tv Bloomberg Markets Balance of Power Bloomberg January 16, 2018 1:00pm-2:00pm EST
and a strategic partner in central asia. as we are honored and we are truly honored to be the first country to recognize kazakhstan he and dependence on christmas day, 1991. ago, but not time that long ago. you have made incredible strides. since that time, the united states and kazakhstan has worked together to advance he's and security in the region and far beyond the region. pres. nazarbayev: [speaking a foreign language] -- >> [speaking a foreign language]
pres. trump: together, we have dismantled kazakhstan's nuclear infrastructure and instilled a healthy future for the children of kazakhstan and for the world at large. we pursued opportunities to increase investment in kazakhstan and in the energy section in particular. >> [speaking a foreign language]
pres. trump: today, our strategic partnership with kazakhstan has advanced myself asia strategy, -- my south asia strategy, which is working far more rapidly than anyone would understand. and providing crucial support for our forces in afghanistan and providing safe even for -- safe haven for terrorists. i will say, that is a great honor. >> [speaking a foreign language]
pres. trump: today, the president and i had a series of discussions on how our relationship and further the safety, prosperity, and well-being of our people. kazakhstan is a valued partner in our reference to rid the korean peninsula of nuclear wealth it -- weapons. we are to prevent the north korean regime from threatening the world with nuclear devastation. >> [speaking a foreign language]
pres. trump: i also want to thank the president for his full support for our south asia ourtegy, including reference in afghanistan. i greatly appreciate the president's personal assurances that kazakhstan will continue to provide medical logistical -- critical logistical support for our troops fighting isis and the taliban and the taliban where we have made tremendous strides. shery: you have been watching president trump and president nazarbayev. president trump saying a great job. doing
they discuss the economy as well as south asia strategy. also, thinking they kazakhstan president for providing access to the u.s. military in his country. let's get more insight. joining us now is bloomberg's chief washington correspondent, kevin cirilli. bloomberg's national political reporter sahil kapur on capitol hill. kevin, let me start with you. this press conference coming at a time when president trump is being embroiled in many difficult or challenging situations, domestically. give us a sense of how important this news conferences. kevin: not technically a news conference. president trump and his counterpart making public statements. traditional in the sense when the president took questions from reporters from both foreign governments. on the folk side, this comes at
a time at which the president was praiseworthy of kazakhstan. noting there were -- there role this month and the symbolic role that plays for that emerge in country. the u.s. looking to strengthen its ties in the region. it comes at a tie -- time when diplomatic relations between north and south korea have been tense. there have been some signs of communications ahead of the olympics. russia as well and the owners -- energy section, you have a situation where the president is looking to highlight, as a symbolic nature of this meeting. david: what is the reaction at the other hand? how is kazakhstan received on capitol hill? sahil: trickling back in today after a long weekend. all the talk on capitol hill right now is not about kazakhstan, but rather about the fact that there is a government funding deadline in three days where the government would
shutdown if republicans and democrats can't find a way to keep it funded and deal with outstanding issues, like the children's health insurance program and most explosively on the political level, daca. the fate of these so-called dreamers who could be deported if congress does not have a solution for them right now. 's before thetary senate right now. she has been testifying all day, all morning and into the afternoon. taking questions from senators. democratsf whom, the in particular, are demanding to know if president trump said one or two bank volcker words that everyone has been talking about words that everyone has been talking about. a lot of policy wrapped up in this. the government funding at stake. children's health insurance program. the fate of that is in the air. in the fate of the dreamers through -- and the fate of the dreamers through daca. , it seems the deal
on daca is challenging. we did -- even if we did get that, how likely is defense hawks in the house could not go along with another stopgap measure? sahil: that is a great question. defense hawks are among a couple of different factions across the capital in the house and senate who are extremely frustrated with the fact that the u.s. government is being funded in increments of several weeks or months. this would be the fourth stopgap measure in the last four months. it would be the fifth of donald trump's presidency. this is an all republican government that has not been able to put together a budget. there are a lot of frustrated people about that. defense hawks are one of them, democrats who were demanding any solution for daca be attached to a government funding bill is another group of people. this is a sticky situation with a lot of stuff in the air. lot ofkevin, there are a potential distractions.
