there's little evidence this accord actually does a lot about it, so you weigh all the costs, is it worth it? >> talking about $3 billion green planet fund. only to this date, paid a billion in, two billion to be paid in. president obama transferred money before leaving office. >> thank you. >> thank you for watching and "closing bell" starts right now. ♪ welcome to the closing bell at the new york stock exchange. welcome back. >> thank you very much. nice to be back. picking up coverage with breaking news. the president about to announce the decision on the paris climate accord. we are live at the white house rose garden there. as soon as it's underway, we pretty much now what he's going to say. that's leaked at this point. let's get to eamon at the white house for more, what the president is expected to say. >> reporter: bill, i can tell you it's warm and crowded here in the rose garden as everybody

awaits the president's announce. here. we guessed up until the last minute. cop firming they confirming that the president will announce the united states pulled out of the paris accord. that's against all of the lobbying that we've seen from the range of ceos. we talked to corporate leaders over 24 hours, and several months. turning around here just before we came live on the air, that's the national economic counsel, waiting for ivanka trump. she'll be here, a powerful voice inside the white house advoca advocating to stay inside the paris accord. see what her reaction is here, but this was internal battle between the globalists party inside the white house and the nationalist party inside the white house, and it looks like all predictions hold true that it's the nationalists that have won the fight. the key thing to watch here as we wait for the president to speak is what the caveats are to this announcement, what gray

area will there be, anything for the globalist faction, corporate faction to hang hats on. we'll wait and see. i spoke to a white house official in the west wing over here who looked me in the eye and said the paris accord is a bad deal for america, so you can tell the rhetoric we're going to hear from the president in moments. >> so, the question i have, then, they opt out, but looking to renegotiate, then, to get a better deal? is that the aim of this? >> well, those are the nuances we'll have to wait to hear from the president. they are explaining this throughout the afternoon. get the headline announcement here at the president at 3:00 p.m. east coast time in a couple minutes, and more details from the white house, policy folks will -- that's when we get into, i think, that level of nitty-grit nitty-gritty, but we'll see what the president says, how he feeds it. the key is, i think, in the

rhetoric heard so far, what the white house is talking about all day is the president makes the best decision for the american worker. they are going to frame this about workers, jobs, and most importantly, voters who elected the president partly on the strength of the campaign promise to pull out of the accord. >> reince, see steve, awaiting the president. interesting wrinkle in "politico's" reporting, saying when the president was abroad last week, they thought the settlement would be stronger, but it was tepid. they thought european leaders would make a strong case trip abroad. perhaps they did not because gary cohen indicated the view was evolving on the subject, but as we know now, not to the point of him staying in the paris accord. >> yeah. >> perhaps a reason why they didn't feel there was more pressure from europe not to go in this direction. >> reporter: there was rhetoric in the administration on views on the foreign trip, but how far has he evolved, and you can imagine from the european leader's perspective, they would

not have wanted to make the president feel boxed in in terms of his decision. they didn't want to have a dramatic staredown with the president under the assumption he would not respond well to that. the one person upgraded from the dramatic stare down with elan musk saying he'd remove himself from the ceo advisory counsels here on at the white house if the president pulled from the accord. if that's the case, if that announcement today, watch elon's twitter feed the rest of the afternoon to see what he does here. >> not only his, but apple ceo reportedly called the white house last night pressing the president not to do this. celebrities like leonardo dicaprio weighing in, but to the president aides, that bolsters the case. >> he's not in the rose garden, so assuming his side did not win out today. there are reports that a number of prominent paris accord opponents have been invited to

the white house here. looking to see any of them recognize them by face, but i don't see them here. if that's the case, we imagine they would not invite the folks to the rose garden, and then go against them publicly. that would be a little bit awkward to say the least. i think we got a sense of where this is going. we have to wait for the full details in the rollout. >> the word we've been get itin leading up to this, there was a give-and-take going on inside the white house, and among his advisers, and on the side to stay with the accord, we are are told, included rex tillerson, and, of course, of late, the ceo of exxon, and exxon has been on record as saying they wanted the u.s. to stay in this. you wonder what rex tillerson thinks of this now in his position in the administration, begin the president's decision today. >> reporter: yeah. turning around, bill, sorry to turn my back to you, but looking for tillerson in the crowd. i do not see him, but i can't see the entire crowd where i'm at. you're right, exxon taking a

public stance on this, and we saw larry summers on cnbc just this morning saying he's surprised to see a white house that's now to the right of exxon in terms of climate. that seems to be where we land here, and that sure is an interesting political development that exxon, itself, lobbying to stay in the paris accord. the trump white house saying, no, no, we're going to pull out. >> we'll be right back with you. jackie is over at cnbc headquarters with a look how green energy and coal stocks are perfo performing. >> looking at the market today and response we had in the energy sector, more than coal and solar, start with big oil first. the premise here that there's more drilling, drill with regulations coming off and demand increases. you saw the names, exxon, chevron moving higher, hess, oil services companies moving higher, baker huges, tesoro. the pipeline names on the back

of the trump policies, they are doing well too. the coal stocked mentioned were higher on this, and the idea there is that the coal miners, you know, we were in coal country, they believe president trump delivers on coal revival and because it's cheaper energy, people will reinvest in it and bring it back in the clean coal technologies. on the solar side, we saw them up across the board too, maybe a little surprising, but the theory there is they dropped in anticipation of this. they are not going bankrupt or to zero. may not be as rebust as they were, but all the energy spaces seeing impact today. >> all right, jackie, thank you. looking at effects positively or negatively. awaiting the announcement in the rose garden as soon as he steps out of the oval office.

