he return? does he go back to the pre-win guy? >> he's gracious in a number of situations. >> i think that graciousness is one of the reasons the market turned around. >> for sure, for sure. >> without question. >> it gave people comfort. folks, we have to leave it there. susie, great to be with you. >> "closing bell" starts right now. hi, everybody. welcome to the "closing bell." i'm kelly evans at the new york stock exchange. >> how you doing? >> what a day. >> an incredible day. i'm bill griffeth. where is the selloff we heard so much about. all the averages getting a big boost today, a kmecomplete turnaround from when the limits hit their lows. the dow was up 800 points at one

time overnight, now it's within striking distance of its all-time closing high with a gain of 278 points. the one to keep an eye on, 6,236 and change. we're going to look behind this move, the higher market here and whether or not the trump rally has any staying power as well. >> and we'll look at some key economic pillars of the campaign and what it means for his future presidency. committee chair kevin brady will join us live to discuss how he plans to work with president trump on that key issue of tax reform. >> looking forward to that. plus, household stocks getting crushed today as the uncertainty of obamacare gets hung in the balance. toby cosgrove is back with us to give us his point of view on that. >> that's coming up. but we begin with this election and these markets. aman jabbers has it for us in

washington. aman, there seems to be a theme between clinton and obama's speeches today. >> absolutely, kelly. you look at what happened yesterday, and it was shocking, astonishing, surprising, all the things we've been saying all day. but then you look at what's happening today in washington and new york, and it's exactly the opposite of that. it's what you expect of american democracy every four years. we're witnessing today the peaceful transition of power, and we saw that from this triumphant who are sort of the power core in the united states right now, for today, anyway. donald trump, barack obama and hillary clinton all speaking within the past 24 hours or so, and here's what they had to say. >> for those who have chosen not to support me in the past, of which there were a few people, i'm reaching out to you for your guidance and your help.

>> we all want what's best for this country. that's what i heard in mr. trump's remarks last night. that's what i heard when i spoke to him directly, and i was ha heartened by that. >> 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. >> so graciousness on display all the way around the political parties today in washington and in new york city. we know that the president-elect trump now has a president-elect press pool. they've been monitoring his movements today. we are told there is a full lid at trump tower. no further movements for the rest of the day, guys. that's news here. >> in case anyone is listening

and can't see, washington never looked gloomier than it does behind me. >> i think there are storm clouds on the horizon literally, and if you talk to the obama team here in washington, they might say it's more than a little. >> what about the horizon? what about donald trump's agenda come january? >> look, he said he's going to move very quickly on a number of fronts, including moving ju dishs -- ju judiciously. and removing some of president obama's agenda items such as, perhaps, the iran deal, the cuba opening and also the climate change executive action. all of those things would be high on the list of agenda items for the incoming trump administration. but first they have to get their people together, their team in place. there has been a transition effort that's been going on

behind the scenes ov. over the course of the coming days, we'll start to see some of those names coming out, and they will be tasked with deciding what donald trump is going to do with the presidency now that he has it and when he's going to do it. >> take cover. eamon javers. dan clifton from research partners. it would appear we're seeing the winners and losers emerge today -- the expected winners and losers in a trump administration. what do you make of that in the stock market? >> i tell you, bill, it's been an incredible election season because there was a brexit premium in stocks where it looked like hillary was going to win, but you never saw that full acceleration of stocks that should have done well. last night that all ended, and today you're seeing what that is. you're seeing stocks that are biopharmaceutical for the

republicans up big today, you're seeing energy, the banks. these are all things you would expect. in all election season it would be start and go, start and go, and now you're really starting to see it accelerate out. i would say from a broader macro perspective, the market was really worried about trade policy. donald trump can impose tariffs by executive order. there was some concern about that. that's sort of waning away and tax reform is taking over, and i think people are getting very bullish about lowering corporate tax rates, more infrastructure spending, passing the baton from monetary policy to fiscal policy. >> you know, dan, it's interesting to see a big move in some cases, the prisons, the hospitals which are down furiously. do you say basically they priced the outcomes over the next four years, or is this just the beginning? >> i think this is just the beginning, kelly. we have a democratic and

republican sweep portfolio. then the election came in 2012 and people would say, no, recall over the next two years of the obama administration. we think we're just at the beginning to these sets of stops. the policies get enacted, go to tho those. >> who did you avoid here, dan? >> hospitals are one of them until you see what the aca looks like. i would also saiflt. one place i would urge a little bit of caution srgs. . we would be a little bit cautious there.

donald trump is going to be much stronger on immigration. finally, companies that are moving into mexico until donald trump is clear what he's doi misdemeanor, because they're bringing the goods back and forth. you just want to see how trump is going to assemble. a large point here, kelly, usually you stop and go with stocks, but once you get to march, it's off to the races. you know what will the investors logical. thanks. good to see you. let's get to our closing bell exchange. with us, four wise men. we have keith bliss.

rick santelli checks in from chicago. keith bliss, what volatility we've seen in the last 24 hours or so? what do you make of that, where we go from the depths of an 800-point decline, it looked like we were in for another post-brexit selloff, and now we're challenging everything on the dow. >> it's not unusual for the market to move 1.5% up, 1.5% down. i think more importantly, what we're. certainly the shock and awe of a trump victory by the way, i was on the clirnlt. ment. the world will not come to an

end, the sun will still rise even with a trump presidency. like we always see it, mark, i'm surprised the numbers are getting back to an even keel, but the s&p 500 and the nasdaq are sitting precisely where i should say they should be. this morning you were. . once we get back to all-time highs, we missed an opportunity to lower the debt. >> there is an old adage that reads, when f.

>> by when? >> by year end. >> what's going to push us 20,000 by year end? >> well, the leadership you have today. these stocks are on fire. you hear everybody talking about the financials and the drugs and the industrials. it's just going to pick up momentum and people will realize this is not the end of the world. this is good. the last time i looked over my shoulder, we were in a capitalist country. trump is going to break the vines of these regulations. that's got to be good. >> this move in the treasuries where last night the yield on the 10-year went all the way down to 172 in something of a safe haven play, i guess, but today the 10-year auction went off at 2.20%, and right now the 10-year, as i think i saw, was

yielding 207. what's going on there? >> yeah, 206, 207. i'll tell you what, bill. over the last five or six years, we spent a lot of time listening to many talking about, oh, the stocks are going higher. it really is good news. i suspect rates are going to go higher. it never really materialized because rates are pretty smart. rates are going to go up with stocks under one condition, and that's when stocks get in the mode to actually assess real forward growth. if there's real forward growth, that brings real price action and higher prices. now, do we have any proof? well, i'll tell you, i think in actuality, we do. we've heard everybody talk about regulations, a lenl end, talked about it. systemically important

institutions. ge ran away from it. the board of. interstate competition. what do you think i would be paying for. zchlt i think that's what the stock market is looking at. ralph, you see 20,000? why are you so conservative. we could lease a lot of growth opportunities here, and the markets are starving for it and. if investors can count on mr. trump to at least not good. don't build walls around investors r. make a landscape where they nl.

that's what's moving the markets. >> all right, ed, what about you? where do you see opportunities to invest under a trump presidency? >> i think the great rotation from bonds and stocks is actually happening today, and i think it may last for a while. as you listened to trump's speech last night, the first thing he mentioned was in frasecurity. it's almost like america dipped into trump might actually be able to get done. their earning season. so ij many. i think there is a fundamental case to be made that the future for growth for r and maybe their fed had if i said the boat

races. how do we reconcile that? >> there is kind of a frowned picture between interest rates and pe ratios. when rates are really low, sometimes it actually pushes pes down. we think if the fed raises rates, you might see a positive reaction in the stock market if they perceive it as meaning future growth is going to be better. so i think the things have turned overnight, and we may see the rallying stocks has some legs here s.ment. i think hillary clinton's speech was class act from top to bottom sk skpm. one of those was a catalyst to getting a secretary boost in that regard? >> you heard what i said.

