at 14% yield. >> good stuff. brenda >> international value, etf. this is an area we think is poised to continue to perform well in a global economic recovery that we see playing out the next few years. >> give me a name, pete and then, joe, give me a net. >> upwork, this stock is going higher. >> thank you. >> starbucks. >> good stuff. that does it for us. "the exchange" is now. >> thanks, scott i'm kelly evans. welcome to "exchange," everybody. market are rallying on vaccine hopes with the dow almost hitting 30,000 for the first time will it be another reopening trade head fake like we saw last week we'll ask with the dow already off its earlier highs and real estate entrepreneur don peebles says the pandemic will cause permanent changes across retail and office space and doesn't expect a quick rebound in 2021 he'll join, and a retail rebound today, historic zoom launch as

they celebrate. >> vaccine positivity means nasdaq underperformance that trend continues. yes, we're green across the board for all three major indices, but as you can see here the nasdaq composite is only, and i say tongue in cheek, only up half a percent, the dow industrials doubling that amount, 1.33%, going to put a star because it's a record intraday high for the dow industrials. because of the covid positivity around the vaccine, we've seen some of the value industries play out pretty well norwegian cruise lines, two-thirds of its value lost so far, live nation only off 4.5% for live concert venues, and expedia is actually up 16% so you can see here some of the positivity in certain pars rife nation and expedia, meanwhile the cruise lines and airlines still have a long way

to go to play catchup in a covid recovery and if you're banking on an economic recovery why don't we check out the banks yes, pun intended, zion up 5.5% and syncrony financials up, citigroup and american express up 3%. a very good day for the financials see if it sticks around for the value trades back over to you. >> dom, appreciate it. if we can hold the gains overall the dow on pace for its first record close since february. the stay-at-home names are telling off once again like they did after monday's vaccine names. zoom, is peloton, teladca and shopify. sell them why you can or will the markets change its mind tomorrow let's bring in chief strategist at clock tower group and a

strategist with jpmorgan asset management credit suites suisse is getting more cautious and morgan stanley raising their price targets. what's justifiable to you here >> the combination of vaccine use and just general human descentization where we're seeing google mobility or fed indices basically showing less and less an impact amongst the populace of hockdowns. half life of fear that's pretty short. things are evidently bullish for value plays and that's being articulated in the markets but i do worry about two things, one, incoherence of fiscal policy with gridlock in washington, d.c., and also chinese policy-makers starting to signal potential turn to hawkishness in

2021 and that's something to watch and worry about for long term i think the ten-year yield is telling you that it's still cautious in terms of the sort of reflation trade. >> marco, let me follow up with you. each piece that you mentioned there is interesting and when you say that there's not as much of a reaction among the population to the spread of covid right now, we have seen it in the high frequency data, everything from tsa numbers to open table, jpmorgan's chase card spending survey has turned over again, are you saying you expect those to be muted declines but they are certainly happening. >> they are happening but compared to february and march, they are much lower degree and if you look at something like the oxford stringsy index, the increase in different policies in lockdowns relative to what happened in march, in february and march is much, much more muted so i think combination of vaccine and just the market is sniffing this desensitization that's playing out in the populace i'm out here in santa monica

you couldn't have a more, you know, pro-signs place in the world if i can put it that way and the bars and restaurants are filled with people so clearly relative to what happened earlier this year there's just dezentization kicking in >> phil, let me turn to you and bring you in and maybe you can give us your plays marco likes the value part of the market do you >> yeah, kelly this is an ideal environment to be overweight stocks, and when we say that, we're overweight about 10% in our portfolio, so in a normal 60/40 type of portfolio we have 70% equity kelly, there's a lot of optimism in the market and also as couple of things in the near term that are uncertain around the virus and here's the three things most important in the near term it. first is credit. i mentioned the overweight to stocks, but credit also makes sense. things like high yield, things like non-corporate credit, securitized credit all makes sense in this environment, either a low growth or a really