we'll go live. in the meantime, dow up 94 points, were up 115 at the pique i saw. talk briefly with the closing bell exchange right now. with us today, renee from urban wealth management. john from equity partners here with us at post nine, and rick santelli at the cme in chicago. john, there was popular news on jobs, for one, pmi, things look good on the economy here, and markets seemed to respond to that. >> absolutely. refreshing to look at the fundamentals of the market, and that's somewhat moving the mart today opposed to looking at head livens all the time, but, clearly, we've awaited for the announcement to come out. knowing what the blueprint was or what he was going to say has been in the plan all along, but like your question was earlier before, are we withdrawing completely, o r will he try to renegotiate? that's a great point. it's going to be very interesting to hear what we got coming out of the rose garden

today. the rest of the week, tomorrow, obviously, the jobs numbers which is important, and then we're going to continue to look forward to what the fed's going to do. there's real interesting things that can be counted in the market, but right now, it's all rose garden material. >> also, there's the elections next week in the u.k. you know, perhaps not too major an event, but there's more uncertainty, perhaps, about the outcome, about whether there's the relationship between the u.k. and europe, and ryan in there said, you know, if that doesn't move forward, then some of their fits between the u.k. and europe would pause to reset for a while, so the point is, i guess it's not just here we talk political uncertainty today, but how are you investing in the environment? >> you know, believe it or not, really looking outside the u.s. for some great opportunities. a lot of my clients are very concerned about will this happen with the current administration, and we try to introduce insurance in the portfolio to provide cushions because i think that we may very well see a

pullback in the market, very unexpectedly. the international markets have been very strong despite a lot of uncertainty about what the leadership is going to bring, but the valuations are much more attractive outside than the u.s., so we've been increasing our exposure there. the eby is up 17 -- 14-15% in emerging markets, 18%, very quietly, very strong, but we actually have been increasing our exposure in that space since january. >> rick, i -- i'm looking to see if there's any response anywhere that i can point to in your markets that say they are responding to the developments today regarding the president's decision. i don't see anything, do you? >> no, i really don't see anything. you know, in some weird way, i kind of look at what happened with illinois today in the downgrade. listen, trying to do things and how much you pay to get them

done is something all politicians think about. you know, is this about climate change? when we talk about streamlines dodd-frank, is it about how are we going to get along? no regs. there's something in the middle. climate change is something that's in this paris accord, it's about priority, how much it costs, what benefits this are, compare that with how it affects china, how it affects germany, how much coal germany burns. in the end, it comes down to kind of taking an accountability perspective on the economy. i think in that regard, donald trump is not saying he wants dirty air quality. he's just saying that, for the amount of effort u.s. has to put into this, the priorities are wrong. you're not spending and how it impacts the issue over a long period of time just doesn't add up. i don't know why politicians can't communicate this to the general population at large. maybe it's the intermediates

getting the story wrong. >> let's get back to the rose garden with something to tell us. >> reporter: talked to grover norquist, from americans for tax reform, a big time conservative leader, had a few moments with him coming in here to sit. he's happy the president is going to be announcing that we're pulling out of the paris climate accords saying staying in is an ant trap in his words and the ceo opposition to this is overblown. it's not costing anything to pull out of it, so, therefore, it's not that big of a deal for corporate america. see what the full reaction on the way out is, but seemed very happy on the way in, conservatives generally argued that they are skeptical of these international environmental agreements just on a core level, and, therefore, they are going to be really pleased with it. the trump base that elected him in november will be pleased with it. there's a lot of winners in terms of the decisions, but the losers are the folks that

lobbied this white house against this move. a lot of the people will be disappointed the rest of the day today and coming months, guys. >> if you are just joining us, awaiting the president to come out to the rose garden to make this announcement official, but we know according to sources that he's going to talk about withdrawing the u.s. from the paris climate accord of 2015. are you inclined to invest in companies that invest in renewable energy and would benefit from the climate accord theoretically, or do you just stay away from something two speculative. >> too speculative at this point. it's very uncertain about what that environment is going to look like. there are significant amount of people interested impacting their dollars, so from an emotional perspective, it's a great way to make a difference in investing dollars, but the space is going to be very difficult to be in in the

immediate near term. you know, just in terms of being able to cushion against back issues that we're going to see in the market right now, you really are looking at staying away from those things that are being impacted by politics. raer focusing on what the actual policies are going to be, so our climates are really concerned about that, and so we're doing things like introducing gold not portfolios, that we did earlier this year, to provide crisis currency as a background, but, yeah, that space has been very difficult juan to be in, and this environment. >> showing other cabinet officials there. looking hot out there. they are waiting the president, running 15 minutes behind schedule. john, i was going to ask you, we know a lot of ceos came out in

support of paris, but ceos are global businesses who want to come out as supporting a very important 21st century initiative. the fact u.s. electricity rates are cheaper than europe, for example, and likely to remain so, still good for business fundamentally, right? any ceo who will be unhappy by this turn of events? they have coverage from the white house, look, they are not doing it, so, you know, we're following and doing what we can do here. >> uncertainty how it plays and what it looks like, but there are two sides here, right. we hear about musk and tim cook, and ceos on the other side that behind the scenes are eager to see how it plays out, and they know this is going to be somewhat beneficial to the companies. >> asking you, then, the same i asked renee. do you see opportunities, in alternative energy companies, supply down, demand up, does

that make the case? do you stay with the old line energy companies because we're dropping out of the climate accord? >> you know, i think there's way too much uncertainty as to how this plays out. i get a feeling that there is significant information, and later down the road, we're back at the table for a nice accord for everyone, but that uncertainty leads investors to wait and see how it plays out. >> i think they should get more credit than they do for helping lower u.s. emissions, and, i mean, natural gas boom displacing coal did a tremendous amount that nobody would have anticipated over ten years. u.s. looks okay by those metrics. germany, that's 40% coal fire, and tesla is electric now until it's running on your solar p panels, you use a largely coal or natural gas fire grid. there's movements underway that have been unleashed by innovation in the country that are helping us improve on these scores anyway.

