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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  June 7, 2017 3:00pm-4:01pm EDT

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over to you. thank you trish. that is the breaking news. that opening statement from the former fbi director. he is set to walk them through all nine of his discussions with president trump when he appears tomorrow on capitol hill. he did tell the president that he was not the target of any investigation. also, revealing that mister trump ask for his loyalty. it requested that he let go at the investigation. it happened as president trump was wrapping up the one joined other infrastructure. the president saying he was able to recapture the nation's legacy.
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using american labor and energy and american diner. he calls it the best infrastructure in the world. that's what we need. and all of that on the same day that the president named his nominee to take his place. the former justice department official chris ray. we have fair and balanced coverage of. the democratic congressman. they are both here on infrastructure healthcare. on wall street today the markets looking pretty good right now. a little nervous earlier they have a jampacked schedule. as of today is not busy enough. it is getting crushed on the stockpile a surge. here we are less than an hour to the close fell. i'm connell mcshane in today. let's start the countdown.
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a lot to get to hear. the stocks are breaking up a little bit. the final hour of trade as we get into that this afternoon. investors are waiting. the triple threat. risk factors tomorrow. don't forget about that. and of course james comey on capitol hill. i nearly 5% drop. that after inventory dropped. $3.3million barrels. big surprise. two of the biggest drags. we have more in the market. if it wasn't for the likes of exxon mobil be down by 65 cents.
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and overall if we look at the major indices and we will follow them through the close here. it's now up 33. a bright spot with individual stocks. take a look at sears on that front. 5% advance after shutting to an half% last session. good day for sears. they added 66 more sears and kmart locations to its list of closures it totals nearly 2220 so. the reduced footprint would improve profitability. the breaking news let's go to the white house. just one of the many headlines. with obtained a copy of the
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testimony that he expects to present tomorrow to the senate intelligence committee. the president ask for that loyalty during a dinner we are told in january. after earlier being assured he was not personally under investigation. there was a lot to go through in this. we have all been doing it. no be better than blake burman. he has been making his way through all of what is said. what should we highlight. he is set to read off the testimony tomorrow. to talk to the president about salacious and verified information that was about to be floated out. that was one of three times that he informed the president that he was that the subject of a counter intelligence operation. he writes about that january 6 meeting. during our one-on-one meeting
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at trump tower based on president-elect trumps reaction and without him directly asking the question i offered that assurance. he was at the subject not the subject of a counter intelligence operation. he passed along the information to the president. during a one-on-one dinner here at the white house.30 phons well. january 27. another important date according to this testimony that he will be delivering tomorrow that is when he said that the president and ask him for what amounted to a loyalty pledge. in this testimony i need loyalty i expect loyalty. he said i didn't move, speak works change my facial expression in any way during the awkward silence that followed. fast-forward 17 or 18 days. and that is where the whole thing about the former national security advisor in the conversation regarding
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that comes up. at that point he said he would drop the investigation by saying the following. the president have said i hope you can see your way clear to letting this glow -- go. he is a good guy i hope you can let the skype go. i replied that he is a good guy he goes on to write i did not say i would let this go. a couple of things of important to point out. at that point he thought the president was simply asking him to drop the investigation and not necessarily the investigation into the larger broader issue of russian meddling. he had nine different conversations with president trump over a four-month span and it was after that january 6 meeting when he decided to memorialize these conversations much of which
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will be the subject of his testimony tomorrow. komi is a lawyer. there was nothing in this. a testimony to suggest that he concluded that there was any crime committed. he never mentioned that at all. it's not mentioned in this at all. one might imagine that the democrats may try to build up the case or critics of the president -- in general. he said at one point he just sat there and awkward silence to the other and the republicans and support of in support of the president might say hey, if he doesn't use the words obstruction of justice it is the beef of the former head of the bureau that and never rose to that lel. what he had reported it if he thought he have.
