it is 5:00 a.m. in washington, d.c. and congress defying yesterday's violence, pushing forward with its duty and declaring joe biden as the next president of the united states. in a statement president trump pledging an order early transition but still facing widespread condemnation from global, political and business leaders for inciting some of his followers to violenctly storm chill. we're tracking the latest out of washington and within the

markets. and we'll have expert analysis to make sense of it all. it is thursday, january 7, and this is "worldwide exchange." i'm brian sullivan thank you for joining us today on this difficult but now day for america. at around 3:40 this morning new york time, just under 90 minutes ago, congress was able to complete its task and joe biden has been rightfully certified as the next president of the united states welcome, everybody let's get to all of the incredible terrible scenes yesterday, the stock market continued to make new highs. which may seem very difficult for some to understand on a number of different levels but remember, markets primarily focus on what is likely going to happen in the future, not what is happening right now and most of the investor

commentary yesterday had a common theme, that things will get better, at least economically down the road and right now, futures there are higher once again, dow futures up 108, nasdaq futures up 66 we are coming off new records for. of the market. the dow up 400, the s&p intra day all-time high. nasdaq did underperform a bit. big tech names all closing lower on concerns about greater regulatory risk with an all-democrat controlled congress taking a look at the bond market, the ten year yield back above 1% very good news for financial and bank stocks, they have been doing well lately, that is the highest level for that ten year yield since early march. in the oil markets, we have seen oil continue to firm up since the saudi surprise of two days ago where they took an additional million barrels a day off the market beginning in february crude oil remains above 50 here

in the united states let's also take a look at some of the precious metals obviously they are viewed as a haven whenever there is chaos or uncertainty in the world we tend to see gold and silver get bought as a reaction and that is what is happening. and let's now also take a look at the global market reaction. stocks in asia mostly higher the kospi jumping more than 2%, nikkei up more than 1.5% the hang seng dipping slightly in the final hour of trading and in the early trade across the seas in europe, we're kind of in a similar situation. we are not seeing an extreme or trigger-happy market reaction with the markets we're seeing the german markets up one-half of 1%, markets there like here are looking forward and hopefully for better times with vaccines on the way now to the latest out of washington and just over one

hour ago, mike pence declaring congress has confirmed the electoral college's results, confirming joe biden as the next president of the united states all this as president trump faces that condemnation from leaders both politically, abroad and from business leaders here in the united states after in-citing some of his followers who carried out a violent and deadly siege on capitol hill to try to stop the certification process. ylan mui is joining us now from washington where it is hard to believe a new day, although in some ways it seems like a continuation because congress worked through the night and less than 90 minutes ago were under extreme and terrible circumstances earlier in the day yesterday able to complete their appointed duty >> reporter: that's right. the count is now complete. congress has fulfilled its constitutional duty and finished counting those electoral college votes that show that joe biden

won the presidential election. after that was over, the white house did issue a statement from president trump committing to an orderly transition of power on january 20th and conceding that this is the end of his first term in office but one that continued to cling to the false allegations of fraud but after yesterday's chaos, destruction and sadly even death in and around capitol hill, lawmakers were determined to finish the job, reconvene, and continue counting those votes last night and into the wee hours of this morning as democratic senator joe manchin put it, these thugs will not run us off now, presiding from the dias pd mike pence did briefly address it >> to those who reeked havoc in our capitol today, you did not win. violence never wins. freedom wins and this is still the people's

house. >> reporter: those are some of the stro the strongest words we've heard from public from the trump administration president trump did tape a video message to his supporters yesterday telling them to go home in peace. but also repeating some of the false claims that has stoked the unrest that we saw play out in the streets of washington yesterday. and since then twitter and facebook have locked his accounts the political chaos meanwhile is ongoing. two of the first ladies senior aides have resigned, more than 100 democrats have called for the president's removal from office in his final days whether thatis through impeachment, invoking the 259 amendment or some other means, and even within the white house, nbc news reports that there have been informal staff level discussions about the 25th amendment but as of last night, those discussions and that proposal had not been brought up with the vice president who would need to agree to that along with a majority of the cabinet. so it is unclear what the day