good outcome the second thing is the consumer the consumer is in awesome shape, kelly you're talking about savings rates that are double where they were in november of 2019 so the consumer is setting up for a really exciting holiday season if the summer was any indication, consume remembers going to spend maybe they won't go on vacation or the cruise just yet but they will spend on holidays and the third thing, marco was talking about descentization i think if you do see some sort of pullback in economic data in the fourth quarter, this will be the mother of all look-throughs to next year where there is a light at the end of this tunnel, kelly, and with all this money piled up on the sideline, trillion dollars in money market fun, kelly, this is an ideal environment to be overweight stocks with the new global cycle. >> let me point out that you guys basically agree on a lot of things both, let's call it bearish on the dollar think that the dollar is headed lower and bullish on especially emerging market equities

phil, a quick last word. what would your top pick be real quickly? we've got to move on. >> it's emerging market equity, a have i vancouver ours but a if you want to be bullish in the global cycle, that's the way to play it so it's a big play for us. >> marco, come back. i want to talk to you about this china aspect in particular it always feels like that's the issue. we're going to get to. we're going to get, to we're going to get to and somehow the news of the day takes us away. guys, thank you. we flirt with dow 30,000 today let's get to the that news that is taking us there it's from moderna, covid vaccine. their candidate 949.5% effective and it doesn't have to be stored at temperatures as low as pfizer's vaccine last week, could be a bigger breakthrough for rural hospitals and other places that lack specialized equipment.

moderna shares up 9% but they are up 30% over the past week. meg dritirrell has the lateest. >> reporter: expectations were very high coming into this week because pfizer's vaccine showed 90% plus efficacy and moderna is coming in at 14.5% and meeting that extreme bar 15 infections in the trial of 30,000 people, and 90 of those cases were in the placebo group. now, the ceo of moderna saying they had 11 severe cases in that trial and none were in people that were vaccinated suggesting this can protect against cases of the disease and also devere disease. here's what he said about that. >> the data that excites me the most, of course, we're delight that the vaccine has close to 95% f-kase, but as you said what we all want is if somebody gets

infected that they don't get severe disease the. >> so kelly, that could have tremendous potential for helping with the public health parts of this epidemic, but we don't know a few things one is does the pfizer vaccine and pfizer's as well protect against cases can of covid-19 and cases of the virus which has implications for transmission and we don't know how long the protection lasts so those are things that will be figured out over the coming weeks and months now what happens from here well, both of these companies are readying their applications with the fda for emergency use authorization and we should see that over the coming weeks once those are in, the fda will convene a panel of outsize advisers to meet -- to discuss whether to approve these vaccines if the fda gives the green light it will go to a group from the cdc which will recommend prioritization after, that of course, the question is going to be availability the u.s. saying that by year end

there should be enough for 20 million people by the end of january that will expand to all seniors and first responders and the general population should be able to get access to these vaccines and that counts on hopefully more drug-makers having success in these trials kelly, back over. >> this is such a great way to start the week i would love of it if every monday morning we have j and j works and astrazeneca works. we may be getting our hopes up too much our meg tirrell with the very latest let's talk about how the two vaccine candidates could play out in 2021. the associate dean of medicine at emery university joins us now. dr. del rio, what do you think this means in terms of how quickly we can reach, i don't know if this is the right term, but herd immunity with vaccines going out across the public? >> this is incredibly good new

it's good news because we heard, as you mentioned, the pfizer vaccine a few days ago, and it had 90% efficacy and that was looking like a very high bar moderna shows and shows it can meet the bar and both vaccines showing the 90% efficacy shows that number one the spike proteenage the target is indeed the right target and gives us hope that other vaccines will also target that -- that target will also be efficacious the other thing that it does, as you heard, not in any cases of severe disease in those that received the vaccine, and finally the side effect profile is incredibly good we haven't seen major side effects in any of these vaccines so all of us are very excited. having said that, it's going to take a while to roll them out. as we heard, you know, this is a major effort vaccinating, you know, we probably need to vaccinate close to 2260 million americans in order to get to herd immunity. that's not going to be's wow, again, we're not going to do this, i'll sort of paraphrase

john kennedy we're not doing this because it's easy. we need to do it because it's hard and the right thing to do if we can do that, we'll be back to a normal state by the end of next year. for the time being we have to use a face mask and continue social distancing and avoiding crowded places but the vaccine offers enormous hope to everyone. >> right so let me ask you about mutations in the virus itself. every now and then we get these reports, are you know, it's mutating one way and mutating another way and we know these viruses are really smart is it possible that even as it comes through the highly effective vaccines that covid will mutate in a way that we have to kind of keep chasing it all over again >> let's start by saying that most viruses mutate and r & a viruses tend to mutate and they don't mutate because they are smart or want to make themselves stronger but it's because of pressure from other sources. for time being in any mutation

