citibank, moving higher again. global economy. city looks good. those are my financials. >> good weekend to all of you. >> you, too, scott. >> and all of you, watching wherever you're watching. >> you're looking live inside the white house. we'll bring it to you live the moment it begins. i'm michelle caruso cabrera. >> we are hitting record highs for the dow, nasdaq, s&p 500. we're also keeping an eye, by the way, on shares of apple. that is the magic number that is apple's all-time closing high.

>> a preview of what's coming up at this news conference. eamon? >> that's right. they've actually distributed all these headsets between japanese and english. we saw kellyanne conway, presidential adviser, coming into the room and expecting a lively discussion here, what's known as two and two. two questions from the foreign press and two questions from the domestic press. thing to watch here, a lot of the discussion we've seen so far and also what happens in a post tpp world in the relationship between the united states and japan economically. also, taxes, trade and then, of course, the personal interplay between these two leaders. we saw the president talking about the golf trip that they're expecting to have at mar-a-lago later this weekend.

the president complimenting the prime minister on his strong hands and making a golf swing joke gesture with his hands. he is looking forward to some informal relationship building between the president and prime minister in florida and a little bit of warmer weather over the weekend, guys. >> national security adviser flynn walked in there. and kellyanne conway, reince priebus. i assume because trade is so important to the president's agenda. >> think of his campaign over 2016. trade and jobs in the united states. interesting to see how this the president handles this, right? rhetoric and red meat were flying. will the president use similar rhetoric in this setting in the east room with the foreign leader by his side? kaustic in diplomatic terms.

is that the same donald trump we see in the east room today? that will be a question here as well, michelle. >> one of my first questions for our next guest. mike green with center for strategic and international studies, senior director for asian affairs at the national security council under george w. bush. also with us cnbc contribute or ron and also sarah. today, he announces that they're going to go golfing together over the weekend. what's the state of this relationship? >> it wasn't just trade. it was sort of a hint that the u.s. might not defend japan if it's attacked if they don't step up on trade and things. i think this meeting today and the golf trip has the potential

to completely make that go away and demonstrate that shinzo abe and donald trump, maybe the two closest world leaders right now, it could be, you know, rough discussions about trade or other things but generally both leaders have a real interest in showing a positive friendship and commitment to each other. >> mike mentioned the close relationship sarah, this is a very close relationship historically. there certainly has been a lot of investment by japanese companies by way of just kopt investments as well as employees. >> it's not just a trading relationship. yes, they're the fourth biggest trade partner, second biggest deficit at $68 billion with the

u.s. but they're also second only to the uk, $400 billion xh cumulativeely. japanese firms employing u.s. workers more than 800,000 of them, in this country. >> and those are highlights. we're showing a live picture on the left-hand side of the screen. jared kushner, ivanka trump, reince priebus, steve bannon, vice president pence as well. the whole front row is already in place, suggesting we're getting closer to the actual beginning. another issue, sarah, that the president wants to talk about is currencies. we hear complaints from the u.s. automakers about the situation with japan. >> he has alluded to japan as manipulating its currency.

japan maintains that it does not. in fact, it says the yen has been a bit weaker because the economy is weaker and central bank has not intervened since 2011. it's not something relevant or productive for these conversation. it could unsettle the markets. it's part of the trump trade. it begins 8% since donald trump was elected. that's not the japanese manipulating the currency. >> it's not born out, the fact that japan has been at all successful. the yen simply hasn't gone down. it's really a more of a function of a stronger dollar. i think on that score, the president could be corrected and

corre corrected correctly. >> japan makes it impore for u.s. automakers to make cars in japan is part of what was said. the fact of the matter is japanese consumers don't want to buy u.s. autos. that's sort of a moot point. >> well, you know, there are a lot of factors here the auto companies are also not making right-hand wheeled cars for the japanese market. the real story about autos is that japan is the largest outside creator of manufacturing jobs in the u.s. economy now and abe has a good story to tell. it will be interesting to see if the president says what more could you do for us to get into

your economy? >> two-minute warning, ron. >> okay. the president has been suggesting for quite some time that japan is eating our lunch when it comes to economic if -- i don't know if we can show the chart or not. if you look at gdp growth in the u.s. and japan, we're significantly bigger. japan is the third largest. you can see the growth differentials are not that great. it's been a slow growth globe for quite some time. not an argument to be made that they're killing us in any particular measure as we suggested, let's say, in 1989. >> here we go. it appears that the president is walking out along with japanese prime minister shinzo abe. let's listen. >> prime minister abe, on behalf

of the american people, i welcome you to the very famous white house. you honor us with your presence. this is one of the earliest visits from a foreign leader and i am truly glad that it could be from such an important and steadfast ally. the bond between our two nations and the friendship between our two peoples runs very, very deep. this administration is committed to bringing those ties even closer. we are committed to the security of japan and all areas under its administrative control and to further strengthen iing our ver

alliance. in the pacific region it's important that both japan and the united states continue to invest very heavily in the alliance to build up our defense and our defensive capabilities, which under our mutual leadership will become stronger and stronger and, as time goes by, ultimately they will be impenetrable. our country is committed to being an active and fully engage ed partner. we will work together to promote our shared interest of which we have many in the region, including freedom from navigation and defending against the north korean missile and nuclear threat, both of which i

consider a very, very high priority. on the economy, we will seek a trading relationship that is free, fair and reciprocal, benefiting both of our countries. vibrant exchange between us is a true blessing. japan is a proud nation with a rich history and culture and the american people have profound respect for your country and its traditions. i also want to take this opportunity, mr. prime minister, to thank you and the country of japan to host our militaries to bring harmony, stability and prosperity to the pacific region

and beyond, improving countless lives in the process. we are committed to that goal. highly committed. on behalf of the united states of america, i thank you for being with us today. we will soon be traveling to the great state of florida where i know we will have a long and very successful talk, negotiations and a very, very productive weekend. mr. prime minister. [ speaking foreign language ] >> in s >> translator: in six months for me to visit the united states, last time was in pearl harbor in hawaii at the end of last year.

