from flowing out of america and into mexico, out of our country, out of the united states, and it goes right into mexico. they have to stop it. we have to stop it. we are going to save lives on both sides of the border. and we also understand that a strong and healthy economy in mexico is very good for the united states. very, very good. we want that to happen. by working together on a positive trade, safe borders and economic cooperation, i truly believe we can enhance the relation between our two nations to a degree not seen before, certainly in a very, very long time. i think our relationship with mexico is going to get better. here is a brief summary of what actions are contained in my executive orders. the secretary of homeland

security, working with myself and my staff, will begin immediate construction of a border wall. so badly needed. you folks know how badly needed it is. as a help, but very badly needed. this will also help mexico by deterring illegal immigration from central america and by disrupting violent cartel networks. as i have said repeatedly to the country, we are going to get the bad ones out, the criminals, and the drug deals and gangs and gang members and cartel leaders. the day is over when they can stay in our country and wreak havoc. we are going to get them out, and we're going to get them out fast. and john kelly is going to lead that wave. [ applause ]

our order also does the following. ends the policy of catch and release at the border. requires other countries to take back their criminals. they will take them back. cracks down on sanctuary cities, empowers i.c.e. officers to target and remove those who pose a threat to public safety. calls for the hiring of another 5,000 border patrol officers. calls for the tripling the number of i.c.e. officers. [ applause ] and you both do an incredible job, but you need help. you need more.

creates an office of homeland security dedicated to supporting the victims of illegal immigrant crime. [ applause ] for years the media has largely ignored the stories of americans and lawful residents victimized by open borders. to all of those hurting out there, i repeat to you these words. we hear you. we see you. and you will never, ever be ignored again. [ applause ] as i travel the country, i had the chance to get to know mothers who have lost their children to violence spilling over the border. i want to thank the remembrance

project, such incredible people, for giving these families a voice. they're called angel moms for good reason. because they are a voice to protect all of america's -- their children have not died in vain, believe me. [ applause ] pundits talk about how enforcing immigration laws can separate illegal immigrant families, but the families they don't talk about are the families of americans. forever separated from the people they love. they don't talk about that. ever. as your president, i have no higher duty than to protect the lives of the american people. [ applause ]

first these families lost their loved ones, then they endured a system that ignored them while at the same time constantly rewarding those who broke the law. for these families, it's been one injustice after another. but that all turns around beginning today. we are joined here this afternoon by parents whose children were horribly killed by individuals living here illegally. i will now read these parents' names and ask them to stand. many have become friends of mine over the last two years and have supported me so dearly, and i appreciate it.

marianne mendoza, who lost her son, police sergeant brandon mendoza. [ applause ] fred fundinbur and his son james who lost billy. billy was fred's son and james' brother. billy's wife natalie was also killed by an illegal immigrant, somebody that should never, ever have been here. [ applause ] laura wilkerson, who lost her 17-year-old son, beautiful josh. josh was special. where is laura? good. laura. thank you, laura. [ applause ]

cari ruiz and lucia ruiz jr. who lost their young daughter felicia. thank you. beautiful. felicia. thank you very much. thank you. [ applause ] steven ronabeck who lost his 21-year-old son, grant. thank you, stephen. [ applause ] and we have many others with us from remembrance and from other groups, and these are incredible people that have endured so much. i just want to thank everybody for being here. you are very, very special people. thank you. [ applause ] nothing can ever make their pain go away, but i want you to know your children will not have lost their lives for no reason.

they've set this incredible goal for so many. these were great young people. and they will always be remembered. always. we will never forget them. [ applause ] and to the parents and loved ones, you kept the flame of justice alive with your activism. keep it going. and now, together, we will save thousands and thousands of lives. when it comes to public safety, there is no place for politics. no republicans, no democrats, just citizens, and good citizens. we want safe communities, and we demand safe communities for everyone. we want respect.

we want great schools. we want dignity and equality for everyone. and i will be a president, i promise you, for everyone. we will bridge our divisions, heal our wounds and unify our country. and if we do that, if we work together, then there is nothing we cannot achieve as americans. the future is limitless. good luck to our new and brilliant leader at dhs general john kelly. thank you. god bless you. and god bless america. congratulations to john.

>> president trump speaking to homeland security staff there in washington, d.c., about two executive orders he signed today, one regarding the building of the border wall with mexico and the other on immigration reform. another very busy day for the president. it has been a busy day on wall street as well. we welcome you to "the closing bell," i'm bill griffith along with kelly evans at the new york stock exchange where the dow has hit 20,000 for the first time. our chief international correspondent steps in right now. you heard something the president said, a new wrinkle in his comments about his relationship with mexico and immigration reform. >> at the top he said we need to deal with illegal immigrants from central america who are going through mexico and hurting the united states and mexico. this is different than what we've heard from the president before. i think it reflects the fact that mexico's foreign minister, i am told, has been at the white

house since 8:00 this morning. we know he was scheduled to meet with jared kushner and steve bannon, two key advisors to donald trump. he made a speech where he said, look, more than half a million central americans are moving through mexico to get to the united states, whereas actually the number of mexicans going to the u.s. has fallen, the issue is a shared responsibility between the u.s. and mexico. that was the message. he has been giving that message today. you heard that in the top of the speech from the president. >> the mexican peso improving against the dollar right now. >> 2% right now. >> if it's as much of a problem for mexico as for us, maybe that becomes a basis for negotiations for them to pay for some of the wall. >> to eamon javers at the white house with more reaction from what we've just heard from the president. >> obviously this is the president delivering on a signature if not the signature promise of his campaign, building that wall on the mexican border.

to michelle's point, i also picked up another piece of slightly different emphasis here in the president's remarks than what we heard on the campaign trail. he said, a strong and healthy economy in mexico is very important to the united states. that's a degree of emphasis there that, if the united states works with mexico to make conditions better in mexico, you will have less of a need for mexicans to feel like they need to move north for economic opportunity. he also mentioned something that's reportedly bothered mexican officials for a long time and that's that the united states needs to crack down on cash leaving the united states and going south of the border. the customers for the drug trade are here in the united states and they send money to the cartels in the south. that's something the mexicans have long wanted additional u.s. help on. trump signalling that may be coming as well. so an emphasis here on the mexican economy and solving some of mexico's problems as well ahead of the meeting michelle was talking about. a little bit of a shift in tone but absolutely president trump

delivering on that campaign promise he made throughout the last year. >> thank you very much. if you're just joining us, the dow is finally above 20,000 for the first time ever. it happened this morning. >> you've been through one of the big round numbers already. now i am tagging along. >> welcome aboard. the s&p and nasdaq push higher. that keeps them in record territory. the russell is not. we are about eight points off of that level right now. we have full team market coverage of all of this. dominic chu is all over the dow at the new york stock exchange. bertha coombs is covering the nasdaq's run and mike san tolli joins us with this as well. dom, starting with you. >> we know the biggest gainers in terms of point contributors on the session, boeing on the heels of earnings.

caterpillar. goldman sachs. goldman sachs, jpmorgan chase. no surprise there. financials have been the best performing sector since the elections. boeing, caterpillar, ibm. if you look at some of the laggards since the election so far, it's a bit of an interesting story. consumer staples, some of the more dividend paying names. proctor & gamble. crisco. walmart. procter & gamble. walmart. in today's trading one of the biggest drags is an earnings related story. boeing on the upside with regard to point contribution. united technology one of the biggest drags today. blue chips and guys focus on the key historic dow 20 k day. >> to bertha coombs at the nasdaq for a look at what's led that index to a record territory of its own. bertha. >> if you look at the biggest

gainers today it's an earnings story for the most part. it really tells the story on the breadth of the move here at the nasdaq. we have got tech and health care really leading. c. seagate technology a surge after blowing out earnings estimates. intuitive surgical with much better results than expected as well. the move here at the nasdaq certainly since the new year has been about big cap tech. after the election there was a bit of a drag. apple has been at the center of that. today apple hitting a new 52-week high. it's still well off of its peak high, all-time peak high. however, it has had a substantial move. it's outperformed the dow as one of the dow components, up about 5%. and that's also what has been cap cat putting the nasdaq 100. looking at other dow components that are tech names, they've been helping and have

outperformed the dow. as far as point impact, apple is the third biggest contributor year-to-date on the dow after ibm and boeing. but microsoft, chrysco helping out. intel will be reporting tomorrow. we'll see how the earnings move things forward here. >> bertha, thank you. no doubt we'll check back with you as we progress through the afternoon. mike santolli joins us now. this has been called many times the trump rally. it started around election time. other factors have contributed to the gain too, right? >> absolutely. the trump rally was about the five weeks after election day when you basically did have a rapid rally led by a lot of stocks and sectors that seemed tied to the hopes for trump policies.

