tv Bloomberg Markets Bloomberg April 12, 2016 3:00pm-4:01pm EDT
from bloomberg world headquarters in new york city, good afternoon, everyone. i am carol massar. the worst earnings season since the financial crisis. he would not believe that forecast looking at the markets right now. we preview the numbers and see how investors are pricing in the negative sentiment, or not. then, carnival cruise line embarking kid we speak to the company ceo, arnold donald later on, about this new market and what it means for the company bottom line, and the future of the transpacific partnership. will it get done this year, and what does it mean for relations with china, and we have secretary gary locke with us. everybody, we are one hour away from the close of trading on this tuesday. let's head over to the market desk and check in with julie hyman.
julie: it is gaining steam as we go through the day, session highs in the past few moments, and at one point, we were seeing the dow and been closer to 1% than they are right now, so very close. that weisk on scenario are seeing come back into the market, so what happened with oil, as we have been talking about throughout the day, earlier a report that russia and saudi arabia had come to an agreement on some kind of protection freeze, but there was not really confirmation for more information until the roman came out and said there was a path forward to some kind of an -- until in delhomme the russians came out and said that was a passport of some kind of an agreement in doha, and oil is trading above its 200-day moving average. this is a look at the intraday move, and there is the moving
average, now bouncing up above it for the first time in quite a long time, as against the. we, technicians are saying are continuing to see and oil rally. is that a sign that the autumn has been put in? it looks like technicians are cautiously encouraged by that movement but not ready to make a firm conclusion, and the other move we have to point out is the japanese yen, the dollar rising for the firstn time, talking about that. carol: that is somewhat overshadowed way things. julie: yes, we were talking about earnings is an driving trading, and yet, it is oil. there are some movers. alcoa is one of them, coming out and cutting their aluminum
consumption forecast globally for the full year, to 5%, shares down by 3%, and sales missed cameates also, and another out, pulling the shortfall, because it was a shortfall versus analyst estimates on weakening demand from enterprise, so that is having an effect, and you can see cisco is having be slightly positive level, and the maker of tools coming out and basically reaffirming some of the earlier numbers. you can see the shares down by 3%, so some disappointments there. carol: we will see what happens. julie hyman. and from first word news, mark crumpton has details from our news desk. mark: thank you. panamanian prosecutors visited the offices of a law firm to invest allegations a computer hacker was behind the leak of financial documents about tax
havens used by the wealthy around the world print this came as the european union says it once thousands of multinationals to say where they make money and pay taxes. the panama papers have not changed our agenda, but i think they have strengthened our determination to make sure that prophets, that taxes are paid where profits are generated. its, that taxes are paid where profits are generated. mark: and how much they pay on outside eu business. republican presidential front runner donald trump floated a possible list of front runner vice president chill candidates, and include marco rubio, john kasich, and scott walker, but some of the potential candidates appear less than enthusiastic to be in the running.
governor kasich says there is a zero chance of joining a trump ticket, and scott walker laughed when he said he was included, and there has been no word from marco rubio. senate judiciary committee chairman, and chuck grassley remains opposed to holding hearings on judge garland's nomination, and also on the meet and greet schedule, back to pennsylvania and a senator from alaska who initially supported holding the hearing on the judge's nomination but later changed her mind. deutsche bank says it plans to jobs at its north carolina location. the bank says the decision is due to a new state law that limits and a dissemination policies for lesbian, gay, and transgender people. deutsche bank will maintain its people at its development center.
and for television, $100,000,000 with a venture, and scientist stephen hawking and mark zuckerberg may find something unexpected. initiative toc focus on space exploration and the search for life in the universe. the commission hopes to launch thousands of the spacecraft "nanocrafts" with the goal of reaching that system in 20 years. global news 24 hours a day in more than 100 50 news bureaus around the world. i am mark crumpton. carol, back to you. nks, and as, tha julie said, the crew rally is helping markets when it comes to corporate learning street expectations for earnings are at their lowest level since the aftermath of the financial crisis, so i have got a question. is the worst over? or are we at the start?
