tv Bloomberg Markets Balance of Power Bloomberg January 26, 2018 1:00pm-2:00pm EST
president trump addresses world leaders in davos and try to persuade them there has never been a better time for hiring, building and investing in the united states. pathway to citizenship. on his return, president trump is inspected to propose a new deal on immigration and the border wall. with 1.8 million new citizens and $25 billion at stake. the view from south of the border. we talk about the border wall and difficult nafta negotiations hanging in the balance. we talk with former mexican president vincent a foxx about a critical turning point in u.s.-mexican relations. . president vincente fox ♪ shery: mixed messages. after running a campaign of proposals and fiery rhetoric around immigration, the president is softening his tone. president trump telling
reporters he is open to a pathway to citizenship for the so-called dreamers. return?l it cost him in the white house is set to release their immigration plan on monday. if itats must decide is something they can live with. let me start with immigration. do you agree president trump is softening his tone? sen cardin: i think the president has made things more difficult. he started by creating this prices -- crisis by putting the state of the dreamers last september that require deportation in march. now he is saying we will give them a pathway to citizenship, but the price is radical changes in the immigration policies. that will be very difficult to get through congress. we have a bipartisan group working in the u.s. senate, a
large number of us. i think we have a good chance of coming up with a bipartisan proposal. i would hope the president would allow us to work in the u.s. senate. that is what he asked us to do. without setting parameters and making it difficult for us to do our work. shery: one official saying the framework is a bottom line for the president. in that framework there are few demands that include restricting family-based migration, ending the visa lottery program. do you agree you could reach some sort of consensus within the framework if each week those elements -- if you tweak those elements? sen. cardin: we should start with this. we can reach an agreement to protect dreamers and deal with border security. i think there is a willingness to compromise and reach agreements on those points. one may go beyond that, then i think it will be challenging. we are willing to talk about other issues.
not to agree on what the president said, but to work the legislative will. let's see what we can get in congress but make sure at the end of the day we protect our dreamers but not causing problems for other immigrants. david: can you put a timetable on when this bipartisan proposal will be flushed out? the president is moving ahead. as you know, there is a deadline for the dreamers. sen. cardin: no question about the deadline set by the president. we recognize that. this is an arbitrary date and never should have been set, but he did set it. we are hoping to make progress next week. the deadline is the end of the following week for a bill to be on the floor of the senate. leader mcconnell made that commitment and we expect by no later than a week after next we will have an immigration bill on the floor of the senate, the first time in five years. david: you are known for your work on foreign relations. we heard from the president. he addressed foreign relations issues, asking for support from
allies on things like north korea and iran. wasn't anything you could support? sen. cardin: i was pleased to hear him say we want to work with partners around the world. when he talks about america first, many people interpret that is america alone. he said that is not the case. we have seen in too many cases where america has been out of that with the international community. certainly on the paris climate talks. we are the only nation not part of that. nuclearn the iran agreement we appear to be going in a different direction than our european partners. we have seen some friction in regards to nato and the eu. it is good to see the president talking about working with other countries. that is certainly something we need to do. shery: rachel: president trump seemed more possible when it can't to a multilateral agreements. he does he himself working with the countries of the transpacific partnership. the you think that is still
feasible? sen. cardin: i think that is absolutely essential we work with the asian partners. if we don't, it is a point i'm sure china will fill. it is very important we work with asian countries to expand our bilateral relations. yes, i think there is agreement we want to advance trade. we want it on a fair basis, but we do need to engage these countries. shery: does that need to be a multilateral framework? what is wrong with the president's approach on having more bilateral trade deals? sen. cardin: i don't think it has to be multilateral. it could be bilateral. the problem is the agreements take time. the world is moving forward. the president right now is engaging history negotiators in nafta updates. that is taking some of our time. we have a european agreement we are looking at. there is interest beyond just asia. there is a lot going on, whether the president's team can engage
