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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  February 28, 2017 3:00pm-4:01pm EST

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and part of neil cavuto's primetime coverage. we got the whole gang here, 8:00 p.m. eastern. so please, make sure you tune in, a historic night here on capitol hill. liz claman, i'm sending it your way, see if it's a historic day for the markets too. liz: indeed, we'll be looking forward to your coverage tonight and see if we get more on the breaking news that we have. "the art of the deal," folks may be playing out right now. fox has learned that the president will push for immigration bill that officer compromise on both sides so that a deal can get done. he apparently will talk about it tonight. we don't know what the compromise would look like, buth invited guests of tonight's address to the joint session of
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congress. will we get details on how the president plans to tackle our biggest economic issue, tax reform? obamacare? spending? infrastructure? of course, the military. what's the plan to do that without ballooning the deficit further. fair and balanced, republican congressman michael burgess of texas, a member of the doctors caucus, along with john garamendi from california, yes, a democrat who attended the inauguration. both will stand together side-by-side live to talk about their respective sides and whether they can work together for we, the people. all of congress may be in for a shock on this. is the next financial crisis taking us right in the face? could the sickening student debt bubble burst and ruin all of your investments? a fox business exclusive, former fdic chair sheila bair
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with us live how close we are to real danger. shooting for lucky 13, right now the dow is down 27, that could mean nothing at all by the time this hour ends. will we see another last minute turnaround that brings us to historic 13th record close? don't you want to witness that happen? might happen with less than an hour to the closing bell. stay right here. let's start the "countdown.". >> breaking news -- 1896, that's when the dow was first calculated on wall street, and something might happen today that's never, ever occurred since then. right now i'm going to say way too close to call for the dow, though the dow is down 28, looks likoon easy no that we'd see a record. remember, that both yesterday and friday, the dow floundered in the early hours and hit the
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flat line midday and took off flying in the final 19-20 minutes of trade. you're going to have to stay with us all hour to see if there is a historic baker's dozen. glad you are with me. we'll get you the numbers, the dow down 27, s&p lower 7. the nasdaq is down 35. as everybody waits on the president's big speech tonight. you could argue that target began lorihet red before the bell as it missed mark on earnings. shares of the retailer hit a two-year low but actually the worst day for target. i saw the number here. worst day in 18 years, after they reported a disappointing holiday quarter, they are not, they're not intently there yet with the online deal, so amazon is beating on one level. walmart from the back, so it's a very tough situation, target down about 13%. who is doing the online thing right, and if you're ordering
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pizza tonight, you can figure out it's dominos, pizza, plus the speech, plus domino sales up 12%sa the chain sliced prices and got way ahead of competition, 60% of domino's orders come in digitally. okay, team fox business standing by on all the key locations on historic day. blake burman live at the white house following the president's every move. connell mcshane on capitol hill to give the mood of congress ahead of the president's address, more importantly, the big issues that matter to business audience. view of the next four years and should expect the president to outline priorities. will we get details in the
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american people and financial markets are watching the president like a hawk as he's expected to set an ambitious agenda that calls for overhaul of tax code, major reforms in health care, and may be compromises announced tonight that would get democrats on board. he will also tackle increased spending on military and the big one too for ourarts, the infrastructure plan. black burman at the white house with a preview of the presidential address. i just threw 17 things at. >> you only that? it is 17 dozen, i think, right? liz: yeah. >> let's start here, we knew going into, this senior administration official telling us that the president would be touting his intention to withdraw from tpp touting how he's meeting with the ceos of the major companies for jobs initiative and that the economy and how to build the economy going forward would be a big theme leading into and during
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this speech tonight, but now we are also learning at this hour from another senior administration official that the president tonight during his speech could potentially mention, could potentially touch on the possibility of an immigration bill. as you know, the southern border building a wall with mexico, immigration was probably the biggest campaign item, the biggest campaign promise for this president since day one of his administration, and tonight we're led to believe he could potentially use this forum to go after the possibility of some sort of legislation involving this. take a listen to president trump earlier on fox and friends when talking about immigration. i'm told, liz, we don't have that. either way, it was about the priority of going after the most dangerous criminals, which is what we've heard him say in the last few days. that would be the priority for every massive immigration measures.
