tv After the Bell FOX Business July 11, 2019 4:00pm-5:00pm EDT
companies. we still see a lot of opportunity. liz: today, what opportunity. [closing bell rings] thanks to daniel flax, phil flynn. dow crossing 27,000. looks to close there. look at s&p. we with have to wait until that settles. that will do it for "the claman countdown". >> so close, 3,000. might if we settle. all-time highs on wall street. the dow crossing through 27,000 for the first time ever, thanks to a rally in health care stocks. so the dow closing up the day up 227 point over that 27-k mark, marking a new record close. i'm susan li in for melissa francis today. connell: good to see you, susan here on a big day. i'm connell mcshane. welcome to "after the bell." we get above 27,000. s&p 3,000, i don't think so. you can't get closer than that. new record for s&p 500.
just a fraction below 3,000. it is one that misses out on a new record. we have a lot boeing on. waiting for new comment from president trump at this hour. he is hosting a social media summit at the white house. he is also expected to make announcement of some sort on executive action related to maybe the citizenship question being added or not added to the census anything on either topics we'll bring breaking headlines as soon as we get them. blake burman is there at the white house for us. gerri willis. is fully outfitted down on the floor of the new york stock exchange on record-setting day. hey, gerry. reporter: united health systems was propelled. trump agreed to kill a proposal that would overhaul rebates
collected by middlemen in the drug business, between the insurance companies, the drug companies. he is going to kill that. the drug company costs that really helped company like unitedhealthcare that has optum rx is their middleman company. they are on fire as are others in the category. nasdaq got slaughtered today, they missed their record close because what is happening to pharma stocks. pfizer, merck, lily, all the stocks down. why? because they expect trump to turn to directly possibly going after these drug companies to control drug prices. so this is all about fear and loathing in the stock market right here. eli lilly down 4%. pfizer down two and change. merck down nearly 5%. they're all worried about that, back to the s&p 500 for just a second. i don't know how much closer we can get to 3,000. we're a shade off of that.
maybe when everything settles that is over the level. that is meaningful metric here. that is 500 stocks. not just 30 for the dow. thatconnell: that is a record, gerri. maybe one hat a day. jeff sica joins us and adam johnson. adam, we've been through this a million times. back to dow, 10,000, whatever it is, we get to round numbers people say it doesn't matter. sometimes there is some sort of psychological significance to gerri's point, whatever is going on in the world, there bs on the s&p 500, what is your take? >> round numbers mean a whole lot right now, connell. i know we've been saying this for a year, especially it is true right now. so much cash on the sidelines, interactive brokers. not as big as charles schwab, td ameritrade. their client accounts have more money, more cash in them than
they have ever had in their history. you know october scared people. december scared people. people are saying another round number missing out? it will want to make them get back in. connell: that is a good point, interesting point, jeff, people, regular retail investors are not overly excited to adam's point about things. maybe they should be. what is the next move here, do you think given everything you now know supposedly about the federal reserve, right? >> keep in mind, what you have, you have a lot of those people starved out of the bond market initially because interest rates are, were so low. now you have a fed. i think everybody, everybody was, a lot of people were surprised about how dovish powell was. you have the potential of another interest rate cut. if you have another interest rate cut, those same people that were starved out of the bond market, ones kept a little in
are going to be tented to chase the ally. as adam says, nobody want to miss the party. you maybe feel i have another moment i could catch the end of it. connell: which if i haves us another leg. adam, jeff, are sticking around. susan. susan: we're expected to hear president trump in a little bit. he is holding a social media summit at the white house right now. some of the biggest names in the industry were not on the guest list. blake burman is at the white house. reporter: when you think of social media, facebook, twitter, come to the top of the list. those companies are not attending here at white house. a social media summit described by the white house. the president is making remarks right now at the summit. we'll get the tape shortly. i reached out to the companies earlier today. to see if they had any reaction be and they had no comment. the tweet set this up a big subject at white house social media summit will be the tremendous dishonty, bias,
