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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  January 11, 2017 3:00pm-4:01pm EST

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fired at like this, he seems to maintain a lot of composure thus far. success as we see it right now for rex tillerson. we'll see whether or not he is confirmed. the hearings will continue. i want to thank robert and brad being here today. liz claman, sending it over to you. liz: trish, got to tell you what just happened in that hearing. we had senator bob menendez of new jersey questioning rex tillerson, the secretary of state candidate, about mexico, referring back what donald trump said about the start of his campaigns, that some mexicans are racists and murders, menendez pointedly asking tillerson, i jusheard this, so it was pretty interesting, wou you say that about mexico? rex tillerson saying i would never characterize mexico or any nation as all rapists and murderers. mexico is a friend of this nation. what we're getting final hour of trade, serious clarity from capitol hill to, trump tower and
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wall street on how donald trump will shape and deal with business, energy, foreign policy, diplomacy. president-elect trump outliningg to the how he plans to eliminate conflicts of interest of his role running a successful corporation, to overseeing the operation of the entire federal government. in that sweeping news conference, trump also announced his new veterans affairs secretary pick. he provided a timeline for a supreme court nominee. but right at top of it, he dismissed a new salacious report about him and he admitted that russia hacked the dnc. now one thing he said immediately moved the markets. dow jones industrial average was within 27 points of dow 20,000 before trump pretty much murdered an entire sector, the word murder came from him. the sector he buried six feet under, they charge the post tooo much of your money. wee talk about that in a second.
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secretary of state nominee rex tillerson still on capitol hill in hour five, testifying about everything from his relationship to vladmir putin and his views on climate change. former u.s. ambassador from qatar here to talk tillerson. president obama's former white house special counsel why he says donald trump did not go far enough to isolate himself from his vast business holdings. we're less than an hour to the closing bell. let's start the "countdown." ♪ liz: with the dow up 63 points we were so close to the never-before-seen dow 20,000 level then it happened. we're putting up intraday chart. 11:20 a.m. eastern president trump took the stageor his first press conference as president-elect. markets nosedived, plumbing 106
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points in less than 20 minutes. we'll tell you which stocks swamped the dow, swamped s&p and fell victim to mr. trump. look at names celebrating what he talked about. shares of cybersecurity companies jumping after mr. trump admitted that the u.s. has been hacked by russia and also china. he plans to tackle hacking defense as soon as he takes office. he says we don't do nearly enough. we need to do more. speaking of jumping higher, the nasdaq staging quite a comeback. on track for record close. if you own tech stocks you are making money. up one point is all it takes. anything can happen in the final hour of trade. i'm glad you're saying with me. a lot of news here. i will weave it through to you. donald trump's first news conference in 168 days he did not hold back. when we talk about what the president-elect actually said, he faced a flury of questions how he plans to separate himself from his massive business empire but he did detail you how he
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will not include the word divest. he will instead turn over all operations to a trust that is controlled by his oldest sons, and a long time -- soot. he addressed issue of fake news. a -- connell mcshane at trump tower, definitely not your average presidential news conference here port oh, i don't, liz, this may be the new normal. i don't know about that. mr. trump in no uncertain terms denied reports out there that russia may have obtained compromising information about him, even attacked two news organizations by name have been putting reports out. buzzfeed he referred to as a pile of garbage at one stage. cnn he refused to answer questions shouted by their correspondent sitting in front row of me at trump towers. you mentioned about the story
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being quote, unquote fake news. there is one important point to make on russia, mr. trump for the first time publicly conceded it was likely russia behind the hacks of the democratic national committee. then he added this. >> russia will have much greater respect for our country when i'm leading it than when other people have led it. 22 million accounts were hacked in this country by china. and that is because we have no defense. that is because we're run by people that don't know what they're doing. i hope, maybe it won't happen, it is possible, but i won't be giving a little reset button like hillary. press this please of plastic. guy looked at her like what is she doing? there is no reset button. alongr we're not. reporter: trump went on to make headlines on a couple of other subjects we have not referenced yet. one would be obamacare. look for repeal and replace plan to happen, he put it almost simultaneously.
