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tv   After the Bell  FOX Business  June 6, 2018 4:00pm-4:58pm EDT

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liz: you want to listen to ri, got about $6 billion in assets uer management at pitcairn. good to see you. >> tha you so much. 340 points, a record for the nasdaq and the russell. now it's time for "after the bell." david: terrific day, rally and records on wall street. may settle higher than greenor the s&p 500 and third day in a row the nasdaq and russell 2000 ending the day with new record closes. hi, everybody, i'm david asman. melissa: and i'm melissa francis. this is "after the bell." more on the market movers, here's what else we're covering in the busy hour ahead. fixing a broken syst the president's chief economic adviser larry kudlow defending trade aio china and allies briefing the press all ahead of the president's
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meeting with world leaders later this week. mr. kudlow will join us as a first on fox business interview with more on the tariff welsbou round of tax cuts and achievement on the jobs front that we haven't seen in 18 years. that interview straight ahead. also joining us this hour radio host larry elder with a ke takeaway from last night's primaries and tom fitton responds to report that james comey defied authority as fbi director, he was insubordinate, david: we're all tired watching the returns from california. get back to the markets. look at that number. 345, the dow surging fueled by indust nicole petallides on the floor of the new york stock exchange, katy bar the door, nicole! reporter: bring it on. back above 25,000. get yr hats. majority of stocks well into the green.
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you talked about white house economic adviser larry kudlow slowing the trade fears and going to be a meeting between trump, trudeau and macron at the g7 meeting. and you have the 10 year bond yield moving higher. boeing helped to lead the dow here. the dow up 346 moved to session highs. nasdaq record, russellrecord. let's get to what's driving the dow. boeing. boeing is so heavily weighted against the dow. you mention industrials and that helped lead the way. up 3%. jpmorgan, caterpillar, visa. record highs on the dow microsoft and nike moved higher and visa as take a look at 10-year treasury, that's moving higher ahead of the fomc next week. at 2.97% and the financials move higher along with that. nasdaq, we talk about the tech-heavy nasdaq, we watched , all-time high.
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third straight record close, 18th record close of this year and so many winners that moved it along including tesla. i'll get to that. the small caps are totally separa fm all things trade and the dollar, and know this particular index is up about 9% this year. another record. here's a look at tesla. i mentioned tesla. the shareholder meeting was yesterday after the bell. elon musk, very patient, hour and a half, answered all the questions, among which he said the model 3 is on target for 5,000 week, pumping those out. up 9.7%. be d in a couple of years, and also about batteries and the factory in shanghai. a lot of good news that gave it a boost. david: happy day for markets, no doubt. nicole thank you very much. melissa? melissa: let's bring in jonathan hoenig, fox news contributor, heather zumrawinga.
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one day we care about the trade war, the next day to heck with it. >> markets are optimistic ahead of the7 meeting ahead this friday a all-time highs as well as the russell 2000, the small cap index. if you saw, it we were in the eighth or ninth inning of the rally. the economists are saying economic expansion, there could be another leg to it because of deregulation and tax cuts and unemployment at 3.8%. people can't -- employers cannot find enough people to fill their jobs that they have available. that's the big story in the media and that's an important narrative right now. melissa: jonathan, you agree with her? >> stocks -- it's a bull market, melissa. there are no tops in a bull market. the things about tariffs are playing a role. the best performing stocks have been the big caps,asdaq
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up 11% and the small caps as nicole talked about, both of which are almost outside the role of tariffs and the agricultural markets rocked by a lot of the fears but no way to get around it. this is a bull market and with over 400 stocks at 52-week highs, only a handful at 52-week lows, this is a market that keeps rolling from here. melissa: thanks, guys. >> for g7 ng reaeet with closest allies major backlash over steel and aluminum imports. edward lawrence is live in d.c. with the latest. edward? reporter: good afternoon, the white house clarifying today that the president does believe in free trade. in fact white house economic adviser larry kudlow says that the president uses tariffs in order to get to that free trade. the administration has trade disputes with countries around the world, even allies. european union announcing they're slapping more sanctions on the u.s. tariffs coming in
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starting in july. even especially against china. the u.s. trying to force the chinese to markets and protect intellectual property. >> other presidents in both parties have paid lip service to this issue of the lack of reciprocity and china's particularly bad behavior, but re has the back es of it. bone to take the fight and continue to make the fight, he believes it's in the best interest of the united states, and also the rest of the world. reporter: and the president will get an earful from other world leaders about the steel and aluminum tariffs. may be another showdown looming in congress, in fact. about 30 minutes ago, senator bob corker introduced a bill with five other republicans and four democrats that would limit the president's tariff powers. that bill would require that congress get approval for any
