Transcripts For FBC Countdown To The Closing Bell With Liz Claman 20160628

The biggest two day selloff in history. The Dow Jones Industrial average charging ahead by 224 points. High of the session, 242. Were almost there. What are we going to see . Youve got to stick with me. Europe, the markets stopped the bleeding this morning. Britains ftse, and frances cacquarante, the two day downturn from friday through monday was epic in proportions. 3 trillion in Global Equities wiped out following the uk vote. I hate to remind you, that is a record number. European Union Leaders meeting today in emergency session, David Cameron informing the leaders of 27 nations not exiting of his countrys plan. Cameron insisting the uk must not turn back on neighbors, friends and allies of the union if they exit from the trading bloc. Fox Business Reporters stationed all arounded globe, the british exit and impact on the European Union, the United States, National Security and trade and your money with market experts. Former nato commander admiral James Stavridis and bob hormats, donald trump has finished speaking, is the speech viable . Pretty strong, lot of props out of it. Less than an hour to the closing bell. Lets start the countdown. So in the last 17 minutes we suddenly started to see the markets charge higher. They touched session highs. Were slightly off it right now. Look at the green on the screen, regardless how it looks today with the dow up 229 points, we have come nowhere near erasing the two day losses from friday through monday. That can be blamed on the uks exit from the European Union. We have a long way to go to recover. Of course the nearly 900 points that the dow lost. Risk on absolutely is the theme of the hour right now. The volatility index following to lowest level since june 22nd, the day before the vote. Vix, down 20 , but what surprised and concerned traders yesterday is the vix was falling as the market was falling. Thats interesting. Well talk about that. What about the bargainhunters . Looking for the debris, financial showing, real leadership, goldman sachs, bank of america, morgan stanley. Goldman up about 2 , everybody else more than that with citigroup charging ahead by nearly 5 . No longer feeling the need to play it safe is why perhaps gold names and miners are down today. The underlying commodity down after largest two day jump in five years. So lets look at barrett gold, not surprised we would see them pulling back, the opposite for marathon, conocophillips, hess and were standing at 1,315. Here are the names pumping out profits, marathon, conocophillips, hess, murphy oil, to a nice move for marathon oil up 8 . We bring in the troops. Fox business has Team Coverage of the developing stories. Blake burman at the trump trade speech in pennsylvania. Just wrapped up his speech. A lively atmosphere there. Adam shapiro in brussels with the latest on alive and kicking, Emergency European Union meeting. Ashley webster with the latest on the british exit and lori rothman watching todays market rally, which has not erased the losses of nearly 900 points on the dow. To donald trump right now, what a speech, you can disagree with him or think hes the greatest thing since sliced bread. One of the strongest speeches to date. He was in monessen, pennsylvania, revealing a very pointed plan for American Economic independence. He put forth seven steps, articulated them all the way through and said it would bring back jobs to the nation, withdrawing from the tpp, the Transpacific Partnership, for decades weve been hearing that. Blake burman, you were there, and he built this up to almost like an arc, to a highenergy point and some of the points were very well articulated to re he got into the statutes and some of the addendums saying ill cite this to pull out of the trade agreement. Let me give you some of the highlights here. While donald trump has said that he believes in free trade, its just that he wants fair trade, that was the theme today. While trying to separate himself from Hillary Clinton throughout. Just a couple of examples. He said he is going to withdraw the u. S. Should he be the next president of the United States from the Transpacific Partnership agreement, and tried to remind everyone, hey, Hillary Clinton used to be for, this now she is against it, and he tried to take credit for the clinton reversal. He said he would renegotiate th against china. Here was trump on that a little while ago. If china does not stop its illegal activities including its theft of american trade secrets, i will use every lawful look, this is very easy, so easy, i love saying this. [laughter] i will use every lawful president ial power to remedy liz, while this was tailored on trade, a much broader economic speech as well, liz. Liz one of the most pressing point hes made was when he was talking about china and the currency issue and said for all of these nations that get