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the other supreme court nominee, mr. trump said look to his pick for the next justice of the supreme court within the first two weeks after his inauguration on the 20th. liz: connell, thank you very much. listen, we need to keep gging dipping back into this hearing on capitol hill. that is rex tillerson, secretary of state candidate. donald trump want him in there. he is the former ceo of exxon news. all day long it has been absolutely fascinating. these things tend not to be fascinating, talking about climate change where he said it is real. there is a risk of climate change, whether he will be tough on russia. the former exxonmobil ceo rex tillerson now counted in its sixth hour of the senate confirmation hearing right now. he is being questioned by democratic senator from new jersey, bob menendez. senator johnson is there too asking some questions. peter barnes in washington, d.c. what are they talking about right now, peter? reporter: liz, you're right all about that.
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a lot of news about this tillerson hearing. he was dip low mastic and forceful about his past ties to russia while at exxonmobil. whether he will have conflicts with russia. >> i have no reservation from my clean break from private sector life. it was wonderful 41 1/2 year career. i'm extraordinarily proud of it. i learned an awful lot. i'm at completely different responsibility. my love of country and my patriotism i serve no one's interest but that of the american people in advancing our own national security. reporter: a lot of russia, russia, russia questions. he said the u.s. needs to move russia from being an adversary, a lot of the time to being a partner at times. he also said it is important to keep the status quo on russian sanctions until the new administration develops its approach to russia. you heard the president elector
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talk about that. and on the russian hacks of u.s. computers particularly the democratic emails, tillerson said it is a fair chum shaun this russian president vladmir putin was aware of those efforts. liz? liz: you also heard him say about 19 minutes ago, this jumped out at me, he said we should have given ukraine weapons after russia moved in to snatch crimea. that is pretty stunning. it sort of turns upside down what you would think rex tillerson would think. thank you, peter. show you a picture has a lot of people questioning what is going on here. his words have been very strong against russia. speaking of strong words, the pharmaceutical stocks need a little cpr. drugmakers and biotechs plummeted just as president-elect donald trump said, quote, pharmaceuticals are getting away with murder. let's get to the new york stock exchange. lori, when i heard him say that, that is pretty amazing too because he said they're charging
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the government, that is you and me, every taxpayer too much for drugs. >> i'll tell you, liz, as soon as he said that, and also mentioned the f-35 defense project, lockheed martin, snapped up the industries right away, drugs, biotech and defense. no surprise, leading today, despite some broader gains. look at some of the big names. endo pharmaceuticals, endo international it is called, they supply branded and generic drugs, look at that, down 7 1/2%! we've been talking and building up the trump rally as we watch for dow 20,000. a watched pot never boils. not happen, session is not over yet but likely not happening today. with that said, there is another side to that trade. drugs and biotechs are on the other side. they're really struggling because trump is so critical of the outrageous prices he said some of these companies are charging for their medicines and treatment. getting away with murder, that definitely was the takeaway
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line. here is having a negative effect on the comments. bristol-myers squibb down almost 5%. government investigation on the jacked up epipen prices. liz, back to you. liz: 51 points before the closing bell rings. as we saw a lot of pharmaceutical stocks dive, guess what, while donald trump's comments drove them down, there is one that is standing out all in the green for a totally different reason. merck leading the dow 30 right now, up a buck 45 after the fda agreed to speedy review of merck's application to do what a lot of companies are trying to do, combine one drug with another. it wants to combine its lung cancer drug with chemotherapy and maybe that therapy becomes more powerful and helpful to patients. ford ceo mark fields was all smiles with us at the consumer electronics show last week in vegas as showed his self-driving cars.
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no perfectly whites today, when ford announced it will be less profitable this year than last. ford is slamming the brakes, 22 pennies to the downside at $12.63. we're watching the secretary of state nominee rex tillerson decorated friend of russia, putin you see with him honoring him in this picture. during his confirmation, did tillerson strike a much tougher tone on putin. does being putin's pal disqualify him running the nation's diplomatic corps no matter what he says now. chase meyer knows how tillerson operates. he will till us if the ceo of one of the world's biggest corporations is ready to do deals for the whole united states of america instead of for the oil business. "countdown" coming back. don't miss it. ♪ wow, x1 has netflix?
