january 20 is the day so the transition process begins. there are a lot of positions that need to be deal -- filled and a lot that needs to be done. we have the dow up to an and 67 points and right at the second donald trump is on capitol hill meeting with senate majority leader mitch mcconnell. he has been making the rounds all throughout the halls of congress. with a lunch at the speaker of the house. after talking about how they can hit the ground running. the two discussing a host of issues in a very cordial manner.

every step he makearound the nation's capital. in the final hour of trade. and as the resumes role in who will he hire. ernie fletcher has been there the day after election day. which job will go first and fast. former director sending up a warning flare. on wall street no sign of that right now. a record closed today. as you see it's dropping about 22 points. they help to support the candidacy. were looking at a lot of breaking news. let's start the countdown.

>> we need to show you what is a fascinating timeline that played out just as at meeting happened a few years ago. -- four hours ago. here it is. we made this for you as you can see. it was at exactly 12:38 p.m. at the end fbn and other networks were given the short clip to air. before we saw that you can see that the dow was up about a hundred 34 points. as it he began to play the dow started to spike and by the end when president obama said we must all support the new president and donald trump capped off by calling the president a good man the markets took off. the gains about one and half percent. 266 points right now. it's also on track to end the day in record territory.

the s&p is very close. for the dow is 18,000. while above it. but folks, it is the nasdaq that happens to be missing the party. the low of the session was a loss of more than 100 points. you can blame this on a tech stocks. some of it is a fact that the tech stocks are rattled. take a look at the big names. in the first half of the year they saw record highs over and over. all of them tumbling right now. netflix found five and a third%. peter barnes on capitol hill with the stop right now. with the next step in the trump transition. with wall street's reactions. but first they could actually

be making an unlikely partnership to help trump achieve parts of his economic agenda. at this this according to breaking reports. they have both backed issues like massive investment. it has previously been a donor this should not be a surprise that these two could possibly get along. stock 730. it is now on its way to a four straight gain of a streak. what they already received from members of congress. his can have to get a lot of calls already. it certainly getting a lot of calls they feel with that republicans now in charge of

the white house in the house and the senate the president-elect and congress could move pretty quickly on some major measures and pieces of legislations. they have some good prospects for passing. first is tax relief and tax reform. providing a tax cut of about a third for middle-class families. including cutting taxes on overseas profits of u.s. companies. to 10% to bring back that item could help to fund the infrastructure investment plan in the big plan is supported by many democrats as well as

republicans. they might also get some help from some democrats on the third item. they have it to build a lot of changes. they have done it before. he also proposed an immigration security plan. that includes building the wall. we will talk about all that more. these two had never met before. not face-to-face but one-on-one. they put the disc to differences aside.

let's go to blake burman at the white house. we are watching a market that is responding very positively to that development. go ahead and then dig a little bit deeper for us. there are three different things i would like two-point out. in the west wing. no one else in the room. no campaign aides just the current leader of the united states. this meeting lasted for 90 minutes. he thought it was only going to be about ten or 15 minutes long. these two had never met before. and thirdly the president saying they discussed for the most part three different things. domestic issues internationally.

the transition. making sure that there is a smooth transition from now until the next 70 days. here he was speaking earlier this afternoon. >> my number one priority in the coming months is to try to facilitate a transition that ensures our president-elect is successful. this was a meeting that was the last for ten or 15 men -- minutes. i great respect. it lasted for almost an hour and a half. >> they also hosted the next first lady as well at the white house and i believe just wrapping up potentially as i'm watching reporters to speak over my shoulder the vice

president elect mike pence is here at the white house as well with a meeting with vice president biden. nonetheless it's happening here at the white house this afternoon. liz: blake, thank you very much. just about 52 minutes before the closing bell rings we are watching like a hawk for any new records that could break today on wall street. the dow is right there already. the s&p is more of a squeaker here. a little bit of a nailbiter level to watch is 2190. is this the beginning of an extension of the bull market we had been in or is a rally a big had fake. i cannot say that enough.

but at the moment they are seeming a few feet higher. since the election if you look back since we set the all-time highs back in august we clearly have been in a consolidating pattern and we had broken out of that to the upside. the catalyst was the election. if you look at what is ahead of the doubt for sure there is really nothing that i can see to stop it from hitting 20,000 particularly when you consider that we are now in the seasonally strongest that we have during the year for equities. liz: i just want to let people know that this is a live picture of donald trump and his wife just exiting a meeting that he have with mitch mcconnell. let stand by to see if we can hear what he said.

