tv Closing Bell CNBC November 23, 2016 3:00pm-5:01pm EST
>> yes. just in terms of practice, there is this art project out of the west coast. it's called "not at the dinner table." and people are calling into a number, you can google it, and you can explain what your gripe is. it's anonymous. you can totally -- yeah. >> we're out of time, and i don't mean to be rude to mr. manners, of all people. we thank you. happy thanksgiving. happy thanksgiving to everybody. >> yes. >> including you guys. >> thank you. "closing bell" starts right now. hi, everybody, welcome to "the closing bell." i'm kelly evans at the new york stock exchange. >> i'm bill griffeth. she got the flu shot, my wife got the flu shot, i thought i was covered. i was misinformed. look what i found when i got back. 19,000, and we still have the
dow for another record close today. we'll look at whether this rally is still about donald trump's election win, though. >> lilly shares in the meantime getting crushed after that much anticipated alzheimer's drug failed in a large trial. stock is down 10%. he will make his case. >> that's very sad that that failed. facebook owner mark zuckerberg says he believes in free speech, but he's also considering a k n censorship tool that would allow facebook to move into china. we'll see if that would be a good idea, coming up. dom is tracking the action just behind us. dom? >> another day, another record, and nothing runs like a deer. deer shares you can see here, my buddy john makes the prices for these stocks.
deere shares up and they're also forecasting for the upcoming year. that's carrying into dow component caterpillar also in terms of heavy machinery, in industrial up by almost 3%. the biggest contributor to the dow so far. goldman sachs also one of the big contributors on the financial side of things to those gains in the dell up by about half a percent right now. it has a real impact to the dow. i'll finish off with just a quick mention of macy's here. we are a day away from the old macy's thanksgiving day parade, so tune in tomorrow. we'll all be watching the pomp and circumstance and everything else that goes along with the macy's day parade. >> there is a lot of hot hair blowing uptown. >> i was going to say, 24 days, and you probably remember this very well, in 1999, it only took 24 days for us to climb a thousand points on the dow. i think that's the quickest we've ever done it. just watching as we add a few more points every day and the chase for 20k.
>> what we call the record close as mr. trump continues to fill cabinet positions. we're still waiting for the big three, though, that being state treasury and the defense attorney. i feel like governor perry right now. i said three things and i couldn't think of all three right now. eamon javers, help us out. he did make some appointments today, didn't he? >> he's down in sunny mar-a-l o mar-a-lago. we got a secretary education pick today. that's going to be betsy devos. she's a long-time charter school advocate, so that might give advantage to the public schoolteachers unions. and gov nikki haley, the governor the south carolina, and a long time foe during the campaign. she was brought around. she may serve as the ambassador
if she's confirmed by the u.s. senate, which appears likely. you talk about the big three. i happen to have them written down so i don't have to remember them. there are still question marks about this trump administration, but we're starting to see faces fill out cluincluding jeff sesss as the pick for attorney general, you see betsy devos there, and general michael flynn for security adviser. we'll probably take a pause through the thanksgiving holiday. donald trump expected back in action next week, and there you see palm beach, florida. that is mar-a-lago there, that tower in the distance, and we've been seeing some real security activity there. this is the lagoon side of mar-a-lago, and there have been coast guard patrol boats patrolling back and forth in front of mar-a-lago, the security posture there much more
intense now that donald trump is the president-elect, guys. that's where we stand ahead of thanksgiving. >> eamon, just a real quick question. are we supposed to be watching that lagoon as closely as we're watching the lobby of trump tower? is he expecting to continue to speak to people from his post while he's down there? >> we're not expecting a whole lot of activity. the expectation here is that this will be a couple well-earned days off for donald trump. but you always have to look. you talk about the western white house in years past. this will be the southern white house, so yeah, we will be monitoring when donald trump is down at mar-a-lago, we will be monitoring that, the comings and goings there so important. you think about john f. kennedy in palm beach in his years as president of the united states, and he did a lot of business down there as well. >> eamon, thank you. with three big administration appointments still on the table, state, treasury and defense, who does the market -- it's in there so i'm cheating. who does the market want to see
in those positions to keep the rally going? >> former trump adviser larry cutlow. his book is called jf, and ak a reagan administration. ka-ching, ka-ching. jeff, how do you make of the cabinet shaping up so far and who does wall street want to see in these key positions? do you get a sense of that yet? >> yeah, i lived in the d.c. area. i have pretty good contacts on capitol hill. not as good as larry's, but i have pretty good contacts there, and i think what's important there is he's appointing people that have business acumen, that have actually run businesses, made payrolls, and that's something we haven't really seen for eight years. as far as treasury secretary, i would hoist up larry kudlow's name. >> you're very kind, jeff, i appreciate that. >> what about state, larry? there are a lot of people who see this as probably the strongest signal yet about which
way his administration might go when it comes to the way we should discount the risk of international volatility. >> well, i don't know, kelly. this is a diplomatic post, it's a very important job. according to reports, i have -- lord knows i have no inner information. it's between rudy giuliani and governor mitt romney. i have no idea. they're both good men. mitt was pretty tough on trump during the campaign. i think if romney were appointed, mr. trump would have some trouble with his base. having said that, i would probably personally lean toward rudy giuliani because i think he's a strong, tough guy. the treasury job is very important. you've got issues here. treasury has the play on the dollar. that's very important. treasury will be involved in trade matters. that's going to be a very important issue. the treasury will be involved in dodd-frank regulatory matters,
that's a big issue. i don't know anything you don't know. jamie diamond's name is out there, steve minuchin's name is out there. there may be others, i honestly don't know. >> jeff, do you think wall street would welcome a jamie diamond as treasury secretary, one of their own, if you will, if he got the job? >> absolutely. i think it would be very positive. i think the market is sensing that. i also think that the market is changing and transitioning from an interest rate driven secular market to an earnings bull market. i think you saw the trough and earnings in the second quarter of this year. the third quarter earnings turned positive, and i think it's going to become increasingly evident that we'll get an earnings recovery in 2017. >> and jeff, when it comes to commerce just real quick, wilbur ross and sam d'am ir mdimicco as
soft. what do you think? >> i don't think there will be owner trade tariffs that were talked about in the pre-election, so i'm not as concerned about a tariff and a trade war. >> larry, before we go, you have been advising mr. trump on fed activity. he's got five appointments to make in the new year. >> that's the key point. >> that would be interesting to see. i know you would like to see smaller businesspeople be part of the federal reserve discussion here. do you think he would listen to that? >> i have not been advising on fed people at all. i'm not part of the transition. but i think the key point here is i don't know if people in the market understand, mr. trump will probably have five federal reserve governors to appoint. and he will have -- he's got two open seats right now, two open seats right now, and the other point is, he may appoint one of those to be the vice chair for
supervision in which case i would think dan turillo, who has been holding that job informally, would probably step down. that would give a third seat this year. in january 19 -- 2018, rather, the post of chair and vice chair, that's yellen and fisher, those come due, those expire, and they will leave. so mr. trump will have a chance to completely reformulate the fed. there are a lot of issues out there. monetary rules, the value of the dollar, congressional oversight. there's a monetary commission that's probably going to be passed by the congress. this is really big stuff, and if you want a name, one person who is really involved in this is my great friend judi shelton. she has been advising the politician on monetary and the fed, and i think she would make a great hard money, king dollar federal reserve appointment. i don't want you to think i'm leaning in that direction, but i
actually am. >> you're being way too subtle. you couldn't tell what you were thinking. happy thanksgiving. >> you, too. kelly, happy thanksgiving. now this thanksgiving eve with the dow up 43 points. still in record territory. sam smith and keith west and rick santelli checks in from chicago as well. keith, we should point out the dow is in record territory. the russell is but you got the s&p and the nasdaq faltering a bit right now. what do you make of what's going on there? >> all four indexes in the quantitative work that we have have been overbought for some time, so i would anticipate some pullback. i think what you see in the dow and the russell are very instructive for where the market wants to go at this point in time. the dow is following the transports. that's an index we've not talked about for a long time, but if you look at what's happened in the transports in the aftermath of the election, it's been a straight up rocket shot, and you see the dow following with that.
