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tv   Cavuto Coast to Coast  FOX Business  June 28, 2016 12:00pm-2:01pm EDT

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paying jobs. once again, or political correctness and crazy ideology stopping average people from making good money. all right, connell, we've got 154-point rally. i hand it off to you. connell: thank you very much, charles. signs of stability, if nothing else, in the market. it is a market rally, a little different graphic than we've seen the last couple days. 156 points to the upside. some say, well, maybe we should have a little more. we'll see whether we are in store for a real bounceback rally or another turn to the downside. this is cavuto coast to coast for the next two hours, i'm connell mcshane filling in for neil cavuto. and for the first time in three days, we are at least seeing some green on the screen, as we say. but there's still some issues, to put it mildly, that we'll try to work out. i don't know if we'll personally try to work them out, but the markets will. banks is one, especially the european banks, and this idea about moody's weakening their sentiments for the british financials. we'll get into that and some ideas that that could send
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stocks down again. i mean, we're up 156 now though, that's the main point. we have a number of guests lined up with nicole petallides to set the stage for us on the floor of the new york stock exchange. certainly don't want to complain about the rally. we'll take anything we can get, nice to see it up. >> 401(k)s, iras, you want to see up air eaus. duh -- arrows. this comes up two extremely difficult days of trading, the dow was down 870 points in those two days following the british vote to exit the european union coupled with the fact that we lost $3 trillion in global market value. that being said, now it's a little bit of a bounceback. is it a relief rally or does it actually have legs? the dow right now up 151 points. most stocks are higher. let's take a look at some of the european banks. it's worth noting that during this difficult time we saw barclays being halted, it was down 20%, friday and monday, we saw these names under pressure.
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royal bank of scotland as well. today all up arrows. you are seeing some up arrows, and that brings some optimism. this comes on the heels, by the way, that sky news has been reporting moody's has signaled a number of lenders could be revising outlooks from positive to either stable or even negative. so there are worries here. let's look at our banks here at home to give you a glimpse, because our banks took a hit as well such as goldman sachs, jpmorgan, morgan stanley. all up arrows right now. citigroup, bank of america up over 2% each. connell: nicole, thank you very much. let's dig a little deeper and see if we can figure out what's going on today in terms of signs of stability. maybe just a little bargain hunting. from risk and reward, deirdre bolton is here once again with us today and from fbn -- hello, deirdre -- lauren simonetti who just watched her co-host, nicole, deliver a nice report there is also with us.
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>> she did great. connell: that's not what you were saying behind -- no. [laughter] i just like to get in any kind of trouble. >> sure you do. rebel rouzer. connell: i don't know. i hate to say we'd like to see a market up 2, 300 points to say we've calmed down and there really is stability. it's almost like, yeah, we're up 180, 170, then it's 120, now it's back to 140, what do you make of it? >> i was looking at the ftse because this whole thing started in the u.k., and that stock market is back up to the exact level that it was thursday before the vote. so i sort of feel like it was this 48-hour, $3 trillion temper tantrum. i don't think we're finished with it yet. there's going to be a lot of instability, we've been talking about the fact that it takes something like two years to work out these new plans. connell: yes. >> but i feel like, yes, today is a stabilization day, and considering some of the dire comments that we got in the past 4 hours, i'll take the green. connell: yeah. they had the news with the
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labour party leader which, by the way, not to get into british politics in too much detail at the top of the show, but there's as much trouble in that party as there is in the conservative party with jeremy corbyn getting this no confidence vote. not a huge surprise to people given what's going on there. maybe the market went up on that or maybe it was just meandering around, but what grow make of today and the significance of bouncing back? >> i'm watching the volume particularly at the close. is this sellers are exhausted by the 870 points that the dow jones has given up in the past two days, right? the $3 trillion wiped from global stock markets, are they exhausted, or are we seeing buyers coming in an active way? i would argue it's the former. connell: it does seem that way. what do you think, deirdre in terms of which one it is? >> i mean, there's so many automated programs, and this just accelerates some of the selling. i'm not saying all of the selling, but some of the selling that we saw is mechanical,
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right? if you are a professional trader, you're putting in certain levels. so i do think we are going to finish higher, and i think a little bit of stability, we'll see that in the next few days. think the next big headline that moves, whatever it is, it's going to be choppy waters, but i think today and tomorrow are green. connell: i'm going to get to your idea about everybody should calm down, an interesting interview yesterday. speaking of jeremy corbyn, the u.k. opposition labouour leader, he just said he will not resign. he will not be stepping down at least voluntarily after lawmakers passed that no confidence vote. it was a no confidence vote from people in his own party. we found out about it just a few minutes ago, and now we've heard from the man himself saying i'm not resigning. so we'll follow that, see what else, maybe he says something else or the party does. now, to this idea of calming down, the independence leader, one of the people who led the movement is a guy named nigel farage, you've heard about him.
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well, he was on your world yesterday over on the fox news channel. trish regan was hosting the show, and he talked about that, this whole idea of the market reaction being overblown, an overreaction. watch. >> this hysteria about markets, let's end that. it's rubbish. please, please. london is not a financial center for europe, it's a financial center for the world. europe is becoming a little backyard. 85% of the global economy is not in the european union. connell: all right. with us now, craig smith along with deirdre and lauren. what do you make of that, craig? we all need to relax, calm down. and by the way, london's still going to be okay, it's europe that's the problem, the rest of it. >> yeah. i've always wanted to use the word, connell, rubbish. connell: yeah, obvious. well, this is the week for it. [laughter] >> i mean, first off, deirdre made a great point earlier. look at the f. city. it's -- ftse. it's recovered nicely.
