good morning. welcome to "squawk alley." with us, mike fort, mike santoli at post 9. breaking news, obviously, the markets holding relatively steady following that surprise donald trump victory last night. dow futures had been pointing to a loss of about 800 points at session lows. that would have been the biggest point loss for the dow in its history, but clearly not coming to fruition. we're up 31 right now. we're awaiting comments from hillary clinton, expected to make her first public statement since trump secured those key 270 electoral votes earlier this morning. we expect to see the secretary at the lectern at any moment. we'll bring those comments to you live. we're also expecting comments from house speaker paul ryan in wisconsin at 11:15 eastern time,

when he comes to the stage. we'll take those comments live. obviously, the markets are the big story this morning. it was shaping up to be a wild ride, but it's a lot more muted. we've got you covered on all fronts. bob pisani, let's go to you. >> the only thing everybody was not expecting was a flat open, and that's what we got. take a look at the s&p. remember, down 800 points at midnight, and we essentially opened on the flat side. the vix, i had people anticipating the vix would open at 50 this morning overnight at midnight. the vix instead opened slightly up and then down now at $16 and change. so, what happened was the sectors that would benefit, say from a trump infrastructure plan, that mining stocks, for example, steel stocks, some of the industrials like caterpillar and newport here. you combine them with companies that would benefit from reduced regulations, so you have obviously pharmaceutical stocks and biotech stocks, they're all rallying. you combine that with other industries that might benefit from reduced regulation like

bank stocks and insurance companies that are also trading up on that. then you balance that against companies that are being hurt by concerns over trade. so, obviously, you have auto stocks that are down here, delphi, ford, et cetera. some tech stocks, for example, down on concerns i think about trade issues overall, or stocks that are hurt by the abolition of obamacare. now, obviously, those are hospital stocks, for example, that are all down on this. you combine it all together, and what happens is it basically evens out, and that's why we're getting a flat market. finally, guys, i just want to give a little shout-out to the whole e-mini stock circuit-breaker. remember what happened at midnight, we were 5% limit down on the stock futures, and that created a trading halt. you could trade above that level but not below that level, and that essentially was the bottom of the market. that was the original purpose of these circuit-breakers, to have everybody say, wait a minute, we just had a big move, guys. let's take a bit of a pause here and figure out what's going on. that's exactly what happened, and that was the bottom of the

market. i think the circuit-breaker worked very well in this kind of instance. carl, back to you. >> bob, thank you for that. of course, it's not just u.s. markets that are reacting. emerging markets expect to feel the effects of last night's surprise victory. with that, seema is back at hq. seema? >> carl, that's right, a rough session for emerging markets, particularly in asia. i just spoke to a portfolio manager in hong kong who says global investors are trying to assess how donald trump's proposed policies around trade will potentially redefine washington's relationship with many of its partners in asia, including india, china, brazil, specifically on china donald trump in the past has suggested a 44% tariff on chinese goods. daiwa capital markets analysts there say that could actually result in a 4% decline in china gdp. so, the global ramifications are really significant, potentially. as you can see here, though, the micex, that's the russian equity index, the standout gaining about 2% overnight. if you look at the rusisian

ruble, the only emerging market currency trading higher against the u.s. dollar. just fractionally on the day. that's on the hope or the prospect, potentially, of stronger relations between u.s. and russia. a former state department official, in fact, saying that do not dismiss the positive rhetoric that has come from donald trump when it comes to the russian leader, vladimir putin, and potential prospect of those sanctions being lifted on russia, which has crippled the russian economy. now, taking into account today's move in the emerging market world, let's just take a look at the i-shares emerging market index. again, down 3% on the day, but still up about 12.8%. remember, this has been one of the biggest rallies we've seen in quite some time in the emerging market world, so more questions now around how trade and tariffs and taxes could potentially threaten this emerging market rally. we'll it be to keep an eye on these stocks. >> seema mody. for more global reaction, jim

o'neill is the former goldman sachs asset management chairman. until recently, he was the commercial secretary to the treasury in the uk. jim, it is so good to talk to you again. good morning. >> nice to speak to you guys. i'm on my mobile phone, so i hope the signal's not too bad and the background noise not too interfering. >> nigel farage said he thought this would be an echo of brexit in this country. trump thought so as well. i can't imagine you disagree? >> well, there certainly seems to be something about both incident or both outcomes of brexit and this election vote that capture a mood of certain sets of voters. i'm not sure if we entirely understand on our side of the pond what your side of the pond quite wants, but you know, this is the second time something like this that the elites have been unexpected and unprepared for, and it's something that we all have to try and learn from and respond to for the best of

