tv Countdown to the Closing Bell With Liz Claman FOX Business March 3, 2017 3:00pm-4:01pm EST
if this stuff gets bogged down in congress and the republicans start fighting this or that, markets will get cranky and rocky this summer. trish: 23,000 by september! labor day he's saying. you can watch the whole thing tonight. have a great weekend everyone. liz has you from you. liz: i sure do, trish, thank you very much. since election day, $4 trillion has been added to the u.s. stock market to propel it above 21,000. right now we're just 8 points above 21,000. so is that level in jeopardy at this moment? surprising, as janet yellen all but confirmed she'll raise interest rates in just two weeks, that sign the economy is strong enough to handle a rate hike did not send the markets shooting higher. we're all about flat, up about four points. have we hit a trump trade plateau, as we watch for the
dow, we're watching the president who is expected to hop on air force one at any minute now. he will be leaving orlando where he spent the last few hours at catholic school speaking to parents and tehe. on social media, focusg on something entirely different altogether. the president engaged in all-out twitter war with the most powerful democrat in the nation. senator chuck schumer who is trading jabs with the president about his ties and his administration's connections with russia. lieutenant colonel ralph peters has a warning about this, that this russian roulette could undermine the nation's security. he's with us live. and open the door this minute. senator rand paul accusing his fellow congressman of hiding the replacement for obamacare behind that closed door. at the capitol. what's in it? what was behind the door in the nation's governors actually might be the ones who know.
they made a demand and the white house is apparently listening. we'll try and pull it out of nebraska's governor pete ricket who took his state's case to the top. senator paul, are you risening? plus we have something to show you. "countdown to the closing bell" has a new princess. i thought i was the only princess around here. we're going to show you a picture of it. why caterpillar ceo is apologizing to employees and snap day two. charlie gasparino on what snap ceo must do to avoid the same fate as other onetime tech darlings who lost a lot of ground. less than an hour to the closing bell this friday. so glad you're with me. let's start thedown. -- the "countdown.". >> we have breaking news right now. let's take a look at live pictures from the federal courthouse in st. louis where juan thompson, he is the man accused of threatening at least
throughout the country pinned with that. he is due, we're hearing, to appear in court at this hour. and at this moment too, we're going to turn quickly to the markets. 're looking at a major milestone, it would be in this final hour that the dow finishes the week at or above 21,000. right now we're at 21,008 points. you've got to stay with me this whole hour, it's touch and go at the moment. the nasdaq seeing a gain of 1 1/2 points, flat as a pancake. same with the s&p 500, teeny bit lower. why the indecisiveness, it's surprising because normally when the federal reserve chief speaks, markets move one direction or another. boy, did janet yellen speak in chicago today. she said that the time has come this month barring any horrific situation with the economy. the time's come for the first rate hike this year, and that would come in two weeks. the march meeting.
the fed chief saying the central bank seemed to have done its job when it comes to encouraging growth and boosting employment. now is the time to keep the economy from overheating by hiking interest rates. one thing consumers are excited about is snapchat. snap mania still sweeping the sweet, the day after it jumped 44%, tacking on another 11%. i'd say that's got the green filter on that snapchat at that moment. the stock stands at $27.30. breaking news, president donald trump set to depart orlando international airport, he will head to palm beach, florida estate for the weekend. he toured a local catholic school and attended a listening session with teachers and parents in an effort to promote school choice. but we are also following a different session, so to speak. questions swirling at this hour around the president's attorney general jeff sessions after he, of course, recused himself from
all campaign probes after it was revealed he had contact with russian officials last year. he said he, quote, did nothing wrong when he met with the russian ambassador, but that didn't answer the question as to why sessions testified during his senate confirmation hearing that he had no contact with russian officials during last year's campaign. sessions is not the only person under president trump's wing to have contact with russia. it's confirmed that lieutenant general mike flynn along with president trump's son-in-law jared kushner met with the russian ambassador. flynn resigned in the wake of other revelations related to the russians. the backlash prompting president trump to tweet a picture. this. it's a picture of senator chuck schumer and vladimir putin. and in it, in the tweet he says -- senator schumer already
