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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  March 29, 2018 3:00pm-4:00pm EDT

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salt. trish: i agree. and if the good companies -- trish: i've got to leave it there. agreed. >> that's why you'll see the higher prices over the long term trish: keith it's good to see you thank you so much make room for my good friend liz i'm off to fox news channel in for my friend neil today i'll see you at 4:00 liz is from here on out. liz: okay, thank you very much stocks speaking on an already strong day for the bulls as the president wraps up his infrastructure speech in rich field, ohio, right now, as he walks off the stage the president did emphasize the dire nature of the nation's crumbling infrastructure, specifically saying that some 40% of the nation's bridges were built before the first moon landing. he also called the nation's electrical grid and mass transit systems a "total mess." look, we see the markets jumping 387 points for the dow but let us dig down into infrastructure stocks, put them on the screens, steel stocks are moving higher
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across-the-board, anywhere from four to near 6% to the upside, everybody from u.s. steel, ak steel, kbr, jacobs engineering and then if you look at materials everybody from the concrete makers to the suppliers , you've got u.s. concrete jumping 2 and 2/3% , everybody looks pretty darn healthy granite construction up 5% but then you broaden the aperture to the markets in general racing the session highs on this last day, last week and last month of the first quarter and we could look at the dow jones industrial overall it's a nice picture s&p 500 is also moving to the upside by a good 44 points, and then the nasdac, we've got it up 150 points. remember, two days ago, we were down 200 points, and then we were up and then we were down. right now we're up two full percentage points 100 points above the 7,000 mark for the tech-heavy index but again let us stretch the entire picture out, not exactly gorgeous this
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quarter. the dow and s&p 500 are set to finish to the downside for the first time since 2015 we've had a very nice streak that shouldn't shock or freak out anybody but at the moment we're trying to tell you watch out the dow and s&p not quite there. fox business adam shapiro was at the white house, a couple of issues here not just infrastructure adam but another threat towards south korea, targeted there, about that chorus deal, the korean u.s. trade deal. not done yet, like we thought it was yesterday. adam: that is correct the president on the north coast, you're an alumni of the north coast, cleveland, ohio speaking in richfield, just south there and he was talking about how these men and women, the workers in america, are shaping our destiny and restoring pride in the united states, by rebuilding what is core to not only the american psych ebut the american economy and his core the president's core was concrete and steel on the things that
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made america great, he talked about building the empire state building in less than a year and his administration has rolled back regulations so that what once took 10 years could possibly take less than two years to get permitting all of that but there was that comment about the trade deal which has been confirmed yesterday by the united states trade representative, the koreans on friday, the president actually said we're going to go there but not yet. let's see what happens with the negotiations in north korea. let me let you listen to his sound bite. president trump: and they hold it up until after a deal is made with north korea. does everybody understand that? do you know why, right? do you know why? because it's a very strong card and i want to make sure everyone is treated fairly and we're moving along very nicely with north korea. we'll see what happens. certainly, the rhetoric has calm
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ed down just a little bit would you say? adam: so there was the president 's comment about maybe not doing the deal until after something is done with north korea, but there was also the discussion of the economy, the jobs created, 3 million jobs since election day all of that part of the president's message and then of course infrastructure. he talked about bridges. he talked about roads. he talked about transit systems and talked about $50 billion part of the 200 billion in total that the president wants spent in rural america, building broadband networks and other things, key to infrastructure, but the problem is getting 200 billion the total seed money he's proposed. 200 billion from congress to seed the 1.5 trillion he wants over the next 10 years in infrastructure spending. here is what the president said might have to happen to get there. president trump: i don't think you're going to get democrat support very much and you'll probably have to wait until after the election which isn't so long down the road but we're
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going to get this infrastructure going. adam: so the president wrapping up in richfield, ohio. he will be heading to mar-a-lago for the easter holiday on his way out of cleveland, liz i think you'd agree he should stop off and get corned beef. liz: for the extra lien. it'll cost a bit extra. what do those sandwiches cost? back when i was there $14. its got to be very expensive now adam: but they were this big you bought one and ate all week. liz: exactly thank you very much good to see you adam. march madness on wall street is living up to its madness reputation on this last day of march, all three major indices are on pace for their worst march in 17 years, but things are not looking bad at all for a trio of tech stocks that got pummeled as recently as yesterday. for the whole week, amazon look at the comeback jumping 1.5% after a white house official finally came out and said yes
