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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  September 6, 2017 3:00pm-4:01pm EDT

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in north dakota. stay with them. we will have the very latest as he makes the big push. and bring some relief. see mick mitch mcconnell as you said he will be on board with that some republicans are bellyaching. there may be a debt ceiling bigger, stronger faster. rick scott describes hurricane irma could be more dangerous than all other category five hurricanes including andrew. that is from nasa and the national weather service is warning that this is the most powerful storm ever recorded. at this moment is passing over the northern most part of the u.s. virgin islands. 20 miles east to northeast of
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st. thomas. the next stop is the u.s. territory of puerto rico. they are all under state of emergency ahead of its arrival in the coming hours and days. congressman carlos mandela represents the 26th district. mass evacuations are underway right now. he is about to have right into the eye of the storm but before he does he was with a slide. he just struck a deal on extending the debt ceiling with democrats imagine that. working with democrats and it appears to have worked. can he do the same attacks are formed. in just one hour he will give them major speech. the political panel on what the president may have to give up to go along with that
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plan. on wall street the markets erasing some of yesterday's 1% sell off energy leading the average by some neat points. but we do have gasoline prices calming down yet is another liquid that is a bubbling higher. let's start the countdown. if ever there were a group of stocks leading the dow jones industrial that grade hurricane effect. the home depot chevron also pumping the blue-chip higher. and then of course the upcoming hurricane. they restart and that causes a demand for crude oil to be refined so we do see exxon mobil rising by two and a third%.
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they are all up 2% or more. we do have a different picture for hospital stocks. it's also related to hurricanes. lifepoint health and community health getting swamped. texas and florida huge markets for these hospitals. they are taking a hit. at least one brick and mortar chain showing signs of life and hope. after the retailer announced a three-year plan to at about 70 new stores just as it closes 200 underperforming stores. we do see shares of gap topping 75 cents per share. he is set to speak less than an hour from now. the president's planned speech will be before employees and lawmakers focusing on the tax reform plan. he was about to board marine
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one to get on air force one and hillary von he have some news when he lands that news is that it appears he's got that deal with democrats and perhaps republican mitch mcconnell to lift the decks --dash make debt ceiling. telus plays exactly what you expect him to say when he lands. liz, right now we do know that he is going to be accompanied with north dakota democratic senator. heidi -- it's one of those targeting to get the tax reform through congress which could've been just a little bit harder now that he struck a deal with democrats over the debt ceiling but we do know that he is not just counting on conservatives to get tax reform done and that may play into a larger strategy. a new poll by the designer affair.
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there is strong support for trump tax reform in four states where democrats are at risk and trump one in november by double digits. one of those is in missouri. his campaign and to rewrite the tax code in here north dakota the second step on the tax reform turf in both of the states. they support trumps tax reform plan in the and the white house says that present trump today will collect democrats in his plant remarks here as part of the excerpt that we got that he is going to say today if democrats continue their obstruction if they don't want to bring back the jobs raise your pay and help america when voters should deliver a clear message. do your job to deliver for america or find a new job. earlier this morning the president has done his part from the oval office he has done all that he can do and now it is time for congress both republicans and democrats to step up and deliver on tax reform.