>> all right. thank you, guys. appreciate it, guys. the dow is 287 points. we're 17 points shy? >> 636 is what you want. 29190 is its. biotech's drug costs surging as we got the. re. brady, the chairman of the whys and means will be with us. don't miss this in cnbc. first in business worldwide. the pursuit of healthier.

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all of the infrastructure plays are up here. sorry, don. vulcan materials here, up 9%.

there are other subsectors that are moving as well. the aerospace group are are doing well. on top of that, bremlin. keep an eye on that close. 1836 right now and we're just nine points above that. back to you. >> and the entry number to keep an eye on is 668. we're heading in that direction, as a matter of fact, right now. thank you, bob. meanwhile, as we mentioned, bioteches and pharmaceuticals have been surging. meg has that for us. meg? >> there are a few of those names in bio tech. recheck of the ibb up tremendously. mainly on two issues, one an expectation of an alleviation of a potential drug pricing regulation. the second is about taxes. you can see that up 9% today. check out a couple of these

names. area pharmaceuticals up today. pfizer, an almost $200 billion company, up 7% on the news today. let's take a look at what investors are expecting, potentially, out of this new government. isi did a survey. you can see a majority of the investors they surveyed do not expect a new look at congress. tax rates, expecting with trump as president he will lower the tax rate. not only a tax rate benefiting farmers but also a potential tax holiday. a lot of these farmers have a lot of cash overseas. a majority of investors thinking they'll be able to bring that cash back at a lower tax rate than they normally would be able to. this is what's driving these

stocks today. amg amgen, 34 milli$34 million, mer. but there is still uncertainty in this sector right now. the affordable care act, donald trump has talked about repealing and replace that, so still a lot of uncertainty to come. >> the stocks are dramatically down today anticipating the affordable care act, known as obamacare, will follow the president out the door when he leaves. that's something donald trump has been promising. take a lesson. >> i will ask congress for a special session so we can repeal and replace. obamacare has to be replaced. we will do it, and we will do it very, very quickly. it is a catastrophe.

>> and that was something that was echoed by senate majority leader mitch mcconnell after his afternoon briefing today. joining us right now, toby cosgrove, the president and ceo of cleveland clinics is back with us. good to see you again. welcome back. >> what an exciting day. >> yes, it is. what would the repeal of obamacare do to your business? if and when they do repeal it, what would you like to see replace it? >> first of all, congress will modify whether the president can just refuel the bill or not. i think there are going to be a number of things that are going to limit the enthusiasm for congress to do this. certainly the affordable care act needs to be reformed. there is a lot of problems with it. but whether it needs to be completely replaced or not, i don't know. one of the things you have to consider if it's completely repealed, that leaves 20 million people who currently have coverage without coverage. it also deprives congress of a lot of income from taxes that

have supported the affordable care act. so i think that there will be some moderation in the thinking around the affordable care act in repealing it instantly. >> what are some of the other options, mrs. cosgrove? because what you mention and might involve a budget reconciliation process could get a little tricky. but the reaction of the stocks is clear. they just see this as very bad news for some of these hospital operators, so what are some of the other possible outcomes here? >> i think the reason they see it as bad news for the operators is, in fact, what the affordable care act has brought to us is more patients who have insurance coverage. we would still have the same number of patients, but we would not have the insurance coverage to go with them, and it would be financially troubling to hospitals and providers of health care and, in fact, the entire health care industry. >> in order for obamacare to work, everybody had to be participating to keep the premiums at an affordable rate. that didn't happen, clearly. insurance companies left

exchanges. healthy patients did not subscribe. premiums went up a lot in some cases. how do you modify that? i mean, if you're not expecting a total repeal, how do you modify it so those people who ended up paying a much higher premium or faced it next year don't face it in the future? >> well, i think that's the real dilemma that we're left with. i think one of the things that you neglected was the fact that insurance companies underprice what they thought insurance would cost them particularly because they thought once they captured these patients, they would have them for the long term and could continue to raise their premiums. that also backfired on them because they had to raise the premium substantially more. >> exactly. so what happens now? i mean, i guess if hillary clinton had won, right now we'd be talking about medicare for everybody, we would be talking about further moves toward the

nationalization of the health care system. do you think all of that is off the table, or do you think that in some ways these are still kind of creating creeping new entitlements that will be with us for some time? >> i don't think we're going to see creeping new entitlements. i think there has been multiple proposals. one of the things that had been proposed is health savings accounts and also allowing insurance companies to go across state lines and have block grants to states, all of which have the potential for decreasing the cost of health care, particularly block grants could limit what's going to be the increasing cost of health care particularly in medicaid. so there are a number of things that have been discussed. the plan is not fully formed, but i think you're going to see taxes shrinking, or, if you will, an unraveling of the aca. but probably not a complete repeal. >> all right. toby cosgrove, thank you for joining us this afternoon.

>> thanks, toby. >> my pleasure. heading to the close. let's see how we're doing here. the dow is up 313 points. we have a little over 20 minutes left in the trading session. 18,645, so we're above the old closing high, all-time high. about 20 points away from the intra-day high on the industrial average. coming up, representative kevin brady who chairs the house and means committee will give us his thoughts on the trump presidency and what issues he thinks he ought to tackle first. pressure on concerns that mr. trump will carry through his plans to roadblock the time warner and at&t acquisition. details on that coming up.

the impact on american business and global markets is the story today. >> i don't think anybody anticipated a relatively flat open, which is exactly what we've got. welcome back. 29 minutes to go. we are watching these levels so carefully, the dow so close to a closing high here. 18,627, up 294. it's come a little off the highs we recorded just a moment ago. >> we're nine points away now. >> donald trump's win is not helping everybody, though. it's sending time warner shares lower. donald trump threatening to block the $80 million buyout. trump says the deal concentrates too much power in the hands of too few. >> as i often do, i will state the obvious.

it is going to be very interesting to see how mr. trump's relationship with big media evolves over the next four years. he has not been a fan of some of the big newspapers around the country and television networks, and it's been reciprocated, too. >> journalists came out against him. they put out a news statement during the election. >> it will be interesting to see. >> by the way, time warner is down about 1%. call it our trading discount for this deal to happen in the first place. you could also argue you roll back the ways the obama administration has been dealing with this. >> we'll take a quick break in a moment, but first here's a cnbc update with sue herrera. sue? >> here's your news update this hour, everybody. teresa may congratulating donald trump on winning the presidential election, saying she's confident the u.s. and the

u.k. will continue their strong relationship. >> i congratulate donald trump on being elected as the next president of the united states. britain and the united states are and will remain strong and close partners on trade, security and defense. students and teachers in berkeley high school in california protesting donald trump's election victory this morning by walking out of class. the school is known for progressive-minded students, and about half of the 3,000 student member body took part in that protest. on a lighter note, a rare sky blue diamond ring was on display today ahead of its auction. it is expected to fetch up to $25 million. it weighs 8 carats and it will be auctioned off on november 16 at cartier. it doesn't look blue to me, but what the heck.

