Skip to main content

tv   Closing Bell  CNBC  November 7, 2016 3:00pm-5:01pm EST

3:00 pm
watch florida. if trump can't win florida i don't think he can win. >> not to be preachy and weird. on wednesday morning the sun will rise and the sun will set later that day. stocks will go up and down. >> we will be here. >> some people born and some people die. america will go on. >> "closing bell" starts right now. > i'm writing this down. the sun will rise and the sun will set. so life will go on apparently. >> we hope we will be here. >> of course, we will be here. >> i might be in a different place tomorrow. welcome to "closing bell." i'm kelly evans here at the new york stock exchange. >> that would make me bill griffith. this is the last hour of trading before election day tomorrow. and there is a global rally that has been spurred apparently by news breaking yesterday that the
3:01 pm
fbi determined its new clinton e-mail investigation would not spark new action. >> financials getting a big boost. goldman sachs is one of the companies leading the dow higher today. the financial index up more than 2%. ptech also doing well. health care all on hopes of a democratic presidency and a republican congress that can lead to more grid lock. >> isn't it interesting how we can have that analysis just from market moves. it's interesting. >> go ahead. >> polls are still tight. north carolina, pennsylvania and michigan today. trump also going to florida that key state and new hampshire. we will take you live to some of those states and bring you the latest poll numbers. >> two real estate moguls will join us to give us their take on how the election is going to play out.
3:02 pm
don peebls and jeff green. >> and after the bell gary johnson on what he hopes to accomplish tomorrow and how his campaign can help impact democratic and republican nominees. first the stock rally on this election eve. we have team coverage here. eamon javers looks at the fbi clearing hillary clinton again. john harwood has the latest poll numbers for us and bob pisani rounds up the biggest stock movs on this rally day. at this point is it officially over with the fbi e-mail investigation? >> it is officially over. i will give you the sentence from the letter yesterday that the market paid a lot of attention to today. here is what the fbi director said yesterday. we have not changed our conclusions that we expressed in july with respect to secretary clinton. that means that the fbi is not going to proceed with that investigation, just that investigation but that is good enough for the markets today. here is the clinton spokesman talking about this saying we
3:03 pm
were always confident nothing would cause the july decision to be revisited. director comey has confirmed it and kellyann talking about this. she heaped a little bit of scorn on the fbi director. here is what she had to say. >> why would you reopen or extend this investigation if you didn't have something big? the democrats were saying that. what donald trump did not do which hillary clinton and others did do was viciously attack jim comey who thought he was doing his job. first he is a hero in july. now he is the enemy. >> that removes the shadow of the e-mail investigation over clinton. voters can make up their decision tomorrow. >> markets already discounting odds here. let's get to the poll numbers. the newest ones out as each candidate makes their final push for votes. who is leading? >> hillary clinton is leading and if you look at the five national polls that are out
3:04 pm
today they all tell the same story. four percentage point spread for hillary clinton in all but one which has a three point spread. that translates into advantage in the electoral college. take a look at the battleground states. you can see that she is leading or leaning ahead in more than enough states to get over 270 electoral votes. that is what you need to be elected president. she and donald trump are traveling to multiple of the states as you indicated including north carolina. donald trump has to win it. hillary clinton is having a midnight rally there and including florida, michigan, pennsylvania. these are all big targets. we have two state polls out today. one in the state of florida shows hillary clinton up by one percentage point. if she wins that donald trump's chances of winning the presidency are zero cht you have a poll in north carolina. hillary clinton is ahead by two points. that again is a state that mitt
3:05 pm
romney carried four years ago. donald trump needs to hold it to prevent him from having a straight uphill fight to 270. we'll see if he can do that. >> question these polls you are citing were they taken after the comey statement? >> i don't think it factored into any of the polls. most of them were taken before that news. honestly, bill, even if they were taken after the news i don't think it would make much difference. i was talking last night to a strategist for hillary clinton who said if you're making up your minds on e-mails that ship sailed a long time ago. don't think the letter initially had a big effect. donald trump was closing before the letter. i don't think the statement has more than a psychological boost for hillary clinton and the markets. >> especially with the portion of people voting early this election. do you know the latest numbers? it seems to be the highest we have seen.
3:06 pm
>> every four years it's the highest because the entire country is moving towards advanced voting and more convenient voting. that has driven the turnout up lately. we have seen in states like nevada very high turnout of latinos. same is true in the state of florida. in florida more people voted early than at all in 2012. that is a sign that this is catching on with the public. you can expect to see more states adopt that. the reason the clinton campaign is in michigan today aside from the fact that it is a state they need to win is that is what they call a game day state. they don't have no excuse early voting. i think more states will move in that direction. >> we'll see you later. lets are get to the market rally. bob pisani on the floor of the stock exchange. >> still near highs of the day. advancing to declining stocks. we have had market leadership in
3:07 pm
the banks. yields have been up. regions financial new high. also not surprising strength in technology stocks. imm up almost 2%. those are two groups that have done very well for this quarter overall but other ones you moig say i'm surprised to see for example drug stocks. it has been down 6%. you see it up 1.5%. some people say divided government might prevent onerous regulation for drug companies. they are trying to look at it positively. another thing interesting today is retailers. absolutely horrible. j.c. penney has been down 9% this quarter. all of them are saying the dog ate my homework by saying a lot of people seem to be staying home and not going out shopping. a lot of people don't believe that. that is what is moving. the big debate should you fade the rally. we'll see what happens tomorrow. that will intensify the debate.
3:08 pm
some are saying definitely. others are saying earnings are better, the economic news is better. we will talk a lot more about this tomorrow. >> back to you. >> thanks, bob. see you at the close. let's get to our "closing bell" exchange this election eve. rick santelli checks in from the cme in chicago. sarge, you are the levels guy that everybody turns to. what have we done today with this rally after how many days was it? seven or eight consecutive down days. now we have come back. we haven't regained all of that. >> we almost have for the s&p 500. when we opened above 2,115 i thought we might stop but we push on to the next level which was 2130 and that was staunch resistance. now we are coming in a little bit.
3:09 pm
looking at 2123 for support. if we close between 2123 and 2130 nothing changes as far as tomorrow goes. if the level cracks we can go to 2109 as polls come out. >> how are you guys preparing for the outcome tomorrow? i know plenty of people saying they can't wait for this to be over but that is really just the beginning. >> it is just the beginning. we have been positioning like everybody else as it relates around three sectors where there are bipolar views and that is on health care, energy and financial services. it is tough to make a binary decision as to whether to go long or short predicated on an outcome when we know june of this year investors had faces ripped off the day after the election after polls showed up that there was going to be a vote to stay. i think one has to be careful about that. if you pull back the lens we are
3:10 pm
getting better economic data in the u.s. and globally. the profit picture is better than expected. it is absolutely positive on a year over year basis. i think those are things i look at for fundamental support -- still an attractive place to be regardless of the outcome. >> rick, back up in treasury yields. the dollar is higher. are you surprised it is not stronger in today's trade. what do you make of the markets and what they seem to be saying right now? >> i agree with sarge's comment that has been the topic on the floor. when we first walked in we were up a couple of hundred points in the dow. at that point treasury yields open. twos open up from 78 to 82. tens from 178 to 182. 30s from 256 to 259. look where they are at now.