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by the way, chuck schumer, the top democrat on the hill in the senate was asked about this, about the possibility, he said and i am quoting here, he's got a lot to undo, the immigrant community isightfully scared. something we are watching. liz: started the top of the show with the breaking news that he may very well build a bridge toward the democrats, we don't know, but that is the word that fox news and, you, of course, reported that, may be compromises in all of this. blake, thank you. what about health care as the president takes the stage in the house chamber point it, members of congress, republican members of congress are remaining at odds over what a replacement for obamacare should look like. speaker of the house paul ryan telling the press earlier today, he expects the president to be helpful in the process of health care reform on capitol hill and noted that he and senate majority leader mitch mcconnell met yesterday to
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discuss the issue. to connell mcshane standing by on capitol hill with the details of, i guess, the division in congress manifesting himself over obamacare, number of other hot button, economic issues that matter to business audience. >> reporter: without a doubt, liz, we expect the back and forth between democrats and republicans on those types of issues. to your point, the president has work to do in uniting his own party on some of those issues. health care certainly one of them. taxes is another which we'll talk about in a second. since you brought up obamacare, the internal debate within the republican party is whether to go through with a repeal and replace plan for the former president's health care law we talked so much about, or to go somewhere in the line of retain and repair which some are calling it like, elements of the law from conservatives in the house and the senate. they're pushing on leadership to stay with repeal and replace. the president spoke to the degree of difficulty during his
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appearance on "fox & friends" this morning. watch. >> health re is a ve complex subject. if you do this, it affects 9 different things. if you do this, it affects 15 different things. i think we have great plan, congress is taking a lot of blame. it's not their fault. i've only been here like four weeks. somebody said he hasn't done health care. they've been issue onninging on health care for 30 years. >> interesting comments from the senate majority leader mitch mcconnell. he said the senate does not have a health care replacement bill ready to go at this time and seemed to have broader questions about the president's budget proposals, for example, the trump administration seems to want to cut the state department budget in order to make up for spending increases that are expected to be proposed on military spending as an example, mitch mcconnell said getting a bill that would cut the state department's budget through the senate would be very, very difficult. you have that, and certainly as i brought up at top, the debate
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over taxes, in particular, the border adjustment tax. we'll see how specific the president gets this evening. liz: does it stun you it took a lot of time to have more than 60 votes to get obamacare thrown out. and mitch mcconnell saying they don't have it ready yet? >> reporter: right, the speaker of the house paul ryan was asked about that as well. they've been working on this for a year. some sections of the republican party, you do have some support for this retain and repair plan they was talking about earlier which theoretically would be easy to get through the complete repeal and replace. i don't know how specific will president will get on the subject. liz: we hope for specifics. by the way, tomorrow, a fox business exclusive because the president is expected to talk about infrastructure spending, the crane company in america, m
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manitowoc could be part of any infrastructure plan. barry will be here in an interview. he'll share his thoughts on the president's speech and how he might benefit tomorrow on "countdown to the closing bell." the three f's, flounder in the morning, flatline by midday, flourish in the afternoon. that is the tune the lp is playing here, we're showing our age, for the past couple of sessions. time to smash the record for the dow? the last few minutes of trade, the past two sessions determining historic moments, but it won't take a dramatic move. if the dow finishes above yesterday's close of 20,837 that would be the 13th straight record, something that has never happened before in the more than 130-year history of the dow. to the new york stock exchange, lori is the floor buzzing a little bit here? >> reporter: yes, my goodness,
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i can tell you, so much excitement, anxiousness and anticipation ahead of president trump this evening. traders are so hopeful this hasn't been a honeymoon that the honeymoon isn't winding down. they want to hear something from the president that will justify this postelection run-up. you're looking at the big winners since the election how they're performing today. goldman sachs repeating, that coming in today, not a whole lot. we're handful of points from setting a 13th straight record for the markets. it's not quite unprecedented but darn near close. more than likely we will hear the president reiterate his economic agenda, his fiscal objectives, but will he get into the nitty-gritty? get into the details? that's what everyone is talking about and what they really, really want to hear about. if he doesn't do that, the direction of this market could be, well, a turn south maybe in the cards. we'll see, back to you.