a good solid deal on trade, im not saying the u. S. Doesnt get positive aspects too, they get the expansion, we get the joblessness, that may be a message that resonates with a voting bloc looking for an answer. Thank you very much, blake burman. Trumps trade speech uniquely timed following last weeks dramatic departure by the United Kingdom of the eu. British Prime Minister David Cameron meeting with 27 european leaders today. Does it surprise you there are smiles. Seemed calm. A working dinner at brussels. The first gathering between Prime Minister cameron and the eu brass since the uk vote. Camerons job would be to explain the situation to fellow leaders over dinner. This according to invitation letter from eu president donald tusk. When he says explain the situation, wed love to know when that article 50 is going to kick in which is the real exit plan, the map of how they extricate themselves from the European Union. Kind of like filing the divorce papers. They havent done it yet. Donald tusk said they would like to begin the proceedings not enthusiastic about it but they want to get this under way because nobody wants the uncertainty and the drawnout process to wreak havoc on the markets as it has over the last couple of days. As you mentioned, David Cameron did arrive to the eu meeting and greeted warmly by some of his other eu leaders. But there are some who are calling for a very quick divorce proceeding. Others like Angela Merkel saying lets slow down and get the process under control. The Prime Minister from the unit United Kingdom said lets get this going. There will be no formal negotiations until article 50 is inv a lot of people say that needs to happen, and then there is the man who led the United Kingdom independence party. We interviewed mr. Farage, nigel farage. He spoke to eu members this morning and pointed out they have not listened to europe and said, these are his words, a proper job in your life. Listen to what he said. What i said is its in the interest of you guys more than us to have a trade deal. They booed and jeered. None of you have never had a proper days work in your lives, never had a proper job. They dont understand how political ideas work. They want to build a United States of europe, despite the fact the people dont want it. Reporter liz, just want to wrap up with you letting you know that marie le pen is here, and she said to the same members of the European Union parliament what the british have done, the brexit is a vote in favor for the democracy. There is an undercurrent there could be more referendums and the eu ministers and leaders are very worried about that. Back to you. Liz well, the former ambassador to the eu said watch out for scotland first, scotland will want to pull itself away from the United Kingdom to stay with the European Union. This is a story far from over. Adam, thank you. Let us get to london, the leave campaign is already breaking promises . Were not 72 hours out from all of this and apparently there are questions about the leave campaign and how it plans to handle things, and then on the other side about it, a protest expected to see tens of thousands of people marching against the british exit, was dampened by the rain. You see a lot of people out there. Sentiment is Still Standing as a replacement Prime Minister perhaps might come sooner rather than later. Huge questions. The man we hope with some answers, Ashley Webster live at a protest rally. Are people still there . Whats the sense on the ground . What can you tell us . I wish i could tell you everything and whats going to happen. I cant, and i dont think anyone can predict whats going to happen next. Whos the next person in 10 downing street across the way from me . We know David Cameron is going to quit. The effort is on to find a new Prime Minister for the United Kingdom. That decision will be made by september 9th. The main opposition party, the labour party is in complete disarray for a vote of no confidence in germany. Jeremy corbin for trying to keep the uk in the European Union and, of course the vote went the other way. He was highly criticized and now has to step down. Who takes his place . Complete political value. A zombie government as someone describes it. In the meantime, what about the eu . We mentioned the protests going on earlier. We were at trafalgar square, a small crowd that grew and grew and marched down whitehall and straight to downing street to have hopefully someone hearing their protest. Police presence is beefed up. It was peaceful. The young people of this country say its their future that matters and want to stay in the eu, but for now, theyre most definitely heading out. Back to you. Liz the whole thing is nonbinding. We try and remind people. If you go against the will of the people, ashley, thats got to be an issue, correct . Reporter yes, absolutely. And you know, there was complaints that it wasnt a vote for