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anything with a screen is a tv. stream 130 live channels, plus 40,000 on demand tv shows and movies, all on the go. you can even download from your x1 dvr and watch it offline. only xfinity gives you more to stream to any screen. download the xfinity tv app today. liz: breaking news, rex tillerson just told the senator from new hampshire, jeanne shaheen he wants a clean break from exxonmobil, so there are absolutely no questions at all about his relationship as the former ceo of the oil giant. let's dip in and listen in, it is a pretty heart-felt comment he was talking about. >> if you're confirmed and your
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opening statement connects radical islam to isis, and you also make the point of saying that you think it's important to support muslims around the world who reject radical islam. during the last congress this committee heard about the importance of working with the muslim community in the united states to combat isis, and the domestic terrorists that have been produced as the result of isis ideology. in your view, is it helpful to suggest that, as americans, we should be afraid of muslims? >> no, senator, in my travels, and because of my past work i've traveled extensively in muslim countries. not just the middle east but throughout southeast asia and gain ad recognition and appreciation of this great faith. that is why i made a distinction that we should support those
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muslims voices that reject this same radical islam that we reject. this is part of winning the war, other than on the battlefield. i mentioned we have to win it, not just on the battlefield. we have to win the war of ideas. one of our greatest allies in this war is going to be the moderate voices of muslims, people of the muslim faith, who speak from their perspective and their rejection of that representation of what is otherwise a great faith. >> and so, do you support restricting travel or immigration to the united states bymuslims? >> i think what's important is that we are able to make a judgment about the people that are coming into the country, and so, no, i do not support a blanket type rejection of any particular group of people but clearly, we have serious challenges to be able to vet people coming into the country and particularly under the current circumstances because of the instability in parts of the
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world that it is occurring and the massive migration that's occurred out of region and a lack of any documentation following people as they have moved through various other countries. it is a huge challenge and i don't think we can close our eyes and ignore that we have to be very clear-eyed recognizing that threat and develop a means to deal with it. >> i agree with that, different than i think a ban on an entire religion, people of that religion. do you support creating a national registry for american muslims? >> i would need to have a lot more information around how such an approach would even be constructed, and if it were a tool for vetting then it obably extends to other people as well, other groups that are threats, to the u.s. but, that is a, it would just require much more information around how that
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would even be approached. >> and one of the things you and i discussed when we met was the special immigrant visa program that we have maintained for afghans who have helped our men and women in the military on the ground and will you support continuing that program to insure that those people who have been properly vetted, who helped our men and women, are able to come to this country when their lives are threatened in afghanistan? >> special visa waiver program, it's important that we protect those whose lives are truly at risk because of their efforts to assist, our american military forces or other forces in afghanistan. i think it is also important to make the distinction, otherwise we undermine this program, risk losing it and allowing people cominging to the program not try at risk.