slapping back. boy. little boys? i don't know. blake burman live at the white house with the twitter war, it's unbelievable but very much at forefront of news at the moment. >> reporter: between the president and the senate minority leader. you got a little twitter back and forth. chuck schumer has responded, liz, let me show you the tweet, here's what he said, quote, happily talk, read my contact with mr. putin and associates took place in 03 in full view of press and public under oath. would you and your team, question mark. issuing a challenge to the president saying how transparent do you want to be about this on your end? schumer also followed up with another tweet. you saw the picture of him having a doughnut with vladimir putin, and he said and for the record, they were krispy kreme doughnuts. trying to needle the president there, i guess. on that end. vice president pence has weighed into this on this day. he is in wisconsin this
afternoon doing events there, and just like everybody here at the white house who is standing behind the attorney general jeff sessions, so too is the vice president. listen to mike pence from a little while ago. >> the president and i have full confidence in the attorney general. he is a man of integrity, as the prident said he could have answer the question more clearly, but it was clearly unintentional. >> reporter: so going forward here, liz, jeff sessions recused himself as you mentioned from any state department or any d.o.j. investigations into russia and the 2016 election. going forward, dana bente is the deputy attorney general at the d.o.j. he's been in that role for a couple weeks now, and he was an appointee of president obama. he would be the one to oversee any sort of investigations, that is until rod rosenstein, the appointee for are attorney general sessions himself would
end up taking that role. boente for now, rosenstein when he is in office. liz: if you own auto stocks or drive a car, the trump administration is going to announce next week it's going reopen the 2022 to 2025 vehicle emissions standards for review. this according to sources as we keep the stocks up. let me give you a little bit of texture here. apparently chief executives of 18 different carmakers sent a letter to the newly confirmed epa administrator scott pruett, lobbying to relax the emissions standards, so-called cafe standards. as we can be aware, the trump administration very open to cutting back regulations across many levels. the president did promise anything having to do with safety or the health of the american people would
definitely get added scrutiny. but at the moment it appears we have fiat, chrysler, honda, general motors moving higher. ford is slightly down, same with toyota. there was a question on the floor of the new york stock exchange during this hour yesterday when i was there as to whether the jeff sessions situation had forced a sell-off because you may remember, you better have been watching i hope. a hastily called news conference announced in this hour and we saw the sell-off. we're pretty much flat, just slightly below 21,000. right to the floor show. matt at the new york stock exchange, alan knuckman at the cme group. we're at 20,999. i don't want to make a deal of a round number. what is not driving the markets. we see such flatness, is it too nervous to go into a weekend? >> a good time to take pause here. we had a huge rally on wednesday. a lot of it was due to
president-elect trump -- president trump, not even elect anymore. and yesterday focused on snap. seeing all that volume going into snap, coming out of other sectors and that's why we're seeing the market flat here. not seeing sell-off but not getting the snap gain because it's not in any indices. that's yet to be seen going forward. as far as next week goes, nothing unexpected out of chairwoman yellen. the market has nothing to trade on. liz: i can't believe it doesn't have anything to trade when oil is up about 1.25%. so to you at the nymex, alan harry. we're not seeing juice from the energy names, they're not doing horribly today. spin it forward to monday. what should investors be doing ahead of monday? >> we're stuck in a range, the range is being caused by opec cutting back and complying with that and overproduction of crude oil throughout the rest of the non-opec countries putting weight on the market.
it's a tug-of-war between the two. i think we're heading higher, we're going to break out and see $57 and $60 in crude oil. that's going to be in june toward the end of this year. liz: look a rig count once again. just to explain when you see a rise in rig count, i believe wee siout of theast seven weeks seen a rig count, now at levels of 609 operating. more supply coming in. to the cme and alan knuckman, i'm looking at the nasdaq on a teeny little gain, like a tiny fraction of the percent. the transports have done very well. after the president's speech, boy, what a move in the markets on wednesday, and can we expect more of that? or do we sort of blow a spark plug here and there and the market needs a little more each time to get it excited? >> well, i'm optimistic and positive, i think there is more upside left. let's remember how far we've come.