the cyclical stocks. industrials. financials. since then it's been sideways action. a lot else has been going on fundamentally besides that. it's not just been the dow and s&p and nasdaq. it's a global rally. msci all-country world index, a comprehensive measure of equity markets around the globe. it's also breaking out to new highs. not all-time highs but accelerated the upside. that's happened as global economic indicators have come together and accelerated since september/october next year. this is macro indicators across the world. we haven't gotten to april of 2017 but that's showing you the quarter we're heading toward. it's showing that you did get a liftoff in some of the economic fundamentals. the markets are pricing that in obviously. looking at the domestic earnings picture. you had forecasts for a pretty good upward run in earnings.

you see that line pointing to the current quarter, all the way out to the end of the year. by next quarter, you'll be looking at 20% year over year gain in s&p 500 earnings. all this stuff came together as the trump policies have kind of been out there as a carrot that investors have been walking toward. >> mike, stay right there and join our "the closing bell" exchange if you would today. joining us, joe duran from united capital. keith bliss joining us here at the post 9 and rick santelli from the cme in chicago. keith, you have seen your share of market milestones as well. put this in perspective. how do you handicap the strength of this market right now? >> are you making a statement about my age, bill? >> i would never go there. never. >> your wisdom. >> you're absolutely right. this milestone, dow 20,000.

in and of itself means little other than the standpoint, i will say this, is that we were often curious about why we were not able to break through in december, because there was no real technical reason to do it. it had become a psychological resistance. the behavior of the market. now that we're through it we don't see anything to hold the market back. all things being equal. michael articulated it perfectly, the three things that came together at the right time. it was like a tinderbox for stocks to take off. they accepted it. off they go. one thing we need to keep an eye on in my opinion is the russell 2000 index. >> a favorite indicator of yours. >> it's the most significant about what trump's policy will do, particularly the companies who do most of their business here. if it can debt back to 1388, the all-time closing high, and stay there it will drag the others up. this market has room to run. strap on your seat belts.

>> joe, i thought we were supposed to sell the inauguration. that was a common repeated phrase. buy the election, sell the inauguration. a couple of days after the event and we finally pierce the dow 20,000 level. how much do you tie this to the politics and announcements from donald trump? how would you describe the factors contrigtibuting to this rally? >> the global economy is reigniting. that's a huge impact. probably the biggest. two things trump is focusing on that are impactful to stocks. first, reduce regulation. the second is lower taxes. those things are high confidence to go through. the next two a little bit more dicey. so when he talks about putting tariffs in place or putting border constraints, that's one that, when he presses on that, the stock market doesn't love that because it's inflationary around the world. the second one is when he talks about infrastructure. while it might appear good, when you are dealing with relatively low unemployment numbers, you

can't simply find more people without paying them more. so i see the biggest concern, i think, for the next six months, we have blue skies, there might be some volatility but a lot of reason to be optimistic as taxes and regulation go down. then we need to worry about is he going to press hard on infrastructure spending and putting tariffs on trade across and around the world, because that will have an inflationary impact. it will have an impact on interest rates and some volatility. >> rick, as the market -- the equity market moves higher a lot of the interrelations are holding. interest rates, yields going up. oil going up. if there is an outlier it might be the dollar which is lower today. by 1.75 against the peso. your thoughts on that? >> we first went over 100 on november 14th and have never settled below it since. but look what's happened.

monday, tuesday, today, we have had inter-day trade under 100. today we narrowly missed by a whisker. i think you are spot on. i think part of the reasons lie in some of the comments joe and keith just gave us. isn't it ironic, central banks have been praying to the gods of inflation for years. now we have policies that will bring some of that as well. it went from a good thing, please bring it, to a thing we worry about. i find that interesting. the thereinlies the dollar issue. the markets in europe and japan. negative interest rate securities dropped from a high of maybe close to $13.5 trillion to under $10 trillion. there is a liquidation process going on. who are they going to sell this to, especially considering how the world has changed? i think we'll see driving rates higher and the fuel of what joe outlined on the inflationary side and the fact that central banks better wake up. they see these clouds.

donald trump is the paddles. we have a patient on the global economy that was doing nothing. shock. i think a lot of what's going on in the globe could be attributed to that shock. we're going to rearrange pieces. maybe that's scary, but rearranging pieces gives you an avenue to do it better. >> all right. we have to go. gentlemen, thank you all for your thoughts on this historic day as the dow pushes above 20,000 for the first time. we get new highs on some of the other averages as well. dow 20,000 is a reality right now. looks like we'll close there. s&p and nasdaq at all-time highs. >> i was going to say don't jinx it. and you'll notice we do not have our hats. >> you will not see us wear a hat. our regular viewers and our boss may be wondering where bob is on this historic day as well. >> he joins us now on his day off from florida. bob. man, what do you make of it all? >> i am in miami beach, having a

good time for the moment. the etf conference ended yesterday. remember why we stalled out, kelly. we didn't have enough details on tax cuts and infrastructure. we weren't sure whether these were 2017 or 2018 events. look what's happened in the last 24 hours. the president is talking about what's going on in the oil business with the pipeline. the press conference talking about building the wall. i have seen analysts this morning coming out with estimates of how much cement might be required to build the wall and how much earnings may change for cement companies. speaker ryan talked about an agenda for the first 200 days that would involve tax cuts as part of it. the juices have started flowing again and the market has reacted perfectly in exactly the areas you may think. one piece of caution, mike was talking about some believe we can get a 20% increase in earnings. that's true for 2017. looking at the companies themselves, it's been pretty cautious. ge, united technologies, 3m are

not dramatically boosting expectations but the market is giving them a break on it right now anticipating they'll do it later in the year. kelly. >> we were chuckling about you being there in miami. it reminds us that it always seems obvious in hindsight but yesterday i remember saying to people what's it going to take to get this market excited again and overnight this morning, all of a sudden like that on a dime suddenly we burst through this level that everybody had forgotten about. >> for all the same reasons we had been talking about anyway. >> if you can get some numbers and flesh on the bone, advance the story a little bit more, i think the market knows they won't get big details for the next several months, just a timetable. speaker ryan's 200 daytime table is important. expanded stock ownership in 2017. 10% of the wealth in the country, the wealthiest 10% control 82% of the stock. how about that changes. let's get more people owning

stock. broader stock ownership. >> all right. >> bob, we were noticing somebody was sending us video from the dow 10,000. you were gone that day too, by the way. the precedent holds here. bob pisani channeling his best don johnson of mi"miami vice." >> we need a gain of 87 points or thereabouts to stay above 20,000. >> we'll try to show you some of the tape. coming up we'll discuss where the dow goes next with some wall street veterans. the wharton school's jeremy siegel whose long predicted dow 20 k. stay with us. they're all ahead.