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liz: lori, do me a flavor if we see it closer to the flatline. wave to the camera. we're down 25 points but we have been here before. the low of the session for the dow down 56. closing bell, we're 48 minutes away. the great william shatner character may be gone from priceline but priceline.com negotiating huge profits. higher hotel bookings driving a 17.4% increase and fourth quarter revenue for the travel website operator. priceline hith record highs today. 1,728 bucks a share, up 6%. it's leading the nasdaq. it's been up more than 30% year to date. the cost of college also unfortunately hitting record highs. last year diploma from a four-year in-state public university, nearly $25,000 per year, but the loans associated with that cost could leave the u.s. and all of us on the verge
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of an epic default, hanging like the sword of damocles over our heads. sheila bair was the fdic chair during the financial crisis, now the chair of washington college. she's up next on exclusive interview what she is hoping the president announces tonight that could put an end to the next major financial crisis before it begins. she's coming up next. we ship everything you atcan imagine.n, and everything we ship has something in common. whether it's expedited overnight...
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. liz: as president trump talks tonight about tax plans and defense spending among a whole bunch of other issues, one thing might not be on his agenda but could spark the next financial crisis. student loan debt defaults. listen to this. these are the most recent numbers, could be worse, student loan debt soared to massive $1.3 trillion to become the second highest consumer debt category, more than credit card debt, more than auto loan debt, could it be more dangerous than any of those, triggers the next financial disaster? with me in a fox business exclusive, sheila bair, the former top woman in banking who has gone onto be the president of the washington college. we're accused of solving the last financial crisis. that's what people said about
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dodd-frank, and not the next one. to be fair, sometimes it's hard to spot. >> it is. liz: is this a possibility, a contender to spark the next financial crisis? >> well, in a different kind of way. because most of these student loans are guarantyed by taxpayers, defaults hit the fiscal balance sheet of the government. it's in the public sector at this point. i think it's a crisis for families and student borrows and a drag on the economy. we saw during the financial crisis excessive mortgage debt as people struggled to make mortgage payments they don't spend money on other things which will dramatically collapse consumer spending which led to the great recession. you're seeing the dynamic with student borrows after they graduate being burdened with debt, they're not spending money on other things. it hurts the economy. liz: therein lies what could be the crisis, not that people don't pay back loans. >> that's right.
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liz: when you default and declare bankruptcy, with student loans, it's not dischargeable. meaning it sticks with you forever. >> forever. liz: president trump said, and i thought it was very smart of him where he said we can't continue to let this be an albatross or anchor around students' necks for the rest of their lives. >> yes j maybe they won't get credit cards, won't get a mortgage and that's where the trigger of the next financial crisis is. >> tons of research on this. they delay starting small businesses, they go nice safe corporate jobs to get good paychecks to pay back the loan as opposed to creating a new business. liz: and hiring people. >> that's where you get the job growth. they're tremendous. president trump said positive things on this. simplification, making sure payments are affordable. having an end point for the obligations, those are positive things and hoping he says something at state of the union.
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liz: right now the numbers are recent, we don't know, they could be worse, defaults at 11%. that's a lot bigger than mortgage defaults, subprime in the mortgage crisis. president trump met in the last couple of minutes with the historically black colleges of e united states, and said signed executive orderwe mt uphold the great institutions. i think we have video of it. where do minority defaults stand? i heard they are at a higher level. >> they are higher. one of my students went to for-profit colleges that did not give good degrees. we see a lot of defaults at community colleges as well. the stress populations typically will have higher default rates because first generation, they're more at risk, don't have families to support them who don't understand what it's like to go to college, i think it's wonderful president trump wants
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to help historically black colleges, that's what they specialize in. it's more expensive to educate the distressed populations which is why it is important to have a finance system that works for all students and payment obligation after a student finishes college based on income so it's affordable to them. liz: you've been around bankers, been around wealthy people, the president gets criticism from some for having three bill cabinet, nancy devos, wilbur ross, talk to people, should be that disturbing or look, they're successful, smart, and we want these people making calls or being part of the team? >> i think the success is a fine background for someone to have. i worry there needs to be a mix. you need a mix of people who understand government who especially in regulatory positions, a mix of people who have shown past commitment to regulation, understand what regulation looks like.