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the president was in cincinnati. remember it's infrastructure week and he was rolling out has 1 trillion-dollar infrastructure plan. calling on the american people he says both democrats and republicans to work together in the great rebuilding of america. president trump is vowing to fix the infrastructure and get rid of all of the unnecessary regulations that are driving up costs. it was the story of the day. see make it may have been the story of the day on some other days. infrastructure coming here. part of the 12,000 miles of inland waterways. there is two ways to look at this as well.
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it is one that the president hoped would get bipartisan support although what's going on in washington right now it doesn't doesn't really bode well for all of that. he releases a report on public private partnerships like the president is proposing it doesn'speak wello those private partnerships. on the other hand they offered no new details about how that would work. he did go to a familiar campaign team. we spent $6 trillion in the middle east along with a death of so many incredible people. $6trillion and yet if we want to fix a road or a school and we want to make sure that a bridge doesn't collapse in our country.
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we don't every time have the money. it's got a change. something is wrong. $6trillion spent overseas. only 200 billion but this would be over ten years they would leverage into a trillion dollars in infrastructure spending but you can't just invent money. you still have to pay for things there might be tolls or user fees on things like the repair of the locks and dams in behind me. if you want to fix them. some these got a pay. jeff, thank you on the infrastructure story today. we just focus the trump rally which is obviously been great for many investors. we've seen we sing stocks and
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bonds. they continue to move higher. they highlighted of those moves in an article today. but what does it tell us we have traders at the new york stock exchange. let me start with you. everything going on. you say all good or maybe you say you should be a little bit nervous. i'm sure you've noticed the economic data has been coming out for the last six weeks or so has an rather weak. or getting to a point where earnings they carried us through the first quarter organ had to carry us further. they're projected to go 10% higher year-over-year for the second quarter. it really isn't in too much danger i don't believe. we have these three events tomorrow. we have more important macroeconomic data next week.
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i think you can still make a case outside of that. they will be able to ignore all of the plants -- events. the data we are seen on the oil obviously looked big. it took itown to theotm of the current trading range. this is actually where you would expect to see traction. these are older figures than that. the question is when does the american driver start getting there.
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those are the two elements that go hand-in-hand with summer and that is what we are missing. it will come about. it always does. and luca, how about you. we are talking about all of these various assets going up at once. what do you make of the day so far. i did not think that the build would be that much. there is plenty of crude around. we will have that going lower. forty-five is a big support if it breaks a 45. there is a little bit of trouble. i will say this right now. even though i'm not very bullish on oil. there's something significant that happened today or yesterday and there was isis terror attack in the capital of iran. i can guarantee you they are not going to change -- take that kindly or lightly.
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it could give a hugeoost to oil. not from a numbers or economic standpoint. there is to be some news coming out in the next week. i want to have some protection in place. if he gets a 44 handle i will probably buy a little more. thank you so much sir. they are all joining us on the floor show.
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the other thing we are seen as tesla. it's really going away with an intraday high. it's also high demand for this model three. another one plus percent. all this with the big story of the day. the prepared remarm th fire fbi director. they came out a little over an hour ago. we will look ahead to tomorrow's hearing with a the republican congressman. he is coming up from kentucky. the comedown countdown is coming right back.
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some brick and news as we come back. air force one has landed. he has arrived at the joint base andrus. the infrastructure plan being rolled out. that big announcement wrapping up a little little over an hour ago. no doubt when he gets back in dc though.
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as we had is prepared remarks. kind of holding back your publicanarty's agenda including a number of things. health care in taxes possibly a plan to repeal. for more on all of this he sits on the house financial services committee it's interesting reading you can get to a point where they were head. are they at a point where there was a crime committed. do you head of you. i am not on any of the journeys. i think it is altogether appropriate that these investigations go forward.
