Skip to main content

tv   Countdown to the Closing Bell With Liz Claman  FOX Business  November 9, 2016 3:00pm-4:01pm EST

3:00 pm
. trish: what a remarkable victory, a victory no one thought possible, it happened because of you. it's going to get interesting. so many policy changes coming forward, we are here, we're going to continue our relentless coverage so you will know how they will affect you every single step of the way. starting live at 9:00 p.m. eastern after lou dobbs on fox business. liz is down at the exchange, covered from here on out. liz: trish, we're 33 points away from an all-time record on the dow. we are watching that. folks the number to beat, 18,636. we're at 18,608 and climbing right now. getting close to session highs. the trump crashed the stock market, no brexit-like sell-off at all on wall street at this hour. boy, what a difference it makes, 2:00 a.m. eastern time, futures were plummeting, tanking, predicting a bloodbath. dow futures at one point down 167 points.
3:01 pm
the lows became increasingly clear that donald trump would be the 45th president of the united states of america. but here we are with exactly 60 minutes before the closing bell rings, this gain is broad-based. the s&p 500 tacking on 25 points at the moment. we are told that the president-elect is backing his victory after acceptance speech that came during the wee hours of the morning. donald trump reportedly spending the day out of the spotlight. he's with family, reportedly speaking with staffers and no doubt answering calls and well-wishes from lots of friends, well-wishers and gop supporters. trump is now the nation's oldest elected president. he'll make his first visit to the white house to visit with president obama and what makes this country so great.
3:02 pm
peaceful transition of power. president obama said earlier in the rose garden he's, quote, rooting for donald trump's success in uniting and leading the country. that speech followed hillary clinton's concession speech in new york city. the former secretary of state calling the loss in the race for the white house painful but telling all of her supporters and followers, we owe donald trump an open mind and a chance to lead. so how will donald trump lead? former governor he's a democrat and republican judd gregg of new hampshire here on how the so-called experts got the prediction and donald trump will hold the controversial campaign promises. among them, to build the wall at the border of mexico. we have former ambassador to mexico to iraq and to the united nations john negroponte. he's here whether that wall has ever been realistic. plus billionaire investor jeff greene, he's donald trump's
3:03 pm
neighbor in palm beach. he's going to be talking about how businesses can prosper under a trump administration and how he's planning to invest around it. we're less than an hour to the closing bell and live from the floor of the new york stock exchange. let's start the "countdown." >> reporter: breaking news, the rally is oworries that the opening bell quickly fading away and what nearly was a 900-point deficit has turned into a triple-digit rally. here we are with the dow jones industrial averages up 268 points, no fear at all. it's the volatility index which gives a sense of fear falling 20% as fierce of an armageddon-type sell-off have all but dissipated. no flight to quality trades, money coming out of government bonds, the safe haven trade, the 10-year yield is hitting 2.07%. that is the highest level we've
3:04 pm
seen since january 28th. the greenback, the dollar, having a solid session, erasing earlier losses, trading higher against a basket of currencies. up three days in a row, so money buys a lot more if you're planning on take trips overseas, paris, go find jewelry and scarves and fancy stuff, the dollar is mightier today. a massive blow to the mexican peso. we've been telling you the peso is a barometer to trump's chances, dropping to levels never before seen versus the u.s. dollar. now to the federal reserve. is the fed finally ready to pull the trigger and hike rates? fed funds futures are pricing in that scenario. about a 76.3% chance of a december rate hike. middle of december when they next meet. why? of course trump's likely heavy fiscal spending would boost economic growth and prompt the federal reserve to boost costs
3:05 pm
because we are no longer in an emergency economy or emergency situation. 56 minutes before the closing bell rings, stocks are flirting with record highs. john corpina, i grabbed you and said listen, why is there no fear, what happened overnight? >> markets are firming up as we close into the opening. a buy program that came in close to the opening, investors saw the market plummet so much and realize it's not that bad. we're not going to continue to see this sell coming into the opening. so we had buy interest come in and from there the market found its spot and rallied from there and staying at the levels ever since. liz: all right, art cashin said he's seeing selling on the close. people are taking profits, that would make sense. you don't want to get greedy, with a gain of 283 on the dow, would you advise that? >> i don't think so. i think our rally is going to continue, i don't think there
