energy up, oil is lower. apple and amends gaining 4% nearly the pest in the nasdaq. a lot of people think they are continuing the rush and flush into year end. the real question is going to be what happens come january 1 and beyond good to see you. we will check in with you more tomorrow and maybe learn more about your dressing habits or maybe not that does it for us here on "power lunch." "closing bell" starts right now. >> welcome to "closing bell. i'm wilfred frost along with sara eisen stocks pushing higher to kick off the last week of 2020. record highs for all four major indices inside of the close. let's look at what is driving the action the president finally signed the covid relief bill into law averting a government shutdown and ejecting stimulus into the economy. however case numbers continue to surge in the house and dr. anthony fauci warning it could get worse after the holidays yet, the stock market remains resilie

resilient. record highs for the major indices. amazon and apple leading the charge up about 4% each with 59 minutes left in trade, sara. >> welcome back. with a beard it's good to have you. that was a surprise. come up on today's show a bigtime under the radar winner this year we will talk with the ceo of fiver about the stock's 700% gain in 2020 and whether it can keep up that pace of growth. plus, wonder woman scoring at the box office and on demand. let's get to the stories we are watching in the final hour of trade. mike santoli tracking the market action ylan moi with the latest on the stimulus in washington and we have the latest on what it means for the economy mike santoli start us off. >> just a few feet away. it has been a steady rally

under the surface, about half of all the volume is to the downside the mega caps rallying along with value stocks. it seems there is a lot of money coming out of the really overheated momentum stuff that worked in december and going into things like mega cap. look at that, very consistent upturn we have seen here it has kind of left a lot of the emotion and the crazy to speculative growth plays outside of the index we will see if that insulates it or not a lot of folks are looking at 3750 as the near term objective. maybe when we run the tank empty on this move the high yield etf continues to make progress to the upside. treasury yields are going up that would mean you would expect weak innocence the price of all bonds but that's not happening and it goes all the way back to february right before that big free fall. that's positive from a macro signal point of view the average stock versus the large dominant ones. there have been stories whether

it is a too concentrated market whether we should go to a more call weighted approach and look at the lag rds in six weeks, mega caps are leading on a year to date basis and have a lot of ground that could be made up by the average stock but you couldn't lose six months ago if you decided on the narrow focus or the broad one. >> mike you mentioned overheated names are pulling back fubo tv down 15% etsy the biggest decliner in the s&p 500. is this year-end profit taking moves to sell the winners. coit be a new trend, a new thinking about where to invest. >> i expect there is some taking chips off the table in some of the big winners. fubo, that was sort of a bottle rocket type of pattern we saw right here who knows where it is going to go from here it is still up tremendously as you see this year. i also think there is a sense out there that thing are getting

overheated it seems as if people want exposure to the market they believe things are going to get better next year but that also tells like a consensus type call these people who are looking at the a signal who say maybe we could see a giveback in january they are rotating towards thing with more staying power quality. the biggest five stocks in the market all up more than 2%. >> all three of the afternoons set for record closes the russel is just in that territory as well as we stand. president trump signing the latest stimulus package last night after protesting the bill last week and calling for more direct payments to americans ylan moi has the look at the fight that's still going on in washington ylan >> wilfred, the house will start voting to increase the side size of those checks to $2,000 in just about two hours right now the measure looks like it will pass the house with all the democrats and at least some

republicans but the path in the senate is less certain chuck schumer vowed the try to force a vote in his chamber and called on the president for help. >> today i am telling donald trump, don't just talk about it. act. these senate republicans have followed you through thick and then get them now to act and support the $2,000 checks. >> now, the senate will not meet again until tomorrow so it is going to take some time for this process to play out meanwhile, the big question for many americans is when are they going to get their $600 checks the treasury secretary has said on cnbc last week that those checks could start going out as soon as this week. so we asked treasury for some update on the time line now that president trump has actually signed the bill. we just got word from a senior treasury official who said as of now, they do expect to be able to send out those payments on the time line that had been discussed previously and if congress does approve a

larger stimulus check those checks that have already been issued would get topped up >> ylan, anything further from mitch mcconnell today on the $2,000 number? i know he didn't extent on it either way last night. the follow-up on that is anything more on section 230 which the president was mentioning in his tweets last night? >> still not clear if and how mcconnell would let this measure come to the floor. unlikely that they just take up senator schumer's unanimous consent move which is what we are expecting to happen tomorrow in the senate. also there are a little bit of differences between what the democrats are proposing and what president trump wanted for example, how much do children get the original $600 or do they get $2,000 as democrats are asking for? there are still some policy differences there that need to be ironed out. as far as section 230, there are a number of ways that senate republicans have tried to go after reforming and revamping

that piece of legislation. at this point, it is unclear exactly how they would take that up and move that forward it does look like the senate would go ahead and i don't have ride the president's veto on the defense spending bill and do something on section 230 separately. >> ylan, thank you. what does the stimulus bill and the debate over the biller checks mean for the economic recovery steve liesman is here with that story. >> looks like investors and forecasters have a little catchup to do on the outlook after president trump signed the $900 billion stimulus bill last night. some had written off the stimulus or thought it would come in at less than it is right now. goldman sachs upping its growth forecast from 3% to 5% saying the package is slightly larger and comes earlier than the roughly $700 billion package we assumed. jp morgan they incorporated the

stimulus bill into the outlook, the $900 billion and came up with somewhat of a a lesser boost. they had been projecting 1% decline but now sees positive half a point it is still a lackluster gdp for the second quarter, jp morgan sees more robust growth at 5%. the average forecast for unemployment, 100,000 with several forecasts flat or negative and it won't help december retail which was challenged the question, whether there is lasting damage from the late relief bill and the virus surge that could require additional aid in the months ahead. >> one of the questions on the lasting damage has to do with jobs what do the unemployment numbers look like as we get more stimulus and more vaccines administered across the country? what's the feeling on what it's going to take to get that number back to normal >> you know, most of the forecasts i have seen have a

pretty long trajectory of getting back to for example, the prepandemic low of say 3.5, 3.7% that we enjoyed sometime into next year. two things happened. one is that many people cropped out of the work force. that tended to flatten the unemployment rate and make it seem lower than it actually is you factor that in, it is actually closer to 10% it is going to take some time even with the vaccine and pretty aggressive distribution of the vaccine. the economy is still going to be challenged and especially from this winter that we are going through with the virus surge. >> steve, if the stimulus stays as it is, does it drastically change expectations for chair powell and others in terms of not just what they expect for next year but the likely actions they might take? >> you know, i don't think so, wilf it is interesting you asked that question i went back and looked at our december 15th fed survey

the market had built in $900 billion of aid coming back then. as you know, there was a meeting since then i think that's probably close to what the fed forecast was. i do wonder, though, and i think it is fair to spectacular late as to whether or not this $2,000 payment would change the calculus and perhaps lead to aya more aggressive tapering that the fed does monthly. ahead, freelance marketplace pfeifferr. it soared more than 700% this year the ceo joins us with a look at what is driving that strength next you are watching "closing bell." record intraday highs all around

