tv Countdown to the Closing Bell With Liz Claman FOX Business October 27, 2017 3:00pm-4:00pm EDT
was earlier this week. trish: there is lot of opportunity. market looking at new high. new high on nasdaq. dow up 31 points. as we head into the weekend. i hope you have a wonderful one. there is a. there is more coming with liz claman man. liz: trish, the dow lost gains in final hour of trade. four of tech's goliaths are blazing hot after knocking earnings out of the ballpark. amazon up 13%. google, alphabet. microsoft doing really well too. up nearly 8%. one hour left twice. see if they hold the gains. nasdaq is soaring. up 141 points. it lists most of those stocks, if not all of them. you have just about 40, call it
59 and a couple seconds left to trade for the speaking of knocking it out of the park just over five hours until game three. there are some big home runs being hit at the ticket booth as well. wait until you hear these grand slam prizes. still reeling from hurricane harvey. controversy over president trump's handling of that whammy they did hit the approval rating but the storm was not destroyed the economy. gdp holding on strong for a second straight quarter at or above 3%. we haven't seen that in a while. will republicans blow at that good well lead with the american public as they take a hatchet or if they touch that
deduction on tax stakes. the republican with us life he voted yes on the budget blueprint. will he remain in that yes column. it also wants to be catalonia. let's start the countdown. we need to get to the breaking news crowds in barcelona spain are not dispersing as the sun goes down this is a live picture. you can see that they are waving the catalonia flags. some of the spanish flag have been taken on.
it is down. just two days ago it was at a dollar 18. this is not helping the psychology. we will be keeping an eye on the euro. perhaps people get more frustrated. quite dramatically to succeed from spain and now it is absolutely furious and the prime prime minister has said that is it dipping on wall street. new all-time highs right now. thanks to strong tech earnings. it will be the 50th record this year. the biggest gain of 2017 and
is powering higher. as the market surges. take a look at jcpenney. we knew the bad news early this morning now cowan and company cut its price target to about $6 what is worrisome here is that the stock is below that right now. at the moment if we can put up the hot board here. it's is down 15% at $3.10 earlier i think $2.75. we broke this yesterday during our hour but more details are emerging on drug store giant drugstore giant cvs considering buying help ensure
aetna for more than $66 billion. they are still trading below that. they are bracing for higher competition the likes of amazon not other basic competitors that you would compare with cvs. it has announced it will enter the pharma industry and there will be big changes in the healthcare field. the shares are down about 6% right now. did you manage to get your order in for the new iphone ten. and now if you haven't you will be waiting. the most expensive iphone yet sold out in less than ten minutes. the words that the company issued were pre- orders are off the charts. none laughed apparently. they are showing at five to
six weeks for delivery. the muted sales for the iphone eight the tent is going to cannibalize from the eight may be. here is to be prepared to stand on line when the phone is released apple stock up at three in the third. it is a huge part we need to tell you of the s&p and the nasdaq. both of those on track for really incredible highs today. and we do have the s&p on track for their seventh straight weekly gain. to tax reform because that could change everything including the markets. the debate over local and state tax deductions. they could derail tax reform efforts altogether. kevin brady telling foxbusiness this morning and the newsmaking interview that an agreement with lawmakers from high tax states still have not been ironed out. it's very important that we help americans keep more of what they earned regardless of
where they live. we are still listening and working. i'm hopeful before this tax plan goes to the floor we have a good solution with these lawmakers. what should the solution look like. from one of the states. his constituents depend on that. is the republican from california. he voted for the budget did you not. will you vote for the tax reform plan if it continues this rumor/discussion about refusing to allow the deduction anymore for the illumination of that deduction. obviously they will need to tweak those numbers a little bit. at the same time the state and local tax deduction is going away. the standard deduction is doubling. the child tax credit is doubling. there are some who are going to be left out under the
initial draft of the bill. if you have a meeting --dash make a medium priced home you are about 70,000 to $80,000 in your pain california property taxes. you will end up under the initial draft pain about $400 more. i took that to kevin brady. i'm very confident that we will see an agreement worked out that will mean everybody's taxes will be coming down and that will be absolutely critical to the success of the program. there is some word that the deduction will be allowed for anybody making 300 to $400,000. the top 10% of the nation's wealthiest pays 70% of the taxes. you will hear complaints from this people and there may be
the illumination of the estate tax but at what point is it enough that people pay from the hard work on this. we know from our past experience how excessively high taxes not only the economy but her own tax issues. when ronald reagan took the upper income tax bracket from 70% down to 20% are income tax receipts actually doubled. that was the power of the economic expansion that he unleashed through his tax reform. i have every confidence that the final adjustments been made in the bill we are going to see something is that is going to be a huge improvement in the lives of every american.