[indiscernible] liz: donald trump is speaking in his third or fourth appearance before the cameras with not really answering a lot of questions but he did just say they are very much focused on creating jobs so keith, i was marking the -- watching the markets. they were now it just about the same for the moment. >> when you consider we are in a very strong. in the market and what we've done to break out. over the last two days you're absolutely right. it's going to continue on. certainly until we get to the fed meeting. we're already priced in. liz: luke is an oil trader.

it is down. because people wake up still see oversupply. what else does it play as we are trading at $44.59 cents in the aftermarket. there is some really important step in oil right now. the reason for that was that for was the belt 50. we been right around $45 i sigh came right back down. i don't like the way the oil is reacting right now. i know the dollar is a little bit stronger if it's can gonna be economic expansion i don't see that. what donald trump says about what he's gonna do about isis' can be really important. the only thing that they can

agree on is that they don't want isis around. if he does something that shakes the market you will see an oil spike. and third, i definitely think no matter what happens to oil prices that spread is a difference between how much it costs and to distill or redefine products. i think those are really important points to imagine. >> before the selection you said go long stock. how many ways can i say that. do you take some profits at this point because we are at epic highs at the moment? >> what about today. nothing wrong with it. look for the pullback in the market and step back in. these are the johnny-come-lately.

jimmy diamond. i can go on with the names. and i will keep it going. you have the buying power. don't just stick in. understand that it pulls back. this is where that cycles kick in. use them on the brakes and try to come in at that point. don't be scared of the s&p and dow. everybody is balancing portfolios because trump is in and that means coal and railroads. i can go on and on. >> we don't want anyone to be caught flat footed. good to see all of you. keith, as always. the closing bell ringing in 45 minutes. look at pfizer. as a leader on the dow right behind goldman sachs and jp morgan as it evaluates the idea of the 14 billion-dollar

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another 47 is the big enchilada in florida and ohio. the second district of maine and pretty sure he will win. ten votes for wisconsin. six boats called for iowa. that is the thunderbolts. >> he took us to the woodshed. liz: a full three hours before it was officially called former reagan budget director did it for you. he called the election for donald trump and that doesn't mean he thinks that donald trump will be good for the markets for the economy in fact, buzz kill he predicts the nation is headed towards the economic abyss.

i'm glad you got it right on foxbusiness. i had two points of the night. i was a little bit early calling it. the national nightmare starts wednesday morning it is not trump. he got the voters of america to fire the washington wall street ruling elites in the establishment. the problem is that there is nothing to replace it. he doesn't have a program or image geordie. washington is going to immediately i believe fall into acrimony paralysis confrontation for a reason that no one is mentioning to date with all of the excitement about stimulus. the reason is the debt ceiling is going to expire early in march it's like a giant stink bomb that the outgoing president and being her left on the doorstep last march.

to get them to vote on it 20 trillion-dollar debt ceiling will be difficult. it will dominate the first hundred days. they will not do anything. liz: he has a plan that most republicans like. and individual tax cuts for the individual out there. does that pay for itself. this is the point that we learned in the 1980s. this is white why the reagan deficits explode. i would get rid of the corporate tax not just cut it. yet the ups -- offset it with huge spending cuts and he's basically said social security not touching medicare. it would be a fiscal nightmare if we even attempted half of

what we are talking about. let's get that solutions though. i didn't even get the fancy heart attack. you are out with ten great deals for the donald in this book. let's start with a the number one deal. that they should get done. i think he can't get it unless we radically rethink our taxes. we need to eliminate entirely the payroll tax. that is what is killing jobs in this country. we lay on top of it 15% and on the margin jobs drift apart -- abroad. they are taking on pates checks that are shrinking. replace them with a consumption tax we need to do something when i can solve

this problem with an income tax cut. i do want to get to a chapter deep in the book. for our audience that has a portfolio. they lock -- like stocks. the coming crash. they have multiple time highs. why did you say that was a crash that was coming. it is just the leading edge of the stock market. it is hideously overvalued. what we have today going on is the suckers rally like never before. there's can be no a fiscal stimulus for the reasons i mentioned. they are trading at 25 times s&p earnings. if you get there. it as the year 2000. and once they realize that it

is out of dry powder they at least understand that it is a menace. note handoff of the baton to the fiscal policy or infrastructure were to be out of business. i have the one that has a draft on every page. thank you so much. they trump the nation on the brink of ruin. i still have the junkie draft. much more ahead. the microsoft cloud helps us stay connected.