>> i'm sure the video doesn't do it justice. >> i'll see you in an hour. 20 minutes left in the trading session here. it will be a squeaker to see, though we are gradually pulling back from the all-time high we were in just moments ago for the dow. up 277 points right now. a leading trader will tell us what he's watching right now. representative kevin brady will join us to talk about president trump's victory and the meeting of congress. that's coming up. and thousands of miles away. with the help of at&t, red bull racing can share critical information about every inch of the car from virtually anywhere. brakes are getting warm. confirmed, daniel you need to cool your brakes. understood, brake bias back 2 clicks. giving them the agility to have speed & precision. because no one knows & like at&t.

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we've got 24 minutes left in the trading session, now 23 minutes, but who is counting. 275, close to an all-time high for the dow industrial average. the question is what now? down 800 points overnight. now challenging an all-time high. kelly and i were talking about this during the break. it's like we figured out too much here. have we overshot here? >> it's amazing to me that he was the candidate that no one knew anything about. it was a mystery around him. and she was the status quo. so you have less than 24 hours, and now we know everything we need to know. >> we've got it all figured out.

>> in ffrastructure was a huge play. fracking. >> as far as the health care issue. >> it's a bipartisan issue. but we saw prop 51 get shot down in california, so that allowed drugs to be sold here and biotech to be bought here. go ahead. >> what you're doing is itemizing these opportunities that are presenting themselves now, right? >> these are all opportunities that the market sees this is no longer a headwind. we have closure. we have confirmation who is the president of the united states. hillary clinton came out, conceded. you saw the market leg up on that, not because they were worried if she was going to be courteous about it, it was that maybe she was going to contest it. she did win the popular vote. it could have been contested

somewhere else. when the market saw that she conceded, it was an all clear sign to run up and buy the stocks they felt underinvested in, industrials and financials. >> coincidental or not, the dow did go up about 80 points while she was talking. >> the market now, looking forward to opec, looking forward to rfnc. this was a major event. the market told us that. anybody keeping score at home, the market said this is what they were concerned with. the way it was bought last night means the bulls are are in charge. >> very good. thanks, steve. kelly? >> thank you, guys. house speaker paul ryan holding a post-election briefing in wisconsin earlier today expressing his thoughts on the republican win. >> 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. >> so what does a trump presidency and republican congress mean for your money? joining us now on a first-time cnbc interview, the man on trade, you are the man to talk to this hour. welcome, sir. >> thank you, kelly. thanks for having me. >> do you have a plan out of the gate? because paul ryan has been very clear in laying out his priorities. a set of, here's exactly what we want to do, a, b, c, d and e, or is this all going to kind of depend? >> no, we're ready. it's exciting. for those of us who are absolutely confident, the u.s. economy can grow much faster and be much healthier than what we have today. this is an exciting day. i'm excited about mr. trump and mr. pence in the white house. we're ready with the agenda we've laid out, especially

fixing this broken tax code, replacing obamacare with real patient health care and lifting taxes off businesses so they can grow again. this is exactly what i think our economy need. >> let me float these tax needs that are out there mainly coming from the trump camp here. the corporate rate going from 35 to 15%. a repatriation tax of 10% to allow corporations to bring back cash that's stuck overseas, if you will. and some sort of relief on individual income taxes. any of that work for you right now? >> the answer there would be yes, yes and yes. the house republican blueprint built for growth is close to that. i've lost connection to the studio, so i don't know if you can hear me or not. >> we can. if you can hear us. we just want to make sure of that. can you hear us, congressman?

>> wouldn't you know. just when we get to the good parts. >> we'll see if we can bring him right back. >> we'll get that audio fixed there. >> representative kevin brady. we still have 20 minutes to go here. off the highs, we were up just 300 points a while ago. donald trump also promised to return manufacturing to this country, but someone gave him bad news on that just hours after his victory. we'll tell you about it next. just what we can expect from a trump administration. we will be joined by "closing bell" and his old and dear friend richard frack. that's coming up on "closing bell." your insurance company

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back with congressman kevin brady, the chair of the house ways and means committee. i think you can hear us now, yes, mr. chairman? >> i can. and you were asking about lower rates for job creators allowing u.s. profits to flow back into the u.s. and lowering interest rates. the answer to all three is yes. the blueprint of the house is laid out very close to mr. trump's proposal. it's really important that we

redesign the way we tax so our companies can compete and win anywhere in the world, especially here at home. we need to make sure those dollars are flowing back to the united states for jobs, for manufacturing, for research. we want to make sure we eliminate every tax incentive to move u.s. jobs or headquarters or research overseas. >> do you anticipate that this is a 100-day kind of legislation? >> yeah, i do. he's made it clear he wants to move on the economy. i'm thrilled he's focused on this slow growth economy. i think that's one of the reasons voters were so strong last night. it's important to mr. trump and mr. pence. they know we don't have to settle for this. so ways and means republicans, house republicans under our better way agenda, we're ready and we're going to be ready. >> and that's why it brings up an issue in the business community here. so many people say they can't invest, they can't plan because they don't have clarity on what's going to happen.

can you give people, as clearly as you can, a sense of what is their tax rate, what's their structure, what's it all going to look like maybe as soon as early next year? >> the answer is yes, we can. but i want to make this point. businesses aren't investing now. right now business investment has been frozen at very low levels for a very long time. it's a missing ingredient from our current economy. so making these significant changes in wathe way we tax is going to unleash that investment. i think it's going to be key to mainstream job growth. >> what about fiscal spending? you know, we talk about a transition away from monetary policy to fiscal policy, and of course the taxes is one part of that. but then there's the spending component on infrastructure. where do you think that will go? is that going to be enough to move the needle on the economy as well? >> you know, i think the top key

items on getting this economy going has to be fixing and redesigning this tax code. it has to be lifting the burden and that's a huge drag, including, by the way, the affordable care act. i think infrastructure spending can play a role. it's not quite the silver bullet many people believe it is, but i think most of us think there needs to be a long-term solution to the way we fund our highways, our roads, our aviation system as well. so i imagine that will be one of these key issues. >> well, the tax code, the affordable care act, as you mentioned, some help for local businesses as well. it sounds like it will be a busy period for you. >> yes. >> thank you for joining us. that's representative kevin brady. he's the chair of the house ways and means committee. president donald trump has promised to return business to the heartland. general motors plans to lay off