with us is the global equity strategist at hsbc. nice to have you with us. callt to talk about your with emerging markets, and let's talk about what is going on in the u.s. profit action. are we headed for this in your view? >> i think people should be focused on this bounceback. we do not think you see it. why not? why don't you buy it question mark >> we think we are in the headwinds with high margins, and the headwinds coming into that are pretty significant. 1% inflation, so 3% nominal growth. that is not a lot, and it really has pressure on the market line. wages are beginning to come up. there is quite a lot of pressure to come in. for thehat does it take profit picture to be better? what is it going to take? is it just the global economy
getting back on track, or what? >> i think we a stronger top line. carol: domestic? >> yes. for normal gdp growth, and in the context of these margins, it is very, very difficult for them to generate growth in that market. carol: let's talk about your call. markets,the emerging and i was looking at the kind of world index versus developing markets. markets bounced back significantly, back from their low in january. more room to run, in your? : it is a bit of a rally, and it has taken the pressure off of some of these currencies that have been down. also, commodities. back to 1990's levels, and inflation-adjusted. there is a little bit further to go. i think the interesting story is that profits have collapsed over
the last few years, and margins have gone from the highest in the world to the lowest in the world, and we are beginning to see demand stabilize relative to developed markets. absolutely, i think that is what people should be focusing on, and the profit story of the longer term is where you're going to make your money. carol: china, included? china, brazil, turkey, the more cyclical ones. and china has been a part of the information you have seen in china is beginning to come through into the profit story. profit andalso the earnings story when it comes to europe, as well. ben: yes. i think europe is the one way globally right now where we see the possibly of an upside. right now, different than two.
carroll: all right, thank you. the global equity strategist at hsbc joining us on the tuesday. coming up on bloomberg markets, major cruise lines travel all over the world, but now, one is entry into a brand-new market with brand-new interests. ceocarnival cruise line arnold donald will be here, and a change in the customer loyalty program. how much for the changes impact traffic? we will take a look at that, and we will talknt, china/u.s. relations to former ibassador gary locke, and shot in washington, where house speaker paul ryan is expected to speak at any moment. he is planning to officially ruled out any it for the presidency. the highlights on bloomberg television, and you can watch that event on the bloomberg at live go. this is "bloomberg markets. while ♪
♪ you are watching "bloomberg markets." i am carol massar. americahe voyage from to cuba, missing from that is cuban-american, and that is because raul castro prohibits people from returning by sea. joining us is the carnival ceo arnold donald. asked them to reconsider. what was their response? donald: thank you, carol p we are honored and privileged to be the first to receive both u.s. and cuba approval to cuba with our ship, and the situation
is there is a transport policy. -- existed for decades and affects any cuban born person whether on the island or anywhere else in the world, and that policy simply's rates that you are not allowed to travel to or from cuba by sea. you can fly, and so for us, we think that is and i'm even playing field, and with all of our discussions, we have asked permission for cuban born people to be able to sail with us into cuba. not sale until -- sail until may 1, and we will respect any regulation. this is a sovereign state. they have a regulation that covers all of their people, everyone born in cuba, including those living there now, and we will respect it, and we are
cautiously optimistic that because people are allowed to fly in this decade, that policy may be reconsidered. carol: could be reconsidered in time for you to go into cuba the donald: it is hard to say. we continue to petition, and the entire cruise industry is, because it is not just this initial ship. people here inny the united states that are anxious to go to cuba, and i am sure that many of those are people who were born in cuba. carol: one more on this, mr. mr. donald, and that i want to move on. timeonald: for a long probably could not go at all. the u.s. would not allow us, nor would cuba allow us, and things are changed. i know people are emotional, but i think over time, things change.
this was put in place many years ago. whether it is relevant or not. ,e are cautiously optimistic and by showing up and being there and by being cuban-americans who were not born in cuba, by having cuban-americans come and connect with family, i think it will just further encourage the change, because they can fly today. carol: we talked about the brand and what you are doing. is it fully booked? are there some seats left? are some seatsre left, and i would urge people to look into it. we welcome anyone who wants to cruise with us. to talk about another market that is very important, china, still a relatively small part of your capacity, that how are things looking at this point? mr. donald: it is good.
our returns are above average for our fleet around the world, and there is only about 5% of our capacity in china, but we have six ships and an increase in capacity this year in china. 130 5remains strong with million outbound tourists already in china, making them the largest outbound tourists nation in the world, and only some of them are cruising, so we see china as a burgeoning market, someday the largest cruise market in the world. and a slowdown? mr. donald: a slowdown in china for us? no. thank you, carol. he is the ceo of the carnival cruise lines. and a business flash, bill gross says the chinese economy quotes thatng at 6% are delusion will one day be exposed to fresh air, him making that comment
they mention 6.5% this year and 6.2% in 2017. and long considered a top candidate to replace warren buffett as the ceo of berkshire , jain.y is expanding a replacement has not yet been named, but they will have that person report to mr. jain. the headquarters and research campuses at dearborn michigan. no word on how much more will be spent in the next 10 years to rebuild and improve the nearly 7.5 billion square feet. your business flash update. as we head to a break, we have a live shot in washington, where house speaker paul ryan is expected to speak at any moment now.