welcome back check out shares of pfeifferr up more than 700%, the freelance marketplace where you can hire someone to design your website or translate a video seeing 88% revenue growth this the third quarter continues the see more traffic on its website

pfeifferr's ceo joins us right now for an exclusive interview what is happening in the environment that's driving so much growth and happening in the business to justify the stock gain >> hi sara, thanks for having me i think this year has been an accelerating year when it comes to freelancing freelancing has been a growing force for the past decade. and this year, because of this transformation into digital, a lot of it was moving on line, which is exactly what pfeifferr is designed to do. it is designed to move into the online we have been seeing tremendous growth this year and that has been most of the fuel for growth that we have seen. >> how much of it do you think it has to do with high unemployment, which has been a global phenomenon, and the fact that people are looking for work during a challenging time and having to to all sorts of

different things and do it from different places >> yeah, some of it is definitely you know, there is a lot of talk about the winners of the corona. what keeps me very encouraged and optimistic is that the growth of paverr is actually fueled by success of the freelancers and the businesses actually using the platform, which is very encouraging because we have seen a lot of people, some of them were unemployed, and some of them can cutbacks in their salaries and they wanted to augment on their existing income. and i think that, you know, this was a moment where a platform such as fiverr was shining it has been a platform that has been growing for many many years. it is a new career path. it is a lifestyle choice if anything else, it was just an accelerating event this year >> do you think a lot of your

users, mika, discovered in fact they can make a lot more money by having multiple freelance jobs than say one steady tied down permanent job and the platform essentially just gives them the opportunity the test that before having to take the leap of faith. >> some of it is that. i think some of it is the fact that a lot of freelancers were working offline not using any of the platforms and because of the global lockdown back in march offline became not an option so all of these freelancers were driving into online platforms and we have seen tremendous growth if you just take u.s. freelancers. we had an uptick of 50% in registrations which is double the growth of last year. i think that freelancers are discovering the on line and seeing that this is a viable option for them. and actually, there is more freelancers engaged in digital

platform and all of them are making much more money. >> i was going to ask, which are the highest paying freelance gigs right now >> also, if there is something very strong this year it is digital transformation a lot of businesses understand that in order to survive, in order the thrive they need to move their business on line. anything that has to do with that, with on line presence starting with basic services such as setting up a website, software development, content writing, video productions, drop shipping, e-commerce functionality, all of that has been on the rise this year. >> anything, mika, that you don't currently have on your platform that you would like to add but for whatever reason there has been a hurdle for it to see demand really pick up on your platform. >> not really. if you look at the pace of adding new categories into the platform we have been adding about 30 categories every quarter since we took the company public a year and a half

ago. moving from 300 categories to well over 450 categories so we have the ability to actually add categories very, very fast. >> what happens when there is a vaccine and when services jobs -- i know you spoke to this a little bit and you are confident about the growth but services jobs have among the hardest hit. and they will come back, we hope, and they will be working for companies and firms and have more established careers what happens to your business? >> so, i think the closest proxy to it is the movement from lockdowns into opening up markets. we haven't seen any slowdown once markets opened. and we have seen that across the globe. so every country that moved into a lockdown and then relaxed that lockdown and went into a normality hasn't changed its trend. so i don't think that the vaccine is going to change anything if anything, i think that remote work, something we have been preaching for for the past ten

years, is here to stay, maybe not in the degree that it is right now but it is not going to change the fact that those who are getting exposed to the efficiency of using an online platform to hire talented people -- this is not going whack. those who have touched this experience are not reversing it. >> mika, thank you for joining us much appreciated >> thanks for having me. we've got 41 minutes left in the session. the three major averages all set for record closes as we stand. s&p is up about 1% the russel just dipped below the necessary level but it is in and around there we will see if the russel can make it a car at the time of record closes. after the break, jp morgan making a new acquisition today it is a big bet on the return to travel we will tell you about it right after this short break don't go anywhere. new projects means new project managers.

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jp morgan making an acquisition in the credit card rewards space. i will hinges on a travel rebound in the new year. hue sun has the story. an interesting story congrats on that i have two general questions. to what extent is it this rebound in travel and credit card spend in general versus buying something that's a depressed asset given its exposure to things like travel

this year? >> i think one can assume -- let's take a step back they purchased cx loyalty, one of the biggest operators of these credit card loyalty programs they are the behind the scenes operator the loyalty programs at citi group, at capital one, at u.s. bank and at mastercard. s that company with a bit of scale already and chase is buying this. i think in the short-term you can say that as you know we have all about holed up in our homes and dying to travel. so 2021 to be a strong travel year that's anticipated i would anticipate that the price -- we were trying to find out the price that chase paid for this the price probably isn't fully valued considering what's been going on in the travel industry this year. >> what's been going on in general, hue, with credit cards? have you seen banks pivot to offering moore rewards that are useful right now like groceries

instead of airlines and hotels >> absolutely sara chase is a extra example of this nobody has been traveling in the march to juppe time frame. if you could help it chase amped up the rewards you could get in other segments that were popular, clearly, shopping for food, that type of thing they rejiggered it however, chase is, you know, very bullish on the ultimate rebound in travel, rebound in pleasure travel's anticipated to happen by making this move, they think they can own both ends of the travel loyalty ecosystem on the one hand they have the millions of customers, you know, for their popular credit card. on the other hand they are going the relationships with the marriotts and uniteds of the worlds and they think they can use their size and scale to get deals and command deals from these folks that are better for their customers and unique to

their customers and get personalized deals that's one of the of the big things that you can see going forward. if you travel a lot to miami or london, you can see rewards populated in the chase portal for you specifically. >> the other thing that stood out to me, marianne lake was the person who drove this. it is within her department. interesting to see an acquisition announced by her in the press release, her name all over it. clearly we have seen a theme of jamie dimon saying they are willing to make acquisitions likely to be less than the $30 billion they just committed to buybacks that still seems to be what they feel is the most valuable thing for them to do at the moment other than these small bolt-on acquisitions >> we have seen them be

relatively disciplined in their m&a activity walking away from deals like their competitors like morgan stanley ultimately grabbed and took advantage of. i would understand that this deal isn't at a rich valuation but i understand that japan jp morgan wants to own the verticals within travel on one hand other verticals including payments and medical payments and other areas. you really see them wanting to build out, own these verticals and use their might and their scale to take advantage. >> thank you, hue. nice piece for more on the story head over to cnbc.com to read at that one. still ahead won kerr woman's super sized weekend. its launch is raising questions about the future of the theater industry we will discuss all of that with the ceo of i max j just a bit.

