much will be written and much is yet to be decided. through all the chaos. the insurrection in this hallowed place, today we proceeded, as we always do, as a united america according to tradition. our coverage continues tonight on the news on cnbc, 7:00 eastern, 4:00 pacific. now it's time for "power lunch" with jon fortt and kayla tausche. >> thank you shep. we are both watching washington and wall street, as president joe biden and vice president camera harris are officially sworn into office not long ago the markets are higher, hitting a record high up nearly 2%, s&p and russell hitting highs as well kayla tausche it in washington, where the president is saluting and will soon depart

kayla? >> reporter: the military pass and review, running more or less on time. we are expecting the president and first lady, the vice president and the second gentleman, to depart moment tear his to lay a wreath at the tomb of the unknown, where they will be joined by most of the living presidents he spoke to jimmy carter last night, who game him his well wishes carter is not present today, and of course president trump has become his post-president atlife in florida it was a day that broke barriers and history, president biden winning with a report number of votes. kamala what areries becoming the

first fee neal vice president. the national guard fortified the -- the capital risers earlier today -- filled with flags instead. later on today, president biden will settle in at the white house, and he will get to work the team says he will sign 15 executive orders to reverse some trump, stop construction on the border wall, and extent some of the pandemic relief protections for renters and student loan borrowers. it's also unveiling a comprehensive immigration bill, including a path to citizenship.

that will be a placeholder outlining the white house, but jen psaki said he will use thinks political -- a recovery package, and will be introduced in february. jon, of course, president biden and vice president harris know their way around the capitol, having served there for differing periods of time. they have relationships that will be reinforced and tried yet again, jon, as they try to see what is passable and what is feasible in this administration and this congress. jon? >> kayla, those relationships will be tried for sure, and it strikes me that so far today, we have seen a real attempt to project normalcy, to go through these traditions that are so important to the american

transition of power. here we see president biden and the first lady dr. jill biden getting in a car and departing the capitol. at the same time, this is anything but normal. we see washington, d.c., these areas pretty much on lockdown, and one wonders, once this opens back up, as it must, do the outside factional influences start to tear at the show of unity today? >> and just how much does that ripple through the fabric of american society it's impossible to know at this stage. certainly president biden tried to reach out, saying give me a shot, hear me out, take measure of my heart. if you still disagree, that's fine, but hi urged the uncivil war to end at this point

a lot of that activity takes place on the fringe corners of the internet perhaps the changing message will tamp it down, but it will not put an end to it there will still continue to be a moment of reckoning in this country that not even one administration, not even one term, will babble change immediately. we have both covered that on air and long and very involved discussions about how exactly to get to the road of this problem. it's not something that can be solved obviously on a single day, jon. let's do more on what to expect let's bring in larry sabado, university of virginia center for politics larry thank you for being with us this historic afternoon i want to ask about this

environment of factionalism. this is a new extreme of it. how do you view of likelihood of moving beyond in factionalism, moving into something more like unity. >> well, it depends on how you define unity if you're expecting complete unity and people to join hands and sing kumbaya, you will be waiting until the end of time, especially during this polarized era. but joe biden does have a good relationship with mitch mcconnell. i don't think he has much of a relationship with kevin mccarthy that was amusing to watch that part of the ceremony essentially biden will have to depend on these very narrow democratic majorities as long as he has them. as long as the -- though the republicans will be in a narrow

minority, given vice president harris' tiebreaking vote, it is true that mcconnell and biden have had a friendship. i think when mcconnell can throw a bone to biden without alienating the gop base or many of the very conservative senators in his caucus, he will do so. he's done it in the past he didn't really like obama. the republicans didn't like obama at all they do like biden friendship matters a bit, but it doesn't transform politics. >> there used to be a presidential honeymoon period, to maybe focus on some legislation that had bipartisan support and expect to get that through. is that still possible at a time when, i would argue, that the loudest, strongest voices in both parties are at the extreme ends of it, and the leaders seem

to be afraid to upset the applecart with those voices. >> yeah, they're afraid of their own base is it still possible it's possible if biden quickly shifts to using those very narrow democratic majorities in the house and the senate i think he's going to get quite a bit passed, because democrats carried those two georgia senate seats. you know, it's exaggerated, this 100-day thing. franklin roosevelt had a successful 100 days. le lyndon johnson had a successful 100 days, and ronald reagan had a successful 100 days. that pretty much exhausted -- george w. bush had a successful 100 days if you counted -- circumstances dictate it most don't have a peak 100-day period of great accomplishment.