everybody all over the world. i'm not quite sure right now what that is. >> jim, have you given any thought into what's the likely intersection between what president-elect trump has promised to do and what he can actually summon a coalition to get done? i mean, i'm thinking things like repatriation, dismantling regulatory systems like the epa, a border wall, renegotiating trade deals and tax cuts and infrastructure spending. which of those sorts of things do you think becomes most likely? >> well, i don't know whether it was coincidence, but i watched his acceptance speech, if you could call it that, with great interest. and unless i missed something in terms of policy, most of it was all about infrastructure, which i suspect is partly why the markets are reacting better than expected, and indeed, relatively calmly, because it's also caught the mood a little bit with an attitude in the uk, and it comes

on top of a bit of a growing call inside the g-20 for more active fiscal policies that relates to infrastructure. in fact, i just personally wrote something through project syndicate on this exact theme last week. and he didn't talk about a lot more of this sort of slightly worrying stuff, including import tariffs and aggressive conditions on trade and what have you. so, that might just be a coincidence. but what somebody like me would hope that's a real flavor of what his true intention policy would be, but of course, we'll have to wait and see. maybe he himself does not yet know, because it might be, just as the brexit result was probably a major surprise by those that were pushing for it, i suspect this all might be a bit of a surprise for a lot of people, plus the new president. >> jim, there was a sense going into the election that non-u.s. investors, professional investors across the world were particularly concerned about the prospects of a trump presidency.

have you gauged any reassessment going on in terms of investors in their allocations to u.s. assets or their posture in terms of how they have to consider the range of possible policy outcomes from here? >> well, you know, let me add, i'm not quite as in that world as i was, so i look at things a little bit differently. but obviously, i have a lot of experience in that world and know a lot of the people in it. i think people will be thinking and waiting and listening extremely intently in the days up to the weekend, and i'm thinking about a lot over the weekend and a lot of the discussions about quite what to do will not happen immediately because there has been a lot of big things said in the campaign, but whether any of those translate into actual policy and things which would appear to have some reasonable obsession with global investors, we have to wait and see. but as i say, it might just be

fluke, but when you look specifically at what the new president said in his speech early on this morning our time, very late yours, it was all about infrastructure spending, which, of course, many investors would probably quite like that, including as well as a lot of people that use infrastructure in the united states, i suspect. >> jim, everybody is fascinated by the 10-year today. we're a stone's throw from two. whether it's hopes for fiscal stimulus, infrastructure, the implied inflation behind that. some even posit potential foreign selling of u.s. treasuries. which of those things do you think are true? >> again, i don't really know. you know, one of the things -- one of the few things i think i learned over the first years of finance is be careful of rushing to too confident conclusions about big events. but that said, what i find my mind thinking, there's a whole

host of things that are coinciding around the world, and in particular, the underlying common theme on brexit and aspects of this in the u.s. is about doing more for those most disadvantaged, which might mean a whole fresh posture about stronger wage gains. and maybe what we're really getting here is a coincidence of issues around this inflationary posture the past two decades. and if that's the case, of course, bond yields have got plenty of reason to start going up again, because the whole drop has been about this remarkable decline in inflation that's been going on since the start of the late '70s, and maybe we're seeing some philosophical and social issues that are bringing around the environment for that era to come to an end, maybe. maybe. >> jim, i'm wondering about your thoughts in early 2017. it seems like there's the potential, at least, for some political instability. we'll see how the end game for

brexit and coming into effect plays out. we'll see the first interactions between a president trump and a new congress, perhaps some changes in congressional leadership defining who's going to take the lead on certain issues. what sort of a market reaction would you expect during a period like that? >> i mean, you would imagine for the reasons you just said but also some other ones what is beginning to play in this in itself or the french election and the whole aggressive right rhetoric in somewhere like france that we've got to deal with next year, and obviously, a big election in germany. so, there's a whole host of huge issues that each big event leads to more questions. one would imagine that a lot of volatility should be higher than it is across the board looking forward. but indirectly, i suspect that all depends on what happens with respect to federal reserve monetary policy as well as key

monetary policy elsewhere. and if, indeed, the u.s. economy doesn't suffer in the immediate consequence of this surprise, probably the fed's going to be tightening policy, and it might well be that that in itself has its own influence as to what happens to a lot of market volatilities going forward, on top of the issues that you raise and many others. >> so you think, jim, that the federal reserve, all else being equal, looks like they may be on track again to tighten a little bit? and what might be the implications for the european central bank? a lot of talk already that central banks are kind of looking to back away from some of these policies. >> well, you know, again, thinking about it from this side of the pond, specifically where i am, there's been a lot of discussion about whether qe is such in the uk has gone past its sell-by date, and i'm in the camp that suspects that it probably has. and so, if you see more evidence of what we've seen in the past

