stops. and we're worried about our trade relationship with china. we're worried about whether the euro is going to fall apart. we're worried about these military conflicts around the world with north korea or syria or whatever. certainly that can stop business in places around the world. we're a globally intertwined economic fabric, of course, in 2017. so we do have to worry about what else is going on and the precious that can come to bear on our markets. >> what's going to happen, daddy? am i going to make money this year or not? >> and i think, yes, you will, or not. i think that's the right answer. look, we've seen this top call for a long time, it's just a top that won't happen. where we are right now, the trend remains intact, the market remains biased towards the upside. fear is continuing to triumph over agreed. i'm sorry, the other way around. greed is continuing to triumph over fear. people are discounting the bad news and risk. they kind of dismissed me as saying, he's one of these old guy curmudgeons who wants to be negative. i'm not, i want to make sure i have money when t

china a currency manipulator. that goes directly against something he promiseding his voters on the campaign trail. he says, "i like low interest policy." he must like what the bond market is doing now, bonds are staying low. >> a lot of news to get through today, kayla, thank you for helping us. >>> on wall street today, stocks closed lower as investors assessed the geopolitical landscape. the dow dell 59 points, nasdaq down 30 points, s&p 500 fell nearly nine. bonds yields, as kayla mentioned, lower too. >>> americans are conflicted over the president's policies. according to a new survey out today, steve liesman explains there's strong support for many of the president's initiative but with that support comes a lot of uncertainty. >> reporter: there will be no niagara falls or caribbean beaches for the trump presidency. the cnbc all america survey shows he's not getting any honeymoon at all. just 39% of the 804 americans polled from around the country approve of the job president trump is doing. the average president in his first three months, going back to ronald reagan, enjoyed

report," i'm steve liesman. >>> china's economy is gaining steam. the world's second largest economy grew in the second quarter at the fastest pace since 2015. but some warning signs persist. we have the report from shanghai. >> strong growth in the first quarter. q-1 gdp came in at 6.9% from a year ago beating expectations. the consumer remains the solid headline number was due to bay shipping stimulating the old economy in china, steel mills and property developers, instead of shifting to new growth. retail sales healthier than the previous two months. there's still a lot of uncertainty whether consumer spending is picking up to a meaningful degree. this is what the ceo of young china told me how big a role the consumer is spending in the economy today. >> there are key measures to how consumers are responding. the first is the number of restaurants that you build, and existing restaurants, what are sales looking like. so i think on both those metrics, we've been encouraged. >> industrial output for march accelerated from 6.3% in the first two months. asset and investment expanded

as china remains the growth engine of the auto industry. that's what to watch for on wedn >>> it is tax day and there's a well-known phenomenon that takes place in the markets right around this time of year. as we've reported, stocks tend to dip right before taxes come due. but is the end of tax season typically a boost for the bulls? dominic chu takes a look. >> reporter: two certainties in life -- death and taxes. for investors, tax season doesn't have to feel like death. at least if history ends up repeating itself. the month of april has long been regarded one of the strongest months in the year for stock returns. over the past 20 years, the s&p has averaged a gain of 2% during the month. but the gains are typically stacked during the second half of the month, which just happens to be in the time typically following each year's tax filing deadline. market bulls have a lot going for them. >> if you isolate all the international geopolitical risks and look at the united states, i would say absent those risks, it is a positive situation, and it would be some positive seasonali seas

market at a crossroads. >> what are the hottest vehicles in china? entry level suvs. and, believe it or not, they're causing a bit of a problem for those automakers who have long been having success in this market. i'm phil lebeau in shanghai. that story coming up on "nightly busine" >>> malaysia airlines is the first carrier to sign up for a new satellite-based flight tracking system. the satellite network will allow the airline to track its planes in areas where it currently cannot be monitored, like polar regions and remote areas over the ocean. the move comes three years after one of its flights bound for beijing disappeared. >>> china's auto market, long a driving force for the entire industry, finds itself at a crossroads. after years of very strong growth, overall sales are slowing. automakers around the world are now facing stiffer competition to drive profits in a market that's been very lucrative. phil lebeau reports tonight from the shanghai auto show. >> reporter: edgy, youthful, and full of energy. automakers in china are hoping more suvs and crossovers strike a chord in a

customers fled, it did an about-face to stem the bleeding. >>> and a hot selling american brand in china. >> reporter: i'm phil lebeau in shanghai, china, were cadillacs are rolling off the line and sales are soaring. could china eventually become the largest market in the world for cadillacs? that story coming up on "nightly business report." >>> those stories and more, tonight, thursday, april 20th. >>> good evening, everyone, and welcome. i'm sue herera. tyler mathisen is off tonight. wall street and washington came together, and the result was a stock market rally. profit reports were mostly upbeat. european markets rose. and there seems to be movement on some of the trump administration's pro-growth agenda. here are the closing numbers. the dow jones industrial average rose 174 points to 20,578. the nasdaq added 53. and the s&p 500 gained 17. bob pisani has more. >> reporter: why the rally today? it's a tricky call, but several factors are fueling the move higher. earnings have been mostly positive today, whether it's csx helping the railroads or qualcomm helping semi conductors, th