ultimately the success of the administration and the congress is going to be decided by the incident that people give to reagan's famous question. people are up in arms over this. i hope you've heard from your constituents. it is a lapsed shred of opportunity for people to prepare for retirement on their own through their companies. it is unbelievable to some people that republicans of all groups would be announcing that this might be up for the surgical knife whatever it is. why would ever be considered to touch a 4o1k. the president made it very clear the other day that he consider that unacceptable. it is still being discussed i
think you will see a significant tax reduction for every american. it has to be that way. that was definitive. i will have you back to see what happens here. we appreciate it congressman. let's take a closer look at what is really pushing the markets to the pretty extraordinary highs at this hour with about 49 minutes left of trade. you are looking at the spider etf. it is up nearly 3%. you had roaring names and it's not is not just amazon or intel. 91 percent of the s&p 500 tech companies. then i think when you look at revenue. 88 percent. you pair that with oil.
on signs of a tightening global market. you have the makings for a record day on wall street. it is still up about two and half percent. $53.91. we were just below 52. our traders at the new york stock exchange. chris robinson i don't want to ignore the oil factor here. oil very quietly jumped to a pretty significant high. we started the year with a january. we have a hard sell off. it was a big resistance going back to may. you saw a lot of people have been short. back up to the 57 or
$58-barrel. with a good gdp. and as generally a good precursor that there is more growth coming. i just want to mention chevron's going lower it by about 4% this is the member of the dow jones industrial. they missed on some of their earnings numbers here. some of these individual stocks had have a lot of trouble trying to figure how to make money when oil is below 55 or whatever it is. let me get to tim anderson. a great day for technology. this was a huge week for earnings and next week is a huge week for economic data on the economy. especially on inflation. it has been one of the toughest metrics for the data to come through on.
with a bump about expectation in gdp. that will be follow up on tuesday. both of those are two of the favorite inflation metric and then we got even more data later in the week. we are heading back up to session highs. it has to be gdp. the good of 3% number. it is the advanced number. in the next couple of weeks. that's not the record high. it needs to get up 250 to breach the big session high here. we are about 45 minutes to go before the closing bell rings.
it got to tune in tomorrow. yes on saturday to fox news. you will find yours truly hosting cashing in. 11:30 a.m. eastern with a lot of great segments in a brilliant panel. set that dvr hey, you every talk to anybody about your money? yeah, i got some financial guidance a while ago. how'd that go? he kept spelling my name with an 'i' but it's bryan with a 'y.' yeah, since birth. that drives me crazy. yes. it's on all your email. yes. they should know this? yeah. the guy was my brother-in-law. that's ridiculous. well, i happen to know some people. do they listen? what? they're amazing listeners. nice. guidance from professionals who take their time to get to know you.
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>> once a group of five now the search has been winnowed down to just one in the final decision could be made as early as this weekend. we think it's can be jerome foul. what are sources are telling us is that barring some sort of last-minute change of heart by donald trump who just you know you never know with him. in any event he could make a change. i've been saying that.
before she was there. i said like days ago. here is why. the logic of it is this. he wants somewhat of a dove. he likes the easy money. when needed he doesn't want to and wind the fed balance sheet. as he is looking to recover. he has real estate in his genetics. a lot of libertarians might not like that. be that as it may is what trump wants. since the financial crisis and the result of dodd frank.
they have a lot of power regulatory. and now they regulate everything. they fit that palace -- policy goal as well. they only fit one or the other. the former treasury official really smart guy. he was a professor. they worked in the treasury department. they would unwind and janet yellen is a doubt. you get a two for one in
foul. remember when summary republicans in congress said that the fed must be held in check and that they should have all kinds of hocks looking at them. a republican is in charge. we will see what they say. the more hawkish monetary policy. you need senate confirmation for this. so who knows what's to come. because of that they might make john taylor more hawkish one. well had to see but this decision is coming imminently. the other news i want to break here on foxbusiness my mouth is still on fire from drinking that radio active stuff you
made me drink yesterday. i am suing liz claman i'm not in the business of telling other publications everybody should read the profile on joe biden where he confirms my reporting on the infamous fight between ackman and joe biden at the scare michie sky bridge conference this summer my reporting i have a triple check the first time. you try to poison me.
