tv Countdown to the Closing Bell With Liz Claman FOX Business January 21, 2016 3:00pm-4:01pm EST
>> neil and i have have been fun with the backgrounds pretending we're in davos but let's go to the woman there right now. liz over to you. liz: yeah, come on, trish. we'd love to have you and neil next time. okay?, listen, i can smile because the bulls are charging ahead as the bears retreat behind oil. the dow jones industrial average jumping about 156 points right this second. what a far difference picture from this exact time yesterday. here's what remains the same, though. oil is still driving these markets. briefly rising higher than $30 per barrel. crude $29.53 slightly above that right now at $29.78 we see it's up about 4.2%. that's the biggest gain since october. we are live in davos,
switzerland where the possibility of recession is topic number one in the hallways outside. over in these trees i'm telling you that's what these people are talking about. and they're all asking are we headed for a bear market like so many other nations? we pick it up with the two brightest minds in american business. nascar chief operating officer and capital managing director both are live here in davos with me. working to stop terror. the obama administration making moves today to limit visas for people who are dual citizens of these four countries. iran, iraq, syria, and sudan. security within massive flow are already a problem for europe. wait until you hear what tony blair, the former british prime minister think so can be done and can be done. plus we ask him of britain whether to ban donald trump. and breaking today a new report points finger at
russia's president vladimir putin that he probably, probably played the role in a murder of a critic. we take that up. been outspoken, had his own runins with putin and russia. and new report says president bill clinton is not happy with the way his wife's presidential campaign is running. our politics panel tells us changes are coming to the hillary campaign. we're less than an hour to the closing bell. live from the world economic forum in davos, switzerland when our eyes on the market. let's start the countdown. . liz: breaking news. the market roller coaster taking another big looped deloop today. the dow right now up about 148 points, oil closed up today. so names like exxon, conocophillips, chevron, all
of those names seeing gains. that is also a bigger picture because they've gotten hammered over the last couple of months. meanwhile with the brightest names here in davos, switzerland, everyone is still buzzing of european central president mario, today he held his fire but says the gun is still cocked for now. that gave the markets a little bit of confidence. if things weren't so bad that he had to jump back in with stimulus, perhaps we could see him in the markets in europe and we do right now here in the united states. and running heavy today more than 3 billion shares exchanging hands and still about an hour to go. so how do you play it? let's get to the floor. traders at the cme. what do you think is really at the heart of the turnaround? it appears once again that stocks are moving in lockstep with oil. >> well, i think that's exactly right, liz. when we -- i've tried to examine this market for the last three and even four weeks and last week of december. and a lot of the correlations
that were normal, historical correlations have been broken down. but what we see day after day is stocks are trading along with oil. and that is the one trade that you can actually kind of lean on as we get to this time period. now, what we really need to be careful on, what we have seen, though, is sometimes that correlation breaks down when we get a sharp rally in here, a lot of times people will have a safe rally. there are a lot of people nervous about this market not only globally but the u.s. market. so instead of buying the dips, now they're fading the rallies. so you need to be careful here as well. . liz: we've got big names here in davos, darren, dan lobe, a lot of hedge fund guys and private equity, in fact, steve is coming up in just a minute. but, larry, is this a bear trap? because they're all trying to see what's happening and whether this is time to get in or not. we've had some big names out there. for example, gun lack; right? he's been the guy to say this
is not a time to be a hero but maybe yesterday was the low. what kind of are you saying on the floor of the cme that perhaps that's part of the sentiment. >> well, what i see is there's so much fear in the market and a lot of times for me, that's a time to be -- the start spying. let's face it. this market, the oil market, the stock market has been following sentiment not fundamentals. we have to realize that china is going through a gigantic reorganization, there's credit growth in europe, green sprouts there and completely under estimating the growth and inflation prospects here in north america. so do i buy with both hands right here? absolutely not. but if you've missed out on the last rally, this is the time to start getting back in when everybody else is selling. . liz: you know, i think keith blitz was laughing a little bit agreeing with you. but the risk aversion is still very prominent, keith. where are you starting to see some action? >> well, we're really not seeing action in any one of
the sectors that you think and, again, it gets to larry's points about uncertainty, skittishness inside of the market. for me personally, i was tend to weighing a little bit. yes, the markets are vastly oversold, they have been not only the u.s. but across the globe since the beginning of january. logic and history would tell us to go ahead and start buying here. but just the price ack we've seen lately makes me fearful here. look at the s&p 500 if we can continue to stay above the august low of 16167 about also the small caps, russell 2,000. continuing moving up. if it continues to languish here behind the large indexes, that's going to be a problem for the broader market to get motion upward. liz: okay. we're now about three points above your trigger level there. 1870 for the s&p, 1,000 for the russell. great to see both of you. not sure if it's a bear trap but might want to start selective picking names that look cheap. but, again, this is a question that we have everybody.
