tv Bloomberg Markets Bloomberg August 5, 2016 2:00pm-3:01pm EDT
vonnie: hello, i'm vonnie quinn. david i'm david gura. vonnie: 255,000 jobs added in july, they take on job growth in their industries, and will get their thoughts on the action and the economy. david: donald trump saying the country is in the middle of a single worst recovery since the great depression. stephen moore joins us to defend that campaign and preview the major speech on the economy scheduled monday. vonnie: the green party's present of nominee jill stein joins us. -- presumptive nominee, jill stein, joins us.
we talked to her about a guaranteed minimum wage, a free college education, and a full transition to renewable energy. to the marketst where ramy inocencio is looking at the latest. for when i'm presented implement rate, things are looking good. near session highs. we are seeing the s&p as well as the nasdaq on pace to close at record highs with a couple of hours left in the trading session. the dow was up by 166 points or so. it is still off a record highs, but this is where we stand. this is where we were going to be headed in the next few hours, unless something crazy happens. , the pop into the imap s&p's 10 sectors in terms of health. financials that the biggest bump , that's how it has been all day. 1.7% is where we stand right now of information technology up by 1.2%.
consumer discretionary stocks in third position, 1.1%. we are seeing utilities at 1.3% down. the biggest laggard in six weeks. we know why financials are up. let's take a look at my information technology is up in terms of some company movers. this is for the most part the biggest bump up very symantec up by 4.2%. it raises full-year sales as well as profit forecasts held by the acquisition of blue coat systems. oppenheimer is upgrading it from outperform to a market perform. motorola solutions up 4.3%. boost to a $2 billion the share buyback program. micron is up by nearly 3.4%. july rose 4.6% versus a fall from june. david: with the jobs numbers, there's been a move away from stocks. ramy: in terms of currencies and
commodities, let's take a look at the dollar index. we are up by about .4%. let's take a look at the u.s. 10 year -- two-year yield. at that by seven basis points. the most sensitive of all the treasuries when it comes to potential interest rate rises. david: thank you. vonnie: let's check in on the bloomberg first word news. mark barton has more. mark: donald trump expected to endorse paul ryan. fox news says it will happen in wisconsin. paul ryan's primary contest for house reelection is tuesday. donald trump earlier declined to endorse all right, well his running mate did back the speaker. former kkk grand was her david duke's getting more support from black voters in his u.s. senate race. in louisiana, that donald trump is in his bid for the white house. writes donaldst," duke is getting -- david duke is
getting 4%. another victim of the attack in nice, france has died, bringing the death toll to 55. the 56 or old man died in the hospital carried his wife and her 13-year-old son were also killed when a truck driven by a tunisian man-year-old down the promenade on july 14. the islamic state has claimed responsibility. the french president is wasting no time pushing his country as a potential 2024 olympic coast. a series of meetings over two days, including a dinner with the international olympic president. peres lost the 2012 games to london in a surprise for the french, who felt certain that paris would be selected. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am mark crumpton, this is bloomberg. get back to the
u.s. jobs report. nearly one third of the 255,000 job gains in july came in professional services. that includes high-paying technology jobs. once the work and grow the technology sector is indianapolis. one of the city's biggest employers is angie's list, known as the home improvement review site, but it's backbone is a technology coming. durchslag joins us. today'ssk you to react jobs report. the position you're sitting, you could give you particular insight. scott: sure, david. was a good report. i would have been concerned if it was less than 190,000 new jobs. 255,000 new jobs means is not a concern. particularly when you put next to a report that came out last friday with the slow 1.2% per capita gdp growth. little bityou go deeper, it's not enough to stand
up and cheer and make me as a ceo sam going to go on a hiring freeze. as because productivity is flat. if you look at the actual disposable income that is implied in these numbers, it's not really materially moving up in a way that would get you really excited about expansion. it takes away will could have been a cause for concern. vonnie: how are your listings reflecting what's going on at jobs economy right now? what are you seeing become enlisted more? scott: good question. we are seeing robust demand. you can't just read into that and say it's a great economy. does well in down cycles and enough cycles. in down cycles, people do smaller jobs. they try and make the most out of the current home. they will do repairs or renovations. it's different in the robust economy, with the nature of mix of services shifts more towards things we move into a new home.