democracy, but listen, england lost 21 to iceland in the championships. I would love to replay the game. A revote or second referendum isnt due, either. Liz thank you very much, Ashley Webster. Networks might want to call this a relief rally for stocks. We hit another session high of up 247 for the Dow Jones Industrials. Back up 242. The charge is on. Were asking does this rally have staying power or is it just churn . Weve got the wall street fear gauge. The volatility index pretty much collapsing by about 20 to the downside. What does this mean for your money . Straight to the New York Stock Exchange, lori rothman with the details. This is an interesting last 45 minutes of trade. Reporter fascinating phenomenon, especially with the vix that you mentioned. Saw this yesterday. Could this signal a bottom that the vix started backing off yesterday while stocks were selling off sharply. As you mentioned vix coming in today, interesting stat here. The last four times the s p 500 has fallen 1 and the vix in tandem dropped at least one point. That has signaled a bottom and stocks have rallied off that point. You mentioned we hit a session high. Another thing traders are telling me the 200day moving average on the s p 500, 2021, we have blown past that mark, thats giving folks confidence. Oil closes a gain of 3 . That providing confidence as well today. Lot of folks picking up shares of diageo, the british multinational, who couldnt use a drink right now . The pound is weaker, up about a percent today. The trend is down for sterling, that gives diageo a tremendous advantage doing business since it sells so much booze to china and the u. S. Back to you. Liz what did lori and i tell you yesterday from the floor of the New York Stock Exchange that the names were suddenly pretty cheap. We could have other headline risks. Lori and i told you this yesterday. Thank you so much. Reporter any time. Liz 44 minutes before the closing bell rings. Up 233 for the Dow Jones Industrials. The s p is charges ahead as well as gold pulls back by 9. All trade deals will be torn up and renegotiated. So says donald trump who just wrapped up his economic jobs and trade speech in monessen, pennsylvania. He promises to bring jobs back to the u. S. , but what he calls a job creator, others are calling protectionism and isolationism. Well debate it all next. Its the Little Things in life that make me smile. Spending the day with my niece. I dont use super poligrip for hold, because my dentures fit well. 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Im getting ready. Are you . X1 will change the way you experience nbcuniversals coverage of the rio Olympic Games. Call or go online today to switch to x1. You guys be good[ bark ] ill [ bark ]later bye. See ya pal. Ever wonder what your pets do when you leave home . [ laughing ] aw you cutie pie. Aw. Aw. Aw. Aw. [ barking ] [ washing machine running ] partys on know what your pets are up to with xfinity home. Xfinity. The future of awesome. See the secret life of pets, in theaters july 8th. Were going to put american seal and aluminum back into the back bone of our country. [applause] this alone will create massive numbers of jobs, highpaying jobs, good jobs. Liz that wall behind donald trump is crushed aluminum from cans and things like that because he was speaking at aluminum recycling area, donald trump saying bring Steel Production, technology and strength back to the u. S. Arguably his best and most concise speech yet according to the pundits. It will hold up for undecideds and people who go to the foreign worlds. Richard goodstein and deroy. Deroy to you first. Some of the lines jumps out right and left. Donald trump wrote much of it, somebody helped as well, they all have speechwriters, this seemed very strong and more measured when it came out to how he was going to do it. Stylistically, being more calm, reading off a teleprompter, not extemporizing and ending up in a third place in the sentence. Agree or disagree, you are able to follow this. A big step forward. I like the parts about tax reform and Energy Production the parts that were protectionistic, but it was a serious policy address and i think this is good hes giving serious policy address. We need more of it. Liz what donald trump calls economic independence, others call protectionism, isolationism. One of the things that jumped out at us is when he talked about using American Steel from now on. No doubt youre going to start reading headlines in papers that dont like donald trump saying hes built a lot of buildings in new york. We can see them on 6th avenue, using cheap japanese and chinese steel, but he says bring it home to the United States, does that really hold up . So its hard to know whether to take this seriously at all. Is there a viewer who thinks if you Ask Donald Trump to explain what a 201 trade case is that he could really tell you anything . Look, actions speak