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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  December 22, 2015 3:00pm-4:01pm EST

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. ashley: maybe it's not too late for a santa rally, the market up 158 points! liz mcdonald, keep it going. liz: that's right, ashley. thank you're absolutely right. crude moving, driving the markets higher at this moment. the dow jones industrial average is up. look at this, 158 points! oil leading energy companies to upside. crude moves in another venue, driving the political discussion now as the hillary clinton camp is striking out against donald trump after what some are calling a vulgar description of how mrs. clinton lost to president obama from mr. trump. he made a vulgar description of it. we're going to take it up with our political panel. breaking new details about the movement too of the san bernardino terrorists where. they met, when they got engaged
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and when they reported on their visa application. this is a big controversy coming up. and military moves driving the fight against the islamic state in ramadi as the iraqi military pressing into the key city controlled by radical islamist terrorists since may. this is another big news development. we've got major general bob scales to discuss it all. driverless cars closer to reality. google teaming up with ford. what is the market for this and how will it help those stocks in the company's bottom line? the race to space getting another giant leap forward. elon musk, spacex hitting another historic milestone. a top astrophysicist is going to explain why this is so important for the space race and spacex? we're less than an hour to the closing bell. i'm liz mcdonald, let's start the "countdown."
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>> all right, we've got seven days of triple digit moves for the markets. the question is, will we see day eight today. the dow is up nearly 160 already. here's the deal we're hearing from wall street and the floor of the trading pits. you got to buckle up. this volatility does not seem to be going away any time soon. we've got oil up two straight days. the major averages up two straight days. all 10 of the s&p sectors are up, too. again and again you're going to hear this term. the new normal, but here's what bank of america and merrill lynch is just saying, this is news. they're talking about whipsaw action in single asset classes. this is important for the 401(k) and stock portfolio. also jpmorgan chase still sticking to their prediction, a three in four chance the u.s. will see a recession in the next three years. here's the question for investors. what is the play now?
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what is their outlook for 2016? we've got the a-team here again, experts on the floor are going to tell us about it in just a minute. we've got breaking news for you, new details about the couple who killed 14 and injured 22 more in the san bernardino terror attack early this month. reuters reporting that the woman, tashfeen malik, she answered no to questions about her background and activities, including whether she'd received weapons training or engaged in, quote, terrorist activity. she answered no on her visa documents. this is a big controversy. it has to do with visa waivers, visas given to hot spots of terrorist activity in the world, and also the refugee crisis as well. documents also reveal that tashfeen malik and her husband syed farook that they got engaged on a 2013 pilgrimage to mecca in saudi arabia. new developments in the war on terror as iraqi forces push to
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retake a very important city in the heart of iraq, pushing to take it back from isis, but isis is not letting go without a fight. there are suicide bombers involved, sniper fire as well, and isis, here's the thing, isis took ramadi in may, it was an embarrassing defeat for the iraqi army, and now here's the problem, potentially tens of thousands of civilians inside the city that isis could potentially use as human shields. really treacherous terrain right now for u.s. and allied forces there. and we've got more breaking news in france, a terror plot foiled as the interior minister of france revealing just moments ago that two men were arrested last week in the french region outside of paris. the french citizens we hear are reporting the terrorists were plotting to attack soldiers and police. it appears reports coming from french citizens to law enforcement there.
