tv Countdown to the Closing Bell FOX Business March 13, 2013 3:00pm-4:00pm EDT
impressed the pope when the pope met him. tracy: really they could use some representation in some guidance because it has been nearly except for a few years with german, polish. the frontrunner of course. ashley: it is such an unprecedented move last month pope benedict xvi resigning saying he could not conduct the duties of the office anymore. a big moment. tracy: the vatican saying right now he probably will not attend the inaugural services. with that, we're going to send this to liz claman taking you through the last hour of tradi trading. stay with us. thank you very much. we may get the honor in this
hour to announce just to has been named pope and what we will do throughout this hour, keep up this shot to route on our screen, what we call the big little. the big screen might have guessed that we are speaking with. a whole bunch of red business guests. we will keep this shot up. tracy and ashley. over 1 billion catholics. many others in the world might not be catholic just dying to hear who this brand new pope will be. riright now he is being fitted y the people taylor and his new papal garments. the issues, of course, doesn't product issues? prod amex issues. and that is a publicly traded company on the italian exchange. as we look at all of this, the big question will be that the cardinal will be asked, do you accept the election as supreme
pontiff. once again says consented the new pope is asked, by what name do you wish to be called. just remember, 80 percent of all popes have come from italy, but there are a whole bunch of forces in this race. many believe are not from italy. one of the most often mentioned names, the cardinal from gone up. people looking at that. there are a whole bunch of other opportunities. a waiting to see all of this debate we are expecting that it will be in approximately 45 minutes the central balcony of st. peter's basilica us square will be announced in latin. does look at these pictures from the moment. pat -- catholics from around the world descends on the square pledging their beads and iconic pieces of what matters to them as far as the jewelry that keeps people excited about this religion.
again, many different issues that have to be addressed. people close those rosaries. that is within the catholic church, the issues, of course, the sexual problems were there has been abuse, cover-ups. you can bet that the new pope is somebody that, perhaps, the catholic leaders believe can appropriately and finally address these issues and hopefully but the arrest. a question about the vatican bank. perhaps more transparency is needed there. that is an issue as well. again, this is about any with a new pope will be announced. we are waiting for the cardinal to do that. as soon as we find out we, too, let you know. after the announcement in new puppeteers and will give his first or deal. it is called to the city and world. it is a blessing. he will likely give some greetings in several languages. latin, of course. then he will speak his own native language. maybe italian. 80 percent of all popes have come from italy.
then the u.s. cardinals will head back to north american college, may be available for an interview. he will get this to you as early as possible. while we wait let's get to the markets at the moment. we are seeing a seven-point gain for the dow jones industrial. a little positive sentiment down of floor of the new york stock exchange. a lot of traders were glued to that chimney when the lights month finally came out to announce that there would be a pope. the dow does industrials, butter by eight. s&p 500 moving higher. the nasdaq up four and and a half points. what is important to note is that stocks erased some early losses and are posting these modest gains. just as you thought that we might see a pause that refreshes and than non record date, we are not seeing that now. after being down nearly 40 points we are on track for a seventh straight record close. the last time that happened was january of 1987.
the s&p 500 at this level just about nine, eight points away from its all-time high of 1565. the stick a look at retail stocks. some of the standouts. best buy, sears, all moving higher. and then bank of america retail. we should look a j.c. penney. the sticking up for his boss saying beleaguer ceo brian johnson is not going anywhere adding that the retailer's turnaround plan will take a lot more patients from investors. let me quickly check at the moment. what is interesting to know about that is it, too, is hired at the moment. j.c. penney notwithstanding the gains for retail stocks. we should let you know that the latest retail sales numbers, consumers are still taking up their wallets even with less take-home pay. we are keeping a shot on the balcony, of course here at st. peter's basilica because we don't know when this announcement is going to be made. we know their is a pope. for those of you who heads the
-- just tuning in, yes, we did get the white smoke, which is a very big deal. we know their is a pope. as we wait to year the front runner and the winner really is we should let you know that he is being fitted for the clothing that he will wear it for his entire term as pope. the term goes until he passes or in what had just happened with our most recent pope, where he actually for the first time ever step down, saying it was due to health issues. of course there has been a lot of controversy involving the spokesman said lee of the cardinals surrounding him. it just became very, very excessive. we are waiting to hear more about the new one who, perhaps, has so fortitude to deal with the issues. now, we are waiting for the deacon who may greet the crowd and a general way before the formal announcement, and there will be a benedict election. preceded the announcement.
