tv Countdown to the Closing Bell With Liz Claman FOX Business March 27, 2017 3:00pm-4:01pm EDT
>> that does it for me today. we are both back. watching and the money of our viewers. just as press secretary sean spicer was asked about president trump moving forward with tax cuts he answered to the press by saying tax reform has a lot of components to it. it started losing air again. it had slashed and clawed its way out of hundred 84-point deficit. it then started dropping about 80. is looking at an eight
straight losing session. while the s&p 500 pretty much in the red. it has punched into the green. we might see it with the upside. and speaking of losing ground cities like new york, chicago and los angeles could lo billions of dollars after attorney general jeff sessions made a surprise appearance at the white house press briefing. if certain cities don't comply with federal immigration laws. it's a latest attempt to try to put the failed effort behind it. this week it's focusing on an action-packed agenda. tackling taxes in this rejecting the freedom caucus
and maybe reaching out to democrats for a policy lifeline. how will they feel about this. they join me life both are republicans both are doctors there on opposite sides of the gop fight. with a b on the same side when it comes to cutting your taxes. a popular digital app finds itself at the center of big-time controversy. secret message in the london terror attack. the high-tech headache for "whatsapp". i'm so glad to be back with you guys. let's start the countdown. breaking news. is ate enough. stocks are on track. they were trying to battle
back. it's down 51. still in danger of seeing the learn just losing streak in nearly six years. infrastructure stocks many of them not on the dow that is getting hit very hard. a mexican cement company. companies that make the stuff that would build his border walls. they are all getting hammered here. i would not call this humoring though. caterpillar is down less than half a%. earlier they were getting slaughtered. a lot of doubt it out right now about whether the white house can get agenda through congress even the wall after that moment on friday when conservatives would not cough up the votes for their own party president's health care bill.
that pacifism also weighed on the bill. it's one of the worst performing sectors on the s&p 500 right now. it was responsible for 35 points we have j.p. morgan just slightly moving to the positive. it's down one and a third%. they may be worrying that the d regulation that they were hoping for my also not materialized. one place you could make a little bit of money today off the earlier high as the markets start to climb back. it has now rebounded to its highest levels since the election. let me get to this breaking news. we are hearing that president trump at the white house is expected to sign bills any moment now that will roll back certain obama in ministry administrator regulations we will bring that to you as soon
as we receive the video from the white house. they are still pretty much stunk from the collapse last friday after the gop bill to replace obama care. they lead many to question now what. the president now looking to tax reform as a lifeline scene i'm moving on. the failure of the republican healthcare bill could make tax reform even more dick the call. -- difficult. it will require republicans out to forget about the crisis. there has been a lot of outreach from members of both sides. if they can come to the resolution on the way forward we are willing to listen and move forward. we turn to a tale of two doctors. two very different votes.
thank you both so much for joining us. i want this to be a yes or no answer to start. at 2:45 p.m. on friday you were undecided on the healthcare bill. i think i would've been with the president on this. we had assurances that they were to do things bring down premiums and have the power to do it. we were very close to a negotiated solution that would have all parties agreed to. they did not want to move on this. the freedom caucus is getting blamed. you guys won't take yes for an answer.
why not meet halfway. they were stopped two days before the friday boat and that's not the way you work in the legislature. you keep on going until you get consensus. unfortunately it was made to make no further changes after wednesday. you were a yes vote i believe. you are to be that yes vote and let me just throw this out. critics were saying that it did very little to shrink or eliminate that. it would not had lowered premiums or deductibles. why would you vote for that. it doesn't change the fact it has been up 62% this year.
there is no option to buy anything. there are no insert -- insurance options. i think he would bring competition back in. i think it will bring premiums down. what is done is done. and as part of moving on he wants to go to tax reform but here is what reagan economist said this morning about how who he is now depending on as far as getting it through. i'm glad that trump is reaching out to the conservative democrats. i know them very well. they've talked to me a number of times. and they want to be part of the tax process. some of these democrats are very good.