we were at 666 on the s&p on the lows in 2009. 1700 points higher. 200 points since the election. this is just a bit of a bump but we did see no reaction today because it's a done deal we're going to raise rates here in march. but what i was looking at is that if you go out to july, there's a 50% chance that we're going to have another hike in july. the market doesn't care, assets have been reflated and we saw gold bounce today. crude bounce a bit and stocks at the highs with the vix moving lower. liz: if we show where fed funds futures are now, it depends, i saw another element. the world interest rate probability, that gauge has a march rate hike chance of 96%. >> yep. it's done. it's a done deal. the market doesn't care, it's always important. we can know what the fed is going to do or event is going to be but don't know how the market's going to react. it's comforting to see the stabilization today and actually a bounceback after
unwinding that we saw yesterday. that was much needed. liz: matt, alan and alan, have a great weekend. tune into "wall street week" tonight, heritage capital president and chief investment officer and levin capital strategy and portfolio will decipher what happens next and how you should invest around dow 21,000 and the trump rally. that's tonight 8:00 p.m. eastern right here on the fox business network. with the closing bell 47 minutes away, the dow right now at 20,999. you have to stay with me for the next 46 1/2 minutes to see if we hit the 21,000 level. and we need to you look closely at this. folks, those are russian jets buzzing the u.s.s. porter ship in the black sea. coming within just yards of the deck and the crew. more russian aggression combined with a trump
administration flirting with vladimir putin all adds up to a dangerous game of chicken, so says one of our favorite military men, lieutenant colonel ralph peters. he knows the russians all too well. having worked against them. he says there's a pattern emerging at the white house that's putting you and america at jeopardy. see if you agree. hear what he has to say. "countdown" coming right back.
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. liz: we want to show you this highly disconcerting and to very many people worrisome video we obtained. it shows russian fighter jets, two of them buzzing past the u.s.s. porter, our naval destroyer in the black sea. the russian defense ministry denied russia did anything of the sort or that the flights took place. with attorney general jeff sessions being the latest member to be linked to russia, has the white house team's chumminess with russia and president putin put our national security at risk? this as president trump says look at all of the democrats who have met with russians. let's bring in fox news' strategic analyst lieutenant colonel ralph peters who not only speaks russian, sat across former kgb agents at the kremlin and worked against them in the backstreets of moscow. what should we read into the
latest saber-rattling. clearly those were russian jets? >> clearly s u-24's. not just this incident, but repeated incidents, a lot don't make the press against us, against nato. and the fundamental thing people have to understand about vladimir putin is he has no reverse gear. he'll keep pushing and pushing until he hits a wall and no one is willing to erect that wall. he's trying to extend his fear of influence to force us out, force us back, push nato back and say this is my turf, stay off it. he's on a practical level, checking military signatures, checking responses and response time. liz: and he can do that by buzzing the ships. how should we be responding because so far we're not? >> that's true. we must respond and respond asymmetrically. we're not going to shoot down russian aircraft unless they attack us. we can respond powerfully by arming the ukrainians which is
perfectly legal, we can do that. and that would really hurt. if you don't want to do that, you can intensify sanctions. the problem here, liz is that president obama was just spineless, timid, weak, and now we've got a president who's certainly more bellicose, but when it comes to vladimir putin, he's as weak as obama. he will not stand up to vladimir putin so the russians get away with this, and again, putin has no reverse gear. potential for this getting out of hand for accident and incident is very, very high but the most important issue is we must stand up. liz: you know the kgb, you know how they used to operate. vladimir putin was at the kgb as we know. let us go to this attorney general jeff sessions situation. he has recused himself. that is enough for some republicans. not all. they would like an investigation. the democrats you expect them to pile on, they hate it. but you need to tell us is this
a tempest in a teapot or when you have general flynn and jared kushner, the son-in-law meeting with the russians, not so much that they did, everyone keeps forgetting to say when they did when specifically asked. you tell this out of proportion? >> no. even if there's the slightest, lease plausible chance of russian influence on the administration, it's as grave as can you come on national security short of war. so we have to take it seriously, and liz, it's not political. it can't be political. the democrats and republicans have to grow up and investigate this soberly and rationally. liz: do you anticipate that the drip, drip of the leaks continues and what's at the end of the faucet? >> there are only two options going forward. if president trump can't get on top of this, it's either a slow grinding on a slow bloody drip, drip, drip, or a sudden explosion of this issue. and it's not just going to go