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this whole remain or leave vote was a huge politicking. the remain people spent millions of dollars scaring the average people, average person in great britain to believe that if they left the e.u., the world would come to an end, there's be disaster and blood running in the streets. i think people forget that the brits suffered through the blitz, and they made it just fine. com, what i find amazing -- connell, what i find amazing about the wanting to leave vote, they knew there'd be a financial ramification, and the britons said we're willing to take a little bit of pain because we want our sovereignty back. i am convinced this had more to do with immigration than finance. connell: right. a lot of people think that was the key issue. the financial markets made the headlines on friday, you know, overseas as well, especially continental europe. i think it should be pointed out, the drop we saw in some of those major stock indexes. but here in the united states, large economy down with a
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600-point day and followed up yesterday. the fact that we stabilized, craig, today and maybe for the rest of week, not to get ahead of ourselves, is that important for the psyche and for build, you know, building up things in great britain and europe to say, all right, the world is not over, we can stop, take a deep breath and think about it, the action in the markets? >> yeah, i do. i think it's a great breather. i'm not sure that the downside is over here. we may see a great rally coming out of this. i think what we should be more focused on, quite frankly, is the 1.1%gdp in the first quarter in the united states, the ridiculous unemployment numbers we have, okay? the lack of growth that we have in america, the $20 trillion worth of debt, i could go on and on. connell: right. >> that, to me, is more concerning, connell, than what's happening in great britain -- connell: yeah, it's almost an excuse that masks all that. >> well, that's why i think you see the safety trade on. people are moving to gold and treasuries. we have a treasury, a ten-year
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treasury yielding 1.45%, and we don't think we're headed for a recession here in america? i think we are. connell: right. no matter what they did in the u.k., a lot of people feel that way. craig, 2457bgs. let's move on to donald trump in a moment because we're expecting a speech this afternoon from mr. trump. as you see this, it's on trade. you know, economics and his trade agenda, and maybe another victory lap on this whole u.k. thing as well which is what we saw over in scotland. blake burman's covering it for us, and he joins us from pennsylvania. a little bit to the south, i believe, of pittsburgh, and blake is there to -- well, he's waiting for mr. trump. it'll be an interesting speech. prompter and the whole thing, right? >> reporter: yeah, prompter and the whole thing. it is a speech, and that's in pennsylvania. we are about 25 minutes a little south, a little west of the heart of pittsburgh. this is a steel mill here behind me, connell. this is the heart of steel country where donald trump is going to give this speech in a few hours from now, one in which he is calling, entitling it
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declaring american economic independence. so what do we expect from him? well, as we've heard from trump over the past year or so, he has heavily talked about china when it comes to trade, calling them a currency manipulator. we expect more of that language later today. also we expect trump to say that he would bring cases against china to the world trade organization. china not the only country that trump has singled out as it relates to trade over this campaign, also mexico. we've pulled up the stats there, and it shows that the u.s. is, indeed, in the red with a trade deficit against those two countries. china, there was a $367 billion trade deficit with that country, mexico, our trade deficit was some $60 billion, and we are on pace here in 2016 to reach roughly those same to things later this year. however, the held of the nation's largest trade union, richard trumka, gave an interview to "the washington post" and said trump is a contradiction, to put it
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lightly, as it relates to trump the businessman and trump the presidential candidate when it comes to trade. telling the post, and i am quoting here: look at what he does, not what he says. he goes on to say if trump like every other person, he takes advantage of a bad system that hurts workers and helps people at the top. he, speaking of trump, is the king of doing that. also, connell, another issue that is following the trump campaign today one of the big issues, the muslim ban with trump calling it six months ago, calling for a total and complete shutdown. trump saying in the u.k. over the weekend that he would be, quote, tour of terrorist countries, and the -- tough on terrorist countries, and the campaign is saying he's adding specifics -- connell: yeah. he talked about religion. religion's out right now as a test? >> reporter: right. because he said that he would look at both muslims and non-muslims. either way you've gone from complete and total ban to now kind of walking it back a little bit even though the campaign is
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saying this is not walling it back, it's however -- walking it back, it's however you decide to read it. connell: let's get back to the trade for a second. deere drink, this idea of a speech from trump, he's going to make an argument that obviously resonates. there was this anti-trade sentiment in people, middle class people seeing all the immigrants coming in taking our jobs, same thing trump argues. i don't know if he'll outline it today or not, but this idea i'm going to bring the jobs back. well, how? we haven't heard the how yet. >> i think a lot of people need to hear the how because it is not like you can just -- any politician can just wave a magic wand and just because we wish for it to be so -- connell: right. >> -- that does not obviously make it so. connell: tariffs all over everybody, i don't know how that brings back jobs here. >> that bow across the -- shot across the bow in the u.k. a lot of people saying it was a polish
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labor force that the average blue collar english person felt threatened by. it is about the jobs, your electricians, your plumbers competing for lower wages, quite frankly, or accepting lower wages. connell: sure. >> i think the hows are going to be very important in the sense of -- connell: we haven't heard it yet. >> -- you have to pay people market wage, and it's one of the many reasons donald trump has come out against apple saying it's so easy for you have to to have your manufacturing center in china because you don't what have to pay the same as you would pay in the u.s. connell: the other thing with the market up today, we'll see if we can hold this rally, up 145 right now on the dow. but, you know, the timing of when the u.k. leaves the e.u. is also something that's being talked a lot about, you know, the when. speaking of pulling off the how, the when in all of this. the ambassador that wonders if they'll ever leave is coming up next. ♪ ♪
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for a free quote today at see car insurance in a whole new light. liberty mutual insurance. connell: it is a market rally as we takea look at david cameron meeting with angela merkel and other leaders in the e.u. on the next steps for the u.k. so with all of that, the market stabilizes a bit today. let's bring in adam shapiro now, he's reporting today from brussels. what's the latest, adam? >> reporter: and, of course, there is the video of david cameron arriving here in brussels to meet with e.u. leaders. he's going to be dining, they're going to have a working dinner with the e.u. counsel, that's the counsel that's made up of the heads of states of the different european union countries, and he has walked boo quite a storm. here are some of the quotes from the different leaders, greece: i
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hope the outcome of the referendum will work as a wake-up call for europe. the defense minister from the nether or lands: the fact that fragmentation is no longer unthinkable should gravely concern all of us, and then there's france: those who said it's all irreversible, well, the british people have told you where to get off. so there's the vision here amongst e.u. members -- division here, but david cameron came with what you might call a peace offering of sorts saying the u.k. will not turn its back on europe. here's what he said. >> well, we're leaving the european union, we mustn't be turning our backs on europe. these countries are our neighbors, our friends, our allies, our partners, and i very much hope we'll seek the closest possible relationship in terms of trade and cooperation and security, because that is good for us, and that is good for them. and that's the spirit in which the discussions i think will be held today. >> reporter: and so you can see a picture here of the different heads of state who have gathered in brussels for
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this meeting and this working dinner tonight. david cameron will not take part in the discussions tomorrow. there is a push by several leaders within the e.u. to speed up the divorce, the so-called invoking of article l. mr. cameron is in no rush to do that, although the leader of the united kingdom independence party, nigel farage, wants that. in his words, let's get cracking. connell: quite a performance out of him in the european parliament. thank you, adam shapiro, from brussels. let's get to dan schafer, one of our favorite market watchers who says the longer this whole thing plays out and drags out the more likely, dan, we see a crash. now, i want to be careful coming to you with the word crash. are you predicting the stock market will absolutely just fall apart? we don't want to scare people half to death. they've had bad enough worries the past few days. >> well, connell, the word "crash" is dangerous, i'm not looking for an immediate crash where the market just tanks.
