Transcripts For FBC The Claman Countdown 20240712

Chairman of the Federal Reserve Jerome Powell is right now explaining why his committee has left near zero rates untouched. Our fed panel is monitoring every single word of what he sees and says as far as stresses on the economic system. Speaking of stress, tensions are still running high from arizona to pennsylvania. This video just in as crowds form in two states, where the administration is launching vigorous challenges. All right, heres the current electoral picture vote. Weve got four states, the key to the presidency. Nevada, pennsylvania, georgia and north carolina. They are still up for grabs on the path to 270. Biden leading 264 to President Trumps 214. Weve got new numbers in nevada showing that joe bidens lead has expanded to 12,000 as team trump seeks legal action there. But keep your eye on the dow and on the markets here because weve got team fox business standing by with up to the minute developments inside both the trump and Biden Campaigns. Blake burman live at the white house and Hillary Vaughn is in wilmington, delaware. We will start with blake at the moment, where the white house has turned the fire hose on and specifically the Trump Campaign pointing legal actions in multiple states, somewhere i guess the president wants the ballot counting to stop and others where hes demanding the counting to continue. What are you hearing . Reporter a lot going on. Lets start in the state of nevada because there was an announcement there by the Trump Campaign today, a press conference saying they intend to be filing lawsuits in that state. As they want to be able to get a better access to oversee the ballot counting process in that state. Similarly, shift all the way east to another state of utmost importance to that campaign and that is pennsylvania. The Trump Campaign there actually won a lawsuit or won a court battle earlier this morning allowing them to get closer to the ballot counting processes. However, the Trump Campaign is saying at this point that what is happening in pennsylvania still is unsatisfactory to them. As for the president himself, he is continuing to claim that the election can be illegally won. Here is what he said in part today. He said quote, if you count the legal votes i easily win the election. If you count the illegal and late votes, they can steal the election from us. Listen to the Campaign Legal adviser within the past hour. This is all about election integrity, charles. The president just issued a statement that said if you count every legal ballot, i easily win the election. If you count illegal and late ballots, they can steal the election from us. That is exactly it. It is all about election integrity. Reporter liz, the president tweeted out today at one point quote, stop the fraud. He also tweeted out stop the count. It is important to remember at this point that the Trump Campaign for all of the talks they have made and the lawsuits that have followed, the Trump Campaign to this point has not yet provided evidence of widespread voter fraud. By the way, on to the campaign for a second, they are still very confident about what will happen when all is said and done in arizona. They are also very confident about pennsylvania and they believe the president and Vice President will cross 270 by weeks end. Liz . Liz okay. We are watching all of it. From blake we go to hillary in wilmington, delaware, where shes camped out at the biden headquarters and has Biden Campaign reaction. I guess to all the Team Trump Legal wranglings. Reporter thats right. The Biden Campaign did respond to that, essentially saying they think its just a ruse, a political point to try to delay and distract from these vote tallies that were getting in intermittently from states that have not been called. There are signs today biden is back to business as usual, at least for the moment. Hes in downtown wilmington right now, getting a routine briefing with his running mate, senator kamala harris, on covid and the economy. The Campaign Says these are the same briefings that have been a part of his normal routine since march, so the return to normal is a sign that biden is very comfortable and confident with where he stands. He stopped just short yesterday of giving a victory speech but did say he believes he will be the winner once all the votes are counted. The campaign today, though, is slamming those lawsuits that the Trump Campaign has filed in key battleground states like pennsylvania. The lawsuits are meritless. They are intended to give the Trump Campaign the opportunity to argue that the vote count should stop. It is not going to stop. I have gone through some of the silliness behind these claims momentarily but i want to emphasize for their purposes, these lawsuits dont have to have merit. Thats not the purpose, is not to bring bona fide claims before the court. It is to create an opportunity for them to message falsely about whats taking place in the electoral process. Reporter liz, on what blake mentioned about what the Trump Campaign is calling a massive victory in pennsylvania, in their court battle to try to get their Campaign Representative closer to observe the actual ballots being counted, the Biden Campaign perspective on that is that they really dont care how close the Trump Campaign gets to the workers that are processing these ballots and counting the votes. They just want to make sure that the votes are counted. Liz . Liz hillary, keep us posted. We will go right back to you if there are any developments. Same with blake. In just a