away, that's what people need to get through their heads in the administration, it's not just going to disappear, as an intelligence officer, to the earlier question, i looked at patterns. you don't look at one office, you look at patterns. jeff sessions i have great respect for him, terrific guy. gentleman, could be a great attorney general, i don't think he deeply implicated with the russians, one after another, starting with carter page, paul manafort, and then mike flynn, they all have to be removed because of untoward if not illegal contact with the russians, and you know when people say we always have contact with foreign ambassadors, not like this. not dozens of contact by campaign advisers during a presidential campaign. it may, in the end, turn out to be totally innocent, but liz, president trump has to step up to the plate, and i think he's got to do two things -- liz: even when bill o'reilly saidutin is a kill, right? he doesn't seem to be taking
that bait. >> and as a former intel hand, i do worry about the russians's genius for compromising people with financial matters, personal matters, but even setting all that aside, the president could help our nation by just saying outright that vladimir putin is a bad guy, he's not our friend and there will be no alliance with russia, and by the way, he must release his tax returns to prove definitively the russians have no financial ties. he's got to do it. liz: he said he won't and a lot of his supporters say they don't need to see it. we'll be watching. >> it's about our national security. liz: colonel ralph peters. appreciate it. closing bell, 37 minutes away, right now at 21,009 points, thanks in part to goldman sachs, the leader there. jpmorgan too, but right now, caterpillar, walt disney, merck and apple look healthy, nike and walmart do not, they're among the biggest drags on the
dow 30 right now. and not a dow stock but costco taking it on the chin after reporting worse than expected second quarter sales numbers, hurt by lower prices from big grocery store chains and this didn't help, it raised annual fees, but keep in mind, costco's been up more than 16% over the last year, so a clip of 4% today coming down 4%, not the worst thing in the world. president trump wants to buy in bulk but he will not find this at costco. he wants american pipeuilders to use u.s. steel. is that idea even legal? adam shapiro has done some digging. he's about to reveal that the president and his big idea may be hit with a steel door when it comes to that demand. you gotta hear this. more "countdown" is on the way. . i just snapped a photo and got an estimate in 24 hours. my insurance company definitely doesn't have that...
liz: president up donald trump and education secretary betsy devos, met with school leaders on school choice at a catholic school in orlando. let's hear what they're saying. >> i appreciate it. bishop, thank you so much, very powerful man, the most powerful man, right? i appreciate it very much for your uplifting prayer. i have to say that your support of schools like st. andrews act click school. it is incredible. everyone talks about it. they talk about you. you understand how the student benefit from full education, one that enriches both the mind and the soul. it is a combination. that is a good combination. i want to thank you for the job that you've done is incredible. everyone, we've been talking about. you have a big reputation in florida, you know that, right? , for for your talent and a lot of other things for love for
what you do. i could see as i met you, the love for what you do is fantastic. and i want to that so much. the superintendent, where is the superintendent? >> right here. >> come here. you have been fantastic. the job you're doing and going to do, i what is happening and with people like marcond rick scott and the seeing this today, it is going to go further and further because i know they're big fans. grateful to have everybody here today. i'm very pleased. where is rick scott, right over here? governor scott and marco rubio. secretary devos was approve ad couple weeks ago. this is the one we all report to when it comes to education. you're going to have a fantastic relationship with the secretary and that is going to be a lot of good things for your school and entire system. st. andrews catholic school are sent one of many parochial
schools dedicated to education of some of our nation's most disadvantaged children. they're becoming very opposite rapidly through education and with the help of the school choice programs. this month we commemorate the thousands of peaceful activists for justice who joined martin luther king on the march from selma to montgomery. on that day reverend king hoped that inferior education would become as he said, quote, a thing of the past. and we're going to work very much for the future and what he predicted would be the future. as i have often said in my address to congress and just any place else i can speak, education is the civil rights issue of our time. and it's why i have asked congress to support a school choice bill and we've come a long way. really we're right out there, we're ahead of schedule in so many ways when it comes to
