welcome backing to cnbc. your money, your vote. it's election night coverage and it's 4:00 a.m. here in new york. i'm sara eisen. donald trump declaring victory in the presidential race. >> no dream is too big, no challenge is too great. nothing we want for our future is beyond our reach. america will no longer settle for anything less than the best. >> that was trump about an hour ago. hillary clinton did call him to concede. here's how the electoral map shook out. donald trump projected to take

278. hillary clinton to take 218 electoral votes. in congress, a clean sweep, the republicans holding control of both the house and the senate. it is very remarkable to see and it's an outcome, wilford, that very few predicted. >> indeed. that's why we saw an immediate selloff to the tune of almost 900 points for the dow. we have since had some of those losses. a particular moment for the market was when donald trump gave that speech. it was softer in rhetoric than some would have expected. in european trade we're looking at about a percent of declines. the best performers have been the likes of farmers and gold and silver. also seeing autos suffer there. if we look at our asian trade as well, we saw that close at around the top of the session.

japan in particular down 5%. we saw a big move in the yen, stronger when it hurt nikkei's trade. the u.s. ten-year treasury note, we saw a buying into the safe haven asset yield that it was. 1.85ch. oil prices, they've been soft as well and currently down to the tune of, we've got that coming for you in a moment, but gold prices are also down about 3%. they're not down that much anymore. gold pricesing of course, rallying during the course of the night. >> let's get over to trump tower in new york where robert frank joins us. robert, what's going on outside trump tower? >> a lot going on. donald and his family returned to trump tower where he lives on

the top floor and where their're headquartered. there's a large crowd forming out here. 511 days ago mr. trump and his wife melania came down that famous escalator declaring his presidency. now he's the richest man ever to be president and a lot of questions will start from today on how he's going to manage the possible conflicts and incredibly complex business interactions that will go on between his company and the u.s. government and overseas. let's take a look at the trump organization which, of course, was the basis for his run for president. this is a company worth billions of dollars, comprising over 120 private different llcs and various companies, 17 golf courses, over a dozen hotels, 30 buildings, doing business in over 100 countries.

a lot of questions whether he will be able to, in fact, put this company into some sort of trust. now, what he has said about it, he hasn't talked much about it. he said, look, i'm going to put this company into a blind trust and my kids are going to run it. here's why that won't work. a blind trust is when you don't know what's in your company. trump knows very well what's in his company. if his children continue to run it, that will be perceived as still part of the family. the president is not subject to the same ethic rules as cabinet members are. so donald trump legally will be able to run and own his company and be part of it and don't be president. there will be questions on how he will handle that. he said, look, if i become president, my company doesn't matter. it's peanuts compared to making

america great. we'll see. >> what did michael bloomberg when he became mayor? what did he do? he stepped away from it. >> he made a point of it not appearing as a conflict of interest. he nerve came to bloomberg lp, stepped away from it, put it in the power of hands of people he trusted. >> it was in a blind trust. >> could be sort of a precedent here. >> his holdings would have been in a blind trust. he knew who was running the company. >> who's going to stop donald trump from doing whatever he wants. we had this precedent of releasing of a presidential candidate's tax returns. he didn't do it. >> nope. >> the ethics rules may not bind him in this situation, so i don't know what's going to prevent him from doing literally whatever he wants with his business. >> i've got a question. what happens to the brand value of the trump name overnight.