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liz: breaking news. it is a very busy day right now at the white house and not just because president-elect donald trump was there, right this moment, lebron james and

his fellow teammates, cleveland cavaliers, champions, of course, are meeting with the -- forget that. they're meeting with president obama. lebron james has been a vocal supporter of hillary clinton but that is all behind us now, right? he openly expressed views on numerous political issues. it is all about the cleveland cap lears championship and getting president's congratulations. he will save a serious chunk of dough to. due to donald trump's simplified three-tier tax bracket system, if are were in place and voted in, big if, four-time mvp could stand to save some $15 million per year. this includes his $31 million salary from the new three-year, $99.9 million contract he signed with the cavs and $54 million he

earns were many companies from june 2015, to june 2016. i want to make this point. lebron gives a lot of money to charity. he has his own foundation. he is very generous guy. atingsng championships, fox champ after scoring more than a million viewers on election night. i got to head up the balance of power coverage for the senate and house. fbn and it is army came out in full swing, not just the talent. we're talking about all you guys, amazing producers working around the clock, cavuto, maria bartiromo, kennedy, mcdonald, the list goes on. we worked together to set the gold standard. you gave us thumbs up. thanks so much for joining us on such historic election night. as my colleague neil cavuto said so eloquently yesterday. we are not red or blue, we're green here at fox business. we're money. we're following your money. every penny, and everybody we

entrusted to account for those pennies. thanks for joining fbn army. you guys were so amped up by fox business's election coverager we're at nearly 53,000 twitter followers. we keep climbing every day. spread the word. tell people to follow u.s. @lizclaman. like our facebook page. lizclaman.com for all exclusive interviews and more. closing bell 28 minutes away. look at the dow jones. we're at 118,831 points. -- 18,830. well into record territory. any close above 18,636 it is an all-time high. pokemon, "pokemon go" was summer's biggest craze, people tripping all over the place, following virtual creatures, will nintendo win again coming

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liz: breaking news. we want to take you to a corner in los angeles via our ktla? kttv, the fox affiliate helicopter here. this is anti-trump protest. looks pretty peaceful. we see a pretty significant crowd gathering her. we've seen sporadic anti-trump protests, i'm still with her type protests. people disappointed that hillary clinton did not win. pretty typical.

we know a lot of republicans weren't happy when barack obama got into the second term. at the moment it looks pretty peaceful here in los angeles. we'll keep eye on it as it develops. speaking of donald trump, it has only been 36 hours since he was elected the next president of the united states. we are already getting more clarity on who might be named to his cabinet. we've already heard names like steve mnuchin and rudy giuliani as considerations for potential members of the cabinet but there are a lot more positions to fill. charlie gasparino has some new names that he is picking up. >> by the way just before we get into the real names, cnbc reported today that jamie dimon is on some list for treasury secretary. i will tell everybody here, jamie dimon has as much chance becoming under treasury sector as you and i interviewing biggie and tupac. liz: who are no longer with us. >> i'm telling you -- liz: what gives you insight that says no way? >> that is what they're saying

that this report was about 120,000 -- this report is good as sales force, when cnbc reported that salesforce.com will buy twitter at 25. so -- liz: never happened. >> of course we know it never happened. it is stupid story. liz: jamie dimon i'm not sure would want it. >> no. he might be -- we'll give you the guys that are really on it. don't listen to cnbc. they said twitter would be sold at 25. you know how much money you lost if you believed them. here is what we know right now. on the top of the list for commerce secretary, kind of an interesting choice, wilbur ross. not interesting. i think really good choice. wilbur ross, long time wall street financier. involved in bankrupt restructuring business where he met donald. donald trump's -- liz: casinos. >> went bankrupt. liz: atlantic city. >> huge restructuring involved. he is worth $3 billion. he is a billionaire. has close ties to the business community. that is what you need out of commerce secretary. we understand he is at top much list for that.