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while president trump has expressed concerns about the e-commerce giant and its power there will be "no actions" taken at this time so why was amazon down earlier? because president trump had tweeted both yesterday but then today this, that sent shares tumbling again. hears what he said earlier. "i have stated my concerns with amazon long before the election unlike others, they pay little or no taxes to state and local governments" use our postal system as their delivery boy causing tremendous loss to the u.s. and are putting many thousands of retailers out of business." three potential problems with those three things, coming up charlie gasparino is going to pull them apart with clear facts and as of right now, amazon seem s to be slugging on any problems and facebook really jumping at this hour in this final hour of trade up five and a third percent despite more negative headlines rolling in for the social media media giant new york attorney general eric schneiderman going on the
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offensive perhaps investors are buying on the dip on this low volume day and he's saying he will launch an investigation into the fiasco of the data situation where 50 million users had their data leaked out somehow. it's a good opportunity to scoop up the stock maybe that's what people are thinking, while it's on the cheap down about 11 or 12 -13% at the moment you're looking at it for since the data scandal sorry i seem a little different because i'm looking at tesla right now, let us jump to tesla it is rebounding as well in the afternoon trade despite issues plaguing the stock, but the wall street world remains pretty optimistic just yesterday morgan stanley in a note said don't worry about it tesla slump could be the buying opportunity tesla investors have been waiting for and now it's up one and three-quarters and reversed because intraday, we had been down, maybe you missed that again the flash dip, i still didn't trademark that often but
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i made it up. today, nomura reiterated its buy rating on tesla saying it keeps the faith still for the month of march it's getting hammered down more than 20% right now and we've got it to $262.35 per share to the floor show, i want to bring in our traders on a whole host of issues but tim anderson while looking at the tech world at the moment and how on a day that it seems like it's pretty healthy the markets are in the pink or the green of health i should say. >> yes, they are and with all the talk about tech the last week or so, it's still out performing the other indices for the quarter and nasdac would be up about 3% if we closed right here and clearly, the volatility is here to stay. it looks like we could likely have the fourth day out of the last five with the s&p moving 2% liz: last day of the week, last day of the month, last day of the quarter, chris robinson been an ugly march.
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we asked our countdown closers yesterday how they see april but how do traders see it? >> i think it's the beginning of a new quarter and i think the number one thing if you're watching the index is that 10% levels help. just last week this time we were right at the 10% level people were worried and i think that you continue to see people stepping up and buying. you still have money coming in because money is coming in at year-end for people to fund their ira's all the way until the 17th. i city think you'd keep that support coming. now after the middle of april you could get kind of interesting but i think that that money flow is still coming in and you have people willing to step in and buy this 10% break which is if you're a bull it's what you want to see. liz: tim i need you to look north i know you're downtown but north to the nasdac we are now looking at a very strong gain at this moment up 162 points with amazon looking better, facebook
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looking much better. i'm talking about for the session because they both have gotten kind of trashed over the past week or so, but when you look at all that's going on and then you add in the data, you've got the jobless points number for the week we're looking at a 45-year low of the number of people standing online for unemployment benefits. that is certainly a very positive positive picture and now, jay powell, april 6 the head of the federal reserve is supposed to speak about the u.s. economy. what do you think he's going to say that will effect the markets positively? >> we had some other very positive data this morning also in the personal income and spending data, wages were up .6% , spending was only up .2% , clearly wage growth is something that the markets been pining for for a few years now, and that didn't get a lot of talk early today but i think that going into next week,
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you'll hear some positive chatter on wage growth. liz: yeah, and we got the core p ce, which is a fancy way of saying the fed's favorite inflation number and while it did move slightly higher, chris, we're looking at it well below the 2% level at what about 1.6%, that the fed says is our target. when are we going to see inflation? >> well, we keep seeing that. watch crude oil with a three- year high and 70, 75-80 that might start turning things and we're starting to see the cr b index is starting to breakout which is one of the big indexes that guys look at for kind of a broader look, so you're seeing that. we're right on the verge of that you know, watch the 10 year though we still can't reach 3% we're at 2.75% i'd watch that through the rest of the month. liz: okay, gentlemen great to see you thank you very much if we don't see you have a good friday, have a good one tomorrow and let our viewers know let the other guys take the day off.