a question of the run for president and some of the more controversial things he said would have lessened that brand. whether it's four years or whaevgs the value of the brand has literally shot through the roof. >> yeah. i think that is a huge question of what the value of the brand is and more importantly whether they are able to leverage that brand. remember, the children have said themselves, look, we're going to pass up really lucrative opportunities if they present a conflict of interest. the brand has been damaged as we know it over the course of the campaign as we know it. the visits to his hotels, golf courses and businesses. it may not matter. we just don't know what this company is going to look like even tomorrow or in the weeks and years ahead. do they continue to run it as the trump organization with the trump name, expanding overseas,

or is that going to be too much trouble, too much of a headline risk and they won't do it? so at this point, the value of the brand is diminished, but it may be irrelevant. >> robert frank, thank you, outside of the donald trump tower. >> thank you, guys. >> one of the many things we're tackling. john harwood, what was it and what were the biggest surprises in the electoral map that shifted to donald trump. >> what happened was the greatest surprise in u.s. presidential history. donald trump won a victory that none of the major pollsters thought was going to happen. there were some pollsters who had a small league using different models, a credit to them. this is a case where donald trump was able to change the shape of the electorate, he was able to arouse exceptional enthusiasm among the core

elements of his base, in particular whites without a college education and white men. he not only did better among those who turned out. he may have turned more of them out. so say like in michigan, for example, the share of noncollege voters was higher in 2016 than it was in 2012, which is an unusual trend because more and more people get educated every year. >> so it was counted wrong in the polls. they just couldn't account for the numbers? if you look at the states with double digit shifts from trump to romney, michigan, maine, rhode island, south dakota, and west virginia. that's stunning. >> i was talking to one pollster tonight who said there's a consistent response bias in polling which is to say college educated respondents are more likely to do the survey, so it's possible that that response by us, the willingness of the college educated exaggerated

their influence in the polling data that we saw. >> i think that's unmiss takably true. i think that the suspicion of the media and i think trump supporters lump together pollsters, nbc news "wall street journal." they lump them together and they say, you're not going to be fair, i'm not going to talk to you. so what's the rouflt that? they're understood sampled in the polls. how do we then account for what was not a polling issue but was all of these various organizations that put betting probabilities on it. here's the second time in a row. >> i was going to say. wilford and i were having the exact conversation the morning after june 23rd. >> how did they, too, get it all wrong, whether it was "new york times" -- >> it's based on the polls. >> they got it more wrong here. in brexit, the polls were at least very cold and the betting

countries and the markets extrapolated. here they weren't really narrow. they really got it wrong. did that also cause this result because did it cause complacency among clinton supporters and therefore a possible turnout. is that a possible factor? >> in theory it could be but the perceptions were tight enough to offset that effect. if you had polling that was off so much that said hillary clinton is going to win by ten points, then you have a problem with complacency. when you have a deal where the comey letter comes out and people are alarmed and not sure what's going to happen, that is a countermobilization for democrats. just wasn't enough. >> would bernie sanders have done better? >> we could say that. bernie sanders could have faced a withering attack for being an

old socialist with unknown results in an attack like that. hpt had a unique set of baggage. it went to how long she had been with the establishment, her husband being president, e-mails, all that sort of thing. bernie sanders would have had his own problems. whether they would have been greater, we don't know. same with joe biden. >> she had a low likability factor throughout, right? >> so did he. >> someone said to me a few weeks ago, he did too. but i think there were people in the electorate who secretly liked him. i don't think there were many people who secretly liked hillary clinton. >> i think that's a good point, tyler. >> it was michelle's point, not mine. >> does any of it relate to the fact that she's a woman? is there a sexist element of this? i don't know. donald trump for all of his

rasc rascality, he can be a charming rogue too. he didn't always explain all those qualities. one of the reasons he's had the success he's had in marketing himself is that there's something relatable about him. >> do you think biden would have had a better shot against trump? >> i do. it's possible. >> because i don't think he came with the baggage that she did. >> no, definitely not, but i think it's very hard to say. >> at this point we have to look forward. one of those facts is we're looking at the markets. they're still down around the world but off of the session lows and having a little bit of a recovery. let's check in with early trading in europe with steve sedgwick in london. good morning. >> i can tell you the markets have already ripped up or beat it up.

