Decline in oil prices and tumult in washington, that stocks would be at or near alltime highs, would you believe them . Thats exactly where the markets are today. The nasdaq and s p 500 pushed further into record territory. And with two trading days left in this month, it appears as if investors decided not to sell in may and go away after all. The dow finished down two points to 21,080. Nasdaq added five, thats a record. The s p is up fractions al ally thats a record. Stocks saw solid gains. Bob pisani looks at why nothing seems to be rattling this market. Reporter markets are not people, but they do have moods, and the mood right now is i dont want to hear it. On reports that former fbi director james comey had written a memo alleging that President Trump asked him to drop an investigation into michael flynn. Concerns about obstruction of justice were raised at that time. But the next day, the markets acted like it was no big deal. A week later, the s p 500 and the nasdaq rose to record highs. It wasnt just a few momentum stocks, by the way, like facebook and amazon, that moved. Yesterday roughly 220 stocks hit new highs on the new york stock exchange. We havent seen that in a while. But a few risk factors are still very real. The trump agenda, for example, is limping along because the comey russia issues are not going away. Oil is not cooperating, another big problem. Its below 50. Finally, weve had very choppy Economic Data in the Second Quarter after a rocky first quarter. Normally you would think these would be big problems for the stock market. So why are the markets clearly turning a blind eye, at least for the moment . Dozens of traders tell me its just not that bad, bob. In fact its pretty good. Consider the global macro picture is proving. Earnings are growing and guidance is better than expected especially for technology stocks. And jobs are in great shape. The fed also is on the slow path to raising rates and to reducing their Balance Sheet. And oil . Huh. Traders are saying oil is in the same relatively tight trading range its been in for six months or longer. Everyone says i just dont want to hear it. Im bob pisani for nightly Business Report at the new york stock exchange. But on the flip side, a new report shows that investors pulled cash from u. S. Stock funds for the fourth straight week. According to lippert, 10 billion were withdrawn last week, the second largest outflow of the year. Is there something lurking beneath the rally that we need to be whatever . Michael yoshokami from destination Wealth Management joins us to talk about that. Good as always to see you, michael, welcome back. Hi, sue. Bob really laid it out perfectly, what the markets mood is right now. But then you have juxtaposed to that, that statistic that funds have been flowing out. What do you make of that . Well, heres whats interesting, sue. It sounds like a real negative, right, that money is flowing out of u. S. Equity funds, until you ask where did the money actually go. Is it going into cash . Is it going into bonds . No. Its going into more Aggressive International and emerging market funds. So clearly the Risk Appetite is still there. And i believe its going to continue to be there, particularly if rates continue to stay low. And the latest gdp numbers show very sluggish growth. In my view thats not going to cause the Federal Reserve to act any way outside of cautious. Michael, i was always taught that you were supposed to sell high, and the markets are at record highs, people are selling. Can you blame them for that . The people i worry about are the ones who have missed this rally and are waiting for that proverbial correction to hit the market before they get into this market right now. You know whats interesting, bill, we actually hear from investors that say, listen, ive been out since trump was elected, ive been waiting for the correction. And they are starting to give up. That is a warning sign that we all need to be aware of, because typically the last person in is probably the most dangerous investing time, when the last person moves in. But i think that what you really actually see is, theres so much on the sidelines, bill, whats happening is any dipdown in the market like we saw earlier this week, i think it was earlier this week, when the market went down a significant amount, you have this buying pressure on the side, just waiting to get back into the market. And i think thats really what has continued to keep the market levitating where its at right now. You also like europe. Why . Well, i think europe is the second best place to invest besides the united states. Im not a big fan of emerging markets. Who knows whats going to happen in south korea. Brazil is obviously a disaster as well as much of latin america. Europe is getting some sense of stability. The French Election reassured investors, and the brexit exit looks like its not as disastrous as many predicted. Many European Companies are multinational so they do sell on a global basis. I think europe has been oversold for too long. Michael, enjoy the long weekend, thank you so much for joining us. Thank you. Michael yoshokami with destination Wealth Management. Elsewhere, Economic Growth was revised higher for the first quarter, according to the commerce department. Their second read on gdp, the economy grew at 1. 