from retirees to college graduates to people who are in professional jobs. as the u.s. market rebounds, do you start to pick up some names here? but they sell below august lows yesterday. what does this signal for the markets and the weeks ahead? and how are stock exchanges acting to these unbelievably on volatile markets? joining me now nasdaq chief officer dena friedman. i'd glad you're here in davos. how do you deal with all of that drama that has been going on? >> well, first of all, thank you for having me here today. the markets have been very volatile, and it's important to realize that this level in the market has occurred twice in the six months. so there's volatility also finding that once investors -- they take the emotion out of it. they're able to start to look at the fundamentals and like you said saturday to look at the companies that are very good companies that have been oversold. so we're excited to see the
markets are up today. and the fundamentals have not fundamentally changed over the last month and therefore as emotion comes out of the market that they start to look at the market in the current environment. . liz: the indicators people look at is companies going public and nasdaq is a leader in ipos. what do you see for 2016? because many of the companies -- not all of them, but many who went public and great moments with the nasdaq and ringing the bell and all that you do over there, they're trading below the ipo price. >> well, i think companies that are very strong companies with great business models will do well. the issue of course is the cycle. they have to be patient with investors is the investors learn their stock, learn the strength of the business and continue to communicate with those investors. i think with regard to 2016, there are very good companies that are waiting to enter the market -- liz: or are they delaying? >> they have been delaying and there are a few stocks that wanted to come out this month and ready to go on the road show. they have -- they believe that
their investors will be recepted to them in a normal market environment. liz: but not now. >> they want to make sure there's an inviting environment for them. so they have chosen to push the ipos. and probably waiting week by week to see if the markets will stabilize and creating an environment for them. liz: you've been doing this as a long time, you started as an intern, folks, you hear that? you've climbed all the way up. but have you ever seen a time like this where cheap gasoline doesn't seem to be a net positive for consumers because they're nervous? >> well, i think you have to look at short-term versus long term. so in short-term when emotion enters the market, you see people potentially looking at one signal and addressing it, bringing it across an entire sector or bringing it across multiple sectors. and once you take the emotion out, they start to realize that low gas prices can be very good for consumers and consumer goods and companies that look at having discretionary money allows
them therefore to sell more of their product. liz: we're still waiting for them to see that because right now people are selling stocks and just seem to be concerned. and today the dow let's see if it can hold this gain of 99 points and the s&p up 7 and the nasdaq up a fraction at the moment. you know, i didn't mention that, yes, you started as an intern but then you went to carlyle. you helped take the carlyle group public, which is great to be on the other side of that. now you're back at the nasdaq, a coo and president. i have to ask -- you're going to kill me but is the ceo job yours once bob leaves. >> well, the coo job three weeks ago. liz: your mother would push you, so i can push you. >> i'm excited to have all the businesses rolling up to me now. i have an opportunity to look across the entire portfolio of what we can offer our trading companies, our issuers, and our exchange clients. and make sure that we're bringing the best of all of nasdaq to them. and i think that i have a