month or so, that the cyclical state of the economy is starting to improving, as it has been, it might be the case of further generosity of monetary policy that we've known the past couple years is not going to be the case and we start to see a turn. and it seems to me that the political environment for which our central banks are operating is getting a little bit more, let's just call it frosty. so, the case of central banks to keep policy so accommodative is not as strong as it was all else equal. it would have been, certainly two days ago in the u.s., and probably not in europe three months ago. so, unless we see some surprising weakness of the u.s. economy in the near future -- and i know this is contrary to what the popular view is right now in the u.s. commentary, but it would seem to me that they're probably still on course for tightening policy in december. >> jim, we appreciate your time

so much and look forward to talking to you more frequently in the days and weeks to come. thanks again. >> thanks for having me on. >> jim o'neill, former goldman sachs asset management chairman. as we continue to await secretary hillary clinton's first public comments since conceding the race earlier this morning, and of course, we're waiting for comments from house speaker paul ryan in janesville, wisconsin, we're joined on the phone this morning by trump surrogate senator david perdue from georgia. >> good morning. sorry i couldn't be live with you. >> it's good to be with you any way we can. everyone this morning watching markets says there's a lot we don't know about how much of what donald trump took with him from rally to rally will put into place on policy. so, what will the early clues to that be? >> well, i think when we see his appointments, number one, i think you'll see the same resolute attempt to bring reasonable people to surround him. that's been his history throughout his business career. but the second thing is, i think early in his presidency, you'll

see obamacare being addressed, you'll see the clean air act, i think you'll see the keystone pipeline come again. i think his priority is going to be, first and last, putting people back to work. so, what we'll be working on is against those priorities. >> on obamacare, say dodd/frank, and the pipeline, what kind of timeline could we be looking at on those three things? >> well, obamacare could happen very quickly. you know, we had over 60 votes to repeal it. we actually repealed obamacare. and so, i really believe -- then it was vetoed. i think that could come up very quickly. dodd/frank is a longer pull, i think, so we've got to work on that. >> but you think these are all first 100-day phenomena? >> i do. i really do. i don't want to go too far on dodd/frank because you have cfpb issues, as a more complicated issue, but there is a transition plan already on paper to get rid of obamacare and move to a plan that will give people more choice and take bureaucracy out

of our health care system. >> senator, as we saw in the current president's first term, history hasn't been kind to parties who have the presidency, the house and the senate, and perhaps don't deliver to the extent that the people feel they have promised. so, how much of this is absolutely essential for the gop to get done, and what do you think are the top promises that need to be delivered on in that early period? >> well, that is a great call-out. i'm calling this a probation, not a mandate. the american people have spoken. democracy is working. and i think they want to see something happen to obamacare. i mean, these increases in premiums and the increase in deductibles have really affected working people in america in a way that nobody's talking about in washington. that will be first and last i think what they look at. second, i think they'll be looking at what are we doing relative to the regulatory environment? this is something that can be done very quickly. waters of the u.s., clean air act and all of the things that are sucking the very life out of our free enterprise system right now could be addressed in the first 100 days. i'm not going to put words in the future president's mouth,

but i'm hopeful that we'll see those things come out as priorities. >> senator, the markets, at least, as they've initially responded, seems to be pricing in some pretty aggressive fiscal stimulus, those tax cuts that trump has promised, along with perhaps some heavy infrastructure spending. are republicans in the senate, and perhaps more relevant, in the house, lined up behind this idea of just letting the deficit widen out again? >> well, i think there's a short-term view and a long-term view. what we need is a long-term strategy, and i'm saying 30 to 40 years to solve this debt crisis of input. but what the world markets are waiting for is for somebody in washington to put their big boy, big girl pants on and stand up and give the world a plan of what america's going to do with this debt. it's why i ran, frankly. there are things we have to do right now to get people working, to get the economy going again, but there are other things we need to do besides growing the economy, guys. we've got to fix this budget process and iv think we've got some spending issues. >> senator, thank you for your time. let's go to janesville,

wisconsin, and go to speaker ryan. >> he turned politics on its head, and now donald trump will lead a unified republican government, and we will work hand in hand on a positive agenda to tackle this country's big challenges. i want to congratulate my friend, mike pence. mike pence is a good man, a principled conservative, and he will make a great vice president. i want to congratulate reince priebus. you need to know how proud we are in wisconsin of reince priebus, what he has done to rebuild our party is remarkable. i want to congratulate mitch mcconnell and our republican colleagues in the senate. i want to congratulate ron johnson, something that we worked so hard here at home on his victory. ron, scott walker and i just spent four days on a bus in wisconsin criss-crossing the state, urging all republicans to come together to unify to win, and that's exactly what happened. it was close quarters at times, and it was worth it to get ron back for the next six years. of course, i'm immensely proud of the campaign that our house members and our candidates ran.