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you need a mix of backgrounds, public service, business service, nonprofit service, that's what you need for a good balance. liz: one last issue, you know, you know the wall street gang. >> yes. liz: he ripped them during the election, he hires them in his administration. what do you think of that? >> well, i don't know. i'm hoping for the best. i thinpeople iwall street typically go to wall street because they're good at making money, i hope they can make the transition again, some additional balance, maybe have strong regulators, that would provide the balance to make sure we have good perspective and regulation. liz: listen, great to have you. >> thank you. liz: if sheila bair is listening intently for any mention of student loan debts and defaults and any plan to make sure it doesn't happen. that's something you this listen for, too. we've got breaking news, apple
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and amazon are both apparently experiencing mass outages. apple having a problem with app store, apple music, apple tv and a bunch of other issues, too. amazon is seeing outages in cloud service that are affecting millions of companies across the u.s., we have amazon down half a percent, i want to quickly check apple because it is a dow stock at the moment. there we go, apple is just flat at the moment, with the dow industrials down 24 points. we don't know, listen, with all the hacking it could be coordinated or serendipitous in a negative way. dow down 24 points. will we hit the record 13th never before seen. we're coming back with so much more. don't go away.
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liz: we want to get you more of an update here. we're watching apple's stock very closely. amazon too.
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because the two tech giant are experiencing mass outages. problem for services with apple, app store. if you notice you're having that trouble, that happens to be part of it. then of course amazon, amazon web services they are putting out from a verified account. that stock is down half a percent. they believe they understand the root cause and are working hard at repairing it. future updates will all be on dashboard. we will try to keep you updated on any new development but apparently infecting millions of customers. all right the company behind everyone's favorite disappearing chat app is looking for a long-term commitment from early stockholders. snap, inc. is asking the larger investors to agree not to sell any shares for at least a year? could this be too much to ask in an ipo already reportedly oversubscribed and some say overhyped?
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only time will tell. fox business recovered blow by blow reporting on the market's biggest networking april he poe in over a year. prices tomorrow, trades thursday. we'll watch all of this. all right one of the biggest each points of proposed megamerger of at&t and time warner may get his biggest shot yet to stop the deal in its tracks? charlie gasparino, i will let you give the name of who the biggest opponent is. >> lizzies we should point out this stock is moving on our tweet, time warner shares is going down the target company if this goes through by at&t. from what we understand, we're in the fifth inning of, i'm not saying that this deal is not going to be approved but this is what we do, we give the news as it occurs. what we know, jared kushner, senior advisor to president trump, also his son-in-law, is said to be in charge of picking a very important position in this deal.
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it is the doj's antitrust chief. so we do know that deals like generally go through several layers of approval. we heard earlier in the week where the federal communications commission said it is not going to have to approve the deal based on how the deal is structured but it will need approval from the department of justice's antitru division and this is where it gets kind of tricky for people who want the deal to go through, mainly people at at&t and time warner, people long time warner shares based on believing this deal is going through. it is kushner who will pick this person to weigh in on the deal. it is not, someone that will work for jeff sessions obviously. kushner will have a role in picking it, we should point out as we were first to report, liz, kushner behind behind the scenes been an opponent of the deal much like his father-in-law.