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we've got 30 minutes left in the session. we are up .9% on the s&p let's have a look at individual market movers a. new bill in california putting pressure on doordash and uber. the law which is set to go into effect on january 1st would require third party food providers to have agreements in place for food delivery. those stocks both sliding today, 9% for doordash. shares of nikola are jumping on the heels of jp morgan's research note today. the firm expects the nikola news flow to be less dramatic in the new year and the stock is up 17%. never a small move of course when it comes to nikola. that's true.

we are getting a headline in president-elect biden is speaking right now talking about national security. he did just say he supports $2,000 direct payments to americans. perhaps not too surprising because the leadership of his party, both senator schumer and of course house speaker nancy pelosi supported the $2,000. president trump is advocating 2 thuds stimulus checks be sent out. no word from mitch mcconnell we have no word from or house republicans. time now for a cnbc news update. ahead of a briefing this afternoon with his national security and foreign policy advisors president-elect biden said it is important for the u.s. to strengthen its alliances because the challenges facing the world can't be solved by just one country later today biden is expected to make some remarks about the covid pandemic. new rules from the faa will allow small drones to fly over

people and to fly at night that's seen as a big step closer to having drones make package deliveries the faa will also require mostins drones to broadcast an identification signal. as the covid cases approach 1 millions, south africa issan abouting alcohol sales and closing all bars they say alcohol intoxication is increasing transmission. back to you. >> that's like a prohibition full-style ban you can't even drink at home >> yeah. prohibition style. no alcohol >> there we go >> i know. fascinating. >> let's hope the same doesn't come over here leslie, thank you very much. >> thank you. shares of astrazeneca moving on a report in the united kingdom that suggests the uk could give the green light to its covid-19 vaccine this week

up next, a top analyst weighs in on the vaccine stocks and who to expect from pharmaceuticals in the new year sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today. some things are good to know. like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. something

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about 24 minutes of trade. time now for our daily coronavirus tracker. the u.s. is seeing at least 184,000 new cases and at least 2,200 deaths each day based on the seven-day average of johns hopkins data 1.2 million people though passed through u.s. airports yesterday according to the tsa, the highest number since the pandemic began back in march updates on two covid vaccines. the one being developed by astrazeneca and oxford university is expected to be produced in the uk in the come days novavax has begun a large late stage trial in the u.s. after twice delaying its trial and scaling up manufacturing process according to reuter's.

native vaks and j&j vaccines are scheduled to report late stage study results at the end of january. >> fingers crossed for all of those candidates let's discuss a little bit more with jeff meacham, senior analyst at bank of america securities jeff, thank you for joining us my first question before we get into the individual candidates, the individual stocks is when you consider the market cap increases across the sector for covid-related treatments or vaccines do you think it is a little overdone given we hope of course this won't be something that has to be repeated every year going into the future and also some of them aren't going the make a huge profit >> hi wilfred. yes, that's exactly right. i don't disagree with you that the valuation increases have been pretty dramatic we are going see i think historic dpand for if first say two or three quarters out of the gates. but after that, though, i am

thinking 2022, 2023, it is hopefully going to start to erode in terms of the revenues >> when we look at the fact that the husband is not going to hit its 10 million people vaccinated target in december, does that concern you about the rollout throughout next year or do you think that's a sort of to be expected first month teething problems type issue >> i think it is to be expected. i wouldn't be surprised in the first quarter of next year, you know, to have the at-risk population, which are those 70 years of age and older and then the health care workers almost fully vaccinated that could come from a combination of moderna and pfizer's vaccine, and maybe you can have the astrazeneca vaccine, and perhaps j&j kick in a little bit there the big question is when can the

everyone else trade start to happen i think q 2, q 3 is when the population will get vaccinated the year end doesn't bother me. >> i was going to ask about the production and distribution end of things. they need to ramp up right now to serve the u.s. and global populations. jeff what do we need to know about the manufacturing process, the raw materials? do they have what they need? how challenging is it going to be for them? >> i would say sara for the most part that is a black box we depend a lot on what the companies say and the guidance that they i go i wouldn't say, though, there suspect the capacity to scale up moderna can get to hopefully 1 billion. and pfizer hopefully more than 1.3, 175 billion total 2021 targets. the question is how fast can they get there i think we will probably start to hit the real acceleration

middle part of the year. but definitely the stare step to get there will occur in the first quarter. but i wouldn't be surprised the see the industry itself come to the -- you know, come to the rescue here. there are a lot of companies that haven't participated in the covid vaccine development that could come in and scale up manufacturing. i think there is a lot of excess capacity that's not really embedded in what the companies, the manufacturers have really provided. >> jeff, kind of going back to my first question, are your top picks for next year companies that have got exposure for the covid treatments and vaccines or separate all together? >> i would say -- so, we haven't formally provides 2021 but i will say 2020 we have liked lily throughout the year they do have exposure to the covid antibody that's embedded in their guidance, i think sufficient some nice upside potential we also like in the pharma space

bristol, which does not have any sort of covid sensitivity. but it's obviously trading at eight times. it is definitely more of a valuation type of play. >> jeff i am not sure we know yet whether we are we are going to have to do this every season like the flu i am wondering how you address future earnings if this is going to be a ongoing demand for these companies? we don't know about the durability of the benefit and don't know yet about resistance. those two things i think we will learn a little bit more when the long term data come out for pfizer and moderna and to some degree astrazeneca middle part of next year i don't expect, though, the vaccines to be part of a regular -- almost a flu-like seasonality. covid, what we know today isn't set up for that.

i do think that the vaccines, although they may not prevent getting an infection down the road i think they will help limit the risk of a severe infection. >> we can hope that that is true jeff meacham, thank you wech, from bank of haerk america. still ahead, a bitcoin rally and sectors that could perform the best under a biden administration those stories and more when we go inside the "market zone." you can always watch or listen to us live on the go on the cnbc app. "closing bell" will be right back strong gains across the dow, s&p and nasdaq, set for record highs. new projects means new project managers.

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just under 15 minutes left in the trading day we are now in the gel "market zone." commercial free coverage of all the action going into close. mike santoli here as always to break down these crucial moments of the trading day today we have also got bda capital partners ceo barbara duran with us as well. stocks are higher on president trump's signing the $900 billion covid relief bill last night all the major averages on pace for a record close except for the russell 2000 which has turned lower airlines are doing well, hotels live nation concert stock up 4%. is it a vaccine monday kind of day? >> interestingly it doesn't seem because it is because of any vaccine news. i think it is more positions into what do you want to own and

not own heading into 2021. also don't want to make a tremendous amount of final week of the year jockeying back and forth but to me the most pronounced feature is the refresh away from the recently hot momentum sectors the clouds are down. small biocap down 1% arc down 175%. zoom down 4.6% that's not all stay-at-home. it is where the hot money got overheated amazon, facebook, google up more than 3% on no news. >> mike, does the end of the year make any difference as to whether or not we might see a bit of profit taking a bit of pullback clearly everyone has wondered whether that was coming anyway hasn't arrived in december s&p up about 3% this month typically in the markets strength begets strength