carol: welcome back to "bloomberg markets," everybody. i and carol massar. to step ups expected to that podium at any moment now. that is from the rnc, and he is expected to rule out any good for the president. it looks like we are beginning asbegin that process, and mr. ryan stepped up to that podium, we will take you there. stocks in rally mode today as crude pushes around 42 dollars a year, and julie hyman is standing by.
julie: thanks so much, and i want to dive right into it with kevin, the chief investment officer at a company. so, kevin, we have been watching this big rally in oil. oil volatility has come way down recently with the rally we have seen. what kind of activity are you seeing in the options market? is going to continue the run? kevin: yes, you are seeing people are hedging, so we have gone back to a normal options market for the energy sector, which is completely healthy. , andve seen them do this we saw this the last earnings cycle and the next earnings cycle, and they are taking care of their balance sheet. rebound in oil, and the options market is not saying one way or another, so it has gotten back to normal, which is great. not have much time because paul ryan is getting ready to speak, but i want to
get your take on the qqq's. you are looking past the earnings news that is coming out this week and into tech. why? kevin: we do not know how the dollar is going to affect them. a lot of these are trading below where they were last earnings cycle, so this is a great way to manage the volatility through the earnings season, so to september. tool: ok, sorry, we have leave it there. we will listen to house speaker paul ryan. mr. ryan: but i will tell you, it is really amazing how our politics is followed so closely overseas. i was asked about it everywhere i went. i am also aware that while i was overseas, there was more speculation that someone other than the current candidates will emerge as our party's nominee. do this to rest once and for all. as you know, i have stayed out
of this race, and i remain neutral. as chairman of the republican convention, my job is to make sure there is integrity in the process, that the rules are followed by the rulebook. that means it is not my job to tell delegates what they should do. to i have got a message relate today. we have too much work to do in the house to allow this to haveion to swirl or my motivations questioned, so let me be clear. , nor will it accept, the nomination for our party. so let me speak directly to the delegates on this. if no candidate has a majority on the first ballot, i believe that you should only choose from a person who has actually participated in the primary. count me out. i simply believe that if you want to be the nominee for our party, you should actually run for it. i chose not to do this.
therefore, i should not be considered, period, end of story. i just think it would be wrong to do it any other way. so let me say again. i am not going to be our party's nominee, but also be clear about something else. not running does not mean that i'm going to disappear. when i excepted to speak or should, i did so on the condition that i would do things differently than they had been done in the past. for one, i made a clear that a policy and medications focused leadership, and secondly, i made clear last year in 2015 before the primary season started that we would be putting together a policy agenda and offer a clear choice to the american people. that is what i told my colleagues i would do, and that is exactly what i have been doing, and look. there is a big debate going on right now. it is about what kind of country we are going to be. as speaker of the house, i
believe that i have not just an opportunity but in obligation to advance that debate area as i talked about this before, politics today, it tends to drift towards personality contests, not policy contests. more than ideas, but we still over to the country. we have an obligation to give a clear picture, a clear choice to talk about solutions. that is why i have been giving speeches. that is why i have been communicating a vision of what our party and country can be, and that is why i am going to continue doing just that. i believe we can once again be an optimistic party that is defined by our belief in the limitless possibility of our people. we want a party defined by solutions, i being on the side of the people. we want to take our principles and apply them to the problems of the day, embrace free
enterprise, and reject cronyism, remote upper nobility, provide solutions to those who are stuck in fighting poverty, offer a tax code that rewards work, not be well-connected, a strong and focused military, a health care system that promotes choice and flexibility, a secure border, and a government that allows people to fulfill their american idea. you know, this great idea that the condition of your birth does not determine the outcome of your life. thatis the kind of agenda we are building right now, and that is the kind of agenda that we are going to be releasing in the next few months. tos job provides a platform communicate a conservative vision for our country, and i am intent on using it, and i am intent on using this platform not for me but for my house colleagues and for those who believe that conservatism holds the keys to a competent america. this is a critical role that has to be played, and i am in a position to play that role, to
prepare for the fall campaign with our eventual nominee that gives a clear and compelling soice to our fellow citizens that we can earn be mandate we need to get things right, to fix our problems, and to get our country back on track. thank you. ryan, a lot of you didn't went to be here, and then you ended up taking the job. what do you say about that? and oranges.les being speaker of the house is a far cry from being president of the united states. specifically, i was already in the house for you i was a congressman, so i was asked by my colleagues to take a responsibly ability in congress that i have already been serving in which is different from what i had. that is entirely different than getting the nomination for your party as president without even running for it, so a complete non sequitur.
