tv Countdown to the Closing Bell With Liz Claman FOX Business July 20, 2016 3:00pm-4:01pm EDT
>> another big, big night here in cleveland, and i will be there starting at 9:00 p.m. eastern. maria kicking it off at 6:00, and i'll be there at 9:00. we've got speeches from mike pence, from ted cruz, and from eric trump. it's a biggie. liz, over to you. liz: thank you, trish. whoa check out the markets, guys. the bulls another red bull. we're charging to new records right now. the dow near session highs up about 49 points. and we do have donald trump and his running mate ready to rock the official presidential nominee landing in cleveland less than an hour ago, trump meeting up with his running mate as mike pence gets ready to formally accept his nomination tonight. day three of the rnc convention already a day filled with surprises hours before the quick and loans arena is filled with delegates from tonight's festivities. but it is still that fall out from monday's speech by
trump's wife melania that's getting much of the attention this hour. donald trump making his first official comments about the plagiarism scandal as the full story behind melania's mistake, which turned out to be not her mistake is revealed. plus will cruz control? we'll be watching to see if mr. trump's main rival during the primaries fully endorses the party's nominee or not. senator cruz expected to take the big stage tonight and some of cruz's fellow senators hoping trump at the top of the ticket will be a winning one. senator rodger is in charge of ensuring that the senate days in republican control. he is joining us live along with the cleveland attorney who works ten full years to put together the rock bid that finally brought the grand ol' party to cleveland. on wall street, what do i tell you? we're exactly one week away from a federal reserve announcement on interest rates, but the market doesn't mind at all. day seven of record highs for the dow, as the s&p and the
nasdaq hit new highs for the year. i ask dow 19,000, anyone? too soon? i can ask. we're less than an hour to the closing bell. let's start the countdown. ♪ ♪ . liz: u.s. markets racing to yet another day of record. look at this. the dow currently on track for its seventh straight record close. a reminder, 225 in japan had seven and then derailed. i don't know but we do have the s&p up nine, that's a record for 2016. the dow jones up 50, that's an all-time record. one point higher today and that would be an all time higher, nasdaq up 54 and investors can thank tech overall for taking off because we've got green on the screen here. microsoft reported quarterly revenue that came up above wall street expectations, that is lifting most of the stocks out there. microsoft is a dow component
as well. it's up nearly 6%. the tech abou shares right now stand at $56.10. the gold bug getting squished today. three-week lows for gold itself, gold corp. new montgomery mining are all moving lower and not just by 1%. you've got baric down 6%, gold corp. down 5%, so big chunks coming out of those stocks. to cleveland donald trump at his friends and family event, indiana governor mike pence, this is the first public event trump and pence have held together since the vice presidential announcement last week. today's convention theme because there's a different theme every day, well, today it's make america first again. yesterday trump officially clinching the official republican nomination followed by a parade of speeches focused on the economy, putting america back to work and a couple of other topics,
which you've watched all day long here. but tonight things could get really interesting. that's when arguably one of the most highly anticipated moments former bitter rival texas senator ted cruz speaks. supposedly his speech tonight will not be vetted. will he board the trump train? you know anything kidnap. former house speaker newt gingrich, we bring in all the developing stories with a backdrop of a huge market rally here. blake burman at the trump event at the great science center. peter barns is on the floor of the quick and loans arena for a look ahead to tonight's rnc agenda. jeff flock is in public square this afternoon in cleveland, it's the communists expected to march march in moments and lori rothman on the floor of the new york stock exchange of what's driving this day in wall street. but first let's start with blake burman because he's at the great like sign center but
first we had a day of donald trump believe inner circle and the his wife's melania speech and the plagiarism, now we have clarity at this hour. what are they saying on the ground there? >> well, i just spoke with one republican congressman, peter king in new york, liz, he was here at the trump event, and i asked him about the response that the trump campaign just put out, and he said to me very simply over and done with. over and done with. that is kind of the feeling that you would think republicans have about this issue that has bubbled up here in the last day and a half. the focus should be on this convention. amike pence's speech coming up tomorrow but they want this over and done with, so much so that there was a statement put out this afternoon trying to clear the air in all of this. keep in mind the trump campaign has been pushing back on this hard. that statement came from meredith who identified herself as a writer for the trump organization, she said that she had been working with melania trump over this speech and said the following. i'm quoting here.