louder than words, liz, hes somebody outsourcing for his brand on suits and ties to india, to mexico, to china, to slovenia, to turkey. Hes the one who is putting his name on products that are made abroad, so for him to talk about america first, i mean, it rings a little untrue, and the fact of the matter is, of course, wed all love to have steel and aluminum made in the u. S. , right . No question about it. Barack obama imposed huge tariffs on chinese steel in 2012, okay . Not like these things that donald trump has laid out on this speech he read that im guessing somebody else wrote hasnt been tried before. Liz we dont know if somebody else wrote it. He delivered it. Hes got every candidate that we know let me let deroy in on this. Richard makes an excellent point. The word hypocrisy comes in sometimes, ties are made elsewhere, a lot of the products that he promotes with the trump name are made elsewhere. How does he figure out a way around that if people who are undecided, important voters say, thats great, how am i supposed to interpret the fact youre not putting your money where your mouth is. This is a hard issue to escape. The chinese are not dropping the products out of bombs. If you go to best buy and buy an hdtv that used to cost thousands a year ago, they are coming in here not because they are forced by china or anywhere else. One way to do it is block chinese and japanese steel. Rather than the 35 Corporate Tax rate, Corporate Tax rate is 15 or 10 , they can lower prices accordingly and be competitive. Id much rather see it fought that way than tariffs. Liz if he does raise the tariffs, have you people who shop at best buy, target, walmart, you know, the worry is they may see higher prices. However, donald trump struck an important nerve here, and you cant deny. That the way he articulated what he wants to do and the way he said it may very well speak to the blue collar world but the middle class who feel they are cut out and lintheir jobs . Right, so the question is that public able to discriminate between bluster. Look, this guy was asked the question about brexit, trump was and he said, hu . Its a fiction. So actions speak louder than words. Dont take it from me, listen to hank paulson, mitt romney. Everybody on this network respects mitt romney. He said trumps economic policies would lead to a, quote, prolonged recession. Listen to meg whitman who says much worse things than that because of trumps racism. Its not trump, not me calling on trump on policies is totally unwise and counterproductive for the u. S. Economy. Liz richard, deroy, weve got to run, weve got breaking news. Thank you very much. Heres the breaking news, there are reports two major explosions have hit istanbuls air. There have been multiple injuries, a witness is telling local broadcasters that gunfire came from a car park at the istanbul airport. Officials are saying multiple injuries, and as we look for details. This is the kind of video that will start trickling in. This explosion, and it moved on the wires around, about nine minutes ago. 3 12 p. M. Eastern. As we look at this, were waiting on actual video, but the word is that there are reports of an explosion and gunfire at the International Terminal of ataturk airport in turkeys istanbul on the heels on the attack at brussels airport, just horrifying. We have consistently seen that terrorists and were not sure what this is, but there have been attacks specifically targeting International Terminals of airport. Here can you start to see some video of possible victims coming in. Theres the exterior of the International Terminal of ataturk airport, this is istanbul, turkey, as soon as we get more information, well bring it to you. We have thank goodness, admiral James Stavridis in the chair. What does this look like to you . We stress, were not chur what the cause is but two explosions reported at istanbuls ataturk airport . Looks like Islamic State to me. Other candidate would be some kind of kurdish terrorist, but i think most likely this will be the Islamic State. They have a history of taking these kinds of attacks into turkey, nato ally. This is going to be yet another turn of the wheel for the Islamic State unfortunately, i think were going to find. Bears all the hallmarks of the brussels attack against nato ally in this case. Liz you have to wonder what is going when it comes to security at airports. We love to believe people are at the airports on vacation or business travelers but obvious targets, admiral . Theyre, and what becomes dangerous is the security itself because as we get in the long lines here in the United States for example, the long builtup lines because of tsa, we are very vulnerable. Youre not behind security. So a terrorist has a terrific target packed, people in pens, people in lines, a highly symbolic target unfortunately. Liz let me get people caught whoup may have just tuned in, two explosions heading