To prevent these types of things. We talked about it here numerous times and going to continue moving forward in that process. Thanks, guys. Reporter anything on davos . Liz press secretary Sarah Sanders addressing the shooting that happened of course yesterday, that School Shooting where two children were killed, and another 18 were injured. This, of course, was just a horrific situation and there was a tussle and verbal discussion regarding that kentucky shooting. We are watching a whole bunch of metrics in the wake of that very newsfilled news conference. The markets trying to come back here perhaps on the news that Sarah Sanders revealed. Thats that the president will reveal his infrastructure plan this coming monday. Supposed to be a trillion dollars. The dow now up about 43. At one point, shortly after 1 18 p. M. Eastern, the dow fell 103 points after having been up 182. So enduring a 285point swing. Thats a bit of a jaw dropper there. Part of that infrastructure plan includes some discussion of the southern border wall. Sanders conceded it would not be a contiguous single wall, natural barriers like the Rio Grande River would eliminate the need for a physical structure and asked about the treasury secretarys comments regarding a weaker u. S. Dollar, of course, coming out of the secretary of the treasurys mouth in davos, switzerland where you now see the dollar, after he said a weaker dollar helps american trade, moving more dramatically lower against the euro. This is a threeyear low for the dollar as the euro powers higher. So does the uk pound, the yen, everything we trade against, and the main ones in the dollar index. That basket of dollars, it takes 1. 24 to buy a single euro. What about davos . In five hours from now, the president will take off for the tiny Alpine Village in switzerland. The first u. S. President since bill clinton in 2000 to trek to the global shin dig known as the World Economic forum. But the administrations advance team as i said including Steven Mnuchin making waves already. Mnuchin and commerce chief wilbur ross are already on the ground, armed with seemingly coordinated America First messaging, as in America First in trade deals. Yesterday the president talked a molotov cocktail in the simmering trade war by slapping steep tariffs on imported solar panels and washing machines. Today an entire battalion unleashed, if you believe what the commerce secretary wilbur ross said upon landing in davos. Thats where blake burman is standing by. After covering davos for eight years, i know globalist crowd like nothing more than trade and free trade. How are the comments all playing there tonight . Reporter you had wilbur ross, and Steve Mnuchin make a host of interesting comments earlier today. Well start, lets start with wilbur. He basically said that china and their desire to further engage in the technological sphere is a, quote, direct threat to the United States. Wilbur ross at one point saying, quote, trade wars are fought every single day. The difference is u. S. Troops are now coming to the ramparts. They are trying to put out this message here, liz, at davos that look, the United States, this administration, is not going to stand for trade abuses anymore. Heres more from wilbur ross earlier today. We dont intend to abrogate leadership. Leadership is from being a sucker and being a patsy. We would like to be the leader in make the world trade system more fair and more equitable to all of the participants. Reporter the treasury secretary Steve Mnuchin tried to couch that by saying weve got this America First jean,ed this America First policy but America First means we can do business around the world. Speaking of Steve Mnuchin, he made headlines of his own here in davos, he said you than whole thing with the weaker dollar that weve been seeing . That may not be so bad for the u. S. As you know, liz, it has been the policy of treasury secretaries, including this one, when he testified on capitol hill that a strong dollar is good. You see his quote there, but mnuchin saying, look, this might be good for the u. S. Economy, and it could be good for the country as a whole. Sarah sanders at the briefing was asked a little while ago saying hey, exactly she was asked, what is the policy of this white house as it relates to the u. S. Dollar . Here is her response. We have a very stable dollar, because of how well the u. S. Is doing, and its as powerful as its ever been and the reserve currency of the world, and thats the official position of the white house. Reporter liz, the briefing opened up there with Sarah Sanders saying they would review a framework on daca on monday. As you know, this is an explosive issue that has gripped capitol hill. I bring that up because i was just told by a senior white house official just moments ago, news i will share on the air, that will infrastructure plan, the goal had been to roll out Core Principles leading up to the state of the union on monday, and then present some sort of infrastructure plan. The senior white house official told me, quote, that it could happen a little later because daca is sucking up all