activity and sales in china and russia, causing overall revenue to miss its mark. the company's lower profit was in line with estimates, though. shares were lower by 2% today to close at $74.84. >>> kansas city southern said its profit grew as the railroad operator benefitted from an increase in carload volumes. the results beat expectations. the company also reported a rise in revenue but saw shares fall on concerns that president trump's renegotiation of nafta will affect kansas city southern's mexico operations. shares were off nearly 3%. when all was said and done, it closed at $87.99. >>> united continental's ceo oscar munoz will not add "chairman" to his executive title next year. in a public filing, the company said munoz requested his contract be revised removing provisions granting him authority to become chairman. the shares were off a fraction to $69.56. >>> shares of sketchers fell today as investors focused on weak guidance out after the bell last night. the footwear company posted better than expected sales and profit thanks to strength in international and retail busine

treatments. bechton also said the merger will help sales overseas, particularly in china. shares were off about 4.5%. cr bard was up 20%, or nearly so, to $302.41. a drug mark is alleging mi lan engaged in illegal business practices to make its life saving epipen more affordable for consumers. they said mylan offered rebates to insurers and medicaid, under the understanding that the treatment wouldn't be eligible for co mylan shares rose nearly 2%. and santa fe gained 4% to $45.90. has bro benefited from strong demand for digital games, as well as licensed products like nerf and transformers. we've got a few of those at my house. it was the first time hasbro has beaten mattel in quarterly sales since the year 2000. the shares popped nearly 6% to $101.70. >>> global retail sales at caterpillar turned positive for the first time in more than four years. they said a surge in buying activity in asia helped offset weakness in other foreign markets and caused machine sales during its latest three-month period to rise. the company is expected to report earnings tomorrow. caterpillar shares rose

tries to get near a still mill in china. tonight on "nightly business report" for tuesday, april 25th. >>> good evening, everyone, welcome. nasdaq powers past 6,000 for the first time ever. the dow reclaims 21,000. the small cap russell index hit a record. what you will street once again seeing super sized gains for the second day in a row as some of the biggest companies in america crush earnings expectations. and all of this came on the same day that the u.s. threatened tariffs on canadian lumber imports. that is a form of protectionism, something the market historically does not like. today it didn't seem to matter. the dow jones industrial average advanced 232 points to 20,996. the nasdaq climbed 41 to a record. and the s&p 500 added 14. the nasdaq's march to 6,000 comes more than 17 years after it first hit 5,000. bertha coombs takes a look at what powered the index which is home to many of the world's biggest tech companies. >> reporter: the nasdaq's historic milestone above 6,000 marks a 20% move in just eight months, when the composite regained the 5,000 level for good. the na

has with egypt and china this week. here at home there's the coming showdown in congress over the confirmation of supreme court justice neil gorsuch and a possible government shutdown later this month. of course, there's a big jobs report and a lot of fed speak. that being said, some are advising a more disciplined investing approach for individual investors. >> i think for the individual investors out there, one, pay attention to your 401(k) statements. it's also important to stay the course. you know, most folks cannot be traders. it's better to be investors and focused on the long term, and continue to contribute to your retirement savings. >> according to the spoken investment group, over the past half century, april has been the strongest month for the stock market. but there's a lot on the horizon that could put a dent in that rally. for "nightly business report," i'm do >> let's turn to michael jones for more on what the market will focus on and how it all might impact stocks in the days and weeks ahead. he's chairman and chief investment officer at river front investment g

trump will meet with china's president in just a few days and now we know the controversial topics the two will talk about. >> sudden resignation, a long-time fed officially stepping down abruptly over his involvement in a 2012 case where confidential fed information may have been leaked. >>> tax items with two day weeks left to file, those stories tonight on "nightly business report" for tuesday, april 4th. >> good evening, everyone, welcome, investors know that there the a lot riding on the economic relationship between the united states and china. there's trade, of course, there's jobs, there are thorny national security issue, including north korea and china's interests in the south chosen sea and lately areas of conflict between the world's two largest economy and two biggest partners seem to have eclipsed the areas of cooperation. president trump has referred to china as the biggest trade cheater in the world. he's accused beijing of killing american jobs. the white house called out china for manipulating its currency and had threatened tariffs. later this week, president tru

president prepares to meet with the leader of china tomorrow in florida. still ahead, who's behind panera's deep-pocketed buyer and why this firm is not like it's peers. >>> amazon won the rights to stream thursday night football games for the 2017 season t. one-year deal valued at $50 million. amazon will stream the games to members of its prime subscription service. >>> investment curve firm called j.a.b. holdings is buying the fast casual soup and salad chain for rovly $7.5 million of buyouts and shares of panera hired by 14%. the buyer is a large, yet little known, european holding company, which has still an aggressive buying spree. they tell us who is behind j.a.b. and why they want this american chain. >> reporter: if it has seven people in a room in you, emburg making the biggest bet on the american breakfast market. j.a.b. has caught the attention of wall street after announcing a deal with panera today, one for krispy kreme and curegg the year before that. in recent years, they acquired coffee andine tine noah. they hold steaks and luxury brands like bali and jimmy ciho.

