trish: he is rumored to potentially be in donald trump's cabinet as energy secretary. send it over to liz now. speaking of oil rally. the black gold did turn the market golden and is continuing to do so at this hour. the record rally. it is pulling back after closing we are now falling a little bit from that. except to close at an all-time record. even as oil has its biggest move. maybe there is a lack of belief that's exactly what happened.

and it was enough. the first cutback in eight years. what does this mean for u.s. drillers and trackers now. they look at what's going on here in the u.s. naming his picks for commerce secretary and treasury. our economic experts. the former commerce players on the warning signs that may be hidden within the big promises that are coming out from these new treasury and commerce secretaries. charles gasparino has him breaking his beer with new revelations on this fight.

less than an hour to the closing bell. lets her the kingdom. breaking news. november's is turning out to be one to remember. we are seeing some historic moves. if you on stocks there is a good bet you're making some money. now check for the 18th record close of the year. the slightly below. 10% in 2016. not bad here.

if you have your money invested in this large gold mine. it's very close to records. i can maybe this has something to do with the fact that in the aftermarket was starting to come off. is trading near session lows. let's look at some of the names that are waiting on the nasdaq. some of the names wayne on the index which actually did pretty decently yesterday. just before the regular session) you can see from this chart they are pulling back slightly from the highs in this session. that is traded here.

it is overall has pushed the dow. that it's bringing the traders. where joint live from london. he predicted that they would throw the market abound. is exactly what happened. the slightly below. how crazy was the trading day. it was an incredibly crazy day for us. the expiration in the production as a one-day gain. we've not seen that nearly eight years. we have a christmas present

today. you got to see it. right now the market is believing this. but also financials are coming along for the ride. when you see that's non- opec related, what else are you seen that is coming along on this party train? >> i'm seeing conviction on this party trade. since we got past election would've really diminished at this point. i'm looking for the catalyst that is gonna shake the market off the train and it has not occurred yet. whether it's economic data interest rates you throw

anything in the pot right now those things have helped this market. nothing right now is really going to derail this. it was sort of a precursor we saw some real hiring step appear. 216,000. still you have to see with the number on the opec news consumer spending increasing looks good. i'm worried that the herd it might get stampeded a bit here. it really reaffirms that we will see the stronger payroll data. you also get the number of hikes.

they may become a little bit speech. we might see the spica. this thing will go higher. we just put up what the chances are. they are pricing and a rate hike. i first want to get elliot's take elliott's take on this. you believe that they will hold for these. we have a 10% point. that would have an impact on volatility. like the market guys they will tell you on a big move like this looks like the volatility to move out. they don't really seem to think that it will continue. it seems to be picking this area.

you don't think it knocked on a big move like this. there's a reason for it right? to me that says the market in the rally is not going anywhere and people do not believe it. >> it is classic. >> i think the rally will continue. i was looking at the data. it will possibly break bring them there.

between 50 and 60 is gonna be the new norm. >> we are on 4510 right now. when i talking about there being some massive amount of crude. we are not lowering the actual supply of crude or anything. there is no chance. something tells me that we have not got a lot of sleep. you might overnight. the story is breathing and developing. with the expert on u.s. drillers and trackers. gentlemen, great to see you. it's a pleasure we love our traders. we are going to trump tower right now. the demonstration is rapidly

taking shape cabinet announcements coming in fast and furiously. it officially tapped them for treasury secretary. steve mnuchin. among a lot of other things they are bowing to strip back they banking regulation known as dodd frank. they decided to give up his stiff stress wife to be secretary of commerce. and of course yesterday news that they were named transportation secretary. he has a plan already in place to replace obama care and that the divorce. she is expected to push for school choice. but the biggest? of all is still smacking our faces and hovering above our heads. willoughby met romney. we have dinner with the

president-elect last night. all of us wondering if he gets the secretary of state job when we know you will know. in case anything breaks. the president-elect is keeping everyone on their toes. i guess even in the last hour and a half you know him as the district attorney. he met with the president-elect. came into trump tower and left shortly afterwards. he said that the president-elect had asked him to come here. he said mister trump wants him to stay on the job. they were put into the post. one of the most well-known prosecutors all over the country by president obama in 2009 in normally when they come in they put their own people in.