i want to congratulate greg walden and the team at the nrcc and our entire house leadership team. what a phenomenal job. look at it this way, our house majority is bigger than expected. we won more seats than anyone expected, and much of that is thanks to donald trump. donald trump provided the kind of coattails that got a lot of people over the finish line so that we could maintain our strong house and senate majorities. now we have important work to do. many months ago, republicans in the house united around a bold, specific agenda for this country. it offers a better way forward for america, and it will help us hit the ground running as we work with donald trump to do this. we will honor the timeless principles that our country was founded on -- liberty, freedom, free enterprise, consents of the governed -- and we will apply those principles to the problems of the day. this is the kind of unified republican government that we set out to deliver. i want to close with this.

there is no doubt our democracy can be very messy, and we do remain a sharply divided country. but now, as we do every four years, we have to work to heal the divisions of a long campaign. i think president-elect donald trump set the perfect tone last night for doing just this, and i know president obama and secretary clinton are committed to bringing the country together. this needs to be a time of redemption, not a time of recrimination. we all need to rededicate ourselves to making america great and making it a more perfect union. with that, let me take your questions. kelly o. [ inaudible question ] >> yes, it is.

i think our relationship's fine. i've spoken with donald twice in the last 18 hours. we spoke last night. we spoke again this morning. i spoke to my good friend, mike pence, twice as well. i think we are going to hit the ground running. we are already talking about getting our transitions working together. we're very excited. look, kelly, when i say seven out of ten americans don't like the direction the country's going, they just voted. i think what donald trump just pulled off is an enormous political feat. it's an enormous feat in that he heard those voices that were out there that other people weren't hearing, and he just earned a mandate. and we now just had a unified republican government. if you listened to us in the closing days of the campaign, whether it was criss-crossing america or criss-crossing wisconsin, we were making an appeal to our fellow citizens and to all republicans to come home to unify, and we did just that, and that's why i'm excited about where we are. yeah. [ inaudible question ] we had great conversations about how we work together on the transition to make this work together. we're trying to get our schedules lined up to meet to

flesh out how we build our transition, how we go forward. and so, yes, i'm very excited about our ability to work together. yeah. [ inaudible question ] >> yeah. i'll say to wisconsinites what i said to wisconsinites before the election -- look at these issues, look at the potential for our country, look at the direction we've been going, look at where we need to go, and look at what a unified republican government can get you. look, i'm really proud of the fact that for the first time since 1984, wisconsin's ten electoral votes went to republicans. this is an enormous feat. frankly, you saw the marquette poll. charles, you saw it. we didn't think it could happen. donald trump turned this on its head. donald trump delivered the ten electoral votes and by the way, helped deliver a strong majority to the senate and a strong majority to the house. charles? [ inaudible question ]

>> -- to repeal and replace obamacare. how quickly and what does it look like? [ inaudible question ] -- feel like he is going to be their president? >> i think after a tough campaign where people believed they were pitching so hard for one side or the other, the time is to heal and to unify. this health care law, charles, is not a popular law. this health care law is collapsing under its own weight. so to your specific question about repealing and replacing obamacare, this congress, this house majority, this senate majority has already demonstrated and proven we're able to pass that legislation and put it on the president's desk. problem is, president obama vetoed it. now we have president trump coming who is asking us to do this. so, with unified republican government, we can fix this. we can fix these problems. look, it's not just the health care law that we can replace, because we now have shown the willingness and the ability to do it. there are so many more things that i'm excited about. think about the laid-off co-workers now who see relief coming. think about the farmers here in wisconsin who are being harassed by the epa and the waters of the

usa. think about the ranchers in the west getting harassed by the interior department or the laid-off timber workers. there is relief coming. this is good for our country. this means that we can lift the oppressive weight of the regulatory state, we can restore the constitution. think about the conservative constitution-respecting judges that will be nominated. this is very exciting. tim. [ inaudible question ] >> it's a good question.

yeah, i think the mistakes of the republican government is that we didn't do the right thing at the right time. i think the mistakes that we made in the past is we didn't seize the opportunity when it presented itself. the opportunity is now here and the opportunity is to go big, to go bold and to get things done for the people of this country. and there are various different kinds of conservatives and different kinds of republicans. we all come from different corners of our party. the key here is not only to unify and merge these approaches, as you just described, but to also invite everyone else in the country to get us focused on our solutions. what i see here is great potential. what i see here is with a unified government and not having more of this protracted, divided government that's been plaguing us so many years -- what i see with a unified government is the opportunity to get back to work for the american people. donald trump pulled off an amazing political feat. he deserves tremendous credit for that. it helped us keep our majorities. but it also showed the country

that people don't like the direction we were going. we need to change direction. and what i'm excited about is we in congress, along with our nominee who is now the president-elect, offered a very specific and clear and coherent agenda on which direction we should take the country, and that is now the direction we're going to go. and that's why i'm excited about working with our president-elect, working with our vice president-elect on the transition to make sure that we hit the ground running. yeah. >> you say you want to unify the country, bring people together. [ inaudible question ] don't know what to expect. they're worried about civil liberties being violated. what do you say to them? >> well, frank, i don't think people should worry about their civil liberties being violated, because take a look at the judges he's said he would choose from for the supreme court, judges that respect the bill of rights and the constitution. i think one of the biggest victories of this race is the constitution itself.