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tariffs imposed for national security concerns or altered bei concerns. so-called 232 tariffs. >> it's abusing authority, which i've been clear about, and since they are using it, ys continue on but we want to approve the final product. reporter: this has bipartisan support. sayst may have enough democrats, could be override of veto if it comes to that. senator corker saying congress manages the money, not the president and that includes tariffs. david: verying, tnk you very mu? melissa: larry kudlow speaking with us on a first on fox business interview explaining why he supports the president's trade. >> as someone as a free trader and doeiketariffmessa: no >> he's become a trade reformer. his argument, it holds a lot of water. unfair trading practices, in
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some cases illegal trading practices. no reciprocity. the world trading system has brokenownteadil in the last 20 years, i think china's probably the biggest offender but not the only offender, if you do a side-by-side analysis on foreign and u.s. tariffs, their tariffs are rising, 'r not even.rriers are , it's not a level playing field and the president made a decision to be strong, he's got a strong back bone, as you know and he's saying look, tariffs are part of our quiver. i put it way, tariffs a wake-up call, may be a form of negotiation, i don't want to rule anything in or out but making a statement that the world trading system has got to be fixed and if nothing else the u.s. has to be protected on these sorts of things. melissa: even with your friends? this is how the subject has turned you have our allies
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to the north screaming when it's really china that we should be fighting with. >> look, i agree with you about china. 100%, and don't blame trump, blame china. i want to extend that. we've been continuing to negotia wh r allies and with our friends and we will continue this weekend at the g7. but they have not really cooperated. they've been stand patters, they have not provided remedies. there is an imbalance of neral trade conditions. david: of course, they're negotiating as well, larry and, of course, they're going to be pushing back. we push back as well. i want to pull back a little bit and look at the overall folk thoughts president has on trade deficits, like there should be arbitrary number by which our deficits with the rest of the world should come down. 1984. you ensconced in the reagan administration. we had some of the worst trade deficits we ever had, the front page of the "new york times"
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had a, and 1984 was the year we grew so y d't buy into the president's notion that trade deficits in and of themselves are bad for the economy, do you? because they weren't in 1984. >> no, trade deficits not my favorite metric. i will say. this if you look at numbers with china, you can see something else at work. theit continues to rise no matter what the position in the economy is. and i think that's because china's walls. their barriers, illegal trading s. look, the trick here, david and melissa, yous know this, if you lower tariffs and you lower nontariff barrie, lower the barriers, open the markets, i guaranty you american sales w zoom. with china or any other cotries there's a lack of oc cve couny in the world. regarding metrics and so forth,
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the trade gap will narrow if we are allowed to export more to all these countrie david: that shouldn't be the metric that we're aiming for is just getting our trade deficits i ultimate metric is real gdp and productivity and jobs and wages. those are the ultimate metric. look, g us lev playing field and we'lloutcompete everybody else, and we'll double and triple our export sales. so connecting the dots, that's going to have an impact on the tradefit. t trum is a trade reformer. i don't think people see it that way. melissa: okay. >> and a lot of people blame him for using tariffs, but he's saying wait a second. if these othercountries wouldorn rt legotiate wh -- melissa: we could all see fire. we don't want to run out of time without asking about other things. we were so excited about tax
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cuts 2.0,ndt talk kind swept aw stuff. we need entitlement reform, those are twouesou feel strongly about. do you think they getback, looking for tax reform 2.0. rtant issn hous a the hill, i'll be eople this afternoon he hill. we're there, they're there. i don't want to get into the timing of it and so forth, some dional things on savings main pb accounts, i don't want to let all the cats out of the bag. meliss f give us a few cats. >> you know me, i'm never far from the next tax cut. you know that. and i'm not straying, despite fact that i'm inside the government. ood pro on men,
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obamacare, not finished but good progress and the more will be coming, i can promise you that, and the entiements, food keen on these stamps, welfare, dility ine.yo know why? incentives not to work, no eligibility standards and he's a strong 'vgot those entitlements in front of our lens. david: we're in a position where we havepenis th we haveople lking forjobs. you're going to have to coin a neweoldilock terms of what the economy is right w? wo, it's a kudlow word, growthier. david: growthier? melissa: i love it. i'm writing it down. melissa uses it on the air materials, go into the dictionary, promise. david: you used it, describe me. >> look, the president's made a bunch of important reforms on
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lower taxes and regulatory rollback, taking the handcuffs off of a lot of industries banking t indusy and the economy is coming on, only been about a year, people said we couldn't ever get to 3%, people said 1 to 2 was the range. we're moving through 3. i think that's terrific stuff. when you look at this f,ep back. you're right about the employment story, unemployment down for everybody across the board. business investment is now coming back. trillions of dollars of rerning to the u.s. because we're the most competitive economy in the world, and growth is the key. growth and ri ally love the cfidee indexes. i think they're realtime measurements, small bune, record, overall business, high. consumer sentiment high.
