tv Countdown to the Closing Bell With Liz Claman FOX Business January 13, 2017 3:00pm-4:01pm EST
trish: guess what, we'll be here 8:00 p.m. eastern for "wall street week" with gary kaminsky. i will he see you there. have a wonderful weekend. we're all back here on monday. liz claman down at nyse. forgive me, you're at nasdaq, right? liz: no, i'm on wall street. from wall street day to "wall street week." we have some breaking news happening right now in washington, d.c. the house, look at this right now, they are debating the waiver for defense secretary nominee general james mathis. -- mattis. they will vote on it at this hour. this is happening at same time the first steps of the obamacare repeal process. folks, it is not a sure thing at this hour. don't move, we've got our eye and our cameras on the house floor. you need to stay right here. you know what?
"freaky friday" the 13th on wall street an new york stock exchange. markets can not decide which number will win in the next 59 minutes. is it unluckily 13 or dow 20,000. the dow jumping right out of the gate to the upside. in fact big bank earnings came out. they looked really good on balance. the dow came within 48 point of that magical dow 20,000 number but what happened? we're down 11 now. we had been 42. there is a comeback in specific names. i will tell you about that. tell you what exactly is happening with your money. s&p 500, they're hitting new highs. the nasdaq is still on track to see a never-before-seen peak once again. the s&p 500, it is still in close range of a record close. you could witness that again. irons i cannily health care stocks of all things juicing the nasdaq was we wait for the house vote to take place when it comes to obamacare. at any moment they're expected
to take first steps to repealing and replacing the affordable care act. we're asking you and everybody, what do congressman but doctors think of all this? the founder of the house doctors caucus for republicans is with me, congressman tim murphy. he is a psychologist. he is going to diagnose the situation. plus, can you bring somebody back from the dead? there were rumors disney was trying to do it. oh, boy, they're denying that right now. we're getting you that story. and the outrage charging over the san diego chargers hugely unpopular logo and moving to l.a. wait until you see these. they're going absolutely crazy. we're have an hour to the closing bell. 58 minutes. let's start the "countdown." ♪
liz: hi, everybody we're live from the new york stock exchange. two major events with the house of representatives. it will happen this hour, vote to repeal obamacare, a vote to bring it forward. not the actual vote to repeal. let's be really clear on that. the vote for approval for the process to go forward our next defense secretary and confirmation ses on that. historic milestone on both levels. we'll bring that to you. we'll bring you every single vote move and update. i'm glad you're with me. we have our eyes on that we have our ice what investors are spooked about this friday the 13th. liz, don't say that. traders are suspicious. the dow is too. it lost all the momentum it had, 58 minutes until the closing bell rings. we're actually flirting with session lows.
we're well off them. the low of the session is down 42. if history is any indication, calm some of you superstitious from among you. friday the 13th is not the worst day for stocks. according to s&p dow jones index that index closes in the green 5% of the time on this eerie speakky friday the 13th for investors. nasdaq looks really good. it is on track for the 6th record close for the year. number you guys need to watch is 5563. 5563. tesla, monster, netflix, check point software, trip advisor, these are the leaders of the nasdaq. what is really interesting, tesla, that stock should be down
given news from a competitor. i will give you the news. it is not down. tesla having a good performance. this morning we were this close, this close, ripping duct tape off my dow 20,000 hat. i have it here. we show this dow 20,000 hat has been on a magical mystery tour. can we show that to you i've been taking it everywhere, peter tuckman, the albert einstein of the floor of the new york stock exchange. peter tuckman said, gave it to me, you can't show 20,000 until we actually hit the 20,000. right now we haven't seen it. i took it everywhere. middle of december, pushed above 19,900. i've been keeper of the hat. been to wall street and jerusalem, all the way to israel. then we went down to jordan, petra. the hat was in petra. still couldn't pull off the duct tape. we came back to wall street. had to to las vegas for the consumer electronics show.