i am, indeed, sincerely grateful for the always heartwarming welcome afforded to me by the american people. i would like to express my sincere gratitude to president trump. donald, you must have been very busy in this important period of 100 days after your inauguration. thank you very much for inviting me over to the white house. my name is abe, but in the united states some people mistakenly pronounce my name as abe. but that is not bad because even in japan, everybody knows the name of that great president. that a carpenter's son can become president and that fact 150 years ago surprised the japanese, who were still under the shogun rule.

united states is the champion of democracy. donald, president, you are excellent businessman but you have never been in the congress or been a governor. you have not experienced being in public office but you have fought the uphill struggle and fight for more than a year in the election campaign to become a new president. and this is the dynamism of democracy. i would like to celebrate and congratulate donald being sworn in as the president. united states is a country having the largest number of chances, opportunities in the world. that has always been the case going forward. this will never change. and that is the reason why automotive industry have changed

production to here. last year from japan to the united states, more than $150 billion of new investment being made into the united states. and those japanese businesses have created large number of jobs. with president trump taking on the leadership, i'm sure they will be measure scale investment will be made including the fast speed train. those of you who have rode on the japanese shinzen, i'm sure you would appreciate the rate at which to new york where trump

tower exists. only one hour would it take if you ride the train from washington, d.c. to new york. japan with our high level of technical capability, we will be able to contribute to president trump's growth strategy. there will be even more new jobs being born in the united states. but to further deepen these bilateral economic relations between deputy prime minister aso and vice president pence, there will be a cross tactoral dialogue to be held and we have agreed on this. furthermore, in asia pacific where we see dramatic growth to expand free trade and investment, this will be a big chance for both japan and united states. but, of course, it must be done in a fair manner.

never should a state-owned company backed by state capital should not make any economic intervention. free ride on intellectual property should not be condoned. in asia-pacific region, with japan and yourself to create free and fair market based upon rules should be built. i and president trump has confirmed on our strong will to do so. that is the strong japan u.s. alliance and these are unwavering ties.

i and president trump together will further strengthen our reliance. we have shared this strong result. as we see, increasingly difficult security environment, we have confirmed that u.s. japan security packed article 5 will be applied to the senkaku islands. united states will strengthen its presence in the region under the banner of the proactive contribution to peace, japan will play a greater role. at the same time, we will maintain the deterrence and also to proceed on reducing the impact realignment of the u.s. forces in japan and it is the

only solution. u.s. and japan will continue to work closely on this. on north korea, we have strongly demand korea abandoned nuclear missile program and not to make any more provocations and have completely agreed on the importance of the early solution for the abduction issue in east china sea, south china sea and indian ocean. everywhere. we need to maintain the freedom of navigation and rule of law in such international order. japan and the united states have confirmed that we will strongly protest any use of force as well as coercion to change the status quo. i and the president will address not only bilateral but regional issues and we have had very frank discussions on peace and

prosperity that we should contribute for any form of terrorism should be strongly condemned. and in our fight against terrorism, japan, of course, will exercise our commiserate role in this regard and furthermore, the conflict of the rear view ewegys, poverty and infectious diseases, many challenges are faced by the world which will be a serious issue that threatens the peace and stability of both japan and the united states. japan and the united states and the international community must work hand in hand in order to solve these questions. of course, there are disagreements. but we should not close down the dialogue just by pointing to the differences and ignoring the common interests and common

goals. we need to have a dialogue because there are disagreements. what we most desire -- what is most desire bid those challenging the existing international order is to just focus on differences. we should not close the dialogue. japan to have for four years that i have consistently fought through on our foreign policy. whatever the challenge and difficulty ahead of us, i and president trump will continue our dialogue to seek shared solutions and after lunch i'm looking forward for a weekend in florida with donald. we will play golf together. my scores in golf is not up to the level of donald at all. but my policy is never up, never in, always aim iing toward the

cup. never to just the goal with short cuts and short chops. those are the words never found in my dictionary. but in a relaxed atmosphere, i hope to take time to discuss with donald on the future of the world, future of the region and future of japan and united states. thank you. >> thank you very much. we'll take a few questions, unless you don't want to ask any questions, if that's possible. maybe we'll start -- where is daniel halpern, new york post? daniel? >> i'm curious about yesterday's ruling in the ninth circuit court. has it caused to rethink your use of executive power? and how will you respond? perhaps will you sign new executive orders and new travel ban? and mr. prime minister i'm

curious about your reaction to the united states withdrawal of trans-pacific partnership, tpp. how do you envision any sort of trade deal with the president working out? >> well, your question was unrelated to what we're here for today but i'll answer it. we are going to keep our country safe. we are going to do whatever is necessary to keep our country safe. we will have a decision that we think we'll be very successful with. the security of our country is one of the reasons i'm standing here today. the voters thought i would give them the best security. having to do with additional security. you'll be seeing that some time next week. in addition we'll continue to go through the court process and ultimately i have no doubt we'll win that particular case.

>> translator: now in the world we are also facing the issues of refugees and terrorism. we need to work closely together on these global issues. japan has always played its own role but going forward we would continue to work with the international community to exercise our responsibility in a commiserate manner. and ooch of our countries has immigration control scheme and policy on immigration as well as refugees. these are to do with domestic affairs from that country so i would refrain from make negative comments. >> blake berman, fox.

