stocks, whether it is zoom, whether it is docu-sign, they are going to be around in the post-covid world, and i think in a big way. >> you are still going to use your peloton bike? >> you bet i am. not going to a gym any time soon. >> i wanted to ask you all day tyler, thank you we'll see you tomorrow and thanks, everybody, for watching "power lunch. "closing bell" starts right now. >> i believe this is likely the most significant medical advance in the last 100 years, right if you count the impact this will have in the health of the public health, global economy, et cetera, et cetera so i'm happy that we have the whole pfizer machine, and of course biotech, our partners, machines behind this and we will be able to support it, i hope >> those words from pfizer's ceo earlier today on cnbc, driving a huge rally on wall street.

welcome, everyone, the kboel i'm sara eisen, here with wilfred frost. pfizer says its covid-19 vaccine candidate developed with biointech is more than 90% effective in preventing covid-19 in a phase three study the cow and s&p 500 hitting record highs in today's session, this after strong gains last week as well as the election results come into sharp focus. seeing down sectors like airlines, cruises, banks, and energy are seeing outsized returns today on the vaccine news while the stay-at-home winners like zoom, peloton, and amazon are coming back to earth. nasdaq is actually negative with this more than 1,200 point rally on the dow 59 minutes left to go on a historic day on wall street. >> nasdaq hovering around the flat line. big gains for the dow. coming up on the show, a massive guests line ups. we will discuss the vaccine, the election, what it all means for your money with huge names nelson peltser will weigh in with his thoughts on what the

market is doing as we speak. the chamber of commerce ceo tom donahue hue will break down what it means for businesses around america. we will talk about the impact of a vaccine on the travel industry we will here from former cdc adviser, tom freeman valerie jarrett and others 58 minutes left in the session let's get straight to the big news of the day. pfizer's vaccine, and hopes this could mark the first step in a return to normalcy meg tirrell has been all over the story and spoke with pfizer's ceo earlier today meg, over to you. >> hi, wilf. until 6:45 this morning, the world didn't know for sure if we were going to have a covid-19 vaccine that was really protective against the disease we had seen great signs in early stud's but until we saw the results of a phase three

efficacy trial that saw a vaccine protecting people from getting the covid-19 we didn't know what the results were going to be like we got results this morning. more than 90% efficacy seen in this trial of more than 44,000 the way they measure is they look for the number of infections in the trail. what they need to see is imbalance between the placebo group and the trial group to show that the vaccine is protective that's what they saw to the tune of 90% plus. they also said no serious safety concerns were observed in the trial. they plan for file for emergency use authorization with the fda after they hit the two month safety follow-up milestone that the agency requires that should happen in the third week of november guys, that's essentially next week they will after that start the process with the fda we will see that go to an advisory committee meeting most likely of outside advisers and see the fda decide questions do remain on the data.

this looked at symptomatic covid-19 infections. doctors like dr. mike oster home teld me they want to prevent severe infections, how does it work for older people? we didn't see an age break down. this was really the top line results. how long to the protection last? that's going to be a question answered over a longer period of time and of course how many people will want to take the vaccine? we have seen the numbers showing people are hesitant because the process has going so quickly will that change seeing these strong results the other question is supply 50 million doses expected by the end of 2020 this year, that's enough for 25 million people, that's around the entire globe that's not just in the united states supply will be constrained meaning that other vaccines that come along we have to open they are effective, too, in order to everybody to be able to get a vaccine who wants one. >> so many questions you have answered so many of them throughout the day on cnbc

and on your twitter feed my two little questions are, 50 million doses could be available by the end of the year would those all be deployed if emergency use authorization is dranted in the next couple of weeks? or do you need a further step of approval for that many people to be vaccinated? to our other point, giving this 90% effectiveness, will this maybe not be a winner takes all market for pfizer and baio intech but perhaps that people will have a clear preference for this vaccine >> we will have to see the results of the other trials in order to know whether this one is better than the others. that's a really great question in terms of will all 50 million doses be available at the same time, we don't necessarily know which countries are going to get how much vaccine first we were talking about that with the ceo of pfizer this morning the u.s. had made a deal to purchased 100 million doses. it is not entirely clear to me in the doses come to the u.s.

first then other kunls, the they meter them out around the globe a certain amount at a time there are also bodies that make decisions about which groups of people will be first in line for the vaccine. health care workers, peepan front lice, people at most risk for severe disease like the elderly and those with underlying conditions. all of that stuff will start to get lined up it already has been. in terms of the number of doses still so question marks also about the pace of how quickly we will get more supply. >> meg tirrell, thank you very much for your great reporting on all of this. clearly, wall street is treating it as a game changer the dow is up more than 1,200 point. names like american express up more than 20%. let's bring in tri-m partner nelson pelts, noted long time investigator to talk about what it means for the market. great to have you here. >> great to be here. congratulations to pfizer. congratulations to pfizer. >> yeah.

>> i can't wait to get rid this thing. >> congratulations to pfizer and all of that. >> that's right. >> not yet don't get rid of the mask just yet, nelson. >> no, i'm not >> how are you thinking about what this is going the mean to the markets? >> look, we have already seen it we are having a great year today. i mean it was a hell of a year so far for those of us who like stable staples and were long today was sort of a new beginning for all of us. so we're thrilled with what happened today mu mo but more importantly, sara, i'm thrilled for american. and i'm thrilled for the rest of the world. this is the way out. i have got give kudos to the administration for speeding this research up, for making this happen in record-breaking time we've never seen a drug come to market so quickly and obviously so effectively so i'm thrilled. i'm thrilled for everybody

i think it is going to be great for the economy. >> does it make you want to put more money into the market, to take on new positions that might be beneficiaries because they have been beatan down so hard on back of covid? >> look, we'll go deeper in our -- we like our positions we are always looking for new opportunities. we have put on three new ones this year. we are happy with those three. and we will see how it works out. but we are fundamentally fully invested so we're happy >> uh-huh. yeah, we'll get to those positions in a sect second. >> i'm sure you will. >> wanted to get your take on the election results >> look -- >> you were a vocal supporter, financially and verbally of president trump. what do you make of the outcome? >> i think the outcome is amazing in that america is right, has spoken, showed the

pollsters that they were wrong, and the tv networks were wrong, the newspapers were wrong. and what happened in the house and what hopefully will happen in the senate, we will have a divided government, and the democrats gave up more seats in the house. so it shows that people want a balance, they want -- they like center right to center left. and that's so important, sara. when you get to the extreme is when everybody gets into trouble. you know i'm old enough to remember when continue o'neill, a democrat was speaker of the house and reagan was president and those two guys got along and got things settled and hopefully, whatever the next administration is, whoever it is, whether it is biden, which it looks like it is, or whether it's trump, i hope we can do that i hope we can give these people a chance and bring america back to the center.