the hat has been with me everywhere, every sing fell step of the way. ashley, we could blame the banks. they were on a great move to the upside. lost their gains. and now they're coming back. >> i'm at jpmorgan post, liz. we'll look the screen. jpmorgan kicking off the earnings seasons. what happened to alcoa? apparent banks get us going. jpmorgan fourth quarter profit rising thanks in part to the strong performance from the trading desk, up about half a percent as you mentioned. they started well. lost their mojo. have regained it a little bit. but thee beat on profit. beat on revenue as well. jpmorgan giving a very rosy outlook under a trump environment if you like in the year ahead. wells fargo, a bit of a different story. they missed both profit and revenue estimates. still trying to recover from the
scandal last year where they paid a hefty fine, 185 million bucks for creating more than two million fake accounts. they missed both on profit and revenue. there is bank of america. it has been trying to come back. not a bad report. their profit jumping 47% from a year ago. strong consumer banking decision. great report for jpm. okay for bank of america. wells fargo still trying to come back, liz. liz: i know, i see that. that is unbelievable. this morning things looked so good. if they can't make it there can they make it anywhere? quoting frank sin trout at that. traders -- sin. john, we got retail sales for month of december. it wasn't worst possible number. it was pretty decent. there is overhang of a real under current of worry about the
traditional department stores. that seems to be hurting most of the indexes here. >> absolutely. you look at the conversation of brick-and-mortar versus online retail, that has grown substantially overtime. that is a topic we continue to talk about. we see pressure those companies are receiving. >> yeah. look at kohl's, look at macy's, names don't see, even discounters, very challenging. chris, we bottom numbers out of china. i like to bring up china because nobody else does. china december exports sank 6%. there is no recovery there. they're trying to export to us. we ain't buying. >> yeah. i think they're also vulnerable to the stronger dollar. that is something you will have to watch with that trade relationship. but moving forward, you've got to realize that we're on the precipice of these new highs. the broader markets are, s&p made new highs. i think this is a time where you everybody look at making sure you have got some protection on
or building up cash, in case we get a bit of a correction. want to step in there and pick up some stuff that is on sale. liz: we're three points away from 2276. that is the number to watch for the s&p. alan, if you look at oil earlier in the actual trading market was down more than a percent yet the opec chief is still confident, i'm not, i don't know about you guys, confident everyone will remain committed to cutting 1.8 million barrels, that we bring down some of that overflowing inventory but what's the trade there now? >> well, what i'm looking at right now is first they have never had 100% compliance ever, but, i think they will get close to it this time. they're also talking about making further cuts. i think we have floor in crude oil around 48 to $50. so i'm buying on dips right now. i think we'll get a short-term rally out of it. i think shale producers in the u.s. will make up the difference. from there we don't have much more upside in crude oil.
looking at 55 to 57 in crude oil. that's about it. liz: 55.50 right now. 52.43 rather for crude oil at the moment. with the dow down 11. i don't get the duct tape peeled off my hat. >> we are superstitious. let's put that away for a while. liz: fine. they don't want me to hold it. they're weird around here. thanks to chris and alan. be sure to stay tuned to "wall street week." tonight, a full review of the biggest market moving events of last seven days. it comes to that we're compressing things to seven days we've seen such unbelievable moves in the market. "wall street week" airs 8:00 p.m. eastern. at this moment, look at the floor of congress because there are these key steps being taken in an effort to begin that process of dismantling obamacare. it is about to be taken there on the house floor, u.s. lawmakers are debating, let's be clear here, budget resolution already
massed by senate, that will instruct both chambers to work on repealing the legislation. this is process referred to as reconciliation. this is in essence supposed to help the gop members take a procedural shortcut if you will in order to avoid what the democrats most likely would like to do, that would be to filibuster that effort. it would destroy those efforts. they could then move forward in the next steps repealing and replacing obamacare. this all coming as president-elect donald trump tweeted this morning, quote, the unaffordable care act will soon be history. peter barnes in washington, d.c. with up-to-the-minute news on this vote. where does it stand now, peter? reporter: hey, liz, right now the house started this series of votes to repeal and replace obamacare, start process of doing that through budget reconciliation act for 28 teen. they're -- 2018. they're considering democratic alternative. once that fails on party-line vote.
