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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  June 20, 2016 3:00pm-4:01pm EDT

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we want to hear there you as we watch a market that's up 208 points. investors hoevening, praying that -- hoping, praying that great britain will stay part of the e.u., but still unclear whether they really will. liz claman, you're going to take it from here. liz: exactly, trish. and you know what? you have you have a lot of investors watching the rally at this very second, and we're asking will we see a pile-on with the bulls as it begins to increasingly look like the stay camp in britain's battle over whether to leave the european union gains strength. stocks in england took off this morning, never looked back, and that set up a triple-digit rally here right now. dow jones up 210 points and climbing. the vote, of course, is thursday x the scare tactics and threats from both sides have the market zigging and zagging. the cassandras of the world say trade, jobs and free travel across the continent are in major danger. the former u.k. ambassador to the united states, sir peter, on
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why thursday's vote is dangerous, that's his world, dangerous on all levels but also a copout for at least one side. and is the heart of business about to have a heart attack if the leave camp wins? british genius kevin roberts on whether that's true or flat out nonsense. who slayed corey lewandowski's shot at campaign glory? a major shake-up on the presidential trail. trouble inside the house of trump. a political power play leaves the trump insider on the outside looking in. ebony williams and tammy bruce on the unconventional news p. plus, king james returns to his loyal subjects after a surprise party stop in vegas. but where did the cavs go before they came home? whether this really is the end of the cleveland curse. ever heard of rocky collovito?
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i'm telling you, it's not over yet. we're less than an hour to the closing bell, let's start the "countdown." ♪ ♪ liz: not the cavs, but the bulls charging on wall street today as investors jumping feet first into a risk-on session as fears that the u.k. will leave the european union trading bloc have started to fade. it could switch though, folks. we need to stress that. at the high, the dow was up 271 points, the nasdaq was up 81. we're still high in the sky at the moment with the dow jones industrials better by 203, and we're looking at the nasdaq still up 61 points. now, fears seeping out of the anxiety balloon via the vix or so-called fear index. the vix having its biggest drop since march, and right now you can sees the dropping about ten and a third percent, still standing at 17.41. there's still some concern in there, but nowhere is risk-on
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more evidence than with the british pound, surging to its biggest gain since 2008 as investors pretty much bet right now that the united kingdom will remain in the e.u. again, it could change, but consumer names that do lots of business in the u.k. and europe but are based here in the united states are leading the s&p 500. do you own these names? general mills, conagra, j.m. smucker, dollar tree, mccormack. they're not just at session highs, they're at all-time highs. the names are continuing to jump pretty much under a full percent, but nonetheless, these are big numbers for all of these american names. investors vacating safe havens like treasuries. the yield on on the ten-year hit its highest level since june 10th. we're at 1.67%. by the way, friday when fear was much higher, it stood around 1.62%. gold down for the second session in a row dropping a third of a percent or $4.30.
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gold stabling at 1290. but we should take a look at oil too. it traded above $49 for the first time in a week. needless to say, but i'll say it anyway, four weeks of inventory drawdowns. happens when we get those inventory numbers every wednesday. and a mini merger monday. one hot stock in the oil patch is marathon. the oil producer announcing it'll buy back payrock energy holdings for about $888 million, so those shares are jumping about 11.5%. you know, you talk about this so-called, as they call it, brexit. is no exit going to be the new title of britain's epic battle? it's starting to look like the u.k. will not exit the e.u. at this hour. this as the british wring their hands and argue whether to remain a member of the 28-member european union. and "the washington post" came out with this headline at this