will bring but the curfew in d.c. does lift in another hour. back to you. >> and is the curfew set for tonight as well or is it just sort of a day by day, it was on from last night until this morning and then as of now it will be off, what is the lockdown situation in d.c. around the capitol like today? >> reporter: i think that therethey are still assessing the situation. one of the big questions that both residents of the city as well as lawmakers have is why there was not a stronger police presence to begin with around the capitol, why the perimeter was not more secure and how they were able to storm the capitol so a lot of questions remaining for the capitol police as well as around the national guard the pentagon had said that d.c. had requested about 300 national guard officers heading into the protests yesterday but clearly more were needed, about 1100 national guard troops were eventually deployedact

actity vatsed. so questions around security of lawmakers as they continue to be in session and look forward to january 20th and the events on that day as well the security of our lawmakers is going to be of utmost importance and there will be a lot of questions around what should be done in the future and what at any time happdidn't happen in te past >> yeah, a lot of ex-post factor analysis certainly on the security situationthough the na public place so there could be some problems there. i would say good morning, but it is actually good evening because who could sleep last night but we look at congress, is congress effectively finished until the inauguration

is there anything formal left on capitol hill, will they be in session again between now and 13 days from now? >> reporter: there doesn't seem to be anything else formal that needs to happen for joe biden now to be officially declared president. the inauguration day just needs to come. and what we are being told is that day will look very different from the way it has in the past even before the unrest that we saw yesterday because of the pandemic that we were in, it looked abouted like we were goi going to have a scaled back inauguration obviously the balls that used to be a hot tick eithe either in washington, those will no longer take place and so it was already a different inauguration we'll see whether the violence and securities demands that might need to be in place after yesterday change those plans even further >> i was going to ask you, what do we know if anything about --

i know they said that it would be largely virtual he will get the escorted motorcade to the white house what do we know about the inauguration i mean right now with 13 days to go, it does seem, you know, especially with the pandemic raging, that there would be anything in-person at all, what do we know >> reporter: well, we didn't know a whole lot those plans appear to be changing on a daily basis and they could change again after yesterday as well. so we will continue to be in touch with the administration, the incoming administration, and l you know what we find out. but clearly the security does need to be ramped up clearly the incoming president has said that he wants to ensure that not just the physical demonstrations and violence we saw yesterday comes to an end, but that the rhetoric, the divisive rhetoric that led to some of that unrest, that also

is a way to help heal the country. >> ylan mui, thank you very much let's get more now on the market and investment insight. we're joined by keith lerner at truist thank you very much for joining us on this very difficult day in america. congress was able to get its duty done. and i won't put words in to mouths certainly, but probably like you, ifl getting was gettio comment tak commentary saying how in the world can the stock market move higher when we're watching rioters storm our nation's capitol and our congressmen and women having to shelter-in-place and take cover and the answer as hard and crass as it may be is multiple fold. the idea is this, investors are

going to look forward, not backward and they see better times ahead. the pandemic will end with vaccines and herd immunity the economy and earnings, they are on the mend after a terrible 2020 fiscal and monetary policy, it remains extremely accommodative and now with the democratic sweep, a larger stimulus certainly is likely. is there anything on that or those words that you would disagree with how we can square record market highs with armed riots on capitol hill? >> good morning, brian great to be with you again i do agree with that general sense. this iss is a serious situationu you have to ask yourself from the market standpoint, what changes. will fed policy change no is the fiscal stimulus going to change, will we get checks in the plal to consu mail, yes. are the profits moving higher,

the answer is yes. and then you also think what is the relative opportunity in the market side as well and the big picture too from an economic standpoint, we're still in the early stages of an economic expansion. economic expansions typically last about five years. we think this could be even longer and we're only about six months into it. so even though it is hard to look at, it does make sense from a purely market perspective that it will look forward >> and the one theme for the markets yesterday, and again you are watching everything unfold in real time, just wondering how in the world this could happen in the united states, and at the same time, on cnbc, you can see that equities were moving higher, particularly the small caps, the russell 2000 at one point was up more than 5%, ended up a little bit less than that you think this is the domestic reflation trade. if we need a reason to be optimistic about the nation this morning, it is that we can look

forward and say that the market is indicating that the domestic american economy, small, plid size companies, that they have a much brighter future 12 months from now >> that's right. with we actually upgraded u.s. small caps back in november and it has had a big run but we're still bullish on small caps and we've been telling our clients we think that small caps is a better way too play the reflation trade relative to large value and relative to international. and it has doubled the performance of even large cap value. and what is interesting is even after this run, even after the big breakout yesterday because earnings are moving up at such a rabid clip, the relative valuations for small caps are still the lowest relative to large caps since 2000. we have good earning trends and now what is also interesting, even though we've had a big run recently, we're only up about