the oxygen. So you got reports today that an infrastructure plan could be two weeks out in the make from what im hearing from someone within the white house, because of daca, which they need to get something done by february 8th, maybe an infrastructure plan, at least a formal bill might be further off in the making. Liz . Liz blake, i know, and were watching infrastructure stocks right now, and as you see with many of the indexes here, we are seeing somewhat of a comeback but certainly not at session highs. Weve got controversy right now swirling around the white house at this very moment. President trump had invited mayors from all over the country to the white house to meet, but now theres this storming drawn coming on that many have backed out at the last second because of immigration hotbutton issue on the agenda, and that, of course, is the all of this question about sanctuary cities. Were going to bring it to you live if the president or any of the mayors sgluchl front of the cameras. What a crazy day on wall street. The dow, trying to claw its way back into the green after giving up 181point gain and tumbling about 285 points all the way to the session low of 103. Tech is the big chameleon responsible for the wild ride were seeing on wall street, quickly changing colors from green and alltime highs on many of these names to glaring red, some back the the moment. Amazon, alphabet and microsoft, flipping back and forth toggling between red and green, hard to get back what they gained earlier to. Apple, of course, during this hour that we told you yesterday there were all kinds of concerns coming out of jpmorgan that the iphone x sales are going to quarter over quarter, be a loser here. Apple sliding now for the second straight day, currently one of the worst performers in the dow. Down about 1. 5 or 2. 71 after another brokerage joined the growing ranks of skeptical analysts. First jpmorgan as i mentioned and today bernstein researchers are questioning the iphone guidance for march. So the stock is struggling but remember the alltime high is just about 6 higher than this. Still pretty much close to that. Airlines grounded at this hour. Low Cost Carriers shaking in boots after United Continental vowed to continue going headtohead with the Budget Airlines sparking fears of a price war within the industry. Every one of them down right now. United, southwest, alaska, delta, american losing anywhere from 4 to 11 , and that one is for ual, United Continental down 8. 81. To the floor show, traders have been patient here but listening to all of this, teddy, cross currents in discussion here, but the dollar and trade war talk, definitely spooked the markets earlier as we look through intradays and see what happened. What was it like on the floor. They certainly did. We came out of the chute this morning very strong, lot of new highs. Up 170, 180 and the trade conversations, down 100 and now plus 40. The bottom line is the overall action continues positive, but one thing that is a little disconcerning is were getting a lot of earnings and some of the earnings are very good but the stocks are basically selling off on the strength of the good earnings, which really sends a message that perhaps shortterm things are just a little toppy here. Liz we just flashed the week ahead speaking of earnings. Put that up there. Larry, we have tomorrow, amazon, alphabet, those two biggies in the banks, blackstone, the Worlds Largest asset combiner here. Dow, dupont, the chemical makers and time warner. Give us a sense how strong they have been. Quite muscular and why can you tune out Everything Else and have a foundation underneath the indexes . Yeah, earnings season has been good. Lets keep in mind that the hurtle rate for earnings season has been low, though thats continuing to rise. Earnings per share growth of 6 to 7 in the u. S. And europe combined. Yearoveryear. Its not hard to beat that. Whats problematic is that youre going to have a lot of writeoffs right now. The rise in the euro versus the u. S. Dollar is going to be a headwind for some and a tailwind for others. Its going to be really interesting to see how this all pans out. The fact is the market continues to march higher with yields and with tech stocks not really leading the way. Liz all right, well, phil, i tell you what is leading the way, oil getting closer and closer to 80. Its a stretch. Were not at 70 right now. When you look at the energy lands, this is exciting if you are an oil bull. It is. It is. Ill tell you what, it is something weve seen coming a long time and the rest of the world is starting to catch on. We have the tightest inventories when based on demand versus supply that weve had in probably ten years, in the socalled oil glut that everybody was saying would never go away is gone. If you look at oil inventories. Ten drawdowns in a row. It took supplies from being above average to just at the lower end of the average range so the glut is gone, and a lot of that is because of the liz why are the drillers down . To see the economy thats on fire with lots of oil, and thats whats been happening. Drillers are down, im