individual countries. that is something we will have to ask the administration of their capacity. david: how much visibility do you have as a senator into exactly where the talks are in nafta? heavy seen any indications they are moving towards pulling out of nafta? sen. cardin: as a member of the senate finance committee we are part of the negotiating advisory group with the u.s. trade representative. we have had briefings on nafta, a chance to give our input on what we are trying to do. i think the general consensus in the senate is we don't want to pull out of nafta. we would like to see it modernized. some of the provisions that were negotiated in the tpp may very well give us guidelines as to what some of these provisions may look like. we have individual issues with
canada and mexico that need to be dealt with. i think we want to do it in a way that respects canada and mexico, in which all three countries can continue to grow by mutual trade. david: any movement to try to extend the fast-track authority? wouldn't they need to do that if there will be significant revisions? sen. cardin: the administration does have the ability to negotiate and bring to congress up or down votes modifications. if they need additional authority, let him come to us. the last bill we passed was pretty specific on their guidelines. if the administration needs additional authority, they should come to congress and ask for it. david: thank you for your time today. senator benjamin cardin , democrat of maryland. let's get a check on markets with abigail doolittle. abigail: we are looking at gains in record highs of the major
averages. all three solidly higher. dow and s&p 500 of rate is out of six days. putting in all-time highs. the nasdaq is leading the way, with the s&p 500 in a moment. yield upthe 10-year 4 basis points. we hopped to the bloomberg. a great way to see was happening. we see that nine of the 11 sectors are trading higher. up top, health care of 1.5%. helped up by the drugmaker having a strong quarter. biotech helping the nasdaq. second is information-technology, up about .9%. explaining the of performance for the tech sector on bottom real estate and utilities. those are great-sensitive sectors. their dividends look less attractive as yields rise. they are the only one falling on this day. 9%, on pace down
since the worst day since 2016. the wall street journal reports steve when has exhibited a pattern of sexually harassing women. he is also the finance chairman for the republican national committee. wynn has the night allegations but investors are not liking the reports. allegations. shery: more on trump's trip to davos. is it enough to assure leaders the u.s. economy will be stronger. this is bloomberg. ♪
mark: thank you. as secretary of state rex tillerson met with ukrainian president core shane go -- in davos, they announced they are imposing sanctions on 21 people and nine companies over russia's actions in ukraine and crimea. the treasury department says 11 individuals are pro-russian separatists. russia annexed crimea in 2014 and a move not recognized by the united states. david davis is urging the european union not to try to take advantage of the u.k. during the transition period after britain officially exits the block. he addressed members of politics in northeast england today. >> it is respectfully both ways. as a move from being a member of the european union to its closest partner. relationships are not just for the short-term, of one that show and dear to mutual benefit for
decades and generations to come. mark: the u.k. will not be involved in crafting new eu laws after he leaves, for the block to make the country except new ones during the transition. nations said at least 30 african migrants and refugees were killed this week when their boat capsized off the coast of yemen. over 150 people were on the boat. >> the vessel is believed to have been operated by in stimulus mother's they were trying to take them to djibouti and extort more money from the refugees and migrants. the boat capsized amid reports of gunfire being used against the passengers. mark: yemen has been embroiled in the civil war, hitting a saudi-led coalition against the government and iranian backed shiite rebels. in paris, the seine river is rising. dozens of residents have been forced to leave their homes on
the river banks as the water keeps rising following exceptionally heavy rains. harris authorities have closed several tunnels, parks in the bottom floor of the louvre museum. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. david? david: is addressed to the world economic forum, president trump courted foreign investment in the united states. reassuring them he is not anti-trade despite his america first rhetoric. president trump: we cannot have free and open trade and some countries they split the system at the expense of others. -- exploit the system at the spence of others. free trade needs to be fair and it needs to be reciprocal. in the end, unfair trade undermines us all.
david: this is a message leaders will find reassuring? monica de bolle. the president is there to attract more investment in the u.s. he talked about tax cuts and fair trade. will this increase investment? monica: he struck a more moderate tone the what we had times.m say in recent i guess the answer to your question is yes. he did speak of the u.s. being open for business, and his comments on trade, he was quite are measured then he has been lately. but he did mention the issue of for super bowl trade -- of reciprocal trade. that is something people have a hard time understanding because it is a strange idea.