january seasonal patterns are generally strong in the first part of the month. it is not as if a strong ends of the year is going to negate that or pull it forward but i do think that for other reasons there is questions out there whether the market has carried a bit further than it would merit at this point mostly again because of some of the overheating signs and some of the sort of speculative flows that we have seen recently that's much more about positioning and less about you know kind the seasonal giveback type pattern which certainly could happen i know there are calls out there about that barbara, have you been taking profits on some winners and putting that money into other types of stocks? how are you approaching year en? >> i think it is more about risk management at this point because if you have got big winners going into annin uncertain time i think the market is looking through i think we are going to have difficult economic

conditions in the first quarter quhil most people are getting vaccinated interest rates will be low and we will know about biden's possibilities next week when the georgia senate race is decided right now i am trimming out of positions that i like. i am not selling out a lot of the mega cap tech. consumer discretionary, costco, but wherever you have an oversized position it is about managing your portfolio. we have been seeing cyclicals and values and push/pulls. i think you have got to stay long in -- and high quality names. but i think you are going to make money in the cyclical play as well. >> set for three record closes cnbc survey iing.

67% polled said they expect biden's first four years would be worse for stocks than president trump's first four years. 49% set skrum-- mike, i guess one of the key questions for that big picture, will it be better or worse under trump is the starting point. he does start of course at these record highs and it does suggest it is going to be difficult to outperform annual performance. >> the annualized gain this the s&p is a bit more than 1% total return with dividends is above 16%. that's above the long term average. simply based on the probabilities in the abstract

knowing nothing about policy you say it might be difficult for the market to do the same thing the next four years. not unprecedented. not surprising people wouldn't want to go out on that limb. as far as the sector breakdown, it sounds more like sector preferences of the consensus at the moment independence of what is happening in terms of the administration. >> it really does. barbara, do you have any biden administration winners in terms of stocks or sectors people point to solar for instance are you making any of those plays. >> i think what we are seeing is not a biden/trump play because i don't think it is going to matter who is going to be president next year. liquidity is going to matter what mattered under trump was the tax cuts that revved up the market in certain sectors. for biden to me a lot is going to hinge on the georgia outcome. if democrats win the two seats biden is going to get more of what he wants, that means spending there is going to be more fiscal stimulus, there is going to be

more infrastructure. we will get some of that and probably under a republican congress we would still get some and also renewables. they have been running but we also -- before this were the prospect of biden getting elected there was a run on renewables it has been a worldwide public and private effort which will only be accelerated if biden has his way. those would be the areas to focus on under him i think what mike said is right about what all of these sectors are really about. >> barb, just to clarify -- i know you are watching the georgia race closely, as is everyone if the democrats do pick up two seats and then have that majority vote would you say that that would be good for the market because it would suggest more stimulus spending or would it be negative for the market because then they will make the jump to higher taxes? >> i think it would be positive. i don't know this but i am betting that raising carpet taxes will be delayed and it

won't be a lot because hopefully they are not stupid in terms of we are still trying to come out this recession it looks good for next year but it is still a bit fragile and you don't want to do anything to disrupt it will capital gains be raised on. >> announcer: deny individuals yes -- will capital gains be raised on individuals? yes. absolutely that's my best guess right now we have got to talk bitcoin that rally showing no signs of slowing down the cryptocurrency hitting an all-time high over the weekend surpassing $28,000 we are now just under $27,000. it has been on a tear this year, rallying by 280% mike, cue the debate over whether this is going the take over a the text reserve currency or whether it is a bubble waiting to pop >> there is so much room between

where it is now and reserve destinies. in terms of it being a huge bubble, well, maybe. it is not up that much on a three year basis because it was at $18,000 or $19,000 at the end of 2017. there is nothing to pin the value to other than the crowd adoption i think there is a way to be smart about it other than stating the principles of it it is constrained on the supply side maybe it is an alternative currency, maybe it is like gold. maybe it is none of the above and we just decided to trade skit get excited about it. >> mike, we have talked a lot about whether if the teslas of this world were to pull back significantly, it would probably drag down other stock in the rest of the market because of their market capitalization with the likes of the s&p 500 would it be the same with bitcoin?

if it had a change in direction would it drag down stocks? >> i don't think it would be a cause and effect i don't think if bitcoin sold off it would cause collateral damage in the stock market i think it reflex spirits and risk appetites and would move in tune with certain parts of the market somebody is going to look at this chart and say it coned hold above 28,000 actually opened at the highs of the day and sold off all day that's all you can look at is the footprints of the actual technicals because there is not a lot else it is moving on i would say it is a coincidental indicator of risk appetites. under five minutes left in the session. a wall street firm encouragi encouragiencouraging says there are three uncertainties around the apple car. those include uncertainty of a launch schedule and apple's

competitiveness in the ev market tfi saying the market is too bullish on the apple car launch itself saying it on the with be surprised if the launch was postponed to 2028 or later the perspective is not weighing on the stock shares higher about 3% today barb, this note is about suppliers to a potential ev as opposed to apple stock itself. is going into an electric vehicle something you would want to see apple do or would you like to see it stick to its performance that it performs well on. >> my first reaction is why do they want to go into vehicles? however if you look at tesla, part of it is looked at as a technology company the timing of the launch and the competition who have a headstart but i think that's irrelevant.

for apple this could make sense for them again it was not confirmed by apple. if you are going to go into a capital intensive business you have to have a lot of capital. they have $200 billion on their balance sheet and they are getting 60 to $70 billion in free cash flow every year on the current pace of business the other thing is because of their business they have a lot of core technologies in house, display, battery, and part of that report was they may have some novel innovative bart approach that could be longer duration, technology, who knows? they have got the a.i. they have got all that if they are thinking about it they are not about to go into it with their eyes half shot. right now ev and hybrids are only 1% of the global $10 trillion market and electric vehicles are still very early stage and the battery technology is to the mature you know what? it could make a lot of sense for

them innovation and capital will go a long way in this new direction for electric vehicles. >> apple, whether it is ev excitement or the big cap rally in tech stocks, apple is leading the dow up 3.5% with three minutes to go in the trading day. that's really helping both the dow and the nasdaq. >> that handful of huge cap stocks are getting the benefit of people rotating out of the stuff that's extend asked stretched on the smaller cap side the internals are mixed. the new york stock exchange up down volume is skewed to the downside again it is the flip side of those very large cap stocks being extraordinarily strong today. look at the extra large, xlg this is the top 50 stocks in the u.s. market against the russell 2000 almost a 2% percentage point stretch. the russell 2000 is giving some

