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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  July 19, 2017 3:00pm-4:00pm EDT

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leading a made in america roundtable at the white house. how do we make america competitive? really competitive? you might start with getting rid of the highest corporate tax rate in the world. anyway, this is what we can anticipate discussion of by mnuchin and ross. stay with fbn for breaking coverage. liz claman is going to have it. hey, liz. liz: a lot of breaking coverage, 24 hours a day, thank you, trish. the senate will take another stab at health care. moments ago at the white house, senate majority leader mitch mcconnell set the stage confirming another vote next week on a motion to proceed to the bill to repeal and/or replace obamacare. he wasn't clear on exactly what it would look like. this comes more than an hour after the president pulled a u-turn at the white house once republican senators had taken their seats at the lunch table. president pitched the positive of obamacare pushing members to keep favorite parts of it,
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bashing biggest problems and lobbying the bill's fixes. less than 24 hours after he said drop, it let it implode, we don't want it on the democrats. president trump said senators should not leave for august recess until a health care bill. tomorrow was tax reform, now a health care bill on his desk saying he favors repeal and then replace. he's got his pen in hand and rushing to sign. blake burman rushing with the latest on trump health care demands and a preview what we might hear from the president in this hour. yes, we're expected to hear more from president trump. and congressman rodney davis worked with democrats to fix one part of obamacare that would help small businesses and military veterans. can the republicans do it again as the house turns its focus on the budget and taxes? plus bob hormats former assistant secretary of state, he'll tell us the most important thing that must come
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out of today's slightly tense, slightly awkward but crucial talk between treasury secretary steve mnuchin and commerce secretary wilbur ross who face down chinese counterparts. on wall street, the s&p and the nasdaq headed for record highs as the dow holds onto gains despite a big drag from big blue. less than an hour from the closing bell, you got to witness that, right? let's start the "countdown.". >> we are marching back toward highs for the session for the dow jones industrials. three of the fire indexes are firing on all cylinders, the s&p, the nasdaq and russell 2000 having a party of their own. nasdaq up 41 points, nice move of two-thirds of a percent, the small caps up about $12.99. call it 13 bucks. the nasdaq up nine days in a
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row. the longest winning streak in nearly 2 1/2 years. a big move over just a couple of days. the dow lagging behind because yesterday as you know, we saw a loss, sitting in the green at this hour. it would need to finish 63 points higher for a record close, but take a look right now. up 43. the high of the session is up better by 48. not far from that. big blue in the red, ironically a tech stock shaving off 50 points, down 4.5% after the blue chip name reported its 21st consecutive quarter of year-over-year declines in revenue and it missed revenue, but folks, the dow transports are really bucking the rally in the broader market. the only major index in the red. it has two names to blame for that. united continental. remember at this time, waiting for united and csx to come out with numbers. well, disappointing unit revenue guidance for that
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airline, so that one is taking a hit of two-thirds of a percent. and csx slumping 5.5% after investors questioned how the railroad operator beat earnings expectations. it's never enough for wall street, right? csx is dragging competitors off the rails as well right now. union pacific down 1.63%, we need to get to the white house where senator mitch mcconnell and, you know what, ted cruz, more recently spoke to the press after gop senators met with president trump at lunch about efforts and their failed efforts to repeal and replace obamacare. senate majority leader adamant, he confirms the senate will vote next week on the motion to proceed to the next phase, which is a bill that either repeals or replaces or both, obamacare. he thanked the president for pushing to fix the problems with the current law and explaining that the bill will be wide open for all amendments