we've seen in the virus is not changing the spike protein in a way that's significant and the way i explain it to people, it's like you've changed the color of your front door, that's a mutation but the lock remains the same, as long as the lock remains the same you can still use the same key, the vaccine, because no matter what color the door is it will continue to work i think the critical component here and it's how long will the immunity last and that's the part we don't know and we'll have to follow participants in the study for over two years to really know how long the immunity to the virus lasts. >> yeah. and finally, doctor. you know, when you look at people's willingness to take this vaccine, the number one issue that comes up. what would you say to everybody who is concerned about the quality, side effects, how much we don't know about it >> what i would say to people is that the science that has gotten us toss this point is absolutely terrific, and the way the studies have been conducted is following the most, you know,

the most rig rousing standards of safety and f-cass de, and i think we're producing good products, and i would not be afraid of a advantages even. i'm more afraid of getting covid quite frankly and i'm ready to sign up as soon as i can get the advantages eve i will get it and recommend to all my family and friends to also get the advantages eve. i'm not afraid of side effects i'm afraid of getting covid. >> yeah. fair enough. the dr. del rio, thank you so much for your time today again, it's great to meet on such good news we appreciate it the. >> delighted to be with you. the head of the government's operation warp speed will be joining "closing bell," involved in moderna and some extent in pfizer don't miss it because they will definitely want to talk more about their success today. coming cup, the pandemic has changed real estate forever. that's according to real estate entrepreneur don peebles he'll it's us what he's seeing across his $8 billion portfolio and stocks rebounding on the back of moderna's news

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no secret that the pandemic has taken a toll on real estate, mall operators are declaring prints and remote work has become the new norm so office space prices are skyrocketing. i'm joined now by don peebles. great to have you. i take your word about changes being permanent, more to heart because it's in your interest for them not to be i would expect, no, kelly, we're going back to the old normal it's all going to be fine. what do you think we're facing as we head into 2021 >> well, you're correct, by with the way. the industry's typical result is kind of a head in the sand i think that what has happened here, the pandemic accelerated some of the disruption in the market, especially when it comes to big box retail. if you look at the shopping centers across the country and you look at big box retail, brick and mortar retail even in new york city, you've seen massive vacancies and massive closures that was accelerated during the

pandemic, and americans adapted even more so to online shopping. and so what we'll see coming back is a repurpose of many of those brick and mortar facilities into more entertainment activity, more housing, and the retail that will survive will be connected in a part of a retail experience that includes entertainment and other aspects. i think that we've also seen a reduction in rent significantly as well. >> yeah. it's wild to think about it. again, we're seeing this play out with some of the weaker malls in this country, but they are selling at, you know, rock bottom prices. i don't know what they are going to do with this space but like you said it could truly become residential housing to some extent but what happens with these desirable footprints we're talking about this at the same time we're talking about people looking for homes hand not apartments, for instance, are so, yeah, i think it's going to be interesting to see, and we know how bleak the situation is in new york city

we probably saw the "the new york post" cover over the weekend, they did a foia request and found 300,000 people have filed change of address forms to leave manhattan just over the past nine months since the pandemic, so, i guess what's bad for some markets, unfortunately, has to be good for others, right? >> yeah. and new york was already losing population prior to covid. that was a state and local income tax deduction and the diminishing quality of life and the high cost of living and the high cost of doing business so other markets like florida, south florida or tennessee, texas, even nevada and other business-friendly no income tax states or low-income tax states were akt traing high-income earners and their businesses to their jurisdictions and then what followed, of course, is people who work in those companies, and i think you'll continue to see that

you're right about the shopping centers. the challenge is that mul family housing is on the decline as well, and office, we don't know what's going happen, but what we do know is all workers are not going to go to go back to work and sit at their desk all day, and there will be a significant aspect of remote working in almost every professional type of work environment so office space consumption will definitely decline and then the question is what to do with those buildings and the more obsolete older inventory of office space will suffer the most and then again they will be looking how to reposition those. one of the silver linings here is that the cost of housing will decline. rental housing and multi-family homes will decline making operations like new york city a bit more affordable. >> yeah. absolutely final question i wonder what you think is going to happen in coming months does it paradoxically make more