2,000 employees at two u.s. plants later next year. >> we have more on trump and the future of manufacturing with phil labeau. phil? >> we'll talk about gm in just a little bit, but let's touch on whether or not we'll see a surge in manufacturing jobs. take a look at where we are in terms of the number of manufacturing jobs not only that we lost during the recession, but how many have come back? see that plateau there? basically since the end of 2014. that's what bothers a lot of people, particularly in the upper midwest. but for some perspective, is it a matter of telling companies, hey, hire more people, open more plants? keep in mind when you look at manufacturing jobs, robotics, automation, those are two huge trends that are limiting job growth when it comes to the blue collar jobs. manufacturing job growth is also tied with trade deals. we talked with one tool maker out in colorado who said, look, even if i wanted to bring back jobs from production over in asia, it's just not cost effective. i can't do that. also, when you look at the auto industry because it gets so much attention, particularly given the comments from donald trump when he was campaigning for

president. mexico auto production is not ppd expected to change. that doesn't mean we'll see all the vehicles built down there stopped. we're not going to see any more imported. keep in mind most of the vehicles built down there, small cars and sedans, and the economics of building small cars and sedans in the u.s. is changing quickly, which brings us to general motors and its announcement today. it is cutting 2,000 jobs, and this stock got hammered today on this, although it has come back a little bit, down more than 4% at one point. dropping a third shift in two plants. one of those plants in ohio where they make the chevy cruz, there is an inventory growing for the chevy cruz. why? because americans are buying fewer sedans. as a result, gm is saying we're cutting third shift production starting the first quarter of next year, so there are shares of gm as they announce cutting 2,000 jobs. also a lot of interest in this solar city interest after the

bell. interesting to hear from ernie musk after these earnings but also donald trump as president. very quickly as we head to the close, we have 10 minutes left here. the dow is up 265 points. the market on close orders, $1.4 billion to sell going into the close here. last night's election was important, but the real drive of the markets in the near term will be interest rates. he's up, next. tal? what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley

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the dow is up 277 points. we have someone known as the smartest guy in the room. i read all your stuff, we all do, on wall street here. what do you make of today's trading? it seems like we're identifying winners and losers in a trump administration. >> which i guess is somewhat rational because if people were selling health care stocks because they were worried about the regulatory state encroaching on their business model, they got a pass in defense and

financial. that's very rational. the question is what happens to the rest of the market, because we're also seeing a rise in interest rates. >> we've got to talk about this. we were saying in the whole two-decade run, the inflation was done, there is a nail in the coffin. is it fair to say just because trump has won that that's what will take place here? >> the bond bull market is over, but this really started in late august, early september in japan when they backed off from long-term jjb bond. then we had the european central bank sort of acknowledging that they're running out of things to buy. then we have foreigners selling u.s. treasuries. we have inflationary pressures that are beginning to percolate. then you throw on potentially big fiscal stimulus packages, rise in deficits -- >> is that good inflation or bad inflation? there is another theory they're talking about if he's more protectionist and he's got tariffs and things going on, that's bad for the consumer. how do we know if it's the good

or bad kind? >> i believe that inflation is a tax no matter what. there is never really a good inflation. wage inflation is good inflation. price inflation is not good inflation, so it depends on what kind of inflation we're talking here. >> but is the bond market doing a good thing now? does this accelerate the rate increases we'll see? >> if he's doing his job, because the market knows janet yellen will drag her feet in the response to rise inflation. raising inflation for one year is not going to do it. this brings a problem. if in 2017 she starts raising rates because the market is forcing her, that's much different than her raising rates on her own volition, and that's a different outcome in terms of their policy. >> in the last hour we've had a couple of guests say the dow was going to hit 20,000 by the end of the year, or that maybe that was too conservative. it was the animal spirits have been unleashed. this is going to be

fundamentally great for removing the regulatory state, unleashing growth. what do you think could happen with equities even as we're talking about higher interest rates? >> there will be that positive economic story. the question is how do equity prices respond to the rise in interest rates when the last five years they've been medicated on low interest rates? >> that's like the $800,000 question. >> that is, yes. >> we've created this construct of low interest rates. how do we respond in higher interest rates? >> we're on uncharted territory with that. thanks, peter. let's send it to sema for market cost. >> the dow jones nearing its all-time high, but check out these names not participating in the rally. it's those bank stocks, facebook, amazon, netflix and alphabet all underperforming and not participating in today's rally. even if you take a look at apple and microsoft, lower in today's trade. those names, along with amazon,

in fact, having their biggest negative impact on the nasdaq 100. it's no secret that the president-elect donald trump and silicon valley have not been able to see eye to eye on a variety of different issues, including immigration and trade, and that perhaps may be something that investors are trying to digest here. bill? >> all right, sema, thank you very much. we're heading to the close. two minutes left in the trading session, the dow 251. i'm joined for the countdown. let's review, shall we? >> oh, boy. let's do it from midnight on. i want to know who sold below 100 points. >> it's not the most liquid market that time of day. monday and tuesday was a hillary rally, okay? then we thought we were having a trump selloff overnight, but today we're having a trauump rally. we're up 250 points today. that's this week for the industrial average. >> we're just shy of the

historic high. >> where does the money come from? the bond market, apparently. as they sell treasuries, a breathtaking rise in yields, especially for the 10-year which went from a low of 172 overnight now at 206, 207. >> sell bonds to pay for infrastructure. >> i guess. look at the vix. today we're at 14. >> i had people tell me when the dow was down 800 points at midnight, the vix is going to open at 50. do you know what's incredible? how long the consensus has been so far this year. in january and february, we were going to have a recession. wrong. brexit was going to cause a recession. wrong. stocks would drop on the day if trump was elected. wrong. consensus has been wrong on so many things. >> what do you think will happen tomorrow, bob? >> hopefully we'll go back and start talking about earnings again, but there's still no consens consensus.

i spent three hours reading analysts' reports. there's still no consensus how this plays out at the end of the year. what a great day. >> incredible 24-hour period right here. the dow 246 at the close. stay tuned now for the second hour of "closing bell" with kelly and company. i'll see you tomorrow, kell. >> thank you, bill. welcome to "the closing bell" everybody. i'm kelly evans. what a session here on wall street. we're up 254 points on the bell of the dow jones industrial average. that's still shy of a record-closing high, but the fact we're even talking about that is what's so fascinating. 1.4% gain led by caterpillar today. a lot of interest areas where stock jump after donald trump was elected president last night. the s&p 500, up 23 points. and the nasdaq up 57, 52, 51, so near record highs on the major averages on the back of this

news. and the concession by hillary clinton today. donald trump is our 45th president-elect. we'll take you through what it means for your money, the economy, and america's relationship with russia. also, new york real estate mogul richard lefrak will join us here at the new york stock exchange with what he expects and what we should expect from a trump presidency, coming up. jo joining me on the panel, michael santoli, dan hughes, and jeff sobb. there were some huge movers today. there were the hospital stocks we talked about. cart pill lterpillar was up 6%. i don't even know where to start. >> there were violent pricings overnight and during the course

of the day that perceived to be what donald trump is able to do policywise. i do believe the scene was set coming into this week. this losing streak in the market, this welling up of anxiety and overhedging, and you had all this defensiveness that set the stage this week for something to be unwound. the best performing stocks today are the folks who tell us they were the worst performing stocks since donald trump announced his candidacy and vice versa. it simp it's simply a reversal of expectations. >> we basically learned the outcome 13.5 hours ago, and in that period of time, the dow swung by about a thousand points. >> we're calling it the orange swan effect. everyone was so unprepared for what happened last night. you saw markets across the world fall off. we were down about 800 points last night about 1:00 in the morning, and nobody got to