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to make it better. listen. >> what i want to disabuse any of you of is the notion that we will not have that vote next week. we're going to vote on a motion to proceed to the bill next week. liz: and by the way, there were two more promises, one after another, blake, where he said i'll make this clear again, since you're asking. it will be next week. you're standing by at white house, and can't ignore the turnaround that the president made in less than 24 hours ago, right? >> reporter: this was a fairly remarkable dressing down liz of what we saw from president trump earlier today at the white house. what he did essentially was bring the entire republican caucus here, 49 of the 52 republican senators were here. brought in the television cameras, and then for about ten minutes read off a speech, part off script, part impromptu, he said a few things, look, you need to sell health care reform. you need to pass health care reform, and if you don't, the
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president said don't go on your august recess. >> i have pen in hand, you never had that before. you know, for seven years you had an easy route. we'll repeal, we'll replace, and he's never going to sign it, but i'm signing it. so it's a little bit different. any senator who votes against starting debate is telling america that you're fine with obamacare. >> reporter: liz, you mentioned the last 24 hours and the president's position. go back to monday night after it was apparent that mike lee, jerry moran were going to be no's and this thing ground to a halt. president sent out a tweet which he said hey, we either repeal obamacare now and worry about replacing it later. yesterday he made the comments, why don't we go ahead and let obamacare die, worry about the ramifications. and today he flipped it around
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saying let's repeal and replace it, do it all at once. few different positions from the president. bottom line is he wants something done and done quick. liz: well, of course, but the process by which you achieve that involves a lot of hard work during the follow-up to the actual vote versus dressing down, which i guess is important at a certain point but we're on round three, blake, and then there was this news that the president was taking a few hits at dean heller of nevada, the republican senator who said no way am i touching this? people in nevada need medicaid, and ted cruz was just asked right before the top of this show, what did you think of that? he said, well, i don't know what the president's plans are and what he does that he feels works but we are working cordially, collaborating, that is the word he put in there, but some point ends up with the door opening up to democrats. >> reporter: republicans have made it clear when there was an ad run against dean heller.
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he's a no vote consistently, senate leadership was clear, they didn't like it. a pro-trump group pulled the ads. you have the president seated right next to dean heller, not coincidental, and he laughed it off and said, look, you still want to be a senator, right? the insinuation there being fall in line, get this done soon. dean heller is up for re-election in 2018. liz: not everybody falls in line. remember when chuck schumer voted against the iran nuclear deal, president obama was not happy about it. blake, thank you. the president is expected to start a made in america roundtable in the state dining room with a lot of big businesses there, and small ones, too. we're going to hear, we expect to hear from the president shortly, and the minute we get, that you'll get it too. as president trump makes that made in america push, we're getting good news on the domestic housing front after declining for three straight months and people were starting
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to get worried here. u.s. home building brought out a metric that shows its rebounding more than expected from june numbers. housing starts jump 8.3% to the highest level since february. builders applied for more permits to break ground on new homes, a signal on increased activity ahead. take a look at the housing and home building related stocks are reacting to the news. home builders at the moment, all in the green. that's a big thumbs-up, what about the stuff those guys on the screen need to construct houses? we're talking about building material stocks. right now they are all moving higher from eagle to trex, vulcan and continental building products. are we headed to prerecession glory days for housing? i want to bring in our traders. teddy weisberg, here's why i'm a little skeptical. just yesterday, home builder sentiment fell to an 8-month low. which is it?
