Event. The Republican Convention with 50,000 people heading for the city. Is cleveland ready . Well ask the mayor later in the hour. Antitrump delegates negotiating behind closed doors which is really lastditch effort for freedom to vote for someone other than donald trump as nominee at convention. All that is coming up. Melissa back to the markets, dow hitting alltime high for third day in a row. Apple, jpmorgan, biggest gainers in town. Phil flynn, price futures group, fox business contributor, watching all the action as usual in oil and gold from cme. Lori rothman from the floor of the new york stock exchange. Lori, in addition to the brand new market highs, youre also watching a brand new stock, right . We had, melissa, biggest tech ipo here at the exchange so far in 2016. Line corporation, this is a chinese messaging app. It debuted at 32 a share. It opened at 42 a share. Came back a little bit. But almost 27 gain, pretty successful day for shares of line. So yes, that is day one. Want to show you airlines as well. Big day. You had them all gapping way up. United continental up 4 . Delta up 3 1 2 . Delta really sparked it with it Second Quarter betterthanexpected earnings this morning. Look at benchmark averages for the dow and s p. Another day, another record, were getting used to this, huh . A lot of talk on the floor today, using that word bubble. Well see where we go from here. Good economic data, good earnings from jpmorgan. Dow up, s p up, record for fourth consecutive day. Nasa is still 4 or so below from its alltime record. Back to you. Connell thank you, lori. Fair enough. Phil, oil reversing course. What drilled things higher . You i think this rally in the stock market, connell. Face it when oil prices tumbled yesterday with the bearish inventory report, gloom and doom about economic growth. When youre in the 44 handle, anything below 44 stops investment in the energy industry. That is too low unless the world is falling apart. Stocks going up, oil is too low. Look at gold. Gold pulled back a little bit. Seemed gold traders were a little shocked that the uk didnt cut Interest Rates. How could they be surprised . I dont think any central bank told us the truth in a long time. Big surprise. A little bit of pullback on risk off. Stock market rally. So really big day down on the floor. Back to you. Connell thank you, phil. Melissa. Melissa alan greenspan, you remember him, former Federal Reserve chairman, he is doubling down on his doom and gloom predictions. I think we are on the edge now of a significant change in the Global Outlook and its the very slow, very turgid, move from deflation to inflation. Were seeing early signs of a process of inflation arising. Melissa turgid, look that up with. Jonathan hoenig, capitalist pig hedge fund. Fox news contributor. Spencer jacobs from the wall street journal he is deputy editor. He is author of a new book, which is fantastic, you ever to get it. Heads i win, tails i win. Would not want to win either way . Spencer. Stop with you. Do you know what turgid no. What do you think about alan greenspan. Process of inflation rising. Do you see that . Certainly possible inflation could pick up given massive amount of stimulus. Sort of like crying wolf though. Seven years into this extraordinary stimulus. Melissa right. People have been predicting it. Sooner or later it will be there. Perhaps he is right. He was not famous for being the most astute predictor of what is going to happen. Irrational exuberance was late 96. We had three or four more years of bull market. In the book i discuss this, how silly it is to, even if it is alan greenspan, to base your investments decisions on anyones predictions like that. Melissa that is a great point. But you have to look at big trends. Melissa is this very turgid . I think he is student, melissa, looking at the big trends here. Look at gold or all gold stocks at or near their 52week highs. Commodities like sugar, like cocoa, cotton breaking out to new highs. If inflation is prices in the economy he is right. You said it is doom and gloom. It doesnt mean that the stock market cant continue. Stock market tends to be a great hedge against inflation. Big picture he is on to major trend. Not deflation as we heard about, but inflation. Rising prices and your dollar is worth a lot less. The other thing, guys, jpmorgan with earnings out today. We were waiting for banks all week long. They Beat Estimates top and bottom. Citing lower expenses and growth in both loans and trading revenues. That is interesting, jonathan, we actually talked about it on the show yesterday leading into this loan growth, should we look for the same maybe tomorrow from wells farring go and citi, some upside surprise . You might see a upside surprise, connell on earnings, but these stocks, these bank stocks, really what you invest in, stuck in neutral basically since the financial crisis. I think it is direct result of the regulation. Why are stocks like amazon, some parts of unregulated, tech sector killing it right now but banks, theyre almost nationalized given amount of regulation. This is one area to steer clear. Connell given betterthanexpected earnings, youre not positive on the stocks . Regulatedhink rather buy real banks right now. Too weak. Connell we talked about the Banking Sector as a whole, whether it would be through brexit and all other issues. Eternally low Interest Rates in the news as being a tough group to work through. Jonathan focusing just as Equity Investment there but what do you make of this group and issues theyre dealing with . Some people got excited that maybe jpmorgan was not as bad as we thought . The level of regulation, jonathan said is through the roof after the financial crisis. This group or any other group of stocks expectations are what they are, expectations go beyond regulations, this year the bank stocks have gotten