and they did not react recklessly. they showed incredible restraint. helped in some cases by protesters, the evacuated the entrance, isolated the shooter, saved more lives than we will ever know. [applause] [applause] president obama: we mourn fewer people today because of your brave actions. [applause] everybody wasa: helping each other. it was not about black or white. everyone was picking each other up and moving them away. that is the america i know.

the police helped tonya taylor as she was shot trying to shield her four sons. she said she wanted her boys to join her to protest the incident . she also said thank you for being euros and today, her 12-year-old son wants to be a cop when he grows up. that is the america i know. [applause]

president obama: in the aftermath of the shooting, we have seen the mayor and chief round, a white man and a black man, with different backgrounds. working not just to restore order and support a shaken city and a shaken department, but working together to unify with strength and grace and wisdom. and in the process, we have been reminded that the dallas police department has been at the relationsof including between police and the community. the murder rate has fallen, complaints about excessive force have been cut by 64%. the dallas police department has been doing it the right way. [applause] president obama: and so, meier

and chief round, on behalf of the american people, thank you for your steady leadership, thank you for your powerful example. youcould not be prouder of -- we could not be prouder of you. [applause] president obama: this is the america i know. people who have protested on behalf of criminal justice reform grieving alongside police officers. weep for thee alton sterling and

the lawndale castile -- philando castile. all deserving equal respect, all children of god. that is what i know. i am not naive. i have spoken at to many memorials at the course -- over the course of this presidency. familiesed too many who have lost a loved one to senseless violence. have seen how a spirit of unity born of tragedy can gradually dissipate. overtaken by a return to

business as usual. expediency. i see how easily we slip back into our old notion, because they are comfortable. i have seen how an adequate be about bringing about lasting change. inadequate our own words have been. reminded of a passage from john's gospel. let us love not with words or speech, but with actions and in

truth. if we are to sustain the unity we need to get through these if we are toes, these five outstanding then we, who we lost, will need to act on the truths that we know. that is not easy. it makes us uncomfortable. but we are going to have to be honest with each other and ourselves. we know that the overwhelming majority of police officer's do an incredibly hard and dangerous fairly and professionally. they are deserving of our respect and not our scorn. [applause] president obama: and when

anyone, no matter how good their intentions may be, paints all bigoted, weased, or undermine those officers we depend on for our safety. and as for those who use rhetoric suggesting harm to police, even if they do not act on it themselves, they not only make the jobs of police officer's even more dangerous, but they do a disservice to the very cause of justice they claim to promote. [applause] we also know that centuries of , ofal discrimination slavery and subjugation and jim

simply vanish not with the end of lawful segregation, they did not just stop when dr. king made a speech or the voting rights and civil rights act were signed. race relations have improved dramatically in my lifetime. aree who deny it dishonoring the struggles that helped us achieve that progress. [applause] president obama: but we know that bias remains. we know it. whether you are black or white or hispanic or asian or native american or of middle eastern descent, we have all seen this

bigotry in our own lives at some point. we heard it at times in our own homes. honest, perhaps we have heard prejudice in our own head and felt it in our own hearts. we know that. and while some suffer far more parent, somes appeal to a far greater extent the discrimination's sting. most of us do our best to teach our children better. none of us is entirely innocent. no institution is entirely immune, including our police departments. we know this.

when african americans from all walks of life, different communities across the country, voice a growing despair over what they perceive to be unequal treatment, one study after study shows that whites and people of color differently, so if you're black, you are more like he to be pulled over or searched were arrested, more likely to get longercentral -- sentences, the death penalty for the same crime, when mothers and fathers raise their kids right, they have the talk. yes sir, no sir, but still fear something terrible may happen when the child walks out the door, still fear that kids being stupid and not quite doing things right might end in

tragedy when all of this takes place, more than 50 years after the passage of the civil rights we cannot simply turned away and dismiss the peaceful protesters -- paranoid. reverse racism. to have your experienced and i'd like that, dismissed by those in authority, dismissed perhaps white friends and coworkers and fellow church members, again and again and again, it hurts. surely we can see that, all of us.