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we will be here live tomorrow because global markets in some cases are open and news breaks every day, we will be right here for you. especially considering the back drop of trade tensions between the u.s. and china. right now, today, its got american soybean farmers saying soy-vey. terrified that president trump is making their biggest customer mad. the soy grower whose ready to tell the administration to find another soy-lution. >> [laughter] liz: with the closing bell ring ing in 48 minutes so much for the bounce. general electric had gotten tuesday, ge the biggest lag and on the dow 30 right now after speaking on speculation of stock that had gotten so cheap that warren buffet might be ready to swoop in, alas 48 hours later with no word from the oracle, ge is set for its 13th straight monthly drop as ge cools, the cm
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e is heating up by a mega exchange overseas and perry duffy is coming up to dish on his $5.5 billion deal as his own stock shines up 34% year-over-year. the dow is up 455, shining pretty brightly right now.
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liz: breaking news the u.s. state department is now live maying comments about the fact that russia expelled 60 american diplomats in the wake of the united states, expelling 60 russian diplomats over this chemical attack in the united kingdom. the states department spokesperson saying it's not justified but we're not surprised. in essence it shows that russia is not interested in having any kind of dialogue over this chemical weapons situation. i do just also want to tell you that the u.s. state department is saying the u.s. reserves the right to take further action in response to the russian expulsion of u.s. diplomats after we expelled their diplomat s but that's "not a tit for tat situation." sounds like it but at the moment we're watching that story. is the next weapon in trade tensions going to be the tiny soybean? the u.s. ambassador to china
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warning china, we'll starve your pigs and hogs if you counter slap tariffs on american soy. perry branstadt telling bloomberg that chinese consumers would feel the pain of higher posh prices if china's leaders try anything funny when it comes to soy imports and exports. pork is a key staple of the chinese diet and, wait for it, hogs consume soy-poised feed. china is the largest buyer of u.s. soybeans importing $12.4 billion worth of the oil feed just last year alone. are american soy farmers flipping out over this? richard farms 400-acres of soybeans in delaware and a board member of the american soybean association. thank you, liz good afternoon, great to join such a host of a high energy show. liz: we're kind of jacked up a little bit over this because clearly both sides have already done calculations, chain a making noise it'll turn to brazil for all of its soy while
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the u.s. says fine we'll starve your people's favorite food. where do you stand on this brewing fight? >> soybean farmers have always been a free-trade advocate. we've been investing in opening, developing, building markets sin the 1950s in global destinations all over the world. liz: so you say let it go, don't get involved in these tariffs, is that your point about soybean s or about everything because really it's the president who had said we'll slap tariffs on billions of dollars of chinese imports to the u.s. , didn't say anything about agriculture in that shape or form. >> as a soybean farmer that's what's in my heart of most concern to me. america's farmers are already hurting. we've seen a 50% reduction in our net farm income in the last five years, crop prices have dropped by 40%, so you know, america is in hurt especially our young farmers that have incurred debt loads to be able
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to get started into this business and anything that upsets the marketplace is hard for us, it's bad for us. liz: sir, tell me right now if you had president trump sitting in front of you with his trade top trade team which is peter navarro and robert lightheuser, what would you say to them in the plain of grower's english here. >> america's rural economy is hurting, like i just said we've had a 50% reduction in our net farm income, we're nearing a economic crisis. the way i live an economic crisis is not for us to produce more but for us to sell more. we need to be vesting resources into developing our markets, building our markets, opening up new markets, doing new trade agreements rather than talking about putting sanctions upon already-existing good trading partners. liz: okay but we've got a situation here where china has a very unbalanced trade situation in relationship with us. they're coming out the winners
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and we come out as the president has said in certain cases the losers. you guys are winners though. this, to me, seems like a classic case of you can't please all the people all of the time. maybe you're going to have to suffer a little bit so that a larger group of american exporters is sort of on a better end of the receiving situation. >> you know, we're a minor part of the population of the united states. we've always stepped up to the plate and taken it one for the team so to speak. well, we can't do that right now our economy is in worse shape than the general economy is. we just can't stand this right now. the way to try to balance that trade with china as we see it is to sell more, is to try to get a higher percentage of the market share.
