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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  December 2, 2016 3:00pm-4:01pm EST

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did you see our ratings. we are killing the competition. we will send it over to ashley webster. the conversation never ends. the future commander-in-chief is hard at work. the hot topic. we have seen a steady stream of a national defense experts. smile, wave to the reporters and say nothing. there are meetings for president-elect donald trump. robert gates. the former un ambassador.
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now these meetings, under one year anniversary of that deadly terror attack in san bernardino california. and one day after they made a surprise announcement at a rally in cincinnati. he will nominate the marine general as his secretary of defense. we have the foxbusiness all stars. meantime on wall street. they showed an increase of a hundred 78,000 jobs into the unemployment rate oh by the way. tiger woods is back. they bring it on the any and freddie. let's begin the count on. what a difference a single day makes.
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after clocking in another record close it now is staying in the red. flirting with session lows. if you can. they were the shining stars write about this time yesterday. wells fargo, bank of america. jc morgan. just to name it through. the financials the best-performing sector. because across the board. after being down for two consecutive trading days. it's now on track to end the day in the grade. in those giants. they reverse yesterday's losses and make investors money today. a lot of green arrows. we are breaking at this hour. donald trump holding a
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riproaring rally last night thinking his supporters for his victory. trump holding a series of meetings today that include the four un ambassador. and how about this for throwing a wrench in things. a democratic senator. if she takes the cabinet job. it could be grabbed by some republicans. they are worried about that. outside trump tower in new york city with the very latest. is this a win, win it for trump. it's quite likely adds to the gop majority in the senate. in the key word there is potentially. here's how this would break down. they're in trump tower interviewing. potentially for the energy secretary.
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to be appointed the sea is already open. garlands of whether she takes this job or not in 2018. if she were to become a member of the trump administration that would force a special election in north dakota in 2017. it went for the president-elect. the potential there is if there is a special election it could in theory take a democratic seat at a play in the senate. they currently hold a 52 seats. it would then be 53 seats. the president-elect. they could get a member of his peanut cabinet that he wants. they could potentially add to their total in the senate. it is a calculus. political calculus one hiking per self had to weigh whether or not if she is offered this
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job and if she decides to accept she did put out a statement yesterday saying basically that should be open to the possibility of serving in the trump administration. the closed doors. they are meeting with the present elect. no intrigue with what i'm about to show you. we all need a little bit of political levity here. they took the elevator right up there. she did so with none other sheet tweeted out. i am quoting from her twitter feed here. cowboys are my people. it is just december 2 i don't want to say we've seen it all here. i will leave you with that.
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there is a naked cowboy in north dakota. it is freezing out there. as we wait on the trump's possible pics. it came in line with that. the referendum on constitutional reform that is happening this sunday. and of course the cinderella story of the week. following the deal to cut oil production. and the imax. matt, the trump rally may have slowed down a little but it is still hanging in the we seem to break a record. were just really not having much action today. and what we have to look
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forward to. what can take this market down as i'm never seen a president-elect canada under so much scrutiny. that could be something that takes us a little but lower. what about the fed if they don't do something a little bit. it looks like smooth sailing for the upside. chris robinson has been all based on faith and hope. that what donald trump said he is gonna do and cut out all of the redtape and regulation it's all based on faith. he has to deliver. it's all based on faith. he has to deliver. he's not even in office yet and were making the judgments. if you look at what we've done. we are right up against good resistance. y'all had to watch to a half percent.
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versus one half% yield in the s&p. that will be what we will focus on for the first of the year. is a risk and where is the reward. allen, listen opec is gonna cut his production. we will believe them but we probably shouldn't. it can go to $60. i am at the moment. as long as we stay among that we do see $55 in the next week to two weeks and then possibly $60 early next year. both look like they are on the rise up. however for both of them now i think it will be short-lived and i think after a little bit of time we will start to see a selloff. we will see a lot of producers come online. it will bring the products back down. we have to move on. thank you very much.
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be sure to tune into wall street week tonight. they will be talking to tobias the equity strategy about the trump rally. do not miss that. that stick around for stossel. let's take a quick look at the tao. intel the leader. johnson and johnson among the leaders as well. there you go. intel at the top. smith and weston not making it fun for investors. it has been moving lower. also, cap next the one year university of that deadly attack in the san bernardino area.