those two are inexplicably linked and they always will be. on the russell side, the constituency is 25% financials. the relaxation of dodd-frank regulations will help them. then you have companies that do most of their business outside the united states. while the dollar you would anticipate would hurt those companies from an earnings standpoint in bringing in competition, the mere fact we may have tougher trade restrictions will help. we're also dealing with some very strong seasonality here. kelly, you mentioned we got a thousand points in the dow, the quickest ever, i think we'll see another thousand points in the dow before the end of the year. >> sam smith, do you share that view? >> we do. 20 years ago, james carville said the economy is stupid. it is the economy that won the election for donald trump. it's why the bull market is making new all-time highs, and
it's why the bull market will live in 2017. bear markets occur because of recessions and we believe there is a zero probability of a recession in the united states going out a year and a half from here. and so jeff had it right a little earlier. the earnings recession is over. you are going to see an acceleration of earnings into 2017, and that justifies prices today. >> meanwhile, rick, the treasury yields seem to reflect that sentiment that they continue to move higher. the fed minutes came out. they were pretty clear that they would like to raise rates next month, and you had a seven-year note auction today that went pretty well. i guess the market liked these higher yields right now, huh? >> i would agree. i think on the minutes, you know, those are last year's mashed potatoes. those were before the election, and in my opinion, not very important. but when i do look at rates, i see some interesting aspects to them. today we had some u-turns.
we traded all the way close to 242 yield and tens were back to 1025. even the dollar index getting close, within a couple of ticks with 102 handle. they all backed up a bit. that's pretty much a holiday environment taking its toll on markets. but the fact of the matter is they're not giving up ground. i would continue to pay most attention, most attention to the dollar, the dollar index, the trade to the dollar, whatever value you want to look at. there is no way around a stronger dollar, in my opinion. the fed is going to have to do what the fed does in the market. it's either going to mull them over or keep doing what it's doing, and i think the dollar index is going to present a problem for multinationals, but it is what it is. i like what our gentleman said regarding more domestic companies in the russell, and probably something to pay attention to. the big moves against the nimbe,
the big moves against the euro. this is really intense, and i would expect more intensity to the upward of the dollar. >> thank you, all. appreciate it. good to see you. happy thanksgiving. 45 minutes to go in the session here. the dow is up 40 points to a new high. the s&p is down about a point right now, and the nasdaq -- drumroll, please -- down 16. all right, we're moving to eli lilly among the biggest movers on the s&p after that clinical alzheimer's drug failed. check out this shot of traffic in los angeles last night. we were just talking about this. that doesn't even fully capture it. the 405. >> if you pull back more, you get this ribbon effect of the red as they go north, and the white as they come south. the headlines.
as a supervisor at pg&e, it's my job to protect public safety, keeping the power lines clear, while also protecting the environment. the natural world is a beautiful thing, the work that we do helps us protect it. public education is definitely a big part of our job, to teach our customers about the best type of trees to plant around the power lines. we want to keep the power on for our customers. we want to keep our community safe. this is our community, this is where we live.
we need to make sure that we have a beautiful place for our children to live. together, we're building a better california. >> and planning for our future with or without solar for some time, we knew it was a high risk and high reward program. we're disappointed with this result, but we a lot going on beyond alzheimer's. >> sola was the drug in the
testing phase that failed. joining us now on the telephone, credit analyst vamil divan. obviously big disappointment, big risk, could have been a performing drug, but you still retain hope for this drug. why? >> this was clearly the biggest fail we've had since other drugs. we lowered our target price given the news today, but we hope there is an upside in the stock given the level we have today. >> why is that, vamil? tell us about the company's prospects? >> there are a few areas to focus on and diabetes was a big one. they had a new oral product come back that will get a new label likely next week from the fda. also an injectable product for
diabetes that's had very good uptick so far. so there are a few different indications that they're going after here. >> merck and pfizer were also down as well. they have some alzheimer's drugs in testing phases at this point. are these similar to sola, or is this a different kind of a treatment? >> they're all different. viagin is one that's focused on but still different. the one with merck is an oral with a different approach. there is hope for them but lower today than yesterday. pfizer has a few different approaches. there is differences that are important to keep in mind. >> and vam irks lril, they had
trying to treat alzheimer's for years now, so do you expect them to continue to plow money into this effort despite this latest setback? >> the full data will be released next month, and they're looking at it very carefully. we have different approaches. most of them are focused on the same hypothesis, but they'll study it more, maybe study the population of patients or combination of approaches. i don't think they're giving up on alzheimer's. i think the question is does sola have a future? and if so, in which patients? the others, i do expect them to keep trying. there is a big potential. >> vamil, thank you. appreciate your time. have a good holiday. >> you, too. >> vamil divan from credit suisse today. coming up, the federal judge just blocked an obama
administration rule that would have made an estimated 4 million more american workers eligible for overtime pay. we'll have the details and the impact it will have on the job market. also ahead, how a pilot strike could affect amazon deliveries during this key holiday season. that's still to come. what i love most about tempur-pedic mattresses... is that they contour to your body. it keeps us comfortable and asleep at night. shop our biggest event of the year, including all tempur-pedic mattresses. save up to $600, now thru november 29th. get your tempur-pedic. the most highly recommended bed in america.
an amazingly short period of time. the nasdaq up 3.4%, the s&p up 2.9%. by the way, if we take a look at the market today, look at shares of deere which is up 10% today, and the earnings were a huge beat. they expected a smaller than normal drop in their earnings. they even said this year is one of their ten best ever. >> that is huge for the economy overall. if you can see companies like that do well, that's a good sign right there. with the dow up 40 points, we're in record territory. a leading trader will tell us what he is looking for on the close this thanksgiving eve. how a judge's decision on overtime pay could affect workers across the country. stay tuned.
