At any moment in wilmington, delaware. It will be the former Vice President s first oncamera comments since election day, election night. Of course, last night. And were going to take you there as soon as it happens. And President Trump has yet to be seen today, but he is using the twitter microphone to blast the process of tabulating votes across the nation. Wisconsin, the latest state in the biden column as we just told you. The fox news decision desk awarded it to the vp, as we said, in about 12 minutes. The number of votes separating the candidates, razor thin. So the Trump Campaign has called for a recount. In michigan the counts still ongoing at this hour. The secretary of state saying we could see unofficial results by the end of the day. Biden with a slight lead at the moment. Now in pennsylvania more than a million votes remain to be counted. The president holds a 500,000vote lead. Team trump believes it can hold on in the keystone astronaut, but we likely will not keystone state, but we likely will not get results today. Sorry. Nevada right now, take a look. We wont have results until tomorrow there, and there is another lawsuitbreaking development latebreaking development, team trump has claimed i it will flip arizona even as arizona was called for biden last night. All major media organizations gave the nod to joe biden overnight. This might just be the first time the markets are actually embracing uncertainty. Take a look at the Dow Jones Industrials. We are up 577 points. The nasdaq is on fire at the moment. Were up, look at this, 458 points, a gain of four full Percentage Points, s p better by 93. But there is more to it than meets the eye. No matter who eventually becomes president , a split congress will stymy any attempts to hike taxes. Traders seeing no fear. Take a look at the fear gauge, the volatility index which has been drop, and it continues to do so. Were down 17 for the vix at the moment. Weve got team fox business coverage at this hour. Standing by in two of the most hotlycontested states. Connell mcshane in pennsylvania and jeff flock in wisconsin which, of course, is where we begin with 10 Electoral College votes that have just been granted to joe biden. You know, thats what we have, biden pulled ahead in wu, triggered a near in wisconsin, trigged a near immediate challenge, a statement despite, quote, ridiculous public polling, wisconsin, a razor thin race as we always knew it would be, there have been reports of irregularities in several wisconsin counties and, therefore, as we told you, the Trump Campaign says they will request a recount. Lets go live to the badger state where jeff flock has a front row seat to this in realtime, jeff, unfolding democratic process. Youre in milwaukee. We know that the National Guard arrived yesterday in chicago and wisconsin to help transcribe votes from around, what, 13,000 misprinted absentee ballots. What can you show us now, and what are you hearing on the ground . Reporter well, first, just to be clear and in response to the president s tweets and that call for a recount, the Election Commission here says they had no irregularities that theyre aware of. If somebody has one that they want to bring up, please bring us evidence, but we know nothing. We think this thing went tremendously smoothly. First, lets put the numbers up just so that were clear on this. Wisconsin doesnt release an official tally, they simply take the tallies from the state, from the counties and when all those came in, theres only one town that is still outstanding. Thats a small little town called willow, wisconsin, hasnt reported. Got less than 300 votes there, and bidens up 20,000. So thats not going to shift it. Its a biden state, a biden win according to the Election Commission. Pending any recount or any court challenges. But, yeah, let me show you something, and i think its fairly extraordinary window on democracy, on how votes are tabulated. Last night in the building behind me it was what they call central count. It is where 169,000 mailin ballots were counted by hundreds of volunteers. We watched numerous reporters, numerous observers watching both republican, democrat, watching as the votes were opened, the verifications took place, and then they were entered into scanners. It really was fascinating to watch it and to be allowed that kind of a bit of transparency. So if that could happen elsewhere, maybe people would be a little more happy about it. But it was just a real privilege, i i think, liz, to watch that last night. What happened was, just to be clear, when some people went to bed, donald trump was up 70 or 80,000 statewide e . Well, what happened . When this central count from milwaukee came in milwaukee, a heavily democratic town that flipped the state all the way around, and thats what happened. And thats whats happening, sort of, we think, in michigan and in pennsylvania. So, you know, it was a privilege to watch democracy unfold. We hope it doesnt get messy from here. Liz . Liz yep. And we want to thank our fine volunteers all across the nation who spent time in this democratic process which is ongoing. So lets go a little bit east to pennsylvania. Pennsylvanias 20 Electoral College votes still hang in the balance at this hour. Millions of votes still need to be counted in chester, chestr county, home to philadelphia, often considered a democrat stronghold, and to harris, pennsylvania. Thats where we find Connell Mcshane. You know, you just had jeff flock making the point about counting each vote. The president last night came out and said stop counting. But dont we have veterans