tv Countdown to the Closing Bell With Liz Claman FOX Business November 2, 2016 3:00pm-4:01pm EDT
were starting its exam. i will be here with the intelligence report and at our normal time 2:00 p.m. eastern so do make sure you turn in. it will be an interesting weekend. it's amazing to think about how time has just flown. with some breaking news here. we are learning exclusively of voter fraud allegations in a particular county in florida. at this hour. it comes as donald trump swings through the states. they're facing a constitutional crisis. in warning of the ramifications of our president. clinton for her part is on her way to las vegas.
abandoning the advice. once she's done there she have to arizona. dave heinemann with them life. the rhetoric from both sides and which part of it could be affecting the election the most. >> i'm still recovering from this. the cubs fourth in game seven. thanks to the mvp candidate. driving ratings for fox. how he have quite the hand in that. they are following the fed's decision.
they were down 56 points. less than an hour until the closing bell. let's start the countdown. liz: i have just told you that we are about to take you live it to florida for breaking news on apparently what is a lawsuit about to be filed by republicans on accusations of voter fraud. no november surprise from the federal reserve. they are leaving target interest rates unchanged at a quarter to a half a%. about the possible december rate move. the cases there it's continuing to strengthen for the economy into raise interest rates. they decided to temporarily freak out.
tumbling into session lows immediately after the decision was announced. dropping about a hundred five points. they are trading down as i said 56. it has been done ten or 11 points before the reveal. now trading lower. it started to go lower. it's sitting three basis points lower. just on tuesday we have seen that was a high since may. the u.s. dollar getting no help at all from the feds. one of the most pronounced moves continues to be in gold prices. jumping above $1,300. hitting a one month high. it's up for of the last five
days. oil prices already starting sinking nearly 3% after the energy information reported a massive and when i say massive record crude stockpile billed for the week. 14.4million barrels. the expectation was to see a build of about 2 million barrels so it's not a surprise that in the aftermarket session they continue. foxbusiness has learned that there is a voter fraud controversy. here is what we know. it is threatening to file a lawsuit by 9:00 a.m. tomorrow morning. the allegation they were opened before they were canvassed in broward county. let me bring in adam shapiro. can you please explain to the
viewers what came to see means in this. it means verifying that the ballot is eligible to be counted. so that process according to the republican party of florida is not being followed. i want to read you a quote from the letter. they had notified the elections. this practice has to be rectified. tens of thousands of vote by mail ballots are being opened by your staff before they had been canvassed by providing the public the opportunity they have that illegal decision. what you said just a minute ago. that is what is pending. they will file a lawsuit at 9:00 a.m. if the supervisor of elections does not respond to
this letter. i spoke to the chairman of the florida republican party he explained the issue like this. john smith was supposed to be the voter. there would be no way to verify that because the canvassing board never met. votes that were cast were not supposed to be cast. we had reached out multiple times to see if they want to respond to this. here is one of the corners into which they are backed. you could not start canvassing until october 24. the canvassing board as a last meeting was october 19. they have not met. it means that they have opened and counted. it's a mess. you will recall in 2000 those counties where the epicenter of forgive me if you remind this.
they are trying to avoid all of this. florida always seems to be in the direct bull's-eye. it takes place around 4:00 p.m. eastern. in about 55 minutes. please come back to us if you get a response with any of the officials. they are live in florida. whatever you are doing this weekend i can guarantee you the news flow will be fast and furious. i needed to need you to do whatever you're doing near the tv. all weekend long this exact channel for special coverage of election 2016. the entire team will be on all day saturday and sunday 6:00 a.m. all the way through 9:00 p.m. eastern. keep us on as you do it. let me get back to the markets here. not a surprise what happened one hour ago. if donald trump is elected president the experts are
saying that that would be what wall street calls a black swan event. an unexpected development that rattles the market. there is another? that could send investors running for cover. wall street journal chief economic sponsor. john you cannot be surprised by the fact that the fed didn't move today but would you raise an eyebrow if janet yellen doesn't hike rates next month. >> i certainly would. what they said in today's statement was that they're starting to see signs that inflation is picking up. i took that as a pretty strong sign that they really expect me. something very unexpected would have to happen. if trump is elected. around the uncertainty.
but what they said today was that all systems are a go for a rate increase in december. they said the case for an increase continues to strengthen however they need further evidence before moving. they will be waiting until 2040. there's always can be a morphing of evidence is there not. what are they talking about. this is where we get into that. they inserted a word of this they said they need some further evidence. what they're trying to say is they don't need to see a lot more evidence. they've artie seen a lot of it they just need another decent jobs are poor and they will be ready to go. how has it changed the feds plan.