of their gains back. it seems like a aggregate portfolio rebalancing going on out there take away from recent winners and moving it into something that hasn't moved much in the recent months and the vix is steady. it seems comfortable in this area but in the last couple of days you are starting the see people buying in downside protectionjust in case we have a giveback going into january. >> just under one minute left of the session. russel won't be a record all the time closing high. it slipped during the session and now is just negative keeping in mind how strong it has been this month, it is up nearly 10% and this quarter up 3% s&p, dow, and nasdaq all set for record-closing highs up .7 and .9%. 326 for the high in the do you

today. now up 213 most likely a result of the stimulus bill being signed materials and energy the bottom performing sectors, down about half a percent apple, amazon, facebook all up more than 3% themselves. the big cap tech stocks leading the charge with five seconds left up .9% on the s&p, .6% on the dow, .7% on the nasdaq three record closing highs sara. >> one of those days again in 2020 the triple record closing highs. welcome back, everyone, to "closing bell. i'm sara eisen here with wilfred frost and mike santoli cnbc senior markets commentator look at how we finished the day on wall street it was a strong one pretty much from the opening session this morning. up 206 points. this is howe we ettle issed on the dow. biggest contributor to the dow's gains, united health apple as well. salesforce was the biggest

decliner s&p up .9% most sectors higher. communication services in the lead that's thanks to fox and cnbc vie mom media names. energy and materials were the losing sectors the nasdaq also at a record closing high a lot of strength in big cap tech we saw that out of apple, out of amazon, paypal, tesla, all having a good day. the russell 2000 index of small caps set a record intraday high earlier in the session but ended up lower, down .4% coming up the lass gasp for theaters or the start of a resurge epps we will talk about the ceo of i max about the launch of wonner with woman 1984. first, barbara do you know is with us. and michael yoesh camma.

the russel was lower tech rallied along with groups like financials and other names. it wasn't a value or growth or stay-at-home -- how would you describe night the stuff that was the strongest gave back the most and made its way into the big index names. the nasdaq 100 names, the top five or seven stock in the nasdaq, also the top five or seven in the s&p haven't done a whole lot since september. they have been going sideways. maybe this is a passing of the baton, but the i think people are taking their winners on things that seem like they have gone too far and reallocating. it is bullish if it continues this way somehow these transitions are not quite so frictionless. >> michael yoke camma, as we

approach year end should people be taking profits and rebalancing? should they be doing that constantly, no matter where we are on the calendar? >> we have a tax year issue here if you take your profit, remember any profit you are peculiaring in non-deferred accounts you are going to be paying tachlkts you have got weigh that against taking profit i think that's what is actually happening with a lot of the big names you see going sideways people are taking profit and it makes sense to rebalance. into names that you have confidence in. rebalancing, i say it over and over again it is critical for investors for long term success. >> barbara, do you think about 2021, the growth setup is looking good goldman sachs upity graded first quarter growth from 5% to 3%

big upgrade just today partly on the stimulus that just passed. how do you set up a portfolio in that environment >> you can start with a barbell approach if gdp is going to come back strong, i think there is a good chance it will, by comparison, the relative earnings of cyclicals, certain value stocks are going to do much better. you have had so many of the great technology high priced names do well and they are probably firly valued. they are still probably going to be higher because they have growth and earnings. you still want to be in them if you want to create a portfolio from scratch you have to rebalance because lots of people have lots of gains. trim those back and start looking at a more balanced portfolio. 12 to 18 months. that's why you still have to be in the growth names. >> michael, how important was the stimulus bill being signed

to you does it drastically alter which sectors you want to be exposed to next year >> for us it didn't because we expected the stimulus bill would be signed f. it was not, it would be a major, major problem for the markets. although, you have to recognize that i think the markets are right now betting on just piles of money regardless of who wins the elections in georgia piles of money coming into the market maybe through an infrastructure bill coming next near with the new administration stimulus bill is important we are up right now wilf, almost $4 trillion of stimulus. in 2008 investors think about -- think about how much that was controversial. that was only $2.5 trillion. can you believe i am saying the word "only". and $2.5 trillion in the same sentence we are now over $4 trillion. and i expect when it is all said and done we are going to be above $5 trillion to $6

trillion stimulus makes a huge difference it is money floating in from heaven above into the markets and stimulating the markets higher >> mike i wonder how much of a risk 2021 sentiment is itself just due to the pact that positioning and consensus itself has gotten so bullish especially in the last few weeks. what risk does that represent on the it represents a tactical risk it is hard to determine what the sentiment is going to mean for returns mostly because most of these thing could be taken care of quickly if we go down 8% in three weeks, i guarantee you people will be less bullish you will be able to reset and a lot of the selling stocks will correct even more and people will have a feeling of okay i can get more of a fresh start. i don't think it is about what happens in the current year but i think where we are priced to and the economic trajectory

could marry but we don't know about those things after the numbers come in fourth quarter earnings to first quarter earnings and all of the macro stuff. also f the markets remain very, very hot and the fed is out there saying nothing is going to change our stance, it doesn't matter what the markets do effectively. i think that creates an interesting tension if it gets extreme in erms of financial market exuberance. >> let's pause the market discussion for a moment. president-elect biden of course has been speaking this afternoon in wilmington, delaware. ylan moi has been monitoring that for us and has the highlights. >> wilfred, the news came after the speech was already over as it so often does when one of our colleagues over at nbc shouted out a question over at biden asking if he supports a $2,000 stimulus check ed bian said he does curing his speech he highlighted the forns of fema in ensuring smooth rollout and distribution

of the vaccine he said that defeating covid is going to require building a coalition of like-minded partners >> we have learned so painfully the cost of being unprepared for a pandemic that leaves borders and circles the globe. if we are not investing with our partners around the world to strengthen the health systems everywhere, we are undermining our ability to permanently defeat covid-19. and we are leaving ourselves vulnerable to the next deadly epidemic. >> biden also threw some shade at president trump saying that right now there is an enormous vacuum of american leadership and that is going to be necessary to combat problems including climate change and china. he also said that the trump administration has not been transparent in its defense spending or the budget for that department from the o, and b and guys he said blocking that information is nothing short of

irresponsib irresponsible. >> not ground breaking news that president-elect biden supports the $2,000 rather than $600 stimulus checks. clearly, that doesn't change the bargain and the dynamic whether it is likely or not. the focus for that now is on senate republicans >> well, absolutely. i mean, obviously, democrats are going to be passing this bill in the house for $2,000 checks later on this afternoon. then it will head to the senate. you are sort of seeing topsy-turvy politics here in which democrats are using this call by the president to beat up republicans. it has become a major issue in the georgia senate race you were talking about earlier. it has become one of those issues that crossed party lines. that is making it very difficult for republicans to sort of swallow this and take that hard vote we will see how they approach this in the senate tomorrow and whether or not the biden administration will need to come back in january with yet another round of stimulus checks into

ylan, thank you. news to tell you about on call tricks filing for an ipo. let's get to ari levy. what can you tell us about this company? what does it do? >> this is a company that was acquired by sap for about $8 billion just two years ago when they were on the verge of being public the company makes what they call experience management software effectively they help companies keep in touch with their customers and understand how the customers are using the prakt. a fast growing cloud company that sap acquired under different leadership, mcdermott. since then they have a new ceo and a new strategy and they are spinning it into an ipo and it will be between 12 and $14.5 billion out of the gate. >> so 40 to 50% return to what they paid pour it. thank for that thanks to barbara and michael

for joining us in the margaret zone today three record closes for the dow, s&p, and the nasdaq. >> the latest wonder woman movie was a blockbuster this weekend coming up, the ceo of i max will join us. coming up later on "closing bell." keeping your oysters business growing