so his status and the status of other attorneys all across the country is in question. they want to keep him in. he spoke with the attorney general nominee on sessions said at the same as well. there can be keeping the role here in manhattan for quite some time. >> i've seen it all. everybody has been betting that he was very tough. looks like he lives there. we had been telling our viewers all day long they had been a trumpet target because they were moving a jobs from indiana. the white house press secretary just brought it up in a totally different light. maybe a little snarky also. it was a daily briefing about

30 minutes ago. i think a lot snarky. with the announcement tweeting out that they will be keeping a thousand jobs here in the u.s. mister trump will be visiting indiana tomorrow in the white house was asked about this. in his response was basically it's a fraction of what his boss has been able to accomplish. listen here. 804 more times. then he will meet the record of manufacturing jobs that were created in the united states. by the way 85 percent of carriers the transition folks were asked about the details today. they said they wouldn't get ahead of it.

let's say we have blake. can i disagree with you on one thing. is when is this rain can end. you and i worked together back in the day. and we're out in the field. blake, thank you so much. they are doing that. we are four points ahead of an all-time record close. it's no shocker here. they are cutting 16%.

there also out. a little bit. since it went public in a couple of years ago. they have treasury and commerce out of the way as we just told you. but does have another big money job. they were working on another story. he is breaking it in a minute. 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

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switch to comcast business. with high-speed internet up to 10 gigabits per second. you wouldn't pick a slow race car. then why settle for slow internet? comcast business. built for speed. built for business. stephen breaking news and exactly at this time yesterday during the claimant count out goldman sachs gary had arrived to meet with a president elect. we know now that the treasury job is going to steve mnuchin. charlie gasp arena is here on what it may be. >> we knew yesterday that was can be steve mnuchin. foxbusiness beat the times and the journal.

it's as family. we beat the whole thing onto a very big economic appointments. and wilbur ross as commerce secretary. he's cannot fill out his cabinet and the other interesting thing this is where the irony of draining the swamp is starting to look very bizarre. another guy the number two guy was actually the first supporters of president obama is now on the list to be when you have to balance the books. he worked with gary over the years.

this is interesting. two guys potentially. it's unclear if gary will be in or not. we do know this. a decent guy. and very smart. he's been bristling for years. he wants to run the place. he's recovering from cancer. it doesn't look like he's can step down anytime soon. my guess is there will be a conversation about whether or not he will step down soon if he gets the nod here. whether they become the ceo in three years or he leaves because lloyd will be there for a while. that's kind of what is going on now. is he a lock for trump. you kind of think is a great shot.

that has some pole. even though i think it's separate. i don't think they report to the treasury secretary. i could be wrong on that. something i need to check. does having them. they are involved in all this. he is another goldman sachs guy. but think about this. another goldman guy. the hedge fund. he is on the transition team.

he is that treasury secretary. this is it for the republican party. he would report to president donald trump. we had we've known each other for a while. there is a fascinating chapter in the entire chapter is about him. he made a lot of money. he is a very imposing guy. although he's a very nice man. do we want so many guys sniffing around.

i'm just wondering. between mnuchin in their and cohen. ben and i don't bennett i don't consider a goldman guy but he left. those other guys. should we be there. all of these guys. do we want that type of mindset. they have a chip missing or something. they are the smartest guys in the room but on top of all of that meet the new boss. same as the old one. i'm just telling you. charlie, thank you. look at the tao. 19,176. nearly a 20-point gain over what would be a record close.

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liz: well, i'm sure nancy pelosi isn't too thrilled about at least one compatriot's reaction to the california democrat beating back a major mutiny attempt. arizona's issue bristering statement, calling result that gave nancy pelosi house minority leadership, deeply disappointing. ating, now is not a quote to are rubberstamp the failed strategy of the past. nancy pelosi will continue her 14-year reign as top democrat in the house fending off a challenge from seven term

congressman tim ryan. he was asked what went wrong? >> i wish we had more time. pittsburgh steelers quarterback bobby lane said we just ran out of time. clearly she had a lot of support. liz: needless to say, while nancy pelosi retains power, here at fox business we're only growing it. we need to thank you again for all of your power and support behind this. guess what? "countdown to the closing bell" had its best ratings month ever! [applause] >> take out the brooms. liz: we swept cnbc in november. team countdown number one. our show was well ahead in our counterpart in the show rankings. in other exciting news, we're officially over 55,000 twitter followers.