crushed because they basically borrow short and lend long and because of the shape of the yield curve, because of what happened with Interest Rates it is a horrible environment to be a bank but everyone knows that. And because everyone knows that, now theyre surprised when they see Jpmorgan Chase having good numbers because they have a huge cost base and they have been bolder and they have been more successful slashing that cost base and that is why people are happy. That is it. Expectations were just too bearish. Not that their business is doing great but not as bad as everyone thought. Melissa speaking of as bad as everyone thinks, pokemon go is taking the world by shore. Nintendo shares soaring since the release of the augmented reality game, that is what they call it. Banks are warning investors watch out for the stock. Everyone is playing ridiculous game. There is screaming cat on corner of our block. I have no idea what that means, if somebody stepped on the cat, what the real deal is. The game developer which is niantic and also apple which give as piece of in App Purchases, i mean, i have disabled the in App Purchases on my sons game. Smart. They always say, melissa, buy what you know. Often times your kids are a great indicator. People saw their kids interested in pokemon craze couple weeks or months ago had a little bit of inside tip. There are no tops in bull market. Activision, gaming stock at alltime high or close to it, means you dont want to sell short nintendo as long as the craze continues, the stock heads higher. But, spencer, what do you think, people disagree with that because they say nintendo doesnt have a lot of other products. It is way behind the other trends. They have gotten a boost now but this spike youre seeing on the screen is sort of the top for them. Maybe what you want to do is look at these other stocks like apple, like nye an tick, the company, i dont know if that is publiclytraded, that developer will certainly benefit from this. What do you think . Weve written about this. Nintendo has little direct exposure to the revenue it will get from this game, but, but, they own a lot of independent lex wall property. Nintendo has been awful getting into mobile gaming. That is what this is. This is probably most successful or most rapidly successful mobile game ever in history. I have three sons. Theyre ridiculous, walking all around. They just wont stop playing this thing. Melissa it is ridiculous. People are Walking Around like this. At least theyre walking. What it does show, nintendo, which has a lot of intellectual property, imagine playing this with super march he yo or donkey kong, all iconic characters they have. I think that is what people love about nintendo. Now that they have hit the jackpot with this, they can have their own mobile game along the same lines. Melissa except for as we mentioned people are getting injured. Crashing into trees. Driving with this, somebody walked off a cliff late rally in san diego doing this, knocked unconscious. Liability will be the next story. Anyway, thanks to both of you. Connell thank you. Former Guantanamo Bay detainee back on the front lines. New details coming up on a man once in u. S. Custody, now on our list of terrorists. The rock and roll city getting ready to rock the Republican Convention. But is cleveland ready for estimated 50,000 people on their way . I bet it is more than that. Well ask the mayor, Frank Jackson. He is coming up. Connell who will be joining donald trump on the republican ticket . There are sources saying the pick is in. You still do not know . No. Does, you think donald trump made a decision . Dont know. You really dont know . I swear i dont know. Theres a lot of places you never want to see 7. 95. [ beep ] but youll be glad to see it here. Fidelity where smarter investors will always be. If only the signs were as obvious when you trade. Fidelitys active trader pro can help you find smarter entry and exit points and can help protect your potential profits. Fidelity where smarter investors will always be. By switching to xfinity x1. Rio Olympic Games show me gymnastics. X1 lets you search by sport, watch nbcs highlights and catch every live event on your tv with nbc sports live extra. Im getting ready. Are you . X1 will change the way you experience nbcuniversals coverage of the rio Olympic Games. Call or go online today to switch to x1. Melissa reports coming in donald trump has decided on indiana governor pence as his vp pick but trump is denying those reports saying he is announcing his decision tomorrow. It is all over the media. I dont know if you want to confirm or deny. It says trump picks pence. Whats the story . No, i havent made that decision yet. I will make it today probably or maybe tomorrow. Melissa Charlie Gasparino has what he is hearing about this reported pick. What do you think . I tell you what i said yesterday, tell you what i said day before, tell you what i said even before the New York Times ran with it today, roll call, his advisors, trumps people, people like paul manafort, i believe even like his kids, they are saying that, they are urging him, urging him to pick mike pence as his vp. He is indicated to them he basically going to pick mike pence. Everybody to the man and woman who knows donald trump say this. They say, give it a 95 to 99 chance. He is a guy changes his mind at last minute. If donald had to make the decision right now it would probably be mike pence. That is where he indicated he is going. From what i understand, until the thing is done, until you see the words mike pence come out of his mouth or you see a press release that says mike pence on it as vp it is not over until it is over. That is the way im approaching it and that is the way im reporting. Well not see those words come out anyway. Charlie, he is such a showman. He likes to surprise people. Right. Melissa