tv Countdown to the Closing Bell With Liz Claman FOX Business December 13, 2016 3:00pm-4:01pm EST
report" with bret baier tonight on the fox news channel, so tune in at 6 p.m.. we'll be previewing everything that could happen tomorrow with the federal reserve. meantime, 20k, hey, there's still a little time left. liz claman's at the new york stock exchange. we could get it. [laughter] liz: 86 points, trish, that's all we need to get us over the hump here. 19, 914. by the way, i have just been informed down here on the floor of the new york stock exchange that the traders will not bust out the dow 20,000 hats until we're within 20 points of dow 20,000. right now 19,914. but either way, this is still a lifetime high that we're looking at right now, and if we stay on track, folks, we will see the blue chips extend their record streak to lucky number seven. big oil taking center stage. president-elect donald trump actually putting it there by selecting one of the biggest of the big oilmen in texas. exxonmobil ceo rex tillerson
officially named as his pick for secretary of state. controversial because some say that tillerson has a way-too-cozy relationship with the arab nations who produce oil. can tillerson strike the right diplomatic balance with the saudis, iran, israel and all of those other nations? a fox business exclusive with the man who might know, the former u.s. ambassador to saudi arabia, robert jordan. plus, we're on trump tower watch. take a look at this, the most powerful man in the world meeting with the richest man in the world today, moth co-found -- microsoft co-founder bill gates taking the golden elevators to the top. president-elect is expected, by the way, in this hour to depart for wisconsin for the continuation of his thank you tour. his rally will begin sometime this evening, but he will leave any moment from now so, of course, we have the fox business caravan cam at the ready.
plus, a poor diagnosis for qwest. that stock is on the move and not in a good way. is it mission impossible to save viacom from a downgrade after cbs pulled the plug? and charlie breaks it on a top secret meeting between donald trump and an unnamed billionaire. i want to know about that. we'reless than an hour to the closing bell, we're live from the floor of the new york stock exchange, let's start the "countdown." ♪ ♪ liz: okay. can you guys hear me? take a look over my right shoulder. see that guy? that's peter tuchman. he hates to be pointed out, but guess what? he says he will not -- he's the keeper of the dow 20,000 hats. he's so mean. he says he won't bring them until we're within, what, 20 points, peter? got to be within 20 points? >> yes, ma'am. liz: just give me the hat!
>> no. can't do it yet. liz: so mean. [laughter] see, they're egging him on here. bring out the hats! we're at 19,914. we need to be at 19,980 before peter, grinch, bring out those hats. let me get to breaking news -- [laughter] it's about to happen at trump tower. at the moment donald trump's caravan is, as i said, expected to depart at any moment for that latest stop on his thank you tour. he's headed to wisconsin. we'll take you the minute that we see he is leaving n. the meantime, how about these markets? either way with dow 20,000, yes, it's far enough away at the moment that i can at least bring something closer, and that is a lifetime intraday high here. when i walked in here, trade arer danny said, you know what, liz? it could happen today, but then trader peter said not going to happen today, liz. so with just 57 minutes before we hear the closing bells,
you've got to stay with me to see which trader is right. either way already, yes, as i said, the dow and the s&p and the nasdaq have all hit intraday highs, all three at this hour are racing to new record closes. you will witness that, any move to the upside. so as stocks soar, oddly so too does the vix or volatility index. this is that so-called fear index. why is there fear in the markets? we're kind of asking around, and traders are telling me it could be investors are perhaps a bit nervous ahead of tomorrow's federal reserve announcement on rate hikes. the meeting is today and tomorrow. the announcement comes tomorrow. speaking of another big happening tomorrow, let's check out the big names of the tech world and what they're doing right now, and then i'll explain why this matters. you have apple, amazon, google, facebook, microsoft, all of them, i believe, are posting solid gains. yes, indeed, they are moving higher anywhere from one to two
and a third percent, nice move here. ceos from those names are expected to meet with donald trump tomorrow at 2 p.m. eastern. we'll be watching that. oddly, it kind of hits right at the same time we get the federal reserve announcement with janet yellen. you know what? we've got the greatest camera crews on the planet at fox business, we'll be everywhere and make sure you see it all. all right, what's working right now for the bulls? take a look at the is sectors that are really big winners since the day after election day, the 9th of november, and that would be energy. we've told you about that. the financials, the big banks have been on a run, telecom extraordinarily strong. all three up double-digit percentage points since the day after the election. but here are the laggards, because we always point out for our bears because they bet on certain leg asker -- laggards, consumer staples and utilities, they've traded off. so which sector now will get us over the dow 20,000 hump? we bring et to the floor show, traders here at the new york stock exchange and the cme group.