3:06 pm
is negative headlines overnight. as you said on the lead, president-elect trump and president obama meeting tomorrow. we'll get positive overall messages that come out of washington tomorrow. bipartisan, this is a transition going to occur. i think that is positive to our economy and also to the overall fed. liz: what are you seeing on the flow of the floor. these guys get calls from big clients who say buy this, sell that. what are you seeing? >> buying in many different sectors, you can see over time, there was a sell-off leading into the weekend. investors found an opportunity to buy stocks. we had a run-up on monday. liz: let's tell people, the sectors like biotech, pharmaceuticals. high finance. >> look at financials, financials have clearly come into the spotlight throughout this entire election, investors are feeling a little more confident. liz: bank of america, this is a 5.75% gain. if you own big pharma, they are skyrocketing, hillary clinton
3:07 pm
had plans to institute price taps on expensive drugs so people weren't hammered too much on that. i don't know what donald trump is going to do. he's not the price control type of guy. >> right, that gray cloud over that industry there has clearly moved away right now. liz: great to see you, john. john corpina. busy day on the floor here. minute-by-minute moves here. 54 minutes before the closing bell rings. the dow holding off to 1.5% gains, up 279 points. all the way around you're talking about a shock election win. opponent who has conceded and country coming together to prepare for the next four years. that's what's happening at this moment. and the wake of winning this historic election, donald trump is apparently keeping out of spotlight. hunkered town in trump tower apartment just up the street with family and advisers, so what do we expect next? peter barnes is right there. he's outside trump tower.
3:08 pm
and tell us what the atmosphere is like outside and what they expect from the president elect. >> right now, the security here is very high in a pinch with donald trump's victory last night. the new york police and secret service have moved in giant dump trucks right in front of trump tower, now the residence of the president-elect. so security here very high. also a circus-like atmosphere. we've got supporters and -- of trump and protesters out here on the street. a lot of tourists taking pictures. the naked cowboy from times square made his way over here. as for the candidate, he is laying low. we did hear from him twice, both through social media. he tweeted out under the new handle, president-elect of the united states, the real donald trump. such a beautiful and important
3:09 pm
evening, the forgotten man and woman will never be forgotten again, we'll come together as never before. and sent a thank-you note to supporters america is a beacon of hope where the impossible is possible. we heard from house speaker paul ryan on trump's victory. he had kept his distance from the president-elect during this campaign but singing a different tune today. listen. >> look at it this way. our house majority is bigger than expected. we won more seats than anyone expected and much of that is thanks to donald trump. donald trump provided the kind of coattails that got a lot of people over the finish line so that we could maintain our strong house and senate majorities. >> reporter: and among the other sights to see was a t-shirt which said from a trump supporter which read "president donald trump, the revenge of
3:10 pm
the deplorables." liz? liz: they'll print anything in about 17 minutes here in new york city and get it out there on the street on the corner vendor areas. peter barnes live from trump tower. donald trump during the campaign made all kinds of promises. he said he would reform the tax code. he said he would repeal obamacare. he also said he would dismantle the regulation known as dodd-frank which some believe has hemmed in banks' abilities to make a lot of money. all of the potentials as president-elect donald trump promises to attack in the first 100 days of office especially now with republicans controlling both the house and the senate. charlie gasparino joins me on the most likely place for him to start. these things are sometimes glacial and paste. they take a long time to change. >> they do. obamacare is not something you can just reverse in a minute. we know that. building a wall between the
3:11 pm