education. betsy will leave that charge, right? fantastic job. denise meriweather is with us. you were so wonderful the other night. >> thank you. >> that was quite a night. denisha, she joined melania and as my guest to congress and first in her family to graduate high school and college, about to her complete her master es degree in social work, right? [applause] want millions more to have the same chance to achieve the great success you're achieving now. you think that can be done, right? >> of course. >> her eyes light up. that is fantastic. i want to thank all the parent and teachers and students at st. andrews and all the graduates with us today. it's a special place. florida to me is a very, very special state. i mean, i know people back
there, they know why i like it so much. we've had a lot of success in florida. i love it. it is my second home. i'm here all the time. we have the southern white house in florida. we get a lot of work done. there is not rest at the southern white house of the it is all work. we love the state. we love the state the way it's managed between marco and rick and some of the others. doing a great job. we appreciate it very much. and thank you. thank you very much. [applause] liz: all right the president reinforcing what he had said at his big speech tuesday night and that is that education is the civil rights issue of our time. he is pushing for school choice, particarly for the disaantaged kids wholways end up with the short end of the stick in the public school system. betsy devos as education secretary pushing that as well. take a look at the big board. we're above 21,000 at the moment. we're up nine points. and of course we're looking at health care stocks and hospital
stocks and obamacare. what will it look like? boy, senator rand paul was furious when he couldn't get behind a door he thought was hiding the next plan to redo obamacare. governor ricketts of nebraska might have an idea of what is in the new plan. we'll find out. we're going to talk to him next exclusively.
cloud outage on thursday. shut down services for 150,000 websites. the worker typed a missing command and blacked out many websites. nintendo hybrid console sold out. their goal is shipping 2 million units by end of the month. investors are impressed. nintendo shares are up 4%. liz will spook with nintendo america's president. much more after that. countdown is straight ahead.
husband we can't wait to meet the newest member. i'm not the princess. no, liz, you're the queen. i am sure baby kirby is getting excellent care but many other americans still struggle with quality health care. republicans have made it crystal clear, they intend to make it as though the affordable care act was never enacted. they are working on changing it but there seems to be a lot of confusion over what is going to replace it, causing some senators to speak out and demand to find out that includes kentucky senator rand paul who outright demanded to see a draft of the house republicans bill yesterday. look at this. >> i'm part of the legislature. shouldn't i be part of the process? i was elected to represent my state and i'm not allowed to read the working product so i can comment on it? this is being presented as if this were a national secret.
this were a plot tone trade another country. liz: the senator was convinced that a copy of the work in progress was behind that door at the capitol. turns out when they finally opened the door there was nothing there. but let me bring in somebody who might have a sense of what has a good shot being in it. in a fox business exclusive, republican governor from nebraska, pete ricketts. welcome, governor. you guys got to meet a week ago with vice president pence to tell him exactly what you really hope will be in it. can you give us a sense what you agreed and what was asked for? >> thanks for having me on, liz. i can tell you what we as governors want to he see in the bill. at the end of the days governors and states implement this program. weant a big voicen this. we'll be responsible for carrying it out. there is still a lot of discussion about this. there is no plan, got uniform
support behind it. we had a lot of discussions about what we want. for example, one of the things from be in's standpoint, we did not expand medicaid. we've been frugal spending dollars. we don't want to be penalized in any future system. we were doing right thing controlling our spending where other state maybe not. we would like per capita caps, set amount of dollars per person. there is ways you could negotiate that, gradually bring the expansion states down, allow non-expansion states not to be penalized, so forth. that is one of the ideas we're advocating for in nebraska as a way to help control the spending, yet still allow the states the flexibility to be able to manage these systems. that gets to another key thing which all the governors agree on, give us the flexibility. with one of our meetings with tom price who had been on the job 15 days, waive the waiver process. it is too long and too cumbersome. we know what is best works in our state.
