tv Countdown to the Closing Bell With Liz Claman FOX Business November 11, 2016 3:00pm-4:01pm EST
trish: we have been all over this election from the very beginning and continue to be all over the policy changes that are coming forward right now. they will have a huge impact on jobs, our economy, and you're responding. we're blowing away the competition, more than a million viewers tuning in, three times the amount of cnbc's on election night and continue to be here every day, every night for you, liz claman over to you. liz: happy friday. just getting this news in, the dow has crossed the unchanged line 156 times so far up until this very minute. could it be profit taking or investors starting to question the impact of the election? we have this breaking news that may play into it. a massive shake-up at trump tower. president-elect donald trump upsetting the applecart in the big apple. fox news confirming trump has named mike pence to run his transition team. trump has yanked the carpet out from new jersey governor chris christie widely expected to
lead the team. no word if it was christie's close ties to two former aides and now convicts who shut down the george washington bridge for political payback that played any role in his decision. team fox business getting into place to report on the break developments but the markets are watching just as closely as we are on this friday. the nasdaq showing green on the screen since election day, first time we've seen that. on this 11th day of the 11th month, we observe veterans day honoring soldiers, sailors and marines for their sacrifice. and does businesses and you as a manager sift through resumes to fill a job on any given day. navy veteran and super bowl hero phil mcconkey why we should all be hiring veterans? hard facts about the positivity of hiring veterans. on wall street, the dow looking, doesn't have it for this session but looking for second straight all-time record, we've got our eye on
oil too as it dips below $44 a barrel. to the end of a historic trading week, let's start the "countdown.". the best week for the dow in five years? so much for any trump tantrum people might have expected, best weekly gains of the entire year and as i said for the dow, best in five years. anything positive any, move to the upside for the dow will be a record close. that would be second in a row and the 11th one this year, but capping off that week with very choppy actions. so far today as i mentioned, the dow up and down, up and down, changing the level of unchanged line, total of 156 times. breaking news as we break down the biggest winners and losers since trump's surprise win on tuesday. biotech stocks seeing biggest
gain in 16 1/2 years. we put some of the stocks on the screen that are really surging here. do you own these? look at vertex up 10.1% but rejenneron the winner up 13.4%. the utilities, dividend paying stocks, such as these, throw in first energy, they are all tumbling on the prospect of higher interest rates. let us not forget the markets are extremely susceptible it breaking news and getting quite a bit of it right now. team fox business coverage charlie gasparino with breaking details of the trump transition team and the big no to chris christie. peter barnes how the banking industry will react to the trump administration and jeff flock how the global auto industry might either flourish or flounder under a trump nafta attack, but first to the breaking news we told you
about, had you watched "countdown to the closing bell" and charlie gasparino last week, you would know this was coming. charlie warned that one of trump's top loyalists, new jersey governor chris christie would get shut out of a top administration job if he were tainted by the bridgegate scandal, that's what appears to be happening. donald trump made first decision as president-elect, and charlie, what are you hearing about trump's thinking about demoting chris christie? >> as we reported yesterday, his chances of becoming a.g., that was a job that he coveted for supporting donald trump, something he's qualified for on paper, clearly, he's a former federal prosecutor, u.s. attorney for newark. that was being slowly taken away from him or chances were diminishing in great fashion because of what happened with bridgegate, because two former aides were convicted in the bridgegate fraud trial that occurred recently, and now see the second leg of christie's, i
guess, of the backlash against christie happening. first it was that, being demoted. i'm not saying he has zero chance of being a.g., highly unlikely. president-elect trump announces mike pence, his vice president-elect, he will lead the transition team, not chris christie who is slated for that. interesting, christie is on the list for this. he's on the team, just not leading it, which i think is a way, classy way for donald to demote him and let him save face. he was a loyalist to donald. he's on there with dr. ben carson, with newt gingrich, lieutenant general michael flynn, rudy giuliani, who might be the a.g. when all is said and done, u.s. senator jeff sessions, likely to be the defense secretary and i believe anthony scaramucci is on here, maybe i want to put him on because i love him. no, he's on -- he's around, anthony.