dear brothers and sisters. and then, of course, an english. after the announcement we wait for the new pope to appear. he will give his to the city and while blessing and will likely give greetings in several languages as well and maybe his own. the big question is, what is his language. that gives it all away. the past 80 percent up of seven italian. we will wait and see exactly what is going on. we will keep this shot up in what we call the big little so that you can keep seeing exactly what is going on. the second some things just happen we will go right to it because it is a massive deal, not just for the billions of catholics but the rest of us who want to know about this. let's go to the floor show. new york stock exchange, cme, and nymex, a good catholic girl. >> i'm actually not. my husband is. liz: what are you? >> some of this rebellion. liz: okay. a jew, an episcopalian.
a good catholic. all right. so the stock quickly about the markets. we could very well see a record. >> well, i'll tell you, described as the most cautious i have seen yet this year. i think people are very, very leery of the levels we are right now. i mean, great retail sales. we had some chatter yesterday about consumers actually starting to save more and really pulling in the reins. that did not seem to be affecting the number stake. i think people are a little bit confused as to what to do it this point. volumes are very low. transportation is great. other than that think we had -- the white smoke was the biggest news of the day so far. liz: charlie, i think that a lot of traders, you tell me what it was like when the white smoke came out. did people stop trading? >> it was already kind of a quiet day. that definitely was the focus of attention. i left my office.
people are out there watching. again, a slow news day, that is the biggest thing that we have to watch right now. liz: what else to back there has to be some trade. we are looking at commodities moving lower with oil down, natural gas, some of the metals lower. all moving just slightly down. >> you know, i'll tell you, and interesting trade has been the dollar. take a look at the dollar. i'm starting to look. i have not seen a number to quantify this, but i would like to go back and look and see what foreign influences because you're seeing a lot of money coming into the dollar which has data appear with the stocks. you really would think you have seen a sell-off, but you have not seen that. you wonder if that is foreign money coming to bite u.s. markets and having to convert into dollars for purchases of u.s. assets. liz: let's talk quickly about the bigger picture. we know that oil down mean certainly in some cases the dollar is stronger. the dollar 29. if we can throw up the yen as well. that is certainly something that plays into this market.
anything else. >> i think that was the key today. i really do. other than that, that was the key. dollar doing what it did. in the end of the day we came back. we settled basically unchanged. all of the technical guys are still in this market. last week was using it will be comparable. if you look at a longer term chart, you know, it feels like it wants to just washed out and get down to below $90 saddle, but it's just not doing it. i think we were be between 90 and $95. you know, $93.40 was a good number. we sold against that. i think we are arranged around. i wish i could come here and say that we will get a washout. i think we get comfortable right here. liz: thank you very much. doreen, charlie, good to see all of you. okay. the dow could very well post its seventh straight closing record high. way back in 2011, the chief investment strategist for u.s. equities said 2013 would be the
year for equity. that was a few years ago. nicole, the raging bull's jockey. now a fox business exclusive. spinet forward. >> west, was on a mechanical bull-elephant bird myself. look. we thought the markets would break out. a number of things turning. u.s. competitive manufacturing, the kind of energy bill now we have been enjoying in the country, expanding. to the benefits of that. five and a half million jobs over the next few years. just for that factor alone. liz: i keep hearing that. yet it cannot just be the only thing. it cannot be the one leg.
>> power of attorney. manufacturing in america being mildly topos competitive. more and more stories of coming back. in sourcing as we call it. the energy side. and also, technology, the idea that with all these smart devices that we have, tablet to smart phones, you are seeing an enormous amount of demand and increasing demand, accelerating demand, if you like, for wireless internet usage which requires faster. liz: we just lost our lead on the dow jones industrials. now we are down. if all of these issues stay in place that you feel will be the driver of a continuing raging bull, how high will the drive the s&p this year. >> were looking for 1650. we could overshoot earlier in the sense that our target. we are a little bit worried. europe continues to struggle, not necessarily because the italian elections. it's improved. spanish businesses can't.