u.s. and mexico is going to be very difficult and costly, but there's a ton of low-hanging fruit he can attack, and very positive for the economy. and i think last night when you saw the dow futures, you and i were tweeting and e-mailing, dow futures getting crushed. i was at a party where a lot of savvy traders were buying into the low-hanging fruit. you can do tax reform because you have the mechanisms and the plans in place, particularly from paul ryan, from steve moore one of the economic advisers in art laffer and larry kudlow, there is good agreement on the republicans who control the house and the senate and the presidency on how to lower corporate taxes. how to cut marginal rates, and then you also have the other thing which is regulations. again, strong agreement from the republicans on getting rid of parts of dodd-frank and
3:12 pm
maybe some of the environmental regulations. here's the thing, liz, why the market is up and what you hear from traders. they need no buy-in from the democrats. if you want to pass corporate tax reform right now. you want to lower tax, cut regulations, you can do it without having to give senator elizabeth warren a dime or any say. that's the thing hanging over the markets, the republicans lost the senate, if they lost the senate, as a member of the banking committee, it would have been sharon brown, you know she would have had a lot of stroke on pochlts she has no stroke on policy. she is out of policy making equation and if you notice, bank stocks are all up today, and that's because the combination of getting rid of dodd-frank and chief antagonist elizabeth warren is out of the picture. by the way, i found this last night, put it like, this men
3:13 pm
for trump. can you see that? liz: yeah! >> just so you know. i was a huge critic of him. i still remain bothered by how he ran his campaign. i'll still keep criticizing him as a reporter should do, the plans are pro-growth. liz: i'll quote neil cavuto, we of the picnic, we are always looking out for our viewers. >> we follow that rule to the t. liz: i know you do, charlie. >> a lot of people do. you do. neil does. liz: are you kidding? i love that aqua degio that you wear. >> thank you. liz: folks, you may have witnessed history here, the all-time record for the dow industrials, 47 minutes before
3:14 pm
the closing bell rings. caterpillar, is a big earth mover among the leaders of the dow 30 on hopes that a president trump will follow through on the promise to improve american infrastructure, bridges, tunnels, roadways. caterpillar would be a beneficiary, and traders think that's one way that president trump could he enomy, but what do the billionaire investors think? billionaire investor jeff green whether all the optimism that the american economy is about to blossom under a trump administration is for real? live from the floor of the new york stock exchange on extraordinary trading day. glad you are with us. we're coming right back. i have asthma...
3:15 pm
...one of many pieces in my life. so when my asthma symptoms kept coming back on my long-term control medicine. i talked to my doctor and found a missing piece in my asthma treatment with breo. once-daily breo prevents asthma symptoms. breo is for adults with asthma not well controlled on a long-term asthma control medicine, like an inhaled corticosteroid. breo won't replace a rescue inhaler for sudden breathing problems. breo opens up airways to help improve breathing for a full 24 hours. breo contains a type of medicine that increases the risk of death from asthma problems and may increase the risk of hospitalization in children and adolescents. breo is not for people whose asthma is well controlled on a
3:16 pm
long-term asthma control medicine, like an inhaled corticosteroid. once your asthma is well controlled, your doctor will decide if you can stop breo and prescribe a different asthma control medicine, like an inhaled corticosteroid. do not take breo more than prescribed. see your doctor if your asthma does not improve or gets worse. ask your doctor if 24-hour breo could be a missing piece for you. see if you're eligible for 12 months free at mybreo.com.
3:17 pm
3:18 pm
. liz: folks, we need to get you some breaking news here. nor than 100 firefighters are struggling to contain a massive blaze. this is at the former bethlehem steel site in pennsylvania. the fire was sparked when a hot lightbulb fell onto cardboard inside the building. massive amounts of black smoke choking the area. motorists are expected to stay
3:19 pm
away right now. this is a live picture. we need to make sure that everybody is safe at the moment. this comes as steel stocks surge after donald trump's victory. steel, of course, turned into that rust belt sad story and ohio and pennsylvania, now we have u.s. steel, a.k. steel and commercial metals expected to benefit from trump's protectionist trade policies. donald trump said he wanted to bring back mining and steel. we have this news out of the oil and gas industry, a new administration could mean new life for the keystone pipeline not left for dead here. transcanada has just released a statement and saying it's still fully committed to building the pipeline saying we are evaluating ways to engage the new administration on the benefits, the jobs and the tax revenues this project brings to the table.