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the question is were these individuals also french citizens? here now, we've got 30-year army veteran and fox news military analyst major general bob scales. hit the news what's going on in ramadi, major general. are you optimistic that the iraqi forces can retake this very important city? >> i think they can. it's going to be a very, very slow and tough slog, liz, but it's very important. remember, if you look at a map of iraq, what you'd see is ramadi is essentially the gateway to mosul, and mosul is the geographic center of gravity, the isis effort in iraq. when ramadi falls, then the road from ramadi to mosul is open, and the road from mosul to raqaa, the other capital is closed. what this may mean as we move into the campaign season, liz, is that for once in the last
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two years, iraq may very well have the upper hand in this march to mosul. liz: here's the thing, and good point that you make there, raqaa, mosul and the traffic line, the supply line, exceedingly important supply route for isis. the question, though, is, what about the local civilians used as potential human shields by isis. what does it call for military and u.s. forces there? >> the reason they're trying to do it is to lessen the effect of killing american airpower. isis has done it before, did it in mosul and other cities in iraq. it's tragic, but a lot of my friends are saying this could backfire on isis. remember, the civilians in ramadi are pro-isis, because they chose to remain behind with the fighters, and if the fighters put the civilians up as sort of sacrificial lambs to american firepower, at the end of the day they could suffer
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terribly in their own propaganda. liz: let's talk about the breaking news coming now about the san bernardino terrorists. >> yes. liz: that tashfeen malik, the wife of syed farook, had checked no to when she was asked on her visa application whether or not she did engage in terrorist activity. this news breaking moments ago. she said no to questions on her background. now isn't this an issue for whether or not we continue to grant visas or visa waivers or marriage visas to people in hot spots in the world that do not like the united states? >> absolutely. you know all it is, is a check the block exercise. we have no idea who these people are, what their political and religious views are, and just filling out a form, or going through rudimentary interviews is not going to reveal how they truly feel about immigrating to the united states.
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this is not norwegians coming to california. these are folks coming from contested areas of the middle east, and we can't be too careful in how we vet them, and right now, frankly, liz, we do a terrible job in vetting anyone from the middle east who comes into the country. liz: last question quickly, is political correctness killing us? >> yes, i said that the other day. it's not just killing us in the united states, it's killing us in the middle east as well. when you have rules of engagement based on criteria that are so strict that a suicide bomber will run into the midst of our soldiers as happened just a couple of days ago, and kill our own people, why? because our young soldiers are prohibited from engaging the enemy because the enemy don't show outward signs of aggression. no. this has got to stop. you can't win a war by being politically correct. liz: thank you, major general. thank you so much bob scales, value your insights. merry christmas to you. >> to you, too, liz. liz: green on the screen,
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another triple digit move, the dow up 1%, but still far from turning positive for the year. we've seen wild triple-digit swings in what is usually a placid month of december. how should investors play this new normal we're seeing? right to the floor show. traders at the new york stock exchange and the cme group, teddy weisberg at the nyse and scott shellady over the oil pits at the cme. bank of america-merrill lynch report that came out basically said here's the lay of the land, you're going to see whipsaw action in local, single asset classes. meaning violent moves to the upside, crowded trades, what did you make of the report? where are you seeing the action? >> first of all, i think it's nicer than to state the obvious. we've been dealing with that for the last three or four years, and there's a lot of reasons for that. the volatility has become part
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of trading since the landscape completely changed, liz. we used to talk about this five and six years ago. the government and the industry completely change the rules when it comes to trading stocks. and stocks -- liz: teddy, hang on, i need to interrupt. in other words, what bank of america is saying, i understand what you're saying here, where are you seeing the crowded trades happening that this could occur that people -- investors could get hurt to the downside? >> well, we're living through it right now in the energy sector and the commodities sector. if you've seen a crowded trade with sectors that are oversold, it's in these two sectors. you can wrap around a lot of fundamentals. the fact is there's nothing rational when the momentum goes to the sell side like it goes to the buy side. liz: all right, let's get it to you, scott shellady. goldman sachs saying $20 oil, that's when you see a recovery in oil. what are you hearing?
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>> well, i'm hearing that maybe they're short and that's where they want to cover, number one. number two, we're not going to see a santa clause rally until we see a santa claus recovery. oil telling us that's not the case at all, and the continuous commodity index has been cut in half over five years. if we have commodity prices at five year cycle lows and gives us a six year view of the economy, that's not telling meet economy is going to get better any time soon. we have things to worry about and at the same time, earnings recession, manufacturing sector contracting and we raised interest rates into the middle of it. well done. see what happens after that. i think we have a lot of problems on the horizon. liz: here's the thing too, rare to have a santa claus rally with eight days left in the year. i think you saw 15 times in nearly 90 years. let's get back to where should investors be nervous? we understand commodities in oil, we've seen the action since the summer.