is it because so many go after it the same way? chasing after short term returns. instead if getting caught up with the crowd, the investment managers at pgim take a long term view, teaming specialized active investing with risk-management rigor, to seek out global opportunities. we manage over a trillion dollars this way, attracting many of the world's leading investors. partner with pgim. the global investment management businesses of prudential
won't replace the full value of your totaled new car. the guy says you picked the wrong insurance plan. no, i picked the wrong insurance company. with liberty mutual new car replacement™, you won't have to worry about replacing your car because you'll get the full value back including depreciation. and if you have more than one liberty mutual policy, you qualify for a multi-policy discount, saving you money on your car and home coverage. call for a free quote today. liberty stands with you™. liberty mutual insurance. there are the stocks that make up the dow. caterpillar leading the way after those blowout numbers from deere that kelly was just talking about. technology is a laggard of sorts. microsoft is the big decliner
among the dow. down 1/25 of a percent right now. >> as we head into the close here on yet another rally day, what is it for the russell, like 14 in a row? >> i think it's 14 in a row. this is not going to abate any time soon, but what you're looking at is these small incremental up days, and to me it's getting tired now. i don't know how much more it's going to go. i really don't. >> we just had a guest tell us he thought -- keith, your colleague, said 1,000 by the end of the year, no question. >> it's not unthinkable, but they were talking about the dow 25,000 next year. my mind is like, are you kidding me? that's not going to happen. >> does this tell you there is euphoria setting in? >> yeah, but where there is a euphoria that might be dangerous
is when the volumes pick up. today is not an indication. but if you see the dow pick up and they're moving up potentially higher, you have to think it's not a capitulation but whatever the opposite of that is. >> plus you have people looking at the bond funds going, maybe i don't want to be in these. how is the allocation effect going to feed in here? >> i think you've seen that. after the election two weeks ago, i think you started to see that. what you're seeing now is that rotation also out of a lot of tech stocks where they don't think they'll have that kind of rally or growth going into the first half of next year, and they're looking at what potentially will, in the first hundred days of the trump presidency, will start doing better, and i think that's where the money came from, the tech side back into the industrial side. >> like deere. that pretty much tells you something about what's going on
here. >> absolutely. >> peter, thank you. have a lovely thanksgiving. >> you have a great thanksgiving. thank you both. time now for a cnbc news update with sue herera. officials in michigan say a wayne state police officer is now fighting for his life after being shot in the head. colin rose had stopped a bicyclist on the college campus when he was hit. a person of interest is in custody. reuters is producing the largest tequila producer, jose cuervo, is putting more on hold. the stocks have been hit following presidential results as they worry about trump's campaign promise to renegotiate nafta. you probably know about dairial alternay al terternativr soy milk. how about camel milk? they have been given the green
light to start selling those products. and it is a lucky day for two turkeys, tater and to tskan. they were given a presidential pardon right before the holiday. they were named by iowa schoolchildren and they will live the rest of their days in virginia tech's gobblers rest exhibit. tater and tot, my all-time favorite turkey names. and i've done this a lot of times so i've seen a lot of pardons. >> we've seen a lot of pardons. >> we've seen a lot of turkeys and a lot of pardons. welcome back, by the way. >> thank you. see you later. a federal block stopped part of president obama's rule that would have made an estimated 400 million workers eligible for overtime pay. almost double, as a matter of fact. kate rogers has more on the
details. >> a federal judge in texas issued a nationwide ruling on tuesday to block a sweeping overtime rule that was set to begin on december 1st next week. the regulation doubled the salary threshold from around $24,000 a year to $47,000 annually. the rule was completed in may as part of president obama's push for better worker protection in the wake of a staggering federal rage since 2009. the national federation of independent business was actually a plaintiff to the challenges of the law, called the move a victory for small business owners. they strongly disagree with the movement by the court and they're looking to take action. in a video when outlining his first 100 days in office, trump said he would implement a rule that would make up for two stated. it was one of the rules that people thought the trump
administration would tackle early on. back to you guys. >> my dad has been on the phone trying to explain to different family members what this means for them, what impact it will have on their work. kate, the impact of this rule is is enormous. so in many ways, this puts people in even more of a quandary. so now it looks like not only do they have to grapple with how to implement the thing and what it means to the work force in the first place, but then the prospect maybe they won't after all that. >> if it were to kick in, but now it's on hold, and the interesting thing is many large companies started already taking steps to implement this. the small companies, the businesses i cover, they were kind of scrambling to figure this out, evaluating their workers' hours, benefits and pay scales. it's a mess on either side, honestly, right now, kelly. >> let's add steve levy to this conversation and talk about some of the ramifications. 20 states filed suit. there was a jurisdiction question, but that aside, they were arguing this was too much of a dislocation going from 23,000 to $46,000 in a blink of
an eye. do you think that might have been one of the downfalls here? >> you certainly don't want to have a national rule that's opposed by so many people in so many states. look, bill, the obama administration was trying to address a problem we have in the economy. workers have not gotten very much in terms of their gains in productivity, salaries have been la lackluster. it's just unfortunately hard to find that this was the right answer. when i look -- there's been very little economic research done on this idea, but what i did read showed that they didn't really prove the problem, and they didn't really show how these -- this was the solution to that problem. you can imagine things that i thought were pretty persuasive like when a small business owner, a guy goes over his 40 hours in the week, and the small business owner says, you know what? take tomorrow morning off. that would not be allowed, i guess, under this new law. and when you start to see
government get so involved in the relationship between the employer and the employee, you start to think it's all kinds of extra abnormalities and consequences that can happen as a result. i think it's a good idea to start thinking about why the market is not delivering the wages and the gains to employees, but i'm not sure this was the right solution. >> and is, again, businesses have already been working with workers affected by this. changing schedules, changing bonuses, changing a number of things. so what happens now to all of that? >> well, those businesses have to decide if they want to keep those changes in place. some who were evaluating might backtrack on it, but steve and i were talking earlier, this was so similar to the minimum wage to be. you could say workers who work overtime have more money in their pocket. that could benefit retail and businesses across the board. but the government can't mandate that our salaries will be high enough to absorb the increase in
our labor cost. >> this is different from the minimum wage debate, because i think there is a broad consensus around the idea of a minimum wage. this kind of thing, now, i have some sympathy that it's abusive and the government should look at the abuses. they can say, you work as long as i tell you you work or you lose your job. the tighter the job market, the more leverage employees have. i do want to add one more thing, guys. for donald trump it's an interesting question here. >> i was going to ask you. >> you have to imagine that a lot of his supporters -- not the majority, but there's a chunk of them out there -- will be hurt by rolling this rule back, and whether or not they support rolling it back because of the government intrusion. i think it's going to be an