they will go to the republican outline in this budget reconciliation bill. as you mentioned and what that does is instructs the congressional committees how to meet tax-and-spending targets including by changing policy including health care policy as you mentioned the president-elect declared wednesday congress will repeal and replace obamacare essentially simultaneously. speaker of the house said that is what he is planning. and he went to the floor today to urge members to take this vote against democratic opposition. listen. >> look at the new premium increases announced just this year. tennessee, 63% increase in premiums. oklahoma, 69% increase in year in premiums. arizona, 116% increase in their premiums. >> clearly he does not understand what the affordable care act has brought to our
country in terms of expanding benefits, lowering costs and expanding the access of many more people. reporter: will rely on chad pergram's expertise, our producer up on the hill who is so terrific. he said earlier today he thought this would pass, in the next hour here, largely along party lines. there might be a few republican defections among very conservative fiscal republicans, freedom caucus types concerned about repealing this without an immediate replacement, and potential impacts on the deficit but expect this to be approved in the next hour. liz? liz:here a 100 different portions first they have to vote on. we're keeping eye on that. it has begun. peter, thank you very much. remember, we've got a doctor who is in charge of the gop doctor's caucus, the physicians caucus. stay tuned. that is coming up.
47 minutes before the closing bell rings. we took a slight dip down. the dow industrials down 21 points. if the banks couldn't move on absolutely unbelievable earnings this morning at least for some of them, why even buy them? well there is actually a big reason says one top analyst but only a small group. big reason, small group. he will name the names. he says are only once you should have right now. ski season rocking it right now. it has ski stocks melting up. look at ticker symbol snow. owner of some of the most popular ski resorts. it is working with investor banks to explore a sale. interwest is spiking. look at shares of vail resorts in sympathy. not necessarily seeing gains. start of ski season, people heading to vail. not bad. we're coming right back. the dow is down 20 points.
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liz: a lot of you own disney i need to it look at disney post. moving higher by half a percent. it is in full denial mode. disney is denying all kinds of stuff avenues it was negotiating with the estate of carrie fisher, aka princess leia, after she fasted very recently. the mouse house is denying it is negotiating with her estate use of her digital image. she had the untimely death that did not sit with a lot of people. can we wait, can we wait until the body is cold when my mother likes to say, darling, can you wait until bottomed i did cold? people didn't like that people
were saying can we use her image in future "star wars" films? they're in full die nile. disney last time all-time record august of 2015 when it hit 122 bucks. it is down 11 1/3% below that record. may the force be with disney. as disney struggles to deal with that pr nightmare disaster, earnings seasons kicking off this week. you can't have a real rally unless you have the banks coming along with you. that may be is the reason we're not seeing a huge a huge must sell bound rally. the election seems to be a grand slam for the banks. 20 to 30% for banks names that reported today. bank of america, wells fargo, which is struggling with a horrific scandal as we should say. bring in paul miller, fbr
managing director and of course the top banking analyst. paul, talk to me, if banks can't soar on this type of news and on top of it we haven't seen any indications of procedural move to get rid of something like dodd-frank, onerous regulations holding back banks, why should any of our viewers buy banks right now? >> they're not repelling dodd-frank. dodd-frank has really handcuffed the banks. what you've done with new administration, pro-friendly and banking administration, you will stop all the new regulation coming down. the problem with the banks, they really didn't know what the atmosphere or framework will be to operate in, because almost every regulatory body in washington, d.c. was coming up with more regulation. you can see new guys coming in on the trump administration right now. these guys will be deregulation or less regulation. i don't think you will get rid of stress tests. you won't get rid of a lot of stuff inside of dodd-frank.
