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Closing Bell

Closing Bell: Irrational Exuberance? 2/8/24

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 8 February 2024

⏱️ 44 minutes

🧾️ Download transcript

Summary

Has stocks’ record run gotten too exuberant? Wharton School Professor Jeremy Siegel gives his expert take on where he sees the market headed. Plus, as the S&P 500 hovered close to 5,000 Wells Fargo’s Chris Harvey explained how investors should position their portfolios. And, a rundown of what to watch from Take Two and Affirm results.

Transcript

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0:00.0

All right, thanks so much. Welcome to Closing Bell. I'm Scott Wabner live from

0:03.3

Post 9 here at the New York Stock Exchange. This make-or-break hour

0:06.2

begins with the surging S&P and whether risks to the rally are in fact

0:10.0

mounting or much to do about nothing.

0:13.0

We'll ask famed market watcher Jeremy Siegel of the Wharton School,

0:16.0

when he joins us in just a moment.

0:18.1

In the meantime, take a look at your scorecard with 60 minutes to go in regulation

0:21.3

because it looks like this. Look at the S&P 500. We are lesser just about

0:25.1

three points away now from that 5,000 level. We've been hanging around for much of the day, but

0:31.6

looks like we may make a move here in the final

0:33.8

stretch it's energy actually outperforming for a change and how about the mega caps

0:37.9

they're mostly mixed well there's NVIDIA so it's still above $700 a share. It's been stealing the show

0:44.4

lately above that key level and then there is Disney absolutely ripping

0:48.8

today after its earnings report that stock having its best day in more than two years. Up almost 12% yields

0:54.7

they're holding steady to after a pretty good bond auction within the past couple of

0:57.8

hours. It does take us to our talk of the tape, the record run for stocks and

1:01.8

whether it has gotten too exuberant or not.

1:04.6

Let's ask the Wharton Schools, Jeremy Segal.

1:06.8

He joins us now, Professor, we may make history as we have this conversation and if we do,

1:10.7

I'm going to break away for a minute minute but what do you make of this market?

1:15.2

Well Scott it's it's it's almost amazing we're a few weeks away from the

1:21.3

15th anniversary of the financial crisis low.

...

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