i grabbed tim anderson because i really want to know which sector you truly believe is going to get us to that point. right now we're at 19,915. >> i think it's going to be technology, and they have not been a leader since the election. but the last couple days you've had the transports and the financials, which both have very strong gains, pulling back just a touch which is certainly not unwarranted. and today you have google up 3%, amazon up 2%, microsoft trading at an all-time high which includes the prices from the tech internet bubble 16 years ago. and, of course, trump is meeting with a number of tech executives tomorrow. liz: and depending on the news, i think, tim, that could very well be it. larry, to you at the cme. is there a sector you believe is really going to be the engine for that last 8ing 0, you know, 85 points or so? >> yeah. 85 points. you know, i think tim hit the nail on the held. i do think technology. but right behind it what's going to support it, i think, are
going to be the banks. the banks are going to continue to benefit. there's been a slight accumulation of the banking industry especially since the election with, we have the yield curve steepening, rates are staying stable if not going higher. very attractive valuations compared to defensives, compared to, you know, quality names out there. when you think of jpmorgan, goldman sachs, i think they'll be closely behind technology in getting us above 20,000. liz: tim, when the federal reserve tightens rates, let me just explain that to people, that makes banks very happy, doesn't it? >> sure it does. it makes the yield curve a little steeper, and there's no doubt that a rate hike is totally in the market, and very shortly thereafter they'll be talking about the likelihood of when the next rate hike will come, whether it would be march or not until june. liz: larry, what's a buy here? what looks really cheap?
the metals and the miners have been hammered. i keep waiting to see silver go down to itself low, if you miss that floor and you see that, it makes you wonder do you go in and get some of these metals on a cheaper opportunity? >> you know, i think you do. but not yet. i still think there's room for, especially gold, silver, platinum, there is room for those to go lower. if i was to buy any of those, i would go after platinum or palladium just to play on the auto sector which i still think has two to three years of a run in it. so that's what i would wait for, yep. liz: palladium goes in catalytic converters to help them con relater. kevin mccullough, in my old days at cnbc, taught me that. great to see you. thank you very much. tim, larry. we're up about 121 points for the dow. we need to see another 86 or 87 points, 84 or 5, depending to see that dow 20,000 level.
all right, if you're not watching "countdown to the closing bell" tomorrow, i'm sorry, you don't care enough about your money. you have to be with me tomorrow because the fed rate decision is coming out 2 p.m. eastern, and then janet yellen's comments. she has that hourlong news conference. that starts at 2:30 p.m. it usually runs about 40 minutes and then, boom, we hit the ground running right here from the floor of the new york stock exchange for those final minutes there, and we shall see what happens, if market embraces what is priced in, most likely, as a tiny rate hike of about a quarter of a percent. to the corner of 56th and fifth, midtown manhattan, we are officially on trump -- let's see, caravan watch. as the president-elect is preparing to leave on that leg of his thank you tour any moment now, jetting off from laguardia airport in his jet to west alice, wisconsin. this on the heels of trump's official certified victory in the state after the recount effort affirmed his win in last month's presidential election.