we're all down watching the cataclysm which was an aggress inially falling london market and world markets on the 24th and 27th of june. they were down by equal measure, but then we rallying and we rallied quite extraordinarily. the ftse 100 is pretty much at the flat line. the smi and stocks are many moving territory. 58.27, that's 2% higher than the comey letter came out and we thought hillary clinton was back under investigation. the market was trading around 66.90 then. we're trading significantly higher when we thought hillary clinton was in big trouble. now we know she's in beg trouble because we have mr. trump president elect. the other thing i want to say, the markets are working. you name it. the fact of the matter is for the second time this year the markets are working very, very

well and that's something to applauded. let me hand it back the tyler. >> thank you. let's turn to asia and pauline chi chiou. >> down 900 points. it got so bad that after the market closed in tokyo, ministry finance officials as well as boj officials got together to talk about the global markets and volatility and the sharp moves in dollar/yen that they saw during the session. they came out and said they were going to continue to watch the market with quote/unquote margins. we saw a similar picture. the shanghai down. the asx down by 2%. now t one asset class that did do well was gold and gold miners which was reflected in the asx 200 as well as the shanghai

composite. we saw the korean 1 hit a four-month high. there was some trader talk that they did some intervention with the 1. let's take a look at more currency. we saw emerging market currencies, this region, under pressure. the big focus was on dollar/yen. we started the asian session with dollar/yen of 105. it reached 119. very sharp moves in a short amount of time. dollar/yen trading at 103.48. back to you. >> wheel pick that up. we'll discuss markets more. joining us is richard kelly held of global strategy. thank you for joining us. let's hit the market overall. is it fairer we were down 500 points or the level we're at now, pearing those losses to

300? >> i think you're getting to more reasonable levels. as the london desks fill up, there's going to be brexit moving forward. there because lot of that polling information and stories coming out. we're telling everyone hillary's odds were rising. they saw all the knee-jerk reactions negative. then they have to start to retrace that. trump coming out sounding very conciliatory helps that trade now >> richard, is one of the offsetting factors for the markets today are the fact that a rate hike in december looks a little less likely? >> it's definitely a fundamental factor. i think in the next 24 to 48 hours you'll see the markets move. you're not going have any clarity on what the fed's going to do. the market has seemed to have put it to 40% to 50% odds for

december. given where we are right this second, i think that's probably fair. i think the feds will come into this in december. if the dollar is roughly flat, if equities are roughfully flat, they're going to look at this as an economy that hasn't fundamentally changed. but you would simply have absolute uncertainty on that fact for the next four to five weeks because in part it's going to depend on how the market will have to reprice. >> the markets are starting to put out notes. there are a lot of buckets, geopolitics, trade, tax policy, the supreme court, what the c cabinet will look like. of all of those, richard, what's the biggest question mark for you? >> i think it's what the policy will look lieu, how much protectionism is going to come through. they'll have it come through but

that doesn't feed on through. dollar mention x is going to be question here. a lot of that was just sort of in his andre the swamp side of things of cleaning out government that the markets will look through and see as marginally positive. the question is going to be the talk of paying for the wall and he talked about reimbursing for the wall. that may suggest while he may see himself building it, make through tax remit answers he starts to get that through. he said tearing up nafta or renegotiating nafta. those are the things the markets would view as negative if those policies are delivered. that's the key point to high light here. when he was looking at brexit. it was a vote for policy with uncertain timing. in this case we voted for a person who we have a very certain timing of when they

start but now what policies get delivered. >> let's presume he follows through on more of his bellicose things due to trade. does that send america into recession? >> if we blindly take this as trump is going to do that, a take it or leave it offer, that suggests a downside to the market, that the mexican pea sow needs to de valle you much more significantly. the question that will follow if he follows that tact, what happens to rem nimby. then we know they need to de valle you or depreciate that currency over times. i think you can look at trump's initial reaction today and the

honest question is going to be how much of donald trump the president is going to be a pragmatist and how much is an opposite and how many cues he takes and tries to make these a bit more -- something that can actually sustain positive sent meant over time. >> richard, thank you for joining us this morning. >> coming up, continuing coverage of the election which is now in the past, believe it or not, and the global market reaction, which is very much not in the pastlet it's right upon us. there you see the euro, the pound down. is that right? am i reading that? >> the dollar down against all of those. >> except for the peso. >> you're watching a special edition of cnbc.