>> reporter: larry, i think you could also argue the stakes have never been this high certainly prior administrations who have had less productive initial periods have called that deadline arbitrary here the biden administration will seek to vac nation 100 million americans. how high do you see the stakes here and what is the risk if they can't meet some of those benchmarks >> the stakes are high i know the economy is at least as important to millions of americans, but everybody agrees you have to solve the vaccine distribution problem you have to get that moving. to be honest it's not just the federal government i think that's got to change and it will change to a certain degree yes, biden recognizes he has the

narrow democratic majorities, and remember, an act of god on any given day could change control of the senate, act of god meaning one of the democratic senators leaving us in one fashion or another and there's a republican governor in that state, where the governor gets to appoint a substitute you just never know what happens in life. you have to push hard. that is why they want to push now while they've got any theiro majorities. >> we heard president biden today with a strong message of unity, echoing what he said on the campaign trail for the better part of two years i wonder what action you think he can take. today he will be reversing a lot of trump era policies, but there's been some controversial suggestions that perhaps biden could pardon president trump do you see that happening? >> well, you know, in this era

i'm never surprised by anything anymore. my guess would be no, because the reaction from rank-and-file democrats would be intensely angry. this is not a nixon situation. i don't think it's likely. there may be other things he can do we underestimate the value of inviting people over to the white house for drinks in the evening -- i'm not saying they're going to change philosophies, but if it's a close call, they might throw a vote to a president who has just entertained them everybody is human >> we wonder how human we still are these days, larry. i want to finish on a question about economic impact of all of this in this environment we've been talking about spending around covid and stimulus there's also going to be talk about infrastructure spending. how much of getting that through is going to depend on who gets

credit for it and that sort of dealmaking and wining and dining that you just described? >> a good deal of it, unless they're planning on passing it with 50 votes in the senate and vice president harris breaking the tie. of course in the house, democrats only have a few extra seats. it would be nice to have a knew republican votes, not to assure passage, but to say to americans, seeing, we're developing a bipartisan effort it won't be easy, but even more so now, we are terribly polarized. we've had four years of total division -- near total division, and biden is a different guy, obviously, than trump. he is more of a uniter than divider, but he has a philosophy and ideology and party that the vast majority of republicans do not agree with

it's just that simple. >> on a day like this, of course, given all that, still we are hopeful, as we see a peaceful transition of power larry sabado, thank you. >> thank you coming up, president biden heading to arlington national cemetery as his four-year term starts today it's the second time he will enter the white house amid economic turmoil we will look at what policies might be front and center. plus we are watching the market hitting record eyes, netflix driving some of those gains as communication service and consumer discretionary stocks lead the way. much more, after this.

welcome back to this special edition of "power lunch" on inauguration day 2021. we saw the swearing-in earlier today. the motorcade is currently on its way to arlington national cemetery where the bidens, kamala harris and second gentleman,less joined by presidents bush, clinton and obama to lay a wreath at the tomb of unknown soldier, after an evening last night where the country grieved the 400,000

americans who died at the hands of covid-19. we'll show them the pictures as the day continues to proceed. >> i'm glad you're with us to help it is it. stocks rallying meanwhile, and if we hold here, it's the first time on any inauguration day the s&p would have gains of more than 1%. and jim chanos telling cnbc that stimulus and vaccination will be booms for the market. >> i think it would be a boom for the economy. i joked this morning, for people to think that the stock market is not discounting a stimulus and a complete vaccine roll-out, they might want to look at the reopening plays that have been rallying since june. the stock market is clearly looking ahead.

at this point i think it's looking ahead into 2022 or 2030, or 2050, depending on the stock, but i think that everybody's in agreement that there will be a pretty robust economic growth in 2021 coming out of this. >> but can individual investors afford to look forward that far ahead. dan, good to have you. so what's going to influence the market from here if you look at this is stock charts, you wouldn't know that we've had an insurrection at the u.s. capitol, the washington, d.c. kind of in a state of lockdown during a presidential inauguration if the market is indeed looking years ahead because of valuations, is there near-term da danger >> i think the near-term looks pretty good to me. i think we always focus on profits, liquidity and