so that's what we are right now. he has been demoted, obviously, he's a loyalist, donald bit it in a classy way. i keep calling him donald. i should say president-elect trump did it in a classy way, but bridgegate is hurting him in a potential cabinet role in the trump administration, back to you, liz. liz: when you have two of your very closest aides convicted and facing prison time. >> tough to shake that. liz: charlie called it, and people have actually learned that "countdown" and charlie and our whole team must-see tv because of reports like charlie's on a daily basis. he breaking news in this hour all the time. we are happy to let you know on wednesday, "countdown" had highest rated show ever! in the history of fox business, and we could not have done it without you. we don't look backward, we look forward, we promise to continue to do our best for you and your
money every single day. also breaking this hour, now that donald trump is president-elect, bank stocks have not stopped partying. the rally in financial names continues on the prospect that tough regulation known as dodd frank might be scaled back or eliminated and perhaps higher interest rates are on the way. president-elect trump forging ahead tweeting today busy day planned in new york, we'll be making very important decisions on the people who will be running our government, and that part that involves hiring for financial agencies will be headed by paul atkins, a former securities and exchange commission more, which policies could get passed and what will it mean for banks? peter barnes in washington. when you look at stocks of companies, they're doing very, very well, i'm not sure it's easy to turn a gigantic ship around and reverse certain rules and laws, right? >> reporter: that's right, liz,
it will take sometime if donald trump and his republican allies in congress make headway on repealing and replacing dodd-frank as they want to do. president-elect in a speech last month called dodd-frank a disaster. he said because it created new agencies and thousands of pages of new regulations to try to police the banks after the 2008 financial crisis. his transition website says dodd-frank contributed to slow economic growth, make it harder for consumers and businesses to get loans. the dodd-frank economy does not work for working people. bureaucratic red tape and washington mandates are not the answer. mr. trump and republicans in congress are ready to move including one whose name is slated for treasury secretary. >> i have had a chance to brief president-elect trump on that months ago, and that is our legislation to effectively repeal and replace dodd-frank. i hope i can help the president as chairman of the house financial services committee,
if they're interested in talking about something else, i will certain answer the telephone. >> reporter: trump critics are saying not so fast. >> if trump and the republican party try to turn loose the big banks and financial institutions so they can once again gamble with our economy and bring it all crashing down, then we will fight them every step of the way. [ applause ] >> reporter: but banks and wall street may not want to pop the champagne cork just yet, as you also recall, liz, donald trump said he supported, he was critical of bill clinton's repeal of the glass-steagall act which broke up the big banks in the great depression. mr. trump wants to propose a 21st century glass-steagall act, got to see what that means, liz? liz: peter, thank you very much, peter barnes, president-elect donald trump's victory is having many questioning whether he will
follow through with certain promises and threats he made that could affect your investments. among them, the renegotiation of nafta, the north american free trade agreement between canada, the u.s. and mexico signed into law in 1994 by president bill clinton that had widespread republican support. the united autoworkers union said it supports donald trump's view of the agreement that it has to be changed. this, as mexico and canada have said they are ready to have a, quote, open dialogue about the deal but mexico said it's not open to renegotiating nafta. jeff flock is standing by in chicago with the latest how any kind of change to nafta could impact the u.s. auto industry, which you have covered very closely here. by the way, jeff, looking at auto stocks, they're jumping at the moment. >> reporter: they are, anything good for the economy is good for auto stocks but changing nafta would play havoc with the u.s. auto industry because
things are easier to say than to do. here's what the incoming trump administration wants to do. it wants to renegotiate nafta immediately. and without better terms, donald trump said he would pull out of nafta and would have every right as the chief executive, he would have to provide six months' notice to mexico and canada. here's the problem -- you focus on ford, donald trump has done saying he's upset that ford is moving small-car production of things like the ford focus to mexico. the ford focus actually more than half of the parts are produced already outside the u.s., the car simply assembled in the u.s. 20% of those parts are made in mexico. engines are made in spain, transmissions made in germany. this is very much the case with a lot of cars, and ford says if they move small-car production to mexico, it won't cost any jobs here. mark fields points out to us that the ford f-650 and f-750
trucks, the big trucks moved production back to the u.s. creating more jobs. don't i get credit for that, he asks? gets complicated, you can't get a u.s.-made car anymore, you can get a u.s.-assembled car. bmw assembles cars in spartanburg south carolina, but only 10% of the cars come from the u.s. most of them from outside and most of those vehicles by the way, not even sold in the u.s., they're imported elsewhere. i will say this, dennis williams of the uaw agrees tha donald trump has the right idea on nafta because if you look at the trade deficit, it was $15 billion when nafta went into effect. this is the trade deficit of mexico, now $60 billion. liz: can i clarify something, jeff? doesn't honda have an auto plant in marion, ohio.