you mentioned rudy giuliani earlier. rudy giuliani has been floated for a lot of positions. here is where i think trump wants him in as ag. there is no doubt. he wants to be -- liz: not as homeland secretary which a lot of other networks are reporting. >> he wants to be secretary of state. he wants to be maybe defense secretary. but donald really wants him as ag. another leading ag candidate is trey gowdy, congressman head of benghazi committee that investigated benghazi raid. huge critic of hillary clinton. be interesting if they go for trey, trey gowdy, notion that they're going to pardon hillary clinton or stop investigations into hillary clinton, you would seem counter if trey dowd he did i in there he thought she was guilty on email scandal. that is where we are now. chief of staff, two names very interesting. campaign manager steve bannon. i hear he in the poll position, the lead position. liz: a little controversial.

>> a guy head of breitbart.com. controversial, he won the campaign. he is the campaign manager. he and kellyanne conway helped win the campaign. you have to give them something. i hear he is involved deeply. he might be chief of staff, reince priebus, rnc chairman in that position. if we say right now, none of this is set in stone. it could change tomorrow. but right now -- liz: what about a name like carly fiorina? they were real adversaries? >> i have not heard the name come up. keep listening. senator corker and ambassador john bolton secretary of state. i think bolton has the edge there. that is what iunderstand. here is something fascinating. sarah palin, some undersecretary job. we don't think she will get a cabinet position but from what i'm hearing that trump likes her and wants her in some undersecretary job. and rich grenell, friend of mine, fox news contributor. former advisor to john bolton as

u.s. am ambassador to the u.n. jamie dimon has about as much chance of treasury secretary as you and i interviewing tupac. liz: no clarity on anthony scaramucci and what position. >> i don't think anthony wants any position. liz: my sources are telling me, ambassador to sandals. >> no. that is too low end. sandals is too low end. liz: right up his alley. i think he would agree. >> i think he gets, no, i think, listen if he wants to be ambassador to italy to give up his business? liz: looking comfortable working the phones. >> listen, my view is skybridge, i don't know this for a fact, at some point going -- liz: his hedge fund. >> fund of funds company will do ipo he wants to build his wealth. he has a young kid. you know. liz: always welcome here. we need him here. >> beautiful wife, young kid. does he really want to go to the trump administration? liz: closing bell 17 minutes away. thank you, charlie.

now that donald trump is officially the president-elect could we be having a brewing trade war on our hands with china. >> china! liz: we're talking to the wall street veteran who has been to china at least 100 times. no exaggeration for mike holland. he is coming up with all it means for your money and those momentum plays like alibaba. chinese stocks, we're talking about that coming up. >> chinese stocks! ♪

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inking medicaid rebate settlement with the u.s. government. dispute was over classification of epipen. device for food allergy suffers, generic rather than branded product. government said wait a minute, you overcharged us? this comes as mylan reported latest quarterly results, missing and top and bottom lines. mylan claimed money set aside for settlement $65 million. loss. to the mouse house set to report earnings after the bell today. disney on deck. get to the new york stock exchanges where lori rothman with a previous view what people should look out for here. >> wall street is not expecting much from disney. they have to do a little better to help the share price. the price is up because the bar is so low. don't forget a year ago ceo bob iger warned that espn subscriber growth was shrinking. that caused the stock to fall off 10%.

this quarter, fourth quarter, we're waiting or "after the bell," look for decline of 4% in earnings. send it back to you. liz: thank you so much. lori rothman. by the way the second disney report, watch out for all important espn numbers with it. david and melissa will have it all after the bell. a lot of you own disney. stay tuned for that. closing bell ten minutes, exactly ten minutes away, if we close here folks, new page for the history books, for dow jones industrials up 235 points. coming up, 4,000. that is how many government jobs president-elect donald trump needs to fill in the coming months. straight ahead we have the man who went through the crazy process first-hand. former white house press secretary under president george w. bush, ari fleischer, who might make it into the inner white house circle and how it is done. countdown coming right back.

