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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  June 6, 2018 3:00pm-4:00pm EDT

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the day on the market. some relief about the trade situation. we will see where we go from here. liz claman has got you covered. were actually ten points fewer than ten pnts away from a session high. he is saying the trade war is it a trade war at all. president trump is sticking to his guns. the quarrel among the family. the markets of not been shaken at a well all in any negative way. the president was touring fema just moments ago. but he is now headed for canada on friday. bilateral meetings with the
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leaders of both canada and france. they're tracking it all from the white house. they have some breaking news. in these little piggy's are nervous. mexico taking aim at the pork industry. we are going to take you in a fax a business exclusive to iowa where the world the of pork expo is happening at this moment and the top pig former who hopes all of the trade threats are worth it. the atmosphere right now is very jittery and nervous. we will hear from him in just a minute. billionaire mike bloomberg. it have with the defense department. they are not going to re- up the contract they head with the present -- the pentagon.
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the google insider he now runs very hot websites. the knot, the bump and the nest. in a foxbusiness exclusive we will react. markets are rallying around. they are going straight towards the fourth record play in a row. they are rallying above 25,000. what hold for 2,501,983. less than an hour to the closing bell. let's start the countdown. we had breaking news out of hawaii. top, hope bay the famed bay of course on the main island is now filled with lava. it has been filled over night from overnight from yet another explosion the volcano that has been destroying
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destroyed thousands of homes rivers of lava into oceanfront communities and then filled that famous bay and right now the bay is no more. we are keeng an e on the situation. let me get to wall street. they are marching around 25,000 once again. i believe we just broke through another session high. were up 283 actually. nasdaq and russell they are about to make their own milestones in this hour. that's why i need you to just tune out the phone and everything else with us. we will see the third record close in a row and investors are cashing in on big banks right now. bank of america city, oregon stanley, goldman sachs all of them are moving higher by significant amounts here. a nice move up 34 percentage points. the ten year treasury yield jumping to a near two week high as fear comes out of the
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market people don't feel like they need to be in the safe haven treasury so at the moment where 2.98% up four basis points and of course as interest rates rise you had banks doing better because they benefit from higher rates. andheers to riskyariffs. according to brown foreman who is currently following to the bottom of the s&p 500 is the parent company of jack daniels. they make the whiskey and that company down five and half percent. on track f the largest one-day drop since march of 2009. yoememr what happened back then that was aow of the financial crisis. the company warned of trouble from mexico the company is adding that it is upped its up to its shipment of jack daniels.
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the stock is up now. we have t some breaking right now. president trump about to have back to the white house after wrapping up his two or a fema just moments ago. and all systems go for the big g7 summit where the president will be visiting our very friendly neighbors to the north. canada infuriated by the white house is tariff on steel. the white house economic advisor have a lot to say about this earlier concerning bilateral meetings with justin trumbo of canada. he sounded off on the trade issue. let me get to blake burman you were there in the room. we were tracking this and the like white house. it has to be a very tension field --dash tension filled meetg. they areery good neighbors an friends. and they were kind of trying to play down the possible tensions.
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the president is set to meet with manual macron. it is in cana. the president will meet with the host nation leader. everybody knows what the main topic here is during the g7 is going to be. so me across the world who follow this kind of stuff. let larry kudlow. he is trying tn po dowy any sort of tension. the tension is not going to be in any sort of unease walking into this meeting. you know how the treasury secretary was received at the g7 finance ministers meeting of the has already taken place but, kudlow also who describes us as a family quarrel to his plane out. also said h look, when you see the trade situation that's taking place a across the country right now and all across the world point the finger elsewhere.
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>> i need to find out. whether it is texas or florida or puerto rico. you going to louisiana and alabama. and places that have not been hit like this you can be very proud of yourselves. very proud to be with you and speaking for myself and my wife we think you very much. grt job. thank you. president trump addressing the employees. we were getting conflicting messages and information the president of course having spoken to fema and we have to keep in mind it's hurricane season and they are going to be very important to all of this. the trade issue we are going to be speaking. people shouldn't say i don't really relate to pig farmers.