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i want to add, president trump ended thear on business, ended the war on success. 're not punishing anymore. wants people to take a rip at the ball. david: we appreciate you being here, larry. >> thank you. david: we saved the best for last. we have one little question, very important one, coming up. melissa: keeping a promise to our vets. details on legislation signed by the president this afternoon, paving the way for major overhaul at the va. david: new revelations just mi about a secret consession that was made by the goes contrary to they said about the negotiations. melissa: amazing, they li >> shutting dowhe erssibility of old ballot larr ens us wi the gg takeaways and surprises from last night's results. >> we put a businessman in the white house. let's put a businessman in the
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melissa: setting the stage for the president trump declaring a great night for republicans on the biggest primary day of the year with a big focus on key races in california. peter doocy is live in del mar, california, with the latest. peter? reporter: melissa, the argument john cox started making after he finished to make ite gubernatorial ballot is very familiar sounding to another businessman's pitch who also had a long-shot victory a couple years ago. >> we put a businessman in the white house, let's put a businessman in the governor's
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mansion, huh? >> yes! reporter: the trump-endorsed john cox received congratulations from president trump on twitter which got the attention of the first-place finisher gavin newsom. that democrat tweeted back to the president, please come campaign for him as much as possible. senate primary here did not produce any republican choices for november. kevinleon, a progressive democrat got the second spot with longtime incumbent democrat dnnstein, whereas the most hotly contested primaries in orange county will all have a republican and a democratic candidate. the 48th district stoking fears that they could only finish third place which would mean no november under california's jungle primary system but it didn't happen. the democratic congressional campaign committee says the dccc's data driven investments to california will continue to pay dividends to november and beyo and republicans once
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again mismanaged their investments and missed the opportunity to have a real impact. but in orange county, the republicans who were defending their seats all finished first districts that have been left open by retiring republicans also had republicans finish first. however, because neither party got locked out, though it looked like that may happen, all these seats arethe map for democrats sitng back in washington, d.c. trying to figure out if it's possible for them to flip the house in november. melissa? melissa: peter, thank you. david: here now is larry elder, radio talk show host. thanks for coming in. talk about the gubernatorial race, you're in the going to have a one party vote. vul a choice. i guess that's a step in the right direction. gosh, you guys are close to a one party system out there. >> we really are, only about 25% of californian are regiered as republicans.
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as a matter of fact, declineo state or what normal people call independents is big electorate against republicans. the field and john cox finished number two, but a lot of people thought that antonio villaraigosa, the former mayor of l.a might finish at number two. he finished a distant number three, despite the fact he is hispanics and increasingly catering to the hispanic vote. david: people say it's an impossible test. look at the senate race dianne feinstein is going to facing aemocrat. you have two democrats running for her seat. again, this idea that california doesn't care about a two-party system anymore. >> well, it's insane, but california republican party does not want to spend money unnecessarily and it turns out that when joh cox runs against gavin newsom, the odds are very, very long against him. you add up all the democrat and
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independent votes, in california, an independent gets you arrested i s states and cause people to shift over to john cox, hard see a path to victory. david: one thing califors are not okay with can the new gas tax, and they me voting of i thevernor that's in favor republan. >> let's hope so. gas tax is going to be on the ballot. it is very unpopular and maggie thatcher said sooner or later, you will have other people's money and maybe in california at the point where we're running out of other people's money and people realize we can't spend our way out of this. we need to cut it to make our schools work, do something about unfunded pension liability and so forth. david: help me on this. they're against certain things but in favor of candidates that are for those things that they're against. explain it to me. >> it's like the bullet train.