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this is the execution, this gets back following through what the intent of these programs were, and let's be very specific and execute well, and not get sloppy in the execution and start having a lot of other folks coming through the program that really don't meet that criteria. >> well, thank you. i think congress has pretty narrowly focused the program. i appreciate that. >> thank you. i do want to say i appreciate the fact that you're able to highlight that you know, that secretary of state shares his views, ultimately has to carry out the policies of the president or he is not successful but i think it's, it's good to distinguish that sometimes people have very different views and they lobby strongly for those views, and that is what we're wanting to hear from, what mr. tillerson's views are on these issues and how he will attempt to persuade the administration. he may not be successful but i thank you for highlighting that
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just now. senator gardiner. >> thank you, mr. chairman. mr. tillerson, thank you for your continued patience and participatn in this very important discussion. i would follow up with many of the discussions today on h rights issues. i was just notified that the administration has sanctioned two additional individuals in north korea under the legislation that we passed this past year, north korea sanctions act. younger sister of commitment to the mandatory of sanctions of people that carry out human violations. something we and administration in congress should work together to make sure we protect people from tyrants around the globe that would kill their own people. mr. tillerson you mentioned the
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southeast asia in your answer to senator shaheen. china is reclaiming islands in south china sea, 3,000-acres of land since reclamation activities progressed in 2013. reports are they militarized some of these reclamation areas, we authored a resolution that called for the obama administration take a stronger and aggressive approach to the frequent of navigation operations. in july, the, the hague, the international tribunal, against china. held they violated philippines sovereignty. what do you believe the position of the united states ought to be in the south china sea and what more could we be doing stopping china. >> we've got to take what i would call a whole of china government approach. i think part of where we struggled with china is, i
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mentioned, we do have important economic relationships that our economies are intertwined. but we've got to step back and look at all, all of china's activities. the one you mentioned now, the island-building in the south china sea. the declaration of control of airspace in waters over the seku islands withjapan. they're both illegal actions. they're taking territory or declaring control of territories not rightfully china's. the island building in south china sea itself in many respects in my view, building islands, putting military assets on those islands is akin to russia's taking of crimea. taking of territory others lay claim to. u.s. never taken a side in issues. what we have advocated for, that is a disputed area.
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processes for dealing withhat. china should respect those international processes. as you mentioned some of their actions have been challenged in the courts in the hague and they were found to be in violation. china's activity in this area is extremely worrisome. failure of a response has allowed them to keep pushing the envelope on this. so again we find, we are where we are. we have to deal with it. the way we deal with it, we show back up in the region with our traditional allies in southeast asia. i think, use some existing structures to begin re-engagement. liz: secretary of state nominee rex tillerson using strong words when it comes to china's as i like to call it the sea grab, not the land grab, the sea grab, jumping in and building islands in the south china sea. he is calling that an illegal action just as he strongly
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earlier said earlier that in the hearings that the ukraine absolutely should have pushed back harder with help of the united states against russia. absolutely a terrible act. he was very clear on that. we'll dip back in just a moment. we'll take a quick break. more on this fast nates hearing when we come back. the dow is up 71.
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liz: breaking news. they are back to talking about climate change. this is certainly important because the paris climate accord was something that john kerry, former secretary of state, had dealt with. donald trump said he didn't like it, but earlier we did have rex tillerson testifying live right now in his sixth hour say, there is climate change risk. it does exist. actions should be taken. i just want to mention that with us now is the former u.s.
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ambassador to qatar who met rex tillerson while in qatar before tillerson became ceo of exxonmobil. ambassador chase huntermeir. whether it is climate change or the comments about china overstepping its boundaries when it started building islands in the south china sea, is he giving you the sense he is the right person for you tough diplomacy but also more diplomacy that works with humanitarian issues, not just issues of business and certainly sabre-rattling? >> you know, i wasn't a donald trump supporter but i have to say his selection of rex tillerson was truly inspired. i think rex tillerson is the kind of quality individual in any professional walk of life, including the practice of foreign affairs and diplomacy who we really need in a job like that. so, i'm encouraged. liz: well he was pushed very hard in the beginning, and this is now six hours ago, about his relationship with vladmir putin and, look there are all kinds of