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president trump, didn't like cnn, a sick sid airy time warner. he attacked the deal, that there was too much concentration of power. it distributes 25% of all programing through directv and its own cable property. that is where you have it right now. the one guy nix this deal, doj antitrust chief. there will be a lot of input from jared kushner in choosing this person. he for one i understand is the on the front line of advising who to pick. ultimately a choice i guess of president trump but more importantly, jeff session, the attorney general. but it is kushner who is a deal opponent we should point out, that is going to play a big role pushing it. people are picking this person, poem close to the trump white house fox business. like i said the stock is moving down on this. time warner shares are moving down. liz: can we show, i'm sorry,
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intraday of time warner twx. >> sure. liz: the high of $98.56. then we can see we're now at the lows of the session. not that it is a huge gigantic move but this illustrates what news you are putting out there right now. >> yeah. liz: it is 98.06 right now. >> liz, that looks like my tweet when that started hitting, am i right about that? liz: yeah. >> it took, started taking the dive right as we fox business tweeted it out. so, listen that's what we do here. i'm not going to tell you this deal is not going to get approved. a lot of people think it will still be approved. maybe they have to spin off time warner. maybe donald trump would like jeff zucker to have to resign of cnn to get this thing through. there is a lot of chatter. we're still in the fifth inning. we'll cover it like baseball. not telling you where to go. telling you jared kushner who is
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the deal opponent will pick the antitrust chief or have a major say in that. if you're weighing possibilities of deal going through, that has to be a negative. liz: thank you very much. charlie fast. we are looking at market down 31 points. we still have apple out age issues at the moment. but the stock seems to be holding up. not really a drag on the dow jones industrials but will we see that record? remember, it has been in the last 10 or 11 minutes of trade where we've seen the markets come back. that could happen. you need to stay with me. up next, fair and balanced two congressman from either side of the aisle standing next to each other, and we'll ask, are you guys ready to compromise? ♪
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liz: folks apple has now turned negative. it was flat when the news broke that users are experiencing a problem with a bunch of services at apple, whether its the app store, apple music, apple tv now it's down about 14-cent at the moment. so thats certainlpushing the dow down further. we're not at the lows of the session, that would be down 56 but the dow is down 47. president donald trump to capitol hill has a big job tonight. in his first formal address since inauguration day the president will have to concisely unveil budget mans for the near future among other things. aides say highlighting if first few weeks in office he will call, you heard about this, $54 billion boost for military spending while slashing other programs. his plans to replace obamacare has both on the edge of their seat. fair and balanced, from
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california, john bear -- garamendi and michael burj guess from you're a doctor. you have been at least in on some of the conversations of what the health care change should look like. do you expect, can you problem must us we will get some granularity, some real detail tonight and will it involve keeping some of obamacare? >> i can't tell you what the president is going to say because i don't know. as far as our committee work, sure, we're deep into the writing the legislation. we'll have a mark-up if not next week, shortly thereafter, so that grand lairty will be on frt annt desplay. it will be based off the reconciliation bill passed in december of 2015 f people are wondering what it is going to look like, that will be the base point. some people are concerned of course about things like kids on
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their parents insurance to age 2, preexisting conditions. these were not repealed in the reconciliation bill in december, 2015. they will not be in the reconciliation people this week. liz: congressman garamendi, if democrats thought some of that holdover from the original affordable care act, could you get on board? could you at least show some support as americans try to move forward on this issue? >> of course if in fact the proposal actually advances health care for americans. we've got at least 20 million americans that are presently insured as a result of the affordable care act. will this proposal actually increase the number? will it provide benefits that are better? will it provide the opportunity for costs to be contained? i don't expect it to be lowered. but rumors around are none of those things will happen. in addition to that, they're talking about a massive tax cut, beneficiaries of which are the super wealthy. that doesn't make any sense when
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you want to talk about income inequality in the united states. liz: what about that, dr. burgess? listen democrats are the one supposedly historically known for taxing and spending. republicans known for cutting taxes and not spending. the president may discuss a big chunk of spending to night in different forms. is that where you stand? because we know that the freedom caucus members have said they will outright reject, these are republicans, the hard-liners, they will reject a lot of spending if it doesn't come with cuts? >> well, first off as far as numbers people who have insurance coverage, clearly the goal no one's coverage is jeopardized. what is jeopardizing coverage right now the continued stress bought by the affordable care act, putting pressure, downward pressure on the individual market. if we don't fix that, there are a lot of problems that are just around the corner for a lot of people, regardless of the pretty political persuasion that we may try to use.
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as far as the defense spending, i certainly find myself aligned with those who are concerned about the top line in the budget. i was one of those people who voted for the sequester in 2011. i have resisted the urges to repeal the sequester. at the same time, i do recognize how the difficulties our military encountered with the amount of reduction in defense spending. i will be interested in what the president has to say. i'm looking forward to a optimistic, forward-looking message. we can't stay under 2% growth for many more quarters and still be the same quarter. liz: we got gdp, it was a bit of a disappointment. second reading for q4. representative garamendi, there is the a believe that the democrat base is pushing democrats like you to oppose everything that the president proposes himself. will you applause for certain things? is that true?