2 during the first three months of the year. Consumer spending growth was higher than originally thought, while inventory investment was far smaller than previously reported. Orders for durable goods fell in april for the first time in five months. A key category in the government report that tracks Business Investment was flat for the second straight month. Despite the decline, American Manufacturing is regaining momentum after a strong dollar and weak growth overseas. President trump attended his first g7 summit today where tensions hung over some key global issues. Leaders from the worlds industrialized nations reached an agreement on the need for Internet Companies to crack down on extremist content. But the group failed to make a bre breakthrough on climate change. The president has not yet made a decision on the 2015 deal on reducing Greenhouse Gas emissions. And theres also the issue of trade, which was actually not officially on the agenda, but which the head of the European Commission commented on today nonetheless. Well stand up here as we are always doing for our values of freedom, democracy, rule of law, and respect for human rights. We do believe as europeans in open societies. And we are always seeking multilateral solutions. We want to build bridges, not walls. Mr. Trump wraps up his first overseas visit tomorrow. While china is not part of the g7, it is trying to make inroads into the American Auto market. Something thats proven difficult for a Chinese Company to do. While the automaker hopes its new design will turn heads, its the name of the flagship brand thats getting all the attention. Eunice yoon is in guangzhou. Reporter if the Chinese Company behind this car gets its way, youll soon see this suv on american roads. Staterun gac motor believes vehicles like this have all that it takes to win over u. S. Drivers. But depending on your politics, the brand name could be a problem or a reason to buy. This car is a trumpgy. He says, we never imagined the name would sound so similar to the name of President Trump. The president of the company says his visions for the u. S. Are huge. Trumpgy, which translates to delivering goodness, was the Fastest Growing chinese car brand last year and won high marks for quality, giving the automaker the confidence to believe it can beat the odds and do what no other chinese car brand has been able to achieve conquer the u. S. American drivers are like chinese drivers, he says. They both like big sizes, big spaces and luxury interior. The plan is to export cars like this one from their factories in china. Theyre considering partnering with a u. S. Automaker and sees a potential to build his own factory down the line. Despite antichina rhetoric out of the white house, he says trumpgy is in it for the win when he starts selling there in 2019. If we can succeed in the u. S. Market, we can succeed anywhere in the world, he says. Is the name a help or a hindrance . Its hard to say, he says. Were still trying to fixing that out. Im eunice yoon in guangzhou for nightly Business Report. Ahead, if they build it, will they still come . Reporter thousands of vehicles pass through every day here between the border of u. S. And mexico. Also right here, two developers have built a mall, hoping no wall will stop mexican shoppers seeking american low prices. We have that, next. Ups has been ordered to pay nearly 250 million in damages and penalties to new york city and state for illegally shipping untaxed cigarettes. The shipping company said the fine was excessive considering that the shipments only generated about 1 million in revenue for the company. It plans to appeal that decision. President trump has vowed to build a wall. But developers are building a mall not too far from the border. And the Shopping Center is banking on mexican shoppers. Jane wells reports tonight from laredo, texas. [ car horns ] reporter laredo, texas is the nations largest land port. 200 billion in goods pass through here annually. But the local economy is heavily dependent on shoppers crossing the rio grande from mexico. Our local economy is easily 40 or more dependent on the mexican shopper. Reporter with that in mind, developers fit 120 million to build a massive outlet mall on the river on the u. S. Side of the border. We did it because mexican consumers love brands. They arent able to buy a lot of the brands we have here in mexico. When they can, theyre more expensive than here. They like the labels and they like the prices. Reporter the city kicked in millions of dollars in incentives to get this mall built. It finally opened in march, just as the new administration was talking tough in mexico. Owners found themselves potentially running into a wall literally. The timing was challenging, no two ways about it. Reporter but the ceo says so far sales have been brisk. 4 million in two weeks. Outlet malls have outperformed the rest of retail because theyre seen more as destinations. This woman from mexico is shopping here for the first time and likes having the new store so close. But sales tax receipts in texas border towns are down. Some blame donald trump scaring people away. Some blame the weaker peso. People blame trump, but if they have money, they like to spend, theyll come. Reporter the mayor hopes a physical wall wont be built in laredo. Were welcoming of the mexican shopper. Its our nature, but its also Good Business for our city. Reporter he hopes low prices and a welcoming attitude will keep shoppers coming, even if getting here becomes more complicated. Jane wells, laredo, texas for nightly Business Report. Web. Com may want to go private. Thats where we begin tonights market focus. Reuters says the internet name domain provider has started talks with private equity firms after unnamed parties expressed takeover interest. Web. Com shares popped nearly 9 today, closed at 23. 