and it's been another very busy day with the president-elect/billionaire businessman meeting with a variety of other billionaires and millionaires, visitors including secretary of state nominee rex tillerson. how about this? keeping up with kanye. rapper kanye west showing up at trump tower to meet with donald trump. and the richest man in the world, microsoft co-founder bill gates. all right, let's quickly take you uptown to the golden elevators where congress mcshane has a breakdown -- connell mcshane has a breakdown of the meetings. a flurry of activity, connell, really. >> reporter: really has been all day long, liz. the the rex tillerson news being made official as secretary of state pick, that's probably the biggest but, certainly, to your point, not the only story of the day. some senators have said they'll have questions about mr. tillerson's ties to russia. he's done so much business willover the years, that's likely to come up. but the other news story
according to trump transition sources that the former texas governor, rick perry, will be the pick to be energy secretary. mr. trump is said to be quite impressed by mr. perry's economic record while he was the governor of texas in particular with regard to the energy sector which drove a lot of the economic growth there. now, in the midst of all that, to your point, a lot of activity. some big football stars, the old football star jim brown as an example, was here earlier today, part of a group that met with mr. trump on issues in the african-american community as i'm sure just about everybody has heard, kanye west came speeding through the lobby this morning and met with mr. trump. then the two of them came down together. trump said they're just old friends, so make of that what you will. as for the bill gates meeting, they talked -- according to mr. gates -- about innovation among other things which is quite interesting. just a day ahead of the big tech summit that'll be held here tomorrow. so all of those things are happening. but for all of those things that
are happening, there's also some news in what is not happening this week, and it's important, liz, to take note of that. the news conference we were set to coffer on thursday about mr. trump's business issues has been delayed, so there'll be no questions answered this by the president-elect about potential conflicts of interest n. a series of tweets, mr. trump saying, quote: i will be leaving my businesses before january 20th so i can focus full time on the presidency. two of my children, don and eric, plus executives will manage them. no new deals during my term or terms in office. take note of that, liz, two of my children. don and eric mentioned. ivanka not, leading to speculation that she may be headed to washington with mr. trump. we don't know yet, but stay tuned for an update on that. back to you downtown. liz: jim brown who played for the -- you know, he doesn't meet with anybody, connell. the last thing he did where he
came out from the shadows, because he really doesn't do a lot, was a documentary called glickman about marty glickman, the famed sportscaster. that's amazing that he showed up, it's pretty incredible. >> reporter: it was a big deal for him to do that documentary. i knew marty glickman very well from back in college, so i remember that. they went to the premiere and everything else. he wasn't walking very well, but it was interesting to see, got so much attention on the street, hey, is that jim brown? one of the greats, maybe the greatest ever, right? liz: right. who doesn't get out there and say, look at me, i'm great. and you know i'm a browns fan. connell, great to see you. >> reporter: i know. [laughter] liz: he's like, i know. loser. [laughter] keep it here, right here as always on fox business for special coverage of donald trump's thank you tour and visit to wisconsin, because lou dobbs, as i've said, is really working the hour. 7-9 p.m. eastern, by the way, his show is number one, the
highest rated business network show. you've got to watch lou, there's a reason for that. and then, of course, followed by kennedy, special time, 9 p.m. eastern. okay. dow jones industrials up 120 points, we stand at 19,916 with about 47 minutes before closing bell rings. take a look at boeing. listen, this is interesting. it's done a bit of a reversal. earlier it hilt an all-time -- hit an all-time high, it is sliding slightly, down just under half a percent at the moment. it is, even with that tiny loss, the biggest drag on the dow 30. it actually had some good news, it's raising its dividend, buying back $14 billion in stock. up next, to the viacom saga filled with more drama than an office christmas party. the paramount hit likely to help the bottom line in the short term for paramount which, of course, is part of viacom. but long term this company needs to hook up with somebody. right? "wall street journal" media reporter keith hagey joining us
you to washington d.c. president obama has just finished signing what many consider to be the moonshot bill. it is called the 21st century cures act. billions of dollars for new research treatments. here's what this is going to do. it's going to expand medical research about, depending on how you look at it, a $6.3 billion bill over ten years, all kinds of health initiatives, hopefully eventual cures for cancer, alzheimer's, they're really trying to inspire companies and individuals to do research that gets them there. and then, of course, there is the drug addiction part of this where they are trying desperately hard to really move forward and get people off the opiates addiction. we've had such an increase in overdose deaths, specifically in states like new hampshire, ohio, alabama. so so much the 21st century cures could very well cure that. president obama signing it just moments ago.