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its box office debut this the u.s. this weekend bringing in $36 million globally i max has already made $8.2 million in sales from the movie which has been open in china for more than a week the movie was also released on hbo max so you could watch it at home with a subscription which the service said nearly half its subscribers did on christmas day alone. joining us now in an exclusive interview is i max ceo richard gelfond. thank you for joining us. >> nice to be here, thanks wilfred. >> to what extent do you see this weekend's box office numbers as a success versus a frustration? >> good question it is really both. one thing it shows was that there is pent up demand and people want to still go to see it at movie theaters so the fact it did $16.5 million in the u.s. is kind of remarkable when you consider that the pandemic is at its all-time worst period.

and that's one of the main reasons why warner followed this model. on the other hand, i live in new york i couldn't see it in a theater so i streamed it in my home and it was a completely different experience leonard bernstein didn't write sieve phonies to listen to on the radioand the hundreds of people who worked on this movie didn't work on it for it to be seen on a tv screen. but we are in a world of compromises right now so i think it was the best we can do at this point in time i think it proved out both things which is people when it is safe to go to the movies want to go to the movies and if they can't and they are home, they will deal with it. >> do you feel more protected than some of your peers in the cinema space because of the i max experience and because of big action movies like wonder woman such that when we are back to normal, the demand will come right back to the previous levels, the previous highs for

action movies? >> without question i feel privileged to be in sort of the premium space. and if you look at the worldwide results, in china, you know, for big movies we have been at close to 100%. in japan just this weekend a movie called demon slayer became the biggest grossing film ever in the history of japan. so we have seen that where there is a big movie and where people feel safe they go out and they really want to see it in the best possible way, which is in i max. i do think consumers -- going back to what i said before, this pent up demand point i think when people can get out they are really going to want to see it the best way they can and a premium cost is going to be a distraction compared to the ability to get on with your life. >> but they might want the stream it at home, richard, even when they are able to go out to theaters i think it is couldn't of telling that you had to stream -- the ceo of i max had

to stream wonder woman i get it, because theaters are closed here. but suspect that threatening to the business >> i don't think so. look at disney last year they did $13.5 billion in box office. the way they released all of their movies for the ones they have announced so far is for the movies that are through march i think it is, those are released on streaming or streaming and theatrical but everything beyond that, which includes spiderman it includes black widow. it includes four marvel movies, jungle cruise, they are holding those all back for theatrical release with windows because they know you can't replace that box office revenue now i do know warner has said for the remainder of 2021 they are going to stream and they are going the release in theaters simultaneously i just don't think that's going

to happen because i think once they see the big box office numbers -- and there is not really a big warner movie until close to the summer anyway i don't think they are going to miss out on that box office. that's a model for the pandemic. afterwards, it doesn't make any economic sense at all. >> when do you expect us to be back to normal in your business, richard? is it months or coit be a full year >> i certainly think it is less than a year. my own forecast pugt putting together my own budget i have been thinking around april you start to get open in north america. again, you have to remember, it is a global business and north america is only one third of it. but in north america, you start to open in april then i think when you get to the early summer you get to june, july big movie coming out in july top gun maverick i think by then you will start to approach 100% levels. and then certainly by the fourth

quarter it will be completely open i mean when you listen to fauci and you listen to others, and more drugs -- more vaccines are come on the market j&j and astrazeneca. i mean i think it's highly likely that by the second quarter things are going to start to open up here. >> i hope so richard, even if you are able to open up and follow that time line, will you have enough big theatrical hits? because there have been so many production delays. >> sara, that's a good question. fortunately there is a backlog of movies that already exists. all the movies which were supposed to come out in 2020 n.i max and block muster, maverick, the new bond movie, black widow. you have fast and furious. you have mission mpossible there is a lot in backlog already and then production is reopened in a way, 2021, if things do open early in the year is an

embarrassment of riches. there is an awful lot of content. and that's true on a global base i max is in 82 countries there is chinese films in backlog, indian films in backlog. japanese films in backlog. that's the least of our problems this year. >> richard gelfond, thank you for joining us your stock finished up 4% today. >> good news thanks. up next, mike santoli is back taking a look at whether record high margin debt for retail investors is a threat to the market as a reminder, you can always watch or listen to us veli on the go on the cnbc app we'll be right back.

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welcome back margin debt balances surpassing $700 billion last month, record highs. is that a cause for concern? let's go to mike santoli who is checking out the chart >> "wall street journal" today presented it as a question whether investors are getting overconfident, this jump in margin debt that we saw. the orange line goes back 23iers or so. it more or less tracks the s&p

500. typically it runs 2 to 2.5% of marg capital. we didn't make a new high for two years. that's may of 2018 since then the s&p is up 35% total margin debt from here to here is only up 7% maybe it fits in with other indicators of heavy speculation going on right now but in itself it is a market indicator and tells you the market has been rallying and tells you that they are willing to take borrowing against their portfolio. doesn't tell me you are worried. >> i love when you debunk the "wall street journal." we should have a daily segment not so much vulnerability, but what does it tell you how exposed people are to leveraged etfs and other things that take

on this debt. >> certain types of etfs that are pure momentum and daily leverage, that stuff looked a little bit crazy look at all the huge volumes and call options these are inherently leveraged instruments. you pay a small amount and get exposure to upside you have a lot of instances where individuals are willing to take on more risk but to me borrowing against your portfolio with a margin loan is not right yet telling you that things have gone around the bend. >> mike, would this include big hedge funds that use leverage win their strategies or not? >> yeah, it does get captured in a lot of it. not all of is i don't think is necessarily technically incomes market as we know it but it could be futures and all the rest of it it is difficult to capture that kind of financial exposure in a

snapshot form but yes it would include some of that but it is largely -- by the way you don't have to use a margin loan to buy stocks you can borrow against your portfolio at a broker and buy a boat, which is not something i would advise. >> mike, thanks so much. less than a third of howard university hospital workers signed up to take the coronavirus vaccine. the hospital's ceo just received her shot and she joins us next to discuss whether that will help eliminate the level of mistrust surrounding the vaccine for her employees. >> and this fin tech stock has quadrupled in 2020 we will lk wtaith the ceo of afterpay in just a few minutes

