Investors liking what they heard last week from that speech. Doc, ill go to you. You said the market rally was hanging on the speech. Some said it was light on details. But for this president at this moment, style over substance maybe was more important. The tone certainly was favorable to what investors wanted. Yeah, thats right, judge. The tone was terrific. The way he addressed things. It was exactly like the market wanted to hear. Now, when he builds a hotel i know this is a dumb analogy but you know me. When youre building a hotel does trump go out there and tell you the stress test of concrete or steel or any of the rest of it . Thats mnuchin and thats what cohen do as far as comparison. Trump just does the 30,000 foot picture of what its going to look like. And he did a great job laying it out last night. 258point rally out of the dow, that tells me the report card is two thumbs up. Anthony, he clearly delivered what investors wanted to hear last night by virtue of a 250point rally in the dow. No question. Hes a very symbolic person. So i just want to go to honoring the navy s. E. A. L. That passed and honoring the widow of the navy s. E. A. L. Because that was a convergent speech into the states man were going to see from the president over the next four years. Youre sort of as well versed as anybody on the convergence of politics and markets. Markets have moved because of the optimism over the president s coming agenda. Yeah. At what point do you think we need to see actual specifics on things and things really borne out so the rally can youve bot wilbur ross, steven mnuchin, gary cohen, working well together as team. Once they start to roll out the tax policies, and the good news is theyre in harmony with speaker paul ryan. You will see and the markets reflectsing this 20 to 25 pick up in profits and earnings for businesses in the United States large and small and is being reflected right now in the stock market. Eddie, youre up 270 points on the dow. Yet you say the market is too invested in trump. I mean, market, yeah, were all in. But why is that a bad thing . Because i think were still waiting for the evidence that the policies are going to happen and the details of whats in them just on that last point that we heard that, you know, this means an earnings lift for stocks. It means an earnings lift for some stocks but if its going to be a revenue neutral tax plan theyre going to be losers as well as winners and we cant quite figure that out until we see the details. Yeah, i agree with that. I think its been somewhat indiscriminate but i also think that last night was not supposed to be about details, that there was really no expectation there to be details so the perfect speech and hopefully it is conversion. Even New York Times has problems picking a fight with it. Thats how good it was. But its difficult to discern who the winners an losers are. I dont think the market is too vested is it really that difficult . Look at the financials today. Im talking about the factual winners and losers after the policies are in. But i do believe that it should be everything higher right now because youre going to see definitive plans because you have to give them you have to give him his due. Everything he said he would do hes done so far, right . So hes moved it lightning b speed on execution. With the executive orders. Now theres going to get done as well. Goes to my point. More than anything else the criticism certainly was more about the style, the manner in which he was doing things. Last night, you know, the commentary afterwards, rightly or wrongly, is that he looked more president ial or he looked president ial for the first time. Thats what people were saying after the speech. Right. Weve been saying that. On air a number of times is that if youre fiduciary and youre an investor you have to worry about what impact is on the markets. Market is a discounting mechanism so it should be ahead of what hes doing. Its justified here. Where else are you going to put money . Now you have bonds turning around. Yields are rising again. I had a number of people who said you should sell banks. Ridiculous. Should have bought them then. I think banks continue to trend higher. Do you think this is a turning point as a whole for the administration . Hes able now to lift some of his approval numbers, depending on whatever poll you want to believe. Maybe im just too close but i would say its a progression more than a turning point. I think that theyve had an amazing execution strategy for the first 41 days. The president by his own admission said that we could do better on the communications side. And he is great to hear, by the way. He is an a game player. He hits hoops. His bodyguard keith says hes seen him sink tenfoot putts, full trench coat on in Madison Square garden hitting a foul shot. Last night was evidence of that. This is a Communications Czar and a leader and he is showing his whole administration how he wants this thing to look. So you see it as a turning point but i see it more as a progression. So the very, very good news for the people at this table and the people that watch this show is hes got unbelievably talented economic team. The gary cohens and Wilbur Rosses and Steve Mnuchins and theyre going to announce a deputy treasury secretary shortly, that team is going to be excellent for the economy, excellent for the stock market. And you know what its really going to be excellent for . Middle class jobs and working class families. Thats the agenda the administration has. Pete, what about the idea, you know, goldman today talks about the point of maximum optimism. What were witnessing in the market. Hedge fund manager, a big one at that, told me, quote, were starting to knock on the door of euphoria as if thats a point of reaching the climax of a bull market, not the beginning. You could understand why people are saying that but i think you still go back to whats the concrete evidence. The concrete evidence that weve gotten so far is the earning season has been strong. Started with the financials and technology and weve continued through this whole thing. And now people are starting to go towards the confidence level that i think the president actually laid out last night where he was very president ial. What everybody