sentiment. two out of those three look good profits we'll probably see the best year of profits growth since 2010 coming out of the financial crisis liquidity is not only abundant, it's bountiful right now that's likely to continue with the stimulus, with the new treasury secretary, so no end in sight, so the real fly in the ointment here is sentiment valuation. i think you can get some hiccups in the near term, but the good thing as investors, it's very concentrated and you can do that without having to focus and leverage your whole portfolio to this narrow focus >> yeah, valuation, that's my big question when it comes to this market. that valuation is high for those who haven't been playing for the past several months, even years. that combined with the fact you

don't have a bond market in the same way you used to to go to for protection where do you go if you're looking to perhaps be a little conservative in your bullishness? >> jon, you make a great point the valuations are basically at the highest levels since the tech bubble. if you dive underneath the surface, the big drivers is the u.s. large-cap growth. if you want to avoid the -- by the way, those will be the most sensitive, you know, those secular growth names will be the most vulnerable it on a move in interest rates by buying the rest of the market, which we think, by the way shows earnings growth that will be even better, right at we come out of the recovery, you know, you want to buy the stuff that's recovering.

they did so well there's no earnings to recover, whereas you look at the recovery traits that jim chanos is talking about, it's still a business depressed. whether it's stimulus or the fact we'll do a better job, you know, containing the virus and getting everybody vaccinated, that all bolsters those stocks >> in this environment then, how much dry powder do you keep for the possibility of a downturn or bargains showing up. >> yeah, you know, it's a really good question. i think it depends on, you know, your time horizon here, but i think, you know, for your aver investors, bonds are expensive, so having some dry powder to take advantage of those valuations, makes sense,

but we think there's plenty of opportunity out there. we don't feel like there's a big need just to put it in perspective. if this is the highest, most expensive the market has been since the tech bubble and you're worried about that bubble deflating or those high valuations deflating, you can still have stuff that really works. just as an example, back good 200, 2001, which people think of that deflation period, those stocks returned 40%. we're not going to get an exact repeat of that, but you can still buy stuff that has a lot of up side so i don't think you need to hold a lot of liquidity and cash here if you're invested in the right stuff. >> dan, you mentioned a stimulus and the push on the pandemic and vaccinations as one way that the biden administration could propel the market forward, but in the last four years, there was a prevail years that the

president ultimately saw the stock market as a bellwether as a success of his policies and would not pursue a strategy -- we're watching the cannons go out of at the arlington national ser modern as we await the rival of the motorcade pulling into virginia, where we expect he president biden to be joined by the clintons, the obama, and is the bushes so what is your view >> it doesn't factor into my view if you look back at the past presidency, you know, when the market was going up, clearly those were in the tweets when the market wasn't going up, it wasn't referenced much. it was a presidential put.

otherwise, it wasn't really a factor if you think about using the stock market as a gauge of the successes, in a lot of ways it doesn't work out, right? because once some of the biggest pushes were deregulation and if you think about the biggest beneficiaries, whether it's energy, whether it's u.s. manufacturing, whether it's u.s. steel, those sectors were big on performers during that period, as well as the financials i think the fed put was a bigger factor ened i think the same will be trip in this administration. i don't think it matters one way or another. >> dan, we appreciate your time and insights today on your screen you're also seeing arlington national c

cemetery we are awaiting the arrival of a show the bipartisan unity on a day where president biden has given a speech with the theme america united that's the theme of the proceedings going on in washington it is worth noting at arlington national cemetery, there are approximately 400,000 veterans that are buried there spanning nearly all of america's wars it's been a time-honored tradition that our leaders of our country pay their respects at this tune, but it's an eerily similar number of americans who have died from the coronavirus just in the last year. just a figure that the incoming

administration paid respect to last night at the lincoln memorial, a virus that biden says today continues to silently stalk our nation. not unlike paying respects to victims, as we wade for president biden to arrive. bide been said he had a change of heart after the siege on the capitol after january.