3:11 pm
pretty much exactly that. we saw that the equity markets opening kept going. treasuries were almost digital. they open higher and stop. the dollar index you can argue. i think that tells us that these institutionalized high speed computer trades tomorrow didn't grab in and it ozdeterioration and in one day based on news overnight every market around the globe pretty much did the same thing whether equities or the sovereign global bond market rates. that tells me more than anything it's pretty much one giant trade. everything is fast and everything is predicated on certain words or phrases or relationships. but to draw conclusions about all of that into what the house is going to do, what the senate is going to do, who is going to win the presidency to me i don't think that fits and i think
3:12 pm
today's market is testament to that. >> i was going to raise health care market. this is such a huge problem in many ways what happened with the obama care exchanges and ripple effects across the economy and things that need to be fixed. how are we sure this will be a positive environment for health care stocks because democrats in the white house and republicans in congress? >> one would be an outcome that would prevent grid lock. even hillary clinton should she be the person who ultimately occupies the white house said there may be discussion about repealing the medical device tax. i think she voiced concern over premium increases likely to take place which would be a huge head wind against consumer spending which is the only thing holding up the economy. since she is not lobbying to appeal the affordable care act you expect that you see more participants sign up for health
3:13 pm
care and that should be good for managed care companies. i don't think the worry is going to go away immediately as it relates to drug pricing and impact on pharmaceuticals and bio technology companies specifically. >> i think that the grid lock is what is propelling the health care sector today. i think the fact that we have a hillary clinton who wants to go after drug makers and republican congress who wants to go after the affordable care act almost probably nothing will get done. we will have a lot of in fighting but we saw sell off for nine days when donald trump was gaining momentum. if he was elected there was a talk of a republican sweep. now that that is probably naut going to happen i think there is a relief rally in the health care sector. >> we have to go at this point. thank you for your thoughts on today's market action and there has been a lot of it. >> be sure to watch special election coverage beginning at 7:00 p.m. eastern leveraging massive news gathering.
3:14 pm
i can't wait to show it to you. we have close to 100 sources of live news and reporters stationed across the country in battleground states. the s&p 500 instead of ticker signals it is a feed that is what we are talking about. >> very anxious to see how this works out. meantime we have 46 minutes left in the trading session. the dow is up 316 points. it was up 350 plus and that is not even the best performer today. the s&p is up almost 2%. the nasdaq is up more than 2%. we will go live to raleigh north carolina. >> that is where trump supporters are trying to drum up support for the republican nominee. >> two real estate tycoons give us their takes on which candidate has their vote at this point and how they see the economy performing under either trump or clinton white house.
3:15 pm
is it because so many go after it the same way? chasing after short term returns. instead if getting caught up with the crowd, the investment managers at pgim take a long term view,
3:16 pm
teaming specialized active investing with risk-management rigor, to seek out global opportunities. we manage over a trillion dollars this way, attracting many of the world's leading investors. partner with pgim. the global investment management businesses of prudential
3:17 pm
3:18 pm
. >> are you worried at all -- >> i got to tell you during the financial crisis, during sandy not one dime, not one dime. i know this is first-hand. fact. not one dime to one major food bank or pantry in jersey. during sandy, the sandy benefit, the big 9/11 benefit, not one dime. not one dime. >> that was david tepor giving his take on donald trump this morning on squawk box. we should point out cnbc did reporting and could not find evidence of mr. trump donating money to sandy related charities in new jersey. he said he is definitely voting for hillary and will be voting republican down ballot. >> on that point let's bring in our guests. they are joining us, a pair of real estate moguls.
3:19 pm
don peebles. we want to get their take. we expect you to be voting democrat but you said you haven't made up your mind. >> i haven't made up my mind. i have to make my decision. >> you have been saying that for a while now. >> i'm like many americans. this has been the most challenging election in my lifetime in terms of the choices that we have. hillary clinton has a better temperament. no question about it. hillary clinton is extremely qualified to run this country. she has a lot of experience. but if you are satisfied with the direction the country is going she is a clear choice. if you think the country needs to be changing direction and we need to reform some of our approaches as to how we run our country and economy and how we support businesses then it is not as easy of a choice. >> you might vote for donald trump? >> it would be a tough call to do that. >> jeff, you have contributed to
3:20 pm
hillary's campaign so i assume you are voting for her. it would -- let me put it this way. politics today would suggest that anybody that makes the kind of money you guys make you would be voting for donald trump because hillary said she is going to raise your taxes. why do you support her? >> i already voted for hillary clinton and so did my wife here in florida. to me it is no choice. hillary clinton went to one of the best colleges in the country, yale law school. she was the first lady of the state house and white house. a u.s. senator, secretary of state. forget whether she did an amazing job or okay job she knows everything you need to know about being president of the united states. the other thing about the clintons you can't forget is they have lived in our world and had to stand not only the plight of working people which was evident during years of service but they had to understand that entrepreneur needs to create
3:21 pm
jobs. i think it's a no brainer. donald trump i know enough about donald trump to know that i would be scared to death to see him as our president. >> look, jeff and i have many things in common. one of them is that we believe that putting our country first ahead of our pocket book is important. barack obama was not great for my pocket book but i encouraged him to run for president and supported him. >> you wouldn't be against having your taxes raised? much, much bigger during the obama administration. the amount of wealth being created. we could never have done better than we have done in the last eight years. >> cleaning up the after math of the great recession a lot of people made money. but the average american is struggling. new businesses are having a very difficult time getting off the ground.
3:22 pm
minorities especially african-americans who are almost blindly supporting hillary clinton have lost ground. every way you calculate progress for minorities it has been a low performing process under these last four years. i mean last eight years. i think that there does need to be a change in direction. i think that is why people are having difficulty supporting secretary clinton because they want change. >> but your choices involve, for example, a bernie sanders who would have doubled down on government supportive policies and donald trump who says those policies are failing those people. hillary is bridging those two. which of the two do you think has it right? >> donald trump did something last week that i did like. a new deal for african-americans, a new deal for black americans. black americans do need a new deal. they need access to economic opportunity, access to better housing, access to jobs and equal pay, all of the things
3:23 pm
being discussed mow and someone has to come up with a plan to do that. to my surprise our african-american political leaders have not challenged hillary clinton more on that issue because without significant african-american support tomorrow she will lose. >> how do you explain the low popularity ratings of both of these candidates? i know you are a clinton supporter. but she is not very popular. >> let's face it. all we have talked about throughout this campaign is donald trump's character and hillary clinton's e-mails. if we focussed on what the real issue is in this country that jobs aren't being lost to mexico but microchips. the reality is we are in a changing world and into a world of massive job destruction. you talk like don said and i respect what don said.
3:24 pm
when president obama came into office the first thing that mitch mcconnell said is we want him to be a one term president. the number one goal was basically to pass nothing to help barack obama do as good a job as president. i think hillary clinton because of her advanced experience and because of that fellow, she is going to be able to reach across the aisle and make deals with people. i think we will make deals with congress and make progress. >> what is the impact going to be for the financial sector? >> of a hillary clinton presidency? >> yes. >> i think it will be -- there are several things that could happen. the fact of the matter is the reason we have done so well in the stock market and real estate is because the only game in town as we all know has been the fed. zero interest rates for eight years. that is what this economy is pumped up on. if we can get lucky and do what we need to do for the
3:25 pm
african-americans and the people struggling in this country and we put together a private sector built infrastructure program which both sides are talking about, we get the economy going and start creating good paying middle class jobs what is that going to lead to? it will lead to wage inflation and some of the asset bubbles are going to burst. the answer is hillary clinton could be very, very, very good for a long term prospect of a struggling economy. she may not be that great if we start doing something intelligent. >> what is going to decide it for you? >> you know i think that i'm more comfortable given that the fbi has cleared hillary clinton so it makes it a bit easier because i think we would be marred in a constitutional crisis otherwise. it will be kind of how i feel. >> will it unleash investment? we hear over and over again uncertainty. are you and others going to
3:26 pm
start to spend like crazy because you feel clarity about the next couple of years? >> i'm concerned. i think a hillary clinton presidency is going to be complicated on business because of all of the promises made by bernie sanders and those that she picked up on. we don't know how much it will cost to do business in the united states. we don't know how much it will cost us in terms of health care as business owners recollect what it will cost us in terms of wages and where interest rates are going to go. there is a lot of uncertainty here. i would not think happy days are here again if either get elected tomorrow. i think there will be a lot of cause in terms of what it will be like in terms of a business environment going forward. >> gentlemen, that is good discussion. don peebls, jeff greene thank you for joining us. 35 minutes to go. the s&p is snapping a nine-day losing streak up 40 30i7bpoints
3:27 pm
nearly 2%. nasdaq up 107. up next we go live to the heart of north carolina where donald trump supporters are staging a rally right now. the tar heel state could turn out to be key battleground state. >> libertarian candidate gary johnson with us here.