was expecting and hoping to actually hear from him. And then i think anthony hits on something very important. First of all, 41 days. This is still very early. But the most important thing is the team. When i look at the Management Team that hes put together i dont know how you could have assembled a better one than what he has done so far. So even for those who might hate trump or dislike him in some strong way, i think if you look at Steve Mnuchin and cohen and all the rest of these guys, wilbur ross, you have probably some of the smartest minds financially ever to be involved in a presidency. Listen, there was a lot in that speech last night and understand it would be heroic, he possibly could get all of it done but i think it would be heroic. Im handicapping the things easy to be done. You know whats easy to be done, the infrastructure bill. Everyone is going to get around that from a political point of view. Putting it into action is difficult with environmental concerns. Im going to stop you there because i just think there could be a battle over the price tag of the infrastructure bill within his own party. I dont. 100 billion a year for ten years is actually not large number. At least to me. I think we can disagree on that, scott, but i think that one is doable. Its not you and me disagreeing, its the facts. Well, no, its opinion whether 100 billion is easy to push through or not a year. I think what is harder is Obamacare Repeal and replace. I think thats harder. So i would be putting my money on construction companies. I just think if you have to take a high braid approach and you have a private Public Partnership on the infrasthuk sanctuary going to be the game plan i think it will be something that gets passed. Yeah. We have Jeremy Siegel on the phone with us today as well. Professor of finance at Wharton School at the university of pennsylvania. Are we at the point of maximum optimism or is something told me starting to knock on the door of euphoria . Whats going on here . Frankly, i was blown away by that speech. It was nothing what i expected. It was thousand times better than i expected. I didnt think trump had in him the ability to connect, bring out the emotion and view the republican agenda. He didnt talk about trade wars, currency manipulations. Yeah, there were hints of, you know, tariffs here and thereafter very unfair situations, beginning with davidson, but, you know, it was very much more republican than just trump. And ive been saying since the beginning if he goes republican agenda, thats 22,000 on the dow. Now, i know we got to 21 today. We got to 21 from 20 in like 24 days. Yeah. Thats not little absurd to you . Not all that is that unusual. We sometimes raise up a little bit before reality comes in. And i still think theres going to be a little reaction. But this was definitely good. This is definitely a solid ground. I thought i thought this rally was on real thin ice. I dont think its on as thin ice now, which i thought just before the speech yesterday. Wow, you think the speech was that powerful in the bigger sort of meaning. Yeah, and just putting down an agenda, convincing people of how good his agenda is. I mean, the democrats even standing up and clapping. And im sure they were not that happy about doing it but it was so emotional. If he didnt see some democrats going up, you wonder whats wrong with them. Something wrong with you if you didnt stand up during the tribute to the fallen s. E. A. L. Yeah. I think everybody would be in agreement to the power of that moment in and of itself. Yeah. Look, there will be a pullback at some point just as we just saw with credit. But thats only natural. So nothing goes up in straight line. You dont want it to be. What about to the professors point. If you had a rally that may appear to be a bit on thin ice, that now the president just reignited the rally of his name. Well, i didnt see it on thin ice. Pete and i were sitting on a lot of cash but thats because, you know, i just havent had the time really going to find new names. I just answer to my financials the also few days. I didnt see it on thin ice. We came out of the earnings recession, number one. Weve got a president in 41 days i said like it or not what hes on social issues hes executed in every Campaign Promise versus eight years. Where the first thing that was going to happen was close guantanamo and guantanamo is still open. No economic policy, no foreign policy. So its like that cloud has been lifted and thats what the markets respond to. Further, if you do cut taxes then you could see a 20 increase in earnings in the s p. So why not get in front of that. By the time it happens, it will be too late. So suppose he only executes on a few things. Its still going to be encouraging. With an economy not just here but goelobally is a great tail wind to whats happened. My point really in the turning point commentary is that last night you had a notion of sort of coming together rather than one of contention. Right . Thats how people walked away from this speech. In large part thats the reaction youre seeing on wall street. You would admit that. Hoareres the problem. Because of the tension with the media, that is the president s message. The president has been consistent since june of 2015 even that he wants to be a unifying agent for the United States, that he wants to bring everybody together. If you look at his management style, just to go back to what hes guys are saying, hes picked aplus, plus players to run the economy. Were back to the ruben summers period during the clinton era where wall street is saying to itself, my god, hes got the best talent on the field working on behalf of the american people. And so for me i see it as very, very unifying. But you have to understand something, hes a polarizing figure because he has a bold agenda. He has bold rhetoric and hes a kind of guy who likes to get stuff done irrespective of what other people think about him. Thats why hes going to be an amazing president , by the way. Positive reenforcement from that speech and what youre hearing now, is that going to stop the twitter barrages like on the fake news and hamilton . I dont think so. Thats going the detract. Its detracting for you. But i think theres a group of s. It detracting for a lot of people. Maybe the people at this room are not the people hes messaging to. Who is he trying to message to . There is a group of diseffected people in the country i would say last night was arguably not participated, steven. Thats just the facts. So i think sometimes the twitter feed is to let those guys know that hes out there, hes going to advocate for them. Hes going to be a champion for p working class families. Here are the facts. 