i've covered that story. i've covered mercedes-benz, they have one in alabama. they are still just assembling or making them? >> when you say making them, all of the components, automobiles have thousands of components and most of them are made somewhere else. elsewhere in the u.s. or outside the country. all u.s. anymore. liz: what always strikes me too is you've spoken with the ceo of fiat, fiat chrysler, sergio marchionne, so many times, he gets credited with helping to save chrysler, and specifically i've watched the jeep brand just rise like a phoenix. could a trump presidency and economic reforms turn off businessmen like marchionne, you know him well, from doing business in america or forging ahead? >> i would say if the economy improves and auto sales take off more than they have, sergio marchionne would be happy about that, that rising tide lifts all boats, if you start messing
with nafta, marchionne builds a lot of stuff in mexico, brazil, elsewhere, if you put tariffs on stuff that comes back into the country, that's going to be a mess, but you know, it may get tried. liz: jeff, thank you very much. the u.s. automaker stocks are moving higher significantly right now. listen as we look at fiat chrysler up a percent, the dow turned positive, up three points, almost four points. not a lot, but that would make it 157 times we've crossed the unchanged line today, with 45 1/2 minutes to go before we close out the week. we're headed to the floor show and our traders. and silicon valley and big tech thought a hillary clinton presidency was in the bag, but the so-called stocks from facebook to amazon they may have been bitten by investors since donald trump became our 45th president. are the tech guys scared of trump? we're bringing in the
donald trump has given a first long form interview since the election to the "wall street journal" and making comments on obamacare. the reason we're putting up health insurers to see them react to this news. donald trump is saying as president-elect he is willing to keep protections, some obamacare protections, specifically the ones for preexisting conditions, meaning insurance companies cannot drop you if you have preexisting, problematic conditions. donald trump is also saying he is willing, this is huge, folks, willing to let parents continue to extend coverage to children under obamacare. parents can keep their kids on their insurance plans up until the age of 26. it appears donald trump is going to be okay with that. of course, this all has to be voted on in congress, and mr. trump says moving quickly on any changes he wants to make to the health care law are a top priority along this, deregulating financial institutions. we already talked about that
within the first 19 minutes of the show. securing the border against drugs and illegal immigrants is also a major priority, but i would say this headline about obamacare, and a lot of people were worried, they felt that the clarion call to get rid of obamacare, to abolish and replace it, people are saying replace it with what? it appears in the interview that trump has given to the "wall street journal," first since the election, entails allowing some of the protections to remain in place and some of the key points of obamacare. interesting he just met with president obama yesterday, we are pretty sure president obama said you might want to hold onto some of this unless he had something better to replace it with. we will watch the story, as it develops, we'll get you more. the dow slightly higher. the s&p down 7. watching the markets moment by moment, you never know, we've had a lot of breaking news and the nasdaq holding onto 15 points of gains.