let us do it. what may work in nebraska and not work in new jersey, vice versa. give us the flexibility so we can implement the programs. liz: did they seem amenable to that? >> i think so. there is a lot of, certainly one of the things the trump administration talked about, certainly the president said this in inaugural address they want to push responsiblity back to the states and that is where it properly belongs. i think this administration understands we in the state are closer to the problems. we know best how to serve our people. they want to push that responsibility to us. liz: president trump was explicit and very clear tuesday night in his speech. when he said this, you have to believe democrats were cerinly welcoming and happy of it. he said he promised preexisting condition coverage people and stable transition for those already involved in health care exchanges at the moment. there is a lot to be promised here but as you look at the
states, the 30 states, not you guys, but 30 states did of course expand medicaid and allow those earning incomes of up to 138% of the federal poverty level to enroll, can we in your greatest moment and hope cover everybody in this country? >> well, this is one of the issues at that we have to work out yet among the governors which is how do we handle the expansion states versus the non-expansion states. this is one of the props the federal government has. this program is hugely expensive for them. they don't have balanced budgets like we do in the states. they have to look at ways to control the costs. they need our help to do that. we have to find a system to transition away from what we've done with expansion, it is too costly, too expensive, and get to a system we can manage our costs better. we like per capita caps. liz: thank you, governor. we appreciate it. >> thank you very much, liz. liz: governor pete ricketts of nebraska.
there you see, air force one, president trump arrived in west palm beach from orlando. and he is going to spend the weekend there. he has been very clear that he does not, you know, lie by the seashore. it is a working, working weekend for him. and as we continue to watch, i would like to tell you that we're going to have much more on the fight over obama at the top of the hour. you saw senator rand paul banging on that door, saying let us in. if something is being developed, senators should be able to comment on it instead of being handed the finished product. after the bell he is with david and melissa. please don't miss that. from the fight over obamacare to the battle over oil pipelines, revival of two major projections one of the very first things president obama did to start his presidency. the executive order include ad demand that the pipelines use
american steel in all the pipeline projections. president trump is not the first to use american steel. back in 2015 democrats pushed for it. democratic minnesota senator al franken tried to include a buy america steel clause through an amendment to the keystone pipeline legislation but it was blocked by republicans. while the white house says the keystone pipeline is exempt from the buy america policy, is the president's executive order and his hope and demand to use american steel even legal? why are we asking that? because adam shapiro is working the story. our top reporters are on the case. what do you say legal or not? reporter: simple answer is no. you can't force a private company to purchase american-made pipeline although you can enter into contracts if that company is performing work for the u.s. government or perhaps if that pipeline is going to cross federal lands. here is a copy of the memorandum that president trump signed on january 24th, requiring american-made products like
steel be used in all new pipelines as well as projects to retrofit, repa andxpan pipelines in the united states. now the ceo of united grade steel, says his company and other steel producers are quite capable of making the steel, pipe necessary for those pipes, even though most of it is currently produced overseas. scott paul, president of the alliance for american manufacturing says the president's directive will create jobs for american steelworkers. >> i know that there are american steelworkers who would be eager to be call back into the mill and there are american steel-makers who are eager to rev up capacity to build our energy infrastructure and our water infrastructure. reporter: now the president has ordered the commerce department to develop a plan by july to emly meant his american-made directive. so it is not in place yet but cato institute trade policy analyst simon lester says the president may have no legal
authority to order the american-made directive, especially against private business. >> we're talking about a government requirement to use domestic content. that is pretty clearly in violation of our international trade commitment and u.s. brought complaints against other companies doing similar things. >> reporter: liz, to wrap this up, this memorandum says, this might be an out for the administration, it says that the commerce department should figure out how to make this requirement within the full extent of the law. the law is pretty clear that you know, you can't tell a private company what to do. if someone want to spend more money to buy something overseas, as long as it is coming into the country they can do that. liz: isn't it ironic democrats in 2015 tried to do something very similar, demanding keystone but can you put rider in says you have to use american steelworkers an american steel and it was republicans who negated that.