who are overseas . Their mailin ballots have yet to be overcounted, so why would he not want them counted if perhaps, maybe, they would favor him . Connell part of the message were hearing from the local officials here in pennsylvania, liz, they have been pushing back all day long on the president s comments last night from the east room but also throughout the day on twitter. And theyre still counting here. The secretary of state is the one who made those comments about millions of ballots still out there. She also said we might get results before friday. Remember, they were saying it could take at least until friday, so well see. And then democratic Governor Tom Wolf had a News Conference here at the State Capitol earlier today, here he is. Continue to report results, and again, these results are coming in more slowly than they have in the past. So we have to be patient. But confident that these votes are going to be counted, theyre going to be counted accurately, and they will be counted fully. Connell now, were watching that counting process here in pennsylvania just as jeff has been in wisconsin, and places like Philadelphia County and, you know, thats a big democratic area. Allegheny county, which is pittsburgh, also a big democratic area. Of so you watch the margins and whether or not they tighten as more of the votes come in through the mail in counties like that. While we wait, legal issues that were tracking include a republican lawsuit just outside of philly in month come true county. Therell be another brief in that case tomorrow. And then theres a separate lawsuit in another part of pennsylvania, another group of republicans asking the judge to block some provisional ballots. What you should look out for later this hour, liz, back in philadelphia is a News Conference from the Trump Campaign team that theyve called for the bottom of this hour where theyll be talking, we presume, about the counting in philadelphia. Eric trumps gown to be there, Corey Lewandowski and ruedty giuliani. Rudy giuliani. Thats later this hour in philly. Liz. Liz we want our viewers to know we will be taking that, and we will, of course, be taking joe biden if he speaks. So no need to go anywhere else. This is, as we said, a living, breathing, realtime event that is happening at the moment, and we are all over it. Our thanks to jeff and connell. A fox business alert, look at these gains postelection day for two companies who stood to lose a lot if one single ballot measure did not go their way. Uber and lyft are surging as california looks like its ready to hand them the gift of prop 22. Voters passed the proposition, the measure which exempts the appbased transportation firms from classifying their drivers as fulltime employees versus independent contractors. The former would have cost the Company Hundreds of millions in expenses for uber and lyft if they were forced to shell out worker benefits. Right now uber up 12, nearly 13 . Lyft jumping 11 . The drivers, we should let you know though, will even with that ballot measure passing get some new benefits including sick leave, minimum earnings and vehicle insurance. Okay, did you bet on draftkings and Penn National stock ahead of the election . You are in the money if you did. Multiple states passed measures to legal use Online Sports betting. Draftkings spiking 5 , Penn National up 65 after louisiana 6. 5 percent after louisiana, maryland and south dakota said yes to joining 21 already other states which had already approved sports wagering. So we see those plans to expand to the 21 other names. Solar stocks not seeing much light as the lack of a blue wave means any sweeping changes to green energy and Climate Policies including bigger rebates might be dimmed. But defense stocks armed with gains no matter who wins as both president ial candidates have pledged to put more resources into military spending. So green on the screen for lockheed martin, General Dynamics and northrup drummond. Okay, dow is up 485, charging ahead on full display as the rally lift ares a broad swath of stocks. But if you look through the prism of your what will and wont happen when it comes to stimulus taxes, what really happened last night, and whats going to happen to your portfolio . Our power panel tackles the realities that will emerge once the 2020 election dust settles. With the closing bell ringing in 49 minutes and, yes, the nasdaq spiking even higher, the claman countdown is coming right back. Dont go away. Look limu someone out there needs help customizing their Car Insurance with liberty mutual, so they only pay for what they need. False alarm. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Nellie young lost her devoted husband. Without him, things were tough. Her last option was to sell her home, but. Her home meant everything to her. 