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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  June 3, 2016 3:00pm-4:01pm EDT

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for the intelligence report on fox business on monday. have a terrific weekend, liz claman has you watching the market liz: it's coming back. >> and that jobs report liz: look at this, with one hour left of trade for the week, could something big happen? the markets already kind of is. the dow has sliced more than 120 points off the losses. right now we're still down about 20 points, but when we've seen a low of dow 148, this is an interesting development right now after bad news, was taken as bad news, the surprisingly ugly may jobs report. watching the markets in the red. the s&p had been down 19 and fighting to lit the flat line right now. there is no sugarcoating it, the jobs report was the worst in years. the expectation had been 164,000. a big miss there.
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the unemployment rate dropped, thousands left the labor pool. not participating, 664,000 left in may and the labor participation rate. and donald trump weighing in on twitter calling it terrible and a bombshell. the poor economic numbers could mean for hillary clinton, polls show voters have much more faith in donald trump to handle the economy, as republicans try to tie hillary to the because news of the obama administration. we've got an all-star lineup to react to how the job picture in america is going to play out in the race for the white house. trump spokesperson, and robert zimmerman joining us now. and now the u.s. is in morning.
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venezuela may hit the tipping point in days and charlie has a big story he's about to break. you can't miss that, we're less than an hour to the closing bell on a friday. let's start the countdown. ♪ liz: well, an interesting development in the last hour. the nasdaq is in the green for the week as we enter the last hour of trade. the nasdaq has managed to at least hold the losses down, but if you keep your eye on the s&p 500 right now, we need to tell you that it is up for the week, but it's been crossing the unchanged line all day. to goling -- toggling. and what we have is a vaporization of the chance of a june rate hike. we'll get more in a moment, but after snapping a four-day losing streak yesterday, oil is sliding back in the red and
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settling, and wait until you see the rig count. that's the reason that oil is moving. and the dollar index at a three-week low, down the most in four months. the dow is going to raise rates soon and that's negative for the dollar and all of these currencies from the euro, and all of them moving strongly against the u.s. dollar. some of the biggest losers of the day, j.p. morgan, wells fargo, goldman sachs and morgan stanley. and this is a probability of the rate hike. yesterday at this hour, 23% chance of a rate hike in june. now it's down to 4%. so, with june off the table, let's take a look at july. there's another meeting in july. yesterday, we saw a probability of 61%, now the odds stand at 311%, shrinking as we speak.
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and in september, you push it further out here, 44% chance of a hike, so a better chance there, certainly. ward mccarthy is a former richmond fed center economist and along with traders at the u.s. stock exchange. it looks like a little bit of a comeback from the lows of the session. >> you've got to boil it down, as you pointed out, the jobs report was bad and other data that we got was not thrilling when you take a look at factory orders or the nonism, nonmanufacturing ism number at that we got. the economy is sputtering a bit. as much as we get jaw boned by the fomc and politicians that everything is rosie, we know that it's not. we think that the jobs report bore that out today. you have some momentum that's been built in, we've been dancing around sominteresting technical lines, i'dook at the russell 2000. mostly right there, that 1163 line on the russell is very critical. if we stay above that we could
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propel to all-time highs liz: i just want to let our viewers know we're at 1165 so almost there, right? >> that's correct. just a point on that, liz, that was the mark i looked at back in 2015 after the selloff in august. we tried 10 times in 2015 to hold that and we've failed each time. it's important right here. what's going on with u.s. equities, we're the best house in a bad neighborhood right now. as far as yield, as far as security, as far as protection, as far as quality. so, you're seeing money flows come back into u.s. equities. not having to do with real valuations and growth going forward, but good quality assets right now. >> the minute the dollar started to fall, gold spiked. gold is up $30 a troy ounce right now and we also have an oil story at the moment, alan, we see oil is dropping. whereas, you know, you've got the count, how many of these things are operating. and they've been going down and down and down and this was the