we must reclaim our country and do bold am daring things and we must do that once again. >> donald trump. that speech had an effect on global markets. it helped ek request i thes pass some of thor lore losses. the dow was down almost 900 points. it's now shy of 300 points. the nasdaq down 120 points. so for the u.s., still down sharply, but only about a third of the size of the sharp declines we saw at the moment when he really started to take the lead in the middle of the night. let's take a look at the european trade. similar. we saw 3% of decline. now 1% for germany. a little more for france. the ftse 100 is almost flat, highlighting how markets have recovered and shaken off the

level of results. asian trade, however, looks much more bleak because it did close at pretty much the trops of the night. the yen was stronger. >> some of the sharpest and wildest moves are happening right now in the currency market and joining us on the cnbc newsline is david. he was with us also that night of the brexit when the vote went completely the other way. a big surprise. how are you comparing it between now and then, david? >> i think it was a complete and utter shock to the markets. yeah, we had a bit of time to prepare. we took it really seriously. so far it's doing everything it says. what did it say? 'em would fall, euro yen and

swiss would go wide. so far it did exactly what it said. of course, it wasn't prosed in. of course you came if and 5 .4 at 3:00 in the morning. when you came in with brexit, there were people there but there was much more around. i think the market's much more prepared. >> so the biggest reaction is in the mexican peso falling. we're looking at record lows for this currency. what do you do with the peso. does it have more room to fall and what does it seg in terms of the mexican economy and policy. >> absolutely correct. can you mention if you will the japanese holder of mexico at one stage at 17% as the yen was running and the other was falling off.

it's millions of people around the world holding assets who were hurt. we're kind of in a denial phase. did he really mean that? is that really true? was he just saying this to get elected? we ask you all these questions. i think in the next two or three weeks we're going to hanging ontoive word the new president says in order to compare what he said. >> very quickly, is the dollar a sell? >> it depends. you're sending a dollar against the majors. that's exactly the way it should pan out. you cemex co-brazil, turkey, some of these currencies selling off so the dollars against the emerging markets, the yen t

euro, and the swiss franc. >> it's going to be a lot more than two weeks i would venture to guess before we know the answer to your very correct question. which donald trump are well really going to get as pretty? is it going to be the bellicose one of the campaign or more of what we saw tonight in his gracious speech claiming victory. how long will this play out? >> i think they said a couple of weeks. want to get a feel. even in a quite magnanimous victory, that's easy to do. that did calm the markets a bit. that's why i'm saying we're kind of in a denial phase. i can't believe it happened. i'm not sure it happened. i don't think he meant what he said. but you're absolutely right. i'm talking about the knee-jerk

reaction. we could have it happen a couple of weeks. >> love that reaction, love the sort of capturing the emotion there on the trading floor. thank you, david bloom. >> thank you. and welcome to have you with us at this early hour. >> thank you. >> what's your immediate reaction? what are you doing? >> well, i think what we're doing is we're trying to figure out where equities should be going. i think actually after the knee-jerk reaction we're seeing today, which we're seeing a risk-off move, i think actually president trump and the republican party could actually be rather good news. both to gdp growth in the u.s. and also the equity markets. i think we should be preparing

ourselves. >> why do you think that and which sectors do you think will benefit most? >> well, why do i think that first of all. i think as you said, there's the trump who had to make headlines and in the end to beat hillary clinton. there's the second president-elect trump who has to be a lot more considered. i think for someone with no political background whatsoever, clearly he's going have to fill his administration with those with a lot of experience. also remember that even though the two halves of congress are republican, he will have to negotiate with them to get any laws pass. therefore, that in nature will moderate the types of legislation that can get passed in the next two years midterm election. i think that means higher