welcome back. history being made today. the dow finally trading above 20,000. it's been there all day, from the open this morning. and it looks, with about 30 minutes left, like it may stay there. up 148 points right now. look at some of the movers in the market today. boeing among the outperformers on the dow. aerospace giant reporting better than expected quarterly earnings. the full year revenue estimate fell shorter. united noting problems regarding

the durability of a new turbo geared fan jet enging. seagate surging. it said it is seeing stronger demand for cloud-based products, shifting emphasis away from traditional storage. >> storage is on fire to quote one analyst. half an hour to go in the session. joining us now to talk about you know what, the dow jones industrial average is owner of newton advisers. mark newton. show us the charts and what you make of the move, mark. >> incredible move after a month of going nowhere. everybody says 20,000 is a big deal. a lot of it emboldens investors who are invested. spent two years around 18,000 and no time at 19,000. take a look. this is the last month of really going nowhere. all of a sudden we've cracked through and the earnings came through better than expected. i think the structure is bullish. second is the participation is

also good. if you have materials and industrials joining financials and technology. that's positive. we're quite overbought. most of the world peaked out in 2015. not last year. the s&p and u.s. indices are an anomaly, charging higher yet the majority of the world is not. all the others play catchup or we'll fall. near term it's still constructive and a good thing. i have some worries for the balance of the year. likely that won't play out until summer, into the fall. for now, a good move. potentially take profits for february. stay invested the first two quarters in my opinion. >> thank you very much, mark. heading to the last half hour. dow up 146 points. above 20,000. ralph acampora will be here with

more charts. mohamed el erian with a world flew. tom farley on the nature of trading and how it's changed since dow 10,000 and mr. dow 20,000 himself. wharton finance professor jeremy siegel will be with us on "the closing bell." stay tuned.

welcome back. 25 minutes to go in the trading session, dow hanging on to a gain of nearly 150 points putting it at 20,060 points today. we opened above 20,000 and have held onto it all day. we have 25 minutes to see if we close above it for the first time. >> time for a cnbc news update. sue herrera. >> emmy-winning actress mary tyler moore has died. her representative says she passed away in the company of friends and her husband of 33 years dr. robert levine. she was 80 years old. an amtrak tim ryan wirain flipp. small fire broke out. miraculously there were no injuries reported.

former president george h.w. bush continues to improve from pneumonia. despite a lingering cough his lungs are clearing up and he is working with physical therapists to improve his strength. his doctors believe he could possibly go home this weekend. a surprise wake-up call for residents of a philadelphia suburb. a giant sinkhole opened up this morning. fortunately no one was injured. it did damage a nearby road and almost swallowed that pickup truck. that's the news update this hour. back to you guys. >> sue, thank you very much. so, our next guest calls today's dow 20,000 event, quote, the rebirth of capitalism. >> joining us now is ralph acampora, director of tactical research. is it that significant to you? >> absolutely. it's not exaggerating. for the last decade politicians have talked about wall street as

the national pariah. that is ending. money is coming back to this country. regulations are being taken away. jobs are being created. wall street is getting a bit of fresh air right now. let's enjoy it. there is much more to come. >> so what is your view of the market right now, ralph? last time you were with us you were saying you could see, what, 22,000, 23,000 during the first quarter is i am not mistaken. does that still hold, or where are we going here? >> that still holds, bill. i think the momentum you are seeing today, the leadership, all the leading indices in our country are at all-time new highs as we speak. the leadership in financials and industrials came to the fore again today. i am not going to fight it. i do think, though, at some point, when the market starts to slow down and the realization that president trump can't get everything done right away, i

think the reality is we'll slow down. in the meantime, things look good. i wrote this book 17 years ago, bill. i think you were there when we published it. >> i remember that well. >> dow 20,000. it was a lot of fun. full disclosure, though. i thought it would get there by 2011. sub prime got in my way. very excited. >> it's a good point, though. because it's easy to look at the gains we have had and almost gloss over how we got here. i mean, two incredibly severe market corrections have actually kept a lot of the public on the sidelines, potentially not benefiting from this increase. now the question is, can you get involved when we are at all-time highs? it's, you know, unfortunately not played out at all in a smooth and orderly way, not that it ever would. has that damaged the ability for people could be part of 20,000? >> well, you know, i am in the business exactly 50 years. this is my 50th anniversary. i have to tell you one thing.

i have seen the public participate in the market in the '60s and '70s. there is nothing like rising stock prices. and i think going forward looking out ten or 15 years, you're not going to want to be in bonds. the bond market will start to slow down. when that happens money will flow back into the stock market. i think it's a matter of time that the public realizes that. there is nothing like luring stock prices going up to bring the public back into the market. >> very quickly, ralph. i have to ask a nerdy question for the short term. even as we set these records, we had amy woo from rbc capital markets here yesterday talking about sentiment in the options market turning negative. the vix, fear indicator, is at a two and a half year low. >> so what. >> you don't get that at market bottom. how do you read the short term right now, the sentiment indicators? >> bill, look at the vix. it's been low for how long? people have been complaining for

how long that the vix can be low, and the market went up. that's like keeping a beach ball under water. you keep it under water and the market keeps going higher. i can live with that. i am a trend follower. when we see the trend faltering, bill, then i will be concerned. right now the trend is up. >> marty said don't fight the tape. that's what ralph acampora is here to confirm. thanks, ralph. good to see you. another interesting wrinkle today. how about oil being lower. usually that's a tell for the market. today it's not, though. the energy story of the day is the impact energy stocks have had on breaking the dow 20,000 barrier. jackie has more. >> i was surprised, actually, when i dug into some of the numbers. the two dow components we're looking at exxon and chevron. think about where we've come since the dow hit 10,000 in 2009. chevron has seen a 55% gain.

exxon up ruffoughly 20%. we have seen some bumps in the road when it comes to energy. in the last month alone you have seen exxon and chevron turn negative in terms of performance in the last month, in the last piece of the supposed trump rally. for the dow, of course, to move higher you have to watch oil prices carefully here because they're going to impact these stocks. you have analysts on the street who are saying we'll see $60 or $70 by the end of the year. that would be positive. it also could be an optimistic view at this point. others are saying, look, we had all the news yesterday about the pipelines, the pro-energy policies from the administration. they could actually depress prices and have the opposite effect that the administration is hoping for. but the question, of course, really is this. crude oil has been stuck in a range. what will get us out of the range similar to the markets, as

you mentioned, with the low volatility. people complain it's hard to trade. this has been a tough trade, kelly, too. back to you. >> that's for sure. >> thank you, jackie. now the dow has hit 20,000. where do we go now, right? joining us, mohammed el erian. we've hit this milestone. put it in perspective. as we cross over this line finally, where are we today? where do you think we go from here? >> where we are today and where we go from here is a function of policy. i think that's the main message. the fuel for this rally has been economic policy. real, actual and expected. so if we persist with signals that the trump administration will move on deregulation, will move on tax reform, on infrastructure, and if we persist with more constructive comments, like today on mexico, then this rally will both extend and deepen. this is a big if.

it's all down to policies right now, bill. >> it's also ironic or maybe telling, what's happening over at harvard today. you know you were at their helm years and years ago. according to the journal, they're laying off a bunch of people, handing over management of their portfolio and everybody tried to do the yale model and diversify away from the stock market and now the stock market has been doing great and very few institutions and pension funds are participating. so do you think there needs to be a shift back towards more of a pure, you know, 60/40 kind of portfolio here? what would that say for the ability for this rally to keep going? >> i think what harvard is doing is how it implements the so-called yale model. so it's moving away from a hybrid model where you had internal management and external management to focus more on external management. as regards to the 60/40, it's a complicated issue. i still think that there is a

lot of merit for a diversified portfolio. if you have permanent capital, which is what these endowments have, you can take a lot more liquidity risk. i don't think this is an indication of going back just to public markets, but they have changed their minds in terms of how they want to manage it. >> let's add peter bookbar to this high powered group. heck of a dinner party this would be. peter joins us from the lindsey group. last time we spoke with you, you were more concerned about the bond market and a lack of liquidity and the air coming out of a bull bubble there. as we sit above 20,000 yields are rising but rising in an orderly fashion. is it possible we don't get a bubble popping in the bond market as equities continue to rise? what do you think is going on right now? >> that would be the optimistic scenario. if the stock market is right in their optimism for

trump-nommics. i find it hard to believe the ten-year yield will not be much higher over the next ten months. we have to square that circle. if we get a gradual rise in longer term interest rates, okay, we can deal with that. if anything is more short similar to the rapidity of the move we saw post-election, it could be disruptive. we have an economy and market over the last seven years that became very addicted to zero rates, negative rates, and quantitative easing. that is going away. so this optimism, i completely understand and i am all for lower rates and lower regulation, but it's not going to happen in a vacuum. for the $2 trillion of tax cuts on the corporate side over the next ten years there will be $2 trillion of tax increases. the rise in interest rates i don't think should be ignored if you are an equity investor. >> guys, have to go.