bigger expansions, renovations, bigger jobs. when i look at the mix of services we are actually selling , it's moving modestly towards ofe of a recessionary type mix. at the top level of overall demand, it doesn't change the overall volume. it just changes the type of things that people are directly doing. vonnie: describe what you mean by recessionary type of mix. scott: i just made it puts homeowners much more into a mindset of really trying to make the most out of their existing home. doing painting jobs, repair work around the house, doing things that might turn a basement into a next her bedroom, making the most out of what they have as opposed to in great times, people get much more into a mode of doing room additions, getting
a roof job done, that kind of thing. became subject of a wider focus when donald trump picked mike pence to be his running mate. i mention the growth of the high-tech sector growing at a pace of 18%, nationwide is closer to 6%. what is it about indiana right now, about the structure of the economy that encourages that kind of growth. from your perspective is a ceo's a ceo of apany -- national company, is that replicate a bull nationwide -- replicateible nationwide? scott: i think so. you have a set of progrowth tax policies and incentives. in a very close relationship with universities and with trade schools. it's a cluster that really has a lot of the key elements that you need to be able to grow, particularly for a technology company. indianapolis in particular, you
have a real technology cluster that's grown up. angie's list has been around for 20 years, exact target, which is now salesforce marketing cloud, and a couple of other companies have been the anchors of that ecosystem that's really blossomed in. there are hundreds of startups that have grown up around it. we are seeing a real abundance of technology talent that has been attracted to the city where has been developed from within and around the state. david: how much do you attribute that to governor pence? scott: to be honest, it probably started with mitch daniels, it was continued by governor pence. i've only been in the state for about 10 months or so. it's difficult for me to comment in detail on mike pence. severely with the state next-door, illinois. it's a totally different environments. vonnie: in the past, your prescriptions for helping the job economy have included things like training.
is there any way that angie's list data can help, in terms of mentorships with a german model where you train with somebody for a couple of years and then you are a craftsperson. scott: we are doing a fair bit of that. we work closely with universities. we articulate the specific skills we're looking at higher. html developers, java developers, dev ops people. we are higher in those people. we have been hiring in product and technology and in sales. we are hiring for very specific skills that we communicate and are able to draw upon for this different institutions. vonnie: you are executing a restructuring plan. how is that going? there are some startups try to get into the space. how do you plan on sending them off? we communicated a profitable growth plan to investors in march that laid out a five-year view for how we would turn around and grow the company. we are on track, we have a next
getting to the letter the milestones that we committed to. we just took down the reviews pay wall. we've been seeing 700,000 new members of joined angie's list just about a month. we've seen great consumer engagements, and now the challenge will be to drive that into new revenues. i'm quite optimistic about the prospects for that. vonnie: how are you positioning to put a moat around it, and at some point, would you consider selling? you fended off some offers at one point. scott: we are a public company, we always have to look at opportunities, but we are laser focused on executing a profitable growth plan, and frankly, it couldn't be off to a stronger start. scott durchslag, thank you. ceo of angie's list in indianapolis. coming up on "bloomberg markets," dr. toby cosgrove.
david: this is "bloomberg markets," i'm david gura. vonnie: i am vonnie quinn. u.s. health care sector has been one of the hottest part of the economy, with 1.9 million new health care jobs since 2013. that's an increase of about 35%. anda look at this industry its future, we joined exclusively by dr. toby cosgrove, president and ceo of the cleveland clinic, the second biggest employer in the great state of ohio. they for joining us.