3:28 pm
3:29 pm
3:30 pm
in a strong rally the day before election tuesday the s&p is up nearly 2%. the level it is trading now 2125 is about three or four points shy of the level it was trading at right before that news on october 28 that friday news about comey's letter to congress. pointing out that we have done a round trip or unwind of that selloff if you wanted to call it that. the nasdaq up nearly 2%. >> let's check other movers today. bio gen among one of the best with stock upgraded from buy to neutral saying it is at a reasonable entry point. stock is at 294. bio gen reported positive
3:31 pm
results from a late stage trial of experimental treatment for later on set muscular atrophy. oracle is higher, as well. the company says more than half of netsuite stock holders backed the acquisition for the cloud storage company. oracle says the takeover deal is said to be completed today. back on march 15 donald trump shocked the republican establishment by winning the north carolina primary. now the gop nominee needs lightning to strike twice to win the white house. a donald trump rally is now underway. >> that's right. donald trump has been speaking for a little over half an hour. we can take a look inside an arena that holds 7,600 people and is probably close to full as donald trump comes back to as you said the scene of one of his
3:32 pm
early triumphs and tries to wrap up the campaign in a state that he really needs to win. he almost cannot afford to lose it. and so he is talking about the polls as he always does, standard speech and saying hillary clinton is protected by a rigged system. since the revelations on sunday over the fbi situation. the democrats cannot take the state for granted. we can take a look at tim kaine who has also been speaking over in wilmington. he is largely holding down the fort now in this state because hillary clinton after 18 months will end her presidential campaign here in north carolina with a midnight rally tonight. they cannot take this for granted either. her husband president bill clinton will be at that rally. chelsea clinton also. the keys to north carolina is turnout. more importantly the makeup of the turnout. we have been talking about early
3:33 pm
voting way up from four years ago. democratic turnout down somewhat. republican turnout roughly unchanged and african-american turnout is down. there is going to be a lot of talk about whether african-american turnout is down because of an enthusiasm gap or because of alleged efforts at voter suppression. we will see if they can get them out on election day if they were not able to get that key group out in early voting. down the ballot a key senate race here and a key gubernatorial race which could generate enthusiasm. all polls generally within the margin of error. >> thank you. raleigh, north carolina will be a key state tomorrow night. cnbc news update with sue herera. >> artillery and helicopter air strikes pounding the town some ten miles from moz.
3:34 pm
this followathize first wave of a 2,000 strong kurdish force which entered the town on foot. more than a dozen suspected isis militants appeared under police protection. they are accused of involvement in turkey's deadliest suicide bombing which killed more than 100 people just over a year ago. researchers at school of medicine have identified an anti'body that appears to protect mouse fetuses from zika virus. it comes as national institute of infectious diseases begins first of several trials of vaccine. former president bill clinton and democratic presidential nominee hillary clinton say they are saddened by the death of janet reno who served as bill clinton's attorney general for eight years. reno died early this morning from complications from parkinson's disease. she was 78 years old. and that is the news update this
3:35 pm
hour. i will send it back down to you. >> thank you very much. we are heading into the close 26 minutes left in the trading session here. the rally is one of those days where you took off and kept going. you got something for me yet? >> not yet. >> art cashin just watching the show. a leading trader will tell us what he is watching as he move into the close here as today's rally heads into the last half hour. and gary johnson will likely play the role of spoiler tomorrow taking votes from either hillary clinton or donald trump. who will his candidacy impact most? we'll ask him coming up.
3:36 pm
what do you got to offer us today? ♪balance transfer that's my game♪ bank you never heard of, that's my name♪ haa! thank you. uh, next. watch me make your interest rate... disappear. there's gotta be a better way to find the right card. whatever kind you're searching for, lets you compare hundreds of cards to find the one that's right for you. just search, compare, and apply at ♪a one, a two, a three percent cash back♪
3:37 pm
3:38 pm
as art cashin pointed out 2040 was the level before that fbi letter broke on october 28. we are at 2125 or so. still 40-point rally. the nasdaq up more than 100 points. the dow to 18,203. tesla trading higher and also is ending one of the best-known
3:39 pm
perks. the company says there will be a small fee for new owners to charge cars at super charge stations. the policy effects all teslas ordered and delivered after april 1. the shares up about 1%. >> they charge. maybe not. matt chezlock is with me on the floor with the dow up 317. what do you make of this? >> it just works out that way. >> i think a lot of people are drawing comparisons to the reaction after brexit. >> before brexit and the after math. so this happened a little bit before. now we are back just forget about last week. we are back where we were last friday when the news was announced and back on the election cycle, forgotten about earnings and other things. this really caught people offguard. it's not worth the position
3:40 pm
going into this and then losing all momentum. >> volume is not that great for this kind of a rally. people are keeping their hedges on. mr. trump has a 30% chance. that is not unrealistic. you not seeing a move probably higher. >> are you fading this rally? >> i think you are going to be neutral. i think gnat is what we are going to look at and probably want to trade day by day. there is no reason to do anything other. >> could be a volatile week. >> for your cause. >> 20 minutes into the close and strong rally on wall street breaking the nine-day losing streak. the 40 point gain. dow is up 321. amazon was hot. netflix not so much with td
3:41 pm
ameritrade clients. what investors were buying and selling for october next. we will go live to the battleground states of florida to get the pulse of voters there on this election eve. ♪ approaching medicare eligibility? you may think you can put off checking out your medicare options until you're sixty-five, but now is a good time to get the ball rolling. keep in mind, medicare only covers about eighty percent of part b medical costs.