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But one thing we do know, the balance of power remains, right . The senate is going to stay in the control of the Republican Party after the democrats were unable to flip four seats to gain control. But the democrats were able to hold on to a majority in the house of representatives. The Republican Party needed to flip 21 seats to gain control but were only automobile to gain 5. Able to gain 5. So do you kiss stimulus goodbye ono matter what the outcome of the president ial race, and what about a tax cut or a tax hike . Our political power panel, wall street journal editor at large jerry baker and Ze Creative Communications partner and democratic strategist Robert Zimmerman are here to game it. Okay, gentlemen. A divided congress, each no doubt with some constituents who await a stimulus package to help them get over the pandemic hump. Robert zimm orerman, can that wall be scaled with a split government . Well, i think it will be out of necessity. You know, you talk about the fact that the power shift hasnt changed, and i think there is a dramatic change that took place, liz. When you have donald trump now who is, it appears to be, the third incumbent president in this past century whos been removed from office, and that seems to be where were headed, thats going to, i think, shake up a lot of Establishment Republicans looking to dangers of hitching themselves to the failed trump agenda. Obviously, the president s failure to move on the coronavirus stimulus package, i think hurts him and republicans. So i think youll see a renewed commitment to get that done. And ill not under i would not underestimate senator chuck schumer. While the numbers may not have changed dramatically, i think the psychology has changed dramatically for a lot of republicans. Liz well, on one point robert may be right, gerry, and that is dont underestimate the chance to get something passed. It looks like, yes, on the surface we could have a standoff versus the standards and the hawks. But heres what senator mcconnell said just about four hours ago. As ive said repeatedly in the last few months, we need another rescue package. The senate goes back in session next monday. Hopefully, the partisan passions that prevented us from doing another rescue package will subside with the election. And i think we need to do it, and i think we need to do it before the end of the year. Liz jerry baker, what do you think . What form . Yeah, i respectfully disagree with robert. I think this is a bit of a setback to democrats, clearly. Yes, it does look increasingly as though joe biden will assume the president i city, but on a much, much, much narrower mar june of victory, and the fact that the republicans are going to hold the senate and increase their representation in the house of representatives, i think it leads to a very evenlybalanced outcome. On the stimulus, republicans have always been in favor of a narrow, targeted stimulus, and i think thats probably what youre going to get. I think t going to be reactive, i do agree a little bit with robert, its going to fend on how the Economic Data play out in the next month or so. But were not going to get that big, big stimulus, big Spending Program part lu financed by some tax increases. Were not going to get any tax increases or minor ones. We will get targeted, depending how badly or well the economy does over the next two or three months, if we get more lockdowns, well get more targeted measures. And nothing like the 2 trillion, 3 trillion package. Its not going to be much, its not going to be significantly more than a trillion. I think the markets might like that, a targeted stimulus of a reasonable amount, and youre going to have divided government. So all of those things people maw be skeptical about, tax increases, some of the other plans the democrats had, the broad prospect of a, you know, pretty radical democratic agenda, thats just not going to happen. You know liz robert, robert, let me to that point, and i bring this up, this rally that you see on our ticker at the bottom here, a lot of green on the screen, some perceive that to be a rally that is sparked by the fact that you wont see the tax hike on Capital Gains which, of course, is when you sell a stock at a profit. Youve got to paw taxes on it. Pay taxes on it. And joe biden has said he will hike that tax. What saw you to that theory about the market . I think youre seeing a rally in the stock market because theres the perception that joe bidens going to be elected president , and were going to have a clear, defined answer as to the result of this election. Contrary to what donald trump said, joe bidens election is not producing a crash in the market, but in contrast the, a rise in the market. I want to say one thing about a Coronavirus Relief package. When you talk about the economic factors, youve got to include one other very critical, the most critical factor, and that is we now have 100,000 cases a day. 100,000 cases a day of coronavirus spreading throughout our country. And the risk that not only the impact it has on people who are coming down with this deadly virus, but the impact on the economy is going to require a broader stimulus package and a more modest one that youre with describing. When our governments are facing massive layoffs to police or firefighters or Health Care Workers or hospital workers or teachers, theres a need to step up. Liz okay. Step up and support for state and local governments. In addition, its not an either or choice, but [inaudible conversations] as you know, as you know [inaudible] from spreading further. As you know, there is just not the appetite in the senate among the republicans to have a very significant bailout of state and local governments. Now, yeah, we get dramatically worse, could sentiment change among some republicans . Possibly. But it doesnt look like it. They do, i think they do favor some targeted measures for individuals, maybe some targeted, more measured, targeted measures for some sectors of the economy such as airlines in particular. But there is a strong resistance to bailing out states and largely democraticrun states [inaudible conversations] my friend [inaudible conversations] and again, if we did get a significant deterioration in the economy, then of course all bets are off. But right now people [inaudible conversations] liz