8 Million People have dropped below the poverty line in the last ten years. Weve turned the aspirational working class in our country into the working poor. And what the president is trying to message to those people that hes upset about it, hes energized about it. Hes going to take on what steve bannon answer the corporatist and globalist and hes going to build an America First strategy, very good for markets and very good for lower class and middle class wages. The reason why is dow is up 300 points has to to do with the fact that the perception last night he spoke not only to his base, he spoke far beyond his base, arguably in the first time in the 41 days hes been president. Spot on. Not being critical. Thats just a fact. Im not being overly glowing. Im saying this is a progression. I dont see it a turning point as much as you do. In the way the speech was perceived. I see that and ive always seen that in him. I predicted 90 more days, people are going to look at it, okay, theres a crystallization of policy, National Security policy, what were going to do with places like nato, crystallization of tax policy. Were going to roll back unnecessary regulations and all of a sudden economy is going to grow, and more importantly, wages, scott, wages are down disposal income is down 9. 4 since 2006. Weve got to fix that. Professor, at what point though do you start to get a little bit nervous about just simple what the stock market is trading . Yeah, and lets be honest. Its 22, 23 times operating earnings. Thats pretty rich. The 12 to 13 rise we had before today, that already discounted the fact there was going to be a Corporate Tax cut. Im surprised because some of you said and this was a bit of a disappointment for me. He did bring up that border adjustment. I think that would be terrible. I dont think its going to be revenue neutral. If the Corporate Tax turns out to be revenue neutral, youre not going to see the stock market stay at this level. We might not know about that until august, according to mnuchin and when this policy will come out. But i think a lot of the previous rally was already on the tax cut and, you know, i hope he doesnt go towards bordered ed adjustments. For many reasons i think that will be a bad adjustment and will also not be the tax cut that investors are looking for. So i do its not i mean, disappointed me a little bit there but theyre still going to washing that out. Theyre going to have a tax cut. The 12 trillion but theyre going to have a tax cut. And i think thats still on the table. Remember when ceos were asked whats more important to you, a tax cut or regulation change in decrease in regulation . They answered the latter. And he stressed that again. And i dont think that has been factored in as much. Thats very positive. 300 point gain now for the Dow Jones Industrial average highs of the day. Same point. The market is too i vested in trump. In the sense that were talking about the same things weve been talking t for the last four months. This is already in the price. The question now is whats next. Lets get some details. I look at not only the equity market and the credit spreads which have tightened but the treasury market is telling a different story where real rates have not gone up. As of yesterday real rates were the same level they were march 1st of last year. Over the last two days gone up. They have gone up a little bit. Theyve been cut in half since mid december. In the last two or three months weve really not seen much of a move in terms of expectations of growth and real rates. Its all been inflation. Phenomenal. Inflation without growth is a big problem. We dont have inflation. Two days ago we were talking on this show about low rates and was the bond market signalling a decline or a slowing off of growth. I meaning today we clearly have the opposite. Yesterday we had the governor earlier in the week in some comments from a conversation that i had with david tepper who suggested the reason the bond markets and yields were as low as they were wasnt reflective of an economy that was sputtering or suddenly slowing but more so of too much Monetary Policy around the globe that was still within the system. Right. But were still having the debate. I happen to agree with teppers viewpoint. On monday we were having the debate, is the bond market, and Jeffrey Gundlach was saying 225. The tenyear was 230. Now its 247. Were done with that conversation. I said on monday i think were going to break out above 250 significantly. Judge, business sentiment, which is what is going to help drive cap x spending has been dramatically impacted by the president. I heard Steven Ratner say today that in the first 30 days of this presidency President Trump has met with more Business Leaders than obama did over the next four years. And that has sparked some pretty considerable changes to the way that theyre going to be doing business going forward. And to their optimism. Certainly tax cuts and so forth regulation rollback to Anthony Point and to yours, eddie, are big things. This, put that together with the consumer and then were hitting on all cylinders. First time in eight years where the american president likes the word profit. Look at the past administration, they didnt like profit. And this guy likes profit. Youve got to love him for that. That profit is going to turn into higher wages and more cap x. And i think we should all be looking at flow of funds right now because i think the recent rally is International Buyers coming into the market. And that tells you the confidence that people have around the world in the president s agenda. To your point and a point ive made on the show about sort of the business president that andrew liveerous of dow chemical said its most business friendly president since the founding fathers. He missed calvin coolridge. Its a president