3:42 pm
the rest is up to you. that's where aarp medicare supplement insurance plans insured by unitedhealthcare insurance company come in. like all standardized medicare supplement insurance plans, they could help pay some of what medicare doesn't, saving you in out-of-pocket medical costs. you've learned that taking informed steps along the way really makes a difference later. that's what it means to go long™. call now and request this free decision guide. it's full of information on medicare and the range of aarp medicare supplement plans to choose from based on your needs and budget. all plans like these let you choose any doctor or hospital that accepts medicare patients, and there are no network restrictions. unitedhealthcare insurance company has over thirty years experience and the commitment to roll along with you, keeping you on course. so call now and discover how an
3:43 pm
aarp medicare supplement plan could go long™ for you. these are the only medicare supplement insurance plans endorsed by aarp, an organization serving the needs of people 50 and over for generations. plus, nine out of ten plan members surveyed say they would recommend their plan to a friend. remember, medicare doesn't cover everything. the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪
3:44 pm
if you are just joining me it has been a rally day. it started overnight in asia, continued in europe and today up 1.8% of the dow. the nasdaq up more than 2% as we head towards the close. >> big day. tomorrow is election day. the uncertainty surrounding the outcome has not spooked investors. >> they found their clients added to portfolios increasing exposure for the third straight month. joining us now to tell us where they put the money -- >> thank you. >> typically by tradition a tough month for the market. it was pretty flat. your clients were buying here. >> it is really interesting that we heard so much about fear so i find one of the really interesting stocks they were buying to be amazon. a little early the stock went down but i think it really leads
3:45 pm
to them being optimistic about the holiday season. we continued to see clients going for yield with at&t and verizon. we have a high probability at least 82% of a december rate hike. with that what we are seeing is that our clients -- they are still searching for yield. i find it very interesting. >> is that what is driving at&t or was there excitement about the deal with time warner? >> i think some of it was on the deal. i really feel based on some other stocks we are seeing it is more based on the fact that people really want to find yield wherever they can. >> on the sell side they sold financials like citi and bank of america. that one is not as interesting as the netflix sell. if they are buying amazon and facebook why not netflix, as well? >> i like to see this. the reason i like to see this, look at the stocks they bought. those stocks have been beaten up. these are stocks that did very
3:46 pm
well last month some hitting 52-week highs. with that they are out with things that are performing well and looking for things that aren't doing as well. overall i think what you are seeing is that clients are starting to think a little more like professionals. bank of america is still a large holding but a lot of people are unloaded. the other interesting thing we talk about this apple is usually in the conversation. this is the first month where apple is not in the conversation. facebook still is. it is almost as if the retail client is putting facebook. it is becoming the hometown favorite. it is interesting to see if apple comes back into the report sblmpt deanything else from the election? is it that it is not registering? they are kind of looking at other drivers? >> the shorter term traders and if you look at the stocks they bought their volatility was higher. the clients did buy stocks that
3:47 pm
we will call highly volatile stocks. so with that they are exposing themselves that way. i think what clients are really doing is saying where are the sectors that in a few months i can benefit from overall? it is not just about the short term trade because we know we are going to get plenty of that. we had a lot of it over the last few days. >> thanks for having me. >> we will have special election coverage here on cnbc tomorrow night starting at 7:00 p.m. eastern and we have a bunch of resources we are bringing you from cnbc from vast resources of nbc. it's the place to be for your money and your vote. that is all tomorrow night as long as it takes. >> coverage unlike any other network we will have. >> i think it will be great. >> 13 minutes to go here into the close. 335 points higher on the dow. 42 on the s&p. 113 on the nasdaq. one of the few guests who told us brexit was a possibility
3:48 pm
is using big data to look at tomorrow's election and says the fbi cleari ing clinton could be bad thing for her campaign.
3:49 pm
3:50 pm
3:51 pm
just point out the dow is up right at session highs right now. same thing i think for the s&p. i didn't get a chance to tell you before the commercial break art cashin pointed out the market on close orders $600 million to buy. >> after big selling on the close the last couple of sessions of last week. our next guest runs a hedgefund that invests based on big data analysis. back in june he was with us. he is with data capital management. he told us the data economy was predicting brexit even though the polls and the market consensus was saying it was not going to happen. >> so we brought michael back with us. are you seeing a trump victory? anymore upsets in the cards here? >> we are not necessarily predicting an upset. what we saw in the key lesson from brexit was it was about voter turnout. we predicted the incumbent
3:52 pm
turnout would be lower. >> joe cox was a member of parliament assassinated prior to the brexit vote. >> after that occurred the market sentiment switched towards a stay vote winning. what we are seeing when we come to the parallel of the u.s. election is that after the first fbi re-investigation into the clinton e-mails what you saw was that what really matters to voters right now through social media, search entrants and the likes is they are trying to educate themselves around constitutional issues which leads us to say that the voter support will be split around party lines however prior to the most recent fbi announcement in october the actual engagement of the clinton supporters and likelihood of taking their support and converting to a vote was much lower than it was for the trump support. >> the first letter acted as a catalyst for hillary supporters to decide they wanted to vote.
3:53 pm
>> so contrary to what one may have thought that action led to a higher likelihood of supporters going to voting and led to a higher likelihood of clinton winning. >> so the unwinds we are seeing now the markets are rallying. the polls are indicating hillary is going to win. the comey letter seems to have cleared air and all of that can hurt -- >> we are seeing a threat to voter turnout associated with what supporters were talking about to now reverted back to where it was before october 28 of speaking negatively about trump but not a high likelihood of the vote converting. >> is that why the rally we are seeing in health care stocks, for example right now, does that play into that? >> the most interesting area right now is volatility. when you see coming out of the most recent announcement on sunday and the dramatic decline
3:54 pm
in vix what that led us to is back in an asymmetric pay off. it seems that clinton shall win however because of the lower turnout it will be a fairly close vote which gives more teeth to the thought of a trump challenge afterwards which says to us that there is likely to not be a big sell off in volatility even in the event of a clinton win. >> hence the constitutional questions. >> that is the key. nothing has changed in terms of what people are making decision to vote upon but the likelihood of statistically significant -- what we are watching for is that volatility even in the event of a clinton win is unlikely to sell off back down to the '16 levels. so we are looking to play a reversion of volatility but a slow one and in the event that volatility stays high coming out of the election either in the
3:55 pm
event that trump wins or clinton wins but it is close then it is a good opportunity after that cleared the way when we know whether it will be a challenge or not. and the one thing that the recent fbi announcement says is that the likelihood of a successful challenge has decreased which gives us confidence that volatility will trend down over the course of the month. >> always good to see you. thank you. >> thank you very much. >> we'll come back with the closing count down. >> after the bell libertarian presidential candidate gary johnson, long shot campaign has a great deal riding on tomorrow's vote. if johnson sinks five percent it will be a minor party eligible for 2020 federal campaign funding. we will talk to johnson about his quest. you're watching cnbc, first in business worldwide. sixty to seventy million people are moving to cities every year.
3:56 pm
at pgim we help investors see the implications of long term megatrends like the prime time of urban expansion, pinpointing opportunities to capture alpha in real estate, infrastructure and emerging markets. partner with pgim the global investment management businesses of prudential. will your business be ready when growth presents itself? american express open cards can help you take on a new job, or fill a big order or expand your office and take on whatever comes next. find out how american express cards and services can help prepare you for growth at
3:57 pm
find out how american exprethis is my retirement. retiring retired tires. and i never get tired of it. are you entirely prepared to retire? plan your never tiring retiring retired tires retirement with e*trade. i'm in vests and as a vested investor in vests i invest with e*trade, where investors can investigate and invest in vests... or not in vests. sign up at and get up to six hundred dollars.
3:58 pm
we are inside the last two minutes of trading as the dow hits new highs for the session. bob pisani is here with me for the closing count down. this started overnight in asia. that was the first market that got to respond to jim comey's latest letter to congress about the e-mail investigation. and the nikkei was up 1.6%.
