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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  December 20, 2016 3:00pm-4:01pm EST

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19,945. we've come down from the higher levels that we have seen through the session, but it's going to happen at some point, and it's good news. it's more optimism as we head into the end of the year, 2017. anything can happen. i'm staying optimistic. connell mcshane is too down at the nyse in for liz claman today. >> if it's going to happen, why not this hour. another record day already on wall street with the dow moving higher, but the big question, can it finally close above that 20,000 mark. the dow and the nasdaq hitting new all-time highs this mortgage on track for record closes as we speak to you this afternoon. thanks retailers and travel related companies driving the market higher today. the dow within striking distance of the 20k mark, 12 points below it. that's the closest it's been today, still on pace for 17th record close since the election
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of donald trump as president. now, the nasdaq also is in record territory pushing close to 5500 for the first time looking at its 16th record close of the year. so the markets completely are shrugging off events overseas. yesterday's terror attack at the christmas market in berlin, germany. at this moment, a massive manhunt for the killer or killers is under way. we will have the latest details on that investigation and what american cities are doing to avoid the same tragedy around the holidays. peter barnes and jeff flock on the case for us today. here we go, less than an hour to the closing bell on wall street, i'm connell mcshane in for liz claman, we're live from the floor of the new york stock exchange. will we see history? let's start the "countdown." >> all right, 44 years since
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the dow hit 1,000, 17 years since it crossed 10,000 and approaching what would be another historic milestone, dow 20,000. and since the lows of the financial crisis alone, the blue chips have added more than 13,400 points. if you bought the dow 30 in march of 2009, you would have a return north of 200%. not bad. since the dow touched 19,000, november 22nd, five stocks have propelled the average towards this 20,000 number. the five, goldman sachs, united health group, travelers and boeing. so we've been highlighting those today, financials in particular, though, following in goldman sachs' footsteps the ones to watch, wells fargo, jpmorgan, citigroup, all are marching higher right now and have been since the election. investors are watching a giant
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merger as well worth a whopping $67 billion. lind out of germany reaching a deal with praxair, lower on that news. a lot going on, all involved in dow 20,000 and see whether or not we make it this hour or we have to wait for, you know, maybe tomorrow. we start you off at the floor show. traders here at the new york stock exchange and the cme group, alan is here with me in new york. alan knuckman out of chicago, scott shellady is in new york. trust me, we know we do too much of this. hype up round numbers, okay? let's get that out of the way. i'll speak for the media as a whole, what does it mean the idea of dow 20,000 after an election and everything else. >> a big psychological number, and we're going to break it. >> yeah, it's a matter of time. >> a matter of time.
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we could see it tomorrow or thursday, we have no government data today, we have earnings coming up, after the bell, fedex after the bell. they're coming out after. not going to affect the close. thursday home sales and a slew of government information data, that could definitely move the market on the opening alone. i think we see it this week. >> when we see it matters less than if we see it or what the market looks like. scott, since the election, which is the largest story, what have you made of the action in the markets and the optimism that's out there since mr. trump became president-elect? >> well, i've had the luxury of both traveling to europe as well as seeing what's going on in the states, and the feeling is this renewed optimism. ray dalio mentioned the animal spirits comment, but might go back to trading things the way we used to trade things. how many shows have we done in the last four, five weeks and haven't mentioned central banks
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and quantitative easing. going back to lower taxes, less regulation and good old-fashioned spending. that's the things we're getting excited about and the stuff behind me just might start trading like it used to trade and we get back to business. >> interesting to get back to basics alan knuckman, your thought on the environment, forget about the round numbers for at least a second. >> a lot of folks like scott whose optimism is welcome. you can't ignore it like the top of the show. 200-point bounce, this is an extension of the overall trend. 20,000 is the appetizer, 40,000 is achievable in the next ten years if you get 8% return annually. a long, long ways to go -- >> funny when we talk about, everything is funny in retrospect. somebody had a connotation on