how it is administered or applied to the banks will be a lot friendlier going forward. that will help banks a lot. these banks have had big news since the trump administration but go ahead. liz: give me, you're the kind of guy who looks and sniffs and says i only like certain names. please share that news with our viewers. if some of them do want financials in their portfolios they say i don't want to dip into dangerous territory. wells fargo may look decent. this is the first report since that horrible bogus account scandal. i'm not sure that is entirely in the rear view mirror. >> i don't think it is in the rear view mirror either, that's why we're at market perform. some people really lick it as some of that scandal is not really falling to the bottom line and they see some decent account growth. we like bank of america. we think the bar is low there. roe is around nine, 10%. if you get a lot of these trump
policies through, roes could jump to 13, 14%. they're cheapest of any of these guys of jpmorgan and wells fargo. we think the big winner over the whole bros ses the next year will be bank of america. the bank had a big move since trump was elected but we think there is more behind that. liz: 14 banks are reporting next week, it is financials, all kinds, charles schwab thrown in there, not necessarily a bank. american express, goldman sachs, morgan stanley, u.s. bancorp. what do you really think happens here? is this the sector that continues incredible run its had since donald trump was elected? >> i think it does but i don't know if earnings show it. this is rear-view mirror, all fourth quarter earnings. we don't know what type of tax cut or what type of stimulus package we're getting. everything is going right now what is the body language of the manager teams. you saw jamie dimon for jpmorgan talk very postively not just by the u.s. economy but the global economy.
that is what people will be looking for. liz: right. >> not necessarily what they earned in fourth quarter. >> listen, great to have you. thanks so much, paul. >> you're welcome. liz: appreciate your perspective. listen to that guy. he knows. when we come back, i do have breaking news to tell you about an nfl game for the playoffs. you guys can not miss that. i really mean this this is important. i know a lot of you guys are football fans. stay tuned i have that and wild weather in the midwest. ice storms. i tell you how to get rid of ice off the windshield. i lived in ohio for seven years. when we come back we've got much more. "countdown to the closing bell" right here live from the floor of the new york stock exchange. ♪
kansas city chiefs versus pittsburgh steelers game to 8:20 eastern from 1:05 eastern due to forecasted horrific ice storm. does that help or hurt the ratings if people are stuck inside of waiting for the game? it may certainly help. stay inside during the ice storms. ice storms are vicious. they can not play in them. maybe they can. remember the ice bowl, was that the '60s? man up. we can play in ice. speaking of playing, and watching, it's fox that has got the super bowl. i will be going with team "countdown" to the super bowl. today it is about the former san diego chargers, they are officially moving to los angeles. you heard that news. l.a. of course did not have a pro team for two decades. now they suddenly have two, the rams. new logo has the fan base charged up. twitter on fire. the memes are flying. "usa today" put together a page
of some of the most creative. everything from a turtle, using it to spell the words lame and blah, because they do not like this logo. even suggestions they should have used an iphone charger and put it right on "harry potter"'s head, you know of lightning bolts on "harry potter"'s forehead. i promise you, nothing lame on our twitter feed. guess what, we're more than 72,000 followers, raise the roof, pushing to 100,000 like my facebook page, facebook.com/lizclaman. got a ton of links. all important dow 20,000, duct tape hat. we have 30 minutes left. you're hearing whoops and screams here on the floor of the new york stock exchange. can you hear that? they're going a little nuts right now. we're down 13 points. 19,877. you but the nasdaq is gunning for a record. the ethics probe already wagging its finger at the president-elect.