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teddy, where else are you seeing issues where investors should beware and watch out? >> well, i mean, it gets back to the -- i haven't seen it, but this merrill-bank of america america. everything in the sector can be fine but it's not. everything looks good until they pull the plug on it, and you look at biotech stocks, look at the pharmaceuticals that were doing great month after month after month, vrx is a perfect example, valeant, and all of a sudden they pull the plug on it. liz: great example. bet on the tides, don't play the waves sometimes in the choppy market, right, scott? >> i agree. there's another report that came out about six weeks ago where citisaid we have a 65-07%
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chance of going into a recession next year. we've seen the big black clouds on the horizon. you want to own stuff that's got a little return on it, bigger stuff that's going to give you yield, but at the same time, you have to be very nimble because it's going to be that kind of trade. liz: exactly. great information. that's exactly right. terrific information, we've got two major banks saying three and four odds of a recession or the next three years. you heard investing and market ideas from teddy weisberg and scott shellady. merry christmas to you both. >> to you too. liz: struggling health care, could change the way they do business. how will this impact the business going forward, though, and the shares in the company? we've got jeff flock joining us live from chicago. plus jeff bezos, you remember him? he runs another company beside amazon, called blue origin. his rocket was the first to basically land standing upright, a successful launch in
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november. he's claiming bragging rights over elon musk, elon musk and spacex had a successful launch. so we're going to tell you about the latest american space race. how you play it, and where it's headed. that's later on "countdown," don't go away. the only way to get better is to challenge yourself,
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. liz: sumner redstone, the 92-year-old media mogul controls viacom and cbs, two of his doctors, possibly viacom's chief executive will have to testify. this is in response to sumner's former companion who filed a suit challenging sumner redstone's mental competence, describing him as a living go. t 80% of the voting stock, in both viacom and cbs companies, both stocks in the green today, charlie gasparino break more news on the story. charlie? >> the real question i have is in the market right now is whether the board of directors of viacom and cbs, remember sumner redstone's corporation was broken into two. national entertainment. the overall holding company broken up in two companies, cbs corporation and viacom.
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there is some interlocking directorates, board members serve on both. sumner is the chairman of both since he controls both of the companies through the 80% voting share stock at the top. question is, are those board members in any way liable if mr. redstone is deemed by the court to be incoherent, and not competent because of whatever ailment he has or of his age to fulfill that job. this is interesting, point out the case slaw based on everything i've covered over the years, i don't remember board of directors liable for misconduct at the top. this is interesting, he pays both les moonves and pierre, they are his ceos, he is not nonexecutive chairman. he is the chairman of the board. he is the nominal head of the board. liz: you're saying he's still calling the shots, right? >> i don't know who's calling
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the shots, but from a corporate governance standpoint and bounced a coin off the people, he is the de facto head of both firms. if he's incompetent and has a lot of money, the stock isn't doing that great. you could see avenue for a class-action lawsuit from shareholders who feel that this company has been led astray; that they should have made different decisions and the guy at top is signing paychecks, barely signing them. dursee the signature he it, signed the paychecks while they're getting rich, shareholders are getting screwed. i'm not saying that's going to happen. liz: that's sumner redstone's signature. you're going to see that right there. >> in my view, this is a really fascinating. let's be clear here, this is a woman scorned. i'm not saying anything wrong with a woman scorned. he is suing former housekeeper.
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suing sumner because they apparently threw her out of the house, dissolved the relationship. she was his caretaker, lover, whatever. files a suit in. the suit she said something that people have been talking about in the markets over the last five years, the competence of sumner, is he competent to be the chairman of the board of this company? is he hurting? is the company hurting because they don't have a -- liz: how does this shake up? does a carl icahn step in and say -- >> excellent question, the stock would have to go down a little bit and you may see carl icahn say okay, these companies are screwed up. put our own board members in there, do a few things, or nelson peltz, i can see him take a long-term view, and not put -- the rumor mill is always that les moonves is going to take over sumner's shot, not sherry redstone, his daughter. we'll see.