reflecting on the prospective dow 20,000 close today. joining us right now, the best dressed man on wall street, tom farley, president of the new york stock exchange. a lot of energy and momentum here today. >> it's a good day. i think all this excitement about dow 20,000 is generally good for the economy. animal spirits. ceos get more confident in the market. maybe they invest a little bit more here. ultimately it's good. it's great. >> what's missing is the cherry on top. you have a day like this. start to get the pipeline going. a lot of companies are looking to get going. but they get snapped up out of the public market. do you think we have this kind of ipo boom coming? or is this time different? >> be patient. by patient, i mean wait 48 hours. we have four ipos on friday

alone here at the new york stock market. i was working with my team upstairs. if you look over the next three weeks we have ten ipos that are likely to happen. most of those are very big, including potentially the biggest in two years next week, and a number of ipos that will raise a million dollars or more. i think it's expected, frankly, to dow 20,000. people are feeling confident. if you recall, a year ago asset prices were at all-time highs, april, may, with no ipos. first quarter, literally zero. but things are changing. i think it will be fun on the floor. >> talk about the animal spirits of capitalism returning here after the election. as we look back earlier today when we crossed 10,000 in 1999 and compared to today there is a very different look at who owns stocks now. family participation in the stock market is very different from what it was in 1999. a lot more etfs, a lot more

index funds exist there as opposed to active management and ownership of individual stocks. you have seen tremendous changes here at the new york stock exchange as well. >> retail participation in terms of individual stocks buying and selling is at all-time lows in terms of the percentage participation. i don't want to overdo it because the etf market stepped into the breach. sophisticated management tool that everyday investors can make great use of. the other area that's a bit concerning to me is we are seeing a lot of companies go public later. so mom and pop are no longer logging on to their e*trade or schwab account or scottrade and buying shares in early microsoft. they're going to wait for a more successful company. one thing i am looking forward to working with the administration on is how to make it more enticing and more economically beneficial for smaller companies to go public and, therefore, kind of spread the wealth, if you will. >> we have seen the jobs act the

last couple of years. what more would you want to see here? >> the jobs act actually, it covers companies with a billion dollars of revenue or more. you could be a billion-dollar company with very thin margins and you are not a particularly big company. there is a question of could we cover more companies with some of these benefits, but also having another look at regulation. going back and looking at dodd/frank saying, we agreed to regulations at that time for very good reasons, no doubt. do they make sense? conflict mineral. do the sarbanes-oxley 404 make sense for a new public company? >> will there be a fireworks display? >> we have hats. we believe in hats, bells and gavels. no fireworks. >> all coming in about ten minutes. we'll let you get ready for that. tom farley. retail has been lagging this market since the election. cnbc's courtney reagan has more on that. >> the holiday season was hard.

retail stocks trading more on fundamentals than on animal spirits and hopes for stronger economic growth that's propelling other sectors. the s&p and xrt are higher by 5.7 and 7% respectively. both of the measures are shy from the broader s&p index gains we've seen since november 8th. the two categories, department and specialty stores. neither group has released the full results from the holidays, but what we've got is enough to depre depress shares. macy's down 21%. the retailer announced restructuring, big layoffs to adjust to the changing retail environment. aber cr abercrombie & fitch the second worst performer. shares have fallen 19% as the retailer continues to struggle to find its brand footing as it reimagines what it really is. urban outfitters, including

anthropology and free people along with a name sake brand has seen shares drop 19% since the election. sears down 18% since november 8th. the possible border adjustment tax is a looming fear for many retailers especially apparel retailers that import on average 95% of all merchandise. you'll notice that when we talk about the dow and the retail stocks in the dow that's home depot and walmart. walmart shares down 4%. home depot up 10%. home depot has been one of the outstanding retailers since the dow hit 10,000 in october of 2009. it hasn't quite been where you might have seen some of these other stocks. so we're going to watch what happens in retail. there is a lot going on there. what happens if we see economic growth and the consumers spend more? then maybe that will offset some of the trouble that we've seen. bill. >> courtney, thank you very much.

as you are talking, you see the market continues higher. almost at the end of the session. joining us on the floor of the new york stock exchange. john from the gfi group, the human news wire service and sara hunt from alpine funds. what do you think? what do you make of this number? >> i think steady as she goes. we are still in the seventh and eighth inning of the bull market. great numbers over the last couple of days. earnings, pmis. trump is moving the coin a little bit, keeping everybody off balance. what he's doing, the dakota access pipeline. he is going to make america great through energy jobs and energy exports. that's the secret of the rally. >> you told us he created certainty, not uncertainty. the volatility seems to be agreeing with you. two and a half year low. lately the good news wire. take us back to the last couple

of days in particular. what are the factors that suddenly got us over the line that might keep this going? >> from last month, going sideways. bounces around. finally broke. took out 20,000. nasdaq, a new high. up 500 basis points this year. brazil up 12%. we have emerging markets very happy that the dollar has now weakened. what the new secretary of the treasury said we like the strong dollar long term, not short terrell. they're doing nuances in the words they are using that are making big differences. >> sara, you have to put money to work here. do you play what's getting us here with energy and materials and banks, or you know, where are you putting money to work right now? >> there is obviously some energy we have in there. that's a good place to be for the moment. with oil where it is and where some of the dividend yields are, that's not a bad place to be. one place that makes sensors

that go into autos and other things, a lot of industrial applications. there are areas that can grow with auto may be slowing down in terms of growth. >> the president or his team has indicated this road map, let's call it, to go with infrastructure plans. bernstein saying buy cemex when they're building the wall. are you translating this into getting ahead of this with some investments? >> some of the investments have taken the information and run hard and quickly with it. you have to wait and see. the senate came out yesterday and said we want an infrastructure bill on the democratic side. i think it lit a fire under the group which had moved quite a bit on the idea of all this. now it will come to what actually happens and how do we make a deal with this. or are we right now discounting a bunch of stuff that we don't know exactly what's going to happen. >> where do you see opportunity right now? >> when the fed was doing

quantitative easing bill said buy what the fed is easing. now we want to buy what trump is telling us to buy. infrastructure, materials, energy. banks took a respite. >> sarah a moment ago said a lot of this is priced in. >> the pipeline companies had a huge rally after he signed the executive orders. is it too late? >> some of the things are priced in. we're into a new basically trend now where we are going against all odds, new highs, all chips are back on the table. >> if it sounds like the volume has picked up here on the floor of the stock exchange, you are right. it has. a lot of energy as we stay above 20,000. sarah, thank you. john, always good to see you. thank you for joining us. to sima modi with a market flash. >> checking out the big movers on this historic trading day. 80 companies in the s&p 500 hitting new highs as the economically sensors lead

higher. csx. and others trading at levels not seen since their ipos. president trump's policies reignited confidence not just in the u.s. but overseas. investors brushing off fears of protectionism. asia stocks closing sharply higher. japan, china, hong kong posting gains. this as the yen weakens. the rally continued on to europe. the german dax trading at levels not seen since may of 2016, despite an ecb executive board member saying it may be time to consider exiting from the central bank's quantitative easing program as inflation continues to improve across the european landscape. that will be good for the global investor that's been banking on the stimulus. emerging markets up 7% so far this year. bill and kelly. >> thank you very much. we have about three and a