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what i'm looking for is the uncertainty to increase so that the market starts to decline, and it will start to move lower. now, i predict in the next three months there will be another e.u. country that will begin their exit process. connell: okay. >> the problem with the next one will be that they use the euro, not the british pound. so right now this is an experimental stage of decoupling and separating the euro, of which i think is going to happen, and all these countries are going to start to go back to their own economics, their own rulings and using their own currencies. we're in the beginning stages, early stages. and what i see is that the bureaucrats or the people in power are trying to retain their power, and the people don't. now, let's get back to the stock market. the stock market just took a major dive off of the british pound being devalued or the market devaluing it dramatically which i think was a little ridiculous. the problem that i see with the stock market is that going forward we're going to have continued uncertainty. stock market doesn't like that because corporations can't really understand how that's going to affect their balance
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sheets and income statements. therefore, there's a big difference between where the stock market is now and where some of the levels of treasuries and currencies are trading. something's got to give. my prediction is with all the uncertainty and people getting behind, being against the federal reserve, the central banks, i think that the stock market, the power that's been holding up the stock market will begin to let go. connell: right. >> and as that lets go, we're going to see the stock market -- connell: but the trigger for this, dan, would be -- you know, hypothetically, obviously, but the trigger would be another country? like some to people said yesterday, i think ashley, we were talking about it and mentioned the netherlands. other countries have been mentioned, but another country would be the trigger for this all, or would it -- could it happen or will it happen without another country leaving the european union? >> well, it still could happen based on the uprising against central banks and what's going on with the monetary system. but i do believe that the next country that says we're out is
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going to be the final straw -- connell: and that's because of currencies, to be clear. what would be the big difference in terms of managing this if the currency, if the u.k. was using the european currency, the euro? why would this be much, much worse? >> because the corporations that are doing business in europe, and there's a lot of overseas business being done by united states corporations -- connell: right. >> -- will start to see uncertainty in europe itself which will probably go into a major depression. money will stop flowing, people will stop spending. you know, the same cycle, but in a deeper sense, and the central banks will be left with we have nothing else to do. and what's triggering me right now is the way the banks a trading and saying with their liquidity issues. if we start to find that happening and, again, one e.u. country says, you know what? we're considering leaving, then that decouples the power of the euro currency. and remember, connell -- connell: let me -- >> the euro currency was the
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deutsche mark to begin with. connell: dan, thank you very much, sir. we do, of course, hope you're dead wrong with that. [laughter] just because talking about depressions and crashes. we thank you for sharing your point of view, though, to be serious. we're in the u.k., the idea there may be some protesters gathering. either that or a number after ashley webster or fans have come together. we think that is a pro-european protest. people wanted to stay. we will check in with the aforementioned ashley to see what's going on as we continue, and we'll be right back. more cavuto coast to coast, just a moment. ♪ ♪
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connell: we cover a market rally keeping a close eye the last few days. the chart moves higher and the
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biggest rally a two day rally. and it is down slightly. the other thing everybody seems to be watching is a full on recovery, 133. deirdre was booking a trip to the usa. >> it is great right now. connell: it could help them. >> 25%. i disagree with dan shafer, i love dan shafer but i disagree with what he is saying, about kicking off essentially financial armageddon. connell: let's hope not, or on the european side, words like crash and depression. >> we are seeing a rebound ever
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so slight in the past, we are seeing a rebound in gold, essentially a slight selloff meaning people are less fearful than they were in the last 48 hours with reason. >> as the pound comes down a lot of calls for 1.2, not since the us dollar which brings this new reality, multinationals, have to respond to. how do you operate in an environment where your stuff is more expensive to folks in other countries and folks in great britain. their purchasing power just diminished. retailers source most of their stuff from the east with dollars. do they have to raise prices for people living in great britain? connell: one of the issues with us being the united states, the place where everybody's money comes to? we will see it in currencies too
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so it seems counterintuitive. a strong currency, in this case the dollar is not always a good thing. corporations could have a tough time. >> retailers such as nike the next few earnings seasons we should already be prepared to hear earnings translational foreign-exchange translation, hurting earnings, as a reminder to all investors it doesn't change your market share, your books, looks ugly for the quarter but if you are making products within a range they pay for them. >> trump will talk about this for the, quote, manipulation of their currency. we are in the same boat in terms of how we manage our own currency, the federal reserve pumping liquidity into the system or whatever it may be, too strong a dollar is what we are looking at. >> good for tourism or negative
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near-term manufacturing or some companies that sell a lot of overseas. >> you have to remember a lot of businesses and people use great britain as their home base. they like it more expensive for those businesses doing business, already warned about higher airfare. connell: let me bring ashley into this because he knows about everything. sir ashley as i call him. we are wondering what you are doing. are you covering a protest? what is going on with his protest? ashley: it is not my fan club. it is my mom and my wife. she is great. we expect 50,000, clearly this is not 50,000 people. it is like a mary poppins convention. pro eu people, we were looking at the banners, banners like it is not over, we are still
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europeans, this is not a democracy. i find that hard to believe seeing there was a huge voted 1 million people voted to get out, that is democracy but they don't want to accept the results and they are here to let their feelings be known. they want london to become independent and join the eu. not going to happen. jeremy corbin, london labor leader voted no-confidence, not that big a surprise, lost on 172 to 40 vote so now there is complete chaos in the labour party. the opposition party in the uk, meanwhile cheering behind me, jeremy corbin will step down, they don't like it. on the conservative side who will replace david cameron? it was going to be announced by september 2nd, they said no, we need another week, september 9th is when we will announce who will be the next prime minister
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of the united kingdom. you can probably tell from all of this the chaos, the uncertainty, the unanswered questions go on and these folks don't want to accept the uk voted to get out of the european union. connell: we know how it goes. i love ashley's mother, we did a show years ago, ashley's mom was the only one watching, she is a beautiful lady, she would write in, you remember that? ashley: she fell asleep. connell: all the best, thank you very much. before something horrible happens. she used to write to us, very nice lady. more on the brexit thing. a former ambassador's is a true british exit will never ever happen. he is coming up next.
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arrows but it has been a difficult trading environment, no one expected britain to exit the european union. and we saw stocks being hit abroad and that was huge. there are hopes to bounce back on monday. today we are seeing up arrows and the names that have been able to whether the storm, and through difficult times related to gold. and gold settles since 2014 and we see those things doing very well. and they are the names that have been weathering the storm. and when you look at names like american water works. that is a name that is an area
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of a safe haven. a dow component of telecom, has no exposure to europe. that today is holding onto some things. people -- the bond fund, listen to what he said. >> a 30% chance of recession. and to manufacture goods and export them, profits as well. >> the concern is the recession could take place after the british exit, he says it could be 50% chance of that even though bond yields hovering, 1.46%. and everybody continues to make
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safe havens. and the treasury is safe haven. connell: we assume in these conversations go through with this. a slamdunk completely, it does not happen. he joins us now. at the end of this the uk may be in. >> i have never seen a bigger case of seller's remorse. it should not be hard to do but i can't find a brit who is willing to invoke article 50. it has to be done right away but by my successor. how about i leave in october. the conservatives said no, it is
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too late. his successor, likely success of borders, it will have to be done right away. connell: the only thing i would say you must be listening to the wrong crowd, everyone has been saying forget these elites, it is the people and to read vote, it is against the will of the people. >> the best windowdressing democracy has to offer? sometime before someone's of the magical word, and an actual election. jeremy corbin got booted so far today. labor will come up with someone real, someone will come up with someone real, i am running, he will be democratically elected. the last vote counts.
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connell: no soccer jokes given what the poor english have had to go through. >> i'm a belden ambassador. former us ambassador. only one thing count after the us. connell: do we need is some have suggested. we have a revote. is that where we should go with all of this? for the parliament doesn't go through with it? what should the map going forward look like? >> how about two out of 3? the normal process, cameron has to step down but no one, johnson succeeded them. a real election, in that election everyone will cost
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their fingers, with whoever the candidate is gets selected, democracy has won, the brits have won, on glimmer -- angela merkel has won. >> nothing else to see here. don't know how simple it will be. we appreciate it. gives us more to talk about. let's talk about the heat map, more green than it has been. a reversal of the last few days, you get a few, that are down. the most part it is an up day on wall street. back for more, more than we were, 171 is rising on the tao. back in 92nd.
