tv Countdown to the Closing Bell With Liz Claman FOX Business October 23, 2017 3:00pm-4:01pm EDT
a company in our books. thank you for joining us. we appreciate it. we are waiting on the president. he is set to present the medal of honor for his heroism in vietnam. >> what a story gary rose has. this man was in a secret mission. not only did he risk his own life to shield and save soldiers during that secret mission but he also was involved in a helicopter crash right after he did that. we will take you all along alongside the prime minister of singapore boeing officially assigned a previously announced $13.8 billion deal to provide 39 aircraft to singapore airline.
that purchase is now official. the senate turns its attention. taking up hurricane relief after pushing its budget through last week. in a foxbusiness exclusive. about to jump in front of the camera and capitol hill. if hurricane aid gets done as puerto ricans still a struggle mightily many don't even have free drinking water or clean drinking water and whether tax reform is headed in the right direction. in record territory right off the bat. three intraday highs. in the final and all-important hour of trade. can the dow and s&p make it six record closes in a row. we are less than an hour to the closing bell. let's start the countdown.
breaking news we are just getting word that the senate and it is about to gamble in on capitol hill will be voting tonight around ten or 1030 eight budget framework that involves the release package that would go of course this is a $36.5 billion package. we should note that at last report 35 percent of puerto rico still does not had clean drinking water even worse than that they are now drinking water from a superfund site. the sooner rather than later. in the meantime they are taking it to the string of records we've seen record recently. all of the gains have been given back.
the dow is down about five points. if any of these indexes close even just a fraction higher still a record the six straight for the dow and s&p 500. the second straight in a street in a row for the nasdaq. is it a match made in heaven, cisco is combining and buying cloud communications from broader soft the big ticket here $2 billion. but cisco is so gigantic that it turns out they will pay $55 per share is a 2% premium to the close. cisco is up about three quarters of a%. broad soft is up about 2%. another potential merger t-mobile and sprint as a speculation heats up again about a possible combination the reason t-mobile just announced third-quarter earnings. the magenta wearing john ledger always and interesting
interview. he beat expectations, he skipped the investor calls what does that mean. john ledger is known as using it as a way to cut down competitors or gloat over results he dropped the earnings call and that has investors lining up. some reports say there may be an announcement as soon as mid november. breaking news can we begin right now on the east room at the white house. that is where at any moment we expect president trump to present the medal of honor for captain gary rose. you have got to hear his story. it's absolutely to inducing. we have our eye on that. you can see the gathering happening right now. we often get two-minute warnings for this. we will let you know when this happens. just about an earlier one hour
or so. making joint statements in the rose garden. the president taking zero questions not even addressing the topic on our viewer's mind at this hour. the issue of tax reform and whether 401k will be protected. light at the white house. last week he was taken can --dash met quite a few questions. we were told that this would not happen. just joint statements. they came out and give the statements come and gone. those here at the white house. there had been a lot of questions on the state as it relates to tax reform and what exactly may or may not happen to the rates of the wealthiest of americans. there was a report over the weekend that suggested that potentially millionaires might have their rate stay at that 39.6% level. that is currently under law. a senior administration official telling me today that
the million-dollar number is not necessarily set in stone. what they are trying to figure out which levers to pull diane black black a congresswoman who was on the house ways and means committee echoed that same sentiment when she spoke with trish regan a little while ago. there are a lot of dials. when you dial one way it affects something else on the other side. there are no firm decisions yet about what the top number will be. i want to emphasize that this really is our plan to make sure that the middle income taxpayers are really helped. and then there is the question of whether or not there can be an added bracket. right now is 122535. a possibility of somewhere between 35. the president suggested it could happen though it did not appear to be a guarantee either. >> i don't think we will lose that.