great responsibility and a great opportunity in front of me in the current role. liz: you wouldn't turn don't even the ceo role, though; right? >> i'm always happy to serve nasdaq. liz: there's your line. i'm sure they're pleased with the fact that you came back. it's a great story and certainly here at the davos forum. i'm sure you've learned a lot about what's going on inspect economy. do you think we tip into a global recession? >> we're not here to be market predictors. we're here to make sure that we can have effective markets to allow buyers and sellers find the right price on the market. liz: well, keep us posted because you had a great ipo the last of the year not a unicorn but a pegasus. have you folks heard that title? it's a unicorn worth more than a billion that actually is profitable. it can fly. so at last a great story? >> it is a great story. and that was a wonderful ipo. it priced above expectations. it went into the market and went up that day. it's essentially a collaborative software tool
and really an amazing story. based in australia but also a really global operation and profitable as you said. liz: came to you, biotech comes to nasdaq. >> that's right. liz: it's a great story. thank you. >> thank you very much. liz: adena friedman. coo and president of the nasdaq. not an easy time for anybody running certainly not an index but the dow holding onto gains up 127 points the closing bell ringing in 48 minutes. much more ahead live from here in davos, switzerland. we've got world leaders coming to us left and right. i'm going to talk to former british prime minister tony blair about why parliament this week talked about banning donald trump from his country. tony blair, you have got to hear what he has to say about that. and the president of ukraine on whether he's worried vladimir putin would try to maybe have him killed. we talked to petro when count down to the closing bell comes right back. what he looks forward to when
surprise... your insurance company tells you to pay up again. why pay for insurance if you have to pay even more for using it? if you have liberty mutual deductible fund™, you could pay no deductible at all. sign up to immediately lower your deductible by $100. and keep lowering it $100 annually, until it's gone. then continue to earn that $100 every year. there's no limit to how much you can earn and this savings applies to every vehicle on your policy. call to learn more. switch to liberty mutual and you could save up to $509. call liberty mutual for a free quote today at see car insurance in a whole new light. liberty mutual insurance.
liz: the obama administration taking some steps to try to prevent another terror attack on u.s. soil by implementing new restrictions to its visa waiver program. here's what they're doing. they said this will prevent nationals of 38 countries who have either traveled to iraq, syria, iran or sudan or those who hold citizenship of those countries, and they will try and prevent them from coming to the united states as part of that program. this had been thought of as an easy entry program. instead dual nationals and travelers who have spent time in those countries will be required to go through the full vetting of the regular visa process, which includes an in-person interview at a u.s. embassy or consulate. so a euro zone had been struggling with their problems. the european union was feeling tremors from an economic spoilt. can the eu withstand both
these destabilizers. listen to what tony blair said to me in this one-on-one interview earlier today. >> can survive it but it's going to be a big challenge. and if you did get terrorist activity coming in on the back of it, it would be a huge political problem. so mind you very simply again is that you've got to go to the originals of it, which is the syria crisis and, you know, we have to have the policy that allows us to make progress there and resolve that situation. because if we don't, we'll continue to get these flows of migrants. and secondly we need to make sure whatever policies we have on migration, we have a strong security position. because it's the security that in the end will be really troubling. liz: yeah, security cost money but the political conversation has been driven by those. as we look at both the united states and european nations, it seems like extremist politics from the right and from the left really seem to be right off the bat. look in the united states you have donald trump, bernie sanders.