you know, socialism doesn't work it has proven itself never to work around the world. it is not going to work here capitalism is what brought us to this country almost 250 years ago. the system is far from perfect, it needs work. it's just the best system out there. i hope we stick with it and keep improving it >> you sound very positive and yet, you know, the president is still disputing this and fighting do you think he should concede >> look, i think that's clearly up to the president. it's a personal decision he's got to decide what he believes in. i would like to see this thing settled, but it's up to him. he's got to decide what's right, what he believes in. does he believe he got a fair count or not unfortunately, there are a lot of examples that maybe he did

not. but whatever -- it's better for america to put this behind us, however it works its way out >> what ultimately do you think nelson it is going to mean for the economy? because when it looked like we were going to get a blue wave the market was rallying on hopes of a giant stimulus. it doesn't look like we are going to get a blue wave now and therefore, there are short-term issues around stimulus but market is still very bullish on the prospect of a divided of the government how does it look to you >> look, what we got today was much more important than a blue wave to some we don't need a blue wave. we don't need a red wave we need a multicolored wave. and that's the best long -- that's in the best interests of america, to be in that center lane i really believe that. i have been around a long time i've been watching elections for a very long time and any time you go outside of

that extreme, you have got a problem. so i think the market understands better than anybody else that what we got today with the vaccine -- because now we have a way to make sure people are going to stay healthy and they can go back to restaurants, they can go back to school, they can go back to school, they can go back to work -- all of those things are so positive it is much more important than a red wave or a blue wave. >> nelson, we've definitely want to get onto all of the stock calls very quickly if you don't want i wanted to uhl follow up on one point about the election are you accepting that the presidential race is over? >> you know, i'm going to tell you that i said this in 2017. when you get on a plane, you root for the pilot okay we didn't have a lot of people

rooting for the pilot after the last election. i hope that changes. i hope we all root for the pilot no matter who that pilot is. we really need to finally come together we need to heal. and so i don't know who the president is i clearly like trump i like his policies. he's done amazing things for trade. he's done amazing things for employment he's done amazing things in the middle east. all of those are overlooked. i just hope that if this thing goes on and on and he doesn't win the vote, then i don't want to see his legacy dashed because his legacy is so vital and so meaningful he showed us all that america can't keep giving, that we have to worry about our own you know, over the last 40 or 50

years -- i don't have to tell you folks, we have exported 40, 50 million jobs. we can't do that anymore >> uh-huh. >> we've got to level the playing field. and trump was doing that and that's what i hope, if it's biden, he will continue to do that that's in america's interest globalization is great as long as it's fair but you can't have globalization for globalization's sake and have it unfair so i hope the administration, if it is a new one or the old one, i know understands that. >> fair enough i do think rooting for the pilot is slightly different from deciding and accepting who the pilot is, and cnbc and nbc news have declared that i subpoena your point, nelson. way on theed to move on and ask about rates, which clearly are rising significantly today and equities at the moment are rising with those rates. is there a level though that you look at if the teerp or the

30-year -- if the ten-year or the 30-year starts to -- >> they should go up today the market has been up it looks like we are going to have a democratic administration the republicans spent a lot of money, and the democrats showed them how to do it. and i think they will continue to do it but there is an end in sight there is an end in sight because of the vaccine and i think that things will reach stability as quickly as they can as soon as this vaccine is distributed around the world. so i'm not terribly worried about rates. >> there are a few stocks that are down today, nelson some of them are the stay-at-home winners because it does look likely we are going to get an affective vaccine

p and g, mondelez. you are in some of the consumer staples as well with people staying at home and snacking at home and staying at home is now a good time to own those stocks >> yes, because i think that to lump the consumer staples as one group is not right there are haves and have nots. and many of the have nots -- i am not going to mention a lot of the names -- you can figure them out -- that were going nowherepry the virus really had a freeh resurgence after the virus hit. i think those will come back down if you look at what p and g did and what mondelez did prior to the virus, they continued to do that through the virus people like their products, they will buy their products. they will continue to do that. some of the other stipulatels from some of the other companies, not all of them are not so popular when people get out and start to shop again

firsthand. i think there is a difference. you know, when the whole staples -- when all the staples go down, they all went down. you know, when i got on the board at p and g, the stock was about 75 i'm not complaining. >> i remember that day in cincinnati very well >> yes, you do >> got to ask you about our parent company, nelson, and your new position in comcast, which is up almost 8% right now, clearly a beneficiary of the vaccine with the theme parks division everybody wants to know what you are up to there. according to analysts it has been well run, trading well. are you looking for a spin of nbcu or sky or any of the businesses >> is that your parent company, sara i did not know that. >> i mentioned that. >> no, seriously i think that we are having constructive discussions with the management at comcast. i think we are best off just

leaving it that way because, hopefully, those discussions will be constructive at the end and come to -- come to a settlement that really works well for all parties concerned and i don't want to muddy the waters by talking about where we are today. >> to be continued on that one what about invesco up 9%? you just gained two board seats? right. >> are you hopeful we are going to see a merger with janus >> no. i didn't say that either i think the industry needs scale. i'm hoping that invesco will be the prime mover in doing that. there is a lot of costs to take out. there's a lot of structural issues that have to be accommodated in this industry properly it just can't be buying companies and adding them on i think you've got to be able to

do some things synergistically, but i think invesco is a great company and a great opportunity. thrilled and honored to be on the board. and i look forward, as does my partner, ed garden, in working with management to help invesco. >> nelson pelts, with a message of healing today, for our country. would you say that's right >> i think that's fair, absolutely. >> let's get past it. >> thank you. >> thank you for joining us. >> pleasure. >> wilfred >> today marking the first day of trade since former vice president joe biden was projected as president-elect and today of course we also got the encouraging vaccine news out of pfizer. for more on what it all means for businesses and the economy, let's bring in thomas donahue, u.s. chamber of commerce ceo joins us now via telephone good afternoon, thank you for joining us. >> thank you for having me. >> clearly there is a lot of optimism in the market today, whatever that might be that it is reacting to

does that worry you that it might lower the impetus and likelihood of a stimulus deal in the next couple of months? how key is that stimulus bill? >> the stimulus bill is essential. the sooner it's done the better for the beneficiaries of the stimulus, and therefore better for the markets and the economy. and we are very hopeful that there will be a commitment to do this before the inauguration because that's quite a ways off. and we believe that the parties ought to get together and get on with it. and i think they will. >> what's your outlook on whether corporate taxes have room to go up without derailing the economic recovery and whether or not the shape of the senate is a key factor for your

outlook of the u.s. economy over the next couple of years >> well, on the matter of taxation, to ask about one particular tax increase is -- puts you in a position of giving an uninformed answer you recall during all of the campaign and before, the parties were talking about different taxes. it's not only corporate taxes. it's taxes on capital gains. it's taxes on -- increased taxes on social security all these things were talked about. but it is likely that no matter who was the president, there would be some movement on taxes because of the extraordinary amount of money that we're spending on these very essential issues of keeping the economy together and taking care of our fellow citizens.

and as far as the senate -- >> what -- >> please go ahead. >> go ahead, tom i didn't mean to cut you off on oufl these issues, i am wondering if you think mcconnell and biden if that's how it shakes out would be able to work together on any of them. why it would be different than mcconnell during the barack obama years. >> it is interesting the president is doing exactly what is right to make sure that his concerns about the election are considered and all the numbers are looked at. i would hope that that's done in an orderly and a quick way because these other matters have to be attended to. let me just give you another example about that i thought the -- in your last

interview when you were talking about that extraordinary vaccine remember that a number of thing have to happen before that vaccine is going to be available. one, the federal government has to approve it. number two, we have got to work out the very complicated distribution the vaccine around the world. we are probably into february or march of next year before there is serious supply available where it needs to be all the more reason that sensible people have to get together for the fourth effort to keep this economy going and to keep people safe and take care of our fellow citizens. one other thing i would add is, because it was just asked, is what about the senate? of course, as you now, if you

assume that alaska and north carolina, those are -- that the republicans have that, that's two up and then we are going to have the excitement on january 5th of the races in georgia -- two of which -- the both of them. and that will decide if the democrats won both of them, we would be 50/50 if democrats didn't, and the republicans did, it would be much broader situation and also remember what happened in the house is going to cause us to be looking at a house of representatives that is very small number between both parties. i think as you discussed in your last interview that this divided

government, with balance on each side, is going to cause good -- better thing to be done and bad thing to be avoided. >> tom donahue, thank you for jumping on the phone we appreciate it we will keep in touch with you >> i like being here thank you. >> u.s. chamber of commerce ceo. we have just about 36 minutes left of trade. look at the dow. it is up 1,212 which is not the session high. it is zooming ahad by 4.3% big gains from components like boeing, american express, jp morgan, disney all zooming ahead. the nasdaq is negative because stay-at-home faefrts like netflix and amazon are taking a hit. coming up, travel stocks are screaming higher today on pfizer's vaccine news with cruises, airlines, and online travel agencies all surging double digits. check out carnival it is up 36%

we will talk with the ceo of bookings holding about what isth vaccine means and how long it might take for travel to debt back to prepandemic levels you are watching "closing bell." ♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley.