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hour: brexit could send shock waves across u.s. and the global economy. and then we've got this, british prime minister david cameron facing a very hostile public over this week's vote. and meanwhile, another member of parliament, she was a former british foreign minister and chair of the ruling conservative party, announcing at this hour she is ending her support for the leave campaign, accusing it now of, quote, peddling lies, zien xenophobia and, quote, the politics of hate. that as the campaign to stay is ahead in the latest polls, by the way, which are notoriously unreliable. the shift happening after last friday's horrifying assassination of this woman, member of parliament, jo cox. lots of headlines. let's get to ashley webster. he's in london on the banks of the river thames right behind parliament. ashley, it almost feels like the sands are shifting grain by grain as we speak about this. >> reporter: yeah, it certainly does, liz. and if you really believe the
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bookmakers here in the u.k., and they usually are far more reliable than those polls that you were saying were notoriously unreliable, william hill -- one of the main betting companies here -- has the chance of the u.k. staying in the european union now at 83%. so a shoo-in, right? well, it ain't over til it's over, just ask the cleveland cavaliers. now, i know you love newspapers, liz, so i thought i'd give you a taste of what's being said today in "the daily telegraph," a big picture of boris johnson. he is saying, if you can see that, vote to change, vote to leave, vote for history. so there's one. then we have in the financial times david cameron invoking a murderrd mp -- murdered mp -- sorry, the wind is howling here, so it's quite entertaining. this is interesting. the metro newspaper here in london, they focus on thattage
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of the u.k. party defends racist e.u. poster. this has caused quite a stir over here, liz. it's a poster put out by faraj's party, and it shows a column of migrants heading across europe, and he's -- and above it is the words "breaking point. " this is how the e.u. has a failed us. that has garnered a lot of reaction and perhaps has helped the remain camp because people say that's taking one step too far. george osborne, the treasury secretary here in the u.k., says it reminds him of what went on in nazi germany in the 1930s. then there's this one in "the daily mail," tells women to vote leave to take control of your families' destination. out of control immigration could threaten families to access to school places, housing and health care. and here in the business section of the daily telegraph, richard branson today came out strongly for the remain side.
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in fact, he's launching his own campaign if you'd like to keep the u.k. in the e.u. participant of his quote: i'm known for taking risks, but leaving the european union is not one of the risks i want the u.k. to take. the trend is certainly to the stay, but there's a long way to go yet. we've got three days, and a lot can happen in that time. liz: i depletely agree. , and -- completely agree. those headlines underscore the sentiment in the u.k. ashley's there, he's going to be there. >> reporter: my pleasure. liz: it's interesting he just pointed out what richard branson had to say and all the politicos. we've got the vote on the u.k. covered wall to wall. we have a man with me live accusing one side of copping out. which side? he'll explain. and kevin roberts, chairman of saatcchi, we'll can is him live
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coming up. and now the vote this thursday on whether the u.k. will remain in the e.u. is dominating headlines, janet yellen is testifying in front of the senate tomorrow and then the house on wednesday. which event should matter the most to markets? should you pay attention to one over the other? let's get to our traders on the floor show. scott nedler at the nyse, this british exit story is certainly important. you see what it's doing to our markets, so is anybody really going to listen to janet yellen? >> people are still looking to see what she says, they want to see how dovish she is. if you remember last we talked about how many times did we hear the word brexit? 500-plus times last week, remain was 50. so i think the bookies know what they're doing. they're probably going to stay. now we have to see if the s&p can do some work over 2080 to make another attempt at 2100 once this is behind us.
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liz: todd, it sure is interesting, and you would see this on the floor of the cme with futures, that fear index, that's dropping. we have money coming out of treasuries, so the yields in safe haven treasuries are going higher. u.s. dollar is weakening because we have the euro getting stronger, the british pound certainly jumping significantly here. what is the fastest trade? where's the most action on that floor? >> well, right now the action on the floor is kind of a wait-and-see game. we see ten-year yieldings rising, things taking a step back from the extremes of last week. one thing to point out is this brexit vote week, it is not binding. while we're looking at 5149, now we're looking at wider or, this is something that the british government is going to take into consideration as we get down to the nth hour. janet yellen is going to give the brexit people a day to breathe as she tries to talk about what the fed's going to do, and flight the fed's hands are pretty much tied.