first time president trump on home trip at his resort in florida and the 24 summit begins. china's president xi jinping greeted by saex rex tillerson, last month, he called for future respect and a win-win relationship. but drew a harder line on thursday. >> even as we share and desire to work together, the united states does recognize the challenges china can present to american interests. >> reporter: the meeting is the toughest diplomatic test for trump and the administration several days in, several key posts still unfilled and a diverse set of views on china with trump campaign ire. >> we can't let china rape our country. that's what they're doing. it's the greatest theft in the history of the world. >> they met with sharp rebukes from china's second in command. >> we seen a trade war right now between the two countries. >> that would make our trade fairer in this economy. >> reporter: but urgency came from north korea's continued test launches of missiles, two days before xi and trump were to meet, before that, during trump's meetings with japan's prime minister. white house

trump met for the first time with china's president xi jinping. what the two world's largest economies covered in their discussion? we report from palm beach. >> reporter: >> reporter: the u.s. says a joint summit was direct, planned and that secretary rex tillerson and mnuchen, who nations agreed if four parts, diplomacy, economy, cyber security and culture. additionally, they're pursuing 100-day talks on trade. they are going to meet with commerce secretary ross fights a growing report between the two countries t. news is coming out of the united states thursday while they launched 59 airstrikes in response to a chemical attack there. assisting the president, a unique military covering a secure location at trump's mar-a lago resort. president trump says the meeting was productive. >> i think we have made tremendous progress in our meeting with china. my representatives have been meeting one-on-one with his counterparts from china and it's i think truly a representation will be made to make official progress. >> reporter: the airstrikes while the two world leaders dine together a. whi

was a nuance difference he offered. he said we don't blame china for this situation. remember, president trump said in the beginning of his potsy, it will be b easy for china to solve this problem, then met with president xi and said they tried, but couldn't get it done. just over the weekend, in his frustration, he said that china had not done anything but talk. now, this is rex tillerson trying to remove the idea of blaming china from the equation because he's hoping to engage china in those discussions negotiations that we would like to have. >> what's the view in washington or your view. are we at the crisis point and when could this issue begin to affect investor psychology or the u.s. economy? >> this has been going on so long, it's hard to say when it crosses the line and becomes a crisis that is unavoidable. however, we are getting closer to that point withou. one significant possibility is that p if we do in fact use military force, that would be unpredictab uncertain in the scope and intensity. it would subject american troops s population to attack from the north. t

investors including some from china. over the last four years, the vehic companies has exploded. and it's expected to top $2.7 billion this year. some of that money is funding companies like church point. which is building recharging stations or to start ups developing electric vehicles. many are based in california, but looking to change how the world gets around. >> and you start to marketplac i think investors see that and it's happening now in california for sure. zpl the surge of investments in happening in chip and for good reason. china is already the world's largest market when it comes to all vehicles, but it's number one when it comes to those that are electric models. phil lebeau, "nightly business report", chicago. ki of experiment is fly iing high. >> i'm morgan brennan in new mexico. holloman air force base is home to the 49th wing and where most are trained, but something else is here right now as well and that's something that could help transform the way military equipment is acquired. that's coming up next on "nightly business re >>> consumer report ss pulling its recomm

will truly regret it. >> china, the world's second largest economy has repeatedly warned both washington and pyongyang not to do anything. today, it reiterated the idea and we have more from beijing. >> the chinese state media fired a warning shot at pyongyang and washington over their ongoing war of words. in an editorial, the global times, the communist par said i kore launches missiles that threaten u.s. soil firretaliate neutral. if the u.s. and sok carry out strikes and try to overthrow the regime and change the political pattern of the korean peninsula, china will prevent them from doing so. this is a significant change from the messaging out of the chinese government and state press which has been b calling for dialogue in attempting to get both sides to tone down their rhetoric, but this commentary and it's thot official, in the case of the chinese, are warning kim jong-un that if he does something rash that lead to a conflict, he's on his own and the chy need won't st in as they did in 1950s war to save north korea. at the same time, the chinese are warning president

back. energy really has been dictated a lot by controlling of supply out of should ra. china's weaker economic data today may indicate the demand is not quite there, so we might see a little bit of a bounceback in here, could be more of a technical bounceback, but there seems to be plenty of oil overall. >> all right. michael, thank you very much. michael farr, farr, miller & washington. >> thank you. >>> at the white house the president denounced white supremacists and racist violence two days after bloody demonstrations and bloody car attack in charlottesville, virginia. >> racism those who cause violence in its name are criminals and thugs including the kkk, neonazis, white supremacists and other hate groups that are repugnant to everything we hold dear as american we are a nation founded on the truth that all of us are created equal. >> his remarks follow criticism that his initial statement over the weekend stopped short of condemning racist groups specifically. that prompted the ceo of merck, ken frazier, to resign from the president's american manufacturing council early