shutdowns in the meantime. i keep asking this question but stock market has a totally different view and say we're not heading had into any major economic event we can kind of weather this the way we've been weathering it, and what do you think what happens in the near term as the pandemic spreads and the vaccine is widely available? >> well, the good news is our economy has been resill yes. i'm surprised at how resilient it's been, and now with the vaccine in sight, i think businesses are going to begin to plan for future more so, an that future is going to become better known, so i think that we'll recover out of that. i think there will be segments in the marketplace that obviously prosper, and then there will be my sector, the real estate industry that will have to reinvent itself in some of these cities around the country, and i think there's going to be a shift in terms of where people live and how they live, but i'm optimistic about the economy, and i think our economy has proven that even with this pandemic remote

working has actually made many businesses more efficient, more cost efficient and more productive, and those are good things to drive economic growth as we see going forward and, of course, new york city is one of the greatest cities on the planet and resilient, is too the. >> no, and i think the optimistic note you're striking section act lit attitude that a lot of investors have today. it's no matter what happens in the coming months where we're kind of looking beyond to a better future. don, appreciate it always good to check in with you. >> thanks for having me. >> after this quick break, we'll look at paypal the stock has taken off this year as consumers went cashless amid the pandemic and the big banks are playing catchup and they are getting closer. we'll look at whether they can catch cup ahead. plus, zoom says good-bye to its 40-minute time limit for a very special reason. we'll have the details of the stock selling off today and watch us live on the go with the cnbc app we're back in a couple ♪

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350 points it's the outperformer of 1.2%. the nasdaq has gone positive, up .4 and s&p up .75% and energy and financials are back in the rotation, energy up 5 has, and health care, interestingly enough is in the red, pfizer selling off and its partner biontec and news that it doesn't need to be stored in quite as cold temperatures as the pfizer vac. this is the best day since last monday when we got the pfizer news halliburton and schlumberger are the biggest names in the space let's got to dom chu for our cnbc news update at this hour. dom. >> kelly, here is your cnbc news update at this hour. the trump administration has begun the formal process of selling oil and gas drilling leases in alaska's arctic wildlife refuge setting the stage for sales just before

inauguration day president-elect joe biden owe pose drilling in the region and any sales would be subject to review by the incoming administration in remarks streamed on the web today robert o'brien, president trump's national national security adviser, says the national security council will have what he calls a very professional transition if joe biden is determined to be the winner and, quote, obviously things look that way now as covid cases hit record levels in russia, the russia ice rink has now been converted into a temporary hospital with more than 1,300 beds and is currently treating around 600 patients, and nicaragua's army is helping evacuate people from islands and coastal regions as category five hurricane iota approaches central america. we'll keep an eye on that. kelly, i'll send things back over to you. >> another terrifying storm. dom, we'll see you in a movement thank you, sir. coming up, we'll check on the retailersrallying on back

of vaccine news. is it sustainable? zoom wants you to celebrate thanksgiving safely and casinos making a comeback all ahead in rapid fire and president-elect eee biden expected to make a spch about the economy in about half an hour or so we'll bring it to you live we're back in two. and with brokerage accounts online trades are commission free. personalized advice. unmatched value. at fidelity, you can have both.

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welcome back let's catch you up on a couple of stories that need to be on your radar today it's time for rapid fire and hear to break down the headlines are leslie picker, dom chu and contessa brewer. welcome, everybody dorms by the way, you better not get covid or have to quarantine. how many hats are you wearing today? >> we've got -- we've got quite a few people either out on vacation, out on leave, taking some personal days, getting some mental health days so i'm trying to fill in as best as i can, kelly. >> good, i'll make sure to press you on all the minute details. >> first the big, big news of the day, of course, moderna's vaccine news giving the retail sector a nice boost and if it sounds familiar the exact same thing happened last monday when pfizer's vaccine news broke the s&p retail etf shot up by over 4 bucks and then quickly gave up more than half the