who likes to be around ceos. And ceos by irvirtue of the numbers turning out to the white house meet with him like to be around someone that they think believes in them. You can make the argument whether its the first time in eight years or not. But clearly the message has been felt loud and clear. I think its reflected as well in the markets. I absolutely believe this, that the increase in regulation and the uncertainty that the Obama Administration put on ceos large and small caused the 2 trillion cash chord in the s p 500. If the president s agenda works, that cash will start to deplete into cap x, reinvestment in economy and reinvestment in american labor. From that point of view, 21 months into his political career and 41 days into his presidency, i think hes doing an unbelievable job. Yep. Are you, pete, we havent heard much from you. Are you inclined its all been good. I listen to my man anthony. Are you jumping on the siegel bus and thinking that this rally really has the potential of going significantly higher . I dont know if i would use the word significantly higher but higher certainly. This move has been extraordinary. Weve had pauses along the way. Whether you want to break it down into sector, financials took off and flat lined. Now it looks like they are taking off once again. Technology i feel is sort of in that same sort of a boat. As long as weve got this rotation going on, scott, i think we can continue to move to the upside. I dont know that i see significant because at some point in time you start looking at the multiple s p and then you start to get more nervous. For right now theres upside. Before i let you run, obviously a big advocate for the president. Sure. Are we going to see you in a role within the white house . Listen, i think time will tell. Unfortunately i got a cough my indicated business called skybridge capital, which ive sold. Unfortunately it takes about 90 days to get that transaction to wind down but ive had terrific conversations with chief of staff priebus and steve bannon, both of which ive known for many years and im extremely confident that they will potentially be a role for me in the administration. Have to be patient and be a good team player. As an observer, even your closeness to the administration, are you and do you think the president himself is surprised that the market has reacted to the magnitude at which it has acted . In some ways i would say me personally yes. But in other way it is you just think about the containment that took place over the last eight years in terms of regulation, uncertainty about taxes. We kicked the can down the road three times under the Obama Administration on the uncertainty of taxes. That caused the hoarding effect inside american corporations. This was a coiled spring about to engage. Had secretary clinton won i dont think we would be seeing this type of market activity. So im not super surprised. I think the magnitude of it, up 15 since november 8th, you would have to be, you know, surprised by that. Sure. Like i said, 24 days to go from 20,000 to 21,000. Thats which we know about markets. They chase ahead. Theyre looking into the future. I think the future is way more optimistic, scott, than even we believe right now. If you vus get the National Security footprint right, if the president is correct about nato, if hes correct about what his plans are for asia and weve reduced the tension and conflict around the world, risk premium will trade higher. Is there a risk of stepping in the mud, so to speak, with the border adjustment tax . Larry kudlow says that appears to be ahead. You have what the reports were yesterday. Is that ryan and ban nan are now on the same page together which seemed to be a significant move. Im speaking of speaker ryan. Heres what i would say. A year from now someone is going to write something about this being the common sense presidency. Presidencys problems in our trade deals. He knows the trade deals have been uneven for 71 years. To the benefit of the rest of the world that the detriment of the American Worker. Now hes trying to figure out how to rationalize that and adjustment and brainstorming going on and theres some debate inside the administration and up at the hill of whats going to happen but this is what i love about the president. When he gets in the room and he understands every facet of that issue, hes going to hit the perfect intersection point of getting it right for the American Worker and the american people. So i have enormous amount of n confidence in that. We can worry about that today. I want to call your attention to the stock market. Youve got the Dow Jones Industrial average up 323 Points Crossing 21,000 today for the first time ever. What im hearing on the desk is i have no sellers. Are you lightening up your port foale wrote . Not lightening up but more defensively positioned. Not buying the banks or commodity stocks or reflation trade. Not because i dont believe in the economic plan. Lower regulations an lower tax rest good things for the economy but its in the price already. So i want to favor those things that have lagged behind like tech and health care and dividend stocks. Professor, i appreciate you coming to the phone today on what is another recordsetting day. Thank youer have much for having me. Well talk to you again soon. Anthony, its good to see you as always. Thanks. Its good to be here. Pete, i miss you. Jon, i miss you, too. Not as much as i miss pete. Understandable. Ylan is in washington where a news alert. Department of labor is proposing to delay the fiduciary role by 60 days. This rule requires Financial Advisers to put their clients best interests first. Its supposed to take effect april 10th. New start date would be june 9th. 15day window for comment on this produced. President trump signed an executive order asking the Labor Department to review the rule. The administration had wanted to push it back even farther but 60 days is what theyre looking for now. Thanks. Before i let you run, how timely is this. You wrote an oped if i recall about the fiduciary rule. High risk oped, four days before the election. It was a lot of sore people on the other side of that. That rule is a disaster. That is the infiduciary rule if you understand the rule. They named it that