pretty much only sector in the red right now and some big names are down hard. it's also a victory for the gig economy. uber and lyft pulling out big wins in california with proper 22 we have details and a whole lot more "power lunch" ahead

uber and lyft -- prop 22 reclassifying drivers. to break it down is web bush's dan ives this was a proposition pushed by these two companies and otherses in the gig economy the consequences, the stakes couldn't have been larger, could they >> this was massive in terms of almost an existential business

risk to these models in terms of the gig economy. it could have been 500 million incremental expenses to uber, 150 million for lyft and in my opinion, they're really popping the champagne today because this was really a best case outcome. it was a dark cloud over the gig economy and these stocks and i think worth, you know, potentially 15%, 20% to ultimately where i see the valuations. >> you can see how the stocks are doing today. one of them up 12, the other up 9% there's lyft up 9% does this -- does this action by the california voters forestall similar moves in other states to have those companies reclassify their workers as employees not as contractors in other words, does the california vote mean it's less likely that nevada would act or arizona would act or new york would act? >> i mean, you make an actual point. that's really the crux of the issue. the worry on the street is that this is going to be a pandora's

box situation, a ripple affect across cities and states the fact that the voters in california that they approved this, this is really a seminal moment i think from the beginning of the year, the last year and a half, it's been a head-scratcher in terms of eb-5 legislation what this could do not just to the gig economy but to the drivers themselves i can tell you in the hundreds of drivers we've talked to, 95% were against the eb-5. this was definitely a sigh of relief early this morning for investors as well as for the drivers themselves >> eb-5 being the law, the legislative law that would have classified these workers as employees, correct >> yeah. and that really was the ft. sumpter moment prop 22 was the last stand potentially uber and lyft could have left california that's why they spent so much and there was a dark cloud over the stocks. >> just not do business in

california and move elsewhere. that's interesting they get a lot of their revenue from california, uber particularly -- lyft particularly let me solicit your ideas on what we're seeing today in the market and in technology in particular i know you cover a lot of tech companies all across the map why do you see them doing so well today, including big cap tech >> a few tdynamics in terms of n blue wave, that's viewed from an anti-trust perspective there was a blue wave. that was a bigger worry for large cap tech especially going to the belt way versus the tech battle in 2021 and what potentially looks leak a biden presidency potentially, this is something that could be viewed positively in terms of the decoupling between u.s. and china. positive for semis, apple, cisco and others i call it almost a goldilocks

scenario. >> thank you. plus, the number of swing states are still counting votes. many too close to call what happens if trump or biden challenges the results we've got a play-by-play coming up after the break

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welcome back to "power lunch. with the race for the white house still under way, are stocks or safe haeven assets the better bet for investors to put their money? stocks rallied despite the certainty but so did bond and gold gold slipping a bit today. matt miller and steve chiavarone here to unpack it. that also could result in a smaller stimulus package how do you square that with where stocks are squaring the nasdaq, up 4%, the best session of the day >> yeah, i think the bond market is focusing in on the smaller stimulus and that's why you're seeing kind of ten-year yields fall i think the stock market is

focusing a little bit longer term out, and they're looking at, you know, the less likelihood of big disruptive policy changes no change to the filibuster, no big tax increases, no court packing, things of that nature ultimately to steal the old political phrase, i think this is a story about this is the economy, stupid. and the economy is in recovery that's good for risk assets. it will continue to be good for risk assets regardless of what the eventual outcome is over the next couple of days with the presidential election. >> gold has been outperforming today. what's the trade >> i agree with steve, through the end of the year because the last six weeks or so of an election year are always positive as you mentioned for gold, seema, it's really kind of leveled off here the main reason for that is because it's been so incredibly -- the big driver for gold has been the dollar and right now the dollar is still heavily shorted. so, it's going to be very difficult for the dollar to go

