Missile launch there the last hour or so lets get to eamon javers at the white house to sort this out for us eamon . Reporter were expecting to hear from the president in the roosevelt room at the white house. We dont know what topic hes going to be speaking on. This is a moment where theyre allowing the press pool to come in to a previously scheduled meeting. That meeting was going to be with democratic and republican congressional leaders, but after the president tweeted about the Democratic Leaders earlier this morning and said he saw no hope for a deal with them, the democrats backed out of this meeting. The republicans are still tae attending. The white house says the invitation is still open for the democrats to come to the meeting. You can expect well see a few empty chairs in the meeting where nancy pelosi and Chuck Schumer would have been sitting. The president might address that in his remarks to the press pool which is waiting to go in as we speak. He might also talk about the north korea launch Sarah Huckabee sanders, the White House Press secretary, said the president was briefed even as that missile was in the air earlier this morning about an hour and 15 minutes ago is when we got the first reports of that north korean apparent test launch over japan so any one of a number of topics here to be addressed by the president. Hell be speaking momentarily. That will be on tape delay of course, well bring that to you as soon as we have it. Eamon, thank you. And bill, we should make it clear that we may see headlines come out of the discussion as it happens but, again, no one will have access to the video for this until its over, been tu turned around for us then we can bring it to you. I mean, essentially, washington wall street is washing washington minute by minute here, and i suspect that thats a lot of the rally that were seeing right now the dow has been up almost 200 points in the last couple minutes. Well get to that in a few minutes here. In fact, the big news item behind this move is the Senate Budget committee this afternoon has advanced the gop tax bill. Lets get wrigright over to ylai on capitol hill for us. Reporter the vote in the Budget Committee was 12 republican ayes to 11 democratic neas and came despite the concerns from republican senators like ron johnson and senator bob corker about some of the details of the bill. The vote was quite cursory the hearing was cut short because of the protests you can see happening here behind me and were occurring inside the hearing room as well we heard protesters shouting shame, shame, shame, like you hear them saying behind me, kill the bill, dont kill us. Referring there to the repeal of the individual mandate thats included in the tax bill as well as the fact it could trigger some cuts in social services we even saw one demonstrators accost senator Lindsey Graham and had to be pried off of him as he walked into the hearing room so sththat hearing is now recesd and will have to continue at a later time but the Budget Committee vote does allow this bill to move to the senate floor, and then they can begin that process of negotiation and debate to try to get this passed before the end d of the week. As you can see, its clearly a tense time here in washington. Back over to you guys. Ylan, i want to be clear on something here so the individual mandate repeal was in the bill. Thats in there now, the one that just passed, is that correct . Reporter yes, that is correct. Its a repeal of the Penalty Associated with the individual mandate. Yes. And what were hearing now, Lindsey Graham apparently told reporters a little while ago that if they do include the individual mandate in the bill, that president obama has agreed to continue to Obamacare Subsidy Payments for lowincome people for two years. So this is part of the horse trading thats been going on today to try and get that bill to 12 ayes in the Budget Committee. Reporter theres been support among senators if the individual mandate provision is included in the tax bill, it could show should be considered with the alexand alexander pl Alexander Murray compromise. Insurance Companies Providing services to lowincome households that is part of the condition for some senators, including susan collins, for supporting this bill. How far along those negotiations on the health care side need to be for them to vote yi on the tax bill, that remains to be seen ylan, for now, thank you, ylan mui on capitol hill. We now have breaking news out of the Commerce DepartmentHampton Pearson has this story for us hi, kelly, rounding out the news trifecta, if you will, more pressure on trade from the Trump Administration on china. Moments ago the commerce announcing basically that it is initiating, selfinitiating what its calling an historic antidumping countervailing investigations of common alloy aluminum sheet from china. The first selfinitiating type investigation of its type since 1991 were talking about specifically here Aluminum Alloy imports valued in h tthe range of 604 million and we also want to make clear this is separate and aart from really, if you will, the big pending 232 investigation into aluminum that is ongoing. But, again,par from really, if you will, the big pending 232 investigation into aluminum that is ongoing. But, again, the Trump Administration keeping up the pressure on china, on trade. Partial statement from commerce secretary wilbur ross about this specific action says in part, President Trump made it clear from day one that unfair trade practices will not be tolerated under this administration, and today we are making a step in fulfilling that promise. Back to you. All right Hampton Pearson there in washington back to wall street now where we had a rally then it wasnt a rally when we got word about the north clKorean Missile now were back to rally mode the dow is setting highs for the day right now. Were up about 200 points at this hour. Lets get to our Closing Bell Exchange for this day. Joining us, bob pisani with more on whats driving this market up and down, bob. Yeah, heres the important thing, youre right, bill, look at the s p 500 my heads spinning, its like a sawtooth pattern 26. 