-- thanks for joining us. does this create more health care inflation? you are going toncine continue to see growth. we expect by 2025 to have another 110 physicians assistants, 215 advanced practice nurse nurse, we have a shortage of doctors all over the country. the demand is enormous. david: that begs the question. the question. you have a shortage of doctors and nurses that has been persisting. is this economy too dependent on jobs like the ones we haven't health care right now? do you worry about how sustainable this is? dr. cosgrove: we know that health care is going to continue to grow. we have more people that are covered, particularly by medicaid, but he the real problem for health care is containing the cost. we have to do it by different efficiencies. you're going to see more and more people who are added at the
lower level to take over more clerical jobs and more technical jobs. physicians and nurses to do jobs at the top of the licensor. i think you are going to continue to see a lot of jobs in health care. i think that has been almost recession proof overtime. vonnie: to that point, we've seen a lot of consolidation hospitalize around the country. obviously, yourselves is the second biggest. does that continue or take away the need for some jobs? dr. cosgrove: i hope it continues, health care is under tremendous pressure. we are getting reduction in what doctors are being paid in what doctors are being paid. we have to become more efficient rate if you look at hospitals, they have been the last of the mom-and-pop shows. every community has had its own hospital and duplication of services. that was all done in a time when there was poor transportation and not enough in could do in
the hospital. now there are a tremendous amount of things you can do in the hospital and great transportation. together in network, you don't have to have all hospitals doing all things. get the patient to the right location at the right time for the right care. that should be much more efficient. there's concern that this is going to drive up prices, because of the consolidation of the hospitals. actually, i doubt that that happens. if you look at us right now, 60% of our payment is either medicare, medicaid, or no pay. you have no flexibility to bargain on those. more and more people are being covered by government pay. there's very little that you actually can drive up your asking price. until fewer than 100 days the presidential election. people taking stock of each candidate, what he or she has to say. highland capital management looked at each and look at what
sectors might benefit from each of ministration. health care is the most needle sensitive to this election. it could make a difference who wins. do you agree? dr. cosgrove: i don't agree. i don't think there's any chance that you will see via affordable care act repealed. david: are you surprised that we talk about that? dr. cosgrove: you see it less and less as we go on. 50% of the population support the affordable care act. it doesn't become a controversial issue that he was in the past. i doubt that you're going to see an act now that is six years old and has been implement it across the country, is beginning to take effect and 50% of people supported. i doubt very much that either party, regardless of what happens has a repeal of the affordable care act. medicare negotiation of perception drug prices has been a campaign issue, at least for donald trump. what you see happening there? dr. cosgrove: the big issue.
drug prices continue to go up. it has been to people who take advantage of drug pricing, for example, valeant has been on anyone's mind -- on everyone's mind. we saw directly been around for 50 years get 600% increase in prices. hard at we work really in theg our costs pharmacy in cleveland clinic took down $10 million in our costs. valeant, with its drugs, raise the prices $11 million. we have to begin to look at this in a very major way and understand what is appropriate, in terms of drug pricing increases. we are getting more and more great drugs. vonnie: he us a roadmap. who you think is the better candidate? dr. cosgrove: i think it will depend on congress. i don't the we can predict.
david: in the insurance space, we of the department of justice filing suit against the merger ur major insurance shops. do you worry about consolidation of what that could mean for health care? he was inve: consolidation across manufacturing, insurance, and hospitals, physicians groups. it's going on all way across health care because of the financial pressures that coming from the outside. it's going to be an issue. don't think that is decided yet. vonnie: you are global in ovid on the other places. you are opening a hospital in london. what do you think about when you look at the british health care system versus the u.s.? they couldn't be more polar opposite. do the brits do it better? with that work here? dr. cosgrove: i practiced in london, as part of my training. i've had some experience there.
i think pretty clearly, england has underinvested in its health care system over a very long time. ,oth of its physical facilities and in its info structure. i think there is a tremendous demand for private. in this country, you see we're going more and more government. and the rest of the world, more and more to private care. it's interesting that people want u.s. health care. if you look at the things the , they want our intellectual property, they want our graduate education, they want our entertainment, the water health care. want our health care. they don't want our steel. with multiple requests for u.s. health care coming from all over the world. we are now another derby, very successfully. we are excited about going to london. we bring a model that's quite unique. we saw bristol-myers
squibb being dealt a setback on a drug they had for lunch answer. explain what that means for the company? how big of a setback is that with the face they place in immunotherapy? dr. cosgrove: immunotherapy has tremendous potential. we've seen it in things like melanoma, which has been very exciting therapy. .e're looking at a new era i think that will be productive over the years. failed,ause one drug is i don't think you're going to see this abandoned or everybody pull away from that particular. cosgrove joining us in new york. still ahead on "bloomberg markets," will valeant be able to sacrifice its way to success? this is bloomberg. ♪
david: this is "bloomberg markets," i'm david gura. vonnie: i'm vonnie quinn. a look at some of the biggest business stories in the news right now. mergerse overseeing two among four health insurers is giving up on one of them. that includes rulings on both by the end of the year. there's a chance that it fall apart before hand. u.s. district judge is giving the case against aetna's deal for humana. making the challenged anthems takeover of signal to another judge. the cap the end the case because of its tighter deadline. david: valeant pharmaceuticals is attracting interest to other companies, and potential sale could value the constipation treatment at $400 million to $500 billion. valeant could choose not to sell the drug. they chose not to comment. vonnie: a european chill -- club
taken over by chinese owners. entire stake. the deal values the club at 820 million u.s. dollars. and that is your latest bloomberg business flash. david: donald trump and lists the of billionaires to help craft is economic vision. we speak with his senior economic adviser, stephen moore, along with the woman who shaken up the presidential race, jill stein. this is bloomberg. ♪
headquarters. it >> markets are closing, so let's take a look at commodities. >> looking at oil as well as gold because we have in a volatile move in terms of commodities as well. let's take a look at what is happening with of uti crude. it is down by about 25% -- about .25%. just aboveaw it pop that but we are still negative on the day. the acre hughes towns came out today. a rise of seven rigs to 381 active rigs. lessig a look at the past five days. right now, it is just up .5%. can see that it has actually been a volatile one.