half minutes or two and a half minutes left in the trading session. the s&p and nasdaq in all-time territory. one area that's been very interesting. i am going to ask art about this in a moment. volatility index, the fear indicator now at a two and a half year low. in the ten range. about half. usually when we get to 20 is when we put the yellow flag up. we're well below it right now at 10. more earnings coming out tonight. could mean more volatility for this market depending on how these come out. somed at&t, ebay and las vegas sands. the story tonight, the headlines tomorrow, will be about dow 20,000. going out with a gain right now of about 160 point. arthur and dom chu is joining us here as well. somebody asked me today how many thousand marks have you seen on

the dow? i said all of them. >> all of them is correct. >> i go back to dow 540. yeah. >> i think i am in the 700s somewhere when it started out. put it in perspective for us here. >> i think this is mr. trump signing the pipeline things, told everybody, pretty much, that he is going to go through every one of his campaign promises, which means we will see certainly an attempt at tax reform, deregulation, and we'll see a stimulus program. that inspired everybody. then the speaker of the house said he had a 200-day agenda. that means we might, within six months, get some tax reform. that's what got everybody excited between yesterday and today. >> that's been a theme today. that donald trump in his first few days in office has been charging through full bothre wi his executive orders. so we might actually get some stuff done. that's a huge point of optimism.

art, we spoke about the idea that we aren't seeing a huge amount of volume behind the move. i checked the spider etf, the most widely traded etf out there. 59 million shares of traffic so far today. on average over the past 90 days it's more like 88.5. that gives you an idea of the volume in the etf land. >> i think we're in great shape. we can continue this tomorrow. to your concern about the vix. as an old fogey, it concerns me too. record high with a very low vix smells a little bit like complacency. >> ralph told us he is not worried about that because he feels like the momentum is there to the upside for the major averages. >> that's one old fogey who doesn't care but this is one who does. >> s&p, at 2298 right now. what's support and what's resistance? >> obviously you're going to go through 2300.

then it's about 2300, 2500 is where the next slowdown is. >> that's for another day. right now dow 20,000 is our headline. we've made history on wall street. we get to watch it all together here at the new york stock exchange. stay tuned for hour number two of "the closing bell." hi, everybody. welcome to "the closing bell." i'm kelly evans along with bill griffith. we did it. closed above 20,000 on the dow jones industrial average. for the first time today closing up 155 points to 20,068. we punched above it at the open at 9:30 a.m. and never looked back. you can see the chart. basically started high. even moved a little bit higher

as we moved through the session today, even though oil moved lower, a number of different reasons you can point to, the dow and the markets took it all in stride to close higher by easter nearly .8%. the s&p 500 up about the same amount in terms of percentage. it was up about 18% to 2298. that should be good enough for a new high for the s&p 500. the broad market index. in case you're wondering if the dow can be corroborated it can by the action in all the other major averages. the nasdaq, a record crossing 600. it closed today 56 points higher than the prior high. the russell 2000 is the laggard. the index, the small caps. led us on the way up and led us on the way down during the pause we took for a few weeks. 1% gain.

3282. six points shy of its record close. a live shot of times square, the nasdaq getting in on the dow 20,000 celebrations. it doesn't look that big on the screen but if you are in person, it is huge. we'll hit the story from all angles coming up in a moment. earnings flying at us too. it will be a busy hour for that. results from at&t, qualcomm, las vegas sands and ebay, mr. griffith. >> all right. yes. i did stick around today. why would i want to leave this party when we've got all this going on? let's talk about all this with our guests. dennis berman from the "wall street journal." jeff kleintop from charles schwab. fast money trader guy adaumi checking in from the aforementioned nasdaq market site. guy, starting with you.

for traders this is just a number. you follow the s&p, not the dow. this is a way we mark time and commemorate milestones on wall street. what do you make of the market right now? >> i think it is a milestone, bill. you can easily say it's not a big deal and poo-poo it. technicians will say not a big deal. but it is a big deal. 10, 15 years from now people in the same chairs as we are in will say, january 25th, 2017, is when the dow crossed 20,000. it does mark time. it is a milestone and it's a big deal because tonight on the evening news lester holt will lead with dow 20,000 despite from president trump has done today. for all those reasons, it's really interesting and it gets people talking about the market again, which i always think is a good thing. what do i make of it? i said it for a while. i have not been a raging bull by any stretch of the imagination, and i won't pretend to be one

now. what i will say is and what i've said is, the longer the market stays at these levels, the market doesn't give you time to buy the lows or sell the highs. it keeps plugging along. >> hang on for a moment. dom, we'll start with you on the floor. >> first of all, you can see tons of cameras here around me. and pretty much you're going to see this particular shot on every single news cast and nightly news on nbc, every single major news broadcast. there is press from all over the place here because this is a big deal. it may not mean a lot from a technical point of view. the idea you can mark a big level means we have press from all over the world. we're trying to keep them away from the set area. between dow 10,000 and dow 20,000 it has been an interesting move. the components of the dow have changed. we flashed at&t earnings earlier on. used to be part of the dow.

no longer there now. apple replaced it. the current members of the dow jones industrial average and what we've seen since 2009, back then, october 14th was the last time we crossed over the 10,000 mark. the march from there has been all about united health care, current members of the dow, up 550%. home depot. visa, apple. it wasn't a member back in 2009, but it is today. and it has gained a lot of traction since then. as for the biggest laggards so far in the dow jones industrial average, current members since then, you have got the likes of names we all know. all positive still, however, walmart up 34%. that's a laggard, believe it or not, cisco, up and exxon up 18. goldman sachs notably because it's powered us. goldman sachs one of the most heavily weighted stocks in the s&p 500 and in the dow jones industrial average for sure. so, as we talk about the moves

that have happened here, this is an important keynote for everybody out there. you'll see the headlines in every single newspaper tomorrow. for now, the sense here is we cannot get too complacent about things. this is a nice move higher. whether or not it stays there will be a huge deal, guys. back to you. >> wise words from dom chu. thanks, dom. see you a little bit later. going to times square and the nasdaq. you've been above 5,000 for a while, bertha. >> we have. yesterday we did the -- the dow in a sense sort of copying the nasdaq. nasdaq hit the milestone 5600 and actually closed there on the same day. which is fairly bullish. what's interesting is we started with small caps. if you look back after the election. that's where people sort of thought the animal spirits would go, the america-first kind of trade. small caps have lagged as kelly mentioned, not pulling out a new all-time high. it's really shifted to the large caps here on the nasdaq. today, in fact, as the nasdaq

100 reaches a new all-time high you had 11 components today that were also hitting historic highs, including not a tech stock but csx. csx joining the nasdaq 100 last february. it has been on fire. if you take a look at the right side of that chart since the election, it's been since the new year that it's up. it's up 30% year-to-date, the best performer in the nasdaq 100. some of the big names you are used to -- i'm going to introduce a new acronym, faaa. facebook, amazon, apple and alphabet. that's been leading the nasdaq 100 higher. those are the stocks to watch during this earnings season. back to you. >> i almost want to baa or something back at you. we like faaa too. on this historic day we have a special treat.

"mad money" host jim cramer joining us right now, jim. >> booyah. >> 20,000. what do you think? >> faaa is a long, long way to run. to continue the theme. 13 out of 15 dow stocks reported so far this quarter that i would buy. that i would pay up from here. there are only two that i wouldn't. i think that is why the market is rallying. i heard people today talking about trump, animals spirits. i have to tell you, the numbers we're getting are supporting a rally through dow 20,000. however, i would tell you that i still think there is a genuine lack of enthusiasm. i am not so worried about complainsency as i am worried about irrelevance. i think we're irrelevant. i don't think people focus on stocks. i think something happened over the last eight years which says, you know what, i am not interested. what's happening is there are no sellers. the only people left are either

brain-dead or say, yeah, let them run. >> what we were talking about with tom farley. the nature of the industry has changed. fewer individuals own fewer individual stocks. it's the age of the etf and index fund. >> yes. >> you wonder how that changes the way we view the market right now. >> look, bill, i think it's the most important issue. i remember another era where we used to try to get individuals involved. we thought it was a good thing. we said we want to encourage you to buy, encourage you to own stocks. the vast majority of people come on air and tell you don't own stocks. it's scary. deutsche bank is a problem. interest rate is a problem. fed is a problem. everything is a problem. i have a problem with them having a problem. this has been an unbelievable rally and still goldman sachs sells at 13 times earnings. jpmorgan 14th. these are low multiples. i don't understand why everyone is so darn scared.