3:20 pm
let me bring in option senior market strategist alan knuckman standing by at the cme in chicago. alan, people have been concerned when it comes to oil that there would be a further glut, he has pledged to open all federal land and water for fossil fuel exploration, what does that mean for water which trending higher right now? >> reversal, three-month lows and higher close, after a 15% drop. there are a lot of moving pieces obviously with what's happening today, but looking at oil, there are three key things i'm focusing on right now. right now i think we want to focus on the infrastructure build, that could be positive for energy, and increased demand there. then we want to look at, you talked about the interior, you know, that could be -- that could add supply, but there are a couple of other things i think could benefit this market. number one, the iran deal, iran's production could be
3:21 pm
curtailed if that situation changing dramatically, obviously, that's part of the reason we've seen the markets move lower in the last few months. liz: i need to interrupt you, hold that thought. we have breaking news here. the dow just bested the all-time closing high. we are now above it at the moment, 18,646. seeing a gain of 312 points, the previous all-time closing high and may close below. that 18,636. we're above it right now. alan, to your third point, go ahead. >> third point gets back to stocks. it's been a long time but we're going to have a positive growth quarter in the stock market. it didn't look like it but now that we're finishing up this quarter, this is going to be positive growth. we haven't seen that in a year quarter after quarter, and if we looked at 2017, there's continued stock market earnings growth. so that's a big deal we've pushed forward, and that's very
3:22 pm
much a positive sign for the economy and for corporations and obviously the use of crude oil. liz: alan knuckman at the cme. i don't know how crazy it is for you there, we're hearing the decibels, very close to the highs of the session. s&p up 29 points. when we started at this hour, the gain had been up 28 points. here we go with a gain of 306 points at this moment for the dow industrials. will we close here? that would be a brand-new all-time record high with the closing bell ringing in 38 minutes. donald trump's victory putting world leaders on notice. the uk's theresa may, russia's vladimir putin, germany's angela merkel with major economic and global concerns to address with the new president. former bush national intelligence director, ambassador john negroponte was the ambassador to mexico, too. so this adds a fascinating twist into the conversation. he'll tell us if the
3:23 pm
billionaire businessman is prepared for the challenges of the world stage? more "countdown" on the way. we're at record numbers right now. at least for the dow. stay tuned. the pursuit of healthier. it begins from the second we're born. because, healthier doesn't happen all by itself. it needs to be earned every day. using wellness to keep away illness. and believing a single life can be made better by millions of others. as a health services and innovation company optum powers modern healthcare by connecting every part of it. so while the world keeps searching for healthier
3:24 pm
we're here to make healthier happen. seconds can mean the difference between life and death. for partners in health, time is life. we have 18,000 people around the world. the microsoft cloud helps our entire staff stay connected and work together in real time to help those that need it. the ability to collaborate changes how we work. what we do together changes how we live.
3:25 pm
3:26 pm
3:27 pm
>> we will build a great wall and mexico will pay for the wall, 100%. apple and all of these great companies will be making their product in the united states, not in china. isis will be gone if i'm elected president and they will be gone quickly. they will be gone very, very quickly. liz: donald trump's repeated threats and promises he made while campaigning for presidency encouraged other global leaders and struck hearts of others particularly mexico where leaders there pushed back hard on donald trump's build the wall threat. we're joined by former
3:28 pm
ambassador to mexico, john negreanu, and former ambassador to the united nations and iraq. welcome, ambassador. what about that? we'll start with each of these years. the build the wall chant became repetition over and over again of many of these rallies. what is your best guess whether we see that come to pass, the wall is built and mexico pays for it as donald trump said they would? >> thank you. i certainly don't think he is that they're going to pay for it, if further buildings does in fact go on. i to the contrary really think one of the important first things that mr. trump could do would be to try to mend fences so to speak with the country of mexico. one of the traditions of new presidents elect, have been to meet with the president of mexico during the transition period. that is every president since ronald reagan has done that i
3:29 pm
would hope that mr. trump would consider doing that, as a way to initiate his relationship as president with the country of mexico. liz: well look -- >> we have a lot of fence-mending to do. it also reflects on the question of his relationship with the hispanic community here in the united states, which he is also very anxious about some of the things that he has said. liz: no doubt, no doubt, ambassador. they, the pollsters -- among people who care deeply about a secure border. so there has to be a middle ground here, is there not? >> i think the middle ground is to have a secure border, have border patrol, have proper verification measures, but at the same time recognize this is one of the most important economic relationships that we have in the world. we have more than $500 billion
3:30 pm
worth of trade with mexico every year and it's growing. mexico is our second or third largest trading partner in the world. and i think as a businessman, mr. trump very clearly must understand that. liz: now i need to get to iran, and i don't know how you feel about the iran nuclear deal that the u.n. security council including the united states, so-called big five had, how you felt about that deal, but, our viewers hate it. we hear from them consistently, and certainly israel has been very unhappy with it. donald trump has been extraordinarily clear in saying it was just a horrible deal. you have been the ambassador to the united nations. you can't just single-handedly turn that around, can you? what kind of maneuvering could effect wait on that nuclear deal, when you also need other countries like china, russia, france to be a part of that decision? >> that is exactly the point because these other five
3:31 pm
countries that were involved approved the agreement as well, so it would be difficult for us to do this unilaterally. we could, if might not have much effect in china, russia, england and france, continue to i trade with iran and con minute make economic opportunities available to them. you could argue all we would be doing would be depriving ourselves of a economic opportunity that the other countries were taking advantage of. so i think he would want to proceed on that very carefully. another possible approach would just be to have a look at the agreement, and see where it calls for verification, and various kinds of enforcement measures if ways can be found to tighten that up. that might be another avenue of approach for the president-elect. liz: we were showing video of nuclear energy operations in iran but the real fear is of course nuclear weaponry.