for those people who are concerned or for those people who clearly didn't want the republicans to win, we have a very clear agenda. we believe in the principles that built this country. we believe in the constitution. we have an agenda to get people back to work. we want to bring accountability to the federal government. we want the federal government to respect the states. this is exciting. and so, for those people who are concerned, this is a time to unify, this is a time to heal. and i think, again, our president-elect, he set the right tone last night with his speech, which was to be magnanimous, to be presidential, and to bring people together. jake. [ inaudible question ] >> i don't worry about things like that, jake. i don't worry about interparty issues. i feel very good about where we are. donald and i have had fantastic

conversations just in the last, what, 18 hours. mike pence and i had a great conversation about the transition, meaning how do we make sure that when his hand comes off the bible, when he is sworn in as president, we are hitting the ground running. and we are very excited about working with him to make sure that's the case. yeah. [ inaudible question ] >> i think that's something to be predetermined. i want to sit down with the president-elect and his team to see what they want to achieve in the lame duck, what work they would like to see now and what work to take up when they come into office. this is something we will have to plan with our president-elect on this transition. but i've got to tell you, having been involved in these lame ducks before, it is very exciting to be going into a lame duck where we have a republican president following right after it, so i'm excited about that and we're going to coordinate with our president-elect on what they're hoping we can achieve in

a lame duck. thank you, everybody. appreciate it. thank you. >> that is speaker ryan in janesville, wisconsin, whom you might recall had a very thin line to walk in the final days of the campaign, canceled some appearances with donald trump, now talking about a mandate, a unified republican party, mentioning a plan apparently already in place to replace obamacare in the first 100 days, as we heard from senator perdue. we will see the degree to which some trump supporters who were always with trump, whether they've penalized paul ryan for taking a more moderate approach, you might argue. meanwhile, dow's up 100 points. that's close to session highs ostensibly on some of this that we're hearing from paul ryan about the party, as he said, trying to merge various approaches. >> yeah, exactly. i mean, the idea that it's going to be a functioning government -- i honestly think the market went down a checklist, right? and said we have a clear winner,

we actually have people acknowledging this is a legitimate contest. we don't have the immediate kind of questions around that. and right now it's about what are you going to do, not was this legitimate. i think that's right at the start. and then people were so over head. we can't lose sight of the fact that coming into this, just as in brexit, the big money got tremendously defensive and hedged and the market was oversold, and so we have this spring effect. to me, the supposed beneficiaries of the policy change, the stocks that are moving because there may be infrastructure or regulations that might go their way, it seems to be by the numbers. there's no straight line from here to there necessarily, but it's outweighing potential negatives on the down side. >> after an undeniably nasty campaign where donald trump was accused, rightfully or not, of driving a lot of pessimism, it seems what we have this morning is a lot of optimism, even out of paul ryan, who as you said had a fine line to walk and at times refused to talk about his views on donald trump. donald trump called out paul ryan directly on twitter and

elsewhere, especially when ryan said he was going to focus on getting republicans elected in congress and not necessarily on helping donald trump. now you have paul ryan coming out and saying look how much donald trump helped us to gain the ground that we did, not to lose the seats that so many people feared that republicans would lose in congress. so, he's trying to come together, mentioning his friend, mike pence, many times. glad to see when the rubber hits the road how a president trump and paul ryan actually end up working together. >> he mentioned the conversations they've had several times but also pointed out that trump in his words has turned politics on its head. meanwhile, this is a live shot of the new yorker hotel in midtown manhattan, where hillary clinton is expected to speak in a few minutes. in the front row you'll see john podesta, communications chief palmieri. john harwood's with us at hq. and as we take stock of what trump has in store for his transition, john, a lot of questions remain about hillary clinton's future.

>> well, i think hillary clinton's political career is over. we're going to find out how she attempts to unite the country after the -- assuming that she does so in these remarks. i want to go back to one thing you and john were just talking about. here's one thing that's pretty obvious right now -- gridlock is going to be broken in washington. we've talked for a while about how washington is hopeless, it can't act on major problems. washington is going to act. and the question's going to be what are the consequences of those actions, how we're going to get fiscal stimulus through higher infrastructure spending, higher defense spending, lower tax rates, there will be higher deficits, and how much does that boost the economy, how much does it boost supporters of donald trump and how quickly do they feel that? and of course, you've got the reactions that take place in midterm elections. and you know, do democrats, are they going to be able to achieve a huge mobilization?