interesting question to see how the judge handles this. it's a very good excuse, right, to say v. and remember 22 minutes to go here. the dow is up 52 points today, continuing its run to new highs. is the s&p 500 is liking, though. >> now it's turned positive. >> the nasdaq still lower. up next, facebook has recordly developed a censorship software on getting business moving in china. which stocks have not paid out dividends? the scrooge list. we'll have a special report of
because of high on caterpillar. also lower is urban outfitters. wanderlake securities, shares around 34. earnings yesterday we told you about said sluggish sales at anthropology will continue to put a drag on results this holiday quarter. china has prevented access to facebook since 2009, but according to a new report, the tech giant is now working on a censorship tool that could help tap the giant population of china. because of the strict censorship laws in china, the new software would enable a third party to monitor stories that are shared across the facebook network and thereby have control over whether or not the posts will show up in chinese users' feeds. >> facebook says it is making it
more connected. mark, i know you're covering this more from the opportunity point of view, and i guess that's the point, right? they desperately want to crack this market and it sounds like they're willing to do whatever it takes. >> well, whatever it takes probably requires this sort of suppression software or a partnership with somebody in china. it's going to be hard to see how any western media company gets around the chinese government obligations requirements. there is financial upside here, however. by the way, facebook has made it clear for several years that they want to do something in china. th they've made as much public effort and been consistent about that. china consists of $20 billion advertising dollars. if china could get a share of that, there's an upside here for facebook. it also feeds the company's mission of increasing connectedness around the world. this would be connections with chinese consumers, so there's
logic behind this, and it's consistent with facebook's public statements in the past. >> facebook would not be the first company that had to change its own operating rules to meet chinese requirements, right? i mean, this happens all the time. is this truly, in your view, a censorship tool? we call it that, but when you consider it's a third party that is going to be monitoring the stories and deciding what gets put on the news feeds or not, i mean, facebook has its hands off in that regard, don't they? >> yeah, they do, but this is a censorship tool. they would be providing for a partner a tool that would allow that partner, a government agency or private agency acting on behalf of the government, to suppress content. it's a censorship tool. the question is, is that the only way to get in? it's a principal decision here. we saw it seven years ago when google decided to get out of the
market. there are pros and cons on this from a principle side, just the point i would stick with is this is a large market. there is a large opportunity for facebook to expand. it's done well on its own without china. it's actually bigger than china if you add up facebook's assets. it's just more opportunity for facebook. >> i just wonder if it operates, perhaps people are willing to treat you a little bit more successfully when it comes to renditions. but if they do this, there could be a rule on appreciate in, they have a abide by local government rules. facebook has been abiding by open government regulations, not
here. if you want to connect to the world, it's hard to say you've done that if you have no presence in china, even if it is regulated, even if it is censored. >> good to see you. happy holiday, mark. >> happy holiday. dow up 56, the s&p up about one, nasdaq still lagging by 11. russell is up 6. >> you only need to be up 01. >> why the market is in what's called the biggest bubble we've ever experienced, after this. digital innovations; from self-monitoring devices that can interpret personal data and enable targeted care, to cloud platforms that invite providers to collaborate with the patients they serve. that's why over 90% of the top 25 global pharmaceutical companies
are turning to cognizant. our domain experts, technologists, digital and data specialists, clinicians and scientists are transforming the way clinical research sites collaborate with pharmaceutical companies, and enhancing patient engagement with innovative platforms and solutions. our population's growing healthcare needs present growing opportunities for our clients: to advance the future of medicine with digital, and improve the quality of lives. ♪ they are the natural borns enemy of the way things are. yes, ideas are scary, and messy and fragile. but under the proper care,
they become something beautiful. did you know slow internet can actually hold your business back? say goodbye to slow downloads, slow backups, slow everything. comcast business offers blazing fast and reliable internet that's 10 times faster than slow internet from the phone company. say hello to internet speeds up to 150 mbps. and add phone and tv for only $34.90 more a month. call today. comcast business. built for business.
the price side of it. so i guess the problem is, with a market that's this big, trillions and trillions of dollars, and with something that's not happened yet, what is worth talking about? are you warning people that if they're in bonds, they should get out of them now, or is it more that, hey, even if you're in stocks and this collapses, be wary? >> in bonds everyone has to short maturities, because the long end you have to give away. >> someone is holding short maturities here. >> right, that's why there's no such thing as money coming out of here and going into there. because whatever is sold is bought by somebody else. but to your point, people have to shore into ration because you will lose capital loss any coupon you're going to derive. in terms of the stock market, unfortunately, this rise in interest rates is coming with a valuation in stocks that have only been exceeded in maybe 1929 and the year 2000.
20 times trailer earnings, the median in the s&p set record highs. that's why if you own stocks, you can't ignore this rise in interest rate. >> so you're bearish in this rise in interest rates. >> if stocks stop going up from here, maybe we can see what trump will do. >> going back to the last cycle, '03, '04, when stocks started to rise, it was cyclical. you saw them starting to pick up steam. >> we were coming out of a recession, out of a bare market. right now we're in the highest bull markets of all time. it is the most expensive bull market of all time. >> is the fed behind the curve with this rise in rates? >> there's no question. the average yield of the past 12 months is about 185. we've already hiked rates about 50 basis points.
the market has done it, the fed is just playing catch-up. you either get ahead of the kif curve, that means a more aggressive rate hike cycle and risk recession, or they don't get ahead, the market does it for them, and we have problems from there, anyway. by waiting as long as they did to raise rates, they put themselves in a really tough position that the market is now going to control the situation. >> he's the smartest guy in the room. we love listening to him and reading him every morning. peter, thanks for being here. chief analyst of the lindsay group. we got three out of four all-time highs. after the bell, why amazon deliveries this season could face some turbulence. you're watching cnbc, the first in business worldwide.
assuming nothing beats them down in the last two minutes here, stocks are going to finish at their highs of the day into a holiday. >> and the russell, this rally here, this is the eighth day running where they've had a gain like this. >> and a record. >> and a record, which has not happened since september of 1997. what were you doing 19 years ago? >> i was still a college student in upstate new york. >> i was doing this. >> you don't look it, though, by the way. >> so let's look at some of the markets and what they did today, even as the markets were moving higher here. look at the 10-year yield. 2424 it g 242 it got up to at one point today. >> we're still in that 242, 243 range right now. a lot of traders are watching that one. it's fallen pretty quickly the last couple weeks, so we'll see if there is any kind of
stability there. >> and the dollar index continues to power up higher here. that's what rick santelli said is the thing to watch right now. it almost got to 102 in today's trading. >> we're fin shippiishing up an earnings season right now, but you can imagine, will revenue with exposure outside the united states start looking to the strong dollar with a headwind to earnings going forward? >> if the dow is going higher, something has to go lower, and that was gold. >> we've seen gold prices now go down below 1200, off by about $23. we notice today that some of the gold mining stocks which are more leverageable prices, especially the small cap and mid-cap miner, the junior miners as well, taking bigger hits than any of the markets on the heels of those low gold prices. >> good to see you.