>> let me bring you the earnings. this is where the rubber meets the road for the stock prices. >> sure. >> verizon, jj not that great. >> it was good. the stock went down because people were worried about a tweet. j&j is doing an acquisition. gorsky did a great number. just because the stock went down people said it was bad. people should do the homework, read the conference calls. they're good companies. the balance sheet has a good number. >> some of these are moving lower after results -- >> horses of a different color. at&t in a price war with sprint. lvs with problems in china. qualcomm are like a press release company. they issue press releases saying we didn't do it. it's like, hey, we didn't do that. no one is accusing you of that.

verizon was bad. it was really bad. ge was not good. i can say ge was really bad but it sounds even more negative than i am. i am talking about most of the companies, 13 out of 15 where you took numbers -- boeing. there were people who thought boeing would crater today because it was up a lot. they knew the dreamliner would be bad and a wide body glut. none of it happened. the negatives haven't appeared. why is everyone so fearful. i don't know. sometimes it gets me down. >> all i can say is stand by, folks, he is revved and ready to go. >> i am revved. i am revved. i am tired of scared people. >> if you're scared, join him tonight. 6:00 p.m. eastern on "mad money." >> naufrng f. >> thank you for the chance to talk. appreciate it. dennis berman is still with us. >> guy adami as well. dennis, let me ask you about the

dow denominator. >> it goes like to 15 decimal points. i don't know. >> it's a multiplier now. >> there is a lot to reflect on here. the latest decision was including apple in the dow, and the 30 blue chips a couple years ago. people will say, why does the dow -- why do we look at this? why does it tell us about the economy. the weird and spooky thing is, despite having 30 stocks and being 100 years old, it still manages to do a pretty good job. >> it does an okay job. depends on your orientation. if you believe the s&p is the standard for the broader market index, since 2008, 2009 it's been relatively close. if you zoom out further, the dow really starts to sort of lag in different ways compared to the s&p. but look, it's designed in a completely different way. it's designed in an anacro nisic way. goldman's share price is $237.

that presumably should have nothing to do with the indicating the health of the market. but of course, the historical incidence makes it so. to what am so of your other guests were saying, kelly, it's an emotional thing. when i heard the opening audio today from the floor, i heard real people. i heard real emotion. the robots that actually trade the stocks don't feel anything. but the people on the floor there were expressing themselves in a way that you very rarely hear there. you are there. it is a human marker. jim is right. people trade for the most part etfs. looking at futures, trading those. individual stock ownership is down for individual households. and so this reanimates people. i could counter jim and tell you five things to be worried about. maybe we could save that for another moment. >> watch "mad money," maybe

he'll allay your fears. >> jeff. at schwab. it's not just about dow 20,000. other market averages around the world have been going i higher. the msci has been charging higher as well. it the better opportunity overseas or here in the united states? >> well, it's certainly a global rally. you have to look at what's been happening lately in the united states. dow 20,000 was mostly fueled by corporate share buy-backs, most of the way there. make of it what you will. in the last too montwo months individual investors starting to buy again. we see that in the industry data. the fact that they've started to come back to the market. maybe concentrating a little bit in the u.s. but spreading it around the world. a day like today. dow 20,000. potentially adds fuel to that fire. i think we'll see more individual investors coming back to the market.

that might be a second wind and not one that just fuels the u.s. but broadly the equity markets around the world. >> stand by. getting to am so of the earnings streaming out. at&t. julia boorstin has the results. >> at&t earnings coming in in line with estimates at 66 cents per share, revenue, though, missed estimates by a hair. coming in at 41$41.8 billion. the company did provide some outlook for 2017, saying that they expect consolidated revenue growth in the low single digits and adjusted operating market expansion. they didn't go into more detail. they gave commentary about the launch of their big, new, over-the-top product, directv now, reminding investors that they launched with more than 200,000 paid net ads. to give it more color on the rest of the services they say they added 235,100 direct ads

and 149,000 ip broadband net ads with stable broadband base. there is a concern about how the video services are doing. they're calling 2016 a transformational year with at&t. we'll listen for color about how and when they expect the time warner deal to close. >> that stock down sharply at the first blush on the numbers. they've come back and are moving higher right now. >> kelly. >> qualcomm earnings are out. >> looking at shares of qualcomm, the semiconductor giant. down 1% on heavy volume. earnings beating street expectations by a penny, $1.19. wall street consensus was $1.18. revenue coming below expectations at $5.99 billion. analysts looking for $6.12 billion.

guidance for the second quarter, revenue and earnings guidance in line with estimates, but weak guidance on chip shipments for the second quarter. in the press release in regards to legal disputes, the ceo says the recent legal and governmental actions against qualcomm are at their core driven by commercial disputes. as we have done in the past we'll vigorously defend our business model and the value of a portfolio of technologies that has been so instrumental to the success of the mobile communications industry. again, and now looking at shares of qualcomm down as much as 2% in extended trade. bill. >> thank you. there is more. this time, las vegas sands. how do they look? >> not very good. it's a miss on both the top and bottom lines. the stock is down in after-hours trading almost 4% at the moment. on the top line consolidated net revenue came in at $3.08 billion versus street expectations of $3.12 billion.

eps at 62 cents, four cents light from street expectations. despite the fact that gross gambling revenues on an upswing. they are doing well in macao. the adjusted property ebitda increased. we'll get more color on the call which is coming up. the stock is down close to 4%. back to you guys. >> thank you. let's bring guy adami back in. big movers after hours. any jump out at you? >> at&t jumps out because you juxtapose that with what verizon said the other day and you realize at&t is in -- it has decoupled from probably its biggest rival. if you look at their sub ads, i think the move higher in the after-hours makes sense. real quick. to push back on what jim said, i sort of understand why people are fearful to get in the market. it was eight years ago people went through a very obvious

difficult time that lasted for months. i don't think people have recovered from those wounds. those scars run very deep. if there is trepidation, in my opinion, it's trepidation for good cause. i think jim would probably agree with that. now, you could say the system has fixed itself. you can say companies are in better stead. and i agree with that. but eight years is not a long time to get over what was a very transformative period for a lot of people. >> i remember my parents lived through the depression and never owned a stock as a result, and my kids remember the -- what happened in 2008 and they have yet to buy a stock for that reason. a lot of skepticism in this market right now as a result. thanks, guy. dennis, thank you, appreciate it. dennis berman from the "wall street journal." jeff kleintop from charles schwab. stick around for mr. adami. >> "fast money" at 5:00 p.m. with the dow hitting 20 k will we see a rush of traders into

the market. tim hockey weighs in. from dow 10 k to today. one man has been through it all. >> who would that be? >> the report from cnbc. dow 10,000. from cnbc business news headquarters, bill griffin. >> it looks like we are making history on wall street today. >> whatever happened to that young man? that was back, what, march 29, 1999. hold that picture. if you held that, of the balcony of the new york stock exchange, an interesting group there. it was dick grassa, the chairman at the time of the stock exchange and rudy giuliani on the balcony as they were throwing hats out to the floor. so rudy has his back to us with a gray suit standing next to dick grasso as they threw the hats out to the traders on the

floor. >> just like tom farley said. >> we didn't get a hat today. >> this is their tradition. they have hats, they do the bell and then move on. tomorrow is another day. you have not aged in how many years has that been? >> oh, please! >> 20 years. >> history being made on wall street as the dow closes above 20,000 for the first time ever. we'll talk to jeremy siegel, one of the first to call for dow 20,000. we were all rolling our eyes when he said we'd finish at 20,000 by the end of the year. his next big market prediction coming up. two stock pickers tell us the names to buy and sell at this record level. our coverage of the dow's historic ride to 20k continues tonight. we have jeremy siegel along with kevin o'leary, marianne bartels. we'll talk about what it means for your money at 7:00 p.m. eastern tonight live here on cnbc. you're watching cnbc, first in business worldwide. (bell chimes)

