it's the speed and the mix. >> liz ann, thank ou liz ann sonders, charles schwab.ks 5th avenue spinning off its on line business whether it to be headed to wall street. >>> a look at some of the stocks that recovered this week's losses energy at the top of the list. we'll be right back. >>> welcome back time now for a cnbc news update with rahel solomon >> hi sara hello, everyone. president biden says a recent job gains are not enough and that too many small businesses are closing. he's urging the senate to pass the covid relief bill and stoke economic growth. >> rescue plan, these gains are going to slow. we can't afford one step forward and two steps backwards. we need to beat the virus, provide essential relief and about the financial recovery peoplette need help now. >> arizona has become the latest state to end capacity limits for business the governor is leaving in place the state's mask mandate west virginiaia also lifted capacity lilts on many businesses as well as social distancing is maintained sneader heads take note. these aren't just any wear of origin

liz ann sonders, charles schwab chief investment strategist, joining us now. obviously, the vaccine rollout going a lot better in the u.s. and the u.k. then it is in europe. how do you think about allocating regionally, given the divergence we have seen in the way that program is going? liz ann: it is not only because of vaccine. in fact, i would suggest it is maybe a small part of it. we went to an overweight non-us, or international stocks, at the beginning of this year. the offset to that from a tactical perspective was a downgrade of u.s. large caps. so we now favor small caps in the u.s. a bit more than large caps, but broadly in terms of global equities, we have a bias towards developed international equities. the primary reason, in addition to things like vaccine and more reasonable valuations, is that we believe when you exit one full cycle, a psycho inclusive of a bear market and a recession, you tend to see a shift in leadership patterns. you tend to go to eight to 10 year periods where you flip u.s. to non-us in terms of equities. we think we are at