okay. As they see more republican state governments face the potential of shutdowns, then youll find these republican politicians getting a very differenter perspective and, tragedyically, we are facing more cities and more of our suburban areas and state regions [inaudible] liz and okay because of this virus are. Liz and weve got to leave it there, gentlemen. But, again, if you saw, i dont know if you guys have monitors, but on the right side of our screen, we are still cycling through six separate states that are still question marks hanging in the balance. So this thing is not over, of course. Gerry, robert, great to have you. Be sure to tune in to wall street journal at large with jerry baker friday night, 9 30 p. M. Eastern right here on the fox business network. Okay, we do want to let you know with 37 minutes to go that we are expected at the bottom of the hour to see a News Conference with eric and lara trump in philadelphia, which is in Philadelphia County, yes, thank you, mcshane. So we will take that. And if joe biden speaks, we will take that as well. One of the biggest names in chips advancing into the close, Goldman Sachs adding amd to its conviction buy list, giving a shoutout to the chipmakers strength in the pc and Service Arena as well as its valuation and strong fundamentals. Amd, advanced microdevices, jumping six Percentage Points right now. The straight looking chipper overall, Charlie Gasparino break us it on how one of the largest Money Managers in the world is positioning itself right now, having meetings and memos right now for 2021 and beyond. We are coming right back. A rally still firmly in place. Hi, my name is sam davis and im going to tell you about exciting plans available to anyone with medicare. Many plans provide broad coverage and still may save you money on monthly premiums and Prescription Drugs. 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Dental and vision coverage is now included with most humana Medicare Advantage plans, and you get telehealth coverage with a zero dollar copay. You get all this for as low as a zero dollar monthly plan premium in many areas, and your doctor and hospital may already be a part of humanas large network. If you want the facts, call right now for the free decision guide from humana. There is no obligation, so call the number on your screen right now to see if your doctor is in our network, to find out if you can save on your prescriptions, and to get our free decision guide. Humana a more human way to healthcare. Liz folks, we have this breaking ne. Trump Campaign Members are now saying they are filing suit to stop what it claims are, quote, democratic officials hiding ballot counting and processing from republican poll servers in pennsylvania. The Campaign Says it is moving to interscreen in existing litigation intervene in existing Little Division at the Supreme Court over pennsylvania mailin ballot deadlines. The Trump Campaign is also suing to temporarily halt ballot counting in pennsylvania until there is, quote, meaningful transparency. So as you see right now, with without 84 of the vote counted, youve got widen at 2. 7 million votes and change, President Trump at 3 million votes and change. And the question has always been what about the ballots coming in from philadelphia which, of course, is often a democratic stronghold. Those are coming in slowly but surely. So you have exactly what people did expect, and that was here come the lawyers. Lets take a look if we can at intraday charts here. With the dow still up about 414 points, but the fear trade is in play when you look at the 10year yield. Folks, remember, 10year yield yesterday was at 37b9 88 . 88 , and right now we do have it at. 76 . 77 . So youre talking about a good 11 basis point drop from yesterday. When the yield goes down, the price moves inversely, it goes up, and a falling yield indicates some fear in the markets, people rushing into the safety of government treasury, safe haven in place here. All right, election uncertainty still, though, not fazing the markets. Charlie gasparino has his ear to the ground now learning new information exclusively on how one financial giant is positioning itself for a post20 washington d. C. What do you see, charlie . Well, thats blackrock, i believe 8 trillion under management. I mean, its huge. Put out a report this morning, and this will address that bond yield situation you just mentioned. What blackrock basically said is this, and im summarizing the report, you know, im not reading it verbatim, but theyre saying investors could embrace divided government that we have. Joe biden presidency with the Republicans Holding the senate. Why are they going to do that . Well, guess what . Theres going to be a hold on spending. Thats one with of the reasons why you see bonds trading up today. People are saying, hey, biden cant do 3 trillion worth of spending in his Green New Deal. Hes going to have to ratchet some of that back. So thats good, and thats what blackrock said, and thats what other Money Managers said. The other thing is divided government is good, maybe all those tax increases wont go through. Hes going to have to deal with Mitch Mcconnell on Capital Gains taxes and all the other ones, raising the corporate tax. If the republicans do puck up that seat in michigan pick up that seat in michigan, theyre going to have 53, what they have now. Its impossible for joe biden to get his budget through with 53 republicans if they all hold together and vote against it. He needs under budget con sillation 51. So thats why this is getting very interesting, why