now another incoming member of trump's camp is suddenly caught in the vortex of hot water. who is it? it is a goldman sachs person. charlie gasparino on the exclusive details. former goldman title is now starting to hurt some of these people, including one of our own. >> anthony scaramucci used to work for he would goldman back in the way. trump went out of his way to attack goldman sachs. filling it with device anywhere from steve mnuchin, treasury secretary-elect, contender will have his confirmation hearings next week. that should be very interesting. steve bannon used to work, chief of staff, one of his senior advisors used to work for goldman sachs. gary cohn, head of his economic council, number two at goldman sachs. anthony scaramucci, transition
official, mooch, does the skybridge alternative conference. runs skybridge capital, fund of funds, former goldman sachs alum as well. he is officially going as senior advisor with mr. trump to work with the business community. in the interests of fair around balanced let's go through many so of this. man of high integrity but here is one thing that will be brought up. he needs to sell i believe skybridge or at least his stake in it. unclear how much he owns. he owns obviously more than half before he can go to washington to avoid conflicts of interest charges. as you know the trump administration will be taken up whether to get rid of the department of labor fiduciary rule where a broker is fiduciary. that makes it harder for brokers to sell certain types of investments including skybridge capital fund to funds. that is the conflict of interest. if he held on to it as he was there. so he is going to sell it from what i understand. he has been very public about this then he faces another
conflict. are the people, is the entity, probably a bank, maybe private equity fund, maybe a foreign entity, somebody like that will they be buying it to curry favor with the trump administration where they have a friend in anthony scaramucci, who is a whisper away from the president. that is the type of conflicts he is going to get. steve mnuchin next week we'll hear about his conflicts. he was invested in john paulson, hedge fund, his hedge fund owns fannie and freddie. he wants to do something different with fannie and freddie, spin it off. a lot of people think from the government control, a lot of people think that will benefit fannie and freddie shareholders. he will be questioned i'm assuming on that. gary cohn doesn't face a conflict of interest, doesn't face confirmmation hearings as head of national economic council. people say if you start reforming dodd-frank and get rid of certain rules like the volcker rule which prevents
proprietary trading does that benefit gary cohn's old firm, goldman sachs? these are the type of conflicts that the trump economic team will v hillary clinton if she was elected, there would be other conflicts, people contributed to the clinton foundation. people who hired her and her husband to speak in the past, that would be, people given obviously campaign contributions that would be that conflict of interest. she isn't elected. trump is elected. you can see it already building up, people will ask whether anthony scaramucci will benefit entity that buys his firm. will mnuchin help john paulson who made him a lot of money in his hedge fund. verying stuff. it is all starting right now. liz: in this wild world, conflicts abound. charlie, thank you very much. 2minutes before the closing bell rings. the dow is down single digits. less than three minutes.
>> i'm gerri willis with today's fox business brief. the dow is lower, s&p and nasdaq trading higher. pandora media up almost 7% after the streaming music company issued a strong revenue forecast. the company will cut 7% of its jobs to reduce costs. weak sales of new call of duty and titan hurt gamestop. the company deeply discounted merchandise. stock is down 2%. grubhub whetted appetites
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may cause low blood sugar. to reduce the risk, your doctor may prescribe a lower dose of the sulfonylurea or insulin. your doctor may do blood tests before and during treatment to check your kidneys. if you have kidney problems a lower dose may be prescribed. side effects may include upper respiratory tract infection, stuffy or runny nose, sore throat, and headache. for help lowering your blood sugar talk to your doctor about januvia. jo take a look at nike. lebron is getting a little bit like mike. reining king of basketball confirming that nike will release his original, very first signature sneaker as a retro shoe in the coming months. all of you who were saving your original ones, guess what they're rereleasing. i don't know what that does to the value of your sneaks.
those with kicks, you go absolutely nuts. rare achievement in sports retailing. nike liked it. they're up nearly 1%. flip it to tesla. tesla considering this news it should be down. it is not. charging ahead by 3%, even as porsche is charged up with tesla plans to roll out the firstle b. porsche, such a luxury carmaker says it will sell 20,000 models a year to boot. the news is not slowing down shares of teslas. shares moving higher because they announced they will give 400-kilowatt free supercharging for model x and model s customers on anniversary of their delivery. i showed you a bunch of websites that blamed donald trump for the nosedive we're seeing yesterday early in the session. remember the dow dropped at one point, 180 points, low of the session. all the major outlets singing a totally different tune today.