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be of the closure of guantánamo bay. it boosted to its highest level since 2010. i passed my vote of 375. we will now had to the senate. there is there's a new threat emerging. islamic state is determined to attack britain and taking part in the coalition fighting isis. the terror group is likely to use the same methods on the battlefield in syria and iraq. those tactics include suicide vest. jonathan is seems to tell us something we already know.
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i think the one thing that we've been watching for quite some time the walls appear to be closing in on them a little bit. and this will force the islamic state to turn into something that is not there. it will turn into something that looks more like al qaeda. we know that is active in europe. it really does stand to reason. where the civilian population will be very vulnerable. are we learning the tactics of isis on the democratic society it's can be very hard to stop someone from just walking into someone and letting off a suicide vest. are we handling them better now than we were a year ago. i'm not sure that we can say that we are handling them better.
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we had been very lucky in some cases as a terrorist organization if they want to carry out an attack. with small numbers of people. it's extremely difficult. i think the west will remain vulnerable. on that is really the concern heading into the next year or two. he made law and order a big part of his campaign platform. does it have any impact on isis and how they react to that. i think it certainly well had the state sponsors. i think countries are very nervous. or at least that may be one way of looking at it.
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the groups that are engaged in asymmetric warfare it's more difficult to deter them for the opportunity to attack the west. they remain motivated. i think we have every reason to be concerned looking ahead into the next administration. the retired degree. he is a tough talking mad dog. what is your response for that. i think it's great. i think we are establishing deterrence. we've lost it for many years. there are a lot of actors out there in the world that we do not had to be terribly afraid of. we've have it here for the last eight years. i think this is really going to be a boost to our defense looking forward. >> good to hear. thank you so much for joining us. the closing bell ringing about 43 minutes.
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it's moving just slightly down. tiger woods is back. can he return to the winning ways. stein landers are on the hot holiday toy list but the portal masters may not be the ones causing that. i have no idea what that means. and how you can cash in that it's all coming up next.
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they could help pay some of what medicare doesn't, saving you in out-of-pocket medical costs. you've learned that taking informed steps along the way really makes a difference later. that's what it means to go long™. call now and request this free decision guide. it's full of information on medicare and the range of aarp medicare supplement plans to choose from based on your needs and budget. all plans like these let you choose any doctor or hospital that accepts medicare patients, and there are no network restrictions. unitedhealthcare insurance company has over thirty years experience and the commitment to roll along with you, keeping you on course. so call now and discover how an aarp medicare supplement plan could go long™ for you. these are the only medicare supplement insurance plans endorsed by aarp, an organization serving the needs of people 50 and over for generations. plus, nine out of ten plan members surveyed
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say they would recommend their plan to a friend. remember, medicare doesn't cover everything. the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ tiger woods back of the golf course today for round two. his return to competitive golf after recurve varied from 60 months of it back problems.
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they finished round one. paid --dash mike played in this charity event. he is six under par. after she did the 75 today. dusted johnson is at the top of the leaderboard. maybe the back is better. it's 22 days to go until christmas. tech is top for holiday gifts. they predict the spending will increase 3% over the last year to a whopping $36 billion. that's a lot of tech. they are topping wish list this year. he is here to talk about the video games let's get to the
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fun stuff. among consuls what are we looking at. top gains for the holiday. we have battlefield one which is a highly anticipated debut. another electronics arts game. was a new fee for game. and then an interactive game. it takes place actually in new orleans. what about mobile. they had been something that has been very difficult for new the big games. it's really started you also clash royal.
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another premium game. you download it for free. they've been pretty popular. what about pcs. with some very hard-core gamers that focus on pc. it's very popular. it can be very expensive. one of the biggest games and is another huge game around the world. even i have heard of that. they have a great business model. and then when you just feel like you got altogether. bring a new game. they might find a way to transfer some of those over. others will take advantage of
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that. this is a video a shield. they can demonstrate how powerful they are. they just had their best earnings ever this past quarter. it's a little eskimo boy. it was actually developed as a way to teach people about cultures. very educational game. it brings some kind of social awareness as well. we have barely got free from now on. before you go i want to talk about the etf. how do they do that. it's a very vibrant industry. the retailers. and then you have all of the new technology.