the markets and wall street like divided government. One other reason why they like divided government, republicans will have to approve, the senates going to have to approve bidens cabinet choices. Well, that means its going to be very hard to get Elizabeth Warren through in a major cabinet position such as treasury is secretary which leaked out. I still gave it low marks thatgoing to appoint her anyway, but without a democratic senate, Elizabeth Warren is probably not going to be the treasury secretary of the unite under a joe Biden Administration. And theres going to be others that are going to face scrutiny. A lot of people say susan rice is going to have a hard time getting through if shes named secretary of state. We should point out im getting trepidation about getting cabinet positions through. Not from wall street sources, thats coming from democrats who really believe not having a blue wave is a huge blow to their agenda, the Green New Deal and all the other progressive stuff they were looking to push. That joe biden being president is great, hes probably going to win, but without a blue wave i dont even think they pucked up seats in the house its going to be hard for him to get his agenda through, and thats what democrats are saying, and wall street is saying the same thing, and they like it. They like divided government. Liz yeah. Look at the stock market under obama and clinton liz there you go. Parabolic. Yeah. Charlie, what do you think really quickly here, we were just showing social media stocks. Facebooks up 7 same reason. Liz twitter, which had been down, moving higher. I mean, its fascinating because the Trump Administration had really kind of beared down, bore down on social media and is this a relief rally because right now joe bidens ahead . What is this . I think, again, its divided government. Taking on the Tech Industry republicans dont like the Tech Industry because they think theyre too liberal, and theyre going to try the squeeze them the on that fcc rule and things of that nature. I dont think the republicans will break up big tech. Theyre not going to do stuff like that, and thats what youre seeing here. A rally around big tech because republicans are just not going to do what warren would do if she was in the majority. Liz yeah. Remember, Elizabeth Warren, even if she doesnt get treasury secretary, shes not going to be in the majority. Shes not going to be that powerful, and she is the one thing that has Corporate America scared to death. Liz yep. And we hear about lyle braynard who, of course, is vice chair over at the federal reserve, that she could be getting the nod for treasury is secretary roger ferguson. Liz right, right. Yeah liz charlie, thank you very much. [inaudible] ferguson. Liz yeah, yeah. All right. Well see you later, charlie. Wall street clearly approves, as weve been talking, of four more years of checks and balances. But how do you invest for gridlock . Theres a way. Theres always a trade. Peter schiff and mark matsen manage billions for their clients. They are opening their playbook in just two minutes right here on the claman countdown. And we are awe waiting that trump News Conference, eric and lara trump supposed lu going to speak in the next few minutes, thats what West Virginia heard, in philadelphia. So we will take that as soon as they appear before the cameras. Weve got 26 minutes before the closing bell rings. Dow up 446, the nasdaq having a significant lu strong day, up 3. 7 or 412 points. Youre watching the claman countdown, you are in the right place for your money. To have gold coins in my possession, its putting that hard asset as a insurance, you might say against the paper dollar. Thats why i bought gold. Its not for my insurance but its for my daughters and the grandchildrens insurance that i felt like that generational aspect of passing down gold is securing them a future. Of course nothing is without risk and that being said, i feel that by diversifying with Precious Metals that im covering my basis. Its a hard asset, you can turn it back into cash whereas keeping a lot of cash in your bank account, can really almost end up being nothing. You have these dollars over here, sitting in a bank drawing, practically zero interest. I mean, you have to keep cash but you dont have to keep everything in cash and you dont have to put everything in the stock market. You dont have to put it all in a bond market. You do a little bit of everything. And then you sleep at night no worry about it. In fact, i sleep better with gold than i do with the stock market because its tangible, its there. If youve bought gold in the past or would like to learn more about why physical gold should be an important part of your portfolio. Pick up the phone and call to receive the complete guide to buying gold which will provide you import never seen before facts you should know about making gold, silver and platinum purchases. [instructor on phone] for faster wealth protection, request a digital version of our complete information kit, which will be emailed for faster delivery. With nearly two decades in business, over a billion dollars in transactions and more than a half a million clients worldwide. Us money reserve is one of the most dependable gold distributors in america. Find a stock basedtech. On your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Liz folks, keep your eye on the lower ticker but also on the breaking news im about to bring you. We have this now, the Trump Campaign is holding a Conference Call just moments ago. Fox news john roberts jumped off it to send this out, that the Trump Campaign adviser jason miller says that potus, meaning President Trump, will declare victory in arizona by friday, specifically saying that there are 605,000 outstanding ballots in arizona. They are dayof voters according to the campaign. Miller says the president needed 57. 