10% from the 2018 highs small caps so we would use any pull backs to add to small caps and we'll stay long the area of the mafr kets because we think that it is a compelling relative opportunity. >> yeah i think the names are 31% gain for the s&p small cap, 600 in the last 90 days. so great call by you and your team and the thing i did not throw on that graphic was infrastructure. we've been waiting for really four or five years for anything. are you and your team in any way vesting around the idea of a large or any kind of infrastructure package and the equities that would be attached to it? >> infrastructure comes up every year and almost every year we get disappointed we do think that in the next year or two that there is a good case to be made that we will see some spending. and based on that, we think that the industrial sector and the materials sector should benefit not only from a weak dollar that we've seen over the last year,

but this kind of global reflation trade, two of our favorite areas that would also benefit from frinfrastructure a well >> keith lerner, thank you very much for joining us on this very difficult morning for a lot of america. best to you and your family. >> same to you when we come back, much more of our continuing coverage from washington, d.c. steve sedgwick will join us from the uk with reaction from business, political leaders around the world on what happened in washington yesterday. and a glowing list of business leaders condemning president trump on what took place in d.c. as well. for skin that never holds you back don't settle for silver #1 for diabetic dry skin* #1 for psoriasis symptom relief* and #1 for eczema symptom relief* gold bond champion your skin

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the markets are looking forward to better days ahead, the end of the pandemic, vaccine rollout and earnings and the economy to improve, they are looking for monetary and fiscal policy to he remae rehe remain . and they are looking perhaps to $2,000 checks to american families and perhaps an infrastructure package and so we're seeing equities

move higher despite the terrible scenes we had in washington yesterday. take a look at some of the dow's biggest gainers on the day wall green's, jpmorgan, american express. remember as interest rates move higher, financials and bank stocks should benefit, that explains why jpm and amex were higher as well and some of the s&p 500 companies, including tesla, a lot of talk about renewable energy now under a democratic controlled white house and congress not just tesla as well look at wind, solar, not perhaps a green new deal, many believe that is not likely to than given the narrowness in the margin in both the senate and house, but still names like a next air energy, a first solar, anything on the renewable side which has already been red hot the last nine or 12 months or so may continue to be so.

and corporate america and ceos are speaking in force and a long time trump ally saying that he is shocked and horrified. also noting outcome of the election is, quote, very clear and there might be a peaceful transition of power. jpmorgan chase ceo jachl pli dimon saying this is not who we are as a country he did not call out trump by name, but he urged elected leader totsz cas but calling fo to call for an end to the violence marc benioff also calling for peace and unity and head of the national association of never s

manufacturers con accedemning president trump and others who supported him. and bill ackman calling on the president to resign saying that it is time for you to resign and apologize to all americans it wasn't just them. apple ceo tim cook tweeted that this was a sad and shameful chapter in our nation's history and urged that the presidential transition be completed pup and alphabet ceo saying that the lawlessness is antithesis of democracy and we strongly condemn it facebook also putting out a statement before locking president trump's account calling it the violent protests in the capitol today are a disgrace we prohibits incitement and calls for violence on our platform twitter also locking president trump's account. just some of the myriad of

comments from corporate america coming out condemning what they saw in washington yesterday. turning now oversea, many of the united states long standing allies and other world business and political leaders expressing shock and outrage over the violent scenes that erupted in washington yesterday let's go now to our colleague steve sedgwick in london for more i was on with joumanna and julianna at 4:30 and i remarked at the history here is truly tragic it was the first time that an armed group of individuals had broke into the capitol since the war of 1812 in 1814, a terrible and truly remarkable statistic and just how powerful and awful yesterday was for the country. >> yeah, why don't i pick up that and talk about history. recent history and longer term history as well. because i think that is a very important lead-into the reactions we've seen around the globe and from these big three that i'm stabbing next to now.

