earnings. the fundamentals are there to justify the rally. charles: all right. ryan, you are one of the best. glad you came on. talk to you again real soon. meanwhile, we are leaving you near the highs of the session but cheryl casone in for liz claman, i got a knack for doing this. they call it the c.p. effect. cheryl: have you heard of the c.p. effect? it's a real thing. it is. who's ready for the dow to go positive? who's ready for the dow to go positive for the year, charles? you ready? exactly. have a great weekend. charles: i'm ready. cheryl: we are ready to go. charles, thank you very much. we've got a lot of breaking news coming up during this hour, but here's the big one. wall street is looking to close out a summer friday with new records from the s&p 500 and the nasdaq. this is going to be six straight days for the s&p higher. that's the most records in a row since january of 2018. you've got the nasdaq, it

notches a record close. we are up 162 points, much more than we needed. the s&p up 15 points. the nasdaq up by 41. we are looking good right now. we will take all of this up with our floor show guys. also coming up in just a few moments, we've got philadelphia fed president and ceo patrick parker who will sit down with edward lawrence to discuss his historic vote to change the fed's inflation policies. the cleanup from hurricane laura in full force across the gulf coast as power companies work to turn the juice back on for folks down there. we are going to go live to lake charles, louisiana to get an update. and the one company is helping some of the biggest corporations in the nation return to work from the coronavirus pandemic in a safe and touchless manner. we will introduce you to the ceo of envoy. this is a fox business

exclusive. coming up, less than an hour to the closing bell and i'm cheryl casone in for liz claman. let's start "the claman countdown." cheryl: well, forget apple. forget samsung. it is pc makers that are popping higher this hour. hp reporting a 30% jump in laptop sales versus a year ago. increased demand due to working and learning from home. dell also reporting an 18% increase in revenue driven by its pc sales department. both pc makers actually beating estimates on the top and bottom line, as you can see, the stocks substantially higher. dell up almost 6% and you've got hewlett-packard up almost 6.5%. not to be outdone, ulta, take a look at the stock. it's up almost 7%.

they had a 2 ed200% jump in dig sales as positive trends at reopened stores helped to up the earnings results. it's the makeup, the cosmetics store. i love going there. it's really fun. at least seven firms raising their price targets on shares of the beauty products retailer despite a miss on revenue estimates for them. morgan stanley throwing a flag on the play. they are downgrading draftkings and barstool sports, partner penn national gaming to an equal weight. morgan is warning that investors' expectations have gotten just a little too high given increasing competition in the sports betting sector and the threat that the upcoming nfl season could see cutbacks for a full cancellation. draftkings is down by almost 6% and as you can see, penn national is down more than 2%. now, if those nfl fears weren't enough for you, the fantasy sports world is grappling with game cancellations across the nba,

nhl and mlb. the new york mets walking off the field last night in a sign of support of recent racial injustice protests. the nba boycotting the court for a third straight night but set to resume the playoff schedule tomorrow. draftkings and penn national both, as you can see, in the red right now. it's been a new world, if you will, for sports, that's for sure. well, the markets are still rallying today after jerome powell's announcement yesterday that the central bank will allow inflation to run higher than the standard targeted 2%. you can see the bump to some of the largest financial institutions in the world yesterday. bank of america, jpmorgan, goldman, all getting a nice little pop on the news, leading to weekly gains for all three of those companies. for more on the fed's historic move we go to the nation's capital where edward lawrence is joined by one of the fed heads who helped powell's measure pass

with unanimous vote. take it away. reporter: yeah, very special guest, timely guest here. the president and ceo of the philadelphia federal reserve, patrick harker. thank you for joining us. you heard cheryl mention the historic move, the vote. you were one of the members that actually made the vote on there, put your vote to this. one of the big parts of that is inflation. you are looking to achieve the average of 2%. why is it important to let the economy run a little bit hot to achieve that 2%? >> so -- well, first, thanks for having me on. so before we issued this statement, we said that we were symmetric around the 2% target. however, many people took that as a ceiling. what we did with this statement is codify the fact we are willing to let inflation run above 2% for awhile and average 2% over a period of time, but of course, not let it run out of control. this is where i actually don't like the word hot, because we are looking at inflation going above 2% target, but not in an