73 of the remaining vote, this, says miller, is far less than what the president has been saying. Fox news decision desk was the first and only news network to call arizona last night, and the held and they dont get a lot wrong, folks, we want you to know this, okay . He said it was clear 30 minutes before fox news even made the call for arizona that joe biden had won it. And today he is Still Standing by that saying we are four standard deviations away from being wrong and, quote, im not sorry, we are not wrong in this im sorry, we are not wrong in this particular case. Okay. Dows holding on to gains. We dont see any kind of wiggling or wobbling, still up 420 points. Off the earlier highs, but that was in play before the top of the hour. Lets bring in two investors with a combined 10 billion plus in assets under management to game, i dont know, guys, any headline that starts hitting the tape, mark madsen and peter schiff. Mark, ill begin with you. Wall street is littered with investors who thought they could outsmart the markets by converting to cash ahead of the election saying, oh, were going to have a big drop, and then well get in. They missed out on some serious gains here. What did you do, and what are you doing right now in. Well, youre absolutely right, liz. When the crash came from the pandemic, the market dropped 20, 30 , and you saw a mad dash to cash at the bottom of the market, over 1 trillion left equities into fixed income, 5 trillion total dollars, and then the market came raging back, and many people missed the boat and didnt get back in only to now get back in, making the mistake of dumping it into large stocks, tech stocks. This has been elevated very high. What we were doing was rebalancing, selling off the equities while they were selling off fixed income, buying equities while they were low and diversifying into small value and international, not getting focused in on those large u. S. Stocks which, of course, everybody can remember in the 2000, the massive tech and large bubbles. We dont want to exacerbate the problem but dumping money in bubbles. Huz liz one thing we do know at the moment, peter, is that we have a red senate and we have a blue house of representatives. Proceed, how are you investing around that reality . Finish. Well, first of all, i think todays rally is more of a head falk. I think the market is substantially overvalued and is headed lower. Look whats happening to the regional banks. That index is down almost 7 on the day. That really tells the story. And look at the russell 2000, its negative. T not participating in this rally. Thats what liz yeah, but it had a huge runup yesterday. Yeah. Its good that the, that the senate is going to stay in republican hands, but unfortunately, thats not enough to save the economy from higher taxes, big increases in government spending, more regulation that will be issued by the president on buzzes and much larger on businesses and much larger deficits. This is bad for the economy, its inflationary, its bad, its bad for stocks, its worse for bonds. I agree with your other guest liz in which way . People need to get out of the dollar, look at some of these emerging markets outside the united states, look at commodities, raw materials, Precious Metals, inflation hedges and nonu. S. Investments are the way to go, and ive been positioning for this trade for many years, and i think ewe going to see it youre going to see it play out in a spectacular manner over the next two years. Liz mark matteson, what matteson, what do you think about that . Peter has been right on gold, but do you see anything that reflects what youre doing for your clients in what he just talked about . Yeah. Well, we proscribe to efficient market theory meaning all the predictable information is already in the price today, there are, random and unpredictable events change the market going forward. We dont get trapped up into making shortterm forecast. If your portfolio needs a forecast to work, its already broken. You should build it for the next 15 or 20 years, not the next 15 or 20 minutes. But relative to the international diversify caution, many people have totally missed the boat. There are over 45 different markets you can be in including those emerging market, over 81 countries that were invested in and most people are completely dumping all their money into large tech stocks. And if youre going to protect your money, you want to have high quality, shortterm fixed income so youre not going to lose principal, and youre going to stay high quality, not talk a hit if you have defaults on bonds. Which you could have if the market crashes. Liz pete, what do you assess from all that we have seen over the past 4 hours 24 hours, and under which scenario do you see the markets taking a major hit whether it is the President Trump who holds on to husband seat or joe biden getting into the presidency . Which is it . Well, i think, you know, the u. S. Economy a disaster. I think its going to become a bigger disaster in the years ahead, and the market is oversurprise priced. Overpriced. As the markets assume that stimulus is going to continue to prop the markets up indefinitelily, its not going to happen. Ultimately, its going to destroy the dollar. And, you know, its not just a loss of principal that people have to be concerned