i need to get to qwest diagnostics. if you pull it right up here, i just want you to look up here. the fact that it's up a third of a percent, that's basically defying all odds. shares hit a 52-week high despite reporting a third party data breach that affected health records of about 34,000 people. the clinical lab testing company did say it's notified customers and it's currently investigating the breach. boy, when you get to those breaches, they can really hurt a company. so what you're seeing with the fact that it's fighting it speaks volumes about at least the strength of the company right now. speaking of strength, look at cbs. we move over here to this part of the post. cbs is moving higher, up nearly a percent right now. at this time yesterday cbs was actually falling two hours earlier yesterday, it had been at about a two-and-a-half year high. so it's been volatile, but right
now it's continuing to move higher. it's pretty significant. viacom, though, the company where cbs basically said we don't want anything to do with viacom. take a look at viacom. it's struggling to at least stay in the green at the moment. but the fact that it's struggling speaks volumes about what's really going on with that company. slightly recovering today after tanking in yesterday's trade on the news that cbs and a merger with it is now officially in the dust. even s&p credit analysts are questioning viacom's creditworthiness as a stand-alone company. can viacom, without a merger, stand alone? i want to bring in keach hagey, and what you've been breaking here, let's get to that. when the ratings agencies, including moody's, who said, you know what? if they merge with cbs, we'll raise their credit rating. since it didn't happen, they're not doing that. does viacom have to get to the altar with some company?
>> the other thing that happened yesterday is bob backish became the permanent ceo of viacom, and he has made a strong case that they can survive as a stand-alone company. we haven't heard publicly, so in january i think we'll all be listening for what that's going to be. surely, there are a lot of people out there expecting viacom to look to bulk up in some way. liz: okay. so you've got to look at this and say this company needs to do something, you know? their paramount unit, they had the office party movie, it's done well, but it still hasn't done as well as what it should be doing. la la land, i mean, i'm wondering, keach, what is your reporting showing as to the type of company? i know you don't want to name names. reuters is naming a whole bunch of names of european operations, but what type of company should viacom be looking at? >> well, one of the things, bakishhas been spending the last
decade overseas, so he understands the overseas market a lot better maybe than even some of his competitors, so i think it's very smart to look at some of the big satellite players in europe. also digital is going to be a big focus. viacom wasn't really able to pull the trigger on a big digital acquisition in the last few years. a lot of people are sort of expecting it to do something like that pretty soon. liz: bob bakish is now the ceo. he took over from the interim ceo, tom duy, and then -- tom dewey. i'm wondering if he is the guy. he was running the international network and media properties like nickelodeon europe and mtv. is he really the guy? >> well, shari redstone certainly thinks that he is. folks close to her have said that she was really incredibly impressed by his short, so far, tenure, his strategy and ideas. so i think he's going to have a decent runway to prove himself. liz: keach, i'm going to ask a
question that may be a little uncomfortable, but we cover not just the horse, but we cover the jockey, and i need to know who the crock key is at -- jockey is at viacom. is sumner redstone, is he really engaged and running the show, or is it really all shari at this point? there have been so many questions, is he there? is he competent? what is going on with the head of this giant that you have discovered and found out in your reporting? >> well, we saw yesterday the letter from national amusements had both sumner and shari's signatures on it, that was a pretty interesting data point. you know, he's 93 years old and not in great health. i don't think there's anything controversial about that and that shari has been playing a much more hands-on role over the last year, and she is a far more powerful figure than she's ever been in the past. liz: and so, therefore, we think what of this? that he is the one? and i don't mean to be indelicate here, but we've all
read the stories about sumner redstone. is somebody prompting him to do these things, or is he really deciding, okay, we've got to move forward, be in digital more heavily? >> so there is also a lawsuit are happening right now, actually a filing the same day, yesterday, where these same questions that have been circling for a year are continuing to circle, and there are folks that are trying to have him be deposed in the next few weeks. that's very unlikely to happen, but we may all get an answer very soon. liz: keach, great to see you, great work on the reporting. everybody's reading the journal on this one, so thank you so much. >> thank you. liz: great to have you. she's the one covering all the media and the stories, and these are fascinating, fascinating stories of leadership and drama. all right, live from the floor of the new york stock exchange with just, where can i find a clock, we see that we are just minutes away from the closing bell. coming up, another billionaire -- not donald trump -- has walked through the floor and through the doors at the trump tower, had a meeting