we also know what chief brown said is true. betweenof the tensions police departments and minority communities that they serve is because we asked police to do too much and we ask too little of ourselves. [applause] president obama: as a society, we choose to underinvested in decent schools. to fester sorty entire neighborhoods offer no

prospects for gainful employment. we refuse to fund drug treatment and mental health programs. [applause] we flood obama: communities with so many guns that is easier for a teenager to buy a glock bent to get his hands on a computer or even a book. and then we tell the police, you are the social worker, you're the parent, you are the teacher, we keepthe counselor, those neighborhoods in check at all costs and do so without any political blowback or inconvenience. don't make a mistake that might have disturbed our peace of mind, and then we feign surprise

when, periodically, the tensions boil over. we know those things to be true. they have been true for a long .ime we know it. police, you know it. protesters, you know it. dangerous some of those -- where some of those officers serve our. you pretend there is no context? these things we know to be true. even talk about these things, we cannot talk honestly and openly, not just in the comfort of our own service, but with those who look different from us, or bring a different perspective, then we will never break this dangerous

cycle. in the end, it is not about finding policies that work. it is about forging consensus. and fighting cynicism. and finding the will to make change. can we do this? can we find the character as americans to open our hearts to each other? can we see in each other a common humanity and a shared how ourand recognize different experiences shake the -- shaped us? it does not make anyone

perfectly good or perfectly bad. it just makes us human. i don't know. i confess that sometimes, i do experience doubt. i've been to too many of these things. i have seen too many families go through this. but then i am reminded of what the lord tells easy keel -- ezekiel. i will give you a new heart, the lord says come and put a new spirit in you. i will remove from you your stone and give you a heart of flesh. that is what we must pray for, each of us. a new heart. not a heart of stone.

stone and give you a heart ofbut a heart open to thes and hopes and challenges of our fellow citizens. that is what we have seen in dallas. these past few days. that is what we must sustain. heart, we can learn to stand in each other's shoes and look at the world in each other's eyes so maybe the police officer sees his own son in the teenager with a buddy who is kind of goofing off but not dangerous -- [applause] seemaybe the teenager will in the police officer the same words and values and authority of his parents. [applause] president obama: with an open heart. the overheated rhetoric and the oversimplification that reduces whole categories from our fellow americans, not just opponents

but to enemies. with an open heart, those protesting to change against going forward. look at the model set the five officers we mourn today. acknowledge the progress brought about by sincere efforts of police department like this one in dallas. embarq on the hard but necessary work of negotiation, the pursuit , with an openion heart, police departments will he knowledge that just like the rest of us, they are not perfect. better toting we do rule out racial bias is not an attack on cops but an effort to live up to our highest ideals. [applause] and ient obama: understand the protests, i see

them, they can be messy. sometimes, they can be hijacked by an irresponsible few. police can get hurt. protesters can get hurt. they can be frustrating. but even those who dislike the phrase, black lives matter, surely we should be able to hear the pain of all sterling's family. of alton sterling's family to what we hear a friend described him by saying whenever he could, he cooked enough for everybody, that should count familiar to us, that maybe he was not so different from us. so we can yes insist that his should hear, so we the students and coworkers describe their affection for philando castile as a gentle

soul. mr. rogers with dreadlocks, they called him, and know his life mattered to a whole lot of people of all races and ages, ,nd we have to do what we can without putting officers lives at risk, but do better to prevent another life like his .rom being lost with an open heart, we can worry less about which side has been wronged and worry more about joining sides to do right. [applause] president obama: the vicious killer of these police officers, they will not be the last person who tries to make us turn on one another. not.iller in orlando was

nor was the killer in charleston. about joining sides to do right. [applause] we know there is evil in the world. that is why we need police departments. but as americans, we can decide that people like this killer will ultimately fail and they will not drive us apart. we can decide to come together to make our country reflect the good inside us, the hopes and simple dreams we share. we know that suffering produces perseverance. perseverance, character.

and character, hope. for all of us, like resents challenges and suffering. illnesses, the loss timesed ones, there are when we are overwhelmed by sudden calamity, natural or man-made. all of us, we make mistakes. at times, we are lost. learn we doder, we not always have troll over things. not even a president does. but we do have control over how we respond to the world. we do have control over how we treat.