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history made today with the dow closing above 20,000 for the

first time. a gain of 155 points in this case. our next guest called for dow 20,000 way back in december of 2015. and all of us were rolling our eyes when jeremy siegel made that prediction. he is finance professor at the university of pennsylvania's wharton school. here we are. you said by the end of 2016. why quibble. you missed it by a couple of weeks. you know, everybody is wondering why it didn't do that at that time. good call. >> thanks. >> is this the economic climate you were expecting to be in when the dow hit that 20,000 mark? what do you think? >> no. no. honestly, you know, i mean, i think the rally has been justified since trump's election because i think that investors like lower taxes, less regulation. the republican agenda. so i think that this is

justified. i didn't think donald was going to get elected. so yeah, it turned out, and i think it's turning out very well for investors. >> professor, there was a mutual fund guy who back in 1995 said the dow would actually go to 116,200 by 2040. all he was doing was extrapolating the gains he had experienced in his own lifetime. so have we even kind of gotten our heads around the impressive performance of the stock market and the possibility that it may consider -- continue? >> well, you know, i mean, it's the power of compound interest and compound returns. you know, 10% a year doubles every seven years. and that isn't that far away from the long-run historical returns, at least nominal returns, on the market. it's a question of when is it going to reach some of these

numbers. and how much does this rally, for instance, have to go? i think that's the important question. i think this rally could go quite a bit further. i think there is still the uncertainty about the administration, if they go into protectionist mode, if they start a currency war, towards massive tariffs. ooh. i think you can forget it. but as long as they're moving towards less regulation, tax reduction, corporate tax reform, this is not over yet. we could easily see another 10% or more this year. >> definitely the fed has taken a back seat to all of this, but that used to be question one. what's the fed going to do. because that would dictate what the market was going to do. let me ask you what you think the fed is likely to do. it certainly depends on what the fiscal policy is going to be that emerges from washington. >> absolutely. >> do you sense that they may have to start raising rates more

aggressively than they anticipated at the beginning of the year? >> not that they anticipate. i actually expect about two rate increases, only half a percentage point. still modest. i don't think the ten-year bond to get much above 3%. the only thing that could worry me is in trump starts an infrastructure project that's very aggressive with an unemployment rate as low as we have at 4.7. there will be wage pressures and you can be sure the fed would act against that. the infrastructure has been on the back burner compared to corporate tax reform, obamacare reform, et cetera and so on. we don't know how fast that's going to go. but that is the only thing that i think could cause the fed to become overly sensitive and raise more than expected this year. >> the question that we have been raising already is what to do if you're an individual investor who isn't really kind of participating by owning stock

names, you know, maybe there's, you know, a 401(k) or something like that. what's your advice to most americans with stock prices where they are? >> what's important -- we were talking about dow 10,000. it's important to realize how much better established, founded, justified our market is at 20,000 today than it was in april 1999 when it crossed 10,000. we were on our way to the biggest over-valued market just a few months later. the tech bubble, the internet bubble. s&p p.e. ratios. price-to-earning ratios over 30. jim was mentioning some of the blue chips now are 13, 14, 15, 16. the entire s&p is around 19 and 20, which, again, to me, in a very low interest rate environment is certainly not anything like we had before. don't be afraid to get in the market.

no one can be sure what's going on short term but i think there are definitely values here for long-term investors. >> all right, jeremy. thank you. appreciate it. >> see you later. >> see you later. jeremy siegel of wharton. a lot has changed since the last time we crossed dow 10 k. dominic chu is here with more from that time. >> the dow we have been talking about the idea that the dow, as it currently stands at certain outperformers and underperformers. let's take you through how it looked differently then from what it does today. some of the notable additions ever since 2009, the last time we crossed above that mark. you had the likes of apple. it is a newer member of the dow replacing at&t. nike, united health group. advise, goldman sachs. united health and advise among the best performing dow stocks ever since we crossed the 10,000 mark the last time around. those are the newer members.

what did it look like back then? it replaced a number of big names. at&t. i mentioned that before. also bank of america. the company formerly known as alcoa, the bigger parent company before it split. hp, the original larger company before it split up. kraft. the idea that these stocks were there before and are not there anymore. what it looks like today is interesting. also want to paint the macro picture. some of the bigger items we saw back then versus now. again, back in 2009. today we've got oil prices around $52, $53 a barrel. then it was closer to $75. we heard segal talking about the multiples. it's 19 times earnings on a 12-month basis. then it was 15. gold prices $200 higher. yields and the vix languishing at multi-year lows. very different look for the dow 10,000 in '09 than today.

back over to you guys. >> time for our msnbc news update to sue herrera. >> here is what's happening this hour. the trump administration is preparing executive orders to drastically reduce the u.s. role in the united nations and other international organizations. according to the "new york times," the executive order would be triggered if the u.n. gives full membership to the palestinian liberation organization or supports programs that fund abortion. cnbc reporting that mar-a-lago, the palm beach resort owned by the trump organization doubled its initiation fee to $200,000. that's in addition to an annual fee of $14,000. the trump organization did not respond to cnbc' request for comment. utah officials say they're investigating the cause of that heart-stopping collision in which a passenger train smashed into a fedex cargo truck during a snow storm on saturday. the truck was cut in half as you just saw there. but amazingly no one was

seriously injured. out on the west coast, a wave crashed into a california restaurant, and it was all caught on camera. a storm saturday sent this giant wave over a 25-foot seawall, crashing through the windows of the eatery. no one was there at the time. took place in pacifica, which has been pounded by storms over the past probably two weeks now. that's the cnbc update, guys. back to you. >> sue, thank you. ebay earnings are out. we are waiting for these numbers. josh lipton has the numbers. >> ebay reporting eps of 54 cents. street looking for 54 cents. revenue, $2.4 billion. that's also in line with what the street was forecasting. gross merchandise volume, total value of goods sold, $22.3 billion. in the fourth quarter, looks like marketplace gmv. $21.1 billion. revenue up 4% on fsx neutral

basis. the guide a bit light on eps and revenue. full-year eps looks a bit light as well. on the call we'll have questions about competition and the initiatives the company has taken to try to make the ebay experience more simple and competitive. the call starts at 5:00 p.m. eastern. back to you. >> thank you, josh. shares up 6% on that report. >> i think everybody is in now. at&t, ebay, las vegas sands and qualcomm. we'll get you caught up on all that. it has been a busy afternoon. coming up, much more on the after-hours reports coming out including comments from the chief financial officer of qualcomm. the dow rallying nearly 10% since president trump was elected and closing above 20,000 for the first time today. we'll discuss how much credit he should get for this record rally when we speak to the chair of his inaugural committee coming up.