that is a reagan economist and now it appears that he and donald trump are saying i've got put your group to the site and try to work with the democrats. how does that make you think and feel. >> i don't think the health care debate is over. it could come back to the floor tomorrow and that is the best and clearest way for tax reform. to bank does trillion dollars. that is the best and clearest way to do it. this is a house of representatives issue now. we took a deep breath over the weekend. the only people who talk to meet more people that said thank you for opposing it for a ngim we madit better. it was very close to an agreement. i think we should do. i'm glad to hear doctors harris say that.
people wanted this bill passed for the most part. the negotiation is always better i think certainly we are close and i hope we do bring it back. that's a promise we made it to the american people. we need to pass this. not just the freedom caucus. do either of you guys agree with that. >> of senate rules. there is a really no one that should be blamed. let's just roll up our sleeves get together. bring it back and move on to tax reform. >> absolutely paul ryan should not be replaced. remember that the democrats had 257 i was in the congress
my first year. i am not ready to stop. i want to go to work. and get this bill replaced. replacing it you two were saying also still has a shot. liz: tha y very much. the market is being held hostage for an eighth day in a row. right now it is well off session lows. it's down 48 points but at one point it was done hundred 80 points. what do they say now about today's moves. what are they saying. they don't see any real assign a panic selling. there's not a lot of follow-through. obviously the political need is not in favor.
if you look at the gauge just checking right now it's only down one tenth of one point. that is saying something. while off session lows. we will see how this when wraps up certainly no reason to go mess with your retirement program as of now. because of the delay or the absolute pushing aside of the health care plan. let me shift to a couple of names that are shifting. there is some talk of insider action. a whopping 10%. they are also having a great day. and this is because it was upgraded by paper jeffrey. there are fears. they will continue to head problems. with store closures in best
buy could benefit by 2% sales over the next year. i will send it back to you. we're just watching stocks. interruptus if we start to see it come back to the flat line. the closing bell 48 minutes away. as the company best known for this. looking like puppies and dogs. in all kinds of stuff. ours didn't disappear. goldman sachs thinks so. but there is more to the story. we are can help you look through some of this. he may have used another popular social media app. the latest details your
what i like about the area, feels like everybody knows each other. and i can go to my local coffee shop and they know who i am. it's really cool. new york state is filled with bright minds like lisa's. to find the companies and talent of tomorrow, search for our page, jobsinnewyorkstate on linkedin.
search for our page, that $100k is not exactly a fortune. well, a 3 how long did it take you two to save at? a long time. then it's a fortune. i told you we had a fortune. get closer to your investment goals with a conversation. live-streat the airport.e sport binge dvr'd shows while painting your toes. on demand laughs during long bubble baths. tv everywhere is awesome.
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by more than five and a quarter% trying to close in on its ipo day amazing close of $24.48. but why is it going up. goldman sachs morgan stanley and six other banks open coverage with a buy rating. all of those firms were underwriters on the ipo meaning they helped this compancome to market. they were prevented from issuing any kind of ratings until today. hopefully there is a chinese wall between analyst in the investment guys. including j.p. morgan and ubs didn't have a deal when it came to underwriting and they started with a hold and in some cases neutral or negative. we know they have a grand total of 12 by ratings.
from snap to "whatsapp" the messaging app is now under fire. the 52-year-old is believed to have used it right before he went on a killing rampage on london to have some encrypted conversation with somebody. the messaging service uses it making it way more difficult to know whether he was acting with an accomplice. british lawmakers now want them to help intelligence agencies have access to step -- such messages. the founder and president certainly has an opinion on this. you are part of a group called defense of democracies. some people believe defending democracy means defending that.