blake berman. >> thank you, mr. president. i would like to pick up where daniel left off if you don't mind. you said earlier this week and i'm quoting, i've learned a lot in the last two weeks and terrorism is a far greater threat than the people of our country understand but we're going to take care of it. based off what you have learned and now knowing that your executive order is at least temporarily on hold, do you still feel as confident now as you have been at any point that you and the administration will be able to protect the homeland? and, mr. prime minister, thank you. i would just like to pick up, again, on what daniel had asked about tpp. do you feel it's a mistake that the united states has at least signaled its intention to withdrawal from the deal? thank you both. >> i feel totally confident that

we will have tremendous security for the people of the united states. we will be extreme vetting, which is a term i developed early in my campaign because i saw what was happening. and while i've been president, which is just for a very short period of time, i've learned tremendous things that you can only learn, frankly, if you were in a certain position. namely, president. and there are tremendous threats to our country. we will not allow that to happen. i can tell you that right now. we will not allow that to happen. so we'll be going forward to make our country safe. it will happen rapidly. we will not allow people in our country who are looking to do harm to our people. we will allow lots of people into our country that will love our people and do good for our country. it's always going to be that

way, at least during my administration. i can tell you that. >> translator: on tpp, of course, we are fully aware of president trump's decision on economic issues we will be discussing at the working lunch to follow. as for japan and the united states, a trade in investment as well as economic relations how we can develop and grow our relationship as i have already mentioned, deputy prime minister aso and vice president pence will create the new framework for dialogue. and i am quite optimistic that the good results will be seen from the dialogue. now, free and fair common set of rules to be created for the

trade in the region. and that was the importance of tpp. that importance has not changed. that i, myself, believe that. >> translator: thank you. my name is hana from nhk. for the auto motive market in japan as well as foreign exchange of japan in the prior months there has been discrepancy in your positions. so, at the summit meeting, what were the discussions? and were you able to narrow the gap? and president trump has said he will make the united states a great country. what is meant by the great country? and prime minister, what do you mean when you say united states is a great ally for you? >> translator: now with the birth of the trump administration, the new genesis

will be built between japan and u.s. in economic relations in order to put forward such strong message i have proposed to launch a new framework for economic dialogue and we were able to agree on this. we will be having a discussion at our working lunch, in any case, between president trump and i, myself, on japan and u.s. economic relations to discuss fully on the economic relations between our two countries and we are looking forward for the good result results to ensue on the debate. as for foreign exchange, we will

have treasure and minister finance will continue close communication. for the united states. the responsibility to go with it. that united states will become a great america and great and strong ally would be good for japan and for japan and u.s. alliance to be strengthened would be good not only for our two nations but also contribute to the peace and prosperity of asia-pacific. and united states to become even greater, we will welcome that. >> i will say that i have been

telling companies, car companies and many companies come back into the united states. and big announcements will be made over the short period of time. we've lost a lot of our factories and plants and those factories and plants will be coming back. and jobs will be coming back to michigan, ohio, and pennsylvania. and north carolina. those were the people that were good to me and so we're being good to them. we've had ford and general motors and many, many others we'll be having some very big

news over a short period of time. we're a nation of tremendous potential and the expression, make america great again, i will add it will be greater than ever before and i want to thank the prime minister for friendship. we spoke for a long, long period of time. i greeted him at the car and said i shook hands but i grabbed him and hugged him because that's the way we feel. we have a very, very good bond, very, very good chemistry. i'll let you know if it changes but i don't think it will. i want to thank the prime minister for being here. we'll meet your wife in a short

period of time and i look very forward to that. we'll have a tremendous relationship, long-term relationship of mutual benefit with japan. thank you all very much. thank you. thank you, mr. prime minister. yes, certainly. go ahead. >> translator: thank you very much. i have a question to president trump. obama administration, under the rebalance to asia, china is taking hardline stance in south china sea as well as china sea and north korea has went on missiles and development. so against this backdrop, as was mentioned earlier for the trump administration, for the situations in asia, how would

you respond to the increasing difficulty here and you have previously stated about china taking on the currency, foreign exchange policies which are not good for the united states. do you think that that eventually it will change in the future? >> i had a very good conversation, as most of you know, yesterday with the president of china. it was a very, very warm conversation. i think we are in the process of getting along very well and i think that will be of much benefit to japan. we had a very good talk last night and discussed a lot of subject. it was a long talk and we are working on that as we speak. we have a conversation with

china, japan, united states and everybody in the region. as far as the currency devaluations, i have been complaining about that for a long time. and i believe that we will be all at a level playing field because that's the only way it's fair. we will be on that field and all be working very hard to do great for our country, but it has to be fair and we will make it fair. i think the united states will be an even bigger player than it is right now when it comes to trade. a lot of that will have to do

with our tax policy which you'll be seeing in a not too distant future. we'll have an incentive based policy. right now nobody knows what policy we have. we'll have a very much incentive based policy. we're working with congress, working with paul ryan, working with mitch mcconnell. this has a lot to do with business on health care. both to the people receiving the health care and to our country. because our country is paying so much and obama care, as you know, is a total and complete disaster. so we're going to end up with tremendous health care at a lower price and i think people will be extremely happy. tom price was just approved a few hours ago.

so, we finally have our secretary. and now we get down to the final strokes. again i want to thank mr. prime minister. what a great honor it is. and let's go to florida. >> and there ends the dual news conference between japanese prime minister shinzo abe and president of the united states donald trump. a lot of issues coming up at the very end. touchy issue of currency. the president was asked about how he felt about the court ruling that went against him. they were asked about trade as well and twice in the last few minutes the president made reference to a corporate tax plan come iing. >> some time soon. >> not just a plan. a structure. >> a structure. ron insana. mike, anything that stood out to

you that would be significant that our business viewers would want to know about? >> i think abe would be very happy with that. look, so will every american all i in asia and so will china. this was a fairly normal presidential presentation, security commitments working with good relations with china. abe will be especially happy about this mike pence dialogue with his deputy premier on economics. stopping intellectual property theft. that's not jap sban u.s. >> that's china, right? >> and the whole point of tpp, trans-pacific partnership was to create a set of rules to discipline china. i think abeson will use this dialogue to work back step by step toward something to replace tpp in the pacific. big win for him. not a loss for the president. it will be clearly understood by beijing as a commitment to

defend japan if they try to use force to take these island as way from japan. two big wins for abe but still a good dynamic with the president. >> your assessment of what the president of the united states said about his phone call with xi jinping? >> that will be incredibly reassuring for china but also the rest of asia, which is wary of china but not looking for a fight. by far it's the most presidential and strategic comments we've heard from president trump since he was elected. beyond china and asia, nato allies, canada, mexico, will look at this and be quite encouraged what they heard, particularly given the tough -- >> on that point, ron, i would think participants would be very comforted also that this relationship between china and japan isn't as bad as it appeared to be. for weeks to go by, freshly inaugurated president to not have contact with the chinese leader, that's sort of unusual. >> yeah, no doubt.