reciprocal trade means you have to trade others in the same way you want to be traded, then we should be speaking about a rules-based trading system that is something the president has criticized in the past. everybody trade means trays with each other evenly. this is something that makes no sense of an economic standpoint. this strange idea of reciprocal trade that is out there, even in this more measured statement on trade the president has made sounds a little bit strange to the investment community. david: the president addressed the question of rules of trade internationally. he acknowledged there are rules, but some countries are flaunting those rules. let's be honest. if you take china the toxic great game on free trade -- that talks a great game, but they have done a lot to it discourage free trade. he has a point when he
speaks about trade being fair. everybody understands what that means. this is exactly why we have the place inule systems in order to regulate trade. it is also a fair point when he speaks of the u.s. enforcing its own trade laws, which the u.s. is fully engaged in doing. all of these are fair points. the only thing i think is still a very strange idea is this insistence on reciprocity without exactly spelling out what exactly reciprocity means. is it related to a rules-based idea or not? shery: also making headlines has been the trump administration's dollar policy. will the dollar be a product of fundamentals or politics? monica: it is always both. the currency movements are always affected by political
issues, as well as by economic fundamentals. there is no doubt anything that happens to the dollar going forward is influenced by those two things. what i believe does not make a lot of sense, and what is usually thrown about in a very cavalier way is people making statements about how strong or weak a currency should be. currencies will be weak or strong depending on both of these things, political fundamentals and the macroeconomic fundamentals of an economy. the u.s. economy is doing well, it is strong. one would expect the dollar to be relatively stronger rather than weaker. shery: the u.s. once a weaker dollar -- wants a weaker dollar and more investment. why would investors invested the united states if they believe u.s. assets will lose value because of a weaker dollar? monica: precisely. this is why making statements about where the dollar should be doesn't really make any sense.
oneicularly when takes into account it is a free-floating currency. it will respond to market movement and fundamentals as they play out. these kinds of statements are not helpful in terms of looking at where the economy is going and interns of enticing investors. david: talk about the actions. the president spent time in his speech on tax cuts. ween the tax cuts we have, were told that will make the u.s. more competitive internationally for investment. is that likely the case? is what the president and administration and congress done likely to make the dollar stronger? monica: i think it is certainly likely to make the economy stronger in the short-term. we have seen -- the president spoke about the stock market. a lot of the stock market movements we have seen have been internalizing
of the tax cuts and the effect of the tax cut. looking ahead, they are likely to have an impact on the economy. on the one hand they would have this effect of making the economy stronger. on the other hand we know there is a large portion of the tax cuts that have not been funded, and therefore the deficits will widen. sensehappens it gives a the weaker fiscal fundamentals could affect the economy give away. there are short-term effects and medium-term effects, and untangling these can be complicated. it depends a lot on timing and how the tax cuts hit the economy. shery: monica, thank you for your time. monica de bolle, adjunct professor at johns hopkins. we keep the focus on trade. this time looking at nafta's future. we are live in montreal next. this is bloomberg. ♪
♪ david: this is "bloomberg markets: balance of power." shery: president trump is joining canadian and mexican officials in striking an upbeat tone on after. mexico's chief negotiator expressed hope about toxin montreal. ideas.we are looking at we have yet to analyze them. the discussion continues." let's get the latest from michael mckee. he is in montreal following the talks. on the ground, is the tone a little more optimistic in this round of negotiations? mike: it is a little bit more optimistic. i don't think you would go overboard and saying they are making significant progress, but the are making a little progress. the progress in davos is what people are talking about.
the meeting between the canadian foreign minister in her u.s. counterpart from the u.s. trade representative's office in which he tabled what she called some interesting ideas on how to get through some of the problems. particularly with autos and the u.s. demand u.s. content in the agreement. she suggested perhaps the negotiators could agree to put in computer and software values into the formula for figuring out how much content is made. a lot of those are made in the united states and made in canada and did not exist in 1994. a few moments ago one of usico's top negotiators told mexico felt his ideas were interesting. mexican officials suggested earlier they might go along with something like that. perhaps there might be some movement in the area. we will not know until the principles get here. we have not heard from the u.s. yet. a large andis complicated document they have to try to renegotiate.