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biggest jump in rigs. we saw nine of them started up once again and crude oil began to fall, why? because these people must realize the more supply, when you up that rig count, you're going to have lower prices with more supply, right? >> well, i think it's amplified right now. the reason why, we still have a large amount of supply in the marketplace, and we're starting to see a reverse on the rig count. when it starts to reverse and there's more rigs coming on-line. it's going to increase in the supply situation already. i think at that point we are going to head down and head down quite a bit. what is keeping us up at the moment. there's long the market. when are they going to look for the door? i think two things are going to happen and i think two things will make that happen. one is, we have a rate hike that will make them cash out and sell down and sell down hard or if we start to see a large amount of crude oil get back onto the market. could happen in libya, could happen in iran or here in the
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u.s. >> let me say what's happening right now. the belief that this economy is now grinding much more slowly. so, ward mccarthy, you know, you've said that the shockingly bad number that a june rate hike is off the table. what's on the table at this point? >> well, quite frankly, that's not really even clear and i think that we'll probably get that point reemphasized next monday when we hear from janet yellen. we're in one of the confusing time periods where economic data is pointing in different directions. after a really bad first quarter of growth, but a really good quarter for payroll growth. we've now entered into the second quarter where a lot of the economic data suggests that economic growth is improving, but payroll growth is deteriorated quite sharply. >> let me jump in here. why, warren, is this economy, as far as we are beyond the start of the crisis, still going through the mini cycles of weakness, sort of intermixed with strength? why?
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we're years beyond the financial crisis. >> oh, we're many years beyond the financial crisis and i think the answer to your question, which is a good one. is that we just never hit all cylinders on the economy at the same time. it's just, as i pointed out, right now we have some sectors of the economy that were struggling for a while, look like they're doing better. some sectors of the economy that look like they were doing really well for a while, now look like they're slowing down. and we just never get it all going in the same direction at the same time. so, i think that's a -- you know, the primary reason why we just don't get growth going for a sustained period. >> yeah, i think the market reaction is really interesting, especially in the last nine minutes. and chris robinson, looking to see where we were. the nasdaq had been down 62 points, it's now down just about 26. so, what's going on on the floor there in the pits, you got used to it the past couple of hours that this is a bad
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jobs number? >> well, i think the biggest thing was, the bonds rallied immediately after that report and that set the day. in other words, the knee jerk and the s&p and the dow, but that's come back. and you've got to look where we are historically. we're only within a percent and a half, and 350 points the high of the dow and 30 handless the high on the s&p. people are looking at that and anybody who sold the number early, wants to go home over the weekend and i think your earlier guest mentioned the fact that you just have money flow and the only place for those yields. right now, the rate hike is off the table and you've seen this time and time again. now, can this market get through this technical resistance? you know, that will be-- we'll see what happens the next month, month and a half, but i think the biggest reaction, just look at that. look at a five minute chart of a u.s. pond and that tells us.
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so people should know. as we wrap up here, that this, yesterday, the 10-year yield was at 1.18%, that's plummeted. yields are going down and prices of bonds going up, 1.71 i want to say for the 10. 1.71, now 1.70, falling as we speak. i want to say thanks to all of you guys, ward, keith, chris, alan, appreciate it on a friday. you can't check out early on this friday, i know we all want to, but there's too much action right now. by the way, it's going until 8 p.m. tonight. be sure to tune into wall street week, anthony scaramucci and gary are breaking down the week that was on the fox business network and stick around for stossel immediately following wall street week, 9 p.m. eastern, don't miss it. to the politics and every poll showing at this hour, jobs and the economy, the most important issues voters will be considering when heading to the polls in november. g.o.p. presumptive nominee, donald trump, took no time in
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blasting obamanomics on twitter after the may jobs report. on twitter, terrible jobs report just reported only 38,000 jobs added. bombshell. mr. trump is playing off a very and the fact is that voters think trump would be the better candidate for the economy. 53% to 43% according to a gallup poll. ed rollins is an advisor to the superpac and a hillary clinton fundraiser is joining us as well. this very ugly jobs report was a red meat with a red ribbon for donald trump. he can play on it, where should he take it, ed, beyond this is a terrible number, obama's a terrible president? >> i think he has to talk about his economic program and how he's going to get people back to work. he has a history of that. these numbers of are devastating and eliminates the effort of obama to campaign