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>> i guess you got to pick your poison. i suspect the glass is half full, not half empty. the economy generally is improving, interest rates are historically low, these are all plusses for the housing industry, and reflected in the housing stocks like a weyerhaeuser, a lumber company which is doing much better. liz: larry, what's interesting here is there is a reason that isn't that bad? isn't that nefarious to use an s.a.t. word, there are troubles over the past three months. number one, lumber prices have spiked 22%, i believe since the start of the year. now it stands at, well, the metric is per thousand board feet. we'll say 39 cents a board foot. up 22%. prices are jumping and a posity
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of labor, people have moved jobs and need to come back to housing, does this hurt the housing number in a decent way? >> i look at housing numbers and they seem to plateau after a certain amount of time. it's hard to manage when that will happen. looks like we'll continue to grow, the numbers are crunchy. keep in mind, that interest rates are very, very low, and investors are looking to find now homes, expand homes, et cetera. i think this is a decade story that's in front of us. it's one of the stories that's going to happen very slowly, it's not going to be very apparent until after the fact. >> are you seeing any flows? we showed a lot of green on the screen when it came to housing related stocks, including materials. a lot of the big names are doing very nicely. >> i think they're coming off the map right now. that's one of the concerns. you look at lumber prices, they have been explosive, that's a
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trade war we had going with our neighbors to the north. canada earlier in the year. the trump administration was tired of the canadians dumping the cheap lumber in the states. that's change dramatically. i'm not convinced the housing market is going to come back roaring and steaming anymore. i believe there's a lot of unsold inventory that's going to come back onto the market when prices hit a certain level. there's a lot of properties that people are looking to dump as soon as the prices hit that level. every upstart on the news sector it's offset with that still continuing unsold inventory, though it's not declared for sale, it comes on the market. liz: okay, gentlemen, thank you very much. we want to say that oil, we never ignore that, is now back above $47 a barrel. so that may certainly be helpful to oil related stocks. thank you very much, teddy, larry, phil. light sweet, $47.18. big companies are reporting
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earnings, call it in about 50 minutes. top of the hour, david and melissa have complete analysis of american express and alcoa, "after the bell". sometimes they move entire sectors. stay tuned for that. closing bell ringing in 47 minutes. cisco and united health group leading the dow 30. unh hitting a 52-week high after seven brokerages raise price targets on the health insurer to anywhere from 205 bucks to $235. and right now unh at 188. at any minute we expect to hear president trump talk more about what cool things are made right here in america. it's the week he's focusing on and business leaders that make their products in the usa. we'll bring it to you as soon as it happens. he may make comments about health care, tax reform, and firmed up a plan for extensive economic talks in china back
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when he met with president xi jinping in april in mar-a-lago. those talk set into motion got officially under way today with tension thick in the air. former assistant secretary of state bob hormats on the first thing we should be asking from china, and if we can learn anything from our biggest trading partner? "countdown" coming right back. your insurance company
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. >> accounts for nearly 50% of the u.s. goods trade deficit. if this were just the natural product of free market forces, we could understand it, but it's not. liz: quite the opening line from commerce secretary wilbur ross, who this morning came out swinging as he welcomed china's vice premiere wang yang to washington, d.c. team ross-mnuchin on the offense when it came to the u.s. and china's trade gap. this as both the u.s. and china then canceled the news conference that was scheduled for 5:00 p.m. this evening. today's u.s.-china economic dialogue following president xi jinping's visit to mar-a-lago in april where the president set the stage for what's happening today.
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what are the most critical points the two countries need to focus on to make it a fairer trade relationship because there is a huge trade deficit with china that they benefit from? former assistant secretary of state and former goldman sachs vice chair bob hormats. i'm sure that the chinese were like, check, please. that's why we have the banner, check please, it was a tense moment, certainly, but some people are saying this secretary ross did just the right thing in a calm and measured way, he stated the big problem off the bat without tap dancing and that is that there is a very lopsided trade relationship between the u.s. and china that favors china heavily. >> certainly there's a trade imbalance, china has a trade surplus than the united states. the question is what the reasons for that are, and the major reason is that china is a very competitive country. that's i think a fundamental point we have to bear in mind. are there things that the
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chinese do to give them added advantage? do they provide support for state enterprises? yes, they do. there are certain components to the relationship we have to work on, and i think that's what secretary ross is trying to get at. liz: let me push you here, bob, because right now we have a trade deficit, that means we're on the bad end of this with china of $309 billion, and with us, they've got a $22 billion surplus from the most recent numbers. fine. we'll get just as competitive as the chinese. >> the thing we have to bear in mind is the chinese have a big surplus in part because a lot of other asian goods produced elsewhere in asia moved into china because china is a competitive supplier. china is also, however, we ought to bear this in mind, manufacturing sector has over a period of time been losing people, too. they have been moving companies -- companies have been moving
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low-priced products away from china, vietnam to bangladesh. liz: i'm not crying for the chinese. >> no, no, simply saying there is a process of shift going on here. are there things we have to work on? yes, indeed. intellectual property protection. when i was there, other under secretaries of state in my job. liz: that's like pirating. what about taking the goods in the barriers that are sometimes hidden off of u.s.-made goods? >> there are things the chinese need to do to open it up. working and pressing the chinese to open up in numerous areas, particularly for america high-technology companies, they're doing well in china. if you take individual companies, the big problem is not so much they encounter huge barriers in china to trade. barriers are on the investment side, not so much on the trade side but the worry is over a period of time, china's reserved seve areas of strategic importance for them
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and they're going to be more competitive in the areas and resisting american sales. liz: on the screen are the top exporters. if you own apple or boeing or nvidia which makes graphic chips for all kinds of equipment, then is this a positive for them? wilbur ross is putting up fisticuffs here. >> depends how it's done. american companies do not want a trade war with china. they want the united states to take assertive position, they have a big market in china for many of the companies you identified and many more, the china market's growing, it's a mixed picture, it's not all a negative picture. the big element is that china is very competitive, not just in low-wage products anymore, they used to be but those have shifted. moving up the technology line. liz: let me bring up before we go, we're running out of time. jon huntsman, who was president obama's ambassador to china. now president trump floated him as his pick for russia ambassador to russia.