cough up this information let's find out if this guy was in cahoots with somebody. where do you stand? >> i think there is a balance that can be struck. i'm glad there is such a thing as encrypted messaging services. there are a lot of bad actors out there who should not be reading my communications. that said certainly after you have a terrorist attack like we head in london last week you certainly want to be able to know who is in communication with the terrorists and what were they saying to him. i think in that case there is reason to open up law enforcement. it can save lives. and it doesn't mean everything is in open book. it means you make exceptions give certain protocols for those exceptions. imagine who he may have called minutes before the attack. maybe they just could give up
and taxed what was said instead of just letting them look into their books. facebook said it is cooperating with law enforcement facebook also said that encrypted in private communication is one of our core beliefs. that is a tough fence to straddle. we have some history and background in this area. i hesitate to use the phrase wiretapping. you want to wiretap a spy or a criminal you could do so it wasn't something you can automatically do. there should be a way to do it where there is a legitimate national security concern. the banks give up the information in the transaction. i ran of course has imposed sanctions on about 15 u.s. companies among them the
common thread is that they all sell to israel whatever it is they sell it. iran hates israel that's quite obvious. it's just ironic to me that they don't had boeing on this list. they've also sold commercial airlines to iran. it almost looks like they are picking and choosing. what does this look like to you. >> they are picking and choosing in the most critical way. they can sanction anyone they want. i hope it will not become a whole lot stronger. they would like to wage economic warfare against israel for its existence not for the change of policies. they want those boeing planes.
they want to use those not just to take people brought on vacation but also to send weapons of this direction to places. i don't think we should be doing business with iran. for those most responsible. i think any business that is doing business there and transactions with them is on very thin ice. thank you very much. we need to get to this right now. president trump has just signed for bills just coming in right now. these are bells in the oval office the president signed laws among them eliminating obama regulations relating to federal contractors. and teachers. as you look at this it is yet
another story about mitations of obama regulations we will be right back with much more. please don't go away. can i get some help. watch his head. ♪ i'm so happy. ♪ whatever they went through, they went through together. welcome guys. life well planned. see what a raymond james financial advisor can do for you. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be.
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liz: breaking news. the pen put to paper. just moments ago president trump signing four bills into law, again not executive orders. some of those come tomorrow. four bills, among them things like land management. the. he says he will save a lot of jobs by signing these new laws that eliminate some obama era regulations. now, we know, that the market had done extremely well since election day with the belief that many of these issues had been holding back the markets. when donald trump was elected, boom, people thought real business-friendly. when charlie gasparino tweeted out a number he had uncrunched
regarding the dow, the little-known or discussed fact got a pickup. charlie, how much first, how much first the dow has risen since the election? >> inches the election the dow is up 2219 points. that is since the election what we've been talking about a lot here, a wave of optimism that free market policies, lack of regulation, lower corporate taxes, lower marginal tax rates for individuals, that would kick-start a economy growing at fairly tepid pace, 1.5% or 2% average during the eight obama years. so that was the good part. now here's where it getting interesting. if you look at the dow since the state of the union, i think a lot of people in the short time he has been president the state of the union was very high point for donald trump t was, for the president it was a very good speech. it was a very presidential speech and i believe the market went up the next day something
like 300 points. but since that rise from what we've, as numbers we've been crunching, obviously this is a moving target, the dow is off 52 today. if it is down 100, there are more losses. if it is down less than that there is less losses. about, since you look at it since the high of the state of the union the dow is off 600 points. in the context of dow 21,000 that is not armageddon. it tells you something on a a snapshot of what the investo there is a degree of profit-taking. why not. liz: you would be dumb noto. >> would be dumb not to. are worries. worries about the tax cut plan. you already here talk about 15% corporate tax rate 35 to 15. ain't going to happen. a lot more modest. maybe at 25% or 20%. there is already talk that there won't be individual tax cuts maybe in this bill.
they won't be able to do both of them. who knows when they're going to do this. so you have all that uncertainty surrounding the tax plan coming out of the health care loss, which by the way the health care plan, it was predicated on doing that first, not taxes because you would take down the baseline budget and you would able to cut taxes more without blowing up the deficit according to cbo analysis. that is one thing. the other thing investors are worried about, there he is donald trump signing another executive order, talking to people about it, wilbur ross on his left i believe. gary cohn, you always notice gary cohn lurking in the background. liz: he is not lurking. he looks very comfortable. >> another thing investors cite -- liz: when you're six feet five you appear to be lurking. >> he is a big guy. we know that. other thing investors are worried about quite frankly and
a lot of our viewers, the trump kins of the world will not like this, he is very erratic on twitter. he says crazy stuff. markets don't like that. liz: how much of that 600 point loss since that speech to the joint session, how much of that do you think has to do with him throwing out that stuff about obama wiretapped me. can you believe it? saying it as if it were fact when it has been -- >> this stuff. let's face it, not the only crazy stuff that he tweeted. some of it us did. all you have to do look at when the market started trading off. gave the state of the union on a tuesday i believe? >> he tweeted the crazy stuff, went to crazy town that saturday, okay? so within four days, and that is -- liz: i can hear you all now. >> he went to crazy town that saturday, i will say it again, he went to crazy town that saturday with the obama tweet. which, you know, obviously he was interhe sented. maybe he was intercepted.