>> you always bring up the past. that was the past. this is now. liz: i can tell you that the steel-makers and anybody in infrastructure, those stocks have done unbelievable well adam, thank you very much. let us take a quick look at markets. the dow is struggling to hold on to dow 21,000. we're at 20,994. we're just down seven 1/2 point. look at the nasdaq that is just up about three points. the s&p 500 is, i'm calling that flat. definitely not flat? snap stock, snapchat parent, snap, snapping up shares again. it is day two of the snapping debut and the stock continues to spike and skyrocket although off the earlier highs. still up 9%. earlier today up more than 15 percent on the news that nbc universal invested $500 million into snap as part of the ipo. with all that said, is this
company really worth more than $30 billion. charlie gasparino is here. >> by the way i think that is kind of an odd reason to think the stock should go way up just because they bought into the ipo. a lot of people bought into the ipo. what makes nbcu a great investor? we don't know. liz: was it hey we'll partner on media issues too? half a billion is a lot of coin. >> it is. liz: it is a land grab. >> it's a land grab for them. i'll just throw this out there, i've been talking to even bankers who usually pump up these stocks, and and lifts over the last couple days. they make two interesting observations. they are worried about the valuations of these companies when they come public as ipos and what they say is this. these ipo valuations are preventing normal creative destruction occurring that would occur later when the company is, companies maybe don't do so well and what they say is for every
facebook you have, which did very well, it was profitable when it started, you have zynga, you have -- liz: twitter. >> you have twitter, and maybe even snap. now zynga is interesting. liz: groupon. we could put some of these up. when you look at -- stock themselves but -- >> zynga debuted at $10 a share. where is it trading now? penny stock. 2.60. liz: where are they now? look at it. >> facebook. twitter, look at that one. twitter came out at 26. they're now at 15. i'm telling you if this thing came out where it should have came out at 12, maybe it would trade down to 15. people would buy it at 15. it would be a sale at 15. snap, people are saying the same thing. is this thing worth 17? now it is up to what, 2? the question is if it came at more rational reason, ipo price,
say 12, could it be sold down the line if it doesn't make, if it doesn't live up to expectations? which seems to be the norm rather than the, seems to be the rule as opposed to the exception. liz: let's also make this point. its lost $500 million last year. actually 513 million net loss last year. hey, they got 500 million from nbc. they're up -- >> by the way, nbc has room on their balance sheet to invest 500 million. this company throws up, they're owned by comcast. they throw off a lot of revenue. they can do stuff like this. there is unholy alliance between banks and small investor. we're out for you. liz: unholy alliance with you and me and these flowers. >> that is what you're paying 2 $7 a share. it is hard to be serious. -- 2. i know you're giving me wrap,
make my point. unholy alliance between bankers and silicon valley vcs and moronic millenial reporters see anytng with a dot-com next to it and pump it up. they don't provide the investing public with rational discourse on these companies. and the bottom line is, these are, a lot of these are pig-in-a-poke and they don't have good management. what made facebook better by the end the institution of good management too. this is why you got to be very careful and you know, don't believe the hype. by the way i saw those two kids that ran zynga, that snapchat cheering yesterday, they're billionaires over nothing. liz: over something there. >> at least trump started some hotels. liz: the president just landed in west palm beach, florida. he is exiting air force one, having just met on school
choice. and there is an important market point here to be made. and he did it but i got some more numbers. since the election, the total market value of all global stocks just hit an all-time high of $56.7 trillion. pushed over that limit in part by the 4 trillion that has been added to the u.s. stock market since election day. >> this is an amazing, amazing market run. even at dow 18,000, there was talk that that market was overpriced. now we are here with a burst of buying activity based on free-market capitalism we haven't seen in a long time. liz: there is jared kushner with his children. we saw marco rubio. >> that is senior advisor and son-in-law. i believe there is ivanka if i see right. liz: there is ivanka. >> i don't want to throw cold water. i like his policies and this mark account but here's the
thing. the average pe generally long term historically on s&p 500 stocks is about 15, right? liz: yep. >> where is it now? liz: 18, 19, 20, depending. we're just over dow 21,000. donald trump just tweeted. can we put that up? here's the tweet. >> tweeted about the market this morning. liz: i hereby demand a second investigation after schumer, as in senator chuck schumer, this could be spelling incorrect of pelosi for her close ties to russia and lying about it. so again the, he said/she said, he said, he said, who met with the russians. >> following jeff session's concession he met with them he said they didn't. listen one of the things that can destush markets that is something we are stuck in this political cycle on fingerpointing on russia.