out-of-control fashion. reporter: you're not talking about 4%, 9%, just to get us back to -- >> no. no, no, no, no. we are talking about slightly overshooting as we have been slightly undershooting since the great recession. reporter: so in your projections last month, one of your speeches, you are saying we're looking at a decline of 20% in the second quarter than you were hoping for, the bounce back at the end of the year. where are your projections? where do you believe the economy is now and where is it going at the end of the year? >> so we are forecasting growth in the second half of around -- to get us to a point where we will end the year around 5% or 6% down. so it's good that we are going to have a good second half. but it's not going to make up for the first half. and next year in 2021, we are looking at about 3.5% growth with again, unemployment coming in around 9% this year, getting down to around 7% in 2021. re reerpopoo: dpooou y bel bveel b ldcod b g go rordow

ntoyen fe iuarybr wi 5% cgn b iorhe ronacorusvihit? ncancaet b t b t and how doo dowe do dthat?? d that in a a gdooconono outthhetthheind kof labor loretioncatieon atirerererereng ihis ts tcrisiscr. inggo c t te backck are aotot y. at the y. bac bame itititit t u two tearso go from 5% to 2% unemployment and another year and a half to go to the record low. should the economy then shut back down or pull back? >> i think it's going to vary across the country. circumstances will dictate.

most of the economy is consumer spending, 70%. consumers don't trust that they're safe, they're not going to spend the money. so even if there's not a shutdown formally, people will pull back. i think we need to open cautiously, prudently and gain people's trust that they can return to the movie theater or to the dining establishment and do that safely with their families. reporter: the economy is not quite back yet. the unemployment rate is not back yet. yet markets are looking at records. we are seeing the dow turning positive, possibly, for the year if it ends the way it does. is there an asset bubble forming here because of what the federal reserve has been doing? >> i always remind myself that the stock market is not the real economy. there does seem tb a bo be a bia disconnect. i wouldn't call it an asset bubble right now. if you peel back the indices, not every firm in the index is having this success. i think we are in a period where

there are some firms that are doing extremely well. those who are really designed, engineered for doing business in this crisis. but that's not everyone right now. there are many industries like travel and tourism, et cetera, that are still suffering. reporter: we see the fundamental shift it seems in the economy, we are seeing that businesses can work long distance, we are doing an interview here virtually. do you see going forward the economic mobility tied to the recovery and professional mobility, how does that tie in? >> oh, i think we need to really think hard and start to put in place some programs to bring people back into the work force. yes, there's going to be some distance work. we're working from a distance in the fed, the philly fed and so forth. but i think about the low income people who have been really hit hard. they were making progress before the crisis hit. we saw the unemployment come down, particularly for black unemployment, latino unemployment and so forth. what we need to do now is start

to think about upscaling those people through public/private partnerships to get them the jobs of the future. we've done research on this in the philly fed and summarizing very quickly about half the jobs that are at risk can be upskilled and they can see an increase in salary, annual salary of around $15,000. this is significant. reporter: i'm curious about this. so then congress is looking at another bill. does congress need to step in in this current environment and do something related to that going forward to push this? >> i think it's all hands on deck. i think it's not just congress. it's also states and also local governments. i think the key is, we have been piloting some things in philadelphia with a partner comcast and the local government entity, training entity. the public/private partnership is really where it's going to be at because companies will still need those skilled workers coming out of this recession. they may need a different mix of those skilled workers than they went in before the recession but they are going to need them