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i hope they don't. a lot of people eat ham, bacon and business. we are going to be speaking to a top pig farmer who is at a massive expo in iowa. you have the mexicans now and for in full retaliation o pork shoulder. what did larry say about all of that. he was more so focused on canada and ask about nafta as well. at the g7. canada will be there mexico well not be there. he was trying to for the most part say look, this is a family kind of discussion. we have certain issues. the white house has moved awa from the possibility of even staying with nafta or wiping it away altogether. maybe they will just negotiate in canada -- with canada in one way.
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i don't want to set the expectations on this at all. you can kind of see that larry kudlow was saying this is an issue that goes well beyond present trump for many decades. don't blame trump. it was a good system. i agree with you. and it lasted fred a bunch of decades but that system has been broken in t lt 2 years plus . they are laying down the marker with the other. if the president is going and we have some issues. we will deal with them at the g7. that is going to be some g7 meeting. foxbusiness will behere we will hear more from the chief economic advisor. at the top of the hour right here because and melissa will be speaking to him after the bow and no doubt they will drill down on all of the details about when we deal
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with what has become a situation although the markets take a look. they are not at least today worried about it. president trump's favorite channel of communication on trade and other issues is twitter. we know that. it just added a lawyer follower. the s&p 500. eighteen and half hours away from twitter makiging a debut. today it is flat and slightly higher. it will be chasing agriculture. they have really done very well since the news first came out. often that happens. a company is added to the s&p 500 this time it may be a little bit too late to cash in on twitter now. our traders for your portfolio. but which stock do you think will be the next contender to join the s&p 500. if i knew that.
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i guess you guys are be would be the second to know. quite frankly and i have a clue in my 57 odd years of being here i'm sure i had owned a few of those. i can show you i don't know how they determined what to get a pic. when they do get picked at least initially it is a big plus for them. and just to clarify when it comes to be added to the s&p 500. a lot of buns after then add that stock. then you see it. i was noticing that some stocks it is not the case with monsanto. those stocks actually end up performing pretty well. and you would think because they have to buy it coming in. there typically is not.
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when i look at some of the biggest stocks. it there are two that really stand out to me. it is a lot of luck trying to just predicted this. i look at square and scylla group. right in the heart of the rest of the s&p 500 stocks. this company when you look at all things considered. they want to take on a stock that might sometime join the s&p.
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it is following the same path as twitter did which follows the same path as facebook. it is trading at about $14. a bottomed out at $10. after being at 30. the same thing happened at twitter. but now once he got back about the 26 level. i know it's been a long time. it went all the way down there. it could be a very positive sign and i see some bullish diversions with the new highs in the lability. i lik snap at these levels. both square and snap our starting either at the tail end or the middle of the recession and that just goes to show you the american spirit is really alive and kicking. great to see all of you as well.
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i wouldn't be sitting here that's for sure. thank you very much. a big scare for big insurers. all it took to tamp down travelers to the bottom of the doubt right now. it was a mere mention of a word. home insurance had travelers as one of the worst performers right now. the travelers are not alone. up next. if the pen is mightier than the sword. they just shredded google. it is going viral. to drop a certain defense contract after employees protested. the former google insider and now ceo of a huge hive of the
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website. we will ask what they make of all of this next. it's up to 103%. over the past year. do not go away. hi.i just wanted to tell you that chevy won a j.d.power dependability award for its midsize car-the chevy malibu. i forgot. chevy also won a j.d. power dependability award for its light-duty truck the chevy silverado. oh, and since the chevy equinox and traverse also won chevy is the only brand to earn the j.d. power dependability award across cars, trucks and suvs-three years in a row. phew. third time's the charm... captured lightning in a bottle. over 260 years later as the nation's leader in energy storage
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anybody who bet against the nasdaq thinking that the tech record run was the top. it ialo the fangs. it is up 11% year to date adding to the 28% spike back in 2017. and yet the biggest stocks are getting hammered with headlines. the latest google nursing emperors at this hour. the stock is down about half a%. and that's not the bruise. they demanded they walk away. employees protested saying they don't want to help create algorithms that could kill people.
