he is meeting his cabinet today and then he will meet sergio mattarella, who will look to try to get some sort of caretaker government. minister the meeting this morning. this has emboldened the five-star movement. calling for early elections. so, too, is the head of the anti-immigrant northern league. both of them have campaigned strongly during this referendum , and were really strongly responsible for putting together this tide of opposition. it is not only just a reaction to the constitutional reforms, a reaction against what mr. renzi was proposing to downgrade the senate, but also the frustration, the high levels of unemployment and the economic stagnation that are affecting so many people in the country. genie: indeed, and particular younger voters. what kind of role did they play in the referendum? young voters were very significant. 70% of them voted against constitutional reform. what seems to be emerging is we know they have been hardest hit by the economic crisis and stagnation and the high level of unemployment, around 36% and higher in the southern regions of italy. but

hasident sergio mattarella asked him to stay on until a new government can be put in place. consultations with various delete is to see where support lives for new government. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am nina. this is bloomberg. scarlet: the dow closing at yet another record high. it is 12 since the election. the s&p joining in on the fund sends a close at an all-time high as well. so did the dow transport average. the nasdaq up 1.1%. joe, maybe there is a bit of rotation going into tech stocks now. joe: everything was up-to-date including postelection losers like the bond equivalents. just green everywhere. "what'd you miss?" more cabinet picks. president-elect donald trump has tapped linda mcmahon, cofounder of world wrestling entertainment for head of the small business administration. he is also going to appoint terry branstad, a longtime friend of chinese president xi jinping for ambassador to china. and the president met in 1985 during a sister state exchange. you see the photo of them

jonathan: there is another meeting happening, and it is with italian president sergio mattarella andtteo renzi would agree to be reappointed. who wants to take over a government with this owing on the background, knowing the situation -- this going on in the background, knowing the situation with the italian banks? dan: that is a fair, you are correct, and renzi himself had been hoping and praying, robert -- probably, that the banks have a solution so they would not have to turn to a bailout procedure in which retail investors are going to take a hit. that is not a popular decision in the midst of all this political turmoil. renzi, beyond the banking issue, has to consider, if he is going to be asked to head the next government, does he want to be responsible for the mission of together an electoral reform model, which is not an easy task. and then facing elections early, probably in the spring or summer of 2017. david: we talk a lot the equity holders, the bondholders, a lot, actually depositors, have an issue with the bank. how does it work in italy? deposit insurance here. what we