to the dow. we have not seen a week this strong for the dow since 2011, but the real story we need to tell you that's happening, the scarier story is fixed income. that space. the bond markets are closed due to the holiday but likely nursing wounds because more than a trillion dollars has been wiped off in volume following donald trump's victory, specifically the 10-year treasury, the yield which moves inadversely to the price. the yield surged 37 basis points to 2.15% this week. just a couple of weeks ago we were at 1.77. that's the sharpest rise since 2013. forget me, bring in the traders, i need to hear from the cme, the nymex and the new york stock exchange. tim, talk about stocks first and then get to bonds, the bond market closed, i need to stress that, what to you make of the breaking news and how the markets are absorbing it? a pullback today? >> clearly investors looking at
a much different game plan than the last eight years, and then they anticipated they'd be in shortly as a week ago, you have very, very heavy volumes and very likely that cio's at the largest money management operations and equity strategists are going to be making some major allocation adjustments, and that's not all going to be able to be accomplished in a few days or weeks. liz: that's a very important point, you don't turn around the big ship in a second or two, and the volatility index, i have to tell you, chris, is actually flat at the moment, we're not seeing fear in the market due to the breaking news about obamacare, about what might happen with nafta, about immigration, what do you expect happens next week? spin it forward to investor audience? >> i'd say looking forward, you've got an interesting split, you've got new record highs in the dow but the s&p and nasdaq haven't been able to take out record highs from a few months ago.
this rally is narrow and mirrors, if you pull the chart of copper, that sounds strange. >> do it, do it, absolutely. >> 35%. that's an industrial leading indicator that things are turning, and we'll have to see if it continues to move forward. are we going to get a december santa claus rally? we'll have to see what happens here. we've had so much volatility, expect to to know see that next week. liz: thanksgiving is two weeks away, alan, people are supposed to jump in the cars and use up gasoline, we're below $44 a barrel for light sweet crude in the after-market session on friday? >> what i see right now, we've had a slidedown from the highs, $52 down to 43 in crude oil. they've taken a hard hit. it's overdone and i think we're close to the lose. we got 40 to 42 in crude oil and 250 to 260 in natural gas
and head back. we have the opec meeting coming up. liz: yeah, november 30th. >> we also have the opec meeting coming up. every time i hear this is angers me it's price manipulation, it will be interesting to see how trump's administration handles the collusion that's gone on for decades. that might have a big impact on energies in this area. liz: light sweet crude down significantly here as we watch it lower by about 3%, and stubborn persistent oversupply takes us into next week, rig count up two. thank you, tim, chris, alan, appreciate it. have a good weekend. >> thanks. >> be sure to watch "wall street week" tonight. anthony scaramucci and gary kaminsky talking to mario gabelli and talking about president-elect donald trump and how his presidency will affect the country, your money, the markets and the economy. 8:00 p.m. eastern, and "stossel," the election is over, obviously, but trump will
soon be president. john is asking now what? 9:00 p.m. eastern only on fox business. the dow up six points. disney is helping that party. at least, try and get above the forecast line for the 158th time. disney leading the dow up three bucks. mouse house blaming espn for dragging quarterly earnings lower but using the force to predict better times ahead. releasing new international trailer, you're looking at it for stand alone "star wars" movie rogue one. we get a closer look at darth vader, the movie released in december. disney having best day in nine months after promising growth. and phil mcconkey one of the heroes of super bowl 21 but gigantic fete is nothing compared to what he does now. helping veterans find jobs in the financial sector. on this veterans day, he's here to talk about the three things former military men and women
liz: on this veterans day, honors and remembrances all over the nation. we here at countdown give thanks to all the brave heroes who served our country past, present and future. we're forever grateful for the sacrifices you made for us and nation. when i say team "countdown," as one of our members team "countdown," our own executive producer, first lieutenant, brad hurst, combat journalist, 10th mountain division. he is a bad dude, man! we salute you every single day. i'm so lucky to have you as my . veterans day means so much to my personal family. see my uncle, second to left
with general dwight eisenhower. he was his driver at certain parts during the war. he was killed in action in normandy, france, during the d-day invasion. canadian honored my uncle jack posthumously naming a bay in northern saskatchewan in his honor. supporting our vets is close thing to do to my heart. building homes for heroes is non-profit i work hard with. we make custom built homes for severely injured vets. along with fox business network. buildinghomesforheroes.org. five bucks, 25 cents, i don't care. help our vets. please continue to follow us on twitter @lizclaman, my facebook page, facebook.com/lizclaman.
