Floor of New York Stock Exchange 21,000. Where we find our own nicole petallides. What is the scene like . I like the graphic. 20,000 was in january 2017. I wore my green turtleneck on that day, melissa. People are feeling pretty great. You see dow 22,000. We had to close above the 22,000 mark. Took 100 days. That was the 7th fastest span for 1000 point milestone. The fastest tied, 10,000 to 11,000 back in 1999. Big picture, since the inauguration, we have seen obviously the markets run up and this is now the sixth Straight Record close and 49th record since the election. 32 record of the year. We have the dow 22,000 hats. We say thank you to apple ultimately. Apapproximately contributed big points. 50, 60 points. Finished up 5 and hit an all team high. Mcdonalds, united technology, 3m and intel as well. So, melissa and dave. David it is so great. I love to give good news much better than the financial crisis where all i was talking about was layoffs. Here is the hat. Melissa i love it. Send one our way. Someone not tired at all of winning just yet. The stock market hit alltime record high today, over 22,000. It will go higher too. Were doing a job. You will see jobs are pouring back into the country. Factories and plants are coming back into the country. Were going to start making product in america again. The dow is up 20 since President Trumps election which was just 183 days ago. That marks fastest 20 jump after new president s election since president george h. W. Bush nearly 20 years ago. Lets bring in todays market panel. Robert wolf, ceo of 32 advisors, former Economic Advisor to president obama. He is also a Fox News Contributor. Heather assume from sunameria funds and keith bliss. Well start with you. Do we go higher here . Do we take a little break . What is your best bet . What does it feel like . I dont think we run off to the races but what i look back at quantitative and and tell call work and Broader Market and sectors and subsectors that this market is very wellpositioned to move higher without a lot of overhead resistance in front of it. Were in a lot of new territory. Therefore you dont have a lot of overhead resistance. All trading averages trading above 50 and 100 moving averages. Im actually very encouraged. As long as the earnings picture continues to hold up, as long as craziness around the world doesnt got too crazy i think money flows into u. S. Equities and pushes this market higher. Melissa heather, no matter who i talk to ceos or people with money in the market or people with funds, they talk about the fact regulations have been pulled back. They also think they will see that tax reform will take effect in 2017, and thats what is behind a lot of positivity, momentum in the market but also the Economic Growth. What do you think . Do you agree with that . Is there more at work, less at work . It sure is, melissa. Tax reform or promise of tax reform has a lot to do with why the markets are going up but you cant ignore fundamentals here. Whether or not that happens i think that was a big factor in novemberdecember, during President Trumps during the election and then when he ran up in january. Now the markets are running up on fundamentals. 12 1 2 earnings growth. Gdp President Trump referenced 2. 6 and rising. Those are all positives for the market to continue higher from 22,000 today. Melissa robert, your take . Well you cant, you cant beat these earnings. 75 of the companies have outperformed. We stay in this low rate environment, low inflation environment. So it feels good. I would tell you im pleasantly surprised. I would have thought without a big legislative win it would be much more volatile but you are talking about the vix earlier on and there is a lack of volatility in the market. I think all eyes will be on what the fed does. They will continue to go very slow pace of raising rates. Melissa keith, what do you see as factors ahead that could derail this or keep it going . Is it about the fed . Is it about legislation . What do you think . I think in the short term i really dont see anything that will stop it especially when you look at the participation that we have here in the market, and what we will likely see for remainder of august. When you have lack of participation and momentum of sentiment working way it is it will continue to grind higher. Longer term there are headwinds we need to be worried about. We need to worry about Economic Growth and finer points underneath that check growth. How long can we push the market higher with productivity down levels it is. If we get legislative stalling because people dont agree with plans around taxation or derail President Trumps plans, that is a risk we have there. Some internals with look at. We do need a larger participation across a broader plane of stocks to push these markets higher. Keep an eye on the russell 2000. That will be key as we get through the summer and into september. If that can catch up with bigger indexes well be in good shape. Melissa keith bliss, robert, heather. David they are relying on tax cuts. Trump administration is planning to take trade measures against china. Fox businesss Connell Mcshane in the newsroom with the latest. Reporter david, the administration could be looking to get tougher and tougher than it has been with china with regards to trade the First Six Months in office, take a little bit of a tougher stance. You see it bits and pieces earlier from the president in the week. He was disappointed they do nothing for us related to north korea. Whether this is related to that is unclear. But what is clear talking to an Administration Official earlier this the day about this, there is talk about taking action against the chinese with regards to trade and specifically with regards to the chinese theft of intellectual property. That is an issue out there for years and bothered American Companies for years. An issue by the way on this president s mind for quite some time as well. Watch. China engages in illegal export, subsidies, prohibited currency manipulation, and