in the european union you've got other unions that have very strong voices. are we seeing the depth of centerrist politics? >> it's a really good question. i think "no" but i think the center -- if the center's not muscular then the extreme is gain. and that's why centrist politics shouldn't be a compromise. it has got to have a series of tough policies that meet the concerns and anxieties of people but also sensible. because a lot of the po popular left and right, it's very good at playing to anger but doesn't provide answers and in the end it's answers that create the right type of future for our country. but you see this in the u.s., you see it in the uk. you see it all over. the thing that i feel in the end is that when you look at the election results, people -- the broad public in the end decide the result in a democracy. i still think that they
allocate more to the center than people realize. liz: well, i have to ask you what you made of the british parliament debating whether to ban donald trump from entering the country. you had a -- you're laughing. there was a petition of more than half a million people saying keep him out. >> yeah. liz: because of the stance on muslims. >> right. you can get petitions half a million people on basically anything nowadays. no, look, i think it's -- while they disagree with what he says, i don't know how it will be a sensible course of action. in any event let me tell you. we're all watching your election in the u.s. with a lot of interest. i wouldn't -- i would say also a little bit of anxiety but certainly makes for interesting viewing. liz: certainly does. thank you so much, mr. prime minister. always a pleasure. >> always. liz: tony blair. liz: former uk prime minister tony blair. by the way, we're getting world leaders to make news all day long here at the fox business network in davos, switzerland. there's a lot of chart about the breaking news
today that a british inquiry revealed russian president vladimir putin quote probably approved the poisoning of former kgb agent turned putin critic. in huge demand here, he flat out told me everybody should be worried about this dead whistle blower. listen to what he said. >> become more and more predictable and i think this is not only for ukraine and danger for you and danger for syria. this is a global security challenge and the country should be united just to find out the right answer. liz: well, it's a pretty dramatic statement to have a british inquiry say that vladimir putin poisoned a former critic. alexander. does this make you fear for your safety? >> well, i think -- this is
not -- same joke now in this situation to be president of ukraine. no doubt. liz: i can't let you go before i ask you about a development in the united states. the obama administration now says that they are going to have more stringent checks when it comes to allowing people with dual citizenship in from europe if they also have citizenship in iraq, in syria, in the sudan. what do you think about that? >> i think this is absolutely right decision because we as a -- as ukraine stop more than 10,000 russians who try to enter to ukraine and who have a suspicious for possible organizing the terrorist attack. and our services stop or prevent just in the last year 207 terrorist attacks and more of these terrorists being presented to the world and put them in jail and give them a court process where prepared in the training camp in the
federation. and that would be the responsibility of this. the same way, like, today the chief of the special montory mission of the -- which observed the situation said that would be completely unacceptable on this special mission and that cannot bring to the peace& stability and there should be some responsibility for those who violate the agreement for those who are bringing with the terrorist -- no matter come to ukraine or to the united states. liz: i asked president will he get crimea back? that region that was snatched away by russians. his answer to me was quote no doubt. make sure to go to liz claman.com. on there we have the full interviews with ukrainian president and tony blair earlier today and eb announced that the european economy while attentive isn't bad
enough to require new estimate lass. but billionaire george is saying here in davos that the european union is on the verge of quote collapse. you need to log on to see what tony blair thought about that and you can check out all the other exclusive interviews we've done here in davos like japping chase chair, ceo and others. you must connect with us on social media. you can check out our facebook page. facebook.com/lizclaman on fire with everything that is happening here at the world economic forum in switzerland. you can see all the pictures i've been posting. i should post some of the food i've eaten and of course some of my experiences going up and down the gondola, we've got pics and video. closing bell we're 36 minutes away. dow jones industrial up 132 points a time to get a breather here considering the markets have been decimal lately.
so the dow is having a good day. take a look at the leaders here. topped by verizon, home depot, nike, ge, chevron, walmart, you can see the rest. but guess what? jumping on early planes because winter weather is creating a mess in parts of the midwest and the mid-atlantic overnight. now millions of people in the eye and the pass of the blizzard-like conditions. we've got the latest on how much snow is expected. who's in for the worst of this powerful storm? the very latest raid. all that you need to know. countdown to the closing bell coming right back you totaled your brand new car. nobody's hurt, but there will still be pain. it comes when your insurance company says they'll only pay three quarters of what it takes to replace it. what are you supposed to do? drive three quarters of a car?