>> it was not based on religious outlook of what sides have with regard to climate change, maybe a calmer, fair minded person looks at it to say, natural gas has helped make our atmosphere cleaner. look at the standards other countries are trying to get to in the accord, in many ways, we're ahead of the pack, and it's not because someone forced us too. it's the economics of it all, and natural gas and frackers that have been instrumental in that, and in terms of the musks of the world, you know, i go back to what i said about illinois and chicago. subsidies are bankrupting many areas of the economy. if somebody meiments to buy tes it should stand on its own with regard to the benefits. government should get out of the way. all take care of the atmosphere, but this is a about a lot of money and not necessarily a lot of return and how it's spent is if what you're worried about is the environment.

>> you talked about the other things going on in europe right now, but what about the countries that remain in the paris accord, you know, the president is making the argument that to be in the accord hurts growth, do you then look away from the companies that would be impacted by strategies of the countries they are involved in as far as climate change goes? >> well, i think we're seeing it here in the u.s. as well. in the private sector, even though we may not have the support at the government level to continue with certain policies that protect the environment, i see that there's a lot of companies that are taking the initiatives themselves, so i see that's going to be happening on a global basis. u.s. is pulling out. you're going to move forward with those initiatives to protect their environment. now, it's unfortunate what kind

of i'll pact this will have, and it's early to see how this is going to impact the entire accord, but i don't think that a lot of those countries are going to pull back just because the united states is taking a different position. >> renee, it's interesting, millions of people are in this country moving us in that direction on their open because they love it, and they are entrepreneurs at home, and hooking all solar pams, giving power back to the grid and coming up with ingenious ways of being kind of a very low user, you know, of fossil fuels, if you want to say that, so we mentioned earlier, the solar stocks are doing okay today regardless of what top level the u.s. makes, that trend is likely to continue, isn't it? plenty of people on their own who are going to keep moving in a renewable way, right? >> i agree. i think in the immediate near term it's going to be a messy space to be in. here in california, for example, we're moving toward with

embracing the concept of protecting the environment, we'll support that and there's more of that, but in the meantime, some of those very innovative initiatives may not give support. i could see probably looking at maybe a year from now to look at that space, but i think it's probably going to get hit here a little bit until there's clarity around really what is the u.s. administration's perspective on it, and what kind of support that there will be from a private sector. and how they want to institute with the manufacturing processes, their energy processes, and things like that. >> and that is an issue we were going to get to, that, you know, various states will have their own policies, that california's, new york -- >> your home state. >> absolutely, they've had that for a long time. governor broup is high on that. >> including g6 with the climate. >> that's going to be a

patchwork of regulations the company has to deal with here. eamon, what do you have? what's that? >> reporter: bill, i don't want to add to the suspense here, but we're waiting for more administration officials to come in, but they had the president's remarks here up on the tell prompter a few times, taken them down a few times, so certainly possible they are making last minute tweaks to the address as we await the president, a few minutes behind schedule. there's a sense of anticipation, and the president is good at this. this is the moment of the big reveal. we think we know what he'll say, but never know the nuances. the president says it. we'll wait for the the officials to come in. i see gary cohen, steven, the chief the staff all here, so that's an indication we might be getting relatively close to the president here. >> larry kudlow is dying to come in here, we were going to bring in you in after this. >> i can't help myself. i just can't help myself.

>> you agree with the president? >> yes, i do. it's a good issue. by the way, i'm all the above. i have no problem with renewables. i just don't want the government to subsidize them. the department of energy ran a hedge fund in the last administration costing taxpayers a lot of money and stocks and companies went underneath. what we don't know is how he pulls out. for example, he could put it to the senate. it was never ratified. it is a treaty, that was never ratifi ratified, also, the united states could take a section -- >> did he put it to the senate, so many things you want the senate to work on, correct? >> gee, you're right. really hard to get to. >> oh, too bad. >> you know, some of the best ideas after the years, kelly, very -- >> i see what you're saying. >> what about renegotiating rather than pulling out? >> he could. he could renegotiate. all that's there. i'm saying, look, i know the way

president trump thinks, and he won't like hearing the subsidies or want the u.s. to have that investor policy, and as noted, everybody's said it, the push towards fracking and natural gas put u.s. emissions way down, and, in fact, we did a better job than germany, despite what marco said because she took out nukes, the solar and p wind did not deliver for her, and they have been printing coal, lots of coal, which is really the wrong way for this grand treaty, so, you know, let the market decide which is the best energy and power supplier. let the market, not government. >> we wouldn't have fracking or horizontal drilling until the federal government came in to invest big over the past 40-50 years. a lot of federal money went into that. you have to keep in mine that

federal is not just automatically a bad thing. it brings about a change. >> by the way, this is just mike from princeton university. we have to point out. welcome, michael. >> thank you. >> go ahead. >> listen, i know this story. however, i will beg to differ on one point, and maybe it's ju just -- this fracking technology was around for a long time, and the government did provide subsidies a long, long time. it was not, however, commercialized until very recently. that is pure entrepreneurship. that's what that was. >> you're right. >> it's a combination of government health and clever entrepreneurs that get the job done. >> listen, i'm okay. i'm okay if the government ponies up some science research. never against that. never have. i had this conversation with newt gingrich who is hawkish on the point, but i'm not okay