>> a trump presidency in and of itself wouldn't change it but if the markets respond to in a way which is very surprising then that could affect. it could affect them thinking. at this point they are trying to say it clearly as they can. that all systems are ago. in the market is priced that in. it's more than 70% probability. there are couple of things that have been reacting pretty dramatically but specifically today you have a gold jumping. now above $1,300. the yen even looked like a flight for quality. were not in an emergency economic state anymore as we were after that financial
implosion in crisis. i think people are waking up to something that it was we can up to. inflation has been so low for so long. it's been under the 2% goal for more than two years. were starting to see some signs that it's picking up a little. we have seen some fermi in commodity markets. if you also look at consumer price inflation. if you look at bond yields. what the markets are telling us what the data and what the data is telling us that inflation is starting to creep a little bit back in there. it's not running away but it's getting back up to the level that they have a talk about for so long. >> thank you so much. the closing bell ringing about
49 minutes from now. they just mentioned oil and its gasoline that is behaving really bizarrely. it's crawling at this hour after spiking in the wake of the spirit a deadly pipeline explosion in alabama. it initially had devastating effects one person killed but also on whatever you pay for gasoline. but now all of that is changing. bennett brockwell tells us whether the disruption could send gas prices not skyrocketing but now falling. and they're set to speak on the campus of north carolina on behalf of hillary clinton. working to take you to the tar health state when the countdown continues. stay tuned. ...as a combination of see products.. and customers. every on-time arrival is backed by thousands
there would be a squelching through it to to those areas. they are sending them as much as 15% during the new york stock exchange intraday trading yesterday. but take a look at prices at the pump. everywhere from houston to birmingham the consumer price is moving higher. let's bring in to see how this explosion could affect prices down the road thank you so much for joining us.
we are also looking at the price discovery in the price movement. there is a spike and now we have gasoline dropping rather significantly. what can people at the pump expect. and that was mostly because they were afraid that colonial would be out of service for an extended time like they were a few weeks ago. and so people get protective about inventory and they want to make sure that they cover their replacement cost. we sought rise ten to 20 cents a gallon. liz: we have the gasoline tax moving higher. at this point this have happened. that is a separate issue.
it's that lower eastern seaboard that seems to be affected. it supplies gasoline to millions of people. half of it that is produced is produced at the golf course. it supplies it every state. and ultimately florida. it's another way around it. crude oil on a different issue is dropping. as we always do on wednesday we have the inventory numbers for the previous week this was a record build of more than 14 million barrels. even i was stunned by this. i've been covering businesses for about 14 years. why are these predictions by very smart people so
incorrect. it's a fluid system. a few weeks ago the supplies were interrupted because of storms. i think the number today and i prefer to there is no question. there is downward pressure. offset now a little bit by the uncertainty the issues that we supply. and problems that cause to commute to work wherever they live it's very nice to see national prices. oil driving chevron down.
we head about a third higher for that 30. they aren't scoring a huge. they report a jump in revenue. from the quarterly report. they're saying that the latest gains will drive profits and revenues even higher. ea is up more than 25 percent over just the last six months. >> chris bryant providingimetim. fighting this. it is a foxbusiness exclusive. all-american entrepreneurs. the pursuit of healthier.