but we're way too early for that. we just know that things are going to happen. it is not going to be more of the same. and that's for voters to evaluate how much they like it. >> expect the democrats, particularly in congress to do? after complaining as they have over the past several months and years about gridlock, about obstructionism as far as president obama's agenda, are they going to turn obstructionist, or do you think they're going to find ways to work with the republicans in congress and a president trump? >> i think a little bit of both, but they're going to try to block things that they think are harmful, just as republicans did under president obama, but i think that republicans have got a stronger hand in terms of being able to move forward and break through that. they're going to have a majority in the senate, they're going to have a majority in the house, and i do not expect that conventional filibuster rules

are going to hold them back terribly much. and so, i think we're going to get some forward movement, whether democrats like it or not. >> john, it looks like we're getting close to the secretary taking the lectern. one question. there's huma abedin, by the way. someone asked this morning about clinton's closing argument focusing so much on trump's temperament, so much on gender, and not much on the arguments that would reach working-class whites. is there any chance we hear some of that this morning? >> maybe. but look, i think hillary clinton, given her vulnerabilities, given the difficulty she's had with trust and the baggage she's accumulated, thought the broadest path to victory was a broad indictment of trump, who he was, what he represented, whether he was fit to be president. it wasn't going to be about narrow policy ideas, because after eight years of a democratic president, there's a lot of desire for change.

>> let's take a listen to senator kaine. >> i'm proud of hillary clinton because she has been and is a great history-maker in everything she has done, as a civil rights lawyer and first lady of arkansas and first lady of this country and senator and secretary of state. she has made history in a nation that's been good at so many things but has made it uniquely difficult for a woman to be elected to federal office. she became the first major party nominee as a woman to be president and last night won the popular vote of americans to be president. [ cheers and applause ]

that is an amazing accomplishment. it is an amazing accomplishment. i'm proud of hillary clinton, because in the words of langston hughes, she's held fast to dreams. she was inspired at a young age to an epiphany, that if families and children do well, that's the best barometer for whether a society does well. and in everything she's done, she's focused on that. we knew she would make history as president in one sense. we've never had a president who's made their whole career about the empowerment of families and children, and i was as excited about that in the oval office as i was excited to have my friend, hillary, there and make history as the first woman president. i'm excited and proud of hillary because she has built such a wonderful team. there is a -- [ applause ]

there is a beautiful and kind p testament about a vineyard worker who hires someone to work and says i'm going to pay you a full day and then he hires people at noon and says i'll pay you the same for a half day and then hours later, says i'll pay you the same and others say, hold on, we don't like that you're treating everybody that comes late as well as you're treating us. here's what i've come to know well about hillary. the team she's assembled over the years of people that are so deeply loyal to her because she's so deeply loyal to them is inspiring, but i've seen that same degree of loyalty and compassion and sensitivity extended to the most recent folks who have joined the team, the folks who came to the vineyard with just one hour to go. her loyalty and compassion, of hillary and bill, to people. if you're with you, you're with you, and that is just something so remarkable. and finally, i'm proud of

hillary because she loves this country. nobody -- [ applause ] nobody had to wonder about hillary clinton, whether she would accept an outcome of an election in our beautiful democracy. nobody had to ask that question. nobody had to doubt it. she knows our country for what it is. she knows the system that we have and its warts and blemishes. she's deeply in love with it and accepts it. she's been in battles before where if it didn't go her way, she accepted it, but then woke up the next day and battled again for the dreams that she's held fast to, and that love of country is something that i think is obvious to everybody, obvious to everyone. i want to thank hillary clinton for asking anne and i to join this wild ride. we about a week before she asked if i would be her running mate,

anne and i went up to westchester and we sat down with hillary and with bill and with chelsea and with mark and with charlotte and aiden for about three hours of conversation to try to determine whether we would be the right people to be on the ticket. and when we got in the car to head back to the airport after the three-hour discussion, i said to anne, honey, i don't know whether we're going to be on this ticket or not, but i do know this, we're going to remember that three hours for the rest of our life. and now we'll remember 105 days that we've had with this fantastic couple of public servants and all of you for the rest of our life. i'll just say this. hillary and i know well the wisdom and the words of william faulkner. he said, "they kilt us, but they ain't whooped us yet." [ cheers and applause ] they kilt us, but they ain't whooped us yet, because -- because we know, we know that

the work remains. we know that the dreams of empowering families and children remain. and in that work, that important work that we have to do as a nation, it is so comforting, even at a tough time, to know that hillary clinton is somebody until her very last breath is going to be battling for the values that make this nation great and the values that we care so deeply about. so, now, please join me in welcoming secretary hillary rodham clinton. [ cheers and applause ]

>> thank you. thank you all. thank you. thank you all very much. thank you. thank you. thank you so much. very rowdy group. thank you, my friends. thank you. thank you so very much for being here. and i love you all, too! last night i congratulated donald trump and offered to work with him on behalf of our country.