3:59 pm
>> the rally continued in europe. some thought it was short covering. that finished up 1.9%. >> euro down dollar off here. >> today the dow we are going out it looks like on the highs of the session and the dow itself is not the best performer. the nasdaq is. that has been up more than 2%. >> microsoft and intels all outperforming the market. >> everybody's favorite proxy for fortunes of donald trump, the mexican peso and that has rallied today. >> invert the chart. >> so everything rallied today. i want to note it is a very strong day for the financials. we had new highs. only group of new highs were
4:00 pm
financials. all with 52-week highs. yields started to move up. pharmaceuticals was a tougher one. i think divided house, divided leadership was the argument people made. >> we'll see you later. what an interesting day as we head into election day. stay tuned now to hour number two of "closing bell" with kelly evans and company. see you tomorrow, kelly. thank you, bill. welcome to "closing bell." i'm kelly evans a strong rally across wall street with the dow closing higher 369 points, a 2% gain. the s&p 500 nearly unwinding what we might call the comey trade closing around 2,131 to add 46 points. the nasdaq up nearly 2.4%, 119 point rally to 5,166 so undoing
4:01 pm
perhaps a lot of technical chart damage. as for what it all means stay tuned. we are just a day away from the presidential election. gary johnson joins us to discuss how he and his vp candidate are changing the american political landscape and why weld is sticking up for hillary clinton. now joining me at the panel is cnbc senior markets commentator michael santoli and senior reporter steve liesman and for more on today's market action we are joined by guy adami. welcome one and all. the rally? >> it is definitely at least an early stage of that. it seems like just a context it seems like we regained four days worth of the slow motion market. we were at this level at the close of trading on halloween. we basically just took back around half of the nine-day
4:02 pm
losing streak and i think it is really just market and essentially the assembled wisdom of traders doing this probability weighted likely outcome. it is that we might avoid, lower probability of the shock that the establishment might want to see. >> do you think this would be a continued kind of rally? >> i think it would be tomorrow is kind of nervous anxious let's hold steady. and then we probably do extend this another day if clinton wins because we got so oversold and people bought so much protection. >> going back to the whole sort of psychology thing, the brexit and everything that happened this summer. what happens if the unthinkable as of right now happens which is that donald trump pulls it off and somehow becomes president? >> i'm glad this makes sense to mike because it makes absolutely no sense to me. it looks like brexit redux all
4:03 pm
over again which is repetitive in the sense that we did this once before. acting on this fbi comment, to my mind this event has almost no impact on voters. the first letter had a limited impact and narrowed the polls somewhat. if i can turn to the camera and talk to viewers, there is a reason there is a thing called a margin of error. it is not the manargin of accuracy. tell me i'm wrong here. the idea of doing this crazy rally based on this fbi report seems to me to be once again a small lead in the polls. it's translated into a huge probability of an election victory. >> if all it is doing is taking back some of the market overcompensated for the likelihood that clinton loses. the reason is different from brexit is because the brexit polls and betting markets kind
4:04 pm
of had a big spread. the hedgefund sort of commissioned polls and got -- >> so did these. >> every election model has had her winning. now we are -- >> i agree. but the probabilities are still like 75/25 or 80/20. there is one that is 99. i still think as far as i know we have an election to have and votes to count and that will tell us what happens. >> it sounds like everyone is mailing it in these days and not showing up on tuesday. i'm really shocked at the amount of early voting going on. it makes a lot of sense if you can't get to the polls. people might be traveling and i guess they make up their minds early. >> to your point i think historic numbers in terms of the amount of people who have voted ahead of tomorrow's election. this reminds me of the following and it might speak to this. stock that has been under pressure, under pressure, under pressure, that next day the ceo gets ousted or resigns and the
4:05 pm
stock rallies 8%. that is what we are seeing here. the market sold off as the perceived as to rick's point as perceived trump vickery got stronger and stronger and then rallied today on the fact that maybe he is not as close as they seem. it gets back to one theme. i think mike will agree with this, a lot of these markets are driven by the algorithms that move on certain words and you saw it last night. the s&p saw 25 handles and that is where they close today. you can say people ran to buy the market. i'm not certain people ran to do anything. i'm pretty sure machines that dictate moves like this were in charge. >> it wasn't just the overall dow up. we had bio techs up nearly 4%. we had emerging markets up nearly 3%. copper at the highest levels since march. the peso responded in dramatic fashion. >> one more point is that post
4:06 pm
election hillary clinton does not have a tremendously pro growth set of policies. the policy she thinks will lead to better growth or continue the current growth. what you end up with, mike, and i'm just expressing the fear of the market without donald trump the idea could lead to less growth or higher chance of recession. that shows up on the survey. there is a difference between getting rid of the possibility of less growth and going back to where we were. if i told you a year from now we would do growth would they change your view of the value of the stock market? >> the stock market, the s&p 500 closed today where it traded in may of 2015 before we were talking about donald trump and before we knew about the election. the market is just kind of -- it's around the level where it has been for a long time and just trying to remove part of the possibility that it gets a shot. >> when it comes to how we have
4:07 pm
performed think about how long this rally has gone on and the expansion. the rally has been far more impressive than the expansion. growth has been pretty anemic. is this all just drawn out? has it flattened it and compressed it? if so what changes that. it sounds like not much would. >> there is not a lot that i look at a clinton presidency and see tremendous growth. i see a lot of concern when i like at the trump plan because i see tremendous tax cuts. i see tremendous spending. i see much bigger deficits and i only have to quote republican economists to come to that conclusion. it's not like i need democratic economists to essentially criticize the trump plan. it's so interesting from our fed survey where people want clinton to win. these are republicans in here. >> we have the results. first tomorrow's election has hedgefund manager david tepor politically divided and fired
4:08 pm
up. here is what he said earlier today. >> definitely clinton is my choice. i'm not going to pull punches. i am going to be down ticket republican. i think that combination is best for the country right now. least dangerous for the country right now splmpt dw that is where he comes down. what about the special election fed survey? >> they agree. 36 people surveyed here. economists, fund managers. what they say is that 100% believe that republicans will keep the house. 49% say that the democrats will take the senate and then 29% say republicans will keep the senate. big percentage there don't know, 23%. what do they want? let me walk you through this graphic. we tried to do this in a fun way. go to the next one. what is best for stocks in the economy? 46% say divided government with democrats in the white house and
4:09 pm
republicans who join one or both houses of congress. you get that? 29% say unified government with republicans in the white house and republicans in congress and then the last two are unified government with democrat in the white house and democrats -- >> the donkey and elephant look too similar. >> they look too much alike. >> donkey is to the left. just one more i want to show you. who is more likely to win and 78% say clinton is most likely to win. notice that split there sort of a tie. and the market is certain 69% certain that clinton is best. >> why do these experts think clinton would be better for the stock market but split on who is better for the economy? >> steve can answer this because i think the chasm between the economy and stock market has probably never been greater. i think the two are mutually exclusive. i think that answers that in
4:10 pm
some part. going back to the original conversation, a clinton presidency is a continuation i think in the market's view of the last eight years. the last eight years for the stock market has been pretty spectacular. so looking through that prism makes a lot of sense why the market rallied today i guess in my opinion. >> we mentioned health care. there are three sectors that have been brought up, health care, energy, financials. we saw that today. i think goldman was one of the best on the dow. i'm not sure that is exactly the headline that hillary clinton's campaign wants. it brings up the issue of how will she govern? how much pressure will she feel from the left? >> i can understand are -- i can't understand any of it. one would have thought mr. trump is better for energy. i would say better for the banks probably benign for health care. you have to assume mrs. clinton bad for the banks and health care and probably middle of the
4:11 pm
road for energy. the way the market traded today it is complete opposite. >> guy, what if the market is pricing in divided government? there is a lot of uncertainty, unpredictability around a trump presidency. if you elect hillary clinton you don't have that. you have hillary clinton at a republican congress or one house that can block anything so essentially nothing happens so it is status quo. >> which is what you have now. to my point she is a continuation of the last eight years. last eight years we can argue all day whether the last eight years have been good for the economy or not. i guarantee you the last eight years has been pretty spectacular for the stock market. >> we have had earnings flying at us this hour. price line's earnings are out. susan lee has it. >> let's start with the world's largest booking company. stocks are flying after hours
4:12 pm
after a beat across most metrics. let's start with earnings per share coming out ahead. the street was looking for $29.91. also revenues beating, as well. price line putting in 3.69 billion. and when it comes to travel companies what is the most important metric really is gross bookings. looks like price line was ahead. 18.5 billion. the market was looking for 17.65 billion. also interesting transactions and development in there earnings statements. price line operates kayak, and open table. price line says they are scaling back their open table operations. so that is an interesting development. >> say that again? >> scaling back open table operations, the app where you can book tables and nice dinners where you go to enjoy your friday and saturday nights. >> it's a big part of how
4:13 pm
restaurants manage dining. >> i don't know if it means they are curtailing either head count or sales. >> exactly. susan, thank you. price line shares up nearly 4% on the report. we have more earnings to come your way. got to go. thanks for joining us. >> later. >> you staying up all night tomorrow? >> why not? i might be in englewood cliffs with you if i'm lucky. >> excellent. if i'm lucky. we'll let you go. the rest of the crew coming up on "fast money." tony dwyer will join them. he says stocks are about to surge no matter who wins. the 2016 presidential election is one for the history books. the first female candidate on the ballot, et cetera. it's not just hillary clinton running a landmark campaign. gary johnson is on track to earn
4:14 pm
enough votes to qualify the third party for federal funding and increased ballot access. he will join us next. trading votes as the polls remain neck and neck between clinton and trump voters are leveraging their voting power in favor of their chosen candidates and not by going to the polls early. this incredible story is coming up. you are watching cnbc, first in business world wide. important than your health. or the freedom to choose what doctor you want to see. so if you have medicare parts a and b, consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, these let you choose any doctor who accepts medicare patients. you're not stuck in a network, because there aren't any. plus, these plans help cover some of the part b
4:15 pm
medical expenses medicare doesn't pay. so why wait? call now to request your free decision guide and find the aarp medicare supplement plan that works for you. like all medicare supplement plans, you'll be able to stay with the doctor or specialist you trust, or look for someone new - as long as they accept medicare patients. but unlike other plans, these are the only ones of their kind endorsed by aarp. rates are competitive. so call today. and learn more about choosing the doctor's you'd like to see. go long.