3:32 pm
we're waiting to see more clarification of that. but one of the platforms hillary clinton stood upon that donald trump could not be the trusted with the nuclear codes and the nuclear button. how do you feel about that? you served in the bush administration. >> well the american people have decided that question. they have elected him. he is now president-elect and he is going to have to be trusted with the nuclear code. i'm hoping he will choose to surround himself with talented, experienced and knowledgeable advisors. i think everybody's eyes should be trained on issue who is he going to pick to be secretary of defense, secretary of state and national security advisor. those are key positions in the national security area. and i'm sure we'll be learning fairly soon who those choices are. liz: yeah. we'll talk a little bit more about that coming up. ambassador, thank you very much for joining us on awfully busy market day and news day. >> appreciate the opportunity,
3:33 pm
thank you. liz: thank you. anytime, ambassador john negreanu. the closing bell, we're 28 minutes away. we're slightly below the all-time record close of 18,836. it wasn't quite 3:00 a.m. but donald trump got a call very early this morning and changed his life and shocked much of the world, but didn't anybody see it coming besides the core group of supporters? former governors phil bredesen of tennessee and judd gregg on the trump train's run through the rust belt and beyond. we're live from the floor of the new york stock exchange where we're about to possibly see an all-time record close on the dow.
3:34 pm
3:35 pm
when a moment turns romantic, why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain,
3:36 pm
or adempas for pulmonary hypertension, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis and a $200 savings card. stop taking cialis and get medical help right away. if you have medicare parts a and b and want more coverage, guess what? you could apply for a medicare supplement insurance plan whenever you want. no enrollment window. no waiting to apply. that means now may be a great time to shop for an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. medicare doesn't cover everything. and like all standardized medicare supplement insurance plans, these help cover some of what medicare doesn't pay. so don't wait. call now to request your free decision guide. it could help you find the aarp medicare supplement plan that works for you.
3:37 pm
these types of plans have no networks, so you get to choose any doctor who accepts medicare patients. rates are competitive, and they're the only plans of their kind endorsed by aarp. remember - these plans let you apply all year round. so call today. because now's the perfect time to learn more. go long. [aand i've never seen a rocketge ship take off like this. [owner] i'm lindsey. i'm the founder of ezpz. my accountant... ...he's almost like my dad in this weird way. yeah, i'm proud of you. you actually did some of the things i asked you to do the other day (laughs). [owner] ha, ha, ha. [accountant] i've been able to say, okay... ...here's the challenges you're going to have. and we can get it confirmed through our quickbooks. and what steps are we going to use to beat these obstacles before they really become a problem. [announcer] get 30 days free at quickbooks.com
3:38 pm
liz: okay, with the dow jones industrial rally pretty significant still, up 25 points, by the way -- 275 points. s&p jacking higher by 25 so pretty broad-based. so many stocks moving higher but we want to extract and present to you two stocks popping pretty darn wildly right now on the prospect of that trump victory. here we have it. donald trump as the 45th president of the united states, take it to sprint. look at this move here. sprint surging to a two-year high right now, up more than 12% at this hour. sprint is juking higher on couple of renewed hopes of maybe potential deal with it. mobile which is also jumping, hold on one second, t-mobile is up pretty significantly up $2.30 at the moment, but also on the belief -- that is 52-week high for t-mobile. also on the belief that a trump federal communications commission would be helpful to
3:39 pm
things like merger around spectrum deals. now to twitter. twitter riding wave of this election, certainly on trump victory. twitter's most fruitful users taking to microblogging world and so are investors. that is one-month high for twitter. tear of state hillary clinton took to the stage here in new york, when the sun was up with. she humbly congratulated trump and urged her supporrs to give him a chance. >> we have seen that our nation is more deeply divided than we thought. but i still believe in america. and i always will. if you do, we must accept this result and look to the future. donald trump is going to be our president. we owe him an open mind and a chance to lead. liz: but from the faces of the crest fallen supporters in the
3:40 pm
audience, boy a lot of people got this wrong. let us bring in two former governors, former democratic governor from tennessee which went to donald trump, phil bredesen and former republican governor of new hampshire, which is still too close to call, judd gregg. where do you think this is going to go, governor gregg, for new hampshire? >> it is not clear but, it doesn't matter right now because our four electoral votes won't affect the outcome. liz: of course. >> they are 600 votes a i i a -- apart. it is pretty close race. liz: governor bredesen, everybody got it wrong when it came to the polls, exit polls, pollsters. they were all pricing in a hillary clinton victory. where do you think they went wrong? >> oh, i think there were awful lot of people, i see this as more of a cultural election than democrat versus republican. i think there were a lot of people wanted to send a message to the establishment.