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voters pass the stupid bullet train that is supposed to cost 44 million. experts expect it will cost well over $1 billion. but democrats still want they just want somebody else to pay for it. half the country believes it's a free lunch and the other half believe the other half is stopping them from eating it. i think all live in california. david: larry, there is also the sanctuary state law which more and more youookt a and all those pinpricks are beginning to add up of t cities and towns against this thing. there are these other issues that the people are against though they keep voting for those who are in favor of those things? >> david, there are, if you look at the polls en masse, most californians are supporting the sanctuary laws, don't want the wall and donald trump as i said many times, probably the only public figure in california than donald trump is charlie manson. david: he went there, folks! >> i went there.
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david: thank you very much, i appreciate it, man, take care. >> facebook under fire, the social media giant under fire for sharing user data. why it could be a national security threat. that's next. plus demanding immunity. why the former deputy director of the fbi could be seeking a safety net. tom fitton of judicial watch, he's the president, he sounds off, that's coming up. >> we need to get to the bottom of what happened. we need to clear the air, so i think giving mr. mccabe cover through immunity would be a mistake.
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melissa: more trouble forcebookr sharing users personal information with 4 challenged chinese company, one is a national security threat. here now from newsroom, is christ tell us more.
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reporter: thanks facebook. thompany under scrutiny is the potential u.s. threat, it is the third largest smartphon r in thehere are thoughts it could have affiliation with communist party in china as well as military. that is why it would be perceived as a threat. the relationship with facebook and the company has been going on since 2010, they said, they did not share the data on the servers, they are saying, they are not going to go after your data or sell it but just to make your experience a little bit better on smartphone. facebook's business is revolve around trust, my trust, yrtrust. and trust of washington. especially when facebook is
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looking for ratively light regulations going forward. you are seeing share reaction, not a majorct melissa: their response is at lk only did itor you. >> yes. melissa: and also, it is but we trusted them to get rid of it, they promised. you know that nothing bad would you know, you showed us the stock, seems that the street does not care. reporter: always the same pattern, some news media outlet breaking news, there you go, facebook sharing our information fact fantastifacebook alyst still see this as a long-term buy, ad revenue, you have instagram, with young demographic. sales for first quarter up 49% compared to last year, and company for long-term strategy
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is investing in artificial intelligence, that seems to be an avenue for growth for the company, there seems to be positive reaction, stock can climb higher than20 going forward, and d fac i didn't delete it did you. melissa: i don't put anything of value there, i don't know, i read comments that is about it. i don't give them anything, christina thank you. >> thank you.david: death toll w after volcanic eruption in emala sunday, 1. >92 people are still missing, a new column of smoke rose from the volcano. officials warn that time is running out on finding anyone else alive. melissa: another major concession to iran, details on this stocking report about the obama administration giving iran access to the u.s. banking
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system. largest state sponsor of terror, that is coming up. david: looking out for our nation's heroes, president trump's new mission to give our veterans more access to private care, mark lauder is next. >> they put everything on the line for us. and when they come home, we must do everything that we can possibly do for them.
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david: president trump fulfills another campaign promisehis afternoon, signing veterans mission act of 2018, changing the way our country's veterans pay for private healthcare. blake berman with the latest from white house. reporter: an element is it v.a. choice program, you remember in 2014 we started hearing the horror stories of tryin to get a appointment with a doctor. they were allowed to go outside of system. hove this week, the government accountability office put out a statement, saying that program has not done enough in some cases, in someases patients wait nearly 70s days to see a doctor, this new law, got
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rose garden it fies that v.a. choice program, for example consolidates 7 programs to 1, and expands access for caregive of veterans. looks at current v.a. facilities that might be lag. in an effort to get patients to doctors faster, here is president trump in the rose garden earlier today. >> who risk life and limb for country, who must never be denied care, access or treatment they need. that is why we're -- hereandnint bill, it makes so much sense. reporter: as this was quite literally hands out of nowhere, news that president commuted sentence of alice marie johnson, now 63-year-old great grandmother served 21 years in
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federal prison for cocaine trafficking. here case of brought to the attention of the white house, kim kardashian, and jared jeusher in and presidenyeucheku. it believes those who paid their debt to society and worked hard to better themselves in prison deserve a second chance. this is a rare instance you have the aclu saying that president trump got it right. melissa: tt will never happen again. david: i don't think it was a pardon, a commuting a. >> thank you. melissa: here is mark lauder, a february of 2020 advisory board, your reacted to those stories, first on veterans bill, it makes it easier it seems for veterans to get privately wil -- healthc, does it do enough.