looking at transocean, which is lower. Diamond offshore down. Rowan and company. You can give us a sense whats going on there . He cant hear. By the way, thats the International Sign for this thing aint working. [ laughter ] teddy, larry and phil. Can you hear me. Thank you very much. Stick around for after the bell, ford earnings. David and melissa have ford chief Financial Officer bob shanks. There was some concern and ford has telegraphed this might be a tough earnings report. You got to stay tuned for after the bell. Coming to america. The closing bell ringing in 48 minutes, weve got green on the screen. Not for the s p which is down about a point but the dow is up 44. Gm luka mek is coming to america, the pharmacy king of italy and he says the u. S. Is ripe for putting up his flag. Hes about to invest bigtime in one of the highest tax states, but says the trump administrations pro business policies are luring him here. Hes here in a fox business exclusive. Rockwell, why robots are all the rage thanks to team trumps new rules but what about jobs for humans and what about this trade war saberrattling . Rockwell automation ceo blake morets live in a business exclusive next on countdown. Oh, the things we do rising before dawn. Sweating it out. Driving ourselves to do more. Be more. Tough to make time for it all. But we can always find time to listen. To great thinkers, and fearless explorers. Whose stories fuel our minds. And imaginations. Stories that take us places our hamstrings alone cant. All we have to do is listen. Open your ears to the Largest Selection of audiobooks from the worlds most inspiring voices. Download audible today. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Liz so you saw how the markets took a dip earlier after spiking up because of this concern regarding trade war talk from President Trump and his team who are on the ground in davos right now. The industrials got hit. Take a look at this intraday picture of the Industrial Exchange traded fund. The xli, its down barely. Barely flat at the moment. Had been much lower. Why . Because its got big multinational manufacturers in it who sell to many countries and import lots of materials from overseas. If you break out the top five names, boeing, Minnesota Mining manufacturing, honeywell, union pacific, Rockwell Automation. Lets pull out Rockwell Automation, that robotic business does business in 80 countries. Jpmorgan believes in it, analysts hiked the price target an hour and a half ago to 190. Theyre behind the 8 ball its 200 at the moment. Rockwell automation ceo blake moret with us in a fox business exclusive. Let me recent commerce secretary wilbur ross comment upon arrival in davos. While theres been a trade war in place for quite a while, the difference is u. S. Troops are coming to the ramparts on this war. Your immediate thoughts on that . Well, Rockwell Automation certainly supports free and fair trade around the world because we think under those circumstances, we and our customers can compete and win. Liz yeah. I would think that free and fair trade, it works in your business because 80 different countries, right . You import parts, im sure you export things. Talk about the supply chain and how its changed over many years. Well, essential philosophy of our chain is to be close to the customer. While we still have significant amount of manufacturing and our intellectual property talent in the u. S. , we do business around the world as you said in multiple countries. We had development and we have manufacturing in some of those locations where its important to be close to the customers as well. Liz the president signed yesterday a pretty stringent trade tariffs on washing machines and solar panels. If say, for example, steel were next, how would that affect your business . I think steel is one of the areas where there have been the greatest concerns about free and fair trade. We certainly do business with a lot of producers of steel in the u. S. As well as around the world, but we think that while there is an overcapacity of Steel Manufacturing in general around the world, being able to consolidate some of the facilities and create more efficient mills presents an opportunity for us. Liz well, yeah, but also you want to be able to pick your best price, do you not . Well, our best price comes from being able to differentiate with our products and services and solutions to the extent that we help our customers become more competitive. Thats truly the biggest indicator of what price we can command. Liz talk about the tax atmosphere right now. I would imagine you like the new Corporate Tax cut but one of the laws in the new tax plan. Tell us how positive this might be for you. Companies may now write off brand new equipment purchased during that year, and therefore, that would be great for you, i would think, correct . Yeah, in general, the benefits of the tax reform really manifest themselves longterm for us in terms of the increased investment on the part of our customers. Thats the number one benefit, and it comes in a few ways, certainly the lower statutory rate helps customers be