so of course we know the recent history between the u.s. and indeed between the unite td kingdom has been pretty close. boris johnson seen as shaking up westminster and mr. trump was coming in to grain tdrain the s. so boris johnson said it is vital to be a peaceful transfer of power saying that the u.s. stands for democracy around the world. but no overt criticism i didn't see anyway of mr. trump himself from boris johnson and of course the relationship between president-elect biden and mr. johnson, that will be tricky because we know that already there is a crossing of sword s over the ireland border. and wenknow u.s. had more scathing remarks from macron saying that this is not

american, definitely we believe in the strength of our democracy and the strength of the american democracies. and very interesting comments out of germany from angela merkel, of course we know has had a very difficult relationship over energy, over russia, a whole host of issues with the united states saying very angry and sad but i will if i may say what her foreign minister said, from inflammatory words come violent actions on the steps of the right start and now in the capitol. you talked about history and that is a direct reference we understand to the events in 1933 and the parallels for all our viewers. >> and the ideal being that the united states version of democracy had been a model for the french of course we won't go into some long standing political history, but certainly what we did now is going to be watched by the world. we saw these awful scenes yesterday, but we go forward we wake up and we move on throughout history, that is exactly what happens no matter what it might be and this is a critical time in

history because the world is dealing with a common enemy, a mic microscopic virus that is affecting millions of people uk on a full lockdown, germany tightening their restrictions as well the world is having to deal with a post-pandemic world at the same time. and we still have geopolitical concerns, arising an ascending china as well, saber rattling by iran so this is a time where despite those scenes, the global leaders at least from a pandemic perspective have got to come together it is a critical time for the globe. >> and more recent history, 2009, i was here for the g-20 and of course you will remember pittsburg the same year, there was a global coming together to sort out a crisis to throw

billions at the situations and there has been no global coordination in this delay sis led by the united states not all the u.s. fault, but they have to take its fair share of the responsibility it is about the future of the democratic institutions such as nato you talked about enemies of the west and potentially long term adversaries on the geopolitical front. and mr. rouhani saying that this shows the failure of western democracy. talks about the fragility of western democracy. and so of course a message potentially to the enemies of the west and the united states and europe as well >> i would correct the iranian leader that was not protesting, that was rioting. protesting is the ability to speak your mind, but it does not mean that you can storm the nation's capitol with guns and threaten people's lives and indeed a woman did lose her

life but where we go now will be what is watched certainly by the world as well. we do remember pittsburg and we do remember the g-20 steven sedgwick with a great look there at the global market reaction thank you very much. still on deck, we'll get a check of the morning's other top stories and there are those including bitcoin, it continues its run, climbing to new heights. 37,000 was surpassed, breaking all records. it now has a $1 trillion valuation. dow futures up 100

breaking news, congress convening into the early morning hours to confirm joe biden as the next president of the united states representatives and senators voting to reject the challenges to the electors. this all coming just hours after rioters invade the nation's capitol building it is thursday, january 7, this is our breaking news coverage right here on cnbc welcome or welcome back and good thursday morning, everybody. i'm brian sullivan thank you very much for joining us through all the incredible and terrible scenes yesterday, the

stock market continued to make new highs. which i know at many levels seems difficult to understand, but remember, markets and economies primarily focus on what is likely going to happen in the future. not what is happening right before our eyes. and most of the investor commentary that came out last night had a krcommon theme, that things will get better at least economically down the road and we're seeing that reflected in stock futures right now markets at new records yesterday, dow futures up 90 points up right now. the s&p hitting a new intra day all time high as well. one group that did not did as well was big technology. facebook, amazon, apple, netflix and alphabet, they all closed down again, markets looking forward and what they see is concern about perhaps greater regulatory risk in an all-democratic congress as well as regulatory risk in the european union as

well we did see bonds and yields move higher the ten year holding above 1%. highest level since march. that would be good news it big banks and financials like goldman sachs, jpmorgan. watch the small and regional banks too if interest rates again seemingly at all odds do on the bond market continue to move higher, we could see financials continue to outperform oil also moving higher as well again, we're looking forward not at what we saw yesterday, and what we see is a million extra barrels a day coming off the market courtesy of saudi arabia's surprise at the last opec meeting as well as the idea that, yes, the vaccines, while maybe frustrating and slowness of the rollout are coming. the american economy looks brighter down the road and we'll be taking to the road and the air a lot more in the spring, summer and fall. oil prices are higher again.

