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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  June 2, 2017 3:00pm-4:01pm EDT

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the first person they've all been on set together. and jamie has ever been on tv. it was a very big day they were excited about it for weeks and they loved making that reps --dash make that recipe. you can actually catch the whole segment and get the recipe on facebook on my page have a great weekend everyone. maybe you will have a chance to pick some blueberries. ashley webster invert list claimant today. i'm still waiting for my slice of blueberry pie. i'm sure the kids already have agents also. you are looking at that triple-double. for the second day in a row.
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they are not bothered by that controversial decision. and by the way that course happened and that very hour. some 24 hours ago. scott pruitt out today to counterpunch the critics. there he is. he believes humans do contribute to global warming it is up to other world leaders to decide if they will sit down with the president to renegotiate paris accord or even forge a new climate deal. also refusing those multiple questions. with an all-star lineup to break it all down. in the former congressman.
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they are on opposites sides of the argument. we are talking about him a lot this week. there is more brush and talk. let's start the count on. while i guess disappointing day. they are waking up and let's be honest to a bit of a bummer. the unemployment rate 4.3% sounds good. april's numbers aprils numbers also by the way values down. in spite of that though. markets continue their steady
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climb upward. it is another trifecta. it's up to 67. the s&p up a third of a%. begin 53 points. as you can tell the tech stocks continue to be a driver amazon blew right through the 1,000 level. up another close. by the way we are also stain at the historic run. up again today. another dollar. it's on pace for the second --dash a seventh record close. and starbucks also perking up. on track for its third straight closing high. it's records every day. to the white house. breaking news we are awaiting
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pictures of president present trump signing two bills this afternoon. as soon as i becomes available. the white house press secretary sean spicer doubling down on present trump's decision to withdraw from the paris climate deal in a press briefing just a short while ago. while the and ministration continues to receive a heap of backlash over the decision from a wide array of the ceos we have just received breaking news that one ceo is not freaking out. there is a turnabout for you. they are all bailing. not walmart. adam shapiro at the white house with the very latest. >> it was an interesting press conference because the majority of questions even after he went away was still about climate change and the president's position. here is what the administrator had to say. the united states has nothing
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to be apologetic about in its decision to withdraw from the paris accord. he pointed out they have reduced the carbon footprint something like 18%. and that the president is still willing to negotiate a better deal a deal that would be in the best interest of the united states. he said ultimately the decision whether to stay or leave the paris accord was based on is a good or bad for the country and does it that the united states and an economic disadvantage. exiting paris does not mean disengagement. the president said yesterday it doesn't mean that we are not to continue the discussion. we want to export our innovation and technology to the rest of the world. to demonstrate how we do it better here in the administrator also pointed out ashley that environmentalists when the accord was first
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signed called it a fake and a fraud. it did not require countries like china and india to curb their cost -- carbon in minutes rations. world leaders have been quick to condemn present trump's decision to pull out at the paris climate court. we firmly believe the paris agreement cannot be negoated he was one of the original architects for the deal. working for the united nations secretary-general. and he continues to advise of the un on climate change issues. we are joined by robert. thank you so much for joining
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us. it was just too costly for the nine states. in fact the paris agreement was designed specifically to let each country do what they wanted to do and how they wanted to do. there is nothing binding that would ma do it any other way. the decision is up to the president in the u.s. government for how they want to do it. if there is nothing binding how do we know that some of these countries are doing what they say they are going to do high point particularly at china. how can we trust what were doing. don't trust. just look at the facts of what they're doing. the chinese are investing at a record clip.