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and in the op-ed they accused google of turning its back on u.s. national security and patriotism by refusing to re- up that contract that would help develop systems that would include that drone strike provisions. companies that do business. they are a former business executive. a company that benefits greatly from google search. mayor bloomberg is coming out and saying how misguided is google to have allowed employees to twist their arm into ending ever new contract with the defense contract. software artificial intelligence and cyber security are changing every industry. it is a good thing that our government is engaging and big
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tech companies that are good at this. certainly it is important that there are companies in our industry who can bring this expertise. we were showing some video of drone strikes that we often get post drone strike by the military and interesting aspect was mike bloomberg sought in a completely different way. he does not lean super right or super left. it will improve the actual pinpointing of the drone strikes. google might be in a top position here because they should be at the forefront of this technology. there are companies that had great expertise in artificial intelligence and they need to be working closely with our
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government to make sure our country is safe. code and robotics. you are in the business of lots of websites that benefit. they come up with things like that. tell us how your business is doing and how big of a chunk of a search to get. every portion see some traffic of its company come through. over the last five years we have made a huge investment in creating an app that does everything else stop of the wedding planning process. everything from creating the website. there dj, their photographer. we bring it all together. when you can give someone an app that solves it. that's a really wonderful thing to do for a couple that
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couple that has just gotten engaged. i have to tell you i've been covering the not forever while before it was public and then of course you brought this in up a hundred 3% over the past year. what is driving that. as a consumer that feels better about the economy and spending. we've seen a big change in our products. and our ability to use software to help people plan every step of a really important moment in their life. the average american company will spend $35,000. they will basically be stressed out for 13 months of their lives. it is great for our business. that has been has been contributing to the success of our company. we don't share our user's data. as we get to know a couple you can come into our app and
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choose not to log in or toss anything but if you give us a little bit of information about your webby --dash make the wedding. your budget. how do people our company. we bring together the whole wedding and we can take we think these venues would be perfect. we are able to utilize our data as a service to come back to the user and say we can act as the wedding planner in your pocket. -- thank you very much. life after google. come back again. thirty-six minutes away from the closing bell we are at the session highs. he drove that up about 300 points. it stands it 26,000. underwater home. not literally that they may as will be. we are coming right back.
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. liz: do you own a home? do you want to buy a home? usually when you purchase a home, you expect, you hope the value will increase over time. that might not always be a good thing. take for example vancouver in british columbia. canada. housing costs in that city are up 60% over the last three years. gotten so expensive that politicians are considering taxing the real estate market to cool vancouver down, like a 20% foreign buyer tax. new taxes on second homes. things like that, and believe it or not, there are a lot of home owners who agree with that because they want to see prices come down, so their children and other people can afford to move in. the world is being priced out of vancouver. one resident told "the new york times" if it means losing 200
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to $300,000 to bring the market back down, so be it. that is the complete opposite of one of america's busiest cities. jeff flock where the housing market is falling behind where the rest of the nation appears to be rebounding. jeff, what is happening that everybody is underwater? reporter: we have enough taxes here, liz, we don't need that vancouver stuff here. this is a beautiful house. $384,000. it's a short sale, why? because the people that own it owe more than it's worth. and you know what? chicago now leads the nation in what we call underwater homes. take a look at the numbers, almost astounding how far ahead of the pack chicago is on this. 254,000. that's three quarters of a million underwater homes in chicago, compare that to l.a., 74,000. seattle, 32,000. new york, 195,000. that's not on the list, there