obama didn't say let's go after this guy. one other thing that is interesting. this is what we hear in the budget. to extract or exact -- liz: extract. >> extract revenge on the freedom caucus. liz: exact. >> i thought it was exact. get revenge on them he is going to fund planned parenthood. there is some talk -- liz: i heard that. >> there is some talk, screw them, you guys screwed me on health care. you're the reason why we didn't pass this thing. now you got planned parenthood. good for you. just watch that. that will be interesting battle, planned parenthood. liz: and in all fairness, charlie and i have both gone to crazy town at certain points. >> no, i have never, not like this. liz: charlie gasparino, thank you very much. 27 minutes before the closing bell, looking at the dow we're trying to claw back, closer to the flat line, down 42 points. > you heard this over and over since friday. they had years to come up with a
replacement but republicans face planted on reforming health care. will they regain their footing for tax reform? we're talking about this which hasn't been touched in a much longer period of time? or will they smash their noses to spite their face again? our panel dukes it out next. >> the republicans had six years to get this thing fixed and have done nothing. they proved it again. i somehow think in the back of my mind they love it. the only losers in all this are the american people, small business people struggling to support their families.
trump will use his pen once again to try to get his agenda back on track. he will as expected at this time tomorrow sign an executive order slashing regulations that would have forced states to curb air pollution from being spewed out into the air and water. when it comes to working with congress in the aftermath of the health ce debacle, should he embrace the rebellious republican freedom caucus or reach across the aisle and work with the democrats because that is as you know what we've been hearing? we have paul botticelli, former advise are tore to president george w. bush and columnist ellis henican. unsub assistanted by mr. trump himself, but all we've heard through the chatter, paul, is that he will reach across to democrats. that would mean schumer, senator schumer and it would mean representative he will he -- nancy pelosi.
and john kasich was right a couple weeks ago he wrote in an op-ed the only way to get stuff passed by he reaching across the aisle. he also implored the democrats to reach across. paul, does that happen before president trump reaches back to the freedom caucus? >> i at this it might. he will certainly talk about it. this is part of the negotiating style of this president. he is uniquely elected, uniquely qualified to be a disruptor. he will do that even if he doesn't actually follow through. one thing i wonder if it is really reaching out to the democrat leaders or reaching out to vulnerable democrats? he doesn't need a lot f he get as bill passed with 218 in the house i don't know that he cares there is a lot of democrats to make it happen. i think republicans are hoping it doesn't come to that, he will not sit around and fail and not get things through congress because a faction doesn't want to do things he wants, whether they are moderates or freedom caucus. he will not fail simply because he can not find a coalition.
liz: isn't that sad, ellis, a lot of republicans don't want to see that the? when you go back to the glory years of tip o'neill, a democrat working with president reagan, americans did very well when both sides of the aisle work together. i look at this, and i think to myself that president trump is a deal maker already, sean spicer the press secretary, confirmed in thess conference that a lot of democrats called the white house, president trump to reach out to make a deal. >> boy those are the days you're getting nostalgic apart. here is my theory. the donald trump, the fundamental core belief is donald trump. if that means making a deal with the freedom caucus, no problem. if that means working it out with chuck schumer, no problem there. focus on infrastructure. peel off moderate republicans. spend a trillion dollars betting america back to work. that is very trumpian.