discrimination, and suppression practiced by certain companies. we will not let them get away with it much longer. he went on and criticized what he calls as you can see there, the fake news media. as far as those in attendance, the president described them just a little while ago as influencers, those who were quote, challenging the media gate keepers. the comments are going on right now. we believe we'll get them shortly. the president topped off the remarks talking about what is going on what happened on the corner of wall and broad. he called it a quote, very special day. susan: blake, thank you so much. as the summit continues, twitter is back up for most users, i wouldn't call it a freak outage, 25 minutes plus. but what do you think happened? they said, they were testing something, that i guess screwed up the wires. >> felt like they kicked the wire out of the wall. i haven't seen twitter go down like this ages, literally not
working at all. i'm sure it was a code update or something like that. twitter has been working very hard on the platform, introducing new changes. the interface changed a lot in the last three month. this is kind of thing you can expect when you make big changes. but timing could not have been, i don't know better or worse. it was like, just at a moment we all want to talk about how no social media companies are at the white house social media summit, we can't use a social media platform to do so. susan: vince, great to have you, "the daily caller" editorial editor. can you call it a social media summit if you don't have facebook, twitter or google there? >> the president is trying to diagnose the problems. he is having conservatives who are concerned about the way the social media companies are conducting their business. there is real evidence of things to look at. this started a couple years ago, a publication called gizmodo, that facebook was removing
conservative headlines from trending topics bar. it continued to spill out as internal secrets keep coming out. one of the guys in attendance, james owe keith, having internal employees at google, reveal employee conversations many figuring out ways to suppress conservative speech. >> or figuring out ways to get facts on to the site. one of the big problems facebook faced is after the 2016 election, they said, oh, no, we didn't have any russian influence. no one was messing with our platform. what they learned people figured out how to use the platform to influence tons of people with fake information. they have been struggling since then to figure out the right way, they never wanted to be a media company. they are a media company. susan: but, vince, let me take this back here. if we're going to have a lot of conservative voices that contend there is a liberal bias on social media sight, why not bring the social media players
and talk with them directly. >> president said that is important. he talked with jack dorsey. susan: he pet with them one-on-one, but why not them voice their opinions too? >> i think that is important but obviously the guest list the white house assembled is interested in diagnosing the problem, rather than confronting social media companies. if the point was to confront them, they would be there. susan: a diagnosis, no remedy if that is the case, right, lance? >> he is sounds a little bit like he is threatening. we'll not let this continue, talking about certain companies. the fact they didn't mention the companies, another indication he didn't plan on bringing them in there. this isn't even a balanced summit. so he has a bunch of conservative influencers in there. he doesn't have any liberal influencers. >> that is not true. >> it is not a balanced, i'm not entirely sure what his plan is for this. but it is also kind of mixed up. he mixed up social media with his frustration with some of the media companies and how they
cover him. so all kind of a, doesn't really sound like -- susan: vince, 10 second. >> i just want to say, yes, sir most of the people there are conservative. they're not uniformly conservative. tim poole is liberal journalist worked for vice. he thinks illiberal left is there, this is little more diverse group that the press at large is giving them credit for. susan: we'll hear from the president for the social media summit. connell: we probably will this hour. different angle, staying in the realm of technology, pushing new digital tax that targets american tech giants overseas in france of the trump administration launching into an investigation on 3% tax on revenue earned by large internet companies, like amazon, facebook, like google in france. this tax is expected to go into effect in january. our original panel is back. jeff, adam. what do you make of this? almost to play off of susan's
