tv Countdown to the Closing Bell With Liz Claman FOX Business May 16, 2016 3:00pm-4:01pm EDT
think. and what about the hillary clinton saying she wants her husband, bill, to fix our economy? is he really the one to do that? a lot of economic challenges right now. like my facebook page at trish intel. tell me what you think. liz claman has you through the close up 206. liz: i'll take you, trish, oil in the oracle driving this triple digit rally on wall street at this hour. crude hitting 2016 highs. warren buffet makes two big tech bets. dow jones industrials jumping about 207 points just to the high of the session, campaign trail kentucky sharp focus 24 hours ahead of tomorrow's democratic primary. hillary clinton crisscrossing the bluegrass state pushing her economic message stressing she will rely heavily on the former message, help fixing the american economy but today also saying bill clinton will not be a part of her cabinet. hillary clinton pushing heard in kentucky just as bernie sanders stays on message.
at this hour, he's in puerto rico blaming wall street for the islanded debt crisis and pushing for a vote on statehood. but while the democrats are very busy, donald trump relatively quiet. opting for a lower profile with no events today. this following stories about the history of women. some are calling a major hit job while a woman at the center of the article claim her comments were taken out of context, that and a fox news appearance this morning. so we're bringing in greta and the governor. fox news greta and whether the new york times article will stick to trump. hurt him or bounce right off? and former governor gray davidson and gorge allen on what trump needs to do but also what hillary needs to do to shake off bernie sanders. plus harvard brainiac economist ken is here. will the fed hike next month? we're asking him and shaking the rest of salt. plus we've got the book no one
else can get their hands on. sold out on amazon. we are going to show you the home. we're less than an hour to the closing bell. look at this. let's start the countdown. ♪ ♪ . liz: okay. you could call it the buffett bounce while the market is riveted by warren buffett's big 1 billion-dollar bet on apple at this hour, which is trading up nearly 4% right now. we need to tell you, though, that somebody, some entity doubled that dollar amount and then dumped it by selling gold futures and options. now, you can see gold is still higher at the moment. up just a fraction of a percent. but if you take a look at this gold futures, it's just around 10:23 a.m. eastern time when gold, which had been up about $12, suddenly lost megaair, shedding about 1% in less than an hour. so zero hedge, the website is noting that an as of yet
unknown entity liquidated $2.3 billion in gold futures at that moment. so why does it matter if it's just gold? well, take a look at oil. oil is still up at this hour but crude was up $37.85 at the high. a new 2016 high. but as you can see, oil did pull back. if you look at the intraday picture, it got its initial air this morning after goldman sachs race its short-term outlook due to its supply interruptions and everything we told you last week to canadian oil fires and abto come in nigeria, consumption overtaking supply. that's a rebalancing in a way. crude prices are now about 80% above the multiyear lows touched in february. so, yes, while gold is oil are moving higher, they had been initially much higher. and medical merger mania, pfizer announcing plans to buy pharmaceuticals by $5.2 billion, going to give access to anacore experimental gel. a little unusual, usually the
acquire moves lower. moving higher right now. anacor skyrocketing right now. less than 24 hours away from the kickoff, kentucky primary and bernie sanders kicking and strapping away to grab the nom naig. while experts say that's a long shot, will it be bluegrass blues for hillary or will the front-runner be able to avoid another loss in coal country? jeff flock live in kentucky where we should that know hillary is expected to speak later this hour. how is the state leaning on this one, jeff? >> well, the last poll here, liz, was 43-48 hillary clinton. but, you know, other states have been similar and then she's lost. but i tell you this one she is not taking lightly. a dozen events in total in kentucky, four today alone including this one year in hopkinsville. earlier she was in bowlinggreen, goes to lexington tonight.
this is a state where she has significant advantages. she beat barack obama here in the 2008 primary. her husband won in '92 and '96 here. this is a closed primary where only registered democrats can vote. so the independents that helped bernie along in other states, not in play here. he, by the way, has already moved on to puerto rico and she is in some ways trying to pivot and fight a two-front war talking at a campaign stop earlier today about her perspective opponent in the fall. >> some people might say all anybody wants to hear is just i'm going to do it. but i'm not telling you what i'm going to do. see, i don't believe that. maybe in the preliminaries like the republican primary that's all they wanted to hear. but americans take their vote for president seriously. and they're going to be looking at that tv screen and saying he still doesn't have anything to tell us?