with donald trump. who is that? charlie gasparino knows. he's about to break that story in just a moment. and we need to tell you that the president-elect, as i mentioned, is expected to leave within this hour to head to wisconsin. so as i said, we've got our caravan car watch. we're on it, stay tuned. ♪ ♪ e. i just snapped a photo and got an estimate in 24 hours. my insurance company definitely doesn't have that... you can leave worry behind when liberty stands with you™ liberty mutual insurance
♪ liz: we know this president-elect donald trump is meeting with people he wants to put in his cabinet and with people he just wants to get advise from on wall street. here's one. former aig ceo, maurice, hank greenberg, met with donald trump at trump tower. we have the fox business exclusive. charlie gasparino has the story. he must have gone in the backdoor. >> he is meeting with scaramucci. looking to sell his hedge fund
business, skybridge capital, join the trump administration in some economic post. liz: right. >> hank greenberg, formerly of aig, long time chief executive of aig, runs something called the star companies. he is heavily involved in the insurance business in china. from what we understand his meeting with donald trump discussed trump's china policy. we should point out businessmen, american businessmen are really scared. people that run major companies, do significant business with china, that trump will start some sort of trade war or be at odds with chinese economic policy. hess embrace of taiwan which, sort of nullified or at least walked back a little bit the one china policy where we officially recognized main mainland china as opposed to taiwan and the chinese government has american businessmen scared. there is no businessman in america today that knows more
about china, been doing business there throughout his career. hank is 90 years old. he has been running aig and star for decades. and doing a lot of business in china. one of the first american businessmen to significantly expand there in the insurance industry. from what i understand, they had a pretty frank discussion about chinese economic policy. whether donald trump agrees with any of this or follows hank's lead, i can't tell you. the two men have not liked each other in the past. trump openly attacked, he attacked hank greenberg on tv with particular business dealings, particularly greenberg coming under pressure from the new york attorney general eliot spitzer at time. they generally don't get along. they did speak and meet yesterday. greenburg's chaperone was millionaire usher, anthony scaramucci inside of trump tower.
it is funny, a millionaire, scaramucci, beers a billionaire to see another billionaire, donald trump. which is very interesting. that's where we are right now. it is all about china policy. hank is the best guy about that. whether donald changes his rhetoric or not is whole another story. there is political element, liz. he got elected by going after china and trade. his core supporters support that. not necessarily the guys he put around him, the business guys getting jobs there. that is where we are right now. back to you. liz: hank has met with every chinese leader since chaing kai-shek i'm sure. charlie gasparino, 27 minutes before the closing bell rings. we're not at highs of the session. at the highs of the session we were up 157 points. we stand at 19,919. the president-elect, he made his official pick for secretary of state.
the leader of one of the biggest corporations on planet earth with a rolodex of global friends and leaders just as big, but as oil's biggest man gets ready to be a diplomat, can he talk more than oil? former u.s. ambassador to saudi arabia, robert jordan, he knows rex tillerson. he has met with him. he has worked with him and worked to be a diplomat himself. why he is the right man or not. we'll get that in just a minute. don't go away. ♪ ♪ ♪ ♪ how else do you think he gets around so fast?
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we have this breaking news. just spotted rushing through the trump tower lobby, executive producer of "apprentice," you may know him from survivor, mark burnett. he ran in so quickly the cameras actually didn't catch him. they did see him. i promise we will catch the president-elect's departure any moment now to lagarde yaw airport. he is heading to wisconsin for the next leg of thinks thank you tour. perhaps the most trump met with his choice for secretary of state, exxonmobil ceo rex tillerson. trump emphasizing that the reason tillerson is his pick is because he has got such experience running a global company. and a global operation. so we thought, let's show people how global it is. exxon has a massive reach, operating in more than 50, five-0 countries worldwide. if tillerson did in the get past the confirmation hearings, he would be the first cabinet
nominee since 1989 to not make it, to be tossed out. so we shall see. one of the nation's exxon operates in a very big way is saudi arabia and that has caused a bit of controversy because he is so close with the leadership there. let me bring in somebody who knows saudi arabia implicitly. he is the u.s. ambassador to saudi arabia, formerly u.s. ambassador robert jordan. great to see you, ambassador. >> hi, liz. liz: your gut reaction to the pick. it is controversial. what do you make of it? >> i think it's a great pick. rex tillerson is a terrific leader. he has a lot of experience around the world as you have said. i think it is important to remember that exxon is a massive company. they have about as many employees as the state department but their annual revenues are about four times what the budget is of the state department. rex knows how to run a complex organization. i think the state department is in great need of management