3:41 pm
donald trump was a slightly politically-incorrect choice. i think a lot of people told pollsters the wrong answer or hung up on them. it just, i think it is not possible to poll them in that, in that kind of circumstance. liz: governor gregg, you also served in the senate as well and it is pretty obvious, and it is not just me saying this, paul ryan admitted that the gop rode into success to own all of congress on donald trump's coattails. do you foresee an assistant, sort of unification when it comes to the house and senate and donald trump? there are republicans in both of those arms there that disagree with some of his policy? >> that is always going to be the case but i think you will see a lot of cooperation. in fact i think you will see quite early donald trump appoint very good people to senior positions in his cabinet. they're talking about taking folks like bob corker, the chairman of the foreign
3:42 pm
relations committee, maybe make him secretary of state. talking about jeff sessions, two extraordinarily talented people. people are talked about for different positions. i think you see an administration that pulls people together that is the way it appears to me. his speech last night was the exact right tenor. if he maintains that tenor for four years, he actually will be a pretty successful president. i also want to congratulate secretary clinton. her speech was very generous and very appropriate how our system should work. liz: absolutely, absolutely. let's not forget president barack obama saying in the rose garden today -- >> same thing. i thought president obama made exceptionally good statement. liz: that is the way americans handle these things. god bless, america. governor bredesen, are they planning not for 2020, the presidential election but 2018 for midterm elections? what is going on in their minds?
3:43 pm
what conversations are happening behind closed doors? >> people have to be assessing what this all meant. obviously the public was not ready to buy what democrats were offering. we as a party need to rethink a lot what it is we represent to get new ideas on the table and reinvigorate the standing and i think creativity the party has shown some times in the past. i also think it is really important, you know, that we not try to do the same thing to president trump that happened to president obama which is just a lot of people who were dedicated to do nothing other than making sure in obama's case he didn't succeed. i thought that was awful way and un-american way to treat a president. from my part, i think a lot of democrats are prepared to do something very different with donald trump. liz: i hope so. it will be very interesting to see what happens, but we so appreciate both of you guys through this entire election cycle. you have joined us. you have given us your insights.
3:44 pm
we appreciate it. governor phil bredesen, governor judd gregg of new hampshire, thank you very much. keep it right here. you're welcome. keep it here on fox business tonight. we've got much more coverage. this is continue all story here. lou dobbs on for extra hour tonight. i hope you join him starting at 7:00 p.m. eastern. that is followed by special two-hour edition of the intelligence report. fox business, by the way, do i need to remind you, the fastest growing business cable network in all of cable, in america. we're coming right back. the dow is up 262 points. 15 1/2 minutes before the closing bell rings. is it time to audit trump's economic plans to see what it means for business? straight ahead we're speaking exclusively to the ceo of accounting giant ernst & young, mark weinberger, who is laying out exactly what he is telling his hundreds of ceo client on how they prepare for the transition to power. ♪
3:45 pm
you totanobody's hurt, new car. but there will still be pain. it comes when your insurance company says they'll only pay three-quarters of what it takes to replace it. what are you supposed to do? drive three-quarters of a car? now if you had liberty mutual new car replacement™,
3:46 pm
you'd get your whole car back. i guess they don't want you driving around on three wheels. smart. with liberty mutual new car replacement™, we'll replace the full value of your car. liberty stands with you™. liberty mutual insurance. we ship everything you atcan imagine.n, and everything we ship has something in common. whether it's expedited overnight... ...or shipped around the globe, ...it's handled by od employees who know that delivering freight... ...means delivering promises. od. helping the world keep promises.