stocks surging into the close. time now to get a cnbc news update with sue herera. >> hello, everybody. here's what's happening at this hour n. southern florida, whole neighborhoods have been swamped by flash floods from prorm eta it is moving back into the gulf. it is forecast to come back

ashare in northern florida as soon as saturday cnbc saying it is on target to have at least half of the cop test ants on unscripted shows to be black, indigenous or people of color in the 2021-2022 season they will also begin an initiative to increase diversity on creative and production teams. general motors will be hiring, taking place through next march. the vatican's long awaited verdict on the rise and fall of a cardinal halves defrocked after it was claim he was a sexual predator. mike, still largely higher across the board but tech stocks lower.

>> exactly still a strong rally a little bit uneven. it has been all day. actually the overall s&p 500 index now trading at 3,588 that was the intraday high from september 2nd. we vaulted above that in the morning rush higher. you got almost 2% higher than the close on september 2nd here's where we stand right now. our effort to get out this box the only issue, the gust of relief from the pfizer vaccine news on top of the certainty in the election and people feeling the need to get kurgt invested also caught in the wrong spot again. that's why all the down year to date reopening trades are working. it is a phenomenal rate of increase usually you have tremendous up days when the market has already been under a lot of stress that's going to be an issue, is it getting stretched look at the nasdaq versus the small caps nasdaq down on the day slightly. here is the year to date basis the margin between these two

things both in various uptrends this one has been more steep i think the nasdaq is in an interesting spot this will be the third time it didn't manage to get above and stay above the 12,000 market it is fatigued at those high levels bonds remaining historic this is the squeezy activity americans caught not expecting anything like this .94. high here. i have a two-year chart here to see what the trend has been. it is around the .8 area look at all this area where nothing happened it fell so far off a clip cliff, just white space above the yields right now there is just not a lot of trading cues in that area to know what the next stop to the up side might be. >> more discussion aboutw mike later in the hour. to come, glenn hutchins, what he is thinking of the market in light of the vaccine

news and the election results. later former congressman eric cantor will join to us discuss the economy and what it will look like amid a biden administration. >> here are is look at the bonds. .94 on the ten-year.

25 minutes left of the session. higher by about 2.3% on the s&p. 4% for the dow nasdaq now in the ready by a full third of 1% coming up, former cdc director thomas freeden will weigh in on pfizer's vaccine news and why the market should be cautious about the data back in a couple 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.

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2 minutes left of the session of let's check some individual market movers shares of beyond meat falling on news mcdonald's is developing its own plant based burger the mcplan will be tested in several markets next year. beyond meat reports after the bell today and news on pfizer's covid-19 vaccine sending cruise stocks up, up 30%, airlines and other travel stocks doing very well also >> 40% almost for carnival cruises. coming up on "closing bell," we

will talk to a top analyst about pfizer's vaccine data and its impact on the broader al re sector. "market zone" is coming up next. [squeaky shopping cart]

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is the salmon wild-caught? she only eats wild caught. [cash register beeps] uh, i need a price check on honey. don't get mad. get e*trade and get more than just trading. investing. banking. guidance. >> announcer: the market zone is sponsored by e trade trade commission free today with no account minimums. 17 minutes left of trade stocks are still higher. dow is up almost 1,200 appointments the nugs of the day, pfizer coming out this morning saying its vaccine candidate is 90% effective in preventing the coronavirus. let's bring in dr. tom frieden, former cdc director under president obama. how big of a step forward do you see this announcement today from

pfizer in getting us out of this pandemic >> well, this is really good news and frankly, 90% is higher than we had anticipated and higher even than we had hoped that's much more effective than any flu vaccine. bull there are important caveats. this is still preliminary data we haven't seen the data we don't know if it works in all age groups including especially the elderly, who had less adverse reactions so you think that may mean they also have less protection. and we don't know how long the protection will last so it's good news not just for pfizer, but for vaccines generally. if one vaccine works it is likely others will work as well. so too soon to be certain this is great theus but encouraging. >> does it strength ena view that the u.s. will reach some form of heard immune by the end

of next year >> we are going to have to continue public health measures over the winter. the vaccine is going to be get rolled out over many, many months we still don't know about set a, efficacy, trust, uptake, effectiveness in different age groups and different population groups so we still have a long way to go but i think if a vaccine works this well and is available and is safe, then toward the end of 2021, we should be getting to a new normal we won't be able to stop doing public health measures, but it is a very important advance if it holds >> we don't even have two full months of data, which is required to submit it to the fda for emergency use authorization. excepting that in the coming weeks. what about the potential for long term side effects, dr. freeden? what do vaccines like this

usually have in terms of those risks? what would you tell the public >> first i think we have to be honest we don't know. this is a new type of vaccine. we have no information even about what the risks may be. so we are going to have to see with time. but we are encouraged by the data we are encouraged by the lack of serious adverse events for the first couple of months but with new vaccines, you have to take it as it comes you have to share information openly one of the things that we will be looking for very closely is is there a small group of people who get the vaccine and then get some sort of an immune reaction that makes them sick because what we know about covid is that a lot of the severe illness from covid isn't from the virus itself it's from our immune reaction. if that's the case from infection, might that be the case for some people from the vaccine? i'm not trying to scare amonger here, but i think the way we get people to trust vaccines is to give all the information openly,

including the things we are concerned about and we will be tracking for. >> dr. freeden, thank you for joining us. >> thank you. we have got 14 minutes lefted in the trading day. we are now in the "closing bell" "market zone" commercial free coverage heading into close. mike santoli here to break town crucial moments in the trading day. today we have got lip see bell and tony dwyer as well good afternoon to you all. let's kick thing off with the broader markets. the dow and s&p surging ahead, hitting record highs in the process. nasdaq in the red. the dow as you can see up 1,145 points is off the highs, 1,600 points or so. mike, clear rotation today, tech stocks and the likes of amazon lower with the cyclicals like energy and banks higher and higher by quite some margin for some of those recently underperforming stocks. >> the moves are very dramatic

wilf without a doubt. every investor seeing the pfizer news had to pull for the an timt of when the economy can get back to something like normal that's having a lot of forth repositioning events in the market look at the top ten performers in the s&p they are down year to date on average 40%. essentially, it is all the tough that was beaten down the most that is rising the most. banks are in there to an extent as well. part of it is people getting forced into kind of these positions of the beaten down stocks and trying to reevaluate the long term outlook. however, we were up 7% last week tough to sustain a lot of that steep trajectory we had in the morning when you have already been coming from that kind of a perch. it will be interesting to see if the market can weather the kind of fatigue in the big tech stocks as well as overbought conditions across the market. >> do the moves make sense, does

