know what the final number is but john moody says it may leak out in the days and weeks to come. they have a two-thirds agreement among the cardinals eligible to vote. tom has been watching these events with us. tom, the procession outside of the about basilica has ended. the music has stopped and the guards have stopped and now we wait. what do you imagine's happening inside? >> i imagine they're getting everybody ready to announce the new vicar of christ to the world. i rode a new book and little did this young man years ago know he would become not only a priest but pope. what an extraordinary plan god had for his life. god has an extraordinary plan for all our lives. each one of us has a certain role to play in this thing we call life. here in a few moments we're going to see the new vicar of christ coming out as a shepherd of the faithful. >> megyn: we're keeping an eye on the balcony. we don't see any action but occasionally you hear the crowd cheer. we're not privy to all they're cheering about but so far, nothing. additional lights went on we're told. perhaps they're lig

77 votes required to find the new pope. we don't know what the final number is but john moody says it may leak out in the days and weeks to come. they have a two-thirds agreement among the cardinals eligible to vote. tom has been watching these events with us. tom the procession outside of the about basilica has ended. the music has stopped and the guards have stopped and now we wait. what do you imagine's happening inside? >> i imagine they're getting everybody ready to announce the new vicar of christ to the world. i rode a new book and little did this young man years ago know he would become not only a priest but pope. what an extraordinary plan god had for his life. god has an extraordinary plan for all our lives. each one of us has a certain role to play in this thing we call life. here in a few moments we're going to see the new vicar of christ coming out as a shepherd of the faithful. >> megyn: we're keeping an eye on the balcony. we don't see any action but occasionally you hear the crowd cheer. we're not privy to all they're cheering about but so far nothing. additional light

required to find the new pope. we don't know what the final number is but john moody says it may leak out in the days and weeks to come. they have a two-thirds agreement among the cardinals eligible to vote. tom has been watching these events with us. tom, the procession outside of the about basilica has ended. the music has stopped and the guards have stopped and now we wait. what do you imagine's happening inside? >> i imagine they're getting everybody ready to announce the new vicar of christ to the world. i rode a new book and little did this young man years ago know he would become not only a priest but pope. what an extraordinary plan god had for his life. god has an extraordinary plan for all our lives. each one of us has a certain role to play in this thing we call life. here in a few moments we're going to see the new vicar of christ coming out as a shepherd of the faithful. >> megyn: we're keeping an eye on the balcony. we don't see any action but occasionally you hear the crowd cheer. we're not privy to all they're cheering about but so far, nothing. additional lights went on w

bring in john moody, author of "pope john paul ii a biography" and executive editor here at fox news. what a moment, john. >> always a magical moment. i can remember in 2005 waiting to see who would succeed john paul ii and so many thought it was cardinal ratzinger and indeed it was, but-- >> it's so hopeful the same feeling as a wedding or the birth of a child, something hopeful for the future about a new page in history and what could, what could possibly be for the world's catholics and the faithful. >> yeah, that's right and the catholic church, it must be said, knows how to put on pageantry. >> megyn: one thing we know as catholics. >> probably the only major faith in the world that elects a leader this way, in secret and there's so much anticipation and no sureness. in england it's the king or queen, but here they don't know. >> megyn: and he'll be coming out moments from now, and that we will all learn simultaneously who that man is and his life has just changed forever. >> his life probably changed several years ago when he became a priest, but you're absolutely right. this i

me now is author of "pope john paul ii, a biography", great to see you, john moody. >> thanks, megyn. >> megyn: it's exciting to think who might be the next pope and ascending in the ranks. there's been informal gathers already at which different names have been observed. >> it's an open meeting for first time and getting to know each other, this is a handshake, hi, my name is joe session. >> megyn: 115 of them. >> and many more there who won't vote and it's an introduction, here is my friend luigi and have a cup of coffee with him sometime and it's informal. >> megyn: how do they get past the language barrier, default to english? >> as in so many places in europe, you can default to english and almost sure that a catholic cardinal speaks english however, some in the past resorted to latin they're all supposed to know. our own timothy dolan says his latin is lousy. >> megyn: whose isn't? let's talk about him. i want to talk about the lead for most american, if we wound with an american as pope. and timothy dolan, and when pope benedict announced retirement, people said there's not go

, close themselves off from the outside world. john moody, executive vice president, executive editor here at fox news. author of, pope john paul ii, a biography. nice to see you, john. i gave a little bit what happens today. take us inside. what will they do? >> pray. they will do a lot of praying. not what the news media wants to hear. they want to hear about daggers being withdrawn, deals being cut, money changing hands. none of it. they will pray a lot. they will pray for guidance. cardinal sidano did introductory prayer and lecture for everybody. mostly humility. make the right choice. do what god asks us to do. bill: when they go into the sistine chapel, ten: 30 eastern time here in new york. will there be a vote today or conduct the balloting today? >> it will be a not conclusive but by tradition the day they go into the sis seen chapel they have one vote. bill: is that to figure out where everybody stands? >> it is to plant stakes in the ground. wait a minute, a the guy we thought would be the front-runner isn't? what should we do now? it sets the stage. bill: the cardinals le

they did. martha: john moody, who we spoke with yesterday on radio, brought up this name to us again. he was one of the only people i heard who was saying, there was so much talk about a younger pope, everyone believed this time around it would be a younger pope. they chose one of the oldest members of the 115 voting cardinals that there there. and i think the feeling was he could do the work that needed to be done, whether his time there be short or long. who knows, you know? who knows? he looks very healthy. bill: we sit here and cover so many stories that end badly and it was a beautiful thing to see so much joy. martha: very nice surprise. bill:. people with tears streaming down their faces and all of the excitement in st. peter's. it was really a very emotional story. so rare we get to see something like that. pretty special. >>> all right, something also pretty special, not quite of the same magnitude has been happening on wall street over the past several trading sessions. they have had a nine-day winning streak that continued but that's not all. the dow is up nearly 10% from

or will economic data hinder this rally? chief economist with moody's capital markets research group is with us, john, good morning. >> good morning. >> every time you want to get a little more skeptical you get claims or something else today that gives the bulls a little more field. what do you make of it? >> that was a big surprise. fewest jobless claims since early 1 ii how to 8. that's got to be good news for the equity market bulls and it tells us a labor market is improving. the question is whether or not we're going to get enough in terms of business sales growth and earnings growth so companies continue to add workers. >> what's the answer to that question, john? >> i think the answer is we're going to see an expansion of payrolls. we're going to see the unemployment rate drift lower. in general rates are going to climb. if that's true profits will grow by enough to sustain share prices at the current level and perhaps allow for a further gain of 5%. >> you look at some of numbers out of the business roundstable, for instance yesterday, hire plans are nowhere near expectation

are going to see a downgrade by moody's and that is going to put america into a downward spiral and that is bad news. >> we heard in john's report that it would take some event or something to happen to sort of get the politicians to work together. what will that event be, in your mind? >> you know, i think what we need is to set a common goal and that goal should be why don't we try to find a 3% between 2.5% to 3% gdp growth over the next three years? the republicans and the democrats can agree on something which is a common vision or a common goal. stop fighting over whether entitlements are bad or tax rerevenues are bad. so let's focus on 2.5% to 3% gdp in the next few years. in my opinion, what it would take is let us agree upon a medium term solution. that means we will have a plan on how to cut $4 trillion in spending. we'll have a plan on how to increase revenues by $1 trillion or two to tax gs code changes which is not going to negatively impact the economy. a third thing is we will raise the confidence level of the business community as well as the consumer. there is the mo