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liz: yeah, i mean, please. that is a ship that has sailed. jeff grossman on the floor of the nymex, what's interesting is you have gold dropping, some of the metals dropping, but the entire energy complex is higher by anywhere to 2-4.5%. arbob gasoline up right now. what's going on? >> well, again, like we've said before, with the dollar a little weaker here, the market seems to be wanting to go higher. like all the markets right now. this is very positive news for almosthe commodities markets here. again, now, gasoline -- like i said -- has been the weak sister over the last couple of sessions, so it's nice to see it rebounding here, coming back as far as the values against crude oil. but again, i'm not surprised here. we're still on my projection. i still thought we were going to end up this month in the low 50s. i didn't think it was going to go by this kind of a path and with this kind of news coming into play, but we're on our ways
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where i expected it. liz: okay. and as we speak, we still have significant rallies in stocks. so, folks, if you own stocks, these traders are here to tell you it's still a wait and see. am i correct, scott? anything could happen. there may be a selloff if the u.k. decides to stay in the european union because it's just sort of sell on the news. >> well, i think if we were higher, if we were, like, at 2120 maybe we rally for tree days into it we might sell on the news, but we're pretty much exactly where we were last week. i think if they do stay, we're going to get a further relief rally. if they did leave, you would see volatility pick up. liz: all right. hey, great to see all of you, scott, todd, jeff, thank you so much. this rally is holding right now. we do have the dow jones industrials up 194 points. certainly a little bit of whipped cream skimmed off the top, because we had been higher by 271. the closing bell, 48 minutes away.
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a little blue fish with memory loss giving disney 136 million reasons to remember today for a long time. "finding dor y" setting an opening weekend record for any animated movie in history pushing shrek iii down to second place. the sequel comes and years after the original -- 13 years after the original finding nemo. $99.91 a share. up next, as we said, just three days til the u.k. votes, and the prospect is already moving the markets. when we come back, we talk to the man who has been the u.k. ambassador to the united states, to france, to turkey. look on your screen, all that's going on. people on boats, putting up signs. why this referendum is dangerous to the u.k., europe and the entire globe, including the u.s. that's next on "countdown." ♪ ♪ the heirloom tomato.
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liz: less than 72 hours and counting before the british head to the polls in that all-important british exit vote. the very latest polls suggest that more people are leaning or creeping toward staying in. my next guest says that walking away from the european union is a copout, not a solution, and
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will leave the entire globe vulnerable. former ambassador to the u.k. but also to france and turkey, ambassador peter wesmacott. sir, thank you for joining us. look, you're calling the notion of the u.k. leaving the european union a copout. explain why, please. >> it's because there are a lot of challengers which are out there in europe. we know that in britain, that's why there's been an awful lot of people think that we should leave. but my point of view is if we walk away from the challenges facing europe in terms of jobs, competitiveness, growth, migration, all those big issues which are important and which are absolutely key if we're going to keep europe prosperous, stable and peaceful, then the british are somehow not part of the future of europe. that's not what winston churchill did, as the prime minister was reminding us last night. we hung in there. we fought the issues. we tried to get things right. and i think for the united kingdom to walk away and say somehow we're going to be some
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new, independent, mid atlantic power at a time when our american friends don't think that's a good idea either is, indeed, a copout. liz: it almost seems like the people who would like to leave look at the e.u. as somebody who's drowning, and it would be dragging down the u.k. if the u.k. were to continue to attach itself. i think it's obvious right now and for quite some time the economy has been sclerotic. it just hasn't done much. and i think the people who want to leave somehow believe if they do extricate themselves from this, things will be better. why is that an incorrect assumption, sir? >> well, it's a point of view which is held by a lot of people, you're quite right. and, of course, i respect that point of view as well. but i think there's two fundamental reasons why i don't think it's sensible. because the united kingdom does, in fact, have the best of both worlds. there are two issues that people worry about. one is the economy, and we've got double the level of growth and half the level of unemployment thahan the rest of the european union in the u.k.,
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and the other is immigration. but, you know, we're not part of the eurozone, so we're not being dragged down by the eurozone crisis. we're outside that with our own currency, we've got a good, healthy level of growth, and we're not part of shangen which means we are able to control our own borders in terms of immigration. yes, we do have the right of other e e.u. citizens to come to the u.k. just like our citizens can work elsewhere in europe, but they produce a net benefit to the british economy. so to somehow think if we leave the european union that we will be better able to control migrants from outside is just not right or that we are being dragged down by the eurozone is not right either. the united kingdom is going to be inevitably linked to the european union, and even the people who want to leave don't think that's going to change very much. liz: and 3.3 million jobs in england are attached to, i believe, imports from the european union and exports. but let's imagine the worst.