it make sense that american he can press should be up 22% today and sc should be down 17% today. these a huge moves for a single day. >> it is the bkx up 15% energy up 15%. you have the deep cyclicals. i think the problem is what mike alluded to is you have to kind of be positioned for that going into it. it makes sense if you take it away from a single day -- every time we are on we are talking about a period of historic excess liquidity coupled with a synchronized global recovery now, an 90% efficacy rate in this vaccine kind of pulls forward some of that expectations for the synchronized global recovery, but it was happening anyway. it just seemed to happen all if one day. this solves the dilemma or answers the dilemma that you have to have a courage and conviction and a fundamental outlook otherwise you are kinds

of chasing these kinds of moves. >> len see, the dow is up 11% in the month of november so far are there some signals we are overbought in the short-term >> you know, i think i have been pretty optimistic about the outlook for 2021 when i look at earnings and you know the expectation is that we get back to at least 2019 levels or higher and i do think that the recovery in the economy can continue and that story does remain intact and this vaccine news does support that but you have to also take that -- take that in combination with the fact that unemployment rates still remain very high, moving in the right direction. jobless claims still remain very high we don't know a lot about how these vaccines will be distributed. we still need to learn more about treatments for those that do get covid-19. and so there's stimulus still on the table. and you know, you could argue maybe the election uncertainty isn't -- we are not fully past

that so there are some question marks that are still out there, which is why i think today you are seeing the vix still remain very elevated, above 20 n the 24 range. i think that's telling us there is going to be some continued ups and downs in the months ahead. >> tony, we talked to investor nelson pelts earlier this hour he said something that struck me, which is that the vaccine news today is more important in a way than the stimulus, than the fight in the short-term fiscal stimulus. obviously investors are trying to connect the dots of what that news means for fiscal stimulus and monetary stimulus. does it change the outlook on those? could that impact the markets? [ no audio ] >> tony, i think -- i think tony's shot was a little fuzzy there. sorry, tony, we will try to get you back on line oh, you hear us?

okay go for night i got you so with an efficacy rate of 90% but it is not going to come out until the first quarter of next year i could actually see a lint more of a slowdown very, very near term and a need for that stimulus because if you know you are going to be able to get a vaccine early next year that's going to work, why would you take the risk now and go out and be aggressive like everything is okay, especially with the second wave now upon us i think the setup with you know, taking the tail risk -- the extreme tail risk out of the political spectrum and now you have a very clear light at the end of the tunnel -- that really suggests that there is going to be more meaningful row tachlgs i think the important point the take away from today is the equal-weighted s&p is still up 5% throughout this entire period the question is what market are you looking at the mega cap dominated stocks or the broad market today is a pretty good day for the broad market because of those pro economy issues.

>> the dow is only up 995, the session lows the nasdaq down now a full percent. for more on the latest vaccine developments let's bring in jared hotels health care analyst at jefferies great to see you, as always. >> you too. >> clearly, this 90% effectiveness, how signature is that for pfizer? and how significant is it for some of the rival vaccine developers >> it is obviously very significant for pfizer so you are seeing the stock reflect that and the market is obviously having one of the better days of the year on the back of this 90% rate. i think it raises the bar for the rest of the programs 90% is a very high number. i think all the subsequent data readouts we see over the next days or months are going to have to emulate very closely for the vaccines to be taken seriously head to head >> is this an emotional reaction from shareholders on the stocks? because as we understand it the vaccines are going to be given

for free >> it is very emotional. i mean we have been talking about this for months, the fact that the actual economics or the financial gain when you look at the biotech and pharma space is fairlow minimal in context of these companies more broadly especially for the large cap pharmaceutical nails like pfizer but this move makes sense. the stock had been fairly beaten up pharma as a category has been one of the worst performing sectors within health care and one of the worst this the entire market, you could argue. so i think there is a little bit of an emotional trade here but the market is the bigger deal today, outside of, you know, what we are seeing from pfizer and some of the peers >> when you look, jared, at some of the other big vaccine development candidates, are there any that you think should be worried share price wise by this result from pfizer that already has so much in their stock price based on hopes for a vaccine that if they don't hit 90% could be taken out of the

share price again? >> i think any company that is, you know, not as large as a pfizer, doesn't have the distribution or infrastructure should certainly be worried. we have been, you know, put out this basket on a almost weekly basis talking about the small and mid cap companies within the vaccine complex that we feel like are going to be compromised if one of the larger pharmaceutical companies like a pfizer is able to dominate i think 90 percent efficacy leads us to believe that this thesis will continue to work i think the larger the company, with good data, it is going to be hard to beat these type of infrastructures that can give you you know mass distribution at a low price and you add on the results today at a 90% bar, that's the new hurdle for awful these companies to either come in line with or beat >> jared holtz, good to check in with you on a day like today

aunk that, pfizer up 8. %. no longer in the dow. credit card stocks also charging higher today with the broader market kate rooney has the details. >> the pfizer vaccine news is bringing hope of a rebound in consumer spending and international travel, which is great news for the card companies. american express is a big winner told up 22% visa up 8% mastercard up 10%. those companies all saw a slump if profits during the third quarter and blame travel slowdown cross payments tend to be lucrative and took a nosedive during the pandemic. the credit card companies said the return of travel was key to an earnings recovery and that was all tied to the availability of vaccines. back to you guys. >> kate rooney, kate, thank you. lindsey, how do you play the travel sector? credit cards, airlines, cruise shis, hotels, they are all up today. which of those appeal to you >> yeah, they are all up today

but a lot of them are still down pretty far from their precovid highs. i mean i took a look at jets this morning, which is an airline etf. this is still about 40% off from its last 52-we can high. i think some of these guys are getting a boost for a potential vaccine which means the potential for the recovery to continue and people will want to travel again i looked at tsa data as well passenger travel is up 20% since the ends of august people are feeling more comfortable with getting out there. the cruise lines are popping today. you know, i have been saying look at some of the value cyclical sectors and some of these reopening trades could be something that you could start dipping your toes into as we think about next year and a recovery in the economic environment. so i think today you are seeing a lot of them pop significantly on that. you want to let the dust settle after a pop like this and see

where we go in the next couple days but i do think the move today are interesting. i think as the recovery continues to take hold, accelerate and gain steams these are going to be the clear winners because they have been beaten down the lows. >> session lows as we speak. up only 860 points on the dow, 3% the nasdaq now down closer to 1.5 periods. tony i wanted to ask you about yields .95 jumping 14 basis points. is there a level that would worry you for equities more broadly? >> wilf, i think that -- it seals like the level is prolly around 100 basis points. what it has done is steepened the yield curve which incense banks to lend more that's why the financials are up so much of again, the market had priced in covid-19 lasting basically for a very, very long time even when we had a vaccine most

thought it would be like a flu-like vaccine where it to be 40 to 60% efficacy rate. 90% efficacy suggests you are going to have a broad reopening of the economy once everybody gets into it one thing i want to point out is something that mike santoli noted. we were up 7% last week and we are up on a big spike today. my friend did a great study that showed when you gapped up more than 1% in the s&p futures before the open, and it is to a new 52-week high, trading -- [ no audio ] did. >> he might have lost tony brief eagain we will get him back under two minutes left mike key things in the internals today? tony was probably going to say that's not a great entry point usually it is an exhaustion signal when you get that internally still strong when you talk about advancing heavy volumes in an absolute basis advancing volume something like

six times declining volume it softened in the last hour nasdaq not as strong i wanted to look at credit it is also a strong point if you really think it is going to hit parts of the economy the high yield etf prices surging relative to treasury prices which are down as the treasury yields come up. in the last hour or so, popped again, volatility back to 25 i think people are going to look at this chart action where you burst to a know high and close below the september high and say maybe on a short-term basis was that maybe a little bit cli mamt particular. >> one minute left of trade. we are at session lows, the dow is up 820 points which sounds strong. at one point up 1,610. energy companies, banks, financials going up.