and certainly he has talked to almost everyone else, including vladimir putin, teresa may and shinzo abe twice since he has been president-elect. the president's assertion that he will level the playing field soon. chinese have sold hundreds of billions of dollars in u.s. treasuries and drawn down their exchanges in an effort to strent their currency, not weaken it. it will be subject to debate among those who keep an eye on it. >> it must have been pointed out to him over and over again. he repeats it continuously. >> well, it's a lever. but it's a lever that's no longer being used. in that regard, it's not -- >> that's my point exactly. yet he repeats it all the time. why? we don't know. >> correct. >> big breaking news on the fed right now. steve liesman joins us on the

phone. >> in charge of banking and regulation announcing he will resign in april effectively. not exactly a surprise. we expected tarullo to eventually step aside. the question was, was he going to make it easier or harder for the trump administration? this makes it easier. what trump has to do now, what the president has to do is appoint a vice chair of banking regulation. and he was -- tarullo was never appointed to that job. and so this will has been the one for politicicing the dodd/frank and others before that, before dodd/frank came into existence. major obama era official moving

aside and opening the door for a major trump era figure. >> steve liesman, thank you. still ahead more from the trump meeting with prime minister abe. keeping a close eye on apple as it closes in on its all-time high. lots to do. "power lunch" will be right back.

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cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. the president and japanese prime minister wrapping up their dual news conference moments ago. ian, prior to this meeting, you made the point that this is not a symbolic meeting. this is going to be a real meeting. based on what you heard so far, what were the most significant developments? >> yeah, they are set up to

improve economic relations between the two countries quite significantly. headline numbers for trump, help with infrastructure, wants to buy more u.s. defense equipment and clearly also at home wants to do more in terms of ramping up the military. i could think that he has made a significant decision and if that means he's going to be trump's best buddy, he's going to do it. the abe relationship, japan relationship is set up to be warmer under trump than it actually has been under obama. >> warmer in what way? abe wanted to make it clear that he respects the united states. an agreement, of course, he worked out with president obama. >> that's right.

of course, obama couldn't get tpp done. while that was an enormous disappointment for abe, despite that, he was the first one on the plane to see trump after he won the election. and he shows up again now and is going to spend a couple of days with him. there's no question in my mind that the creation of this two track economic architecture between the deputy prime minister in japan and vice president pence is meant to really be something that builds free trade agreement with japan. it will be big to do. the japanese were never happy that the u.s. and china had a strategic and economic dialogue. this is now set up by trump to show his orientation and preferences while both of them are beating on china. i do really think that on the security side and economic side -- it's quite important, as you said, despite the fact that trump killed the tpp and despite

the fact that he doesn't have any foreign policy experience, abe is over here saying i need the united states. >> what's your assessment of the description of the call with president xi jinping and what do you make of the fact they finally had one? >> i'm glad they had one and clearly i'm glad that the trump administration decided to back off of their questioning of the one china policy. first time trump mentioned it, he didn't really understand. and the white house at the most senior levels were trying to get a sense of is this really a red line for china? are they really going to go to war over this issue? they recognized they weren't going to get a call with xi until they dropped it, they dropped it. so, china played this very right. they had a president who is blustery. they're not in mexico's position. they're the world's second largest economy. they tell trump to saw it off and trump backs down. >> is there some advantage at all, ian, to the fact that

president trump, campaigner trump says why don't the japanese pay more for their defense? and he doesn't know the history of it. >> right. >> when it comes to the one china policy. in some ways it's almost a great refresh point, starting point so everybody can ask again, wait a minute. why are we still using policy frameworks that are 50 years old isn't there some upside so we rethink some of these things? >> you kind of made the point. there's clearly upside to doing it if the you state has so much influence and power that they can get a better deal done.

obama wasn't doing that. we'll get it from the mexicans. wi with. >> but they know they've got a guy who is much, much tougher now, don't they? >> or president hillary clinton if she had made -- >> i think the likelihood of the united states ending up with meaningfully better relations with some of our closest allies, israel as well, is significant. let's be very clear. the chief strategist for trump is steve ban on. and steve ban on believes that conflict, direct conflict between the u.s. and china is inevitable. i don't happen to believe that. but if you do believe that, you absolutely want that conflict to

come earlier when the united states is still much more powerful than china than later on when they have the largest economy in the world. it's one the markets will throw up all over. it's not that these people are assertively stupid. i just happen to think that it's wrong. >> ian, we should note s&p 500 hitting fresh record highs after this news conference. 2319 or so, higher by about .5%. did we walk away with a win in terms of trump navigating china? >> yes. >> in terms of trump native gating abe? you can see perhaps a path where japan gets something, the u.s. gets something. >> as i said, i really do believe that trump, whocy wild card, who abe didn't even want to see in the general assembly meetings in new york suddenly has the cards. and abe is going to make that

bed. trump was respectful to the prime minister. he handled his questions without a lot of bombus. you had two leaders that wanted to get to a win and trump didn't get in his own way. i certainly think that was a good meeting. you asked me about china afterwards. this broader, structural question is is the u.s. heading for confrontation with the world's second largest economy? the answer is probably yes. does the u.s. have a strong relationship with the third largest economy in the world? the answer is also yes. >> because he mentioned the tax plan again twice? >> tax structure now. not just a plan. it has form apparently. >> that could be part of the rally, too. >> everything is at highs right now. that pave the way to be on board

with deregulation plans. >> another point. >> yes, we are at session high. >> that's the tarullo effect. i think you're absolutely right on that for sure. >> stocks hitting session highs. up next, two tech standouts, apple closing in on its record high. facebook trying to avoid a repeat of last year's inflated user numbers. power lunch will be right back.