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there can it transcend just entertainment for video games. so gamer on the technology industry is one that encapsulates the many different trends. as i can to change everything in that video game world. it has been convinced that everyone is there. certainly that is a game changer. a kind of took up with pokemon go. i can see more mixed reality as well. as soon as they get the headset technology really down then you will see the software really start to pour money into building out these games. thank you so much for being here.
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the industrial average at just slightly about 29 points at this hour. about 33 minutes ago but final -- before the final bell. coming up next. they made a major mistake. the life-and-death reason that they have been recalled on the foxbusiness minute. they attacked the billionaire businessman. they could face some backlash. i have asthma...
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>> i'm lori rothman on floor of the new york stock exchange with this fox business brief. listen up, ford issued a recall for 680,000 mid-sized sedans in north america. some seatbelts reportedly overheating and failing in accidents. models being recalled, are the 2013 through 2016 fusion, 2015 through-16, mondeo, 2013 through 2015 lincoln mkz. your car entertainment may pet upgrade. reports pandora is open to acquisition talks with long-time suitor, sirius xm. shares soaring 12%. that sirius's parent liberty
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media tried to buy pandora this summer for $15 a share. story coming up how rich president-elect donald trump's cabinet really is.
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ashley: let's look at the dow for you. we're down four points. i almost said tong in cheek we'll get it to the upside. all we have to do finish the green, yet another record for the dow jones industrial average. we're clawing our way back to where we started 9:30 eastern this morning. so that, let's see, come on, someone buy something right now. put it back into the green. we'll feel good going into the weekend. if we get another three points we will set another -- talking it down now. let's move on. as president-elect donald trump pulls together his cabinet, one thing becoming clear, there are a lot of rich people heading to d.c. in his administration.
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in the past few weeks trump appointed three fellow billionaires and two other millionaires to his cabinet. their combined net worth of over $8 billion, more than four times the net worth of president obama's appointees for those same positions. this as median household income is about $55,000. it was, don't forget the populist vote that elected donald trump. so could trump's cabinet be out of touch with the base support? or is their success and experience exactly what this country needs? depends how you look at it. joined by christie setter is, democratic strategist and kelly rydell, "washington times." christie, put this to you first. everyone loves a success story and everyone loves the winner. what is wrong with this picture. >> there is a saying you dance with the one that brung, but they are out of step with the white working class that elected
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donald trump i don't think the issue is they're millionaires and billionaires. obviously millions of people voted for donald trump believing that despite the fact that he comes from extreme amounts of wealth likes to bold plate things and put his name on them would do a good job representing, quote, the common man. the issue is not that. the issue is policies they will pursue. look at somebody like wilbur ross, his commerce pick, signed a letter in favor of tpp. trump has spoken out vociferously against tpp you look at someone like mnuchin, who comes from goldman sachs. that is a true stick in the eye all the people that said hillary clinton is way too close to wall street. look at her giving speeches at goldman sachs for him to choose somebody like that. that is the issue, less their wealth and more the policies. ashley: let me ask, kelly, is donald trump draining the swamp with these kinds of appointments? >> donald trump promise since the beginning of his campaign he
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brings in the brightest, smartest, best people in his cabinet. we'll start winning again. i think that is exactly what he is doing. nobody that supported donald trump expected him to name walmart greeters to his cabinet. they wanted the best and brightest. you have to look at policies. this is where i agree. look at policies and look at steve mnuchin, who went out yesterday we'll give tax breaks to the middle class. this isn't going to be all one-sided taxing the wealthy. ashley: right. >> you look at wilbur ross, he was turn around artist, bankruptcy specialist who took the steel industry in this country and turned it around. that is exactly the type of thing -- ashley: go ahead, christie. >> allowed miners to get killed. people, people that voted for him, sort of people, who their jobs they feel are becoming extinct. they're looking for somebody to say, bring these jobs back. wilbur ross said these jobs are coming back from china.