down and since it's an inverse correlation, it will be hard for the dollar to go up. longer term i do like gold it's a -- once they work off that short position in the dollar, that will allow the gold to rally so even though people are looking at a descending triangle pattern on a short-term basis, look at 1960 and then 2000 any breakup of 2000 as we move into next year is going to signal another leg higher in what i think is a long-term bull market in gold right now i want to avoid it. >> thank you for joining me today. for more trading nation, head to our website or follow us on twitter. kelly, back to you >> seema, thank you very much. we have a big election update for you nbc news now projects joe biden is apparent winner in wisconsin. the trump campaign has already said they would challenge for a recount based on the vote margin there. still nbc is calling wisconsin for joe biden as the apparent winner the process could still take a while to play out. there's the updated electoral

college count as a result. biden, 237, trump, 213. the state of pennsylvania is still too early to call at this hour as votes are still counted. we'll get a live report from the keystone state the president has already hinted he would challenge the results there as well. we're seeing the big rally on wall street today for the third consecutive day with all of this in flux. the major averages are recovering most of last week's losses the nasdaq still up more than 4% >> announcer: and now the latest from tradingnation.cnbc.com and a word from our sponsor. >> when it comes to investing, there are generally two popular methodologies. fundamental analysis, which focuses on things like revenues, earnings and cash flows, and technical analysis, which focuses on chart patterns, price movement and momentum. i'jona pm anayne and schwab is the better place for traders

. welcome back, everybody. i'm sue herera here's your cnbc news update at this hour. california voters have rejected a well-funded proposition to reinstate affirmative actions in

public hiring, contracting and college admissions it has been banned in that state for 25 years icu space is growing very scarce in the minneapolis/st. paul area according to the star tribune newspaper. there's been a surge of patients overnight, compounded by a shortage of caregivers because so many have contracted the virus themselves. some optimism from belgium on the outbreak of covid-19 there. the crisis center says for the first time in more than a month, new weekly infections are falling. belgium has been increasing it's aents-pandemic measures in recent weeks. with a new lockdown going into effect tomorrow in england, hair salons like this one in london are doing a very big business it along with pubs, restaurants, gyms, pools and many stores will all have to close until at least december 2nd you are up to date that's the news update i'll send it back to you

>> deja vu sue, thank you very much. let's get a check on the markets right now. we've seen big gains across the major averages pretty much all session. we're off the highs. the dow is up 609, up 821 at session highs. that's a 2.2% gain right now nasdaq is up 4%. s&p up 2.7%. the russell is struggling to stay positive. materials are the weakest sector tech and health care are the strongest. let's check out names hitting 52-week highs. including the likes of kcolgate and garden and pool. the big decliners today are notably caterpillar down about 4% dow and jpmorgan down about 2% it's been a tough session for all of the big and especially the regional banks with this decline in bond yields we've been tracking. the oil market is closing for the day. let's go to eric for those numbers. >> that's right. the oil market settling near its

high prices filled with ups and downs. crude bounced off its low after president trump claimed victory in the election early this morning. oil got another boost from surprisingly tight weekly inventory data thanks in part to production shutdowns due to hurricane zmplt eta. oil stocks are in the middle of the pack in s&p 500. big gains by apache and d.o.g. nbc news called joe biden the apparent winner in wisconsin and that puts him at 237 electoral votes out of the 270 needed to win the election let's look at the latest numbers from the crucial state of pennsylvania according to nbc news, it is still too early to call and the president has a lead right now and a not insignificant one, by the way. there's still a lot of votes left to be counted many of them around philadelphia a vote count that could take

days so, let's go to frank holland for more frank? >> hey there, tyler. mail-in ballots are being counted in all of pennsylvania's 67 counties, including 7 counties where the tallying began just this morning. we're in philadelphia, in front of the philadelphia convention center this is one of the sites around the state where those mail-in ballots that are being tallied around the clock this is brand-new video from allegheny county, where pittsburgh is. you're seeing mail-in ballots just arriving by mail. those ballots will be kept separate from mail-in ballots that arrived by election day and counted after the ballots that arrived by election day. here's the latest numbers from the state. 3.1 million mail-in ballots were requested. by a third of -- that's a third of registered voters 2.6 million have been cast, which means received and valid about 1.5 million have been counted. that still leaves about 600,000 mail-in ballots on the way or whether requested or decided to go to their polling place instead or just not to vote, the governor of pennsylvania