because you guys hooked up with @lizclaman on twitter. we need your help. we're never satisfied here. we want 60,000 and beyond. we have a great facebook.com/lizclaman and a exclusive videos on lizclaman.com. thank you. closing bell, 29 minutes away. we're still at a closing record of a lifetime, at 19,178. will we get there 4:00 p.m. eastern which is 29 minutes away? the opec cartel will it cut production or at least said it will? does it mean that u.s. frackers are beating the saudi kings and need also to cut back? tough oil analyst fadel gheit with the answer and the trump economic team in place with picks for treasury and commerce. that is out of the way but will donald trump's plans to get the american economy working on overdrive work? our panel of fox business all-stars tell us if trumpnomics

is the key to prosperity. they have been there before. john lonski, jim frischling, all next on "countdown." don't go away. ♪ thank you for calling. we'll be with you shortly. yeah right... xerox predictive analytics help companies provide a better and faster customer experience. hello mr. kent. can i rebook your flight?

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liz: we're having the best performance since march, but overall the dow is at a record right now. s&p 500 is barely above the flat line. it has been toggling back and forth at the moment, at 2204. we're not quite there on the record. we need to see 2213, which intraday saw but not quite at the moment. this is exciting day with just about 24 minutes before the closing bell rings. this is called the trump rally, right? here is what could keep it on track. newly-named treasury secretary steve mnuchin and commerce

secretary to be billionaire wilbur ross gave us a hint on this morning on fox business what they say will be their first act. listen. >> by lowering the corporate tax rate we'll make u.s. corporations incredibly competitive and create enormous amounts of money that comes back onshore and creates jobs. liz: repatriation, at a cheaper price. we hear at countdown want to keep everybody honest and informedded about such things. a history lesson. last time we had a tax holiday of sorts where companies bring back money at lower tax rate. they brought back $350 billion parked overseas but slashed 600,000 jobs. we have all-star panel to talk about this. ambassador stew eisenstaedt, former deputy treasury secretary to the e.u. john lonski, chief economist at moody's, jim frischling and president at new oak capital.

welcome to all of you gentlemen. stu, to you first. that is a little bit of a tragedy. everybody thought this is great. let's let corporations bring back all the money. they did, right after they slashed over couple years past the tax holiday, 600,000 jobs. a whole bunch pharmas. pfizer slashed 68,000 jobs. merck slashed 40,000. you see it on your screen, bristol-myers squibb and j&j. the money did not go to them or hiring. it went where? all kinds of things that helped investors and stock market but how can we make sure a tax holiday will work, stu? >> let's say president-elect made two terrific appointments. i think steve mnuchin and wilbur ross are highly qualified. i was deputy treasury secretary but undersecretary of commerce. that is important to get money back to help pay for infrastructure.

it is only one component. we're dealing with technology and globalization which are putting tremendous pressure on jobs. i've been on major corporate boards, ups and others, there is tremendous pressure on cutting costs and that means often times cutting jobs. so a tax holiday is only one part of it. you have to have a comprehensive economic program, which president-elect is trying to put together, that makes the country more competitive, puts money in consumers hands so they can buy more, and, one component that is really critical is trade. here i'm most concerned with backing away from the trans-pacific partnership because without exports, without getting into these markets where 95% of the world's consumers are, we can't assure that tax holidays are going to create jobs. we have to create them through exports as well. liz: the two are intertwined, aren't they, david? you were at commerce. there are a couple things at work here.

the trade deals, tpp and nafta, wilbur ross came out and said on fox business with maria, some of the aspects of these were just dumb. okay, fine, we don't want to fall into a trap of becoming protection necessaritic, or protectionist, smoot-hawley, which became a protectionist plan which exacerbated what was already severe depression. >> you're exactly right. i don't think we want to become protectionist. i don't think this is where the administration is going to go. trade flows at macro level increase national gdp. they have been very important not only for the u.s. but for our trading partners around the world. the problem is this. there are dislocations in trade deals and, there is did i location that is amplified not only by trade and technology.