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i have confidence in both of the house and senate intelligence committee investigation. robert mueller. the timing of the firing. this investigation when you look at it from the grand scheme of things. it shifted. even the democrats. the ranking member. the former members of the obama administration no evidence of collusion. if they requested the resources ahead of the firing. that turned out to be not the case. they briefed congress and said no in fact he wrote the memo recommending that he be fired
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he was confirmed by the senate on a bipartisan basis 94-six. mister rosenstein also served in the obama justice department as a u.s. attorney and he told members of congress he wrote the memo it was his recommendation. they all signed off on it. did not help. so now the investigation has shifted. >> and to elaborate on that a little bit. we learned that the prepared testimony that it was confirmed that there is no personal investigation of the president. where there wasn't. he was then overseen. according to the president's own words as reported by director comey kind of a cloud hanging over his administration because of all of this. it is making it difficult for him to get things done. i know they are trying to get
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a repeal on the dodd frank. how difficult is it to get things done. it is a good question. i will just tell you from my perspective from this one member of congress' perspective. it is not holding us back at all. we passed health care reform to replace it. none of this outside distraction has held us up at all. our constituents back home are telling us we need relief froms. it is denying the american people choices. that might get held up in the senate. i know that is not your jurisdiction. a big win yesterday from the standpoint of the senate proletarian. it is a deal that will only require a 51 votes in the senate not 60 votes and the
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house in the house members we were very coxswain cox said that when we crafted this. and we did it through that reconciliation process. now the senate has the capacity to send this back a replacement that will provide relief for the american people. this legislation will lower our baseline and allow us to give us a head start. we are not slowing down on the agenda. it's really important that we make america more competitive. and you can get that done even with the august recess. my personal opinion we should work until we have all of the agenda done. here is the bottom line. they set us up here. appear. the election of last year was the policies of the last eight. the president is coming out here. i'm sorry to interrupt you.
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connell: following a number of breaking stories all at once. moments ago, joint base andrews president trump boarding marine one for short flight back to the white house after arriving back home from the infrasucrevent in cincna. it is supposed to be infrastructure week. a number of breaking developments, not just release of james comey testimony. in the uk, they have a lot of on their plates and big election is coming tomorrow. citizens reeling from the terror attack in london. british officials are trying to nail down if the now dead suspectshad international influence. it coincides with the election
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and voters gear up to head tote polls. ashley webster is covering it for us. so much happened, ashley, with the attack over the weekend some said this would hurt theresa may, the incumbent prime minister. are the odds still in her favor though? reporter: they are, but certainly those odds connell, narrowed considerably. at one point theresa may and the conservative party had a 20-point lead. by some accounts in last couple days poles show it almost dead-even with perhaps theresa may with a slight lead. at issue here, rather at stake is the in per of seats at parliament. who controls law of the land and very important don't forget, as the country starts to negotiate out of the european union, "brexit." it is interesting, the opposition leader, jeremy corbyn
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has not been popular even within had is own party. some say he should step down. he has been as a candidate, somewhat awkward and,. problem for theresa may these terror attacks really led to criticism of her policies when she was home secretary here in charge, if you like, of homeland security. she also oversaw the cutting of police officers by some 20,000 positions. all of that has not helped her as we have gotten closer and closer to election day. the polls open in about seven 1/2 hours, 7:00 a.m. tomorrow morning. what we thought would be a conservative landslide could be very close indeed. we'll cover it all for you tomorrow. we'll find out what results are later on tomorrow night, connell. connell: we understand you have a break in the 4:00 p.m. eastern hour here. just got a note of producers of
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"your world," with neil cavuto. you are no longer welcome. he never loses that sense of humor. watch him on our network, folks business channel. the uk elections come your way on fbn. this is historic election as ashley talked about, in the united kingdom. lou dobbs and neil cavuto will take you through tomorrow evening tomorrow night with the results across the pond. lou at 7:00. neil at 9:00 eastern time on the fox business network. dow is up almost 47 as we get closer to the closing bell on wall street. president trump looking to build support for his infrastructure plan. that was his big plan today but did his words in cincinnati reach democrats on capitol hill? up next california congressman, house transportation infrastructure committee member, john garamendi will join us from capitol hill. the countdown is coming right back.