moment, we need to tell you we are going to take you live to nevada, where ballots are still being tabulated as we speak. Speaking of as we speak, we got fed chair Jerome Powell just issuing a warning as covid cases in the u. S. Clock a single day jump of 100,000. Hes taking questions from reporters right now. Thats what you are seeing on your screen. The zoom event. So with a backdrop of an election battle that remains tense and tight, were about to tell you what jay powell said and what he plans to do. Closing bell, we are about 52 minutes away from it. The claman countdown coming right back. Our Retirement Plan with voya gives us confidence. They help us with achievable steps along the way. So we can spend a bit today, knowing were prepared for tomorrow. Wow dad, do you think you overdid it maybe . I dont think so. What do you think, peanut . Nope honey, do you think we overdid it . Overdid what . See . We dont think so, son. Technically, grandparents cant overdo it. Its impossible. Well planned, well invested, well protected. Voya. Be confident to and through retirement. Any idea how much it will cost . [doctor] i recommend goodrx. You get free coupons to save on your prescriptions. Goodrx, smart. [announcer] stop paying too much for your prescriptions. Thanks. Download the free app today. With regard to Interest Rates, we continue to expect it will be appropriate to maintain the current zero to one quarter percent target until Market Conditions have reached levels consistent with the committees assessments of maximum employment and inflation has risen to 2 and is on track to moderately exceed 2 for some time. Liz that was the good news. Federal reserve chair Jerome Powell just weighed in on how the fed plans to keep Interest Rates low for quite some time until, of course, the criteria for the labor market inflation is reached. Lets bring in our experts. Nat Alliance Securities andy brenner and global cohead of economics, michelle gerard. To you first. What jumped out at you here . He is continuing to beat the drum saying we need stimulus, we need stimulus, and you are looking at the stock market and looking at a recovering economy and thinking, at least im thinking, do we really need that injection of a sugar high at this moment . Well, you could see that even the fed chair was, when asked about why wouldnt you provide perhaps more stimulus, you know, you see him suggesting that they are quite comfortable with the current stance of Monetary Policy. I think that theres been the question was raised if were unlikely to get as much fiscal stimulus as perhaps the market had thought given the fact we will still have a divided congress, might that mean the Federal Reserve has to step up and do more, and you can just continue to see the fed chairman suggesting that at the moment, they are quite comfortable with their current level of purchases, they are not looking, if they need to, of course, they will monitor and make adjustments, but theres nothing in anything they are seeing that makes them think this is the time that the Federal Reserve needs to be thinking about doing more asset purchases like we saw, for example, the bank of england announce today. Liz yeah. Andy, one of the things that jumped out at me, we teased this, we said he is issuing the warning and the warning is about the coronavirus. He said he is very concerned that more stimulus will be needed and we are indeed seeing a spike. We just clocked a oneday jump of 100,000 new cases and he sees something on the horizon that really is disconcerting to him. Theres no question about it, liz. I think even europe is in worst shape. But you know, the reality is the fed since march 15th has bought 1. 9 trillion of treasuries. Money supply since march 16th is running at a 32 annualized rate. The feds Balance Sheet over the last year, year over year, is up 74 , 75 . Its not like the feds not doing stuff. They are doing stuff that sometimes takes some time to get through. I think the fed is very much on it. They are still all in. I dont really see a lot of new programs that they are going to do. The 13. 3 programs have worked at least for corporates but they really havent used very much of them. I think they should finetune all of them and try to make those better. But yes, i dont see where it needs fiscal stimulus but we are going to get it regardless, so we might as well live with it and see what happens. Its going to ruin the dollar but i guess thats something we just have to live with. Liz yeah. The dollar has certainly gotten weaker but michelle, we were just showing intraday, the dow, the s p and not intraday, one week, the oneweek picture is stunning. Equities are on a charge so nothing seems to be shaking this market right now. What do you make of that . Well, i continue to think that the market has focused on the potential for the Federal Reserve or Monetary Policy having to do more rather than fiscal policy stepping up. There was concern that you might have had a huge much more expansion in fiscal policy which could have put upward pressure on Interest Rates. Now youve got a situation where that threat seems to be less and the market is saying okay, were back to this world that were used to, that we like, where its really more about Monetary Policy, if we need more, the fed will keep rates lower for longer, they will shift and buy more assets. One of the things, all of the purchases they have made, you talked about how big the Balance Sheet is, all of it has not really been about getting the economy up. They all couched these purchases in the context of market functioning. They havent yet stepped up to say we are actually buying more assets to boost the economy. So again, if thats on the horizon now that we are not going to get fiscal stimulus, i think thats something that contributes to the rising asset prices. Liz andy, youve got to interpret something i am seeing right this moment in the markets. Number one, the vix or fear index is plummeting. We see it dropping about 6 . It was down yesterday. So there appears to be a calm, cool, collected attitude among at least the futures traders in the fed funds futures pits here. Weve got the volatility at 27. 