overhaul, of streamlining. i think he will be good at that. he will be good expressing his world vision to the leaders around the world. liz: i think that is an interesting point that people haven't made. if not just that you need to be this diplomat. there is massive bureaucratic bloat that you feel he could really deal with. look, yesterday we had the naysayers. mitch mcconnell, the senate majority leader, you have to be careful about this today we have the supporters, everyone from what you would expect. dick cheney, former vice president or condoleeza rice to say this is a great guy but robert gates was an interesting defender here. he of course the former secretary of defense coming out saying rex tillerson is a great name. here what is problematic, ambassador. he is extraordinarily close not just with middle eastern nations but with the gulf oil producers. he has a huge operation at exxonmobil in saudi arabia. in fact he has also got operations in many of these other stations. i begin to wonder how does that square with donald trump's
stated support of israel? >> well i think it squares pretty nicely actually. first of all the gulf oil-producing states are increasingly closer with israel because of their common enemy in iran. so i think that issue is almost a non-issue at this stage. but i will tell you also, liz, i saw exxonmobil negotiate with ali naimi, the saudi petroleum issue back at time i was ambassador over what was called the natural gas initiative. those negotiations despite long history together, became extremely unpleasant and person and finally exxon walked away the from the negotiations because naimi was not wanting to give them rate of return they wanted. despite you have done business with officials in country doesn't mean you're sending valentines. liz: this is video after in israel last night they took
possession of two f-35 fighter jets. ash carter, our secretary of defense currently was right there, benjamin netanyahu all the leaders. this is extraordinaire hery relationship. israel is the only real democracy in the middle east. my question dovetails, is it the enemy of my enemy is my friend? because both saudi arabia and israel hate iran for all sorts of very legitimate reasons. what do they do, is he that guy, ambassador who can deal with iran, saudi arabia and israel and bring it all together? >> i think rex tillerson is completely capable of dealing with iran, saudi arabia, russia, you name it. and i think he will understand and has clearly understood through his career the importance of our relationship with israel. he is not some babe in the woods just come out and try to figure out what is going on. he is a savvy guy, fully understanding of american foreign policy priorities. liz: lovely to have you, ambassador. i do hope you're right.
that would be a wonderful thing. we'll see if he is confirmed. wonderful to have you, ambassador robert jordan, former u.s. ambassador to saudi arabia, fox business exclusive. closing bell six minutes away. we just moved higher on top of what we were before my interview with ambassador jordan. i have a question for you. what do abu dhabi, kuwait, qatar, despite the fact they're middle east nations? they did something that sent crude oil prices jumping to a 17-month closing high. we'll tell you what it is and how you should be trading on this afternoon. your insurance company
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liz: okay. less than 12 minutes before the closing bell rings. yes, we are looking for dow 20,000. do we see it? do we see it? not yet. still at 19,920. up 123 points. the real propel lant has a lot to do with energy and oil markets. solid gains across the board for exxonmobil. conocophillips, irmarathon oil. test sore -- tesoro looks pretty decent. oil settles at another 17-month high. we have all-star traders. teddy weisberg, very busy man right now, watching this final couple of names. jeff flock at cme. jeff, to you first. got to talk about energy as sort of a mover today. whether it pushes us over the edge of 20,000 tomorrow? >> well you know, we really held today. it was a bit of a surprise because some people were getting second thoughts about the opec
deal and will they really be able to hold. but then the iea came in with a report that says the energy market will be oil market in balance sometimes during the year. that will exhaust the glut. that helped things and as you pointed out pushed it to a close. i got to mention other oil names like pipeline names. you get to 50, 60, $70 oil, the u.s. producers and pipelines really take off. look at those like sem group, they had a good group today. we're up 19% in the last month. enbridge is up. enterprise products partners, that's up. all good news for u.s. producers and companies that support them. liz? liz: wonder, teddy as jeff talked about oil, oil is flat in the after-market. traders closed out strong positions to get the gains. what should investors of stocks do at this moment as we are about 88 point, right, from dow
20,000? >> from a big number, but just another number. i mean if you're long, in my opinion you have to stay long. if you don't own them, which unfortunately is the case for a lot of folks, especially going into the election -- liz: is it too late? >> no, absolutely not too late. think we're probably overbought short term. we're you due for some sort of correction. hopefully people get a chance to put money to work. >> no big deal. 150 million to buy. liz: art cashin, that is $150 million to buy on the close. not a huge move to the upside here? >> no. but we're closing almost at highs of the day. it is another terrific day. is there a correction in here, you bet. unfortunately they don't ring a bell. liz: we need the correction as entry point for those who missed this run up over the past month and a day or two. >> exactly. unfortunately it doesn't quite work that way. i think when the correction comes it will be sharp and it will be severe but it is not a selling opportunity.