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>> we build in foreign countries. we spend trillions and trillions of dollars outside of our nation, but we can't build a road, a highway, a tunnel, a bridge in our own nation and we watch everything falling into disrepair. it is time rebuild our country to bring back our jobs and restore our dreams. it is time finally to put america first. connell: so that earlier today, president trump touting his infrastructure plan in cincinnati. calls for a trillion dollars in spending on bridges, roads, other projects. the leadership from both parties have shown at least some signals they may be willing to work with the white house on this, on infrastructure. our next guest actually sate on
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the house transportation and infrastructure committee. democratic congressman from california, john garamendi. is that true, congressman, is there room to work with the white house on infrastructure? >> absolutely. that is something to do. something democrats and i have been calling for forever, back to the stimulus bill, had too many tax cuts and too little money spent on infrastructure. going forward, yes. we have to do this can we do it? yes. and we, one more thing, the president didn't say at this time, he has before, and that es, all of that steel, all of that concrete, all of those electronics, all of that must be american-made. buy america, use our american taxpayer dollars and buy american-made goods an services. connell: this really ds sound li at least from your point of view you could get something done. if anything sometimes republicans as you know are unwilling to go as far because they're concerned about spending too much money, but tell us what is realistic, what you heard from the president and what you think yourself what is realistic
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on infrastructure? >> what i think is realistic is a trillion dollar program. remember that movie, show me the money? there is lies real question, where is the money coming from. i don't think anybody around here should be interested in just running up the deficit. that is not where we are, where we were back in the great crash in 2008-9, we did need that, yes it did happen. we're different now. where is the money coming from? the president has not raised that issue. we do know the tax cut issue may actually make it impossible to fund all of this. if it is tax reform where we do not reduce revenues but rather do away with the unnecessary and useless tax loopholes, then, we need to find money, perhaps from that source. there is the repatriation of dollars from overseas. there are ways we can fund this. we need to make sure it happens. connell: sounds like you're talking about holding back on some aggressive tax measures republicans have been calling
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for as a way to get infrastructure done. so we'll see how the back and forth goes on that but will, how much back and forth can we see just big picture of this administration? other obvious breaking story now released testimony of the former fbi director james comey tomorrow. as part of that, the president apparently talked about a cloud over his administration where he can't get anything done. now you're telling me maybe the democrats can work with him, up until now we haven't heard much working together. the president would argue the russia investigation hanging over things and holding things back. what do you say? >> well it certainly is. this scandals that confront this administration are unprecedented. it took next son seven years before he found him is -- nixon seven years before he found himself in trouble. this administration found himself in trouble day one. there are a whole host of questions clearly making it moving forward on critical issues or infrastructure issue
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on tax reform or health care. those are fundamental issues we should be addressing. we need to improve what is known as obamacare. we certainly need infrastructure that is robust and meets the needs without driving the deficit there. is role for privatization. we need to be careful. it may be another way of adding fees, otherwise taxes to the general public in a way that might actually be more expensive. connell: real quick, congressman this, is good discussions on issues, you brought up there are more scandals and used nixon reference. water gate they say the cover up was the story. there was a crime and break-in in the watergate complex. in this case was there a crime? as inappropriate as some of these conversations may have been between mr. comey and mr. trump, some say it doesn't rise to a level of say obstruction of justice. what do you think? >> well, the certainly there is a question of obstruction of justice. that these halls you can't walk down the halls without hearing that word but there is something