over the phone, speaking of melania trump, she read me some passages from mrs. obama's speech as examples. i wrote them down and later included some of the phrasing in the draft that ultimately became the final speech. she says i did not check mrs. obama's speeches. she went on to say no harm was meant. also said she tried to submit her resignation to donald trump, trump would not accept it, and she said it was her fault for not doubling back and checking those speeches. donald trump did have have reaction of his own just before that statement was put out. trump was tweeting, and he said the following of all of this that has surrounded melania trump's speech. quote good news is melania's speech got more publicity than any in the history of politics, especially if you believe all press is good press. he went on to another tweet that he feels the media should be spending more time focusing on hillary clinton's e-mails and not his wife's convention speech from monday night. in the meantime we all know by now that donald trump is here,
what a spectacle about an hour ago, he landed on helicopter. was then met by his family mike pence, mike pence's family, they both gave a very brief statement here. but this is the trump campaign trying to go forward saying trump is here, he'll speak tomorrow night, and of course pence later tonight, liz. liz: big day in cleveland. big night in cleveland. blake burman, thank you so much. back at the quick and loans arena, tonight because we're ping ponding around the location, tonight's theme as i mentioned make america first again speakers focusing on how donald trump business ackman might help what he calls restore america to the first on stage. so senator ted cruz has largely spent his time at the convention trying to get his own name in for nomination. there's also no indication cruz has any plans to endorse donald trump tonight. will cruz change his tune? or will he continue to bring chaos to the convention? or try? because peter barns, you're on
the floor, and i don't want to overstate this. a couple of skirmishes. but you're the one who's there. but it really doesn't look to me like there's a lot of traction that they're getting. >> no, they're not. listen, this thing is over. i talked to some cruz supporters yesterday. one of them said we're going to stop pushing the train. we're going to start helping to pull the train. this is over and done and so now you're going to see all of these delegates and party officials unify around donald trump and mike pence and cruz tonight, they're hinting that the delegates will be pleased with what he has to say, whether that's a full endorsement is not clear. but we do expect him to serve up a heavy dose of criticism of hillary clinton and her foreign policy and national security record. but today, cruz is in town, and he had a meeting this morning with his supporters to thank them. here's what hesaid. >> but i will confess to you guys one of the things that
i'm sorry about. one of the things that i most regret is after suspending our campaign. there were a group of volunteers who had traveled the country who had bled, and i am to this day upset with myself. >> and, liz, you mention some of the speakers here tonight but of course the keynote is going to be from the vice presidential nominee mike pence and the trump campaign is hinting that there might be an appearance by donald trump after pence's speech. i think that might be a good visual to see the trump and pence up there together waving to the delegates; right? liz: yeah, which is usually saved for the final night, which i find interesting, but this is not a conventional convention. peter, thank you very much. peter barns -- and you guys see he's standing right there on the floor. so anything that happens, he has -- peter, you have full
ability to interrupt my show if you see anything that happens because we're about the news so thanks a lot. any time.r barns. the dow how big that? boldly going where it has never gone before again adding to its recent string of record highs. right now just off highs of the session but up 48 points, that's good enough for a quarter percent of deigns. and the vix or the volatility -- backseat in the trunk. down at 2% right now at 11.71. nothing. not even close to 14, which is one of the more recent highs that we had seen. but this level is the lowest in nearly a year. new highs for stocks, calmer investors. are we headed for a crash? typical media, lori rothman. we're always looking for the bad angle. no, we're not, we're trying to keep our viewers honest but what's going on when you look at the traders at the posts? >> traders are chill. the best quote i got from the
traders, liz, today, is the world is too big to fail. too many people have too much skin in the game, central banks all over the world are at the ready with any kind of stimulus that's needed, the market according to peter who works right behind me has so much momentum, it's driving itself. he pointed out when you get to these high, high levels, you need a catalyst to move it up or down, and the next catalyst is the fed meeting and what it decides to do about interest rates. check the fed future rates and basically you're looking at a 40% chance of hike in december. that's up quite a bit. it was just less less than 20% a couple of weeks ago. there you have it. that's what we're looking at. this rally looking like the seventh consecutive day of lifetime high for the dow. it's intact. liz: 40% chance of rate hike in november but let's not forget the federal reserve. by the way, lori is going to be back later to gives us a preview of the big companies reporting earnings after the
bell. who are they? do you own these intel, ebay, amex, david and melissa will take you inside the numbers and reveal them the second they come out 4:00 p.m. eastern. closing bell 49 minutes away. forget a dollar shave. how big a billion-dollar shave? unilever, 3com as. more than a billion to direct consumer maker dollar shave club which came out and disrupted the razor bled theory and expanding its men's grooming products line adding to a stable -- do you remember their funny commercials? i hope that doesn't change. anyway they add to a stable of brand names like axe, dove, and pond. union i lever unchanged. really? i'm going to check that. i just want to make sure. because on a day like this, you would think that unilever. yeah, it's unchanged.