nonetheless. reporter: you mentioned recession. double dip recession, you see that, quickly on the possibility? >> we talked about -- i don't think so. i see a nike swoosh recovery but a bumpy nike swish recovery. we will go up and down. like in my old world, i used to be university president. you are seeing this play out right now in colleges and universities. they open, they will have to close, they open. i think we will see that across the whole economy. fits and starts until we get over this health crisis and the health crisis is driving the economy right now. make no mistake about it. reporter: i want to switch gears quickly. you mentioned your old life. you were on the board of directors of the ncaa. with the coronavirus, do you feel like we will have a college football season? >> well, i mean, i'm an old ivy league football player. i have very strong feelings on this. first and foremost it has to be about the student athlete. that's where it begins and in my mind, where it ends. i know fans want the season and

tv wants the season but it has to be about the safety of the student athlete first and foremost. reporter: appreciate it. thank you very much for your thoughts. good discussion. the president of the philly federal reserve, patrick harker. cheryl, back to you. we have no double dip recession, a swoosh is what he's looking at. cheryl: i thought it was interesting, he was talking about the disconnect between the markets and the real economy. that's been such a debated, heated topic throughout the summer. he said there is a bit of one. we will get into that with our market guys in a few minutes. edward lawrence and thanks to patrick harker. thanks very much. appreciate it. all right. let's take a look at the dow. while that interview was going on, we hit session highs on the dow. we are now up 215 but we are definitely pushing above 200 and the dow is looking to go into record territory -- excuse me, into positive territory for 2020. we haven't been here since february. dow at 28,710. also this. despite some extra help from the

fed, capital one making a scary move that could signal an even tougher road ahead for both the economy and markets. the worrisome details and our floor show traders to protect you from any potholes on this street. "the claman countdown" is coming right back. heading into retirement you want to follow your passions rather than worry about how to pay for long-term care. brighthouse smartcare℠ is a hybrid life insurance and long-term care product. it protects your family while providing long-term care coverage, should you need it. so you can explore all the amazing things ahead. talk to your advisor about brighthouse smartcare. brighthouse financial. build for what's ahead℠

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cheryl: capital one announcing that it is lowering borrowing limits on its credit cards as talks over unemployment aid hit a stalemate. the company said it makes these type of adjustments from time to time. while the cuts sparked an outcry among users, how worrisome is this cut to the rest of us and can we expect this to happen at other banks? i want to bring in our traders, tim anderson and phil flynn. tim, how soon before you think the markets get hit by this? this is consumer spending. this is two-thirds of the u.s. economy. can we ride this out? >> well, look, i think the key thing is are other banks going to make some of the same actions that capital one announced. let's keep in mind that capital one probably has a -- i'm not going to use the word subprime and conjure up memories of the global financial crisis but say they have a riskier portfolio of

credit card users than a lot of other banks, so i'm sure they have very good data on people's current employment picture, their current income picture, and i think it's important to see if other banks were to follow through with this -- cheryl: that's my question. what if they do? that's my question. >> in the personal income and spending data, this morning, the savings rate was at 17% and i think that where, you know, clearly there are some people that still have employment issues and there's some uncertainty over when we are going to get a stimulus 4.0 plan but with so many people being at home, not commuting, not going into the office, not going out to restaurants, people are saving a lot more money as a

percentage of their income than they have almost forever. it was always a big criticism of the u.s. economy, the savings rate was too low. so -- cheryl: consumer spending jumped 1.9%. i want to highlight, that's one of the reasons we are seeing the dow go back into record territory today -- excuse me, into positive territory. that's the second time i've done that. positive territory. i'm looking for the record. s&p and the nasdaq in record territory. i do want to switch gears, phil flynn, with you. i've got to ask you about hurricane laura, the effect on gulf coast oil production, oil prices, actually, still just above 40 bucks a barrel. but it's not 60 or 70, it's 40. what can we expect over the weekend and into next week as far as production goes for the gulf? >> it's going to start coming back. it's almost amazing. i am amazed at how quickly the u.s. energy industry can come back from the biggest storm that ever hit the gulf coast. the refiners were very lucky.