>> good to see you. happy thanksgiving to you and yours as well. >> thank you very much. we're going out with records on the dow, the s&p, and the russell. reminder, markets are closed tomorrow. kelly and i will be back here on friday to close the market out at noon eastern time right here on cnbc. stay tuned now for hour number 2, the "closing bell" with kelly evans and company. have a good thanksgiving, kelly. >> thank you, bill, happy thanksgiving. good luck with that traffic tonight. welcome to the "closing bell, " everybody. i'm kelly evans and on this thanksgiving eve we're finishing pretty well, the nasdaq sitting out today. the dow to close at 19,082. we're pretty much in the highs of the session going out with a 30% gain. as you can see, that was the outperformer unless you include
the russell which was up 40%. it's the 14th state day of gains, the longest streak since 1996. a new high market index at 2,20 the nasdaq sitting out to close in the red at 5,380. packages fpeople amazon hav gone on strike. we have michael tully and steve cox will join us on the floor here. mike, what do you think about this market? >> it's doing on some level what it's supposed to do, which is go strong right before thanksgiving. i think you have to give the market the benefit of that
doubt. i think the real action today was in the bond market, the treasury yields shooting higher, and it showed we have a little bit of head of steam in the economy going up in october, with durable goods, with consumer sentiment. >> the durable goods orders were up nearly 5% on the month. a lot of aircraft orders in that. we know it's not like that's going to continue, however, capital goods even a little bit better than expected. citi reported consumption, and that's music to the markets here. consumer consumption up, home sales up. >> the dollar has gone upward to a record high, so it's going to be more expensive to export and manufacture in this country. financial assets are up dramatically, and you have -- it's more expensive to borrow. this is not quite the rally that i was expecting for the 26% of americans who voted for donald
trump. it seems like it's a great rally for those who have financial assets, those who are offshore, and those who don't have to borrow. >> look at john deere. those shares were up 20%. you don't think john deere is up because people go, not only did they beat expectations, but we think this is exactly the place to be for the new administration? >> they make tractors in illinois. it's going to be more expensive to export those tractors. i'm not sure longer term that makes sense. all these stocks are up for good reasons. if you're going to get a 5% average increase in your corporate tax rate, right there you're looking at a 5% rally in the s&p and we've had a 5% rally. >> that's what steve grassley was saying, so watch out if it doesn't happen, i guess. >> we talked also about permanent tax cuts as well, so if the highest income bracket is going from over 40% with the
obama surcharge to a top bracket of 33%, that means a lot of money, but how much is in the market already? how much are those real retail stocks already reacted to it? and if we see any logjam, the market comes right back in. not the same amount, but incremental, or maybe it's cut in half. the market always reacts six months ahead. >> and deere, by the way, were at an all time high today. so were some financials including citizens discover, m.t. bank, cnbc ask co brks krbr parent company. for fedex to be at an all-time high, that seems to be for the entire economy. >> john deere's numbers you mentioned, caterpillar was the biggest gainer in the debt, which i thought had gotten overdone a week ago and it's now
again the new high. it seems like we're giving those economies credit, but it seems important to dial back and say, this is not so much a back from the dead debt for the economy. we were in a little bit of a strong patch beforehand. now what the market is saying is you can build upon that, perhaps, and have another little kick. >> real quickly on the nasdaq which sat out today. that's going to start getting more and more attention. can you not invest in big tech anymore? >> i think you can certainly invest in it, but nothing got better since the election for big tech, right? growing stocks with high quality stocks is not where you want to be. they're not necessarily going to get that big windfall. i think on a fundamental basis, they're either the same or maybe they have some headwinds. >> and growth was factored in in that segment of the economy, but no one factored in growth in caterpillar. >> it seems like what's happening here, when you go back last year when it was the thing,
facebook, amazon, netflix, google, alphabet, whatever, that was the only game in town. it was basically those four stocks and everything else was doing horrendously. all right, it didn't do great. but now if the idea is everything else is doing okay, rob, and those guys sit out of the party, i guess that's an okay thing overall. >> i think anything who is global is going to get less of an impact in this strategy the president-elect is taking. i also think it's true that they really support donald trump, and they're quite worried. they're quite worried about policy changes that might affect them. amaz amazon, safe ones to risky ones, growth to value, cyclical to noncyclical. >> one quick add-on on amazon.
booef se we've seen jeff bezos turn it on with somebody. >> are you talking about amazon? >> i'm talking about amazon, i'm talking about amazon leapfrog. it can rally further when they report earnings if he wants to show a little something. >> this market has been on an incredible rally since donald trump was egg elected president, but there does seem to be stocks that dead ones for the investor. >> you just showed amazon shares, and despite they took a hit in the election, they're still up 15% on the day. we're looking at stocks that were, quote, dead money, so to speak. look for stocks that don't pay a dividend whatsoever and don't pay 5% for year returns.
about 15 of them need that criteria among them. many of these. one of them down 47% again. when it comes to dental supply,. alphabet, parent company of google, for those looking for that tech, they didn't get it in alphabet. have pretty much sat out this rally. we'll see if they can turn that around in 2017. >> dominic, thank you. best performing since the election. staples of 29. your favorite, steve, united rentals up 28%. then you go down and even best buy is at 23% in that period of
time. >> things that were considered not to be sources of growth will get a little bit of lift. they have small increases in the companywide top. i think the thing to be wary of right now, very short term, is traders getting a little overexcited with how strong things have been. the small cap up days in a row, people are chasing that. >> the small business area, the biote biotechs, what would you do there? >> i've been saying this is a bipartisan issue on pricing. it was never just a hillary clinton issue. it was both sides of the aisle. we talked about it in the past, so i would be a little leary of the fact that people say dive into it now. it's safe. i think you'll hear both sides of the aisle start beating that drum again. once we're done with that infrastructure play -- >> that could be five years. >> true. but you're going to start hearing about the debate sooner than later, and you'll start to hear about it with biotech sooner or later.
be safe. >> would you guys concur with the space? >> i don't think there's been any talk of what's going to happen soon. >> i don't think it's in the top. while it was a bipartisan win, as it were, and it was a real problem that has to be fixed at some point, i don't think it's going to be at the top of the agenda. in fact, i'm not sure infrastructure is happening any time soon, either. >> we'll tell you something that resonates with constituents, it's biotech pricing, it's drug pricing. we have a news alert to get to. susan, what's happening? basically a court in florida found that walmart failed to pay truck drivers what they earned. they owe them $54 million.
they failed to pay them for washing their trucks and for layovers. they were seeking $72 million in damages. although the jury agreed with them, they awarded them $54 million in damages. steve, a final word before you go? >> i think leading into year end, is that run-up going to continue? we've already seen it sort of preloaded. if you've been lucky enough to be involved in some of these names, there is nothing ever wrong with locking in a profit. >> all right. steve grasso, thanks for joining us. be sure to stick around and catch steve on "fast money." they'll be going dog hunting themselves. president-elect trump promised to turn his keys to his business empire over to his kids if he won the election. but now he's saying he can run his country and his businesses without a conflict of interest. we'll discuss whether that's true, and more importantly wlrks
tripawvisor, tyson. trump said, the president can't have a conflict of interest. i don't want there to be a conflict of interest, anyway. i could run the country perfectly and run my business perfectly. i would think you have to set up some type of trust. in theory, i don't have to go anything, but i would like to try to formalize something because i don't care about my business, end quote. founding partner of boyd and gray, associates, he was counsel to h.w. bush and counsel to the bush administration. what does it mean to you when he says there is not a conflict of interest? what type of endeavor do you think he needs to pursue when it comes to his business? >> well, i think he misspeaks
when he says there is no conflict of interest. what the law says is he doesn't have to face any penalties for a conflict of interest. but when he says that he wants to do something to deal with the apprentices, i think what he should do is, if he's turning over the management of his company to his children, grown children, he should sell it to them. they may have to borrow a little bit to buy it from him, but he should turn over ownership as well, and then the proceeds aren't taxable to him. because if he has to sell for ethical reasons, he can avoid the tax. so that's what i think he should do, and he would benefit from it. >> sir, would that be mostly, though, for appearances' sake? he knows what the assets are, he knows what the brand depends on, probably knows where the business relationships lie. so as president, would there be any real barrier between the
appearance of a conflict even if he were to concede ownership? >> the law permits parents to have a potential conflict or an appearance with grown children. the law permits that. there is no reason why he shouldn't take advantage of what the law permits. so i think that's what he ought to do and the benefit would go to his kids and not to him. and he would be really barred, in effect, from telling his children what to do. and that's something that he really needs -- i think he needs to address it. there are other ways of doing this, and rockefeller made full disclosure of everything he had. i'm not sure that would work here, and i'm not sure trump wants to make full disclosure of everything he has, so the thing to do is for him to just give both financial control as well as managerial control to his
kids. >> ambassador, i tend to think the presidency of the united states is a pretty big job, and it's one that should really take precedence over any of your other interests. the national interests should supercede, in a way. i'm not sure how anyone could advise him to do anything but actually liquidate, to sell it, to call up blackstone or any of these other private equity real estate firms and say, guys, put some deals on the table, and we can get on with this and i can get on with making america great again. >> i don't think that's of any -- i think having his kids buy him out is nearly the same as that. you could say, well, maybe an incentive to help his children, but i think he's not going to be motivated to do that. he would be motivated to pay attention to the country and leave it to his kids to try to make it add value. >> it's an interesting idea
selling the business to his kid. we'll see if any more action surfaces on this in the near term. boyd, thank you for joining us, especially on this thanksgiving eve. >> thank you. pilots for one of the companies that operate amazon primeair, they're on strike. we'll see if that could put a lump of coal in amazon's stocking. whether there could be a hack to a critical infrastructure. we'll be back in a moment. ones that transcend channels and locations, anticipate expectations... creating new ways to engage at every imaginable touch-point. it's a new day in retail, and together, we're building the store of the future. digital works for retail. let's talk about how digital works for your business.