freshman took stage taking credit for getting harry reid fired but our next man is in charge of making sure the senate stays in gop hands. could it be a tough order? he's smiling, senator rodger wickers, the chair, now he's really laughing, saying how having donald trump at the top of the ticket may or may not help him accomplish his goal. much more from the gop convention in cleveland when countdown returns. the dow is up 45 points ♪ before it became a medicine, it was an idea. an inspiration. a wild "what-if." so scientists went to work. they examined 87 different protein structures.
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♪ show me the latest medal count♪ ♪xfinity's where it's at. ♪ welcome to it all. comcast nbcuniversal is proud to bring you coverage of the rio olympic games. . liz: we know you guys know that but here are the numbers. 34 seats are up for grabs specifically in the senate, and as it currently tilts red, republicans are focused on keeping it that way at any moment we are expecting to find out just how much cash donald trump has on hand and while the trump campaign did get off to a slow start compared to hillary's cash machine, trump's finance chair told me on fox business he was not worried about it. >> we couldn't be at all concerned about this, and i think the press really has it wrong. so let's start with the rnc has raised over $150 million
in the last 18 months. liz: but what does it mean beyond the presidential election? let's bring in republican senator from mississippi. rodger whitaker who is also the care of the national senatorial committee. sir, i need to ask you what -- do you have enough money to hand out to some of these campaigns to hold onto the seats that you would like to see? >> well, i think we will have enough money, and clearly the public is out there right now, and i could go ahead and make an appeal. we are going to need to take our message to 24 states to defend those, and then we think we can pick up two or three democrat seats. we had great success six years ago. and when you do well six years ago, you've got a lot of seats to defend here in 2016. but on balance, we feel good, we are still raising money, and we think in the end, we are going to have the resources we need. liz: i know it's tempting to
talk about ohio, florida, and pennsylvania. but the gop incumbents lead there. let's talk about the other states where obama, president obama won twice. those states are up for reelection. you've got illinois, iowa, new hampshire, wisconsin, those ones are important and what do you need to do and how much money down to win those states? >> well, without getting into details about what exactly the budget is, i feel good about all of those states. you mentioned wisconsin. ron johnson came to the convention, took time away from his campaign yesterday, made an outstanding speech. i think helped himself quite a bit. iowa, i think chuck is in really good shape. you know, pennsylvania is a state that i think will be competitive in -- at the top of the ticket. but pat tumi is strong there. he's also leading in the polls, and i think he will continue to lead. they're going to throw a ton
of money at us there. new hampshire looks very, very good. and the reason is that she's just an outstanding, excellent accomplishment-driven member of the united states senate. and i think that the type of person that people in new hampshire want to keep on the job. liz: we were earlier showing some pictures of rob portman of ohio. rob portman, marco rubio, and they've all kept their distance from the rnc. they're spending a lot of time campaigning in their states. look, i guess the question is, is this perceived at all as keeping their distance from donald trump so that they can win those states from perhaps centerrist voters who don't really attach themselves to what appears to be a harder and harder line during this convention? >> let me tell you, liz. i think at the end of this week we're going to see a trump bounce. probably be ahead in the polls by the end of the week. and so i'm comfortable saying
donald trump has a real good chance of being the next president of the united states. that said, it's okay if you run your own race like a sheriffs race state by state. and i think the thing for rob portman to do is run on his record. run on the ability to get an opioid bill passed as we left for the summer recess, get it passed for republican and democrat votes. get it sent to the white house where it will be signed. he is -- he is an excellent senator and somebody that has accomplishments to point to. so if i were rob portman, i would run on my accomplishments, and that's exactly what he's doing. i think there was -- in florida, there was a great cry for marco rubio when he wasn't advanced to the general election to the presidential level to come back and be our senator again, and i think that that's the reason he's leading in the polls against