now if you had liberty mutual new car replacement, you'd get your whole car back. i guess they don't want you driving around on three wheels. smart. with liberty mutual new car replacement, we'll replace the full value of your car. see car insurance in a whole new light. liberty mutual insurance. thcompetition, it's protecting buscustomer trust.not every day you read headlines about governments and businesses being hacked, emails compromised, and intellectual property being stolen. that is cyber-crime, and it affects each and every one of us. microsoft created the digital crimes unit to investigate and fight cyber crime. we use the microsoft cloud to visualize information, so we can track down the criminals. using our advanced analytics tools, analysis that used to take days to run, we can now see in real time. and we're building what we learn back into the cloud to make
point but higher by 54 points dow jones holding onto gains of 127. now, i know what it looks like behind me. oh, it's so nice. it's like winter wonderland here in davos, switzerland. let me tell you something. you want to see my scripts? we're trying to print scripts and this is what's coming up. the ink in our printer has frozen. that's how cold it is here in our tents for the next couple of days. but we do not have the problems facing people on the east coast right now as the prospect of blizzard conditions could arrive as soon as tomorrow night. weather meteorologist mark is with us right now. you've got the latest forecast from state college, pennsylvania, and everybody wants to know what new york is going to look like. and dc too. >> well, liz, that's right. very real. we are still onboard for the blizzard. developing around the nation's capitals philadelphia even around new york city. we go down to blizzard conditions. the first shot already fired with our plains overnight. in kansas city now part one of
the gulf storm. tornado watches we've had recent tornado warnings in louisiana. so the severe threat will extend into jackson, michigan, georgia and north florida tampa tomorrow could be looking at severe storms. and then as the storm goes up the coast it slams cold air into the carolinas and we'll have a significant ice storm along i85 here up towards greensboro and the ice here freezing rain and then snow as you head up into the mountains. one to two feet of snow. mountain or carolina spreading its way up across virginia into southeast pennsylvania. that's right we'll see more than a foot of snow around philadelphia. here's the timing of the snow and the ice. coming up to north carolina, southwest virginia earlier in the morning. richmond snow overspreads during the friday morning the evening hours the snow spreading into the beltway and
then overnight the snow advances up into philadelphia after midnight into early morning hours here you go, new york city. what there is of the snow, depths later saturday afternoon. blizzard watches and blizzard warnings have been hoist. look at that. well in advance of the storm already around the nation's capital. we could see about two feet of wind-driven snow that begins here later friday afternoon and continues into saturday night. so we're hunkering down. it is going to be a storm here in the east, liz. . liz: i can tell you, mark, we're all changing our flights and throwing camera equipment over the balcony. all trying to get out because, you know, if you're stuck here and we can't go on saturday, it might be weeks -- i'm kidding. if you've lived in cleveland, it's not such a big deal but thank you for the update. accuweather meteorologist. we're watching the blizzard and how it could possibly ruin weekend plans.
here's some stocks that may be feeling pretty lucky today. we call these blizzard stocks; right? electric generator, home improvement stores lowe's, home depot and brings and stratton all seeing gains today. we do have minerals down just a fraction most likely, though, there will be great demand for salt on the roads. closing bell 27 minutes away. dow jones industrial staying a few more points added to the chart here up 168. sarah palin all smiles as she goes for gop frontrunner donald trump while bill clinton apparently not so happy with how his wife's campaign is now being run. our all-star political panel is live here to make sense of the 2016 soap opera chapter 28. and still ahead. capital managing partner and co-owner of the boston celtics steve in the tent. he just arrived. he's joining me for a one-on-one here in davos, switzerland. private money, big money investments.
its self-parking...and self-braking...show-stopping. the all-new glc. mercedes-benz resets the bar for the luxury suv. starting at $38,950. he ran for senate saying he opposed amnesty... then he flipped, and worked with liberal chuck schumer to co-author the path to citizenship
bill. he threatened to vote against it. and then voted for it. he supported his own dream act and then he abandoned it. marco rubio. just another washington politician you can't trust. jeb bush. he's a leader, so you always know where he stands. right to rise usa is responsible for the content of this message. you can fly across welcome town in minutes16, or across the globe in under an hour. whole communities are living on mars and solar satellites provide earth with unlimited clean power.