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jeff: i am jeff flock in chicago looking at volkswagen. trading on the counter market. that is 1.5%, still down 40%. why today? because of the largest auto-related class action settlement in us history, volkswagen agreeing to pay $14.7 billion to settle claims around a scandal over diesel engines, 500,000 will pay $10 billion, to buy them or fix
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them. no plan to fix them. $4.7 billion to promote cleaner vehicles and reduce pollution, we are talking 2009-2015. and audis. "cavuto coast to coast" continues in a moment. shipped from here, on this plane flown by this pilot, who owns stock in this company, that builds big things and provides benefits to this woman, with new cabinets. they all have insurance crafted personally for them. not just coverage, craftsmanship. not just insured. chubb insured.
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connell: back on "cavuto coast to coast" as we turn to politics with a campaign event coming up shortly for hillary clinton in the denver area, making her case for the economy we have a number of stories today, one with house republicans making their case against their tenure, secretary of state, start with that in dc. >> the long-awaited report from the benghazi committee. and and the white house held a 2-hour teleconference meeting on september 11, 2012, three hours into the benghazi attack including secretary clinton, her top aides, two pentagon deputy therese and senator obama staffers. instead of focusing on getting immediate military help to the american strapped in benghazi the focus was on a video wrongly blamed by the white house for inspiring the assault. >> if you read the report what will become manifest to you is
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what has become manifest to us which are two different images. the image on the one hand of what was happening in benghazi during the relevant time period and on the other hand the decisions made or not made in washington during the same time period. "cavuto coast to coast" the clinton campaign called it a political sham and said the chief goal is to politicize the depth of five americans in order to attack the obama administration and hurt hillary clinton's campaign. as you said, clinton will be speaking in denver in a few minutes and may address the report which makes it at least for today a distraction from her planned comments on technology policy and donald trump speaking in pittsburgh in a few minutes and i expect he will hit on clinton from this report. connell: peter barnes out on a limb. we will check back with him on
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the trump speech and he will hit clinton on different things whether benghazi or the uk vote and we talked about this, trains. let's bring in sarah westwould on the fallout from all of this. lauren and deirdre are here. make this a tough week for hillary clinton the same way the last week or the week before was a tough week for donald trump. >> absolutely. this report has findings that do paint hillary clinton's tenure in a poor light. the first is the department was unprepared for a state like libya and her administration ignored requests for more security and she didn't even speak to the president until after she put out her first public statement and we have a clear view of the fact that she was saying one thing privately and another publicly and third that she was a willful
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participation in the administration, misleading presentation of what happened in benghazi and all these things reflect poorly on hillary clinton. she will as she has in the past appointed the fact that she sat for 11 hours in front of the committee. anyone who cares to look at these 800 pages will see that there are significant questions raised. connell: if you go through the fact sheet there are significant questions to be raised. if you are donald trump you at this. this benghazi report with the report we put in yesterday with missing emails, he says he was right and she was wrong. today he will talk in the first appearance will be scripted, seems he will talk about economics and trade. is the right current line of attack or should he the focus on these things?
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>> the economy is based on what voters base their voting decisions on and that will play a major role in who wins the presidency, not just their views on the economy but how the economy is and that is unpredictable, something we should continue to hammer but this is a rich area of fodder for him. hillary clinton is -- the more experience and equipped to handle emergencies and when given the chance she was not able to handle a national emergency and that is something he can explain. >> hillary clinton in denver and donald trump in pennsylvania. i will wait for the uk a moment and how washington may have killed a huge deal in the business world. keep it here, "cavuto coast to coast" will be right back. ♪
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go long™. ♪ >> back on market rally day, up 160, almost 162. the question here, new reports of trouble with this deal. and them ready to walk away, new york post had a story about it from the cigna merger, regulatory headaches, we can talk about it again but it is tough now, tough administration to get the deal done. >> the department of justice can foil another deal, these are companies saying we are stronger together to battle the situation and and some looking to buy
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cigna and aetna looking at humana, obamacare, they say we are stronger together but we are concerned about higher costs for consumers speaking about insurance. >> to your point in the wall street journal, they expect the department of justice to fight this and it is not clear if and them is willing to go through the legal hassle, $48 billion, if and some says that is too much hassle. a breakup fee but there are other examples. has been very heavy. connell: i am staying for the next hour. thank you so much for walking me
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♪ connell: we are back on this market rally, up 159 points on the dow. a little less than 1%, but as we've been saying, we're happy after the last few days, the mega-selloff that we saw in global markets and trillions of dollars in value lost for investors all around the world. today a little bit of stability. nothing crazy in terms of a bounceback, but all the major averages, and we've highlighted global markets here and over there, london and germany at the bottom of your screen, higher today. trying to work our way back, as slow as it may be. on cavuto coast to coast, i'm connell mcshane nillinging in for neil -- filling in for neil. and we have a lot of people lined up, so let's start with
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nicole and work our way through on the floor of the new york stock exchange. looking at what's maybe behind the move today. nicole? >> this is somewhat of a relief rally. we're questioning whether or not it has legs, but you do see the dow up 155 points, that's up nearly 1%. it was up over 220 points earlier today but still holding on to some great gains here. the s&p 500 up over 1% and the nasdaq composite up 1.5%. and when you take a look at the dow winners, guess what? out of the 30 names, 27 of them are actually in the green. we've seen energy, financials just to name -- telecom, health care doing so well today. we'll see travelers, visa and home depot as some of the best performers, due i ponte has been a laggard -- dupont has been a lag order. gdp, gross domestic product, this is the final reading for the first quarter of 2016. caming in the at 1.1%, slightly better than expected. shows that we still have slow growth, it is a gauge of our economy, goods and services and the like.