talk about steve bannon. he is back in the news. it appears there will be testimony going on? kevin: steve bannon on capitol hill meeting with members of the congressional investigation committees about the russian meddling. withrived on capitol hill little fanfare, not like the reception of because exxon president who arrived earlier at the white house. the new york times reporting that steve bannon, president trump's former strategist, will likely testify for robert mueller. this comes at a time at which robert mueller's attorneys have reportedly been speaking with president trump's attorney about the potential for president trump to be meeting with robert mueller and to be interviewed by robert mueller's team. the president was asked about the potential last week at a public press conference. he said folks will have to wait and see. this investigation is still ongoing. kevin cirilli, thank you.
and sahil kapur, bloomberg's national political reporter. david: it's time to get a check on the markets as stocks hit new record or julie hyman is here with the latest. julie: they do indeed. all majors rising. they now have paired the games down considerably, especially the nasdaq which is now not even up 1/10 of 1%. the s&p rising about that amount. the dow at one point was up as much as 280 points. now paring that game two when a team to we have a come down from the highs of the session. one of the things many investors are watching is the momentum we have seen for stocks. red-hot momentum. here is a look at the s&p 500 on the top. on the bottom is a relative strength index for a 14 day. bank. -- 14 day period. it's the highest we have seen since 1971. we have seen this momentum. typically when you see momentum, stocks pull back.
we have not seen that. there is anticipation by some technical analysts that we could see that, at least a short-term pullback. it is not coming yet, at least not today. let's take a look at some of the big movers on taxes that we are watching. these companies making comments about taxes in their earnings report. in the case of general motors, the company says taxes will give it a lift even though it took a right down for last quarter. that is the case with citigroup as well and united health. we are starting to see this the and where you see the write-down but a tax overhaul bringing down the corporate tax rate for these companies for 2018. general motors says it will see whichit increase in 2019, surprised analysts. g.m. comey unitedhealth group, and citigroup trading higher. david: thank you so much. they: time ticking down for
♪ shery: this is "bloomberg markets: balance of power." i'm shery ahn. david: let's turn to bloomberg's first word news with mark crumpton. mark: former white house strategist steve bannon has been subpoenaed by special counsel robert mueller. that is according to the new york times. willand will -- bannon testify in the investigation between possible links from russia and trump's associates. world economics organizers say india's prime minister will
deliver the opening remarks at and week's conference, president trump will deliver a keynote address before friday's closing. the forms president says he thinks both leaders remarks will become pulmonary to each other. bei think they will complementary to each other. but each of these speakers and own thewill have their point and share their insight and four participants, it is interesting to see, like we have which challenges they put most offensive -- emphasis on. have teammberg will coverage from davos next week. french president emmanuel macron travels to the epicenter of france's migrant crisis. he laid out a new approach to immigration, help for those who expose them for using tramp --
france as a transit point and sanctions by security forces. calle is a magnet for migrants because it is the closest point between france and britain and has two cross channel transport systems. the euro tunnel and fairies. the turkish president is calling on nato to take a stance against the united states over its plans to form a 30,000 strong kurdish in border security force syria. speaking in anchor, president erdogan said nato is obligated to take a stand against "those who harass and violate the borders of your dashboard members." ties between turkey and the u.s. have deteriorated over the u.s.'s support of the militia. were churches intimate firebombed today. the first full day of pope visit today. in total, nine churches have been attacked in chile since friday.
dozens of protesters were arrested during the mess. global news, 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. thanks so much, mark. with the immigration debate raging in washington, and a government shutdown hanging in the balance, the country is wondering whether republicans and democrats can find common ground we welcome -- find common ground. we welcome christopher lu. he comes to us today from washington. good to have you here. we can tell from your tweets that you have a strong view on immigration. at aside the partisanship for moment and help us see whether there could be common ground. you could move toward the republicans on that we could take care of the dreamers that everyone says they are concerned about? christopher: there is common
senators graham in durban came to the white house last week with a bipartisan proposal. that is not the easiest thing to do. i was with senator obama in 2005 when the u.s. senate passed a comprehensive immigration proposal that died in the house. a dyed in the house many times since i. there is a reason why we have trying toars with come up with proposals. unfortunately, the president's words have made a compromise more difficult. shery: talking about those words, has a blame of government shutdown shifted more towards the president now after the vulgar comments? christopher: i think it certainly had her you had a proposal may table that would have gotten bipartisan support. a bipartisan majority of the american people favor his solution that helps these dreamers.