>> and, by the way, the headline i think -- and you mentioned it earlier -- today i think her husband bill, what will his role be? it won't be in the cabinet. it will be to spur the economy on. by the way, big ad she's running now against trump saying i've released 30 years of my income taxes. you kept saying i'll do it when obama released his birth certificate, i'll do it when i run for president. now it's none of your business. powerful ad. liz: yeah, you know, i think that that story is not done. i think eventually he will. we'll see. right now he says he doesn't need to. thank you very much. by the way, fox business will dip back into jeff flock when hillary clinton takes the stage. but as you can see, look, as the democrats continue to battle it out in kentucky and oregon tomorrow, quite a few republicans are now falling in line behind donald trump. but one major group resumes problematic. when it comes to women voters, trump is still facing an uphill battle. look on this screen here. back in december, he had a
pretty heft 59% disapproval generating but just three months later, that jumped to 73% of women who disapprove the candidate. but did a article worsen, to worsen that picture. did it have any effect or later effect? fox news greta joins us live. all right. greta, does anything in this article stick to donald trump? >> probably not. look, "the new york times" is acting like this is the pentagon papers. but there's nothing in this article that is brand-new. you know, at best he's got borish conduct towards women. if you didn't know that for years and years and years, i don't know where you've been. maybe you've been in a cave. absolutely nothing new and plus you've got one of the main people in the article quoted in the article saying the article has taken out of context, gone on news and television saying it's taken out of context. and then got silly stuff in it. which is, for instance, that donald trump liked pretty girls in high school.
he didn't want an unattractive girl. i don't think that's going to lose a vote. and then got the article that donald trump's father was borish and ordered steak and not fish. this is not the pentagon papers. this is all stuff that everybody knew about. and frankly the voters in my hometown, they don't read "the new york times." i mean they don't care. they're going to make their own decision based on their own situation. so i don't -- i think this is great for us to chatter about in the media, but i don't think this is -- i don't think anything's new here. and i'm not going to defend borish conduct. but this isn't new. liz: i read every single paragraph. one at a time. and i kept sort of taking my pulse. does this back and forth you? for those of us who grew up in newsrooms, this is nothing. >> no kidding. no kidding. at least trump says it publically; right? all the stuff that we hear from guys that are said privately. but anyway. i'm not defending -- liz: we're not laughing at borish behavior. it's obnoxious. however, he has hired women. i want to move ahead now
because donald trump has to fix that problem with the women voting block, don't don't you think? >> oh, absolutely. liz: and how does he do that? >> the majority of voters out there are women, is so he has to do that. and that's for him to figure out. between now and november. i expect one of his strategies, i don't know if it's a fair strategy or good strategy, tear down his opponent, and he has done that right out of the gate and she has wised up because she doesn't have the nomination tied up and who she's fighting in kentucky? donald trump. that's not her opponent in kentucky. it's bernie sanders but as jeff flock just said, the ads are about donald trump. so they've engaged, it's going to get really personal, and to the extent he can't get women to join his cause because he -- because they're offended by things he says he says which, by the way, women have heard for decades and decades and decades, and it doesn't make -- that doesn't mean it's okay. it's terrible to say awful things. but he's going to tear down his opponent, whether that works, i don't know. liz: let's talk about the states. you've got your ear being inside the beltway, ear to the ground. you certainly talked to enough people. there are a couple of states
he needs to convert, flip, that have gone democrat, need to go republican, ohio being one of them. but if you look at all of this, what are the people who in the know about the electoral college votes and that process, what are they saying about what he has to do if he's going to win this. >> well, he's got to win -- the republican has to win because the way the math is drawn, must win ohio and also florida. virginia is an interesting study because virginia, that's always up for grabs, it's a swing state. but look what happened. governor terry goff, best friend to bill clinton, and he recently signed -- recently signed an executive order restoring the voting rights to about 225,000 felonies. now, people tend to think that those votes may tend to be more democrat. i don't know. you're not going to get 225,000 people to vote for democrat. but you can see that a lot of ground work is being done by -- at least it appears, by democrats to make sure that virginia goes democrat. donald trump think so he can win new york. i don't know. and he thinks he can win massachusetts. i don't know. i mean that would be certainly be unique. unlike every -- unlike a lot