it's actually quite expensive. liz: the bond yield today, even on the short end of the yield for the italian treasury's, you saw then jump about 18 basis points. doesn't that then mean that it becomes more excessively expensive? >> as you look over the last three, 1612 months, clearly european funding costs are down at the sovran level. from week to week, which i don't focus on. then you can get these bikes. but corporate sector, can businesses borrow. the cost of 80 percent of the european economy is driven by bank lending. liz: is that or you? >> quite a bit because banks are not lending unless they get very, very pricey type of loans out there. they're trying to arbitrage with they can borrow from the ecb in what the land to business to increase their capital base. liz: are you worried about what is going on? let's bring it home, the fed and when the fed, perhaps, eventually titans. has to be inevitable. >> yes, but i love saying this. as you look back and a 73% of
the time the market is going up. 70 percent of the time the fed is not easing. so people have this kind of warped sense, and i don't know how else to describe it -- markets only open the fed is easing. markets go up and earnings to better. what fed policy will really do is set something on interest rates. normally when interest rates go down pe goes up. over the last four years interest rates have come down and pe has come down. so the fact that -- liz: hold on one seconds. we have breaking news. let's listen in. the curtain is opening in st. peter's square. [applause] [speaking in latin] [cheering] [speaking in latin]
[cheering] liz: ladies and gentlemen, viewers who have been waiting to hear, we are hearing that it is cardinal jose bergoglio. jose bergoglio has been elected the new pope. and we are hearing in just a moment from a cardinal who will make that announcement. as we see the crowd and the faithful borane.
he is jose bergoglio of argentina. the cardinal of argentina has been named as the new pope. and as we wait to for the official announcements, they unveil the curtain and the unveil the formal papal fabric of the balcony. he was born in 1936 and when assess. the argentinian oil -- argentinian cardinal. he is seizing the name we now know, frances.
significant. the first pontiff ever chosen from the americas. as i was telling you earlier, 80 percent of all popes of come from italy. the first from the americans. cardinal bergoglio will lead the world's catholics. you see a picture of all of the faithful who are waiting to see him. apparently somebody is coming out and we will see right now. cardinal bergoglio comes out. he has just been fitted with his people down and his people finery.
he was the jesuits, as we understand, born in 1936. let's just listen in as the crop prepares. when that occurred splits and the brand new poll comes out who apparently, as we understand, is choosing the name of francis, there will be, we can pretty much anticipated, a message here. people have been waiting for days for that moment. at 2:05 p.m. eastern the official white smoke came out of the famed chimney in vatican city. we actually have some video of cardinal bergoglio, and we can show some of it so you can get an idea of who the next properly is. the second that curtain opens we will, of course, go right back to it. here he is. this is the file video of cardinal bergoglio of argentina.
again, the first pontiff ever elected from the americas. 115 cardinals -- make that 14 because he would be one of them, all gathered together in vatican city over the past several days. the voting began yesterday. nothing came of that but yesterday except the old black smoke. then the white smoke came out today, which means that the pope had been selected, but we have to wait until now before we found out it is cardinal bergoglio. interestingly enough, one of the front runners was the pope from donna. he was not chosen this time around. if you talk to a lot of people many have thought that he would be the one. of course the chosen one now. he studied at the theological faculty of the san miguel. he was ordained by the jesuits back in 1969. he speaks three languages.
appropriately enough aside from his native spanish he speaks italian and german. have to speak italian. he speaks italian and german. most likely when he tasted a balcony he will greet -- you will greet his faithful in all three languages. perhaps latin as well. he became back in 1998. ordinary in their own right. he was proclaimed cardinal back in 2001 pope john paul ii and participated in the conclave that had elected pope benedict xvi beckham 2005, just recently stepping down. he served as president of the bishops' conference from november 2005 to november of 2011.
back in 2005 was a front runner. the second most votes after his joseph wright singer who then became pope benedict. he is extraordinarily popular with his brethren, his colleagues, his fellow cardinals . almost made it in 2005, second most popular. and second time as a charm for cardinal bergoglio, named as the new pope. he is, of course, argentina's top church official, but he never chose to live in the ornate church mansion. he preferred, as we understand it, a very simple bed in a downtown room heated by a small stove. he's that type of sentimental individual who does not think about fancy things. at think a lot of people might like that in a pope certainly. he is on his way down, as we understand it. so what we will do right now is
let the -- [cheering] this was two hours ago when the bells rang in the white smoke came out of that chimney. you heard the cheers. and here comes cardinal bergoglio. stand by, and we will wait to. over 1 billion catholics around the world waiting to see who their new religious leader will be. look at this packed st. peter's square. for those of you who have been there on any given day, it is a majestic seen, but at night, a 21:00 p.m. in vatican city is something to behold. the new pope, 76 years old, again, from when assess, the 266 pope.