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effectively for mrs. clinton. we're certainly going to try to taye the two together. basically the failure and you want four more years, heillary. and you want donald trump, the change agents liz: she could spin it and say the stock market is up more than 200% from 2009 when president obama took over. but the economy is different from the stock market. she's giving speeches and hitting on the foreign policy. but-- >> let's put the perspective in here. we're living through the longest sustained growth of private sector jobs in our country's history. oi obviously today's number was disappointing and frustrating, overall the economy is performing not just incredibly well, but better than mitt romney said he would do if he was elected. there's more work that has to be done. we're going to call on the
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republican kong to step up and support infrastructure programs to put americans back to work and the bipartisan concensus out there to raise the minimum wage, those are important steps that she's going to campaign on, hillary clinton, and certainly resident reason that barack obama's approval rating. donald trump sounds like he took economic lessons from trump university. he doesn't have an economic policy, he's got tweets. maria: there's that issue, he's got a history of creating jobs, but he needs to do a plan for the entire country versus outside of his real estate world. can i just say, he can turn the "i'm going to do infrastructure spending if hillary clinton says that", president obama did an 800 million stimulus, it didn't go to jobs, it went to preserving jobs. >> and the chairman on the appropriations committee had on
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his desk, nothing new, nothing stimulating. and the infrastructure is very, very important and i think both sides need to get together and do that. the critical thing here though, i think, who do you believe going down the road here? the people that basically watched the stock market just as robert said, maybe they did good things, but people looking for jobs, people who have lost jobs and people who don't have any hope anymore walking away from the job market. donald trump is their candidate of hope. and equally to try on the greatest success, obamacare, the rates are going through the roof on the new health care packages that are going out to people properly insured. so i think there's bad news in the obama administration. >> one of the reasons you don't see the republican talking about obamacare, including donald trump is that we have the highest number of americans having health insurance how that we've had in our country's history. people formerly losing insurance for preexisting conditions or cancer or aging issues now have health care. maria: as donald trump has said, he has said we can't have people uninsured walking the streets.
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>> it's not about being uninsured, everything that president obama said about the plan, not going to lose your doctors, better plan and cheaper. that's not true. every single provider is raising rates dramatically so people that have health insurance, had health insurance before are paying at record numbers and every time you go to the doctor-- >> health insurance he'll go after. we're days away from california, we've got to go soon, but i need to ask you, bernie sanders is incredibly close to hillary clinton, a new poll that shows him beating her in the state of california. >> let's remember when hillary clinton beat barack obama in california it didn't change the direction of 2008 nomination. i believe that hillary clinton will win california and i think her speech yesterday turned the corner in that regard. the bottom line, she's mathematically the nominee, bern ji--
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bernie sanders has to win 700%. >> that was in february when she beat barack obama. >> she's won the popularity vote and no matter what happens in california, that's not going to change it. >> the way it's going to change it, bernie sanders has a chance of winning and the momentum. she's limping to her convention. every single person out there, most of us think she's a weak candidate and i think-- >> i think that's my friend ed's wishful thinking liz: that's why we have you, fair and balanceded. we'll have much more on the 2016 race in just minutes. trump spokesperson, katrina pierson how the billionaire businessman plans to nab the group of voters he's struggled with, women. don't miss that, closing bell, we're 44 minutes away. and the alarm bells are sounding in venezuela. is venezuelas about to reach
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the breaking point? armed squad shooting people execution style. food and medicine shortages. we've got a live report when they push back, how it's so hot it may torch the government. we'll be right back. it's more than a network and the cloud.