. >>> china is doubling down on the war of words with the trump administration. the issue is trade. today the world's second largest economy said the u.s. trade investigation that president trump ordered yesterday would violate international rules. here's the story from beijing. >> reporter: the chinese government is taking a tough position. the commerce ministry reacted to the trump directive by saying the u.s. should strictly observe trade promises and not become a destroyer of multilateralism. the ministry warned the u.s. it should act cautiously on the trade investigation and said beijing would absolutely take measures to defend its rights if the u.s. harms bilateral ties. the chinese state media has been threatening retaliation. today, the state-run news agency said that the probe would have lose-lose prospects, calling it a unilateralist baring of fangs that would hurt both countries. the question now is how seriously the u.s. should be taking this tougher tone. analysts tell me it's hard to tell, particularly because it is a political season in china. china is heading into a party cong

war with china had already begun and that there is no military solution to north korea. some say his departure could break the legislative log jam, something they may like. >> and that may be why stocks initially rose on word of mr. bannon's ouster. but the gains fizzled in topping trading. dow jones dropped to 21,674. nasdaq was off five. s&p 500 down four. it was the second week in a row r indexes fell as you see there. bob pisani has reaction on wall street to the events in d.c. >> it was a very nervous open trading was mixed early on, but at 11:18 eastern time. word came from washington that the white house was prepared to fire steve ban p. the s&p which was down five promptly rallied in minutes and another five point over the next hour. n fired e new yo about 12:40 p.m. eastern time, stocks rose further. the markets have spoken and they clearly prefer white house economic adviser, gary cohn, for the stable ility he provides. ho, ss dropped yeste on reports cohn might leave the white house and have rallied on confirmation bannon is now gone. important thing here is traders waned

this time be different? >> trade tensions. washington l on china. but could the move trigger a trade war between the world's two biggest economies? >> and fair game. a new mobile game prom take the u.s. by storm, but some are concerned privacy and safety aren't part of the ground rules. all that and more on "nightly business report" for wednesday, >> good evening and welcome. well, what's a day on wall street without a record? pretty common place these days and today was nodifferent. the only thing that was different was that the dow breakthrough a milestone. hit iting and closing above 22,0 e time we mentioned last night, apple's strong earnings likely propelled the index to a record csi numbers. the dow rose 52 points to 22,016. most of the gain was thanks to a 5% rise in apple. nasdaq was flat and s&p 500 tacked on a point and with the dow above 22,000, it keeping in mind that this is is historically a bad month for stocks. but as bob pisani tells us, the hope is this time, there's a >> could we get an august swoon in august is beat a typically a lousy month for stocks. the second

approached by china's great wall motors about its jeep brand or any part of its business. if the move were to happen, it would give the chinese automaker a global brand. earlier this year, the chairman said his goal was to become the top specialty suv producer by 2020. that sent shares of fiat chrysler higher. >>> well, if you grew up in the '60s or '70s the volkswagon bus was an iconic image from that era from woodstock to scooby doo, the microbus captured the spirit of the days and volkswagon is hoping to recapture the magic but with a modern twist. phil lebeau takes a look at the updated all-electric van called the idbuz. >> reporter: it's a blast from the past planned for the future. voke wagon's idbusz zz is an electric van hitting the streets. >> it also carries into the future with all the electrification and sensors which will make the car fully connected and autonomous. >> reporter: volkswagon may pack the latest technology into the idbuzz but hoping the new van will carry the spirit of the vw microbus. youthful, carefree, a reminder of when volkswagon was cool. these days, v

plugging into china's electric car market. the automaker is planning a joint venture in that country which is the world's largest car market. volvo which is owned by a chinese automaker is wrapping up its own push to build electric cars. fill lebeau has more on the charged up interest to sell cars that plug in. >> reporter: when you mention electric cars, most people talk about tesla and maybe the chevy bolt or nissan leaf, but volvo and its new xc 60 crossover utility vehicle, which is a plug-in hybrid, is out to shift that perception. >> now this is an evolution and not a revolution. and we have made a few statements in the past being volvo. we have said by 2025 we want to have 1 million electrified cars on the road. >> reporter: ford is joining the race to plug in cars. new ceo jim hackett has inked a deal to work with chinese automaker to build electric vehicles for chinese buyers. why? because electric vehicle sales in china far outpace the u.s., germany, and france. in short, the chinese are plugging in and they're pushing automakers to go green around the world while americans

their counterparts in china. >> apple and samsung have been competing at the high end against surging chinese for several years now. i don't think that's anything new. >> reporter: according to the latest data from gartner, both lost shares in the first quarter of the year, making this launch a test for the future of samsung's entire new line. >>> coming up, hitting the jackpot. >> the chances of winning are so astronomically low. so why would anybody come outside in august and stand in line? there are 700 million good reasons. i'm contessa brewer. we have more on the mega powerball ahead, on the "nightly business report." >>> american express admitted offering worst credit card terms to countries like puerto rico and other territories in the 50 states. it charged more and offered less than attractive rebates. as a result, the company agreed to pay a fine of $96 mi,000. they said their actions harmed customers between 2009 and 2015. >>> roughly $700 million is the jackpot and that's a big number to wrap your head around. even though the odds of winning are small, someone has t

put on the rogue nation's close ties with its biggest trading partner and biggest ally, china. seema mody takes a look at that relationship. >> reporter: this brie linking the city from china to north korea is a life line carrying 2/3 of the trade. chinese government data shows trades between the two nations increased 37% during the first three months of the year. china provides north korea with most of its food and energy. supplies accounts for 90% of north korea's total trade volume. that, according to the council on foreign relations. they have urged china to stop all trade with north korea which continues to conduct missile tests. >> i think china can do a lot more, yes. i think china will do a lot more. >> reporter: the hope is by cutting off north korea's economy leader kim jong-un will have less resources to develop nuclear missiles, yet china refuses to give up relations with north korea. why? analysts say beijing is worried that discontinuing all trade with north korea could lead to the fall of the north korean regime and a stronger, more dominant asian competitor to china.