liz: there's a new report out today from politico that former president bill clinton who has actually been to davos many, many times is not happy with the way his wife's presidential campaign is being run. here is the story. hillary clinton is losing to bernie sanders by more than 12 points in new hampshire, and he actually continues to gain on her in iowa. so president clinton wants her to focus on the endgame. he'srometer -- i stress reportedly, telling her campaign manager they should stop focusing on the early states and start mobilizing for super tuesday. let's bring in two political-mile-an-hour winds here, kevin paul skoss who is
a republican strategist and on muke huckabee's 2008 presidential campaign and ellis, colonist at newsday. how worried should it be, he will website since you're on the democratic side that president clinton is worrying the strategy? >> they shouldn't worry. they should shut up and listen, there are very few especially how to play those middle america states any better than bill clinton, consider it a gift and say thank you, mr. president. liz: you know what? i couldn't argue with that because he is pretty darn experienced. but, kevin, bernie sanders is arguably the democratic party's version of i guess you could say donald trump. you know, he's on the left, donald trump's on the right. if bernie sanders really does beat hillary clinton in both of those states, does it mean at all that bernie has a chance or is hillary still sort of that chosen one? at least on behalf of the dnc? >> well, yeah, i think conventional wisdom would say
even if bernie wins iowa, new hampshire, by the time to get you nevada, south carolina, the march 11th states that there's no way he wins there. but here's the reality that today bernie sanders has deployed 50 staff to nevada and south carolina. he has paid staff and all 11 states. now, things are changing, and i think ellis is right. it would be wise to listen to bill clinton. he's certainly good at this but the clinton campaign chaos is starting to look a little bit more like 2008 than it has over the past over the few months where her inevitability really carried the day. liz: well, that's an interesting point. i should tell you that we saw on the street today a huffington post reporter who had a stick with bernie sanders asking people here in switzerland what do you think of bernie sanders? let me switch to jeb bush. jeb bush had an ad in it and he articulates the fear of a hillary clinton presidency and trump nomination into the voters minds. on both of these sides.
also came out last night. i don't know fumbled this the reason trump uses him as a target is because the billionaire is afraid of him. to you, kevin, first, and then i'll get this from ellis. but is trump really afraid of anybody at this point? and does that backfire on jeb or does it work? >> well, if trump is afraid of anybody, it's certainly not jeb bush at this point. who has blown through lots of campaign cash. i think if jeb bush would have realized from the beginning that trump was no laughing matter, if he would have just taken that threat seriously instead of wasting millions of dollars attacking marco rubio, maybe trump would be afraid. but the way jeb has run his campaign, i don't think there's any fear of jeb bush at this point. >> you know, the only point who should be afraid are the vendors who have extended credit to the campaign because despite all the money he's raised, it ain't going to be enough. nobody is very scared of jeb right now. liz: you know one of his supporters is going to be coming up in a minute.
>> good luck. liz: former huckabee campaign staffer and ellis, columnist at newsday. great to have you both. we are about 20 minutes away from the closing bell. good day for stocks, at least for the bulls. but not everybody is a winner. let's take a look at the dow laggers for a moment. and it was a big different picture yesterday where almost everything was red on the screen. but you do have jp morgan chase and coca-cola up. but the laggers here, united health group, travelers, goldman sachs, microsoft, apple. by the way, the scenery here in davos is absolutely amazing but the talk of the town as i mentioned is very much the condition of the global economy. bing capital managing director steve shares his do yo dues next. and be sure to turn in tournament. i'm speaking to microsoft founder bill gates one-on-one right here to the countdown on closing bell. please do not miss that. we're live from the world economic forum. coming right back ♪
approaching medicare eligibility? you may think you can put off checking out your medicare options until you're sixty-five, but now is a good time to get the ball rolling. keep in mind, medicare only covers about eighty percent of part b medical costs. the rest is up to you. that's where aarp medicare supplement insurance plans insured by unitedhealthcare insurance company come in. like all standardized medicare supplement insurance plans, they could help pay some of what medicare doesn't, saving you in out-of-pocket medical costs. you've learned that taking informed steps along the way really makes a difference later. that's what it means to go long™. call now and request this free decision guide. it's full of information on medicare and the range of
aarp medicare supplement plans to choose from based on your needs and budget. all plans like these let you choose any doctor or hospital that accepts medicare patients, and there are no network restrictions. unitedhealthcare insurance company has over thirty years experience and the commitment to roll along with you, keeping you on course. so call now and discover how an aarp medicare supplement plan could go long™ for you. these are the only medicare supplement insurance plans endorsed by aarp, an organization serving the needs of people 50 and over for generations. plus, nine out of ten plan members surveyed say they would recommend their plan to a friend. remember, medicare doesn't cover everything. the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence.