as a practical matter, how much can they get accomplished by monday? they are talking about nine rounds. how much can we expect realistically by monday? mike: there are 30 chapters. two have been closed and there has been progress on another two, to medications and digital commerce. they have a long way to go yet. one of the interesting things that happened over the last two days as we have gone from talk of having to finish this in march because of the mexican election in july, to maybe we can suspend the talks ended 2019 if we have made enough progress to keep going. we will take it off the table as a political issue in the mexican election and u.s. midterms, but then come back to it in 2019. it'll will be interesting to see with the u.s. trade representative says when he gets here on monday. shery: what is the most divisive issue? is it the regional content rules for cars? mike: that is the most divisive
issue. onceart where the u.s. the nafta parties to agree to 50% u.s. content in cars. that would be almost impossible for the modern automobile supply chains to deliver. that is very contentious. dispute resolution, very contentious with the canadians. chapter 19, the idea there is a tribunal they can go to to try to overturn u.s. decisions. they don't want to give that up. david: mike mckee reporting for montreal, think it's a much. up next, we talk with vicente fox, former president of mexico. this is bloomberg. ♪
all sectors of the green. tech shares leading the gains. we are seeing the nasdaq up 20%, ended -- up .8%. the dollar looking at its worst month in months. that after a fourth quarter gdp missed estimates. japanese yen gaining .9%. inflation is nearing its 2% target. $56 on the weaker dollar. we turn to mark crumpton. mark: president trump is due back at the white house later today. he left switzerland after addressing the world economic forum. the president declared the u.s. open for business as he pitched his america first agenda has being beneficial to the world. next week, the president will deliver his first state of the union address.
the un security council is heading to washington on monday for lunch with the president and to see missle remnants the u.s. arming proof iran is rebels in yemen. nikki haley took him to a military base in washington to see fragments recovered from missiles launched from yemen. the u.s. believes they were supplied by iran. after six weeks of reviewing evidence, toronto police confirmed the death of billionaire couple gary and honey sherman has a double homicide. he and his wife are found dead inside their home on december 15. authorities said a couple was targeted, but there are no signs of forced entry in the sherman home. the company announced today its president and ceo has resigned. the spanish government is challenging the candidacy of catalonia's fugitive ex-president to lead a new
regional government. the parliament of catalonia will vote next week on whether to reinstall him as the region's leader. the deputy prime minister said as a fugitive, he cannot be elected. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. david: thank you so much. mexico figures prominently on the agenda of the trump administration as intense nafta negotiations continue and the president is expected to announce a sweeping approach to immigration and border security on monday. few people know the relations better than former president vicente fox of mexico. he was a senior executive with the coca-cola company. he is now the author of a new book, "let's move on beyond fear and false prophets." he's coming to us today from washington. thank you for -- we are pleased
to have you here. vicente: i am pleased and honored to be with you. david: you are outspoken criticism of the trump administration. we heard from the president this morning. he made some remarks i think it be taken as trying to patch things over with the world. let's listen to a short bit of what he had to say. president trump: i will always put america first, just like the leaders of other countries should put their country first also. meanmerica first does not america alone. when the united states grows, so does the world. david: president fox what is your reaction? when you were president of mexico, you put mexico first. as america grows economically, it does help the world. vicente: we all do, but the
world has been changing. when we work together, when we associate, when we partner, when we build trade agreements or communities like the europeans, you progress further. first. it is not he was it is what kind of team we build, what kind of community we put together and then it works. trump always tries to sell to the audience what they want to hear from him. he changes again and again and again. finally i think we are coming to a better agreement in the case of nafta. negotiation teams nafta are accepting we have to depart from a nafta that is been so successful, and go to nafta plus.
then improve nafta. we have been trying to do that from 10 years behind. we started with president bush. then we moved into partnership with prosperity and security. the friendship continues from what we have built. let's build further. david: everyone agrees that could be some revisions to nafta. give us a specific on what nafta plus means in your mind. what would that add to what we already have or change? vicente: there are things we would of never considered. technology,alaries, internet. the finance world is not regulated like nafta or promoted by nafta. several things were not considered. for instance, to have this general customs agreement. sometimesree of us,
you have products coming from china in the mexico in a specific amount, and the united states is different amounts. that facilitates that products are brought into mexico at a lower cost and then moved to the united states, which is not fair, or the other way around. a lot of small things can be improved. in the end, nafta was created to create the strongest, most competitive region in the world to confront the east challenge of china growing so fast, india growing so fast. the only way we can do the same as by joining together. by making nafta corporations, like happened with g.m., chrysler, ford. saved is byy were converting themselves into nafta corporations. they nourished from the competitiveness of the three economies.