competitive when they compete for the best around the world. And some cases allows them to repatriate cash thats been stranded and put it to work here in the u. S. , and then, the treatment of more rapid depreciation for Capital Investments certainly spurs some investment as well. Liz i got to ask you something. Is there a place left in society because youre in the automation business and people think to themselves robotics equal vaporization of jobs for actual humans, is there still a place in our working world for people who work hard, do a good job, theyre not brilliant coders or engineers from m. I. T. But do a good job and work their way up the ladder and make a middle class living. The answer to that question is absolutely, and i can tell you, even within an Automation Company like Rockwell Automation, people are most important asset, and most of our customers feel the same way because its the machinery and the analytics and the robotics that enable people to be more productive and puts a higher premium on the decisionmaking skills, innovation and the ingenuity of those people, rather than the rogue tasks that require very little decisionmaking. Liz as we go, youve got great numbers. Just at the point where you are firing on all cylinders, minus a oneoff on the tax situation here. Your earnings x the tax related charge, 1. 96 per share, and very nice revenues. Congratulations. Are you training workers now and are you hiring . We absolutely are, due to some of the increased demand, hiring workers in u. S. Plants and training not only our internal training program, but very proud of the academy for advanced measuring that we launched recently with manpower to train returning veterans for advanced manufacturing skills. We had the first class, it was a successful pilot. All of those students have jobs and we Just Launched the second class this month. Liz well, youre a great example. And i think thats terrific because companies have to do it. Government is not good at training jobs when it comes to specifics like your company. Congratulations, blake, and thank you so much. Great talking to you, liz. Liz same here. Blake moret says keep trade free and fair. Closing bell ringing in 37 minutes. A dow industrials managing to stay above the flat line by 53 points. 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Its important to learn all you can. To help protect yourself from a stroke. Talk to your doctor about xarelto®. Theres more to know™. Liz yes, the good old american brand competitions, you know the big one, coke versus pepsi and ford versus General Motors . Thats a big one . Get ready for the hatfield versus mccoy of the investment world. Vanguard versus fidelity. Fidelity investments has just fired a shot across the bough at its competitor vanguard. Fidelity is apparently going to charge employers a fee if your assets are held in any Vanguard Group investment funds. To gerri willis in the newsroom. I was looking at numbers, 20 Million People invest in vanguard funds, should they be nervous . You got to think its a big deal. And the fees could rise, we dont know yet, it could happen. Talk about. This according to barrons, 696 billion went into Exchange Traded funds while actively managed funds charge higher fees so investors pulled out 390 billion with. That trend, firmly entrenched, fees going nowhere but down until this week. You described it, the Largest Record keeper in assets and defined contribution plans, 401 k s, charging a fee on assets. According to a publication called investment news. I reached out to fidelity, they had this to say. Fidelity requires all Fund Families to compensate us for shareholder and Administrative Services which we provide. A small number of Fund Families have not done so. That small number of Fund Families, one of them, massive, massive, vanguard. I guess, and i dont know, this is probably how vanguard keeps the fees so low by doing stuff like this. To be sure, this is unusual, starting this year, fidelity will charge all new 401 k clients a 0. 05 fee on participant assets invested with vanguard and over the last few years, vanguard emerged as giant in index Fund Offerings as investors move away from the expensive style of investing. To be clear here, this hits employers bottom line, not yours, not yet. Heres how it would work. A plan sponsor, meaning an employer would pay an extra 2500 to fidelity. Now i know, that doesnt sound like a lot of money, right . The cost could be passed through to workers or could cost employers to offer fewer vanguard funds. Time will tell but looks like the pendulum in fund fees could be swinging the other way. Liz all i can say is they nickel and dime to you death. You know this cost is going to get passed onto people, right . Reporter it absolutely could, and you know, we did not get ahold of vanguard for the story, but can you tell that competition between the two companies, you called it right at the beginning of the segment, very intense. Liz hatfield and mccoys of the business and investment world. Gerri, thank you. Reporter thanks. Closing bell 29 minute away. The nasdaq down 41. At one point it