you all our exclusive content, lizclaman.com, check it out. meanwhile nearly 250,000 men and women making transition from military to civilian life every single year. we just thought to ourselves, let our business audience here know he three reasons why you should move these heroes to the top of your hiring list. we thought to do that, we'll bring in phil mconkey. american patriot. served in the navy and became a wide receiver for the new york giants. phil, what else? what a live you lived. >> right now, believe it or not, at this stage of my life the most rewarding thing i get to do every day is work with our heroes. academy securities is a disabled veteran investment bank broker-dealer. we take the best of military culture and heroes, bring them in and give them careers in financial services. every day working with people like your uncle, just an
incredible feeling. i'm in awe of our young heroes. liz: me too. talk to the people who sift through piles of resume', many online, by the way, looking through these. tell them why they should stop right there when they come across a resume' that shows some type of service in the military? >> first of all, you have got to remember, post-9/11 veterans, most transitioning military veterans join the military after we were attacked on 9/11, after the war started in afghanistan. after the war started in iraq. it tells you all you need to know who they are and their character. i joined the military after the war ended. i would like to think i would be as brave as young individuals transitioning but i'm not so sure. so the character that they possess, the traits, the skills they learned in the military are directly transferable to civilian life. when you look at leadership. what is leadership. it's a way to convince others to do things that they can do.
they learn it in the military. applies to the private sector. team work, when you're depending on others, you get more out of yourself when somebody else is depending upon you. integrity, doing what is right, doing the right thing, all the time, even when no one is looking. this happens every single minute of every day in the military. these people's lives and lives of others depend on it. so it is totally applicable to the private sector. liz: sold, sold. we do it here at fox business. many companies make an effort but they need to make more of an effort. phil, thanks for articulating why they should be hired. >> thanks for all you do. liz: go to fabis bay, in saskatchewan, if you get a chance. the bay named after my great-uncle. >> love to. liz: phil mcconkey. we should get all the "countdown" viewers and go to the bay.
silicon valley ceos, are they afraid or should they welcome president trump? the man in charge of silicon valley leadership, karlgaard -- carl goard dean know up next. so i liked when my doctor told me i may reach my blood sugar and a1c goals by activating what's within me... with once-weekly trulicity. trulicity is not insulin. it helps activate my body to do what it's supposed to do... release its own insulin. trulicity responds when my blood sugar rises. i take it once a week, and it works 24/7. it comes in an easy-to-use pen and i may even lose a little weight. trulicity is a once-weekly injectable prescription medicine to improve blood sugar in adults with type 2 diabetes when used with diet and exercise. trulicity is not insulin. it should not be the first medicine to treat diabetes or for people with type 1 diabetes
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no, i picked the wrong insurance company. with new car replacement™, we'll replace the full value of your car plus depreciation. liberty mutual insurance. >> i'm ashley webster on the floor of the new york stock exchange with this fox business brief. taking a look at the major markets moving relatively flat on this friday, the dow up 16 points. in china, alibaba singles day festival netting record sales of $17.7 billion. sales on alibaba's platforms raced to a billion dollars in less than five minutes. apple one of the top selling brands. checking alibaba's stock, down 1 1/2%. meanwhile jcpenney posting surprising decline in sales due to weakness in apparel and drop in same-store sales. penney's lowering growth estimate for stores open at least a year to 1.2%.
liz: we told you about the breaking news a few minutes ago, massive shake-up at trump tower already. president-elect donald trump naming vice president elect governor mike pence to run his transition team. all out replacing new jersey governor chris christie. this major development, mr. trump is telling "the wall street journal" he is open to keeping parts of obamacare in place. here to break it all down for us because it is breaking right now, chris hahn, syndicated radio host, former aide to senator chuck schumer. ron nehring, republican strategist and former spokesperson for senator cruz's
campaign. what do i tackle first here? start with the christie news, ron, what do you make of this? because your guy, ted cruz, ran against chris christie as well as against donald trump and now it appears that loyalist portion of it, he still going to be part of some point in the team, right? what do you make of the fact i got rug ripped out from under him by donald trump today? >> i think this transition team effort something purely theoretical to clearly something that has to come together. clearly vice president-elect trump will have major role in the administration. he might be the most powerful vice president in the history of the country based on different strengths and weaknesses of both donald trump and mike pence. this is not something particularly unusual. former vice president dick cheney, when he was vice president-elect he played a major role in the bush transition efforts. this is something that should not be entirely unexpect of the. they have a big job. they have 10 weeks to put
together a entire presidential administration. they are a little bit behind. mike pence is very capable person. liz: something like 4,000 administrative jobs need to be filled. chris, what do you make of this? not so much it is mike pence. many vice president-elects have been maimed to the transition team. >> right. liz: the fact that chris christie according charlie gasparino's reports a week 1/2 ago he would be tainted by any conviction of his top aides in "bridgegate," shutting down of g.w. bridge and that's what we got. >> i wouldn't read too much into this. from all i know of donald trump he is very loyal guy an very loyal to people loyal to him. chris christie was probably one of the most loyal people to donald trump early on after he ended his own presidential run. this could be a traditional thing. liz: come on, no it is not, chris. he said during the, during the primaries, donald trump said come on, you know chris christie knew about the shutting down of the bridge. there is the famous sound bite. it is on tape. >> yeah.