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from your perspective. let's say the u.k. decides to leave. what is the palpable feeling? what would happen? we have trouble getting people to really articulate how bad it would be and what are among the first things that we might see that would be negative here. you know, it could be a messy divorce, it'd take some two years to unw50eu7d. that, to me, seems like we would be watching a slow motion crash which perhaps could be tweaked and stopped. >> well, i think the way the markets have rebounded today because they've decided in their wisdom that we're likely to remain in the e.u. is an indication of how volatile the whole situation could be. if we go the other way, contrary to current expectations dub and who knows, your commentators have quite rightly said this thing is not a done deal yet. we have got to see how people vote on thursday. but if we vote the oh way, then strength of sterling and the ec by equities and so on, they're going to come tumbling down again the next day because there
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will be a huge uncertainty. in the medium term, i think personally the level of foreign investment in the british economy will decline sharply because many investors come to britain because we're the obvious point of entry into a single market of nearly 500 million prosperous consumers. and if we're not in that market anymore, people are going to think again. but the honest answer to your question is that we don't really know because this is uncharted territory. if we do vote to leave, a number the british parliament's going to have to enact a number of bits of legislation. the markets, i think, will be nervous. our european friends will be worried. i worry, having lived in the rest of europe for much of my life, that if we vote the wrong way as i see it, there's going to be a risk to many other member states are going to come under irresistible pressure to have refer remember da. and people have a funny habit of voting how they feel on the day about their own mood or their
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own government or their own prosperity or pocketbook rather than about the question on the order paper. so things could go all sorts of haywire directions if we do vote to leave on thursday. liz: we appreciate you coming on to articulate your point of view, sir. thank you so much. thank you very much. ambassador peter wesmacott. of course, u.k. ambassador to the u.s., france and turkey. folks, we have this major breaking news right now. there has been a significant be reversal just now from the department of justice and the fbi. the two agencies have just issued a joint statement announcing that in light of massive criticism, they will now release the full 911 transcripts of the 911 calls from the orlando terrorist. and we've been talking about it on this network all day. earlier only portions of the transcript were released. they had redacted all kinds of stuff. and now in an attempt to -- well, they said they had redacted in an attempt to
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prevent giving the killer or terrorist organizations a so-called platform for hateful propaganda. now the statement they have just released, i'm looking at it now, in essence says they have reissued the complete transcript in order to provide the highest level of transparency. so the stuff that will now be coming out is the name of the islamic leader that this murderer had said he was pledging allegiance to. and, in fact, that name turns out to be al-baghdadi. al-baghdadi is the leader of isis. so there's that. we'll be watching it. we'll get you more on this in just a minute. closing bell, we're 36 minutes away. he watched it all right there last night be on the floor in oakland. the blood, the sweat, the tears, the cheers. the cleveland sports reporter who was there to watch this very moment. up next, we have that reporter and his name is joe saturdayen, coming up.
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boy, cleveland rocked. lebron james delivered. the cleveland curse, is it really over? we're going to talk to the man praying for decades this day would come. former cleveland mayor dennis kucinich. there he is back in 1977, no doubt crying over yet another headline saying that the cavs lost. he's joining us live on what it means for cleveland, next on "countdown." ♪ ♪
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liz: we just got this breaking news. with 30.8 million viewers, last night's nba finals game seven was the most-watched since the chicago bulls beat the utah jazz back in 1998. the cleveland cavaliers touching down in cleveland about two hours ago after celebrating all night in vegas? yes. the team apparently made a little pit stop in sin city early monday morning after winning the nba title over the golden state warriors. lebron james there holding the
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trophy high, and they did it. they cracked the cleveland curse! [cheers and applause] at least for basketball, right? but when the cavs emerging triumphant last night, they did so much more, they ended what has been called that curse. cavs' point guard kyrie irving hit the jump shot, and they all ran out there. lebron james crying tears of joy. he was named the finals mvp for the third time in his career. the prodigal son of cleveland came home to deliver his city a championship. its first in any sport, wait for it, in 52 years. i'd be crying too. i was crying last night. speaking of making history, our next guest was the youngest mayor in cleveland's history. dennis kucinich joining us live in a fox business exclusive. we're also joined by nba reporter joe vardon of the plain dealer who was at the game last night. he joins us on the phone. i've got to start with you, joe. the last four minutes, i
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couldn't stand, i couldn't sit, i was hyperventilating, and it was just in my living room in jersey. describe those last four minutes inside the arena for the cleveland fans who made the trip. >> well, i start out by saying harrowing. i mean, i know there was a timeout with about a minute left, maybe a minute and a half left, and i had to get up from my seat and walk, you know, several seats to my right to talk to colleagues just the unbelievable nature of what we were seeing. teams were trading misses and defensive stops for three straight minutes. you know, lebron with that play, blocking that shot, i mean, that may have been the play of the game if not -- liz: and then he got hurt. we're looking at video of him getting hurt. >> and then, yeah. so, yeah, he gets hurt, gets up, makes that free throw, and it was just, you know, i guess i would say it was surreal.