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do we have the right assessment and as you stand next to representative burgess, could you look at him say, yeah i would work with this guy on certain things? >> of course. we already have on the years past. look at major bills come through coress in previous two ngresses, it wasemocrats provided votes for passage. not republicans. in almost every case the freedom caucus wasn't there to keep the government running. going forward i hope the president is optimistic. i hope he provides a positive message. we really need that in america. at the same time we need to be rational with our tax, with our spending. clearly the tax cuts that the president proposed during his campaign would create a huge deficit, some say adding as much as $10 trillion to the deficit. liz: we don't want that. >> we can't afford that we don't want to run this on the credit card, yet if you look at the affordable care act what was proposed in the last session and
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in the reconciliation bills that have been brought to both houses there's an enormous tax cut, most of it, more than 80%, going to the top 10%. the bottom once again left out. liz: let's just be fair and balanced here and say we saw a huge growth in the deficit under president obama so we hope that certainly doesn't continue. >> just a minute. hang on a second. look when that growth occurred. he started in 2009. right at the depth, not even at the depth, at the cliff. it continued down. that is where the big -- >> last four years -- liz: i will get killed by my producers. >> a trillion dollars a year the last four years. liz: talking about a trillion dollar infrastructure project. how will we pay for that, very quickly if we could? >> obviously the president will propose that this evening. clearly infrastructure is important to him. he looked at all the things on republican agenda. i like every part of what you're doing. >> how do you pay for it? >> i would like to add infrastructure there.
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are a variety of methods we can use which are the public/private partnerships that the building with a -- >> my republican colleague -- he and his colleagues are in control. they have got to make the proposal. how are you going to pay for it? liz: i'm not going to ask you guys to hug and fist bump, i know what the cameras go off, exactly what will happen. >> we might do that. liz: thank you. please join us again. john garamendi, michael burgess. keep it here for full coverage of president's joint address to congress. lou will get it started at 6:00 p.m. he will talk live to kellyanne conway. and neil with the he pre and postspeech analysis at 8:00 p.m. eastern. the dow is down 28. we had been down 40.
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liz: we made the call. we'll cancel all commercial breaks. we're down to the last nine minutes of trade in the month of february. we could possibly see whether the dow extends historic streak from 12 to 13 record closes. something we have not seen in the history of the dow jones industrials. right now the dow is down 18 points. a minute ago or two it was down more than 40. we've been seeing a pattern of a real comeback in the last couple minutes. i want to bring in a couple of traders. they are in front of cameras. regardless what happens, what is the next day's trade? teddy weisberg at new york stock exchange. larry shover, scott bauer at the cme. i will get to you, teddy, first, do you think we'll see a record? >> i don't know. i think we've seen a record in a sense.
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we've had tremendous market since election today. liz: today, teddy. take a stand! >> i don't know. it is not about today, liz. about where we are a year from now. a year now we'll be a lot higher than we are right now. liz: oh, my god, he just punted. don't punt, larry. will we see a record? >> no. i don't think we'll see a record today. i say that because i think there has been a lack of volume in the market. liz: we'reown 15! i'm telling you. >> they're baiting what i say. i don't think there will be. people are squaring positions. let's face it. we have this big meeting tonight and, you know, tomorrow is another day. liz: scott, does anybody really want to go into tonight's speech where president trump promised more detail on economic issues and spending? do they want to go in short or even or go in long?
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dow jones down 17 points, we have eight minutes of trade. scott? dan scotto bauer hear me? troy is with me. skybridge capital. is the dow down 18 points? >> not today. we'll hear from trump tonight, slightly more specifics on tax policy and infrastructure spending and regulatory relief. back to your point, you don't want to go into this too conservatively positioned. rather let the rally lift up outcomes for investors. liz: teddy, let's say the president announce as one trillion dollar infrastructure plan and he comes up with ways somehow to pay for that. you're telling me that doesn't juice all of the companies that uld be pt of infrastructur by the way, a fox business
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exclusive tomorrow with manitowoc, the crane company here in the united states, could be a beneficiary? >> liz, this administration is a game-changer. no matter what he says what he says, higher not lower. market resistance is up. if there is selling it will be just an buying opportunity. liz: six minutes to go before we hear the bells clang. scott bauer, will we see a record? the dow is down 18. it will be a 13th in a row of record closes. something we've not seen before. >> no, not happening today. into the bell a little too much posturing and negativity based on what we see coming out tonight. that being said, i think like teddy said, tomorrow, next week, six months from now we'll be significantly high every but not today. liz: what's the trade tomorrow, troy? what is the trade the day after, whether we hit the record? >> depending what he announces today in his plans, to your point, the infrastructure route
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and infrastructure companies, basic materials, that would be the way to go. if he focuses instead on targeted tax reform particularly benefits banks. banks have been lagging a bit recently, you could get another leg up in banks. liz: i'm looking at the dow 30. lori has gotten in front of the camera as well. as you see stocks what is holding us back from the 13th record in a row? we're down 16, by the way. >> it is mind-set of everyone. there is concern, i said this earlier to you, liz. has this been a honeymoon period since the outcome of t election, are these gains, unprecedented gains in the stock market justified? let's hear the president. we know he goes off script, put it simply. >> here we go. liz: hold on, hold on! four 1/2 minutes to go. we're now down single digits having come back from a low of the session down 5.