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pictures of him being awarded medals of friendship from vladmir putin. he worked extensively with him, and yet, let me play a little bit of when senator marco rubio of florida, really pushed him hard on this, and got him to give him in on issue about putin investing and getting involved in our elections. listen. >> mr. tillerson, you have engaged in significant business activities in russia so i'm sure you're aware have you few things of major proportion happen in that country without vladmir putin's permission. so i asked based on your views of russian politics and your experience is it possible for something like this involving the united states elections to have happened without vladmir putin knowing about it and, and authizing it? >> i think that is a fair assumption. >> that he would have needed t >> yes. liz: mr. tillerson conceding there, ambassador, that it is a fair assumption that vladmir putin inserted himself and russians into our election. so it almost seems like everything else rex tillerson
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has said today has been very strong, very centrist, very calm, and it is that russia point has perhaps people concerned. after today, do you think they will still be concerned? or has he made a very valid point he is for america and that's america first? >> i have never been concerned that mr. tillerson had any alien ages of being a very strong american. he is businessman, businessmen have to make deals and deal with variety of opposing parties some who may not be savory, and list only starts with vladmir putin, probably goes on down the list and lots of continents. so i view his experience in russia helpful, by no means tainting in any way. liz: he also said i will have one mission to represent the american people. secretary of state deals with humanitarian issues and pushing certain countries that are hurting humanitarian and
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freedoms and things like that. look, qatar, for example, you having been the ambassador there. i'm sure you saw things where the average citizen might be repressed. the secretary of state has to deal with those things. what do you think are his skillsets for doing that? >> well, first of all, i think qatar is, at least in that neighborhood, at the top of the list when it comes to treating people well and fairly, at least treating their own people. all those countries in that neighborhood have very poor records when it comes to treating foreign workers, that is, laborers, who do contract work on everything from roads to restaurants. so, i think that's a distinction to be made, that that's a good story. even so, i think the experience that mr. tillerson has had in that part of the world, gives him perspective but real balance when it comes to sorting out human rights and commercial issues. liz: listen, certainly encouraging when you have a
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business leader who's used to dealing with people who don't want to give on certain things to push them to the point where they do give. we'll see if anything comes up on iran, once again in this sixth hour. it has been going on a long time. we thank you for joining us ambassador. >> my great pleasure. liz: former u.s. ambassador to qatar said you know what? i didn't vote for donald trump but i think rex tillerson is a terrific point. look at the big board up 73 points. we have 50, 60 points to go if we reach the highs of the session. dow up 117. nasdaq at a record right now. stay tuned. we're coming right back. much more ahead, "countdown to the closing bell."
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liz: senate hearing for this nominee for secretary of state rex tillerson continues we have
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senator jeff flake of arizona questioning him on sanctions and cuba. a big headline coming out in the last couple minutes we told you about was that rex tillerson when asked about whether he would push for a muslim registry said with his extensive travel in the middle east he believes and has learned that islam is a great faith. he does not support a blanket type rejection of any group of people and he wasn't ready to support a national registry for muslims, as we continue to listen in on that, we have the other huge story, it's a big business story, as this businessman face ad senate hearing, this businessman faced the press saying his only business going forward will be for the united united states of america. donald trump's tax lauer announced he will shove all his businesses and invests into a trust, relinquish control of the trump organization only to his older sons don and eric. he won't do anymore foreign deals. in never-before-seen promise, he said he will donate all foreign
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profits coming into his countries to the u.s. treasury. but my guest says handing control over one of these issues is huge mistake. he said the whole point of having independent, professional trustee control conflict, and what he or she can not be trusted to, not leak information to the president influencing his judgment. owner's child is by definition not independent. besides what parent would be less invested in the success of his or her children's enterprise than the parents own. norm eisen joining us now. you have a problem with the two sons, donald and eric taking control. why? >> well, thanks for having me. let me start by saying that donald trump will be the president of all americans and i would like to see him succeed as long as he does so consistently with american values and the constitution.
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i'm very concerned that the structure that he set up today is not sufficient for him to succeed and instead it is going to result in scandal and possibly even corruption and certainly constitutional violations. let's turn to the two kids. for four decades presidents have dealt with these kinds of conflicts of interest, with business interests, by setting up independent blind trusts or equivalent. an independent trust with a trustee who is not a family member. that is definition after blind trust. and here you have the two children, a long-time employee will be a troika managing this trust. liz: what you're saying, norm, by giving it to the sons that does not completely isolate him, as his lawyer said, from the actual business? >> for his own good, he ought to make a clean break, just like mr. tillerson who we have been hearing today, in the senate, made a clean break with exxon.