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built for business. it is a record-setting day. s&p, of note, just hitting a fresh intra-day record high here. you see the spike in the financials. tarullo was the inside point person, leading the way for donald trump to appoint his own person on financial regulation, which would be good for the financials since the idea is to deregulate. and the press conference between shinzo abe and the president and was largely seen as a win for both countries. >> following last year's controversy over inflated user numbers, facebook announcing plans to make sure that does not happen again.

>> that's right. they want to silence issues once and for all, facebook committing to audit media ratings council and third party verification partners. facebook also announcing it will give them more detailed information that all or part of an ad was on screen and ads paid for those viewed entirely for just two seconds or watched only with the sound on. saying these changes are everything the organization and marketers have been asking for saying, quote, this is a strong move in the right direction. we want companies to be fully transparent so marketers can make better decisions. procter & gamble issuing a statement saying, quote, this we

are encouraged by the responsiveness and leadership facebook is demonstrating. there's increasing pressure to give customers better information. melissa? >> julia boorstin, thank you. showdown between amazon and alphabet. who will get to $1,000 a share for? r hour. to win, every millisecond matters. both on the track 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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welcome to the second hour of "power lunch." i'm melissa lee along with michelle and scott wapner is also joining us. >> can't you tell, that's the party music. >> two hours before the closing bell on this friday and record-setting day on wall street. trump's trade policy, former top steel manufacturing ceo who advised the trump campaign tells us what to expect in the days and months ahead. stocks hitting new highs. where to put your money now, one top fund manager who manages not just two but five-star rated funds. and the race to $1,000. which one will get there first, amazon or alphabet? which has better growth

potential? we have some answers. mead johnson. interpublic shares beating earnings estimates, buying back $300 million of its stock. number of well-known names hitting new 52-week highs, home depot, netflix, costco and priceline amongst them. i'm scott wapner. dan tarullo resigning from the federal bank where he helped to lead federal regulation. that departure leaving more room for president trump to reshape the policy making staff. financials moving higher following that news, just off session highs. news conference with japan's prime minister, president trump saying he's committed to a fair trade pact with japan. we'll have more on that in a moment. number of u.s. oil rigs going online is on the rise. >> markets hitting new record

highs once again today, apple one of the big stocks we're watching very closely. morgan brennan is live at the new york stock exchange. hi, morgan. >> hey, melissa. it would need to close 1.33 a share. it needs to move higher and go to $1.34. top performer in the dow account for nearly a third of the blue chip index gains in 2017. the dow, s&p, nasdaq at new highs again today. crude climbs on opec outputs. freeport-mcmoran hitting a new year high. martin mar yetta and vulcan also

higher today. back to you. >> thank you very much. >> karen kimbro head of strategy at merrill lynch management and commonwealth financial network cio. good to have you both with us today. karen, i begin with you. new highs for stocks. they moved even higher after we witnessed the prime minister at the news conference. how much credit do we give to donald trump we have this announcement with trump and abe. foreign trade relationship is a little bit more solidified, going in a positive direction. >> isn't it the other way

around? this is a trump rally, is it t not. >> it's not a trump rally. take trump completely out of the picture. earnings starting to grow. earnings accelerating, doing better than expected. stocks are going up because baus things are getting better and you have the possibility as uncertainty recedes for people to feel more confident. we have a potential double whammy. >> the reason stocks started going up is because donald trump got elected and people like his policy. it's undeniable, is it not? >> november 9th it happened. >> in the wee hours i might add. >> i don't agree with that. just a fact there's a clear result obviously is much better.

and for stocks and business, double whammy there as well. >> dan tarullo was supposed to be in charge under a clinton administration of doing more bank regulation. now's gone. for the first time in forever because the republican control both houses of congress, you're going to have a full -- they're going to be able to fill these empty positions and a lot of them. this is going to be a donald trump federal reserve. what's that going to mean? >> the federal reserve has a single vision which, of course, is stable prices, full dploimt employment. everybody who signs on signs on to that mission. it's not a donald trump fed, but he does have a lot of seats that he can fill. chair yellin, her term is up

next year. fisher is up june of next year and tarullo stepping away from his role and two open governor seats. there's a lot of seats for trump to put in people who will be friendly toward, let's say, lighter touch on regulation. or deregulatory front. >> is that enough to get financials to move higher? now we're seeing a better path to less regulation. >> this is a clear boost for bank banks. >> you can imagine there's a clearer path for financials. >> if this is all about the fundamentals, you must think that stocks are going much higher from here if fundamentals are getting so good. >> i think they can go higher, when you have improve iing earnings, and you see the market as strong even with the

political disruptions you have to think there's underlying strength there. the market has proved that. when we get good news or less uncertainty as we saw today, yeah, there's no limits ahead, potentially. >> let's get back to washington now where president trump wrapped up his news conference with prime minister shinzo abe moments ago. eamon javers joining us from the front lawn. emon? >> you saw it all live. one point he made on global currency, complaining about currency devaluations for a long time. then he said this. we will, sooner than you think, be at a level playing field in terms of global currencies. not clear what the president meant there, but an interesting comment nonetheless. on corporations, the president touted the recent krechlt os have been coming to the white house, including the ceo of

intel earlier this week. you can imagine we will continue to see this and will be here to bring it to you. >> between last night's call and today's meeting with the japanese prime minister you saw here on cnbc, president trump's trade policies under the microskop. dan domico, former president and ceo of newcorp and member of the trump transition team on trade. good to have you here, dan. >> my pleasure. thank you. the far more contentious one, the far bigger one. what do you make of the phone call between the president and xi jinping last night? >> establish the conversation that they're going to have over