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in renewable energy for new infrastructure is more climate smart and let the facts speak for themselves in terms of who is investing what, where. the real issue here is that the pullout of the u.s. is really not .2 effect of the trajectory of the paris agreement. it will affect to the trajectory the trajectory of the u.s. economy. we heard from scott pruitt. it was been reduced by 18%. do we need the paris accord to continue on the track the u.s. has been growing economically that's exactly what were looking for here. the fact is though that we have to bed the curb for the investor. the coinuedisruption of the global climate system. is expected to continue and so we need to reduce admissions at in even faster pace. it was created with the
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structure to do exactly that. you get much more action on the part of all of the actors including the chinese that you referenced. at this point is not that they're doing too little but they are doing so much. they are going to make and take advantage of new markets. i would like to see the united states be a part of those markets. the president yesterday kind of hinted that we are out but we are willing to renegotiate. we quickly heard it from the italians, the french and the german. could we read negotiate a better deal. the macy's is a critical country. all the international architecture. the fact is here there is total global agreement on this. they haven't negotiated a deal and i have not heard a single
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leader of a single country say that they are willing to renegotiate there will be no new deal. but having said that there are countries that have in principle. they obviously don't see that. they're taking their time before actually agreed to it. all of the countries you just mentioned they are all online. this agreement has been agreed and ratified also in record time. we never got that opportunity here in the united states. and then agree to all of this without even letting congress have a look at it. was a bad move mistake. the beauty of this agreement
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is that it is an international legal agreement. you're bound to report against the targets that you have voluntarily chosen as a new kind of agreement the fact that the united states can and if it wishes to could redefine its own targets. to simply report in a transition way. that is kind of the definition with the transparent and flexible a deal. we will see how flexible everyone is on this as we continue to move forward. thank you so much. we really pushing your input. as we said the market is shooting for the trifecta. you name it all aiming to and end the week at record highs. cooper company is opening some ice today. at least for burke which is
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raising and that of the contact lens. the new record high among the leaders. the market is going up.
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the trend that we have going here is good. it could be better. we are spending so much time talking about regulation in the overregulation we believe the white house can drive a better work environment. chief economic advisor. after they signaled that it has slowed down. our trade is getting a little bit worried about the strength of the u.s. economy after today's report. let's get right to the floor show. let's go.
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the markets are managing to essentially blow it up. it really was. we already expected a rate hike in june. and that's what this number was can give us. now we have to get through the whole summer before we reevaluate in september and maybe november. we hear a lot of fed speak. this number is indicative of that. chris robinson. is there just perhaps one rate hike. we kind of bake bacon and june hike. but how do you think the rest of the year plays out. if you look at the rate of increase. that is what has slowed down. the markets are telling you that it felt to a new low
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yield today. in their discounting the fact that the fed well not hike and we will see what happens when the rubber meets the road. right now they think it's second happen. look at the stock market. we had rallied under hundred points in the past ten days. look at oil prices today. below 48 bucks. it seems whatever they do the u.s. oil producers can offset it. we seem to be in the big tug of war. were so fortunate that we live in this time and not back in the 70s. it is manipulating the market for their own personal interests. we have enough producers here in the u.s. and other countries able to answer the call.
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i look at it as a tug-of-war. we are going to see them go higher. what i'm doing right now i am a skill in buyer crude oil. below a possibly 44 for this market and that's it. after that i think were heading back up. and then third and fourth quarter. i do think we see higher crude oil prices. perhaps by the end of the year. let me get back to matt very quickly. would you agree that the trump trait is out of the market now. the economy which is at least moving in the right direction what happens if the trump administration finally manages to get it back together and we start pushing through things like health care reform. and tax reform. where do we go. can we skip congress. that would maybe take the
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leg. they were finally a focus. we are seen moderate work. i would not be so sure if that earnings can curate cure it to the next quarter. we will need them to step up if we want to get the rally to continue. so much of the economy relies on the consumer. the wages are going up. what is the psyche of the consumer right now. i think that depends on the direction of the market moving forward. if they can push through tax reform i think that would make people feel a lot better. if they can get it done. we probably push higher in the market. allen to you. very quickly. oil 60 bucks by the end of the
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year. does this mean we can expect cheaper gas prices. i think we will start to see them keep -- creep up. we are sitting near the lows. i was start to creep up from here. it doesn't matter what the price of oil is. you so much. have a great weekend. thank you for joining us. don't miss wall street week tonight. they talk about the record at market highs. do not miss it. interesting stuff at 8:00 p.m. eastern. bob massey is building homes for heroes. he will be introducing you to an injured war hero who gets a life-changing surprise. that's tonight at 8:30 p.m. eastern. only of course on foxbusiness.
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it's up there among the leaders. they are hitting record highs earlier here. this is interesting. vladimir putin admitted some patriotic actors. as the investigation and the former aide expanse. they put it all in perspective. it's all next on countdown.
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moments ago the white house in the present trump as i need two to build the diplomatic reception room. it will help in the hiring and training of veterans. also the public safe officer benefits improvement act. that is aim to improve the processing. apparently there is a year-long backlog of that.