2,610 to 2,620 we started lifting then 1 then 1 25 north korea fires the Ballistic Missile, market moves down we started recovering then when we got the news that was about 25 minutes ago that senator corker intended to vote for the tax reform bill, the market moved to new highs today so lets say powell and tax cuts trumping, excuse me for that, north korea joeoverall in the markets. Momentum stocks up and down. Amazon at a new high once we had the north korea news, typical momentum name, moved to the downside. The banks which moved up all throughout the morning as powell was speaking got hit on the north korea, are also now back at new highs heres a typical one, Goldman Sachs up 1 on the day a lot of names, big names up close to 2 . Folks, thats a little unusual to see big bank names move close to 2 . Gives you the idea of the strength guy, back to you. Bob pisani, see you in a little bit joining our Closing Bell Exchange, kevin nicholson. Next to stephen sarg gilfoil Rick Santelli joins us from the cme. What do you see with the strength were seeing, up 207 on the dow with everything that just happened. Its almost thrilling, like being at a sporting event. Now the s p 500, the level of the day if youre a guy that follows the numbers was 2,611 on the s p 500. Thats in the dust the next big level is 2,626. Looks like we could actually approach that by the close of business depending what we hear out of washington, d. C the fact north korea, throw another missile in the water, everybody cared for about ten minutes. Thats over. Seems like you almost had a chance to buy the defense contractors. I did go there, but, you know, before i could even make that decision, it was back to the banks. And how interesting are the banks right now . Up 2. 8 on the kbe. What a day. We were talking during the before the show here, your port kno portfolio hasnt changed all year through all of this youve just held on, right correct we went early in our Asset Allocation process this year, tilted our portfolios toward europe and stayed in the u. S but the key bit there was that we thought it was risk on. The markets were going to melt up thats what theyve done all year long. What are you waiting for . I think its going to any reason to change our positioning. In the u. S. , we liked tech all year, weve likedfinancials al year in europe, weve liked financials and, you know, in some materials and in japan, we like the industrials. And so it has been a riskon trade. The thing that we have focused on in our shop is to ignore the headlines. Dont worry about the geopolitics. Because if, you know, had we listened to them, we would have missed this rally from august to now. Rick, meantime, weve also heard from Jerome Powell today, likely incoming chair of the fed, and whats the net impact of all of this across the dollar and bond yields as were following it i personally didnt really see anything that jay powell said that had a huge impact on the treasury of the dollar market but theres another central banker that did have a big impact today mark carney. Another one of this inaccurate morning comments that brexit was going to be a disaster, but it wasnt there was actually rumors of a breakthrough, and the pound soared whether against the euro currency, to some extent against the dollar, i think thats pretty interesting news to Pay Attention to as far as the dollar index, you know, to think were now back above 93, maybe the most important number is 94, may not be something to get hugely excited about but the losses that have been coming at the expense of many different currencies, whether its the yen, today the pound, seems to have at least netted out the dollar index rally i think part of that, of course, the equity markets and the tenyear note, here it is, trading aggressively at exactly the midpoint of its range for 2017. Hey, rick, can i get anywhere with rick . Go for. Rick, wouldnt you think progress on tax reform would put pressure on the dollar thats what im thinking thats why i bought Kimberly Clark today based on its value as a multinational. I think to some extent that is true and theres a lot of different channels about, you know, how the better economy based on lowering taxes would put the fed in a box potentially to be more aggressive. But in the end, im one of those oldschool guys, sarg, to me if the countrys in good shape and the economys in good shape, i think the currency ultimately will be in good shape. I think the dollar has many reasons to rally its just about 3 lower than it needs to be to convince any technician that that is the case yeah. I think were in good shape but i think its going down to 92, 91. Before we go, what was the level on the s p on the sup jooid y upside you were looking at 2,626. If you wait if we try it once on a downside, we pass, we may be off to the races. Why do you think the dollar is going to weaken if this passes, because of the deficit hit . If its growthy, shosuldnt it rally . Because of the growth in europe kevin alluded to this with the european financials. I do believe the ecb is going to have to force the hand a little earlier than they want lets face it, were seeing Economic Growth across eight of the top ten economies. If the u. S. Passes the tax reform package why there i believe that will put