either of the democratic challengers. so we feel very, very good about that. . liz: well, you know a little bit about running. you've been reelected seven times. you've been elected seven times, i'll tell you. looking at what you've done in your life, having served in the u.s. armed forces, i find it so interesting always that people like you could go off and be really successful business people. we're a business network obviously. you've decided to give your time and so much of your life to this nation. the tone because i'm a firm believer that much of america is centerrist. perhaps they lean socially left, but they definitely are fiscally right. what do we need to do to get more people together and get more movement and success for this great country? >> well, you know, you're kind to say that. actually i was elected a number of times to the house of representatives. twice now to the united states senate. and, listen, it's a great opportunity for service. no question about it.
i would commend to young people to read mitch mcconnell's recent book, the long game. i mean this is someone who aspired at a very early age to public service, and he makes the point that an instant graphics of winning an election is one thing, having an issue turn your way is one thing. but having accomplishments in stacking them up for the long game is really what it's all about. i would also commend to our viewers to look at today's wall street journal lead editorial and talk about the accomplishments that this republican senate and republican house of representatives have given the american people this year, not only in the things we've prevented this obama administration from doing but also in the end of 31 bills that we have sent to the president, got them signed in the law that hasn't happened since 1990. so it's an honor for me to serve, but it's a thrill to actually get some
accomplishments done on a bipartisan basis, signed into law by the president of the united states. that is a noble calling, and i appreciate you saying that. liz: yeah, but, you know. i call it like i see it, senator. thank you so much for joining us. >> you're very kind. liz: senator rodger whitaker there in cleveland, and we do have the dow still up about 38 points with the closing bell 36 minutes away. okay. so stop tweeting me. i know dow 19,000, it's a lile far away. i'm sorry. look at this. this i have never seen in all of my time that i am covering the financial markets. there are has been an upgrade to a stock and the people who are upgrading it are citing potential civil unrest in this nation. they are saying that civil unrest that may happen between now and the election could be a boom for poppa johns, they
believe customers may be staying home and organized in more on political unrest like, you know, some of the protests we've been saying in cleveland. papa johns shares jumping 3% on that. and it's not all confetti at the rnc convention, ready to march in cleveland. right, jeff flock? >> well, i tell you outside the quick and loans arena and we actually see police already moving in. this is where the flag burning is slated to take place at 4:00 and when we come back we're going to show you some of the people who may be looking to take issue with that. you better stay tuned.
asked by me to be vp. just arrived in cleveland. will be a great two days. why is he saying that? apparently a long form "new york times" article coming out and it is attached i believe to donald trump's, to his tweet here that had said they have conversations where he was asked to be the running mate of donald trump. and when kasich had apparently questioned what would you be having me do, donald trump said, make america great again. anyway sort of he said, he said continuing here. this is the past 48 hours, paul manifort pretty much in charge of the trump convention, continued to call the governor of ohio, who is highly popular, embarrassing for not showing up at convention. john kasich a man of principles. did run against donald trump. did not agree with his stances and a platform said he would not be there. we have tension high in cleveland right now as
protesters prepare for another round of demonstrations set so begin in 30 minutes from now. this is live picture of the area. lots of police officers in uniform. all different kind standing and waiting. it was exactly at this time, conservative and demonstrators faced off in cleveland's public square, we caught at the time this interesting exchange unfolding between a civilian and the cleveland police chief, who had wadeed in the crowd, in stunning moment, talking to people, trying to keep tempers below the simmer and boiling point. so it is very interesting moment. chief shook hands with people, the guy in the hand actually thanked the chief for his service. then about half hour after that video, tempers did flare, pushing shoving, when conservative commentator and radio talk show host alex jones showed up at the demonstration, bullhorns and people, you can see jones in the thick of it a little bit.