getting into kmecommercializing these. what happens with this is -- they were not the only ones. >> only one case. >> no, there were several cases. >> entrepreneurs even put money in. >> i'm good with entrepreneurs. >> all right. >> that's the -- >> i'm not good with the task payers' money to the government. that's all i'm saying. >> something that's lost in this. once upon a time, the debate about the paris climate agreement was about whether you believe the science involving climate change or not. now suddenly, we find ourselves talking about whether this is a good, bad deal for the workers of the united states or the taxpayers of the united states or the subsidies paid. i mean, it's a money issue suddenly. what happened to the climate part? >> it's a science, really, it's not debatable. there were uncertainties, always uncertainties in science -- >> so is this a bad deal for america then as the president tells us here? >> the science is there, as far as whether it's a bad deal or not, no. every country in the world is in

it. plenty of opportunities for all countries to try to put forth new technologies to get into the technological race for the new technologies that are going to solve the problem. the u.s. was doing its part, and, frankly, i think it's a loss to u.s. business for us to withdraw. >> min di, ceo and president founding member at siris. what good does it do if they don't cut emissions before 2030, for example? >> well, a, they have to cut emissions, number one, and, number two, they are cutting right now. there's a lot of facts being thrown around, good for the economy, bad for the economy, this country's doing it, that country's not. what we have is an agreement with 195 countries. if we pull out, we stand with syria in saying this is a bad deal. >> i don't think we're standing with syria.

>> that's just -- >> no, no, stop there. >> it's not a statement of unity with those two countries. >> well, those are the countries who have not found their way into this agreement. the united states is an international leader and pulling out of the climate agreement does not put our country first, but last. >> does it necessarily mean by pulling out companies no longer innovate to bring clean energy, renewables -- >> of course not. >> i have to ask her the question. this is larry is going to say to you. >> of course not. they'll keep doing which they have been doing, which is lowering emissions. germany has been raising emissions. >> facts here -- >> i'm sorry. hold on. >> lagermany increased emission because policies did not work. they went coal. >> what do you say? >> i say having an international policy where we're all required

to bring our emissions down is the only way we're going to solve what is one of the gravest challenges we have. >> is this the deal that does that, though? >> and for our children's future, and, yes, i believe this is the deal to do that. is it perfect? no. can we get a new deal underpinnings that renegotiates? this is not a real estate deal. this is -- >> okay. >> this is a 196 country deal. that is good. that will address the grave problem we have. >> okay. got it. we have to break here because the president's about to come out, eamon, take us into that, would you? >> reporter: inside the one minute warning from the white house, and i can tell you the president's remarks are up on the screen, came down for moment, popped back up again recently, so we think that we're within a few seconds here from hearing from the president himself. so many questions about what the nuances will be here, so watch for the caveat, the gray areas in the announcement if there are in. something for folks in the

industry to pay attention to. sitting down now as the president will be in in a few moments. >> as he does, the members of the cabinet are there. i think i heard eamon said among them, who is not there secretary of state tillerson. read anything into that or just a busy guy? >> they met within the last day of two and president explained to him his position, and secretary of state feels we should stay in the accord. >> okay. they are coming out? >> pence leads the way to introduce the president of the united states. listen in on the major announcement on climate accord. >> good afternoon, secretary mnuchin, administrators, members of congress, distinguished guests, on behalf of the first family, welcome to the white house. [ applause ]

greatest privilege of my life to serve as vice president, to a president who is fighting every day to make america great again. since the first day of a administration, president trump has been working tirelessly to keep the promises he made to the american people. president trump has been reforming health care. enforcing our laws, ending illegal immigration, rebuilding our military, and this president has been rolling back excessive regulations and unfair trade practices that were stifling american jobs. thanks to president trump's leadership, american businesses are growing again. investing in america again. they are creating jobs in this country instead of shipping jobs overseas thanks to president trump, america is back. [ applause ] just last week, we all witnessed the hopeful leadership of an

american president on the world stage. putting america first, and reaforms alliances, forged new relationships, and call on the world to confront the threat of terror in renewed ways, and by the action president announces today, the american people and t the world will see again that the president is choosing to putt american jobs and american consumers first. our president is choosing to put american energy and american industry first. and by the action today, he chooses to put the forgotten men and women of america first. for gratitude of his leadership, and admiration to the waivering commitment of the american people, it is my high honor and distinct privilege to introduce to all of you, the president of

the united states of america, president trump. [ applause ] thank you very much. thank you. i would like to begin by addressing the terrorist attack in manila. we are closely monitoring the situation. i will continue to give updates, anything happens during this period of time, but it is really very sad as to what's going on throughout the world with terror. our thoughts and our prayers are with all of those affected.

>> before we discuss the paris accord, i'd like to begin with app update on our tremendous absolutely tremendous economic progress since election day on november 8th. the economy is starting to come back and very, very rapidly. we added 3.3 trillion in stock market value and more than a million private sector jobs. i returned from overseas where we concluded military and economic development for the united states creating hundreds of thousands of jobs. it was a very, very successful trip, believe me. [ applause ] thank you.

we have taken steps to demand fair and reciprocal trade that gives americans a level playing field against other nations. we're also working very hard for peace in the middle east and perhaps even peace between the israelis and the palestinians. attacks on terrorism are stepped up, and you see that, and you see it all over. from the previous administration like getting many other countries to make major contributions to the fight against terror. big, big contributions are being made by countries that weren't doing so much in the form of contribution. one by one, we're keeping the promises i made to american people during my campaign for president. whether it's cutting job killing regulations, appointing and con offici

confirming a tremendous supreme court justice, putting in place tough new ethics rules, achieving a record reduction in illegal immigration on our southern border, or bringing jobs, plants, and factories back into the united states in numbers which no one, until this point, thought even possible. believe me, we've just gun. the fruits of our labor will be seen very shortly even more so. on these issues and so many more, we're following through on our commitments, and i don't want anything to get in our way. i'm fighting every day for the great people of this country. >> therefore, in order to fulfill my solemn duty to protect america and its citizens, the united states will withdraw --