-- treat one another. america does not ask us to be perfect. our founders gave us to titian's -- gave us institutions two guard and make sure no one is above the law. a democracy that gives us the space to work through our peacefully. to make things better, even if it does not always happen as fast as we would like. america gives us the capacity to change. heroesn today these five better than most. we cannot take the blessings of the nation for granted. working together can we preserve those institutions of family and community, rights and

law andbilities, self-government that is the hallmark of the nation. it turns out we do not persevere alone. our character is not found in isolation. puttings not arise by the fellow man down. it is found by lifting each other up. [applause] president obama: that is what i take away from the lives of these outstanding men. the pain we feel may not soon , but my faith tells me they did not die in vain. our -- i believe our sorrow can make us a better country.

out -- i believe our righteous anger can be transformed into more justice and more peace. buting man door for a night i am convinced that joy comes in the morning. we cannot match the sacrifices -- by officers surely we can try to match their sense of service. courage, match their match theirtrive to devotion. bless theirgod memories, may god bless this country that we love. [applause] you have been watching

president barack obama eulogized at the memorial service for the five slain police officers in dallas last week. a eulogy for the officers, motivation for the police he said things like we should feel the pain and that the killing of the five police officers not just the violence but racial hatred. bad,ys things are not as we should not despair, he said -- >> some scripture in the beginning. there is glory, he said, and people across the nation are suffering. by withu is standing giants of the insurance industry. >> thank you so much. hank, great to see you again. particularly in asia, let's set

aside what we just heard from the president of what is going on in the u.s. return to what we have seen in the last several weeks, the brexit exit. stimulus in other parts of the world. shruggingnk we may be off the impact of this? it was unexpected. i think it was foolish to call for a vote, believing they had it already do. think david cameron did not expect the vote that he got. why would you have something as important as that at a 55.1% vote? it should be two thirds, something as important as that. but it was not. i think the issue of immigration is critical.

result, obviously, it is a -- it is the first of many countries that will maybe destroy the eu as we know it? forthey modify immigration everybody, for those who want to have it modified? it is a hard question to answer right now. >> it is a very hard question to answer and they are still struggling through that. you think they will still play out? an impact.have you have to negotiate all of the exit terms. how long will that take question mark it may take two years or four years, who knows? notehen once that happens,

-- you will have to redeploy people can decide what countries are going to go to, what -- will it be the netherlands or where? i do not think so. we have a large operation and we have a new company, passports not thinke, but i do the insurance industry will change that much. about 4% of businesses, all of the currencies, i do not think that will be a big problem. we'll be an adjustment and that will take time.

u.k. is going to be hard hit once you get rid of all of the treaties, the economic treaties, they will not cause a problem. you have to renegotiate those. >> and that can take years. >> of course. there will be a lot of uncertainty. i do not think there will be another vote. even though there will be a woman coming in, i do not think that will happen. i think they stuck with what they have got. >> let's turn to china, big news that came out. ruling in favor of the philippines over the south china sea island. were you surprised by the ruling? >> no. i was expecting the ruling would be that way. manyou know, it accepts things in that part of the world. there will have to be a cooling --n time i think, quite

negotiations to try to resolve that. , what is thehoice choice? government,a, the ,ight away, very belligerent which they promised they would not abide by this. how do you think this will affect relations in the region? >> it will not be very good. will have to be good negotiation. does that make sense for anybody. singapore ask as -- for negotiations. would not surprise me. >> they are pretty neutral. >> yes. a great deal of respect for the region. something like that.

will china do about it? >> speaking about chinese ,fficials, we went and traveled and asked specifically about the dispute. i wanted to ask what he said about this. this year and last year, actually about 10 years ago, china made its position very clear. for everybody to keep its words and to what they had promised, so let the doc play its part in management and handling and solutions. issues by the parties directly.

>> clearly, essentially reiterating the stance that the chinese have held for a long time. outside given this decision, do you think this is a huge blow to the credibility? >> i do not think so. i think ultimately everybody expected it to come down this way. it did not accept the negotiations. not unexpected. >> someone has to prompt this and bring it together.