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you know jon huntsman. >> very well would. >> he be a good person in this role? >> he would be excellent. ambassador to singapore, ambassador to china before, he speaks fluent chinese, he doesn't know as much about russia, certainly not as much about china. he is a smart guy, very assertive. the real question is do the russians think the president is going to listen to him? the president has a lot of people around him. is he going to listen to jon huntsman? john is a rational guy, he will push hard for america's interest and try to explain to trump how to deal with the russians on the basis of his knowledge and presence in moscow. liz: i will say jon huntsman was an early friend of fox business when other business networks were threatening ceos and leaders and governors, he tuned them out and came here in first, second, third, in the lean years, now of course we're beating them. >> he's an independent thinker and a good guy. if we could have more
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ambassadors like jon huntsman, and the president needs to name ambassadors, naming people in the state department to get an effective policy. john will be a part of that. liz: bob hormats, former secretary of state. he is vice chair now. dow is up 42, nasdaq up 37, s&p better by 11. shark week may be coming early for discovery communications as it circles scripps network interactive for a merger. the "wall street journal" break the story that the producers of discovery channel and animal planet looking to add scripps channels of hgtv, food channel and travel channel to give it more juice with distributors. a deal based on market cap. investors like it. you've got scripps up 14. discovery up $3.33.
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liz: we have breaking news on morgan stanley. credit suisse just raised the price target on morgan from 47 to 49 and right now morgan stanley is at $46.70. and look at goldman. it is down about a quarter of a percent. goldman always sort of the crown-wearer, certainly when it came between market cap between the two but just moments ago morgan touched the same level when it comes to market cap.
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charlie gasparino, now it is slightly below but what you does this really mean? >> what do we talk about when we say market cap? the market value how much your company is worth based on shares and what the price is. this is a big barometer of a company's wealth. just a few minutes ago we checked it was morgan stanley having, with a market cap of 85.7. goldman sachs with a market cap of 95.9. liz: morgan has gone up to 86.3. goldman, 86-point. it is neck-and-neck. that was the first time in a decade that morgan stanley pete goldman in market cap. they have not been that close over the decade. since 2006, particularly in 2006, right after the financial crisis, bold man saks was the crown jewel -- goldman sachs was crown jewel. much bigger market cap than morgan stanley.
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why was that? they were able to trade on volatility. this says a lot what is going on washington, wall street. one reason why gary cohn, a former obama democrat, is now working for the trump administration. he was very, very annoyed, brutally mad, the guy he supported, president obama, bassed something known as dodd-frank which eviscerated goldman sachs's business model which is trading. very tough to do the pry primary trading that goldman sachs did. that hurt goldman's business model. since dodd-frank their market cap has gone down. since dodd-frank, james gorman of ceo of morgan stanley did something else, went to less risky businesses. >> saw a different horizon. >> asset management, wealth management, more stable and secure. their market cap is going up. there were rocky times along the way. clearly his bet paid off.