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the dow is down nine. let me tell you what is leading. jpmorgan. the banks to your point, troy. larry shover, are you still there? apple turned positive after being hit in last half hour with some outages. what is going on in psychology, four minutes to go. >> psychology overall people are spending too much time looking at the president's tweets somehow he will announce and pass a one trillion dollar infrastructure plan. maybe a half a trillion. that money has to come from somewhere. will he lower corporate tax rates? maybe a little bit. personal tax rates? no way. i think it is crazy to think that he could get all this done. it will be nothing other than a campaign speech tonight. so let's keep our minds on the economy. we have a reaccelerated economy. worldwide pmis are doing very well. jobs are doing fantastic.
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gdp wasn't good however -- liz: hold on, hold on! less than four minutes, less than four minutes to go, we're down 7 points. lori, i heard you want to jump in here. >> a point on the economy. you mentioned the gdp came in, same as prior quarter, not as good as expected because confidence was up. this market doesn't seem to pay any attention to the background fundamentals. that is nothing new lately. it is the last day of the month. someone mentioned there was position reassessing going on. probably typical moves there. watching a little bit today. tomorrow will be the big story. liz: down 10 at the moment. teddy, go ahead. >> i think lori hit the nail on the head. last day of the month. a little window-dressing. i don't know what, i don't know about your record, still pretty good shape down 11 points. i think market is in great shape. i think we're going higher. liz: showing real resilience, teddy can't you turn some traders make a couple of blocks trade?
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>> we'll invite the hedge fund industry to go long. liz: exactly. two minutes to go, two minutes to go. the dow is down 10 points. scott bauer, is it playing into any of the stories here today? i'm quickly checking here. we dot, in the past have seen that oil has to be up for the market to be up and oil is slightly down, almost flat. >> actually oil made a big recovery today. we saw it down much earlier today, based on inventory levels. all of sudden we get news toward the end of the day about opec, and there was a bigger cut that we saw. it clawed its way almost all the way back today. i think there is a little bit of a divergence between the oil market and overall market. i think overall market is kind of going to move on its own merits. like teddy said, we are going to be higher. one thing i like regardless president trump says tonight, i love the health care industry. i love the fact it is held over
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the last four to six weeks or so. liz: okay. >> has not gotten hit. no matter what he says about the aca tonight, nothing is going to happen imminently. health care the way to go. liz: one minute. one minute remaining melissa: liz: troy it has been a unbelievable run. >> investors bought into good trump policies. the policies outweigh the protectionism. the economy, whether it is 2 1/2 or three. if the felled holds off not be too aggressive with tightening there will be another leg up with markets. liz: we want to thank larry,
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teddy, scott, of course lori. down 21. we're falling further away from what would have been never-before-seen territory and that would be 13 straight record closes. here comes from the closing bell. [closing bell rings] no, it does not appear to be a record. the dow is down 24. david, melissa, you get to take it from here. melissa: there it goes the dow's longest record streak in 30 years, 12 straight days coming to an end. the index failing to close at new record high. david: i'm trying to listen to the music. we have special music whether we made it or didn't. ♪ oh, okay. still a good day. i'm david asman. glad you could join us. more on downturn from dow ahea here is what else we have for you at this hour. taking his case to the lawmakers and the american people.

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