what works well and we should sustain that. shery: i want to ask you about your motivation for writing this book. you say you are considered a traitor by mexican nationalists for wanting to bring mexico closer to the united states. these still remain convinced this is a way forward. this book, you harshly criticized the president of the united states. what do you hope to achieve? vicente: if you see the underlined of let's move on, it is beyond fear and false prophets. this refers to trump. fear is not a good advisor. in united states, every time i come here i sense fear. right after september 11, a date that should never repeat again. that fear has been exploited by trump. he comes in to tell america, don't worry.
did he have f -- if you have fear, i will build the wall. i will bring back jobs. don't worry if you don't feel safer your community. i will get the criminals out. at the same time he has offended so many people, so many communities, so many nations that he is a racist. that is the bad part of trump. why doesn't he do the things presidential like they should be and work a package? the recent change on daca. but i need you daca, $25 billion. you are taking drink from people for money. they should be considered individually, each one of them. shery: but you agree the u.s. immigration system is broken. you have tried in the past with president george w. bush to find
a common solution. billions of dollars in the wall would not necessarily just be a wall, it would be for border security. where do you see the path forward? vicente: it is a business community watching us. the migration issue is an economic issue specifically with mexico and the united states. when the u.s. economy runs past 3% or more, you need import labor, import workers and you do it from mexico and central america. if you are not allowing enough, the market, the invisible hand takes care of doing that. those who came from mexico for years and years, they can because they had a job. because they could get income. now the economy cannot absorb them, ok, fine. it should be like a valve.
you bring in labor when you need it, close it when you don't need it. that is what we have to find out. not building walls. that is a waste of money and not the answer to the problem. the answer to the problem is in the migration bill that we integrated together, president bush's administration and mine, and senator mccain. it is sitting there and has been sitting there for 10 years. you will find all the answers to solve this difficult problem. it will be a guide for africa and europe, for latin america. there is migration all over the world. we should have some wisdom to have a hand in migration. i am totally for all of it on the border. for security on the border. what i am not for is wasting money on a wall that is useless. david: president trump has said some things you have taken exception to. there are some citizens and
united states that have taken exception to some of the things the president has said. he is a very different president from anything we have ever seen. separate out essentially his bark from his bite. he said some things you take issue with, but has he done anything that gives you real cause? -- real pause? vicente: you never know what he is thinking about. what his final decision is. in his mind he thinks creating orertainty is a way to win, the way to make deals is to crus h your enemies, bring them down to the lowest position and take advantage of them. those concepts are totally wrong. you don't try to get the feeling of people or citizens by shooting something and waiting to see what comes up and not adjust yourself. the is losing all credibility, not only the united states
outside of the world. and the rest is second is not important to us. says igoes to davos and did not say it well. he wants to speak about mexico and mexicans, he calls us rapists and criminals and we will kick you out. you'll be fired and out of the united states. now he welcomes them and says he loves them. that is the problem with this business strategy which is totally different to a political strategy which he has to be the leader. he has to convince and sell arguments and not impose like a dictator. -- he does not seem
to have advisors. it is him and him. he will go to the security council. heyou give him a chance, will sit down with that criminal in north korea. nafta,when it comes to you know better than most the real reason for migration is for opportunity. people don't have the opportunity south of the border. why didn't nafta fix that problem? wasn't that one of the goals of after to equalize economic opportunities so we would not have to address this at all? vicente: you are absolutely right. incomefta started, the in comparable terms on the west side and the mexican side, it was a gap of 10 to one. when you learned across the rio grande or learn to junkballs, -- jump walls, you will move your
income from one dollar to $10. who would not take that chance and go for the $10? 25 years later, today, after one generation the gap is five to one. nafta is working excellent. it is giving mexico opportunity to develop. today mexico is full employment, very competitive and productive in exploiting but only to the united states -- exporting not only to the united states but the rest of the world. nafta might work if we keep it like it is. if we improve it by one more generation, 25 years, it will be one to one, which is the same with canada and the united states. then the problem is over. that is what we need to work on, those kind of wise, intelligent decisions and not building walls and wasting taxpayer money of the united states. shery: before we go, you have some harsh words for mexico's