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you want to continue to see it grow. it's pathetic to some extent when we'd r59er see it at 2 or 3%, but it's going in the right direction. and then there's the home prices for april, that's some good news there, 5% for the six sixth month in a row. portland, denver, san francisco, seattle and boston. all that being said, we see some good action here. it's going in the right direction, but we have the uncertainty from the the british vote. that's one thing. you have people calling maybe for a recession, someone like bill gross of janus. but there are other economists who are believers that the consumers are still spending, you're still seeing home prices on the rise and auto sales doing well, so they're believers that we can weather the storm. connell: nicole, thank you. we're not going to let people get too comfortable in our first conversation out of your report with the market having bounced back today. we wonder whether investors or clinging to cash it may be better put hoarding cash is a
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sign that we're on our way down again. well, let me first say we're joined by the after the bell co-host, david asman. he is here with us, i believe, for the hour unless something goes horribly wrong. >> well, you paid me for an hour. [laughter] connell: of course. and trish regan is also here. we're going to focus on your your world interview -- >> that's right. nigel farage making interesting, explosive statements. connell: we want to bring in lori glazer to talk about what i just said, whether cash is the place to be, and that tells us people are very, very scared even with the markets stabilizing today. take it away, larry, what do you think? >> investors' heads or spinning bayed on the events of -- based on the events of the past few days. look, we had just even over a few days such amazing volatility compressed in a short period of time. a surprise friday going into the summer, end of the quarter, all these things happening. but even with that said, going
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to cash with all this uncertainty is still a very high risk proposition. certainly, there are benefits to having cash, and there's a tactical and strategic benefit, but going to cash recognize we're at historically low levels in terms of yields, and the fed has suppressed yields to the point at which we're below inflation. so it's a very expensive asset class to be in cash, but we know investors are afraid, and that's logical. connell: okay. >> it's understandable. recognize there are alternatives, and we don't have to cave into that fear directly. connell: all right. go into that a little bit, because i'm sure you're getting phone calls -- >> absolutely. connell: you know, like crazy in the last few days with, as you say, people who are getting nervous. what are those alternatives, the best ones? >> certainly, traditional safe havens that investors have been favoring in the past six months. look, we want to have cash to deploy when that volatility does pick up, so so there's tremendous benefit. but those traditional safe havens, high quality government
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bonds, very expensive. high quality u.s. government investments in general are expensive. real estate investment trusts, very expensive. telecoms, utilities, these are asset classes that are priced for per fiction. instead investors might consider going into the eye of the hurricane, embracing that fear and looking at some of the european multi-nationals where the yields are in some cases 4-5%, 50% higher than the u.s. companies. valuations much lower, but still companies and brands you're going to be familiar with. a liquor company, i need a drink right now. connell: i was going to say, that might be the appropriate -- i know that wasn't accidental, trish. >> he makes a good point. think about the currency plication of all of this. we've been hesitant to invest in european cups and companies -- countries and company because the equation in terms of what you would get back with the currency effect would be less. but now as the dollar rallies and the euro weakens and the
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u.k.'s pound weakens, you might actually be in a better situation. connell: yeah. david? >> i don't know. i'm a little skeptical. i think -- [laughter] you've still got a long way to go there. now, i'm overall long-term optimistic about what's going to happen particularly in great britain, because i think that for all the costs -- and there are going to be a lot of short-term costs, thousands of regulations they've got to work out of, new trade laws being written -- but eventually, great britain is going to become an oasis of deregulation, relative deregulation in europe. so those people who say that london is going to use its currency as the financial center are dead wrong, i believe, because i think they're still going to be -- think of hong kong which is a deregulatory body within a chinese communist community. hong kong maintained its value as a financial center just as i think london will. so that's why the one exception i would make to your recommendations about going over to europe is to really look, surprise-surprise, at some of
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the banks in london that have been discounted tremendously because eventually i think they are going to merge. those naysayers are wrong -- connell: quick, larry, final thought on that. go ahead, larry. >> sure. i think david makes a great point. hsbc, big financial institution, barclays, deutsche bank much more controversial, unilever, again, actually trades in london. big consumer staples company, much cheaper valuation than procter & gamble but a safe haven company. and i know over july 4th i like to curl up with a pint of ice cream. again, these are safe haven companies all over the world. they're not a play on europe, they're a play on the world, and that cheaper currency, as trish mentioned, is going to be a huge benefit to these companies competing globally, even a better valuation than some of the u.s. companies they're -- connell: i don't even have to tell you. >> ice cream and bourbon. connell: i don't have to tell you to have fun on your holiday weekend, you obviously will, larry. >> i'll send pictures!
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connell: keep 'em on your phone. [laughter] larry, thank you very much. let's get to this nigel farage interview that trish did yesterday filling in for neil on the fox news channel on "your world." he's the independents leader, right? >> led the brexit effort, yep. he's the leader of the independent party. and, you know, i pushed him. i said, look, we've got the global markets in a selloff mode, and he said, no, no, no, this'll all pass. i said european banks tanking, down 18, 20%, and a lot of people saying london is no longer going to be the financial center of the world. connell: exactly. this is the sound bite that caught a lot of people's attention. here's part of that interview, watch. >> vladimir putin behaved in a more statesman-like manner than president obama did in this campaign. trish: how so? >> obama, i think, behaved disgracefully telling us we'd be at the back of the queue. america's strongest, oldest ally
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in this most extraordinary way. vladimir putin maintained his silence throughout the whole campaign. connell: so in addition to everything else that you mentioned which we will talk about later on, the idea that vladimir putin handled this better than president obama. >> yeah. that question was, in part, you look at vladimir putin right now, and he's awfully happy. you've got to anticipate he's doing a dance right now because he wants the e.u. to break apart with the idea being in his head, perhaps, that if they are separate, they will not be as strong. now, nigel was making the point that, you know what? the u.k. is going to be stronger, we will be stronger with europe because we are going to be financially better off, we're going to be able to control our borders, you know? this may be a rough patch for the next couple days, but bottom line, things will get better. and a lot of people have also pointed out this may force the european union to get its act together too and really start to, you know, cut down on some of the regulation and on some of the nonsense that is making it feel so --
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>> hope and pray, from your lips and nigel's lips or somebody's. >> clearly, didn't take that so well when president obama came over -- connell:. no. >> by way, we should mention there's a narrative playing out inside the beltway. you hear it from a lot of neo-cons in the beltway saying you've got to take it with a grain of salt, but putin is up to something. between now and the election particularly because of the british exit from the euro, he's going to do something provocative in europe. some people are pointing to the baltics which is a place that he's had an eye on ever since they declared independence from the soviet union. i don't know if it's true, but they're very concerned about it, certain people, general jack keane. these are not insignificant people that are suggesting this, but keep an eye on putin. i understand what nigel's saying, i think he's right, he's right to say what he did about president obama and making that absurd comment he did back in april -- >> but at the same time, there's a wildcard. connell: i don't think nigel trusts --
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>> well, he certainly shouldn't. it does put europe in a different position right now if there's going to be a lot more in-fighting in the coming months and years. connell: oh, yeah. >> that said, back to the financial implications, i did is ask him, you know, people are saying london's over, and he said -- of course, and he has to say this, absolutely not, london is going to be the financial center for years to come. connell: i saw that. like a backyard, the rest of europe. >> can you imagine all the bankers having to move to frankfurt of all places? >> right. >> and paris, they don't even work in paris. i guess that'd be a great place to live -- [laughter] connell: i would suggest dublin. >> well, as an irish gal -- connell: what are taxes now? >> 12%. there you go, go to dublin, folks. connell: all right. next topic. donald trump is making this speech out in pennsylvania, i believe it's next hour, as a matter of fact, so let's bring in caitlin huey burns in on this. good to see you, by the way. i guess he's trying to capitalize on everything that's