participate in that activity because the markets went right back up. >> except our icon who said he was in there buying. >> and then it came back, and once everybody kind of got their footing, you had everybody picking sectors like financials and taking off with the financials, and then looking at alt energy and just cracking the whip and that cratered. you had everybody putting on their republican power head and saying, this is what i think might happen. >> jeff, we got some of that from the house ways and means chair kevin brady in the last half hour saying they're going for tax reform and obamacare, something that would help small businesses. is it okay to bet on these outcomes at this point? >> he can strike a lot of the obama executive orders with the stroke of a pen. he can't do that with obamacare. but when you think about it, if you cut corporate tax rate to 15% and you run the numbers

through on that, it means the s&p earnings can grow by an 18% pop, and i think the markets are reacting to that along with my theme that we are transitioning from an interest rate-driven sector bull market to an earnings driven bull market. >> this is the benchmark for everybody. 2% today. it pokes up to that level for the first time since january. people say maybe it's 2.25 by the end of the year. i don't know if we're starting to talk about higher levels than that. what does that mean for the economy? >> first of all, i would say this market volatility should give us a little bit of humbleness about forecasting things going forward. the market is completely flipped in their view for what the story is today. obviously there is two stories simultaneously. one is the risk of trade protectionism which would be a big negative for growth, and the other is a deregulatory fiscal stimulus, which is part of the growth. and the markets have just done a

massive flip back and forth based on no new information about what the new administration is going to be like. so i think we need to be very cautious about the way we interpret the market close today. we could do another reversal in a few weeks from now. so the bottom line here is that there is a very high level of uncertainty about where we're heading next. that probably will slow the economy a little bit down in the short run. in the longer term, though, it really depends on which donald trump we get. is it the anti-trade trump, or is it the pro fiscal policy trump? we don't really know that until we hear him talk after the election about what his priorities are. >> that's never stopped investors from trying to discount it, danny, which is what they did today. >> i think we have a less aggressive fiscal policy with trump, but one thing we really know is his track record is capriciousness. all bets are off, and i think we've seen that in the market. >> if you said if nothing else,

trump has capriciousness. >> that's because the entire house was gorging. you have to say what path did we take to get here and broaden it out to the context. we're still in this kind of box. we just had, number one, the election is over. number two, we had a clear winner. we're not disputing it, we're having intentions of goodwill and unity. all of that stuff, i'll focus on the positive today. i think to ethan's point rk, yo just don't know. >> amazon was down 3% today. >> reversion trade, something that's done well and people have been kind of crowded into. they actually did not do well today. more cyclical stocks, stuff that's basically going to be used to move piles of dirt, apparently, for a new interstate highway system or something, that's the stuff that works. >> caterpillar was up 6%,

vulcan. copper up 16% in two days? >> the underlying commodity stocks have just been ripping today. i think it's something like regulation off. we talked about risk off, this is regulation off. anything that's overregulared, anything that anyone has been complaining about, those stocks hopped huge today. >> so there are a couple places that were kind of interesting. the gun makers were down big today. the private prisons were up big, so that was sort of the opposite directions they were heading there. then there were some smaller moves. but again, when you look at how much things have changed just in the session today, do you stick with that or do you fade it? >> i don't think you fade the market here. i think the market is seen through. i think donald trump is going to walk back his more hockey stance, if you will. i think your other presenter here had it right, which donald trump shows up? if you listen to his acceptance speech last night, it was like a totally different person. i think the market is sensing that, and i think the stocks are

going to trade higher. >> and brian dieterich, we should mention, had tweeted earlier we were down for nine sessions in a row. last time that happened we were up for seven straight. what were you going to say, ethan? >> i think we have to be careful here. remember that donald trump's campaign, the number one issue -- and this is i think what won him the election, was about pulling back on free trade. that's why he won such big numbers among less educated white people and why he did so great in the rust belt. so that was the group that really carried him into the white house. so i'm not sure he's going to be so quick to back away from what i think was his signature campaign theme. >> right, and that's the question that's looming over us. everyone from house speaker to paul ryan to democratic candidate hillary clinton saying america needs to work together after this election. let's get to eamon javers. >> we talked a little bit about

some wound healing since the election results were finalized just a little over 13 hours ago. we talked about a couple of the key leaders. i want to add to that mix paul ryan, the speaker of the house. as you know, he's had a contentious relationship with donald trump, the trump campaign at one point simply refusing to campaign alongside donald trump, refusing on many occasions to even say donald trump's name. today, though, paul ryan took part in the parade of graciousness that we've seen here in washington, d.c. take a look at the comments from all these officials throughout the day today. >> for those who have chosen not to support me, and there are a few, i'm reaching out to you for your guidance and your help. >> i think president-elect donald trump set the perfect tone last night for doing just this. >> 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. >> so, kelly, that peaceful transfer of power very much on evidence today in washington, d.c. now we'll start to see some of the names coming out from the trump campaign. now the incoming trump administration of who is going to run that administration, and that will give you a lot more feel for the policy direction that donald trump is going to take as the new president of the united states in january, kelly. >> exactly, eamon. stay right there. new jersey governor chris christie, former house speaker newt gingrich, rudy giuliani, sessions. these are the guys who stuck by donald trump throughout his campaign. do you think any of them could be on trump's short list for accommodations? >> absolutely. there is a saying that you got to dance with the girl that brung you, and in this case i

think donald trump will dance with the girl that brung him, and he that's some of the characteristics there. i think donald trump will be very loyal to the people who were loyal to him in a pinch. there are not very many people in the republican establishment that he's beholden to. he doesn't owe paul ryan anything, he doesn't owe mitch mcconnell anything, but he may feel a debt of gratitude to some of those you just named, and they got a shoutout on the stage last night with donald trump's acceptance speech. i think that's the direction we're heading, and i think that has a lot of professional republicans here in washington a little apprehensive, perhaps, where the trump administration is going to go and they don't have a lot of control over the president-elect. >> jeff, do you share those trepidations? >> i would say there is a policy that we've seen in the earnings

and a lot of good things coming on the horizon. we told people to buy any dip here, and we're sticking with that call. >> how much do you think we could rip, jeff? we had guests suggesting 20,000 and beyond. >> well, you know, if you use next year's earnings estimate by the s&p, the bottoms-up operating earnings, and put a 20 multiple on those earnings estimates, you're talking about 25, 2600 on the s&p, and i don't think we get there by year end, but i think we get there next year. >> all right. thanks, guys, for joining us. jeff sob, eamon javers wrapping things up for us this hour. the dow had their best day since 2011. why he expects the trump presidency to be a good day for the sector, next. both chambers of congress.

what happens to the democratic party? we're trying to find out. that's still ahead. you're watching cnbc, first in business worldwide.

welcome back. in other nuews we've got a warnings alert on shake shack. how did they do? >> the shares are up some 8%. pretty much a beat on all metrics, so let's start with earnings per share. eps coming up a penny ahead of f. schmidt. 69 million was what analysts were looking for, and of course, when it comes to restaurants, probably the most important metric. a beat here, 2.9% on the quarter, where analysts were looking for 1.47%, so that's four straight quarters now of beats when it comes to revenue and earnings. they have raised above smitz and above the range of what analysts were looking for. >> shake shack shares up 9%.