gains. you can see the chart had. the xrt drifted lower all week until it caught a second wind today so, dom, i'll come to you first. will it stick this time? >> may not stick this time around at least for the short term because we've run into this wall before and the reason why is there's not a lot of clarity just yet on whether or not businesses will see an immediate effect right away from the idea that we'll get a covid vaccine any time in the next few weeks or months. if that happens that changes the calculus and right now there's questions about the distribution channels and whether or not we can actually see everybody that needs it gets the vaccine in a timely manner. you'll see consumer discretionary type of companies will be upped pressure and a lot of boost in spending was because of government stimulus checks. we don't have that yet this time around no question when that will happen, kel. >> we have an update to coach parent tapestry. he says, you know, this stock is

ready to play. he cites a lot of the same factors that dom has been talking about. other analysts like the fact that profit margins for a lot of retailers have been surprisingly strong because they are not discounting it and using it chance to experiment with, selling less and selling it at less deep discounts and i wonder if that again could become one of the things that helps lift the sector through what otherwise would be a tough holiday season. >> and one of the straight jis in the future but to your point and the point to a lot of analyst as we look at sector you know in, the question really remains how much pent-up demand is there obviously people haven't been buying a whole host of new purses during the pandemic, nowhere to go, nowhere to show off the new purses but when things do quote, unquote return to normals whenever that might be, how many purses are people going to buy to really kind of supplant that lost demand that may have existed throughout course of this year? i think that's the really big question mark for retailers like

tapestry. >> yeah. nordstrom's, contessa isn't up 12%, it's had a monster week and i'm curious is this now all of a sudden the get out of jail free for a lot of these troubled names? >> i think that that cost efficiency though is worth talking about because what you seein the jpmorgan note is tha they are point willing out that they have a $300 million cost efficiency program under way at coach. they think that that's going to mean a 30% plus operating margin on a sustainable basis that's worth talking about that's something that investors can get behind remember, this was a trend that was under way before the covid pandemic that a lot of the -- the fact that the vaccine is coming has been priced in at this point clearly there's just an expectation that there's penned-up demand and optimism. i was going say in atlanta went to the mall for the first time in nine months and you know what i saw. skirts with bows on them all over for parties, for christmas

party. it's like the buyers just say, well, whatever we're going to throw it out there anyway and see what people are willing to buy. >> we'll have to do a zoom so people can see a full body, but that can be dangerous sometimes. the let's move on and talk about the biggest story of the day irish is going to sell its autonomous driving unit called the advanced technology groups, one of its costliest holding uber spent nearly half a billion on this and other technologies in the group uber exiting growth at all costs initiative this week and the cost-cutting measures are paying off. a lot has been going right especially since the prop 22 vote up 42% but you can calling me an autonomous driving skeptic this technology, i think today's move would suggest, it a it's

not quite ready for primetime. if it were ready for primetime. >> 100%. >> it would be more integrated with uber's birks not being spun out, right >> i'm with you, kell de this is one of my favorite stories of the day, too, and that's exactly why you have to question what this says about their technology. i was re-ring a cnbc.com story from january that called their atg unit the sharpe arrow in the company's arsenal to achieve profitability, so that's been the whole story with regard to uber how can this company achieve profitability in the reason is that the driver itself represents about 80% of total per mile cost for ride sharing companies according to frost and sullivan, so if you remove that cost basis from the equation by use of technology, then you -- you could potentially see a more profitable business model. if they are spinning this off or looking to spin this off, what does that say about their confidence that they could actually get there it's a very, very competitive

space saying i'm not sure if we can play here. >> right, right. dom, what would you add to this? >> i would say this. they are going to get it right and get it profitably. the cost of capital in this kind of company like uber right now with many more irons in the fire that need to be cast on and mold the out there it doesn't leave a lot of capital for the runway that you need to make this profitable google and waymo could be doing this really well, because they have the balance sheet to do it but uber doesn't have the capital right now to do that at this time. just a strict capital allocation on their front. >> leslie hit the nail on the head, an area of the business that people have been very bushel on. now we have other reasons. we won't forgot that that was a big one at the time. let's talk about casino stocks, guys they are jumping in today's vaccine rally. wynn, mgm, savings sands and

stocks have another reason to celebrate beyond this news the casino revenues in the u.s. were over $9 billion in the third quarter. that was back up to 81% of pre-covid levels and a gain of 300% from the lows the quarter below that and then you have things like michigan governor whitner closing casinos and governor cuomo rolling back operating hours in new york. one step forward, two steps back or vice versa? >> yeah, we're seeing expanded restrictions across the country as we see infection rates rise let's focus on the upside. number one, it was a great quarter for casinos. 81% of last year's revenue in the shame time period is something to talk about considering that they have been operating under capacity restraints get this, five states actually beat their third quarter results from last year as well so that's notable in new jersey you're look at an