conversation the president accused of freezing out companies at social media summit he is standing up for social media companies overseas. i wonder what that will mean? will there be retaliatory terrorist for example, down the line. >> to address france, only thing france likes more than wine and cheese are taxes. the fact they're doing this is not surprising but here is what is happening, here is what it important to realize. is that you have a, these tech companies that are gathering data from france and from other european countries around the world. these countries are looking at a possibility they should charge for some of the data. that is what the tax is. now i agree 100% with what president trump is doing, trying to curb the taxes because they are discriminatory against american companies but the problem is, you also have to address the fact of how the tech companies make money and how are we going to, how are we going to
promote them in a way that does not create this trade war? susan: that is my point i guess in part, adam. he is the tariff man, after all, president trump, if he looks at something, doesn't like it, wants to go after a country like france, i don't like this tax you're putting in place, internet companies, a lot are american, tariffs is often the tool, right? what do you think he will do here? >> kind of the same thing here. i don't like france taxing our businesses. i don't like tariffs. susan: which is a tax. >> i don't like it either way. the big tech companies are an easy target. john dillenger, '20s or '30s, they asked him why were you robbing banks? that is where the money is. big tech is the where the money is. they are easy target for number of reasons. whether you don't like privacy issues or squelching free
speech. go after on fake news or dip into the cookie jar to take some of their money. that is where the data is. susan: a little bit of everything. adam, jeff, thanks to both of you. >> appreciate it. susan: debates over the citizenship question growing as president trump set to make the remarks around the white house around 5:00 p.m. what options does the president have that follows the constitution? we are breaking it down. that comes next. connell: amazon is preparing to retrain its workforce it says so employees will have advanced rolls, will the plan, a pricey plan end up paying off in the long run? that's coming up. ♪ all money managers might seem the same,
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susan: breaking news. president trump hosting a social media summit at the white house right now. of course we'll bring you the very latest and the president's comment as soon as we get them. shortly afterwards, president trump very busy, expected to announce his decision regarding executive action to add a citizenship question to the census. edward lawrence is live at white house with details. reporter: president trump will direct the commerce department
to find another way to figure out how many citizens are in the united states. my sources are telling me they're possibly looking alternative research on going, that is linking the system, 2020 system with other tax systems like the tax records as well as social security. other federal and state sources this is something looked at ongoing by this administration. now republicans think that the tax or some form of the census citizenship question should be on the census but just listen to what kevin mccarthy has to say about this. >> i think the president has the right to do it. the supreme court actually said that in the process if you read it. i think census only comes around every 10 years. we ask numerous amount of questions. this is data we have a right to know and should know. reporter: democrats say we should be more welcoming. california could gain number of
representatives a nancy pelosi says he can do other things. >> he will try to do other things but he can't get around the injunction. reporter: usmca democratic working group is meeting today. democrats are concerned that the agreement doesn't have enough protection for workers or environment. white house says the usmca is best trade agreement ever associated. it's a bipartisan agreement that deliver as win for america's farmers, ranchers, businesses and workers. the administration would like it ratified by the end of summer. he is letting lighthizer work through the democrat concerns on this. mexico already ratified it. canada says they would like to ratify it, would call back a special special if could get up for a vote this month. that doesn't seem likely. back to you. susan: edward we're awaiting president trump an comment from the social media summit, but as we await that play back.