thank you, susan. >> obviously operating in different places. shake shack doesn't have square burgers, i think that's the main difference. >> not yet. >> shake shack has been trading up against all-time lows in the last couple years, so any bit of lift in comps i think is going to be enough for now. plus this is a day when people are willing to believe things are turning around. >> will you be a buyer on the food recession theme? do you think that gets them wound now? >> i think it got a little ahead of its skis. i think the whole market got ahead of its skis, and i would like to say when reality kicks in, it might be different. the banks are not going to give us a yield unless we're buying stock. >> shares of big banks did climb today on the heels of donald trump's presidential win last night. they are hoping his win will have a lighter regulatory win. calling trump's win a grand slam home run on the banks and bill

sneed from bill sneed capital management, welcome to both of you. is this all a regulatory touch thing? is it also assumption of higher rates? what's all feeding into the optimism? >> i think there are three things. i think there is a major change in the legislative thrust. i think there is a change in the regulatory area, and i think there is a huge change in the economic environment which will foster not more interest rate increases but more long sales. that's where they make their money. everything that could go right for the banks as a result of this election went right. >> bill, what's your view on how the financials do from here? >> well, the key, and dick has already kind of hinted at it, is the velocity of money. everyone has looked the last six or seven years at the big increase and money supply and all the work the fed did, but none of that has been put into practice. it hasn't been being used. so these large banks like jp morgan, bank america and wells fargo, if they can get people to

turn the money over more often, they get tiny little nicks out of the economic activity. i would add also that the environment was going to be pretty good the next four or five years for the banks because the largest population group is going to kick into gear. so you got a friendly government and somebody that would like to get the velocity of money going in our society. >> dick, i have a question for you. usually when you see the economy kind of start to pop, it's the community banks and the regional banks that feel the brunt of that at first. how do you feel about the community banks here in your forecast? >> total waste of your money. why don't you just focus on where the money goes, which is to the biggest banks in the country? that's where you're going to see significant increases in earnings. the community banks may be dragged along with them, but the community banks have business models that just don't work. the fact of the matter is that what you're looking at is the

probability that there will be a lot of fiscal stimulus. that fiscal stimulus is going to require a tremendous amount of financing. that financing is going to come from the banking system. supposedly trillions of dollars will be repate rariated into th united states. that money will be put into all the programs that presumably will occur here. just put your money into the big banks and make some money. >> whoever has the relationships, whoever has the deposits and whoever has the relationships are going to get the business, and dick is spot on here. the magnitude and the control over the economy that has occurred by the raft of negative regulation and the witch hunt the banks have been through has only caused the moat of jp morgan, bank america, wells fargo to grow much larger than it was before.

moats matter. now the profit stream will come and the moat is well defended. >> some of the capital markets are actually global in market here, so even if they start to go in favor of the banks, obviously the interest rates slope as well. that might be all well and good, but can you actually count on some liberation of capital that might come from some deregulatory move that's u.s. based? >> i appreciate your question, but stop and think about it for a minute. the intellectual elites in europe got slammed on brexit, and then the intellectual elites just got slam-dunked in the presidential election. what you're saying is will the "ridiculousness" of the elites seen in the international banking world, will they be able to overcome what this man wants to do, and i would argue you've got a powerful force at work here. it's a huge change point. it's almost as if we went to bed -- >> we're almost out of time,

but -- >> i think the folks that voted for donald trump, i don't think liberate the banks is high on their list of what they would like to see him do. >> exactly. >> actually, here's what's going to go on. we're going to build a ton of houses in the united states in the next 10 years. $50,000 is the amount of regulatory cost in building a home in the united states. and the banks haven't been able to make a big move in the mortgage world for reasons just like that. so no, i think we're in a new world and folks have got to catch up to it fast. >> we've got to go, but dick, your two cents on this. do you also think a popular sentiment against the banks is now over because trump is president? >> i don't think it's relevant. i don't think -- let's take the wells fargo thing. mr. trump never said a word against wells fargo in this whole period, which indicates to you that he's not interested in attacking the banks, nor is his constituency interested in attacking the banks. what they're interested in is making more money, getting some of the benefits of this economy,

and that's got nothing to do with attacking banks. >> guys, thank you for joining us. dick bovet, bill sneed there talking about the positive outlook they see for financials. and the s&p real estate sector went the other way today, falling in underperforming health care in 2016. remember, it's a new sector. trump has won the white house. what his presidency will mean for this sector and his impact on interest rates. ron desantis joins us next as to what he expects trump will be able to accomplish in his presidency and what it means for the future. we'll be right back. u got last ? if we consolidate suppliers what's the savings there? so should we go with the 467 horsepower? or is a 423 enough? good question. you ask a lot of good questions... i think we should move you into our new fund. ok. sure. but are you asking enough about how your wealth is managed?

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that's the one. you got it! nothing stops us from doing right by our customers. ally. do it right. let's get out of that water. what does this sweep mean for the democratic party? let's bring in congressman ron desantis, a republican from the key state of florida who was reelected last night, along with key contributor sara fagan and has maybe gotten some sleep and maybe not. it's been a long night. >> we're hanging in. >> congressman, let's just begin with you. i guess the main question is a question of priorities, action. the market as placed a lot of expectations in a lot of positive outcomes now. what do you think one of the first things are that will get done? >> i look back in 2011 at the

white house correspondents dinner. donald trump was in the audience. the president made him the butt of jokes and donald trump did not think it was funny. now he'll be getting the keys frto the white house from president obama, and he'll get a chance to really strike at the heart of president obama's legacy. he can sign a bill repealing obamacare. he can appoint a chief justice to fill scalia's seat. he can cancel the iran deal and, suspend the syrian refugee program. those are all things that could happen very quickly upon donald trump taking office. >> we were talking about the collapse of the gop. there was a civil war within the party. there was who to blame -- now all of a sudden the attention is shifting to the democratic party and what has gone on there. >> that's right. republicans in real terms have

more political power than the 1920s right now, which is a remarkable place given where we all were 12 hours ago, and the republican party obituary has been written over and over and over again over the past many months. having said all that, the congressman makes some excellent points, and i think donald trump is certainly on the record on all of those things, but i would watch for him to build consensus with paul ryan and house republicans around this idea of a tax plan, infrastructure plan. donald trump addressed it last night in his comments, and it's the policy in which donald trump has laid out the most details. well, the tax plan, that is. so i think that's where they will focus first, and it's an opportunity to build a coalition that can then go do obamacare and other things as well. >> mike? >> congressman, i guess i wonder, the market reaction today basically said deficit finances fiscal stimulus is a

lock, it's going to happen. is there really a clear path for that? isn't there still in congress a little bit of resistance to the idea of running up the debt with a big tax cut and then spending the money on the other side? >> i think so. i definitely want to do tax reform. i think our tax code is a big drag on the economy. but the folks i talk to in florida, while they're concerned about taxes, the biggest drag for them, particularly small business owners, is the bureaucracy and the red tape. and so donald trump controlling that executive branch, he can work with congress so that we can circumscribe the bureaucracy so they're not rules upon regulation. i think that will give the economy necessary breathing space, i think it will be good across the board, but particularly for those managing smaller enterprises. that's a place i would look to right off the bat. that would unite all republicans, and we actually could get some democrats to agree on those types of reforms.