>> of course p or belief is that it will happen. >> speaking of bringing things back here today, on a more personal level, the last few weeks, we heard the news out from the new york state court that they are essentially allowing this trial against you to go ahead, asking you to stand trial in september for the case. what is your reaction? >> i am not surprised. the rule of law is very elusive. whatourt of appeals ruling exactly -- was exactly the opposite of before. >> will you settle at all? are you considering that at all? >> no. right now, nothing to settle. we are going ahead with a trial. >> is there anything that would make you settle? is or anything that would make

you consider settlement? >> it depends. >> ok p or nothing has been made on that front. >> no. we are ready to go to trial. this,h as i can say about because the rule of law is very elusive. that is a reality. >> speaking about elusive, we do not know what will happen in november, right? >> have not got a clue. >> we do not know what direction it is really headed. you and i have talked before about your support for jeb bush and seem to like john kasich, not on the ticket. have you come to terms with perhaps supporting donald trump? >> i will wait until the conventions are over. i will see what happens at the conventions. who knows?

it is a very unusual time. circumstances in which you may support hillary clinton? >> i cannot answer that now. >> ok. that is not a no. >> no. i cannot answer that now. >> would you consider sitting out the election? >> i do not think so. i think it is important republicans take the senate. that is critical. >> but you will vote no matter what. >> yes. >> all right. hank. great to see you today. .he chairman and ceo back to you, matt. matt: thank you. i am matt miller. this is bloomberg markets. >> let's get a quick check of the market right now. we see a rally across the board.

similar gains everywhere. up to new records. really right now 2153, blowing away what we saw yesterday, adding almost 20 almost 40e nasdaq points. the dow jones industrial average putting 135 points, a new record there. >> u.s. market strategist at rbc capital markets. we have finally pushed through level, uncharted territory for the s&p. can we go higher? >> we will. we are looking at a modest earnings environment, three or 4% earnings growth per year. with volatility down, and companies doing a great job returning lots of capital to shareholders, we will see

and stockssh higher continue to rise. >> we have got an earnings season getting closer and closer to positive territory. been going up despite bad earnings, despite, we are going out into the fifth quarter of negative year-over-year growth. our positive earnings going to be a catalyst for the market at this point? the point ofe on negative earnings per we had oil prices collapse for well over 100 down to less than one half of that level. that demolished the energy it negative.de in the next quarter or so, you will lose all of the head went from the energy sector. that is why you had negative earnings. a modest and underlying trend of the entire time. energy stocks, discounting not this quarter or even next the fact that the issue is behind us.

we are in something that is stable. >> what do you expect going forward? if i pull up in the library of s&p earnings, you see january two than 16 cents, just a steady drop after drop after drop. five quarters and six quarters and seven quarters in a row. that? you expect all of the oil, the recovery of energy companies? >> it is not even the recovery of oil. a drag on the market, the question that investors care about is what does the trend look like if we look over a couple of years? is a one-offnergy story. you strip that number out, we did modest low single digits

growth. perfectly fine. was a difficult quarter for the banking sector because the fall in interest rates, it was really hard for banks. emmett activity fell off for the first part of the year and the had seen, we surprisingly after brexit, that has not occurred. it bodes well for the banks in the second half of the year. good things is how both bond yields were making record lows and stocks were making record highs. people trying to understand what the signal market was telling us. >> i found it to be troubling as well. we put out a note on monday, weaker earnings and stronger multiples. one thing we said was in order , youhe market to go higher

need interest rates to rise and not to fall. they signal an economy that is in trouble especially when you see negative interest rates and rates where they are. see thelly pleased to movement up today and yesterday. one eighth or 1/6 in that range, stocks are much higher. thinks atsaid he least here it was driven mostly by brexit and that brexit will have zero effect in the end on u.s. way -- u.s. rates. i look at a very cool function on the bloomberg which shows all forecasts from wall street on interest rates, the red here being the u.s., we are looking at a forecast of not even 2.5% by q3 before they peak

and come back down. do you think that is right or will we see case higher? >> if you look at the futures market, said funds come overnight rate. 10 year yields. as of two days ago was forecasting 2% of the 10 year until 2020. that is a long time to get interest rates modestly higher. what is keeping you down is not simply brexit but they u.s. rates trade, really the spread over germany, negative interest rates, not a reflection on our economy.amis -- on our europe and japan, we need them to do better. >> bullish on the market, thank

you for joining. gold dropped most in seven weeks. we will hear from the chief about what the shaky global economy means for his business. this is bloomberg.