was down 83. So cutting losses in half. Still down half a percent. Team trump on the ground in davos, switzerland trying to entice overseas businesses to invest in the u. S. Plus they dont have to try with this guy. The italian pharmaceutical chain leader decided to make the move. Thats Gianluca Mech. Hes going to tell us why he thinks the u. S. Economy is so healthy, hes ready to move to new york. Countdown coming right back. Hey, what are you guys doing here . Were voya. We stay with you to and through retirement. So youll still be here to help me make smart choices . Well, with your finances that is. We had nothing to do with that tie. Voya. Helping you to and through retirement. Every truck guy has their own way of conveying powerful. Yeeaaahhh boy. Kind of looks like a monster coming to eat ya. Holy smokes. That is awesome. Strong. You got the basic, and you got the beefy. I just think it looks mean. Incredible. No way. Start your year off strong a new chevy truck. 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Thanks in part to brexit, of course, but also Donald Trumps tax reform package making it attractive for Foreign Companies to go there. Banks not only ones making the move. The pharmacy king of italy, Gianluca Mech was more than 40,000 pharmacies worldwide is looking to move to the u. S. Specifically new york city. This is going to be crazy. Were going to love you here. What opportunity does he see in new york city that brand of pharmacies bring to the u. S. Consumer now versus a couple of years ago, welcome. Thank you for the invitation, very, very attractive the american market, thanks to the taxes. People want to come here to invest, and this politics is very, very good for the economy. We will start bringing first opening shops here in america and then we want to bring here the factory and manufacturer here. Liz you have a specific business, when you say pharmacia in italian, its not heres your antidepressants and statins, its herbal and dietary food and things like that. We are italian so we love pizza, we love pasta, the spreadable. Liz we do, too. We cannot announce it to our identity, and we have to think a different food, lighter food. We dont move any more like 50 years ago, we have to think lighter food, instead of carbs, we use soluble fibers from beans and tomatoes. Very natural. Liz you sell the Natural Foods and drinks and shakes in these stores. Why new york city . Were thrilled youre coming, but everybody, at least on the trump side has said, oh, well, the new york city has among the highest taxes, so does california. This is a problem. Yet you pick new york, there is something attractive about this, yes . Correct. New york is important about picking america because the right time is made here. And new york also is important because there is a very big, a very large italian community, and it was important for me to start here, where these people are. Liz im not telling you something you dont already know, but theyre like starbucks, cvs, duane reade, wall walgreen boots, they are on every corner, the competition is extraordinarily fierce. Are you ready for that . Yes, they need me. If you go there, there are many products but full of carbs. If you are diabetic, it is hard to find a cookie, to find a praline that you can eat. So i start with my shop to sell the product of diet to lose, we have 28 medical publication, you lose 20 pounds in 40 days, but in a second stat, we want to produce for other company low glycemic index products but good. Liz so the president s new tax plan, the gop tax plan as we say here, has become and made it so attractive youre going to do a warehouse in brooklyn. In brooklyn. Liz you know how expensive the property is there . Have you signed a lease yet . Yes, but i think now the economy is very good in america, and consumers have the money to buy healthy food. We know that healthy food is more expensive than junk food, and in this moment, its worth to spend here in order to join and reach all these customers. They are asking for this kind of food. Liz great place to start. First stop on the east coast, new york city. Congratulations and good luck. Thank you. Liz Gianluca Mech saying the investment is great to invest here because of the tax plan. Instead of going to monte carlo, you come here. This is the way to invest. Liz there you go. This is the president s message exactly. Good to see you gianluca. Ill be one of your first customers. Ill come by. Closing bell 19 minutes away, were watching the dow fill up 52 points, not regaining all of the earlier highs but a decent number here. Considering the ge is a member of the dow, hate to say it if you own the stocks but a new shocker as if disappointing earnings werent adding salt to an open wound, executives have had an even bigger surprise waiting for investors. Up next, Charlie Gasparino has the inside details on the new battles facing the industrial giant, and what it means for your money. Its a new twist and charlie is about to break it next. Building a website in under an hour is easy with gocentral. From godaddy in fact, 68 of people who have built their. Website using gocentral, did it in under an hour, and you can too. Build a better website in under an hour. With gocentral from godaddy. Liz General Electric now below 17 a share, the Fourth Quarter Financial Results giving investors nothing to cheer about. An 88 decline in profits and as if that werent bad enough, investors thrown a bigger curveball with revelation that the securities and Exchange Commission started investigation into ge. Stock down 2. 