liz: donald trump is looking like more of a rationale statesman to some people who were worried that he would just simply hand out favors to people that maybe shouldn't be getting them. >> he absolutely has to look that way right now. he is the president of the united states-elect and it is awesome responsibility. that change as person. i think it changed him already. thank god. liz: ron, you were on the campaign with senator cruz as i mentioned. what is your best advice to a group that is going through if not, an autopsy, a defibrillation, that is is the democratic national you know convention and democrats overall? you're looking at a group really has to look inward and figure something out here which i'm sure the cruz campaign did as well? >> both parties, both on republican side and democratic side have to take a hard look an learn the real lessons coming out of this. donald trump still behind in popular vote. democrats won that. that is not a small
accomplishment on their part but this race was won in the midwest. if you take a look at counties where donald trump exceeded mitt romney's performance the most, it runs from maine down to kentucky and from kentucky all the way up to north dakota. those are areas which don't look like california. democrats did great in california. hillary clinton won the state of california by 28 points, historic high. but that approach of treating america like it is california does not work. and does not produce electoral college victory and that is a big problem. liz: chris, answer that. >> you know what? the democratic party needs to look deep inside itself understand how to keep the obama coalition together. they didn't get it this time. they're going to have a long winter unless they figure out a way to pull those people in. putting congressman ellison at top of the dnc might be a good start. liz: chris, thank you very much. chris, ron, always a pleasure. closing bell 15 minutes away. whew, this hour is flying by. we crossed unchanged level on
the dow more than 167 times. a little bit more comfortably to the upside. folks, if we close here, that is the second all-time closing high in a row. anti-trump protesters gathering in new york city, but even more frightening development just come to our attention in the last couple of minutes is developing on twitter. adam shapiro is jumping in the chair to give you the breaking news when "countdown" comes right back. don't go away. g new cars.
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that has national security officials mobilizing for action right now. the hashtag is, assassinate trump. adam shapiro got word of this. he is in the newsroom with more on breaking news, is it taken down from twitter yet? reporter: no. if you were to use the link you could see this in fact. show you the screen grab we got, quite an active number of tweets or posts on this hashtag. some people are actually, you know, fighting against those who are calling for violence against the president-elect. but we asked twitter, as you can see, in the hashtag, we asked twitter what their policy is against violent threats against public officials like donald trump. and other issues, would they be reporting this to the fbi? so let me go through this piecemeal. first, regarding their policy, twitter says violent threats you may not make threats of violence or promote violence including or threatening or promoting terrorism.
well, are you reporting these threats to the fbi? here is where that the full screen "is important. see our guidelines for law enforcement for specifics on how authorities can request private information about accounts. so i keep hammering them, did you report these threats to law enforcement? finally twitter says, yes, they are reporting threats to law enforcement. finally asked, are you suspending accounts with people who make these kinds of threats? twitter said yes, will not show you the page. there is active account, well, this woman is saying she can't wait until someone assassinates trump. then she, next tweeted impeach trump. below that is something that perhaps secret service would be interested in, which starts with an f and ends with a u. you can get the idea, donald trump, blah, blah. twitter says one it is reporting threats to the fbi. two, it says it is suspending these accounts but it was very easy to find one. back to you. liz: yeah. and adam, the reason we're not
showing it, legally we are waiting to hear whether we can show. not something i feel we shouldn't show but it is the news and you are bringing it to us, thank you for breaking that news for us. keep the story right in front of us as we get more developments. now joining us is the man who represents all of silicon valley. silicon valley leadership group, ceo card guardino to the breaking news. this isn't exactly what we brought you on to talk about. you know the guys at twitter. is that something you feel they should look at right way way? this is president-elect an there is a hashtag? is this something you would discuss with twitter. >> condoning violence or promoting violence in i in way is unacceptable in america and reprehensible. i would hope that would come down immediately and that those accounts would be suspended because that has no place in civil society and certainly no place in the united states of america.