if i feel like the middle class is not getting as much as i thought they would. they are entitled to a lot. this is about the middle class. liz there was also a story over the weekend about potential changes to the 401 policy. the president tried to shoot that down today sending out an tweet saying that there would be no change whatsoever. okay. blake, keep us posted. you need to get our cameras to the senate floor. as we mentioned the senate has dabbled back into session. we have senator leahy on this screen right now. they are trying to pass a 36.5 billion dollar hurricane package that would get puerto rico u.s. territory a much needed cash boost after hurricane maria left the island temporarily we do need to take the situation is still so desperate. they are drinking water from a
contaminated while. contaminated with petrol coral ethylene which can cause liver damage. we believe it will be around ten to 10:30 p.m. when the vote occurs. we are also keeping an eye on the house as congresspeople appear to vote and both president trump and vice president trump --dash mike vice president mike pence in order to help excavate this. they had been listening to all of the details about the release --dash inch how quickly can we get those american some fresh drinking water but more importantly do you think the relief package
will pass tonight. >> it looks like we will have the vote sometime today. $36billion. it is can help the people of puerto rico. it's about infrastructure and water. people are dying because of the lack of infrastructure part of that with $500 million of at least for the western state. this is also helping hurricane victims as a pylon willy. you along with every republican except rand paul of kentucky voted for the budget. and as the house gets to work tinkering the senate plan the route is now open. republicans and the president need this win. will you get it? >> i'm optimistic. let me quote from this president he said this the purpose of cutting taxes now
is not to incur a budget deficit but to achieve a more prosperous expanding economy which can bring a budget surplus. that was john f. kennedy the year i was born. that was december 14, 1962 in new york. he said this is an investment in the future. that is why it is so important that we act. not a red jersey or a blue jersey. it is time to grow the economy and if we pass this tax reform by the end of the year this will take it up over 25% since the president was elected. that will take it to the next level. by importantly with more money in the pockets of american workers into save american jobs. this brings those jobs back to america. historic as the president promised. i'm glad you brought up kennedy some also say possibly very expensive. our deficit was nowhere near
where it is today. are you a senator who has no problem instituting tax cuts i don't thing it's a choice of one or the other. many very credible economists. if we provide a tax cut that will more than get that back by growing the economy. that will morph and pay for itself. kennedy was an example of that. cutting taxes by about 20%. it grew the economy. the growing economy it will more than pay for itself with the tax reductions. the tax cuts the tax revenue
is coming in. i think you're seen a growing consensus that will create more jobs and revenue and well in fact create a budget surplus. if to see the real power of it in place but we got to try something and what were doing has not worked. it's just sickening how it's been under the obama administration. ready to run. take the shackles off. simplify this puts it right there. we shall see. come back senator. thank you very much. no band-aid needed for johnson and johnson. the closing bell is 48 minutes away. it is hitting all-time highs we are just off of those right now. the number to watch is $144.34.
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you guys know if you had watched me over the years that i am a cleveland indian fan they did not make the world series. when the tribe doesn't make it i think we all have a choice to make. and mine, dodgers. i am in la girl. the world series kicks off tomorrow night on fox with the la dodgers taking on the houston astros. for the first time in 15 years the world series will be played under very blazing sunny skies of socal. it could be the hottest world series game on record. the stock market has been on
the steamy streak and on top of that in about 45 minutes the indexable clock index will clock it's 242nd trading day without a 3% pullback. just work with us here. that would make it the longest stretch in history since we have seen at 3% drop. to the floor show. scott, let me begin with you. this is an unusually quiet market. what do you make and what do you think of this meandering higher market where we don't see massive breakouts to the upside. i think a lot of trees would love a 3% correction. although that streak is long i think at a hundred hundred
consecutive days we urge to be cautious. now at 242. i think traders are trying to take you week by week. when we are down 12 to 14. and then they could not keep the s&p cash below and that's why we made new highs on friday. this week can we hold the book. keep the rotation going. the banks were spotted while to earnings. and now we are more focused on tech earnings because the price action does really trump the record. it is --dash mike is it a warning flare or a welcome sign that we haven't seen this drop some experts say we've got to see so we can get some of that out and move higher. >> i think it's a welcome sign that you take -- that you change hats. i hurt my ankle and jumping on the bandwagon.
i think that's what not happy with the market. i don't think there's enough people jumping on the band wagon yet. i ministered to worry when we go parabolic. day after day. that's what i'm in a get scared. but what this is the most sustainable kind of rally. when you are slowly creeping higher every day higher highs and higher lows. it does not scare anybody. luke, our you astros or dodgers. you have to choice. >> i was a look at when nolan ryan was pitching. you are the oil guy down there. you have to go with you soon.