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>> 2-0. high flyball to left center! at the wall. grand slam! 7-0 chicago. liz: the win last nights leads to possibly one of the most agonizing waits in sports history. the chicago cubs were better than sliced bread last night, except sliced bread was invented four years after the cubs won their last world series in 1908. facing elimination, cubs rallied to defeat my cleveland indians, yes, forcing game 7 of the world series. last night's ratings were 66% higher the last time there was a
game 6 in the world series. that was 2014. the best ratings for game 6 since 2009. kris bryant knocked it out of the ballpark with the help of a custom-made bat he was ewing. true david versus goliath story. david chandler made that bat. he defied skeptics who thought he was crazy to give up his furniture business in 2010. he was convinced he could make a better baseball bat with the furniture wood. now he is going after the giant in the industry, louisville slugger. chandler bats joins me, in a fox business exclusive. oh, my gosh. what was that moment like for you last night when kris bryant hit the home run with the bat you made for him? >> i got to tell you, it's culmination of many, many things are. an emotional standpoint knowing
that what you do, what you take so serious as a craft, as a direction of business and working to change standards, change the culture, and have someone like chris who believes in you, understands the struggles that you go through to mark your way forward and to see him go out and produce along with the rest of the guys, but especially the last two times on sunday's game and again on the game last night to be able to extend everything out and really put a charge behind the team. take a lot of pride in that. certainly all the kudos to he and rest of the team but knowing you have a small part is great. liz: 15 years you were making high-end furniture for fancy millionaires. >> right. liz: suddenly you think you make baseball bats? what is special about your bats? we have video of your factory which have eight employees. we at fox business love small
entrepreneur stories. how do you go from furniture-making to making bats that end up in the world series? >> having a crazy enough notion and belief in yourself. i'm a big, big baseball fan. i don't come from background being professional player or collegiate or high school player. a fan of the sport, feel, understanding for how the sport itself and industry could be propelled forward in giving greater confidence to the player and greater performance, and also for the first time being able to take that approach with professional players, and making it available for amateur players alike. liz: when we say professional, it is not just kris bryant. you have a couple other cubbies that use these things. dexter fowler, jon lester. washington national players, houston astros. even the mets are using them. dang, son, you're taking on louisville slugger been around
100 years, now owned by a giant in sports, wilson. that is certainly a big deal. >> it is. it is testament to the fact that you know, having a understanding of where an industry and sport like this can go with a lot of hard work and ingenuity. having determination to keep moving forward and, when, in day and age when everyone is talking about make america great again, things of that nature, i think quite simply if you believe in what your abilities are and you work to empower and better the people around you in this instance, arming these players to the teeth to go out and do the best they possibly can, great things can happen. that is certainly what kris bryant and the rest of the cubs are showing. liz: it is inspirational story. you have to know what a leap i'm taking huge indians fans putting you on, in my house, my dog rosy is depressed what happened. there is my dog, rosy.
poor thing, my nervous pup. we know a good business story. thanks for coming on to tell us the story. thank you. >> thank you. liz: chandler bats they do make bats if you want to pony up the money. tonight 8:00 p.m. eastern, go cleveland! 29 minutes away. we're awaiting president obama who is about to speak in chapel hill, north carolina. we'll take you there when we come back. dow jones industrials swooning a bit. s&p was is down eight. it was down 17. maybe a comeback like the cubs is in for the markets. we'll be back.
liz: this is what is called a split screen three locations. president obama to take the stage in north carolina. that is joe biden speaking live in palm beach gardens, stumping for hillary clinton. vice-presidential candidate on the tim kaine in dubuque, iowa. we have breaking news situation we brought you at the top of the hour, that is the case of republicans in broward county, florida, about to file a lawsuit early as tomorrow alleging some type of voter fraud involving mail-in ballots there. is some response from broward county. if you forgive me i will read this here. they are sayings this is the same process they have always gone through. the ballot arrives in envelope with voter name. they scan the barcode and then they make sure that it matches the signature on file and they verify it and therefore they're working on just explaining to the world how they are saying there is no voter fraud at this
hour but adam shapiro will get to us in just a moment as soon as he gets more information. meantime i want to bring in former democratic congressman from ohio, dennis kucinich, former republican governor from nebraska, dave heineman. this lawsuit, governor heineman, i don't know if you heard about it, it just broke in the last 55 minutes or so and, we're just beginning to wonder what is going on here. do you have any insight when it comes to these types of allegations every election? >> well, i don't particularly to the situation in florida. i think we always need to be watchful and careful regarding potential voter fraud but by and large, we've had very good elections in this country and i think by and large we feel fairly comfortable with that. but again there is always an isolated case or two you need to be aware of. liz: listen, our democracy is great and we got to keep our eye on it no matter what to keep it terrific. representative kucinich, let's get to hillary clinton right now.