already speaking to the press. president trump will call a big meeting of technology companies pretty soon, given that twitter google. facebook were not in attendance at social media summit. it would be right thing to do. connell: partially answers some of the questions earlier about whether or not he would meet with them down the line. we'll have that tape we think shortly. >> connell: meantime shorting us now is constitutional law attorney. getting back to the citizenship question edward lawrence was reporting on. this is complicated unless you're in a profession like yours. explain to people. try to stick to the law, explain, before we start speculating what the president might do today, why it is been so difficult to get this question put on the census. you have to have a rationale, right? seems to me their rationale was rejected by the courts. what happened? >> that is exactly right. what happened when you have to
follow federal law to issue a new rule or regulation, they have to as they say turn square corners. you can't take a shortcut, you have to have a basis, a rationale grounded in some kind of an administrative record, shows this is really the legitimate reason rather than than some kind of a pretext. a supreme court in the razor thin 5-4 decision, this was a made of up pretext. it was not grounded in any actual basis. therefore the president based upon the supreme court ruling that only happened a couple days ago really stuck between a rock and a hard place. connell: right. >> specifically the constitution which only counts citizens that only, counts people, but not citizenship. the supreme court ruling which affirmed the injunction. that leaves us where we are today. connell: doesn't leave the president or administration with many other options, if your rationale we have to enforce the voting rights act, the court said, no, no, you made that up as a reason to get the question on there, that doesn't fly with
us, enough judges said that. >> right. connell: if you want to find out about citizenship, that is the goal, you have to find a different way to do it. are there other options available through some sort of a executive action, something you can think of maybe makes sense from the president's point of view? >> perhaps. there is one way to go, one way not to go. way not to go, if the president announces within the hour or so that he will have the census department not issue a full census questionnaire, what is known as survey, a shorter, less broad mailing, i still think that you can't do indirectly what you're not allowed to do directly. connell: right. >> if the president orders a collection of data already within the federal database, within the federal agency system he can probably do that. he has to walk a very straight line. he has to turn a square corner. this is sensitive political issue, he has to really walk a straight line here. connell: one of graphics we're showing as you were speaking
some countries that do have questions like this on their census. australia, canada, france, ireland, indonesia, on and on but the point, what is the goal of your census? i don't know what it is in those countries, how they're defined, the goal of ours is counting how many people in the country. anything else would be extra. >> bingo. saksly right. constitution reiterated in the 14th amendment, you down people, you don't count citizens. the president has to walk a line adheres to the constitution and supreme court ruling. there may be a way for him to do that. it will be interesting to see what he announces over the next hour. connell: a lot of people are really curious. we should that within the next hour. seth, thank you very much. appreciate it. susan: i find this unbelievable this could happen in 2019, many questioning whether security is tough enough at buckingham palace after a 22-year-old man was able to scale the front fence and bang on palace doors
before officers got him. he was a few doors away from the queen sleeping in her bedroom. the man was arrested and released from custody while the investigation continues. as i mentioned the queen was home at the time of the intrusion. would you think in the surveillance high-tech era that we live in, you would not be able to break into a place like buckingham palace. apparently not. connell: or the white house. not long ago a guy wandered up the north lawn of the white house. got into the building. crazy when things like this happen. severe flooding taking over the state of louisiana. we'll go there. this is dangerous stuff, could get worse over the weaken ass are -- residents embrace for tropical storm barry. we're waiting for comments on cam from the president as he is hosting a social media summit at white house. the big social media companies are not there today.
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connell: breaking news on boeing, a boeing 737 program manager, eric lindh blatt will be retiring the company says in matter of weeks after just 12 months in that position. comes as the company is dealing with one of the worst crises in history surrounding the 737 max. those jets, max 7 and max 8 jets still on the ground after two deadly crashes that killed nearly 250 people. this executive according to the company is retiring. there you go. we want to take a look while we're at it. it was in new york. look at a video of a taxi in new york crashed into a restaurant here in the city, broad daylight, middle of the afternoon, jumped curb. hurt eight people in the process. none of the injuries we're understanding are not
life-threatening. unclear what the cause was. earlier in new york city, a taxi crashed into the restaurant. susan: i was talking down the same neighborhood yesterday. let's hurt our attention to hurricane watch. we're bracing for the first hurricane of season striking new orleans ahead of a powerful storm. fox news's rick leventhal live in new orleans with the very latest. rick? reporter: susan we heard from louisiana's governor this afternoon who said this is the first time in the history of the city of new orleans they're facing a hurricane making landfall while the mississippi river is at flood stage. this river is rising. it is at about 16 feet. normally the river bank is other side of those trees. it has come up to this levee which borders the ninth ward, which back in hurricane katrina in 2004 was underwater. a lot of homes were swamped. they're worried with storm, a possible flood surge of three to
five feet, 10 to 15 inches of rain, possibly 20 inches falling, they could overtop the levee. this levee is 20, 25 feet. the river gets to 19 feet. they think they're okay in most of new orleans. we saw heavy rains bring flash floods. levees could be overrun. they issued evacuation orders in plaquemines's parish, they're closing floodwalls. urging residents on south side of floodwalls you need to leave. you will be trapped. officials are worried a lot of folks will not heed the warnings. >> people don't want to leave their houses. before katrina we had a bunch of people that stayed. we had smaller storms. they just got comfortable saying oh, it is not going to be that bad. then that came. it caught a lot of people off-guard. we hope for people take heed and go.