way to fool people because people only look at the top line of the rule. What that rule effectively does is it curtails the buffet table of Investment Opportunities for the average investor and the average retiree. So they want to slant it towards etfes and towards lowindex trades for people and i understand why they want to do that. And theres room for that. But if you leave out alternatives and things for people they dont get the opportunity to reduce their volatilefy. Thats my opinion. Thankfully we won. Election s do matter. That delay will hopefully become pem nent. Its dumb. Its it doesnt make sense for the investor. There will be people out there saying i want to sell bad product to people and all that sort of nonsense. Thats sort of the Elizabeth Warren rhetoric. Im tired of that. I love my investors. We had 41,000 of them at skybridge and our number one goal was to reduce their volatility and help them reach their actuarial performance. If you have the government in the Asset Allocation business, look what happened with the Community Reinvestment act and subprime mortgages. We dont want that to happen. We have common sense people like gary and steven and wilbur that are in there fighting the good fight on behalf of the american people. First name good name job. You get my point. I got it. Hang on before you run. Susan li has more news. Yes. Reopened for trade today looking at a rally of 1 1 2 . The shares were halted pending material news that might move the stock and indeed it has. Were skiting at ninemonth highs. This is on bullish news out of investor day at mcdonalds. Moved up this year with some pretty bullish announcements. Cash return, higher than what analysts had expected. So up to the year 2019 theyre looking to return maybe 22 to 24 billion back to shareholders. Also some bullish estimates for system wide sales. 3 to 5 over the next three years. And also we have eps growth predicted in the high single digits. Just confirmed what everybody expected, mobile order and pay will roll out nationwide in the fourth year of this year. Back to you. Susanly with the latest there. If that werent enough we have breaking news from the white house now. Eamon javers joining us about a conversation that he just had with the spokesman sean spicer. Thats right, scott. Sean spicer just wrapping up an off camera gaggle here at the white house and i had the opportunities to ask him about dow 21,000 today. I said, does the white house believe that the president s speech last night had anything to do with the dow crossing 21,000 today. Spicer was careful in his reply not to draw a direct line between the president s speech and any particular stock market movements today but he cited Overall Economic optimism as a result of trumps policies as playing a role in the overall rally that weve been witnessing here. And also, scott, i should tell you speaker of the house paul ryan just got here. In terms of specifics, underpinning some of the things the president was talking about last night in the joint session address, those are being worked out behind closed doors right now. Well give you any detail weve got on what those members of congress have to say when they emerge from that meeting as soon as they do emerge. Eamon, thanks. I think this is clearly a white house growing a little wiser about wanting to play in the dangerous game of taking credit for stock market moves because you dont want to be blamed obviously when the market goes down. Steve mnuchin told us on this network that the stock market was, in fact, a report card for the president. That is a dangerous game if you want to play it. I dont think anybody necessarily wants to play that game, scott, but to say that confidence is up, to say that american corporations large and small are going to be willing to start investing again in their businesses because they dont feel regulatory constrained where they feel their tax burden may be lighter, i think that is filtering in at the stock market. Its undeniable. Thats all im saying. I think the very good news is that the president has an agenda that is a a unifying agenda and its something i think that is going to filter down to the working class families at the end of the day its going to be a reverse of what people have expected in the past. Good seeing you. Good seeing you, too. Glad you stuck around a little bit extra. Eddie, good to see you, too. Well be right back. With e trades powerful trading tools, right at your fingertips, you have access to indepth analysis, level 2 data, and a team of experienced traders ready to help you if you need it. Its like having the power of a trading floor, wherever you are. Its your trade. E trade we chl tnchs cnbc 100 index is an index tracking stocks that get revenue from its own intellectual property. It is up 33 . Index just replaced intel with micron. Micron is up 76 since july. Intel just 8 . Since were talking about intel, under some pressure today after being downgraded to sell from the number one Semiconductor Analyst at bernstein who calls for 15 drop in that stock from here. Its our call of the day. Jimmy, you first, then pete. Look, its a bold call. I disagree with it. The winds on intel blow back and forth every quarter. Two months ago we were seeing pc demand in the policy season was better than expected. Im going to go with the simplyist explanation. Economic growth picking up. Unemployment picking up. Its not just pcs that are going to be in demand. Its going to be the data center group, an important part of their business, as well as mobile, phone, internet of things. All of these things are going to propel intel forward. You might somebody night not want to own it, fine. But to put a sell order on it, to sell it short here, down 15 , cry zi. The analysts here, the headline on the note which i have here is the first stage is always denial, the headliner. Are you in denial . You can draw that conclusion, no, i think i just gave a cogent explanation for why i continue to own the shares. Its very for giving valuation. Dividend yield center. I just gave you a long laundry list. You gave me an opportunity to go and open the door on that. You never miss it, do you . Sitting where i am and youre there, jim. I dont think they should have put it on a sell. If theyre going to