bear market the territory and it went even further to that on tuesday. we have been peering the losses and ending up right now on this friday. let's take a look at safe havens. gold right now, because of the risk on environment, has been pulling traders out of old. $1343. erasingbeen pretty much the gains. higher monday as well as tuesday and we started to see a little bit of a loss of steam here because of the jobs report. everything just sort of fell out of the bottom and we are down 1%. gold, because of everything that has been happening, is up by about 20%. race: turning now to the to the white house. on monday, donald trump would a major economic speech in detroit
and today unveiled the team that will help his economic agenda. it includes is steve nook and, a wall street that, and to fellow nuken, ares -- steve wall street vet, and two fellow billionaires. rate00 jobs, unemployment or .9%. -- 4.9%. make thedifficult to trump campaign. make might be difficult to the trump campaign. agree with that. we are barely keeping out of recession. seen 400,000 jobs or 500,000 jobs a month to make up to the jobs that have been lost during the recession. it has been, as the wall street journal put it, donald trump
will hold this up, worst economic recovery since the great depression. 94 million people out of the workforce is a dreadfully bad number. we can't grow with the lowest number of percentage relatively since the late 1970's. vonnie: the economic team came out today and held hands. the hedge funds and so forth, how will that play with the main street message that donald trump is trying to get across? > you mentioned harold hamm, he did more than almost anyone to revive the economy after the recession. he really did all the drilling in north dakota which really gas and growth in the
oil companies that lifted us out of recession. incredibly successful people in business that replicate a lot of the things donald trump has done. donald trump has created businesses and high-paying jobs at that. those people, there's not a single person on that list that anybody could discourage. most of them are businessmen and women. david: i see five guys named steve. there isn't wide representation on this list. >> there are three or four people that i think were left off the list that were really solid economists who are women and i don't know what went on there with respect to the title list. a broader list has a lot of
women on the list but donald trump will not select people based on their color or gender, he will pick people that are talented. he has to keep focused on the economy. you see that in every poll. it has been jobs and the economy. pessimistic about the outlook. this is where i disagree with you. we got this one good jobs report. people don't feel good about the jobs market or the future. they don't feel good about the fact we run up a trillion dollars of debt without getting much to see for it. create jobswill he without skyrocketing debt? >> we will come out with a tax plan. not all the details, but some of the details of the overhaul of the tax system that will be one
of the biggest tax cuts since ronald reagan. --know what ronald reagan what happened when ronald reagan cut taxes. vonnie: what specifically? the heart of that plan is a 15% tax that will now be imposed on corporations and small businesses. this will take america from having one of the highest tax rates on businesses to one of the lowest. a lot of these companies and a , they arese jobs coming right back to the united states as we become a tax haven. will apply not just of the big corporations but the pass-through subchapter s companies. contrast that with hillary clinton who was to take the highest tax rate on small businesses up to 50%. it doesn't take a phd in
economics to understand a 15% rate will create more jobs than 50% will. david: mr. trump has talked a lot about trade. he was talking about the jobs report and also the trade. we willdea that threaten to rip up trade agreements and a 45% is very harmful for the economy. mitt romney said this would cause a recession. it's probably right. i think those are reckless i jury is -- reckless ideas. everythingagree with donald trump says on trade. i'm on record as being more free trade and i respect the fact that he would bring in someone like me who doesn't always agree with him. you won't see that in hillary's camp whatsoever, any disagreement. i think it's a little
disingenuous that the decline in trade is due to his trade position. he's only been running for president nine months or a year. we've had investment numbers for five years now. this is been the real ailment of u.s. economy. companies are not reinvesting the way they would. that is the main reason this has been the worst economic recovery since the great deprsion. vonnie: how would you bring down the cost of what we know so far? the 15% corporate tax rate, how would you replace the dollars lost? >> that is a great question and the plan is not finished yet. i can tell you this. to close loopholes in the tax system to do exactly what we did in this country in a bipartisan fashion in 1986. lower tax rates, getting rid of the junk in the tax system that