[ applause ] -- from the paris climate accord -- [ cheers and applause ] thank you. [ applause ] thank you. but begin negotiations to reenter either the paris accord or app entirely new transaction on terms fair to the united states, its businesses, its workers, its people, its taxpayers, so we're getting out. we will start to negotiate, and we'll see if we can make a deal that's fair, and if we can, that's great. if we can't, that's fine. [ applause ] as president, i can put no other consideration before the well being of american citizens.

paris climate accord was another example of an agreement that disadvantages the united states to the exclusive benefit of other countries. leaving american workers who i love and taxpayers to absorb the cost in terms of lost jobs, lower wages, shuttered factories, and vastly diminished economic production. thus, as of today, the united states will cease all implementation of the nonbinding paris accord and the draconian financial and economic burdens the agreement imposes on our country. this includes ending the implementation the national

determined contribution and very importantly, the green climate fund, which is costing the united states a vast fortune. compliance with the terms of the paris accord and the energy restrir restrictions placed on the united states could cost america as much as 2.7 million lost jobs according to the national economic research associates. this includes 440,000 fewer manufacturing jobs. not what we knee. believe me, this is not what we need. including automobile jobs. the further on what communities

rely on for so much, and we'd be giving them so little. according to the same study by 2040, compliance with the commitments put into place by the previous administration would cut production for the following sectors, paper, down 12%. cement, down 23%. iron and steel, down 38%. coal, and i happen to love the coal miners, down 86%. natural gas, down 31%. the cost to the economy at this time would be close to $3 trillion in lost gdp and 6.5 million industrial jobs while

households would have $700,000 less income, and in many cases, much worse than that. not only does this deal subject our citizens to harsh economic restrictions, it fails to live up to our environmental ideals. as someone who cares deeply about the environment, which i do, i can want, in good conscious support a deal that pup irs the united states, which is what it does. the world's leader in environmental protection while imposing no meaningful obligations on the world's leading polluters. for example, under the agreement, china will be able to increase these emissions by a

staggering number of years, 13. they can do whatever they want for 13 years, not us. it's contingent on receiving billions and billions and billions in dollars of foreign aide from develops countries. the bottom lines is the paris accord is very unfair at the highest level to the united states. -- while the agreement blocks the development of clean coal in america, which it does, and the mines are starting to open up, having a big opening in two weeks, pennsylvania, ohio, west virginia, so many places, and a big opening of a brand new mine is unheard of. for many, many years, it's not

happened. they asked if i'd go. i'm going to try. china will be allowed to build hundreds of additional coals, so we can't build a plant, but they can. according to this agreement. india will be allowed to double its coal production by 2020. think of that, india can double coal production, we have to get rid of ours. even they are allowed to -- it does not get rid of coal jobs, but transfers those jobs out of america and the united states and ships them to foreign countries. this agreement is less about the climate and more about other country gaining financial advantage over the united states. the rest of the world applauded

when we signed the paris agreement. they went wile. so happy. for the simple reason that it put our country, the united states of america, which we all love, in a very, very big economic disadvantage. a cynic would say the reason for economic competitors and their wish to see us remain in the agreement is so that we continue to suffer this self-inflicted major economic wound. we'd find it very hard to compete with other countries from other parts of the world. we have among the most abundant energy reserves on the planet, sufficient to lift millions of america's poorest workers out of poverty, yet under this

agreement, we are effectively putting these reserves under lock and key, taking away the great wealth of our nation, great wealth. phenomenal wealth. not so long ago, we had no idea we had such wealth. leaving millions and millions of families trapped in poverty and joblessness. the agreement is a massive redistribution for united states wealth to other countries. at 1% growth, renewable sources of energy can meet some of our domestic demands, but at 3-4% growth, which i expect, we need all forms of available american energy or our country --

[ applause ] -- will be at grave risk of brownouts and grayouts, and businesses will halt in many cases, and the american family will suffer the consequences in the form of lost jobs, and a very diminished quality of life. even if the paris agreement were implemented in full with total compliance from all nations, it is estimated it would only produce a two tenths of one degree -- think of that -- this much -- celsius reduction in global temperature by the year 2100. tiny, tiny amount. in fact, 14 days of carbon emissions from china alone would wipe out the gains from america

and this is incredible statistic, would totally wipe out the gains from america's expected reductions in the year 2030. after we have had to spend billions and billions of dollars, lost jobs, closed factories, and suffered much higher energy costs for our businesses and homes. as the wall street journal wrote this morning, the reality is it won't matter much to the climate. the united states under trump administration will continue to be the cleanest and most environmentally friendly country on earth. we'll be the cleanest.

going to have the cleanest air. we're going to have the cleanest water. we will be environmentally friendly, but we're not going to put businesses out of work. we're not going to lose our jobs. we're going to grow, grow rapidly. [ applause ] i think you read minutes ago, the small business report, small businesses as of just now are booming, hiring people, one of the best reports i've seen in many years. i'm willing to immediately work with democratic leaders to either negotiate our way back into paris under the terms that are fair to the united states and its workers or negotiate a

new deal that represents its country and its taxpayers. if the obstructionists want to get together to me, let's make it non-obstructionist, sit down, get a deal, not closing up factories or losing or jobs, and we'll sit down with the democrats and all of the people that represent either the paris accord or something that we can do that is much better than the paris accord, and i think the people of our country will be thrilled, but then the people of the world will be good, but until we do that, we're out of the agreement. i will work to ensure that america remains the world's leader on environmental issues. under a frame work that is fair and with a burress that the responsibilities are shared

equally among the many nations all around the world. no responsible leader can put the workers and the people of their country at this debilitating and tremendous disadvantage. the fact that the paris deal hamstrings the united states while empowering some of the world's top polluting countries should dispel any doubt as to the real reason why foreign lobbyists wish to keep our magnificent country tied up and bound down by this agreement. it's to give their country an economic edge over the united states. that's not going to happen while i'm president. [ cheers and applause ]