at the micro level there are some very significant dislocations in specific industries and regions of the country that dislocate workers. liz: of course. >> we have gotten to the point where we need to have a very serious discussion within thisge to rebuild a historic bipartisan consensus on trade that really looks at meaningful trade adjustment assistance for regions, workers and industries, not just transfer payments but actually help these regions and industries become more competitive? that is what mr. ross is uniquely qualified to do. liz: promise of a one trillion dollar infrastructure plan, got a lot of people in thedown beat regions you're speaking of, david, got them very excited. yesterday former house speaker tom delay was on this program and here is what he said that was stamped through a republican conference. maybe not. >> there is no way there will be a trillion dollar infrastructure

program. liz: no way. >> not in this conservative house. no way. they're not going to spend that kind of money. if they wanted to spend that kind of money on infrastructure they would have voted for president obama's stimulus package. liz: knowing john lonski, that a stimulus package did go in, how did that boost the economy? look backwards in your rear view mirror let our viewers know if that worked. >> it didn't work the way it was supposed to, okay? what the stimulus package during the early part of obama's presidency did is simply help bring recession to end. it did more to buttress the economy as opposed to serving as launching pad for faster economic growth in recurring matter. japanese resort to infrastructure spending time and time again and yet japan's economy struggles to grow by one percent annually.

don't look for any miracles from infrastructure spending. liz: that is exactly what tom delay said. we want to show you the live picture here. this is senator dan coats of indiana. at the moment he is talking about carrier, the air-conditioning company that announced it will stay versus move jobs to mexico. there has got to be some type of deal at that we'll hear more about tomorrow when donald trump has rally in indiana to articulate what is really going on there. jim frischling, help our viewers invest around all we just talked about here. there are changes here and publicly-traded companies keeping jobs here at expense higher costs an higher march begins. >> sure. there were a lot of good points made. i don't want to fight the trend we're seeing which is favorable. it's a good push for stocks. the concept of less regulation, not no regulation, but less regulation. wall street folks, former goldman boys that are the about about -- are getting involved.

you see banks up 10%. focus on biggest banks, goldmans, morgans, citi, wells and jp. don't forget the regionals, fifth third, regions itself. these are banks in my opinion particularly hurt by the regulatory environment. they didn't have the diverse and global revenues of the monsters and i think they would benefit from a pullback of some of issues of dodd-frank. if that sector that i think, financial sector yes but look at some regionals, u.s. bancorp included. i think those have more room to run. liz: i am glad you mentioned that. stu, before we go, we have a few more seconds, tell me what the first thing you would love to see steve mnuchin do as treasury secretary? >> a pro-growth tax bill that lowers rates but closes loopholes that we don't blow a hole in the budget. estimates by bipartisan groups, tech policy center, for example,

are talking about a 3 or $4 trillion loss. it is very important that steve, with his goldman background fashion a pro-growth package but one that doesn't blow a hole in the budget and that he find a way to make tpp work in convincing the president, the new president, that we have to export to these markets. that is 40% of the global trade in those countries of tpp it is that and he also has a very big problem on sanctions. he has a huge agenda. he so he has to deal with iran sanctions, russian sanctions, cuba sanctions. all these will be on his plate. the first order of business is a pro-growth tax cut that doesn't blow a hole in the budget. liz: stu, lovely to have you, stu eisenstaedt. dave frischling as always. and john lonski, our good buddy over at moody's. food to have all of you.

number to pete is 19,152, so we are there. when we come back, we have so much more. really important information to give you. lots of breaking news. don't go away. ♪

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the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ ♪ liz: i said you know us. we'll give you up-to-the-minute information. yes, i will is still up in more than 8% in the after-market session but it has pulled back from earlier highs. remember we're at 49.98 per barrel. we were at 49.44 as we closed out the regular session around 2:15 p.m. eastern. we warned you yesterday there could be a big move here. we warned you of a partial opec deal. >> in this blows up people think 35 a barrel a oil.