i think it is hard with the rhetoric. president's i think both sides are retreating to their corners. i hope with the leadership like -- like senator graham, we can get back to the right place. david: there's no question that the rhetoric was over the top. everyone has decried it. let's put aside the rhetoric and get back to the substance. if they had come up with this bipartisan proposal and president trump says that is not good enough, is there some room for the democrats and the bipartisan team to move for the president? christopher: absolutely to what's important to realize is the compromise durban graham came up with last week did have several billion dollars for border security. migration.xed chain it dealt with these diversity lotteries. this is not a perfect proposal. it is one that many democrats would not like as well. that is how you come up with
compromises. both sides have to give something. you need leadership. you need to ratchet down the rhetoric. that is what we need to do for the next three and a half days, not only to come up with a compromise, but to avert a government shutdown. ,hery: you retweeted a post #daca is not just a latino migration hasin helped keep asian-americans and pacific islander families together, but this seems to be a key issue as david pointed out. chain migration is something the president wants to end. could the democrats give up on this in order to help these 800,000 young dreamers? exactlyher: that is right. it's important to understand what chain migration is. it is about helping families get reunited in the united states. it's not only been a way that many latinos have come to the nine states, but many asians, including people from my own family came through chain migration. all the research that looks at
this as having more people in the united states together creates more stability, creates emily unification, it -- family unification. there are certainly changes you could make to chain migration that limit the number of family members, or the relationships or extend the period of time before you can bring other people in. david: with all the rhetoric, we still have republicans coming forward saying there is still hope. even david perdue said most people want to take care of the daca situation. base,ey develop a broader both of the republicans and democrats, come back with a revised proposal and get the president to move toward them? christopher: i'm hopeful they can do that. the challenges in the next three and a half days, that will probably not happen. the most likely scenario you will have is another short-term deal for another month or so. the question is is whether you can get a coalition of republicans and democrats who are willing to vote for that?
on both sides, there are strong feelings against that short-term extension. shery: working at the white house, you were involved for for planning for potential shutdowns. what is the process here? -- ifs potential shutdown this potential shutdown drags at, how will it impact the economy? christopher: i prepared for a shutdown multiple times during the obama administration. we had a shutdown in 2013. every federal agency has a shutdown plan in terms of what employees are considered critical, which are not critical, how you manage different programs in terms of money going out the door to states and cities, how you pay your contractors. even the simple things, if you have an employee who is on travel during the period of time a shutdown might happen, how you recall them. every agency is probably dusting off their shutdown plans and making changes and possible revisions. christopher lu, good to
♪ david: the north american international auto show is taking place in detroit. i had the opportunity to talk with bill ford about a topic so important to the auto industry, nafta. >> i think to do something that drastic would not be something we would support. nafta would -- could be modernize, we could get currency in the nafta. nafta has been in place for a while and it has served this industry well. david: how bad would it hurt ford motor company's? >> i think the whole industry. our industry was really built around nafta. depends on what you mean. there is a continuing here. there is a complete blowup. and then there is a
modernization, something we would not be opposed to. again, this whole industry was really built around the notion of nafta. i think we have to be very careful with how much we tinker with it. david: i was some of my interview with bill ford, the executive chairman of ford. with an will be talking investor in the ceo of global modern makers on thursday. coming up next, the eu toughening up demands on the u.k. and its brexit transition. we will have the details next. this is bloomberg. ♪
at one point topping 26,000. right now paring back those earlier gains. the nasdaq is unchanged at the moment. take a look at these big moves on the fx market as well. at the lowest since january of 15. during back its first gain in five days. handicapped by the risk of a potential government shutdown. the euro round is halting after concerns of the german coalition facing new challenges while the british pound is falling after three days of gains. data shown u.k. inflation eased in december for the first time in six months. david: let's get some first word news from mark crumpton. >> homeland security secretary kiersten nielsen said today numerous people use profanities during an oval office meeting on immigration which she attended last week. she told the senate judiciary committee she didn't recall president trump using a specific
paul garrity. -- vulgarity. >> the conversation was very impassioned. i don't dispute that the president was using tough language. others in the room were also using tough language. the concept and the context i believe in which this came up was the concept that the president would like to move to a merit-based system. >> illinois senator richard durbin the only democrat at that meeting said he stands by his account of president trump using vulgarity. he pressed nielsen on how mr. trump characterized countries in africa. she said, i don't specifically remember a categorization of countries in africa. president is rejecting her expulsion from the governing party as illegal. she says she will appeal the decision. the unity party's executive
committee voted saturday to expel the 79-year-old president accusing her of violating the country's constitution by refusing to support the vice president in elections. lost to a soccer star in a december 26 runoff vote. the u.s. embassy in london criticized in a tweet by president trump as too expensive and poorly located open its doors to the public today for the first time. u.s. officials say it would have cost hundreds of millions of dollars to upgrade security at the old embassy and bring it up to modern safety standards. the president tweeted last week that he wouldn't come to london to open the building because it represented a poor investment. a group of lawmakers said strengthening the power grid better management of shelters and increased care for seniors our top priorities for better preparing florida for future hurricanes. a legislative panel issued its final report today including 78 recommendations.