the latest survey shows there are a number of americans showing hesitation toward getting the covid-19 vaccine nearly 40% of respondents said they would definite will he or probably not get the vaccine compared to 60% who said they would. hesitancy is also seen on the front line among those fighting the virus. of 350 hospital workers 70% said they did not want the vaccine. let's bring in an employee at the hospital in the pugh survey that i

mentioned the numbers for americans were the highest as far as hesitantsy toward getting the vaccine. what are you experience ing at howard medical >> absolutely. when we said that data that said our team was hesitant to get the vaccine i wasn't surprised we certainly have health care disparities even among health care workers we certainly have the history of the tuskegee experiments and more telling us that, you know what, we might not want to trust this as much as other people trust it we were up against those very same thinking even in a covid environment, even in a hospital. >> how do you address it >> as soon as we got that little bit of survey back we started having town halls. we started having a meeting with our leaders. and then we started putting out facts about the vaccine. and facts about covid every day. we had faqs and then the answers. then i personally said -- of

course i had the help of our infectious disease physicians to give the right answers i said email me personally and i will write you back. and i got very, very -- i got very good questions. i am nursing should i take the vaccine? i'm this sage. should i take this vaccine we we started informing the team more and more and more on the 15th i got my vaccine i was irst because while i was tell them here's the information, here's the facts, let's debunk this myth they were still afraid. then they said if you take it, i will take it i said i will absolutely take it first if that helps you to be more comfortable to those that said i want to wait i said watch me, and see what happens >> anita, it is great that you did that and it worked and encouraged some of your staff members to take it, too. how worried about the population at large who don't have the same level of exposure and

interaction with health care experts like yourself and people that will load by example like yourself does it worry that you the population at large won't embrace this vaccine >> absolutely. we have been fighting this fight since february well, i came to howard university hospital in february. and we have been fighting the fight ever since and i am concerned that with the resistance to each mask or to social distance or the holidays and then the well this is a hoax that not enough people will take the vaccine for it to be effective. not just americans, but especially americans who are two to three times to get it and two to three times to die from it. i am very worried about it i believe it is important for a person like myself and for an organization like ours to tell the story over and over again to make sure we address the community to help them see this is the only way to fight the losing battle we are having with

covid. we are going to lose if we don't have a vaccine i consider this a very positive event to have a vaccine that can cure and kill covid-19. >> what sort of reactions did you get from howard staff when did you do the vaccine publicly and post it. >> they were very proud of me. then we started seeing more nurses and more teches and more therapists and our physicians were all in in the first place then our residents it is infectious, if you will. the more people that take it, the more people trust, the more time that's gone by. it has not yet even been two weeks for me i was writing on the facebook page or the hospital web page okay it has been three days, i am still okay. the more they understand, the more they know, the more they will take it the rate is increasing every day

of the staff and team members that are taking the vaccine. we need to we lost staff members to covid-19 family members of our staff. you know, we have to -- we have to fight this this way i am still trying. >> yeah, anita, you mentioned at the top something that's very hard to address which is something that runs very deep. that is the mistrust in the american community toward the medical field going back to tuskegee and the terrible study on syphilis. how do we get them to trust after something that embedded. >> this is not another attack on appearance it is not. this is a pandemic all around the world and this vaccine is a worldwide cure and that's the language that i have and then i have to say, i understand i get it there has just been a disparity in health care for hundreds of years, really. and then we hear of this physician who was not heard who was not listened to, and she died from covid just this past

week when you still have these stories of black health care disparity, it is distressing but i still have to say this one, this one, we believe, is a worldwide cure it's not about americans this time it's about the entire world solving this problem >> anita jenkins, thank you for joining us >> my pleasure >> still ahead on the show, australia's youngest self-made billionaire. the cofounder of afterpay, on why millennials are turning away from credit cards and helping buy now pay later companies like his experience big growth.

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time for a cnbc news updaltd leslie picker has got it for us. >> whistle thank you. the fbi says don't expect them to come up with a motive for the nashville bombing as quickly as they identified the suspect. official say they are collecting evidence and doing interviews but expect it to be weeks before they can say anything about why anthony warner blew up his rv while he was inside it gillan maxwell has been denied bail again

she is being held on charges of helping jeffrey epstein's sex trafficking. the judge said nothing has changed about the possibility of her fleeing. so far, 2.1 million people have cast their baths in georgia's runoff election. one of the largest reclining budas has been given its annual dusting. guys, that buddha is 134 feet long, and 36 feet high so no need to wait to the spring to to some cleaning. that's my takeaway. >> a lot of dusting. >> a lot of dusting. up next, a major shopping shift? millennials and gen z shoppers are increasingly turning to buy in and out pay later platforms

rather than traditional credit cards. we will discuss what is driving this trend with the khouw ceo of afterpay, when "closing bell" comes right back some see a grilled cheese sandwich and ask, "why?" i see a new kitchen with a grill and ask, "why not?" i really need to start adding "less to cart" and "more to savings." sitting on this couch so long made me want to make some changes... starting with this couch. yeah, i need a house with a different view. and this is the bank that will help you do it all. because at u.s. bank, our people are dedicated to turning your new inspiration into your next pursuit.

5g! to turning your new inspiration and it's on at&t, the fastest nationwide 5g network. now, new and existing customers can get our best deal. really?! mom! at&t has the deal for new and existing customers! i will. so what'd she say? wrong person. guy named carl. but he's very excited and on his way. word-of-mouth advertising. it's what they did before commercials. it's not complicated. everyone gets our best deal, like the amazing iphone 12 mini on us. welcome back the pandemic changes the way americans shopped for holiday gifts. we know that it is also changing the way they return them as well. frank holland with the story for us frank? >> sara, returns on the day after christmas, they were 230%

higher than the average day in 2020 that's according to on line return firm return me. they are making a case that december 26th is now the busiest day of returns as opposed to the conventional wisdom that it is a day in early january underwear and independents mats seeing a 134% increase in returns year over year from black friday and cyber monday sales. furniture up by 36%. the ceo of returnly sass work from home has increased return times 1100% from ten days in 2019 to 20 days now because people aren't at the office where they can browse before they buy or make returns as part of their commute >> frank holland thanks so much for that not only have consumers changed the way they buy during the pandemic but also the way they pay for those purchases. the popularity of buy now and pay later options boomed as

companies such as affirm, split it and afterpay allow people to make purchases over a period of time afterpay based in australia is surging 3700% this year. joining us now afterpay's ceo. >> thank you for having me. >> talk us through the premise of the company we are familiar of course with some of the u.s. rivals like affirm are you exactly the same, the australian version >> yeah, we built a product that is fundamentally different to traditional finance providers. if you are buying a irpaf jeans for $100 instead of paying $100, the customer pays four payments of $25 every two weeks so we pay the retailer the next day and take all the risk. we do that, you know, without checking consumers' credit file.