the next 100 plus days. >> do you think it came up that there's a 367 trade deficit between the two countries? do you think the president brought that up with xi jinping? >> of course he did. how could he not? issues around state-owned enterprises meshing in with market economies. there's no doubt that that issue came up or was alluded to, strongl strongly. >> historically, you go to the trade organization if you have a complaint. we've done that with china. wto often times has come back to us and we failed on that front. what if that happens again? >> first of all, you're absolutely correct, that's the

way the system is supposed to work. we have lost some and won some at the wto. it has not lived up to one of its promises and no one has held them accountable. that will change. president trump during his election run made it very clear, if we cannot get the wto to enforce the rules everybody agreed to when they joined up that the wto will have lost its effectiveness and we will re-evaluate whether we even belong to the wto or not. >> do you think that's still true? do you think it's possible that the u.s. could walk out of the wto, based on what you know about donald trump? >> the deals have not been good for american as witnessed by $13 trillion accumulated trade

deficit and goods since the mid 90s. which you heard abe talk about today and supported. then i think he's up to the challenge of whatever he believes is necessary to make sure we get fair negotiations and fair treatment. in these world bodies. >> i'm sure you're making those comments thinking about your former industry, dan. these stocks, including newcorp, up 56% over the last 12 months. i want to get your take on it. first of all, possibility of an infrastructure spend. even without the infrastructure spend right now it's all about enforcing some of the policies,

anti-dumping policies from chinese steel. even if we get that right and start cracking down, for instance, on this notion that chinese steel is going to other countries and being bypassed here into the united states, that's enough to justify this rally. what's your take on what's driving this sector right now? >> the steel industry has been a massive victim of trade cheating not just by the chinese but especially by the chinese but other countries as well. massive over capacity in steel is a negative and you'll see them improve dramatically as trade cheating becomes less and less an issue in the world.

>> massive infrastructure spend as well as pipelines? >> it's a good news, bad news story. yes, we are poised. one of the reasons we're poised is the industry is only running at 75% capacity. not only that, but we can build steel mills within 18 months to make 3 million tons of steel per mill. and you create the demand and build it and they will come. >> thanks, dan. dan domico, sounding optimistic about the ability to increase capacity. >> absolutely. let's get to dom chu for a market flash. dom? >> you may recall yesterday we talked about the gold miners and how they performed so far. vaneck vectors, ticker gdx on pace again for an eight straight

week of gains. etf about 3% this week to the upside, 20% so far this year. big components like gold corp, all up double digits. gold corp up as much as 25%. melissa, this would represent the first time since the fund's inception we've seen eight straight weeks of gains. de ja vu all over again just like it did to start 2016. >> dom chu, thank you. here's what's coming up on "power lunch." sears, reviving its iconic plan. can it work? the stock is flying right now. tangled web of possible conflicts of interest at the white house. one year since oil hit a bottom. we'll talk to a fund manager who saw it coming and has made more than 50% returns since then. all and much more on "power lunch."

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we believe that our holdings will ensure that sears holdings becomes a more agile and competitive retailers with more profitability.

despite today's boost, sears is down 20% this year alone. with us now, with the ceo of j. rogers niffin. cnbc contributor. mouthful for me. good to see you. >> good to see you. we plan to improve our merchandising supply chain and management. cynic would say, okay, they could have said that ten years ago. >> and they did. >> but can they do it? can they do it now? >> they've been cutting their way to prosperity the last five years at least. can they continue to do it? have you been in their stores lately? >> i haven't. apparently neither has anybody else. that's the problem. jer. >> ooirm joking, obviously.

can they do it? >> no. i don't think you can take $1 billion out of sears unless there's some dramatic thing that i don't understand that they can do to make the company still work at $1 billion less in expense. >> unless they include store closures, no? store quality has gotten worse. display has gotten worse. it's very hard to get better when you keep slashing expenses. >> the stock is up today. but will they have to restructure the stock? >> 15% is held by the people out there in the world. >> small percentpercentage. >> you missed my point. what about the debt? will the debt have to be restructured?

it's a long-winded way to say will it fall to almost nothing? >> last time i was on i said i thought the debt would have to be restructured. telling you right here they're going to sell a lot more assets. that's fine except they're burning the benefits in the assets as they do that. at some point it has to start working or it just keeps burning down the asset. >> if jcpenney has managed to turn the tide of negativity, the stock had a big run as a result, why can't sears? what is it? is it management? >> they've had revolving management. nobody has been in there to make it better, number one. certainly nobody like melvin ellison in there, running. also, you have to remember that p penneys was trying to go broke spending capital on the stores. it's hard for a retailer to

spend more and make the stores better. they had great looking stores and no business. when marvin came in he had the ability to take this fabulous, physical plant they built and start to improve it. they don't have that at sears. they haven't had a fabulous physical plant since '58. >> and we want to hit a couple of other big retail stories with you, jan. rapid fire, of course. first, a lot of controversy surrounding ivanka trump's brand and what it means for nordstrom who pulled her brand and other retailers dealing with the same concerns. nordstrom and others who have decided not to merchandise it prominently is because sales aren't there. >> when you have a boycott generally sale does slow down. if you're a retailer, dealing with a boycott you just want to get out of the way. i don't know if they're really pulling it because of the boycott or because sales slowed down or because sales slowed down because of the boycott. when it's this much of your product line and you're selling 300,000 skus, you just want to

get that one out of the way and not have the public mad at you about it. >> so exactly to that point then, it's such a small part of the overall pie, why couldn't they have done something other than say they were going to get rid of it? >> just not renew it. >> why would they go out of that are way to pick a fight with the president of the united states? >> we see tjx taking the signs down, and we see neimann marcus taking it off the website, keeping it in the store. people are marginalizing it. when you get the direct question and have a boycott group pushing you, you can't say yes we're keeping it, no, we're not keeping it, unless it's true. they basically took what i think may be an easier route than to

say it's not doing well for us. >> what about fit bit, the other wearables? apple is dominating this category as well? >> you know what i said. i am shocked, shocked to hear there is gambling going on in this apple will own the space for a long time. will people make -- >> it's so much higher than a fitbit, the price point. how can they dominate a category so definitively with such a high price point? >> they've done the same thing with phones. arguably have the best brand out there. i don't think there's any magic with that. >> amazon, $10 bras. is this a threat to l brands? >> the bralette, which amazon is

going to do. and since they're unconstructed and easier to fit, you can do it on amazon and at $10, they'll sell a lot. any of you bought a bralette yet? >> no. >> all i know is -- >> bras and bralettes are two different things. >> yeah. >> completely. >> they're going to make in roads into this space and that's one place that victoria's secret is going to try to keep their game going. that's where the customer is going, especially a younger customer. aerie has done it, and now amazon is doing it. >> jan, thank you. video games and the chips you need to make those awesome graphics next in the good, bad and ugly. did kellyanne conway's comments on ivanka trump's clothing line create a new conflict for the administration?