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>> in fact, i will tell you they are that far away from being a failed state. and for a country with as many resources as venezuela, that's a very worrisome statement. they shouldn't be anywhere near where they are today. >> that was mohammad alary making that statement on countdown. now this, starving protesters rushing toward trucks and then looting them, digging through garbage ago they seek food. in these dire circumstances, there is a referendum to recall venezuela's president. it's on hold at the moment, but steve is live at the miami bureau with the latest on the chaos. this is a terrible situation. we're hearing we could be days away from total collapse. >> it's hard to predict at this point, liz, but we did see something new yesterday in venezuela's capital of caracas. that was a spontaneous demonstration of the poor, some
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who usually support the socialist government. instead they were rioting, trying to make it to the presidential palacement they were met by a wall of police who fired tear gas. some threw stones or beat on the shields of the riot police. a simple demand, they want food. it's sparked this kind of outrage. venezuela's economy is really in chaos now. they're expected to have an inflation rate of 700%. that's the highest in the world. and government offices are only open two days a week to try and save electricity. they're trying to drive out the president legally to the opposition, they've gathered 2 million signatures to try and drive out the former bus driver and now president maduro. there could be avenues to get him out legally. if it doesn't happen at any moment, as you say, there could be a social explosion. >> they are making great efforts to try to avoid and prevent violence, but these kinds of social frustrations
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are unpredictable, really, when it can be spontaneous-- protests can grow into a nationwide explosion. for the past decade in venezuela, the social is government has had the hard core support of the very poor. if that poor starts to turn now on the president, his only ally left will be venezuela's military. liz. >> a horrible situation right now, please come back to us if you get anything more. steve harrigan in miami. closing bell, we're 37 minutes away and we are coming back here with the dow jones industrials down now just 16 points. folks, we have been down 148. all right, the best way to rebuff a hostile takeover, change the company name to something bizarre, maybe, like tronk. that's what tri --
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tribune is doing. announcing the name change after ganet's takeover try. and it's changed to t-r-n-c. and the change takes place june 20th. both stocks are trading down 2%. the high profile jets involved in two separate crashes within hours of each other. one with deadly consequences. the latest othe tragic results and the news next on countdown. [woodworker] i live in the fine details.
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. . . . liz: we have update on a joins dense of tragic proportions yesterday -- coincidence. minutes after this event and doing flyover at air force graduation in colorado springs, which was attended by president obama, one of the air force thunderbird jets clash landed
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into a field. the pilot, major turner ejected before it went down. he met with president obama before the president departed on air force one. a few hours later a blue angel fighter jet, f/a-18 hornet crashed shortly after takeoff this time near nashville, tennessee. the blue angels taken off for practice flight around 3 p.m. as they were set to have a show on june 4th and 5th. the tragically the pilot died because of injuries sustained in the crash. the blue angels canceled their weekend airshow. the navy is investigating cause of the crashes, whether mechanical or pilot error we don't know. the makers of high performance jets react to situations. general dynamicses make thunderbird jet. he boeing makes the jet used by the blue angels. our thoughts and prayers are with the family.
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breaking news on a largest foreign company attempt to buy a, secret meeting of buyer executives at four seasons hotel up the street from here trying to figure out how to make the monsanto deal work. charlie gasparino in the newsroom, what do you have on this? >> sources tell fox business, that ward bauman held a secret meeting with investors, 100 investors in new york at the four seasons hotel on thursday. the meeting was to address the issue everybody is talking about. it is $60 billion bid for monsanto. to create one of the largest agricultural companies in the world. this is what people at the meeting were saying. now some of this is bauman dancing around issues but this is what the people in the meeting said. he indicated a willingness to up his bid somewhat. he basically said there is a limit too it but there is willingness to up his bid. he started talking about
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concerns about monsanto's business model. i'm not an expert at what monsanto does and all the different agricultural lines of business it does but here, this is what bauman cited as potential issues with mon tant toe. its european license renewal. concerns on soybeans in argentina. getting really in the weeds with me here. and cotton seeds in india. those are the three things that sources say. we should point out again, it was at the four seasons hotel. and you know, he indicated, let me say he indicated, this is how people took what he was saying and what they asked him and the answers that he is interested in pursuing this deal. he is interested in another bid. there is up side. limit to the bid, $122 a share. it is all cash. he has financing from banks but know it was kind of a interesting talk. liz: charlie, guess what, on
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your tweet, and your report, hitting session highs at this minute. >> couple things to take away as an investor the deal is not done yet. bayer -- liz: and monsanto doing same thing. >> bayer is looking to do the deal. he is indicating he is willing to pay a few more bucks. there is limit to what he will pay he basically said. this is concerns me if you're playing long end on monsanto the stock will go up and definitely happen, arbs do this all the time, talking about concerns with monsanto. all the things we laid out about agricultural, soybeans in argentina and seeds in india. here we are. interesting story. we'll keep you on developments that happen over the weekend.