reporter: what happens? who prevents that? the rulebook -- will not allow my name -- i am opposed to my name being put in place. the rules committee -- let me answer your second question. decidees committee will what the rules are, but i would encourage those delegates to put in place a rule that says you can only nominate someone who actually ran for the job. report on the candidates that remained -- mr. ryan: i will leave it up to the delegates. believe if you want to run for president, you are running and that people should only select people who are running. thank you. all right, everybody. you have been listening to speaker paul ryan who says he
will not be putting his name in for president, so very interesting. megan murphy from our bloomberg washington bureau, there is firm, for sure? time.sting in more on what we heard from mr. ryan. here is mark crumpton. rol, thank you very much. house speaker paul ryan has said he does not want to be president of the united states. we just turned his life on bloomberg television. the speakers said, count me out. i do not want, nor will i accept, the republican nomination for president. that he is using the platform as speaker not for himself but for his house colleagues. he talked about in his words earning the mandate they need to govern. the speaker said that being's beloved house is a far cry from being president of the united states, and he continued, i will not allow my name to be put in nomination for president at the party convention.
that is in cleveland this summer. he said the nomination could -- should go to someone who has actually run for president of the united states. we will bring you more on this story coming up later on bloomberg television. in other news, women must work to catch up to men's earnings. washington to honor women's equality, president obama designated a house that served as the headquarters for the national women's party as a national monument. this was the oldest standing house near the u.s. capitol. north carolina is facing more backlash for a controversial law limiting protections for the lgbt community. haveast five rooms canceled events in the states. another 16 rooms may cancel events, which could cost north carolina about $24 million. meantime, the state governor has signed an executive order to restore the right to sue on discrimination but will not challenge the so-called bathroom rule, which requires individuals
to use bathrooms that match their sex at birth. in tennessee, a similar law has been delayed over concerns of funding. residents of flint, michigan, have grown used to using bottled water and avoiding the fossett's because of alleged contamination, but now they are getting new instructions. turn on the taps. the more people use the water, the faster the system will flush out the lead deposit and pipes andy recoat the make them safe again. it could take months or years to rid the system of contamination. and brazil president dilma rousseff, days before the full house is expected to start voting on her impeachment. without directly naming the vice president, president rousseff said a leak of her recording where she discussed the administration and mounted to treason.
and in southern germany, using his cell phone to play games shortly before two trains he was controlling crash. he was arrested on negligent homicide. the man admitted playing games on his phone but denied having been distracted. news 24 hours a day powered by our 2400 journalists in more than 100 50 news bureaus around the world. i am mark crumpton. carol, back to you. carol: mark, thank you. the markets are closing soon, and abigail doolittle has more. abigail: we have the nasdaq trading nicely, up, and there was volatility earlier this morning, and it does come into context. we have seen more over the last 10 days, but interestingly, it is black or up slightly over that. kubrick, and they are uncertain
about what many are calling the worst session since 2008. early onrting earnings in the season, netflix is one of the top performers. it is not really clear what is driving shares higher. it could be a continuation of the sideways trends over the last few days, and there was the nascent uptrend. the last quarter was mixed. the stocks sold off. and michael, who has a neutral rating, thinks there could be a thedownside for netflix to price order of $85. now, one of the worst performers is starbucks. shares are down sharply. what you make cut this from a hold to a buy. investors clearly do not like these headwinds. the stock has gapped down today. earlier this year, more downside could be had for a stock that is having his worst start to a year since 2008.
