The Markets' Record Run -- Dow 34K And Beyond, Morgan Stanley Caps Big Banks' Earnings Week, Treasury's Report On China's Currency, Massachusetts vs. Robinhood, and David Einhorn Blames Palihapitiya And Musk for Pouring "Jet Fuel" on GameStop

Squawk on the Street

Carl Quintanilla, Jim Cramer and David Faber discussed a record run for stocks: The Dow closed above 34,000 on Thursday for the first time, going on to hit fresh all-time intraday highs at the market open along with the S&P 500. The anchors highlight stats which show U.S. stocks' 76% jump year-over-year from March 2020 lows marked the biggest such surge in 100 years. The anchors also took a closer look at Morgan Stanley's record first-quarter profit along with the losses related to the Archegos hedge fund scandal: What do this week's bank earnings mean for the financial sector going forward? The Treasury Department released a report saying it is keeping China on a watch list of countries with questionable currency practices but is not labeling it a currency manipulator. In the trading spotlight: Massachusetts regulators are seeking to revoke Robinhood's license as a broker-dealer in the state, accusing the firm of "aggressively inducing and enticing trading among its customers" - plus Greenlight Capital's David Einhorn blaming Chamath Palihapitiya and Elon Musk of throwing "jet fuel" on the GameStop trading frenzy. Also in focus: The reopening trade and the challenges Johnson & Johnson faces with its COVID vaccine on pause, David Faber's weekly SPACs report, and the state of the IPO market in light of this week's Coinbase direct listing.