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i'm telling you this is -- liz: this is a major corporate drama and you are all over it. >> ripe for an activist. liz: charlie gasparino, breaking news again. coming up, this is a story you're going to want to watch. the ford assembly line is cranking out cars, could be making cars that don't require a driver. sort of like taxis or ubers without drivers. it's ford's driverless future. that's straight ahead. also chipotle struggling to fix the problems with the supplies, food supply. more people getting sick. our very own jeff flock outside a chipotle in chicago, telling us how its latest health scare could force changes inside the company, jeff? >> reporter: it's fresh, it's locally sourced, but could that be the problem? we'll answer that question at chipotle when we come back. stay tuned.
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. liz: welcome back. would you look at this?
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the closing bell ringing in about 33 minutes. dow up nearly 200 points. whipsaw action. also lumber liquidators is up about 7%. this is a two-day gain after charlie gasparino broke the news yesterday that lumber liquidators may be sold and may be up for sale, rather, possibly a private equity shop could buy it. charlie gasparino breaking that news and watching that stock as well. nike is doing just fine right now ahead of earnings after the bell today. the company is up and trading. the stock is up about 1.5%, hovering near all-time highs. wall street analysts seem confident the athleticwear maker will hit the $50 billion sales goal by 2020, remember that one? it's deja vu all over again for chipotle. the centers for disease control and prevention saying five more cases of e.coli basically has been reported at chipotle. in kansas, north dakota and
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oklahoma. chipotle says it is implementing new food safety measures in the wake of the outbreak and several other recent ones like it. jeff flock standing by at chipotle in chicago with details of the steps that chipotle needs to keep consumers safe. i'll tell you something, jeff, stock is down about 33% from its high over the past year. are they telling their workers to wash the vegetables when they take the salad dressings and all of that out of the packages. that's the word we're hearing, basically the workers may be taking the supplies out of the packages and putting it into food products that are sold. what are you hearing? >> it goes deeper than that, liz. because you know, chipotle had been noted for this shipping of the goods directly to the stores which is unlike a lot of the competitors. if you look at stock of chipotle compared to competitors like sonic and wendy's and mcdonald's, you know chipotle had been the darling. if you look at numbers, not so
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much now. all the other competitors take it to a central location and then bring it out of that after it's all been checked to the stores. chipotle had been sending a lot of things directly to their stores because they thought that would be fresher and taste better. well, dangers with that obviously, you don't have the same control. if you look at 401(k), their most recent one they filed in february before any of this, they warned investors about problems that could be associated with that. take a look at what they said in the regulatory filing with the sec. food-borne illness concerns could adversely impact public perceptions of our brand generally. that is because it's harder to keep control of these things when you have so many multiple local sources. their challenges right now? well, outbreaks in 11 states. the source of that, they haven't determined it, and whether or not this latest outbreak is associated with the previous one which is more than
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50 people in 9 states. they've said all along, they source their products from farms, not factory farms. they wouldn't have it any other way, they say. but i tell you, after all of this, it may be that's the way they have to have it. liz: thank you, jeff. they've lost a third of their market value. that's a lot. do they need different crisis managers to basically give the message to the market that they've got a handle on this thing? i tell you, to lose a third of your market value, that's a big hit. >> they have tried to do that, but you know, this is the fabric of who they are, this locally sourcing farm to table, that's what makes them different, that's what makes them attractive. if they have to go away with that, they're going to take more of a hit than they already have. liz: mcdonald's unloaded chipotle ten years ago, steve estherberg said we're unloading because it's a distraction. this is a huge distraction, and
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jeff flock breaking all the news. appreciate it. coming up, a good story for you, as we always do. silicon valley, high-tech, meaning detroit. google tapping ford to ramp up production of driverless cars. so is the end of driving closer than you think? >> 3, 2, 1, 0. liftoff. liz: space age is back, the space race is on. elon musk falcon 9 makes a historic round trip to space and back. a successful launch. we have one of the nation's top astrophysicists all over this one, he's going tell us what this means for the american space program. more on "countdown" just moments away. i use what's already inside me to reach my goals. so i liked when my doctor told me
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liz: closing bell ringing in just 25 minutes. take a look at the dow 30. look at the one stock, it just turned to the green! apple. apple was the only dow 30 stock in the red. now just turned positive for the day. the dow is up about 186 points, losing some steam but going into what looks like a triple-digit close. one of the biggest names in tech may be teaming up with one of the world's biggest car companies to build driverless cars. there are reports that ford ceo mark fields will announce a new partnership with google in january at the 2016 consumer electronics show in vegas. so will this be a match made in ottom ? line. joining us now, we've got the guy you want on the story, michael ramsey he's in detroit with the "wall street journal" auto reporter. what do you make of this story? do you think it's serious? do you think they are going