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i mean, for me having been born in akron and raised there and as the clock's winding down, you know, we have a job to do. we have to write these stories, we post them, and my hands were shaking. liz: yeah, i can imagine. my heart was beating so fast. everybody left. nobody in my family wanted to be around me because i was so obnoxious. [laughter] mayor, representative, dennis, you've been praying for many, many years. a lot of losses for the browns, the indians, the cavs, the barons, you have the crusaders in hockey. what is this like for you, but more importantly, it is sort of this big win for an entire city, isn't it? >> oh, it certainly is. the people of cleveland have been long-suffering and loyal sports fans, and they're showing up to support the teams no matter what. but this moment last night when kyrie irving with 53 seconds left hit that three-pointer and
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then lebron came back and made a foul shot, that was a moment where we knew, hey, this is -- we're going to win this. and it's a victory for the city, but when lebron james said afterwards, i'm home, i'm home, he showed, he kept the commitment and brought the team together. what a wonderful team effort. i mean, everybody's connected with cleveland, we're just ec stat inning about this. liz: i know lebron's getting a lot of attention, but i bet many infants will be named kyrie at this point. [laughter] the curse may be broken for the cavs, but it is not broken for the indians. i am familiar with the curse of rocky covolito for the cleveland indians, right? this was when in 1960 they traded a right fielder who was just a genius, i have my old indians hat that i never let go of was i'm still -- because i'm still holding out hope. can they break the curse? >> the indians are in first place.
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they just swept the white sox, i believe, you know, back home in cleveland this weekend. but, see, what happened last night transcends baskeketball. everything that any one of us who's group up in cleveland, i mean, it absolves the drive, the fumble and the shot, and jose mesa in the '97 world series, you know, those are things that we suffered collectively, and now we celebrate this. liz: i want to just quickly add, mayor, the cavs were valued by "forbes" at about $1.1 billion as a franchise, number 1 behind the -- number 12 behind the spurs. do you think this improves the money factor for all of cleveland? >> oh, this is great for the cavs, it's great for the city. i just want to add one thing. you mentioned rocky, i actually carry this card, liz -- liz: you're kidding? >> the it's a rocky card. in one game he hit four home
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runs which proves that, you know, it's possible to hit a home run every time you get up to the plate. but the town still misses him, and that curse is one that i think the indians are ready to break as well. liz: yeah. they traded him to the tigers back then. bad move. go tribe and the browns. joe vardon, you got to witness history. joe an nba writer and dennis kucinich, former congressman and former mayor of cleveland. we will be right back.
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liz: the firing of trump campaign manager corey lewandowski feels straight out of the apprentice. it starts with lewandowski versus convention manager paul manafort. trump campaign sources say a power struggle ensued between these two guys, manafort throwing down an ultimatum about quitting saying, quote, it's me
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or him, and behind the scenes ivanka trump working to make sure that manafort stayed, divided in part by her husband, jared kushner. today, game over, lewandowski out. a monomoth university poll shows a head to head contest between hillary clinton and donald trump shows hillary leading by seven points among individualsterred vote -- registered voters. joining us now, tammy bruise and ebony williams. the trump campaign, some would say it looks like total a mayhem or finally finding a path. which is it? >> well, look, finding a path. if there h had been no change, mayhem would have continued. i think this is a ve for the trump team. they're adapting to the new general election dynamic, so you're looking at i think, also, probably more announcements coming up in the next few days or a week, a realization that they have to adapt before the convention. and about that poll, let me say, remember, this is not a national general election.