rampant theft of intellectual property. It is rampant, it is out of control. They also have no real environmental or labor protections, further undercutting american workers. If china does not stop its illegal activities including its theft of american trade secrets and intellectual properties i will apply counterveiling duties until china ceases and desists. Port tort that reporter that is campaign talk. The man to watch robert lighthouser, the trade representative. There is talk of doing something on this but nothing is quote, unquote imminent. So well see. It would be a change for this president in terms of a relationship with china and his counterpart, xi jinping. You see him walking in april with the chinese president. David, president talked about you who the two are friends, what have you. We see something of a change the way he addresses china. We might see something substantial on trade here in the not so distant future. Well see. David sometimes you have to talk tough even to friends. Well see what happens. No sanctions as of yet. A lot of tough talk. Connell, thank you. Were back with robert, heather, keith i believe is back with us as well. Robert, you and i are free traders, we always have been and always will be but something had to be done with the intellectual theft problem with china, right . Yep. David and you spoke about it when i was member of president s transport council i was for tpp and tpa we have 350 billiondollar surplus with china. We have to do something. My approach enter the tpp and have us trade with 11 countries not including china, build better relationships with that. That being said if youre not going down that path which were not going down you have to make sure were tough on trade. I would continue to watch the dollar. I think it was melissa said it earlier. Were at, i dont know 15month low on the dollar. I think it will be very interesting to see where trade goes with the dollar. David actually low dollar does help our own exports but, heather, what concerns me more than trade imbalance, weve done very well when we had years with trade imbalance is this intellectual theft and rehaves engineering china is so famous for. Where does it go from here . Beyond the talk what kind of sanctions would stop that . Well, i think were targeting china. Obviously we want fairtrade, not just free trade because if you look at the past interventions, past 200, 250 years, this country is only 300 years old but most of them have come from the u. S. China we know does a great job copying and coming out david heather, specifically, im sorry were running out of time specifically what happens now . Do we get in, is there danger of a trade war if we start down the sanctions route . I will wait, have the administration make a call on that in terms of a trade war. I hope not. I dont know if well receive bipartisan support on this legislation. I know robert just agreed to it. Well see if you get bipartisan support across the aisle to pass it and discuss trade war if that happens. David robert, as concerned you and i both are, youre more concerned with the trade imbalance, are you concerned at all about possibility of a trade war . That helps no one . Absolutely. Im not a protectionist but i agree with fair trade and labor standards. It is interesting i know you have to go, senator schumer brought about not approving of any deals with china going into the u. S. With the cfius process. There are angles we can approach other than a trade war. David thank you very much. Robert, heather, good to see you both. Melissa. Melissa senate is still in session this week. Health care is on the backburner as insurers warn americans under obamacare get ready for a big spike in premiums. Karl rove joins us on this and much more coming up. David plus the president slamming a bill he just signed into law today imposing sanctions on russia, iran, north korea. Why he is calling parts of it unconstitutional and signed the bill nonetheless . Melissa President Trump also throwing his support behind a bill that could cut Legal Immigration levels in half. Were going to explain that one coming up. As a candidate i campaigned on creating a meritbased immigration system that protects u. S. Workers and taxpayers, and that is why we are here today. Poor mouth breather. Allergies . Stuffy nose . Cant sleep . Take that. A breathe right nasal strip instantly opens your nose up to 38 more than allergy medicine alone. Shut your mouth and say goodnight, mouthbreathers. Breathe right. The great beauty of owning a property is that you can create wealth through capital appreciation, and this has been denied to many south africans for generations. This is an opportunity to right that wrong. The idea was to bring capital into the Affordable Housing space in south africa, with a fund that offers families of modest income safe and good accommodation. Citi® got involved very early on, and showed an enormous commitment. And that gave other investors confidence. Citis really unique, because they bring deep understanding of whats happening in africa. I really believe we only live once, and so you need to take an idea that you have and go for it. You have the opportunity to say, ive been part of the creation of over 27,000 units of housing, and to replicate this across the entire african continent. Melissa President Trump announcing new sport on immigration policy that would base immigration on merit. Adam shapiro live outside of the white house with the latest on this one. Break it down for us. Reporter essentially has to do with green card applications and people who refer administration gets Golden Ticket to legally emigrate to the united states. This was outlined for us this morning with legislation introduced on the hill and that the president does support. It would also cap refugees at 50,000, but there was a press briefer today, usually you would see Sarah Huckabee sanders but first there was stephen miller, advisor to the president who was answering questions about the new policy and it got very heated. Just watch a