addressing that situation earlier today. >> this is the stress test of the ideals upon which this country was founded. and the basic rule of one person, one vote, that still carries and it has to carry here >> and the trump campaign announced its own news conference right here in philadelphia, about a block where from we're standing right now. that starts at 3:30 eastern time eric trump will be the host of that news conference not clear right now what the topic is >> frank, this has been those uncounted votes that are coming in, even today, tomorrow and up until friday, those are at the center of a big legal case that was sort of left undecided by the supreme court a week or two ago. >> reporter: well, tyler, the decision that was made is that they can be counted as valid up until 5:00 p.m. on friday. the real controversy about that is, there could be ballots that

come in after election day without a postmark as long as there's no, you know, clear evidence that it was mailed after election day, those can also be counted. that's one of the sources of controversy here earlier today the secretary of state of pennsylvania said that the state is preparing for legal challenges to their election, with not only the attorney general but outside counsel. so, this could become a very legal situation in the near future >> frank holland, thanks very much kelly? >> tyler, pennsylvania is just one of the states still too close to call. already today the trump campaign says it will request that recount in wisconsin and said it will also file suit in michigan. the trump campaign fanning out some 8,500 lawyers joe biden vowing on twitter to make sure every ballot is counted by setting up the largest election protection ever assembled because donald trump doesn't get to decide the outcome of this election, biden said, the american people do what are the legal options on both sides let's bring in claire

finklestein, professor of law. it's good to have you here let's start -- where do you think we should start? give us some possible ways this could play out in the coming days and weeks >> pennsylvania is already at the epicenter of the legal controversy surrounding this election the trump campaign has already filed several legal actions in pennsylvania there is a legal dispute in montgomery county surrounding absentee ballots and mail-in ballots that have been cured, meaning that voters were allowed to come in and add signatures, not allowed to change the substantive vote this is also a procedure that other states use such as georgia. and there's been a lawsuit filed that this is improper. there will certainly be continuing legal action surrounding that three-day period of absentee and mail-in ballots that allowed to be counted in the three days after election day as long as they

were postmarked or if there is no postmark. and the trump campaign has said that this is illegitimate. now, the supreme court has ruled twice on this, and twice declined to hear the case and left the decision of the pennsylvania supreme court standing, which allows that three-day window however, they've had to keep those ballots separate, so it could be revisited that would be a serious problem given that voter reliance on the three-day window might have changed patterns of behavior it's also worth noting that amy coney barrett declined to participate in that case the last time. and the vote was 4-4 on the grounds that she had just been confirmed the day before so, if it does reach the u.s. supreme court again, and she decides to participate, that could change the vote. >> so, i mean, there are

different ways in which this could get litigated and drawn out. some will dispute what's happening at the poll sites themselves is sounds like there's going to be recounts. there's concern about what the post office has done to get ballots counted in a timely fashion. which -- i guess all of these could potentially hold things up, right? so then we start looking towards the deadlines. i mean, what's the -- what's the drop dead deadline here? >> well, it's worth noting it's really to donald trump's advantage to allow a certain amount of time for counting the ballots because the military and overseas ballots are allowed to come in in pennsylvania for an entire week after election, so even later than that three-day period and the military ballots might be more favorable to him than the other mail-in ballots so, this could still continue if pennsylvania is still -- if the election is still undecided,

this could play out, indeed, for another six days while we wait for those ballots to come in and then there could be recounting now, the michigan vote is very close to being within the range for that state's recount the wisconsin vote could end up going into a recount even the georgia vote could end up going into a recount. the pennsylvania vote may not depending on how it plays out. those rules are a little more stringent. only half of 1% would trigger a recount. but if we go into recount territory, then we could be looking at something much closer to the 2000 election the drop dead deadline is the middle of december, december 14th, when the states have to certify to the federal government their results of their electors and in pennsylvania we could be

looking at a sharp conflict between the democratic governor and the republican-led legislature, which could have different attempt to certify differently. >> professor, how prone are federal courts to get involved in election issues like these, which are largely the per viurvo the states while on the topic, how prone would conservative members of the federal bench be to step across that line and start getting involved in state matters? >> that's a very good question and the first instance it falls to the pennsylvania courts and the pennsylvania supreme court, but there are federal issues involved here and, indeed, there was an order by federal judge emmitt sullivan that will also become an issue in pennsylvania, ordering a sweep of the usps to look for absentee ballots.