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>> that is where you're wrong, christie. you're wrong stuck in global defeatism. you don't believe there is actually change and, new president can enact change. we call that with carrier. >> i didn't go negative on walmart greeters. >> sorry, i have nothing against walmart lgbt greeters. i love them -- greeters, i go there to shop. left believes globalism is the answer, working class ignored their concern, they are stuck on coastal elitism and dividing country into different special interests groups. that does not work. america wants somebody to fight for them and bring industry back for them. donald trump can do it. >> but these people won't. ashley: let me jump in. they're rough for a reason because they're successful and they know what they're doing. christie, democrats, for whatever reason disconnected from middle america. why is that? certainly reappointment of
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nancy pelosi it would appear they're doing exactly same thing they have done lost them the house and senate and the oval office? >> i think that is difficult question to answer because look, i mean on one hand, hillary clinton won by 2 1/2 million votes. so there tough to maersk -- make argument. ashley: kelly, you have to look forward. >> 10,000 votes, what are the lessons and extrapolations you will take from that? i'm not sure they did too, too much wrong. issues in targeting. >> 700 counties barack obama won twice, they lost a third of them. donald trump took a third of those counties. >> that is a huge loss. broader change election and she -- ashley: election was on november 18th. we're 20 odd days later, exactly same conversation we will do for some time to come. unfortunately we're out of time,
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thanks so much for joining us. really appreciate it. we could go all day, all night, all week. from washington to brussels, beyond, investors bracing themselves for the worst-case scenario in italy where voters head tote polls to weigh in on constitutional reforms and the fate of their prime minister, matteo renzi who vowed to resign if the vote fails. with his political life on the line, renzi is warning that the country will never go anywhere, unquote, if those reforms are rejected. but what would a win for the no camp actually mean? fox news's senior foreign affairs correspondent amy kellogg joins us from very stylish milan, italy. amy, look, there seems to be a lot on the line on this vote? reporter: yes, ashley, and if the no vote wins, prime minister renzi will likely step down. the doomsday scenario, ashley, is that there is political chaos in the aftermath which sufficiently spooks foreign
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investors they don't want to touch or help these endangered italian banks. there are eight of them. if any of them were to collapse there could be contagion. now reform is essentially about seriously downgrading the senate, so that the lower house of parliament will be in charge of passing legislation. it is about getting rid of gridlock that americans know all too well. >> with this vote, finally we have the opportunity to move on and modernize the institutional system of our country. reporter: but detractors say this would be removing an important aspect of the checks and balances put in place here after world war ii to prevent another mussolini from coming to power. people are questioning the wisdom of renzi's original statement if the vote is no. >> renzi did not have to peg his political future on it and he did and it was a mistake. he admitted it was a mistake but
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he is from florence. he loves, he is, you know a larger than life character, and these instincts, to play everything, you know, in i love to see him and donald trump in vegas playing poker together. reporter: people are saying that the election of donald trump as next president of the u.s. has energized protest vote, creating a movement for unseating the status quo you but ironically renzi wants to change the status quo. disgruntled are saying they want change but will vote against it. former prime minister silvio berlusconi and other names of the past joined no campaign leading in the polls. some say they are emboldened by trump's victory. >> silvio berlusconi would not play the role he is playing, on television every other day, he looks rejuvenated, excited,
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look, after all, donald trump is only 10 years younger than i am. maybe i got another chance and i think, for silvio berlusconi, donald trump is like emotional botox. reporter: ashley, actually the party that is most poised to capitalize on possible no vote is rebellious anti-establishment five-star movement which as you probably know led by a comedian. if they eventually get to power, ashley, they said they will hold a referendum on italy's membership in the euro. ashley: american politics has become really interesting but still has a long way to go to match italy's, that's for sure. amy kellogg, great report. very important vote coming up on sunday in italy. taking a look at the markets. we came close to turning positive and i ruined it. we're down 19 points. should fannie and freddie exit the government's grip? that is the earth-shattering
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statement by trump's pick for treasury, steve mnuchin. we talk to dick bove on what the future holds for the two mortgage giants. we'll be right back. ♪ see me. see me. see me to know that psoriasis is just something that i have. i'm not contagious. see me to know that... ...i won't stop until i find what works. discover cosentyx, a different kind of medicine for moderate to severe plaque psoriasis. proven to help the majority of people find clear or almost clear skin. 8 out of 10 people saw 75% skin clearance at 3 months. while the majority saw 90% clearance. do not use if you are allergic to cosentyx. before starting, you should be tested for tuberculosis. an increased risk of infections and lowered ability to fight them may occur... ...tell your doctor if you have an infection or symptoms... ...such as fever, sweats, chills, muscle aches or cough. or if you have received a vaccine or plan to. if you have inflammatory bowel disease,