reporter: susan we can tell you half of the oil production and natural gas production in the gulf has been shut down in anticipation of the storm. about 1/3 of the employees on board the platforms and rigs have already been evacuated or are being evacuated today. susan: that's right. why oil is back up to $60 a barrel. rick, thank you so much. connell: all right, the tsa addressing a security issue that followed a fox business report from our own hillary vaughn that expose ad major loophole. now changes are coming. we'll have the details on that as we continue. susan: spending hundreds of millions of dollars to retrain workers. amazon's big bet pay off? ♪ wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st.
susan: history on wall street. the dow closing up 227 points. that is a nice round figure above 27,000. it reached there for the very first time, thanks to a rally in health care stocks. this is after president trump scrapped a key plan to lower drug prices. s&p 500 also ending in a new record high, so close, to finishing above 3,000. we didn't get there. that is pretty close. right now the president is hosting a social media summit at the white house ahead of his remarks at the top of the hour. the president is expected to announce his decision on adding a citizenship question to the census. all the latest comments from the white house as soon as we have them. connell: seeking solutions for
the future of work, amazon with a big announcement, it plans to spend $700 million over the next six years retraining a third of its workers. our own deirdre bolton is here with more on that. lance ulanoff as well. deirdre, a big move from amazon. >> it is a huge move, but in some respects, connell, there is a lot of people including many consulting firms this is actually the smart way to go. every time these corporations lose key employees they pay anywhere between 150 to 215% of that person's total package to go out and rehire somebody to fill that person's shoes, wait until that person is up to speed, even if the person is a genius, right, there is corporate culture. there is getting along with colleagues. this is costly as far as timing goes, as far as effort. just downright dollars. technology is changing so fast, even if you're amazing coder in
python, a lot of fintech companies use that language, in six to eight months there is already tweaks. connell: right. >> a lot of companies, honestly it is cheaper if we invest in the employees we already have. connell: that part makes sense, lance, that part used to be, not used to be, recently as last week, people learn to code. that will be the answer to everything. deirdre is right, keeping up with this, you have to learn how to adjust, maybe you adapt with the company. maybe this is big investment or enough given how much automation we'll be facing over the next decade or next two decades, forget about it. there is a lot of jobs at risk here, right? >> they have a lot of factory workers, right? they have a lot of factories, tens of thousands of factory workers, only a fraction of the work is done by robots although they have a whole lot of robots. that will change over time, not
having people out of work in the face of automation is retraining. this is exactly the right thing to do. any study i looked at how jobs and how the economy is impacted by automation says you have to retrain the workforce. connell: right. >> you can't just wait. amazon has been on the path for a while. i think a six-year plan is great. in a decade they will have a lot of automation in the factories. hopefully a whole lot of people will be in new jobs. >> a lot of people cite the oxford economic study, deirdre, big-time numbers, killing 20 million manufacturing jobs worldwide by 2030. lance is right, you have to train workers to do other things. you wonder whether or not we can do enough of that. is there something else, andrew yang running for president brings up basically universal income. handing people money. it is all about this but i don't know if that the reason that comes up. >> there are compelling arguments on both sides. technology will be part of every
single job in the future. even artificial intelligence. there are contextual things, e 2, right? emotional quotient, right. no matter what business you're running you're doing business with other humans for at least the next generation. >> you would hope. reporter: amazon is getting a clear showout for thinking ahead. i would be remiss, jpmorgan chase has a partnership with mit. at&t has a partnership with notre dame university. other large companies are trying to figure this out. it is not for altruistic purposes. connell: so many industries. one you would think of, ours as half a joke. i was at hong kong, in hong kong at "wall street journal" tech conference. they had the artificial intelligence news anchor there. there was no deirdre bolton. >> that is google is working on, have the computer make the appointment with the hairdresser. it sounds completely natural.