time now for the good, the bad and the ugly. activision, its acquisition of

candy crush, buying back to $1 billion worth of stock. to the bad here, nvidia beat expectations, the stock is up more than 350% in just the past year. so, this could be taking profits and also hope for better guidance here. it is an ugly day for shares of yelp. earnings better than expected but guidance disappointed. that is what is hurting this stock big time down by almost 13%. michelle? >> melissa, exactly one year ago that crude oil hit a low of $26 a barrel. it's doubled since then. and which stock will win the race to $1,000, amazon or alphabet? that race coming up on "power lunch."

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afterward pence said price is the right man for the job. >> we are both confident that you will bring that experience at the state level and singular experience at the national level to ensure that president trump's vision will become a reality. more than 30,000 disney wands are being recalled. the top component could dislodge and expose an inner rod. with either mickey or minnie mouse at the top. >> take a look at this. rosie o'donnell changed her default picture on twitter to an image of herself as the white house strategist. this, of course, comes after actress melissa mccarthy's caustic portrayal of white house press secretary sean spicer. wait and see.

>> kind of similar personalities so -- >> back to you guys. >> thanks, sue. >> it's an amazing likeness. >> run as far as you want to with that one, michelle. >> through go. >> phil lebeau has a news alert for us. hey, phil. >> break news involving ford. take a look at shares moving higher. the company is investing $1 billion in to artificial intelligence. the reason ford is doing this? they will be working together over the next five years. remember, by 2021, ford says it will have a completely autonomous vehicle available. virtual driver system for the autonomus drive vehicle to work on other artificial intelligence, aspects of vehicles as well. in fact, ford, as part of this investment, will be taking two seats on the ai board. ford investing $1 billion into

argo, ai, and artificial intelligence company out in the bay area. guys, back to you. >> phil, thank you so much. phil lebeau. the oil market is closing for the day. jackie deangelis has that for us. >> they're up 1.5% but pretty much flat on the week. opec has achieved about 90% of its cut. the market is excited about t on the other hand we did get news from baker hughes on recounts, saw them go up again eight this week out of the last 15 weeks and up about 10% in january alone. remember, shale could be the tipping point here and there are still bears on the street that say it will be if crude prices continue to be a few more dollars higher and we start pumping out more oil. we'll have to wait and see and watch this closely. but we're at the very high end

of the most recent range. >> your next guest manages several five-star rated funds, all of them seeing stellar gains, up 70% over the past year. managing director. we talked to you, what was it, last year when oil was in the 20s. now it's a much different picture. in terms of investing that, low-hanging fruit was taken in terms of big moves on energy stock. >> yeah. >> so what's left here? >> command for crude oil was going to fall, that's what the traditional playbook said. but we knew we didn't have a command problem. we actually had a supply problem. too much crude oil in the world. that's what was causing oil prices to fall. that's rectified itself over really the last eight, six month

s. >> u.s. silica, fracking sand. at one point it was beaten to a pulp, right, because of what's going on with shale. right now with the threat of a border adjustment tax, that happens, could this actually get more juice to the outside because demand for wti for. >> jackie mentioned the rate hikes. production is going to be higher, more demand for shale. if shale is here to stay, u.s. silica and it's demand is going to increase dramatically. u.s. silica is best positioned for that. >> do you feel in control in

your life? >> i do. >> i look at your funds. you're a commodity-driven fund. prove to me that i should have somebody like you versus any fund that's driven by commodity that's going to go down when the commodity goes down and go up when the commodity goes up. >> like an etf? >> right. why not do that? one is pipeline. the volume that goes through the pipelines. energy structure companies just charge a fee. it actually does pretty well because the volumes typically don't fall. s that what we've seen year after year, time after time. oil price is down 50%. that fund is flat over that same period. we move around. you can be selective.

global demand for oil and refine products like gasoline go up. >> you're saying his performance isn't enough? >> me running a commodity fund, oil has doubled in a year, that my commodity fund would go up. >> i'm not trying to -- this is a real question for viewers. >> you raise a good point. lot more ways than just buying oil. a company we really like, l & g, big thing. demand is going to grow dramatically, saudi arabia, lot of natural gas. first advantage of a company liquefy natural gas in the u.s.

>> these cost money. i want to make sure he'sworthy the cost. >> i got you. >> versus something cheaper. >> i get melissa's point. it would be fantastic if, when the market is down, your fund is still up. >> we're working on that. >> thank you, rob. >> rick santelli is checking the action at the cme. rick? >> tens pretty much says it all. we moved up. last couple of hours have been sideways. on the week we're down six. year to date of tens, down three from where we closed. sometimes if you want to take the temperature of fixed income market, look at high yields. we could look at year to date of the hyg or the actual spreads. etf perspective, the price is firm, steady, not a lot of volatility. spreads are narrowing and rather large considering where they've been. the temperature seems okay. steady as she goes pretty much in the middle of the 2017 range.

