Trading days of the year. Well see what happens. The dow is up 21 right now. Warren buffet telling cnbc this morning he doubled his holdings in apple this year. Is it too late to follow his lead . Well debate it. After the bell, who will President Trump pick to sit on the fed board. Jim grant will tell us exclusively. Some people in the past have suggested maybe mr. Grant would make a fine fed governor. Fun take on the subject. Looking forward to it. Lets start with the news out of washington today. Eamon javers back at the white house and ylan mui is at our washington bureau. Eamon, a surprise appearance at the press briefing. Reporter yeah, thats right, bill. We had a surprise visitor. It was Mick Mulvaney. He said the president is going to coming up with massive spending cuts in his budget which will roll out in the next month or so. The spending cuts we see, even though hes not detailing them specifically now, will seem awfully familiar to those of us who followed the president ove
We take a peek at the president. It could add even more fuel to the rally. The president er outlined two big spending opportunities. He is talking about infrastructure and defense spending. He made a speech. He highlighted some of the infrastructure around you guys in new york city. He said when you drive under the tunnels in new york city, it is a little bit scary because you feel like things will fall off the kriel on to your car. We have to fix our infrastructure. It is not like we have a choice. We have no choice. And it means jobs which is a good they know. Other big priority is defense spending. Take a look at the numbers of where their budget is headed. This is just a plimt look. Theyre outlien ning for us. They expect to spend 603 billion on defense on. Nondefense, 462 billion. Thats a cut. Their going to zero out all those spending increases. Net net about, the same in terms of the deficit from where it was last year. But no specifics from the white house in terms of what they
In germany, things are relatively flat there. Lets look at crude oil. Looks like right now wti is down by 8 cents to 53. 96. Couple big stories were watching. A crucial cabinet vote last night in the senate. Wilbur ross was confirmed as commerce secretary after a vote of 2727. Ross is key to the administrations plan to overall trade deals like nafta. The white house will hold a swearing in ceremony for ross today. On the economic agenda. Second estimate on Fourth Quarter gdp at 8 30 a. M. Growth forecast to be revised up from 1. 9 to 2. 1 . 9 00 a. M. , the monthly caseshiller home price index and chicago pmi at 9 45. Consumer confidence numbers at 10 00 a. M. San francisco fed president John Williams and st. Louis fed president James Bullard will speak today. Rob kaplan will be speaking with us at 7 30 a. M. Eastern time. Apple will hold its annual Shareholder Meeting at its cupertino offices. Investors will be asked to vote on nine proposals, including one to rope in a third party on
President trumps address to congress hoping to get more details about tax reform y. Hope you saw senator oren hatch talking earlier today. He said tax reform could be difficult to get done. As far as changing the Current System that is very difficult because democrats are not cooperating. It seems when you get a brand new president you ought to be at least seeing what can be done. They are not only not supporting him but fighting him with everything they got. Many major averages took a small leg down on the comments but not by much. We will see what happens here. You can see shares of the major brokerages both cutting online commissions. We have a fee fight today. All stocks are getting hit hard on the news. You can see Td Ameritrade down more than 9 . We are going to get you details. Panel of Retail Investors to respond to all of this. Im sure are loving these lower fees that they pay for trading. Target ceo speaking exclusively to our courtney reagan. We will delve into those comment
Ring the register 24 hours ago, all i kept hearing was sell the news. The trump rally is tired. The guys too divisive. Hell never get anything done. Time to take profits. Oh, you heard it too. The bulls long in the tooth. The rotations are over. A lot of really smart guys said its time to get out. Buy the puts. Put on the shorts. Sell, sell, sell. Well, they shouldnt look all that smart today. Dow surging 303 points. S p pole vaulting 1. 37 . Nasdaq soaring 1. 35 . Hallelujah this is why i always say that group think is so dangerous. Many revered Money Managers came out in the last two months and said were doomed in part because they disdain trumps bust the budget ill informed analysis of what happens next. Thats how they put it. In fact, it got so bad that even the great Warren Buffett was taken to task for saying this markets not in a bubble. If you think its over, youre simply on the wrong side of history. Someone actually told me that buffett has become that old gas bag polyanna fr