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donald trump is even more important than the secretary of state. he has even more complicated business dealings. he has more questions, whether is decisions are done for the sake of his own pocketbook or for the sake of country. for donald trump's sake, his reputation, the reputation of the presidency, i worked in the white house, i cherish its reputation, for the sakes of the united states he needs to make that same clean break. his son-in-law is doing it also, clean break. donald trump has to do the same. liz: what did you make of the part where he says he will donate any foreign profits that are still coming in to the trump organization to the u.s. treasury? >> you need to listen very carefully. all he said, and i don't think he is received the best advice. when i worked in the white house, one of my nicknames was mr. no, because i told the president and others things they didn't want to hear. liz: right, right. >> donald trump unfortunately didn't say that. all he said was, and his lawyer,
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the profits from the host tells at the end of the year are going to be rolled over to the treasury. the problem with that is, that the constitution has something called the emoluments clause. fancy 18th century term, the president of the united states can not get any foreign government benefits or payments of any kind. it is not just limited to profits on hotel rooms. donald trump is setting up a constitutional crisis from the moment he goes into office. we have so many problems that he needs to address. he has brought some very distinguished americans, like general mattis, one of the heroes. liz: some great people in there. >> of our great generation a great american. i said kind things about his son-in-law and his daughter and others of his nominees. let donald trump live up to that same standard and focus on the real problems we have, not these constitutional crisis he is stimulating.
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>> maybe a work in progress. we're going to see. norm, thank you. by the way the article is in "politico." you co-wrote it with former special counsel to former president george w. bush as well. >> bipartisan we want to help. tell donald trump we're available to help. li no fees. i know you lawyers. >> i will turn all my fees over to the treasury department! liz: okay. that's a deal struck right here on fox business, norm eisen, great to have you, thank you very much. >> thanks for having me. liz: anytime. the closing bell ringing in 15 minutes. we have two massive companies leading with donald trump to bless their corporate marriage. charlie gasparino now has exclusive details on the german chemical giant bayer and u.s. seed behemoth monsanto with big meeting at trump tower. will trump say i do to their $66 billion merger? charlie breaks it next.
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liz: breaking news. they are talking about illegal immigration and border controls. rex tillerson there, he is of course the secretary of state nominee, and he is being questioned about everything from climate change to how we keep our borders secure. what do we do about all of these issues that are facing the challenging globe right now. and we should mention this development. president-elect donald trump has said that he has made his pick for secretary of the veterans administration and it is, somebody who is already there, he is an obama guy. david shulkin. va undersecretary of health which is awfully interesting because donald trump has really demanded and said and promised i would do major changes. that it is an absolute disgrace what is happening to our veterans.
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he appears to like the guy already there right now. >> keeping same guy. liz: david schulkin. >> scott brown up for that. big donald trump supporter. liz: let me ask you about your story. if companies want to acquire others or merge, have to run the gauntlet at trump tower? president-elect meeting with two more ceos today at trump tower in new york. werner baumann of bayh and hugh grant of mon s toe. they're desperately flying t get regulatory for a massive $66 billion merger. oh, these two met with donald trump to discuss the deal. charlie. >> this is interesting, corporate america or businesses in general because bayer is big german company, monsanto located in st. louis, they know if they want, they understand the politics and donald trump, when it comes to corporate america right now wield as pretty big stick for a mom knee,
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conservativepolitician. they don't get their hands messy in free business. they let free markets go. donald is not doing that he is meeting with jack ma of alibaba. met with the softbank gentleman to talk about bringing jobs. he talked about, right out of the gate he got carrier to keep some jobs at an indiana plant instead of moving it to mexico. they saw the writing on the wall. they met with donald trump today. both of them met with donald trump. they're accompanied by their advisors, michael cramer of arthur schwartz, a guy we know who one of their press representatives and -- >> is interesting, that a seed guy and a chemical guy, we're talking about fertilizers and all kinds of things are walking into trump tower. >> right. liz: it is clearly on this issue. do they have to get his blessing for a merger? >> donald trump loves junk food and they do gmos. i'm only kidding.