you can see. there is the chief once again. putting himself in the thick of it, standing there saying this will not happen in my town. not here, no way. jeff flock watched the whole thing. he is standing by at fourth and prospect in cleveland, where today's protesters, including the revolutionary communist party, they do tend to show up, they will plan a flag burn outside of the convention? reporter: here's the problem, liz. i smell gas on this again. because, yes, revolutionary communist party is coming to fourth and prospect. this is right in front of the quicken loans entry gate. as you can see police out here but who have also come now is this radical -- you know the day is being he given over to radicals on both sides of the spectrum. revolutionary communist party and this group here, a religious group, that says, in addition to the things you might expect, days and lesbians going to hell,
they also say democrats and catholics are going to hell. they have had very hateful language they have been spewing both on this square and now showing up here. they say if anybody comes out here to try and burn an american flag, they will take action. i don't see at this point anyone armed, but i do hear a lot of hateful speech coming out. maybe, maybe listen. just to listen just to, because i can't really describe what they're saying, convey it to you any better than they can. >> because you hate yourself, you hate yourself, shut upping woman! go home and make some cookies. liz: lovely, charming. unbelievable. reporter: that is very hateful speech. they seem to be just trying to incite a problem out here. that is when we get a problem, when we get two groups together that don't want to talk to each other. just want to spew. that's what i worry about this afternoon.
>> shame on you. liz: anti-catholic, antigay, anti-democrat, what about newscasters, are they against me too? i'm sure they love the jews. i'm not meaning to laugh here. i don't mean if you don't laugh you will get really upset about this kind of stuff. the point is this, jeff. the police are there, you see them, their presence is there. we can only hope all these crosscurrent groups will not lead to blows of any kind. reporter: they have done a fabulous job. i just talked to police. i'll tell you, liz, there has been no animosity from police. [inaudible] this is. >> hate nothing but yourself. reporter: this is not good. as i said the police have done an excellent job of simmering this down. if this goes like i think, they
will be stepping in between this group and anybody else very soon. that's my prediction. liz: very, very tense there. jeff flock. jeff's entire job by the way to be at those protests and to, you know, do what journalists do, cover them. jeff flock will be there and we will be right back with the dow up about 48 points. much more to come. 25 minutes before the closing bell rings.
liz: curse, what curse? seriesly? cleveland the comeback city. june the basketball franchise, cavaliers, led by lebron james wins the first nba championship, ending a 52-year sports drought in the city. first time in seven decades, cleveland gets to host a presidential convention. it has been that long.