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ahead with it? >> i think that there's a very good chance that google and ford -- i than google and ford have been talking about contract manufacturing. google has been public about the fact they've talked to many automakers and that they have no intention of getting in the auto manufacturing business. so if they want to have a driverless car, they have to have somebody build it for them. whether there is an announcement in january, i'm skeptical about that based on my information, but i think that over time, whether it's a few months from now or six months from now, google is definitely going to announce that they have agreed with some automanufacturer to build a car. liz: here's the thing, michael, google's parent alphabet according to pack crest, the wall street shop, they're saying over there that google's parent company alphabet is losing $1.5 billion on other endeavors outside of search. so i understand why they would
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want to hook up with ford, ford could make the cars. what are they seeing that the rest of us may not be seeing about the market for driverless cars? what are you hearing about the demand for driverless cars? >> that's a real question, i mean right now it's hard to know what the demand for driverless cars is, it would require from google's perspective, require a new business model, something similar to uber where you would have robot taxis that pick you up. so obviously you have a business that would be based on revenue coming in from people using that rather than taxis or ubers. so that would be their business model presumably. what most driverless cars that are being marketed today are aimed at are autopilot systems that are convenient features for you and i. if you bought a model s from tesla and they have a crude version of what google does, doesn't do nearly the same capability, that's a function that makes it easier for you and i to drive.
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we might pay more for it. what google is talking about doing is getting rid of the steering wheel entirely, having a fleet of cars that pick you up on the click of a button on the phone and drive you around so you are paying them for a service. that's a very different business model. liz: you got to make people comfortable, if they can't control the car, they have to feel they are safe. tough go with that go. michael ramsey, "wall street journal" automotive reporter. space race is back on, silicon valley's race to space. elon musk is back on top though jeff bezos' company was first, called blue origin in launching the space rocket in november successfully. we've got elon musk's spacex, it too successfully landed the 15 story, yes, 15 stories high. it was the falcon 9 rocket at
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cape canaveral. this happened in florida last night. it is a historic step to commercial spaceflight and potentially more manned missions into space. some people are talking mars. we have astrophysicist charles lew is saying the spacex landing is going to change not only how we travel in space but on earth. he is an astrophysicist here on a fox business exclusive. what was so spectacular about this spacex launch that we've been missing in the media? >> it's amazing liz. imagine if i took this from the green room, i hope this is okay, imagine it sitting in a martini glass in the studio, and launched half a mile up, well past the empire state building and a piece broke off, got sent to connecticut and the rest of it turned around, flipped and came back down and landed in the same martini glass straight up without a splash.
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liz: that's precision, right? >> yes. liz: so spacex has had, we're showing the rocket launch right there, now you also said at the break that it launched another booster rocket and that shot 50 miles into space. this rocket went further and faster than jeff bezos' rocket, right? >> what's important about this is that what spacex did was actually deliver a payload into orbit as well, and brought the main rocket booster, the first stage, back down to earth. that's what we're seeing right now. remarkable watching it live. liz: how will it help the rest of the world and us on earth? >> all about money. a typical rocket like that which landed and costs over $50 million, but the fuel using it costs less than half a million dollars. liz: you're saying reusable rocket would be cheaper. >> cut down the cost by 99%. liz: what other technologies or services could you see? i understand -- let me back up. nasa awarded a contract, a 2.6
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billion to spacex to basically taxi astronauts to the international space station, you know, boeing was in on that, got a piece of it, 4.2 to boeing. is the space race back on? shoe that good for the united states and the rest of the world? >> the space race is back on in a different way than the cold war. in the past it was countries competing with one another. now on the cutting edge, nations are cooperating. there are five different space agencies combining to work the international space station today. but what's happened is we are allowing corporations to do the more mundane things, things we've been doing for many years but don't need the higher level of research and development. things that might turn a profit today. so that's why blue origin, spacex, orbital sciences. liz: richard branson's group. >> are trying to do it. liz: a play for investors as well. >> could be. liz: thank you, charles liu,
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astrophysicist, thanks for describing, that interesting information. >> my pleasure. liz: markets are scaling back a bit, up around 1%, they're up about 164 points. still triple-digit gain for the dow right there. coming up, donald trump maintaining his lead in the latest national poll, but we've got senator ted cruz coming on strong. we're going to take all of this up with our political panel in moments, don't go away. and tune in to the second season of fox business' hit show "strange inheritance." all new episodes. watch jamie colby week nights at 9:00 and 10:00 p.m. eastern time. "countdown" is coming right back. how do you say breakfast in korean?