jump back on this, put it on a hold. That makes sense because the growth of your seeing in data center isnt as strong as it should be. You would expect it to be in the double digits. So i understand what theyre talking about here. 8 growth is what they showed year over year. Data center is where theyre going but lost going in autonomous cars. They are spending money to go into other areas outside because they know pc is a dying entity. But there are focusing on growth. Thats why you want to hold on. Im not sure its dying. Go ahead. Ahead in the blitz, lowes, best buy, Weight Watchers and casinos. Well skusds that next. First, the s p sector check. Big day on wall street. Dow is up 316, s p is up 33. A gain of nearly 1 1 2 . Were back after this. Across new york state, from long island to buffalo, from rochester to the hudson valley, from albany to utica, Creative Business incentives, infrastructure investment, university partnerships, and the lowest taxes in decades are creating a stronger economy and the right environment in new york state for business to thrive. Let us help grow your companys tomorrow today at esd. Ny. Gov whats Critical Thinking like . A basketball costs 14. Whats team spirit worth . cheers whats it worth to talk to your mom . Whats the value of a walk in the woods . The value of capital is to create, not just wealth, but things that matter. Morgan stanley this just in. 50 million customers data was not compromised this morning in a Security Breach that didnt happen. Wall street, not rattled. At all no. Sir, sir. What went right . What went right . Everything. We have a brief statement on this nonbreach. Were happy to report theres nothing to report. My dads company wasnt hacked today. Cool. My dads company wasnt hacked today. I love how usaa gives me the and the security just like the marines did. A and i was not happy with the customer service. We have switched back over and we feel like were back home now. The process through usaa is so effortless, that you feel like youre a part of the family. I love that i can pass the membership to my children, and that they can be protected. Were the williams family, and were usaa members for life. Call usaa today to talk about your insurance needs. Were back on the halftime report. Health care biotech stocks may be coming off their best month since july 2016 but the i stri is still unnoticed by the president for drug practicing practices. Meg terrell is here. It was brought up but not a huge focus. One of the only times we saw both sides of the aisle stand up is when he mentioned drug prices. Take a listen to what he said. We should implement legal reforms that protect patients and doctors from unnecessary cause that drive up the price of insurance. And work to bring down the art firm initially high price of drugs and bring them down immediately. Artificially high price of drugs. This continues trumps focus on the space going back to december when he had that interview with Time Magazine saying he doesnt like whats happened with drug prices to january during a big industry conference, the Jpmorgan Morgan conference where he said the drug industry was getting away with murder and last night saying we should bring down the artificially high price of drugs. Not all was negative. The first guest he introduced during his speech was a College Student who has been living with a rare disease, pompei disease. That her father actually you can see there on the lower left, john crowley, ceo of amicus. Amazing story. When she was diagnosed, dropped everything, found a drug for her. Trump said we need more miracles like megan. If there were fewer regulations at the fda we would have more of those. Hes founded a new company now, ceo of amicus. Im not sure hes the founder but the ceo. Hes going to be joining closing bell today. You have some reporting on icahn, carl icahn. We were wondering after we heard icahn was taking that bristolmyers stake how he was going to pursue more. Hes hired richard mulligan. Harvard general at this timicist. He left carl icahn and going to weve interviewed alex. We didnt have richard on with him. Richard is harvard geneticist. This guy has quite a background. Hes done a lot of deals with carl. Alex isnt working with them now. It will be interesting to see what they do. Carl wants to enhance his focus on the biotech sector. I wonder if its a area that carl icahn now looks at as having many stocks that are undervalued or no brainers based on whats happened to the space. Exactly. From 2015 highs i think theyre all 25 . Of course theyve gone back some but maybe some good target theres. Meg, thanks. Thank you. Its time for the blitz. First up, lowes, soaring after beating on top and bottom lines and pete giving up when you look at that guidance number that was impressive. Also look at the Comparable Store sales up 5 hrs. This was a home run. Home sector has been a great one. We had unusual activity over the last couple of weeks coming into this name. Huge spike today. When i look at this number i think you want to take a little bit off. Its ahead of itself. Best buy, jimmy, weak guidance. Other retail disappoints. Having said that it is up 40 in less than a year. Down 4 on this news. Look, i do think people are going to be buying more electronic goods as wages pick up and employment picks up. This is probably a safe price to enter in at 12 times earnings. Billion dollars of cash on the balance seat. 2 1 2 dividend yield. You can buy it here. Weight watchers, when this stock moves, weiss, it doesnt move 1 or 2 , it surges up 34 today. It always has a huge shortage. They run out and cover. Revenues did not beat. About oprah . It was about the guidance. Guidance increased dramatically because subscriptions, members increased by 10 . Thats usual for this time of year. I still think that this stock is going to be trading back and forth. Its way too volatile. I dont care about volatility. I just dont really see the takeout a lot of people think is going to happen. Doc, casino stocks. Yeah. Youve got three of them with nice gains today. Macaw gaming revenue for february up 18 . Thats almost double what they expected, judge. Its the seventh consecutive month of an increase like this. Big thumbs up for those guys. Stocks remain at record highs. Dow, 21,000, 