>> translator: that church of rome which is the church that provide -- presides over all the other churches. the brotherhood of love, faith. that's always pray for each other. the spray for the entire world. so that they can be great brotherhood. i wish you all that this path within the church, we are starting today and my cardinal next to me, fruitful for the evangelization of this beautiful city. [cheering] [speaking in latin]
>> translator: and now i would like to give you your blessing. before the bishop blesses the people i want for you to pray said that he can bless me. so i went for the people to ask the lord for a blessing for the bishop. [cheering] >> translator: so remain silent for this prayer from you for me. [silence] [cheering]
[speaking in latin] >> translator: seeing this blessing by radio or television, the new technology. the form established by the church. let's pray so that he can keep for many years the leader of the church and for him to give peace and unity to the church over the world. [speaking in latin] >> translator: and now i will give you my blessing.
[speaking in latin] >> translator: man the holy apostles give power and authority. see and our behalf to the lord. and in the prayers of the blessed mary of the virgin that blessed john the baptist and the holy peter and paul and all the saints. maybe almighty god have mercy on you and may jesus christ leads you into everlasting life. may the lord grant you absolution and rendition of all your sense.
i will see you soon. tomorrow i will pray for mary says she can watch over the whole of ron. tonight and please rest. [cheering] liz: huge approval for the new pope francis, formerly the cardinal jorge mario bergoglio, the first pope to be taken from outside europe in the modern era we will have much more after the break. please don't go away. dow jones industrial holding in up 11 points. up 11 points. we may see another record. all stations come over to mission a for a final go.
vatican city. the crowds are still there, even though the brand new pope, 76 years old from argentina has certainly left the balcony. i am joined now by david asman has been watching all the majesty. >> this is an extraordinarily significant choice for several reasons. first of all, there has never been above from latin america. let america is a huge place which has been sort of underrepresented in the vatican. when you consider that 600 million people live and let america, 70 percent of home are roman catholic. that is one reason why this is a significant. the extent to which and the fervor with which led americans adhere to their catholicism, many people in the vatican thought it was underrepresented. not so now. now that they have a couple of their own in the vatican in rome, this is going to be extraordinarily significant. also, latin america was at war,
one can say, and i think it is fair to say. i talk to people and the vatican to tell me this. there was a war going on for the soul of the church in latin america. the so-called liberation ideologists who tried to merge marxism, a form of marxism with christianity. many people say that two are incompatible, but there were individuals that were trying to do that in the 70's and 80's. this man and the cardinal before he became pope really sort of the spearheaded the campaign against liberation theology and were largely successful in doing so. had they not, the catholic church may have lost their foothold in latin america,. liz: the runner up in the 2005 conclave where cardinal rat's ear was chosen, became pope benedict. he got the second-largest number of votes. so he is popular among the other cardinals, he is also popular among the poor. he has, in essence, spend a lot of time in argentina in the
slums where many priests have worked with the poor, and he has been very supportive of them. he was extraordinarily warm when he took to the balcony here in st. peter's square. he greeted the crowd by saying, i thank you for your warm welcome, brothers and sisters. good evening. pray for me. tomorrow i will pray as well for rome, which was very, very touching. >> another thing about him. he is the jesuits. an interesting history in latin america because a lot of the priests who later become bishops are jesuits, many of whom came from spain, particularly during the time of the spanish civil war. not so this man. a very humble origins. he was born and bred in latin america. his father was a railway worker came from a family of five. as he comes out, this is threepeat. real looking at pictures of him. he looks to be a simple man, andy is a simple man. however, what distinguishes him from his fellows says he was growing at a new katie was his
brain. this guy was a very, very smart students as he was growing up. now he is noticed very early on, the jesuits, above all new orders, the jesuits would be considered the intellectual order of the catholic church. and they spotted this man's intellect immediately, schooled and vehemently anti rose very quickly to be fatal. tech advantage of all this cooling. indeed he did join the jazz with order, became a very distinguished scholar within the community and rose up from there. he is a home boy made good essentially. and that is not only a source of satisfaction for the folks in buenos aires and the argentinian some of all latin americans, of course of the world community can take cheered by his election as pope, but particularly the people of latin america.