4:16 pm
we can't go back to the years of devastating cuts to public education. so vote yes on prop 55. prop 55 prevents $4 billion in new education cuts, without raising taxes on anyone, and with strict accountability. budget forecasts show if we don't pass prop 55 big cuts that hurt our kids are coming, and california will suffer budget deficits all over again. so vote yes on 55. because it helps our children thrive.
4:17 pm
after more than a year and a half constant campaigning comes down to tomorrow. for third party libertarian candidate gary johnson has eye on 5% of the vote qualifying the party for federal election funds for 2020. he is close at about 4.8%. what will it take to get him there? we are joined by the former new mexico governor and libertarian presidential candidate gary johnson. welcome, sir. >> kelly thrks cubs won the world series.
4:18 pm
let's not discount a nationwide head jerk tomorrow. >> how big a deal is this 5% for you? is it important enough that you are trying to do everything in your power to get above that or is it kindf a side story? >> i think it is kind of a side story. the idea here is to still win but 5% is significant. it would do away with ballot access issues for the libertarian party which is an effort to get on the ballot in all 50 states. bill weld and myself are the only third party candidates on the ballot in all 50 states. and then the federal funding side of it which is $10 million. when you consider the libertarian party raises about a quarter a million dollars a year that might be a game changer there. >> and how much power and influence do you expect to have on the party between now and 2020? >> i'm transient in this whole movement. i do believe that we need a
4:19 pm
third party to speak up on behalf of what are now 50% of registered voters that say they are independent. where is that representation? i really think that the two parties have gone off to the extremes and are not representative anymore of what most americans think. >> it would certainly seem your time has come which is why i was surprised at the remarks. former running mate bill weld was on rachel mad ow last night and sounded like he endorsed hillary clinton. here is what he had to say. >> i think it is high time somebody did and i'm doing it based on my personal experience with her. i think she deserves to have people vouch for her other than members of the democratic national committee so i'm here to do that. >> mr. johnson, do you watch to vouch for her? >> no. i think bill has it in for trump in a really big way. hillary, i think that she is going to be under the constant
4:20 pm
drum beat of impeachment for the whole time she serves whether or not she gets impeached or not. pay to play. it's the opposite of free markets. neither of the candidates are about free market. crony capitalism, government picking winners and losers. clearly she established herself as a seller in that equation. >> have you spoken with bill weld about that? >> yeah. we talk about it all the time. he has it in for trump. i will take over the hillary side. i don't think either of them are good for america. if you want to waste your vote on clinton or trump tomorrow just go right ahead. if you want to see real change vote for johnson and weld and things will start to change. >> bringing in the panel here. >> governor, if your margin of the vote that you get ends up being decisive for one or the other candidate, does that matter to you either way? in other words, are you content? are you going to be able to
4:21 pm
sleep at night if you let hillary clinton win the presidency? >> isn't it amazing that you're doing an analysis that i should take from one or the other? doesn't it speak volumes that i would be taking from both, the fact that i'm fiscally conservative and socially inclusive, the fact that i'm skeptical regarding the wars and all about free market. and i'm speaking now on behalf of myself and bill weld. look, just consider that all of my voters would have stayed home, that they wouldn't have gone out and voted. it would have just held their nose. >> governor, just game it out a little bit if you can if you get to 5% and in coming elections you get the federal funds, where is it all leading in the movement? is it to supplant one of the two parties or are we looking at sort of more equal balance among more than two parties in your
4:22 pm
view? >> it could be the latter. i really think that you're going to see a whole bunch of libertarian candidates, former democrat elected officials that have had had it at being labelled as fiscally not responsible. i think there are a lot of democrats that really care about balancing a check book, that really care about lower taxes. i think there are a bunch of republicans that are socially inclusive and don't want to force you into a social agenda that some republicans do. i really see the libertarian party with the opportunity of supplanting first the republicans. i think that republicans have been repulsed. i think more than half of republicans have been repulsed by donald trump. >> and governor, before we let you go is there anything you would like to say to the voters who might be on the fence about whether to support you and are worried about if they do so it
4:23 pm
will support the candidate -- it's an important one, probably the most important. >> kelly, vote principle. you have to look at yourself two days after this election. who did you vote for? two years after this election who did you vote for? you vote for johnson and weld and i'm going to suggest that you are going to hold your head high, that you didn't vote for the lesser of two evils. that will be an evil. vote on the basis of principle and principle. fiscally conservative. i watch you guys all the time. bring certainty to the financial markets. lower taxes. socially inclusive skeptical regarding these military interventions, the fact that we support regime change and one or the other trump or clinton, both of them are isolationists just the opposite of what you guys preach. don't waste your vote.
4:24 pm
clinton trump, wasted vote. >> two guests who have told us they are supporting you instead of the republican they would typically have supported. the message is getting across. thank you for joining us. >> pleasure. thank you. >> that is former new mexico governor gary johnson. revenues beating slightly. versus 1.96 billion expected. earnings missing estimates. the company reporting loss of 1 cents per share versus expectations that earnings would be flat. the company saying that its digital real estate business was outperforming with the big 18% year over year revenue increase saying digital accounted for 24% of revenues at news and
4:25 pm
information services segment up from 20% saying it was digital that helped drive the quarter and while there were obvious challenges particularly in print advertising the pound the revenues were relatively stable. back to you. >> huge changes are coming to these publications. >> very hard for the publishing business but very telling that they keep citing that actually represents the purchase price 17% of the enterprise value of the company right now. it is kind of shocking. >> second praaragraph. 55% of the total there. doing what they can in a difficult environment a lot of print newspapers and publications. longer early voting period led to record breaking turnout. for those who haven't hit the polls yet there is still a chance to trade your vote. we will tell you what is going
4:26 pm
on next. tune in to cnbc for special election night coverage beginning at 7 p.m. we have the entire news gathering foot print of cnbc and nbc family this year. close to 100 sources of live news that night. reporters stationed across the country. beginning at 7:00 p.m. tomorrow evening.