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i will tweet it out and write it up for foxbusiness.com. liz: secret meeting at four seasons, not so secret when charlie gasparino is a few blocks away, folks. both stocks hitting session highs on charlie's report. charlie, you will be back later with a sumner redstone soap opera. remember, one week ago today charlie broke news on the drama that was happening with battle, battle for power at the top, going into last weekend. he has got more coming up. closing bell 27 minutes away. hillary clinton in california right now working for the women's vote in culver city but anti-trump protesters in san jose last night didn't treat this woman very well, throwing eggs and bottles and female supporter. we'll talk to the trump campaign member, yeah who happens to be a member of the biggest voting bloc in the country, women. trump spokesperson katrina pierson live next. how donald trump will flip the
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script to get people to vote for him. coming back in a minute. katrina. i have asthma...
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see if you're eligible for 12 months free at mybreo.com. >> i'm lori rothman on the floor of the new york stock exchange with this fox business brief. the dow jones industrial average down just 10 points off the lows today. we were down 149 at weakest point. walmart announcing it is partnering with ride hailing services uber and lyft to deliver online groceries. the world's largest retailer to they will charge customers 7 to $10. the. the chipmaker reported better-than-expected profit and revenue. top-line growth jumped in it is biggest business, wire
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infrastructure. look at shares of the gap. retailer reported a 6% drop in maycom sales. that was better than expected. get back to the closing bell with liz claman.
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liz: hillary clinton just wrapping up her women for hillary event in culver city, california. she is giving a thumbs up. there were a lost celebrities -- a lot of celebrities there from sally field, sofia bush. that is what you see at the rallies, no matter who is there, no matter who the candidate, whether donald trump, see cell phones being held up? it is ahead of all-important california primary. after secretary clinton going for the jugular, highlighting the vote needs big-time, the women vote. once again she is claiming she will be the democratic nominee
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regardless yet another poll showing she and not bernie sanders are neck-and-neck. let's bring in katrina pierson, trump campaign national spokesperson on i guess, katrina, the number one thing, give us a window into what donald trump will do to try and get that woman vote in bigger numbers than he has got so far. >> it always been about policy. mr. trump said from the beginning he will get out there and campaign with his vision to make america great again. when you get down to it, jobs, economy and national security. when we look all over the world, we see threats everywhere and we see an administration, which included hillary clinton really dropped the ball in every area possible and mr. trump will put forth his vision. i got to tell you, this assumption that women somehow vote based on gender in of itself is sexist statement. there are some women who do support mr. trump and minority women like myself who understand
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what it means to have government out of your life when it comes to business and even education because that is truly what separates those who succeed and those who do not. >> i get it. i get exactly what you're sayings, however, if you look at the polls, you can't pick pollings that you like and in certain regards, both candidates tend to do that, polls show she is ahead with the female vote. will he pick a woman, is he considering a woman as his vice-presidential candidate? >> you know, mr. trump said from the beginning it will not be anyone from your traditionally call thinking where you have to someone carry as certain state or gender or race. mr. trump will pick someone that compliments him whether through the political process or even espousing his vision to other groups out there. no, he is not going to pick someone just because they're a woman. and i know that the republican party in of itself through their autopsy report says it has to be
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either a woman or hispanic, i reject that notion. mr. trump did very well, even better than marco rubio in some areas when it came to the hispanic vote. he knows this. his message is for all americans. he doesn't want to single out certain sections of population. he wants to get jobs for everyone. liz: it should be a meritocracy. we're big on that at fox business, not to check certain boxes but does he believe, as many women in this country too, there is a wage gap, that women get paid less than the same job women get paid, that men get paid. >> we're talking about someone who hired a woman back in the '80s to do a job only men were doing at the time. mr. trump was ahead in the curve a long time ago. we're talking about a man in his large corporation, had more women executives than men. liz: is that a yes -- >> can tell you mr. trump -- liz: he makes sure women get paid as much if not more depending on their skill level? >> absolutely.