my job as president is to do everything. my power to give america a level playing field, and to create the economic regulatory and tax structures that make america the most prosperous and productive country on earth, and with the highest standard of living and the highest standard of environmental protection. our tax bill is moving along in congress. i believe it's doing very well. i think a lot of people will be very pleasantly surprised. the republicans are working very, very hard. we'd love to have supports from the democrats, but we may have to go it alone, but it's going very well. the paris agreement handicaps the united states' economy in

order to win praise from the very foreign capitals and global activists that have long sought to gain wealth at our country's expense. they don't put america first. i do. i always will. [ applause ] the same nations asking us to stay in the agreement are the countries that have collectively cost america trillions of dollars through tough trade practices and in many cases lacks contributions to the political, military alliance. you see what's happening. pretty obvious to those that want to keep an open mind. at what point does america get

demeaned? at what point do they laugh at us as a country? we want fair treatment for our citizens, and we want fair treatment for our taxpayers. we don't want other leaders and other countries laughing at us anymore, and they won't. they won't. i was elected to represent the citizens of pittsburgh, not paris. [ applause ] i promised to exit or renegotiate any deal that fails to serve america's interest. many deals will be under renegotiation. very rarely do we have a deal that works for the country, but they'll soon be under renegotiation. the process has begun from day

one. now we're down to business. beyond severe energy restrictions inflicted by the paris accord, it includes yet another scheme, to redistribute wealth out of the united states through the so-called green climate fund, nice name, calling for developed countries to send $100 billion to developing countri countries all on top of america's existing and massive foreign aide payments. we're going to be paying billions and billions and billions of dollars, and we're already way ahead of anybody else, many the other countries who have not spent anything. and many of them will never pay one dime. the green fund would likely obligate the united states to commit potentially tens of

billions of dollars of which the united states has already handed ov over, $1 billion, nobody else is even close. most have not even paid anything. including funds raided out of american's budget for the war against terrorism. that's where they came. believe me. they didn't come from me. they came just before i came into office. not good. not good how they took the money. in 2015, the united nations, departing top climate officials reportedly described the $100 billion per year as peanuts and stated that the 100 billion is

the tail that wags the dog. in 2015, the green climate funds executive director reportedly stated that estimated funding needed would increase to $450 billion per year after 2020, and nobody knows where the money's going to. nobody's said, where is it going to? of course the world's top polluters have no affirmative obligations under the green funds, which we terminate. america is $20 trillion in debt. cash strapped cities cannot hire enough police officers or fix vital infrastructure. millions of our citizens are out of work, and, yet, under the paris accord, billions of dollars that ought to be

invested right here in america will be cement to the very countries that have taken our factories and our jobs away from us. so think of that. there are serious legal and constitutional issues as well. foreign leaders in europe, asia, and across the world should not have more to say with respect to the u.s. economy than our own citizens and their elected representatives, thus, our withdraw from the agreement represents a reassertion of america's sovereignty. [ applause ]

our constitution is unique among all nations of the world. it is my highest obligation and greatest honor to protect it. i will. staying in the agreement could also pose serious obstacles for the united states as we begin the process of up locking the restrictions on america's up ended energy reserves, which we've started. very strongly. what was once unthinkle that an international agreement could prevent the united states from conducting its own domestic economic affairs, but this is the new reality we face if we do not leave the agreement or if we do not negotiate a far better deal. the risks grow as historically

these agreements only tend to become more and more ambitious over time. in other words, the paris framework is just a starting point as bad as it is. not an end point. exiting the agreement protects the united states from future n intrusions on the united states' sovereignty and massive future legal liability. believe me, we have massive legal liability if we stay in. as president, i have one obligation, and that obligation is to the american people. the paris accord would undermine our country, hamstring our workers, weaken our sovereignty, impose unacceptable legal risk,

and put us at a permanent disadvantage to the other countries of the world. it is time to exit the paris accord. [ applause ] and time to pursue a new deal that protects the environment, our companies, our citizens, and our country. it is time to put youngstown, ohio, detroit, michigan, and pittsburgh, pennsylvania along with many, many other locations within our great country before paris, france. it is time to make america great again. thank you. [ applause ] thank you. [ applause ] thank you very much.

[ applause ] thank you. [ applause ] thank you very much. [ applause ] thank you very much. very important. i'd like to ask scott prewitt, who most know and respect, as i do, to say a few words. go ahead, please. >> thank you, mr. president. your decision today to exit the paris accord reflects your unflinching commitment to put america first, and by exiting, you're fulfilling one more campaign promise to the american people. please know i'm thankful for the fortitude, courage, and your steadfastness as you serve and lead our country. america finally has a leader who answers only to the people, not to the special interests who had their way for way too long. everything you do, mr.

president, you're fighting for the forgotten men and women across the country. you're a champion for the hard working citizens all across this land who just want a government that listens to them and represents their interests. you have promised to put america first in all that you do, and you've dope that in a number of ways from trade to national security to protecting our border to right sizing washington, d.c., and, today, you put america first with regard to international agreements in the environment. this is a historic restoration of american economic independence, one that benefits the working class, the working poor, and working people of all stripes, but this action declares the people are ruler of the country once again, and it should be noted that we as a nation do it better than anyone in the world than striking the balance between growing our economy, growing jobs, and being the good steward of the environment. we owe no apologies to other

nations for our stewardship. after all, before the paris accord was ever signed, america reduced its c 02 footprint to levels of the early 1990s, and from 2000-2014, the united states reduced carbon emissions by 18%. this was accomplished not through government mandate, but through innovation and technology of the american private sector. for that reason, mr. president, you collected a view that was paramount in paris that somehow the united states should penalize its own economy, be apologetic, lead with the chin wile the rest of the world does nothing. others talk a game, we talk with actions, not words. [ applause ] our efforts, mr. president, as you know, should be on exporting our technology, our innovation to nationings who seek to reduce their c02 footprint to learn from us. that's the focus versus to agreeing to unachievable targets