and when we do get nervous, when things happen, we tend to take safe havens in equity markets and that has occurred not only in precious metals but also to bitcoin. bitcoin, a hedge against a weaker dollar and in many people's ways against unrest and bitcoin hitting $37,000. and with that move higher, bitcoin evaluation is now more than $1 trillion not including all the other cryptos that are out there as well. all right. a lot of things happening in the markets. but let's now get back to your top story. and washington, d.c. where there might actually be some senators and congress people still on capitol hill because they only certified the election a little under two hours ago, about 3:40 eastern time this morning. the question now, what now ylan mui is back with us with the latest and the road ahead.

>> reporter: president trump has now publicly committed to an orderly transition of power on january 20th when joe biden will be sworn in as the next president of the united states the white house issued a statement early this morning after congress completed counting those electoral college votes that show that biden won the election, trump conceded that this is the end of his term in office but he also clung to false allegations of fraud after yesterday's chaos and destruction and even death in washington, lawmakers were determined to finish the job to reconvene and finish counting those votes. last night vice president mike pence presiding from the dias said violence never wins, freedom wins and democrats called for an end to the division. >> enough, high beloved colleagues, it is time for america to heal. it is time for our families and communities to come together

let us stop pouring salt into the wounds and let us start loving our land and wonderful people >> president trump had taped a video message to his supporters yesterday telling them to go home in peace, but that message also included the fault claims that helped stoke the unrest that we saw play out in the streets of washington yesterday. and since then both twitter and facebook have lock bed the preside president's accounts the political accounts are on going. two of the aides have resigned and more than 100 democrats are calling on the president to be removed from office. inside the white house, nbc news is reporting that there have been informal staff level discussions about the 25th amendment, but that as of last night, those conversations had not been brought up with vice

president mike pence who would need to agree to that along with a majority of the cabinet. so what we know now is that d.c. remains under occur gkucurfew ar half hour. the d.c. mayor extended the public emergency for the next two weeks or so. as far as we know, streets have been quite, but we'll see what the day brings >> yeah, certainly and again, we talk about this idea of looking forward. and we have to because today, tomorrow, they will come the sun will rise. but there is a big politicale a agenda, democrats officially now in control and of course the inauguration on the 20th. from a macro agenda perspective, we're talking about bigger fiscal stimulus, the possibility of a "green new deal," the poenlts of possibility of tax

being ini increases, perhaps infrastructure what does it mean for the agenda moving forward >> what we saw before the protests yesterday is democrats starting to map out what that had yagenda would look like chuck schumer said that sending out the $2,000 checks would be a top priority that is what they ran on in georgia, it was their closing message and one reason that they believe that they won. we're also hearing from democrats yesterday like senator vaughn widen saying that he wants to ensure that his proposal to extend unemployment benefits and provide that $600 a week boost to jobless workers, that that is included in another package as well. so you started to see the different factions of the democratic parmtsi itparty layor requests for another aid package and then what should be addressed after that, whether

climate change or infrastructure clearly dealing with the pandemic will be job number one. >> yeah, and very quickly, i know i asked you earlier, do we have any further details about the inauguration, will there be crowds in any form with masks or social distancing, any crowds converging on washington, d.c. on january 20th? >> i don't have an answer for you yet. what we know is that there should be some public portion of the inauguration we just don't know how public it will be, how many members of the public will be there but certainly it is something that is evolving and i'm sure the planning will continue throughout the day today >> yi notiand let's now bring in jimmy pjiou cnbc contributors. jimmy, you live right there.