industrials real estate materials utilities and health care are the winning sectors at the moment not as much if you have been a stay-at-home play, a technology stock like netflix, consumer discretion father under pressure technology also going into the red. the nasdaq down 1.6%, which is an amazing discrepancy when you look at the dow closing up almost 3%, more than 800 points. the s&p in the middle, up 1.3% and the small caps also having a good day, up almost 4% again, wilfred off of the highs on some of the vaccine optimism. >> welcome to the "closing bell." i'm wilfred frost with sara eisen and mike santoli as sara said, the dow and thakds with a big discrepancy highlighted by the likes of bank of america up 14%. netflix down 9%. we could have picked others that moved even more, zoom down 17% and travel stocks up 30 or 40% the headline, 1.2% up for the

s&p. the do you up 3% or 835 points having been up 1600 points at the high the nasdaq as down 1.5%. we will have much more on today's huge rally with glenn hutchins come up bookings holdings surging with the rest of the travel industry on new hopes for a coronavirus vaccine. we will be joined by bookings ceo glenn fogle. lindsey bell with us, as is tony dwyer. michael coming to you first for a comment. interesting to see the nasdaq sell of. apple was flirting with staying in the green, ending down over 2% amazon down 5% netflix down 8%. decent selling in big cap names not just the small stay-at-home stocks. >> without a doubt the market in the end was not able to hold off some of the profit taking. the semiconductors i was watching, up 3% at the highs, finished down more than 1%

it looked very stretched at an annual time high but far above the recent ends from i think you have a lot of thing working today. one was that the market -- took a lot of energy to get it up 7% last week. then you did have the burst higher in the s&p and in the dow. when you got the pfizer news and people were offbalance almost feeled forced and squeezed to buy some of the stuff that was not core positions like the banks and the beat up travel stocks. all that being said i think that throughout the day you are also going to have a lot of scrutiny on how the s&p behaved when it went to a new intraday high and cold hold it this is the fourth day in the last six we had 80% volume to the upside >> tony, huge news today, pfizer says 90% effective rate in preventing covid-19 for its

vaccine. should have 25 million people able to get this vaccine by the ends of the year this the kind of day where you want to rethink your portfolio, either the exposure you have to stocks and what kind of weightings you have to particular sectors and types of stocks >> sara, we have been overweight the economic reopening theme -- not reopening. recovery theme since the last three months, we have been a very clear synchronized global recovery remember you go into a sustainable economic detrenchment and a down market when you have a need for money and no access to it. we have the opposite we have historic excess liquidity that is just being put to work now in this synchronized global recovery. this news out of pfizer certainly reinforces that for 2021 but as we said earlier, again, you don't necessarily need to chase a monster spike. the market historically trades sloppy after this kind of run.

you want to take advantage of that sloppiness, though, and go into the -- again, it should be emerging, overdeveloped. it should be small cap over large cap. cyclical over defensive. and commodities. it is a good economic recovery. >> lindsey, i'm interested in the fact that today was broadly risk on of course, but the dollar was also higher b by .6, .7% what is your outlook as to where the dollar is heading and the relationship we are likely to see over the next year with the dollar and equities? >> i think when you look at the dollar, we had seen a little bit of weakness more near term today's pop kind of makes sense if we think that the recovery story here domestically is going to improve somewhat significantly with the help of a vaccine. so i am not really surprised to see a little bit of a pop today in that. of course that puts pressure on some of the emerging market themes that usually do good in the earlier stages of a global economic recovery.

but still i think at these levels at 29, those areas of the market can continue to do well i continue to like the recovery story. the small caps you saw were a very bright component of today's market move. and really, the script has been flipped today where you are see a rotation out of the steady and tried and true tech sector and into some of these, you know, reopening recovery names like the cruise lines and the airlines that have been really beatan up but are also very economically sensitive that's a trade that i do think you need to start reevaluating where your portfolio is at this time again, i agree with tony doesn't mean you need to get up tomorrow morning and make some changes if you didn't get a chance to reevaluate today you still have time on your side but as we go into 2021, it's something to think about. >> lindsey and tony, thank you for joining us great to catch up. let's continue the market discussion now

glenn hutchins a notable private equity investor and chairman of investment firm north island joins us now good afternoon to you. thank you for joining us. >> hello, wilf thank you for having me. we clearly closed a little bit off the highs but the dow is still up over 10% in the start of november. has the news flow over the last week justified such an aggressive run up in stocks? >> wilf, as you noted i am a private equity and technology investor not a day to day markets investor the overall market levels are a little bit outside of my pay grade but i would say there is a lot euphoria for good reasons. we have a political certainty and we have really good news about the vaccine. but i would point out -- and this is important to -- for people to understand is that each in the best case of the pfizer numbers, now, 2021 is a transition year. it's not a year in which we are going to get to -- you asked a question to one of your guest

about heard immunity we are not going the get to that in 2021, a consequence of which there is still going to be a lot of people unemployed and there is going to be a meaningful decline in the economic output that we produce. people are focusing on the pfizer piece today, which is very good news but i think the market is unless expecting continuing low interest rates and a new stimulus boost. >> let's touch on the low interest rates, whether for the big cap tech stocks or the equity investments how close to you watch what the market is doing short or long end of it in comparison to the valuation levels. >> i think the big tech cap stocks sold off today simply because of rotation away from the work-at-home stocks as

opposed to the -- what i will call covid sensitive stocks. but the low interest rates are here the stay for a meaningful amount of time the fed has signalled that very clearly. that's obviously the way equity math works that's a big boost to the equity markets. that's a stable piece of the market right now but i think technology stocks are much less interest-rate sensitive than are stocks in the broader part of what i will call the terrestrial economy. i think technology stocks are much morea part of earnings reports going forward as compared to their comparative cost to capital. >> glenn, it's sara. >> hello sara. >> so far, everything is coming up roses -- -- hello -- for the markets. i know i am asking you, you are a democratic, you served in the clinton administration at some point do you think it

presents a challenge or a head wind for the markets and the economy that we have a president that has not conceded the election and in fact is continuing to fight the illegal challenges and on his twitter account and rile up a lot of his supporters and even getting backing from republicans in congress not accepting this election result? at some point is that going to be a head wind. >> it could be i think right now all indications are that the world moved on that we have a conclusion, we have certainty around what's going to happen in january at the inauguration. and the world is pricing that in and planning for that. >> part of pricing that in, private equity stocks have done well, glenn. do you think this eliminates the risk that your industry would have to pay higher taxes because we are likely to get a divided government and it is going to be smooth sailing for the next four years? >> i think that's the least of the important policy issues in front of us. there is a big long term issue

that i have been very vocal about around going to tax levels that fund our government because we have just come off prior to the covid-19 year the year of highest deficits in our history during an economic recovery and as a consequence of which, rapidly growing government debt. i think it is important to go back to the tax rates of obama and clinton years which saw good markets and economic performance. i think the path to that is personally not a targeting carry interest, which is relatively small amount from a larger u.s. government budget point of view but targeting capital gains rates going up to higher levels. >> i wonder how you have viewed the sort of outlook for the new administration for the next four or eight years are we at the start of a fresh new economic expansion