lights. >> these boxes from china are filled with toys loaded with lead. >> these are incredibly high. >> is the ship in its track, but what about other products we buy every day? the national highway traffic administration regulates cars, the fda, food, drugs and k cosmetics and for thousae cpsc. >> the sales for lead content. >> goods stuffeded at the port come to the agency's lab here in maryland for more testing. when companies suspect something's wrong with a product, they're require eby la to alert agencies, acting chairman. >> our compliance desk then re it is that that company reported. and makes a determination. >> she says up to 400 products wind up being recalled by agency every year. but how many consumers find out is this. >> most of our recalls will result in about 65% effective rate. >> recalls are not as effective as they could be. >> public interest research group. >>. >> retailers don't want to spend the money, don't want to chain themselves by promoting the recall heavily. >> so he said some critical recalls are never heard. ikea recalled millions of dr last year af

get ten cent and samsung, which are just wonderful investments at this time, so we like china right now. >> ross, have a great weekend. thanks for joining us. > coming up, we'll meet the young woman whose bright idea to make removable wallpaper is breathing new life into our family bus >>> will the 90% of family business sz fail by the time the third generation take oefrs. one l is innovation. in retail, merely being online won't be enough for many dpaens, but as tyler mathisen tells us one midwesterner who found her way to new york city is using to mak a bright idea for removable wallpaper stick. >> i feel like this is a story. >> it's the thing for e elizabetreece, but she never thought her story would become a third chapter in her family's business. the 91-year-old printing plant in milwaukee. >> i didn't see my family's business as something creative. it wasn't even on my radar. >> in 2010, mike reece mentioned a sales opening in her office while visiting her at grad school in paris. when she moved to new york, she began a redesign of the company's website. ta story begins with

chi in ways with respect to trade that would cause china do retaliate. china went along with this resolution, so that was a step forward for the u.s. and china working in cooperatively on this proble the challenge is nobody knows what will actually make north korea stop its nuclear program. nothing's worked for a lot of years. >> but i was impressed, though, john, that china did go along with the vote. it seems to me that that's a significant advance in u.s./china relations, as it pertains to north korea, specifically. obviously, there are still other issues but we've been trying to get china to help us on that front and usually they don'ty d. >> sue, you're exactly right and russia also went along with us. so, there's no question, this was a victory for the trump administration. this is something that is a set of sanctions that's drawing widespread approval across the political spectrum. whether they will work or not is another matter. north koreans seem to believe a nuclear missile program is something that will make it a big player on the world stage. they're not so much lookin

over the weekend including support from china and russia, this was a victory for then saw the north korean leaders say that there would be physical reactions from the north koreans. didn't really specify it beyond this general statement, but it sounded like a threat. we know that president trump does not like to be threaten et. he is a personality that favors dominance, so he responded sharply. >> we know some of the documents about developments about north korea, but advancing a nuclear threat. >> they're getting closer, faster than most american analysts had expected. first, you've got to show the nuclear weapon, then have a missile cableabcape bable of delivering and then you've got to make it small enough to fit on the missile. it appears t cle to that step and we saw the recent test of anint intercontinental ballistic missile and suggested they have the capacity to reach the u.s. mainland now. >> we have to leaf it there. john >>> investors are also watching earnings. tonight, we heard from dizmy. the dow reported a drop in component and revenue, but it's shifting its strategy.

china, then the market rebounded. so, unless you have, the thing people are worried about, unless it follows through into a recession or something longer lasting, the market tends to rebound. >> so, are you finding places to put money to work? we have there's a big divergence on the street as to whether the market is fairly valued or overvalued. which cam would you be in? >> you know, it's tough right e a lot of deals out there,there but relative, the thing to remember is relative to safe harbors like treasuries, which are paying barely above the rate of inflation, compared to that, stocks are still relatively cheap historically. that doesn't mean they are cheap, it just me mig a lot of return if you go and look for a safe harbor right now. >> all right, on that note, thank yo with silver crest asset management. >>> the worst performing stock on the blue chip dow index today was walt disney. this following the earnings we told you u about l.a. nigt nigh. we also told you they plan to launch movies and tv shows and it could usher in a big change for te explains. >> disney's ceo bob ig

of pack the china a little bit, a little bit of some of our waterford and favorite coffee mugs. so, you know, it's interesting to see the different layers of frustration you go through or panic, that type of thing. >> reporter: the fire moved into the wealthy onclav of montecito, home to multimillion-dollar estates. celebrity residents like oprah winfrey, ellen degeneres, and rob lowe tweeted out concerns or updates. 6,400 personnel from 12 states have come out to fight this fire. many of them have staged here at carpinteria high school, underneath the h slowly making their way down. also, there are 27 helicopters up today. on sunday, there were 29 helicopters. ea helicopter's only allowed to fly seven hours. all 29 flew seven hours. kelsey bleaker watched the fire trucks line up in front of her house this morning. >> it's been pretty scary, the ash and the flame is threatening al night. >> reporte there has been no significant rain here for 250 days, but at some point, the rain will come, the winds will end, the rebuilding will begin, and perhaps investigators will learn the cause