of the others, i don't guess into the future about these -- how people vote. liz: greta, as you've been speaking, we just hit a brand-new session high for the stock market. and i'm just wondering. as we look at the pocketbook issues here and we're going to get into these real issues when we get to both of these candidates or all three of them. bernie is hanging on to be fair. if the market is doing well and people see their 401(k)s reinflated since 2009 when president obama took over, do they look at that and they say, well, let's give hillary a shot, or do they say let's give donald trump a shot and see if we can fix the bigger economic problems? >> i don't know but people that you and i know who have money in 401(k)s, layoff people in this country just don't. they just want to have a job. those 401(k)s are some sort of mythical thing that you taupe. i think if you get outside the new york, washington corridor, i don't think that matters so much to people. but that's just my guess. i think american people are hurting a lot more. and they would love to be in a position about worrying about their 401(k)s. they've got far bigger
problems having to do with jobs before they even get to 401(k). liz: get a job so that you can get to the 401(k). greta, great to see you. >> thank you. liz: everyone should watch on the record with 7:00 p.m. eastern on the fox news channel. much more on the 2016 race where president obama treaded, donald trump has just stood down. we're going to talk to former governors gray davis, the democrat from california, and virginia republican george allen about the very crucial international economic position donald trump stepped from when asked about it. important. coming up. 48 minutes before the closing bell rings. again, we just hit session highs. we're off it now, but the dow up 208 points. could this be the offer they finally can't refuse? check it out. shares of tribune publishing. parent company of the chicago tribune and the l.a. times surging after gannett raised its all cash buyout offer to $15 a share from 12.25.
that's a decent jump here. tea pub tribune is not quite at 15 yet. gannett also moving higher by 3%. and did omaha just freeze over? warren buffett did something he swore he would never do and that's jump feet first into major investments of two high technology names. one of them -- an internet name nonetheless. this out of this world move being made by the world's greatest investor. straight ahead on countdown when a moment turns romantic why pause to take a pill?
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call liberty mutual for a free quote today at see car insurance in a whole new light. liberty mutual insurance. . liz: man, we could give greta a lot of credit, while she was talking, the dow shot up 220 points, still up about 203 points, off the highs of the session but watching this very closely as on this monday the bulls are on the run. so as we look ahead to early june, the case for a june rate hike, the meeting is june 15th; right? the announcement is june 15th, two-day meeting the case for a rate hike is pretty strong. so says richmond fed president jeffrey lacquer today. but right now it's odd, the market is completely opposite of that approximately all but priced out a hike next month. lacquer is not a voting member.
but is he right and how would the markets react? let's get right to the floor show, traders at the new york stock exchange, cme group, today it's no powers. >> well, i would say in terms of interest rates, clearly the market is telling us that nothing will happen in june. if the reverse turns out to be true and we get a june surprise if you will, it's not going to be good for the markets. but at the moment, liz, continue to be up and a lot of which we can thank for the fact that the fed is sort of trapped. you know, between arou will when it comes to raising interest rates. liz: and you know what? in the end, what do you do? you look at the smart investors out there. warren buffet today jumping in or at least he did in the first quarter to apple. folks, if you don't know how this works. he since he has such a big position in many stocks, he will put out special filings with the scc so he could secretly amass a big piece of a company without gyrating the
stock too much. jerry, big two guys, tom and ted, they've been given pretty free reign to get investments. they got into apple when it was below $90 a share. who cares if the fed is raising or hiking? that is a question that doesn't matter; right? just find good stocks at great prices. >> boy, did he ever, and he caught everybody off guard with that. and we saw the reaction first this thing morning when the markets opened. boy, they just shot right up there. everybody was anticipating just to kind of hover around, wait until wednesday's if he had minutes. but good ol' mr. buffett's bounce there it certainly did help out. liz: but is that it, teddy? it's up 4%. did everybody miss that 89-dollar a share level? >> no. 10,000 publically traded stocks. if we could trade with the benefit of 20/20 hindsight, we would all be geniuses. you know? i mean he makes a bet -- you know, time will tell if he's right or if he's wrong. apple, probably more than any
other stock is completely over owned, everybody loves apple. who knows. i hope he's right for all the other people that own it also. liz: luke, my dad used to say, you don't own the top of the market, you don't own the bottom of it. so if you can catch it somewhere at the bottom and tell at the top, that would be great. people who got into oil a couple of weeks ago look pretty darn start right now because we're a couple of bucks above that at the moment. goldman sachs came out with a number today and said the fact is, an assessment today saying these interruptions, whether it be nigeria or the wildfires in canada have pulled a lot of pumping offline. and you look at that surplus, and you say okay. so what? we're going to flip right back to a surplus. circumstantial in the game, iran is pumping away. i mean is this just a short-term move to the upside? >> i think it's short-term for today on that goldman note. but remember they came out at the beginning of 2016 and said oil was going below 20. so, you know, i don't know -- i don't know how much credence you want to put into that. but right now, as you said they're just has some sabotage