you poison me like the spies a deal. when they poison the guy. i don't remember anything. the markets are on fire. from yesterday. closing bell ringing and 36 minutes. it stands at 202000 we've got to see it. very little time left on the clock care. it can't come soon enough for the travel service expedia. they are following that. as hurricane disruptions did weigh on the profit. the worst performer this hour is expedia down 16%.
fans are still recovering from hurricane harvey. the players in ticket prices look to make history themselves we are going to reveal the biggest ticket us at how much it costs right now. they are on deck. kept on coming right back alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. fidelity. ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can
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it has not won a championship in 29 years. that has turned it into a massively high ticket demand. let's talk world series dollars. the finance editor. as a mortgage. if you think about the prices for the most expensive ones. if it goes to that game are the $3,000 average price. the third most expensive world series game we've ever tracked behind.
we are interested in seeing a game that has the new york yankees there. there is interest. the tv ratings are somewhat up from two years ago. i am not comparing them from last year. there is decent demand. the parent of this network would've been much happier. go fox. but what you see if it turns out that these two teams have a very big money team. and then you have the ashes. if it is really not connect when it comes to tickets in spending. i think it would probably be about in line with last year.
keep in mind have that ended up being cubs fans. given the size of the la market and next what is the most expensive one. the dodgers is the third most expensive home average. the dodgers about $2,500. they were about $2,700. forget it. the answer is never. what do we get as the real sense here. i guess they are now your dodgers are going to win. realize it when you have a team that has not been in the world series for that long.
that's what you are seeing with the dodgers. you will see that with any sport. great to see both of you again. 8:20 p.m. tonight easter time on fox good to see both of you. the s&p is heading for the 50th record close of the entire year. it needs to finish above 2775. nasdaq that is a record as well. we are watching this closely. the u.s. economy let's talk about that. storming back in the third quarter hurricane harvey taking less than any kind of real toll.
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>> we now need to check back in with those crowds in barcelona. we did not see anyone leaving to go home here. they may have but it appears to our eyes and the producer eyes that this is a crowd that continues to grow. it is in the northeast region of catalonia. and there has been a big crack or you can call it a split you have the parliament voting today for independence from spain. 90% of people in catalonia who voted said that they wanted independence. the spanish government is saying no way has soon as that boat came out they imposed direct rules so who knows what
that means. we are keeping an eye on this protest which so far we just widened the shot here. as we watch that with one eye we will look at this one. you heard the store hard -- pawn stars. we are at one right now. he offers some of the most rare possessions up for sale but he also offers multimillion dollar discounts. some of the most unique items he has for sale today. he has the bergen bag.
hundred thousand dollars. this product still also a high item. these are her shoes. if you want them they have super bowl rings. from the lakers. also a lot of these. this is his necklace also his watch. this is the jacket he wore in the last film and this is one of his bikes from the 1800s. the wheels are wooden but that is not the only thing that they head for sale here. here's one of the most expensive items that they have. $2.6million there is only four
of these that exist in the world because of the black on black interior. from smaller items to the most rare to the highest ticketed items it is all here and this is where the stars go to buy and sell the most valuable things. will they give up any of the clients. kim kardashian actually used to work for them. as us magazine says just like us. we all go to pawnshops. hillary think you very much. looking at the markets right now. we had 17 minutes left before the closing bell rings. they have lost nearly all of the gains. still up 13 points. it had been up more than 22. it is a nasdaq that is the celebrity of this hour and this week. now is 6700. we are watching all of it and
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maybe celebrities won't have to go to pawnshops. it appears the economy is finding much surer footing for a second quarter in a row. the u.s. gdp hit 3%. that is at the stated target for growth. you yet to see that for whole year though. you cannot throw water on this number. it looks better than what we have seen considering we have them back to back. it is good we have them back to back. i'm glad to see that trump is benefiting off of obama's economy.