melissa lee, back to you. >> rick santelli, thank you. japan's prime minister visiting the white house today and will spend the weekend with the president in florida. is japan a good investment for your money right now or are there better opportunities in asia? trading nation is up next. the future of business in new york state is already in motion. companies across the state are growing the economy, with the help of the lowest taxes in decades, a talented workforce, and world-class innovations. like in plattsburgh, where the most advanced transportation is already en route. and in corning, where the future is materializing. let us help grow your company's tomorrow - today at esd.ny.gov

white house adviser kellyanne conway in big trouble after promoting ivanka trump's clothing line. the white house she was she was counseled about it. but some in congress are calling for an investigation. >> isn't jason chaffetz one of them? >> i'll stop being snide. >> very important point. here is where it gets sticky. her interview telling viewers to, quote, go buy ivanka's trump has demanded a letter from the oversight committee demanding an investigation, sent late yesterday by republican jason chaffetz and democrat elijah cummings that appear to violate

the ethics rule. the ethics office doesn't have the power to investigator prosecute. it only encourages or advises. congressional sources telling me any investigation of her actions would have to be made by the white house. conway, of course, is a close confidante of the president. at the center of the controversy is the president's own daughter and her company. which is also tied to the trump organization, his company. the ethical tangle of the trump white house make it unlikely that this investigation or any other ethics investigation involving a white house staffer could proceed. and this is just one of those moments of realization where, look, this is a silly comment. i don't think it's worthy of an investigation. it shows us the process by which a more serious allegation would

take, which is that ultimately it's up to trump to decide. so, you know, let's -- >> i think people will agree with you on the fact of -- with all of the things in the world that are important we're going to have an investigation on kellyanne conway's comment -- >> that's not why it's important. let's say ivanka announced a deal to announce a deal with a japanese firm. >> that would raise eyebrows. >> let's say it d where do you think it would go? what we know now is that it ultimately would fall to president trump to decide. and because it's his daughter, which is the nepitism issue and his company, which is the business issue, it would go nowhere, which is why this president is different from any othe other. >> if the stakes were much, much bigger and much, much larger.

>> we do know he is his own man. >> absolutely. >> and doesn't really bow to public pressure when he feels he is right. legally there is no issue pressing against what he would want to do with an ethics investigation. you're right. if there was so much pressure, maybe he would. i don't know. he is his own president, his own adviser, his own man. >> robert frank, thank you. looking to invest in asia is japan your best pick or another country you should own instead? equity strategist with miller tabak. japan has taken investors on a roller coaster ride. what's your take on japan after that very productive or seemingly productive press conference between the prime minister and the president?

certain jobs in the united states because they're not technically advanced enough. that's even more of an issue in japan. we have been very positive on japan when it made a nice bottom relatively nicely from there. a little bit worried, though. the chart on that doesn't look quite as good. it's had a great run. if it can break above its recent highs it could run another 8% higher but i'm not sure. >> david rital. if you had to choose, would japan be it? >> it really wouldn't be. you mentioned about the

employment. it's been tough to fill certain positions. it's a flaw in japan's economy, their demographics. hugely aging population. it's hard to get growth going in their tha environment. india would be my top pick. >> all right. guys, thank you. matt maley and david reidel. head to tradingnation.cnbc.com for more. amazon and alphabet trading around 800 a share. which will get to 1,000 first? next on "power lunch."

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? de deidre bosa joins us. >> both stocks price targets have been creeping closer to the 1k mark. the question is, who's going to get there first? if we look at momentum, the median target on amazon has stagnated around the 930 mark for a few months while alphabet has climbed to $990. if we break this up further look at the buy, sell, hold call for amazon, three analysts have the target above 1k. switching to alphabet, 19 have more. a stock split could foil the plans. when and if they hit that mark they join an exclusive club that

shows four members. price line, nvr, warren buffet, berkshire hathaway. guys, for good measure i want to note the most bearish calls were amazon. $850 from sun trust. that's 25 bucks from where it's trading today. for alphabet, that is $700, well below what it's trading today. >> exactly right. deidre, let's get to the analysts right now. joining us the afore mentioned james diks, he has a sell rating on alphabet and the $700 price target. on the cnbc line we have yousuf squali. james, we must go to you first. we've already called you out. i know you've been a hater on google for a while so clearly you think amazon is getting to 1,000 first. why do you think google is going so far in the other. >> i'm not a hater.

>> oh, i mean, you know, come on -- >> i love all mankind. >> you know what i'm saying. >> i got ya. i got ya. no, the bulk of my bear thesis relates to their core profits and, you know, revenue engine paid search. it's not the only issue. that's really what's going to drive the stock one way or the other. if you look at that i recall market share and pay search advertising it's 90%. pay search advertising is the only way to reach consumers at the end of the purchase funnel but there's a lot of other ways of reaching the consumer at the end of the purchase funnel. amazon obviously in ecommerce, apple on the i0s platform, facebook on mobile. these guys have barely started to offer advertising to go after those budgets at the end of the purchase funnel. they're going to and google already has a big digital advertising competitor in facebook. amazon, at least, certainly in

the mature markets has no major competitor in ecommerce anywhere near the scale of facebook so that's a major risk on the pay search ad front. >> youssef, i know you disagree wholeheartedly with james because i think you e-mailed me during a prior conversation that i was having live on the air with james about google, but isn't he right though? that google has a competitor whereas amazon doesn't? >> so, scott, if you were using -- if you were to use that argument that basically google or alphabet is one trick pony, searches going to turn over and start declining and that margins are going to evaporate, you would have probably shorted -- sorry, alphabet about 500 points below where it strads today. that's the oldest argument against not owning google. look at the numbers. look at what they've put out in the last quart ter.

granted, that's not all search. that's the search. >> google is out. who hits it. we do think it's google. it's about two points.

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>> close of session high. thank you for watching "power lunch." >> "closing bell" starts right now. hi, everybody. welcome to the "closing bell" on this friday. i'm kelly evans at the new york stock exchange. >> the very famous new york stock exchange. >> with the famous will fred frost. >> i'm in for bill griffeth. stocks set to close at all time highs yet again today. we have someone who says there is a lot more room to room coming up. >> breaking a couple hours ago. federal reserve governor dan tarullo is resigning. >> as president trump meets with japan's prime