bit of exchange with mr. Chaos at that from cnn trying to accost at that talking about, referencing poem statue of liberty about, gives your poor, tired weak. Watch exchange. Do you really, cn in the not know the difference between green card policy and ilLegal Immigration. The notion you think this is racist bill is so wrong and so insulting. Jim, reality is, is that foreignborn population into our country has quadrupled since 1970. That is fact. Mostly driven by green card policy. Reporter so there was that exchange. Im sorry i thought we had a part of mr. Acosta there. I guess not. There was other questions how this would impact americans and the administration is saying this is designed to also help americans at lower end of economic scale obtain and retain jobs. Here was the response to april ryan who asked questions about was the administration targeting the Africanamerican Community and to help africanamericans obtain jobs and keep those jobs . Here is what mill already said. We want to help unemployed africanamericans in this country and unemployed workers of all backgrounds get jobs. Insinuations like jim made trying to ascribe nefarious motives to compassion immigration measure designed to help newcomers and current arrivals alike is wrong. Reporter so, then we got into the rest of the press briefing with Sarah Huckabee sanders. There were other issues in washington but none as heated with this. There was a brief discussion about tax reform. You have republicans saying they will go it alone. Mick mulvaney on fox saying pretty much the same. Heard that from Mitch Mcconnell yesterday. Business as usual. Back to you. Melissa acosta trying to get on tv. So transparent it is embarrassing. Thank you. Adam. Breaking news. Tesla reporting Second Quarter results. Lets go back to nicole with numbers. Looking pretty hot, melissa. The stock is up over 3 . Results came in, quarterly numbers beating the street. A loss of 1. 33. But estimates were for a loss of 1. 82. Revenue beating street of 2. 79 billion. Breaking it down were seeing growth overall. Theyre seeing orders for model s and model x increasing. Model 3, production outlook, well see if they stuck with what they were saying originally. They expect to ship 1600 model 3s by september. We heard about 500,000 orders. Theyre saying right on track with all their numbers. I would like to hear more about the cash burn. They had to pump it out. They talked about manufacturing hell. They will burn through 2 billion as theyre ramping up production. That is something we watch. Were seeing stock up about 3 . If you want model 3 abroad internationally, you can order that beginning in 2018. You have to wait. Melissa fun car, but taxpayer dollars there going to help other people buy a car that taxpayer cant afford. David bingo. Melissa i dont know about that. Nicole, thank you. David robert wolf and heather zumarriaga are still with us, gary guess tell lou, automotive editor. Gary, lets start with you. We heard elon musk talk about the 500,000 figure. It hasnt been confirmed by the company. What is the deal there . Is he talking out of his hat or do of this really 500,000 orders . Really unclear. The first big number was 373,000. He ad one point said 500,000. That was never confirmed. Is that the total number or number people ordered and some dropped out. Were not sure at this point. Well never know for a year or two. They will never clear up the number. Well have to see where sales are a year from now, 18 months from now. David robert talk about the cash burn. As nicole say theyre burning a lot of money. Theyre not losing as much as people thought they were in the report but still they will apparently, if they do have 500,000 orders or anywhere nee that, they will have to raise more money. With a cash burn like this how long can that go on . There is no question. Revenue number was good. Loss number was better than expected, but i think youre spot on, david. It is all about cash burn. They will probably go back to the debt markets defend so these low rates help them. As at some point as your ought to analyst right we need to figure out what the right numbers are forwardlooking auto sales. Away from tesla, sales are starting to get soft. Theyre clearly an outlyer if this is accurate. There is a lot going on. They have the big solar acquisition that they have recently taken over in the past year. You know, solar is interesting space to be in right now especially panel space. David then you have elon musk talking about his depression. We wonder what all of that is about but nicole has more information for us down at the stock exchange. Go ahead, nicole. Just as you and david, and robert were speaking about is cash. David einhorn has been shorting tesla this whole time. We found out in the report, more than 3 billion cash on hand at the end of the quarter. David okay. The talk was they had 4 billion, burn through two and probably have to raise money Going Forward so well see. They have 3 billion cash on hand. David heather, about losing money quarter after quarter, remember amazon did that, heather for years and years and years, look where they are. Look where they are. David so the question is, is it any different with tesla . Yeah. Well, i obviously think that 500,000 car unit that, units that they want to produce in 2018 is a little bit optimistic but i get where theyre going. Expected loss of 1. 33 dal was less than anticipated and revenue looks great. David good for them. Gary, robert, heather, thank you very much. Nicole from the stock exchange. Appreciate it. Melissa roadblocks against tax reform. Senate democrats laying out demands for bipartisan reform. Why critics say it leaves little room for compromise. David ill say. Plus are some republicans hoping for president ial failure . Why one commentator saying Establishment Republicans are to blame for slowing down the white house agenda. Well talk with karl rove, advisor to president gw bush. They agree with democrats and dont agree with a other issues. That is not what they told us. Not what