liz: sean spicer said it started friday afternoon when the vote went down. there was no vote. he couldn't get the vote together. as soon as that happened friday afternoon democrats started calling i'm ready to work with this. gentlemen, we want to know what the president now does. tomorrow he is expected to sign executive orders that would roll back some of the obama era efforts to, you know, to link future efforts in the country toward fixing climate change or at least trying, being, reaching out to the environmentalists. paul, when you talk about centrist democrats you could also talk about democrats who were in red states. states like president trump, joe manchin of west virginia. he will probably love that the coal companies will get a break from pollution resictions but how many more of those people does he ne? >> i don't think he needs a whole lot more. you've got eight or nine states
where this is affected, this kind of energy issue affects them a lot. house and senate people, above all, what donald trump and pruitt want to do is return energy markets to the free market as opposed to one of the most idealogical crusades of the obama administration insist upon all these regulations because of theories. i'm a social scientist by training. science is not settled. these are political arguments to be had. there is nothing wrong with that. liz: he will fail in california on this. he is going to fail in california on this. >> california -- liz: california wants to a different -- thank god. i can say that because i grew up in l.a. where i used to look out at the santa monica and san gabriel mountains and they were brown. you couldn't even see them, sometimes the hollywood hills from smog. then the regulations were put into place and now you can ask any calfornian, ashley webster lived there. he said since then you can see the mountains. >> federal republic. that is democracy. so i hope that california and
any other state can do what they want to do but nationally, i think the president is exactly right. i hope he will follow through. liz: ellis? >> hold on a second. air pollution doesn't live by state boarders it will flow all over the state. as long as we're being nostalgic. i remember when republicans supported this stuff. the great environmentalist, richard nixosaid this is something all americans we all should agree on, don't throw new poisons into the air to kill us? us. shouldn't we get to that discussion instead of pseudo federalism. liz: smog is fungible. comes from california or china. >> thank you. thank you. liz: we have this breaking news, the s&p 500 while we were talking with paul and ellis turned positive. that is a big claw back. while the s&p is down seven points, that is a little bit more oomph than when the dow is down 20 points. when the s&p is able to climb
back like that, a much bigger move. right now the s&p is up a quarter of a point. the dow down 29. the nasdaq holding on to gains of 18 with the closing bell 15 minutes away. president trump and congress at odds, at least part of congress after last week's health care defeat. stocks squarely caught in the middle. you just heard charlie gasparino say 600 points have been lopped off the gains since election day. what we're doing, we're heading to the floor of the new york stock exchange, the cme and the nymex as investors look to break the d.c. ties finding them. don't miss all new episodes of "strange inheritance." the one, the only, jamie colby has a magical episode with a dark tale of a man who inherit as library with ancient magic texts. they contain secrets magicians guarded for years, centuries even. 9:00 p.m. eastern only on fox business. ♪
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liz: i would say this is astonishing. okay on your screen you may see two down arrows for the dow, down 42, but look at s&p 500, down just one, a minute ago, it had been in the green. why is that such a big deal, because earlier it was down 21 points. the dow had been down 184 points. and the nasdaq was down more than 50 points. it was up 16. ten minutes to go before the closing bell let me get to the floor show. traders from the new york stock exchange, as well as the cme and and the nymex. tim anderson this, is a december comeback, what do you anticipate the claw back from well deep into the red? >> we're definitely well off the lows. whether we close fractionally higher or lower investors will fool pretty good about the
action today. most significantly the transport average and the russell 2000 were the first indices to go into the green and show signs of life. that is significant. those were two indices that really started to give us concern about two weeks ago when they started to slip and that eventually broke their 50-day moving averages to the downside. to see those two indicators show signs of life today is couring, we'll just see if we build on that first half the week. liz: i love how everyone leaves the russell for dead. it is up 3 and 3/4. it has a beautiful intraday chart i should say. todd, there were negative trades with equities, you had positive trades with people rushing shoe treasurys. the 10-year yield fell from friday's 2.39. then you had gold, gold was much higher but now off its highs. the 10-year yield is closing
back up to 2.29. are investors saying stocks are back, was it a one day thing? >> i think when you look at all asset classes, we saw big moves overnight and everything normalizes during the day session and bonds and gold are no different. it all starts and ends with an equity move. equities are leading the charge the they have for so long. investors are so highly invested in the equity sector. you see flight to gold and treasurys and a new low in the dollar index today for the year-to-date. so i think everything kind of comes back when equities kind of get their legs back under them. it doesn't mean anything is fixed. doesn't mean anything is changed. it just means the positive momentum in equities comes back and starts to take away momentum from others. >> luke, we start to see that people wanted to see opec extend their cuts it had announced. we don't know, we don't have clarity on that but on top of it you see a lot of long positions unwinding here so again oil is
down half a percent to 47.78 a barrel. >> i think this will be our new range, liz, between 45 and 50. you have to remember oil brokeg. it was the first asset class to really break down a few weeks ago. that is what kind of started the market but there was a big opec meeting in kuwait this weekend and nothing got accomplished. in june they're supposed to look at cutbacks. i just don't know if they continue with them. the new price, break even price again for the marginal producer in the world, the u.s., is around $45 per barrel the i'm not very positive on oil right now. liz: all right. you're the guy, see jeff grossman, your compatriot down there, liz, you're such a bear on oil. no, i'm just realistic. lots of supply. great to have all of you, tim, luke, todd. lovely to see you once again. i was off for a week. i missed you guys. the closing bell ringing in seven minutes. the bouncing ball of stocks jumping higher and lower constantly.