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it is state by state, 270 electoral votes which means national numbers really mean nothing. in the swing states like ohio, pennsylvania, etc., they're actually tied. liz: okay. look, corey lewandowski was certainly a lightning rod. ebony, very contentious relationship with the press. he was charged with misdemeanor battery, those charges were eventually dropped, but, i mean, this guy had to go at some point especially considering that he was the one pinpointed as convincing donald trump to double down on his critique of the american-born judge in the trump university case by calling him a mexican. >> yeah, liz. certainly, those insights say that corey lacked finesse. some of the things that as tammy pointed out donald trump will need going forward into this convention and the general election. i think donald trump and his camp should be very appreciative and happy about the way corey lewandowski has acted today.
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he's talked about how he still will support donald trump, be instrumental in helping him be successful in this general election. so this doesn't become the scandal that it could have become. liz: you've got trump staffers tweeting ding dong, the witch is dead, but let's look forward here. over the weekend there was a fundraising letter that was sent out that a lot of people saw by donald trump or his people that said something like we need an emergency $100,000. i immediately reached out to some rich guysrom florida, and they told me they get these all the time for every candidate. but for a presidential candidate, is this a little strange? we need an emergency be $100,000? why didn't he just write a check? >> well, i think this is maybe an indication that the campaign's moving more into a traditional mode, that people do send out e-mails, of course, asking for support. maybe it's a test to see what they can do when it comes to the general grassroots. but i have to say this entire mechanism here with what's
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happened with ivanka and mr. manafort shows you there is not group think taking hold and mr. trump is listening to people. so you're going to see probably a different approach with lewandowski gone and an expansion, and if for anybody on the left who was hoping that some chaos would remain, i think this is a sign that it's not going to be the case. liz: ebony, hillary clinton's supposed to give a speech tomorrow possibly, that's what our sources are telling us, about the economy. what does she have to do to get attention away from donald trump? >> that's going to be a full-time job, liz, certainly. the media, the press certainly very obsessed with what mr. trump does. but hillary's doing the right thing. i've criticized her because she hasn't talked policy and given us a reason to even pay attention to her. so this'll be a good step for her, but she's got to say something worthwhile and compelling when she's in front of that microphone. >> can i add something? liz: yeah, quickly. >> on both the economy, jobs and terrorism, all the issues now that matter, trump really annihilates hillary, so he needs
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to focus on them too. liz: in the aggregate, that final poll that is most recent shows she's seven points ahead but, again, these are tiny, tiny moves. >> it's a long way from november. liz: indeed. they're going -- [laughter] you're going to the convention. we'll be watching. you can see donald trump answer all of these questions, because right here on fox business tomorrow night, huge show, lou dobbs speak to the billionaire businessman. 7 p.m. eastern, tomorrow. lou dobbs tonight tomorrow, 7 p.m. eastern. fifteen and a half minutes before the closing bell rings. we're the still up about 177 points for the dow. big business getting in on the fight for britain's future. richard branson joining the pro-european union camp, stay. coming up in a fox business exclusive, kevin roberts is here. he'll tell us if he's standing with sir richard or critics who say red tape from the e.u. is killing business. you've got to hear this next. ♪ ♪ ♪
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liz riz the u.k. referendum has turned into quite a battle between prominent businessmen and britain. sir richard branson upping his pro-e.u. efforts by launching a nationwide campaign urging people to remain in the european union, but he faces criticism from nearly three dozen top businessmen who are banding together and urging voters to leave the, quote, energy-sapping european union. joining me now, ad genius from saatchi and saatchi & saatchi and author of 64 shots: leadership in a crazy world, mr. kevin roberts. the leave camp, kevin, is simply saying that the red tape spewed out across the channel between