10. Chip maker qualcomm is going to pay blackberry nearly 1 billion to settle a fight over royalty payments that we told you about last month. Qualcomm is expected to pay that amount by the end of this month. Qualcomm shares fell a fraction to 57. 52. Blackberry was down 1 to 11. 11. Big lots has raised its earnings outlook for the year following a better than expected profit. But the discount retailer did miss revenue expectations due to a surprise decline in same store sales. The company also sees profit for the Current Quarter above estimates. As a result, shares rose almost 3 today to close at 49. 79. Sue . Bill, Newell Brands is selling its Winter Sports business to a private equity firm for 240 million. The Consumer Goods Company says the deal is part of its ongoing Growth Strategy to simplify its portfolio. The shares were up a fraction to 53. 19. Shares of Deckers Outdoor continued to soar today following the company reporting a surprise profit last night. The maker of ugh boots did see sales fall but the results still topped street expectations. Deckers was up 19 today to 67. 21. Shares of gamestop got hit today despiting, the first sales increase in five quarters after the bell yesterday. The video Game Retailer said Strong Demand for the Nintendo Switch gaming console helped its overall profit and revenue picture. Gamestop was down 6 to 22. 22. Now to our market monitor. He has names of stocks that he says are reasonably valued in a market that he says is a little bit on the expensive side. This is his first time joining us on the program. He is ernie cecilia, chief Investment Officer at bryn mawr trust. Thank you for joining us tonight. Thank you for having me, bill. We start with jp morgan chase. Clearly the banks have suffered. This is not the environment for them. But why do you pick that stock right now . Well, we see the economy expanding at a sufficient pace to improve loan demand. And loan demand really is the driver of bank stocks and bank earnings. So we see jamie diamond as a terrific ceo at the helm of this bank. The Balance Sheet is very strong. And therefore very well capitalized. We see the risk being relatively low here in terms of any problems. And the bank has made significant investments in technology across its platform for both Consumer Banking and for its Asset Management business which i think is a little bit under the radar. We see a lot of good value here for long term, looking at the next three to five years with a nice dividend and strong dividend growth. Okay. Lets go to sky works solutions. You say its well capitalized and with consolidation in its particular area, it will either acquire or perhaps be acquired. Right. Hi, sue. Sky works is not one of your household names, perhaps. Its a Semiconductor Company involved in the integration of wireless technology, particularly on the mobile side. One of its largest customers is apple. So think of it this way. Its another way of playing, if you will, or participating in iphone sales but not directly through apple, which has performed well. So this company is growing its top line, its sales, that is, at about 18 a year, and bottom line at 34 . So this is an attractive way of getting inside, if you will, new technology, into a 18 billion market cap company. Finally, another bank, this one a regional, union bank shares in virginia. Why this one . Yes, bill, unlike the size of jpmorgan, this is a 1. 5 billion market capitalization, headquartered in richmond, virginia. We think virginia has strong demographics, strong geographics. They announced recently acquisition of zenith bank shares, which gives them an inroad into the Hampton Roads market. We do think Regulatory Reform will happen, and it will disproportionately benefit Smaller Banks like union bank shares. So we like it long term. You know, you expect some pretty decent returns out of the three picks that you gave us. How do you feel about the overall market, specifically as it pertains to valuation . Well, we think the market is a bit expensive, if you will, on an earnings basis. We see at least a full multiple or onetime basis, more expensive than history. When we look out over the next five years or so, sue, we see Earnings Growth in the 4. 5 to 5 area. We see dividends tagging on, if you will, 2 . So again, this is u. S. So we see returns in the 7 area, which are certainly lower than the historic returns which might be closer to 9 to 10 . Some of the big returns we witnessed more recently. Still very attractive on a long term basis, and particularly attractive relative to inflation. Ernie, good job, good to see you. Thank you for joining us tonight. Thank you, bill. Thank you, sue, happy memorial day. You too. Same to you. And on this holiday weekend, coming up, taking the stress out of traveling. Reporter im Contessa Brewer at dfw airport where the goal is for every traveler to be a happy traveler. You wont believe the amenities theyre offering to try to make that happen, coming up on nightly business used car prices are falling. And that is because 3. 