Why the S&P recovery is misleading

1 big thing

Axios

News

4.0 • 2K Ratings

🗓️ 19 August 2020

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The S&P 500 closed at a record high on Tuesday. The recovery has been among the fastest-ever on record and comes as the country continues to see one of the worst economic downturns and massive unemployment numbers in U.S. history. Plus, the protests over George Floyd's death were a catalyst for the mass removal of confederate monuments around the country. And, the big wins coming out of the NBA bubble. Guests: Axios' Felix Salmon and Kendall Baker, and the Southern Poverty Law Center's Lecia Brooks. Credits: "Axios Today" is produced in partnership with Pushkin Industries. The team includes Niala Boodhoo, Sara Kehaulani Goo, Carol Alderman, Cara Shillenn, Nuria Marquez Martinez, Naomi Shavin and Alex Sugiura. Music is composed by Evan Viola. You can reach us at podcasts@axios.com. Go Deeper: The triumph of capital over labor Whose Heritage? Public Symbols of the Confederacy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Good morning. Welcome to Axios today. We've made it to Wednesday. I'm Niala Boodoo. Here's
0:08.1	how we're making you smarter today. The rapid pace of the removal of Confederate monuments this year,
0:13.7	plus the big winds coming out of the NBA bubble.
0:16.9	And in case you missed it last night,
0:19.6	it was a virtual tour of every American state and territory for the official roll call at the Democratic National Convention.
0:27.0	John Lewis marched across this bridge in 1965 to demand the right to vote.
0:33.0	And the great state of Alabama casts 52 votes for our next president of these United States,
0:40.0	Joe Biden.
0:41.0	California, home to our next vice president,
0:44.0	Kamla Harris, cast 263 votes for our next president, Joe Biden.
0:50.6	Delaware is proud to cast its 32 votes for our favorite son and our next president.
0:56.0	Our friend, Delaware, Joe Biden.
0:58.0	And in the end, Joe Biden secured the official nomination for the Democratic Party for President.
1:04.5	And now on to today's one big thing.
1:07.3	How to Understand Last Night's Stock Market Rally. The S&P 500 closed at a record high on Tuesday.
1:19.0	This stock market recovery has been so fast, something that usually takes years took months, and it comes
1:26.2	as millions of Americans remain out of work during one of the worst economic downturns
1:31.3	in U.S. history.
1:32.3	Felix Salmon is Axios' chief financial correspondent,
1:36.0	and he's here to talk with me now about how we should understand this new record
1:40.0	and why is the stock market going up?
1:43.6	You might well think why is the stock market going up?
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Axios, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Axios and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.