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but, of course, new york has a whole lot more people. percentagewise, 15% of all of the homes in chicago are actually underwater. compare that to the cities that got hit hardest by the real estate problem, vegas and miami, phoenix, those are all with much smaller underwater rates. the problem is this, there's a number of problems in the chicago metro area, not the least among them taxes, unfunded pensions, crime, but the appreciation hasn't been here for chicago-area houses. take a look at the five-year appreciation rates for chicago compared to those hard hit towns by the real estate crisis like vegas and miami. 10% appreciation in vegas, 8%+ in miami. and you know what this has done, liz? made it impossible for some people to move. say you own this house behind me here and get a job offer in
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another town but you are underwater. you have to come up with money to sell the house and move to perhaps a better job and get a cheaper house somewhere else. you have to come up with the money, not only to cover the short sale but then for a downpayment on a new house. it makes people unable to move even if they continue to afford mortgage. it's not a good situation. liz: and the weather it. might be nice there today, but you got to give people some things to want to buy into. terrible winter, terrible taxes. reporter: my daughter moved to sunnyvale and she said, dad, why did we ever live in chicago? liz: california, my home state. jeff, we appreciate it. to farmers to fear they're talking on water. closing bell 28 minutes away. dow up 294, nasdaq charging up
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38. we're heading to america's heartland where farmers attending the world pork expo. and trump trade tariffs are topic number one. we will introduce you exclusively to one farmer who fears his pigs may just be pawns in a trade battle that could cost these little piggies up to $100 million. "countdown" is coming right back. hi, i'm joan lunden with a place for mom
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and it won't cost you a cent. this is a free service. call today. a place for mom. you know your family. we know senior living. together we'll make the right choice. . liz: we've got in breaking news, fox business has learned that anxiety is running rampant at des moines, iowa where 20,000 farmers from 40 countries are gathering at the fairgrounds in des moines. mostly, they are pork producers, and mostly american pork producers. the folks who raise, sell and
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process hogs are at the 2018 world pork expo in iowa. everybody is talking about one thing, the latest blow in the global trade. the president doesn't want to call it a war, call it a skirmish or discussion but it's a war as far as the farmers are concerned. mexico already slapped a retaliatory 10% tariff on u.s. pork products on top of what was 10%. by july 5th, this will rise to 20% tariffs on u.s. pork being exported. in a fox business exclusive. one of the attendees who left the fairgrounds to come in front of our cameras, ken mashof is former chairman of the national pork producers council. high anxiety there? tell us what the people are saying? >> yeah, liz, i would say high anxiety, any time you have your industry is very dependent on trade which the pork industry is as much of agkurlt as y
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know, and you get this kind of announcement, it's just unsettling. we don't know exactly what it's all going to mean yet. we don't know if we're able to rectify the situation. we certainly would hope so. today it's certainly unsettling and for the producers i saw, first time in a long time, many years, that i've seen this utter, i don't want to say disappointment but just fear, i would say, of what may come. liz: we are looking at video that we were able to obtain of your pork-producing farm, and i would have to say this has got to be disconcerting not only for the farmers but families, and that's specifically what caught our eye. that the organization put out a statement, and said this is devastating to pork-producing families in the united states. while producers are trying to be good soldiers, we are taking
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on water fast. >> yeah and -- liz: hold on. the president and his chief economic adviser larry kudlow and commerce secretary wilbur ross said americans have to take a hit short-term because the trade situation is unfair. is this you guys not willing to take a hit? >> no, absolutely not. in fact, the reason america doesn't really know is because we've been patient, but the fact is u.s. pork producers were already hit in the first round, the tariffs, the china issued. pork was the largest single component of the retaliatory tariffs. we were already at 25% with china before early april. we went an additional 25%. now a 50% tariff in china. that tariff went into place. pork was again the largest item of that, and we understand this is a bigger issue.