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i love gmos, i am meeting with these guys. franken food is good for you. this deal, no, the size is $66 billion. fox business was first to break the terms of the deal. it was announced back in september. they will work through this. it will face regulatory hurdles. it will face european regulatory hurdles. it will face american regulatory antitrust hurdles. liz: look intraday. they began to spike when they came out of trump tower. >> when we broke the news, shares ever mon santa, which is the acquired company began to spike. whoa, i didn't notice that. pretty good. liz: where have you been? it has retreated as you can see. still up from its lows. liz: not guarranty your stock will spike after meeting with donald trump. >> it did spike after they net. liz: but it moderated. >> look at it is 1:30 when we first reported it. the dow is up marginally today.
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all i'm saying is this. they came out, there was no press conference. they don't know exactly what they talked about. from what i understand people close to the meeting, said they were talking about the job creation that the merger itself will create jobs. as i told you there is the other side of the story, gmo side, monsanto is huge producer gmos, a lot of people are against that. a lot of criticisms of that. plus there is antitrust concerns. i think it is growing to pass the u.s. justice department. i have a good feeling for that. liz: all right. >> i don't know about european union on this. they seem to think that you know, they have good contacts there and it's going to happen. liz: okay. >> we'll see. if you're betting the deal will pass you buy monsanto obviously. liz: 59 points charlie, we're within 59oints of dow 20,000. as investors keep an eye on dow 20-k, federated chief equity strategist phil orlando is predicting s&p 2500, even sooner. we're coming right back.
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liz: 60 points away from dow 20,000. it's a game of inches at this point, especially when you look at the overall picture. always looks to be overrul overall picture, 364 billion, after you look at all that has been happening, you like two of the sectors that are so >> i think is just noise. think back to hillary. liz: it doesn't sounal noise to me. >> back in '91, '92, drug stocks dropped and after the dust settled, stocks did well. one of the names we like got hit today like everybody else did. when you got a nice solid 20% grower.
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stocks probably trading about $115 now. maybe it's $140 stock -- liz: donald trump i think you're saying is exactly what hillary clinton has said, bill clinton has said, but look it's real good. today is a buying opportunity. >> absolutely what's your gets us to dow 20,000? i'm tired of dragging the hat around? >> well, it's growth and earnings. i mean, the transition from obamanomics to trumpnomics ought to drive this gdp growth we're at the last two or three years. once all of this stuff passes in 2018. that gets corporate earnings, 18 multiple, given the inflation expectation. we think 2,500. connell: 2,500 s&p? we've got a wile to go on that. it's hard to move the s&p that far. liz: 2,500. we're at 70 now. 2280. and we may price some of that in before the end of two years if we actually get some traction on some of this stuff
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trump's talking about. >> sitting in this seat yesterday, we had jeff, 100 billn in assets. and he said even he is amazed and surprised at the 180 sentiment since donald trump has been named president. are you? >> confidence, every confidence in what we look at has gone vertical. and the way this works historically that confidence leads and the economy and the corporate earnings follow. so what's missing here is is he going to get the stuff that he wants to get done through congress? that's the key thing that the republicans having run the table. we think that a friendly congress we'll be able to get most of this stuff through. liz: piece of the pie must go through for this market to continue to go higher. is it tax cuts, infrastructure spending, or something else? >> i think the tax cuts are the key thing. and deregulation as part of that. and then what do we do with increased defense spending, dressed infrastructure spending? all of that as a mow say i can is going to be beneficial to the economy and the markets.
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liz: look at this, phil. up 91 points right now. i think our viewers got excited and jumped into the market here. but guess what? nasdaq makes it up seven days in a row. a fifth all-time record close for the tech-heavy index. not so for the dow but, david and melissa thanks to phil orlando after the bell. david: thank you very much. melissa: the dow ending the day up nearly 100 points, 95 to be exact. but you see a lot of big jumps and dives that roll in step with comments from our next commander-in-chief. that's the message; right? david: pretty much track the market moves with what trump was saying. i'm david asmand. glad you could join us. this is after the bell, we've got you covered on the big market movers but first, here's what else we have for you in this hour. huge day on capitol hill and a very busy hour. it's all happening right now, former exxon ceo rex tillerson is being grilled by the senate foreign relations committee over his qualifications to serve as secretary of state on


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