Session with the dow plunges 406 points, the s p prlummets 1. 6 i an absolute nightmare. The house of pain but its good to have some cash so tonight, were holding a coronation because right now, cash is king. Our viewers know this market has been making me nervous for a while. Ive been telling you to take profits for the last three weeks. We have sold some of every single tech stock we know, including some very, very good favorites that you are aware of. Every single one, first time in 15 years because bulls make money, bears make money. But hogs, they get slaughtered i love these tech companies, but i looked at the Charitable Trust cost basis, i looked at the pricetoearnings multiples and said you know what we are out of our minds with greed youve got to be disciplined in my book, that means taking profits while you have them. Some of you will say this violates everything you heard about investing, buy and hold, think longterm. Or most recently, or i should say, stocks or stonks only
Tea leaves boosting stocks china says trade reps are in close contact with the u. S futures do point to a second higher open. Plus, putting mergers on notice Elizabeth Warren drafteding legislation to reverse mega mergers. And a shakeup at united airline, oscar munoz stepping down president scott kirby will take over next spring we do have breaking news on gm for that we will go to phil lebeau in chicago. A busy day, phil. Reporter it is a busy day, phil General Motors announcing it is forming a joint venture with lg chem the two companies will be creating an electric vehicle battery plant in northeast ohio. It may be if lorn lordstown or outside lorsdtown where gm used to have a plant. They sold the plant earlier this year gm will invest up to 2. 3 billion into that joint venture with lg chem located near lorsdtown, ohio and create up to 1,100 new jobs this is a move many expected they talked that it had plans to add jobs in northeast ohio we will talk first with gm ceo mary bar repor
Track to end the week lower. Check out the bright spot. Nikc nike, the best performer in the dow. Were hours away from the last jobs report of 2019 get this, its the last one of the decade high hopes and also high on certainty. Job growth remain strong depiet an undertow of decline and Capital Spending and manufacturering. 187,000 that would reverse the 128 last month the job growth needed to keep the Unemployment Rate low indicator have been mixed as we go in. Ism service expanding. Claims have been up and fell back down. The lowest level since may in the last 12 months theres been three distinct levels of job growth it dropped back down do the 143 area then it picked back up will the real jobs number please stand up given that the fed is on the side line the economy is weakening more than already thought there werent really workers to hire well talk about that right now. We want to keep the jobs conversation its in the market for worker right now. Please welcome Jonathan Tisch. Good
Purchases. They remain over odds on that. Apple and nike are leading the dow higher joining us for the hour to talk about all of that stephanie link, a tiaa company relatively quiet day but that doesnt mean that theres nothing going on we had Economic Data and now this headline with u. S. And china still at odds. Here we go again. I thought the data today, the Economic Data was the driver pretty good. Initial claims, the trade data in general thats going to help Fourth Quarter gdp i thought this week ism services was pretty good. Were seeing okay. Overseas were seeing some pretty good data especially the pmis in china, europe, europe gdp today no worse than expected all of this seems to be setting up for better growth for 2020. We just need trade resolution one way or the other german factory orders and retail sales softer than expected i get the trend is less bad in general in the last month. Factory orders actually was revised last month higher. Lets see. Less bad, but i think theres
Times Peterson Foundation poll, only 14, 14, 14 of families own stocks outright. Meaning the market is creating all this wealth for the few, not the many 60 of americans dont even know that stocks are up for the year and theyve advanced 24 hallelujah so after a sedate day where the dow gained 28 points, the nasdaq climbed 0. 05 , lets talk about what the heck is going on here i think its a lot more complicated than simple ignorance. The first reason why people who can afford to own stocks are sitting on the sidelines earning very little, the disastrous bear market at the turn of the century impoverished a whole generation of individual investors who got burned by chasing, yes, the hottest stocks imaginable when the dot com crash hit, it ended the greatest love affair ever told. I was part of it i started the street. Com in 1995 immediately found hundreds of thousands of people with a thirst for any investing knowledge to level the Playing Field. Between the rich and the not so rich at