76 and yet the tenyear yield overnight dropped to i believe it was your key resistance level of. 72 , which to me is a screaming fear trade, is it not . Interpret that. Liz, theres a lot of stuff going on. A lot of crosscurrents. There are a lot of trades that have been put on on the expectation that it would be a true blue wave and even though the senate still seems to be a little bit in doubt, i still see it going republican. I think that is that fear turning around. There are huge shorts out there, there are lots that got flushed out. You went from 76 down to, i dont know, 56, you had the tenyear, believe it or not, election eve got to 94 basis points and as you just said, it just got to 72 less than 48 hours later. I mean, theres a lot of just bad trades that are getting basically getting out. People that were short treasuries, people that were short the nasdaq 100. They are all clamoring to get back to where they were. I think this is going to end in a few days. I really dont think these are sustaining trades that we are seeing the last four days. Liz okay. Because weve got did i explain it . Liz a very tense situation with the president ial election, michelle. Biden leads right now with, of course, with Electoral College votes and President Trump is behind and yet there are all kinds of lawsuits that we have talked about. Lets just say this thing drags on. What does that do to markets and the Overall Investment picture, with biden at 264 and trump at 214 . Well, i think youre right, you know. We just referenced the fact that the senate is undecided. I think for the markets for awhile now, the key has been about the outcome of the senate and whether or not you would have a United Government or not is hugely important for the markets. The way its looking, it might come down to the two races in georgia and both of those may end up not being decided until early january. So we may not get the answer definitively until january. So it could drag out. But i think we come back to the expectation that markets do have that probably the senate will stay in republican hands and as a result, you do have this divided government. I think at the moment, markets are not viewing the legal challenges as having significant merit and so in the end, theres this conclusion that you are likely to have a little bit of a status quo. Were not going to get the massive fiscal stimulus that perhaps treasury markets had been concerned about and in that sense, i do think while we have uncertainty, theres a grounding here in terms of the markets keeping things sort of calm that we think we liz michelle are going to have a divided government again and that will make a big difference in terms of the outlook. Liz michelle and andy, thank you. Michelle just mentioned georgia. We need to take you live to georgia, where we have an official speaking right now. If we can take that shot. We can listen in for just a moment. We do know the Trump Campaign had lost at least one election lawsuit after two witnesses called by republicans admitted under oath they didnt have evidence of late ballots being mingled with ontime ballots. Lets listen in. [ inaudible question ] there is a possibility. Now, the likelihood is not all 8,000 is going to show up. I understand with the close nature of especially the president ial race, those could become vital and important. But there is a cutoff time. Thats why we have laws. Thats why we have certification times. The reason that we have those is so we can get to an ending. As i stated before, we have to certify this election by november 20th because under law, we have to get the federal runoff ballots or the Senate Runoffs out by saturday the 21st. So we cant have anything get in the way of our timelines on this. So its going to be difficult for us to make it as it is. Our poll workers, election directors, election staff, center for elections, they are going to be putting in a lot of long hours to bring democracy to people in georgia. Reporter time line on provisional numbers, when we might have a sense. The only one we have right now is because we [ inaudible ] 3900. I dont have an answer. We are working to get a handle on how many they have. Obviously they have to be cured or verified by tomorrow. I dont know the codes on any of these. Right now, i really put a lot of work into the elections directors right now to answer questions. Thats one i will leave for a little later. I would like to know the answer but they are really focusing on getting the last ballots done. Reporter can you briefly sum up and recast the difference between this morning [ inaudible ] that have taken place . Frankly, i dont remember the number i gave this morning. I think it was 62,000. We are a little over 47,000 now. But theres changes even inside that number. The numbers from the one scanner, absentee and in person. While i have everybody here, just to clear a few things up, people get confused. Early voting, they go online and look for it, early