there wasn't a lot of flooding with this storm, which could have been a major problem for these refiners. already they are starting to come back online. now, there are a few refiners out there that will take advantage of the situation and stay down for maintenance but they were going to shut down anyway in a couple of weeks. so in the short term, i think it's going to keep prices elevated. but over the long term, i think the u.s. energy industry is going to come back strong and will be back to normal before you know it. cheryl: green across the board as far as all the major players go. tim, i want to switch gears again. we just had patrick harker, philly fed president, on the show with our own edward lawrence. he made a really interesting comment, i thought. ed asked him look, do you think is there a disconnect between the markets and the real economy. he said yeah, there kind of is right now. that's been the most debatable question of the year. are the markets ahead of the economy. tim, what do you say? >> well, they certainly are, but i mean, they almost always are.

the markets are -- is the best predictive indicator that we have always had. now, clearly, we have had a fully shaped v, very sharp decrease, very sharp increase in the markets. the economy on the right-hand side of the v is maybe about half to two-thirds of the way through that. clearly, we need to see some more progress on people getting back to work, schools opening back up and clearly, progress on therapeutics or a vaccine for the virus is something that would get us through that next hurdle where it's so important for the economy, with people being much more comfortable with indoor activities, restaurants, bars, sporting events, et cetera, et cetera, et cetera, et cetera, but -- cheryl: and driving, phil flynn.

i'm almost out of time. but driving, getting on an airplane, things that people want to do but still are not doing for the most part. >> they are not right now but i will tell you this. right before the hurricane, we saw gasoline demand at the highest level since the covid lockdown so it is coming back. americans are getting back on the road. that's going to be good for the economy. get back in the car and drive. even if you have nowhere to go, just get outside. go. cheryl: the beach sounds good. tim anderson, phil flynn, guys, thank you very much. have a great weekend. >> you, too. >> you, too. cheryl: get back to some more good news. i will say it right this time even though i'm looking for a record. we are in positive territory for the dow now, up 236 points. we keep hitting session high after session high every minute. it is the c.p. effect. hopefully we ride this out until the close. s&p and nasdaq are in record territory. well, while gulf oil businesses got lucky, not all businesses came through laura with as much success.

the scene you see here breaking out during the storm. where things stand this hour as cleanup efforts continue for a second day. jeff flock is live on the scene next. from fidelity. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today. stocks by the slice from fidelity. find your get-up-and-go. find pants that aren't sweats. find your friends. find your sense of wander. find the world is new, again. at chevy we'd like to take you there. now during the chevy open road sales event, get up to 15% of msrp cash back on select 2020 models.

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cheryl: massive chemical fire raged in west lake, louisiana near lake charles hours after hurricane laura barreled through the area. thick smoke could be seen pouring out from the plant, where pool and cleaning chemicals are made. residents have been told to shelter in place until further notice. all of this as residents slowly begin cleanup efforts. more than 800,000 in southeast texas, louisiana, arkansas and mississippi remain without power and more than 220,000 are still without water right now. jeff flock is in lake charles, louisiana and i bet the top thing for these folks today is wanting to go back and check on their homes and being told not to because of the water.

reporter: well, you know, true, although you know what, the police have been very good here. emergency management folks, really great here letting people in. a lot of times, as you point out, they don't. in this case, they have. to check on things. there's a mobile home that's a little too mobile during the storm. 150 mile an hour winds might do that sort of thing. there's a lot of this, cheryl. people with trees on their house. that one, you know, did some damage. i tell you, if you think that's bad, take a look at something else. we got some pictures of another tree on a house. we had this live on the fox business network earlier today. this house just down the block and we came up upon it, a huge pine tree laying on the roof and a man with a story of how he was inside sitting at the window watching fox, by the way, and the republican national convention when the tree crashed down through the ceiling and, well, there you go. we talked to him live on the air