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going on here that is really critical. that is, we have former fbi director mueller, that is conducting a very thorough and comprehensive look at all of these issues. and the fbi does criminal investigations. so, we'll see what comes of all of that. there is north very, very important point here. how do we protect our democracy from interference with russia and other plers? there are other players out there that could interfere with our democracy. connell: right. >> that requires a thorough public investigation what happened. not looking at criminal issues but rather looking at how to protect our democracy going forward. how do we, now the issues of hacking into the way in which we tally votes. those are really fundamental. so we need to really have that kind of a non-partisan investigation. can the congress and senate do it without too much partisanship? big question. connell: congressman, thank you. john geir menddy, the democratic congressman from state of
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california. another remind are fox business is all over these hearings tomorrow at senate intelligence committee with james comey. yes we have the prepared testimony. we'll get a lot more in the q&a with the senators and mr. comey about the russia investigation. it all starts at 10:00 in the morning eastern time. keep it here for the very latest. fox business. markets closer to the close, up 34 on the dow, is where we are. s&p and nasdaq also in the green today. guess what? the markets may be up because charlie gasparino is back. good as reason as any. he has details on well-known wall street money man that could be headed to secretary wilbur ross's team at the commerce department. can't give you anymore hints than that but charlie will break it next on "countdown." ♪
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♪ connell: what a day on top of everything else we've been talking about. president trump is looking to fill missing pieces within his administration. could be turning to one of his former campaign advisors to fill a void. charlie gasparino is back with what is a fox business exclusive. who are we talking about? >> anthony scaramucci. connell: wow. >> listen, i hasten to say that he is going to get the job, every time you report he will get it he doesn't get it, right? connell: right. >> looks like our long national nightmare -- connell: scaramucci getting a job where? >> listen, here is what we hear. he is considered for a white house role. the place we hear likely could happen, it could, not been announced yet, not done until announced, remember, he was about five months ago -- connell: real quick, what held it up last time? >> because he sold his company, skybridge capital, fund of funds to a chinese company. he needed to close it out.
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there was controversy with the chinese company. he opened his mouth, said things annoyed people inside administration so they held it up. trump apparently likes the guy. he is telling people he likes the buy and there should be a job open for him. we understand he is being seriously considered talking for a department post. commerce department. connell: they need people, charlie? are they having trouble from your reporting or sources attracting people would say top talent these days with everything gone on? >> i think some of that. i think other thing is, that they're slow. it has been he slow. there's a loyalty oath you almost have to take to work for donald trump. connell: well -- >> we'll get into it in a minute with james comey. listen, if anybody has been loyal to donald trump it is anthony scaramucci. say what you want about the guy, raised a lot of money for him. stood by his side, got screwed over, i believe, personal opinion, made a big deal selling to chinese firm.
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by the way the chinese firm is decent chinese firm. alibaba decent company controlled by the government. this is decent firm. connell: they didn't like appearance. scaramucci may get a job? >> if he doesn't do that, eyeing a asset management job. it ain't over till it is over. if he get as job he saves himself $40 million. sold skybridge, gets tax treatment. put it in the bank. connell: tax issues coming into the administration. talk to you about comey. we've been talking about it throughout the show already. you mentioned loyalty. that came out of the testimony. >> loyalty, i want loyalty, please. connell: you really are disturbed. >> i'm d trump. i'm don trump. [laughter] connell: serious question, rit? >> sounds like a mob guy. connell: worth reading through for everybody. we'll hear comey deliver it tomorrow. the serious question, whether not inappropriate comments were had. people would read through and say, they were but were they illegal? >> what he said i would like -- connell: against flynn.
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>> against flynn. we asked john coffey, one of best experts, knows white-collar crime, obstruction of justice, inside and out, arguably this could be, this could show obstruction of justice. real question would you focus can a sitting president be indicted. majority view he can not. this is relatively uncharted territory. he has to be impeached. connell: is this enough. >> republican congress will not impeach him. if democrats get in there whole other story. it is fascinating reading this thing. do you have the thing, the thing about the thing? connell: the thing about the thing we talked about? >> there is last line in his testimony where he tells, sound like a line out of goodfellows. what was the other one? connell: there was talking about that thing that we had. he said -- >> thing. connell: here it is. supposedly the president speaking, reading it off my computer, because i have been very loyal to you, very loyal, we ad that thing you know.