welcome back. if you order from amazon this holiday season -- if -- who doesn't -- you may have to wait a little longer to get your packages. morton brennan has the details of how a pilot strike is impacting the company. morgan? >> hey, kelly, that's right, so an estimated 1.25 million pounds of cargo, that's how much freight has been grounded as a labor dispute disrupts shipping for amazon as well as dhl. the labor dispute involves laborx air. it's one of the two freight operators that amazon contracts as it builds out its in-house shipping network which includes a fleet of 40 leased cargo planes. so some 250 pilots that worked for abx air went on strike yesterday, this is day 2 of the strike, alleging their labor contract was violated because they've been overworked. court is scheduled for this afternoon to determine whether the strike can continue or
waiting to hear those results, but meantime, these goods aren't moving. that's happening at a crucial time as thanksgiving kicks off the peak shipping season. so dhl has warned that some deliveries would be delayed because of this. amazon has pointed out that it works with a variety of carriers, and we know it does including ups, fedex and atlas air. but amazon pointed out this is an issue it hasn't had to face before, namely a labor shortage, which led to these employees working extra and deciding it's time to strike. this is one of those side effects of building out an in-house transportation network. one of the analysts i spoke to said we could expect to see this resolved pretty quick. amazon, hundreds and hundreds of packages. >> if you look at the number of seasonal work people are trying to hire, if you look at the
trucking space, and now it's sort of the leverage where we're facing, do you think the labor market is running too hot. >> at least in the labor mark s markets, it's going into records today. i'm not sure that helps you this holiday shipping season. >> the one thing it really does expose is vulnerability for amazon. it's completely -- it explains all these other things that we think of quite wacky, the idea of using drones to bring one in, but certainly by computers quite ye yet. >> morgan, what are you hearing from not just amazon.
how many other companies. >> as i mentioned, and this is based on some of the laws in place around how pilots can strike and what conditions. we have to sees. we have to see what the results of the meeting, this hearing, was earlier today. just to put it in perspective, 1 point 8 between thanksgiving and the end and that's a 20% increase. it raises a lot of questions for, as you mentioned, a tight labor market. president-elect trump
. here's a look at how we closed on wall street. i notice the journal, the new york post, even had it on page 1. the dow up 59 points to 19,083, the russell at a new high of 1342, the nasdaq down five points, so it closed at 5080. does that mean people should look to the nasdaq to catch up, mike? >> catch up, catch down, something like that. i think the big story is small versus big. you kind of see all the reasons why, but they don't last forever. they don't go on. >> you're expecting tax rates to
come die. . no real exposure to the higher dollar, a lot of stuff feeding into it. time now for cnbc update with sue herrera. >> hi, kelly. a late afternoon storm is pounding costa rica the otto is at 70-mile-per-ho miles per hou expected to make landfall tomorrow. there is already flooding in parts of costa rica. the meteor lit up the sky in florida yesterday. it was capture bid that security camera footage that you saw. workers for macy's thanksgiving day parade are really working hard to get those balloons inflated and wait for tomorrow morning's sendoff for
the season. speeblging of the holidays, want to make your christmas tree trump? there is a red cap collectible christmas tree ornament. it will cost you $149, but it's made of brass and finished with 14 ka rrk a trk arkkarat gold. >> i have a feeling those are going to sell like hotcakes. >> $149. just make sure you take it off the tree before you recycle it. you know how there's always one christmas tree ornament that gets left in there. >> don't let it be the pricey one. do you think people can deduct that? >> i don't know where it's made. >> a lot to think about. >> have a good holiday, kelly.
>> you, too. thank you. donald trump saying the threat of cyber attacks is one of his top priorities in the first 100 days of office. that's what's regarded in fd th this. what he said to the press. >> i will ask the department of defense and the chairman of the joint chiefs of staff to come up with a plan to protect themselves from cyber attacks and all other forms of attacks. >> joining us more and how the governor could quell about this, but there are so many, and what do you expect him to sit? >> one thing that we do need to recognize is three-quarters of the digital infrastructure is run by private companies.
what we really need is a good, strong partnership between government and private industry. >> steve, what assets or physical plants are vulnerable in your mind from some sort of cyber attack, whether it's utilities or dams or hydraulics. where should we worry? >> i think thaet really the key to critical infrastructure is we have to worry about it all, regardless of whether a successful attack occurs on the power grid or against dams or our hospital networks. any of those scenarios could be detrimental, which is why we really do need a comprehensive plan that looks across all of these industries. >> and to what degree is a solution or putting up roadblocks in these taxiing politically distributed? are there centralized places
where you can actually detect and fight these attacks? >> unfortunately, no. there is critical technology that runs the critical infrastructure in many places, and if any of those capabilities are successfully targeted, it could cause detrimental damage. i think we've seen some good examples of this over the past few years. in some of the case studies that we've run, we've asked whether we've seen attacks that have done things like cause physical damage to a critical infrastructure, and 59% of the i.t. professionals running those environments have actually said yes. >> he did some kind of reshuffle to elevate a cyber security person. is that a position that should. there needs to be somebody very strong willed to nut charge.
the field of cyber security and having an in the private sector, but then translate that into a language that the federal government can understand and act on at the most senior levels is key to our success. >> we'll see what happens in the next couple months. steve, thanks for joining us this evening. appreciate it. >> thanks so much. >> steve grodeman from the internal group. we'll head live to one of the nation's busiest airports to find out just how crazy this thanksgiving weekend will be. and eric chimi has been doing investigative reports that he's discovered.