that committee was formed after hurricane irma knocked out power to much of the state including a south florida nursing home or 12 people died of overheating. global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. david: britain and the european union are moving forward to discuss the terms of a transition for the u.k.'s exit. it looks like it's going to be not all that easy. we welcome bloomberg's european government reporter coming us -- to us today from brussels. we are hearing from the european side, you are subject to every restriction there is. does this come as a surprise to the u.k.? that's right. if you cast your mind back only , the u.k. and the eu came to an interim agreement and
they were singing from the same hymn sheet. be unraveling already because eu have toughened up their language and position on this transition period which is supposed to take effect after the u.k. leaves the eu next year. is theyy are saying want the transition period to be exactly the same basically as eu membership except the u.k. will not have a voice in decision-making. the u.k. kind of expects that but how is then gets that message to its people, how theresa may says we have left the eu but actually nothing has changed, that's the difficult bit. the more the eu toughens its language and position that becomes ever more difficult. shery: will this in any way affect the final exit bill the u.k. has to pay? >> you would hope that that is agreed now.
that's going to be around 40 billion euros. they agreed last month as part of this interim agreement that i mentioned. if that starts to unravel than we have problems. we just talking about the transition phase. hopefully in a month or so they can start negotiating the final trade deal. the u.k. weying to need to know exactly what sort of relationship you want with us after brexit because actually it isn't very clear yet and negotiations can't start until they have more of a sense of what the u.k. wants. david: my understanding is what they were talking about paying for were obligations they had incurred before britain leaves the eu. if they stay another two years there will be more obligations incurred which britain will have no say over. are they asking for a blank check actually? it is factored into the roughly 40 billion euros. that is factored in that the
u.k. will continue to make payments for the two years of the transition period. during that time britain will pay pretty much what is paying annually now to cover that period. even if there is a transition period that won't change. is the newrry is conditions. everybody thought that was already agreed. the eu is now toughening its language which just makes negotiations even harder. it means time is running out. so where do we go from here? month ago isfrom a not looking quite so positive. comingnow donald tusk out and saying if a democracy cannot change its mind it ceases to be a democracy. some european leaders are still holding on to the hope that they can reverse brexit. >> that's right.
this is a completely different argument if you come to the eu compared with if you are in london. in london most people are saying we decided to leave therefore we are leaving. you ask the politicians across the eu and they are not quite so certain. there are saying the door remains open. you haven't left yet. at any time you can decide to remain. again, the two sides are very far apart. if you ask these politicians in theyu like donald tusk will say we would like nothing better than for the u.k. to decide to stay. again in london politically that looks absolutely impossible. but as with everything in british politics, we don't rule anything out. david: when will we start to get some readout whether there a real developing problem here or it is just a negotiation that will come out fine?
month theend of the eu wants to have decided on its exact negotiating position particularly for this transition period. it will start talking to the u.k. about that. they hope that that will be a great great -- agreed quite quickly. they hope to be in a position to start negotiating with the u.k. on the real details of the final trade agreement. that is really the substance of the negotiations. that's the real difficult part. chose to since britain leave the eu and they haven't even started negotiations yet on the final trade deal. they hope that will happen by the end of march. if not then we really have got problems. shery: we will keep an eye on that. thank you. coming up, bending the establishment.