this morning. >> the president coming this weekend. i know you're a fan of his. what do you need from the president? if you were talking to him right now and you may be talking to him right now. >> i know with covid-19, the government's put out a lot of money and you know, if he can help, the best the government can help, we can use the help but if he can't, we are tough. we are going to make it. reporter: look what they have already done in terms of making it. they just went through and cut the tree down, had a crane picked it up off the roof and this is what it looks like. come over here. this is what it looks like. this is a pine tree and if we counted, it's going to take too long but if we counted all the rings on that, you can tell how many years this has stood here until laura came to town. gary littleton right at that window there is where he was sitting when the thing came right through his roof and wow. lived to tell about it. there's gary right there.

cheryl: you got to love the strength, jeff, of these folks down in the southern part of this country. they know hurricanes so well in their lives. reporter: you said it. resilience. cheryl: i am from texas. jeff flock, thank you. we appreciate it. well, we will switch gears because layoffs are the word of the day today. let's go to jackie deangelis for today's fox business brief. jackie: good afternoon, cheryl. well, united airlines announcing what could be the largest pilot job cuts ever. the airline saying without more government aid, it will be forced to slash 21% of its pilot staff which equals about 3,000 jobs. that's nearly twice the number of planned cuts by american airlines and higher than delta's as well. meantime, coca-cola offering voluntary buyouts to 4,000 workers due to restructuring efforts in the wake of the pandemic. the behemoth expecting to lay off an undetermined number of workers as well. work day working its way to the top of the nasdaq today.

the human resources cloud company surging after better than expected results, subscription revenues totalling nearly $932 million. that was surpassing workday's own guidance. up next, the ceo of the company helping the market's top work from home names get back to work in the office. "the claman countdown" is coming right back. so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business.

cheryl: returning to work safely. many businesses choosing to reopen with staggered shifts, spaced apart desks and daily questions about their employees' health. managing those new health and safety protocols now a new reality for businesses and one company quickly pivoted its virtual concierge check-in business early on in the pandemic to meet those needs.

now they serve as an envoy to returning to safe and contactless offices. joining me in a fox business exclusive is envoy founder and c ceo. larry, thank you for being here, sir. >> thank you so much for having me. cheryl: all right. so obviously, our lives have been upended and things are so different but first talk to me about the decision you made as a company to pivot knowing that our lives were going to be so different. you did this very early on. >> yeah, absolutely. as a startup in silicon valley, you have to move really quickly at all times. you have to apply the latest thing that's most applicable for your company and you have to be fast to move and say how does this work. it was very interesting. we sell to workplaces and we had this product, our visitors product, 14,000 offices use it on a daily basis and suddenly 14,000 offices are closed on a daily basis, what do you do.

what you do is realize hey, we are in the front desk of all these offices, companies are coming to us and saying hey, how do we make this work. how do we return safely. that's when the team really just scrambled and got something out there that seems to be quite helpful. cheryl: you've got some pretty high value, high name clients. i want to go through some of the names here. i want to know what they're saying to you. lululem lululemon, clorox, pandora, pinterest, lionsgate. what are these companies saying to you about how they are going to make this work within their offices? >> yeah. here's the thing. these companies have people that want to go to the workplace and they want to do it safely. the problems they are having is that people did not expect to be working out of their tiny san francisco apartment, for example, working from there all the time. some people are even two people per room in some companies and some situations. so people need their space. the problem is they were all expecting there to be a workplace.