4:27 pm
4:28 pm
we have our eye on shares of
4:29 pm
gap. sales for october 2016 down 1% which did beat expectations in comparison versus 3% decrease last year. the company estimates that a fire which occurred on a building in its new york distribution center campus negatively impacted sales by approximately three percentage points. old navy continues to be a bright spot. we are looking at shares fractionally higher. earnings guidance between 50 and 51 cents. >> thank you for now. do you have a friend in a swing state that you think is throwing away a vote on a third party candidate? there is an app that will retyou trade votes so you can vote for third party candidate and the friend votes for your candidate. >> that's right. an app or platform. and their shared goal don't get a particular candidate, donald trump in this case, elected while staying true to
4:30 pm
principles. two of the biggest platforms are called never trump and trump traders. as of sunday eechb nng they said they have facilitated the trading of over 50,000 votes and more than 12,000 votes in key swing states. never trump was started by silicon valley entrepreneur. he says he has been overwhelmed by the response. >> for the first time if you are sitting in a deep blue or deep red state you can make a difference. technology has changed the landscape so dramatically. right now people are coming in and finding strangers from essentially a country away. >> he tells me people have been using the platform in real time while in line during early voting and that he expected to see trades continue into late tuesday. it is not without controversy. while some critics suggest that is illegal a 2007 court case
4:31 pm
found it is protected by the first amendment. no money is exchanged. never trump and trump traders rely on the honors system. vote trading was attempted in 2000 during the close presidential race between al gore and george bush. as momentum grows it could make the difference in a tight race. >> thank you. i just personally feel this is so wrong. what am i missing? >> is it wrong? look, people can throw away their vote or misdirect their vote for all kinds of reasons. i guess a verbal 3r5u78s to somebody else that you are going to do it separately. >> i guess with the accountability question if i say i live in new york city so my vote for a democrat won't matter so i want you who lives in texas to vote for hillary clinton and i vote for donald trump, is that how it works? it's just our word? >> i think so. we have learned you are not allowed to take a picture of the
4:32 pm
ballot. >> there are people doing that. >> they do. it's like this whole thing in the journal about why it should be legal to have -- what do you think? >> i'm trying to get my brain around how this worked and why a person in texas would have that incentive to go do that other than for some form of monetary purposes which would definitely cross the line to be trading the vote for money. >> you are helping your candidate win another state because he or she has no hope of winning your state. >> in return the person thinks -- i know i'm going to be thinking about it. >> all i can say is that the internet changes everything and not always for the better. >> are you there? >> where have been listening to this. when i first started looking into this i had a lot of the same thoughts as you did. what yunts the voters is that they do not want to see trump get elected.
4:33 pm
this has sprung up. the guys in charge of the website is one of the founders of republicans for hillary clinton so that is how this movement has come about. in some cases you are right on the honors system it is hard to have trust here. sometimes people are crossing borders to meet each other face-to-face. this is what the never trump founder told me so they can feel a little more comfortable. >> is it a dating site now? is it an election site? >> you can call it tinder for the election. >> i guess if it amounts to meeting people that is a different story. there is no incentive. >> i worry what lengths it could be taken to especially when you start meeting face-to-face there is a sense of accountability. you are letting somebody into your life in the most personal way. thank you. that's fascinating.
4:34 pm
it is time for a news update with sue herera. >> i don't get it either. here is what is happening. tesla says it will end free use of the world wide charging stations network. the cars ordered after january 1 will get roughly 1,000 miles worth of credits before having to pay the fees. cars ordered before january 1 will get free charging. the company says the fees will cost less than equivalent of filling up comparable gasoline car. palestinian president met with french envoy to discuss a new initiative aimed at resolving the israeli palestinian conflict. benjamin netanyahu said israel would not attend. members of russian communist party marking the anniversary of the russian revolution. for decades it was a national holiday but was replaced by russian president putin with national unity day. and there is a new number one male tennis player in the
4:35 pm
world. andy murray winning paris masters solidifying his number one ranking. he replaced novak djokovic who held the top spot since july 2014. >> and congratulations to andy murray. $134 million. that's how much in total ad money both opponents and supporters spent on california's prop 61 known as drug price relief act. the fight is turning nasty. as you can see this is the latest round of ads. we have the details coming up. first it's not just a race between democrats and republicans this election cycle. gop candidate donald trump polarized his own party and two republicans who have opposite takes on trump. we'll be right back.
4:36 pm
what are you doing? getting your quarter back. fountains don't earn interest, david. you know i work at ally. i was being romantic. you know what i find romantic? a robust annual percentage yield that's what i find romantic. this is literally throwing your money away. i think it's over there. that way? yeah, a little further up. what year was that quarter? what year is that one? '98 that's the one. you got it! nothing stops us from doing right by our customers. ally. do it right. let's get out of that water.
4:37 pm
want a great way to help our children thrive? then be sure to vote yes on proposition 55. prop 55 doesn't raise taxes on anyone. instead, it simply maintains the current tax rate on the wealthiest californians to prevent education cuts that would hurt our kids. no wonder prop 55 is endorsed by the california pta, teachers and educators. because all of us want to help our children thrive. it's time to vote yes on proposition 55.
4:38 pm
what a session on wall street. the dow added 371 points as things shook down. better than 2% gain. s&p up 46 to 2,131. undoing a lot of sell off and the nasdaq up 119 for 2.4% nearly to close at 5,166.
4:39 pm
>> the were's largest hotel operator and this quarter is a little tricky to break out since at the end of september that is when they finalized the acquisition of star wood. let's get through the numbers. earnings per share a beat when it comes to bottom line. revenues coming in a little bit light. marriott putting billion. i want to break out star wood because that acquisition took eight days of last quarter. coming in at $168 million for those three months. when it comes to hotels revenue per available room which basically means that calculating the ability to fill the room at the average rates. that came in a bit light. 2.2 percent whereas street and market were looking at 2.9%. >> that explains the 3.5% drop
4:40 pm
in the shares. stocks soaring after james comey announced the bureau won't change the conclusion that hillary clinton should not face criminal charges after a review of new e-mails. our next guest says the market rally would come under the trump presidency. he is senior trump policy adviser and joins us along with tony. welcome to both of you. >> i thought the market went up because trump is going to get minnesota and michigan, wisconsin and half of maine and new hampshire. it looks like a trump victory. we will see lower taxes, less regulation, unleashing in the energy sector. >> is anybody ever going to concede that he might not win? >> this is always interesting. steve knows. i have been watching this for years.
4:41 pm
if you just go to the numbers, we are numbers people. if you go to august that was the top of the market. we have gone on a slow downward trend, health and pharmaceuticals clinton has been in the lead the whole time. you tell me how you think that you get this bull market. the best you are going to get out there is more of the same which is a paper bowl market with money coming in from the fed and central banks propping it up. trump will give you the robust 25,000 on the dow. >> would you bank on that? >> i definitely wouldn't bank on it. there are lots of reasons why the markets go up or down over time. i think if you just look at trump the idea that one thing we know about markets, markets hate volatility. someone like donald trump is probably the most erratic and volatile candidate we have and would be an erratic president i try to think of how far back i would go. if i go back to andrew jackson
4:42 pm
for someone more temperamentally volatile than donald trump. i think markets hate that. i put in one other thing. peter talked about specific policies that donald trump might do. if you think those are positive pro growth policies the trick is to put them in place. in a domestic policy land it is difficult to do that with congress. you are beholdened to congress. >> are you vote frg donald trump or hillary clinton? >> i'm not voting for donald trump. i live in d.c. so my vote is not really material to where d.c. electoral votes are going to go. i might vote for hillary clinton. i might vote for a third party candidate. i will not be voting for donald trump. >> this whole spin about the markets hate volatility, how do you make money unless there is volatility and risk? we are going to have zero volatility. that is a side ways hadf-
4:43 pm
>> i think it is pretty clear. >> i want you to confront the reality of several very careful event studies done that when the chance of a donald trump victory goes up markets go down. there was one done by justin wolfers, another done by macronic advisers. why is it -- why is it and i have done polling for months now, that people in my survey who are the same people who support mitt romney are not supporting donald trump? why could you not close the deep with those? have you self reflected on the economic policies and the candidate that has made it elusive for you? >> there are really two questions there. how are investors going to bet. if donald trump gets elected or when he will tomorrow if there is a market dip that will be the greatest buying opportunity of all time. at the end of the day i keep coming back to first principles
4:44 pm
cht what are stock prices? an expectation of future stream of earnings. if you have growth you have higher corporate earnings. the stuff i have done you look at the tax thing alone. if you cut corporate tax from 35% to 15% you get a 30% gain in net earnings. that's unprecedented and then add everything else. i get the nervous nellies or whatever out there. if i'm putting money on the table i'm short hillary clinton. >> now the ceos are total different story. if you look at gm, ge, ford, intel. these are companies that have been shipping jobs offshore and people in michigan right now they have had it up to here with gm and ford. tony, what are you going to tell me that hillary clinton's trade policies, 2012 south korean deal, she sent. she promised 70,000 new jobs.