i think we are extremely close to 52 apparel -- $52 a barrel. it's a little higher i thought. if you look at the index has been going down and obviously that has been helping oil. that is a part of it. to your earlier question 240 days of the market going up. until they normalize i don't see that changing anytime soon. we will have all of you guys back. but i will end with this. we really don't know what equities are fairly and truly valued at. one day we will know. good to see all of you. we are about 39 minutes before the closing bell rings. they're not supposed to hurt
when they hit you. this one is causing a shiner. maker of nerf balls revealing that toys "r" us where it sells all of the nerf balls is plain grinch to all of its sales. down and eat half% right now. it gets 9% of its revenue from toys "r" us. the week forecast also dragging it down. our republicans really thinking about decreasing the amount of money you can contribute to your retirement account. the buckeye state and the top 4o1k expert. with a warning on how that could dramatically change the length of your road to retirement. come down coming right back. you know who likes to be
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beginning. vice president mike pence has just entered the room. with the most prestigious honor in the military. now we have it let's hear it. may his heroic acts stir within us all the sacred desire to serve our nation to serve with honor and to serve with these selfless acts that lead to peace. amen. thank you. thank you very much. vice president pence and members of congress. members of the armed forces and distinguished guest please
join me in welcoming captain gary michael rose to the white house. [applause]. >> gary rose during the vietnam war here. not only with his own life but saved multiple soldiers who have been wounded at one point. we will go back to this the moment that metal is presented. in the meantime over the weekend news broke that just about anyone who saves in a 4o1k has the jaw-dropping. on the amount of money you contribute to your 401k retirement plan. part of the new tax package reform.
to get some revenue and saved money. there will be no change to the four 01k. and it stays. but that makes us all wonder what would a change to our 4o1k mean to retirement savers. we asked the national sociation to defe the contribution. the president said no way. they may get out there. we've been very nervous at the last couple of days. first of all hearing that there may be a reduction in the type of pre- retirement down to just $2,400. we were very hard in today to
hear the president have indicated that there would be no change in net. we know there is still a lot of discussion to go along with tax reform. we are hoping that everybody will take heed and understand the changes in pretax contributions can really have a negative impact on retirement savings. what it would mean when you put the cap on there. the tax savings that you get at the beginning of your 4o1k. when you start drying it down. now we have heard there some powerful people that are very interested in taxing upfront and it gets gets really worrisome. they are desperate to find revenue and they may have to make some tough political decisions it just confuses me as to why they would hurt people's one bit of savings
for their retirement. >> obviously were talking about this in the way a tax reform. when it comes to our tax policy and when it comes to retirement policy we feel like there's a real advantage to having those people if they are a little bit strapped for saving with retirement. to get the advantage at the very beginning right now immediately if you will to have a tax savings. what they are talking about is instead having a savings on a post tax basis. we cannot punish savers any more than we already had. give some advice here. people love to get advice from experts like you. top advice for those under 30 for saving.
i think under 30 you really need to look at getting in early. over a long time and they need to get into understanding and budgeting on their own. because they are so far away from retirement focus more on the present. we need to talk to them was saving in retirement. a number of them to get done. if they are not sure about investing. and a lot of plans also provide auto increases so that they can increase their contributions. and we are putting this up. we want to make sure that we get to that medal of honor ceremony. for those over 30 time is certainly compressed.
over 30 and you still may have a long time until retirement is make sure that you are increasing your contributions every year more people can do that than what they really think. we find as they get closer to retirement they get more engaged in the is great but the biggest thing is continue to save more. nice to see you. and please, keep everybody posted. we are going to put your suggestions on our facebook page. thank you liz we appreciate it. we are watching very closely the east room at the white house in the ceremony continues we are about to see the military's highest honor. presented to gary rose.