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tape, 10,000 in 1999, experts would say forget about it. >> just get through whatever it is. it's just a number, right, at the end of the day? >> if you look at ronald reagan when reaganomics went into effect, the market was up 225%. we would be up 40,000, he's correct. >> we're moving pretty quick now. scott, just on stocks, i don't know what you make of the other asset classes, stocks are 19 trading sessions if we get there today, 19 and 20,000, say, that's a quick move. the quickest 1,000 point move in the market we've seen. what about the movement, scott? >> we haven't had pullbacks and the slow meltup towards the 20,000 number, and i think it has to do with the fact there has been skeptical folks on the sidelines and when we were expecting 3% downdraft or
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pullback, it only happens to 3/10% because all the money comes into the market. have you reluctant people buying into the market up until the 20,000 level. what is good once we get good economic news about what the tax cuts are --. >> gdp is up 3%! >> right. because of one big soybean shipment of we've got to be careful, but yes, once we get those things going, this could go. >> fair enough. i am trying to take it easy on the hype, maybe you could help me build the drama. we're not going to get there today. >> it's only another 40 points, we could do it. >> it's good for ratings, right? >> alan, alan. like darryl and my other brother darryl. alan, alan and scott. two other things we're watching, other than stocks we have to go back to the terror attack, you know, overseas.
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we have the live pictures of candlelight vigils taking place at this very moment in berlin. one of the things we heard german prosecutors a pakistani man was arrested after the truck attack at christmas market yesterday. that man has been released. not enough evidence to hold or charge him with anything in the killing of the 12 people and injuring of 40 others yesterday. comes as a massive and urgent manhunt for the killer or killers is under way, and taking on dramatic new importance with this development. let's bring peter barnes into things the fox business network senior washington correspondent into all of this. we have the claim of responsibility, peter, too, right? >> reporter: that's right, isis is claiming responsibility for the attack, connell, through propaganda unit known as the amac news agency. they said the excure the of the
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operation is the soldier of the islamic state and executed the operation in response to calls to target nationals of the coalition countries. of course, investigators in germany and around the world want to try to confirm that. we don't know if that means that maybe this was a sleeper cell attack or a lone-wolf attack or whether isis sent some operative into from syria into germany, for example, so details still to be determined. german authorities are calling the truck attack an act of terrorism, definitely. that had all the hallmarks of islamic extremism. the head of the federal criminal police office in germany said that it couldn't rule out that a suspect or suspects involved in the attack may be at large following the release of the pakistani man who was arrested last night. the country is still on high alert. here in washington, the white house said today that last night president obama spoke by
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phone with german chancellor angela merkel offering his and americans' condolences to germany. the president offered assistance and underscored that no attack could sway our determination and that of our german allies to defeat terrorism in all of its forms. >> the breaking story from overseas which has not for what its worth interrupted the stock market rally we've been covering. the geopolitical events. the dow 30 with the average on the rise. caterpillar among the leaders reported machinery sales in the and stiff competition might kick the shoe company's stock. we'll talk about nike. in politics, the president-elect donald trump may be in florida but the transition agenda is not
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cooling off by any means, now there is one economic heavyweight who was thought to be a done deal for the chairman of the council of economic advisers could now quickly be slipping away. as usual, charlie breaks it and does so next on "countdown." this is your daughter. and she just got this. ooh boy. but, you've got hum. so you can set this. and if she drives like this, you can tell her to drive more like this. because you'll get this. you can even set boundaries for so if she should be here, but instead goes here, here, or here. you'll know. so don't worry, mom. because you put this, in here. hum by verizon. the technology designed to make your car smarter, safer and more connected. put some smarts in your car.