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goldman sachs, this is the esternnal question of goldman, do they have a business model issue? a lot of analysts i talk to say yes. dodd-frank, if it changes is not going to allow them to go back to the old goldman sachs, the wheeling and the dealing in the markets. it will still be a lot of handcuffs what they do. they will have to buy an ashe is set manager or try to expand out in asset management. can you buy an asset manager. liz: real winner in morgan stanley was asset management. >> does goldman sachs go out and buy charles swab. that is a big question. liz: you asked that before. >> if you talk to analysts they need something like that. something like that is not cheap. goldman has a lot of money, they have cash that is big purchase. check the market cap of charles schwab, i don't think it is 85 billion but it is in the billions. it is going to be a huge deal. there will be a premium on it.
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that is the sort of thing -- liz: 56.4 billion, almost talking merger here. liz: that would be a lot for buffett. >> it would be amazing merger charles schwab and goldman sachs. goldman sachs has always flirtation with charles schwab dating back to the dot-com years. i covered goldman in the late 1990s, they were talking about doing something high-end in sort of wealth management, not necessarily buying a bunch of brokers but -- they have high-end brokers but doing something innovative maybe with the type of model charles schwab has. they have independent advisors on the side. they don't quite work for them. they are associated with them. they have the online trading stuff. charles schwab is a pretty enstraight tiff company. that is where we are. morgan stanley and goldman sachs don't want to comment. morgan stanley will comment at some point because they're catching up here. there is one reason, this is the ran why gary cohn is working for trump. it is because what he believes
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the democratic party did to the goldman sachs business model. liz: not because he didn't want to wait around to be the ceo because lloyd blankfein is still there? >> yes. that's it too, but this is one of the reasons why. because he believed that the democratic party destroyed goldman sachs' business. it was something -- liz: they're making money. >> they're making money, but still morgan stanley is ahead on market cap right now. that says something. even whatever it is, we'll see at the end of the day and we'll update. liz: thank god you didn't speak spanish today. >> habla espanol. big daddy delgado said i spoke very well. liz: okay. don't speak french. 26 minutes away before the closing bell rings. dow jones industrials up 50 points. s&p, nasdaq on track for new record closes.
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coming up the senate may be struggling with its obamacare reform plan but the house says, so what? we're plowing ahead with other items on the trump agenda the. the republican who proved he can work on a bipartisan basis, yes, with democrats on improving obamacare. can he work his magic again when it comes to tax reform or the budget? republican congressman rodney davis of illinois, here next. ♪ as i mentioned we're awaiting for president trump to speak at today's made in america roundtable event. we'll take you to the white house as soon as it happens. we're coming right back. think again.
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♪ liz: some of the news that broke right before the top of the hour that mitch mcconnell had said
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that a group of senators, republican senators planning a meeting for tonight to discuss what to do about health care next. meantime the house is not sitting on its hands. despite the senate attempts to repeatedly repeal health care. ways and means subcommittee on your screen, is holding a hearing how to fix our broken tax code but will house republicans be able to keep its caucus together, avoid the disagreements that doomed the senate health care plan? we have a congressman that worked with both sides very easily. republican congressman from illinois, rodney davis. good to have you, sir. thank you for joining us. i will get right to it. things have changed a lot the past 24 hours. last night the president said just dump it. let it go. then today he said wait a minute, no. work on it. get it done. stay through the august recess, too bad if you have to do. as the senate goes through that
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drama how does that affect you in the house on budget and tax reform. >> we're in the same place the u.s. senators are in right now just a few short months ago. we had to pull the bill from the floor. that is the time we sat down, worked together, worked out our differences and we passed a health care bill we believe will address many accessibility and affordability problems in this country. the senate is the that same point right now. i'm glad the senate used his leadership an position we need repeal and replace at same time. i wish the senators luck crafting that plan over next week. liz: what we find interesting but, congressman, just you being who you are and all of that, you have shown a successful track record when it comes to working across the aisle. could you whisper in your colleagues' ear, bring in democrats on some of these issues that you're about to tackle? because you know how to do it,