that harm our economy and the american people. mr. president, it takes courage, it takes commitment to say no to the plots of men while doing what's right by the american people. you have that courage. the american people can take comfort because you have their backs. thank you, mr. president. [ applause ] >> thank you. [ applause ] thank you. [ applause [ applause ] [ cheers and applause ] >> saying he was elected to represent the people of pittsburgh, not the people of paris, president trump as expected in his words fulfilling a campaign promise that he talked about for months and months that he is pulling the united states out of the paris

climate accord that was reached back in 2015, but he does want to look into possibly renegotiating such a deal, and we welcome you back here to closing bell. while we were listening to the president, we had a hat trick here on wall street today. the dow, the s&p, the nasdaq all closed at record highs, and i don't think the russell's closed, but it is higher. >> exactly. the dow has not had a record high close since march 1st of this year. >> march 1st. >> while the nasdaq notched up gains and s&p punched through last week, it's the dow that will grab headlines tonight. >> we have various people here to react to the president's statement today, larry kudlow is with us, cnbc senior contributor, and next to him, geosciences of princeton university, and we have a nonprofit that promotes sustainable energy and not that larry needs anybody to balance

things up, but we have myron from the competitive enterprise institute to join us in the rose garden listening to this. when i heard the president say, larry, it's not so much -- i mean, the thing that bothers him is not that the deal we agreed to, but it's the deal china got, deal that india got, that other countries got that he feels is unfair and unbalanced for the united states. >> i think that's right. in large measure, that was one of the biggest problems. that's correct. by the way, this was a deal that was never ratified by the u.s. senate by treaties should. he hit on sovereignty. that's the big point, we will not give up our sovereignty. that goes with the territory. you were right. it's a renegotiation, in the senate, and focuses on economic growth. look, in my judgment, so many of the treaties including the paris

accord and the administration that proceeded trump, these are antifuel and renewables i favor on all the above, and trump said the same thing, but renewables will not do the trick, so power prices will be sky high and economy's down. >> interestingly enough, professor, musk tweeted now that he is departing the presidential counsel saying climate change is real, leaving paris is not good for america or for the world. the billionaire founder of tesla who said he'd pull out if the president pulled out of paris is, in fact, doing so. do you expect that to be the reverberation, though, displeasure from him, from others tweeting similar, but also the "wall street journal" suggesting the impact on companies beyond that does not appear to be major. what do you think? >> two things companies watch out for right away. first of all, because the president seems in a hurry to

try to get rid of the so-called obama regulations for climate change, that means the states are going to do the regularlation and companies face potentially 50 sets of regulations in 50 states. they hate that. that's why they like -- second, watch for countries to retaliate. in the climate agreement they retaliate potentially by slapping on border attachments to u.s. goods. >> eamon is at the rose garden. made oo aa long case. >> bill, that's right. just in terms of the -- i was looking around the room, and i do not spot jared or ivanka in the rose garden. maybe they were, and i did not see them. but they were prominent figures at other announcements, reported to be opposed to the move, and i

did not spot them here. we wonder if that indicates dissension in the ranks. i saw steve, the leader of the anti-globalist faction here inside the white house, the populist faction sitting right in the front row, and, also, not here today, but apparently watching, is former president obama issuing a statement within the last few moments, saying, "the nations that remain in the paris agreement will be the nations that reap the benefits in jobs and industries created, but in the absence of american leadership, even as this administration joins a small handful of nations that reject the future, i'm confident that our states, cities, and businesses will step up and do even more to lead the way and help protect for future generations the one planet we've got." the former president weighing in on the announcement of the current president, and this was donald trump today, a president who e sees himself very much as a deal maker and convinced he'll cut a better deal for american workers than under the previous administration.

the president saying that the united states is going to withdraw from the accord, but be immediately begin renegotiations to eventually get back in on different terms. this president said other countries are getting the better of the united states, in fact, saying that other countries and their leaders were laughing at the united states, saying donald trump's world, other people laughing at you is one of the worst things to happen. this is, clearly, a president who views this very much in personal terms, and you hear the conservative groups here burst into applause that the united states was going to withdraw. that word "withdraw" heard applause ripple through the gardens. bill? >> we're in the midst of a jewish holiday, that is entirely possible that that is the reason we don't see jared or ivanka. >> that's a good point. thank you for clearing up for me. notable absence. >> what were you going to say? >> asking about the timing now, you know, what's the actual

process? >> reporter: good question. wish i had the answer to that, kelly. i don't know exactly how long it takes for the president to remove and what the process is inside the epa, but you heard scott there saying very much that this is the president who is living up to his campaign promp promises, and the president said i was elected to -- >> oh, we just lost that. min min, asking you, the president is upset with the deal struck on behalf of china and india and other countries he feels is imbalanced. do you at least agree with the spirit of that, that there could be some tweaking done to paris climate accord to balance things out on behalf of the united states? >> i certainly do not agree with it. the united states' obligations are based on how much pollution we put into the air thus far. it is a fair agreement. i don't believe china is getting

a free ride. i think they've got huge obligations, and, frankly, they already brought a good deal of emissions down. look, what i didn't hear coming from this speech was how are we going to solve the problem of climate change as it relates to our future and as it relates to our country. as it relates to our future, there's no answer in that speech. we have an obligation to get to a lower fossil fuel world. that speech did not deliver one, and, certainly, the other actions of the administration, cutting the environmental protection agency, cutting the department of energy, that's not going to solve the problems. it's going to worsen the problems. let's not lose sight of what this deal is about. it would set out to solve something with the ability to do that. pulling out diminishes that. as it relates to the economy, there's got to be a reason why 1100 companies and 280 investors stood up in the last two weeks,