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brazil is already exporting more metric tons of soybeans to china than we are. liz: and brazil is their biggest importer. they've got the most of the brazilian soy but for us we need them to buy our soybeans correct so where do you see this going because right now we've got soy prices moving higher, the beans themselves up more than 2% and i was checking soy meal which excuse me i'm so sorry if i don't know but is that what pork , what pigs are using feed for? that is moving higher by 3%? >> yeah, but you're looking at technical trading. what this has potential to do is to do long term damage fundamentally. we've built our comparative advantage over being a reliable supplier of soybeans to global destinations. these types of sanctions damages our reliability of being a dependable supplier. liz: richard thank you and we'd love to have you back if this heats up, thank you so much. my pleasure, thank you.
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liz: tell the soybean guys we love them though that they're watching and it's important for us to be following this story thank you. >> and we love america. liz: great. more on trump trade and infrastructure coming up at the top of the hour, white house national trade counsel director peter navarro joins david asman and lauren simonetti on after the bell, perfect timing. they will ask that specific question i am quite sure. meantime, it is not all fun and games, 37 minutes before the closing bell rings, game stock hitting a near 13 year low today after delivering a weak 2018 forecast. the video game retail r saying it expects total sales to fall 2 -6% kind of a wide bracket folks so be careful of that and comp sales they expect to be flat to 5% lower this year game stop down 10%. up next, amazon being blamed for i guess all of the world's woes if you listen to president trump , companies like gamestop and others out of business hurting the u.s. postal
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service and now the president piling on more, charlie gasparino whether congress may be getting behind the president's words or totally focused on something else, charlie breaks it next. racing isn't the only and with godaddy, i'm making my ideas real. with godaddy you can get a website to sell online. and it will look good. i made my own way. now it's time to make yours. ♪ everything is working just like it should ♪
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when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. liz: i want you to look on your screen this is the brand new 800,000 square foot amazon fulfillment center in monie, illinois. it is the online online retailer 's first facility in the united states to use robotics and advanced automation but it also employs 2000 jobs for humans and we immediate to tell you they say the robotics are there to make the jobs for humans easier. this debut opening today comes as the company takes fire from president trump whose basically making these three points. number one, amazon is putting small mom and pop businesses out of business. number two, amazon is getting preferentialp tax treatment with local and state governments and
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number three, amazon's using the u.s. postal system as its " delivery boy." well folks there's a lot more to this story charlie gasparino is here to break it down and maybe investors are seeing that because stock is moving higher. charlie: stock is way up now it was down like $50 yesterday on the report from axios that trump is obsessed with amazon, forget about facebook. it was an odd story for a number of reasons. as you remember the day before yesterday that ad appeared in the new york post which basically said mr. president, you should know that your defense department is doing business with this guy, jeff bezos from amazon and guess what he's going to get $10 billion used to put into the washington post which amazon owns to bash you. liz: who pays for this ad? charlie: i have no idea. i think it says less government on the bottom. monopoly you know, who knows and then that -- liz: it's actually a non-profit organization. charlie: a lot of non-profits
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out there that have semi, i don't know anything about them but in any event then the story came out on axios and got me thinking that there's something that didn't quite jive, story, however you want to put it -- liz: jibe. charlie: okay, got it thanks for throwing me off my, but anyway it got me thinking there's more to this story but i've seen stuff like this in the past and i also got interestingly repitch ed a story that made no sense by a political guy. it just -- liz: which side is the political guy on? charlie: he's an anti-amazon guy liz: is he a pro-trump person? charlie: yes. liz: but he's got that ad, and then the president has ads on twitter basically anti-amazon saying that they killed mom and pop businesses. there's a problem with that
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though aren't a lot of mom and pop businesses now selling through amazon aunt getting way more customers? charlie: that's how they do it so what is the potential impact of this? wall street guys i talk to lawyers say very low odds of an antitrust suit and amazon actually cuts prices, is not a monopoly by any stretch of the imagination and they employ a lot of people and the other thing is they said the possibility is something on this third party tax info. apparently amazon pays a lot of state taxes but if you want to use its platform as you said small businesses using their platform that platform, there's a tax loophole where they get away with that. liz: 45 states require that you collect sales tax. and those 45 states for more than a year i believe or close to a year amazon has been complying. charlie: right so it's the third party thing that could have an impact but i don't think listen here is what i'm going to tell you as an investor. this whole story smells to me and trump's obsession is absurd. liz: well because the washington
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post is owned by jeff bezos and he doesn't like it. charlie: the whole thing is crazy, amazon is a decent company and if you want to sell your stock in ooms sell it not because of this because i don't think the president could do much here. the sales tax thing is marginal, anti-trust is highly unlikely. if you want to sell amazon and there may be a reason, sell because you believe the street is no longer going to give jeff bezos and current management the running room to do whatever they want not produce real massive earnings growth, even amid decent sales and that the street is going to take down its forecast and that the stock is going to go down because of that don't do it because of this i would just say because that is a real concern whether the street continues to give them the leeway to spend money without doing or getting earnings growth , but i'm just telling you that axios story was bizarre because it came just before this and the way it was being repitch ed to me was, i don't know, i've been around a while.