the front end, direct customer relations will be handled in automated, computer or a.i. fashion. connell: crazy world. >> those studies, the oxford study, they talk about the pace of change, if the pace of change is matched by retraining then we're okay. if the pace of change goes too fast, then you will have more people out of jobs because they -- connell: you can't keep up with it. we have to go. thanks, lance, deirdre, appreciate it. susan: score one for the fox business team. the transportation security administration issued a mem we addressing catering security following a report from our very own hillary vaughn about the vulnerabilities arising from the use of private contractors to conduct security checks on catering trucks. hillary has obtained a tsa memo instructing inspectors to come up with changes to the catering security program. hillary vaughn joins us live from washington's reagan national airport. congratulations to you, hillary. reporter: thank you, susan. we obtained this tsa internal
memo that came out this week following right on the heels of a major exclusive report that we reported exposing a food truck loophole. this internal memo sent out this week by the tsa is now instructing that the inspectors internally, come up with changes to catering trucks screening processes. last week we reported on a trove of internal tsa documents that show catering trucks roll through our airport gates unchecked by tsa. instead they farm out security through airlines. they pay private contractors to stop them from explosives going airborne on catering carts. our investigation revealed that tsa had internal audits that these private contractors failed to follow it. sa protocol in 2018. the tsa ought deaded flying food catering company that served planes at jfk international airport. 95% of the airline security contractors failed to check the catering carts correctly in the
new memo. they recommend include tsa employees and not left to airline workers or paid private contractors. to tsa whistle-blowers said added line in the memo is direct response to the national security threat we exposed. the tsa is denying the new response is because of our report. they said it was part of an assessment they conduct in the the spring. the reference assessment was cablinged in march and april of 2019. as we each special emphasis assessment a working group convenience to discuss potential policies to enhancement, security policies, training and procedures. as a result of the assessment's findings in this new memo we obtained, there is not just a problem with food making it on board unchecked. there are issues with different items like ice, magazines
blankets delivered to aircraft unscreen and unchecked. susan: hillary, thank you. connell: paying $1000 for a bunk bed? susan: pricey. connell: new trend taking over cities in california. the housing affordability crisis is worse over there, we'll speak to the ceo behind this phenomenon coming up next. we're waiting for the remarks from president trump on two big events in the hour. social media summit is underway at the white house. the president told reporters there, he is directing his administration to explore all regulatory legislative solutions to protect free speech. that is something these companies might be interested in. we'll play that back, when we get it. after that wraps up, the president expected to make announcement related to the census. stay with us for all of it. we'll be right back. fisher investments tailors portfolios to your goals and needs. some only call when they have something to sell.
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connell: cashing in on a growing trend, canopy growth, which is one of the world's largest legal marijuana companies making a big bet on cbd. ashley webster has been reporting today from that company's headquarters, smith falls ontario. he joins us with more. ashley, not in his usual tailored business suit. looks better than usual i have to say. take it away, my friend. >> i think i found my look,
connell. the reason i'm dressed like this, if i bring in any contamination, if a little caterpillar jumped on my clothe could have wiped out all of the plant in one room. each of those plants, marijuana plants are worth absolute millions. why? they can be cloned up to 2,000 times. i could snip off one of the stems, put it in soil, treat it like a baby, give it all nutrients, you have another plant. in this room alone there are millions and millions of dollars. they have 47 other growing rooms. it is big business, not only for recreational marijuana, medical marijuana, but also for cbd. that can. they say concerns are overblown. >> people have been consuming cbd for hundreds of years,
people were dropping dead on it we would know. >> canopy, connell, susan, they're already in the united states have seven facilities from california all the way to new york. they believe that the u.s. is the next big market. but of course they need federal help. what about the federal banking system in the united states? the use of cbd, only 11 state allow recreational marijuana. once federal approval is given, canopy says it is positioned to get access to the u.s. market which as we know is a huge market indeed. what an operation they have here. connell: one of the more succinct arguments from a ceo. if people were dropping dead i think we would know. take it for what it is worth. ashley, looking good, my friend. susan: "breaking bad," walter white. bottom or top bunk costs you $1200 a month. they're called coliving spaces. the ceo behind this says she is building universal housing network. it is a by-product of the
affordable housing crisis. we have pod share alvina beck. down payment, $1200 but hey, you get rahman with it. how many people have signed up? >> we housed 65,000 people since 2012. duration of stays is month. you consider us a bridge housing opportunity, someone getting feet wet in a new city, tries before they buy in different neighborhoods before the annual lease. susan: i'm not into communal spaces, i will be honest, what about privacy? do you get to choose the bunk mates? >> if you don't like your whole location you can transfer across the network unlimited. you don't want to live in venice, go downtown, hollywood. imagine this across the world one day. choosing bunk mates or choose location in a day. susan: right. okay, what about safety concerns? you don't get to choose the bunk mates, how do you know that you're safe in that space?