carol? carol: abigail doolittle, thank you. david? have: hit hard all day, we a talking about the imf cutting a forecast to 3.2% in 2016, adding to weak exports and the slowing prospects in the u.s., and we are joined now by gary locke, a former u.s. ambassador to china and served as secretary to commerce. , the china growth forecast upgraded. how satisfied are you are, as someone who knows china and who spent a lot of time there, about how the chinese government is handling the chinese economy right now? obviously, thee: are trying to manage the economy as they move more towards an innovation society. a lot of challenges ahead, and especially with the slowing world economy and the slowing chinese economy. it has also created problems as
they try to move forward with many of their reform measures. this is encouraging news in terms of what is happening in china, because that will help to prop up the world economy. data: this is an economy talking transparency. is that something that worries your clients? american businesses who were doing business in china? : they are locke worried about the data being fudged or manipulated, but clearly everyone recognizes that there is a downturn in the chinese economy. recognizee leaders that. they have many levers at their disposal to try to manage the economy. a have not always succeeded. we stop this past fall in trying to respond to the stock market problems and the currency, etc., etc., but they have many tools at their disposal to try to prop up the economy is necessary to keep going forward with
infrastructure development, which is not really what they should be doing, because they have a problem with a lot of excessive loans, and the question is how they are going loans,back some of these but nonetheless, they have those tools at their disposal. david: how well of a job are they doing in explaining these? ambassador locke: purports are mixed. some have slowed down, but they are optimistic. as china becomes much more consumer driven, and their economy is more consumer driven, there will be a large demand for products and services offered by american and other western companies, whether it is medical supplies, pharmaceuticals, environmental services, opening up financial markets, but clearly, the chinese government have a huge job on their hands in terms of reform, opening up these markets, allowing competition from the west that can actually provide more services and more benefits to the chinese consumers, but how
the chinese government operates and their ability to implement some of these reforms are all questions. david: last september, the chinese president came to the u.s. and met with a lot of heads of companies that you mentioned, and they expressed their concerns about cyber security and legal protections. how satisfied are you that they have taken that into consideration and are doing something for those concerns that were raised? cke: if theyo want to move forward, they have to increase protections. they want their companies to invest millions of dollars in creating and developing new products and technologies, and those companies, those entrepreneurs do not want their products and ideas ripped off and counterfeited by other chinese companies, so the chinese government knows they have to improve their legal system. is slow. and still, the government is
involved in the legal system. many of the judges are not trained as lawyers. they have a long way to go. we saw last week that they are looking at the firewall as a trade barrier. what do you make of that, and what difference can it make? : well,dor locke obviously, the free flow of information is important for economic progress as well as innovation. i think you are seeing a lot of frustration even with the chinese people with these firewalls, their inability to get information from outside china. they have a full discussion of topics and issues, and even some of the people who created these firewalls are trying to find ways around them, and so it is an impediment. and certainly, it hurts american to moves inside china forward, so it is an impediment
to trade. david: not part of the transpacific partnership, do you think it is something they will elect to join in the future? actually, theke: chinese government in chinese officials have mixed views on it. initially, it was a way to control and contain china, and so that is why the chinese government has really been trying to cement trade deals with, let's say, korea and japan and other countries throughout asia. saying, you do not have to be part of the tpp. let's have our own trade deals, but they also recognize this will be part of the future, the high standard trade agreements that have more protections for intellectual property, environmental issues, standards, as well as the treatment of workers in terms of health and safety. i think they recognize that someday, they would like to be part of it, but right now, they cannot meet these high
standards, which is why we approve the tpp. this is really setting a much higher stage of trade agreements , that many people in america are frustrated about. they are saying, hey, american workers, american companies have to live up to these higher ideals, whether it is health and human safety for workers or environmental protection or the use of pesticides, etc., etc., chemicals on farms, why aren't our trading partners having to live up to these same standards? it puts american companies at a disadvantage. that is the advantage of the tbp. it is a higher standard that really puts american workers and american companies on a level playing field with their competitors in the asia-pacific region, and right now, we want to be able to sell our made in the usa goods and services to these countries, where our companies and products have high terror and have faced these barriers. the tbp would lower these
barriers and therefore make it possible for more american-made goods and services to be sold to the asia-pacific region, to the tbp partners, and that means jobs for the american people. partners. tpp when you look more broadly at strategies in the asia-pacific region, you look at the aggression that north korea has been exhibiting, are you satisfied that we are paying enough attention to what is happening on that line of the world? locke: american foreign-policy experts are really spend a lot of time on this. that is why the president once the rebalance. as we withdrew military forces from the middle east, iraq and afghanistan, we wanted to make neglectinge were not the asia-pacific region, that we
were coming back to it and spending more time and attention. our allies in the region very much welcome that focus, that increased focus, and of course, that rebalance to the asia-pacific region, and that means more the engagement with china, more partnership with china as, for instance, we try to halt the proliferation of nuclear weapons, and china was get iran togroup to halt its developed of a nuclear the united china and states are working hand in hand, and china supports proposals made by the united states on u.n. sanctions against north korea. china and united states have partnered together, fighting piracy off the coast of africa, and the list goes on and on. so we are very pleased with what is happening, and that means more attention throughout the asia-pacific region, including partnerships with china. david: ok, ambassador, thank you. that is gary locke. back to you, carol. thank you, david.