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you know, it smelled weird. liz: a lot of things smell weird charlie: but -- liz: not funny i was joking charlie thank you very much and by the way the u.s. postal service i will just say the u.s. postal service is probably thrilled with amazon's business right now so they need amazon. charlie: but what is the attack on the u.s. postal service? what is that? liz: investors are getting ready to sign on a dotted line as a tech uni- corn prepares an initial public offering. nicole? let's get to it. nicole: that's right, filing initial documents when the ipo, the company is valued at $3 billion in 2015, the company trades under the ticker docu at the nasdac, and by the way 333.33 you'll hear a lot that's a tradition ahead of it the three-day holiday meanwhile one of the hottest ipo's of 2017, snap is laying off hundreds of employees the parent company of
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snapchat says it's about 3% of its workforce mostly in sales and french japanese automakers nissan are in talks to merge and they say the company would trade under a single stock and be run by the same chairman, the alliance would create a challenger as the industry shift s towards new energy vehicles and autonomous driving and up next a silicon valley attorney has a quick fix, facebook countdown with liz claman coming up next. running a small business is demanding. and that's why small business owners need more. like internet that's up to the challenge. the gig-speed network from comcast business gives you more. with speeds up to 20 times faster than the average. that means powering more devices, more video conferencing, and more downloads in seconds, not minutes. get fast internet and add phone and tv for only $34.90 more per month. comcast is building america's largest gig-speed network to give small businesses more.
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but i'm not standing still... and with godaddy, i've made my ideas real. ♪ i made my own way, now it's time to make yours. ♪ everything is working, just like it should ♪ liz: we are just getting this breaking news in on the facebook data leak fiascoment reports say facebook knew. the financial times reporting that facebook was in fact informed that the app at the center of the massive data leak of 50 million user's information
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could sell user data to third parties including, this cambridge political outfit. the tech giant was apparently sent terms and conditions of the survey app which pulled user data that was then leaked to cambridge and who knows who else the stock is actually speaking, it's not doing poorly at all it's up about four to 5% right now but the lawsuits keep pouring in for the embattled tech titan. do they hold any merit, what's the quick fix to the problem and what about this new breaking news that facebook apparently was aware. joining us now an attorney who specializes specifically in creating effective strategies to litigate over, ryan long welcome thank you very much. first to the breaking news here tell me what your gut reaction is the financial times reporting facebook was aware and knew the whole time. >> my gut reaction is that i think they knew as well. i don't think they were ignorant of this and in 2012 the david:
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obama administration established an internet in contradiction of the rules so it doesn't surprise me that facebook knew this was going on. liz: okay but does it surprise you that facebook is saying this is a horrific situation? i believe that first apology from mark zuckerberg took no blame whatsoever and i'm not saying they came right not and said oh, we knew nothing but kind of haven't really clarified what they did know. >> well that's a good question. i think the issue is whether or not it's a leak in contradiction to the rules which is a position they seem to take that is some exception to their method or if basically this is how they do business and now they are trying to act like they don't do business this way so it's really an issue of what's going on with facebook. liz: well tell you what you do and how you attempt to force these organizations or at least make people aware of what the potential is for user data to be out there, and what people can do because if you wait around