obviously a dark, difficult and terrible day in so many ways for the united states. today we begin to pick up the pieces what should be job one for congress right now >> i think that they have to talk a lot about how joe biden is our legitimate president and then get to work in this next term doing the things america needs. we had a very bad period in this country in the late 1960s to the early 1980s. multiple recessions, stagflation, civil unrest. the market went nowhere on inflation adjusted basis, the market was down quite a bit. and then we had an economic boom starting in 1983 and it didn't take long really three, four years, americans felt different about the country, the world felt different about america i hope that is what we have coming up now is that we have a

post-pandemic rebound and then a longer economic boom i know goldman sachs just raised their forecast for next year at over 6%. we could use a lot more of those kinds of years going forward but if there is a roaring 20s here, i think that helps solve a lot of problems. >> and i want to following up with you again before we go to jeff here, because again, not to be a pollyanna about it, but if you do study history as you do, we can look back and see many, many times where we seem to rally through it and now single party rule, and i know it seems hard to believe, but there has -- i went through the numbers last night, i believe 20 times out of 117 congresses where we have had split houses single party rule is actually the norm i know the last 20 years we've

had this back and forth, but through american history, whatever it may be, it was single party rule. so we know how to do this and maybe just the narrowest majority in congress in 100 years, which is what we have, will come together do you have any optimism about that >> i kind of do. my bias is toward optimism but the median senators will be people like joe manchin and mark kel kelly. so i think that provides a glimmer of hope that actual real things can mahappen and there is an understanding that we need things to happen. whether infrastructure, more science investment and i hope that is the lesson people have learned from yesterday and the past month that we have big problems, and

it won't get solved if we don't trust each other and if we hate each other >> yeah, i believe ben gentleman can minu franklin said we can all hang together separately or together. and i know that we're watching these terrible scenes unfold and yet markets are going higher and we kind of walk through some of the ideals about that. markets look ahead and they are looking at better days the pandemic will end. vaccines on the way. the economy will improve there are reasons for the market to beoptimistic and that is what is reflected in the price action >> it is a forward pricing mechanism despite the disgraceful chaos that we had to witness yesterday out of d.c the market was able to hurdle that really representative in the vix. it never got above 25. so the fear gauge that we like to look at didn't really resonate or are spill into the stock market

and we saw a lot of optimism that this infrastructure that additional stimulus, that this additional engine in the oil for the democrats moving forward will allow a lot more spending, a lot more infrastructure. and that was the real message. so i think the stock market, despite the chaos, the stock market really looked forward to what we are foreseeing and look at clean energy, we look at the etf pbw, up yet again yesterday. we talk about infrastructure plays. some of thievof these names that seen a lot of love moved higher and i think that is representative of what the future looks like. the stock market isn't diminishing the disgraceful chaos that transpired. what it is looking forward to is what we can do as a country moving forward and that is what is exciting as an investor >> and if you need a reason to feel good about it, therous rul 2000, small cap stocks, that is

a domestic play. those are companies that are based in america, that mostly build their stuff in america to americans. and that index went up nearly 5% at one point, yesterday closed just beneath that. the market is suggesting that the domestic reflation trade, the economy, whether it is that roaring 20s, that that will happen, you know, in 9, 12 months and in 2022, correct, jeff >> the rotation is real. i think you bring up a great point talking about the small caps but let's be mindful, ever since we saw the pandemic hit in the months of march, a lot of smaller cap stocks got thrown away for the wrong reasons so now there is a light at the end of the tunnel, i think that they have a reason to be owned but i think that the rotation or the diminished exposure out of technology and into small caps and industrial names, i think that is the overarching 2450e ag

small caps have lagged ever since 2016 so i think that it is a stock pickers market and you have to understand where your exposure is, but you're right, there is a lot of value out there in some of the small cap stocks >> and jimmy, just to wrap it up and put a cherry on your first point there, which is that we did see -- we've seen business leaders by the way from jamie dimon to tim cook to spa sundar condemning what happened, many in congress doing the same many maystill be on capitol hill, 3:44 a.m. is when that gavel came down on the proceedings to certify the election what should be congress' job one, if you are nancy pelosi or you are chuck schumer, the new majority leader by the way, what is the first thing on your

docket >> first thing in this new term, and i don't think much will happen between now and end of the year based on what i saw last night, i don't think that we'll get an impeachment and removal of the president. the president put out a statement saying he accepts the peaceful transition of power and i think that tamps down on that kind of talk. going forward, i would like carefully if i was congress at what do we need going forward to boost economic growth and productivity beyond this pandemic and that is things like infrastructure and as i said a lot more science investment to create the economy of the future, that will create the good jobs and faster growth that we need which i talked about earlier. i would like to see congress move on that >> and if we get the astrazeneca and j & j vaccines, we could see the pace of vaccinations improve which would ease lockdowns, reduce economic pain for so many millions of families