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. connell: all right, about 45 minutes to see if we get this dow 20,000 thing wrapped up today. we'll see. you have time, i'm told, to shop for holiday gifts before christmas day on sunday, now this year online sales are an
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boost full year 2017 forecasts basically shares in the first quarter express ground, freight business, all on fire, year to catalyst to push us over the key milestone mark, back to you. connell: looking at fedex and lori rothman on tv and talking at the same time. amazing. as fedex delivers the earnings,
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an eye on the dow, certainly up 66 at the moment. 19,949, 48. we'll see. i don't know if charlie gasparino is going to build me in the quest to dow 20k. i don't know, you want to get a prediction in, i don't know. >> i want to get it over with so it can go down again. connell: i don't know about down again. >> it's going to go down. you know, the market looks like it has an inflection point at 90+ when you're about 25 point away, that's when it starts flowing down again. the market seems to unsure. listen, we're on light volume. who knows what could happen in the last hour of trading. it might pop beyond that. i think there's a couple things going on here. number one, the markets overwhelmingly like what they're hearing out of trump, overwhelmingly, they like the tax cuts, the regulation cuts. one of the issues about the markets have with them is trade, and i think that's what's kind of preventing this
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thing from going higher immediately. i think any time he's talking about trade, about tariffs, about going after china, something like that. that scares traders. net net, you know, protectionism generally is not good for the market. that said, you got to think this market is poised to go beyond 20,000 next couple days, and then, it's been -- all depends what trump is going do from there. when it comes down to it, markets price in the future, right? that's prices of stock and earnings that comes into play, the p/e ratio. does a p/e ratio, do p/e ratios reflect in 20,000 right now? do the earnings reflect what the market is doing now? i would say no, they have to reflect a better economy. will that economy come? if you believe in free markets, yes, unless donald gets involved in a trade war and all bets are off.
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connell: speaking of the president-elect trump, let me ask you how he's putting his team together. we talked a little bit about this yesterday. gary cohn from goldman sachs as his chief economic adviser in the west wing of the white house. >> head of the nec. connell: right, at the nec, we thought larry kudlow would be coming in as the council of economic advisers, what's going on now? >> let's be clear, try to sum this up for the viewers. these are two different agencies within the white house, the nec is powerful, national economic council. the president is on there, most of the cabinet members that have anything to do with the economy, treasury department, secretary of commerce, labor, they're on the nec, larry has a lot of stroke, he has a lot of stroke on the policy making council. the second council, council of economic adviser says a cabinet position, i don't believe the nec director is. larry kudlow or whoever got
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that would need to be confirmed by congress. here's the interesting thing, i can only tell you as of last night, maybe things have changed and donald changes per minute sometimes, as of last night, you know, trump was telling people he's unsure about larry kudlow in that position. he has not made up his mind and had some misgivings. larry kudlow is a free trader, rabid free trader, free market evangelical. i think he would be amazing for that job as someone who agrees with the principles. donald trump does not want in on that. connell: somebody must be saying, hey, you are going too are. >> lot of free market types including steve moore. the other person on that short list is peter navarro. somebody that is very up on china and you know, he's someone they guess trump is aligned with on issues. the professor of economics. that's where we are right now.
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i think if larry kudlow doesn't get this job, there's going to be a lot of free market types like steve moore, art laffer, all the guys that develop the basics of donald trump's tax plan are going to be uneasy about him. think about it, he's going to have a progressive in gary cohn who supported president obama, don't ask me why he pointed to me there, but he did. he had a free market guy help produce his plan. connell: as the pro-growth, that's the underpinning of the stock market. the pro-growth, lower taxes, that's the underpinning of the stock market rally as well? >> large. that is it. that is it. a republican congress, a republican president who both espouses less regulations is what the market builds on. this is information the average investor should think about when they decide on whether to
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buy into the market or not right now. connell: good stuff, charlie, thank you, sir, charlie gasparino in midtown manhattan, where are we? 50 points away, almost 51 from dow 20k? can we get there? we'll see. keep it here. up next, the biggest ponzi scheme since madoff as prosecutors charge hedge fund managers with ripping off clients. you're not going to believe the smoking gun e-mails that they sent, we'll have that. a splurge on pension coming up on california. slashing payments to retirees and of course the little guy getting punished in all of this. adam shapiro on a shocking story. that's next on "countdown." kids to get a repair estimate. liberty did what? yeah, with liberty mutual all i needed to do to get an estimate was snap a photo of the damage and voila! voila! (sigh) i wish my insurance company had that...