most likely a buying opportunity. >> you heard that here. jeff, thanks so much for joining us from the floor of the cme. teddy weisberg, busiest man on the floor here. he is the best. closing bell, we're about nine, make that three, two, one, eight minutes to go before the closing bell rings. dow holding on to gains. s&p is really strong too. up 15 points. everybody here at the stock exchange is either talking up dow 20,000 or talking it down but you can not forget another massive market moving opportunity that is happening tomorrow. i'm talking about the federal reserve policy announcement. and then the press conference that comes and takes place tomorrow. 2:00 p.m. eastern is the announcement. 2:30 is the press conference. anything can happen, and sometimes it is not good. what to watch out for next.
♪ liz: okay, so, guys, less than five minutes before the closing bell. you have claman, you have rothman, two california girls. we were going to talk about market movers. i say forget it. >> rip it up. liz: talk about -- >> talk about what a tease this market is. liz: this market is a tease. >> 19,900. it was looking so promising earlier. i don't know what you think, liz, a lot of folks are not all that excited right now. liz: they're so used to us walking lip of the canyon and pull back a little bit. they won't even pull out the dow 20,000 hats. liz: he is hoaring them. >> he is hoarding them. he is superstitious, before 20 point, right? liz: they have to be within 20 points of the dow. we're now up 110. we're 83 points now. i. >> i think that everybody is a
little nervous maybe about tomorrow. we have the fed decision. we have to get over that hump. the overall question of you know, how far is this market, and has it come too far too fast. liz: claman and rothman fact. my dad is urologist. her dad is orthodontist. in los angeles, kid. that is a tough job. >> you are from the right side of the tracks. i was from the wrong side. liz: thank you. as we keep a close eye on dow 20,000. let's not forget federal reserve. we will know whether we saw a rate hike. i want to bring in two names we need to listen to right now. john lonski a and peter mall leave, one of "barron's" best of the best. peter, call it here right now. you have 22 million under management. what are you doing ahead of fed announcement? >> market has priced in 90%
chance of federal reserve raising rights. we're looking next year. we're shortening duration on bonds and looking at impact on u.s. market and other opportunities. liz: are you selling are buying, peter? >> we're buying on the energy side and master limited partnership. even their secretary of state is energy related. hard to paint a picture with all the variables where that can go wrong although of course always things like that can. we like big companies with financial backgrounds like berkshire hathaway. liz: john lonski, would this be a quarter of a point hike or maybe a 50 basis-point hike? >> if it's a 50 basis-point hike i'm going to fall off my chair. i don't think that will be the case. fed has no reason to shock the market in that manner. so inflation expectations are somewhat higher. they are still very well-contained. liz: very well-contained. what is the number one data point that our viewers should
watch that you believe the fed is looking at right now? >> we have had quite an improvement in business sentiment as well as in consumer sentiment. yet, we have no hard evidence that the rate of growth for consumer spending has improved measureably. let me add, the start of each month the blue chip does a survey of 55 economists. they ask them what is real gdp growth going to be in 2017? prior to trump's election, the projected rate of real gdp growth was 2.2%. after the election, one month later, that projected rate of real gdp growth weren't all the way up to nearly 2.3%. so there is a lot of skepticism as far as the underlying rate of growth for spending in this economy goes. liz: psychological bump. let me just, i don't know if he can hear me. peter, quickly on this moment, what are you advising investors to do? >> i would disagree with what
was just said a little bit because prior to the election unemployment had dropped below 5%. [closing bell rings] >> once it gets substantially below, that you have wage inflation, that drives gdp. liz: you got to witness it. lifetime closing high as well as for s&p and nasdaq but the dow is the star. david, melissa, take it from here. david: if you're watching the show, i'm sure you are in stocks and you're making money today, the dow ending just shy of 20,000. 90 points away from a brand new milestone at the close. this is the closest we've ever been to 20,000. meantime we'll have to settle for the dow, s&p 500 and nasdaq all closing at record highs. melissa: we'll take that. david: not a bad settlement. i'm david asman. melissa: i'm melissa francis this. is "after the bell." we have you covered on all the big market movers but here is what we have for you at this hour. surprise, surprise, the president-elect not only meeting with key cabinet considerations but also kan w