pressure on the high end of the yield curve, okay . I believe deficit spending increased deficit spending because were already deficit spending weve been doing it my whole life increased deficit spending should weaken the longer end of the yield curve, if the fed raises the short end, like theyve been pushing that end up, the curve will look actually more normal and the u. S. Banks will be able to make money. Why is that going to make a weak dollar . Now were going back over to europe once the ecb gets in line with the Federal Reserve and the ecb is, what, over 50 of the dxy, i believe, the euro is, i believe that will actually strengthen the euro so it has nothing to do with passi ining tax reform, its the difference between the speed at which theyre thats a higher yield story the dxy is a different story where i actually believe were going to see lower dollar valuations versus the euro and versus the pound which doesnt come out of brexit all that awful. Before we go, for you, youre not tempted to take some money off the table . No, im not. Do it, man. No, not at this point i mean, i think part of the reason youve sign teen the yie curve flatten, people are taking money off the table because its been such a great year in stocks however, our belief is were going to have low inflation for longer youre going to have Central Banks keep rates pretty much lower for longer so its giving oxygen to equities so were going to have, like, a disinflationary boom therefore, im not ready to take money off the table. All right. How do can you like Earnings Growth next year, kevin . I think its going to do well. I think so, too. Thank you, all, kevin, sarg, clearly bucking for an anchor job at cnbc and rick, thank you. Take him. See you all later. 45 minutes to go until the close ehere, dow up 236 points. This is serious now. High before the north Korean Missile launch was about 190 were back to well above that. S p is up 25 nasdaq is up 20. Interestingly, the nasdaq is by far the laggard today. The russell is up 16. And a new scandal for wells fargo claiming the bank overcharged customers to get higher bonuses we got more on that fallout coming up. But first, well be joined by Goldman Sachs jan hatzius at post 9 were going to talk to him about jay powells confirmation hearing, on the hill today, how many rate hikes he sees in 2018. Well talk about tax reform and all that. President trump is expected to speak any minute now at the white house. Well bring that to you as soon as it gets under way stay tuned what if we could keep more amof what we earn . D. Trillions of dollars going back to taxpayers. Who could possibly be against that . Well, the National Debt is 20 trillion. As we keep adding to it, guess who pays the bill . Him. And her. And her. Congress, we should grow the economy. Not the debt. [ click ] [ keyboard clacking ] [ clacking continues ] good questions lead to good answers. Our advisors can help you find both. Talk to one today and see why were bullish on the future. Yours. Live binge dvrd shows,te sport, while painting your toes. Ture. On demand laughs, during long bubble baths. Tv on every screen is awesome. The Xfinity Stream app. All your tv at home. The most on demand, your entire dvr, top networks and live sports on the go. Included with xfinity tv. Xfinity. The future of awesome. We havent looked at the heat map in a while, Standard Poors heat index, all 500 components and mostly green today with the s p up 24 points right now. In the 6,620 almost hit sargs target of 6,626 very close thank you, move on to others movers wendys getting a boost on roarks plan to buy buffalo wild wi wings. Owns 18 of arbys we got wendys up 3. 7 . Meanwhile, Thor Industries soaring today after posting an earnings beat yesterday after the bell the beat largely d ll lly drivey increasing demand for towable products and motorized rvs hitting a record intraday high, seeing its best day. Its up 12. 7 . By the way, be sure to catch the companys ceo tonight on mad money at 6 00 p. M. Eastern time. Now taxes were not the only talk on capitol hill today Federal Reserve chair nominee Jerome Powell was there for his confirmation hearing among the big topics addressed, a december rate hike heres what he had to say. I think the conditions are supportive of doing that, but we need to go ahead and have the meeting and listen to each other. Generally have a rule, you know, its a Communications Rule that were not supposed to be saying exactly what were going to do before we go in and listen to one anothers views. Well, our next guest believes well see four, count them, four rate hikes next year lets bring in jan hatzius from Goldman Sachs to post 9 here welcome back nice to be here. Does the tax reform bill passage have something to do with the rate hikes for next year i think it helps at the margin i think there will be some additional positive boost from, you know, relative to an economy thats already growing clearly above trend and were getting a good amount of support from financial conditions and i think fiscal policy will contribute as well so were moving through full employment i think were roughly at full employment at the moment, but well see some degree of labor market overshooting and so with that, even with inflation probably still below the target in 2018, i think youll see continued increases in the funds rate. Jerome powell spent some time talking about his concerns about the lack of sort of male prime age participation in the labor force and that was interpreted as a kind of dovish thing to say. To indicate that maybe theres still some slack in the economy because of that. Instead of saying, you know what, that doesnt matter, its not going to have any bearing on how we move cyclic