>> two things republicans are going to face next year that are going to be critical tests for the coalition. one, raising the debt ceiling. it's going to have to happen, and there are going to be many people in the congress that are going to have huge issue with that. and then if we're right about this tax plan and infrastructure spending, many of the congress and colleagues are going to demand pay for that, and that's going to be complicated but it's doable. with republicans controlling all the waterfront now, these things can happen and they can get it put together relatively quickly. >> congressman, we'll check back in with you and see how it's going in a couple months' time. sara fagan with us here at post 9. let's get to sue herrera. sue? israeli prime minister ben gentlem -- benjamin netanyahu congratulating president trump, calling him his great friend.

>> my friend, congratulations for being nominated president of the united states of america. you are a great friend of israel. over the years, you've expressed your support consistently, and i deeply appreciate it. i look forward to working with you to advance security, prosperity and peace. >> people in india awoke today to confusion as banks and atms remained closed after the government removed from circulation 501,000 rupee notes overnight. it's an attempt to halt money laundering in a country where many still rely mainly on cash. the faa has released a temporary flight restriction in new york city. it applies to all aircraft below 2099 feet. the area is centered below trump tower. the ban is in effect until january 21st of 2017, right after inauguration day. that is the news update this hour. kelly, i'll send it back to you. >> all right, sue.

thank you. up next, real estate tycoon and long-time friend of president-elect donald trump. richard lefrak joins us live to weigh in on how the real estate sector will be impacted by trump's policies. and vladimir putin also sending trump a telegram last night saying he hopes they can work on u.s.-russia relations. the future of america's relationship with russia, coming up. the greatest population shift in human history is happening before our eyes. sixty to seventy million people are moving to cities every year. at pgim we help investors see the implications of long term megatrends like the prime time of urban expansion, pinpointing opportunities to capture alpha in real estate, infrastructure and emerging markets. partner with pgim the global investment management businesses of prudential. what?pony neighing] hey gary. oh. what's with the dog-sized horse? i'm crazy stressed trying to figure out this complex trade

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welcome back. it's been a wild session here over the past 24 hours. dow was lower as they finished the results, but we finished a couple points shy of the highest level. after adding 254 points. the nasdaq up 57 points, s&p up 23 points. donald trump shocked some last night with the win of the u.s. presidency. still some questions remain about what will happen when he resumes the role in february. billionaire richard lefrak says he'll get the job done right. joining us now is richard

lefrak. welcome. >> good afternoon, everybody. >> what is he doing? how does he interact with people? is he working the phones? how does the man work? >> first of all, donald is a very hard-working man, and i think a lot of america has seen that in the last two or three months, because a lot of the success he's had in this electoral campaign has been due to his tireless effort. and i believe that he will actually apply the same tireless effort to his presidency. donald is an extremely goal-oriented guy. he wants to get a job done and he's a little bit relentless when it comes to doing that. so i think we can all look forward to somebody who is not going to just accept no for an answer, who is not going to let congress dither, who is not going to let polls stand in his way. if he thinks he's on wait to making decisions and accomplishing things, he will

push hard to get those things done. >> one area of anxiety when you look at the polls. they overwhelmingly went to clinton over trump because they don't know what to expect there because of his temperament, because of holding grujdges, an frankly the stakes are so high. if he has a row with duterte or putin or you name it, how will he work through that? >> i think that's a melodrama that's been perpetrated to the public, maybe by the media, maybe by his democratic opponents. donald is a very cool-headed businessman. i wouldn't expect him to be totally emotional or reactive to some provocation on the part of a foreign leader or anything else. he knows the stakes are high. he's a very good poker player. >> do you play poker with him? >> no, his business career is a career in which he's been able to succeed by handling

challenges and, you know, not accepting common wisdom. >> he had already made it to pennsylvania avenue, mike. >> i guess maybe, too, it's his management style and the people he will pick to be in the key roles. not really sure if he's going to go back to the people in the republican party who have run a government before. >> i wouldn't expect him to be completely conventional about what he's doing because he hasn't run this presidential campaign in a completely conventional fashion, so i think there will be some out of the box ideas that come through, and i think they're going to be great ideas. you know, the fact that he's been portrayed with -- painted with a certain brush by people in the election, i wouldn't be bothered by much of that at this point. i think donald will be a fantastic leader. >> i do think it may not just be how he's painted but how he's come across.

two key areas for me are transparency and diversity. you know, diversity of his cabinet, let's just say, diversity of the voices that are helping him to lead this country. how can you tell us a little bit about how he might bring that together? >> all you have to do is look for the people who work for him. he's got a diverse staff of people that work for him who are extremely loyal to him. so the proof of the pudding is what you've seen him do. so the fact that people say, well, he's not dealing with this group or that group, i am sure he's going to have a diverse, highly talented cabinet with him, and that he will be a decision maker. >> you know, a kind of related question to this is the people who are part of the inner circle, the people he can trust, the people who stay true him throughout a cycle when overwhelmingly the evidence was against him, against anything he was saying, any chance he had to become president. does that change now that so many different kinds of people

will be in the mix? is there a way he can kind of and should hang onto those closest advisers? or -- >> i think donald will get the most talented people who are loyal to him. that doesn't mean they have to be in the circle, but people who are loyal to him. he prides loyalty a great deal, and i think he'll find a lot of talent out there whether it's inside the beltway or outside the beltway, and that people will be highly satisfied based on the selections that he makes, the people that he's going to pick for cabinet positions, advisers and everything else that he's going to do. but i will say it's clear he will bring some business sense to washington, some common sense to washington. >> two little places of concern before we let you go. by the way, your own sector real estate sold off today. ironically, his victory may be pushing up interest rates and slowing that. the other, though, is

washington, d.c. people who work there are suddenly going, should i be worried about my job? >> i don't know about the people who work there and worrying about their job. i would say my sector has benefited a great deal from the very low interest rates that we've had for the last seven, eight, nine years. and grow up, everybody. if the treasury goes up half a point, the world isn't coming to an end. in my business career, i've seen rates this low, and i also was here in the early '80s when the prime rate was 29%. somehow most of us are still here. so if you plan your business in a way to anticipate some small increase in interest rates, the world will not come to an end. if that increase is caused by greater business activity, a better economy, then we should all bless that that's what's happening, because it means the folks out there are benefiting. >> richard lefrak, thank you for joining us. richard lefrak of the lefrak

organization. wae have a news alert on alexion pharmaceuticals. >> they have delayed the release of their final 10q report as the board investigates allegations made by a former employee of improper sales practices. they said the board of directors has obtained outside counsel to as in this investigation. they have not identified where orders were not placed for patients or any of their previously historical results. a lot of people had had questions about what was causing that delay. alexion is halted, expected to open up again at the top of the hour. the impact of yesterday's election has revesreverberated over the world. perhaps it's no more true

anywhere but with vladimir putin. what this election means for russia. you want an experience that feels highly personalized. with watson on the ibm cloud, travel companies like wayblazer can apply cognitive analytics to social data to understand what a destination is really like. and who exactly, it will appeal to. today watson is helping businesses create experiences that revolve around you. because that's what the ibm cloud is built for.