she has spent this week hitting donald trump on several issues. his lack of foreign policy, his treatment of women. now his treatment of the latino community because she is heading to heavily latino states of arizona and nevada. again, this as this controversy regarding email scandal being reopened by the fbi swirling around her. can she fight this off? >> well, hillary clinton is probably one of the most experienced politicians of our time. she is very powerful inside gut fighter. now having said that, you look at where she is campaigning, nevada, arizona, those states are in play. florida is in play. iowa is in play. north carolina is play. fbi putting a heavy foot in this election with nebulous emails don't know about, they have actually changed the election. we have to recognize that. i don't think that is a good thing by the way in terms of fbi
involvement. be that as it may, it is a fact and hillary clinton has to face that. and so she has to use whatever she has at her disposal to try to counter it. this election will go right down to the wire. we'll be watching election night figuring out who will win. liz: i think you're right. here is also an indication it may go right down to the wire. governor heineman, and representative kucinich, this was first brought up on "varney & company" that there is a google search that has spiked in the last about 72 hours and people are googling how to change early vote, meaning they voted early and now they're googling, can i change it? there are some states where you are allowed to change it. governor heineman, do you get a sense that people are questioning, maybe on both sides, but listen, you can't ignore it on the democratic sidg people question what they first cast? >> well, there is no question in certain states you're allowed to
go back apparently and recast your ballot. that is not true of a lot of states. i think congressman kucinich is right, there is going to be a very close race and you will have ultimate insider in hillary clinton versus the change candidate and that's donald trump. and i believe the american people right now are focused on whether, they simply know they can't trust hillary clinton. they want an economy that is going to create jobs. they're very unsatisfied with obamacare, and they want a safe country. donald trump has the momentum and that will make a difference. liz: all of that is true. you serve on donald trump's agricultural advisory committee. we just got some granularity when it comes to the latest gdp number which looked better than expected 2.9%. still a little anemic but better than expected. jump in soybeans exports, grown here, exported around the world
in part contributed to the stronger number. donald trump has been very clear, he wants to tear up and rewrite many of these trade deals. are you concerned it may become harder for farmers in america with donald trump to sell what they make outside of the u.s.? >> no, i'm not because donald trump has made it very clear he is for fair trade along with free trade. i certainly told farmers and ranchers all across the country, generally trade agreements favor agriculture but don't favor the rest of the american economy, manufacturing, technology. look what's happened in ohio and michigan? plants are moving to mexico and other countries and that's where donald trump can hopefully negotiate a trade deal just as good for those parts of our economy as it is for agriculture. liz: we've got to run, but, dennis, president obama is about to speak in chapel hill. what does he need to say? give me a line? >> he has to talk about america getting back to work. he should be addressing trade deals.
trade has been bad for this country. we ought to break up monopolies in agriculture and helping farmers get parity on agricultural issues. liz: we appreciate it. do not miss the best election night coverage in the business and business world. we'll have live, continuous coverage november 8th from the opening of the polls, all the way through the victory speech of the president-elect and beyond because down ballot races are down to the wires as well. watch fox business. we're the fastest growing network in all of cable. that's right. o 18 minutes before -- roller derby. ♪ now give up half of 'em. do i have to? this is a tough financial choice we could face when we retire. but, if we start saving even just 1% more of our annual income... we could keep doing all the things we love.
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voters right here in north carolina. [cheering] and it is that grassroots work that led us to win north carolina in 2008, and you are why we will win north carolina in 2016. [cheering] we've got six days, six days. i love you too but i got, i got some business i got to do here. [cheering] i'll give you a hug on the way out. [cheering] but right now we got to focus on some business. that business -- liz: it appears, appears we just lost the audio to president obama. we'll try to re-establish that at the moment but in the meantime as he is very clearly
campaigning for hillary rodham clinton. we got it back? let's listen in. >> if you're not registered, you have until saturday to register and vote at any one-stop location in your county. if you don't know where to go, then go to i will vote.com. i will vote.com. you can can find a one-stop location near you and we can finish what we started eight years ago. [cheering] now, some of you eight years ago were 10. [cheering] you know who you are. so you may not remember exactly where we were as a country when i visited raleigh in the final days of the 2008 campaign. we were living through two long wars. we were in early days of the
worst economic crisis in 80 years. people lost their homes, their jobs, their 401(k)s had crashed. their home values were sinking. they, they -- [cheering] the economy was teetering on the edge of a great depression. but we turned the page. we have seen america battle back. last year incomes rose faster than anytime since at least 1968. poverty fell at fastest rate since at least 1968. businesses turned job losses into 15 million new jobs. liz: president obama supporting hillary rodham clinton in chapel hill, north carolina. making case for clinton press den city. we'll tore this. if he says anything about the reopened email fbi investigation or wikileak dump we'll monitor
it. donald trump riding momentum that could perhaps even the end of nafta, the north american free-trade agreement. there is market speculation that a trump win for the white house in the wake of clinton email drama could move certain stocks. carly gas on kfu. >> make one point about president obama, he said one thing interesting. he said, maybe this is local colloquialism, i have been in north carolina, i never heard of. we gots some business. funny watch these politician try to adopt the local language. i think he went really far. liz: i remember george w. bush saying about prescriptions, we know sometimes doctors don't write so good. sometimes they speak in colloquial english. >> it sounds stupid. liz: regard that, let's get to the story.