well, now -- cheryl: i'm sorry, i didn't mean to interrupt but there's a check-in component to this, right, that all the companies are doing. those that are coming into the office are going through daily check-in. talk about that. that's fascinating. >> yeah, absolutely. what's really important is that these companies kind of -- people can say hey, have you been near someone that has been sick, you have flu-like symptoms, and people when they wake up, they answer those questions on their phone, if they want to go into the workplace. then when they go into the workplace, they then will click a button that says they're there and what we do is automatically hook into their door access system and unlock that door for them. then they know hey, okay, these people are in the workplace today. so then later through our contact tracing, if somebody finds out i have covid, you can kind of see as a facilities manager hey, these people were in the office on that day at that time, there is maybe elevated risk for them. this is just part of kind of how this contact tracing and density

mapping and just having this kind of data is extremely important for any kind of business that wants to kind of prove to its employees hey, we are taking the steps that are necessary to really look out for you. i think that's really important. i think it's extremely important, as more and more companies are going back to the workplace. cheryl: i would also think that this protects companies from a legal perspective, because if an employee says i feel fine, i don't have a fever and i'm coming in to work, then if they do get sick, the company is legally protected. correct? >> i guess so. yeah. although honestly, so we talk directly to the buyers, we talk to legal teams of these companies. honestly, the number one thing that comes up all the time repetitively is these companies just want to help their employees, and the employees are asking the company hey, what are you doing to keep me safer while i'm here. it's really, really important. i haven't heard too many cases where like there's massive lawsuits against multiple companies. i have heard of maybe a couple. cheryl: there have been some.

>> it depends on the industry and that kind of thing. but it's really honestly people, the employees, the people on the ground, they want to know that they are being looked out for. that's really the primary thing we are here for. cheryl: to all of our viewers that are working from home right now, when they do, if they decide to go back to the office, this is going to be their new reality. i believe it. >> yeah. it really is. cheryl: thank you, sir. really fascinating. appreciate it. have a great weekend. >> you, too. thank you. cheryl: let's take a look at the big board. we are sitting right around session highs, as i have been mentioning throughout the show. dow heads into positive territory for the year. we are back. we haven't been here since february. we have been up three days in a row for the dow and the s&p and nasdaq, in record territory. coming up, we have one last look at how apple and tesla are performing before the tech titans hit splitsville. and make sure to tune in for fox business's next virtual town hall on wednesday, 2:00 p.m.

eastern time. barstool sports founder dave portney will be charles payne's special guest. if you want to ask a question about how to take control of your wealth and investments, message fox business, facebook, instagram or e-mail, investedinyou@ foxbusiness.com. we'll be right back. i'm hector. i'm a delivery operations manager in san diego, california. we were one of the first stations to pilot a fleet of electric vehicles. we're striving to deliver a package

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use it anywhere. even strengthen your core while watching tv. head to aerotrainer.com now. aerotrainer's unique design allows for over 20 exercises for a total body workout, all while maintaining safe, correct form. now it's your turn to lose weight, look great, and be healthy. get off the floor and get on the aerotrainer. go to aerotrainer.com, that's a-e-r-o-trainer.com. cheryl: t minus 15 minutes before apple and tesla's historic stock split. apple, let's take a look at the stock right now, currently at $504.76. you're not going to see this after today. up by almost 1%. this is going to be a four-for-one stock split which comes after the bell today.

the price of the shares obviously going to be a lot lower so good-bye to the 500 and change. it's a good thing if you own the stock. take a look at tesla. $2529 and change. down almost .5%. tesla started out the day higher but have been losing speed going into the close. the elon empire is ready for its five-for-one stock split after the bell. analysts are waiting with bated breath for the ev giant's upcoming battery day, september 15th. more details hopefully on that promised million mile battery. all right. apple, by the way, up 18% since the beginning of the month. tesla up more than 55% as you can see right there. like i said, it's a hot august. it's literally a hot august but for these stocks it was a hot august. all right. let's get to the breaking news right now. president trump is preparing to leave the white house, he's on his way to new hampshire for a rally. this just one day after officially accepting the