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for the company, i think we see how that'll turn out. >> yeah, so what i do is i write for stanford law school's internet society and basically look at new technologies and how they effect the individual and society privacy issues, copyright so one of the things i look at is ip masking. most people don't know that your ip, internet service provider address, can be used by other people to hack into systems, they can be used to infringe copyrights to a lot of different things so the internet is kind of like the new wild west and what i suggest to people to do is to be careful of what viruses are on their computer. always have malware installed and i think if you want to keep confidence den shall have privacy in your life i think beyond the internet is a very hard thing to do and if you want to keep private there's ways for phones to listen to you there's issues in this lawsuit that you sent me e-mails about today which didn't surprise me that facebook was looking at people's e-mails and texts so i think if you're a consumer and you want
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to have a private conservation with somebody keep the phone away from you. liz: oh, my gosh and apparently i've heard reporters say their phone conservations have ended up somehow in the hidden canyons of the database for facebook and others. the quick fix for all social media, many of us here tweet. a lot of people go on instagram. youtube, they're just going through the internet, do you have a quick fix at this point? >> that's a good question. the quick fix is stay offline, if you want something confident den shall. liz: beyond that. >> what's that? liz: beyond that. >> beyond that, well there's blockchain and crypt o hashing. liz: what is that? >> so crypto hashing the way i like to think about it is if you spit on a piece of paper or on a phone and it's able to take your dna and actually create like a number for you that would be your identity or better example is if you put your finger on the phone and it takes your
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fingerprint and gives you an idiosyncratic number that would be your identity online so maybe my avatar would be batman online but meaning nobody would know who i am so crypto hash is a certain number of figures and when i go online that's my identity so somebody gets my file from my health insurance company they would know who i am and they wouldn't be able to link it to me and expose me to any compromising situations. liz: it sure sounds like -- >> that sure sounds like -- liz: quickly yes? >> that's one thing that can be done potentially that a lot of companies are looking into. liz: spitting on the phone i like that image ryan thank you. i get it. i get the analogy. crypto hashing great stuff thank you very much the timing is quite stunning here with the breaking news that the financial times is saying facebook knew and was aware that these data organizations and apps could sell to third parties. facebook users information,
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while facebook struggles to get out of this, but also looks at its stock down on the months the currency market may now be the place to be with the closing bell ringing in 17 minutes, you can find trading on currencies and commodities at the cme, but it just jumped to bond with a british trading giant in a $5.5 billion deal, cme group executive chair terry duffy has said we made it happen. he's going to tell us why he made the move here and there and tell us how it might affect you next on countdown. you know what they say about the early bird... he gets the best deal on the perfect hotel by using tripadvisor!
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and there's a range of plans to choose from, depending on you needs and your budget. so if you're turning 65 soon, call now and get started. because the time to think about today. go long. liz: as stocks while up today look at this the dow up 407 the nasdac better by 138 close out a
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tumultuous month in its entirety in the red and investors focusing on trading equities maybe should be looking at other areas how about currencies for example. you know everybody talks about the u.s. dollar being the reserve currency, that maybe or may not be changing or shifting. u.s. treasuries, the bond rally that has been a bull market for so long, there are all these threats that that's over but right now with the yield at 2.74 % it's something to watch for the 10 year. trading in those markets maybe getting easier thanks to a $5.5 billion deal. chicago-based cme group snapping up the london based next group used to be icap which owns the world's leading electronic platform for u.s. treasuries how will this deal shake up the markets let us bring in cme chairman and ceo terry duffy i was thinking about that reese 's peanut butter cup commercial where it became a great marriage.