or is this sort the back end of the one that was started in 2009 that was search rarely interrupted because of the wild card issue like the pandemic are we at the back side of that expansion or the start of a new one? >> good question we have taken a huge blow to your economy as a consequence of the pandemic i have said over and over again, the economy is a hostage to the pandemic and so this recession has been entirely a consequence of the pandemic you can't separate the two we are down about 15% from trend growth -- trend size of our economy we have had without the pandemic i think yes there is a fresh recovery coming. the one thing that i would emphasize is well one of the things that pfizer's discovery does is remind us of the benefits of global american invention and innovation

i believe we are going transition from a physical or analogue economy to a digital economy, digital economy being led bye-byeio medical companies and biotechnology companies. this is an example of this kind of thing that can happen cross our economy to drive the next leg of growth. that's why i have been optimistic through this crisis about our path to recovery i think what we are seeing today upped scores it. i am very optimistic about the future but we have to get to the future ask. there are a whole bunch of people out there who have been badly hurt by this and they need our attention between now and when we get a vaccine widely distribute sthd we will leave it there, glenn, on the optimistic note and the call for stimulus glenn hutchins, great to talk to you. we have breaking news coming in from the federal reserve, the financial stability report steve liesman with the details steve? >> sara thank very much. the fed's twice annual finished

the stability report saying near term risk from the u.s. economy from the covid pandemic remain high goes on to say that banks absorbed large loss soes far but remain well capitalized to absorb these loss asks the financial stability report mentioning climate change for the first time with a special section on those risks back to those in a second. hadar are the main risks listed. elevate asset prices, high levels of business debt taken on as a result of the covid crisis as long as rising household debt defaults being possible as well as high levels of hedge funds. the overseeing of the financial stability report coming out with a separate statement saying climate change adds -- sorry, also from the report financial stability and vulnerabilities to the economy

one quick analysis wilf and sara here, which is that this report shows the need for continued rely out there because as far as i can tell, if you get a vaccine it doesn't clear your prior debts that you may have had or built up during a pandemic >> good point. steve, that's just what i was going to ask you, which is it's so hard to put a vaccine into an economic model or even the expectation of a vaccine right. >> i wonder how much the fourth quarter 2020 and first quarter 201 growth forecast including at the fed get ripped up, because things are changed. >> two waves happening here. one wave is going to be the impact of the lockdowns before and the loss of business that's a wave that's coming through. you are going to get a positive wave, though, because there is an expectation people are going to be booking trips again, start some of the cash flow for some of those businesses potentially. yeah, i think you rip up the forecast and you start to build it up anew by looking at how

people respond to this at the same time, you can't leave out the idea that the graph on covid cases has gone absolutely parabolic in this country right now. that's going to have a huge impact on its own. >> yeah. the mobility data. back to the mobility data. steve, thank you steve liesman. speaking of booking travel, up next the ceo of bookings holdings here to discuss whether coronavirus vaccine optimism will lead to a rebound in travel demand we are back in just 90 seconds with that. to help you build a flexible wealth plan. you'll have access to tax-smart investing strategies, and with brokerage accounts online trades are commission free. personalized advice. unmatched value. at fidelity, you can have both.

welcome back that's how we closed today fascinating final hour of trade. saw us head south relatively speaking from a very strong day. the nasdaq ending down 1.5%. the dow up 3%. s&p in between, 1.2% the sector performance on the s&p tells a similar story. technology, consumer discreti discretionary -- huge rotation taking place netflix was down 8 or 9% amazon down 5% so was facebook. a big rotation playing out today. sara. >> zoom video down 17% and docu-sign down 14. the poster children of the stay-at-home play. we have got nikola out with some

results. phil lebeau has the details. >> the q 3 results from nikola shows a loss of 16 cents a share, because this is to is so thinly followed and a lot of people are saying not sure what to expect in a third quarter that had everything going on, you could say that is roughly in line with what some of the analysts were out there. again there was no consensus there is zero revenue. they are still in the prerevenue mode what will move this stock? it may be on the webcast which starts in 12 minutes when we will hear from their ceo mark russell. one other note people are wondering any news regarding its pending partnership with general motors. they say in their financial results they are still in discussions with gm, nothing further to report. guys, back to you. >> phil lebeau thank you. travel stocks surging today after fizer announced that its covid-19 vaccine is more than 90% effective in preventing the

virus. carnival, wynn among the biggest winners in those groups. booking holdings will finishing higher by 19% today. joining us for more in a first on cnbc interview, glen hoagel thank you for being here. >> it has been a wonderful day. >> wonderful day in the market did you see a big uptick in people booking travel today. >> i didn't look at the numbers today. we are always looking at this -- as wonderful as the day is, we all know it is going to be a long time between today and people booking more travel it is just because there is an announcement which we are all so thankful for, we all have such a debt of gratitude to all the scientists and everything who is working on this. it's great but the fact is, there is still a terrible terrible pandemic out there and people still know that

it is not safe to go out many places and you need to wear a mask and socially distance and there are government restrictions that prescribe travel are still effective in a lot of place yes, incredibly positive day but there is still a long road ahead of us before we get back to where we were. >> still you would at this it is going to have an impact on consumer sentiment if i know i can take a strip next summer then i am going the book it when prices are still low. how does this change the 2020 and 2021 projections for you >> it doesn't really we did our earnings call last week we talked about how we think it is going to be years not quarter before we recover 2019 fact is, in the seven days before i did the earnings announcement last week we saw reported room nights down 70% from the year before the reason of course is because the virus is continuing to increase, the infections are

going up, people are getting sick, and government restrictions are increasing. so absolutely people saying okay i feel safe i am going to book my travel for the summer -- but there are some people who will do that, but a lot of others salem wait and see i mean, i hear the vaccine is not going to be available so soon when am i going to get sit in what is it going to be safe? there is a lot of uncertainty out there. i am not going to change what i said last week in the sense it is going to take time. >> you said it is going to take years for travel to return to normal is it still years do you think >> i think so. this is not that different than we have been saying the whole time we have been saying the whole time we were hopeful there would be an approved vaccine in the fourth quarter certainly we all thought by the first quarter hope three we have been listening to the same news of course which everybody listens to we all know that actually distributing it and getting that let's called it world immunity, to really make it safe for

everybody, is going to take some time but it of course will be an upward trend we are positive about that how cannot be happy about today's day? it is wonderful news thank not only to the scientists but how about those 40,000 people who stepped up and volunteered to test this vaccine and all the people testing all the other ones that will be coming down the turn pike very soon. >> glen you announced recently around about 20% head count cuts can you explain a little bit more detail which areas they are focused on in is it the tech side is it the sales side will those jobs come back? or is it something that will allow you a structural change long term. >> we talked about how it is unfortunate we have had to let people go. we are right in the middle of still letting people go. unfortunately that's to the going the change because most of the people who had to be let go are totally volume related we have to make the size of the company equal to the amount of business there is. that unfortunately is not going to come back tomorrow any more

than -- it is going to take a long long time it is sad but unfortunately there are still a lot of people who lost their job, they are not going to get it back right away. that's why we continue to say we really think that, yes, vaccine, it is the number one thing first to get out of then we need governments, governments to come forward with aid, with plans to help prime the pump and travel some governments are doing it. japan for example. it is safe there to travel they have programs that we are working with helping to give incentives to people who travel. we have been doing with it the government of thailand i really hope that in this period right now, as we get towards that inauguration that the house and the senate can get together and then the administration could come together and put forward a plan to help the travel industry that's been hurt so terribly by this. >> glen fogle, thank you for joining us >> tune in tonight, 7:00 p.m. for the news with shepard smith.

he is take an in-depth look at the latest development following pfizer's vaccine use, how the vaccine will get distributed and the ethical debate over who will get it first that's at 7:00 p.m. eastern. health care stocks rallying and are now outperforming the broader market over the year up next, mike santoli looks at why the sector has plenty of room to continue to ray.ll watch or listen to us live on the go on the cnbc app we'll be right back. this is decision tech.