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>> is relying on congress to act. many of the things that he could do without congress through executive action heated early and often in his menstruation. the congressional review act. they restore the coalminer benefits. he took action outside of the congress but he relies on congress for matters like tax reform. his office said it is not an endorsement of trump in the tax plan but it does say that they are they are ready to listen. there was some concern over corporate tax cuts. those tax cuts won't benefit them however, we talked to many of the people who are lined up and now inside waiting for present trump to speak and they said they believe the opposite. the corporate tax cuts would help benefit them and their small businesses she also expressed concerns of taxing 4o1k so we will wait to see what president trump has to say about all of that in just a few moments. >> we will see you in 54
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minutes. what do members of congress say about that into hurricane irma. it may be days away from slamming florida but 900 national guardsmen are not waiting around. they had been activated to facilitate the access is from miami in the florida keys. take a look at the roads around miami. we have bumper-to-bumper traffic they flee that while the weather. they are very concerned about hurricane irma which in just about hours will be facing down of puerto rico. it will be in the thick of it. the big guessing game now is where well hit puerto rico directly or just skirt north of it. the widespread destruction in the dominican republic and haiti and cuba so by the time it makes it to florida it could still be a killer category four storm. no florida well not be ready for some football this sunday and if i gave -- the nfl game
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has been postponed. even the sun is of course many days away when you see the destruction that it has left behind you can understand why the nfl is not taking any chances. we are talking specifically on your screen about saint maarten. we had devastating damage to building and all kinds of homes in structures. as well as on the themed playground. the florida congressman in the district includes the florida keys where they are beginning in four hours. a mandatory evacuation kicking in first to you and your family i understand your wife and kids are still down what's can happen once you take the microphone off. i am probably going home tonight at the very latest early tomorrow morning to help my family prepare is not just my wife and daughter but all of my family is in south florida in its my community in
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my district. i just need to be there. this is a tough time for our community just a couple of weeks ago we walked were marked a 25th anniversary of hurricane andrew. to be staring this massive monster storm coming straight at us. it is certainly a little bit intimidating but we are doing everything we can to prepare. we rebounded once 25 years ago and if need be we will rebound again. it is important for everyone to heed the warning the local evacuation in the florida keys especially. there is not going to be anyone there to help you. so please play close attention into all to all of the announcements that local and state authorities are making. on the heels of hurricane harvey but the house just voted in the last couple of hours. two of proof the bell you voted yea obviously but when
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you look at what has happened with fema it's almost out of money. 7.8billion is just a down payment when we have so much stress on the system. what you think happens here and at what point does a system break? >> it was a very good sign of a national unit that the house on a most unanimously voted for this aid package. i hope this is the beginning of a new trend where we come together when a fellow americans are hit by a natural disaster that is catastrophic in nature. i believe it is the right thing to do. but one of the things it's always on my mind when i'm voting on a package like that is i could be next. my community could be next. it's obviously that republicans and democrats are willing to come together for causes such as this one.
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i really hope it means that we bottom out. we are starting a new trend here where we actually work in a commonsense way to get good things done for the american people. the debt ceiling you have obviously. there is a deal to at least had a continuing resolution to have a debt ceiling. it expires on december 15. does this set you guys up for a very difficult and of your scenario. and i will agree with what the senate does. i will always vote to lift the debt ceiling. and we need to get that out of control. in the way to do that is not by refusing to pay our debt. i'm always a yes vote. even though i'm glad that the president reached an agreement on the democratic side. i don't think we should be
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revisiting this issue every three or four months in this country. what we are seen is that pragmatic streak that some have been wondering where it is because he has used some tough rhetoric and he has postured a lot by here today he showed that he is willing to work not just with republicans but also with democrats. i really think that's what the american people want. and part of the reason is because people watch the politicians fighting on tv all day. i think today is an example of that. we love to have you agree on things like tax reform. and by the way we keep every
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estate in our thoughts and prayers. he is correct it may be your state next. the closing bell reading -- ringing in 40 minutes. even as hurricane irma does bear down pacifically on puerto rico. the residents in the path of the storm bending down the hatches and some of those residents are very wealthy hedge funders who moved there from the state as a tax haven plan. he is going to speak with us life. he has been trying to reach the home office. if you think that just because you don't live in texas or florida or puerto rico that they won't affect you. think again. not just gasoline prices or choose in the concerts that you wear. they are spiking as we speak. we are all going to pay higher
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prices. on how you might make up for that problem with perhaps a stock purchase that they will move the most.
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>> the fallout from hurricane harvey and now irma hitting hard. they trade as frozen or cheese. cotton prices affect that. they barreled through the coast. the two states where many cotton crops. prices will likely be under more pressure. if you are looking at higher cotton prices. gasoline jumping through the roof. the national average.
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$2.67 per gallon. sitting in a two-year high. prices at the pump have jumped 30 cents. it actually felt today. simply because we are restarting quite a few of the refineries that have been shut down ahead of hurricane harvey. nonetheless it is a tough time for gasoline, orange juice and cotton. let's get to the floor show. the traders at the new york stock exchange have been watching this closely. as we begin to look at what irma is doing not just to the energy world that we see the energy names are doing pretty will today. and some of the refineries. on what we've seen because of the storm. energy companies.