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going on in the u.k., but this'll be one of his scripted speeches on trade. what do you expect from trump today? where is he going to try to score points? >> right. i think he's going to really hit at the core tenets of his message, what they have been over the course of his campaign, and using the brexit vote as a real pitch. he's been talking about trade and the effects of trade deals on the u.s. economy as something that really appeals to his voter base, and he's also, the title of the speech is reclaiming america's economic independence which kind of shows you the parallels that they're trying to draw. as we know, trump in scotland last week in the wake of the vote praised the vote and kind of dismissed any notion really that it would be detrimental to the economy. he didn't really address the fallout from that. connell: right. >> really tried to hit those populist tones. connell: and no accident today, i think it's obvious that he
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picks the pennsylvania steel country to do so with people being displaced for years and years in that area. also politically i know you watch the maps, and everybody does, but the idea of trump becoming president without winning pennsylvania, it's tough, right? it's one he really needs, or a lot of people think he does. >> it's tough, absolutely. and where he's speaking today, outside of pittsburgh, is really, you know, kind of his bread and butter. these are voters who have been really appealing to his message. what's interesting about the trump campaign, however, is that this is really his first, you know, foray into these battle ground states as the presumptive republican mom -- nominee. he's been spending places in states like texas trying to raise money as well. so now he's starting a battleground campaign, and his campaign chairman, paul paul manafort, has said they are now organizing in these ballotground statements. a state like pennsylvania is one that has gone democratic over the past several cycles, it's one that republicans always try
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to compete in without much luck. they think with someone like trump who can, again, hit those populist, working class themes might be able to turn the state. connell: and that's the thing, trish, to do it in a state like pennsylvania, it's a similar argument to the one they were making over in the u.k. this is, you know, northern england for him, so to speak. >> i mean, it's amazing. if you think about it in some ways the democrats have been tone deaf on this whole issue. hillary clinton, we saw her out there multiple times pushing the president's trade agenda for the trans-pacific partnership deal over and over -- connell: now she's opposed. >> you know what? she needs the aclu. i mean, she's got to get the union vote. and when she's out there talking about brexit, she's talking about it in a very different way saying, well, we need great leadership right now. she's not talking about it in a way that's going to to the resonate in places like ohio and pennsylvania, places where people have been displaced. i go to my husband's hometown outside buffalo, a little town
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that was thriving in the '70s and even the early '80s. >> my dad's from rochester. connell: right. two areas she should know a hot about. >> these towns are devastated, and that's what he's tapping into. she should be doing it, but she can't. >> she was also dead wrong on brexit, by the way. donald trump, i don't think he's pressed that strong enough, that he was the one who was the first one out of the gate on friday morning to come out with that presser saying that, you know, he understood exactly why the british people did what they did, that he thought they would do that. so he's got some brag rights with regard to that. just one wd about the polls, and i read this on real clear politics this morning which is my first source for political news. the overall polls that we have been seeing recently with donald trump versus hillary clinton should not mislead you, because the real important polls are the state, those key state polls. connell: right. >> look at the state poll toes in pennsylvania. look at the state polls in ohio. these key states that are going
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to decide -- florida -- that are going to decide the election are much more important than the overall -- connell: very close in ohio, pennsylvania's going to be key, caitlin, as you said. florida, last quinnipiac poll seemed to be problematic for trump. he would need that one too, he was down eight. >> exactly. and that's a state where appealing to diverse demographic groups will really matter and trump, of course, is behind by that measure. but you're absolutely right. this is not really a national campaign, right? these presidential races are determined in a handful of states. and, again, if you look at those real clear politics averages, it's much more competitive in those battlegrounds, so that's why hillary clinton has visited ohio several times. she was there with elizabeth warren yesterday trying to hit that same kind of economic populist message that warren's been promoting. donald trump is actually heading there tonight for his first rally post-campaign transition they've been talking about, so that will be interesting to watch.
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connell: caitlin, thank you so much, we appreciate it. terrific insights and, trish, great interview yesterday. >> congrats. >> 2 p.m. on the intelligence report. i'll see you there. i've got to go put some makeup on. connell: david's going to be here the rest of the hour, so hopefully he can hold it -- [laughter] >> or without makeup, i'm not going to make up for trish. [laughter] connell: blaming you if it doesn't work out. >> thank you, trish. connell: all right. just a moment, the migrant problem getting worse because of the u.k. vote? is we're going to talk about it and a lot more as cavuto coast to coast continues. we'll be right back. ♪ ♪ if you have medicare
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her speech of the day, as we say, donald trump is coming up later. he's expected in this pennsylvania speech next hour to really hit her hard on a number of things including the u.k. vote. and we now are joined by a conservative british politician from the house of commons, foreign affairs committee chairman, and makes the point, i believe, we're looking at hillary clinton there, and she's speaking live in denver, colorado, as you and i speak to each other that people like her that were for stay -- president obama in that camp and many of the quote-unquote elites in your country as well -- hypocrites? explain for us. >> no. they were promoting the interest of their own countries. and with our very close relationship with the united states, it was plainly in the interest of the united states that the united kingdom should, in a sense, be representing rather similar values to those of the usa inside the european union. and for many countries, particularly the ones we're kind of culturally close to, canada,
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australia and new zealand, the british were always able in that sense to be almost those nations' agents within the e.u. similar attitudes to business and entrepreneurship and free trade. and the u.k. will be there to give those countries a readout on how, what was happening within the e.u. connell: so it'll hurt us now, us being the united states, to not have the great britain in the e.u.? will it do a lot of damage to the united states to not have that voice inside anymore? >> no, i -- a lot of damage would be a gross exaggeration. the united states will have to find another way to of getting t information and those relationships within the european union, and no doubt it will be of assistance in terms of the american relationship with both germany and france. and people will rightly point out that if security policy, for example, that if berlin and paris and brussels are in the same place as washington, d.c.
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was put to us as a committee, pele will overfly london. there'll be a slight pivot in the relationship. but what we can be completely confident of is that the interest of the united kingdom will certainly be covered off if washington and berlin and paris are all in the same place. connell: well, let me ask you what we started with for a moment and this, quote-unquote, rebellion among the working class against the elites. because to our own presidential race here in the united states, or it's a phenomenon we've also been watching and wondering how it'll play out and if it's enough of a phenomenon to carry donald trump to being the president and certainly helped him in the primaries. a lot of people are angry at current system. what do you make of that and what we should learn from what happened in your country? >> well, in the united kingdom the issue was really about the voters' interests. and here we have the single market with 500 million people, but a requirement of that is the free movement of labor within the single market.
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and the imposition of the euro currency has caused serious economic dislocation within the european union. so you've got very high youth unemployment in places like spain and greece and portugal, and you've got these newly-emerging economies into the e.u. where it's very much lower than in the united kingdom in romania and bulgaria and poland, for example. and you've got highly qualified professional people there hungry to get on, and they're able to come to the united kingdom to compete for unskilled and semi-skilled jobs against that part of our labor force. and guess what? if you're the employer, who do you choose? connell: right. >> and in the towns of england we've seen very substantial immigration of that kind. those towns have seen things change really very fast in the last decade. connell: right. >> and those understood that they needed protecting from highly skilled labor coming in to take -- connell: all right. sorry to cut you off.
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we do have to run to a commercial break here. from the house of commons on the foreign affairs committee, the chairman. thank you very much, sir. we'll be right back. more cavuto coast to coast in just a moment. dow's up 129. ♪ ♪ many people clean their dentures with toothpaste or plain water. and even though their dentures look clean, in reality they're not. if a denture were to be put under a microscope, we can see all the bacteria that still exists on the denture, and that bacteria multiplies very rapidly. that's why dentists recommend cleaning with polident everyday. polident's unique micro clean formula works in just 3 minutes, killing 99.99% of odor causing bacteria. for a cleaner, fresher, brighter denture every day.