we should be talking about how we get the budget going. by the way, i talked to congressional staffers on the hill. they tell me there is no real detail on the budget. how will you get tax cuts without a budget? liz: by the way we should also mention we're about to hit the debt sealing in a week or two. >> there is an issue there too. liz: folks, i've been covering business news foclose to two deca , has it been that long. >> don't make me feel old in the process, please. i'm older than you. liz: when you get close to hitting a debt ceiling. >> right,. liz: when you get some fiscal hawk don't raise the debt ceiling, the debt ceiling is pretty much the company credit card they can borrow. >> do you think the republican congress will shut down with a republican president? liz: they learned before that was extremely unpopular. we're just at 21,000 exactly. we're flat on the session.
>> by the way market is down, we don't know, almost flat, when was last time we had two down days in the market in a row? liz: exactly. we do not see that that often. the 10-year yield earlier hit highest since february 15th. >> the yield did? >> liz: 2.51%. >> that is interesting, that means bond investors are getting comfortable with fiscal stimulus. they believe it is coming if they're doing that. they're selling bond? liz: yeah. let me get to mark luschini with janney montgomery scott. he has 71 billion at his firm. >> markets put a large down
payment on tax reform at this juncture and accounting for price to earnings multiple, expansion and is occurring in this market. in the absence of validation by way of some legislation on that front, that will either impact 2017 or be rife to promote economic growth in 2018, it leaves the market vulnerable to a setback let alone any other geopolitical event that could erupt along the way including obviously elections in europe. melissa: paris election in may. you're a realistic guy. treasury secretary steve mnuchin told neil cavuto said there would be tax plan in august but not only signed but passed. do you see that happening? >> it seems implausible that could occur with that rapidity. by way the legislative process, not only have something out there and debated but have it legislated seems exceedingly ambitious to me. liz: janet yellen said barring any economic disaster or black
juan event we'll see a rate hike coming up in two weeks at the march meeting. how do you put a portfolio together in advance of that? >> fed fund futures were pulling that expectation forward, jumping from 40% probability to 90% this week. it's a lock. you can't do anything about what has happened. the question on going forward. i think she did a good job finding balance between putting the hike in play but at the same time saying the fed will not continue to accelerate rate hikes over the balance of the year. i think that leaves room for some of the interest rate senstitive. on balance we like pro-cyclical sectors, economically sensitive sectors like energy which stan to do better with better economic activity. liz: great to see you, mark luschini. good to see you. janney montgomery stock. he says ambitious to get a august bill for tax reform passed but who knows. tell you what? right this second we're straddling that line. we're at 21,002 points.
21,000 -- [closing bell rings] liz: we might close below 20 up with thousand that we hit a day ago. david and melissa. david: have a great weekend. stocks struggling for gains in the final minute of trading. looks like still may be a flat line. it is pretty close to it right now of hovering around 21 you thousand. markets shrugging off comment from fed head janet yellen about likely march rate hike, waiting for big moves from the white house. that is propelling this market one way or the other. i'm david asman thanks for joining juice i'm melissa francis. this is "after the bell." we have you covered on all the big market movers. this is what we have coming up this hour. president just tweeting this. melissa: i hereby demand a second investigation after schumer of pelosi for her close