has been there for 30 years. we've done nothing to reform our taxes. makes you think congress will go along with that? >> i have to admit, i've been working on tax of warm for most of those 30 years and it is a difficult thing to do. hillary clinton would not have the guts to take on the special interest groups. how could she? she's taken money from them. if donald trump wins this race, he will have the kind of platform and mandate from the voters to do this. the voters have spoken. you can lower the rate significantly. let's not forget that we are talking about a major change in
the energy policy. we will be producing american energy and become the number one producer of oil and gas and coal in the world. you start doing that, you produce a lot of jobs. we can produce 5 million or 6 million new jobs. david: it's interesting how you came to take on this job. as someone who read your columns when you wrote for the journal, you have been a small government guy. what was it about donald trump that appeals so much to you as a small government guy? when he talks about the infrastructure plans, how do you square that with the principles you build your career on? >> i get asked that a lot. him, i say, i don't necessarily love you, but i love your voters. you have created a political movement. working-class americans around this country who just feel that
they have been disenfranchised and ignored. that is something i find so admirable. the blue-collar workers, neither party is speaking to, quite frankly. donald trump recognize something that no other republican or democrat did. they feel betrayed, frustrated, and financially pinched. --on't agree with his ideas all of his ideas, but anyone who cuts taxes and gets rid of regulations and redoes these trade deals in a way that are pro-america will help the working class in this country. vonnie: does the team that includes peter navarro and plenty of others -- have you a full plan that will be laid out on monday? >> the tax plan? it has not been scored yet. we think we ever deuced the cost of the plan because hillary says it's a $10 trillion tax plan.
we've probably reduced it by about two thirds so it will be about a $3 trillion plan. the average family will save about $2000 on their taxes. it sounds like a big number, but it's a decade of $40 trillion of revenue. are going to make that up by cutting spending. it's been a long time since anybody took the asked to some of these wasteful government programs. you care most of the economics, probably less politics in light of that. donald trump and the candidate reclaiming that mantle here after the week he has had? how difficult is it going to be for this candidate to say, i am a candidate running on the economy principally? this is a critically
important speech for donald trump and he's got to get back on message of the economy, jobs. it's what won him the primary, no question about it. the one issue that he significantly crushes hillary on his whois bander -- who is that r to handle the economy? he has been off message the last week, for sure. vonnie: thank you for coming. >> thank you. vonnie: we will be joined by the green party candidate next. ♪
vonnie: this is bloomberg markets. the politics in the nation, candidate for the green party are handing their convention in houston this weekend jill stein is expected to be named the presidential nominee. congratulations are in order, dr. stein. what percentage of the vote you are hoping to receive. jill stein: in the general election? i think the american people are hoping for a deep change. i think it's not just me. looking for a transformative change in this election, for a voter revolt which is well in the making right now. abouto a young person what their future looks like being trapped in debt without decent jobs in a climate that is melting down and an economy that
is not working for them. that is what i'm hoping for. will we get that? i don't know. gethowever close we get, we stronger going forward. david: your convention will be in houston. how are you reaching out to voters that might be disillusioned by or disaffected by what happened with bernie sanders. progressive left that aligned themselves with his campaign. how will you make an appeal to them? >> they are very well networked. was just astonished being in philadelphia outside of the convention when there were in or miss rallies going around in which i became a central spokesperson unbeknownst to me.
the revolt was focusing on my campaign as the way forward for that movement. when i went to talk with the press, it was the last place i expected to have people around me. i felt like a social worker because there were so many broken hearted people. the campaign provides a way that they can continue to do this amazing transformative movement. vonnie: are you afraid at all or do you have concerns about getting a reputation for being the next ralph nader? instead of splitting the vote, i think we can flip the vote. it's not just a candidate that's the underdog, it's the american people. an entire generation in a rigged economy.