under the best two quarters trump has yet to hit those numbers. we've yet to see if there's anything really serious here. president obama did not achieve that when he was faced with three natural disasters in a row. everybody thought gdp would get there. we will worry about the hurricanes. and we have not seen it. it's heartbreaking and ongoing. just the sunday were hitting the five year anniversary. and that is not full recovery on the ground there either. but i think what they are saying is what he promised when he ran.
he talked about wage growth. nothing missing under this administration that would actually indicate that any of that will happen. he has not taken any steps administratively. just this week he pushed back consumer protections. the conservative commentator. a fox news ball just came out this week. and here's what it shows. the president and his approval rating is still rather low at this point. still in the high 30%. we can put that up. fifty-seven people -- 87% disapprove. it is down because there hasn't been a big legislative window by demonstration. the base is discouraged by the failure of the repeal of obamacare.
depends on the passage of tax reform. a lot of things i can be forgiven if we can continue economic growth. those numbers will move and they will move dramatically. i have to say right now we just saw it touched a gain of 151 points. in the final nine minutes it is the 3% growth number. it's also the expectation that it will be exciting to business. more to the point it is i disagree with the previous guests. it has managed regulation reform and rolled back the growth of the malignant state. they impose huge costs on business.
i hear what you are saying. that he has gotten rid of. it has boosted the market. since the day after the election some indexes are up. back to emily's point. some regulations are needed. it is to protect. tom's stier is a democratic billionaire and the news out today from him is that he wants the president impeached. it's not necessarily news. we reported the story for some foxbusiness some of them a look at them as outliers.
there are grounds for impeachment. we have yet to see that. there are a lot of people that do not believe the policies coming out of the administration reflect their values and moreover they don't believe it is going to help them. all they are seen so far is a lot of bumbling a lot of missteps and the people that he's putting in charge let's talk about the epa and environmental protection. they are mired in self dealings. it is to the detriment of regular people that are going to end up with dirty water and air. and the potential to not be able to afford health insurance because of his health insurance rollback. because of the inability of his own congress to really get going. we do have to leave it there. emily, john, great to see you both.
we are watching the huge crowds in barcelona. fireworks just began to be shot off. you can see that happening right now is a crisis though in spain. it is reaching a tipping point that could impact the entire european union. but we have a guy that has $360 billion at firm he said do not fear. and one of the all-star portfolio managers is here. he will tell us why next. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum
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everybody seems to be moving their money across the atlantic but are bulls about to be run out of europe, specifically spain? the independence battle between spain and catalonia reach as breaking point. you're looking live at a pretty massive, you could call it a celebration but also tinged in crisis. the cat loanians have voted to pretty much secede. they declared independence from spain and now the spanish government in madrid is furious. let's bring in federated portfolio manager steve cheverone. they have 361 billion in assets under management. a crisis or opportunity? >> this is crisis in call loan yaw. they thought they were independent nation. they are expressing that. spain doesn't want territory breaking off. for europe, larger integration is reintegration of germany and france post-"brexit." we think it is opportunity to
buy. liz: still? >> all 27 countries in europe have positive gdp growth. banks are finally recapitalized. it is trading one standard deif race than norm it is to the u.s. liz: that said, you don't have aside from deutsche bank, foreign names in your column here? >> we do have daimler based out of germany. our thought is, you're paying for the car business. you're not baying for number one truck bus and van business. you have autonomous capabilities colling through them, including a delivery van that has a robot that delivers goods from the van to the customer which is pretty cool. liz: i like that. i tell you what is pretty cool here. we're about to look at pretty significant market closes. what do you make of nasdaq? we have a couple seconds left. >> amazon continues to take share and disrupt markets. these are monopolies and verticals, trying to figure out
what the price to pay for competition. [closing bell rings] liz: i'm listening to you steve. from federated markets. record closes for the nasdaq and s&p. all three averages notch weekly wins. that it is for the "claman countdown." see you on monday. cheryl: stocks pushed the dow into positive territory the seventh week in a row. this is the longest winning week of the year. liz said it, nasdaq closing at new record highs. i'm cheryl casone, in for melissa francis today. david: cheryl, good to see you. forget about the dow, all about the last index, look at that, the nasdaq up 2.25%. wait until you hear how much amazon is up. welcome to "after the bell." happy friday. here is what else we're covering for you in a very busy hour. the president quote, is ready to put rocket fuel into the economy. the white houseak