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absolutely. he makes sure people are paid comparable to their competency and performance, that is exactly what he wants to bring to government employees. liz: we give a lost airtime to donald trump. he makes a lot of news. you know he continued to call the media, these are his words, scum, at least some of them. he continued his critique this morning lashing out at former friends, joe scarborough at morning joe, i believe the tweet was i don't watch "morning joe," small audience and low ratings, mika has gone wild with hate and joe is joe. they lost their way. i saw them this morning, they have been very generous to you. they're calling it as they see it as each day goes by. does that help him or hurt him when he does something like that? >> well, it helps them because this is donald trump. he is being criticized unfairly he will make sure you know about it. republicans have been dealing with this for a very long time.
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we have been decades where republicans are constantly criticized in media, whether it is fair or not but they never ever responded. this is mr. trump's way saying look, it is great if you want to criticize me, but at least be fair about it. i saw that interview as well. i was sitting in the green room and i was kind of taken back how mika was fawning over hillary clinton's foreign policy speech which wasn't even a speech about foreign policy. liz: but she has been supportive donald trump. mika was one of the original, i think he will do better than everybody says. i don't want to get in all of that. they have been extremely supportive of donald trump and called it each day. we have to run, katrina. >> anytime, thank you. liz: is trump spokesperson. we'll have much more with katrina on a totally different subject, billionaires gone wild. log into lizclaman.com to see the claman confidential i will do with her. tune in tuesday night for fox business coverage of election 2016.
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i will be there with the rest of the fox business all-stars. it gets started at 7:00 p.m. eastern. closing bell, we hit session highs seconds ago. as we see the dow is down 12 points. was down more than 120. looking a lot better. coming up is this new uniform of wall street? look at four gentlemen in the front row, including jpmorgan ceo jamie dimon. the company made a stunning change to the dress code. longstanding wall street garb, suit and tie no longer necessary for office wear. jpm issuing a memo, more casual looks are acceptable but memo said, casual doesn't mean weekend casual. no yoga pants or shorts allowed. new details on the redstone family feud that has billions of dollars and two companies at stake.
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charlie breaks it next, again on countdown. ♪
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and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ ♪ liz: what was the steak and sex saga of viacom and chairman sumner redstone. it has taken a twisted turn, the stocks involved and power grabs. charlie gasparino has analysis. it was week ago you broke all the news. >> that phillipe dauman was preparing a counter, preparing a lawsuit, phillipe dauman and board of directors of viacom if and when sumner and sherry redstone would make the next move to officially remove dauman and independent directors from
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viacom, from their board seats. they thought that was coming last week. it did not come yet. i've been snooping around with some of my sources close to the board. they're wondering if they will not let that other legal issue, that is the challenge to then being removed from the so-called trust that runs national amusement, that is another layer of corporate intrigue. there is a trust that runs the holding. company, there is their position as ceo and board of directors of viacom. the holding company is national amusement controls cbs and viacom. liz: correct. >> they have been removed from the trust which is big blow to the power inside the organization by sherry redstone. this is the interesting box philipe dauman finds himself in? he can sue sherry -- liz: we can take the steak and sex down that had to dot his caretaker said he was into steak and sex. >> that he was really incompetent. liz: this is the new twist. >> the new twist that dauman is
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saying sumner is incompetent and sherri redstone has the personal ven debt -- vendetta against him. it was only nine months the housekeeper that mentioned the steak and sex. liz: she was the girlfriend. >> girlfriend/housekeeper. liz, caregiver. not the housekeeper. >> when the lawsuit first came out, dauman came out and no, sumner is okay. he is with it. forget about steaks and sex. he is not doing so badly. he is competent. now in a matter of months he is doing a 180. shows you the box he is in. he will have to -- the legal team, sumner redstone's legal team release ad deposition today from another doctor who said sumner is basically okay, mentally. liz: don't you find it fascinating though and resilient that phillipe dauman, the ceo, is still hanging in there? >> yeah. liz: he is still ceo right now, folks. >> yeah. i will say this, he's got, some of the board, there are people
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on the board i don't know know but i know one guy on that board, fred salerno, known him for years. smart guy. was a long-time cfo of verizon, i know, on various boards. i mean this guy is no joke. here is what i know about fred. fred doesn't need the money. okay? liz: when he says this is outrageous -- >> what they're doing, that sherri redstone doesn't have the chops to be the ceo of the company. that they have taken out phillipe would be hurtful for the company, this is not a guy that needs the job, you know he. i'm just telling you. take it for what it's worth. i know the guy. he doesn't need to be on the board to be fighting this fight. he made a lot of money. could be home with his kids and his family enjoying himself, know what i'm saying? just saying when you have fred salerno on your side that is good thing. liz: phillipe dauman living another day or weekend. who knows what will happen this weekend.