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index up 21 points. that is a big move for the stocks. get to trump's team. it is in transition mode. launching already a brand new website, new twitter handle promising to provide information about the president-elect and vice president elect's events and public statements and announcements. he is tasked with filling 4,000 political appointee positions over the next 72 days. let's get going. i'm joined with somebody who has been there first-hand to do that, ari fleischer, former white house press secretary under president george w. bush. tell us what those first 72 hours are like after winning the presidency, ari? >> liz, in my case it was six weeks and then 72 hours. you know, it is heady. it is inspires awe and the notion you will be allowed to go inside of the white house. sit in those hallowed offices, occupy desks close to the oval office. sitting at meetings in the oval office. it is heady, serious stuff.

very quickly, it becomes tough stuff. liz: well, yeah. you have to fill 4,000 jobs and you have to do them effectively. vet all the of the names. i'm so interested to know, how soon do people start asking for favors? i want to be the ambassador to france or ambassador to sandals? we're joking about that. >> already underway. everybody is already doing it. contacting friends who may know somebody inside of the trump campaign. everybody is trying to work every angle they can. that is what people want to do. liz: look, how about, how about the people that you're hearing would get these opportunities? i'm more interested now in primary competitors. people he faced off with during the primary like the ben carsons of the world or the carly fiorinas? hearing anything about that? >> liz, let me give you some advice on this. outside very obvious people, people donald trump cited himself by name in the speech on tuesday night or wednesday morning, pay no attention to any of the names being bandied about. i hated it when personnel opening. i hated when i was transition

press secretary and i get asked about this rumor, that rumor. only person who knows is donald trump and immediate circle around him that is very small and hopefully they're not leaking. anything else, when people say i heard such and so mentioned. mentioned by whom? this is time for gossip, for misinformation, for people to put their name out there because good for career. it is impossible to guess other than immediate obvious first circle close to trump. liz: everyone is conflicted when they start dropping names to the press. almost seems like it is the lottery. you win it, suddenly start hearing from your brother-in-law 's brother's law brother. everybody is trying to get in there. what is the number one position filled for any president? >> white house chief of staff. nothing is more important controlling process, getting president organized. that is the process for chief of staff. if the chief of staff is it strong, on the ground, running

day one in the transition, it will take everything else and make it easier. nothing more important than that. liz: you got to be in the room where it happens, ari. thanks for being with us to share that. >> thank you, liz. liz: ari fleischer, fleischer communications president. here is a quote. the greatest theft in the history of the world. those were words from president-elect donald trump along the campaign trail as he promised to slap punitive tariffs on chinese goods. is a trade war looming between the two biggest world economies? what does that mean for stocks you might want to own or buy? mike holland has traveled to china 79 times? >> approximately. liz: approximatelily that since early '90s. listed as head of nyse fund the china fund. do you think there will be a trade war donald trump talked about? >> quick answer? no. the first of those 79 trips in era when there was young arkansas man running for

president and running against a guy named bush and he was trashing, he, clinton was trashing china, much like what we heard you say about trump. we asked chi who was the treasury secretary at time would become the head of china, what he thought? was he worried about a trade war with the united states? this is 1990, knight 91. no, when your politicians run for president. they say all kinds of things. we know it isn't the real world. liz: if people are interested in buying or own them, chinese stocks, everything from obama obama or baidu or sina, china mobile, many are names in the china fund that your team runs, do you think they you should hold on to those? >> oh, absolutely. i don't think -- simple premise. whatever is good for china they will do. their self-interest, liz, is maintained having decent trade relationship with the u.s. they want to keep their people employed. they want to keep their economy going.

they have no interest in destroying their economy. they will have a revolution and they will lose employees and they will lose jobs and they will get killed. liz: are about to witness another all-time record for the dow. >> from your lips to god's ears. liz: does it continue? >> keep it very simple. the president of the united states will bring in a lot of people favorable toward business enterprise. they want to do things right. they want to get lot of regulations holding businesses back business people tell us. this is really good for the economic prospects for companies in the united states. it is pretty straightforward. liz: are you surprised by the two-day rather significant rally after futures dumped out in the middle of the night on election night morning by 800 points for the dow? >> limit down, limit down was stupid. we talked in 2008. that was stupid also. liz: you witness the confetti. you got the record here.

mike holland gets to see it. dow closes not at high of the session but closes 18,801. great to have you, mike. [closing bell rings. ] dow sees gain of 2113 points. dow at 18,808. huge news after the bell. let's get to it. melissa: all three major averages on the longest winning streak in months. are we calling it trump rally? why not. david: two-day trump rally. i'm david asman. this is "after the bell." we're glad you're here. we're making history not only on wall street but also on pennsylvania avenue. >> we now are going to want to do everything we can to help you succeed because if you succeed,