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the russian president weighs in on the hacking. and then there is the appeal of the travel ban. what are we going to talk about. we have a lot. let's bring in a strategic in list. let's get straight to vladimir putin who made the comment for the economic forum. he said that patriotic hackers may have meddled in the u.s. election but none of those activities where there. was there anything that happens or comes out of the russia that's not state back. and yesterday and again today and he is twisting the knife. all of the u.s. intelligence agencies agree that it was the russian government that did the hacking to not believe that this point.
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to be a wood stove. they may have got up in the morning and decided to do something patriotic. but then ashley today is the same economic conference the issue of the u.s. with the drawing from the claim a climate court came up. and he kind of smirked he said maybe the president made the decision because of the bad weather. they will create ascension within nato. now he has the u.s. as their state globally. whether you think there is global warming or not. withdrawing from that accord was idiotic. and by the way for your
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business viewers there may will be economic rercussions. that whole deal it was on a voluntary basis and the president does make some good points. how do we know that china's plane by the rules it doesn't have to do anything for like 13 years. we pile money in that is to ship just riveted to distributed to the poor countries. they try to get their missions under control. it sounds like a big boon dog or a photo op. the reality is a whole lot different. at least this was right back there. i am bias in this. i really like clean water and clean air. we are not a scientist.
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we don't know. i want to move on. they were expanding in the probe. only perhaps his ties with russia but now turkey. this is expanding. where do you see this going. where's a good and up. it can end up in court for a number of people. he was a good soldier. and he clearly went astray. with robert mueller on the special counsel talking on the turkey investigation. it only makes sense. you can't separate the complex behaviors. but with the special counsel and what they will be looking for who really knows. who wants the plea deal.
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the penetration. i keep hearing people a sane and saying there are no charges. when the charges come it goes for all americans left and right. you had known mike flynn for 32 years. was he naïve and what he did?
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>> that something i can't answer with full confidence. as always. can they hold on. one major rating agency. i'm next former south carolina congressman the countdown is coming right back.
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reporter: i'm nicole petallides on floor of the new york stock exchange with fox business brief. the dow up 65 points. nasdaq composite up 59. walmart is turning its employees into delivery men in an attempt to compete with amazon. the idea is being tested at three stores in new jersey and arkansas. employees in exchange for extra pay will be given options of delivering products on the way home from work. lululemon surging after quarterly results beat profit and revenue. it is shutting most its childrens stores as it retnks the straty. next beg idea store, blue apron was profitable last quarter. valued at $2 million. it is looking to raise $100 million.
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ashley: breaking right now. ceos of big u.s. companies say they will continue to advise the white house. even after the president pulled out of the paris climate deal. ceos of walmart, ibm, jpmorgan, pepsi, cleveland clinic indicating they will remain in roles on advisory councils, opting to coop seats at table whether or not they agree with the paris accord decision. president yesterday arguing that the agreement would shave $3 trillion off the u.s. gdp by 2040. cost 2.7 million american jobs by 2025. joining us to debate impact of that exit is is former gop congressman from south carolina bob english, who advocate cates
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for premarket solutions through his group. robert bryce, manhattan institute. author of numerous books on environment an economy. his latest, smaller, faster, lighter, denser, cheaper, how innovation keeps proving catastrophists wrong. that is a book title and a half. robert, go to you first then. president trump saying trillions off gdp, nearly 3 million jobs lost by 2025. is he way off target or do you think he has a point? >> well i think he does have a point in terms where we are with the shale revolution here in the u.s. when you look at the united states and its position in the world, about 10 years ago we were looking at being a massive energy importer both of oil and natural gas. last year, the u.s. was exporting, i repeat exporting five million barrels a day of crude oil. or crude products and now we're also exporting huge amounts of
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liquified natural gas. i'm in favor of cheap energy. so what the paris accord in my view was going to force the u.s. to follow the lead of the european union, particularly countries like germany which have seen huge increases in their electricities costs. i think that is regressive and wrong way to go. ashley: bob, can you reply to that what robert said, cheap energy is a good thing and he makes a good point? >> yeah. i don't want cheap energy necessarily. i want the follow discuss of energy on all the fuels. you ow, milton fedman wre a ok in 1975, the title of which is, nouch thing as a free lunch. that is the case in energy. what we want is all the cost in on all the fuels, all subsidies removed. then the free enterprise system can deliver innovation. right now what we have is non-recognition of negative externalities as economists say of the we allow fossil fuels to get away with hidden cost,
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health costs climate costs. those are not attached to the meter. therefore we as consumers don't feel our need. if we felt our need we would be demanding innovation and entrepreneurs would be delivering it. we would be growing the economy and no, those numbers donald trump was quoting yesterday would be proven completely wrong. ashley: robert about, let me get back to you. there are those say now that we're out of the agreement, we've isolated ourselves. we aligned ourselves with syria and nicaragua. and that we're really, we you should be a world leader and we're opting out. whether you believe to what extent humans have an impact on the climate, do you think that is valid argument? we're kind of out of the scene? >> well let me take on that within point whether we're opting out. did we in fact opt in? i think eugene had a good piece in the "washington post" yesterday. he said trump is not quitting the paris accord.