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all the sudden they have the windfall profit. there is a reason for that. there has to be incentive to bring this back on as quickly as possible and get a reason to get things moving. the way things change yesterday it was all about not enough gasoline and prices surging. that has really changed. now oil really seems to be leading the way. tell me where you think people can actually make some money. home depot and lowe's are doing very nicely. you see there may be an opportunity here.
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the lumber you need. to protect your windows. and then on the back side of the storm. where you going to get that. that is the first part of your portfolio. and a generator. thank god up a 4% right now. they are going down on the heels of the storm. you tell me what you really think is a bigger picture. we just got a debt ceiling deal possibly because the president said you know what i worked with schumer and pelosi. and mcconnell is on board. it's a wonderful thing to see. it's a rare fact that we see something like this. when it comes to the hurricane i can't help but look at the private insurers right now.
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the primaries have left. it looks like a company like renaissance. the stock is pricing in a 15 year hurricane. it is hard to talk about probability. if you want to take a shot that might be a reasonable want to take because it has a good deal. usually in the storms that are killing you guys. thank you so much, matt, phil and larry. 2.1% yesterday it was at
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2.06 percent. when the yield is that low. there is a huge fear trade. is coming to slightly up to 2.1. will check that. i see it at 2.07. never mind. the closing bell ringing and 38 minutes. united technologies is the biggest one on the tao one day after announcing it would swallow whole russell collins. two wall street firms cut their price target. to puerto rico. it is right now in the path of the most powerful storm ever recorded. the island territory not just a draw for the beautiful weather but hedge fund types. and then others for tremendous tax breaks.
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they will tell us what they see in the moment. the two residences at there. one of them had been evacuated. will get right back to count on. poor mouth breather. allergies? stuffy nose? can't sleep? take that. a breathe right nasal strip instantly opens your nose up to 38% more than allergy medicine alone. shut your mouth and say goodnight, mouthbreathers. breathe right.
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>> we are watching the clock very closely. it is less than five hours from puerto rico and the 3 million americans living there in the line of fire. the storm's outer band you can see that right there. already whipping the famed beaches. residents of the island paradise now preparing for the very worst. they moved to puerto rico in the past couple of years because of the attractive tax policies it offers.
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the ritz caller to reserve is already evacuating what did you hear from the hotel. they basically evacuated everyone from the premise. i heard a couple people decided to write it out and they stayed in their units. one of the reasons i moved to puerto rico was for the weather. we know you while on the show. you really hate how the government uses what you say the tax money. the government never uses the money correctly. there are whole bunch of those people. he does on two hotels.
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they are in the same community. hopefully i will have to end up spending all of my tax savings rebuilding my house. i just bought the house five months ago. the guy that sold it to me is probably very relieved that i own it. he might not get off scott free. i have to worry about that. that's why tell people. real estate is not an investment. it's very expensive when you own real estate. do you feel like the tax haven status of what puerto rico offered. they signed the tax haven status it's very comfortable for a lot of people who would like to protect certainly what they have.
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no local taxes on dividend or interest income for 20 years is it worth it. if you come back and you see that your condo is damaged what he think. >> i do have insurance to the extent that there is damage i do have a policy that will help. the tax savings are obviously much larger than the cost to repair the damage of my house would be. even just the infrastructure. that be the worst part. the infrastructure. i hate to see a hurricane come in destroy all of that. it is such a magnus -- magnificent area. yet you are against the federal government putting big relief plans. into effect. you say it is the states in
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the u.s. territories who should pay for it. we did not even have fema until jimmy carter. how did we deal with the disasters before that. there is nothing in the constitution that has the federal government authority to provide disaster relief for individuals or states. before they got involved. when hurricanes and earthquakes. this is been going on since the country started. the cost is so involved. it becomes much more expensive. much more a lot of people don't buy insurance because they know that the government will pay for everything. and they subsidize the flood insurance to make it really inexpensive. every time there is a hurricane or a flood it is much more expensive because of the moral hazards.