3:47 pm
approaching medicare eligibility? you may think you can put off checking out your medicare options until you're sixty-five, but now is a good time to get the ball rolling. keep in mind, medicare only covers about eighty percent of part b medical costs. the rest is up to you. that's where aarp medicare supplement insurance plans insured by unitedhealthcare insurance company come in. like all standardized medicare supplement insurance plans, they could help pay some of what medicare doesn't, saving you in out-of-pocket medical costs. you've learned that taking informed steps along the way really makes a difference later. that's what it means to go long™.
3:48 pm
call now and request this free decision guide. it's full of information on medicare and the range of aarp medicare supplement plans to choose from based on your needs and budget. all plans like these let you choose any doctor or hospital that accepts medicare patients, and there are no network restrictions. unitedhealthcare insurance company has over thirty years experience and the commitment to roll along with you, keeping you on course. so call now and discover how an aarp medicare supplement plan could go long™ for you. these are the only medicare supplement insurance plans endorsed by aarp, an organization serving the needs of people 50 and over for generations. plus, nine out of ten plan members surveyed say they would recommend their plan to a friend. remember, medicare doesn't cover everything. the rest is up to you. call now, request your free decision guide
3:49 pm
and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ liz: well this didn't take long. let me show you what i'm holding in my hands. this is a letter that is written by and signed by 1100 ceos here in america 1100 ceos signing the letter and congratulate the president-elect, they are formally requesting that he begin healing and reconciliation with all of america. right now we have the guy right now advising those companies how to reconcile with a trp presidency himselfs. ernst & young, ceo and chairman
3:50 pm
mark weinberger with a fox business exclusive. i'm sure you represent and work with a lot of companies on this list, mark. what are you telling ceos in the wake of this brand new victory by donald trump? >> liz, it is a time for healing. it is a time for the country to come together and business has a huge role to play here. we have to go up to advocate for our positions. we have to talk about what is important to create growth in america. we have to help identify people who can serve in the white house and 4,000 appointments that will happen over next 100 days or some we need to figure out how we can work with administration and congress to finally get legislation through that will help create jobs and grow the country. liz: what are you, i guess what i want to know, what are they most worried about? what do you hear when you you speak to all the ceos? >> well, first of all, the ceos, along with almost every other major institution lost a lot of trust. we better learned lessons from "brexit." we better learned lessons from this election, it has to be about inclusive growth, bringing
3:51 pm
everybody along, creating jobs and growth for all not just a few. the business community is willing to come up and advocate for our positions but we obviously must not lose sight of the fact we must work with every vested interest. when we look attacks reform, energy reform, we look at opportunities for infrastructure, we have to figure out and help the government to figure out how to do it right. that means coming up with ideas, not just asks. liz: mark, a lot of those things are really being embraced by the business community but what about the punitive tariffs donald trump said he would impose on any american company that moves operations overseas? he references carrier and references ford very often. today general motors just laid off 2,000 people. we have auto stocks all moving lower on some fear that donald trump will start punishing them with tariffs if they move some plants overseas. >> well, first of all, donald trump is focused on his growth. that is going to be important. we're moving from the election
3:52 pm
season to the governing season. we have to get congress to work with the president, house republicans put together put together a comprehensive plan of tax reform, lower rates, more competitive system and help companies compete and hire people here in the united states. that is really what it is all about. it is also about tax cuts. he said he would implement the largest tack cut since ronald reagan of the non-partisan office estimates that his tax plan would add $6.2 trillion over 10 years to the federal debt. how do you and ceos square that? >> first of all we would agree tax reform has to be fiscally responsible. we can't just blow up the debt with at that whole new spending programs, whether on infrastructure or tax cuts and everything else. that has its own major negative ramifications for interest rates, for investment, for long-term stability of the country so we have to work with offsetting some tax cuts with other elimination of credits and
3:53 pm
incentives. we also have to look for spending cuts to offset some tax cuts. we have to look for pro-growth tax cuts that create jobs that will provide more revenue to the government. all of these things, liz, will be on the table. it is very early in the process. first of all, they have to get people in place who can been negotiating. we're ready. we have ideas. we want to talk to the administration. that's what we're looking forward to. liz: so nice to see you, mark. i'm sure you're busy guy. your phone is ringing off the hook. you have operations in 150 countries. there are whole kinds of interests to discuss. thanks for being here. >> always great to talk to you, liz. liz: anytime, mark weinberger of ernst & young. he is ceo. seven minutes to go before the closing bell rings. the dow is 40 points away from all-time record close. right now a gain of 260. either way i know our viewers long the market will take it. as we wrap up this roller coaster session you have got to be with me as we talk with billionaire investor jeff green.