problems. venezuela, nobody's talking about it. but, unfortunately, that country is in a free fall. and they do a lot of production and a lot of that still does come to the u.s. and we have the summer driving season and the most important things as two candidates for the presidential race, as they put out their plans, watch these commodities and these commodity stocks start to move, depending on what they say about pipeline from canada, oil reserves, infrastructure, et cetera. because i think the oil market is going to move a lot on news and maybe not fundamentals for the rest of the year. liz: listened there are always ways to make money. it's great to see all of you. teddy, gary, luke, so nice to have you. dow jones industrials up 205 points. we do have breaking news we want to give you. quick update on irish pop star seneader o'connor, the news is she had been missing and she's been found. she had been missing in illinois. she had been found safe after
going missing in suburbs. she went on a bike ride, did not report, been found about 2:00 p.m. an hour ago. depending on whether that's central time, and that is sinead o'connor. dow up about 204 points at 17,739. earthquakes in omaha? well, in a way. warren buffet showing he's got a few more tricks up his investing sleeves. the oracle investing move said he would never do. doesn't like technical, doesn't like the internet, doesn't understand it. but the change he's made rippling through the markets. countdown to the closing bell coming right back. don't go away
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knows what he has said. you think he can build those buildings without any help? no, he has architecture builders and everything else. it will be the same thing as president of the united state s. liz: boone pickins always throwing out the barnyard. that's vegas for you, boon pickins telling you exactly what he thinks of donald trump. he is supporting him. that was just one of the incredible interviews we were able to do at salt last week. if you missed any of of our exclusive interviews with cameron and tyler winklevoss, the former president of mexico, charles schwab chief investment strategist and billion dollar brain and so many others, just go to lizclaman.com, and follow me on twitter, you can like our facebook page, we've got so much stuff. there's me with caitlyn jenner from the salt conference. this was an incredible week in vegas with the smart and fast
money talking to all. yeah, i through a little red pepper into the salt conference. back to business here. turns out you can teach an old dog new tricks. the oracle of omaha making a plays which if the past has avoided. warren buffett is backing quick and loans founder in a bid to buy yahoo's internet assets. by the way, sue decker who was the ceo sits on hathaway board. right now yahoo is trending higher by nearly 3.5%. but not just yahoo. as we've been telling you buffett has taken a bite of apple. that's right. the ceo who has been very weary, his entire life about investing in specific high technology and internet companies announcing his billion dollar bet on the iphone maker. the company once again ranked as the nation's most valuable company taking the spot back from google parent alphabet
today after it had lost it when it went below $90 a share in the past week. ceo of apple, tim cook rise in china today where the company has experienced quite a tush last night two months. cook took a 1 billion-dollar cab ride from didi, the ride sharing app and apple recently invested a billion dollars in. don't you love these guys, throwing billions here, billions there, but there's a rumor of a new iphone, that should bring in billions; right? >> let me get back to warren buffet. i know you know hill as well as anyone, liz, but apparently doesn't even own a smartphone, has avoided technology companies with a ten foot pole but as you say, changing his tune, traditionally he goes after those smokestack companies, although that's nonpc, is it? the industrial companies we'll call them. but he realizes he needs to move on, as you mentioned. tom and ted, the investment officers, they're the ones behind the purchase of apple. we don't know what price they got it at. we know they bought
9.8 billion shares. and of course this comes on the heels of carl icahn and david, a couple of other billionaires who dumped their apple stock. so apple getting a nice buffett bounce today. you mentioned tim cook in china indeed. he is there. certainly meeting with the ceo of the rival to uber and there he is. getting in a ride as he's headed to the apple store in beijing. he met with also some of the leading app developers in china. now, let's be honest. china has not been a friendly place for apple. they've struggled. they lost their iphone trademark. we know that their itunes is also blocked in china and iphone sales themselves are falling. but apple hasn't said much about the purpose of this visit. but you can imagine it would be to try to smooth things over and try to regain some traction in china. it has been an uphill battle and you mention the iphone 8 rumors, the new one. actually the word on the street, liz, is iphone 7
will come out next. it will be a minimal upgrade, at least that's the theory on the iphone 6. but the big, big news will be this iphone 8 coming out in 2017. that, by the way, is the ten-year anniversary of the first introduction of the iphone. i can't believe it's been ten years since the first iphone came out. but it's going to be all digital display. the entire face of the phone will be the display, liz. it will have no home button, none of the top or bottom pieces. liz: do i have to get rid of this? >> well, if you want to. if you want to be with the cool kids. liz: i'm so not a cool kid. yeah, just as long as my california phone holder; right? >> it will work. liz: i need that to work. i hate switching. i hate switching the charger. you know, that annoys me when they make it a brand-new charger. >> i'm there with you. liz: they've got you, don't they? ashley webster, thank you so much. closing bell about 29 minutes