welcome back. president-elect donald trump has made no secret for his admiration of russian president vladimir putin. in fact, here's what he had to say last month during one of the presidential debates. >> i don't know putin. i never met putin. this is not my best friend. but if the united states got along with russia, it wouldn't be so bad. let me tell you, putin has

outsmarted her and obama at every single step of the way, whether it's syria, you name it. >> what would the falling of relations with russia now look like? the director of research is with us. welcome back. what do you think happens now with respect to russia? >> i think we can expect a warming of relations between the u.s. and russia. trump, to the extent he's had any kind of real foreign policy views articulated at all, he's skeptical of the value of nato, he says he thinks krcrimea and ukraine belongs to russia. he's taken a dim view on eu coherence. he also said he would take over helping with syria. all four of those things are

very oaccommodating to russia. >> what about direct bilateral policies, things like sanctions, anything that could actually be changed under his administration. >> the sanctions are a prerogative of the white house. this is an executive issue, not a congress issue. it certainly would be within trump's hour power to relax or e those, and i wouldn't be surprised if we saw something like that. >> i think it's a tremendous issue with not just here but worldwide and all the immigrants, so what do you expect to happen with the united states right now as he comes into office? because of course he doesn't come into office until january. >> i think the next few months will be in a sort of holding pattern on syria. the russian point of view on syria is you have to strengthen bashar assad in order to fight

islamic extremism, in order to fight eyisis. the argument is you have to remove assad or isis will continue to grow. trump has basically said he sees isis as one of the number one security issues for the united states, so it's possible to imagine a situation in which trump and putin sit down and say, okay, let's fight isis together. >> what does that mean? where does that leave syria? that doesn't sound like he's going to switch sides and go to not doing so. >> no, i think he'll leave us in power and then figure out what to do with isis. >> a million killed, 4 million displaced. then we end up saying, well, i guess that's what assad has to say. that's it? that's the outcome of the whole thing? >> donald trump has said he's going to take a more transactional approach to u.s. foreign policy. what is the u.s. getting at in

one place or another, and i bet he would see more bang for his buck, as it were, in taking on isis directly instead of continuing to arm proxies who don't have much of a chance at this point. >> thank you for joining us. alexander clement. the promise of more jobs did help donald trump to victory last night. how it will impact those energy makt markets. a cnbc exclusive. howard lutnick will attack how your financials could be attacked. don't miss it.

welcome back.

on his website and the campaign trail, donald trump promised an america first energy plan that would release an energy revolution to bring wealth to our country. what does that mean for the energy markets? let's bring in jackie deangelis from the nymex where they're also trying to sort through this. >> that's right. good afternoon, kelly. it means he has to execute on those strategies. and we'll get into them in a moment. what crude did today was defy expectations. it closed up at $45.27, moving in the after hours higher, as well. defying the rise that we saw in the dollar today, as well. crude traders today feeling that the strong equity market will propel demand for crude. so that's one piece to the story. but that's not the only reason that oil prices and energy stocks are expected to rally. the policies that trump had laid out can be very bullish for the industry. first, a looser stance on regulation will certainly allow the industry to advance and help this country reach its goals of energy independence. that is going to be good for big oil, for the frackers, for the

infrastructure companies like the pipeline names. remember, when those stocks move, the broader indexes move, as well. some fear more drilling will depress crude prices. we saw that happen because of the supply glut we have. at the same time, the expectation is that the industry itself will regulate in terms of production. we have seen that happen before when the price drops too low, production stops. that supply/demand balance. jobs. we do expect to see expansion plans, infrastructure projects and supporting coal from the trump administration. they're not going to eliminate those jobs and that's really important. keeping americans working is good news for the economy, it's good news for the stock market. and supportive of oil prices at this point. so i think traders today were surprised by the move we saw in equities, and the crude market followed along with it. closing today over $45 a barrel was key from the technical perspective. back to you. >> i just wonder, and i don't know if anybody has commented,

but is this like a coal renaissance? now that everything has gone about as badly as it can for coal, is there are any renewed hope for life here? >> it seems to me, cheap natural gas lab the thing. it's not necessarily just about regulations and clean coal. so i think a lot of it hinges on that. >> jackie? >> you know, i don't think it's that we're going to see a coal renaissance. i think what's happened here is that a lot of people were expecting a clinton administration to really do away with the coal industry quite quickly. i think donald trump is going to phase out slower and sort of allow the industry to develop over time. and not cut those jobs and not hurt the industry all at once. one trader was telling me, look, it's a very lofty goal to transition to alternative energy. but it's cost a lot of money for businesses. they can't really afford it at this point. you have to not force the time line and let it happen naturally. all right. jackie, for now, thank you. jackie deangelis keeping an eye on the energy complex. starting in january, donald trump will be busy for the next four years. by winning the election, did the

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welcome book. donald j. trump won last night's race to be elected the 45th president of the u.s. there is another big winner from the contest, alec baldwin. he parodied trump. now he could be busy for the next four years. he doesn't appear that happy, at least based on a series of tweets, saying as trump inched closer to a win, baldwin saying the businessman is close to winning the race and world markets are crashing. he's all yours, america. which we might say to alec baldwin, no, no, no, he's all yours. >> exactly. that's why he might dispute he's truly a winner. one, it wasn't his preferred outcome. he obviously didn't dissuade anybody or at least not enough people, in his view. and also, i don't know if he wants a four-year gig. >> i don't know. it might pay well, danny. >> it could. really, i thought the only thing prior to today that was great

about trump's presidency possibility was alec band win playing him every single week. that would be the only way to get through it. but then today's market bump made up for it. >> it did. it kind of gave a different perspective. >> now you know it's also going to be an industry. a micro industry of people -- trump impersonators. >> and elvis, too. with the hair -- anyway. now that we've had a chance to digest all of this, the real question becomes, what happens from here? i mean, we had -- it would be a much simpler narrative if we were down 800 points. now we're back up towards all-time highs. >> as i have been saying, this was -- as unlikely as it seems, a little bit of an accelerated rerun of the brexit trade. people might have jumped the gun. he did the buy the dip before the dip lasted very long. i do think you're going to have to see if true buyers come in here. i think the fundamental backdrop can support stocks pretty well. maybe that becomes the focus. i think the trading dynamics are very slippery. >> it's an exact mirror of his

personalities, right? back and forth and up and down. and really no one knows what's happening next. but i do think that once things settle down and once we start to hear some words coming out of his mouth about policy and where we go from here and what's the path, i think things will settle down. >> well, danny and michael, thank you for a interesting couple of hours. that does it for "closing bell." "fast money" starts now. i pledge to every citizen of our land that i will be president for all americans, and this is so important to me. >> and there you have it. a stunning outcome for the presidential election leading to a stunning day for the markets. we were down 800 points and furious overnight action before slowly coming back before the open and then stocks took off. the dow soaring 250 points and now within just about ooh points of its all-time closing high. the s&p 500 closing at its highest level since october 10th,