if there is deal, credible deal, options are implying closer to 52 to $55 a barrel. liz: we got most of that. larry is right, what happened. opec agreed to cut production of crude by 1.2 million barrels per day, slightly lower than the 1.4 million barrels is promised. black gold absolutely soared on the news. brent and west texas in the after market session. we did see it pull back from the session highs. we have fadel gheit how this impact of affects oil companies here in the u.s. fadel, why are we pulling back? i don't want to make a big deal of it but are people starting to lose faith the deal holds? >> the market so far have given the opec the benefit of the doubt but opec has very checkered history. they have never maintain ad production quota.

they violated all the rules that they set to follow. this could be another round of more talk but less action. they will desk have to prove this time that they are serious, that they will honor that production quota, otherwise the market will punish them severely in month to come. liz: here's what i love. the countries in opec in charge of monitoring compliance are kuwait and venezuela? come on, really. you think anybody is not going to cheat here? >> well a couple of things you have to realize. you can not send, you know somebody to monitor oil in libya. it is no country. liz: they all hate each other. >> but i'm saying there is no even a informal protection or security or anything like that. so, it is very difficult to

monitor production and report to opec and see who is cheating and who is not. liz: tom, this still does not soak up all the excess global supply or the supply that's here in the u.s. at cushing in oklahoma, the tankers are still brimming, the tanks are still brimming. does this force the u.s. -- we don't do cartels here, but does this force u.s. frackers maybe figure out how to slice down some of their output and we continue to export and make some money that way? >> i think it is pretty exciting news actually because it creates a bit of a trading range for crude, shifting it from 40 to 50, maybe to 45-55 and most of the players down here have grown into swing production role. all the hard work has been done, cost cutting, efficiency, technology gains, means many producers can move quickly on price news. we have 5000 drilled uncompleted wells or duc wells in the seven

main formations and so, velocity is the key. the ability to bring production on, cut it back, i think the real question is, it can be up or down but ability to move quickly is remarkable. i mean it is really the first time they have been able to do that here. liz: well, russia cut by 300,000 barrels but iran gets to increase its output. go figure. great to have both of you, fadel, thomas, thanks so much. >> thank you. >> thank you. good to see you. liz: anytime. oil pulling back slightly in the after-market session. doesn't matter to the equity markets. we're looking at a record for the dow jones industrials? will we close there? we're back in six minutes to see if that happens on this last trading session of november. ♪

♪ liz: we're about seven 1/2 points above a record close for the dow. we're almost there. so what do you look for at a time like this? mismatches.

miss matches are usually a bad thing for markets and anywhere really. maybe you can catch lightning in a bottle by looking at mismatches and capitalizing on them. patrick kaisar, brandywine. how do i spot a miss match in the markets? >> analogy i give for the real world, and go to best buy or bed, bath & beyond see a original picasso for 20 bucks grab it while you can. citigroup trading below tangible book value, estimates are rising, that is probably a mismatch. kkr, another one out there, kkr, an administration may be friendly to wall street and deals. single-digit p-e and 4% yield on earnings that could go higher from here. that might be a mismatch, another sector we might look at is autos. companies like magna, auto parts company, single-digit p-e, strong balance sheet, people are

saying sales are peaking. mismatch with sales going on around the world and growing demand in many places and very cheap stock. that is kind of thing you see out there. see something really cheap and doesn't make sense that is something a lot of investors can jump on to grab the opportunity. liz: i thought i was only one talked about mismatch at bed, bath & beyond and start grabbing things.'re slightly below for te dow jones industrials in final minutes. are you bullish over all or into stock picking now? >> we're really into the stock picking and market at 18 times earnings that doesn't look like a mismatch. it looks pretty full valued in a market. that's probably where the opportunities are, so we're not bullish on the market overall. we think a lot of defensive stocks are overexpensive that might be a mismatch of things you don't want to own, mismatch

of tngs you want to buy are cheap cyclicals. liz: patrick, great to see you. [closing bell rings] doesn't look like it is meant to be on the final trading day of november. we're not at the dow record. we're at closing bell. maybe we'll settle. connell, melissa. >> pretty close. liz, thank you very much. this is november to remember, that's for sure. not a new record of stocks. that's okay. we'll live through that. connell: oil is fueling rally. spiking on news of a deal that hasn't happened in eight years. i'm connell mcshane in once again for david asman. melissa: i'm melissa francis. this is "after the bell." we have you covered on all the big market movers. here is what else we have for you coming this hour. wall street likes the