♪ carol: this is "bloomberg markets." i am carol massar. let's go to the conference in san francisco, and my cohost is there. cory, all yours. cory: yes, we are at the conference, the f8 conference, and the head of facebook messaging is here, and he decided to celebrate his birthday by joining me. newou guys have announced a product today.
i think it is interesting, this concept of facebook messaging being widely used. 900 million users, which is fairly big, and presumably a few more. and tell us what you are adding, the functionality? >> today is a really important day for us, because we are finally opening up the platform and allowing those to build experiences for our 909 users, and the way it comes to life is that as a developer, there is a rich experience, which basically is a conversation of conversational elements, but also images, videos, so we have a whole range of products that are launching today, news boxes, weather forecasts that are different. so you might go in and say, is it going to rain today? can, butn type if you
it is a really rich interface. that is an important distinction that most other people talking about box has not managed to build, which is like really this great, rich experience it comes to life because you can interact . you aree notion is supplying to us by which developers will create businesses or services that will run within messenger? at what we have added, we have the ability to or lyft,ber, an uber and you can get your boarding pass from an airline. so basically, all of those interactions that you generally app over the normal web or or the phone sometimes, you can now have it in a much easier, better way inside of messenger. is there a lot of commerce
happening on messenger? what it is happening. and there was a personal system, basically a box that will make recommendations of products, and then you can swipe through all of the recommendations it makes for you in an easy way, because you swipe verizon silly. you state in messenger. stay in messenger, and you swipe horizontally. you want to get your boarding pass, it is really convenient that you can tap on it. you do not have to remember your username or password or your , note jim risch and numbers. you can just go there, -- no jim risch and numbers. gibberish. people one lives of the platform easier every day, then it is all good. where does the commerce
happened? david: today, there is no revenue. the goal is to build user experiences that people really love to use every day, and gradually, we will build monetization on the platform, like we did on all of the other platforms before that, and when you look at the ecosystem and the network, we have 15 million on one side,tive and then on the other side, we have 900 million people using messenger, and they send over a billion messages a month. there is already a lot of great, organic interaction happening. we just need to amplify that and make it easier for them to add value. i want to ask about the encryption. there is some really strong encryption, the likes of which we have never seen before. is there a plan for messenger to follow along in the same
footsteps or the same direction? david: we generally do not comment before we launch features. not even you. but encryption is nice and important. from facebook, thank you. : you could not get it out of him. and coming up on "bloomberg markets," trading moments away and looking at the averages as we head into break, pretty much holding on, and oil also rallying to its highest level since november. we are talking markets when we come back here on "bloomberg markets." ♪
percent higher, and on the nasdaq up about 9/10 on the s&p here in thepping up u.s., and as i mentioned, we are high, and wen our have more from our stocking on bloomberg news. interesting to see this. think it is frustrating for a lot of investors because we have record high oil, the correlation, in january. in february, it it let up, but if you look at today's trading, and we had our couple with earnings that disappointed, and still use the stocks up today, so people are saying, well, you know what that is? crude is up. the energy sector is the best performer, up 3%, so certainly crude is moving the market today. it is kind of a wacky
market. let's talk about april so far and we are almost halfway through the month. 2070 that they are not going above and 2040 that they are not going under, and that 2040, as technicians have pointed out, is pretty significant, it does when we had that correction in august, that is when things happen. it is frustrating we are not moving that much higher. we are moving pretty sideways, but at least it is not falling off. historically, april is a really great month for stocks. usually going back the past 20 years, the average is about 2.1 percent, which is the best of any month. also, that usually happens the second half of the month, so analysts are saying it is good we are not falling off and good we are not going sideways.
and the buybacks propping up the market. is interesting to watch, because a lot of people say buybacks are on freeze because they are watching. cs at thet sort of syn end of the day because the buybacks are not there, so it is interesting to see. also interesting to see if they make any indication about future buybacks. urger with our stocks team here on bloomberg news. " coming up,miss? and we are four minutes away from the close, pretty much at the highs of the session. ♪
alix: and i am alix steel. the dow closing higher today. over $42 a barrel. joe: but the question is, what did you miss? -- rning scarlet: earnings reports in just minutes. : plus, brazil's .mpeachment proceedings we get an update in minutes. alix: and we have a chart you can't miss. with thewe began markets. the best day for the dow since march 17. the s&p 500, 10 industry groups all climbing. alex, as you mentioned