without charging interest. we have products different than other providers in the market. >> nick, we have seen a huge amount of growth in your product, in some of the rivals this year. why so much? simply because more people are shopping on line and this is an easier product or service to offer with on line shopping as opposed to in-store shopping >> there has been two systemic shifts first as you mentioned the shift from offline retail to online retail has been widely spoken about. in an eight week period saw growth rates that took ten years previously to take place what hasn't been talked about is the shift from the credit economy to the debit economy it started in the 2008 financial crisis when millennials said i would prefer to spend my open money.

if you look at visa in the midst of the pandemic credit card the negative year on year growth and debit arts cards positive. you are seeing a systemic shift away from credit cards to debit card 90% of our users use a debit card and it is driving a current in our business across the board. >> i feel like we should mention the kardashians how they have been a part of our story, especially the launch in the u.s. how they got involved? >> we are really privileged for the kardashian brand to be partners of ours as well as some of the best global brands all over the country who have supported us over recent times. the retailers that deeply understand the next generation consumer the millennial, and gen z customer has understood that our customers actually now start their shopping journey with afterpay they come to afterpay or our app to start browsing where they want to make their transaction

to be a market iing platform is pea cart of or partnership with the kardashians and others. >> that's an exciting point about your own app and getting access to your current partners. how important to your growth is it that you win more clients, as were, as opposed to just consumers being willing to buy now and pay later? >> yeah, look, i mean the whole network effect unfolding is critical i mean we only went life in the u.s. just two and a half years ago in our second full year of trade we did $4 billion of gmv growing at over 300% year on year what we are fortunate to be able to deliver to our retail partners is generally 50% -- to be able to get them access to this customer that might be difficult to reach

that coupled with the support that we have had over recent months, you know, even in the last few weeks alone lululemon, gap ink, ugg. et cetera -- we are being supported by some of the biggest global brands that are now taking us, scaling us in the u.s. and more broadly internationally. >> what do you think it is about millennials and gen z that they prefer this to traditional credit cards what happens when any get older and make more money? will they eventually migrate towards credit cards and the rewards that come with them. >> if you think about how a credit card model works if 1100% people pay back a credit card on time the industry doesn't work the incentive is to go late rather than to pay back on time. for us to build a product that rewards responsible spending for our loyalty program to be premised on paying on time rather than just spending money is a really unique advantage in ten year's time, millennials

and gen z will earn you half of all the disposable income in north america. our average customer is in their mid 30s and they have higher than average income. we are not seeing this customer graduate to a credit card. we are seeing them prefer to spend their own money and get products like afterpay to give them the flexibility that means it remains that way. >> nick, if someone does miss a payment, what's the punishment what's the fee, or the cost? >> we disable someone's account the moment they go late. unlike a traditional finance product, which encourages you to spend when you are late, the moment you are late we actually say you can't keep shopping until you pay that late payment back by virtue of our business model we end up with more good people on the platform than people that are systemically late because people that are late are restricted, giving less spending

balances and ultimately we are able to build a really good relationship with much more responsible consumers. >> nick molnar, thoinz. >> thank you. >> we appreciate it. from afterpay, early in australia this morning. up next, too little too late. >> washington's stimulus bill is a welcome help for small businesses, but for some it may not be enough to turn things around we will brack town the pulse on wall street when "closing bell" comes right back it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard

before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪

welcome back president trump signing the latest stimulus pack athleticag last night 1340r than a -- more than a third earmarked for business but for some might be too little, too late. >> reporter: small businesses getting a much-needed life line in this stimulus package from the government but may be too little, too late, 325 billion for small businesses, including 284 billion for ppp loans. be small businesses can go back for second business but have to see revenue decline of 25% something that should have been in the first round of aid.

the life line also crucial as the situation on main street continues to be dire as recent dire shows 25% of small businesses say they will have to close doors in 6 months if economic conditions don't improve, up from 20% last month. 91% say they used the entire ppp loan and 45% said they will go back for another from the chamber of commerce, 50% of businesses see operations continuing for just a year or less in the current environment. guys, back over to you >> okay, so that's interesting 45% would go back for a second ppp loan i'm not sure where i would have expected that number to be but clearly there starts to be a debate, we need the money, also, how much extra debt do we want to take on. >> exactly are we going to be able to use 60% of it on payroll are we go to continue to pay employees, if so, how long that's the flesh hold they will -- threshold in order for it to be forgiven.

businesses i talk to say they're interested in the second loan but interest in support for direct to individuals because they need money to spend on local small businesses that's a key element of the package. >> are the new rule some of the issues they addressed, are they likely to make it more useful for the businesses that need it and also eliminate some of the fraud, which is another problem? definitely, especially around second draw ppp loan the maximum you can take second time is $2 million down from $10 million in the initial round of funding and changes around local venues and restaurants how much they can take out, some of those changes are being called worthwhile and important but again this is coming months into this crisis the initial funding came out in march and april and we're still in the same situation months and months later the program was initially designed for just a few months

to float small businesses who almost a year later are struggling to stay a float and for many too little, too late, not worth it to take on the loan >> pretty busy on the streets behind you thank you. up next big bonus bummer, we'll break down the details ow. like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. something else that's good to know? if you have medicare and medicaid you may be able to get more healthcare benefits through a humana medicare advantage plan. call the number on your screen now and speak to a licensed humana sales agent to see if you qualify. learn about plans that could give you more healthcare benefits than you have today. depending on the plan you choose, you could have your doctor, hospital and prescription drug coverage in one convenient plan. from humana, a company with nearly 60

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welcome back internet domain godaddy promised to send a christmas bonus but turned out to be a security test, 500 employees clicked on a link asking them to fill out a form and two days later got an e-mail from go daddy security chief saying they failed their recent phishing test and said they take the security of our platform extremely seriously we understand some employees felt it was insensitive for which we have apologized insensitive, for sure. i mean, kind of harsh i would say, even. i'm not surprised people fell for it because it was an

internal e-mail. i'm with those employees. >> of course. >> they got short-changed. >> first of all it's a communication blunder for them because they've been ripped all over social media. obviously very bad idea and worse with covid-19 and what people are dealing with. >> interesting would have made it more plausible, i guess, that there might have been this bonus coming -- not sure how it got to this. but doesn't forgive the tone of it >> i mean, if it comes from an internal domain name as well, you have to think about that anyway, about 30 seconds left of the show one of the four that didn't have a close was the russell, you can understand why, it's up 32% to in point. >> an incredibly stretch and

over bought like a lot of the smaller names, i mentioned small biotech. i believe this is year end portfolio jiggering, we'll see if there's more legs to is it than the one-day reversal today. >> three more trading days of the week that's it for "closing bell. "fast money" begins right now. i'm melissa lee and this is "fast money. tonight's trader lineup -- tonight on fast markets rally with indices record close are we at risk a burst, saying no, plus fubo flop coming out in a big way, headline that did it and what is to say about speculative names seeing the biggest surges this year. there's a bonus hour of "fast money" at 6:00 p.m do you have questions how to s