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2015, you worked with democrats to get certain parts of obamacare rolled back, gotten rid of, so that small businesses in return could hire veterans. and that was a big success? >> it was a beg success and came from idea from a veteran in our district. it got unanimous support, who would have thought that would come back in washington in 2015 but it did. i urge my colleagues on all sides, let's come together to fix the broken tax code. there are democrats and republicans that believe we need to fix the broken tax code to grow our economy. when we do that, we'll continue to see job growth, we're going to see employment and see opportunities for those who need it the most. if we get caught up in this who is going to win today, is the president going to be victor in or not, then you know only people that lose are the american people. i want to continue to be a voice to stop that action and stop
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inaction and have action. liz: which comes first, the chicken or the egg? i'm kidding when i say that but sort of not. budget reform or tax reform when it comes to you in the house plan to tackle? >> when it comes to the budget we want to use the budget reconciliation process to put a good tax package together. the unfortunately reality today washington has become less bipartisan. i've seen many on other side of the aisle walk away from even discussing solutions to provisions fixing broken tax code. we want to use the budget reconciliation process, means republicans come together on a budget so we can have the threshold. liz: we're looking live pictures from the budget committee working on, trying to tackle it. what do you feel about infrastructure? you're on the house infrastructure committee. americans on both sides would like to see some bridge building, literal bridge
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building and highways being fixed. it would put a lot of folks back to work, would it not? how close are we to that or how far? >> we can get there easily as long all sides can come together. i've been in the room when it comes to the president he talked about need to invest for infrastructure. this is one of his priorities. we need to come together as republicans and democrats my charge for other party, not worry about the politics. put a good plan forward to fund our crumbling infrastructure and rebuild the roads and bridges. president wants to do this. let's not let politics get in the way because we can craft that bipartisan bill. it will, time will tell if they're going to be willing to come to the table to do that. liz: well, keep us posted. any success you have to come here, even if you get close, congressman. thank you for joining us. >> thank you, liz. liz: rodney davis, republican from illinois. the dow is up 47. why is that significant? the high of the session was up 58.
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more significant that the s&p and nasdaq are about to hit closing records. stay tuned. [ crickets chirping ]
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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™. ♪ liz: breaking news. we knew there were protesters at the hart senate office building protesting any move the senate might make to completely repeal obamacare. they were yelling, health care saves lives. police did just move in moments ago, to arrest a few of these protesters. it all comes as president trump gets on senate pubs back, saying it is time for action on the health care situation. he scolded senate republicans actually, for failing to reach an agreement and a yes vote on the most recent attempt. let us check the markets right now. it is a good day on wall street.
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not amazing at least for the dow. really good for s&p and nasdaq. they're on track, both for record closes in about 11 minutes. the dow itself needs to finish 63 points higher for record close. it is up 50 at the moment. second quarter earnings season is off to a relatively positive start. folks, it is early with 10% of the s&p 500 companies reporting, but out of that 10%, 78% have topped profit estimates. now come up on tap after the bell we have alcoa, and dow component american express. i want to go to the new york stock exchange, nicole, ahead of that, how are those two doing? >> both of those stocks to the upside right you now. begin with american express, dow component. we're watching dow up 52. interesting to see if anymore whisper numbers, goldman sachs, american express hitting 52-week high today. alcoa is gaining but with american express, goldman sachs saying this could be the bright
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spot of its credit card pierce pierce -- peers. we'll watch from loan growth or guidance, any branded relationships they have with hotels. then we turn to alcoa which had a nice populace week on news that in china they were cutting supply of aluminum. that helped things along. big picture people expect more from back half of the year for alcoa, more so than the second quarter. in fact there might be a little bit soft. we'll watch for that one. both of the stocks, liz, are each up about 1/3 of 1% as we go into the closing bell. liz: very nice. thank you, nicole. keep one eye on the nasdaq, the other on the s&p, and if you had a third eye, we would be looking at housing which is getting superhot. influx of foreign buyers, maybe oligarchs, maybe richer chinese are, boosting home prices in a sudden surge in home building.