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google voice response: achim sigsa. how long does milk last? google voice; one week after the sell-by date. how much vitamin c is... is in an orange? set timer for twelve minutes. google voice: ok, twelve minutes.
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where can we find donuts around here? coffee? what about crepes? how about a bagel? what is the most important meal of the day? google voice: breakfast is the most important meal of the day. . liz: welcome back. man, look at this. we're 13 minutes to the closing bell. the dow holding on just barely to a 1% gain.
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trying to still make it through a triple-digit rally today. we'll be watching that one for you through the close. donald trump is thrown at the p ofhe 26 gopoll loing ke is on shaky ground. trp's position unchanged from last month, he's grabbing 28% of the polls. he's now being challenged by senator ted cruz. the billionaire still leads ted cruz by 4 points, but cruz is rocketing up 8 points in just four weeks' time. i am joined by fred barnes, executive editor, one of the sharpe sharpest minds on politics. take it to you, fred. is this a serious run ted is making? could he outpace donald trump, do you think? >> look at iowa. ted cruz has done a great job appealing to conservatives, but particularly to evangelical
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conservatives, the christians. it's a large bloc. the votes in the republican caucus there and sure cruz could win there, and here's what particularly could happen, and that is if he wins, and defeats donald trump, it could burst a balloon, the bubble, that trump may have created. i think it really is a bubble, and this could be extremely damaging for trump and help cruz a lot. liz: looks like cruz is picking up carson's voters, right fred? >> those and others. liz: take it to you mr. baroga, half of those surveyed said donald trump would be an embarrassment. 33% said that of hillary clinton. what does this mean for mr. trump and hillary clinton? >> well, if i were a republican consultant instead of a democrat my head would be ready to explodelet as you pointed out 50% of the county is embarrassed by donald trump.
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he has very poor ratings among women. he's extremely controversial, and i think he would be a disaster for the republican party, not just at the presidential level but probably would ensure that the democrats win back the senate. liz: fred barnes, here's the thing, the sarah palin effect. they're worried about having somebody they don't trust or feel the temperament to be anywhere near the nuclear codes but the separate question too could donald trump take care of the problems with the hispanic population and name hispanic as vice president. i know i double barrelled the question for you. just give me answers on both. >> is that for me? liz: yes, it is for you, fred barnes. >> look, donald trump naming an hispanic, i don't think there is a hispanic who would be on the ticket with donald trump. look, and beside, the vice presidential running mate doesn't help or hurt much. the truth is that donald trump, i think, cannot win, he can win
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the republican nomination, he can't win a general election, he's alienated too many people, he'll lose a lot of republicans. i mean i think some of the republicans and i talk to them all the time, and they say they're not going to vote for trump against -- they'll vote for hillary over trump. some of those will wind up voting for trump if he's the nominee, an awful lot won't. hispanics, minorities, immigrants aren't going to vote for trump. liz: thanks for being with us, merry christmas to you both. you do not want to miss republican presidential candidate george w. bush. he will be on "risk & reward" later on fox business. that's at 5:00 p.m. eastern time. and we've got a reminder for you that the fox business debate is coming up. it's going to be on thursday, january 14th. you got to set your dvr's now. the best team in the debate business right there. the closing bell is straight ahead. the dow is losing a little steam, it's up about 145 points
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right now. it was close to being up 200 points. "countdown" coming right back.
