still with us, bloomberg news reporter luke kawa and private wealth advisor sherry paul. sherry, want to go back to you. what you tell clients who are diversify globally, across asset classes, when the big winners are still lieke apple and microsoft and alphabet. do you feel like they should be reallocating more to big tech? sherry: yeah. it is a great question. when things get too good, people get worried. when things get too bad, people get. and then, at the security level if you're making gains too fast, based on earnings, then you should be taking profits and reallocating them to other parts of the portfolio. decoupled from whatever your thatlist was for whta-- what stock performance may be. so, it is important to separate out what people feel like could be a great stock to own versus the reality of what p.e. ratios and the math and the science tells us about what to do with those companies. joe: that is something that michael wilson flagged this morning. the top five companies. we all know them by name. tech behemoths. they now command a higher share of the s&p 500 by

sherry paul, portfolio manager at ubs global wealth management.ught last year the consumer was king. >> it was but doesn't mean it can't be this year. number one, fear-based think something not an investment strategy. people who are fearful, focused on the wrong things largely missed out on this market. number two, would be importance of decouple political opinions from economic realities. liz: say that again. everyone listen. it is crucial. do not invest, thinking -- there were people when president obama was elected, i don't like that guy. i'm not putting, it will be horrible. they missed a huge runup. >> that's right. liz: same, if you didn't like president trump you missed a huge run up. >> the economy is not a personality contest. we want to stay close to the data. right now the data continues to look good. that would be number two. number three, we just endured the most talked about recession in 20 years that never happened. so as we go into 2020 we could start to hear this talk again but reality is, people go back to their last moment of tr

defensive tilt that we did have during the session >> joining us to talk about the market day, sherry paulubs global wealth management, senior portfolio manager, and still joining us for the hour, paul hicky of the smoke investment group. you said today the moves in this market weren't really about trade? >> trade, obviously we had the official commemoration of the trade deal the market had already kind of put that in the books. so fresh news. but the market has held up okay. it's had this firm bid in there and i think even a couple of days ago if you said apple is going to be down 2% in two days, what is the overall market the overall market has stayed flat so there's been a rotational move, defensive stocks holding things together as you get a rest in some of the overheated nasdaq stocks. everyone is able to look at all these readings and say the market is up 11% in three months it's strong until proven otherwise. >> phase one being signed, 29,000 are they purely symbolic things? >> i completely agree with mike that this is a symbolic gesture that puts on the table really the focus on ph

sherry paul of ubs. great to have you as our first guest of 2020 as the "countdown" closer. [closing bell rings] drop the confetti. market at new all-time highs on peoples bank of china stimulus and positive attitude for 2020. melissa: wow. those are good numbers, kicking off the decade with records on wall street. all three major averages ending record highs on first trading day of the year. look at that screen. the dow up 332 points. 109th record close under president trump. i'm melissa francis. jackie: i'm jackie deangelis in for connell mcshane. kristina partsinevelos at the new york stock exchange. to you first. >> we're hitting record highs across the board with the dow, nasdaq, s&p 500. these are stellar results going into 2020. some catalysts could say, january effect pecking up stocks in december to take advantage of a new tax year. the fact the president said he would sign the phase one china trade deal on january 15th. you have easing of monetary policy in china as well to help stimulate slowing economy over there so all of this plus, you know, fear of missing out