republican nomination for president. now, the president we just had learned about an hour behind schedule. blake burman live at the white house with the official start to the 2020 campaign, even though it's a little behind schedule. blake? reporter: no shock there. things sort of tend to happen that way over here at the white house. but a bit of news coming today as well from the white house chief of staff mark meadows as he told me earlier this afternoon that the white house has upped its position on a phase four relief package to $1.3 trillion, as to what he says president trump would sign. remember, the white house had initially said $1 trillion package is what they would want. then the republicans put forth $1.1 trillion so now the white house bringing that up even higher, but meadows also told me that when he spoke with nancy pelosi yesterday, that $1.3 trillion figure was significantly shorter than the $2.2 trillion that democrats want. listen here. >> the president's willing to sign that today and she said no,

she said it's 2.2 and when i asked her what made up the $2.2 trillion figure, she says i'm not going to tell you. that's not how a negotiation happens. reporter: pelosi said the following in a statement yesterday after that phone call. quote, in part, the conversation made clear that the white house continues to disregard the needs of the american people as the coronavirus devastates lives and livelihoods. so still clearly very far apart. now, meadows also acknowledged, cheryl, that even though the president is willing to sign, he says, a $1.3 trillion package, there are some within his own party who do not support that figure. >> there's a variety -- a wide variety of republican support and non-support as it looks at that. there are some who believe that we've done more than enough. there are some who would certainly support that number and i think it's just better to be transparent and honest with the american people where we are right now.

reporter: a couple different ways to look at this. you could take the glass half full version and say well, the white house is coming up with its number as democrats have come down with their number, so maybe, just maybe they could somehow meet in the middle. but right now, when you do the math, what the white house has come up to and what democrats have come down to, the glass half empty, i guess you could say, as they are still roughly $900 billion apart. cheryl? cheryl: well, markets not feeling the pressure of all this. we are looking at good numbers right now for the dow. blake, thank you very much. blake burman. yeah. live at the white house for us. well, closing bell going to ring, we've got exactly 11 minutes to go. and the dow is going into positive territory for all of 2020. what do you get the billionaire who has everything for his 90th birthday? today's "countdown" closer has some picks that even the world's greatest investor, warren buffett, might like to move on. "the claman countdown" will be right back. i like liberty mutual.

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fidelity. cheryl: and the closing bell is going to be ringing in seven minutes. this is a big day for the markets. forget that sleepy summer day. the s&p 500 set for its sixth straight record close. the nasdaq at record highs. the dow, about to close in positive territory for 2020. we haven't been there since february, obviously, for many reasons. for the week, the s&p 500 and the nasdaq up for the fifth straight week. the dow up three of the last four. as you can see right now, we have got strong gains for the week for the markets and for the day. let's go to jackie deangelis for more on the week's winners and losers. jackie: strong week for the markets, that's right. let's take a look at some of the dow stocks that are leading the way here. we have microsoft, walt disney and american express. of course, a lot around microsoft, the optimism, this partnership with walmart to potentially buy tiktok. we are watching that very

closely. the laggards on the flipside, you can see pfizer is one of them. this as we've got that race to find a vaccine for the coronavirus pandemic so these biotechs are all competing against each other but also walgreens and exxonmobil are a little bit lower today. on the flipside, let's look at the nasdaq. leaders here, workday, we talked about that one. it was a good earnings story at western dig is hire gher by 12%d ulta beauty seeing an 11% pop there. they are seeing improved trends. this retailer was hit real hard. the laggards for the nasdaq, ebay, dollar tree, and seattle genetics as well. let me finish with the s&p leaders, because we are looking at gap as one of them. good earnings story there. despite the fact that the stores are closed in a lot of places, online sales very very strong. carnival cruises also seeing a 17% pop, coming back a little from the carnage the cruise lines have seen from the pandemic. we will finish with the s&p. weekly laggards, the story there i want to look at dr horton,