i want you guys to shaping for that happening, john penny. a local businessman, an attorney largely responsible for bringing the convention to cleveland. welcome. you're the rnc convention treasurer, managing partner after cleveland law firm, kjk. congratulations. you said you didn't care, democrats, republicans everybody was welcome. you just wanted a convention to come to cleveland? >> that's correct. yeah, we've been on both and we just wanted the world's eyes to see cleveland. both conventions are the second largest media events in the world. we're just so pleased to have everybody here, regardless of their party. it has been amaze two days. the weather has been perfect. just really enjoying the opportunity to showcase our incredible city to the world. liz: john, i want to you describe the journey in a nutshell to get to this point. you worked on this 10 years. you kept thousands of pages of notes. you got rejected, what, twice? >> twice. liz: what hoops did you have to
jump through to get there? >> it has been a 10-year long journey as you mentioned. we bid in 2008 for the republican national convention then and 2012 for dnc. then again for the 2016. so, with each bid and prior two failures we learned quite a it about. we started to assemble information and put together package of data and really had been working on the bid for 10 years. we understood what assets within the city and infrastructure changes that need to occur. and so, we basically rebuilt our entire hotel inventory. we built a world class facility i'm sitting in. built a brand new world-class headquarters hotel known as the hilton here, attached to this convention center. liz: you know you need ad lot of money to do it. the price tag was 60 million. >> sure did. liz: last i heard you weren't there yet. where do you stand on money? how much are you short? >> to date we raised more money
than any convention city in history. we raised over $10 million in cash and -- 50 million in cash and 10 million in in-kind contributions of the we need to raise five million more in cash. we're working every day to do that. liz: call lebron. can lebron help? >> if you have his cell phone, let me know. i will call him. liz: tweet him. i need to quickly ask you about the 501(c)(3) status. that of course enables you to tell people if you donate to the convention itself you can get tax-exempt status. were able to do that. the democrats in philadelphia have been rejected by irs to do exact same thing. any advice for them to as they continue to try to get the status? >> you know, i'm not familiar what happened in philadelphia. what i can say we had applied previously twice. we had a lot of information from the services as to what they were looking for. so we were able to obtain our status in 12 days to be honest with you.
i really can't speculate what happened in philadelphia. and we have provided them a copy of our application. i think they're trying to understand how to proceed. liz: see, i like this guy. he shares, he is all about business and cities coming together and making things happen, no matter which side you're on. great to see you, jon. congratulations on a job well-done. >> thanks for having me. means a lot. liz: john penny, he is lawyer, a rah-rah cleveland guy. he worked really hard for this. keep it right here on fox business because all the convention coverage begins tonight. maria starts at 6:00 p.m. eastern. lou tonight at 7:00. "cavuto: coast to coast," 9:00 p.m. eastern. this closing bell with just 17 minutes to go may again see another record. we are there right now, up 42 points for the dow. green on the screen. a nice day are to the bulls. back from the dead, charlie gasparino is here with exclusive details on why that dance
between bayer and monsanto is far from over. yes, the merger is not dead yet. plus the billionaire businessman rocking donors in cleveland to fund a victory for team trump. charlie breaks that story too. from the rnc in cleveland as we watch the protesters. we're keeping a live picture on this what appears to be a very heated situation with a a bunch of groups converging at the moment. the police trying to keep them apart. we're coming right back. ♪
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last second delayed! according to techcrunch the pushback came after mcdonald's japan, partnering with the game, leaked emails detailing plans for the game and then nye antec, this is the company that makes the game for nintendo, became extremely concerned that all the hype would cause an overload to the game's servers. and, as all these people are -- >> watch out, liz! liz: this is, this is dratini. he is one of the rarest of the pokemon go creatures. this whole thing is so dumb!. anyway, dumb is making nintendo a lot of money. tend dough is pulling back because of delay. down 6%. keep in mind, that since the july 6th, u.s. release of "pokemon go" app, the skyrocketed 93%. the company has currently a
market cap several billion dollars higher than sony, another japanese giant. so, i still have tratini slime on my hands. one day after monsanto rejected bayer's sweetened take-over bid of 125 bucks a share, analysts are saying a potential deal is not dead yet. look at monsanto, only at 106 doll has a share. why wouldn't you take $125 a share, charlie? you have more on the story coming from cleveland. >> yeah, this is big news even in cleveland this week with the gop convention going on. this is what we're hearing about the failed or stalled monsanto-bayer deal, that, you know, has been captivating wall street for a while. monsanto officials are telling analysts from what we understand the deal is essentially still on the table. they're still back in talks even though they rejected the latest offer.
it was slight increase, $125 i believe it was, yeah, $125 a share. there is still talking, hoping to get the deal up to 130. that's what we're hering from analyst house are talking with monsanto officials. liz: is that greedy charlie, 130? what do you think? >> listen, greed is, greed is good i guess. i don't know. if you're a shareholder of monsanto, you know, you think you got a good company, something that bayer really does want, they really do want it, you try to extract the most value, i think 130 is where they're going with this. that is what analysts are saying who talked to monsanto officials, that is the magic number. whether bayer goes there or not, i can't tell you. they have other restrictions and other issues involved including its own share price which has taken a hit amid all these deal talks. that's where we are right now. they're still back, they're still background chatter, talking between the two companies. whether they reach a deal, i can't tell you.