away, still up here 195 points for the dow jones industrials. for republicans, it is becoming all about unity. but for democrats, it's a horse race that just won't end. hillary clinton campaigning in the bluegrass state of kentucky at this hour. ahead of tomorrow's primary, the presidential hopeful looking to regain momentum after some big primary losses on the democratic side of the race. will a win in the heart of thoroughbred country be enough to shake bernie sanders for good? former california governor gray davis and former virginia governor george allen standing by live to tell us where to place your bets. this as donald trump eggs on bernie for the twitter verse. that's next on countdown there's no one road out there.
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kentucky, this ahead of tomorrow's primary there. of course trying to turn the tide in indiana and west virginia. and with three weeks to go until california, that, by the way, the big kahuna which it comes to delegates. hillary clinton would probably really like to wrap this up as quickly as possible so she can focus on the general election. but the presumptive gop nominee, donald trump, trying to throw a wrench into this plan this morning tweeting quote bernie sanders is being treated very badly by the dems. the system is rigged against him. he should run as an independent. run, bernie, run. i'm joined by former democratic governor california gray davis and republican governor and senator george allen. welcome to you both, again. you're a hillary supporter, but what are the chances that donald trump can stir the pot a little bit and get bernie fans to turn their backs on hillary clinton even if she nabs the nomination? >> well, one thing bernie and hillary agree on 100%, liz, is they cannot stand the prospect
of a trump presidency. and so hillary, i'm very proud of her, she's very respectful of bernie and his followers because she after all complained until the end of the primary season back in 2008. but i am confident she will be the nominee. she's farther ahead now than obama was back in 2008. and i'm confident that bernie sanders, president obama and michelle, bill clinton, and vice president biden will all be out there with bernie sanders as strong surrogates for hillary in the general election. liz: all right. so governor davis, i want your opinion on that. but before that, i need to know why you have yet to endorse donald trump. you as a republican have not yet come out and yet he is the presumptive nominee. will you support donald trump? >> you're talking to me? allen? . liz: yes. sorry, governor allen. >> well, as you know, on your show, i endorse marco rubio months and months ago. liz: right. correct? >> and i think the way i look at it now is that you have a choice between an authentic
socialist, an untrustworthy liberal, and a successful businessman. and so the choice, for me, out of that is i would prefer the trustful businessman on at least economic issues and a lot of reservations with donald trump statements on some issues. but i think on the economy, if he will come forward with coherent, positive ideas to make our country more competitive for investment and jobs and energy policies and raining in the regulations and so forth, that's an easy choice to be a successful businessman rather than a socialist or a liberal. liz: sure i've just heard you say a big if there. it almost sounds like you're with perhaps paul ryan, the speaker of the house who see has yet given that full throated endorsement. >> no. i'm -- liz i'm -- liz: compromise? >> well, the reason i like paul ryan, i think he has great potential. potential means you haven't done something yet.
but i think paul ryan has the potential to be a great leader because i think he's motivated mostly by ideas and reforms. and that's what american people want to see. they -- they're in a mood of throw the bums out. and donald trump is obviously not one of those of the establishment, neither is bernie sanders for that matter. as far as voting, elections are about choices. and while there's no ronald reagan in that election, it is about choices, and i think the successful businessman is better than the other choices. liz: and, governor davis, look, if the choice is hillary clinton, what does she need to do to sweep up this supporters of bernie? she's not going to make him vice president. i would presume you're going to say that. however, does she bring in a vice president who's very progressive? and reflects what bernie sanders has done and believes certainly to grab some of that that she's been so, so confident and successful at grabbing? >> well, she needs to continue, liz, to show respect
to bernie sanders. i'm sure he's exceeded his expectations. excited as always, and she's going to need him to campaign wholeheartedly in the general election, and i believe in my heart and take bernie at his word that he will do that in the trump presidency. so i think hillary needs to continue to work on calling for rising in connectio incomes, closing the barrier gap, and then benefit from all of these surrogates going out and making the case with her. liz: i need to just quickly get this in. governor allen, talking about these issues this weekend donald trump was talked about whether he might metal in the british exit of the european union. he did not go where president obama had and president obama got criticism for sticking his note into the former mayor of london -- you know, he didn't like that. but what do you think?