33 . Charlie . Lets unravel this, the stock was up premarket. Remember that . It was doing okay, the earnings are down 88 but including the charge that came out last week. If you take the charge out, it looks like things are getting better. Investors saw, that started trading up the stock before john flannery, ceo said the securities and Exchange Commission launched an investigation into the charge were talking about. Where did it come from . The sec wants to know why it was a major surprise to investors and to the company and have launched investigation. Now heres what weve been doing, looking at ges legal woes. It goes beyond, this we should add. This is a problem for investors. What did we mean beyond this . Theyre bracing for onslaught of class action and shareholder lawsuits. So far two classaction lawsuits filed, they name individuals in there including jeff immelt, the former ceo which ill get back to, and the current management, but basically saying mismanagement of the company, you gave investors the wrong guidance, and the guidance didnt come out as it should come out, therefore, we think youre liable and were suing you. Company has traditionally said when we give guidance, these are forward looking predictions, theyre just opinions, dont take it to the bank, but you know, the legal woes are mounting. Heres the interesting thing, i talked to john coffey, we should throw his quote up there. It will give you some insight into where this thing might be going when the sec looks at it. There it is, some believe that ge has understated and understated, underfunded pension liabilities, this would be under immelts watch. Liz hes a bigwig from Columbia University who knows this stuff. The best, i believe, legal guy when it comes to white collar stuff. What hes saying this, all the issues because unfunded pension liability, thats one thing. This insurance liability, thats another thing. A lot of this happened preflannery. Flannery was there in the ecosystem, but immelt was the ceo. I know jeff immelt, i believe hes an honest guy. If something was done, it was my view it was a mistake. I dont think hed do it on purpose but can you land yourself in trouble. What coffey is saying is immelt is likely to be under scrutiny like everybody else. Liz what about the board . You got to bring up the boards in these situations . Remember boards get a lot of the information from the ceos who give the presentation and the sea suite executives, and its been kind of the courts have been wishywashy on the fiduciary responsibility. I dont remember the last board member sued by the sec because of a problem with the company. Ceos and csuite executives do come under scrutiny. And if you think it is bad now, it could get worse given whats going on with the underfunded pension liabilities, this insurance liability. The secs investigation into the insurance liability that came out last week on top of the classaction lawsuits which are pretty damaging. Liz very serious. Charlie thank you. What are you wrapping me early for . Liz you are looking at yourself. He looks at himself, right . You dont look at yourself. Liz i can hear the viewers, look at the camera. If the viewers dont like me, if the viewers dont like me, why are the ratings up . Liz yeah, its all you. Its all you. Why . Not because they like my face. Liz its a team. Big red and me are a good team. Liz big red . No woman wants to be called that. Okay, i work at fox, you say the red fox. The red fox. Liz that is what the blockers call me. Running of the bull market, you can argue its going on with the dow up 69. The founder of the Worlds Largest Hedge Fund Says we still have at least another year of bullish returns, but our countdown closer has a different idea about what has to happen for the rally to end . Countdown coming right back. Im a small business, but i have big dreams, and big plans. So how can i make the efforts of 8 employees, feel like 50 . How can i share new plans virtually . How can i download an efile . Virtual tours . Zipfile . Really big files . In seconds, not minutes. Just like that. Like everything. The answer is simple. Ill do what ive always done, dream more, dream faster, and above all, now, ill dream gig. Now more businesses, in more places, can afford to dream gig. Comcast, building americas largest gigspeed network. Liz breaking news, this meeting between President Trump and the nations mayors was supposed to have already begun. These are mayors from across the nation, but controversy in this last couple of hours where a bunch of the democratic mayors including de blasio from new york, who else, fred . Who is backing out . Gil garcetti wasnt invited from los angeles and