istanbuls ataturk airport. Multiple injuries. We lost 45 points off the gains. The dow was up 204 points. This is the risks the headlines face. Were talking about human lives. We dont want to be obnoxious about this in any way, shape, or form. As a Business Network we find it important to point out correlation that we see. Admiral, what are we doing in the fight . Globally with our International Partners like turk we had it comes to fighting isis . The simple answer, liz, is were only treating the symptoms, were trying to share information, using social, in. Those are all good, but those are really the symptoms, the core of the problem, the disease is in raqaa, syria. We have not collectively made the steps to do it. Weve got the nato summit coming in two weeks in warsaw. Nato will take a position they will become involved in the fight against the Islamic State. Its about time. Liz what about the United Kingdom, now as it tries to extricate itself from the European Union, im thinking about the tunnel, the undersea tunnel between france and the United Kingdom, there are heavy security efforts put into place. Brandnew drones circling above it. We have 551 closedcircuit televisions trying to keep migrants from sneaking into the tunnel. I was reading a report there are three cases of adult males who managed to get in there and walk the 30 mile long tunnel without getting caught and getting into the United Kingdom. Is this a hard soft target . It is a target, its highly symbolic and the brexit will make it more so because it becomes the single point of contact that an unauthorized person can literally walk into the United Kingdom unless somebody learns how to walk on water. So what this means, liz, is that even as the United Kingdom prepares to extricate itself from the European Union, they work closely with the European Union. You cant create security by building a big wall around your country. People find a way to get over, around, through the walls, so you need the International Cooperation if youre going to make yourself safe. Liz okay, admiral, thank you for doing a quick switch on the discussion. It does question security internationally as england breaks away from the European Union. Admiral James Stavridis, just to answer whats happened in 16 minutes. Two explosions, im seeing reports of one along with gunfire. Weve got explosions nonetheless, reported in istanbul, turkeys ataturk airport, multiple injuries reported and im reading this here, gunfire was apparently directed from an airport car park, according to a source. Directed from an airport car park. We dont have much now except there are multiple injuries. We will get you every possible detail we can because we know these are precisely the events that matter to you. They matter to the markets. We regained 24 points of the 40 that we lost as soon as this news broke. With the closing bell about 28 minute away, donald trump taking on trade. Strong words for china, accusing the nation of currency manipulation. Weve heard that story before, but will trumps trade plans finally make a change or throw the u. S. Into an outright trade war that hits u. S. Companies. Bob hormats is the former assistant secretary of state in the obama administration. He also was the vice chair at goldman sachs. What trumps china attack could do to the u. S. Economy . More countdown on the way. If you have medicare parts a and b and want more coverage, guess what . You could apply for a Medicare Supplement Insurance Plan whenever you want. No enrollment window. No waiting to apply. That means now may be a great time to shop for an aarp Medicare Supplement Insurance Plan, insured by unitedhealthcare insurance company. Medicare doesnt cover everything. And like all standardized Medicare Supplement Insurance Plans, these help cover some of what medicare doesnt pay. So dont wait. Call now to request your free decision guide. It could help you find the aarp Medicare Supplement plan that works for you. These types of plans have no networks, so you get to choose any doctor who accepts medicare patients. Rates are competitive, and theyre the only plans of their kind endorsed by aarp. Remember these plans let you apply all year round. So call today. Because nows the perfect time to learn more. Go long. Liz presumptive gop nominee donald trump today criticizing the United States aggressive pursuit of globalization which he says has caused jobs and factories to move overseas at a loss of jobs here in the heartland. In his speech today, the billionaire businessman slammed china for being a, quote, currency manipulator and take advantage of the United States, will donald trump bring back jobs to america and make america wealthy again . Im joined by bob hormats former secretary of state, you helped the Nixon Administration make diplomatic ties with china. The currency manipulator moniker, weve heard that before does, any of that change under a trump