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connell: we're watching immigration as one of the top issues. we talk about it all the time in the uk vote and leave vote that won out over there but that same decision could see migrants flooding britain's borders ahead of pullout. we're joined by van hipp to talk about this, former secretary of the army. what about the near future here. we all know about open borders in europe and it has been a big issue and i have heard both sides of the argument this week, that somehow the vote is going to make the uk safer and somehow it is going to make thetic less safe.
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which side do you fall on? >> connell, anytime a country is able to maintain its sovereignty and control its borders in the end it will be safer no question. in the short time before the "brexit" pullout and before the "brexit" is enforced there is no question you will see the eurotunnel, a big strain on the eurotunnel. a big influx of migrants trying to come in before the "brexit" is enforced. there is no question about that. one good thing of the brits, even though they were member of eu, they were one of two countries that did not participate in the schengen schengen agreement. those open borders rules did not apply to them. connell: right. >> they can estimate block those migrants who want to come in to great britain. make no mistake about it, the european union is not being overrun. it has been overrun. estimates from one million, to 1.8 million migrants in the last year alone.
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they have no idea who they have let into their country. radical islamists are taking advantage of the situation. we've seen what happened in paris. we've seen brussels. go pack to talk some of the security officers in greece where at least two of paris attackers came in on, it is unbelievable. connell: i think you did make one key point not enough people have been making, we should explain it there is distinction between the uk already and the rest of europe. it is not completely open borders. so how will it be drastically different or will it be for the uk after they leave? what will change for them? >> as long as the eu, or the uk is smart and enforces their borders now i think they will be fine in the short term but they have got to be tough. i think they will be fine in the long term. but look, your last guest, you alluded to this, there is anti-globalist, antielite movement that is international. it transcends ocean. look what happened to iceland. a strong anti-establishment figure there, was elected the
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president of iceland. the norwegians, the nationalist party, progress party now is part of the coalition government there. so i think people are wanting to maintain their national identity and maintain their sovereignty. connell: fascinating, david, is the right word, but to watch how all of this how it translates from country to country and region to region how issues are so similar. >> our personal relationship is closer than any others. we had maggie thatcher preceding ronald reagan. we had mild republicanism here and they had it over there. so the closest connection was with britain but what van hipp is saying is absolutely true. all over europe, rome, italy, they have a big independence party. even the french, a lot of french emigres here in new york city from paris, saying we can't take it anymore. paris has socialist mayor as
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well as socialist president. regulatory burdens there are extraordinary. a lot of very business people, successful entrepreneurs providing capital and jobs to their countrymen in france are doing the same thing here because they can't work at all there. even places like france which is the most self-centered country in the world in many sense, where a lot of these words come from, show vannism, and -- chauvinism and so forth we have to do to make this thing work because it is not working right now. connell: van, thank you very much for joining us, van hipp. david of course will stay. i want to get to break by telling you hillary clinton has responded to benghazi report. remember we were talking to the benghazi report. here is quote moments ago. this unfortunately took on partisan tinge. >> by the way, partisan tinge, 23 references to donald trump in the democratic version. if that is not partisan, i don't know what is. connell: she said time for us to move on. time for us to move on.
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we'll talk about this in just a moment. [woodworker] i live in the fine details.
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that's why i run on quickbooks. i use the payments app to accept credit cards... ...and everything autosyncs. those sales prove my sustainable designs are better for the environment and my bottom line. that's how i own it. >> the best way to honor the commitment and sacrifice of those we lost is to redouble our efforts to provide the resources and support that our diplomats and our development experts deserve. so i'll leave it to others to characterize this report but i think it is pretty clear it is time to move on. connell: a little more moments ago from hillary clinton at a
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campaign event in denver, colorado, on this report from the select committee, republicans on the select committee on benghazi, david asman. in in addition to what we said before the break it was taken on partisan tinge and we should move on. >> the best way to honor the people who died in the attack to make sure there is not another attack. those of us who have families, particularly my son is a marine, marines are the ones that keep those embassies safe, i want to make sure next time something happens other marines will be killed. what difference it makes? that is what difference it makes. it makes a lot of difference and honors the people who are now guarding, now guarding the stations at various embassies around the world, it makes a huge difference what went wrong there to make sure that it doesn't happen again and more fine, decent, honorable marines are not killed again. connell: i'm told, we didn't have a chance to look in on it, i'm told, because it is happening right now, josh earnest pretty much echoed
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secretary clinton's comments. this is partisan. right-wing conspiracy that the idea, there is josh earnest. >> everything in d.c. is partisan. that is obvious. everything is partisan, however, the democratic version of this report mentions donald trump 23 times. if that is not partisan, i don't know what is. what does donald trump have to do with the benghazi investigation? what does donald trump have to do with -- mistakes that were made there that led to the deaths of four american citizens? nothing is the answer. unless you want to put a political tinge on this thing. that was what the democrats did with their version of the report. it was republican partisan? of course everything in d.c. is partisan. i'm sure some of the 800 pages were but the democrats did exactly the same thing. connell: when they came out with their report, yesterday, the republicans turn. today on because because select committee. benghazi select committee.
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phil flynn what are you looking out there at the cme? >> we're looking at some of the fear trade coming off. the best way to explain it, connell, it is like being in a prizefight. the first two rounds you got your head handed to you. the third round you're putting up a pretty good fight, the problem you don't know where you're at and you don't know how you got there and that's really where we're at right now. some of the worst fears have gone away. we've seen a drop in the vix index for example. we've seen a drop, for example, in the dollar index. that is giving some of these markets like oil a chance to rally and to focus on fundamentals that are pretty strong whether it be the strike in norway. look at some of the energy companies that got beat up yesterday like bp. they were probably overdone with "brexit" fierce. they will still sell oil. but that stock is looking pretty good as well. when you step back get a day like today when we have more questions than answers i'm not very convinced this reduction of fear it -- is going to stay
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away. there are too many questions what we're seeing today in this marketplace. one. markets you may want to be focus that might be "brexit" proof and fear proof might be precious metals. gold is down on some of the reduction of fears. you may get more support with more "brexit" fears with weakness in the dollar. more reasons to be long gold than just fear. connell: good stuff as always, phil. let's bring in joe gagnon on all this. former federal reserve official i should point out. that is part of the talk, joe, the federal reserve after what happened in the uk is pretty much off the table. maybe more likely to see a rate cut than a rate hike that everybody is betting on. what will we see? >> i think probably no rate hike this year and who knows what next year will bring. but i think this is a small, not going to push u.s. into recession but it's a small but
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noticeable slowdown in u.s. exports which will, also reduction in u.s. inflation. connell: i guess one of the questions, how are we doing besides this? one of the people are telling us we had on a guest earlier, with all the issues in our economy we could be headed close to recession minus the u.k. everybody is looking this as excuse to say we're driving us there. we have our own problems. not as like the growth numbers were great. >> the recession happens usually happens when something you don't expect happens. that could always happen i guess. i don't see anything in particular. you don't see any obvious sources of risk but it will come out from somewhere you don't expect so i don't expect a recession this year but the 25% chance of a recession. connell: things like you don't expect happen, a country think you vote one way and they vote another, wait, we had that happen. i don't know what would be next. maybe it is one of the other countries. are you worried about other
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countries in europe following uk and is there risk of that? >> no, not really. much harder for them to leave and pressure is less strong. i mean, maybe top of it, but i just don't see it happening. connell: joe, thank you. was getting back to a moment for our markets to see how we closed this up today. we at least had stability. we're up 140. that is fine given what we had last couple days. 871 points lost on the dow. trillions in market value around the world lost in two days. at least a little stability. we'll see if david asman and melissa report on that on "after the bell." >> thank you for the plug, 4:00 p.m. connell: watch it on the fox business network. what we're watching next hour when trish is back, donald trump, his speech on trade will come from pennsylvania. steel country is where he is hanging out today. one thing we're looking for, we'll tell you next. ♪
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amazing sleep stays with you all day and all night. sleep number beds with sleepiq technology give you the knowledge to adjust for the best sleep ever. don't miss the lowest prices of the season going on now, with our best-buy rated c2 queen mattress now only $699.99. know better sleep. only at a sleep number store. >> very good afternoon live from the new york stock exchange where traders are in much better mood to say the least after two days of sharp declines. we do have a triple-digit rally on dow jones industrial average. markets off best levels but a nice rally. is it relief rally? is it dead-cat bounce? is the worst behind us? we'll have to see in the future which we can not obviously to know for sure. have a look. interesting trend here. some of the most beaten down names are best performers on s&p 500. seagate, endo.
