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Closing Bell

Closing Bell: Road Ahead for the Record Rally 2/27/24

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 27 February 2024

⏱️ 44 minutes

🧾️ Download transcript

Summary

Does this record rally have more room to run? Sofi’s Liz Young and Marci McGregor from Bank of America Merrill Lynch give their forecasts. Plus, Apple shares popped on a report that the company is winding down its electric car plans. BakerAvenue’s King Lip – an Apple shareholder – gives his instant reaction to the news. And, Occidental Petroleum CEO Vicki Hollub weighs in on Warren Buffett’s latest comments about the company.

Transcript

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0:00.0

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

0:03.2

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

0:05.6

begins with the strength of this bull market. Today marking four months from

0:10.2

the October bottom with stocks near all-time highs, a rally that has

0:14.0

broadened well beyond tech. Can that continue? Key question. We're going to ask

0:18.1

our experts over this final stretch. In the meantime, your scorecard with 60

0:22.0

minutes to go in regulation looks like this a bit of a wait and see ahead of the PCI

0:27.2

P. C. E excuse me on Thursday that's all important of course

0:30.1

that's that though highs the day We're gonna watch that very closely.

0:34.0

The Dow Lower, Amgen United Health,

0:35.7

Sales Force, are the biggest drags there.

0:37.8

Dow component Apple, though, popping in the last hour.

0:40.6

That's helping the Dow, it's not in the NasDAQ, helping the S&P. That on reports that it's winding down

0:46.3

its electric car plans, the project a company was working on for a decade. Now many of those

0:51.1

employees who were working on that program will reportedly be shifted to

0:55.2

generative AI projects. We'll get reaction from an Apple shareholder coming up in just a bit.

1:00.0

Otherwise, some well needed rest perhaps for the mega caps today as the

1:04.5

Nasdaq's mostly muted as we said takes us to our talk of the tape why some say

1:07.8

this record rally isn't only justified it has a lot more room to run

1:11.5

Barclays today raising its year-end target for the S&P to 5300.

1:16.0

Let's find out what Liz Young thinks.

1:17.8

She's so far as head of investment strategy.

...

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