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comey says i did not reply or ask him what he said by, that thing. >> you remember a seen in "goodfellas," meeting jimmy, at the diner i said you have to do the thing, that thing. henry hill said that is when i would be killed. connell: analysis you never hear anything else. >> that thing. sounded mobster. took it another way, sounded like they had some other thing going there. i don't know, the thing? what does that mean? connell: wrapping us in a feverish fashion. playing music. get the hook. he is back from vacation. closing bell is under eight minutes. dow is up 40. we'll talk more coming up about all top stories. big market-movin events. like a big trilogy tomorrow. we'll get into it when the countdown ♪ tell your doctor about your medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain,
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♪ connell: not much more counting
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back at the markets. we'll snap a two-day losing streak. coke and pepsi losing a little bit of a physician after a downgrade. we bring nicole petallides from the exchange. hey, nicole. >> connell we're looking at some names in the soda industry. coca-cola and pepsi are pulling off. coke down almost one percent. bmo downgrading the two names. one is valuations. they're at or near all-time highs. and they like dr. pepper. dr. pepper actually moved to the upside. year-to-date coke and pepsi are better performance. that goes to valuation part of it. they're not really seeing mergers coming to fruition. there were talks of merger with kraft and mondelez. those are not happening. they're not seeing meaningful multiple expansion from the current levels. this is why the physician is out of the stocks, pardon the pun. that is the deal. dr. pepper gets an upgrade only
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because they're not seeing big valuations. others have seen run-up. room to grow with the upside. connell: thank you, nicole. getting set for closing bell on the exchange. we're seeing a bit of a bounceback. we did have release of former fbi director comey's prepared remarks we're talking about. a number of investors on the sidelines ahead of the election for the u.k. ecb over there and comey q&a. if you're worried about the wealthiest turns you out. tiger 21 is group of ultrarich members. $46 billion in assets. barbara goodstein is here. thank you very much for coming in. how are wealthy people, generally speaking handling this environment? seems like they're ignoring the noise but how do they really feel? >> this is why people join tiger 21, we spend time every month reaping our members so properly
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diversified so they can weather fluctuations on daily basis in the market. our members only hold 20% of their portfolios in public equities. so they're less susceptible to change in the markets on on going basis. connell: markets hung in there nicely at 21,165 from the dow, those of us screaming about headlines from washington and everywhere else. technology is very interesting to watch. the nasdaq hit three dozen new highs this year, right? many of these companies we talk so much about, whether alphabet or amazon, google, facebook, on and on have big the big stories stockwise. a way us almost to forget about politics. will they continue to do as well, the big technology stocks, do you think. >> our members are heavily in technology stocks but interestingly they're also in passive invests. they're investing in etf, where you generate return and pay the
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least, where you have a cost effective return and technology stocks you can see some groth and some upside. connell: etfs in the technology industry you're talking about specifically? >> etfs mirror s&p. connell: s&p overall. you follow the market and recommend anything in this environment more so than others investment fund. >> our members doing passive investing. we're seeing greatest rise in real estate. our members have holdings in real estate up to 32%. connell: what do you pick out? real quick we're close to the bell. >> looking at reits but also actively managed portfolios. real estate gives them opportunity to have non-homogenous holds and active participation. you can own it, tangible, income producing. connell: getting set for the closing bell with the dow up 35. anything that keeps you up at night you're concerned about at this point? >> why people invest in private equity. they can control what they're investing in and know that
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space. connell: thank you, a lot in in short amount thank you, barbara goodstein. markets snap two-day losing streak. thanks for joining us. i'm connell mcshane. [closing bell rings] dade as man and melissa francis for "after the bell." david: snapping a two-day losing streak on big news out of washington. s&p and nasdaq get a boost. we'll tell you what is driving markets higher today. hi, everybody, i'm davidsman. melissa: i'm melissa francis. this is "after the bel" we have a very bessie hour ahead for you. we know what james comey will say under oath tomorrow in one of the most highly-anticipated hearings on the hill. we have his prepared testimony describing conversations with the president in months leading up to the dismissal, details and analysis coming up. meanwhile president trump is focusing on rebuilding america, returning to the white house moments ago after making the case


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