i hope that he will be a successful president for all americans. this is not the outcome we wanted or we worked so hard for, and i am sorry that we did not win this election for the values we share and the vision we hold for our country, but i feel pride and gratitude for this wonderful campaign that we built together, this vast, diverse, creative, unruly, energized campaign. you represent the best of america, and being your candidate has been one of the greatest honors of my life. i know how disappointed you feel, because i feel it, too.

and so do tens of millions of americans who invested their hopes and dreams in this effort. this is painful, and it will be for a long time, but i want you to remember this -- our campaign was never about one person or even one election. it was about the country we love and about building an america that's hopeful, inclusive and big-hearted. we have seen that our nation is more deeply divided than we thought, but i still believe in america, and i always will. and if you do, then we must accept this result and then look to the future. donald trump is going to be our president. we owe him an open mind and the chance to lead. our constitutional democracy enshrines the peaceful transfer

of power, and we don't just respect that, we cherish it. it also enshrines other things -- the rule of law, the principle that we are all equal in rights and dignity, freedom of worship and expression. we respect and cherish these values, too, and we must defend them. and let me add, our constitutional democracy demands our participation, not just every four years, but all the time. so, let's do all we can to keep advancing the causes and values we all hold dear -- making our economy work for everyone, not just those at the top,

protecting our country and protecting our planet, and breaking down all the barriers that hold any american back from achieving their dreams. we've spent a year and a half bringing together millions of people from every corner of our country to say with one voice that we believe that the american dream is big enough for everyone, for people of all races and religions, for men and women, for immigrants, for lgbt people and people with disabilities, for everyone. so, now our responsibility as citizens is to keep doing our part to build that better, stronger, fairer america we see,

and i know you will. i am so grateful to stand with all of you. i want to thank tim kaine and anne holton for being our partners on this journey. it has been a joy getting to know them better, and it gives me great hope and comfort to know that tim will remain on the front lines of our democracy representing virginia in the senate. to barack and michelle obama, our country owes you an enormous debt of gratitude.

we thank you for your graceful, determined leadership that has meant so much to so many americans and people across the world. and to bill and chelsea, mark, charlotte, aiden, our brothers and our entire family, my love for you means more than i can ever express. you criss-crossed this country on our behalf and lifted me up when i needed it most, even 4-month-old aiden, who traveled with his mom. i will always be grateful to the creative, talented, dedicated men and women at our headquarters in brooklyn and across our country.

you poured your hearts into this campaign. for some of you who are veterans, it was a campaign after you had done other campaigns. some of you, it was your first campaign. i want each of you to know that you were the best campaign anybody could have ever expected or wanted. and to the millions of volunteers, community leaders, activists and union organizers who knocked on doors, talked to neighbors, posted on facebook, even in secret, private facebook sit

sites, i want everybody coming out from behind that and make sure your voices are heard going forward. to everyone who sent in contributions as small as $5 and kept us going, thank you. thank you from all of us. and to the young people in particular, i hope you will hear this. i have, as tim said, spent my entire adult life fighting for what i believe in. i've had successes and i've had setbacks, sometimes really painful ones. many of you are at the beginning of your professional, public, and political careers. you will have successes and setbacks, too. this loss hurts, but please, never stop believing that

fighting for what's right is worth it. >> nothing has made me prouder than to be your champion. [ applause ]

now, i know we have still not shattered that highest and hardest glass ceiling, but someday someone will, and hopefully sooner than we might think right now. [ applause ] and to all the little girls who are watching this, never doubt that you are valuable and powerful and deserving of every chance and opportunity in the world to pursue and achieve your own dreams. [ applause ]

finally -- finally, i am so grateful for our country and for all it has given to me. i count my blessings every single day that i am an american, and i still believe as deeply as i ever have that if we stand together and work together with respect for our differences, strength in our convictions, and love for this nation, our best days are still ahead of us. [ applause ] because, you know shl, i believ are stronger together, and we will go forward together, and

you should never ever regret fighting for that. you know, scripture tells us let us not grow weary in doing good, for in due season we shall reap if we do not lose heart. so my friends, let us have faith in each other. let us not grow weary. let us not lose heart. for, there are more seasons to come, and there is more work to do. i am incredibly honored and grateful to have had this chance to represent all of you in this consequential election. may god bless you, and may god bless the united states of america. >> that is secretary hillary clinton essentially closing the books on, some would say, one of the most famous, maybe one of the more infamous political legacies of our generation,

saying americans must accept the results of the election, that the nation is more deeply divided than she thought. she called donald trump and offered to work with him on behalf of the country and that she hopes he will be a successful president for all americans. dow up 207. session highs. as we just said on twitter, mike, talked about that checklist that the markets were looking for. transfers of power that are peaceful is one that is worth some points. >> yeah. goodwill and unity has been the message. not just the election being over. it's just a general unclenching, i think, of people braced for something where it's not necessarily which way the election went, but just something that was going to drag on for a while. of course, as long as the focus stays on what can be done in washington with some kind of unity and purpose, that's fine. we haven't really heard from other countries. we haven't heard about the trade side. the parts that might have more friction. that's not what the focus is right now. >> we were up a little over 100 points, i believe, when hillary clinton started that speech and