is this the way donald trump will governor? more protectionist? more -- i dare say isolationist. and i don't know if that's fair. i don't know if donald trump would go that way, and he didn't want to get into whether he felt the uk should exit from the european union, which is a big economic issue and matters to our business viewers. >> all right. matters to mostly people of great britain. they can make their own decisions. being a conservative from virginia, we wanted our independence from the british monarchy and the people of britain can make their own decisions for themselves without the united states telling them how to control their own destiny. just as we didn't want they will telling us how to run their lives. one thing i want to say on this election and the democrat primaries. particularly in kentucky and west virginia and pennsylvania and ohio. the third or more of the votes in the democratic primary so they're going to vote for trump. so i think trump has an ability to make sure americans as far as energy producing
states look at our energy resources as a blessing as opposed to a curse. and that's a big, big issue. for manufacturing competitiveness and the affordable of energy and not being the wins of other countries as far as their cost of oil or natural gas or coal liz: great to see you both. thank you so much. >> great to be with you. liz: we've got to run, but we will absolutely have you back. you guys have been main state during our election coverage. by the way, be sure to watch megyn kelly's prime time exclusive interview. megyn kelly airs tomorrow tomorrow on the fox broadcast network 8:00 p.m. eastern. i'm only going to give you a little hint of what this is. the closing bell ringing in about 17 minutes. we all know it's the economy, stupid. i only did that because governor allen just mentioned politics. but the economy, stupid. no one knows that better than this guy. one of the most widely
followed harvard beyond brainiac ken here live in studio. he'll tell us just how bad or good a jube rate hike could be for your wallet. my wallet, the markets which are up 190 points for the dow. making sense of politics and all the drama in the fed. that's next on countdown the good news is my hypertension is gone. so why would you invest without checking brokercheck? check your broker with brokercheck.
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. liz: winner lynne manual, building a major brand to himself, out with the brand-new book you can't get anywhere. in fact, we hear spike lee can't even get his hands on it. sold out at amazon. it is called the hamtome, hamilton revolution filled with pictures and stories behind the scenes. i have it. you can't get this thing. we've got it right here. i'm not going to open it, but
it comes in this box. there's the book. it has behind the scenes development of the culture of phenomenon, which, listen, he was writing it for years. the broadway show is flinging half a million dollars in profit per week. sold out on amazon. although casey, you got it on kindle; right? one of my producers has it on kindle. she got it on kindle. so there's always a way. will we see a way to the fed hike? federal reserve releasing its minutes to the meeting to see if the june rate hike is on or off the table, president jeffrey lacquer said you know what? a case for a june rate hike is pretty strong. he is calling for it to be on the agenda. but right now the fed futures, the guys who make bets on whether this is going to happen. show only a 4% chance of it happening. could outspoken head heads and positive economic data price had at this week put it back on the table? how many rate hikes could we
expect? joining me now fox business exclusively and harvard university economic professor. great to have you. >> my pleasure. liz: let's take this one by one. will we see a rate hike in june? >> it would take phenomenal good news before that happened. they don't want to shock the market. you just said. no one is expecting it. if it was close, you know, 40%, not 4%. but they don't want to shock the market. so the employment report for june would have to be fact for may. and revising the old one saying they're even better than we thought they were in other news, it would really take a lot at this point. liz: i'm hearing you say "no." >> yeah. seems very unlikely. it's not impossible because stuff happens. liz: what would you expect, though, for the rest of the year? do you see two? one? what do you think happens in -- and, look, we know what happens in december when we saw a teeny of a quarter point rate hike. some experts say we should have been doing this much sooner, and we didn't. but what do you think
happens? one or two more? >> well, i think at this point they need a lot of news to support having something happen sooner rather than later. you know, other things equal they would like to wait until after the election, not intervene. but on the other hand if the news is really good, yes, of course they can hike twice. of course they can do it in september, of course they can do it again in december. so we don't know how the economy is going to do. if you look at sort of how estimates by the fed, by others where the economy is going, a lot of uncertainty around there. so don't rule out that it could happen. liz: why do you think the perception right now is that the u.s. economy isn't going faster? in fact, it's going more slowly. our most recent gdp print was just five-tenths of a percent. does that start to improve? what's going on here? why the slow down from the already very ambient pace? that's an sat word. let's just say slow. >> either one. i'm not on track to say the first.