>> casey southern, is the stock to watch. talking to any money manager, they want to see ba rommer it of any trump victory. this is volatile on positive news and negative news about trump. it is up a bit today but since friday. liz: 2%. >> since friday it has been down about 2%. we should point out, 2.9% since friday and the dow has been down 1.2% since friday. why do we say friday? email investigation is reignited, changing the polls, possible trump victory or increasingly like hood or possibility is likelihood. still has a narrow path but this is a stock to watch. money managers tell me this stock has been riding on ever positive or negative trump issue. why do they care about this? half of its business is nafta-related essentially. it ships stuff back and forth to mexico.
you think trump will win, kill nafta or the trade deal, obviously short the stock. if you think he is going to lose and nafta stays, the stock goes up. if you look at the trade, okay, two things i would say. i don't advocate trading but if you're looking to trade, this is good stock to trade in the market. if you're looking f barometer of what smart money managers think about stocks, and who is going to win, this is the one to follow. i will tell you it is very volatile on that. if it looks like trump is going to win, i mean monday will be an interesting day for socks. if we see a trump victory increasing, watch for the dow to be off big. watch for this thing to be off big. if not, polls come out and looks likes hillary is going to win, well than, i think you will see a relief rally. liz: live picture from florida. pam bondi, the attorney general. trump is expected to speak in eight or nine minutes. >> this is what i'm getting from inside the campaign.
funny she is speaking right now. they do see a path to victory. here is the way they do it from inside the trump campaign. not too much of a leap if you look at battle ground map, okay. liz: or electoral college vote, really? people saying that is tougher path. >> it is. if you look at the map, assume a few things, because momentum is starting to shift with him lately, they think he has to keep all the republican-leaning states, even those lean states, win florida, iowa, ohio, nevada, new hampshire. of all those states, nevada is the bluest of all those states. so that would be a big, that would be a big, big win for him. not pennsylvania. you know it is not impossible for him to win this, if the momentum, if he can make up ground in those states. by the way, he is, essentially tied in florida. he is up a little bit in ohio. ohio, ohio he is tied. nevada is where he is behind. new hampshire -- liz: although in today's quick
poll, cnn's poll, he was up in nevada. >> that's what i'm saying. there is a path to victory here. he has to keep arizona obviously. he has to win florida. florida is not easy. he has to win new hampshire. these, it is a tough, listen he has a higher -- if you laying odds it is higher for him to do this than for her to win but, watch the market on this market will go really nuts. liz: why everybody has to watch fox business, melding of politics and business. the dow is down 63 point with the closing bell six minutes away. we're coming right back. don't go away. there's a denture adhesive that holds strong until evening.
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the fed failed to do anything. yo see lou it is a surprise. gap campaign see as possible path to the presidency. we have jack mcintyre. you have a prediction here, that the fed will not move if donald trump becomes president. what's behind that thinking? >> yeah. okay, so we know the fed has explicit goals of price stability and full employment but they have implicit goal of financial market stability. on a trump victory, there will be a big dislocation in financial markets. that will tighten for the fed. they will not be in the position to tighten at december fomc meeting. liz: what does investor watching you do with pile of powder of cash? which areas do you go into? >> start nibbling with u.s. treasurys.
october was pretty bad month for bonds. 30-year treasury sold off 50 basis points. i think they look fairly attractive or getting close to being attractive. you need a hedge. there is chance that could win. you need something defensive in case he actually pulls out a victory. liz: your brandywine fund is up 12% year-to-date. you're beating broad market index. what have you done right. >> got out of broad exposure to the dollar early on this year. the dollar has been weak primarily against emerging market currencies. we still like emerging market assets. liz: are you bullish on things like gold? gold is having quite a run right now, jack? >> one nice thing about gold with interest rates being this low, couldn't cost that much to have exposure.
probably a hedge. overall rule of thumb, 5, 10% exposure to gold. [closing bell rings] you want something to retain value. liz: so nice to have you, jack, with 60 billion in assets, listening to you. treasurys, gold. as we watch closing bell ring, donald trump is about to speak. we should tell you the s&p 500 down seven days in a row. longest losing streak in five years. david and melissa. melissa: stocks ending the day in the red for the seventh straight day. longest losing streak for the s&p in five years. i'm melissa francis. neil: that is even without raising rates. i'm david asman this is "after the bell." we have you covered on big market movers. here is what else we have for you at this hour. less than a week to go the clock is ticking. candidates and team of surrogates out in full force, blanketing the country, full-court press. new polls, brand new polls i hold in my hands right now show the margin between clinton and trump getting very slim.