administration. I dont know what hes going to do, he said a lot of things, what hes going to do and be able to do, we dont know at this point. I think whats interesting about the speech is he talks about companies that make things abroad. Jobs that are lost because theres production abroad. I think it would be very useful for him in the interest of transparency to disclose what product he makes abroad, what products he endorses are made abroad. And to find out what products he uses that are made abroad he uses in factories and construction of the United States to get indication of what hes done in the past to give us a sense of his overall point of view on this. If you look at his record, the average voter has to draw conclusions between what hes done in the past and then determine what his real attitude is. Liz he hasnt come up with an answer for that. No doubt he might say okay, im going to stop making my products in mexico, china or wherever, and im going pay more because i think it should be made in america. Im not sure every business can do that. Lets say he does tear up tpp which has not been ratified and wants to explode nafta and make sure that doesnt happen. Could that be walked back . Can that be reverseed . Can he put the genee genie back in the bottle . Dont forget, nafta emerged under a republican administration, not a democratic administration, it was very much bipartisan. If you look at support of the congress on tpp, more republicans than democrats supporting it, stow blame these things and vilify Hillary Clinton and bill clinton for something that had, in the case of nafta, a lot of support on both sides, maybe more republicans and democrats, and tpp, also very bipartisan. The other point he fails to understand is when Hillary Clinton was secretary of state, she devoted a great deal of energy and effort to helping American Companies overcome obstacles abroad so we could sell more products abroad, probably several hundred thousand jobs were supported over the four years she was secretary of state because she went around the world identifying barriers needed to be removed to give American Companies more opportunity. He doesnt talk about that at all, and he should. Liz in the interest of the being fair and balanced, she looks like she is walking the hypocrite line, very supportive of tpp and now doesnt like it . Two different points. When tpp was in early stages of being put together, she did make the statements, that you indicated. The actual details of tpp had not yet been finalized or even fully developed by the time she left as secretary of state. So the details whats in tpp were not known to her at the time. She was talking about an agreement that would enable america to get greater access to the Fastest Growing markets of the world. Markets of east asia. None of the details had been worked out at that point. When she looked at tpp, she looked at the details and decided she was not able to support it. Liz i know, but it doesnt pass the smell test in some cases but bottom line, Donald Trumps promise to start using steel, American Steel to rebuild our infrastructure, to rebuild our inner cities, to build our skyscrapers, is that going to cost the companies rebuilding more money or figure out a way to produce steel here that is less expensive but viable . Some companies are, in fact, producing steel in this country. We dont import all of our steel. A lot of Steel Production capability here. I think the key point is to have more spending on infrastructure. If you have more spending on infrastructure, thats whats going to create demand for steel, and create jobs for people in the construction area, that is something i would have hoped would have been seen. Hillary clinton is a big supporter of infrastructure. The Construction Companies favor her for that reason. Thats where you have demand for American Steel. Not through protectionism, demand for infrastructure. When you have more infrastructure you use more American Steel and create a lot of jobs in the infrastructure building here. Liz bob hormats worked for both the Nixon Administration and clinton and Ronald Reagan was no protectionist. He was in favor of more open trade, and therefore, quoting reagan, reagan would not be in favor of a lot of these things. We shall see, we will never know. Never know, but i worked for him, and he was no protectionist. And anyone who worked for him can tell you the same thing. He did not like protectionism. Liz who else did you work for . Just about everybody. None of them were protectionists. Nor am i. Liz we are just hitting market highs just this second, perfect timing. At 17,390. The dow charging up, up about 250 point. As we watch all of this, the russell is recovering, up 17 points. S p jumping 33. And one of the dows biggest names, nike is reporting after the bell. A lot of have you this in your portfolios. Were back with the sneaker line from clevelands favorite son, lebron james weve got the story and much more straight ahead. Amazing sleep stays with you all day and all night. Sleep number beds with Sleepiq Technology give you the knowledge to adjust for the best sleep ever. Dont miss the lowest prices of the season going on now, with our bestbuy rated c2 Queen Mattress now only 699. 