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we understand t administration has many interests and many other issues at stake, but as we look back at it, we understand that we were certainly caught in the crosshairs and now with mexico, largest trading partner, canada is number four trading partner, and if these things exist in those areas, those statements are correct. that producers are looking at potential devastation. we already went since early april from what was, liz, going to be a profitable situation within operations, pork producers throughout the year anticipated to what's going to be a year where we'll probably see red ink. liz: cut to the chase, ken, are you guys going to go out of business? what is the worst-case scenario? how long can you hold on and can the farmers five miles from you at the expo in des moines, hold on through the trade discussion? i don't know, do you see it as a trade war?
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and could some of you guys go under? >> that could be possible. by and large, we're survivors, and we know that the president said farmers are patriots. i think he said, and as you said, good soldiers, and i think that we understand that we're going to be victims of any retaliation because whenever you have an industry that's world class global producer at a low-cost, we're a net exporter, very large exporter and could do a tremendous amount to offset the export trade imbalance. so i think, i think we're going to be just fine because i think calmer heads will prevail. i appealed to our friends in the white house that they think about it. here you have a sterling -- a shining star, you might say in the midwest in american agriculture. president trump said he'd like to grow the economy, 3, 4%, various economists and dems
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have said that's totally impossible. i personally feel it's very, very possible, but only under a circumstance where we take industries in this country that are highly effective, world class producers, where we have customers around the globe that want to buy the products. we need to let the companies and operations if agriculture is unstrapped and we have free trade agreements around the world, we've proven time and time again we can offset that trade imbalance. when you are a pawn in a trade war, you don't invest in your business because you're worried, to your point, you're worried about what does next year look like or the year after? can i stay in business? without those investments, i would say that the economy is not going to grow at 3%, but if we break down those trade barriers and write new free trade agreements and make sure
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the ones in place stay in place, we'll be fine, then, so i'm hopeful. i'm very hopeful that happens. >> that's all we can do at this point, and we'll be watching it and i hope the pork farmers and everybody there hangs in there, and fox business is going to be covering the g7 meeting. there may be news out of it, maybe they'll come to a solution. ken, thank you so much. >> appreciate the time. liz: of course. closing bell 15 minutes away. now up 301, folks. that is very close to the session high. we just hit a minute ago of 307 points. president trump's battle with the nfl apparently goes back to the 1980s when he owned a team called the new jersey generals of rival usfl, but could today's national anthem controversy do more to the nfl's business than herschel walker ever did on the field? charlie gasparino coming up next. keep it right here on
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. liz: we've got to give you a look at tesla stock. check this out. the company fans love and haters dis is skyrocketing, high of the session just today, $322. this is the best day tesla has seen since february of 2016. what's going on? ceo elon musk reassured investors saying tesla is close to reaching its model 3 production goals, saying that 5,000 per week of the model 3 will come out by the end of june, and by the way, speaking
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at the annual shareholder meeting, they'll be able to churn these out day by day by day and achieve the 5,000 cars per week target. he won the shareholder vote to keep his title as chairman. tesla at $319. up nearly 10% is leading the nasdaq right now. it's a controversy that has electrified the nation, get it? segway, electric cars, as the nfl gears up for the sponsor -- >> good one. liz: thank you. >> you wrote that, i bet. liz: no, i can't take credit. nfl sponsor meeting will be kicking off bright and early here in new york tomorrow and charlie gasparino got his hands, his gruby little paws on the exclusive meeting agenda. what's on it? >> this is it. liz: maybe it's what's not on it. >> that's the story, liz, you and i have been talking about
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this, the sponsors are on edge on the anthem controversy that the president keeps stoking. thinks it's good for the political brand to attack the nfl on essentially not mandating that all players, no matter what have to stand during the anthem. the compromise that the nfl came up with, i thought it was good, if you don't want to stand, stay in the locker room. trump hates it. amid this, the huge meeting the nfl is having with sponsors, anheuser-busch, visa ceo will be there, all in new york at the sheraton, probably going to go there. liz: probably? i'm banking on you going there. i want to see you get roughed up. >> and pushed around by roger goodell. commissioner. i have the agenda. i'm not supposed to get this but got it through my sourcing. what's interesting is not on this explicitly is essentially the controversy itself. when you go through here, there's no mention of the
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anthem, trump or anything like that. they're going to talk about overview of the business, our game and our fans. that's a nice one, owner panel -- >> shrinking panel. >> roger goodell, the commissioner, talking to jonathan kraft president number two at the new england patriots, and kim pagula, owner and president of the buffalo bills. visa, anheuser-busch. there is something called the future of football. liz: cleveland browns. >> i don't see anything about the cleveland browns. liz: jimmy hasland is not on the list? >> no, atlanta falcons chairman will be there. jim mckay, president and ceo of the falcons, looking for -- some guy from the 49ers.