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approaching medicare eligibility? you may think you can put off checking out your medicare options until you're sixty-five, but now is a good time to get the ball rolling. keep in mind, medicare only covers about eighty percent of part b medical costs. the rest is up to you. that's where aarp medicare supplement insurance plans insured by unitedhealthcare insurance company come in. like all standardized medicare supplement insurance plans,
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they could help pay some of what medicare doesn't, saving you in out-of-pocket medical costs. you've learned that taking informed steps along the way really makes a difference later. that's what it means to go long™. call now and request this free decision guide. it's full of information on medicare and the range of aarp medicare supplement plans to choose from based on your needs and budget. all plans like these let you choose any doctor or hospital that accepts medicare patients, and there are no network restrictions. unitedhealthcare insurance company has over thirty years experience and the commitment to roll along with you, keeping you on course. so call now and discover how an aarp medicare supplement plan could go long™ for you. these are the only medicare supplement insurance plans endorsed by aarp, an organization serving the needs of people 50 and over for generations. plus, nine out of ten plan members surveyed
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say they would recommend their plan to a friend. remember, medicare doesn't cover everything. the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ ashley: president-elect donald trump's pick for treasury secretary, steve mnuchin with big promises as he told our very own maria bartiromo that the trump administration wants to get fannie mae and freddie mac out of the hands of government, however, many analysts believe privatizing the mortgage giant is easier said than done. joining us to discuss all of this senior correspondent charlie gasparino, and top banking analyst dick bove of rafferty capital markets.
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dick, let me get to you first. ever since steve mnuchin talked to maria bartiromo we've seen fannie and freddie stock value going up. why is that? a significant amount of money which would result in much higher stock price than it is at present time. should they be privatized? i think so. i think basically the government has got to get out of, if you will, guarantying mortgages and put housing industry more on private sector funded basis. right now appears, depending upon whose statistics you take, 70 to 80% of all mortgages in the united states tied to the u.s. government one fashion or the other. that has to stop. ashley: charlie? >> the question i have for dick, there is privatization and privatization. suppose there's a privatization as most conservatives like jeb
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hensarling would say if you put him on the spot, no government backstop, fannie mae's debt, freddie mac's debt is not backed up by the implicit support of the federal government. therefore they borrow at market rates but not at government rates. they have to borrow like a corporation that sells mortgages. if that happens, what do you think the stock goes? is that a sustainable business model? >> well, i don't think that they're going to be borrowinghas already guaranteed. again it is an implicit, not explicit guaranty as you mentioned, charlie. number two, what fannie mae and freddie mac would become more conduits in order to move mortgages into the secondary market with some sort of insurance guarranty. they don't have to borrow money
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to do that. mortgage the they're guarantying. >> who would provide the insurance? >> oh, i think that, if you will, originators of the mortgage would have to pay a commitment fee to fannie or freddie just as they do today in order to get the guaranties in place. >> so the bank pays, would pay the commitment is ambac, who guaranties the mortgage, i guess is the question? >> the banks are paying commitment fee now, right? >> fee to federal government. i'm trying to think what makes the business model work minus the federal government. people think this thing is making a ton of money now essentially borrowing at very cheap rates. has backup of federal government. has very little financing costs because of that. if you take out the government, and some sort of a conduit business is there a business there? is there, you know, i just want to know when this thing changes, without the government, why maka
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profit as long as it insures the product properly. >> that doesn't make sense, help me out here, this why i don't buy the rise in the stock whether people know what they're talking about here. >> right. >> ambac, why would they take 30-year risk on a mortgage? banks don't want to do that. the federal government, that's why the federal government is in it, why would ambac do it? they won't -- >> we're not suggesting ambac. >>which they sell into the
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secondary market. they do that at the present time, and fairly low rates because implicit government guarranties. if the government steps aside -- well that is what they're doing now. >> but they're doing it as the government. >> no, what they're doing at the present time, they have hired, if you will about a year-and-a-half ago a gentleman who is merging, if you will with two companies offerings together and who is selling packages of mortgages without guaranties into the private market. in other words, it is desirable to own mortgages. i mean we went through this crisis -- >> 30 year-mortgages. ashley: sorry we have run out of time. this will not be solved in the next -- >> i don't know who wants to own a 30-year mortgage? banks don't.