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that's where i draw the line. if they want to give that. i will take it. the government doesn't have any money. of course were broke. they don't have any money saved up for this disaster relief. you have to have an whole new quantitative easement program. peter, good luck and let us know how the property does fair. closing bell 27 minutes away. at any moment we do expect present trumped it touchdown and bismarck north dakota. they may need help from the blue team once again to get his plan passed. they're here to tell us what the president might have to say yes to in order to get them to say yay to tax reform.
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breaking news fox news has confirmed just moments ago that the u.s. military will be adding four additional ballistic missile launchers this is the thing that go into south korea. they are anti- ballistic missile systems this will shore up protection against any sort of missile strike from north korea this is of course a very tense situation intense situation between the two countries. these four new launchers have initially been blocked by the new south korean resident that thought it would scale up all the tension with north korea but apparently now they sent us to a scary.
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we need them. the new systems are in addition to to launch is already in place. and that completes a battle -- battery of six launchers. it has been up to 77. not really moving here on this move. so far the system is 15 for 15 and shooting down missiles and they just head this now. president trump is making $2 million donation to harvey relief to 12 organizations. but he have previously announced a $1 million donation i'm wondering is this in addition? total donation i will now be $2 million from of course
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resident trump this is coming from air force one as we await the president. you see the crowd there at the endeavor company which processes oil, fuel into things like diesel and gasoline. bipartisanship is a? care because it is about to talk about tax reform. we get democrats on board i think the republican and the democrats are joining us now all it took was a meeting this morning with speaker. >> she is a house leader for the democrats nancy pelosi and chuck schumer. and they have a deal to lift the debt ceiling. i think they can. i think there's a lot of a common ground. there are certain things the democrats with want. they like capital gain. they want to not affect the rates for the rich but they want to provide lower rates
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for the middle class. something that republicans are for. there will be a lot of room for compromise and i believe it's very possible especially in light of the disasters that america is seeing and experiencing today that we do show some unity and the way to do that is with tax reform. this is pretty incredible. people that have been waiting for some type of movement on real decisions the debt limit is already been hit but september 29 boom you might see the government shutdown but the final couple of hours here we do see a deal and it came about because schumer and pelosi were in the oval office with the president. i think governing is different than campaigning and when you have all the power and understand that. like minds and people who really care about the government in this country.
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i'm not surprised that they would join with the president on this and do what is in the best interest of the country. what does the president that president need to say yes to. i think he has a fully fund obama care instruct his services to implement it immediately. when he does that he will get a lot of work of the democratic party. for the things he wants including infrastructure, tax reform and other things that he might be interested in. that's not happening. democrats should not overreach. they have a habit of doing that. the american people want action and there can be action done on the simplification of the tax code. there is room for negotiation.
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you understand that the american people are hurting. the economy is doing well. >> what would get the democrats over the finish line on that. it will be on rates. we would like to see the highest tax rates for individuals. we wanted to get tax relief according to the repatriation. you could be used for investment. everybody has to sharpen their pencil and get real. and not overreach on things that should not be part of the tax reform discussions. the american people supported obama care they don't support the rising premiums. the rising premiums are a result of the uncertainty that the obama administration and his health and human services group has created.
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the premiums will fall and you will see more players in the marketplace. and everybody knows that and agrees on that on both sides of the aisle. maybe we will hear something on what he will agree on. great to see you. thank you very much. we about 16 minutes before the closing bell rings. please remember we lost more than a% yesterday. and we were up only a third of a% on room rumored to be on the fast track a new endorsement coming in moments from a huge name and business. but not necessarily someone president trump wants to hear from. with inside details on what appears to be a brewing controversy.
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>> a big of a shocker coming from the federal reserve. the federal reserve stanley fisher announced he is resigning due to personal reasons fisher said he will depart next month ahead of his scheduled end of term. chief janet yellen has it big target over her head. gary cohn is getting endorsements from all over wall street on possibly be named the next federal reserve chair and he's getting a thumbs up from his old boss. but now there is another high-profile name to add to the growing list of support. that is interesting because they did not always get along.