it could be that it just isn't happening for the first quarter for things we don't understand. there are seasonal. they try to smooth things out. you know, christmas and other stuff and just winter. and just maybe it's growing faster. at bat going at 2% for the rest of the year. and the question is is that fast or slow? and i think right now productive has been slow, so bringing a lot of the workers in the workforce. liz: you're an economic advisor of the new york fed; right? >> if you if they asked, work at the fed, would you all out go and be a fed president if they if the defendant asked? >> to be completely honest, i love being a harvard professor, it's a privilege to be there, and that's where i want to be. liz: what do you teach your kids, though? i'm so interested with all of your knowledge knowing what you know, you can't control what the european union is doing and that is a huge
question mark. but what do you teach your kids about how to view this economy now? so much more than what we learned in college which was guns and butter. >> well, it's a fun time to be an international economist, which all of these issues, the rise of china, the european union, monetary policy. people care way more about them than they used to. so the students get energized about a lot of the topics in a way that they might not -- liz: we actually have tried to make it understandable for our viewers because the fed does move the markets. charlie gasparino always says that here. before we go, do you think the uk leaves the european union, and if they do, what will that do to the global economy? >> scary close call to be honest. liz: really? >> it's more tight. more likely they won't leave the european union. but we're talking 70/30, 6/40, if it does, a lot of short-term volatility. i can't say what's right written but in the short run, nobody would like it. liz: this is great to have you.
will you come back? >> absolutely. pressure. liz: ken of harvard. i bet your class is oversubscribed; right? >> i enjoy. liz: so humble. seven, make that six minutes away, u.s. stocks always in focus right here countdown to the closing bell. but up next, meets jason pride on the showering some of the firms $30 billion in assets on this spring. you've got to hear this. we'll tell you why countdown coming right back. the dow up 175 points
glenmede has $30 billion under management and their chief investment strategist jason pride is here right now. jasons do you look at that, i don't agree, disagree, i'm not fighting the tape, i will pile into europe of all places? >> i don't know about piling. look at numbers. people looking at 2016 thinking u.s. would produce something close to 3% gdp growth. lo and behold today we're producing 1.8. europe original expectation was 1.6. the estimate is 1.5. so we've seen this real slowdown in the u.s. and yet, alongside that different, from other periods u.s. slow down, europe held in surprisingly well. think any the face of that, what is probably behind that is the fact that monetary policy to some degree or another works when central banks are being
more stimulative, providing more lending and more support for their economy, their economies held in a little better than they would have otherwise. that is what europe -- europe has tailwind behind it because of ecb actions. liz: how would you invest in it? that provides interesting opportunity. you can't look at economy say i'm only buying that economy's stocks because reality is, global markets participate in each other's economies. having said that european assets on the whole tend to have slightly lower valuation than the u.s. you have a little bit better change in the growth trajectory. we think having some allocation to european assets, european equities is very interesting place to be for at least a portion of your portfolio. aside from that we this extends the overall economic expansion should help support stocks broadly, not just in europe. david: look what is happening on day like today. easy to be lured in.
jason pride, glenmede investment strategy director. [closing bell rings] we have gain of 178 points after apple and buffett forced the dow higher to the week. there is the closing bell. david and melissa pick it up here for "after the bell." melissa: markets soaring today on optimism about apple, oil and the fed. major averages ending the day more than 1%. i'm melissa francis. >> i'm david asman. this is "after the bell." we've got you covered in the markets but first here is what else is happening at this hour. donald trump feuding with the "new york times" over allegations that he based inappropriately with women. leading accuser in the piece says the newspaper twisted her words. this while hillary clinton is focused on kentucky, adding tomorrow's voting. she is campaigning in hopkinsville, trying to stop momentum of bernie sanders. facebook ceo mark zuckerberg announce which conservative leaders he will meet with in an