>> the presidentees state care is called the beast. as of today, the license plate has been switched out to now say "46. joe biden is the 46th president of the united states jon, your thoughts >> we are in one of those days that is so much bigger than imagine and the economy. we are witnessing pictures that represent tradition, and the foundations on which the markets and the economy here stand we talk a lot about sentiment, and the value that gets placed on things based on sentiment this is a time when the -- the

psychology, the mind state of america has been shaken in so many ways, and so clearly what they're trying to do and project is, you know, reach back to those foundational things and traditions that america is about. the question is, how will the american people respond? all branches of the military here represented president biden and vice president harris having just come from the u.s. capitol is an attempt to remind us of these traditions of what we hold dear, kayla, and to point forward to so many of those challenges that you mentioned and that president biden mentioned in his address he talked a lot about the

multiple challenges that the country faces, how any one of them would be a staggeringly significant on its own, but he named four that he is looking at as president, having to face all at once, saying later today, he's going to go to the oval office and begin to address those directly, kayla. i can't remember a time when there was such high expectation and such high stakes on an incoming president >> a bit of history of this memmium. it is called the tomb of the unknowns, because the exact number of those buried

underneath is unknown. there are estimates that nearly half of the civil war dead were never identified. that's an especially poignant fact today, when the president talked about we cannot let this uncivil war kcontinue, and the extreme polarization between parties and within parties that are currently dividing our nation and tearing apart our country, so visiting this specific monument after delivering a speech with that message, jon, cannot go unnoticed, either. >> such an important recollection, kayla. it strikes me, as we think about the history of this great nation, we have learned that polarization does not reverse overnight. we talked about the civil war. we have to remember that period

of reconstruction that was so challenging and difficult. we also learned that learn matters. president lincoln did quite a service in his -- the man who followed him, andrew johnson, very different in his style and the impacts, but now, as we watch, as you mentioned, the pictures of that -- the tomb of the unknown soldier, the memorial to the civil war dead that has taken on such a broader meeting, we also think about the challenges this country faces, heading into these next for you years, kayla so many of the questions that we've had this morning and into the afternoon are about not just the cooperation and the degree to which president biden will be able to continue to expect that, but also just national unity itself, will hi appeal, particularly to the other side,

he'll be a president to not just who voted for him, but all the american people, will that resonate >> that's a good question, john. delaware senator chris coons is expected to join us later in the hour, who knows joe biden's moral compass, a close friend and confident dan. it's important to know that president biden as a human, as someone who wears his grief outwardly on his sleeve, he said just a few years ago on "the late show with stephen colbert" he decided not to run, because he thought he was too emotional after his son beau's death from brain cancer of course, he suffered an immense personal tragedy when his wife and daughter were

fatally kidlled and he thought about not showing up to the senate seat, and he decided to show up for that term he took amtrak every day, and that's become a symbol for his outreach on that corridor, but he is personally acquainted with grief, with personal tragedy, and has tried to use that to connect with the american people who are going through this moment of great national grief, and certainly could use a moment of healing right now, jon. >> yes, kayla, you mentioned that i am from washington, d.c., these scenes very much resonate with me. we now see former president bill

clinton, former first lady hillary clinton, and i believe president obama -- former president obama, michelle obama also there we see george w. bush, former president george w. bush and laura bush as well there at the tomb of the unknowns not all of the former living presidents jimmy carters sends his regards. he's in his mid 90s, and of course outgoing president trump decided not to be a part of these activities at all. but this scene, this show of unity, this respect of tradition, this observation of the sacrifice that has allowed this can be to be what it is under way as a part of the inauguration of president joe biden.

>> a restoration of sorts to some of the norms and tradition that generally accompany moments like these, peaceful transfers of power in american history, and a pays of respects for those who have come before us and those who have fallen before us is one of those traditions let's listen to the sights and the sounds that we're hearing at arlington national cemetery right now. >> we're expecting the arrival of president biden any moment

now. this is an important scene for what it reflects in potential normalcy, but as we watch this, we have to think about the real ity what having -- very much looking toian wear 21st and beyond how separate, how fractured are the agendas of the two parties evening when it comes -- on which there seems to be some potential -- >> there certainly is an attempt by the biden/harris administration, whether it's wearing a mask or roads and bridges. we're going to talk to steve liesman a bit later on about the

price tag of some of those items, about real bipartisan support for some of those packages to return to some sense of normalcy remains to be seen but there are certainly fractures, as you mentioned, not only among the parties, but within the parties joe biden at this point is going to need to learn who he is as a president, and as a force of governing, and what his priorities are and his administration priorities as every president does regardless of whether they've been a politician for all these decades. steve liesman is here with us as well steve, you know, i'm struck by seeing all of these prior presidents standing here, thinking about all of the