99. Know better sleep. Only at a sleep number store. Liz folks, breaking news for you, that airport blast at ataturk airport in istanbul, we are now hearing this was a suicide bomb. In fact, twin suicide bombers, two people blew themselves up before the security entrance at the International Terminal of ataturk airport. 40 people are wounded. They have been rushed to the hospital. It is mayhem there. We are hearing a turkish official says the two suspects actually blew themselves up before getting anywhere near the security. So again, this is their mo at this point, where they cant get through security, so they do it with the crowds trying to get through security. Heres our map. Twin explosions. We also apparently heard reports of gunfire, not sure. Here is the aerial shot of the ataturk airport. From the inside, its all weve got at the moment. Lots of ambulances coming in after two suicide bombers blew themselves up in the past half hour that this reportedly happened. Any news, we will get it to you. To the markets, the markets took a slight dip down from the highs but managed to regain and add to the gains. Weve got the Dow Jones Industrials up 256 at this hour. 10 minutes to go before the closing bell rings. Nike earnings coming out imminently. Analysts expect revenue to climb 6. 5 . How much of this is over the lebron shoe, lori . Reporter whats crazy and confusing at the moment is the fact that the Analyst Community is saying nike is seeing softness in basketball. Could be because the quarter was done before the exciting nba final series. Watch for that. Analysts are optimistic about the olympics in rio. You gave the expectations there, nike shares are up about 2. 5 ahead of the close and strong retail and broad market of course. Thing to look for specific she futures orders. Orders placed six months out into the future. So we may get evidence of brexit, European Union, uk exposure here. In north america, futures are expected to come in at 7. 5 , that is the first single digit increase in two years that could be problematic. Liz i dont know if Peter Tuchman wears nike behind you, he was doing a basketball dance. Nike numbers imminent, and melissa will have the numbers along with david asman, after the bell. To the markets, just reached session highs. If you look at the s p 500, session high is about 34 points to the upside. Were up 32. So this is a broadbased rally. My question, does it have legs to carry us beyond tomorrow . Lets get to the floor show in the final 9 minutes. Traders at the New York Stock Exchange and cme group. Teddy, larry, again, this does not erase the two days of losses that slashed a lot of peoples portfolios, but teddy to my question, i need the answer. Do we see this as just a bounce and then falls off again or is there real opportunity for an extended rally . Hard to say, only a couple of days to go in the end of the quarter. Thats certainly a plus, we certainly have the direction of Interest Rates, which is no direction from now to the end of the year. Thats a plus for the market. The close is positive. They looked like they were giving the gains and closing at the highs of the day. I think that sets itself well going into tomorrow, and the end of the quarter on thursday. I dont know about the next three or four weeks but next two days we should be okay. Liz larry shover, look at volatility index, falling nearly 20 . If it falls any more than 18 . Thats the most its fallen since october of 2013. What is the message to viewers watching from this very move . I think so much the wobble mantra. Amazing how sturdy the market is. When the vix falls as much as it has, investors are not as worried or hedged on the downside. Make no mistake about it, we are in cold storage, not that oversold but the political clarity is going to take a very long time, and also were in a vacuum. We have to wait for the court to come out july 8th and second seasonquarter earnings july 11th. For the immediate term, blue skies, amazing, sturdy rally given the incremental news that came out in the market this morning. Teddy, consumer discretion is a staple, the banks have been getting killed since the beginning of the year, every sector except for gold. The gold spyder trust is going forward, you dont see that kind of action. Its so confusing, huge unknowns. At the end of the day, the Interest Rate situation is quite clear now, probably not going to be any movement in Interest Rates between now and the end of the year, that creates this underlying bid to securities whether its dividend stocks. Its across the board, and plenty of places