♪ ♪ dream weaver, i believe we can reach the morning light ♪ well, you could get support from thinkorswim's in-app chat. it lets you chat and share your screen directly with a live person right from the app, so you don't need a comfort pony. oh, so what about my motivational meerkat? in-app chat on thinkorswim. only at td ameritrade. w days away. changes to medicare plans could impact your healthcare costs. are you getting all the benefits available to you? new plans are now available that could increase your benefits and lower how much you pay out of pocket. to update your coverage- or enroll for the first time -- call healthmarkets. we'll help you make sure you have the right medicare plan. hi, i'm doctor martin gizzi. it's a new medicare year. that means more changes...
and more confusion. here's what i tell my patients... start by asking ... what kind of care is best for your current situation? have there been changes in your health or medications? the key question is: what can you do now, to ensure you get the care you need in the coming year? to find the coverage you need, call healthmarkets today. new medicare plans in your area may offer better coverage and lower costs. healthmarkets has access to thousands of medicare options from leading insurance companies nationwide. plans that may... cost less... cover more ... with more choices... like dental and vision care. and the freedom to choose your own doctors. all at a price you can afford. we help find the right plan for you. and we do it at no cost. there were so many benefits i wasn't taking advantage of. healthmarkets can find me the right plan. and their service doesn't cost a cent. when i try shopping on my own, i get nowhere fast. healthmarkets takes away the confusion. too often i see my patients paying
more than they need to because they don't know what they're entitled to. make sure you have what you need to get the care that's right for you. you have only a few days left. if you miss the deadline, you may have to wait another year before enrolling. call a licensed healthmarkets' agent now. call now. call this number by the deadline... and let healthmarkets find the right medicare plan for you - without cost or obligation. call now. welcome back. millions of people have already hit the road for thanksgiving. if you haven't yet, there's some license plates you should look out for. here's why. a recent study of car comparisons show what cars have the biggest problems.
fatalities per 100 million miles traveled, speeding and careless driving. it's a tie for the number one spot, texas and louisiana. texas is the only state where drivers placed among the top 15 in each of the five categories. in louisiana drivers ranked the first for obeying signals and miles driven and careless driving. rounding out the top, south caroli carolina, south carolina, north dakota and delaware. >> delaware is very close to new jersey. >> i wonder which one was the most drunk driving. >> that's a good question. >> louisiana is on the list. >> that's why. >> just be careful out there, please, everybody, on the roadways. the accidents are up. this is just further evidence of that.
from the roads to the skies, let's check on air travel. how is the traffic and the lines and everyone doing over there, phil? >> kelly, it's busy but i would not call it crazy. i would say this has been one of the quieter wednesdays before thanksgiving. it doesn't mean there's fewer people flying, it just means we're not seeing massive delays, mass cancellations, and we're seeing people get through the security lines rather quickly. when you look at thanksgiving weekend, and basically we're going from now until next monday, about 3.7 million people are expected to fly. the busiest flying day is sunday, and the best news, there are few delays and few cancellations. >> we were worried about traffic and the long lines. >> so far so good. i'll tell you when i get through security. >> most people are in pretty good spirits today because they
are not seeing those delays and cancellations. you want to know why more people are flying this year than almost any other year going into thanksgiving? look how low airfares are. our friends at hopper, the airline website, says it's down about $200, the domestic airfare. going into halloween weekend, look what we've seen from the major airlines. you talk about the trump rally, many of these stocks are up anywhere from 10 to 20% since november 9. guys, have a happy thanksgiving. the good news here, for airlines, for travelers, for investo investors, it's a relatively calm before thanksgiving. >> so far so good. there is also the buffett effect if those stocks. morris was telling us about this pilot strike affecting amazon, and i imagine why this is going smoothly is the tradeoff.
what's the tradeoff between the cost percentages and the labor shortages that you hear of? >> we're not expecting labor shortages. there is going to be a greater shortage of pilots. that's a fact. it's coming and it's a problem the industry is going to face over the next 10 to 15 years. but all the airlines have plenty of staffing and most of these pilots have renegotiated their contracts, their unions have new contracts. we'll see what affects those contracts, the higher pay rates in the next couple years. >> really appreciate it. happy thanksgiving. by wathe way, guys, new jersey, rhode island, massachusetts, the best in terms of their drivers. the northeast overall comes out quite well. a stunned silence. >> they clearly have not driven. this is totally data driven. they've not gone out and tested it. >> maybe it's just mutual
aggression and it sort of cancels it out. everybody is on guard. coming up, commuter colin quinn. he's going to talk about how to keep those family dinners from becoming too political. but first, don't accuse him of laying down on the job. eric chemi has actually been at work trying out mattresses to make sure they're worth buying. his sleep study is up next.
wondering if those mattresses are worth the money. our own eric chemi checked it out. >> we checked the three top users in the space, casper, lees ar leesa and tuft and needle. casper was the most expensive, leesa in second, tuft and needle way less. score three z's for them. second, the quintessential wine glass on a mattress demonstration. the leesa won out here, always keeping an empty or full wine glass upright despite my jumping. the tuft and needle let an empty glass fall but not a full one. and the casper, ouch. wine spilled all over the mattress. but when it comes to returns, you get what you pay for. casper picked up our unwptd mattress within days.
leesa picked theirs up a day later, and tuft and needle, well, we're still trying to get rid of it. in the end, the leesa won out for being tops in terms of price and wine diversity. >> wow. casper is ubiquitous here in new york. leesa i was less familiar with. this is a crowded space all of a sudden. >> these are the three big players. we talked to all three of them, and two of them, casper and kuft and needle pointed out their return rates are in the single digits. all of them mentioned really good customer reviews on places like amazon. we're still waiting for the tuft and needle mattress to be returned. their return policy was different, but then they said based on our experience with them, they were going to update their return policy, so we'll see if that happens. the other two returns went straight to the dump, though.
nobody is getting a chance to recycle those. >> that's a big feature when people are recycling these. >> casper took theirs right back. they didn't even look to see that there was wine on it. you guys could each get one for the holidays, use it for three months -- >> did you actually try to sleep in any of them or did you just roll around and drink wine in it? >> they don't usually like people sleeping in the office overnight, but i think body types are different, so everyone's shape and size are different, but they all felt basically the same to me. it's all just foam. >> how is it different from the coiled mattress? >> this seems like the ultimate product for showrooming where you go to the actual store, figure out which one you need, and you can find it somewhere on line. you're mail ordering a mattress no matter what. or you're ordering it and someone is going to bring it to your door. >> other companies are also being in this space. whether or not they're doing foam mattresses, they're trying
to get into it because they realize people just want to buy it on line and not put it on their car or whatever. >> but once you unfold it -- >> you can't deflate it. it comes in that box and it opens up in front of you it. you're committed to it being opened. >> i'm impressed a couple wine glasses didn't fall over. that was the most eye-opening thing for me. >> i jumped hard. >> very hard work back at the office. there has been a lot of attention around the election and some people may be nervous about thanksgiving dinner with the family. here to tell us how to keep things light is comedian colin quinn. there he is, making his way over. he'll join us, right after the break. what i love most
about tempur-pedic mattresses... is that they contour to your body. it keeps us comfortable and asleep at night. shop our biggest event of the year, including all tempur-pedic mattresses. save up to $600, now thru november 29th. get your tempur-pedic. the most highly recommended bed in america. mobility is very important to me. that's why i use e*trade mobile. it's on all my mobile devices, so it suits my mobile lifestyle. and it keeps my investments fully mobile... even when i'm on the move. sign up at etrade.com and get up to six hundred dollars. this car is traveling over 200 miles per hour. to win, every millisecond matters. both on the track and thousands of miles away. with the help of at&t, red bull racing can share critical information about every inch of the car from virtually anywhere. brakes are getting warm. confirmed, daniel you need to cool your brakes. understood, brake bias back 2 clicks.