now, i have just heard that usps says they have complied with the order but has not revealed what the results are. and so there's an instance in which a federal judge has been willing to get involved and there were problems with the compliance with the order, which could generate more federal action so, it really depends whether or not the courts think there is a federal legal issue here with the pennsylvania case, despite the changing composition of the court, i really would be surprised if the supreme court decided to step in on this issue. as we know from 2000, the court was very willing to step in to halt a recount, but i think a recount is quite different from getting involved and whether or not votes should be counted in the first place when those -- that vote counting is authorized by state law >> all right professor, thank you very much you're right in the center of it there at the university of pennsylvania we thank you for your time

>> thank you so much for having me. >> you're very welcome. let's take a look at the sectors that are leading the rally today. tech and communication services. but the biggest gainer is health care, up nearly 6% and some members in it, health insurers especially like united health care and significant drmarsp,ooup more than 6%. ugke u t 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 each and then, you're still responsible for 20 percent of the cost. next, let's look at a medicare supplement plan. as you can see they cover the same things as original medicare, and they also cover your medicare deductibles and co-insurance,

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welcome back facebook soaring today as gridlock in washington could keep the heat off big tech twitter much less. facebook up more than 8% twitter 2% perhaps on fears it could be losing its biggest customer. julia joining us now. >> facebook shares up over 8% benefiting from a divided congress minimizing the likelihood of regulation this as the company takes action against posts that claim premature victory in that presidential race. facebook labeling trump's claim as misleading, this one saying, quote, they are working hard to make up 500,000 vote advantage in pennsylvania disappear. facebook remrinding users that votes are still being counted in

those labels and note fictiifics twitter labeling three of the president's tweets today as misleading twitter requiring users to click through warnings to read those tweets and prohibits users from liking or sharing them as votes are still being counted across the country, our teams continue to take enforcement action on tweets that prematurely declare victory or contain misleading information about the election broadly twitter saying all of these actions are in line with its civic integrity policy and guidelines laid out on election results. >> julia, so far it feels like more like a 2000 election than a 2016 where all of the uncertainty is literally at the ballot box instead of kind of this social media maelstrom. >> yes, i mean, i think what's

interesting is we see those facebook shares way up twitter shares up a couple percent. there are so many different factors at play in those facebook gains one of them, i have to think, is there haven't been a lot of reports that there's been manipulation on the platform we have seen facebook and twitter both take actions on these tweets, but there is this sense that this was not a source of a problem for this election social media was not a source of problem for this election in the same way it was in 2016. this idea that facebook and twitter did make meaningful progress there >> yeah, maybe just a catalyst in a different way >> ul yejulia, thank you tyler? bond yields heading sharply lower. rick santelli tracking action at the cme. rick >> you know, tyler, you're exactly right. right now at 77 basis points, down a baker's dozen, down 13 basis points on the day. that's a bit of a distortion because some of the early

misgivings of where we were in the election process when treasuries closed spiked it up so, if you look at a two-week chart, we're revisiting the lower end of a range if you put bunds on top of tens since september 1st, the main dynamics haven't changed we continue to outperform on higher yields versus european lower yields if you look at tens minus two, the yield spread curve going back to 2018, it was also distorted with a jump yesterday. it settled at 73 granted, it's back down at 63. in the end it's also somewhat in a range. if you look at one week of the dollar index, it's like treasuries, visited the low end, but maybe appropriate charge euro versus dollar that is finding some solid support it took a few sessions to get there. kelly, back to you >> a dramatic day, rick, thank you. rick santelli. the bulls are continuing their post-election charge the dow is up about 550 points, though the nasdaq gaining nearly 4% we're off the highs this

afternoon. the big cap tech stocks are loving the election results. apple, amazon, google all with big gains today. we just told you about facebook's 8% pop. alphabet up 6.5% "igeccongp b th mi u onpower lunch.