to go for people that want that kind of securities that pay decent dividends. Liz good to see both of you. I am going to let you go. You have trades to make in the last five minutes. The dow charging ahead, up 248 points, after a record loss of 3 trillion on paper in just two days, globally, but again, lets speak to you, the investor, and answer this question, is the worst over . We bring in john lonski, moodys chief economist, aaron gibbs, and troy galleski. To first, aaron, looks like investors think that the coast is clear. Do you think the to get back into the markets . I think we will see volatility over the next few days. It is basically us returning to rationality. When we look at how much revenues come from europe, particularly for u. S. Companies, only about 5 of all revenues come from europe for s p 500 countries, and only about 25 are foreign revenues. So we are still a very u. S. Centric country. A lot of the growth coming from the housing market. I think that will be able to sustain the moderate growth were expecting within the u. S. I dont expect the u. S. Markets to plummet because of this. Liz okay, at this very second, i dont know if you can give me an intraday of the dow, up 264 points, the market is continuing to climb in the last 3 1 2 minutes here, and you can see we are at session highs or slightly off it. Troy, were you a buyer in the ugliest moments of yesterday and friday . From our standpoint, tied to u. S. Real estate and securities thats where were legging going forward. Brexit is a big longterm issue in terms of uncertainty. With Interest Rates this low and very little places for the average investtor invest, equities are the best option right now. Liz john lonski, you take a longer term picture, people say we will have headline risks because we havent even seen the United Kingdom extricate itself from the promise of the referendum. Do we see insecurity here . Do you see opportunity or i shouldnt use that word, chance of a recession . Yes, i think the chance of a recession is only going to increase as we move forward. The current upturn is seven years old, not getting any younger. Keep an eye on the faster growth of labor costs, visavis corporate revenues. With First Quarter real gdp, we have an estimate of net revenues called gross corporate value added. You cannot indefinitely have Employment Costs grow 2 Percentage Points faster than sales without having to pay the price in terms of narrower Profit Margins and eventually fewer jobs. Liz Dow Jones Industrials up 260, and we are about 3 minutes to go before the closing bell starts to ring. Erin gibbs, what john said makes a lot of sense, will the markets look to turn to fundamentals earnings, the old versus the tragedy weve seen in the last hour at the airport in istanbul or perhaps the situation involving uk exit from the European Union, which takes precedent in an investors mind . Weve been struggling with these macro issues for the past 18 months. Were looking at good or decent fundamentals and macro events that bring in volatility to push the market down. And those frequently, those big events are the buying opportunities because we do return to fundamentals, because we do return to growth. Right now were looking at about 5 growth over the next 12 months for the s p 500. Thats not great but it is not bad. It is better than the rest of the world. That ultimately will keep u. S. Equities elevated for at least the next six months. Liz again, troy, erin says you can look at that focus but we do have very tragic news out of that airport explosion. This was a double suicide bombers. The Associated Press is reporting that 10 people were killed when two suicide bombers blew themselves up at, right before the security area where we know there are lots of lines. What does that mean, for the investing this stage of terror threat, markets are more enured to these risks. It would take something more substantial to knock markets into three, four, 5 correction like enp attack or chemical. We dont think these will shake things like brexit did. Liz thanks very much. Record losses have ended. We just hit session highs at this very second. [closing bell rings] for the First Time Since the british exit the markets rebounding in significant way. Doesnt erase losses. Nike earnings next. Hope to see you tomorrow. David if you have stocks, stocks snapping a twoday losing streak. The dow ending at session highs or near to there, up 260 points. Im david asman. Melissa im melissa francis. This is after the bell. We have you covered on major Market Movers but here is what else we have for you this hour. Donald trump wrapping up big speech on trade outlining sevenpoint plan to bring jobs back to america, get on china, slamming Hillary Clinton what he calls the betrayal of the american worker. Well hear from trumps senior advisor. Our panel weighs in. Republicans releasing highly anticipate the report on what