125. Were back after this. Is it because so many go after it the same way . Chasing after short term returns. Instead if getting caught up with the crowd, the Investment Managers at pgim take a long term view, teaming specialized active investing with riskmanagement rigor, to seek out global opportunities. We manage over a trillion dollars this way, attracting many of the worlds leading investors. Partner with pgim. The Global Investment management businesses of prudential we need your password so we can lock down the system. My password . Yes, sir, we need your password. The password that i use . Yes, sir, your password. Theres been another breach sir right. Okay. Iha. Temyjob1. Ihatemyjob1 . Wanna get away . Now you can with southwest fares as low as 59 dollars oneway. Yes to low fares with nothing to hide. Thats transfarency. Sfx clap, clap, ding tonight on cnbc the premier of the deed. Torres comes to the aid of Real Estate Investors who bit off more than they can chew. Whats the total amount invested in this deal . Total amount invested would be about 3. 5. 3. 5 million . Yes. Wow. And i definitely have to keep up with the monthly debt service. How much is that costing you new. Thats almost 11,000. So thats every month. And its growing. Where is the 11,000 coming on right now . Your own personal me busting butt everyday. On your consulting business . Nicole has already spent 150,000 and paying interest to the bank. Thats a lot of money to throw away. And thats something that has to stop. Does it not scare you a little bit . I try not to think about it on a daily basis because it gets overwhelming. All right. Sydney is with us live now from new orleans. Sydney, cant wait for this show tonight. Thanks for being here. Thank you for having me. I appreciate it. On a day when were watching stocks go bananas yet again dow is up 3 p00 points. Whats the current state of real estate, would you say . Every market is different and it depends on where youre located. But in new orleans its really hot right now. And you know, our price is we never did see the new york and miami, l. A. Prices. Our prices never did hit that high point. We have a lot of great opportunity here for real estate. Whats the market like for flipping right now . Theoretically prices are high. Im just wondering how much higher they can go if youre trying to flip a house and actually make money. Well, you got to do your homework. Its always the secret is looking in between the fringe and the hot spot. I always call that the sweet spot in the middle. And its really important how you do your homework and your research that. Thats what this show teaches you. It kind of shows you all the secrets on what to look for, you know, what not to do, and we show you even in a hot market like today, we show you what to do when youre looking for a property to invest in, especially as a flip. Its amazing. Im told you built the house behind you in just 90 days . In 90 days on budget and we stuck to our time and we really made a difference with that in the market. Put a good marketing plan together. And youll see tonight where this was a site that was completely dead when i came on and then now theyve got houses, morehouses being built. The houses behind me are all sold. People moved in. So its going to be interesting. I think people will appreciate the show tonight. Give us a little story about your background. How did you get involved in this . I started back in with the deed in real estate in general . In general. I got started in 1997. I used to work as a personal assistant for lenny ckravitz. He fired me in 1996. I thought i wanted to be in the music business. I started work for a construction company. I worked my way up and got my general contractors license and convinced my grandmother to cosign 40,000 loan so i would go and buy my first flip, fixer upper. Thats what happened. She signed the cosign and from that point to 2005 i developed over 100 million in real estate in the city of new orleans and in the bahamas building resorts and kond mcondominium projects w im bringing my experience to the table not just with the money but bringing my years of experience and showing them what not to do, what to do, and helping them. Thats a great story. I mean for people who are trying to flip houses, do you find that they still have to buy these prots properties and then sink a whole bunch of money into them . I mean, again, its about doing your homework, researching the market, you know, get with the local Real Estate Agent broker in the area. Understanding what the comps are. And, you know, knowing what you can invest. I think the biggest problem people make rookie developers is they dont do their homework. They act on emotion. They buy on emotion. And good thing about this show. Even if youre looking to moving out of an apartment into a house it teaches you how to research for that house. Understand the numbers, market and make sure you have good mentors around you. Putting money in a house all depends on the market around you. Excited about the show. Thank you so much. Thank you thanks for having me. Do not miss the Series Premiere of the deed only right here on cnbc. Lets get to Jackie Deangelis and the futures now group. Were watching bonds as the fed is looking more likely to raise rates. You were to the camp that said the fed wouldnt hike in march. What do you think now . Everything seems to have changed. Now i think we will. The markets saw the optimism and then granted the fed permission to hike in march and expectations have now changed so its more than 50 . The further out, the ten is well within the range, not a significant move. Front of the curve is reacting to the domestic optimism and fed expectations, longer end of the curve seems to be more linked to spreads between european bonds and marketmoving thing to happen in april. Scott nations youre looking at the chart and saw Something Interesting you wanted to point out. I do, absolutely. Jim is right. But the long term is more interesting because we now have violated the down trend in the tenyear futures. That downtrend from the low in december 122. 14 but were also making the first lower low weve made in a long time. That low was made on february 15th. That was 123. 