it is not just the average joe who is confused by this. up next, the advisor to the ultrarich. she is going to give you three investment must-dos that she says they don't just work for her wealthy clients. they will work for you too. "countdown" coming right back. you've got to hear this. ♪ [ male announcer ] eligible for medicare? that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance pla insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, they could save you in out-of-pocket medical costs. call today to request a free decision guide.
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liz. we have a market alert. at one point the dow had seen gains of morethan 2700 points since the election. as you see today they have fallen 2 1/2%, 600 points from the record close. so right now you can add another 44 points to the losses at moment with three minutes left to go. if you're nervous about the markets and your investments so are the ultrawealthy. tiger 21 is a group of more than 500 ultrawealthy members with 47 billion in personal assets. the woman who helps them invest
this is barbara goodstein, who has three pieces of advice, don't work i guess barbara, just for the wealthy but work for retail smaller investor. >> yes, they do. liz: you have nervous clients i'm sure. 600 points off the top. not that much when you look at the grand seem. >> they're not that nervous because we adhere to three pieces of advice. adhere to your blind spots. watch out for your blind spots. we meet in groups with give each other advice. we discuss each other's portfolios and they identify a blind spot. liz: give give me a example of a blind spot. >> lack of diversification. you're not properly allocated across multiple asset classes that is a classical blind spot. liz: 401(k)s, put too much into their company's stock. >> exactly. they get caught short later. that is a bear stearns problem. liz: yeah. and lehman brothers too. number two. >> so the second one is to learn from experience, your own or
others and that's where we find people understanding that they have to put money into areas where they're not going to spend that much money. that is how we get people to invest insiders, etfs. people are investing in vanguard etfs. investing in the spdr etfs. investing in different technology stocks, apple, ogle, microsoft. that is how they learn from experice. liz: you like aaa, apple, amazon and alphabet which of course you said is google. what is number three? >> thirst one is basically do what you know. we find that our members are investing in private equity because they know private equity. that is the category they're most comfortable with. so they're investing in businesses they have grown up in. we've seen that people have invested now 21% in private equity, up from 10% only eight years ago. liz: a little tougher for the retail investor to invest in private equity though? >> but people have the ability
to invest in what they know even through etfs as we've seen. liz: pe, etfs. >> that's right. liz: barbara goodstein, tiger 21. [closing bell rings] the markets definitely get an honorable mention. the dow is down eight straight days. s&p tried to claw back. nasdaq sees a positive after being down more than 50. david and melissa. melissa: stocks trying a come back in the final hour of trading. the dow dropping as much as 184 points this morning. ending the day only 46 points down right now. the blue-chips down for the 8th straight day. that is the longest losing streak in more than five years. the nasdaq the only bright spot, david. david: i wouldn't say the only bright spot. look at comeback from triple digits. melissa: i will buy that. david: i'm david asman. this is "after the bell." we have you covered on the big market movers but here is what else we have for you during the hour. the pressure is on f