phenomenon, think again. china creating its own special shopping days. and today, 12/12, is one of them. eunice yoon report. >> reporter: china's double 12 is like a slimmed-down version of double 11. but it's growing and it's growing fast. and this year, double 12 is making a big international push. alibaba says 100,000 overseas stores will be taking part. 16 countries will be represented. including the u.s., canada, germany, and japan. the bestselling american brands for alibaba on double 12 are p&g, yum brands kfc, as well as burger king. double 12 is a little different to focus on offline events. so discounts at stores. today in china we saw long lines and from a major supermarket chains such as walmart as people were looking for major discounts on staples like vegetable oil as well as salt. another big difference is that double 12 tends to focus on smaller vendors and smaller brands. so all day today, some of the smaller vendors were live streaming themselves eating noodles, for example, that they like to sell, or showing off some of their popular clothing that they made, especiall

drive the bull market's chest chapter? >>> the next strategy, the president puts china on notice. >>> and returning to old-school mail-orlando catalog, even in the digital age. those stories and more tonight for "nightly business rep for monday, december 18th. >>> good evening, everyone. welcome. i'm sue herera. tyler mathisen is off tonight. the major indexes climbed further into record territory. the dow closing in on 25,000. the optimism sums ahead of a vote on the tax bill that would be an historic overhaul of the u.s. tax system. it would cut the corporate rate and result in likely increases in profits. a number of corporate deals also helped lift sentiment. we'll have more on that later. >>> but first a look at the closing number. 24,792 for the dow, its 70th record close. the highest number in a calendar year ever. the nasdaq was up 58. the s&p 500 added 14. with the steady climb in stocks all year and the tax bill vote near, what will drive the next leg of growth? mike santoli took a look for answers. every bull market needs a good story line. the one that started nearly

use steel from several countries but not from china. president trump said companies should use american steel. details of those orders are being worked out by the agencies. jackie deangelis, bay city, texas. >> a cool looking process, or maybe not. >>> coming up, what's behind the bill >>> for all of the red-hot bitcoin headlines recently, today there were some cooler ones. the sec temporarily suspended trading in shares of the crypto company until early january. the agency is concerned about the, quote, accuracy and add questi of the information avaie to investors. shares of the company have surged more than 2500% in just the past month. separately, a widely followed investor survey today called bitcoin, quote, the most crowded investment in the world, which is a measure of a sentiment about a popular investment that could lose those gains. >>> from bitcoin to bourbon. i'm getting ahead of myself, i'm so excited about this. it's becoming the drink of choice among many americans. companies are investing a lot of money in its growing popularity. landon dowdy got the right straw

, not less, than what wall street expects. others point to china as a potentially surg bright spot. >> early indication of this market for iphone is that it's doing surprisingly well until the first weeks of sales. so there could be some upside to iphone x. but overall, the sentiment is down. >> reporter: apple declined comment on these reports. investors should have a better sense of just how the iphone x is really performing when the company next reports financial results early next year. for "nightly business r >>> and that 2.5% decline in apple was the biggest decline they've seen since august. it hit the entire market, especially the dow, where apple accounted for a loss of 31 points on the index. otherwise the dow would have be higher today. it was down just 7 when it closed at 24,746. the nasdaq fell by 23. the s&p 500 was off by nearly three points. >>> oil prices jumped to 2 1/2 year highs today, helped by news of an explosion on a libyan pipeline. domestic crude oil closed at $59.79, its highest level since june of 2015. the price per barrel briefly did touch $60 a barrel

later that year and into 2015. going into 2015, cashen's biggest worry was china. >> the people's back of china is very concerned. and they are looking doing something to stimulate almost a way to -- i don't want to use the word force lending, but really promote lending as well as they can. and they have problems in shadow banking and they have problems in real estate. and they'll have to work their way through that. >> reporter: right again. china was the biggest story in 2015. it rocked the investing world in the late summer with a surprise devaluation of the yuen. in 2016, the big story was oil. many were predicting an imminen bottom. cashen was not convinced. >> my gut tells me it will stay low through the first quarter of next year, maybe a little further. >> r he was right. oil continued to drop and bottomed in e bottom of the first quarter of 2016, then began a slow crawl back. you don't hit it right all the time. at the e last year, cashen was concerned about the wave of populism that might sweep through europe after donald trump's election. >> it wouldn't take much to get the

, including southern california, china and increasingly the middle east. fill le bo, "nightly business chicago. >>> wow. that's "nightly business repor for tonight. i'm tyler mathisen. thanks for joining us. have a great evening, everybody. we'll se >> this is "bbc world news america." funding of this presentation is made possible by the freeman foundation, and kovler foundation, pursuing solutions for america's neglected needs. >> planning a vacation escape that is relaxing, inviting, and exciting is a lot easier than you think. you can find it here in aruba. families, couples, and friends can all find their escape on the island with warm, sunny days, cooling trade winds, and the crystal blue caribbean sea.