presidential candidate in your book. what do you expect the new dynamic to be with president trump as we get a new president and mexico? vicente: we don't seem to learn the lessons in latin america. we keep having populist, demagogues, false prophets. we have suffered all throughout the 20th century. we hate still have places like venezuela, cuba, like ecuador, like bolivia with those same old demagogues and populists destroying economies, destroying nations. we have our own. he is running for the third time now. he is ahead in the race. i think we have to stop him because he is a danger for mexico. leaders the greatest in brazil and the world, and
today he is facing jail because of populists and demagogues. once this guy has the seat, believe me, that is the genius of lopitos and we have to stop them. , former ofnte fox mexico and author of "let's move on." jeff sessions is speaking on national security and immigration right now in norfolk, virginia. you can watch's full remarks on the bloomberg. this is bloomberg. ♪ jeff sessions: there are two ways to address and respond to these criticisms. one is to be defensive. ♪
hour. phillip morris shares rising even after setbacks yesterday. an fda advisory panel said it's cigarette alternative failed to show tobacco-related health problems. joining us is taylor riggs. this was not great news but the stock is rising. taylor: some analysts said this is not a final ruling, take a deep breath. the product is called -- it is a heat, not burn. similar to an e-cigarette. reductiono show a and health risks. we have a chart of e-cigarette users. is it the substitute, a gateway drug? users areernative actually current sigrid users. only 11% of e-cigarette users
have never used sick arrest before -- cigarettes before. 9427. you can see what a are spending billions and billions of dollars to research alternatives. annual sales are about $300 billion. you can see by they are trying to find different revenue opportunities. shery: i understand why the stock would be higher. i have seen many of my friends smoke, but then switch to these e-cigarettes. the heat not burn. david: this is something different from e-cigarettes. what do they have to do to get this approved? go back to the fda? taylor: this is why the analysts were saying calm down. they see it as a buying opportunity. they can go back to the fda and say, hold on, let me address questions you have raised. their analysts are looking for an approval in february or april.
♪ shery: this is "bloomberg markets: balance of power." economicsa for u.s. in the fourth quarter came out and it disappointed expectations, showing only a 2.6% growth. lower than the 3% expected. i spoke with kevin hassett earlier about what he sees in these numbers. kevin: most people thought between 3% and 3.5%. they came in a little below that. remembering the average over the last three quarters is around 3%, it is always useful to look at the negative surprises. they were inventories and net
exports. one of the things that is a very early think we were talking about that might be an effect of the tax bill this firms had an incentive to put costs in last year because of the statutory corporate rate. then they get the sales this year at a lower rate. we expected some kind of surge in costs, it imports for firms free buying materials -- pre-buying materials in december to get the higher rate of deduction. in our minds it later this negative surprising gdp. it is the first glimpse of the major fx of the tax -- effects of the tax bill. another bit of news more important was the durable business relief. when he order a durable good, it takes a while to get it delivered. the people who want to ramp up activity here who are more
optimistic about next year because of the tax bill should have placed more orders in december. durable goods numbers were really optimistic. the bloomberg average was about .8. the number came out more than triple that. i think the data looks very theistent with the view economy is growing at a rate that will be going into next year around 3%. david: it was .8%. one more member on the growth because wasn't part of the reason why the imports surge because they were artificially depressed in the third quarter because of hurricanes? you can't import things from the ports in the south because of hurricanes. maybe it should be taken out of the third quarter. kevin: there were all sorts of hurricane effects in the last couple of orders. .5% each way with what we were thinking. they were hurricane effects. this anticipatory stuff that
happens in december and academics find interesting is something that will be a little bit of a story as they go through the economic data in the next few months. david: that was part of my interview with kevin hassett, chairman of the white house council of economic advisers. shery: you can catch all our interviews, including the interview right there. the function is tv . also our interview with vicente fox. this is bloomberg. ♪
scarlet: we are live in bloomberg world headquarters in new york over the next hour. here are the top stories we are covering on the bloomberg and from around the world. it is time to get specific. private equity tighten jim coulter of tpg explains why he is moving away from general-purpose funds. and the company considering going public again, years after going private. and farmer in focus. health-care stocks touching a record after this drugmaker jaw-dropping forecast. reports from the industry. u.s. take the pulse with markets right now. abigail doolittle has been watching the resumption of the rally. abigail: the pulse is bullish. we have record highs and session highs. the nasdaq is