one republican mayor will not show up to this, there was friction regarding a new sort of announcement regarding sanctuary cities, and some of the mayors closing bell. Seven minutes away. Stocks gaining steam going into the close. Dow and s p 500, on tractor record closes. Nasdaq doesnt look like it will make it. Ford, offered disappointing 2018 guidance but now it is time. Well find out how disappointed they really will be. Lets go to the new york stock exchange, nicole, were waiting on ford. After the bell well break down the numbers overall. You see the stock is to you hadside by more than 3 4 of a percent. At the detroit auto show, top picks would be declining in 2018. On other hand, over at morgue morning, theyre still having overweight on this one overall saying that the stock itself is trading at 7. 6 times estimating earnings and having a price target of 14 bucks. So still seeing upside potential. Dont forget, fseries truck is the number one pickup truck in america. Well watch more details on how that is faring. Ford a Great American company. Looking to the upside. Well break undo the earnings right here on after the bell. Liz sound good. Thank you so much. Well look forward to that. Hedge fund legend, ray dalio runs brit water saying quote, it is stupid to own cash in this type of environment. The bull market will keep roaring the next 12 to 18 months until the fed getting involved or derails it a little bit. Our. We have the chief Portfolio Manager for hennessey fund. What is the benchmark, neil . I think were marching towards 30,000. I dont think it take as genius how you get there. 4 a year, you will be there in 3 1 2 years. More importantly, liz, there is two factors that are driving this bull market in my opinion. Number un, there is no euphoria whatsoever in the overall market. Maybe in bitcoin but not in the oh all market. No matter how good the news is, the headlines are always negative. So essentially, when i start to look at the 21 tax rate, everything being equal today, liz, that means pes will drop from 22, maybe down to 19 or 18. That gives you a lot of room to run. I know there is a lot of talk that the pes are expensive now. But theyre nowhere close to the end of 90s, early 2,000s. We have a long way to run especially with earnings going up and Capital Expenditures that will be happening starting to be announced every day now. Liz this fomo, fear of missing out, people are not too late . Because the Retail Investor on balance still has dry powder in the form of cash waiting to put it to work. I think were all thinking, i know it, the minute i put my money in the market it will fall. You say no, it will hit 30,000 before we have significant correction . Not necessarily, since. 2010, liz, we have had 18 corrections. 14 of those were between five and 10 . Liz okay. Four were between 10 and 20 . The markets snap back very quickly and went to new highs. So you will have a correction. The infatuation with these index etfs, at some point in time somebody is going to want to sell that will beget more selling, and they all own the same companies and in the same percentage, so they will have sell at market. Well have a real quick downdraft but will not be the end of the bull market. Liz all right. This market remind me 82 to 91. It was up each and every year, with the exception of 1990. Liz i remember the late 90s, and that froth but it doesnt feel like that. A lot of people are in the same stocks, that people could argue are the fangs. Give us examples where people are not run by the bulls . Look at disaster the United States experienced in 2017, be it the Northern California fires or the hurricanes in florida and texas, there is going to be a lot of building. So you look at kb homes, or Boise Cascade as a material provider. Yet at the same time, people are still being cash conscious. And want to spend their money wisely, so that is why Thor Industries that sells airstreams, motor homes, going to do well. All these companies have low price to sales ratios, very good earnings, have a lot of room to raise their dividend. So you have to think, themes and got to look for quality. Liz neil, great to see you, thank you so much. Neil hennessey. Folks, the dow hoists itself from the depths of down 103 points to up 67. Just a second ago we were up more than 75. Were watching an alltime record for the dow and the s p. Nasdaq not there. [closing bell rings] very interesting day, ford earnings up for after the bell. That will do it for the claman countdown. I see you tomorrow. Melissa wild ride for the market. Look at dow 280 point swing from high to low. It is amazing. Up 55 points higher for the day. S p struggling for gains in the last seconds of trading. Any gain would be a new record, not looking good. Nasdaq, taking a breather, ending firmly in the red. Im melissa francis. David interesting market day. Im david asman this is after the bell. More than big market movers, and a lot of things going on in very busy hour. President Trump Holding a group of what was supposed to be 100 or more mayors. Some backed out in
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