100 billion betting handle, a remarkable return to sports betting. that's just for okay september had a very crowded calendar and you're seeing sports betting, just this crazy september. new markets came online and colorado, illinois, d.c., $6 billion wager there. there's a lot to like. it really has the potential to drive the growth in the new industries even more than sports betting does and as states look for expanded text revenue, they may consider legalizing mobile wagering in a way that they were unlikely to before the pandemic. kelly? >> yeah, and you're right to emphasize that sports betting is not that big a part of the business might be big for draftkings but for other casinos online gaming is a much bigger deal. >> and even draftkings -- sorry. >> others had their eyes in the

sky. go ahead, conit's,a real quickly. >> just draftkings and fan duel are really focused on the i-gaming talking over each other because of the delay. >> just a teens bit, not as bad as if we were in said. michael sheets, good to have you back we like a chance to have you back with us what do you think is significant especially for an investor-minded audience here that people need to think about with the success of this launch yesterday? >> that's right,ings kelly right now behind me spacex's falcon 9 rocket launched here from nasa's kennedy space center lifting through u.s. astronauts and one japanese astronaut into orbit. the key fact about this is that it is the first operational mission for spacex meaning that

nasa has certified the company's spacecraft, the crew dragon capsule, to begin regular flights to and from space. additionally this certification nasa really sees as being a new era of human space transportation, and -- and beyond that, nasa invested about $3 billion into crew dragon's development so the agency does estimate that it's going to actually save over $20 billion by having spacex compete to develop this rather than the prior manner of contract that nasa used to go w.indeed, this is a very significant day for the company, kelly >> and michael, just as to put a point on that. we've seen huge valuations in some of these space-related plays this year. what would you say to investors who want exposh our to the space but want to make sure that they are doing so in a legit way, that this isn't going to be just a flash in the pan >> well, that's a really

important question because as you say there aren't very many publicly traded are companies that get significant exposure from the space industry. there's a few names out there right now, but there's a mixture of kind of your pre-revenue companies, like virgin blackic where investors need to be careful about their longer development times and then there's other companies like max-r technologies and orderion communications which are, you know, other plays in the space that get a lot of revenue from either different sectors of the u.s. government as well as other pieces so it's still a young, young industry and much of the growth right now is coming from the private capital funded piece of it. >> yeah, and it's interesting to see the shares of virgin galactic down 7% today michael, thanks. glad you were able to get down there. our michael sheetz. >> and finally if you have to change or flat out cancel your thanksgiving this year zoom is trying to make things easier they will lift 40-minute time

limit on video chats on thanksgiving day as different cities enforce strict covid travel restrictions. zoom has been a win we are all year, one of the best stocks in the market and since pfizer's anointment the stock has plummeted 22%. down 3%. are you going to do a zoom thanksgiving >> you know what we're going to try to go to my in-laws in kind of a socially distant and responsible manner that's our plan, but they are not that far away. they are in new jersey for those people who will take advantage of this, i mean, this is a big deal because it extends the window what i would say is maybe zoom views this as an opportunity to get people into more premium fee-paying type elements in zoom's ecosystem so rather than relyingin a the 40 or 50-minute chats, you pay a subscription fee and upgrade to the higher tiers. if that's the case maybe thanksgiving has some upside in the consumer rush.

>> my family is in kansas and parents in texas this is great. we'll be able to celebrate with relatives. over 40 minutes with zoom, see how that goes because everybody is going to be eating, and we'll try to replicate the real thing. may stick to 40 minutes anyway but i think it's a nice sign of goodwill and some helpful i guess benefit for people who are looking to replace their holiday plans this year. >> that's very diplomatically put, but i think this is the wrong move because zoom has given us no excuse to bail out at 40 minutes. sorry, guys, like the window is coming. >> exactly. >> we've got to go >> love your family, do you, kelly? >> i do love them all. they will be here in person p.just kid considering thank you all very, very much today.