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liz. breaking news. president trump just walked into the east room of the white house to kick off his made in america roundtable in essence with small business owners this time around. those are folks that make their products right here at home. some of them, we have the list, authenticity, mypillow, one of our advertisers. blank slate coasters. leave filter gutter protection. small businesses at the white house showing off their wares and figuring out what will make their life easier. we'll bring it to you as soon as that happens. meantime we told you about a strong housing starts number in june and now we've got more good news for the housing market. there is a new report out that says foreign buyers suddenly
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turned their scopes right on to the u.s. real estate market, snatching up residential property at a record pace. 153 billion worth of homes which is nearly 50% higher year-over-year. very nice number there, but my next guest says, okay, how do you make money off that number? he has a way to play it. alpine you funds portfolio manager mark spellman. first how do you know this doesn't lead down a bad road? we covered the story of money laundering through real estate, sometimes, i look at the real estate prices here and see who is buying and say, real estate is the new swiss banking account for oligarchs and people trying to hide their money. >> could be. a lot of in the article mention out of canada, trading homs for vancouver and trading houses for $600,000 and buying a bigger house in florida for $300,000.
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the housing start numbers were terrific and building permit numbers were terrific. i think they have a lot of room to run. this has been a very slow, steady increase. we're barely halfway at the peak of 2005. i think the housing market looks pretty good. melissa: that would be, the peak i guess was 80% higher right before the financial crisis. >> right. liz: you're saying we recovered 40, 50%? >> exactly from that peak, we about 50, 60% along the way and we still have a great, 10-year, at 2.2 still looking pretty good as far as mortgages. liz: for people that don't know, housing starts means shovel goes into the the ground to start building. >> yes. liz: that goes along with subsector, housing permits also spiked, to see a 3.8% gain that is a good sign. >> it is. liz: homebuilders are up, material builders are up you have different way of playing that?
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>> different way playing that home improvement. statistic from the census bureau, home improvement expenditures are at 17-month high. if they are staying there. when it comes to single family homes you spend a lot of money. if i buy a condo i tend not to spend as much money. if i buy single-family home, statistics, buy washer, dryer, cabinets, you get a lot of spending on something like that. the way to play that in our mind, we think a good way to play it is lowe's is corp. liz: buying it at discount to home depot. >> home depot stead little executing better than lowe's. appliance sales doing terrific. i think some of that is expenses of companies like sears not doing so well. they had a lackluster second quarter. i think 15% earnings grower.
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they raised their dividend 117% last month. liz: what is your price target? >> we think it's a mid 90 stock. we like it in alpine dividend fund, reasonably good, macrofactors behind it and raising dividend. 25% last year. 17% a month ago. liz: if these numbers hold 45 seconds, s&p and nasdaq will hit all-time record closes. >> yes. liz: does that give you indigestion? >> we're in the worry business. we're in the early earnings season. yellen testimony was important. three raises of interest rates and said we're on hold a little while. that gave a backdraft, a tailwind to the stock market for foreseeable future. we're optimistic on earnings. they're going pretty well. statistic, 78% beaten or matched. we're optimistic. we still think a green light for the market. liz: mark, thank you for being
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here. by the way we could see a record for the dow. it would have to been up 63 points. right now it is up 61 points. [closing bell rings] it is a record close for the nasdaq and the s&p. lot to come with david and melissa on "after the bell." melissa: another record day on wall street. the nasdaq and s&p 500 both ending the day at new record highs. i'm melissa francis. david: dow jones just this much away from it. may settle up. who knows. i'm david asman. glad you could join us. "after the bell" is here right now. more on big market movers but here is what else we have in very busy hour. putting america front and center, president trump participating in another made in america roundtable at white house. how the administration is promising jobs and pledging to follow through on a major campaign promise. the art of the obamacare repeal. did you hear the president today? he was not backing down, urging re


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