david: i'm david westin. shery: i'm shery ahn. we are seeing big moves with the dollar index at the lowest since january 2015. there are jitters out there on the risk of a government shutdown. the euro is also declining. it was declining more earlier in the session after a report that the ecb is unlikely to change its forward guidance next week. the japanese yen continues to weaken against the u.s. dollar.
halting five days of gains. there was a warning from japan's finance minister about excessively rapid moves in the currency market. time for our stock of the hour. shares lower after the company announced a $6.2 billion charge. abigail doolittle joining us. this is nothing new. the size of it surprised people. abigail: you are right. the charge has to do with the portfolio of long-term care insurance and they did talk about it in that kitchen sink analyst day last year when they lowered numbers and cut the dividend. they are doing everything to turn the company around. at that time they said it would be power -- more than $3 billion. now it is a $6 billion. it brings up the question if the companies being managed well and the new ceo is the man for the turnaround. does he know everything that's
happening. on a call this morning the ceo mentioned that the company is looking at all options including the possibility of a breakup. cnbc saying that the likely outcome and an announcement could come as early as the spring. inid: it's pretty early on his tenure. we have had some surprises already. those were perceived as cleaning out so he could move forward. does this really raise longer-term issues? abigail: it's hard to say. the ceo did a good job of turning around the health care unit so there's a lot of confidence that he could do that. this comes as a surprise the degree of this charge. it's going to come over the year to see whether or not they can hit numbers. when they lowered last year it suggests they should be able to be these numbers. if we take a look at the technicals perhaps there are some clues. 40% year ge down more than
on those negative surprises. here's the third quarter. this area of consolidation. through last friday of this stock was up 10% this year. investors getting excited that maybe they could turn around the situation. now back below the 50 day moving average. it looks like investors will give john flannery the benefit of the doubt and say that they will be able to turn this situation around. the stock will likely climb higher. below that it could get pretty ugly. it will be very important to see what happens over the fourth quarter report. this sunday will mark the end of donald trump's first year as president and all week long bloomberg is going to be taking a look back at the issues confronting the administration. today it's foreign relations and ris.elcome bill fa let's start with foreign relations. at the top of the list now is
north korea. including rex tillerson talking about people in a passenger airliner seeing a missile launch. >> north korea dominated president trump's foreign-policy innda like no other issue 2017. in 2018 it is still at the top of the pile. rex tillerson is at a meeting in vancouver with allied nations to talk about what more can be done to sanction north korea. he mentioned that late november in partt that was seen by passengers on a commercial airline flight from san francisco to hong kong. be a threat and priority for the administration. the interesting thing about today's meeting in vancouver is that china and russia who provide probably the biggest financial lifelines to north korea weren't invited. president trump talked with china's president xi jinping yesterday. there was a readout from the that says china is
helping to commit korea to denuclearization and trump expressed disappointment that the trade deficit with china has continued to grow. he made clear that the situation is not sustainable. where are we in china u.s. relations? take in geophysical tensions in the trade issue? >> this is a president who campaigned on trade. he said he was going to go after nations like china that the u.s. runs up big trade deficits with. he put that on the back burner as north korea became the preeminent issue. it is not clear whether he is willing to keep doing that. he has gotten chinese support for tougher un security council sanctions on north korea but throughout the process he has said china i don't think is doing enough. they need to do more. his patience may be wearing thin and he may be willing to raise more trade issues into 2018.