voting, in person, is what they call absentee in person. That is what they have done. They voted absentee in person. I know theres confusion out there. I want to clear that up. We feel like we are in a very good position to have most of it done, heck, weve got most of it done now. We are down to the final percent or so which when a race is this close, obviously everybody wants to know whens it going to be over. We have certification deadlines. Reporter what answer do you have for the president who keeps insinuating [ inaudible ] in this process . My short answer in this state, with these elections directors, they are doing the best to make sure every legal vote is counted and the outcome will be whatever the voters of georgia have chosen. We will have an audit so we all know the outcome is correct. Hold on. What was that . Reporter [ inaudible ]. Im not sure. I have to get back to you. My assumption is probably end of business day. Its not going to be midnight because we have to have people operate on regular business hours. Reporter where is the secretary of state . Hes in meetings trying to keep up with a lot of this stuff right now. Im the numbers guy. I can talk about some of this stuff. Like the jacket, by the way. Reporter [ inaudible ] you can see whether or not its been accepted or not, [ inaudible ] . Theres no paper trail to go back because under the state constitution of georgia theres a private vote. In an absentee ballot we have a secrecy sleeve around that. Once it is verified as having come in liz you are listening to the georgia chief operating officer of the secretary of state. Just basically updating whats going on. President trump still holds a very slim lead, about a 13,000 vote lead, with 98 of the vote counted. He also said that the counting of all ballots should be completed within ten days. So folks, that should tell you a lot. We will not have clarity at the moment because when it is this close, and ballots are still being counted, this clearly will be stretching on. Weve got a protracted situation in georgia. We are going to check in with nevada in just a moment. But look at the markets. Undaunted, unshaken. Not even stirred. Right . James bond situation. We have the Dow Jones Industrials up 571 points. Well be right back. Were related to them . Were portuguese . I thought we were hungarian. Can you tell me that story again . Behind every question is a story waiting to be discovered. This holiday, start the journey with a dna kit from ancestry. 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. 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Okay, its got screeners and watchlists. And you can even see how your predictions might affect the value of the stocks youre interested in. Now this is what im talking about. Yeah, itll free up more time for your. Uh, true crime shows . British baking competitions. Hm. Didnt peg you for a crumpet guy. Focus on what matters to you with thinkorswim. Liz all right. Breaking news. We have just heard that the Trump Administration, the Trump Campaign, is going to add a News Conference at around 4 30 p. M. Eastern time in phoenix, arizona. Of course, arizona has been called by the fox news decision desk for biden. However, the Trump Administration and the campaign are basically saying they will challenge that. They feel that there are all kinds of issues there. We will be watching that 4 30 p. M. Eastern. Weve got this fox Business Market alert. The nasdaq and the transports. You want to talk about a slim margin of gains here. They are dead even in percentage spikes. Youve got the nasdaq up 2. 63 . The transports, parabolic as well, up 2. 63 . In the aggregate, over the past four days, the nasdaq has jumped 9 . We need to look at general motors. Have you seen this . Its moving higher and its also moving nikolas stock higher after gms Ceo Mary Barra said the company is still in talks for a deal with the electric vehicle maker. Gm getting a boost as well after it posted better than expected quarterly profit. China sales growing 12 . Thats the first pop in sales in the economic powerhouse in two years. 5 gain for gm and 8. 5 gain for nikola, now jumping through the 20 a share ceiling. Gm underscoring the tale of two chinas. Alibaba and delio trading lower at this moment. Alibaba Beat Estimates for quarterly revenue but profit was down 60 year over year, that revenue driven by china emer emergence from the coronavirus lockdown. The stock down about 2 . That should have been beneficial for canada goose as it says china demand drove a surprise quarterly profit but it warned of a hit to sales in europe for its high end parkas and look at it. It is flat at the moment. It had been higher. Canada goose right now paring those gains. Capri holdings, this is a nice move, up 9. 5 . They said luxury sales are on the rebound after reporting that sales were above expectations along with earnings besting estimates. And check the switchup in the Gaming Sector at this hour. Mobile game maker zinga dropping despite narrowing Third Quarter losses, a revenue beat and after hitting a Record Number of users, as analysts say the Fourth Quarter may look a little light. Its down 7. 6 . The stock is up 49 year to date. Nintendo, opposite. Moving higher by about 6. 