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the shares of qualcomm trading lower by 2%. john ford just spoke with the cfo and joins us now with more about the conversation. >> just got off the phone with qualcomm cfo george davis. the stock off the low. a few reasons for that. he said the average selling prices that qualcomm saw were actually strong in developed countries. so that was a positive. a negative was on the top line on revenue. particularly in qct, the chip

unit as opposed to the licensing unit. that was light he said because of one particular china customer that had credit issues during the quarter. i tried to press and find out if he expected that customer's orders to come through in q2. he wouldn't budge on that but did say there is overall a softness in china. they're not yet sure whether that's seasonal or something else. they're supposing it may be just seasonal. that led to weakness overall in the lower end of the market. that tends to be what you get in china these days. also, as far as the gaap numbers are concerned on income, they took the kftc fine in the gaap number. that's why that number was as low as it was, the gaap earnings number. of course, they are contesting that fine officially. it didn't flow through to their non-gaap number. looking ahead at the chip shipment that they expect for the second quarter, that's, again, where the overall china softness comes in and explains

that. perhaps just seasonal. perhaps some investors giving them a little bit of a wait and see. they'll discuss the regulatory issues further on the call, guys. >> thank you, john. qualcomm shares still down 2.5%. jim was fired up about this one too. we can expect more to come on his show. >> on "mad money" tonight at 6:00 eastern. dow closing above 20,000 for the first time ever. up next, two stock pickers with names that maybe you should be buying, maybe some selling right now. later we'll hear what main street says about the record wall street rally and how much credit they're giving to president trump when we come back in a moment. with this level of engineering... it's a performance machine. with this degree of intelligence... it's a supercomputer. with this grade of protection... it's a fortress. and with this standard of luxury... it's an oasis. the 2017 e-class.

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think about it. now, post inauguration the market is going up because we are seeing the policies come into play. tax reform, lower taxes, repatriation, less regulation. pro-growth stimulus. the stocks that really benefit from this are doing really well today. >> meg, you have talked in the past about companies like tesla. you like sales force. do you still like those? do they become overvalued now? what are you doing right now at the all-time highs? >> you know what, tesla is not at its all-time high. it's close but it's not. i'm talking about companies of the future. tesla is not just a car stock. it's a technology stock. and i think that you have to embrace technology for the future. when they talk about tesla, they are not even talking about the giga factory. they're talking about the fact that they don't sell that many cars. forget it. i would accumulate tesla all day long if you don't have any. you worry also there will be corrections. if anyone thinks that this is a fast ride up, it's not going to

happen. schulberger. i might not be a big fan of keystone and dakota pipelines but obviously with this administration we'll be very much in the drilling business and the pipeline business. they are very big in technology on the oil field. they are an oil equipment company. they're huge in russia and in the middle east. so to me that is a play for the future. and i would be accumulating that as well. >> all right. >> sales force is another technology platform. it's awesome! those would be ones i would stick with. >> david. >> so banks will continue to go up because they are basically keyed to interest rates rise, good economy. we like bank of america because they are the most interest rate sensitive. amazingly they and wells fargo are two of the most domestic names and the u.s. economy is where you want to be. comcast because consumers are spending and for the first time they have more money.

wage increases. new household formation. every knew household buys cable or internet. microsoft and apple together, the two companies have the most cash offshore of any companies. they'll bring it back and it will be really additive to profits. >> david pearl, meg green. thank you, guys! >> thank you. >> pleasure. >> some picks for the next maybe round number that we're headed towards. one way or another. the dow hitting 20,000. today it's up 10% since donald trump was elected president. up next, real estate investor and chairman of trump's inaugural committee, tom berric joins us with his take on the dow 20,000. you're watching cnbc, first in business worldwide. chasing after short term returns. instead if getting caught up with the crowd, the investment managers at pgim take a long term view, teaming specialized active investing with risk-management rigor, to seek out global opportunities.

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so here we are. dow 20,000, a reality for the first time. how will future policy changes under the new trump administration affect the market, he asked. >> joining us now is tom bearack, founder and executive chairman of colony north star llc. and chair of the presidential inauguration committee. welcome, tom. >> good to be here. thanks for having me. >> there are a lot of different places to begin. you are a guy who has had a career in financial markets. what do you think of the fact we're at dow 20,000 today? >> i think it's a great commentary on america, right, that what always happens to us is expectations of euphoria are never quite as great as we think, and hopes of failure is

never as deep as anticipated. so i think just movement going forward, looking for a proxy for global investment, there is no better place than america, no better place than at a time like this with hope and momentum going forward and the market is voting with its feet. >> clearly the hope has to do with things that mr. trump has talked about and is already acting on. immigration policy. bringing jobs back to the united states. industrial jobs. lower taxes. all -- infrastructure spending. the market's expectations are clearly very high for that. should they temper the expectations? do you think the market at some point will be a little disappointed that he can't get it all done as quickly as they'd like? what do you think will happen here, tom? >> i wish i knew. i think it's always much more -- you have a president who is so active, and i think he has established himself in the moids of the transition -- remember he doesn't have a team in place.

so he has his transition team has rolled into the white house, and it's first class. he has got reince priebus, he has got jared kushner, he has got steve bannon. he's got gary cohen, a slate of cabinet coming into formation. but they are not there. all so all that he can do right now, executive orders and memorandums, reestablish what his intent is. and just like in the reagan years, if you remember, president reagan before your time, kelly, had james baker, ed meese. he had his cabinet in place when he was there and his transition was well advanced before he got there. so i think it is always difficult in implementing policy into these federal agencies. but once rex tillerson, general mattis, steve mnuchin all get in place, i think you will find efficacy. it is slower than people hoped. but this president has more energy and more intent than

anyone in recent history. >> i'll ask but one specific area the market is so excited about and most nervous about. it is corporate tax reform. what are your expectations? be very realistic with everybody. how quickly is this thing going to move? and saying if it is not deficit neutral, if it can't blow off the deficit, then maybe it is a 25% tax rate, not 20, not 15. how should we expect this to progress? >> for sure it will happen and it will be bipartisan and low hanging fruit. it is coming up with a consensus of how you medal it. more important than the tax rate is the unbunling of regulations. talking to most ceos, like the border adjustment tax. the difference in the tax rate going to a border adjustment tax is a difference between source based system and a territorial

based system. and the territorial based system more fair because you exclude exports and you exclude the export portion of imports from your tax liability. so you know, tax lawyers can implement anything. whether the tax rate is 35% or 20%, when you have deductions. and you have a source based tax law. it can be anything. but it will happen. so i think you will see a massive reduction, a kind of order tax, my bet is it is 10%, not 20%. it won't hurt the retail market because the currency will adjust. when that happens the amount of exports that you cannot deduct is lessened. so the effect to the retail consumer will be less. i think it will be fair, stimulus, repatriate capital. tax credit along with whatever that repatriation fee is.

whether it is 5% or 10%. and i think it will make a big difference. appreciate your time today. >> has dow 20,000 creeped into the psyche of the stock exchange? taking pulse of the public coming up. hey gary, what'd you got here? this bad boy is a mobile trading desk so that i can take my trading platform wherever i go. you know that thinkorswim seamlessly syncs across all your devices, right? oh, so my custom studies will go with me? anywhere you want to go! the market's hot! sync your platform on any device with thinkorswim. only at td ameritrade

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i think the people in america, because of that they have the ability to believe we'll do better financially at home. >> i think obama was responsible. i think that man saved capitalism. >> i love it. i love it. i don't like donald trump but i love that the stock market went

up because of him. >> i don't think it really helps the small investor, the way trading works nowadays on computers, so many trades are made in microseconds. that the small investor has no chance to profit from this really. >> the afterism is buy low, sell high. it is high. if you're in, you should stick around but i don't think this is a good time to put more money in. >> i'm more heavily invested in bonds and tax free municipals. >> i think it is optimism for the country. and i am looking forward to even more, higher. let's see what happens. let's go. >> let's go indeed. some of the thoughts of people as we hit 20,000. >> i imagine we'll hear more of this. >> i know you'll mention the special tonight but i'm on "nightly business report." if you're watching pbs, we'll be doing that as well. >> we're really only just

getting started on cnbc. the dow above 20,000, continuing. "mad money," "fast money," all coming up to get you fully up to date on what has happened today. >> what a day it has been. what an evening. that's it for us on "closing bell." "fast money" begins right now. it is finally here for the first time in history. dow 20,000 is officially in the books. more than 120 years after the dow jones industrial average was first calculated, the dow calculating to 20,000 and accelerating throughout the day. more importantly, the s&p 500 and nasdaq hitting a record high for the second day in a row. this hour is about one thing. your money and what to do with it. wave big show tonight. tom lee is here with stocks that he says you can still