down about 7%. just a reminder of how hard the casual dining chains have been hit by the pandemic. still not allowed to have diners inside in some places in the country, cheryl. cheryl: even at reduced capacity, they are having a hard time making it work. that's a great point. jackie deangelis, thank you. all right. well, an upday in markets but today's closer is warning it's starting to look a lot like the 2008 or 1990s bubbles. todd horowitz is here to burst our bubble as we go into the final five minutes of trade. i love you, you are a bear, i know. but you know, i have to say -- >> i'm not a bear. cheryl: we will give you that edge. why compare this, this is a different scenario than the technology crisis that we dealt with back in the '90s. why do you say that? >> cheryl, the markets are never different. this is a market that's being

driven on dull markets, light liquidity, light volume. listen, i'm not going to change anything. i'm certainly not going to get out of my long businesses. i said to you, i'm very long, i'm the longest i have ever been in 41 years. in one trading visit. however, i would not be surprised when it ends. it is going to end and it's not going to end pretty. i'm sure that we are pricing in a lot of hope and a lot of good things, which is great. apple is great. tesla is good. but is it worth $2500 a share? i don't know. when i just look at all the metrics around it, it doesn't make a lot of sense to me. again, i'm not going to -- i'm not recommending anybody sell because certainly, do not sell here. let the market keep going. enjoy it while it goes and just be prepared when it does change. it could change tomorrow, it could change a year from now. there's no idea when this bubble will burst but it's going to burst. this is not -- markets are never different. you go all the way back, they find reason to keep going up and eventually, they become overvalued. we are getting very close if we

are not already there. cheryl: but you know what, it was interesting, i thought of you earlier because patrick harker was on from the philly fed. he told edward lawrence that look, the market, there's a disconnect between the market and the real economy. we have been debating that for months, because the market's going higher and higher, even thousands of people dying from the coronavirus. do you still think that is the case, do you still think there is a big split between the real economy in the market? >> there's a huge disconnect, what are we operating 25%, i think 25 states are still basically closed, the end of the day if you just imagine how strong the market might be if the economy was really humming, were doing a great job of what we have, however, it is hurting everybody and what it's really doing is destroying the small business independently owned which is a horrible event for everybody and unfortunately it's

a straight political divide which makes it even worse and we will see what happens in november, i think this is going to be the case until the election depending on which way goes, the left is going to keep their state closed basically because they would rather have about economy and win the election. >> politics are certainly in place with democratic led states, there's a couple of names that you like, i want to give our viewers a couple of things, you like slack. >> i do because think about the chat room here more than ever before, their type of technolo technology, more people working from home and i don't think that's going to change so fast, even when everything is fine, i think employers find out that it's a lot less expensive of having a big office and having people come out, it's easier to have them work from home and they can communicate through chat or many other ways and that's a great technology, very much like truly a was a few

years ago because of the texting service. bring services so you can communicate through an app is pretty solid, slack is a good shot, i own around 30 - $31, i think it's a great buy and has a chance to go the wrong way in the next big thing, overall i like the company. >> 30 seconds, liz claman has been talking about the corporation and this is one of the stocks that she's talked about, that she's talked about a lot this week. >> i love it but other than david does not make money, it away scares me too get involved in the company that is losing money but i like it so much that i bought and ordered it and it's going to be delivered, i think it's a great technology, maybe entering jamaica because i missed out on tesla this whole time, i think it's great and i think were going that way and i think they have great ideas and really going after the commercial space with big trucks, i think this will be a

heckuva play. >> todd bubba horowitz, always great to see you. thank you for being here. take a look at this right now, the s&p 500, new milestone, the nasdaq, new record in the dow is now positive for the year, that is it for me, sending it over to connell and melissa "after the bell". >> a record week on wall street, the s&p extending its winning streak closing at a record high for the sixth straight trading day, it is the nasdaq 40th record close of the year, the dow is now down positive for the year, we will take it, the dow has not closed in the green in 2020 since february, the index is 4% away from the record close, happy friday, melissa francis, hey connell. connell: i'm connell mcshane, welcomed "after the bell", these