5 . Trading is jumping after the company tripled profit and hiked its forecast for sales of the switch console which i got to demo right there back in 2017. Switch has been a huge, huge win. Speaking of stocks on the move, lets take a look at the biggest pop of all at this hour. Qualcomm. Qualcomm is spiking at this hour, the chip maker riding the 5g wave to a new record high. After reporting Fourth Quarter sales and earnings Beat Estimates. To cheryl casone, because you know, this all brings in the question about smart phones, apple iphone 12, theres so many different stories that weave into this. Cheryl qualcomm is winning on so many fronts, to your point. 5g, a fivestar rating for qualcomm. Investors as you mentioned jumping into the stock today amid the broader rally for the market. They reported fiscal Fourth Quarter numbers and revenue from chip sets for smart phones rose 38 to nearly 5 billion. The guidance eyepopping, though. Thats really what i think shot the stock up. Qualcomm is going to benefit from the launch of the new iphone 12 model, a return for the company after a yearlong court battle. It was settled last year. Qualcomms forecast well above expectations. They also solved a dispute with huawei and a federal Appeals Court turned down a request over antitrust concerns so qualcomm has been the winner. The tide is lifting all boats here. Take a look at First Trust Nasdaq semiconductor etf. Look at that shot right there. Strong performance, 4. 5 . Txl got an 8. 8 stake and the ishares txls, 8. 2 stake in qualcomm. This is really moving this. Speaking of iphones, the iphone 12 pro max, the iphone 12 mini, all of that will be actually available to order this friday. Get the credit card out. Liz those are major gains. 4. 5 . I was just looking at apple, because if you look at how its done over the past week, this was, i believe, around 108 a share. 112. Its now at 118. 80. Again, there you go. Nice move for apple. Another 3. 33 . Thank you. Good to see you. Check the dow. We are up 518. The latest count out of nevada is raising hopes for biden supporters and one member on that list is wall street be behemoth larry fink. Charlie gasparino has new information on what the black rock ceo and potential treasury secretary contender is saying right now about the election which is still very much in a state of flux. Charlie breaks it, with 26 minutes to go before the closing bell rings. Well be right back. This is decision tech. Find a stock based 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. Quadrupled their money by 2012 and even now many experts predict the next gold rush is just beginning. So call us money reserve the only Precious Metals Organization Led by a former director of the United States mint as one of the largest us gold coin distributors in the country. Us money reserve has proudly served hundreds of thousands of clients worldwide. 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Mailin counting was briefly temporarily halted due to litigation. An Appeals Court in pennsylvania ordered that the Trump Campaign officials be allowed to observe these ballot counters within six feet. So we are getting all kinds of headlines. We just want to keep you and your fingers on the pulse of whats going on. Speaking of pulse, the markets look very strong. Even with all the election drama, wall street has its feet up, its kicking back with a diet mountain dew. Wait, no, that was me last night. Never mind. If wall street were a person, it would be doing that. Certainly not sweating all the breaking news. With stocks in surge mode, lets get to charlie, who joins us with what one of the top names in the financial industry is saying about i guess the near future, charlie . Charlie mountain dew, do they still make that stuff . Liz no. I was kidding. Charlie did you find it on ebay . From 1975 . Liz they make mountain dew. Not diet. Charlie that stuff is horrible. For a health freak like you, i cant believe you drink that. In any event, heres what we are getting from larry fink. Larry fink is a ceo of blackrock. Why is he important . Blackrock is the biggest money manager in the world. It dwarfs all these wall street firms. It has Something Like 8 trillion under management. I mean, this thing is big, its as big in a different way as Jpmorgan Chase is big in terms of a bank. Larry fink runs the biggest investor in the world, maybe the world will ever see. Its blackrock. The other reason why hes important is hes a prominent wall street democrat. His name is always in the news as possibly being treasury secretary. Hes said recently he doesnt want to do this right off the bat, its unclear if biden wants him, President Biden who is likely to be president despite the contested, some of the contested results. But heres what larry is saying when it comes to the election, which is now which looks like to be divided government if the gop as most indications show holds on to the senate. What hes saying is that this is very positive and he made these comments on wednesday to blackrock employees. This has not been reported before. Sources close to the firm say he made those comments wednesday where he basically put a positive spin on divided government, saying this should help the markets and he also conceded what we have been talking about for awhile here. There is no blue wave, that progressivism has been stopped in its tracks, that biden is going to have to scale back some of his spending plans, instead of 2 trillion hes going to probably have to negotiate with the current and soontobe once again reelected Majority Leader Mitch Mcconnell with the gop to scale back any stimulus plans, probably some of these tax increases that he planned, Capital Gains are probably going to be off the table. This is the message that larry fink gave to employees and he basically said listen, we are in the business of managing money. This is a