spending, growth, and is that good for equities. >> if you want to get there, what's the best way to do it as a derivative man? are call-ups the best way or simple index purchases? >> i would actually go for delta one right at this moment. it's jumped sharply today on the back of this unexpected news so call options are expensive. just going nakedly long. the sectors i would look at would be health care. they would be absolutely pummeled on the back of fears. clinton would enact health care regulation and price reform. i think that's less likely on president trump. health care could be one of the biggest beneficiaries. first, health care. secondly, if you're looking for

a little bit more arcane, i would say dispersion that looks at measures and stocks in the index. they will be very polarized winners like health care and very polarized losers, chelsea's utilities. >> edmund, thank you very much. pleasure to see you. joining us from london. we're going to take a quick break. much more on the results still ahead. don't go anywhere.

welcome back to cnbc's "your money, your vote." now the day after coverage. i'm tyler math senn along with sara eisen. donald trump after winning the

presidential race. >> i just received a call from secretary clinton. she congratulated us. it's about us. on our victory. and i congratulated her and her family on a very, very hard fought campaign. she fought very hard. >> hillary clinton will speak later this morning. here is how the electoral map shook out. in congress basically, a clean sweep. the republicans hold control of the house. they retain the senate there, 51/45. two independents, there's the house prejekz. 239 republicans, 196 democrats. futures at one point were down more than 800 points. we have recovered a lot of the

lost ground after were heard from president elect donald trump. it was a lot clamor than what we hear from him on the campaign trail. the dow down 300 points. s&p 500 down 37, nasdaq down 107. this is a worldwide selloff we have seen as a surprise in this election. let's show you in europe. they're still showing declines. lit and spain down a little bit harder. you're seeing some of the developing markets. the emerging markets get hit hard. their markets saw sharp losses in asia overnight. let's quickly show you the board, what happened there. the nikkei plunging, more than

5%. it hurts their exporters and stockmarket. a decline of 2 1/4% in australia and korea. the hang hi shanghai the best. fixed traders having an overnight session and there's actually been some selling of bojds pushing yields up to 189 which is an interesting phenomena, wilford. usually you see the buying and selling of stocks and bonds. >> it really has pegged back. >> we've really come back here. 189, something to watch. and oil prices, they're down a little more than a percent. wti is off 1%. 45.70 gasoline prices down a tenth of a parade. the safe haven gold trade which

spiked on the election results is off of session highs. still trading stronger. it's a weaker dollar against some of them. the emerging markets' are taking it on the chin. there's gold up 2% right now. >> when you look at the euro pooen people trarksd that coming off gains of monday and tuesday. will that happen with u.s. secretaries when they open? they're down 2% or so in the futures market. might it pick up? >> from toronto, david rosenberg, chief strategist, thank you for calling in. >> pleasure. >> why do you think the market has recovered this fashion this fast, or do you think it signals potentially some optimism?

>> i think certainly the more tempered statement out of donald trump may have helped him. i think the markets overshot. i think at one point we were down over 600 points. i think, look, part of the issue here, sara, the markets very quickly in 48 hours have almost fully priced in a hillary clinton victory. the markets were ripe in case it didn't happen. it, of course, didn't happen. it's a case of the stockmarket getting hit with a surprise and i always said it was going to sustain the multiples we had right now. frankly this is the sort of pullback from the market we have been expecting. i don't think it's going to last indefinite indefinitely. i think it's going to provide a quick buying opportunity. there's no question we have political clouds overhanging,

but the reality is even if hillary clinton had won, they were still going to be question marks over her ability to governor and, of course, how she was going to be held in check. was it still going to be a tea party of late and house of representatives. there's some planks of the -- of the trump fiscal platform, some planks that are very positive for growth and positive for the stockmarket too. certainly positive for some sector o the stockmarket too. it's the classic uncertainty factor. we're seeing it in real-time, but i think the dust will settle soon. >> so there's your markets hat. what about your economics hat? how does it change the economic outlook for this country? >> i think near term -- when i