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. connell: before we get back to dow 20,000 watch, how about the story from federal prosecutors saying they have busted what is essentially what looks like the
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next bernie madoff scandal following criminal indictment against platinum partners. value turned out to be less than sterling and authorities say the funds swindled 600 investors through a prolonged ponzi scheme. the firm's officers sent trails of incriminating notes, platinum's founding partner wrote, quote, this can't go on like this, nordmann flirted with the idea of getting out of town, fleeing israel, but at this moment are still here in the united states and facing charges. every retirees's worst nightmare, pension benefits getting cut. that's exactly what is happening at the biggest pension fund in the united states, the california public employees retirement system, calpers facing smaller investment returns, not only. that several other cities and states have retirees facing a
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similar fate. adam shapiro is on the story with more on the crisis. >> reporter: that's right, calpers says it's a healthy system though severally underfunded. they thought it meant they've got to make some cuts. in remote and tiny loyalton, california, 71-year-old patsy jordan just learned her monthly pension is being cut. 60%. >> how am i going to make it now? what am i going to do? >> reporter: patsy worked 34 years for the city of loyalton, but her pension once $49,000 a year will drop to a little more than $19,000. >> just scary they can do this. >> reporter: fellow retiree john cousins got the same letter. >> by 60%. >> reporter: from the california public employees retirement system or calpers.
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patsy and john are among the first retirees ever in calpers history, to have their pensions cut, and critics warn they won't be the last. spokesman brad pacheco says don't blame calpers. >> the city of loyalton defaulted on their retirees, they made a bad decision and retirees are going to suffer for it. >> reporter: loyalton pulled out of calpers three years ago, pensions 40% funded. >> who is watching out for you? >> nobody was. >> reporter: bad investments cost calpers billions of dollars, the debt right now, $164 billion and growing. >> we're paying out more in benefits than we're taking in, in contributions. >> reporter: right now calpers is selling assets to cover the shortfall but none of that will help john or patsy. >> i think we're just the ones that are going to pay for this. >> an example for all of california? >> yes, for all the retirees.
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>> reporter: connell, to put this in perspective, that $164 billion shortfall, you'd have to have returns of 12% to close that gap for 15 years. connell: important story for our viewers, adam, terrific reporting, thank you, sir. here at the change we have exactly half hour left in the trading day. so the question is can we get to 20,000? we'll see, inching up a little bit now. up by 78. certainly possible. we'll talk about it throughout the next half hour. also deadly terrorist attack in germany that we've been talking about. american cities are on high alert trying to protect soft targets as they've become known from copycat killers. jeff flock live at daily plaza in chicago to tell us what they're working on, jeff? >> reporter: the christmas markets go on under the watchful eye of a whole lot
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more police presence that you are typical to see. i will take you inside the kris kringle market in chicago when we come back. ♪ ♪ ♪ ♪ how else do you think he gets around so fast? take the reins this holiday and get the mercedes-benz you've always wanted during the winter event. now lease the 2017 gla250 for $329 a month at your local mercedes-benz dealer.