5 million of them are expected to come off lease this year, increasing the supply of low mileage used vehicles. All of those vehicles will be sedans, not suvs, which are still high in demand. Those cars will be harder to sell. That could ripple throughout the auto market, pushing down prices of new vehicles as well. We told you yesterday that new security measures at some airports could cause lines to grow this summer. But once you clear those checkpoints or just find yourself with a little extra time in the terminal, there are Companies Making it their business to help you destress. Contessa brewer reports tonight from dallas. Reporter step off the plane at dfw airport, and you just might get an opportunity to pet max. Good boy. You can pet him, maam. Hes used to people. Reporter max and dozens of other therapy dogs began roaming the terminals with their human handlers last october. Hes had a hot day. Reporter the results are obvious and instantaneous. Very few people walk by without coming to pet him. It just makes everybody smile, everybodys happy. Reporter you know what else makes a cranky traveler happy . A nap. You can plop down 42 and for one full hour you get, oh, 56 square feet of beautiful peace and privacy. Enough space for two people to stretch out for a little shut eye without ever leaving the terminal. Its definitely got enough space and some privacy. You can relax and catch some Satellite Television and zone out for a little bit and forget the fact that im at an airport terminal. Reporter pay a little more and you get a shower, a plus for passengers getting off a Long International flight. Along with locations in atlanta and philadelphia, Minute Suites hosts 2,000 guests a month. The american airports are understanding, to compete on the international market, they need to have a place like this, a place, a respite for travelers, they can sleep and relax. Reporter dfw is the tenth busiest for travelers around the world. To get an competitive edge, this airport is upping its game. In todays society, customers and passengers have choices in where they want to connect and fly out of. We think if we can create a better experience at Dfw International airport, theyll choose us over any other airport. Reporter its working. Dfw was just named the best large north american airport for customer satisfaction. The customers find mood lighting and comfy couches at security. A yoga studio to find your inner zen. Play space for children. Good food at every price point. Free wifi. World class shopping thats about to premier a first of its kind duty free mall. Volunteer ambassador to show you around. But dfw, you had me at hello doggie. Good dog. Hes a good doggie dog. Reporter for those who complain air travel has gone to the dogs, at least here youre absolutely right. Contessa brewer, nightly Business Report, dfw, texas. From airports to marinas, where boat sales are cruising into the Summer Season at a good pace. Landon dowdy is at smyrna beach, florida. Reporter for boating enthusiasts, the long memorial day weekend is the kickoff to the Summer Season. There could be more people heading out on the water now that boat sales are at their highest level since the recession. For dealers, the pickup in demand has been keeping them busy. Its up 30 . You have the change in office. The stock market is at an alltime high. Youve got good job reports. Reporter sales of power boats are expected to rise this year and next year. However, high end manufacturers like ralston arent counting on mega yachts like these. Overall demand for the yacht segment is soft, weve seen it in Industry Data in the last quarters. Reporter the lowdown is attributed to a stronger dollar, which has helped european competitors. Add growing concern from potential buyers that washington wont be able to pass the tax cuts theyre expecting. Boat manufacturers are facing another challenge. Not enough workers. At this manufacturing plant in florida, boats are made by hand and can take up to four months to complete. The company says its having trouble filling open positions because of a lack of skilled workers and a wave of retirements. While Industry Experts wont expect sales to get back to prerecession levels, they are optimistic that middle level buyers will keep the industry afloat. Were seeing Strong Demand for pontoons, 21 to 25 feet, Strong Demand for recreational day boat, 30 feet. Reporter im landon dowdy, new smyrna beach, florida, for nightly Business Report. Finally, the Dow Jones Industrial average is 121 years old today, how time flies. When it was first published, the dows holdings included companies that included each sector of the market and the company, including names like american cotton oil, american sugar, and one were all still familiar with today, sue, general electric, the only company that is still in the index today. It is, terrific. Bill, thanks so much. You have a great long weekend. You too. That will do it for nightly Business Report. Im sue herera. Thanks for watching. Im bill griffeth. Do have a great weekend, everybody. See you back here on monday for a special memorial day edition of nbr. Good night. This is bbc world news america. Funding of this presentation is made possible by the freeman foundation. And color and kovler foundation, pursuing solutions for americas neglected needs. Planning a vacation escape thats relaxing, inviting, and exciting is a lot easier than you think. You can find it here, in aruba. Families, couples, and friends can all find their escape on the island with warm, sunnys