about, its the loss of purchasing power of their principal. So even if you dont lose any money, if youre invested in bonds but the dollar loses its purchasing power, those are huge losses. And investors need to mitigate that risk. The inflation tax is going to be very, very heavy, and its going to decimate, i think, the portfolios of many potential and current retirees. That is a real risk, and i think people are not cognizant of that, and their portfolios are not prepared to guard against that risk. Liz what would you be staying a away from, mac . Mark . Anything in particular . Look, big tech has had an incredible runup, but very, very true that its starting to look quite frothy and overvalued. It is an overbought trade, some people say. Well, if you looked at tech stocks going back from 19952000, they were up 4 president a year, and then they lost 75 of all their value in ap instant, and peoples portfolios were steph stated. Devastated. Were not doubling down and betting on it like so many people are doing, and the same things true for large u. S. Stocks. Were staying away from the fixed income high yield junk bonds and longterm bonds because they do get destroyed. But, look, hey, stocks have been a great hedge against inflation. Historically, inflations at 3 , historically Large Company stocks at 10 , thats a 7 real return in advance or ahead of inflation. So historically, if your worried about inflation, you should own stocks and own them long term, not just for four years. Yeah. But not overpriced stocks liz go ahead. I said not overpriced u. S. Stocks, and inflations going to be a lot higher than 3 . Liz peter, what was your best investment this year as far as equities are concerned . I know you like gold, but which stock name just hut it out of the park here . Well, its probably the gold mining stocks. Those were probably among my best gainers. They had pretty spectacular runs coming off the marlos. But a lot of my stocks, look, i own a lot of pharmaceutical stock it is, my china names are doing extremingly well. I guess its a relief that trump most likely did not win, so that caused some of these chinese stocks to have big gains today. But i think basic of materials, any inflation hedges, you know, i think ive taken a hit on the energy stocks. Weve added to those positions, and i think that, ultimately, youre going to see a bug rebound in the price of oil particularly if a Biden Administration gets aggressive and undermines Domestic Production which will limit the supply of oil. But i think as the dollar weakens, youre going to see oil prices falling, other commodity price much, much higher. So i think they represent good value opportunities, and those stocks pay some pretty good dividends, and those dividends will improve as oil prices rise, and theyll be pretty good inflation hedges for a lot of people. But i think the International OilCompanies Offer better value than the domestic. Liz peter, mark, both of you, i know you both well for many, many years. You started with zero, and you become really successful, and there are different paths to the top of the investing mountain. Thanks so much for sharing yours with us. All right, health care. Peter was just mentioning it, sorry, mark was both of them. [laughter] health care moving way out this front of the market as the race for the oval office tightens but so do investors stomachs as weve got the names leading the charge. The closing bell ringing in about ten and a half minutes, the Dow Jones Industrials up 426 points, the s p jumping 77. Some things are good to know. Like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. Something else thats good to know . If you have medicare and medicaid, you may be able to get more Healthcare Benefits through a humana Medicare Advantage plan. Call the number on your screen now and speak to a licensed humana sales agent to see if you qualify. Learn about plans that could give you more Healthcare Benefits than you have today. Depending on the plan you choose, you could have your doctor, hospital and Prescription Drug coverage in one convenient plan from humana, a company with nearly 60 years of experience in the healthcare industry. Youll have lots of doctors and specialists to choose from. And, if you have medicare and medicaid, a humana plan may give you other important benefits. 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Call today and well also send this free guide. Humana, a more human way to healthcare. Liz folks, check the clock. Eight minutes to go, and weve brought out the rundown dart gun. Were going to kill the brakes, or okay . No more commercial breaks because weve got some major stock movers here. The dow is up 417, the nasdaq up 434. Lets look at some of the leaders here. I want you to look at biogen, this is a pretty stunning move here, up 44 at the moment. The news is that they had some very persuasive returns and information on their experimental alzheimers drug. So it appears that the drug is expectationally effective exceptionally effective and elevating chances of swift approval. Thats good news. You can see thats followed but jd. Com and paw pal, all paypal all with, of course, relations to the big tech world. Hilton worldwide is rallying after beating Third Quarter earnings per share. We should tell you that hilton missed on revenue, but the chain said it is seeing gradual improvement in demand following the covid19induced slump. Hilton spiking about 3 at the moment. The ceo says that the vast majority of the companys Properties Around the world are now open. But leisure recovery seen during the summer has now slowed due to an uptick in covid19 cases that we have seen around the world. Hilton expects business travel, though, to continue to improve, so that is partially why we are seeing shares move higher. Keep in mind, it is a global company, and we are now seeing the u. K. And france locking down. Health care and pharma stocks leading both the dow and the s p higher even as we await the president ial results, at least definitive results. To lauren simonetti. Lauren, specifically though dewere looking at the s p spider, the etf for health care, up 4. 