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now were getting more build up from the wall street financial sector for him to be the chairman. we have commentary from mark cuban. the dallas mavericks owner. a guy that was always thinks about running for president. he's a big critic of donald trump. be great. he would have the ability and integrity to be a good chair. the upshot is you see an informed opinion starting to to getting that in as fed chair. he actually said he is more valuable to the country in his current job of the chair of the national economic council because essentially he has the president's ear.
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he is close to trump. adult leveling influence. that's kind of where they go with this stuff. that's what we have here. we basically a growing consensus on wall street that gary cohn should be the fed chair. here's what i would say. i think he does want. one thing that he is incredibly ambitious he did not get the top job. because he was i can retire anytime soon. still he does not want to stop working. he did not have a path to become the ceo. but he does have a path to be the more powerful person in the financial world which is not the have of goldman sachs
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but the fed chair. does it hurt him that lloyd blake fiend he has been very critical because nobody's heard about him. >> i think may be. that's where we are right now. if you can make a change they want him as fed chair. they criticize the trump response for charlottesville. people inside of his cabinet that was rare. he was very strong in criticizing it. the rumor out of washington was that donald trump was seething after that. maybe precludes him from being a fed chair. that's what we are right now. mark cuban charlie, thank you
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very much. mister gasper reno the prospect of world war iii with this breaking news that the united states is sending four more in tight missile systems to south korea they get hit with headline after headline. how do you invest in the scary times. does something had to give here. doug butler joins us next on what to do. he has his take. kevin kevin kevin kevin kevin kevin kevin kevin trusted advice for life. kevin, how's your mom? life well planned. see what a raymond james
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liz: closing bell ringing in four minutes. we do have energy as a leadership sector here. a handful of oil companies are getting a pop, because refineries, 25% of united states refining had been off-line after hurricane harvey. now resuming production.
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let's get to nicole pet. >> liz you're seeing up arrows. name like earth stone is up 7%. southwestern, front line, those are all higher by more than 6% today. noble energy 3 1/2%. to your point, when you had 25% of refiners knocked out, now they're coming back on line, oil over five weeks was down 5%, in three days gained 5% and higher at 49.13. now we're waiting on early ma. what does that mean? higher gasoline prices? more knockout for refineries? everyone is breathing volatility in gas and oil, liz. liz: i know we're late on time. news out of south korea, for more anti-ballistic missiles,
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thads, markets jittery. we're up around0. still up that. liz: dug butler. you herd the news. u.s. military will send more of these thaad missile systems in the next few hours into south korea. they will be south on a golf course, south of seoul. ostensibly used to shoot down anything that north korea might lob. how come the markets continue to really stay strong and are you worried about that? it is great to see a resilient market for the bulls but what do you do with the portfolio knowing at some point a headline will speaking the horses? >> i know some headline will speaking the market. really what we counsel our clients to do, stick to the plan. don't worry so much about the
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sabre-rattling. four new thaad missile systems set up in south korea. that is concerning event as heat ratchets up in north korea. that is cause for concern on the markets but i don't think you can make long-term investment decisions based on what are short-term events. there is always something out there. it is syria. it is the middle east, india, pakistan, now it is north korea. north korea tend to rear its ugly head every few years. liz: now it is ugly head with arms and legs and everything else. >> and thermonuclear weapons. liz: thermonuclear weapons. you like chevron. what keeps you up at night as we head to the closing bell? >> what keeps me up whether the government manages to get things going. they made a positive step today. keeping things open for another 90 days is always a good step. showing some signs of compromise.
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the damage in the markets will be self-inflicted and outside of our borders. getting our economy right. [closing bell rings] liz: douglas butler. we'll get more when the president speaks about tax reform. david, and melissa, that speaks in your hour. david: we're waiting for the president we'll break in any moment he beginning talking in north dakota. investors buying stocks after yesterday's losses. s&p and nasdaq up today. hi, everybody, i'm david asman. melissa: i'm melissa francis. this is "after the bell." we have more on the big market movers but first here is what else we're covering during this very busy hour ahead. president trump just arriving in north dakota, making his way to the endeavor oil refinery where at any moment he will be delivering a speech pushing for tax reform, a plan he says will set the market free and create millions of jobs. we are also expecting to hear more about the deal the president struck with moderate --


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