3:54 pm
he joins us live from florida. he literally lives down the block from donald trump's maura lago. he is neighbors with our president-elects. how he is investing right now? did you know there's a way to save up to 95%
3:55 pm
on your prescriptions? introducing blink health. blink has negotiated some of the lowest prices so you can get your same medication, at your same pharmacy, for a lower price. just go to blinkhealth.com, pay for your prescription, and pick up at your regular pharmacy.
3:56 pm
blink is accepted at nearly every pharmacy nationwide. go to blinkhealth.com and get $10 off your first purchase, promo code: tv. see me. see me. don't stare at me. see me. see me. see me to know that psoriasis is just something that i have. i'm not contagious. see me to know that... ...i won't stop until i find what works. discover cosentyx, a different kind of medicine for moderate to severe plaque psoriasis. proven to help the majority of people find clear or almost clear skin. 8 out of 10 people saw 75% skin clearance at 3 months. while the majority saw 90% clearance. do not use if you are allergic to cosentyx. before starting, you should be tested for tuberculosis. an increased risk of infections and lowered ability to fight them may occur... ...tell your doctor if you have an infection or symptoms... ...such as fever, sweats, chills, muscle aches or cough. or if you have received a vaccine or plan to. if you have inflammatory bowel disease, tell your doctor if symptoms develop or worsen. serious allergic reactions may occur.
3:57 pm
see me. see me. see me. on my way. find clear skin... and a clearer path forward. for a different kind of medicine, ask your dermatologist about cosentyx. liz: how is a 24-hour,0% swing? that is what the vix, fear index was showing. it was up 40% overnight. it is down 20%. air is coming down. no pressure. three minutes before the closing bell rings. the dow is up about 254 points. let me tell you right now, investors and business people alike are making investment moves as we get closer to president-elect donald trump taking oval office. joining me somebody that lives two doors down from donald trump in palm beach. he is billionaire investor jeff green, who made a fortune shorting subprime a couple years ago. jeff, what are you doing on a
3:58 pm
day like this with a donald trump presidency on the horizon? >> i'm staying where i am, liz. if you look at some of the smart people on wall street, goldman sachs sees s&p at 2100 year-end. we're above that right now. a great day. a great relief rally. reality is, these infrastructure programs, the kind of thing the trump administration may put in place will take a long time to get going. we have to look realistically. there are he had had winds hitting economy right now. >> you are not just an investor you're a real estate magnate in palm beach and california. how will real estate look under the real estate president? >> interesting you enough, the reason reels estate done so well over the last seven or eight years because we haven't had a functional washington. what happened the only game in town is the fed. when you have world of zero interest rates last eight years and $4 trillion added to the fed balance sheet, of course real estate prices will go up.
3:59 pm
if donald trump can repatriate $2 trillion from foreign corporation bank accounts and get infrastructure spending going on all over the country, what will that do? that could create real wage inflation, which we need. but it also will create inflation higher interest rates and lower asset prices. donald trump may be bad for real estate prices, stocks price assets and that have shot up in the bubble economy we've had. liz: as we come up to the closing bell you have voted democrat most of your life but billionaire businessman. >> i supported hillary clinton as democrat. i'm delighted donald trump is alternative. he is a great guy. i know donald trump. i only hope the democrats do exact opposite when republican did, when mitch mcconnell and john boehner wanted barack obama to be one-term president. let's hope donald trump exceeds all of them.
4:00 pm
liz: that is what fill bredesen of tennessee said. great to see you. jeff green, billionaire investor. donald trump's neighbor. [closingel bl rings] folks who would have thought two a.m., dow future tankinghundred points. we see the markets in place by 252 points. what a turnaround. david and melissa. take it for "after the bell." david: we had political whiplash. now we have wall street whiplash. you remember that major sell-off? forget about it. we're nearing all-time record high. melissa: we should have bought. said that about 3:00 a.m. david: can't buy off hours. at any rate, we will advise you in this hour what you can do with your money. stocks are staging a huge comeback with all three major averages rallying into the close. i'm david asman. melissa: i'm melissa francis. this is "after the bell." here's what we have for you this hour. the markets and world responding to whaso

74 Views

info Stream Only

Uploaded by TV Archive on