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. connell: all right, we are back here, about 25 minutes to go until the close are bell on wall street. let's see, we're up 82 on the dow, 19,965. yes, dow 20,000 is certainly a possibility. will we get there? we'll see. we have a team of traders in just a couple of minutes after jeff's report to talk about that, but with germany as we talked earlier in this hour holding vigil after the deadly terror attack yesterday, the nation is searching for the killer, it has american cities beefing up their own security
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at holiday events and a german-style christmas market takes over in daly plaza in chicago at this time of year, every year, it's popular, tourists, locals, but after what happened in berlin, security will be a bigger concern, it is a bigger concern this year. so jeff flock is there and what are they doing in chicago this year kind of protect? i guess the copycats, right? >> well, that's what they're concerned about. look, doesn't this look very much like the scene in berlin? this is a target, it's capitalism, it is christmas, that's christian, and it's a wide-open place, but as you can see, people undeterred. this is the busiest dayo far of the kris kringle market is what it's called in chicago. and i was talking to different people in the crowd, this young lady said thought about coming but what? >> my friends and i didn't know if we wanted to come, we figured life is short and we need to move owhatever happens
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happens. >> reporter: appreciate that. that's the sentiment of people. heading in the middle of chicago, that's the famed picasso, famed daly plaza, off to the left is city hall. right in the middle of downtown. that's the tallest church in the world, the chicago temple, it's a methodist church. i leave you, connell, maybe with what they're doing that they don't typically do in a place like this. this is bordered by washington and clark streets, but big police, the chicago police squad rel kno as paddy wagon with all due respect to the irish, that's blocking one way a truck could potentially get in here. this is a government plaza so there are some barricades already. there are blocks and another truck blocking that. police presence, barricades,
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but people everywhere, busy day at the market in chicago. connell: a new reality, i don't know how new it is, but they have to come up with ways they've been doing in this area, in lower manhattan for years, they have the barricades in place, they don't need the truck, they already have them. >> it is different. connell: after 9/11, it is different here. the dow up by 80 points, 19,963. one of the things we hit on yesterday when the breaking news came in from germany that jeff was alluding to is how the market is shaking all of that off whether it be the deadly berlin attack yesterday or other terrorist attacks in recent months and even quite frankly in recent years, as this march towards dow 20,000 continues, let's talk about it. nike, caterpillar, goldman sachs, home depot, ge, some of the drivers of things certainly, and we have another floor show for you on this day as we figure out where we're
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going to get the final 40 points. traders here at the new york stock exchange and cme group. joined by matt in new york, ira in chicago so is todd. matt, you are here, people like you, i'm sure ira and todd would agree, people sick and tired saying hey when are we going to get on 20,000? what are we thinking after we get there. we'll get there at some point, right? >> like to get there sooner rather than later. going from 19,000 to 20,000 on the dow in a little less than a month? impressive stuff. once it happens, i think the euphoria will be over. we'll have to see when it happens, the week after christmas? when there is no one here to trade. you get to see bigger price moves. you could see it swing greatly, if it breaks 20,000, it could go significantly higher and see what happens when president-elect trump gets in office. that will be the next step. connell: that is the next step,
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todd, it's one thing to have a market go up on optimism that something is going to happen. but to matt's point, we're not there yet, after january 20th, things have to start happening. what if they don't? what if there is a focus on other items than the economy, a focus on the supreme court, what does the market do, do you think? >> it's bound to happen. one week after mr. trump is put into office, we have the fourth quarter gdp which is still a look back but gives the people the market watchers the sense of where we're headed going into the trump administration. i'm a bit surprised not only with the run-up to 20,000 so quickly but with the lack of volatility. if we close right now, we'll be at the eighth lowest range of the vix in 20 years today, and it's alarmg to see the market go up so fast with no defense in place. connell: that's true, ira, your thoughts on what is not a very
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volatile environment, to todd's point? >> yeah, but that's going to return with volatility as we get into january quickly. you've got to be careful buy the rumor, sell the fact, we're discounting everything good about donald trump right now. when he actually makes some of those moves, why would that be different than buy the rumor. in the first quarter, we're going to get a correction and that correction could be nasty because everybody is so complacent right now. you've got to buckle in. as we saw with the terrorist event and everything yesterday, this market is one minded, it is looking onto the market finishing off the santa claus rally. connell: we've got to go now. i noticed that too, we didn't pay attention to the events, good or bad. not at all. >> good to see you. connell: good to see you, merry christmas. >> to you. connell: to ira and todd as well. whether it's dow 20,000 or not. both the dow and the nasdaq are headed for record highs. watching all that live from the
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floor of the exchange. like this song. up next, you might think about tinsel, if it's made out of gold. "countdown" coming back live from the nyse.