americans can't afford a 400-dollar expense. $40 a day every single day is housing. susan: especially in high-priced cities you talked about where you're living. good to see you. >> thank you. connell: president trump set to make remarks moments from now on the census. the citizenship question how he may handle that going forward. that is something debate here what you to know when we return. we'll be right back. ♪
connell: there's breaking news at the white house following two events with the president. he's expected to deliver remarks live in just a few minutes from now, expected there to address his thoughts, how he's going to handle this issue of whether or not you can ask about citizenship on the census or maybe it's some other venue, and he just wrapped up his meeting on social media. seth is back with us, and vince is back with us.
vince, i will let you handle the social media. you were talking to susan earlier about it and one of the things that came up was addressed i believe by the president. i guess this is the headline to come out of this meeting. it went on for 45 minutes or so. the president said indeed he will ask representatives from these companies, you know, we assume this is twitter and facebook, maybe alphabet, to join him for a conference at the white house. so i guess today was kind of airing of the grievances and at some point these companies will be invited in. what you basically expected, right? >> that's right. seemed like that based on attendance and the president does want these social media companies to come in and have a conversation. it would behoove these companies to do that because there's an appetite both left and right to regulate these social media companies. right now for albeit very different reasons, the left would like to see different forms of speech taken off of some of these platforms, whereas the president's arguing that he would like them to be more open platforms and importantly, section 230 of the communications decency act actually protects these companies from litigation
because it treats them as open forums. if they start judging which content's appropriate they run afoul of that and the president may want to take a look at it. connell: that will be discussed at a future date. on the other issue, this is coming up in a few minutes, and you will see this live on fox business, seth, we were talking earlier about how does the president thread the needle on this citizenship question. the courts have already rejected his original rationale and maybe to give viewers another preview of this, maybe there's a way around that or something else he comes up with. what do you think? >> exactly. he will be basically walking a constitutional tightrope to balance all of these factors on this very interesting announcement right around the corner. i think that you can really track this going down one of two lanes. either he's going to have the census department take a passive role by just collecting data that's otherwise held in the government's hands, at which point they basically park the car and the controversy's done, or he has them take an active role such as sending out not a census but a survey. there is still going to be litigation on that. that will get fast-tracked to
the supreme court. connell: we should find out in just a few minutes. sorry to cut you off. what the president does on that issue. susan: the market-moving news as well. rates should be coming down. connell: susan, thanks. thanks to everybody for joining us. "bulls & bears" starts right now. david: wow. winning big-time on wall street. in case you missed it, folks, take a look at this. the dow soaring today, closing at a brand new record high and above 27,000 for the very first time ever. thanks to a rally in health care stocks, the s&p 500 also ending at a new record high, just a tick short of 3,000. it is a very busy hour. we've got a lot of breaking news as well. president trump is expected to make a major announcement that could intensify the already heated legal battles over whether to add a citizenship question to the 2020 census. this after holding his social media summit. the very latest on all of this