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the united states was never in it in the first place. president remember didn't submit to it the senate for this is angreement that would in fact quire the u.s. to make massive changes in its overall energy infrastructure. that is a carbon tax. didn't originate in congress. many other countries sent this agreement to their legislatures for approval. the chinese, the brazilians, the brits, japan. so the u.s. never even sent this to the senate for ratification. why? because i think president realized it wouldn't pass. so, look the u.s. is leading the world in reducing co2 emissions. we've reduced our co2 emissions on percentage basis, more than germany has. ashley: we have to interrupt. i'm running out of tile. we want to get bob's response to that. carbon dioxide or releases 18% reduced since 2000. it is all vague, all voluntary,
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costs a lot of money, whatever 100 billion a year which could go up, which to mean where does this money go? it could all go to the great abyss? is it a deal that is so vague it really doesn't accomplish anything? >> it is important to note that it is non-binding. hard to be draconian as president said in the rose garden. ashley: what is the point. >> you can't be non-binding and draconian all in the same sentence. the point to figure out away around, yes the gulatory answer, that is a nonstarter that really can cost us money. ashley: yeah. >> but in a tax swap, tax carbon dioxide, untax income, repeal some clean air act regulations. it would become redundant. make that tax apply to imports as though they were made here, win the case in the wto, we have a worldwide agreement then without any international agreement just simple american leadership. ashley: wow, we're already out
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of time. we could literally spend rest of the day and weekend talking about. thank you very much, congressman and bob bryce, thank you for being here. the debate rages on. thank you very much. have a great weekend. don't forget to tune into lew dobbs 7:00 p.m. eastern always on fox business, why? because u.s. treasury secretary steve mnuchin will join lou. can't miss the interview. promises to be a good one. markets continue march higher. dow is still up 63 points. record territory. we're hanging in there 15 minutes to go. coming up next, big money problems in the land of lincoln, is the state of illinois headed for the junkyard? jeff flock live on streets of chicago, jeff? reporter: walking down michigan avenue you would never know how serious economic trouble illinois is in. if you come back after the break i will tell you how precisely a big of a deal it is. stay tuned.
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hospital that accepts medicare patients. whether you're on medicare now or turning 65 soon, it's a good time to get your ducks in a row. duck: quack! call to request your free decision guide now. because the time to think about tomorrow is today. ♪ ashley: illinois now has the distinction of having the lowest bond rating ever for a u.s. state. they must be very proud. it has been running without a budget for two years. both moody's and s&p downgrading its bond to one step above junk with standard & poor's warning illinois could lose its investment grade status if no budget is reached by july 1st. jeff flock in chicago what it means to the state's already ballooning money problems as he
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strolls down michigan avenue. reporter: it is terrible for the state. come to chicago, and michigan avenue, it is beautiful. people are shopping. the state is worse than broke. here is what s&p said as they issued the downgrade down to bbb minus. illinois now at risk of entering a negative credit spiral. we view the payment obligations having speculative grade characteristics. translate, if you invest in illinois stale bonds you might not get your money back. the state is $14 billion with overdue billions right now. that is costing taxpayers an additionalhundred -- $800 million in fees and interests because they haven't passed a budget in two years. s&p in issuing the downgrade issued following factors as reasons. $700 billion deficit in the current fiscal year of the variable rate debt, if interest
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payments go up, debt could go up. pension payments $130 billion behind. dysfunctional politics, democrats, republicans can't get together to pass a budget. what does it mean in the big picture? best made clear looking at all of the countries around the world that now have a better bond rating, better credit rating than illinois. countries like mexico, trinidad and tobago, philippines and colombia and peru. they're rated actually as a better credit risk than the state of illinois. ashley: my, oh, my, being kind when they say dysfunctional politics. we get where they're going. jeff flock enjoying the time on michigan avenue. great stuff. closing bell in ringing just about eight 1/2 minutes. markets looking to go out with a bang as we end the trading week. after the lackluster jobs report, and looming fed decision, will investors buy in. we have expert guide to new
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moves in the market. countdown coming right back.