say cloud, it's going to. is he really going to, for example, in the next 100 days try to roll back obamacare. we just had it a couple of years ago. complicated and we know what's going on for some people. he's going to roll it back after everybody was getting accustomed to it. is he really going to slap on tariffs. i think the impact this could have. when you try as an smift do u you look at it. it's going upterm right at the moment. it's going to pass on savings rates and spending. we're seeing financial conditions for an economy that has fairly modest growth. i think this is actually on a near term basis put a road block in the way of the economy.

i think that could be a couple of quarters. the one thing i could say what you see isn't always what you get. firstly not everything comes to life as promised in the campaigns, point number one. point number two, ronald reagan came in. he was a renegade, a maverick, and there was a lot of concern over policies. the first thing he did was tariffs. look, the first two years of the regularen presidency, no one remembers we had a recession, a 20% bond market. people remember the next six years when the markets rallied 185%. eventually we all vl to sit back here, no matter how you feel

about it rngs you have the mon tr the president over a whoul cycle. it's not a financial effect. it's a political event. i think the markets are going to do okay and the markets are going to climb back. >> what happens to the fed in terms of the policy and the makeup of the chair. >> if the markets are skittish, my thought is they won't do anything. the reason they wenl and priced more say in mid-december isn't because we had an okay number. it it's malaysia the polls starting showing the third act

of mr. comey that hillary was going to win the election and that was going to be the last peg to go. i think it's more certain that the fed must go. if the markets remain skittish, they need to remain more patient. >> david, the canadian loonie is down. donald trump has threatened to rip that up. as concerned, canada is a key part of the economy. are you expecting a flow from the u.s. you heard earlier it was flooded with people checking in. >> you know, it's funny. i forget if it was "the daily news" or the daily post.

it shows trump at the kennedy center saying, i'm going to build the wall right here. 10% of our client base is in the uf as. they're asking how can we get our canadian degree card. i don't know if there's ooh going to be a lot of people moving in -- if i'm not mistaken, you go back to 2008, there's a debate between hillary and obama. obama says he's going to an grow gate nafta. there was thunderous applause from the university of ohio. i remember in canada the liberal government that won in 1993 campaigned on abon donning the free trade. once again that's part of the

uncertainty. did bill clinton come in in in 19 9 1992 and say, oh, by the way, in four years, i'm. did he come in and say i'm going go ee lemded the md i'm the price of it. it will be interesting to see how bill clinton moved radically. once again if you took sat barack obama, they thought he was a wide-eyed socialist. the banks were priced for zero and the market tripled under his watch. look. what you see isn't what you get. we all need to take a deep breath. >> david. >> you've got to put not just the ego but the emotions at the door. >> thank you very much. david rosenberg of gluskin s

gluskin sheff. we vt another guest coming. stiemd. you're watching cnbc. we erie back in a couple of minutes. >> those of you who have choeng not to reach out, i'm reaming at for your guide ps so we can work better for our great country.

no dream is too big, no challenge is too great. nothing we want for our future is beyond our reach. america will no longer settle for anything less than the best. >> that was donald trump just a few hours ago. let's discuss the market impact in more detail. matthew beasley joins us from henderson global investors. he's head of global equities.

good morning, matthew, thanks for joining us. a pretty quick bounceback in the markets. compare and trfrom brexit? >> it's clearly a matter of muscle memory. i think for many this confirms sort of the more bearish investors' fears about the global market, that the u.s. economy has been the best. perhaps now it's not as pending as we thought and the dollar weaken as little bit and the opportunity for others especially as a global investor to come to the fore over coming from overnight. >> are you yut is imin the

markets with there's 2%? >> it's not focus on the u.s. look over top seas buchl to look toward emerging markets. mexico, of course, not a place i would be looking toward but there are other countries independent of the u.s. economy from here that are going to be more interesting. >> like what? >> well, i think brazil is interesting. what i would bmt doing is looking at the u.s. market given the valuation premium that's still there and the on going prashs. i think earnings will have to come down next year. as a global investor i'm take it.