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welcome back take a look at the nasdaq's move into close the tech heavy index really collapsing there in the final moments and half hour of trade closing down at the session lows 1.5%, which is odd to see on a day that the dow rose 84 points. but it was the stay-at-home winners that dragged the nasdaq down zoom video, docu-sign, amazon down sharply tech winners, facebook and apple all closing lower on the day, a day that saw double digit gains in groups that are were more sensitive to the vaccine optimism like regional banks like travel stocks as we just covered in some the industrials and energy companies that were up 20 and 30% apiece crazy day of trading but did end

at the low point of the session. >> big gains for cyclical stocks president-elect joe biden declared victory on saturday after winning the pivotal state of pennsylvania. races in alaska and north carolina are nil uncalled and both georgia seats will be headed for a run off in the senate.alluded to a couple of tm there. what chance do you give a stimulus bill before january. >> the electorate said where they wanted washington to go last tuesday this was not a electorate that hated the policies of trump.

really, it was an outperform day for republicans both in the house and the senate i think it is because the kind of policies and the pro-growth policies and lower taxes and less regulation, those type of poll soes that helped businesses grow and people realized more advancement, i think the american public wants to see that work. so when you look to see the stimulus bill and where that all comes about, i know we heard leader mcconnell talk last week that he is willing to engage in discussions with the other side w nancy pelosi that perhaps now she will be willing to come to the table and i think that the majority of the american people would say that given the pandemic and the real damage to the economy and small businesses nothing needs to be done for them as well as those millions of americans still unemployed. >> you think therefore stimulus might happen sooner rather than

later? do you think president trump would be open to that? >> i think that right now president trump has got his eyes set on another fight right now obviously, he's -- he and his teams of lawyers are in court to try and expose what the allegations are of fraud at the ballot box we will see how that plays out but i think that leader mcconnell is in charge obviously in the senate and will want to see that for his members and i would guess again not serving in congress right now, obviously, but i would guess that it is a vote that many would want to take given the unemployment levels and given the fact that we did have real hurt in the real kmi econoecono. >> i think your district was peoplely called, your previous district, virn's number 7. and i think the democratic incumbent just barely won that one. what are you thinking about in terms of deal making which has

exploded so far this year? what are you telling them about the outcome of the election and the makeup of congress and what that means for the kind of environment that would be ripe for that to continue >> shurk i will speak to my old district in a second i will first go to our clients, what we are telling our clients. i think for sure i have said that everyone should be sighing a breath of relief right now given the prospects that the senate will likely be and stay in republican control because what that does it echos the sentiment i said that the voters expressed last week. they don't want an extreme agenda, don't want a socialist agenda, they don't want to see higher taxes, they don't want the see an extreme move to do away with fossil fuels in our country. that will obviously jack up costs for businesses and people across the country we are telling clients that the fear of tax hikes and the fear

of overreach on the part of congress in terms of health care and other issues will likely not happen now, i do think we are going to be in store for a much more burden some regulatory environment because just as president obama did when he came in in 2009, president trump did when he came in in 2017, i believe that a president biden will come in and start to undo everything rule-wise that this president did. it will provide for more uncertain. clearly they are going to move in an area of environment on the regulatory environment, i would guess in the enforcement arena in anti-truss and how that affects our business in m&a, we have to be on the lookout for a much tougher m&a environment. >> thank you >> beyond meats reports came out in beyond meat shares getting pummelled here, down more than

24% actually after big misses on both the top and bottom lines. wretches coming in at 94.4 million. a big miss because the street was forecasting $132.8 million eps same story there a lot of 28 cents versus street estimates of five cents in the positive direction the lowest street estimate was a loss of six cents. a huge gap there in the release the ceo ethan brown saying our financial results reflect a quarter wherefore the first time since the pandemic began we experienced the full brunt and unpredictability of covid-19 on our net revenues and accordingly throughout our p&l and he goes on to say that in the second quarter what they were seeing was a lot of retail buying and freezer loading by consumers which offset those covid head winds but they are seeing the full brunt now in the irk this also earlier today mcdonald's announced it was going to be

announcing the mcplant sandwich. the ceo of mcdonald's did speak to carl quintanilla earlier today and said that while they did partner with beyond meat in testing out beyond meat's pattys in the canadian he was hesitant to which it that beyond meat would be part of the launch in the u.s. of the mcplant sandwich however, beyond meat says it cocreated those veggie pattys that mcdonald's will be rolling out. we expect to hear more color from ethan brown on not just the numbers but license on the mcdonald's roll out of its vegan pattys back to you guys >> getting punished right now in the aftermarket adeety, down 20. beyond meat's kroelt will be on "mad money" with jim cramer tony at 6:00 p.m. eastern to answer all of these questions that stock selling off. still ahead, valerie jarrett weighs on the election, the

vaccine and the agenda of a biden administration look at shares of hd supply. the stock is soaring oren ports that lowe's is in talks to acquire the company. up 14% we'll be right back. 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, but they often have higher monthly premiums and no prescription drug coverage. now, let's take a look a humana's medicare advantage plans. with a humana medicare plan, hospital stays, doctor office visits, and

medicare deductibles are covered. and, of course, most humana medicare advantage plans include prescription drug coverage. in fact, in 2019, humana medicare advantage prescription drug plan members saved and estimated 7,800 dollars on average on their prescription costs. most humana medicare advantage plans include a silver sneakers fitness program at no extra cost. dental and vision coverage is now included with most humana medicare advantage plans, and you get telehealth coverage with a zero dollar co-pay. you get all this for as low as a zero dollar monthly plan premium in many areas, and your doctor and hospital may already be a part of humana's large network. if you want the facts, call right now for the free decision guide from humana. there is no obligation, so call the number on your screen right now to see if your doctor is in our

network, to find out if you can save on your prescriptions, and to get our free decision guide. humana - a more human way to healthcare. welcome back let's get over to mike for a look at the rally in health care stocks. >> just in the last while, maybe several days, the health care sector measured by the xlv etf has actually pulled ahead of the s&p 500 on a one-year basis

here it's kind of a blended sector. as you know it is a mix of growth and value there are sort of premium priced medical twice and biotech in there. also cheap generic drugs look at overall valuation for the xlv for the sector itself and against the s&p 500. interesting. it traded way down to a significant discount to the s&p. part of that is because the s&p has gotten researchly valued with the big tech stocks' influence. however it sms like it mightan bottoming on a relevant basis and seems like it is gathering more flows from investors who feel as if it is not necessarily a clear bet on stay-at-home or going out. and of course the vaccine news doesn't help just a reminder of the kind of growth and development that's possible within some of these big companies even if it is not going to be necessarily the biggest profit center for this industry for a while. >> divided government i think is good as well mike, thank you. coming up former senior adviser to president obama very

wellry jarrett discusses president-elect biden's agenda to fight the virus and strengthen the economy that's next. ♪ ♪

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welcome back time now to get a cnbc news update with sue herera hi sue. >> hi again, sara.

hello, everybody, here's what's happening at this now. senate majority leader mitch mcconnell refusing to acknowledge joe biden is the president-elect. mcconnell says president trump is within his rights to question the election results and consider legal challenges. senate minority leader chuck schumer says the ran's refusal to stand by the election results is quote extremely poisonous to our democracy, end quote and that biden won fair and square david bossie, the person chosen to lead president trump's election legal challenge tested positive for covid-19. he was one of those seen maskless at the white house on tuesday night. the ukraine president who has covid-19 says he feels good and will continue working in isolation. the 2017 major's champion

withdraw from this weekend's masters because he tested foev for covid. he hasn't missed a masters in 21 years. we will drill down on what could be ahead for the market and the economy ahead with former senior adviser to president obama valerie jarrett. before money, people traded goods. tools, cattle, grain, even shells represented value. then currency came along. they made it out of copper, gold, silver, wampum.