that could very well complicate his agenda was north korea. on to it is pretty early be talking about a trump doctrine. are we seeing seeds of it and that is linking up commercial issues with geopolitical issues in a way the united states has not done in the past? >> it very well could be part of the strategy. it is a very difficult needle to thread when it comes to something like north korea where you clearly need chinese cooperation to put an economic pinch on north korea. without that there are things, there are levers the president can exercise. influencea lot less than just having the chinese on board. will they be willing to be on board if all of a sudden you are raising tariffs on their steel exports? for verying to make complicated diplomacy. shery: where are we on iran? last week president trump continued with the waiving of sanctions under the iran nuclear
deal. then we had other sanctions imposed on the country as well. >> trump faces this issue where every 90 days he is asked to certify iran's compliance or not with the 2015 nuclear deal. like seeingoesn't that issue float across his desk every three months. the last couple times -- three months ago he decertified iran's compliance and this time he said he was going to be pushing europe much more strongly for action on iran's ballistic missile test and human rights rested -- record. he campaigned on issue where he said he would rip up this deal on day one. it's not clear whether a year from now we will still be talking about a nuclear agreement or whether it is something the u.s. will have scrapped. david: whether it's iran or north korea or even saudi arabia -- is one of the themes we are seeing so far using uncertainty and even confusion as a weapon
perhaps? to say i don't want people to know where i am going. there is an inconstancy in foreign relations. >> exactly. the president has thrown out traditional norms and raise questions about whether there is this chaos or madman theory of foreign-policy whether it's intentional or not. it has kept even u.s. allies on their toes. naftaabout canada and the agreement. they do not seem to know whether the president is really committed to renegotiation of that trade deal or just wants to scrap it. it cuts across everything. we have seen the president very much on the side of saudi arabia over the last year when it comes to its spat with qatar. the president had a phone call with of the emir of qatar and seemed to be siding with them. is that kind of a signal to saudi arabia that the president's patience is wearing out? we will have to see what
happens. david: thank you for joining us today. he oversees bloomberg's national security coverage in washington. there is a partisan fight over the russian investigation and the federal agency caught right in the middle. the mood inside the fbi after the justice department decision to open its files to congressional republicans. that's next. this is bloomberg. ♪
david: this is bloomberg markets: balance of power. i'm david westin. shery: i'm shery ahn. another setback for the fbi. as the russia probe becomes increasingly partisan on capitol hill the justice department made the decision to open the agency's investigation files to congressional republicans. us forrrell is with more. what sort of risks does this access carry are not only the fbi but also the fbi sources
that are in these documents? to the fbiion turning into kind of a punching bag in the last year over how they have handled the hillary clinton investigation this particular thing allowing documents and information about confidential sources to spill into the hands of congress which has a reputation for being leaky is a great concern to a number of agents who deal of confidential sources. david: why didn't they resist? >> i think they did resist. it's unclear how much of this they will give over. the fact that the fbi director met with the speaker of the house to try to broker something showed the fbi going to the house to the supplicate him on this matter. shery: how will this undermine not only the fbi but also the special counsel's investigation? >> house to supplicate him on this the specs separate. there is a general atmospheric concern that if the fbi loses credibility in the eyes of the
general public that this might spill over into anything the justice department does including the special counsel's office. for now it is more a story about the fbi and morale under a new leader and an uncertain time where the chief executive is the fbi'saying reputation is in tatters. david: the fbi has always thought to be a political. now it seems we are going to have more politics coming into it. do we ultimately have jim: me to blame -- jim comey to blame? flashpointlearly the around which the story is being built. comey did something extraordinary. even among the fbi there was real head scratching over why did he go public and go into such detail.
very much out of line. he broke with protocol completely with his description, the press conference in july of 2016 of how his decision that hillary clinton should not be prosecuted. real break from the past and that was the beginning of this larger effort. he basically angered both the republicans and democrats in the process. >> and traditional fbi agents. their role is to let prosecutors in the justice department make those decisions. to aggregate that power to theylf even among his fans the that as a wrong move. shery: how our operations being affected? >> i was told if you are dealing with an informant a lot of it is sort of the way we work. if you have a long-standing relationship with someone no
matter what happens in your company they will deal with you. if they are trying to build a new relationship and cultivate a new informant and that person is reading and hearing about things going on it just adds one layer of uncertainty to a very fraught relationship. greg farrell, thank you for joining us. come to shallup am has been putting the pressure on wall street to disclose pay apps. she joins us in the next hour. the quick reminder that you can catch all of our interviews on bloomberg with tv . you can also find breaking news, charts and related functionality. live from new york, this is bloomberg. ♪
scarlet: we are live in new york. you're the top stories we covering on the bloomberg and around the world. t minus four days and counting as the clock ticks towards a government shutdown. lightning rod and budget talks immigration. bitcoin falling as much as 20%. sincerst daily decline 2015. will we see more selling in the days to come? and citigroup is taking a huge step in eliminating takeouts for women and minorities. let's get you to a check of the market. u.s. equities closing in two hours. julie hyman is here. the dow extending its record high but pullback everywhere else. julie: even the dow is well off its highs. only up