technology stocks among the main leaders today with big moves in facebook, up 8%, google 7%, apple about 4% and amazon almost 6%. our next guest says a republican senate could be the ones to thank for this let's bring in ryan dietrich senior market strategist at lpl financial research so this is basically, ryan, as you see it a response to the lack of a blue wave and the less of a likelihood that big tech will be regulated? >> that's right, tyler you think about it, you know, they say gridlock is good and there is some truth to that. the s&p 500 this could be the 11th year in a row if the s&p 500 was up when we had a split congress, but then talking about technology today with these huge gains, we think it is probably

as simple as the potential for higher regulation, all the antitrust stuff we were hearing about for the past month or so that didn't totally go away but it went away a lot and that is why we're seeing this major response we've liked technology for a while and we continue to think that's a group as we head into 2021 especially after the catalyst today we still like technology i know it's up a lot but we still like that group. >> the fact that the senate may hold as republican doesn't, as you say, doesn't completely rule out the possibility of antitrust action because it can originate in the justice department or the federal trade commission, but whatever this takes one other risk it seems off the table. let's talk about growth stocks and big tech growth stocks more generally. you see it as a very favorable environment for them because interest rates are low, inflation is nonexistent and the gdp growth is probably not going to be blockbuster for a while

and that's just where you want to have big cap growth stocks. >> no, you're right, historically speaking in that environment, low growth, low inflation, low rates, do you know what investors do they reach for growth stocks they reach for technology, they reach for the areas that are growing with earnings growth and, believe me, we think this recession is over, we think the economy is going to grow next year, but we're probably going to get less stimulus than we thought we were going to and that might impact the economy a little bit in the next year. we think who got you here, the health care, technology, communication services, those areas they still look really good to us as we head into 2021 with maybe a little bit slower growth now. >> you would feel comfortable recommending many of those names that we had on the board here as core holdings, i assume. >> yeah, you know, overall, i mean, we've got 17,000 advisers at lpl and we have been very comfortable saying stick with some of the big large cap technology names that got us here and we still think that's

the place to be for future growth and outperformance from your performance. >> ryan dietrich, lp-l thank you, sir. >> thank you. >> kelly a huge market rally still going strong with just an hour left to go in the trading day. we will have more on that in a moment and don't forget we have a fed decision tomorrow, a fed decision 23 hours from now we will be right back. [typing] i had saved up some money and found the home of my dreams but the home of my dreams needed some work.

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call it the day after, there is a sigh of relief on wall street today as you see in knows numbers there with the nasdaq moving up 4% on the back of big technology stocks like facebook, amazon, alphabet and apple, all catapulting the nasdaq up by more than 4% and the dow industrials no slouch either, a big contributor there, health care, united health, its main constituent that is helping move those stocks higher. fed decision tomorrow, kelly, as you mentioned and then a jobs report on friday so if you want action, this is the placeto be in the week to find it. >> that's right. it also comes after we've had this morning the adp jobs number was a miss, markets have totally shrugged that off, ism services was soft, manufacturing earlier this week was super strong this is not a normal week. speaking of what would normally be a headline, let's take a look at shares of biogen, this stock is up about 40% today. the fda staff has said it has

enough data to support approving its alzheimer's drug, you can see a major pop in those shares, ty. >> if that drug is a success there, what a wonderful thing that would be. >> exactly and we'll take it. left or right, everyone wants an alzheimer's cure tyler, it's been a pleasure. thank you, sir with he'll see you tomorrow. thanks for watching "power lunch." welcome to the closing bell, i'm wilfred frost along with sara eisen the election undecided but the market making a decisive move higher adding to big gains for the week the major averages all up around 2% or more as we head into this final hour of trade. the state of the race remains fluid at this hour with neither candidate hitting that magic number of 2 # 0 electoral college votes and the picture remains unclear in the senate as well neither party has hit a majority yet. the tech heavy necessary dak is vastly outperforming today with apple, amazon, faceboo