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that's why you have to watch fox business. liz: charlie break all of that. >> monsanto spiking after our report. liz: foxbusiness.com, his stories are there. there is always a trade much up next, two to buy on a bad jobs number. the countdown closer, jason rotman, coming up next. don't go away. ♪ ♪ ♪ (charge music) you wouldn't hire an organist without hearing them first. charge! so why would you invest without checking brokercheck?
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check your broker with brokercheck.
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liz: the bulls showing some decent resilience in the final moments of trade. the dow is down 31 after being down 14points. all major indices are off major lows. u.s. economy in light of this added 38,000 non-farm jobs in may. that the is weakest monthly growth in six years. but you can buy and scoop up things on a bad report. that is why jason rotman is with me with lead do i aisle. why do you see a come back in the final hours? almost the market got used to a
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ugly number and now what, we can figure this out? >> ultimately liz, i think it is a basic currency play. a lot of the headwinds in the market when the u.s. dollar was rallying because the market expected the fed to raise rates more than once this year, caused nervousness among the big corporate ceos. today the dollar basically crashed. that really kind of alleviated a lot of those strong dollar fears. so that is why you're seeing the market rally. it is a horrible number. liz: it's a horrible number. people always pay you to find the good out of bad news. what are you looking at right now? >> it is actually a fascinating topic. i've been watching the water utilities all year. i just had the hunch that water utilities will have a strong performance not only this year but long term. i asked all my friends in the industry, have you been watching water stocks? water stocks? not at all.
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they may be too busy drinking coffee every day but i think the viewers have to watch water stocks, there is one, american water works in the mid0s. raised dividend every year. up 26% this year alone. never a down year in the past four years. it may not go up like a tech stock 20% this year but this is big-time buy and hold. liz: guess what? it hit all-time today. we're at it now. decent pick, jason. >> yeah. liz: you've been there a while. if water is the new gold, gold is the new gold. gold up 33 bucks. that is exactly what you're talking about, the weak dollar play but as we go into the final minute of trade, everyone wonders will we see the fed hike in june. doesn't look like they're going to. what about july? >> july is probably off the table as well. honestly, i would honestly say, liz, nobody was expecting this bad of a number. maybe 100,000 versus 180. 38 shocked the markets.
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that is why you see such monster currency plays. euro up 200 points. dollar down over 1%. really not so much that the markets rally due to the economy, just due to the dollar. that's it. liz: jason, thank you. lido i'll advisors. [closing bell rings] guess who will call it? david asman and melissa francis "after the bell." david: we'll take it. parallel universe of the markets. stocks come close to moving positive after horrendous jobs report show the economy is dragging. here is how we finish the day. dow jones industrials down about 31. again it was down well over 100 earlier. i'm david asman. melissa: i'm melissa francis. this is "after the bell." we have you covered on big market movers. here is what else we have for you coming up this hour. donald trump ready to take the stage in redding, california in a moment.

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