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the u.k. and the european union is choking business. what do you say from that? >> i remember what edward debono said to me once. he said, ken, there's no point being -- kevin, there's no point being brilliant at the wrong thing. [laughter] this whole in or out is the wrong thing. the whole point is, look, of course we're not going to answer, we're not going to condemn britain to become an island of redoubt. we've got to think about the legacy we leave our children and our grandchildren which is freedom and joining the world. but we've got to go to brussels and sort this out to stop the slow strangulation. my view is we should send big boris to brussels and get him to sort it out. we shouldn't be talking about leaving or staying, we should be talking about fixing and improving. liz: yeah. can't you tweak the problems that are between these big trading blocs? >> of course you can. i mean, i think we've got ourselves -- if the right -- i think the british public on
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thursday not listen to any more issues or any more pros and cons. they will make this decision as they make every referendum decision, with their heart. you make the big decisions with your heart, the little ones with your head. now it's time for their heart. and britain will go, will vote, i believe, we're going to stay. now i'med in what happens -- i'm interested in what happens next. what do we do after that? because we must be more entrepreneurial, we must create more jobs, we must stimulate the economy. liz: okay. but, kevin, we're looking at a big argument here that the whole immigration problem is scaring a lot of people, and they feel that a mass influx of migrants into the u.k. via the european union would drag down the economy, and the u.k. has fought so hard to have a strong economy. >> and we've faced this in the past with enoch powell in the caribbean and with asians and so on and so forth, and it's definitely -- liz: it doesn't sound like you're scared. >> no, i'm not scared. i think britain will vote for
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its heart and say we're going to stay. what i'm interested in is how do we then go to brussels and say, listen, we almost left, so now here's our list of ten things. i'm not seeing the list of ten things that we need to -- liz: give us something. >> exactly. and we'll give you boris to sort it out. liz: yeah. boris, the mayor of london. >> there you go. now go to brussels. liz: always a character. great to have you. everyone buy this book, by the way, it's a brilliant leadership book. kevin roberts, saatchi & saatchi chairman, and keep it right here on fox business for extended coverage all week for the british exit vote or stay, if you will. ashley webster, adam shapiro, charlie gasparino on the ground in europe to bring you the coverage. varney as well. folks, we have just fumbled more than 150 points of the gains today. we're now up 135. let's get to the nyse and see why this is happening. lori rothman. >> reporter: it really just turned around suddenly, right?
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we were up 271, and really in the last ten minutes the market just evaporated. still up 131 on the dow, that's impressive. the overriding theme has been recent polls showing more people in the u.k. are in favor of sticking with the e.u., someone just shouted that apple turned negative, maybe you can confirm that with me. i'm not at my computer, so i'm not able to do that off the top. the vix has come out a little bit now, it's up to 18. volatility, not a lot of macro today, not a -- liz: apple is negative, lori, down about a quarter of a percent. >> reporter: okay, that might be a drag there. liz: it might be a bit more there. >> reporter: where'll try and see the story, a pretty good news with twitter doing a deal, financials are now selling off, i'm hearing, as well, and that's been a pretty regular scene too with the brexit. i'm curious, liz, maybe we could check headlines if there's something else. we know some polls were due to come out this afternoon on
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brexit or bremain, what they'll ultimately vote on thursday. those are some of the things i'm working on for you. if i can cruise the floor a little bit, i can hopefully get some more info. liz: i see a couple of heads, nothing here. just, of course, we have seen that the pound sterling is surging, that continues. most of the polls -- although we're really scanning this right now for breaking news -- most of the polls have said it's starting to lean toward the stay vote. stay with the european union. we have the great fortune of having david joy in the chair from ameriprise with close to a billion dollars in assets, chief market strategist. is this simply, you know, some profit taking? >> i think it is. i think it's a little bit of a relief. but, of course, the vote has yet to be taken. we'll have to wait until thursday for that to happen. but i think all you have to do is look at the banks today, particularly those trading in the u.k., they're up over 5%. it's a big, big relief for them especially.