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. connell: we are back at the new york stock exchange. we have a tour coming through. we don't stop, we keep going. duck, up, up, over, over, having too much fun. they're all listening to me. doesn't matter, who cares?
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gold, we were going to talk about that the dow up 76 at 19,959, gold prices are down like 18% off the high of 2016, is the polish off the precious metal or maybe 2017 is the big year for gold? i don't know, frank holmes does, i'm sure he does, ceo at u.s. global investors. two things, give me an outlook for gold, simple and want to talk but to donald trump. where is gold going? >> we're very short term, gold is extremely oversold, when you look at 60 day trading price action back the past 10 years, we're down two standard deviations, mathematically, 90% probability of a rally between the end of here and the end of january which fits in the seasonal pattern of the chinese new year, reflection point for a peak in the price of gold. the other thing that is important for your listeners is
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real interest rates. everyone focus on normal rates the bank's going to pay you, you have to subtract real interest rates, the cpi number. rate now, what we've seen in the past since gold has fallen is the two year government bond yield cost of money is up over 50%, and there's an inverse relationship. so any time we see this type of movement in real interest rates then we see the price ofold go up or down. connell: okay, i said i wanted to ask but donald trump. you're starting to talk about that with the interest rate conversation. give me a trump administration outlook for interest rates and for inflation, if you can? >> if you look at scenario for keeping jobs in america, we can experience 5-10% inflationary rates rising, coming to fruition, that is the biggest risk we have to deal with,
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that's another two years before that unfolds. connell: all right, frank, i'm sorry, i didn't hear you for one second because of -- who cares what it was because of, i wasn't hearing you. we are on track here for the fastest thousand point move as we've been saying in the history of the dow jones industrial average going a thousand points in a short time span, 19 trading sessions, the shortest span between the moves, previously it was 24 days, this is back in '99 from 10,000 to 11,000. break that very easily, we do it today or tomorrow or the next day. we're getting there. getting very close. integs only needs to hit 20,000 by christmas, if you think about it to break the record. 19,960 is where we are, up by 78 points. what happens after we reach 20,000 assuming that we will?
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s&p senior index analyst howard silverblat joins us now, and maybe howard can give us a look what history tells us. have a chance to see and you talk to you about. this the idea it's been such a quick move, what have we seen in the past? >> it is easier to go from 19 to 20 than 10 to 11 as you were saying in '99. mostly the financials, goldman sachs moving the dow, 25% of the gain in the dow since the election is due to goldman sachs by itself. 15% year to date due to goldman sachs, it's the change in the perception of the financials that has moved this market at this point in time behind jpmorgan also adding about 6% added to it. so it's the financials that have been doing it. historically, getting to that point unless we've got a lot of momentum built up, the way we
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did in 1999, continuing to buy in, without, that we're going to have to fight to keep it, like the s&p when they hit 2,000. it's a fight to keep it can where it is on there and, of course, we'll be into next year and see what congress and trump does. what does he sign as to what he tries to pass through congress? connell: we have at the bottom of the screen while you're going through the numbers, something that says dow 20k's significance. take out the 20k thing and speak in significance of the dow, the dow jones industrial average now versus the other times in history when there was a thousand point move? >> the dow itself is not as much as indexed against it as compared to the s&p, the 30 billion is indexed to it. more understanding that the average person on the street understands the dow. they know the companies, they know how it is you add up. you name the 30 companies
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literally to somebody on the street, they know what practically every one of them does, it's an idea of how the market is doing, though it's the top end. is it a buying point because it's 20,000? no, no one is rushing into make a trade on the short-term play. so it's a good chance to look at your performance, see where it's been, where you've been, and what you want to be in going forward to it. it's a nice item. just like a birthday. it's a big nice round number. connell: in 20, 30 seconds, howard, you remember a time where a lot of gain that's this large has been driven appearing to be about politics? >> not so much in politics on there, but we definitely saw it with a company called ibm in 1982. they were supposed to own a new item that was coming into the market called pc's and they were going own the world, and they moved everything, the s&p,
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the dow, even more than apple did during their heyday. that's the only comparisons that you can get to it, even if you go back to the gm days, ibm in the 82. connell: it's been fascinating to watch, forget if we're doing it in round numbers. since the election and the transition at the end of the year. howard, thanks, good information, thank you very much. as we get closer to the opening bell, under seven minutes before the closing bell. another record day. that we've established pretty much. but do we have it in us to get to dow 20,000? not sure about today. we'll see. coming back live from the floor of the exchange.