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talk about the marriage of these two exchanges. >> liz, first of all thank you for having me. liz: sure. >> i'm so thrilled to be on with the top news anchor in business today, liz claman. liz: female. i have to correct you. >> congratulations to all the success you've had there. liz: thank you. >> and when you look at cme, liz , you know the futures world you've been around it for a long time. we deliver value we bring central pulls of liquidity together and this is one of those assets that from my standpoint the next group with their broker tech division and e bs division roughly trades about 90 billion in foreign exchange a day that's about the same thing cme trades and its listed products 90 billion the overall market in fx is $5 trillion so we're a small part of that liz but together on one platform we think we have the ability to grow it and on a broker tech with fixed income
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you talked about rates and where politico' very been going up and down along with our futures products are very complementary in nature and other post services trades we really think it's compelling from a user standpoint, liz i think when you look at the markets today, people need to have more efficiencies in the marketplace no matter what they're trading. all the products you just mentioned are all critically important but you have to create efficiencies. this transaction does it for the users. liz: one thing people don't get and it's this old addage i learned when i first got into business news the treasury market the bond market is the ocean upon which the stock market boat floats. it's that much bigger. what does this mean for people who want to own, buy, sell treasuries start to finish? this merger that you've entailed >> well it means a lot of things first of all you want to make sure you could mitigate risk in all those products and that's exactly what we do. we've talked a lot about the
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balance sheet of the fed coming down because they're not acquiring like they used to over the last several years so if the fed isn't buying u.s. debt, that means other individuals have to come in and take it. if they take that debt, we have the only central bank which is our u.s. fed, that does not hedge their debt products, where the participants do so we think this coming together of the next products with cme's will help people manage that risk and extremely important asset class. liz: i'd be remiss if i didn't ask you something developing in china specifically this week china is now starting to trade oil futures in their own currency. what does that mean? well oils de nominated in dollars. do you foresee a day eventually where china grabs that market and by the horns, more so than what anybody here in the u.s. can do? >> i really don't, liz to be
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honest with you. the way their market is structured right now especially this new exchange in china the energy exchange, you know they are doing 20,000 contracts a day we do about a million and a half contracts a day in oil and it's a very centralized contract after trading over in china as you know, the west texas intermediate which we trade, that is a global contract and do you know what? the u.s. has become more and more energy-independent with the fracking process. we go through about 18.5 millioe now fracking and producing in the neighborhood of 10 billion- barrels a day in the u.s. so i don't see china becoming the dominant player. liz: do you see the blackhawks beating the winnipeg jets tonight? >> liz the blackhawks are going to have a hard time beating anybody. liz: [laughter] i know. you're last in the division and i'll remind you my kings are third in the pacific division terry. >> i understand that, liz. i understand that. liz: good to see you terry thank you. >> thank you, liz appreciate it and i was just going to say
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whatever team is in first is for liz claman. you're the greatest bandwagon jumper of hockey ever seen. liz: terry good luck and congratulations on the merger we'll be watching it, thank you. >> liz i appreciate you having me on. liz: any time six minutes before the closing bell rings we've got an old fashion rally on our hands not going to race the loss for the month so stay tuned. at crowne plaza, we know business travel isn't just business. there's this. a bit of this. why not? your hotel should make it easy to do all the things you do. which is what we do. crowne plaza. we're all business, mostly.
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or visit for more info. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. ♪ liz: tesla is up today right now. better by 3 1/2%. for the year shares are down 17%. more than a quarter of its shares are shorted. that's old news. our next guest has new news. don't by the anti-tesla hysteria. ross gerber tweeted, i love how people declare victory over tesla with two trading days. however the story is just beginning. ross, what story? clarify how you see it.
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people are looking differently in a prism than you on tesla. >> people are focused on the prism of the cash crunch and it obviously is a risk, elon likes running hot. irrelevant of that, this is beginning after massive ram-up of production of cars in the history of the cars. to sell the stock today based off short-term funding fierce, is negating future over the next five years -- fears. this look amazing for the company. what other companies are doing amazing things like tesla? very, very few. so we see this as great opportunity. liz: trust some people say has been shaken a little bit or outright broken. does tesla need to say to the customer, you will get your car order on time? the batteries are safe, they won't catch fire, things like that? do they need to come out and
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elon musk do a come to heaven moment? >> tesla customers and shareholders are obviously huge fans of elon and it is the safest car on the road that actually has been proven. i'm not worried about the safety of teslas, any of those issues in fact they're amazing cars. that is the bottom line, the product is amazing. i think the issue elon is a very aggressive ceo. there is a plus and minus to that. you accomplish great things but burn a lot of people in the process. steve jobs was the same way. we always look back and make movies on these guys and they don't look so great because they are tough bosses but they do incredible things. i think it is important to focus on the results. liz: back in 2010 this was a 19-dollars stock. we all can see it is 266 bucks. good to see you. thanks so much, ross. >> thanks for having me, liz. liz: ross gerber, of gerber
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kawasaki. we're off the highs. [closing bell rings] we're still up 322. at the moment s&p up 38. nasdaq up 119 but march will be colored red. worst month in 17 years. that will do it for claman countdown. we'll be here tomorrow. so will "after the bell." david: so will we. lauren: traders breathing sigh of relief heading into the holidays as stocks surge into the close. the dow up 309 points. not the high of the session. david: 300 ain't bad. lauren: 300 ain't baddest specially after what we've seen. s&p 500 up 7 1/2%. for the month of march as liz noted, it was ugly. i'm lauren simonetti in for melissa francis is we had to have a slight pull-back. think of how much we made since the election. it is not an easy t


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