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liz: yeah. and by the way, our banks are still up more than 1% mostly, although -- see, i'm looking at -- hold on. goldman -- i have goldman up 1.5%. yeah. >> you know, the u.s. banks didn't sell off nearly as much, of course, because it's not as impactful to them. liz: well, they've had a terrible year. >> they have. they have. for a lot of different reasons, regulatory, business-wise, low interest rates, a lot of reasons the banks have had trouble. liz: but, david, between now and thursday is in the most important headline, or do you feel with janet yellen speaking tomorrow, wednesday before the house of representatives that maybe this might be something out there that our viewers would be mindful to watch? >> well, i think it's important to watch what the fed has to say and what they do, but having come out of their meeting just recently, i think the fed has moved to the sidelines for the time being. so this brexit vote is clearly on the front burner. liz: yeah. we've got our team scanning and looking to see if there are new
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polls because they sometimes come out at this time of day. the polls, we need to stress, have been inaccurate in most cases. remember when scottland was voting to secede from england? be they were completely wrong on that. it's important to notice that. here are the latest exit polls we have. 44% say remain, 43% say leave. i mean, come on, can you get any closer? >> well, the financial times this morning reported that their poll of poll was a dead heat, but they made the point -- and this is important -- that those polls were at least in part taken before the assassination of jo cox. and since then there's been a shift in momentum to the stay camp. and so these polls may already be a little bit outdated. liz: you know, we should really put up a headline that instead says we've peeled off about 150 points off the lead for the dow jones industrials. at one point we were up more than 270 points. so we're starting, folks, we need to just make this clear for you, we're coming well off the highs of the session.
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earlier i had told you that thes nasdaq -- that the nasdaq had been up 81 points. 81 points. so the nasdaq right now is up 38. so, you know, we've chopped all the winds in half here. >> we have. i think you have to keep in mind the u.k. market was down 6% during the selloff, the european, eurozone market down close to 8. we only traded off a couple of percent, about 2 or so percent. so for us to bounce back in a more modest way not really that surprising, i don't think. liz: what do you do? if you're guiding your investors over at ameriprise, what is the number one thing you're telling them to do now? >> well, i think for right now what you want to watch is the economic data in the u.s. we think we're going to be bouncing back to a 2.5% growth path in the second and third quarter. if that's the case, then there's a chance that earnings growth could turn positive in the second half of the year, but we still have our own elections to deal with. that's going to cause volatility. so i think one of the things you want to do is stay with the equity markets but do it in a
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defensive way, good dividend-yielding stocks, growers. liz: look at these, you picked these three, merck, cisco, simon property all have a dividend of 3% or more, that far outweighs the 1.6% that the ten-year treasury's yielding. you're saying go with a good name and at least own a piece of a company here. >> that's exactly right. and all of these are well-managed companies. they all have their challenges, clearly, in a slow growth economy, but they're well managed, and they can produce good, solid cash flow and grow dividends over the time. liz: we're trying to get lori back in front of the camera, but i think it's important to also note that we still at these levels have the biggest gains in what, charlie brady? more than a month. more than a month. >> yeah. it's nice to see. and i think it's reflective of the fact that there's this political overhang starting with brexit. we got the fed out of the way, that's h liz: hold on. the floor. talking to traders? reporter: hi, there, liz.
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apple went negative. also microsoft and cisco. the bigger picture, profit-taking here. maybe some relief finally. a lot of writers this morning were saying, gosh, let's get past the "brexit" vote this thursday so we focus what is going on. there is not a lot of economic news to trade on. that comes on heels of last week's fed. before that disappointing jobs story. what else did i want to tell you? vix index coming in, people are feeling more confident about u.s. equities, liz. liz: you're saying apple and microsoft. reporter: and cisco. liz: cisco right now is down half a percent. it is moving fast. cisco is moving fast. we have apple down just a fraction at the moment. quick mention on microsoft. pretty much flat. can't count that as negative. david, what do you say? >> i think technology is pretty good place to be. i think you have to be a selective but one place i think you see earnings growth the
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second half of the year. liz: you heard it from david. we'll put all of his picks on facebook @lizclaman. [closing bell rings. let's get to david and melissa for "after the bell," guys. melissa: stocks sinking into the close. the dow had been up 271 points at the high of the session but we have lost quite a bit since then. if you look at the screen, just in the last hour. i'm melissa francis. david: i'm david asman of the pleased to be back. this is "after the bell." we have you covered on big market moves. first, here is what else we have this hour. major reversal at the justice department, coming down moments ago, why the doj and fbi now decided to release the full transcripts of the orlando shooter's call to 911 without omissions. donald trump firing his campaign manager right before the republican convention. the details behind this big move, what


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