go long™. ♪ liz: 13 minutes before the closing bell rings. the dow is still adding to its gains at the moment. up about 151 points. look, the markets may be on this upward track of the crazy 2016 roller coaster with stomach turning drops. but the state of the overall global economy is still a concern for many investors. but should it be? and how are the institutional investors and the private equity guys reacting to these crazy market moves? joining me now is one of them, director steve. great to have you. >> great to be here. liz: yeah, it's been nuts. it's been insane. give me your reaction on the market? >> well, i think it's a correction. the s&p was at 90% of the highest levels but now somewhere around 50 but going up today.
the crazy thing about private equity, we don't have to stair at those screens every day because we're building companies for the long term and we can just building our companies and normally these things even out. liz: well, private equity in 2015. that was the star. i think there was 600 billion in opportunities and deals. what will 2016 be known for considering that the landscape has changed with china, you know, russia and brazil are in recession. >> but it's interesting. with those companies, they need capital and need to build companies. so as you know our model was built back starting in 1983 to take consulting skills, bring them into these emerging markets and grow them and we've done that successfully. liz: you just closed your third china fund, 3 billion, so obviously there's interest in china at this point; right? >> yeah. our is pan asia because we can invest in japan, india, they have made a lot of gains there as well.
liz: what is your top rule when deciding to invest or buying a company outright? >> it's really the ability can we transform it to make it a bigger, better company over the long term? that's the top number one rule. so we start as a microeconomic approach and then the overlay what's the currency risk? the country risk? and put a premium on it based on where we stand with those issues. liz: you do look. do you look at economics. >> absolutely, yeah. liz: what looks too risky right now? >> well, certainly -- i would say in general there's a lot of talk about about the stock market. but behind closed doors the folks in davos are really talking about a period where there's a lot of global instability. you know, the isis threat and the things going on in the middle east. i think that far outweighs the market issues and market is in a correction. china is still growing 6.5%, it's going to a conservative economy and they're pretty bullish inside of china. liz: would you touch anything in the middle east exisrael?
>> i think it would be risky at some point, but i'm hoping the world would come together and solve this problem but probably the biggest thing since the cold war. liz: let me say this. you guys were brilliant to invest in canada goose. this is the arctic level, it's unbelievable. >> cold night, you're hard working out here in the freezing cold. liz: yeah, charlie gasparino is going to try to tear that off of you. >> i'm the only warm guy and not because i'm italian. >> come on because their warm-blooded; right? liz: yeah, that's right. i think you guys are all -- >> that you got right. liz: that's right. gasparino are coming up but, steve, great to see you. thank you so much. >> thanks so much. liz: we'll let him get warm in a minute because the ink is freezing in our printers but we're hot blooded. the closing bell closing in ten minutes.
yesterday's big red arrows following oil into the green but is the storm over for the stocks as we wait for that on the east coast. charlie gasparino and anthony the aforementioned italian guys are here with me in davos. next on countdown to the closing bell. these are the hands that plow the data, dig up clues, create opportunity, and weave messages that lead to sales. these are the hands of pitney bowes,
we'll listen. we'll talk. we'll plan. baird. liz: six minutes to go before the closing bell rings we look at market trying to come back here. doing a pretty good job of it at least the at moment but certainly not clawing back all losses we've seen since the start of 2016. dow is up 161 points. charlie gasparino and skybridge capital comanaging partner anthony scaramucci join me now. >> freezing. liz: how cold is it, anthony. >> so cold i feel like i have ice bags on bags of my eyes and my bags are shrinking.