the value of capital is to create, not just wealth, but things that matter. morgan stanley welcome back. from off broadway to netflix, colin quinn is bringing his standup show, "the new york story" to your personal screen in an all-new special directed by jerry seinfeld and joins us here. welcome to you. >> thank you, guys. look at this, high-tech and look what i found. secret document over there. some guy doing it by hand. >> you grabbed somebody's trading sheet? >> i don't understand it, but pretty cool. >> well -- >> rounds of ticker tape here.
what is your new york story? >> my new york story? i didn't like when i came in here, and they're like, oh, colin. yeah, come down. i go, when is the closing bell. eight minutes. oh, i get i'll be knocking on the thing. i'm standing down here applauding like every other -- there were five australian girls. >> hey, you don't support small business saturday? come on. make america great again. you've got to get out there, spend the money -- >> that's not the point. >> tell us about netflix, colin. what is it like dealing with them? how can they shell out all of this money, tens of millions here -- how much are they giving to -- not chris rock. >> chappelle? >> talk a little bit about what that process is like working on that. >> talking about how it feels. your friends -- yeah. i mean, you know. i don't understand. but i mean, i guess they know what they're doing, you know. >> how are they able to spend all of this money? >> good for comedy. i don't care if it goes in my
october or somebody else. i do. >> it's great for comedy, though. there are a ton of people able to find a new distribution. >> would ybut i would rather -- was my money, 60 and the 40, 100 is what that makes. it's great for comedy. i would be magnanimous but still poblging it. >> is donald trump good for comedy? he's always been good. >> yes, i was actually on a roast with donald trump once, many years ago. and he goes -- i was roasting and them he gets up and goes, this guy is a loser, not funny. he was doing it -- he was practicing for his jeb bush debates back then. >> yeah, exactly. >> do you think, if you can put yourselves in the shoes of the current snl staff, they seem to have a lot of pressure. everyone is now looking as the week goes on -- i can't imagine -- so is that just -- nothing but opportunity or -- >> sure. i'm sure they love it. you know -- like you say, trump is always alive. he's going to do something every week. even if it's just a tweet. and then so it's good. it's a good -- >> is their comedy predictable?
you kind of know what you're going to get. they're going to lampoon trump. it's like -- okay, you know what bag of goods you're getting. >> you do have to be careful to not go low-hanging fruit with a guy like trump. but it's still going to be -- always going to be some angle. we know he's not going to sit still. >> a new opposition party? total disarray. you have to look at snl for the -- >> i'm wondering about -- so the new show. is it for people who love new york, dislike new york, want to appreciate new york? know it, don't know it? because you hear about this divide. middle of the country against the coasts and everything else. >> right. but this is about new york, the history of new york. not really about new york now. it's not really like -- whatever -- you know, chick flick has -- the plaza hotel and that stuff. it's more like the boroughs and the '70s. it's about a different time -- a different new york then. >> we hope it stays different, right? there's a lot of cities where
all of a sudden murder rates are climbing again and what's happening there. >> oh, yeah. this can easily be mayhem. >> speaking of mayhem, tomorrow. big day for families. >> thanksgiving. >> there is this narrative it's going to be hard for people -- politics is going to come up and it might be uncomfortable. what do you think? is that really happening? are people going to be at war over the thanksgiving table? >> i would say -- i think a lot of people are. i think a lot of people are going to be -- you know what i mean? people can't not -- you know, people -- so used to giving their opinion now, because of social media, whatever. that they can't go eight hours. i think it should be like a national martial law on speaking, like one day a week, there should be silence in the whole country. >> maybe the sabbath? >> if you break it, maybe you'll be killed. >> are you on social media? >> i am on social media. >> what do you think about it? what's the experience you get from it. >> i don't take it seriously. i don't say anything. i'm not the crusading -- i'm not trying to, you know be too, you know -- >> do you do it because you have to or do you do it because you
enjoy it? >> i started doing it because i enjoyed goofing around on twitter. but you have to, in a way. without -- if you're not on social media, as we all know, you don't exist in the business. you don't exist. and i think -- everybody feels that way, you know? >> deductible like a business tool these days. >> do you test material? >> people get deals. like comedians, they're like, we like you, but you don't have enough followers. come back when you have 20,000 more followers. how are you supposed to do that? please follow me. >> i guess it's a sales channel. >> it really is. it's become like that. >> >> do you mind sitting here while we do a wick market. >> no, as long as you answer my complaint. >> i'm sure they'll give you a good opening bell -- >> i don't want the opening bell, i want the closing bell. >> michael and rob, what do you guys watch in the market, day off tomorrow, friday a short session. >> friday, i'm not going to be watching the overnight retail stuff. because i kind of think it's noisy in the retail stocks have moved pretty much. i want to see the flows into
stock funds and the survey stuff that's going to come out on friday. it's going to tell us if the market is getting frothy. >> i want to see who donald trump names as treasury secretary. that's going to have a huge impact on tax policy, economic policy. and we actually haven't -- we're getting lots of noise and head fakes. we don't yet know who is going to do this. >> a couple key positions. and black friday, are you going to be shopping, colin? >> on black friday, no, i'm not. >> is that a thing for you, when do you do your shopping? >> no, let's face it, kelly. you act like i'm some soccer mom, waiting for some store to open. i'm too big for that. when do i do it, last-minute like a lot of guys. >> three days ahead? >> definitely. >> amazon. i think that's a lot, by the way. >> amazon, three days? >> yeah. >> you're putting it under a lot of pressure. >> that's right, thank you. they've got the strike to deal with and everything else. what about you? >> i'm in the walk through the store, see what strikes you. so i always set aside one day. it's not 24th, but it's late.
>> what about you, kelly? >> you know, i'm going to try to participate in black friday, small business saturday, cybermonday and giving -- >> very nice. >> i don't know why. i feel seized. >> nice. >> thank you for joining us, colin. good luck with everything. be sure to tune into a special black friday edition of "closing bell," 12:00 p.m. eastern. happy thanksgiving, everybody. "fast money" starts now. breaking news. that is a picture of people making a whole lot of money in the markets. the dow, s&p and russell closing at record highs again. the stunning trump rally rages on. since the election, the dow and s&p have surged 4 and 3% respectfully. small cap stocks up for 14 straight days. our goal tonight, as simple as it gets. buy, sell or hold. what names can you still own in this trump rally? start off with some of the winners here. these are stunning returns, just since the election. goldman sachs, up 17%. target up