the dow is about to turn positive. let me bring in a bunch of traders at new york stock exchange cme group. teddy, will you give blame or credit to donald trump every time you see a move like this? >> wells perhaps, but the market acts strange. a lot of noise out there, a lot of political stuff, but market hangs in. you have to tighten your seatbelt, hang on here because i actually think we're going higher. liz:ed to, teddy thinks we're going higher on all of this. guess what, the dow is now positive, up seven points after being down 42. high of the session up 61. but the psychology with the markets at the moment, there is inclination to give donald trump credit or blame depending on what the markets are doing. who should get the credit or blame? >> take a step back here, liz, because mr. trump has yet to even sit in the oval office for a few minutes. i think the expectations are all about donald trump, the reality is we won't know how good a
president we can be until we see some data when he is in the oval office. the biggest news was actually michigan sentiment, one and three-year forward inflation expectations came in much higher than expected. that is going to help the fed maintain their fed tightening stance as we move forward into 2017. liz: phil, it all comes back to the federal reserve, or opec. both of those tend, right? >> there you go. there you go. i blame opec and the federal reserve on and george bush. liberals have done it for years. might as well blame the down trend on george bush, right? it is about opec. there was fake news on opec overnight. people were saying opec is not complying, unnamed opec sources. from what we're seeing opec compliance may have been the best ever seen in history. might be over 100%. could be 110%. that is big news. saudi arabia really cut. liz: gentlemen, thank you very much. we have some breaking news. that first step by the house of
representatives to repeal and replace obamacare has just passed. one of the men who voted, dr. tim murphy, he is a republican representative. he is standing by. he is going to join me in just a moment. what gives him extra heft? he's a doctor. i'm going to ask, will doctors be happy with whatever replaces obamacare? don't go away. rodney and his new business.
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liz: ladies and gentlemen, it has passed. breaking news. that first house vote to begin the repeal process of obamacare has just passed 227 yeas, 198 nays. this moves then forward, that vote, to get obamacare repealed and eventually replaced. we should also tell you that the house also approved that waiver, 268-151 votes for general james mattis to begin at least being considered to serve as defense secretary. let me bring in, he is a little breathless, he just ran in front of our cameras, somebody who just voted in favor of repeal, republican congressman from pennsylvania, tim murphy. he is also the house doctors caucus founder. great to have you, dr. murphy. nine republicans voted against it. do you have any granularity why they voted against it?
zero democrats voted for it. that was expected. what about the nine republicans who voted against it. >> they wanted more guaranties what would done with replacement or make sure the replacement was coincided moving at same time. they will be with us for the long run. they want to make sure they have a solid replacement package. we have a lot to do. we'll make sure no one is left out. there will be smooth transition next couple years. we knew it had to start with the budget first which lays a foundation. actual repeal and replace not in this bill, moving forward in the next ones to come. liz: i love doctors, okay? let me get that out there. my dad was a surgeon. both my uncles were surgeons. so i always sit there and think, what do surgeons absolutely want to see that eventually replaces obamacare? >> one much our top docs, dr. tom price,hhs secretary,
will want to see a lot of changes. affordable care act ended up costing patients a lot in terms of their policy and deductibles and co-pays. many put off care. one of those people less people in emergency room. it had opposite effect. people delayed care. don't want to pay for it. then show up in emergency room. decrease in outpatient care and increase in emergency room inpatient care. cases come in with more complexities and chronic illness along those lines. what i'm fighting for example, 5% of the people in medicaid responsible for 55% of the cost. if you're a business, how do we reduce the cost. you can reduce the labor cost, paying your workers less money or coming some or use cheaper materials. those don't work in the area of health care. tough say how do we make health care delivery more effective and efficient? that is something i want to see. that means integrated care model. physical and behavioral medicine
