joe: i'm joe weisenthal. dollar weakens on the week and bitcoin continues its rally. e: but the question is "what'd you miss?." caroline: tech playing its role in keeping the world running in 2020. everything from zoom calls to working at home. a major government hack in agencies around the world, mainly in the united states. also in the virtual world. to all of that, romaine? doinge: the fed will be buybacks. this is following stress tests. looser restrictions. if they want to resume some of those buybacks, it is the time. joe: let's bring in finale bostick. this is like a partial all clear? >> the fed concerns are still with commercial real estate, there's concerns about trying up in the spending markets as well. there are concerns about the money markets. concerns.still caroline: who does this benefit the most? ?hese latest unveilings there were concerns among policymakers, leah o'brien art, , they them that capital feel, should be used for lending . of this a lot of concern that lending will tighten considerably for the small and facem cap firms that will a tough t

joe: i'm joe weisenthal. romaine: and i'm romaine bostick. the russell 2000 outpacing the broader markets for the first time this year. joe: the question is, what did you miss? caroline: the sun is out to day, and airbnb more than doubling in their trading debut, one of the biggest birthday rallies on record. this comes just one day after doordash saw its shares also surge, and the two companies are the most recent examples of exuberance among investors. gains, even as some notable big names faced increasing risk. it's quite amazing. it has been seen out there third is and question marks over those surges. our people putting money not only in big tack, but in these new ipos? joe: you are not convinced that airbnb is worth more than every hotel company combined? i am not sure that is true, but it might be those, and you see the exuberance in this chart, the weekly inflows into the ipo etf, which tracks ipos. look at the bars in the last few weeks. want neway, people issued, they want ipos, you see it right there. romaine: more than half a spacs

joe: i'm joe weisenthal. romaine: a rally around the world. e s&p 500 ending the year at a record high. joe: the question is, what you miss? romaine: joe, we did it, i think. a few hours away from closing out in historic day, that a lot of people are not going to forget for a wide variety of reasons. joe: i think they're going to remember this one. [laughter] romaine: no matter how you slice it, despite all the volatility in the mess of dried out in the all shook out, and a lot of opportunities and fortunes are made. joe: no doubt about that, a lot of fortunes were made. an extraordinary year if you just look at the news. sort of a clichÉ that you would not have anticipated it. lots of fortunes made across different asset classes. inflows, one of the highest -- huge etf inflows, one of the largest of the last decade. buying them before the crisis, they started buying them a gain at the end of march, and did not let up again. romaine: if you want to know anything about etf's, the best from bloombergto intelligence who knows this better than anyb

joe: i'm joe weisenthal. romaine: and i'm romaine bostick. concerns about stimulus take a bite out of u.s. equities. joe: but the question is, what'd you miss? longine: the fed pose a shadow is cast over europe's treasury markets, holding back yields. as we see boundaries of the reflationary trade push commodities and small-cap higher, treasury markets are not playing along with the bet on u.s. economies. by theeing held back fed's outside presence. we get a clearer guidance at the fed meeting wednesday? we will debate that. joe, what is abundantly clear, with the two-year yields near record lows and the risk off feeling, the market does not want to fight the fed, even if they believe in a recovery. joe: i think that's exactly right. one of the key dynamics with this market today, notwithstanding, is that even with strong signs of an ongoing recovery and an incredible risk on move in stocks and industrial commodities, 10 year yields have not been inching higher the way people would have expected in this type of environment and today falling ba

. >> i'm joe weisenthal. >> let's get you caught up and where you stand.ollout concern for the of covid-19. >> what'd you miss? >> you might be a bit by staff or that latest headline from pfizer. 60 million is a number we always knew about, but we forget about what was earlier in the day in the labor market data. 5.5 million is well above where we were pretty covid. continuing claims still elevated above where they were a year ago , putting a dampener on the recent equity rallies we have been seeing in the dollar, part of a broader move across anancial markets to price in brighter economic prospect for 2021. fromased interest republicans, raising a chance for a deal by the end of the year. underneath it all, is the job weket losing steam and can wait for stimulus once again? joe: we will learn more about the job market tomorrow and talk about it more later in the show, but in the meantime maybe, maybe. the stimulus is going to happen. there seems to be some convergence among a handful of players around the deal, somewhere in the range of 900 billion, gop s

joe weisenthal. caroline hyde is out for the rest of the year. romaine: u.s. uities make a push back toward record highs, russell 2000 small caps outperforming. joe: the question is, "what'd you miss?" closing out 2020, a year many want to put to bed as soon as possible, and like everyone else, you are celebrating at home. joe: everything instantly gets good at midnight. romaine: the theme of the year is at home, working at home, playing at home, everything in between at home, a profound impact not only on our psyche, but reevaluating how we were. maybe some of these trends could be lasting, and that is our theme of the day as we talk about investors maybe trying to figure out whether these themes will be lasting. eyes have turned to a fund that has been on fire all day. wood.athy if there is one etf fund that capture the imagination, the z guy step investing themes, there is no question this is the etf, a five bagger since the march low. theything kathy wood of arc fund has picked. this is the chart people are seeing that is emblematic of the year 2020. romain

joe: i'm joe weisenthal. romaine: i'm romaine bostick . ftware and a fire to nudge the s&p to a high. joe: the question is, what'd you miss? caroline: renewed optimism is the word of the week. stimulus talk in the united states, but over in the u.k., quick approval of the covid-19 vaccine from pfizer and biontech. new york is talking about mid-december. more and more investors are seeing 2021 as potentially supercharged economic recovery. joe, the shared optimism for recovery along with a new biden administration, it is playing out in the markets. joe: yeah, if you look at the nature of the recovery, the nature of the market moves, you see it in the rates, the steepening curve is getting notable. you look at the sectors that are moving. it is very much economic recovery. it is not like the market earlier this year when people were piling into tech and asset prices were going up. this looks like more confidence. , let'se on this comple welcome kati groenefeld. from the equity levels, equity moves not as expected. the theme of reflation, reco