gained about 1 00 during it. it's just really interesting to me at the very beginning she said that she not only called president-elect donald trump, but offered her help in leading the nation forward, in uniting the nation. had some specific words for young people, a group, demographic, that did not show up for her at the level that she needed. certainly not at the level that they showed up for president obama. talked about women and girls specifically and talked to them, expressed her disappointment. said she was sorry for the outcome of the election, but certainly a conciliatory speech. >> dow is now at 1,000 point swing roughly from the lows of futures last night when everything was down. dow is within 1% of an all-time high. a little bit more than that for the s&p and the nasdaq. for more on what the next chapter is going to bring. let's bring in trump economic advisor, federal savings bank ceo steve faulk as well as clinton surrogate and brownstein

shareholder -- our john harwood standing by at hq. john, let's first take your temperature here. what is important to know at this point? >> well, first of all, that was a gracious speech by hillary clinton. she urged her followers to keep an open mind about donald trump while pledging to work with him. this was the kind of healing that donald trump as president-elect has got to welcome. she grew very emotional when talking about being a champion for women voters, says and now we wait to hear from president obama. he has perhaps the tougher job than hillary clinton because he has to conduct a transition and his team is going to have to conduct a transition for a candidate they've so bitterly criticized. he made clear he felt disdain for donald trump. now he has to make sure -- do what he can to make donald trump as successful as possible. you know, i remember the letter that george h.w. bush left for bill clinton when he became president. unbelievably gracious. he said you're our president now. now it falls to barack obama who

will hear from in the next hour to do the same thing. not going to be easy. especially when he knows that donald trump and this republican congress are going to go right at some of the critical elements of what he hoped would be his legacy. >> al, i was going to ask you about regrets, postmortem. i don't know if you want to answer that or how the party moves forward from here. >> what's more important -- first of all, thanks for having me on -- is where we go from here. i talked to one midwestern senator last night who was very upset and said, interestingly, what we need to do is work with the president. we can't just obstruct. we can't just say no. we need to work with him and give him an opportunity to lead the country, and i think that's what all americans need to do. as difficult as it is, as the clinton supporter and someone who has known her for 20 years and has deep affection for her, and you saw in her speech why i think so many of us care so much for her. we do need to move forward and hopefully unite as a country. as she said and hopefully as he

will say, we are stronger together. you saw division in this election and we need to move past that. >> steve, one comment from you on how the trump administration is going to accept all that. >> i think and i know for a fact it's going to be up -- it's going to be welcomed with open arms. i think what's really important is to play up what you said a moment ago. no one left the office, the president, than greater class and dignity than president bush did. i have no doubt that president obama will do the same for president-elect trump. i think we're going to see a lot of action very, very quickly. i think that the markets have spoken already to us this morning, and, you know, as you guys know, a year ago when i first joined the campaign and we started talking about what really mattered to americans, look, i realize i'm the outsider of the outside guys. as you know, i'm the main street guy, not the wall street guy. i'm with the people that all of us see every day when we go to get a driver's license, for example, and can i tell you that

real americans are worried about the same thing i've been talking about for a year, which is jobs. i think these policies that are going to be unrolled here in the next 90 or 100 days or six months are really going to make a difference to every american at every income level. >> we have a news alert. we have to get to kate kelly who has some news from jamie dime e -- dimon. >> he acknowledged what a volatile pros this was but committing to jp morgan doing its part to help keep the country unified. he says we have heard through democratic processes in both europe and the u.s. that frustration of so many people with the lack of economic opportunity and the challenges they face, we need to lisp to those and this voices an acknowledgment of many of the concerns of the trump base. he goes on to say recognizing that our diversity is a core strength of our nation, we must all come together as fellow patriots to solve our most serious challenges. we says in closing he is optimistic about america's future, guys, and the role that jp morgan will play in figuring

that out. >> kate, thank you very much for that. al, we appreciate your time. steve, thank you. mike san tolly, john fort. we still expect to hear from the president this afternoon. not too long from now as arguably the hard work begins in unifying america. let's get back to headquarters. scott whapner and "the half." welcome to "the halftime report." i'm scott wapner. your markets, your vote. what a trump presidency means to your money. we have two wall street legended with us today to help answer that very question. nelson peltz and carl icahn, they will join us in just a bit. let's first take a look at how wall street is shaping up. highs for the day on stocks, 18,500. that's a gain of 185 points for the dow jones industrial average. the s&p 500 is up nearly 1%. nasdaq is higher as well. a picture that looks far different from where it did last night when the