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>> we have the closing bell in three and a half minutes on wall street and under 40 points to go for dow 20k. we've been watching that through today and tomorrow, whenever it is. it is in some people's mind a
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significant development. rob joins us wealth services ceo before the bell and as does art hogan. where he's chief market strategist. in your mind, art, is it a significant development? i understand don't worry about the round numbers and this and that, but the idea is that newspapers and more importantly websites plastered dow 20,000, what does it mean for the country when we see it? >> i think that's it. i think you hit it on the head. i think to most the people 99% of the people unlike you or i don't watch this thing from minute to minute and realize the matter of facts -- the dow jones industrial. from wall street to main street and round numbers tend to do that. this is' a time in people's lives when maybe they think about the asset allocation. my ira, 401(k), maybe the
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market has had a modicum of success especially in the past weeks. connell: a good point. >> and it happens at a very great time in the marketplace for people that don't think about this every day. connell: it's a good point, art, you make and rob, that people probably should be thinking at the end of the year anyway, but maybe because we're giving it more attention, they do as individual investors, take a look at what their own individual situation is, right? >> yeah, that's absolutely right. i think one of the things, as art mentioned, is that this level has going for it, it does attract more of the retail investor and i think you look at fund flows over the last week or so, you're seeing about 151 billion coming into the market, which is in excess of the 62 billion that came in all year, year to date. so, i think it is getting attention and i would agree that it's absolutely the right time to remember to focus on discipline for the retail investor. that is to say, focus on asset allocation, not getting ahead of yourself and being prudent
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with how you allocate funds. >> now, art, real quick in terms of a historical look at this. i guess it was 17 years ago, dow 10,000 and i remember how crowds it was on the floor of the exchange and how different the conversation in the country about the stock market. what are the differences between people every day talking. i think about stocks than they were there? >> at there, it's just different so you're not going to be talking about an internet bubble that's come and gone. there's other bubbles, housing bubble come and gone. the move to dow 10,000 was a 10% move and now it's a 5% move and here we are just 22 days. what is different, we have the ability to bring in the average investor and at a point in time it's pretty important for them to be focusing on that. connell: we're getting to the close, good to talk to you, we have the confetti not because we're hitting dow 20,000, but
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because we have yet another record day on wall street. not quite to the 20,000 mark on the dow, but here comes and there is the closing bell at the new york stock exchange and today we have the combination of david asman and lauren simonetti. >> oh. >> thanks, connell. i think he wishes he was on the floor for dow 20,000. it didn't happen today, but we came within 13 points of that milestone. >> this close. >> and right now, it looks like we're settling about 30 points away from hitting that milestone. we did score a brand new record for dow and also the nasdaq. and i'm lauren simonetti in for melissa francis. >> i'm david asman. what we have for you this hour, germany on high alert. a manhunt is underway after german police say they initially arrested the wrong man fo

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