very good time to be managing money, given whats coming down the pike likely from a legislative and fiscal agenda with a biden presidency and a republican congress. Again, this is what hes saying right now. Who knows what happens in the future. Clearly, wall street agrees with that assessment. A couple other things he said, which i found fascinating. Hes confident that the markets will remain resilient and believes that a Covid Vaccine as well as effective treatments will be ready more effective treatments will be ready by the Second Quarter of 2021. He thinks that therapies will work. He also cited the falling death rates of covid. I find that fascinating. We are reading a lot that covid is still spreading, there are more people dying obviously of it, but larry fink, who, you know, his business is based on trying to figure out, you know, this pandemic which impacts markets, it impacts the economy, put a positive spin on it. He thinks there will be a vaccine by the Second Quarter of next year. He thinks there are more effective treatments. He cited a falling death rate. I just wonder why he waited until after the election to say that, not before the election, because it kind of mimics some of the things that President Trump is saying and republicans have been saying recently. But there you have it. Thats right from the mouth of the guy who runs maybe the biggest wall street firm in the world. Back to you. Liz and that stock, blackrock, up 33 year to date. Larrys doing a lot right here. All right. Thank you very much, charlie. What happens in vegas is not staying in vegas at this hour. An allout brawl breaking out as biden and trump fight for gold in the silver state. We are taking you there live next with the closing bell ringing in 17 minutes. Tiny bit of profit taking here but the dow is still charging higher by 484 points. When you switch to xfinity mobile, youre choosing to get connected to the most Reliable Network nationwide, now with 5g included. Discover how to save up to 400 a year with shared data starting at 15 a month, or get the lowest price for one line of unlimited. Come into your local xfinity store to make the most of your mobile experience. You can shop the latest phones, bring your own device, or trade in for extra savings. Thats simple, easy, awesome. Visit your local xfinity store today to ask, shop, discover the latest on xfinity mobile. Thats it. Im calling kohler about their walkin bath. [ sigh ] not gonna happen. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkinbath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkinbath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkinbath provides independence with peace of mind. Liz weve got this alert. Nevada is emerging as the election drama epicenter of the moment. The Trump Administration alleges voter fraud and late this afternoon, the nevada voter registrar stood firm in defending the process and took time to attempt to debunk at least one particular claim thats received quite a bit of attention. With six Electoral College votes up for grabs, a nevada win could bring former Vice President joe biden to that magic number of 270 Electoral College votes. Making him the 46th president of the United States. But we are far from clarity on that situation. To Jonathan Hunt live outside the clark county Voting Office in north las vegas. You witnessed these dueling News Conferences within a couple of hours of each other. What is the latest . Reporter yeah. Two story lines emerging out of nevada today, liz. The numbers and the lawsuits. Lets get to the numbers very quickly first. This time yesterday, former Vice President joe biden had a lead of just a little shy of 8,000 over President Trump. Today, with new votes counted, that lead increased to just under 12,000. So a net gain of around 4,000 for joe biden, and the Biden Campaign certainly optimistic, because the vast majority of outstanding votes are coming from here in clark county, where 7 out of 10 of all registered voters in nevada reside and where the Biden Campaign believes their candidate is strongest and certainly, more cause for optimism on the biden side of the campaign than for the Trump Campaign, which might be why we are seeing this lawsuit today. We had this bizarre News Conference staged at the side of the street here where the former acting director of National Intelligence and a couple other Trump Officials jumped out of an suv, put up a wooden podium, and then made all sorts of claims about the process here. They said that thousands of dead people are voting. They said that thousands of nonnevada residents are voting and all of those votes are being counted. They said there is no transparency. They said they cannot check the signatures. They offered, though, scant evidence for any of those claims. The claims, though, summed up by former Nevada Attorney general and cochair of the Trump Campaign. Listen here. Believe there are many voters in this group of mailin people that are not proper voters. Reporter now, as i said, scant evidence to back up any of those claims, although they did introduce one voter, a woman who said she and her roommate both had their ballots stolen and submitted by someone other than themselves. The clark county registrar addressed that directly today and said that that incident was fully investigated. Listen here. Dealt with it. She brought her claim to me, we reviewed the ballot and in our opinion, its her signature. We also gave her an opportunity to provide statements, if she wanted to object to that and provide a challenge to that. She refused to