>> liz, so cold that anthony actually thinks this is a rally. [laughter] liz: market joke. let's not joke about the markets. we have a lit of a come back here anthony. what do you make of what is happening today? >> i think market was technically oversold yesterday. good we got viewers to declare that. we basically what you have is residual reversal takes place in the markets when they drop that quickly. you're seeing that today. i'm not saying going to last forever. we'll see where oil is and earnings are. we were at technical low in middle of the day. >> anthony is talking about a trader. let's talk about long term investing. issues plaguing this market last month or so, maybe longer, still exist today. low oil prices have impact on employment here in the u.s. and impact on sovereign wealth funds in the middle east which have to sell.
hedge are very scared. they're not buying. u.s. economy, based on china could weaken and what is going on around the world. those things, so you know, may not materialize into something really bad in three months. but they may. the fact they may is being priced into the market. >> i think charlie is right. three quick take ways from davos. number one the british are taking breaks it very seriously. they will start a campaign push idea they want to stay in the e.u. i think that will be net positive for the markets. number two, carney addressed lack of liquidity in the markets. bad news for markets they don't want commercial banks back in principle investing business there is more volatility. last piece which is very interesting, oil prices will be low very long period of time. you talk to -- >> that's a problem. liz: you say it's a problem. freed nan was saying it is great. >> all crony capitalists think it is really good but i'm
telling you the after u.s. consumer for some reason in this time frame is not spending that money. i don't know why. liz: you're scaring them. we're scaring them. >> not the fact that their wages aren't growing, that economy isn't doing great. that's a problem. >> it is coiled spring. means once we get better resonance on the election, i was with steve schwarzman -- >> i'm sorry. >> i was with stiffwares man, the fact that once bernie sanders punched through on other side became clear you could have two non-establishment nominees, not saying that will happen he really think that contributed to near-term volatility. >> i was on maria's show today, not exactly a right-wing zealot, one of these market guys. he made the point people are taking savings from oil, not upgrading to iphone. they're the abouting their iphone fixed. they're doing things they would not do in the past. liz: why is that bad? that is called being smart. depression era thinking our parents had. >> what did you just say? liz: depression era.
>> i'm telling you. liz: look what happened after the depression. >> we had world war. >> a lot of pent-up demand. >> hitler destroyed half the world. one thing i take away from the place, i never meant a bigger gatherings of crony capitalists and quasi-socialists. liz: you call daniel lobe crony capital its. >> they don't love the free market. >> they have a one kel they want to put in the attic when they're serving meatballs. >> crony capitalists want me in the want me in the attic. >> you look like a crony capitalists with that bottle of scotch i was serving. >> you free markets, baby. liz: great to have you both of you. reprisal of davos difs. have a great afternoon. tune in tomorrow i speak with microsoft founder and billionaire philanthropist bill gates.
not a crony capitalist. "countdown to the closing bell" is coming back. thanks for joining us. we'll be in davos. thanks fortuning in. a minute to go before the closing bell rings. send it to david and melissa on behalf of team fox business in davos, switzerland. good night. david: i like to see charlie with his sports jacket on a wonderful juxtaposition. they are having a lot of trouble gaining traction and keeping it today even on heels of rally in oil. eric bolling and scott martin weigh in on wild market swings. melissa: heroes of benghazi blockbuster film, "13 hours" with soldiers that stepped in to help after being told to stand down. we'll talk with people about what happened on fa fateful night and movie. david: threatening high winds, ice, up to three feet of snow possible in some areas. we have latest details where the
storm is heading and who may be in the clear. melissa: but first, back to, grabbing for gains, scraping for gains in final moments of trading. [closing bell rings] dow is up about 113 points. closing bell sounds on wall street. here is where we are ending the day right now. s&p 500 up about 10 points. nasdaq composite in the red on the day. crude oil trading higher but still below 30 bucks a barrel. david: lori rothman at floor of new york stock exchange. it looked like it was going great guns and kind of petered out the end of the day. what happened? >> we'll take it, david dow closed up 113 points but. obviously we hit the august 25 lows yesterday many many traders