moments and the trials and the tribulations that each of them went through during their time in office. i'm recalling 2009 when biden was sworn in as vice president, unemployment was at 6.7%, there was a deepening economic crisis, a stimulus was until way, but even the ills of that nation is a fraction of what the nation is going through now, and a fraction of the price tag that will be needed to help solve them. >> that's a great way to put it. definitely the hole is deeper now that biden is inheriting, but the outlook is much higher we did a rapt forecast that he had gone up big time, kayla. if you look at the quarterly forecast, they're up two, three percentages points the reason is what you're talking about. the reason is because of the stimulus package proposed by

then president-elect, now president biden. if you just look at what's happening, it's gone up two, at least points we have some economists forecasting double-digit growth in the second quarter. a lot of that echos down the road in terms of the full year, some into next year, but all of that will limit the other parts, when it comes to constrains, perhaps by the willness of the body politics to spend on any other than perhaps or willingness to assist and reach across the aisle i talked to members of the by which and the o-- bush and obam

administrations, so president bush agreed to green light the second wave of tarp funds so he could start his agenda with something else so i think back to agreements like that and decision to work together like that, and i think about how foreign that seems in today's political landscape. >> you're right to mention all of that stuff, kayla i happy to know that the last thing president obama wanted to do was bailing out the banks he ended up having to do that, but people to get running it the government is a multitrillion dollar operation there are people needed to make decision about debt financing. i think there will be things that happen because of the failure of -- i don't think it's

like black swan events, but there's an awful lot of work the biden administration will have to do to get up to speed, the daily running of the government, let alone the monumental task of getting the vaccine distributed. if you can't pick one economic -- it's getting the vaccine distributed, all of the forecasts i talked about, kayla, are predicated on that vaccine getting out. >> so much so. thank you, steer joining us on the phone is senator chris coons of delaware, a close confidant of president biden. as you watch president biden winding his way around arlington national cemetery aftere delivering the message he did is a, what can you tell us about hi

mindset? >> joe biden has always been an optimist, always someone who has managed to get back up when life has knocked him down, someone who looks at our history and a nation of overcoming huge challenges, who relies on his own faith and family, and with all of that has managed to find his ways to hopefulness and opt mick yesterday's departure from delaware was a tearful, heartfelt moment, because he left from the beau biden national guard center, a poignant reminder to him of the beloved son who did not make it to washington with him, as he achieved a lifelong dream. i don't think joe could have imagined the crises he would face that now that he is president, but i think he is exactly the right leader for this moment, to come together

and confront the challenges in front of the you senator, let's listen into arlington. we'll come back to you on the other side of this ♪ ♪ ♪ ♪

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all right. you are watching president biden, vice president harris, an incredibly solemn moment, as they pay their respects, a moment of silence, laying of the wreath at the too many of the unknowns we are still joined on the phone

by delaware senator chris coons, who was talking about the state of mind that joe biden after so many decades of political service, so many attempts at the presidency over those decades, senator coons, and this time around he was criticized as someone, who wanted the status quo, when the country needed real structural change, people from the entire spectrum of the entire democratic party, but i wonder as he turns to governing, what do you think his priorities will look like >> well, joe knows how to assemble a cabinet that's strong, seasoned, capable yet diverse. he knows how to govern he's had a challenging primary season during which to hammer out his policy proposals, and

2020 has sharpened his focus even further the first job, of course, is getting us out of the pandemic, which has already taken more lives than the second world war, that's raging at its worst right now, and the flawed response, the flawed federal response from the previous administration is going to make this very heart. he's been focused on it since the election right behind that is strength anyone or economy, our healthcare system and addressing racial inequality. the wale he deals with that will build back better, make us more competitive and more inclusive, but he has to have good partners in congress who are willing to partner with him with the proposals he just laid out in the america rescue plan earlier this week. >> to that end, the pursuit of many of those policies, senator, will begin with the reversal of

policies from the trump era. there's an impeachment trial set to get under way at some point in the early part of his term? how much political capital could be chipped away because of those actions? >> a typical assumption in with his political capital, his or her political capital at their high point and they spend it down. i think we're in an unusual moment after the election president trump has spent the last two months not being president, tweeting, golfing, spinning a conspiracy theory that he won when he lost and the tragic results we saw in the storming and sacking of the capitol just wednesday now two weeks ago. i think it's possible for joe biden by responding to this pandemic in a competent and caring way to actually build his political capital, to surprise the american people by showing