4:45 pm
we lost 103,000 and 75% of the damage was in the auto industry. she is going to get creamed. >> it is one of the most successful in history or anywhere in the world. >> created jobs and made u.s. companies more competitive. here is the worry. if you're asking where the worry is, the worry is that no one -- if hillary clinton becomes president you are not going to go to sleep at night wondering whether she is going to get on air force one and try to cut a deal with putin or pull us out of an arrangement with our allies or put a question mark of countries like poland and japan and korea. these are the kinds of things that lead to volatility and that
4:46 pm
worry investors. >> i want both of you on the record. tony, listen, would you trade -- we were talking about vote trading. what is the purpose of the whole thing as far as you see it in. >> here is the trick. if you want like gary johnson talking about the 5%. if you are a libertarian in a battle ground state you might not want to vote for gary johnson because you are afraid that they will make it more likely that donald trump will win the state. you trade with someone in a safe state to vote for gary johnson for you. >> do you think this is -- >> drain the swamp because this is so corrosive to american democracy. the founding fathers are rolling over in their graves right now. >> that is the ideal. >> thank you so much. >> kelly, before you go to break i want to tell you something.
4:47 pm
modesty doesn't become a television reporter. when you tell people about what is happening election night you are not saying you are an anchor. >> kelly evans is going to be out there on the deck. >> this has nothing to do with me. >> yes it does. you're on television. >> set to begin in a little more than 12 hours. the whole race can come down to who wins florida. we will head live to the sunshine state to explain why donald trump needs a win there and what early voting says about the likely outcome. stay tuned. oo
4:48 pm
4:49 pm
hey, jesse. who are you? i'm vern, the orange money retirement rabbit from voya. orange money represents the money you put away for retirement. over time, your money could multiply. hello, all of you. get organized at this is my new alert system for whenever anything happens in the market. but thinkorswim already lets you create custom alerts for all the things that are important to you. i guess we don't need the kid anymore.
4:50 pm
custom alerts on thinkorswim. only at td ameritrade. planning to change its company name to american outdoor brands. they will have a meeting to seek approval to change its corporate name and smith & wesson to american outdoor brands as the company is trying to diversify its product offerings, not just guns, but other products, as well. we should point out, shares have been rallying, up 26% over the past six months on better than expected earnings and an increase in firearms. back to you. >> all right. the ticker there, aobc. interesting. much like 2000, the presidential election tomorrow could all come down to florida. diana olick in the sunshine state for just how crucial it is for hillary clinton and donald trump. diana? >> reporter: well, kelly, funny
4:51 pm
you should mention the election of 2000, bush versus gore, one of the closest in recent history. early voting in florida ended last night and more than 6 million floridans have already cast their ballots either in person or absentee. that is more than the total 5.9 million votes cast by religion stirred voters in 2000. floridans are likely never forget their role, hanging chads that started in polling booths and ended in the u.s. supreme court. perhaps that memory is why so many voted early in this even more contentious race. most analysts agree, donald trump cannot win the white house without winning florida. the last president to do that was bill clinton in 1992, and this race is much closer. we don't know which buttons the early voters press, but we do know that 39% were registered republicans and 40% were democrats. close to 1 million not affiliated with either party. we also know that about 1 million of the early voters were
4:52 pm
hispanic. hispanic voters in florida, especially, have come out strongly against donald trump, who advocates building a wall to keep illegal immigrants out. both were here this past saturday for one last push. whatever the outcome is, one thing we know, together they certainly brought out the vote. kelly? >> yeah. exactly. spurring that turnout. diana, for now, thank you. diana olick in florida for us. there are also big ballot initiatives at stake, including prop 61 in california, with a big impact on drug prices and the battle is getting especially nasty. those details, when we come back. the microsoft cloud helps stay connected. the microsoft cloud offers infinite scalability. the microsoft cloud helps our customers get up and running, anywhere in the planet. wherever there's a phone, you've got a bank, and we could never do that before. the cloud gave us a single platform to reach across our
4:53 pm
entire organization. it helps us communicate better. we use the microsoft cloud's advanced analytics tools to track down cybercriminals. this cloud helps transform business. this is the microsoft cloud. will your business be ready when growth presents itself? american express open cards can help you take on a new job, or fill a big order or expand your office and take on whatever comes next. find out how american express cards and services can help prepare you for growth at
4:54 pm
4:55 pm
tomorrow when californians go to the polls, they will try to curb a trend. meg? >> kelly, the ballot initiative in california is called the california drug price relief act or proposition 61. and it would require state agencies get the same discounts as the u.s. department of veterans' affairs. it's not only the most expensive initiative on the state ballot, it's also among the most controversial. over the weekend, the yes on 61 campaign turned up the heat with a series of 15-second ads. it says it's placing on social media sites in the state. they focus on six large funders, drug companies, j & j, merck, pfizer, allergan, and calling them criminals. the merck ad misspelled ceo ken frazier's name. yes on 61 appears to be losing
4:56 pm
its edge on the polls. the latest from field research shows support has gone from 50% yes with 16% no to 47% yes, 47% no and 6% undecided in late october. that may be due to a massive spending imbalance. $109 million to $17 million. no campaign telling us, quote, prop 61 is a deeply flawed and confusing measure that won't deliver on its promoters big promises. supporters continue their push in the state with senator bernie sanders campaigning for it in both los angeles and sacramento today. clearly, tapping into some of that anger around drug pricing. >> it's going to be a close one, thank you. if only we had someone watching the exit polls to tell us what was happening in key states? >> that would be me. i'm the numbers guy. i have a parting thought,. >> place share. >> everybody should vote. and there's data and research
4:57 pm
that shows that you need to make a plan to vote. you can't just say i'm going to vote. >> right. >> if you make a plan you are more likely to vote. so please make a plan. >> i do have a plan. i think the market wants to be just past this. they want to be to wednesday morning already. keep in mind, what i said before, about headline susceptibility. 2004, you had some reports of some john kerry doing better in exit polls. the market backed off in the middle of the day, and of course, wrong. just be aware, there's going to be a lot of stray noise. >> i'm ready for anything. steve, mike. thank you both. >> is that it? >> that does it for "closing bell." "fast money" begins after this.
4:58 pm
4:59 pm
5:00 pm
"fast money" starts right now. i'm melissa lee. tim seymour, steve grasso, guy adami. the man who called the selloff says buy and buy now. what has him so bullish. and the one stock that should be soaring this election, but isn't. we'll tell you what it is and why one of our traders think it's a buy. and againis gartman says it's a perfect buying opportunity. but first, we start with a remarkable rally on wall street. the dow, s&p and nasdaq all up


info Stream Only

Uploaded by TV Archive on