has been expanding aggressively in china, opening up a new store there every, get this, 15 hours. china is the company's fastest growing market. >>> coming up, imagine going from san francisco to tokyo in a little more than five hours. a denver company is working to revive supersonic >>> airlines are expected to post record profits next year, according to an industry trade group, improving economies globally or lifting demand for air travel. however the report also shows that fares could start to increase as well. >>> remember the concord? it hasn't flown since 2003. but japan airlines is interested in bringing back supersonic planes. in fact it's now investing in a colorado company developing these ultrafast jets. how soon could they be flying? phil lebeau tells us when they may . >> reporter: this is the future, according to the boom supersonic, a plane flying almost 1500 miles per hour, cutting hours off of international flights. the plane is years from being built, but japan airlines likes its potential. it's sinking $10 million into the plane's development, with the option t

relations with russia, mexico and china. >>> president trump will reportedly meet with a large group of ceos on friday, according to dow jones, the meeting is expected to cover topics like regulation, tax, trade. this comes as the white house works to develop a strategy to increase economic growth and hiring. the ceos are part of the president's previously noumsed strategic and policy forum. it is not clear if all members of that group will be there. >>> still ahead, missing the mark. if you are in the market for an electric vehicle, there's a pocket of them that did not earn the highest safety grade. >>> a jury has ordered facebook to pay $500 million in damages. the lawsuit brought by the game maker alleged that facebook's virtual reality unit oculus was based on stolen technology. the jury found that the co-founder violated a nondisclosure agreement with xenomax. faeb says it will appeal. >>> the nation's largest land lord made its debut. behemoth blackstone priced at $20 a share last night, finished the trading day at that level. they opened and rent single family homes. it is no

. today, trump seemed to alleviate concerns of any tensions with either china or japan. the second and third largest economies, saying he had great almost for both countries and very warm conversations with both nations' leaders. another issue, earnings. next week will bring a lot more of them and that along with washington could determine direction of stocks. for "nightly business report." at the new york stock exchange. >> and this morning it was reported the u.s. relationship was on display today at the white house. trade between the two countries is worth nearly had $270 billion. so there's a lot at stake for both sides. eamon javers reports. >> with a handshake and a hug,er president trump welcomed plr japanese prime minister shinzo abe. >> we faced numerous challenges and bilateral cooperation is essential. our country is committed to being an active and fully engaged partner. >> the back drop to this session was the relationship that both countries have with china. although donald trump's phone call with xi jinping last night seems to have smoothed things over for now. >> ai

four years. china which owns just over a trillion of u.s. treasuries has been selling since may. its current position sits at a seven-year low. it may be due to rising interest rates, political uncertainty and a potential increase in inflation. >> in washington, the focus was on trade. not with mexico but one of our biggest trading partners, canada. president trump met with president trudeau amid threats to rip up nafta. the stwraks high but the meeting cordial. had. >> president trump offering a warm welcome to canadian prime minister justin trudeau. his home run fifth foreign cleared andal tie visit the white house since he took office. with high stakes because of the president's pledge to rewrite the free trade deal between u.s., canada and mexico. at a press conference, the president said keeping jobs in north america will benefit canada is that the united states. when asked, he said cross border deals with canada. >> it is a much less severe situation than what has taken place on the southern border. on the southern brod, for many. years, the transition was not fair to the unite

from washington on trade, taxes and regulation. for the meat industry, for example, china and mexico are big buyers of u.s. poultry, beef, and pork. so executives are watching nervously bracing for any heated rhetoric and a slowdown in trade. despite the growth problems, overall food stocks have been great investments. they're considered safe. they pay big dividends and they've a hot space for deal making. >> so what do all of these results from retailers deal news and so forth tell us about the state of the consumer? and retail today? jan knows, the ceo of the retail research firm. and he is with us now to discuss it. let's start with walmart. not exactly a big market participant until today. >> how did they get their mojo back? >> they've worked really hard on it. they have better in stocks, fixed supply chain, they've made the stores more shopable. they've done what they've been needing to do for a long time of get back to the fundamentals. making the consumer happier. the other thing they've done is a really good job of getting online. and they've done it without costing themselv

home, there's one country in the cross hairs. china. we talked to chinese workers in the factory town of xashing. >> donald trump and his supporters have been critical of china for supposedly stealing american jobs. in this town, chinese workers see things very differently. >> translator: i don't think trump is correct. american companies come to invest here. they reap rewards and we do. it's a win/win. >> translator: many business people open factories. they are thriving. trump demand they go back that could hurtchinese, a lot of jobs have lifted people out of poverty. the reason why this country gained wealth. to some, that doesn't mean americans have lost out. >> translator: chinese people work very hard. what we do at the factories takes long hours and other people despise doing it. so i don't think we are stealing anyone's jobs. >> they worry jobs will move to other low cost countries. they are brushing up on their skills. >> translator: doing business is essentially all about competition. >> a message they hope will be heard in the white house. >> the robot revolution. will the

. >> president trump is calling china the grand champion of currency manipulation. his comments in the reuters interview are a departure from treasury secretary steve mnuchin's pledge in a cnbc interview to a more methodical approach to analyzing beijing's practice. the world's second largest economy is reacting strongly. eunice yun reports tonight from beijing. >> reporter: steven mnuchin appeared noncommittal about president trump's longstanding pledge to label china a currency manipulator. while today at the foreign ministry in beijing the spokesperson said that beijing welcomed mnuchin's response. >> translator: secretary mnuchin is new into office. we look forward to cooperation with him to push forward china/u.s. economic cooperation and trade. >> reporter: despite mnuchin's moderate stance, president trump a few hours later told reuters that the chinese were the grand champions of currency manipulation. the foreign ministry spokesperson said that china is a champion just maybe not the way the president meant it. >> translator: if you want to label china as a grand champion, inde