guys, thank you very much for joining us on this new difficult but now day in the united states coming up, much more on the violence in washington and the market reaction or lack theoerff and what is the path forward we're seeing dow futures up 79 l. l. we want both - we want a hybrid. so do banks. that's why they're going hybrid with ibm. a hybrid cloud approach helps them personalize experiences with watson ai while helping keep data secure. ♪ ♪ from banking to manufacturing, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. ♪ ♪

it is a new day in d.c., the sun is about to rides.

and coming up, our continued coverage from washington as congress finalizes joe biden's electoral college win. dow futures up 82. pay off my student loan debt. they were able to give me a personal loan so i could pay off all of my credit cards. i got my mortgage through sofi and the whole process was so easy. ♪ express yourself

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> hard as it may be to believe, stocks continue to move hire and futures are up again dow futures up 55. and many of you especially if you are newer to the markets or investors, may be wondering why or even how stocks can go up given everything we witnessed yesterday. it is because of this, the markets look forward and the markets collectively see better days ahead for the economy and for american bringusiness. and here are some of the reasons that stocks are going up number one, we are looking forward. the pandemic will end. vaccines are on the way as

frustrating as it may be also the economy and earnings are on the mend especially in the second half of the year into 2022 fiscal policy, monetary policy especially with this new incoming congress controlled by the democrats is believed to remain accommodative and also a larger stimulus is likely perhaps, another $500 billion, $600 billion round, more checks directly to families let's bring in managing director of zore capital. certainly we didn't see anything like we've seen yesterday, let's hope that we never see it again. but to my point, it is hard for people to believe, but the markets are thinking a year out. are you as optimistic? >> yeah, i am optimistic and bullish on the markets strong technicals and the fed.

if you ask most investors what are the biggest lessons learned from last year, you will hear two common themes. don't fight the fed and i should have listened more to the price action of the market and less to the doom and gloom that is out there in the world and i think that that is important because that will also apply this year. as i said, the fed is still a factor this year and yesterday is a perfect example of the resiliency and the strong technicals of the market where there is this unfortunate event yesterday and you see the russell 2000 at new highs, all major indices at new highs and it speaks to the message of the markets and i want to remind investor, if you make that mistake last year not to make that again this year because the technicals are still strong and the fed is providing us with that strong backdrop of low interest rates and a lot lf ll lly liquidity

>> and goldman sachs out with a note last night, democrats are likely to pass further fiscal stimulus in q1, and we expect total of about $750 billion including $300 billion in new stimulus checks. so you can agree or fight on the exact number, but goldman is on the record saying we think bigger checks, more money is coming that will vehicle into twill tr markets and the economy. >> i think one of the main factors people need to remember, that the big institutions control the markets, so it is important to pay attention to what they are doing and they continue to buy stocks and they continue to accumulate shares they are set to rotation which is a bullish sign. and the market is a discounting mechanism. too many people try to make sense of the immediate news of the day and what is correlated to the market. but the market trades on what will happen 6 to 9 months from now and it is telling us that there will be a recovery in the

economy and to your point about larger stimulus, that will be bullish overall for the economy. >> you've been correct and let's hope you are now as well appreciate you coming on opt miss tiimistic and looking to seeing better days from the virus, the economy and corporate earnings for hopefully all of america, whatever side of the politalic aisle you may be on, i wish you the best "squawk box" is next businesses today are looking to tomorrow. adapting. innovating.

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the capitol now secure after a mob of trump supporters

breached the halls of congress, four people died amid the riot and earlier this morning, congress completed the task of counting the electoral votes an affirming joe biden's victory. president trump suspended from twitterreleasing a statement saying that there will be an orderly transition on january 20th we'll bring you the full coverage of the impact of the events on the final 13 days of the trump presidency the future of the republican party, the economy, the markets, how to fix your money. it is thursday, january 7, 2021. "squawk box" begins right now. good morning, welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin and the sun is