underdogs are looking to become top dogs in a more equitable economy. let me say that it is absolutely clear that the american people are not happy with their current establishment candidates. they are told to begun little boys and girls and don't rock the boat. these are the most disliked and entrusted candidates in our history. even a majority of their supporters don't mostly support them. the greent what will party platform that you will take forward to the national general election, what will it say in terms of the economy act ? are calling for an economy that works for everyday people. it is barely above the poverty level. low-wage, temporary. a green newng for deal.
it like the one that got us out of the great depression. it has been done before. it is a green new deal so it solves not only the economic crisis and puts people to work. we call for 20 million good wage jobs that are focused on an emergency transition that can also solve the crisis of climate change. it will move us to 100% wind, un by 2030 with a healthy food system, public transportation system, and restoring our ecosystem. that is the foundation of our economic plan. david: there's a lot there. it take a look at the jobs side of things. .et's dig into that how would you go about doing that and how would you pay for creating those jobs? stein: it would be nationally funded but locally controlled through a
participatory budgeting process whereby communities decide what kind of jobs they need in order to become sustainable. it's not just in terms of energy and a healthy food supply, but also sustainable socially and economically as well. andunities have the ability the participatory budget is used across the country. meeting theabout objectives of the program. the funding for this, it is interesting that the cost's are estimated to be in the ballpark of the obama stimulus package which was around $800 billion. the studies also show that the cost of creating these jobs are less than our savings in our health expenditures. of fossil fuels and also of biodegradable food systems are so major.
we spent $3 trillion a year on what is not really a health care system, it is ace care system -- a sick care system. you are a medical doctor, and the goals are very admirable. you've raised $900,000. where do you intend to spend that money? dr. stein: we are spending that money now. we have been spending that money and getting on the ballot because the system is basically designed to silence political opposition. we've spent most of our resources just ensuring that we are giving crack equally every voter in the united states a chance to vote for a campaign that is not funded by big corporations, lobbyists, super pacs. the one campaign truly funded by and for the people. we have been spending this money to get on the ballot.
are able to afford advertising so we can get the word out. doing the organizing on the ground. david: someone considering reporting -- supporting you pointed out a potential link between vaccinations and autism, something that is widely disproven. what would you say to someone that heard that? this is the new birth or campaign being used against my campaign because certain people are rather worried we are an inconvenient truth. there is a smear campaign that characterizes me as being anti-vax. as a medical doctor, i recognize the critical importance of vaccinations in our public health infrastructure. needi point to is that we
an fda which the public can trust. right now, the public doesn't have great trust in the fda vioxx which iske not an isolated example of the influence of the pharmaceutical industry not just in the fda but many of the regulatory agencies. we have a revolving door and enormous campaign contributions. is therehat played out were over 100,000 cases of serious heart disease should be to to vioxx -- attributed to vioxx. vonnie: dr. stein. do you intend to campaign across all of the states right through november?b dr. stein: we do. vonnie: where do you raise the
money to do that? dr. stein: when bernie sanders endorsed hillary clinton, our raised.ing we have acquired much of the momentum and the passion and the vision of that revolutionary revolt that was happening in the sanders campaign. it is now happening in our campaign. so sinceree weeks or his announcement, we have raised as much money as we have raised in the entire year and a half of .he campaign up until that time it's a new ballgame going forward. david: running for president is something that sounds exhausting and difficult. you have done it before. there is an element of this that is kind of sisyphean. the odds are slim. why go through doing this? stein: i'm a mother on fire, for one. number two, this is an election
where we not only decide what kind of a world we have, but whether we will have a world or not for our younger generation. climate clock is ticking as is the ticking clock on the nuclear arms race which has been instigated. vonnie: you're not convinced the money would be better spent lobbying as opposed to running as a candidate? dr. stein: lobbying? i think lobbying is the problem. and we should have a political system that's responding to us as a people, not to the dollars flowing in. i'm running to stop that lobbying. david: dr. joel stein joining us from houston. this is bloomberg. ♪
from bloomberg world headquarters in new york, good afternoon. david: we are covering stories from chicago to berlin. s&p 500 marching toward new highs and a better than forecast job reports out this morning. the september fed rate hike may be in the cards. taking for cities been on bmw in tesla, planning its own line of electric cars. but is this the right time to get into the market? david: shares of bristol meyer trading at their lowest in 16 years. vonnie: we are one hour from the close of trading. let's head to the market desk. >> on this payroll friday, we see that jum