24. Part of it has to do with the fact were rolling to the june contract. The treasury market does not look good given what we see today. For more futures now catch our live show tomorrow 1 00 pm. More half time after this break. Hey nicole. Hey i just wanted to thank your support team for walking me through my First Options trade. We only do it for everyone gary. Well, i feel pretty smart. Well, were all about educating people on options strategies. Well, dont worry, i wont let this accomplishment go to my head. Im still the same old gary. Wait, you forgot your french dictionary. Oh, mucho gracias. Get help on options trading with thinkorswim, only at td ameritrade. Companies across the state are york sgrowing the economy,otion. With the help of the lowest taxes in decades, a talented workforce, and worldclass innovations. Like in plattsburgh, where the most advanced transportation is already en route. And in corning, where the future is materializing. Let us help grow your companys tomorrow today at esd. Ny. Gov but i keep it growing by making every dollar count. Thats why i have the spark cash card from capital one. With it, i earn unlimited 2 cash back on all of my purchasing. And that unlimited 2 cash back from spark means thousands of dollars each year going back into my business. Which adds fuel to my bottom line. Whats in your wallet . This is where i trade andrs. Manage my portfolio. Since i added futures, i have access to the oil markets and gold markets. Okay. Im plugged into equities trade confirmed and i have Global Access 24 7. Meaning i can do what i need to do, then i can focus on what i want to do. Visit learnfuturestoday. Com to see what adding futures can do for you. Is there risk from the fed doing something in march . Seems likely at this point. Is there risk in that or no . In the market. Yellen has said she wants to raise rates three times this year. If she doesnt do it march she wont be able to do three because you have french elections, other concerns. Any volatility in the equity market theyll back off. Dollar is not too much of a problem. You say dont be prayed of yield plays . Im not. The comment we just heard on the treasury market, the long end is not really selling off. Its behaving itself. You can own dividend stock. We like utilities. Nobody else does. Do you think in part because of expectations of the fed lets go to the white house now and the president meeting with congressional leaders. Thank you very much. Were here to start the process. It begins now. Well, eamon, that was that was brief from the president , to say the least. Short and sweet. Flanked mcconnell and ryan. The president not feeling so chatty today. Feeling like he put out the major points he put out last night. I talked to a white house official who said theyre still very much in listen and discussion mode, particularly with these members of congress. Things like the border adjustability tax, where do they come down on that and also the issue of deficits. How can they have spending hikes they want to have, spending on big projects like infrastructure, the wall yet not run up the deficit without touching entitlements. Some really Big Decisions need to be made here at the white house. Obviously, you can see, theyre starting those conversations now. Clearly the president didnt need to take time to go around the room for introductions or anything like that. No, we know who those guys are. Were told steve bannon was in the room as well, one of the president s key adviseers. Its good to see who is sitting around the president , who has acce access. Eamon javers on the north lawn. Were going to talk about financials. One of the reasons they may be moving today, fed becoming more certain that we think this is going to happen . Yeah. I think it will happen. And i said monday i thought it was a free trade to set up. Theres no expectation, relatively speaking. Now youve got the expectation. So no longer free trade but its also tied into, of course, where bonds are. Youve had a reversal now and yields are back up. Its still a good trade. Still one of my top positions had a great quarter. Theyll continue. Monster move. Pete is in there with me and citi has been left behind somewhat. Schwab, etrade, ameritrade, big winners today. I think it has a lot to do with the infrastructure spending, mentioned last night for the first time in many, many weeks, going back to preelection, frankly. And the banks will participate in that. Theyre going to be lending, directly to projects, to lenders to buy pickup trucks. How about this rally today . I love the fact that the financials, the way theyre bursting to the upside. Going back to that for one more second, that has been the trade. Last week, sitting there in minneapolis, everybody was talking about the chances of the fed moving in march. Some ridiculously low number. After you read through those minutes, how could you ever ascertain that as your answer . Theres no way. I think we also came to the conclusion on this show, as we were chatting with Steve Liesman that day, that the market was ready. Yes. It was time to just do it. Now suddenly everybody is moving more and more towards that. But even without that, the financials, i think, have been a smart trade. Right. And think of the criticism the fed got for moving too slowly before and missing the opportunities. Here is the opportunity they had wi with yields down. To go ahead and do it. Its not like theyre going to get ahead of the curve. If they dont do something they risk being criticized for being so far behind the curve. Which, by the way, is important to watch friday. Three speakers, evans, lacher and yellen speaking. Theyre not going to surprise in two weeks. Theyre going to telegraph it. Friday is an opportunity for them to do so. Krogers. Big buy. Atk, defense is moving. It will keep going. Good stuff. Thanks. That does it for us. Power starts right now. Welcome to power lunch. Im michelle carusocabrera. March roaring in like a lion, stocks having the best day of the year, 300point rally on the dow, pushing it above the 21,000 mark for the first time ever, by the way. 20 trading sessions since the dow crossed 20,000. Records across the board. Trump rally alive and well. We are all over this unprecedented run straight ahead here on power lunch. Im melissa lee. Check out the big movers as