Charlie Wilson, co-manager of the Thornburg Developing World Fund, describes the investment shifts his portfolio has made of late, and market pessimism.
department. word from the trump administration that the u.s. is still pretty sizeable distance away, apart on a trade deal with china sent the markets sinking today. the dow was off 2121. the s&p 500 closed down 26. the nasdaq sank 87. so where did recent optimism over a trade deal with china go? deirdre bolton of the fox business network joins us now with a look. good evening, deidre. good evening, bret. if you judge by investor reaction the optimism is gone. stocks fell sharply as it became clear that the meeting between president trump and chinese president xi jinping would not happen before a key march deadline. the president was asked if a meeting with xi had been arranged. not yet. may be [inaudible] come on, let s go. the director of the economic council implied the same.
worst day in more than three months on the idea that maybe the grand deal-maker is not going to gette this deal done. the main issue is wall street cares about tax cuts and changes in tax rules and regulations. and if donald trump can t get his first and signature piece of legislation through as he promised, maybe all of those other things that investors had pushed the market up for the last three months on won t get done either. that s what this is all about. some concern that maybe donald trump is not as great a deal-maker on complicated issues as he feels it is. i wouldn t worry too much about this one. if we find out that the vote is not going to happen, the bill is not going to pass, then you might see a bigger investor reaction. this is just a reaction that says, all right, we thought this was getting done tonight. it s not getting done tonight. if it s done by tomorrow, maybe something else will happen. ali velshi, keeping an eye on
i want to bring in matt mccall, the president of penn financial and rachel sklar, an avid twitter user. when i see that number, $25 billion valuation, bigger than tiffany, hershey, all these companies, why do you think it priced that way and there was this investor reaction, matt? when you feel like you have a connection with something, especially a company like this, you want to be involved. that s a big reason a stock opened so high yesterday. the average investor feels i know twitter, i feel it. i want to buy it. you and i have talked about this. does that mean you should invest in it just because you know it. the fundamentals, the bids plan, where is the profit going to come from? just because you use twitter doesn t mean it s a great investment. how does twitter make money? most people don t know. they make it by advertising. most people don t understand that, they re actually losing
cities of dara and homs. opposition groups say there have been executions and that the bodies of dozens of civilians have been found in a district near homs. president obama will be meeting with benjamin netanyahu on sunday. he told the biggest pro-israel lobby group that he is prepared to use force. he said america s diplomat pressure on iran will continue. those are the headlines from cnn, the world s news leader, i m monita rajpal. world business today starts right now. good morning from cnn london, i m charles hodson. and a very good afternoon from cnn hong kong, i m andrew stevens. welcome to world business today. the top stories this monday, march 5th. chinese lawmakers are setting the political and economic agenda for the year ahead. their annual meeting is now under way in beijing. it was jaem s worst crisis since the second world war. one year after the devastating earthquake and tsunami, we look at how the world s third biggest economy is still rebuildin