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>> it gets the ball rolling, it is a promise kept by the president to america's men and women who served the great khanty cnt to get caren a timely planner, and quality care, this gives them option to seek care where they can best get it, quickly. i am sure there will still be improvements to be made this is a great step in the right di messal about this pdon as well, getting a lot of traction. in news sources, and connection with kim kardashian, what do you think of criticism. >> i think a lot of it just some of media chasing a bright shiny object. remember president obama granted clemencyr commuted sentence of over 1,000 people i his tim in office, many of those were nonviolent drug offenders such as this case, that hardly witn with any notice. and just because have you kim kardashian west andsidevolved, a thing. i think it is much to to about
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nothing -- to do about notion, this is right decision. melissa: a lot of mainstream media saying he is obsessed with pardoning. >> again, i don't see the historical contact for that. president obama did more than previous 11 presidents combined, you hardly heard a thing about that this president believes if justice hasee misrved or so has paid back their dt to society, they should be given a sd shot. because it just president trump then it becomes controversial. lissa: japanese president is visiting white house tomorrow, ahead of the big meetings getting ready with north korea, what is your take on where we are in this process that meeting? >> i think it is very importa that we have these meetings, you see the president's leadership building to this potential first
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meeting next week in singapore. i agreeithdent last week, saying probably not going to be a deal, this is the beginning of the process, but you see with prime minister of japan coming tomorrow, you saw two icons of senate, that come to denuclearization. they were athite house yesterday helping prepare for the meetings. they are moving the ball forward in a way we' ner seen b with a previous president. melissa: as soon as there is a nuclear agreement of any type, or any prove. ,e'll start to hear abo human rights abuses and what we have to do about that, how appropriate is that? >> it very important we have those conversations, but we need to do them in the right order, first let's deal with plead --
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immediate threat to global security, that is nuclear weapon and ballistic missile that i the most pressing need right now, once we getou have t other equally important conversations. in has to be a schedule here for these, and i think that right now nuclear is t thene ve on t other things. melissa: mark lauder thank you. >> thank you. david: seeking immunity, does former second in command have something to hide, is that why he is now asking for protection in exchange from for his testimony. tom fitten sounds off coming up next how do you win at business? stay at la quinta. where we're changing with stylish make-overs.
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start winning today. ron! soh really? going on at schwab. thank you clients? well jd power did just rank them highest in investor satisfaction with full service brokerage firms...again. and online equity trades are only $4.95... i mean you can't have low cost and be full service. it's impossible. it's like having your cake and eating it too. ask your broker if they offer award-winning full service and low costs. how am i going to explain this? if you don't like their answer, ask again at schwab. schwab, a modern approach to wealth management. david: a lot of breaking stories on investigating the s try to arrange a deal to say what he knows about fired fbi director comey, the demoted fbi agent
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strzok, was far more instrumental in starts up russian probe than realized. we turn to judicial watch president tom -- and breaking news suggesting that comey was really more insubordinate than been realized. >> that is interesting, everyone is expecting fbi and doj to be criticized by the ig in terms of helping hil hillary clinton. and this insubisub-- insubin ors into big lie, that comb he it in for hillary clinton, and swayed
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the election through his conduct. i don't buy it, it is disappointing to see the ig report focused on this opposed to the cover-up, there is a little bit of the cover-up. david: we don't know what is in alk abo somethi a little bit more about, andy mc cabe. he is negotiating it appears to senator grassley, one of the best informed senators about investigating investigate ors to whether he deserves some sort of immunity for identifying about what he knows abo comey. my suspec suspicion is you woule in favor of giving him ir immun. >> immunity would make it difficult for any prosecution of him, his testimony, i presume his defense attorney would use
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in a court action afterward, sayingly testified undermuni ant him in the courts now and affects the jury. if you are senator grassley, i am sure you are tempted to bring him in. but in the interest of justice and you don't want to interfere with prosecution, i would wait a bit. david: wait for what judicial watch turns up as well. to tweet, intriguing, he talked about peter strzok, we've been doing investigation how instrumental he was in starts russia investigation, president, wow, strzok, page. incompetent fbi lovers -- dating way back to ber december of 2015 what is that about?