working together, people chronically cost a lot have a current psychological disorder too. liz: congressman, we know the most sick people, the sickest people are ones that really need insurance. then you have people who don't like the whole you have got to buy coverage. they felt young and didn't need that coverage. who will pay for the sickest who are unemployed and don't have coverage from their employers? that i think is a huge question. >> sure we're still working on that with regard to make sure medicaid is there, tax credits paying forward to help those who are lower income. obviously those who are unemployed and without income will be on things like medicaid. we have to make sure this works right. understand where obamacare failed is trying to pay for it. it did a terrible job. the system is bankrupt. for example, they told insurance companies they would pay them money for reinsurance. you know what? they didn't pay them anything. they owe them tons of money, billions. they told people would do cost
sharing reduction. turns out they stole the money from another account not authorized or appropriated by congress. liz: absolutely. >> so it's a bankrupt system. the point efficiencies and value and getting people into early, that is where we see the cost savings. we'll not leave people hanging out there. liz: the crowd that says health care is a privilege, not a right. although if we're first world nation there are other first world nations figured it out. we know when people don't get coverage they hurting the cost curve and show up on the floor at hospitals at their worst point that costs all of us who are paying. >> exactly. liz: but in the end, dr. murphy, i love calling you dr. murphy, all of you as the doctor as caucus, not to mention there are many democratic doctors who serve in congress, but the fact is people are not sure. there is something right now to replace it. when will we have that? >> we are meeting at a republican retreat over the next several days. next week we'll work on this in more detail an roll out something after that.
look there is a lot of ideas being generated. we'll have more details out there. we'll have make sure people are covered. this will not take place in 2017 because insurance companies themselves are dealing with 2017-2018 rollout. over next couple years people don't have to worry about, really how we'll put things into place for 2019, 2020. liz: congressman murphy, i know you sprinted. you do marathons. >> i'm in the navy. i run a lot. liz: you ran from the floor after the vote. again it has passed, 227-198. it advances the budget resolution that continues repeal of obamacare process. we appreciate tim murphy, house republican, founder of the doctors caucus for joining us right now. keep it here on fox business for complete coverage of the inauguration of donald trump, the 45th president of the united states of america. just one week from today. then stick around for season 3 premier of
liz: folks, we are just two points away from an all-time record for the s&p. but call it a record right now for the nasdaq, which has a few minutes to go before the closing bell rings. friday the 13th, that's today. and then you ifed add in last night's full moon, the werewolves spotted on wall street keeping the dow jones industrials down. the dow is down seven. let me bring in sam, friend of this network. and he's cfra chief investment strategist. what's going on, sam? >> hey, liz, well, i guess the full moon, the werewolf. people are saying where 20,000 on the dow jones industrial average?
i think what's happening is the market is just getting tired. ever since the dow 10,000, every time we advance by about 1,000 points, we then continue to advance for about 4% over two and a half months, and then we slipped into a decline of 5% or more so resetting the dials. that didn't happen after reaching the 19,000 level, and we're very, very close to the 20,000 level, so i think the market is just tired. liz: yeah, close to the 20,000. but not enough so that i can take this duct tape off. i want the duct tape off, dang it. sa where are you overweight at this point in your portfolio? >> well, thank you for saying my portfolio, otherwise we would have another discussion. right now, i still believe from seasonal perspective that you want to be bias. consumer discretionary, technology, materials, and industrials. i think we start to get a little bit concerned and go
defensive after the 100-day honeymoon period full of new administration. iraq and there's the closing bell. guess what, folks? friday the 13th could not keep a record for the nasdaq down. david asmand and melissa francis pick it up here for after the bell on this friday afternoon. david: indeed. melissa: wow take a look at this. the dow fighting for gain but the last hour of trading, all three of the major averages ending the week on a high note with the nasdaq settling at a new record high. happy friday i'm melissa francis. david: happy friday to you. i'm david asmand. this is after the bell. we've got you covered the big market movers. but first, here's what else we have for you. this hour, a lot of breaking news for you right now. a victory for the republican leadership in the house. let's start right there. it wasn't a guarantee but the house just cleared the next major hurdle in the repeal of obamacare moments ago. we're going to take you live to capitol hill for details on what this means and what happens next. meanwh