but not totally off the table. let's go to the second story about trump fund-raising. i will tell you the donors here, they're known as bundlers. why? because they bundle a lot of checks together. they're telling us that the money is starting to flow in. we'll see whether that is the case with latest filing. i believe it is coming out for june. they say they are making headway with donors. liz: correct. >> and the big thing that sheldon adelson, billionaire casino magnate from vegas, is hosting some trump fund-raising events in the next couple of days at the ritz-carlton and quicken loans arena. he is actually holding fund-raising events here from what we're getting from the bundlers. he is looking basically to meet with potential fund-raisers throughout the republican convention to basically get to that goal. as you know the goal was he wanted to bring trump $100 million through these
pacs and maybe through direct contributions, which is different than rnc money. one thing for the trump campaign to say we jointly raised with the rnc, x. money donating to the rnc, there are a lot of hand discuss on that. this would be pac money, going to donald trump campaign he desperately needs. one of the problems with the melania speech controversy, they don't have enough people on staff to vet speeches. that is a big problem. i think you see them, we're understanding, this money will be used to buildout the infrastructure. that is one of the first things they need. a bigger campaign infrastructure to handle those things. obviously get-out-the-vote, bet bet -- get-out-the-vote stuff in various states. sheldon adelson with donald trump money. liz: i'm getting pushback. charlie at the renaissance. >> they almost had me a
la quinta. liz: nothing wrong with that trust me, you will take it. >> i hope there are not bedbugs there. we've done that story. liz: they could have you in rio grande. yes they call it rio grande, ohio. not rio. >> i didn't know there was macedonia, ohio. liz: lima. bob evans chicken flying contest. i've been there, done it all. good to see you, charlie. closing bell ringing in six minutes. holding on to gains of nearly 50 points. five-0 for the dow jones industrials. record there, record here, record everywhere. could this record run actually be a little bit of a curse for the market? citi's steven whiting coming up next with a warning you need to hear but he has a little bit after stock focus for you thrown in there. more "countdown" on the way. ♪
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liz: dow, nasdaq, s&p, all in varying forms of record territory. we got slightly better-than-expected earnings report from many important companies so far. so i want to bring in steven whiting, he is at citigroup. chief private investment global chief operating officer. traders are relaxed, everybody is is chill. that makes me nervous. does that make you nervous? >> look, when you have this political event in europe and affects more than united kingdom and global markets didn't overreact, it limits future returns when it comes to price. this year, "brexit" has been sort of an overlay. the great story has been we have remarkable returns in credit markets. 12% return in u.s. high yield year-to-date. closer to 8% in investment grade. that backdrop of a falling cost of capital for u.s. firms,
likely upturn in the petroleum sector and earnings going up out in future quarters, it doesn't surprise me this has been a better year than we started. liz: but do you pile into basic, good-quality stock names or do you like the so-called high yield market which is a little bit different here after assets had perhaps a bit hysterically sold off after the british exit from the european union? >> further up in capital structure. the yields are compensating. we have to look. we've gone from the word yield to storage fee around most of the world with 33% of world government bond markets with a negative yield, making u.s. look like a high yield market by comparison. so that, what i think we should think about, making dividend increasingly attractive. now certainly when markets rally, future returns are reduced and there is no way around that. so our asset allocation is more cautious than it was two years ago.
we're a little bit closer to neutral but we still want to be fully invested in earning income where we can. liz: guess what, steven? you get to preside over the bulls having down a couple of cans of red bull, hitting another record on wall street. yes, all-time highs for the did you stones industrials and s&p 500. the nasdaq at highs of the year. here is the the the closing bell. [closing bell rings] melissa: we'll hear from intel, american express and ebay how they fared. i'm melissa francis. charles: i'm david asman. business hour on "after the bell" hour, we want to tell you what we have for you this hour. looking ahead to day three of the republican convention kicking off in a matter of hours with big-name speakers including former bitter rival, ted cruz.