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to the east room where president trump just introduced those men who were standing the platoon members that were worth gary rose back in 1970 on a secret mission where many of the platoon died they would have died. he saved many of them. as he gets the most prestigious military honor the medal of honor he is of course getting a standing ovation.
and again as soon as that metal gets put over his had and neck we will take that for the emotional movement. the chairman of the joint chief of staff he is going to have a briefing at the top of the hour on the recent military operations that claimed the lives of four u.s. soldiers. david johnson as you may know is at the center of this political fight. regarding the phone call that they had condolences with. at this hour another military story. the air force is denying reports that the branch chief of staff that it is preparing b-52 bombers on 24 hour alert status for a nuclear attack presumably with north korea. welcome sir.
what does this sound like to you. does it sound like we have the b-52 to be put on alert or not. and it definitely sounds like that is rattling the cage. it's not an exciting way of doing foreign-policy. you can call it suggesting and another part of the government said not exactly that. can you recall the time when you are with the bush administration specifically ready to deal with the nuclear threat. some reports have said not since 1991.
and that is probably correct. they were trying to woo them with goodies. the fact that you said it never happened during the two presidencies here. as a little alarming. but if this is part of cage rattling diplomacy let's talk about the president going to south korea next month as part of this asian to her. is that worrisome to you. that he might be in danger of going that close you know it is just a a few miles up. the assumption we have to make is that they would never want them to do that. there can be a miscalculation. i don't think they would let him go.
he is prepared on a war footing if necessary. he will go to south korea and show up an ally. for the north koreans to understand that time has changed. this president has a lot to do and while some of the tweets and statements might not be things i would say they are getting the point across. standby we would like to dip it now to watch as captain gary rose get the highest military honor. march 3, 1863 has awarded in the name of congress the medal of honor to sergeant gary m rose. at the risk of his life above and beyond the call of duty he
distinguished himself by acts of gallantry and intrepidity while serving as a special forces medic. the special operations augmentation. command and control central. the special forces group. first special forces republic of vietnam between 11 and 14 september 1970 he was engaged in a will armed and numerically superior hostile force. the mortar rounds rained down why they sprayed the area with small arms. wounding many and forcing everyone to seek cover. they sprinted up to this soldiers side. after stabilizing the casualty he carried him to the combat zone to protective cover. they continued to expose
themselves as he moved from casualty to casualty administering lifesaving aid. ignoring his wounds. during the attempted medevac. two enemy fire. unable to land due to unsuitable demand. they crashed a few miles away due to the enemy fire. they continue to expose themselves to enemy fire in order to treat the wounded estimated to be half of the company's personnel. on september 14 during the company's eventual helicopter extraction the enemy launched a full scale of offenses. after loading them on the
first set of extraction return to the outer perimeter under enemy fire carried friendly fire. until they can be evacuated. he then returned to the perimeter to help propel the enemy under the final extraction. the final helicopter was loaded. and it was shot in the neck. sergeant rose instantly administered. saving the marines life. from the extraction point. sergeant rose continued to pull in carry unconscious personal out personnel out of the burning wreckage and continued to administer aid to the record. the extraordinary heroism and selflessness above and beyond the call of duty were critical to saving lives over that
he still operated with great heroism. the highest honor the medal of honor. the former policy advisor watching with us. very emotional and a wonderful move to have brought in. what strikes you here. that this is the essence of america. i hate to bring up a sort subject but one of the things that they represent in the national anthem is this kind of thing. this is serious business. an older gentleman there. he was very humble. to impress upon us what it meant to serve the country. everybody who serves does. not people in hollywood or anything else.
we are glad that you could watch it with us. i think you so much. when we started at the top of our right now we are down 32 at 23,000. we had been all of it green on the screen. we've lost all of the gains. that is a bearish signal. the nasdaq is about to close. there is this big question about the fact that we haven't seen a 3% drop in the s&p 500 for nearly a year. let's talk about general electric. it was shattering not just for ge but we have some problems last week. but for the investors they are feeling the wrath of a series
of analyst downgrades. in an uncertain future for the industrial giant. people are in the stock for the dividend. if you stretched it up to the past year or two you would see even worse. the worry is that the defendant will be dividend will be cut way more than anybody expected. let us bring in charlie gasp reno. i miss you and so did our viewers. the vitriol that i get on twitter and the complaints when you put that idiot on. i don't hate trump. i know him well. nobody said i hated president obama when i said all of the nasty things.