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ashley: dick bove, thanks as always. charlie, thanks for being here. closing bell ringing in just about six minutes from now. by the way november to remember including the latest jobs report, boasting the lowest unemployment rate since 2007 you but can president-elect trump keep the momentum going? or will his promise to bring back jobs to the america fall short? ourable star panel jeremy schwartz and ward mccarthy break it down next on "countdown." does psoriasis ever get in the way of a touching moment? if you have moderate to severe psoriasis, you can embrace the chance of completely clear skin with taltz. taltz is proven to give you a chance at completely clear skin. with taltz, up to 90% of patients had a significant improvement of their psoriasis plaques. in fact, 4 out of 10 even achieved completely clear skin. do not use if you are allergic to taltz. before starting you should be checked for tuberculosis. taltz may increase your risk of infections and lower your ability to fight them.
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♪ ashley: november jobs report is in. with its a massive drop in unemployment rate, down to 4.6%. that is the lowest level since august 2007, but will this number remain low when president-elect trump takes office and what areas of the market are primed for investors right now? joining us to talk about it, wisdom tree director of research, jeremy schwartz, and jeffries chief financial economist and a must have a huge business card, ward mccarthy.
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ward, let me begin with you. what was your take on the jobs report. a low unemployment rate but a lot of people dropped out or taken a part-time job? >> overall the data was pretty good from the standpoint it indicated that the labor market continues to move toward the full employment which of course is the fed's objective. you're right, it was mixed. some things underneath the hood that were not as impressive as the drop in the unemployment rate for example. also we had a decline in average hourly earnings. but when the put the whole package together says we're headed into the right direction and we'll continue to head in the right direction, not only last month of 2016 but in 2017 as well. and if president-elect trump gets his way on some of his stimulus packages i think that will help part of the labor force which is semiskilled and unskilled labor still has a long way to go before being fully employed. ashley: right.
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jeremy, let me bring you in on market side of the equation. the trump rally continues. we're off a little bit but up massively since he won the election. this obviously makes the fed interest rate hike later this month even more likely, but will the market take that in stride? >> what's amazing really how the market has moved on the interest rate side. you've seen a huge shoot upin long interest rates, even more than people expect the short-term rates to move. a huge diversion in market force. financials do well. small caps do well. cyclical stocks do well. large caps they're up, but a up a lot less than mid and small caps which are more sensitive to the u.s. economy. dollar has done well which hurt international exposures, emerging market exposures but really helped japan a standout country that benefits from u.s. growth and a rising dollar. if you do believe the u.s. is continuing to improve, very positive policies or growth i
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think you look at things like small caps in japan. ashley: gentlemen. we're already out of time. jeremy schwartz and walt mccarthy. they're clapping away. friday heading into the weekend. the dow, all we had to do finish in the green would be higher, short of another record but higher for the week. here comes the the the closing belle with melissa francis and connell mcshane. melissa: s&p 500 and nasdaq turning positive within the last hour. i'm melissa francis. connell is back. connell: i am connell in for david asman this is "after the bell." what names are moving book, here is what else we have for you at this hour. donald trump back to work, looking to fill his remaining cabinet positions. among those paying him a visit, a democratic senator from north dakota. so we're following that. trump even taking his own team by surprise as we were taken by surprise with his pick for


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