do so. A member of the nevada secretary of States Office Investigation Team also interviewed her and they had no issue with the assistance we tried to give her. Reporter now, i mentioned rick grinell, part of the News Conference alleging all of this voter fraud. He was given the opportunity to answer questions, to offer the evidence to back up all of these claims. He refused to answer any questions. He told the assembled media you are here to take in information, that is a direct quote. As you well know, that is not what we are here to do. Yes, maybe its 50 of what we are here to do, to take in information, but if somebody is going to make claims that affect the democratic process in the United States, that affects perhaps the presidency itself, then we are going to ask those people and we have a duty to ask those people what is the evidence for your claims. Rick grinell and the people with him offered up virtually no evidence whatsoever. Now, it may be that they are simply saving that evidence for the judge in the lawsuit that they have said they will file in federal court this afternoon. As far as we are aware, that lawsuit has not been formally filed as yet. Liz . Liz good stuff, jonathan. We ask questions and then question the answers. When we come back, trillion dollar countdown closers are about to crack open their guidebooks for you. Stay tuned. Hi, my name is sam davis and im going to tell you about exciting plans available to anyone with medicare. Many plans provide. Doctor office visits, but you have to meet a deductible for each and then, youre still responsible for 20 percent of the cost. Next, lets look at a Medicare Supplement plan. As you can see they cover the same things as original medicare, and they also cover your medicare deductibles and coinsurance, but they often have higher monthly premiums and no Prescription Drug coverage. Now, lets take a look a humanas Medicare Advantage plans. 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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 closing bell four minutes away. The Federal Reserve announcement was a snoozer but the stock market is anything but. Dow jumping 538. S p up 66. Nasdaq up 291. Speaking of climbing, bitcoin has blasted past the 15,000dollar mark, benefiting no doubt from election uncertainty and new adoptions in the financial world. Jpmorgan launching successfully trading it is First Digital coin, the jpm coin. We see 15,111. Lets bring in the trillion dollar countdown closers. David joy, manages 610 bil. Bm corp scott manages 270 bil. You guys join us now. David to you first. There is no volatility this week. How do you invest around that . Well i think you take a waitandsee approach quite frankly. We still dont know what the government is going to look like. We have a pretty good idea so you can make some judgments how you want to position but things could still change. So i wouldnt rush to judgment but i would say this, i think the chances of probably a little more likely that now well get a stimulus package. Thats good news. I think the market likes that is reflecting that a little bit. I think well see some location sustainable back to the growth parts of the market. Technology, leadership where it wasnt over the last couple months. Would i still take a waitandsee approach. Dont do anything dramatic. Elizabeth some of the sexiest tech names out there do not even pay a dividend. That turns to a question of yield when it comes to corporate bonds. That is your space. Tell me about bonds as far as corporates are concerned . Yieldseeking investors have been put in a tough spot, if you go over the last decade and 1 2 as Interest Rates continue to decline. What we do particularly with our Core Plus Bond Fund we look for a Balance Sheet of a company, look for a opportunity to invest in a company where we get excess yield or credit spread relative to the markets opinion about the cop company n this case i look around, when there is election cycle, news cycle involving health care, legislation, potential for that we usually see some pretty big disruptions in the Health Care Space particularly pharmaceuticals. Mylan labs. They have grade investment paper with a nice coupon. Companies like bio again, we saw headlines where they lost a multiple sclerosis drug but on the upside they picked up positive news regarding a alzheimers drug. We look for pockets of opportunity to step into those kind of names to find some yields. Liz david what are the implications if the numbers continue the way they are, joe biden wins . You have a divided government you referenced. What else, no tax athlete hikes . Exactly. Assuming that the Georgia Senate races break as expected for the republicans and we have divided government i think the market likes that. Socalled gridlock. And so no major changes. You wont see [inaudible] liz i think we lost it. Okay. All right, we were losing those shots. [closing bell rings] scott, david, thanks so much. The big jobs report for october is tomorrow. Stay tuned. I will see you friday. Connell we have five states to go at this point. Investors are betting on gridlock in our nations capitol. They seem to be perfectly fine with that scenario. Im Connell Mcshane reporting to you from harrisburg, pennsylvania which has become quite active city. Well talk about that here on after the bell. But we begin with the closing numbers. Stocks surging on wall street fourth day in a row. Despite what president ial candidate occupies the white house come january. Dow up 540 points which is about 2 . Here is where we stand in the race