ge is a big stock. it is owned by a lot of retail people it pays a big dividend. it is why it is basically given there. they hold onto it for retirement. maybe the oldest company in the dow. it is a huge thing and right now it is at a crisis point. after many years the stock has not moved only down. particularly the last two years. that's why the former ceo is not there. that's why nelson peltz is trying in the management he is the partner that is actually on the board so changes are coming to ge. i think it's likely to stay. i don't know. a lot of the old employees
rely on that. don't trade this base in my opinion. i think the dividend story is way over played. what i do know is going on inside the company is flannery doing the top to bottom review. and here's where i think investors are missing the boat on this thing. he is looking at all scenarios including a major breakup of ge. you name it. a lot of businesses that are not continuous. they are not perfectly aligned. what i understand flannery is looking at one of the scenarios if he does go there this is the one think i think analysts will say he will boost the stock. it is not only as toxic as an
overstatement. it's tough to hold a stock right now. even the people who had left the company they have a negative tinge to them also. they have just gone to the company are conic which had spun off from alcoa and he will be the new ceo. that stock is down. last leslie checked 9%. now it's down 10%. all because an ex ge guy is second to be the ceo. here is what i meant to tell you. there is two things that i do number one he bought the stock about two years ago and it was at 30. when he bought it two years ago. he believed it was better as a whole. it is now trading at 23.
does he want the total breakup. the other thing i do know is that looking at the various scenarios. is really looking at that as ge. the various business lines. spinning them out into separate businesses. here is the question. what do they think about the future of this company as a whole. even ge management is saying what we believe some of the parts might be bigger than the whole thus the scenario to break it up that is where i would be looking at this. and this is where it becomes a huge story. and here is a think it's can be one of the biggest stories of this year. i know he is studying it.
the stock is likely to go up. i bought these for 20 dollars at duane reade. you have to do this. i was drinking so much wine i worked out at venice beach. did you ever go to venice beach. i was there doing pull-ups in the beach. my eyes, my eyes. sprints and polyps on the beach. i'm sure our viewers are welcoming back. that's why we love you. closing bell. six minutes away. the five session winning streak in peril right now. now we are down to 46 points.
fidelity. open an account today. ♪ liz: a lot of investors are waiting. they say the passage of tax reform or even just a tax cut will be a huge boost to the bulls. so why is everybody so worried? jason rotman, with lido isle advisors. where do you stand on this? if i have one more person say yeah, but, we had record after record after record. it is important to beware and be ready. where do you stand? will we see some big correction? >> at this point, liz, this is far beyond a technical rally. this is a full-on deep, deep fundamental rally and when you're in this type of environment, even if a correction happens, listen it, will be a day, it will be a week. it will be 2%. we're not going to turn into the tech crash or 1987. i think it is very, very safe to
be long. liz: i agree, it is not the same planes circling around o'hare are not the same ones as weave seen really bad recessions. with that said where would you go with this cloud of question marks around you? >> i have two scenarios if the tax cuts do go through, so many stocks at all-time highs, 52-week highs, i think you need to look at value. goodyear tire, for example, has a 7 1/2 price to earnings ratio, automated driving, gas/electric, guess what cars need? they need tires. growing economy goodyear is phenomenal bet. if the tax cuts don't go through, instead of growth and value, income plays, medical property trusts, 7 1/2%, that is safe yield. that is where you go if the tax cuts don't go through, you to to income. liz: we'll put those up on facebook page, facebook.com/lizclaman.
there is is chart of properties. thanks, jason. [closing bell rings]. a day without a record. the dow, nasdaq and s&p. we're down 50 points as make it through final six seconds, five, four, three, two, one. see you tomorrow. melissa: i blame connell. >> a stumble into the close. who are you pointing at? melissa: i'm blaming you. market closed down. we had no record. you're the variable. >> relax. nasdaq isdown too. i'm connell mcshane in for david asman. melissa: i'm melissa francis. this is "after the bell." here is what else we're covering during this busy hour ahead. president trump making a big push on capitol hill on tax reform telling lawmakers get it done by end of the year or pay the price a live report from the whus