>> why do you see global investments in the u.s.? >> there's every sense that business conference has been shaken a little bit in the u.s. there's an unknown in the u.s. lek montreal putting in power someone who's never held elected office. i think it's fair to expect a more cautious outlook for 2017. i'm not saying u.s. growth is peaking but we expect it to fall. i expect investors to similarly look elsewhere where the growth outlook is more certain and more porply the valuation discounters there. that's not currently the case with u.s. equities. >> we're getting all these notes reacting to the news and initial thoughts on what it means to the markets. they're says they should outperform managed companies and the health care sector should suffer as trump promises.

do you agree with those calls and what would you add? >> yes, i do. >> yes, i do. everyone is dusting off the trump presidency. i'd also draw attention to the energy sector and importantly the clean energy sector. you see in europe the wind systems. so i expect a pro energy anti-alternative energy slant to markets. we're focused on health care. the overhang has been removed and people will worry from a defense perspective. there will be economies around the world. >> thank you.

henderson beasley from global investors. >> back to politics and the historic election which really understates it all. jimmy, welcome, good to see you. >> yep, hey. >> what do you think? >> well, listen. obviously i'm surprised, you know, like everybody else. i'm looking ahead. one thing that surprises me is trump's speech, how much he talked bd infrastructure spending. it wasn't about tax cuts and deregulation. it's about infrastructure spending. i think that's what we're going to see. we're going to see a huge influx of influence. he puts his name on buildings. lab, tax rates go and douchblt

infrastructure is here for a long time. it's permanent, trump sees to understand it. >> he understands two things at least. one is building things. the other is the tax code. >> two things, i think we're going to see tax cuts and infrastructure spending ant i don't think they're going to worry about paying for it. >> i think what's interesting. we're all in a position where we have to sit back and embrace it. people in the gop for a long time have said we want regulation, lower tax, government out of the business of business. and now where you a president from the gop, a senate and a hoist.

that whole hypothesis can be tested for all of its potential and all of its risks. >> partially. i say partially because there's the other half whether trump was going to be quite innovative. offshoring jobs, moving factories to other countries. there are threats he's going to make apple bring those jobs back home. that's very interventionalist, he may take away with some of this intervention. >> what happens in the house. do you think he keeps his position there and will they act as a very serious check on the donald trump party or given the fact that they all have free rein. >> i don't think there's any

doubt that he remains speaker of the house. ryan was critical and given the tone and tenor of the trump campaign, especially regarding people viewed as political enemies, it wouldn't surprise me if they wanted to replace paul ryan. if paul ryan stays, he's a free trader. he understands immigration has been good for america. theoretically that could be an upetd. donald trump is going to have quite a bit of political capital and i'm sure he'll spend it. >> so many americans, so much of the elite, so much of the media, so many people are just sir surpris surprised. how do you think that reverberates across washington with president obama all across the nation? >> it's going to be like a long

funeral week after week after people try to get their mind around what they think was an unthinkable scenario. obviously people from both parties think he's inexperienced and wildly unfit. he'll have to prove through them through the kinds of advisers he picked. we'll see who he picks for treasury, secretary of state, defense, are these people we're going to know with great backgrounds or more on a spongy size. >> we're going to slip in a quit break. election results and the market reaction when we come right back.

decision 2016. donald trump declares victory. >> no dream is too big, no challenge is too great. nothing we want for our future is beyond our reach. america will no longer settle for anything less than the best. >> the global markets shocked by that stunning upset. we'll bring you reaction from top analyst, economists, and strategists. what it all means for your money straight ahead. >> it's