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>> text-messaging that suggested they were -- from overseas, it has hallmark in effort against the trump campaign, we told it was started in july 2016, then it looks like back to maybe march of 2016, now latest text-messages that were redacted, only released you know by the justice department and fbi, suggests that maybe it started in december of 2015. you know, thispygates ttse a worse, i don't understand the lack -- lack days call approach that congress has in bringing in rod rosenstein, wray, and comey, and lynch and white house officials under obama figure out what went on here, as opposed to cow towing skygat benefiting from its
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ilillicit conduct. david: thank you. melissa: a bombshell new report on iran. you totanobody's hurt, new car. but there will still be pain. it comes when your insurance company says they'll only pay three-quarters of what es treplace it. what are you supposed to do? drive three-quarters of a car? now if you had you'd get your whole car back. i guess they don't want you driving around on three wheels. smart. with liberty mutual new car replacement™, we'll replace the full value of your car. liberty stands with you™. liberty mutual insurance. same thing with any dent or dings on this truck. they all got a story about what happened to 'em. 2: it was raining, there was only one way out.
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melissa: new bombshell report alleging obama administration tried to scir skirt sanctions tt banned iran from u.s. financial system. rich is joining to us break it down. reporter: iran was tou spot, right after it agreed to iran nuclear deal, iran had access to bank accounts in the world. but there was one that it had in oh, man, worth -- oman, it was
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worth 6 million, they could not get money out, it was in local currency. so they with the obama adminira help convert it, thiseport in problem with it, obama administration promised it was never going to give, ra iran access to u.s. financial system, then gave it an license with access to the u.s. financial system, they argue it was a temporary deal. denies this license could be described as granting access to u.s. financial system, result of this, obama administratio tried to get a couple u.s. banks to help facilitate the trade, two banks denied that question, they did not' any part of dealing
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with iran because much optics and complex nature of trade, so iran had to go through european banks gradualgets it money. melissa: amazing. just amazing. th because the optics larger state sponsor of terror. david: one final question for larry kudlow. speaking out on something even more important than the economy. until... we lost it. today, we're renewing our commitment to you. fixing what went wrong. and ending product sales goals for on your satisfaction. can s it's a new day at wells fargo. but a t like our first day. wells fargo. established 1852. re-established 2018.
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so, wife's sister's husbandmy us was a lawyer, so i called m. sobut he never called me back!us if your cousin's wife's sister's husband isn't a lawyer, call legalzoom and we'll connect you with an attorney. legalzoom. where life meets legal.
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david: you were sneered at by media for suggesting that god's will had a roll to play in public policy and economics, what did you make. >> was unfortunate, i don't want to name names. you know me, both of you do. i live a life of faith, i had my ups and downs, last 25 something years, god's will has helped me,
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faith in god has helped me, faith in my friends like you two have helped, that is the way i am, i do i don't make predicts,i show up, suit up, do the best i can, i know that lord does not want me to drink any more, i have kept that pack with him for 23 years, i am sorry others don't know faith, most americans do it important thingism you kno.david: most people think of someone in economic feel all money and numbers, this is a guy who such a true blue human being, he is such an example for anyone with problems, for turning to the lord help, that is helped him, a lot of people who don't succeed in beating an adiction, he did and got helped him. melissa: he has been always open about trying too help
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othersism t. david: to be criticized for that isics rathat-- extraordinary. melissa: interesting stuff, we are glad he joined us today. david: evening ed is starts right now. liz: there is secretary of state mike pompeo. all sides on move, secretary of state met with foreign minister of japan about next week's summit. we'll bring you any details, new details on why china wants a deal. a new blockbuster g.o.p. senate report, based on never before seen e-mails, white house under barack obama secretly tried to help iran evade u.s. sanctions to get u.s. dollars. even trying to pressure u.s. banks in the process. this as obama officials are charged with


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