liz: and we say that for all sides, if there was something bad about president obama, same thing. now let's get to this. if you believe the press or things people are inferring for first couple days after donald trump was elected that technology stocks started to fall, people think that silicon valley is shaking in their shoes at the thought of a trump presidency. i'm sure you're speaking to many ceo in the valley because you're head of the leadership there. what are they saying? are they really that nervous? >> silicon valley leadership group is owned and driven by 400 innovation economy ceos and no, we're not. with any administration, republican or democrat, that we're going to have numerous areas of common ground and we're going to have numerous areas that require deeper dialogue and it will certainly be the case here. on common ground during his acceptance speech on tuesday night he talked about a trillion dollars in infrastructure investment. and transportation and other
forms of infrastructure desperately needed in silicon valley and throughout the united states. we're going to find common ground here. he talked about comprehensive tax reform. we're going to find common ground there as well. we're eager to work together. liz: he why, many a company, particularly apple, would love to repatriate offshore profits they have parked there. they don't want to be double taxed on them. he said he would like to do that. why would they worry? one much your own is now officially a part of the trump transition team and that is venture capitalist peter thiel. that is a food sign, right? >> that is good sign whenever we have people from the innovation capital of the world, silicon valley working with our leaders in the nation's capitol. that is true with any adminstation and any transition team. we'll work effectively together on those areas where we have commodity mon ground but there are also areas where we need a much deeper dialogue.
i think that is going to be welcome on both sides because so much of america's economy depends on a strong innovation economy. that's in all of our best interests. if silicon valley succeed and our country succeeds. liz: my blood pressure went down listening to your voice. silicon valley leadership group. while carl was talking, guess what, stocks weren't calm. they were jumping. we're at session highs. dow jones industrials up 44 points. 18,850. stay with me. this will be a brand new all-time record for the dow. we're seeing gains with the nasdaq. s&p not quite yet. we'll be right back. ut trading. ut trading. so i trade with e*trade, where true traders trade on a trademarked trade platform that has all the... get off the computer traitor! i won't. (cannon sound) mobility is very important to me. that's why i use e*trade mobile. it's on all my mobile devices, so it suits my mobile lifestyle
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you and federated are going bullish on equities. you have 364 billion in assets under management. what is behind the move? >> we're excited about way election came out here, liz. not just trump, but fact that republicans have the control of house and senate. i think they're highly incented to go to a pro-growth agenda and there is a number of things that we think are going to raise economic growth. we bumped up our economic growth forecast by a percent for the back half of next year. and we think it is also has fairly significant impact on earnings out in at least probably 2018. liz: the trade is working right now because it has been an epic week. we'll close at biggest move in five years, at least for the dow. your picks are oracle, verizon. is there a common thread here? >> not exactly. we like pharma. we think that is a sector that's been under a lot of pressure for obvious reasons.
abve, that is one of the cheap pharma names we like. it is 14 times earnings. oracle, we think the tech selloff is way overdone. oracle is the next big cloud computing company. [closing bell rings] oracle has a nice growth forecast. liz: you hear the bell. up against the closing bell. you witness the record, all-time closing high. david and melissa you guys too. david: we'll take it. thank you, liz. appreciate it. have a great friday. another record day on wall street. the dow ending at new all-time high for the second straight session. the best week for the dow in five years. i'm david asman. melissa: i'm melissa francis. this is "after the bell." we have you covered on all the big market movers but here is what else we have coming up for you this hour. president-elect donald trump announcing a new phase of his presidential transition team. we'll tell you who is you now in char