matt: a big drop your falling most in seven weeks. showing gold over the last two years. it is more interesting the

technical indicators. a chance for me to ask you what you think about technical indicators. an andows the rsi has oversold territory for three of the last trading sectors -- sessions. shows hedge fund positions have made new records for four weeks in a row. what you think about the analysis? >> for more, i want to bring in an executive chairman and director and chief owner. thank you for joining us. it has been an extraordinary year for the gold market last year and a lot of people were ready to bury gold. what in your view is driving the resurgence? >> confidence in currency. the markets missed that in every other currency except the dollar, gold was going out starting in 2015.

earnings were crewing and cash througherating operations outside and america. the end of january and everybody went, how come these people are making money, and everybody had nothing in the portfolio. market.hed into the that was a start. ultimate currency. matt: ben bernanke, ron paul asked him in congress the currency and he said no. the fed does have gold listed in the foreign exchange reserves. >> if gold was not a valuable commodity, why do they have all that protection around? >> let me jump onto matt's comment about central banks here. how big a role as it played in , is thatd for gold

something that will be sustainable? >> banks are buying, you change over the last 20 years. china, big buyers. , the only way the dollar became the reserve currency of the world was with the permission of the european --ions, that only those held quiet for a while but the important part of the reserve base. shares, in addition to gold itself, the price of gold futures, what are the other driving factors? plus i own 25% of the company. i got a raise this year after 10 years. i get one dollar a year. not get any debt,

royalties, we give all the upsides of the shareholders, a conservative, disciplined approach, and what we want to deliver shareholders. >> you had an upside to your stake this year, not bad. wondered what miners think about the introduction of etf. miners as ato use proxy, and they were the only choice. otherw have a few choices. >> you are right. in the last cycle, multiples frank. keep who bought gold the first time, diversifying the shares, year, senior% this gold stocks up about 120. futures up 150. you had an outperformance of shares and that will attract more money and a larger base.

>> i am curious what your take a way for people to circumvent the monetary process. the search for safe haven. a number of currencies out there. i'm not sure this will be the surviving one but bitcoin is white innovative. >> let me ask you about shares when we talk about minors. obviously your treating much higher. you were trading more than what the actual's but currency is doing. be in aeally want to place where you give additional volatility? depends what you view of economic history repeating. you take on more debt is all the developed nations around the world are doing right now, a and no oneiment knows the outcome.

you need some hard assets. >> executive chairman and chief owner, thank you very much. >> fascinating stuff. working more closely together than any time. we will show you a chart that illustrates just how closely and sank the two are. this is bloomberg. ♪

matt: we are just moments away from the close. let's look at some charts having to do with today's market action, starting with stocks. >> this time, we're going across the s&p'sooking at correlation with european stocks. move sotypically

generally you will have a positive correlation. it has negative -- never been negative. what is happening here, a pretty fixed like up. it is important because we are post brexit here and this has so.g on the past month or about .75, the highest in 2012 and this is looking at the changes and correlations here you wake up any see the andpeans tax are gaining you will be having u.s. stocks gain as well. we love those correlations. demise alled it a couple of weeks ago. you can change your opinion as the facts change. this kind of oil technical stuff. oil,chart says the cost of people arecontango,

willing to pay five dollars more for a barrel of oil 12 months ago now. people were willing to pay eight dollars more. very interesting that we see the change in slope maybe that says -- oil has -- >> i am looking at one of the crazies economic charts you will ever see and that is not and it adulation. a chart of a from 2015, revised up from seven when it percent to 20 x percent growth in 2015. -- economist going through it is meaningless, we will be laughing.

all of the inversion, everybody has noted, massive effects on the domestic economy, really changed the fundamental wealth. it is only the data here it is extraordinary to see the gdp chart with 26% here it >> at what point to they have to control for that and say this might revenue generated? >> i think that would probably be that point. that is it. market close is up next. take a look at the averages as we head to the final minutes of trading. you can see new records across the board. this is bloomberg. ♪

>> we are moments away from the closing bell. ♪

joe: u.s. markets closing higher this afternoon, the s&p 500 and the dow hitting new record highs. but the question is, "what'd you miss?" global stocks, briggs it losses, what do recovering equities mean for global, central banks? plus, should the u.k. copy germany when it comes to the economy? we have the charts you cannot miss. matt: and what amazon prime days are doing to boost sales. we look at how amazon is closing the online traffic gap with walmart. let's kick it off with market minutes. new recordking highs, the s&p 500 continues to make new records. we see it now with a 2150 handle. we will settle in right now, it looks like