dont you think he comes out makes announcement, there will be some surprise . Maybe he announces his cabinet. He wont be satisfied if he doesnt surprise people in some way . I dont know. One thing ive been noticing lately, as donald is less surprising, he is actually doing better. Melissa right. I mean it is kind of an odd thing. When he is off social media, when he is off the, off making crazy, crazy comments, i know this from you know, his poll numbers have gone up. That is pretty obvious. Melissa did they take away his twitter . I dont think anybody takes away anything from him, what i think is happening, i get donors who are the wall street guys giving to him, there is up tick in contributions as he quieted down, as they became more in their view rational. Melissa less crazy. Less crazy. He has picked up in a lot of different measures. Polewise and from the wall street guys i talk to donationwise. Maybe tomorrow will be a very, you know, nice, even keeled press conference and you never know. Maybe this will just be a couple of fun days in cleveland, no big surprises. You know melissa no way. No crazy comments. Nothing about judges or whatever. Melissa you will keep it exciting. Even if donald trump tries to stick to the script you will make it exciting. Appreciate the report. I will be there. Melissa thank you. Connell. Connell lets bring in our panel to talk more about this. Hadley heath manning, independent womens forum and Brad Blakeman joins us as well. Brad, former bush 43 guy. Pick with any other candidate, hadley, start with you this time around we would be confidentially reporting we know the pick but with trump as charlie rightly point out i think we do have to wait for the new york hilton tomorrow and announcement see who is with him and he says is his pick but what do you think of pence as possibility. If it is pence well know by noon tomorrow because this is the deadline for governor pence to decide whether or not he is running for reelection as governor of indiana. The bottom line strategywise for trump, all along making decision, will he choose someone that fits the trump brand, another big personality, or choose someone like mike pence, provides contrast, Public Policy experience, more of an insider, less of an outsider in this big cycle. Connell speaking of contrast, brad, tweet got a lot of attention going back sometime from the muslim ban, called for a ban muslims entering the u. S. And offensive and unconstitutional. Everybody looking back on that, from december of last year and gets retweeted over and over. There is certainly contrast. This guy supported cruz. Your thoughts on pence . Politics makes strange bedfellows. Go back to 1980, reagan picked his rival george h. W. Bush. Ronald reagan said at the time that was probably one of my best decisions was picking because of contrast between bush and reagan. They made a great team. I think heres the headline, pence makes sense, he really does. Sitting governor. He is also was in leadership of congress. And if you look at job offering of donald trump, he fits the bill. Donald trump wants somebody who can help him govern and pence is the guy that can do that. Connell making sense, i wonder, hadley, point much view, i watched Newt Gingrichs facebook. He was going on and on. Interesting about the process being vetted for vice president. But he also said answering peoples facebook comments, somebody pick as running mate they want to make sure number one, it doesnt hurt the ticket. It may not help but make sure it doesnt hurt. Is that part of the pence pick as opposed to going gingrich or christie is that the way trump is going . Connell hadley. This is safer call for the Trump Campaign but bottom line is trump needed desperately to bring someone on as his running mate who has some Public Policy or political experience in the arena in Congress Like governor pence. Connell he does. Pence has the experience. Connell so did gingrich by the way. Exactly, exactly. He could have chosen or may still choose someone like gingrich. Connell be careful. He needs to reach to people who are skeptical about him. Many americans dont feel cited voting for donald trump. But they also ruled out voting for Hillary Clinton. That is a subset of voters trump needs to convince or signal with his vicepresident ial pick. Connell brad, hadley, thank you very much. Well see tomorrow for sure. The melissa. Melissa Supreme Court justice strikes back. Ruth Bader Ginsburg is walking back her controversial comments about donald trump, a little bit. Connell plus, cleveland is bracing for chaos. So with protesters expected, thousands of them at Republican NationalConvention Next week, the mayor will be on here in a moment. Mayor Frank Jackson responding to how his city is preparing for the challenge. I am concerned about the prospect of demonstrations getting out of hand. I amount concerned about the possibility of violence. Anytime there is event like this, people across the spectrum of radical groups will be attracted to it, so well watch it very carefully. Your Car Insurance policy is 22 pages long. Did you read every word . No, only lawyers do that. So when you got rearended and needed a tow, your Insurance Company told you to look at page five on your policy. Did it say great news. Youre covered on page five . No. It said, blah blah, blah blah blah blah blah. The Liberty Mutual app with coverage compass™ makes it easy to know what youre covered for and what youre not. Liberty stands with you. Liberty mutual insurance. Melissa countdown to the Republican National convention in cleveland is ramming up security ahead of the big event. More than 50,000 people are expected to visit the city during the convention. Many belong to activist groups before and against donald trump. Is cleveland ready to rock . Here now cleveland mayor Frank Jackson. Thanks so much for joining us. 50,000,