6 . Right. Liz i guess the biogen numbers, but which health care lauren lets go to the dow first. United health, amgen are adding 300 points of that 430point rally today. Merck also solidly in the green. Look at leadership on the s p 500, i didnt take out any another names. These are the top leaders on s p. Biogen is leader there. Fda is favoring approval of one of its alzheimer drugs. Eli lilly, cigna, abbvie. The reason is, divided government will likely keep big changes in Health Care Policy off the table. That includes democrats medicare for all. It also lowers the chances of higher corporate taxes or new taxes. All of that bad for pharma. So even if biden wins and takes the oval office, he inherits President Trumps operation warp speed. That is also a positive for pharma because when you get a vaccine, you put an end more or less to this pandemic. Then you see people going back to the doctor for regular problems and getting normal prescriptions filled. So in that sense, they can make money the way they used to. Plus, if the senate does undeed stay red, leader mcconnell, stays Senate Majority leader. He is staunch alley of the pharma industry, liz. Liz indeed operation warp speed really lit a fire under so many of these companies to get a vaccine to, get treatments. It is nice to know that personally American Ingenuity can ramp up when necessary. Lauren, great to see you. Thank you so much. Folks i want to note were seeing profittaking a this hour. We have the dow up 382. It had been up 821. We should get you this as well. Fox is calling the Maine Senate Race for incumbent republican susan collins. We had expected this over the past, i i want to say 12 hours. Republicans looking to hold on to the senate as the house remains democratic. So they get one more there officially. However the specific results shake out though, divided government looks like it is in the cards for the u. S. And for the moment, although off the highs of the session, we are seeing that the markets many brace that possibility. Okay. Steve aut, federated global chief investment officer. 360 billion in assets under management. Steve, we heard from mark matson, peter schiff, wary the big runup that nasdaq has made. What are you doing with your big tech investments . Were holding them here, liz. We cut back to neutral in our Growth Investments in september. Weve been leaning into the value trade here. We thought we would add to the market post the election. Were doing that. We added more to Large Cap Value here but were really overweight. But adding to the overweights now. We think the outlook, this adds one more positive for the next year where you have a big cyclical recovery coming, very positive year offer year. Fed on hold. Very low interest rates. And, then the covid news has got to get better by the spring for sure with all the vaccines coming. Now you have got divided government, no big tax plans. So we just think that adds fuel to the fire and of course the cyclicals are coming off today, just because the market had been anticipating a blue wave and, cyclicals are going to get a bounce on a giant infrastructure, slash fiscal spend. Were not getting that. Nevertheless i think the overlying trend here is for value trade really start to work next year. Liz about an hour, and i want to say 11 minutes ago wisconsin was called for joe biden. What is the markets logic . Because you study this and you invest very successfully through it and around it. What is the markets logic as this thing drags on . There are lawsuits. The Trump Administration is supposed to have a News Conference any moment. Although we want to let our viewers know, we killed the commercial break in anticipation that there seems to be a little bit of shenanigans going on,. Biden will change his timing of joe biden will change his time of his speech. Trump administration is moving theirs. We dont know who is leading who. Were watching a horse race at the moment who will appear first . Liz, the market is focusing on the senate right now. Without a blue senate, it, regardless whether it is trump or biden it looks like it is biden now but it could be trump. That is probably even better for the market. In any case with a red senate, which seems inevitable at this point, you just dont get the big you know, shifts or radical government, high taxes, high regulation. Liz got it. Very market friendly. [closing bell rings] liz steve, of federated hermes, good to see my friend. No way around it, wall street cheering potential government gridlock. Time for after the bell. Connell here we go the day of at election and the race for the white house at this hour is still too close to call. We got one very important call came in this afternoon in a key swing state. Im Connell Mcshane reporting from another swing state. Were live once again from pennsylvania. This is after the bell. We check the closing numbers. Stocks have been jumping throughout the day. Tech led rally on wall street. Mt. Hanging on razor thin margins. Were close with a gang as we settle in here of less