coming up, president-elect joe biden and vice president-elect kamala harris set to speak on the economy this afternoon. a look at what their plan entails next and as the dow hits a record high and closes in on 30,000, take a look at apple the stock has posted the biggest gains since of the dow first crossed 20k in jan of 2017 it's quadrupled since then amazing. we're back in a couple

welcome back president-elect joe biden and vice president-elect harris are set to speak on the economy in wilmington, delaware this afternoon. just held a roundtable with a number of ceos from gm, target and gap among others let's bring in eamon javers and steve liesman with more on what to expect this afternoon what is this announcement expected to entail >> well, kelly, this is all about the biden team showing joe

biden doing the job and sort of stepping into what's become a little bit of a power vacuum here as the president has retreated from sort visible day-to-day activity, president trump has. the biden team wants to show that even though we only have one president at a time, they are beginning to take the rerns here and focusing very much on the economy. the biden message is that the economy and virus are very much the same thing and we eve got to deal with both in order to move forward and what biden has been promising is not only can you move forward with the economy and dig out of the economic hole we're in right now that you can build back better and there are opportunities to build a stronger economy moving forward so he's going to try to highlight all of that. a little bit of a delay here we're expecting this to get under way just after 2:00 p.m. and one of the fascinating things is the decision by the ceos to appear with joe biden side by side with him at a time when the president of the united states is not acknowledging the results of the election yet. the president tweeting i concede nothing over the weekend in termsof the election results, so the president is contesting

this, but these ceos have made the calculation that it's good for them and their businesses to appear side by side with joe biden here and begin the processed of moving forward. kelly. >> steve, as pointed out there's five labor leaders as part of we symbolic significance of that is, what do you think it means practically speaking for the economy? >> well, it's going to be an administration that leans more heavily towards and promotes unions and organized labor i don't know how much that actually matters there's been a trend in this country that has been sort of moving away from organized labor and i don't know that that's necessarily contingent upon the administration in office i think the speed of the decline i think it has leveled off and there may be some uptick possible i'm not really paying that much attention to the rhetoric, kelly. i think the story is going to be a lot of rhetoric from joe biden

and kamala harris about things they want to do, but the only thing that matters, the facts on the ground, have to do with covid and solving this problem there's a transition that eamon is going to wonderfully cover and that's the formal transition of power but another one matters and that's the covid transmission how bad is the virus when biden takes over what i'm hearing a lot of, kelly, is how bad the virus is will determine how well the vaccine works. that's key to the economic outlook. >> not to mention what kind of stimulus -- not stimulus but relief package or packages we may get at the time as well. we'll let you guys go, continue to get ready for that. really appreciate it still ahead, shares of paypal are higher today but down about 7% over the past month as they lose market share in the digital payment space to an unlikely player we'll tell you who that is the big banks are taking a big bite out of the space that was

supposed to disrupt them details next

welcome back

our out of stock article is on m mattresses today take a look at shares of a caspar sleep the company saying it was negatively impacted by supply chain constraints. this is now a very small cap stock, just $300 million or so, $245 million after today's decline. this was a stock trading around $6 and ipo'd at 14 and sea sealy has rallied and sp number has more than quadrupled from its 52-week low if you own at least those two names, you can sleep easy. let's get to paypal, square. they've had a massive year square up more than 180% as

people have gone cashless in the pandemic but there's another player that has leap frogged pay pal in the quarter. kay rooney has a closer look for us >> hey, kelly. zelle is getting a boost, doubled what paypal did with a 64% increase in transactions from a year ago. according to a survey, about 30% of zelle clients just started using it during covid. they are owned by seven banks, they own perl warning services they pay a fee there to join approximately zel they say zelle is really about keeping people at the banks. digital payments are cheaper, for the most part for those

banks. zelle doesn't have that cool factor or social network vorkted with venmo and you get money in your account immediately according to wolf research, the majority of zell users are about 35 to 65 and it caters more to silver tech. they're seeing strong growth among seniors. >> kate, thank you we use it all the time with my mom but now i don't think she'd appreciate it after this kate rooney joining us for the latest on zelle. that does it for "the exchange" today. stick around for "power lunch. door dash is going public. we are awaiting president-elect biden's speech on the economy. stay with us tax-smart investing, what's new? -audrey's expecting... -twins! ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans

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good afternoon welcome to "power lunch. the dow hitting an all-time highs a thigh as the record rally goes on,