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♪ ashley: forget the derby, preakness and belmont, major averages on track for a triple crown finish. isn't that clever. let's go to the floor, nicole petallides standing by. nicole. reporter: we win the race for this one, ashley. we're seeing record closes for the dow, nasdaq and s&p. we see resiliency of this market. the dow is up 46 points. closing at record high. nasdaq really steals the show. on the dow, eight of 30 names crossing into new record average. mcdonald's, johnson & johnson, boeing just to name a few. volatility index, that vix still hovering around lows. you could see it to the downside. fear on wall street was put aside until now.
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they did not worry about the paris accord. they did not worry about non-farm payrolls coming in less than expected. focusing in positive big picture. 10-year bond, 2.15%. record day on wall street. ashley. ashley: that says it all, nicole petallides, thank you very much. markets as you said is the to finish at record highs. thjobs report watepii think you could say at best. discuss with griffith capital randy anderson and senior equity strategist, linda duessel. randy, that jobs report was pretty lukewarm. what is the state of the economy? i want to say we're moving forward and gaining momentum but economic data doesn't always play into that. >> exactly as we've been talking about since december. we have an economy a little bit long in the tooth but it is growing. we're in a 2% economy. consumption makes up 2% of gdp
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and we're full employment. this is pretty reasonable and strong number given where we are in the economic recovery. we see a range-bound economy 2% range and seeing relatively low interest rates as we wrap up 2017. we're looking 2% gdp number, 2% handle on interest rates, nice goldilocks economy where we're growing fast but not too fast. ashley: that was a lot of information, randy, great stuff. lipped today, markets melt upwards with new records every day. what is your take? >> i like what randy just said. i agree with him 100%. they said disappointing jobs report. wage growth stuck in the two, 2 1/2% range is not inflationary concern. our biggest concern for the market if inflation got carried away, fed said oh, my god we are behind the curve, we need to raise rates dramatically.
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that is what we don't want. we don't have a boom or bust. steady as she goes. i agree with randy. ashley: to follow up, linda, the vix dropping at a low under 10. that means we're all pretty complacent from investor point of view. we've seen record after record. can we still jump in and make money? >> i travel the country all the time. i talk to advisors all the time. they're always worried. the important point i always make it is about earnings and price i pay for earnings. pe can stay reasonably high with inflation under control which it appears to be. the, recession is over. niece, slow, steady growth. maybe we could get tax cuts in our future? yes, mark could go-go higher. i would not be afraid of low volatility. i would be afraid of high one. ashley: randy of all the numbers you gave us, i didn't hear 3%, maybe 2%.
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is it all depending what comes out of washington if we get tax cuts, deregulation, new health care all of that, are we off to the races? >> i think all that is going to help. that is why i think the trump administration will deliver the better economy than the clinton administration would have delivered. understand we have one foot on the gas with infrastructure spending and tax cuts. but on other hand we have risk of fed increasing interest rates. we don't want them increase doing fast. we have a stronger dollar out there. we have a lot of balancing forces. it goes back to what drivers gdp. the consumer is out there spending money. a lot of tax cuts and benefits, they end up in savings. end up kind kind of moderating gdp the probability of recession is almost off the table. ashley: randy, thank you. 10 seconds one area you like in the market right now? >> back half of the cycle, we like large cap growth, technology and health care. ashley: technology and health
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care. all the money goes into the amazons and face books of the world. [closing bell rings] linda, randy thanks for joining us. we go into the weekend, they're happy and clapping. david asman. lauren simonetti for "after the bell." >> i see fist pumping ashley. dow ending at brand new record high for second day in a row. it is up. we like it, thumbs up, hovering around the 21,200 level. new records for dow, nasdaq and s&p 500. i'm lauren simonetti in for melissa francis. david: who would have thought, lauren, horrendous jobs report and worry about the climate change stuff from ceos, heck with it, markets are going ahead. this is "after the bell." happy you could join us on friday. markets are driving higher but here is what else we have in


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