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chief medical officer for the nfl and 360 media landscape, nothing about cleveland. fred goodell, executive producer of sunday night football. erin andrews of fox sports and closing remarks by rene anderson and a cocktail party reception, and guess what? not one mention of the cleveland browns on here. [laughter] >> and not one mention of the anthem controversy. liz: i'm angry. this is an outrage. >> it's an outrage, gecko! remember that from wall street? the elephant in the room is the anthem controversy. my guess is private meetings goodell will hear from the sponsors on what they're doing. liz: this goes back to the 80s. people think this is a brand-new argument with president trump, president trump owned a team, did he not? >> the usfl. liz: that was a competitor to the nfl. >> i don't think it's really.
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i think this is purely politics. liz: he had a beef with them. >> he's friends with the owners. kraft, jonathan's dad robert, i know very well, i know both of them. friends with robert kraft and jerry jones of the cowboys, making a transition here. liz: quick. >> on stuff on trade, there is a battle brewing between jamie dimon and the president on trade. they were once best friends. right now, rift. liz: you will have that tomorrow, we're at session highs, 312 point to the upside. stay tuned. we're coming right back. ♪ we came with big appetites. with expedia, you could book a flight, hotel, car, and activity all in one place. ♪
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wait for a pullback? >> we think today is another brick in this long-run secular bull market, running since 2009. tried to counsel the families, don't jump in and out and this is a day that affirmed that kind of investing. >> are they tempted? >> post 2008 there's fear in the market and the bricks combined with the president and the way the political spectrum and political argument has come in added to the worry. liz: which is ridiculous, i can tell you the nasdaq is up 40% since president trump took office. we can show the number over and over again. markets have been on fire since president trump took office. and even before they since he won the election? >> correct, the markets are in good shape right now and global earnings in decent shape even with a couple of waivers.
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this long-run bull market is not over. liz: i know a plan is different for everybody depending on income and age, what the sectors you feel have real opportunity in the next couple of months. >> we hire managers that pick sectors, sectors that we like are financials, we think health care has -- liz: the fed may raise rates next week, that's good for financials. >> it is, financials under regulatory pressure over eight years, that's been lifted, making a lot of money, seeing managers gravitate there. liz: you have been less bullish on tech, tech is doing unbelievably well. nasdaq three records in a row. >> like to sell what's expensive. tech is some of the most expensive things that are out there. not out of it, we feel the same kinds of regulatory pressures on financials eight years ago, we're starting to see those pop up with tech and we think that whether it's facebook or google today, we're seeing pressures that make us want to make sure that we're diverse and ready to
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take advantage of this market. liz: you want to listen to rick, got about $6 billion in assets under management at pitcairn. good to see you. >> thank you so much. liz: we are closing for the dow, up 340 points, a record for the nasdaq and the russell. now it's time for "after the bell." david: terrific day, rally and records on wall street. soaring, ending up 343. may settle higher than this. it's green for the s&p 500 and third day in a row the nasdaq and russell 2000 ending the day with new record closes. hi, everybody, i'm david asman. melissa: and i'm melissa francis. this is "after the bell." more on the market movers, here's what else we're covering in the busy hour ahead. fixing a broken system. the president's chief economic adviser larry kudlow defending trade actions on china and


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