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what's in your wallet? . liz: we're five minutes away to the closing best. another white knuckled ride into the close. dow is levitating higher, up nearly 200 points, now up 144. still aways away from being in the green for the year. some people are calling it the terrible, horrible, no good stock market year. if it goes down in 2015, it will be the first time the markets have underperformed since 2008 and the first time before a presidential leck since 1939. i have gerri willis laughing off camera about what i just said. how do you play it? joining me is mark jacon and todd horowitz on the cme. the first down year since 2008
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doesn't feel so good, right, mark. >> i think we're going to get worse before we get better. some sort of a washout, i think it is next year, though it hasn't happened since 1939. the first time for everything, and next year is a challenging year for the markets. liz: cheers the thing, mark, people are feeling sketchy about the market. people went to the sidelines. do you think that we already rang the bell at the top and we're going to have a flat year going in through 2016? what do you think? >> i think we're going to rally into year end. i see 300 to 400 dow points between now and the end of the year. i think we close the year up 1-2%, and i think there's a good chance that we'll see volatility pick up in the first quarter and will see a strong first quarter based on the fact that the consumer is pretty robust here and i think first-quarter earnings drive the market. liz: marc, stay with you for a second on that. you're right, volatility is
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below historic averages, it's feeling choppy right now, and this is really the first time in a long time, i say six years, since the markets have been off the fed dialysis machine, back to basically what the markets are built on. it's corporate profits. so you know, what do you think is going to drive the market up to basically 100-point increase before the end of the year? todd in a second. i want to hear from you, marc. >> just one word, the consumer, i think the consumer is very well positioned, job growth is strong, wages are up, and you've still got this sort of gasoline tax cut, and i think we're going to see the consumer be a bigger factor in the economy and the housing market in some of the consumer discretionary stocks. these are the stocks i'm looking to leave the market in the first quarter. liz: good point that marc makes, old faithfuls like kimberly clark, stocks you don't hear about. here's the question, and this
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is important. aggregate s&p 500 earnings could be down nearly 5% fourth quarter to fourth quarter. it's going to be a tough go of it. we have a really whopper of a december we haven't seen in a long time in terms of market volatility and where the markets are trading. >> emac, i think that that's what makes a market, marc and i are on completely opposite sides of the trade. i think the consumer is weak, the jobs strength and underlying pocket. you are talking about 5% missed by earnings. what about the 65% of the stocks down over 10% in the s&p 500? we're only held up by allowing the textiles or fang as you call it, the markets are very, very weak here. liz: marc, leave it on an optimistic note. have you five seconds. >> more oversold than people are giving us credit for. i agree with the numbers that's a reason we'll see the rally.
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the 5% drop is all energy. you take energy out, the earnings are up. >> doesn't matter what it is, it's still down 5%. liz: thank you marc and todd. we want to send it over to gerri willis and david asmid cap. that's -- david asman. that's it for us. >> thank you very much, appreciate it. half u.s. voters are embarrassed to call him president. we'll break down the results of a national poll that shows ted cruz nipping at his heels. >> close on his heels. secretary of state john kerry co skirt new visa rules that were just voted on by congress. we'll tell you what that's about. and >> and an irs computer glitch could be costing taxpayers millions. millions of dollars in mistaken refunds. we'll tell you all about it david: but first stocks rallying into the close now,
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the closing bell just about to sound, ding, ding, ding, there they are. the dow is trading up almost a full percentage point. 160 points to the plus side. everything is up except gold. we should mention, however, that -- partly because of the holidays this week, the stock volume is a lot lower than it usually is by about 14%. so very low volume, move the market in big directions. david: big swings. and today we had one to the positive side, which is good news. gerri. >> more on this. ashley webster standing by in the newsroom. what's fueling the rally? >> well, we can't talk about the market without oil and landed slightly higher, it has been helped stocks and what's interesting is that the u.s. dollar has pulled back in the last couple of days, which has added a general support to the commodity sector. so those two things combine that have helped to give some stability to the market. but to david's point

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