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fading into the close today after hitting record intraday highs earlier on news of vaccine for covid-19 and president obama being declared president-elect valerie jarrett joins us now. >> thank you sara. how are you doing today? >> doing okay. hopeful on the pfizer news i'm curious how you think or what you know about what president-elect biden is doing and looking at as far as economic measures without congress, executive orders, what he can do to fulfill some of his economic promises if he doesn't turn the senate blue. >> well, the first step was today when he announced his intention to form a task force of the first step to getting onto the economy is getting the pandemic under control we did a lot of work when he was

vice president having document with ebola and h1n1 and zika and actually left the trump administration a road map that was thrown into the garbage. we picked that up and form the stisk advisory committee they will be advising the president-elect on important steps to take to get this under control. as you said, the news about pfizer's drug today was a very good sign. it is important to president-elect biden that the drug is safe and that it is distributed equally and equitably around the country that's part of again that his task force will be doing he also made it clear that he wants to build back america better one step of course -- it would require cooperation from congress is to get a stimulus package that's been dormant for months now the house passed a package back in may we know there are workers out there who are in need of rely. too many americans are out of work we know we have to up vest in new technology, clean energy we have to help the state and local governments that are suffering greatly in the midst

of this economic downturn. that has to move forward and then he has a robust agenda to see what we can do to buy from american companies, support our which he with our businesses, support small businesses that we know are the growth engine of the market. so he has a very strong plan he will be looking at executive orders that he can sign as he comes into office. but he's not shying away from working with congress either in fact, he knows that he will have to do that. he made it clear he will be reaching out to the other side of the aisle, bringing people in it is what the american people wanted when they voted for him and it is what he intends to deliver. >> how optimistic are you valerie that those conversations will be constructive if the senate stays in republican hands? >> i certainly know that president-elect biden intends to be constructive. the fact that he served in the senate for so many years and has strong and deep relationships

with many of the members is a good sign and what we would hope is of course that they wouldn't put any short-term political interests ahead of what is good for our country. we are in a crisis right now we have to deal with the global pandemic we have to get our economy going again. we have to focus on issues like climate change and president-elect biden has made it clear he intends the rejoin the paris climate accord. he intends the rejoin the world health organization. i think all of these should be signals to the market and our economy of certainty on its way. >> the ceo of ibm valerie wrote an open letter to president-elect biden today outlining some key priorities for him and for the industry including leveraging science and technology to fight covid-19 offering some specifics there, promoting unity, inclusion, and closing the skills gap already with a do-2 do list, modernizing digital infrastructure and promoting sustainable.

i am curious what a biden administration relationship with ceos would look like we saw president trump early on forming councils to get advice i am not sure how much that wa what do you expect for biden >> president obama and vice president biden had a jobs and competitiveness council chaired by the ceo of ge we had an export council we received a lot of important feedback from the business community. those are the folks creating the jobs president-elect biden now well aware of the skills gap. so i think he'll have a strong working relationship with the business community, because he's keeping his eye on the prize, which is growing our economy if we grow our economy, of course that's good for business, too. >> valerie jarrett, always a pleasure thank you.

>> thank you a stock surging in today's session as pfizer says the covid-19 vaccine is more than 90% effeivcte. will the rally roll on as we head into tomorrow we'll preview, coming up ♪ ♪ ♪

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shares of mcdonald's for that fsning slightly lower, saying today it expects mid single-digit growth in 2021 and 2022, announcing a new growth strategy centered around digital, drive-thruing, and celebrity endorsements, and new products like mcplant. ka carl quintanilla followed up with the ceo >> we always assumed there would be an effective vaccine. for us it's been focused on what are the change in consumer behavior that we think will be enduring certainly a few of the enduring change are about more of consumer interaction happening digitally, contactless, and then

also the previousliens of delivery so it doesn't affect our strategy as much, but it's a great announcement, obviously for humanity, as pfizer said, and certainly something we're counting on. don't miss the rest of the interview tomorrow morning at 10:00 a.m., "squawk on the street." >> travis scott will be mentioned, no doubt. one of the biggest business stories of the year before the pandemic was the the saga of carl carlos ghosn it's been nearly one year since he dramatic escape to lebanon that captured the attention of the entire world after a press conference in january, he's once again telling his side of the story, this time in a new book.

i suppopoke with ghosn earlier today, and asked him -- >> make sure before you go that the justice system in japan has changed, frankly i never -- i had some suspicion on the justice system in japan when i've seen so many scandals of japanese companies where never a japanese executive was arrested or was tried, you know, we had the fukushima problem, the air bans, et cetera, and frankly there have been a lot of casualties, and -- nobody really paid for that, which was surprising for me. i never thought that we would end up with a system, where the prosecutors prevail in 99.4% of the cases. it's unbelievable. i mean, i didn't know that, even

though i lived in japan for 19 years, i never thought that it was this serious, but having been through the system, i'm a little bit surprised it's only 99.4%, that it's not 100%. we'll have much more from a wide-ranging interview, including ghosn's thoughts on the pandemic, his face on his former colleague's case going on trial in japan the people who helped him escape has been extradited. we'll have it tomorrow. >> as you said, teeing that up, what a story i mean, for all. >> and it's not over. >> no, exactly i mean, i look forward to that interview immensely. even the excerpt got us excited for it mike, interesting as well tomorrow, overnight will be fascinating with the final hour

of trade and the slippage of the massive gains we still saw overall today. how asia and europe opens up, given how strong they were when they closed. >> exactly you know, the market, the broad indexes finished at exactly where they were poised to open up before we got the pfizer vaccine news, yet so many sectors got scrambled. gold and silver down, crude oil up, it all proceeds in a linear way from the vaccine news, but it's erratic in how it manife manifested itself. i would be very surprised if this was a breakaway rotation that just goes up and away from here, where it's just cyclical in value there's a lot of intervenining noise we have to deal with potential slowdowns in the fourth quarter and potential business restrictions. we don't have a lot of answers i think a lot of it was about urgent moves, because people

need to feel like they're in the right position for the end of the year. >> there's also a lingers question of what president trump will do, and whether he will concede the election, whether certain republicans are going to come out, like senate leader mitch mcconnell, and to declare president-elect joe biden, i think that's a bit of an uncertainty. just the magnitude of the moves, it's wonder where tomorrow what is cheap and what is expensive and why. >> also the stuff that was up a lot today, if you want to take about regional banks being up, a lot of the consumer credit stocks showing as well, are people having high conviction about those things or do they feel forcesed to grab for exposure that's what i mean about this uncomfortable reshuffling, and it's very difficult to know how to proceed from here we got this vaccine data point

it's not like every day we'll get more detail a those things. >> some extraordinary divergences today, oil up, gold down we'll have to see if any reverse. we're out of time for today, though "fast money" starts right now. i'm melissa lee. this is "fast money. the nasdaq today sat out the rally. of z are the best days of the tech rally over? the traders make their picks, and has today's news breathed new life into the box office positive results from a covid vaccine trial,