secretary is expected to start working on renegotiating trade relationships with both china and mexico. he will also likely play role in cutting trade deficits. say that he will have a part to may in trying to bring manufacturing jobs back to the u.s. >>> speaking of which, economic growth slowed in the last three months of 2016. the nation's gross domestic product, the broadest measure of the goods and services produced in the u.s. grew at a 1.9% rate. that was less than the previous report and slightly below expectations. business investment and government spending were revised downward in the fourth quarter. while consumer spending remains solid. >> and that's being reflected in the greatest confidence index which just hit a 15-year high. it gauges both consumers' assessment of current conditions and the expectations for the future. economists closely monitor the mood of the consumer because their spending accounts for nearly 70% of activity. >>> consumers do not appear to be shopping at target. they are coming off a week holiday season. and it said 2017 does not look much be

china. iran said it will take action against a number of american individuals and companies. it did not, however, name the targets of its sanctions. >>> the department of defense is that lockheed martin has agreed on an $8 billion deal for 90 f-35 fighter jets. that's the lowest price today for the pentagon's program. it brings the price per jet below $95 million for the first time ever for a total savings of more than $700 million. >>> still ahead, a trip to louisiana to see where the jobs are. >> donald trump's plan to invest in american infrastructure. that's coming up on "nightly business report." >>> fixing our aging infrastructure. it's a big promise of the trump administration ask if everything goes as many hope, all that spending will create a lot of demand for workers. kate rogers went to hackbury to see where the jobs are. >> reporter: president trump is promising to rebuild america in a big way. >> our infrastructure is in serious trouble. we will build new roads and highways and tunnels and railways across the nation. >> this is good news for the already booming construc

. and the company benefited from higher sales in china of its rerefrigeration. the company posted lower revenue but said it had sales guidance for the full year. emerson electric rose almost 4.5%. >> the trade deficit narrowed in december pr the prior month for 2016. it exceeded a half trill dollars, the highest level in four years xfl ports fell faster than imports, in part because of the strong dollar. the gap is what president trump wants to narrow as one of the ways to promote economic growth. >> what is allowed in as our sea ports. with cargo shipments, one of the biggest problem is what not to allow in. andrea day talked to federal investigators on the front lines. >> we have to weed down and identify what gives us the most risk and prevent them pr coming into the country. >> at least 3,000 shipping containers arrive every day. that's just the port of new york newark. >> it could be 2,000 boxes. >> cargo he says that could be loaded with counterfeit goods, drugs or weapons. >> is it even possible to check everything that comes in on a daily basis. >> we could but it would stop our

trump tell it, the u.s. is losing ground relative to mexico and china. >> we're redoing nafta, a lot of our trader deals. and we're negotiating properly with countries. even countries, allies, people taking advantage of us. >> but the data team different story. the u.s. is actually pulling away from mexico and it will take decades for china to even guess close. the u.s. per capita is around $50,000. that compares to $10,000 for mexico and $62 for china. >> we have been the world's number one economy for over home run 100 years. and in that time we've accumulateder just enormous wealth. er china is becoming a very prosperous and advanced country. but she's had about 20 years in which she's been able to accumulate wealth. >> the gap with mexico, that's the blue bars. narrowed from 200 stukes 2012. but it's widened. whatever the under fairness of trade deals may be, the u.s. is getting wealthier relative to mexico. same story with china. for mexico, it is a story of a bad education system and poor productivity of the average worker. the northern manufacturing areas that do the exports d

million jobs in the u.s. by getting more small businesses to sell to china and other asian countries. the two talked to reporters when mr. trump commented on the upcoming confirmation hearings for the cabinet picks. >> they are going great. >> i think they will all pass. every nomination is at the highest level. jack was even saying they are the highest level. they will do very well. >> one day before the confirmation hearings begins, mitch mcconnell met with the president-elect to strusz strategy and late today new reports that donald trump's pick for secretary of state, exxon-mobil ceo rex tillerson did business with iran while under u.s. sanctions. in washington we have more. amen, will mr. tillerson face the toughest grilling and there are a number of them scheduled. >> tilson has been viewed as the most broad of the appointees. we will have to see how the hearings go. the new story from "usa today" this afternoon, reporting that exxon-mobil did business with iran through a sib sydiary when tillerson was an executive at the company. that will attract a lot of attention here in wa

if walmart imports a shirt from china at $10, and sells it at $15, they would not be able to deduct that $10 cost of goods sold against the $15s of revenue. have i got that right? >> yeah, that's correct. of revenue. have i got that right? >> yeah, that's correct. when you purchase a good or service from overseas, under current law, you can tcan deduct cost, but under this proposal, it's brought into the tax base. >> so my taxable profit would be $15, not $15 minus $10. if the shirt were made in north caroli carolina, i would be able to tee duct that $10 and pay tax on $5, right? >> correct. so it's clear that importers will have to remit more tax, but going back to one of the big issues here, as economists expect the dollar to appreciate great, this mea meesh great, it means the burden will fall on owners of foreign capital us a was discussed earlier. >> and stan, we focus most loi industry.us a was discussed earlier. >> and stan, we focus most loi .s was discussed a. a was earlier. >> and stan, we focus most loi indu. but what about financial services firm or has dollar expose sue