that he and mitch mcconnell, the leaders in the house and senate, can actually work together to solve problems most americans are deeply frustrated with congress in fact have given up largely on our delivering anything like the real solutions they desperately need joe is someone who has never forgotten where he is from, who has a practical, common sense bent, and who sees the suffering of the american people he is going to give us a chance to move forward boldly together and i pray that the congress takes him up on it >> hopefully, senator, we'll have you back to have those important conversations about the nuts and bolts of those legislative efforts. we appreciate you joining us today. >> absolutely. >> john, there is certainly no time to waste. >> you said it well. and still ahead on "power lunch" we'll continue to bring you our inauguration day coverage as we head to break check out where we stand in the markets. the dow is up 237 points the s&p up almost 1.5%

the nasdaq strongest up more than 2%. "power lunch" will be right back

take a look at the markets stocks are higher across the

board on president biden's inauguration day >> i felt that the president was a divisive force in the economy and if he only handled himself in a more intelligent manner he probably would have won a second term be that as it may, he is just not the character that i felt should lead the country. >> now for thoughts on the way the newly inaugurated president will handle this economy i'm joined by stephanie miller managing director at fiscal notes market and good afternoon. i wonder if this american rescue package that the biden administration has previewed for us is going to be a key tell on what we can expect as far as progress or lack thereof, sort

of delivery on this bipartisan message that we've heard today what do you think? >> yeah. president biden or president-elect biden last week could have unveiled anything right? we knew he would deliver something on what a future stimulus policy should look like but we didn't know what it was what he delivered was something that really those of us who are trying to figure out in washington could be seen as something bipartisan when he continues to talk about unity as an important message so far he is somewhat walking the walk there as well now, there are some very partisan things he is going to do today which is to reverse a bunch of unilateral trump administration decisions but what he is trying to set up for the first, big policy that congress should look at is something both sides can come together on. >> brian, it is common for presidents to say they're going to unite and that they are especially positioned to do that lately it has been very

difficult to do. do you think the confirmation hearings we expect to see ongoing should be a tell on whether the policies presented and the true intentions will be something that unites or divides? >> well, the confirmation hearings to date have been pretty harmonious. there's not been a lot of confrontation. there's been some pushback especially in the yellen confirmation hearing against too big of a spending plan i do think there is a road there to get another covid plan but it is going to be substantially scaled down from what the biden transition team proposed the problem is with all the talk of unity it is great, reassuring, and welcomed, but politics has devolved over the last 20 years or so into a zero sum game and unless the new president is able to convince both the country and leaders in both parties and rank and file in both parties to get away from that mindset and be open to a

more transactional, compromised type of style, you know, the pathway forward just is tough. unity, the talk of unity is fine, but the country has gone into a different type of politics than what was there when joe biden was in the senate >> i'm expecting almost like clock work for the republican side of the government to very quickly become the party of fiscal responsibility once again and talk about reducing deficits we haven't seen much of that talk over the past four years. how will that play into so many of these economic agenda items that are going to require at least in the near term spending a lot of money >> well, i found your segment before ours with senator coons very interesting talking about biden's political capital. what he may decide to do is try to expend as much as he can in a bigger stimulus and that really

could, you know, we think a stimulus deal could be in the 1 to 1.5 trillion of pure spending then the next phase is where things start getting very political. you get a tax and infrastructure bill that would be passed along a party line vote on that budget reconciliation measure in the senate you don't see republicans so he could use his political capital in the early days to bring folks together before it inevitably falls apart again. >> unfortunately we have to leave it there stephanie miller, brian gardner thank you on the day of a presidential inauguration unlike any we have seen in our life times. we do keep an eye on the markets but there are things that are bigger than that >> reporter: and there will be many parts of this inauguration, john, that continue to look different. a virtual parade it will not span pennsylvania avenue with throngs of people in the stands as it has for presidents past. but keep an eye on the building behind me.

capitol hill two democratic senators from georgia will be sworn in around 4:30 chuck schumer will take the majority gavel we will see whether they confirm any of the biden administration nominees so they can get to work on day one thanks for watching "power lunch. "closing bell" picks up on inauguration day coverage right now. thank you. welcome, everyone, to "closing bell." a very special edition i'm sara eisen with wilfred frost. history in america the 46th president of the united states, joseph r. biden, taking the oath of office three hours ago. now the presidential motorcade is set to depart arlington national cemetery. we'll travel with -- they will travel with full armored guard to 1600 pennsylvania avenue where he will enter the white house for the first time as president with his family. vice president kamala harris will enter the buildin