600 million people. we have had so many investors come on here and say that latin america is where you should think of investing your money because the potential there is great. it may not have been had this man not worked so hard in stamping out a move toward marxism that was making inroads in the catholic church. this guy help stamp it out. liz: we wish him the best. bless his heart. but francis, the new pope. thank you very much. i am quite convinced that anyone can get an exclusive interview, neil cavuto is working on it right now. [laughter] let's hope. let's pray. listen. can you see the pop in research in motion? get a huge order for the blackberry tent. stock is jumping. let's get to odilo scherer and the floor of the new york stock exchange. >> reporter: traders are watching all the action. they're watching action here on research in motion. blackberry. take a look at the intraday chart. this is howard was all day. this is what just happened.
late in the day. blackberry just got its largest order ever in blackberry history take a look at the stock. up 6%. it jumped over a dollar here on this news. one of their partners is actually ordering 1 million blackberry tans cannot just released. shipments are beginning immediately. and while we don't know the name of a company that is making this big order, obviously this is going down in blackberry history. liz: i'm watching for that name. as soon as we find out we will let our viewers no. once again, jumping in a light moment. >> reporter: we should add, it looks like we will have maybe a seventh record close for the dow jones industrial. liz: do me a favor. i am dying to know at the top of the are exactly what they're thinking of that does happen. five. separate us from that and a flat line moved to the dow's industrial. at the moment, as you can see,
green on the screen. nasdaq, s&p, russell 2000 on moving to the upside with just about 15 minutes left before the closing bell rings. the raging bull coming back. when we come back, the prediction of the equity bull market. 2013 is the moment. have you missed the rally? don't worry. he's here to tell you how you can still make money. is coming right back after the break. ♪
back with us to tell you how to make the most bang for your buck during what he is calling the raging bull rally. might be a little tough after the first this year. >> direct. the three concerns. europe because of tight credit conditions. the u.s. if it is as strong as we think. and then thirdly, if we don't get some this bill reforms the bond market can get a little bit unsettled late in the year. liz: reestablish that. there is always a way to make money. >> that's what i here. liz: what are the beneficiaries of a raging bull market? >> there are three areas. equipment companies, headline companies that have to move this oil and gas around the country. as a recovery fairly homebuilders have done better, but anything related to home building, the just focus on the
builders. paints, carpeting. liz: what we like to call the derivative trade, whether that is the eagles, where you talk about actual materials used. >> the lumber that goes then, the paint the put on the windows, window treatments 56 sure when williams based in cleveland. and we were there just a couple of months ago. many 52-week highs. so you look at those names. here is again moving higher. one of its $69 per share. liz: some of these, so hard we for the pullback. liz: wait for a little bit of a pullback. technology. just a few minutes ago blackberry got a million dollars of the blackberry tend. this broadband first, wi-fi thirst that we all have with the smart funds has to propel this further. >> the numbers we are hearing, i think that over the next three years, a 27 fold increase in usage for broadband.
media streaming. check this out. among key in a coke bottle. everyone wants to share that. liz: my personal favorite. now has 3 million hits. >> this type of stuff really pulls down the capacity. among unmold troubled. at think there will be some technologies to allow more dated to get through these networks. whenever equipment goes on to it. liz: you don't like financials, yet you do like a side window play on financials this. >> financials, but there is only one place in financials that we are going to participate today, and that is insurance companies. liz: why? >> basically no new capacity has come into the industry.
unfortunately because of things like sandy which we've experienced personally, you are going to get higher insurance premiums. pricing is starting to come back. evaluations are attractive. liz: what do you like? what are you avoiding specifically? >> avoiding health care. evaluations are too extreme. vote -- avoiding consumer discretionary is despite the fact that the stocks are going to far. we are getting jobs slowly but surely. we are seeing wealth. housing and security holdings moving up and making people feel more. on the other side of that, if the stocks have already run that hard and are already anticipating, you don't want to -- you don't buy stocks is because the fundamentals. liz: thank you for coming in. and you get to witness the whole -- the closing bell ringing in
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♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all onhinkorswim from td ameritrade. ♪ liz: welcome back. david: welcome back, everybody. i'm david asman along with liz claman. a very busy hour with stuff happening in rome but t