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health care, energy, discretionary all among the best performers today. these stocks, these top performers on s&p down as much as 10% friday and monday. worse than the five plus percent declines on the s&p 500 in that time. so that is a very important trend. investors perhaps doing some bargain hunting. vix index, volatility index returned to pre"brexit" levels. more "cavuto: coast to coast."
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>> to tear down secretary clinton's poll numbers. that was their goal. remains to see if that is what they accomplished. connell: that is sort of the white house response that we were referring to a moment ago by josh earnest. >> wow. connell: they're trying to tear down her poll numbers. they're saying that the conspiracy theories surrounding benghazi, the report out from republicans are politically motivated fantasies. >> are the lives of four americans and the future safety and lives of other americans not worth $7 million, josh? come on! this infuriates me the idea that he would say that we are wasting $7 million to find out why four americans failed, doesn't matter under whose watch, happened to be under hillary clinton's
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watch. but it happened and we want to make sure other americans are not killed in the future. is that not worth $7 million? i think it would be worth a lot more. used to be a time we didn't put a dollar amount on human american lives. when every american was worth as much as we could possibly pay for it. he is now siging that the lives of for americans are not worth at least $7 million to find out what went on? this is a grave insult, not only to the dead americans but also to americans who are out there risking their lives and whose lives may be saved by some of the answers in this report. it infuriates me. really infuriates me. forgive me. connell: no, not at all. rightfully emotional especially with as you mentioned with family -- >> it makes me, it makes a lot of americans angry. connell: ned ryan is our next guest and i -- david, i think channels a lot of the anger about this issue that's been there for years now, right, going back to 2012 when the
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attacks actually took lace in benghazi and everything we've been through since them. ned, let me ask you, former speechwriter for bush 43. donald trump will make a speech next hour. we had the report come out today. his speech is supposed to be on trade. we assume that is what he will stick to. either in the speech or later tonight at rally should he talk about this and this report and what mrs. clinton just said, josh earnest just said? >> absolutely. you saw last week in his speech that he brought it up and discussed not only benghazi but the fact that during her time as secretary of state you know, the middle east became heavily destablized, isis came, beginnings of isis came into existence. so he has hit on that topic. i at this it makes complete sense for him with release of this report to go hit it again. it is not -- we already knew some of these things. it is not good for hillary clinton. connell: that is the argument against, again to keep, this is political question again, hillary clinton claims we should all move on.
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david as said, well, come on, should we all be moving on? >> no. connell: politically can donald trump still take advantage of this, highlight what about hillary clinton here next few days? >> absolutely. hillary clinton is trying to make the case she is qualified to be, take a step up from secretary of state to be president of the united states. you have to go back and look at her record as secretary of state and say, does it justify her being able to go up to the next level to be president? again benghazi is one of those big things and her record as secretary of state. they have stonewalled at every turn. they have tried not to be helpful. they lied from day one saying blamed it on video when in fact they actually knew this was coordinated planned attack. this speaks to her character as a person but also to her record as secretary of state. it is all fair game. connell: do you think, david, ned's right here? trump should, maybe change course of the economy which he is planning to talk about today, at least highlight -- >> remember he is focusing on
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benghazi, not only reflection of her general abilities to take the presidency but also specifically as to what went wrong there. connell: right. >> i think he does understand that something seriously went wrong. when, that comment, what difference does it make, should haunt hillary clinton going into this election. he should use that sound bite because that sound bite to me as a father of a marine says it all. it matters a great deal to families members of the family in the military, as to whether we find out what went wrong here. other lives are at stake. connell: thank you very much. we have to run right now. >> thanks, connell. connell: appreciate you coming on. we'll see what donald trump does in the next hour, and markets and everything else coming up. v ♪
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c2 queen mattress now only $699.99. know better sleep. only at a sleep number store. connell: another busy day newswise. market hanging on to the gains. david asman with us entire hour. >> that went very quick. connell: very fast. we promised trish that you would he help because i wouldn't do it on my own. trump speech, they are always interesting to watch, maybe more so today with more recent benghazi comments. i think he sticks to the script and goes more into the evening appearance. >> that is interesting question he is using prompter and script more often. i don't think he does it very well. i think he is better ad-libbing. to the extent he can ad-lib he knows the territory he knows what the report is about. he has taken hits against
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hillary before i think he can go off script. connell: he is going to ohio tonight. that is usually the environment. >> trade is important. that is what wall street people are most afraid of with donald trump is a trade war. connell: i should point out, in addition to helping us get to this hour, you have your own show. thank you for doing that. i have to give you the plug. what is tonight -- there is melissa. that helps you out. >> melissa francis is more than a help. she makes the show work. that is 4:00 p.m. eastern time. two hours and ten minutes from where we are right now. connell: bunch much stuff going on including nike. >> i about the way we get colonel oliver north. if i get upset imagine what oliver north thinks about benghazi. connell: it is story of the day. trish is is coming right back. hopefully david did his best to get to the show to her. trish is next.
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connell: all right. the market is still up. it has been up since the open. at one point it was 200 plus points higher.
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it is now only 143. market bouncing back after losses last couple days but the other thing is donald trump. we're waiting for trump speech supposed to be on trade. there are a lot of other news items going on today, in pennsylvania, the key battleground state of pennsylvania. to take you through it all, trish regan. trish: breaking right now, we're waiting on donald trump as the dow climbs 142 points, rising after a brutal two-day selloff. we're off the highs of the session there. is big question whether or not the market recovery we're seeing is actually real or whether or not there is some kind of a global slowdown, even a systemic crisis looming ahead. we're all over it. i'm trish regan. welcome to "the intelligence report." the market is up 142 points. nasdaq up 66. this comes on the heels of course of european markets rallying today, rebounding after being slammed really badly


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