ceos of the largest companies saying, please, stay in. >> very good. i got to go, and i know, larry, you want to answer -- >> war against fossil fuels end. >> fossil fuels are ending, larry. >> the epa under obama and obama wanted to terminate the natural gas, and that's why restrictions have to be changed. that -- we can't live without fossil feels, and fekd secondly war on -- it's better and better with nuclear plants. >> only because of bailouts. >> we should be using that. >> yeah. >> well, the day it's affordable, people will be able to buy it. too expensive. >> trump did not say climate change was not real. he did not say that. bill hit the nail on the head. he said it was a bad deal. >> right, right. >> he'll renegotiate. >> he said you're foolish if he said climate change isn't real. >> no surprise electricity generated with this debate here. we are not --

>> renewable source, by the way. >> larry kudlow, michael, mindi, thank you very much. eamon good job as always. >> thank you, bill. >> thank you. >> all right. large companies and ceos against this withdraw including tesla's elan musk, saying he'd leave the advisory counsel, and many ceos on kprrcnbc expressin hope to stay in the accord today. take a look. >> please, do not withdraw from the paris climate accord. this is not in the best interest of the americans. we are -- we need to own the next generation of jobs, and whether that's clean energy or 3d printing or therapy, this is an arena that america should lead and must lead, and i think this will be a big mistake if he withdraws from the paris climate accord. >> i think, like everyone, it -- i agree it would be a colossal mistake for the united states to pull out of the paris accords

for every reason that's lr been outlined, obviously, economic, obviously, that's -- it -- the way of the future, and, obviously, that -- that's where the momentum is. >> if it got announced as a country we're leaving, then it wouldn't make a decision about our investments here, but we'll go and become propoinents of ho to modify it and reengage. we just don't exit. we need to end change. climate change is a real issue. we can't avoid this. we have to make the right improvements. >> by the way, maybe the pithiest comment the president made, he was elected to be a representative of the people of pittsburgh, not paris. the mayor of pittsburgh weighed in on twitter here pointing out that hillary clinton received 80% of the vote in pittsburgh, and he says, as mayor, i assure

you we followed the guidelines of the paris agreement for the economy. there's a side bar right there. could president trump's decision hurt support he's had from ceos? that's something we want to ponder now. bringing in bill george from harvard business school as well as ben baldanza, former ceo of spirit airlines on the telephone as well. bill george, you wanted to stay in. what do you think of the president's decision to do this today? >> extreme lly disappointing. historic mistake on the president's part. this is the first time we've gotten all the emerging nations, china, india in the agreement, and that's why kyoto failed and copenhagen failed, and to pull out now, it's a cheap shot to negotiate better. he'll run into a stone wall with 194 nations. we're now joining syria as getting out. i can tell you, bill, i have

never seen an issue where the ceos of the country are so un united as they were on this in staying. in i talked to the ceo of kpexx, general electric, morgan stanley, and silicon valley, this hurts us in global trade and makes trade difficult and makes the united states a less reliability partner, and i think we'll pay a big economic price and hurt the economy 20 go this way. by the way, we're handing leadership over to the chie n z cheese. that's the mistake. we should be the leader. we should be. we have to push natural gas. go ahead. >> mr. baldanza, the white house business friendly, ceos coming to the white house, does that change now? >> caller: i don't think it will, actually, and there's more ceos that support the president after hearing the way he described this. as larry kudlow said, he did not

say he doesn't believe in climate change, he did not say the united states would not want to be a leader in climate change, and i disagree with the professors that said we're going to lose leadership in things like 32 printing, or solar energy. we'll excel in all of those, but if the deal is not good and could be renegotiated, we have to support that. what ceos reacted to is uncertain uncertainty, and markets and ceos hate uncertainty, and pulling out of the agreement is uncertainty, how will labor and products and how will we compete? if we don't know, we say it's negative right now, but it's interesting to see over the six to 12 months how the u.s. behaves, how we react and are treated, and if we get a better deal, this could be good. >> pulling out of the accord necessarily end innovation in the united states as it pertains to renewable energy? >> no, we'll continue to go strongly. chinese are putting research

dollars in, i'd like to see that, but the ceos are not saying it's not a good deal. i think that's an easy shot on the president's part, and i don't think we'll get a better deal anymore the brits did on brexit from the europeans. >> all right. >> we'll continue going forward on renewable energy, and natural gas replacing coal. coal is going down. i don't care what the president said. major coal companies in west virginia and kentucky, the power companies are shifting to nat gas and renewables. >> all right. bill george, ben baldanza, thank you for the kmaecomments. >> thank you. >> i'll be on nightly business report again on a day we have new all-time highs. >> yes. quite a lot to talk about. a bunch of earnings, big movers from lulumen lolemon, and we'll that. the dow closed high, any record high, and more on where the markets are headed when i come

back. >> do i get overtime for this? finally. hey ron! they're finally taking down that schwab billboard. oh, not so fast, carl. ♪ oh no. schwab, again? index investing for that low? that's three times less than fidelity... ...and four times less than vanguard. what's next, no minimums? ...no minimums. schwab has lowered the cost of investing again. introducing the lowest cost index funds in the industry with no minimums. i bet they're calling about the schwab news. schwab. a modern approach to wealth management.

we are told the pyramids werewhat was that?ombs. nick! [ gun shot ] but the truth is... they're prisons. do you have any idea what you have unearthed? [ suspenseful music ] who are you? she's unlike anything we've ever faced. experience it in imax. rated pg-13.

so much to get to the in the markets today, big movers.

lululemon has results out. >> beat on both top and bottom line. in terms of revenues, 325 million, better than expectations. 32 cents a five cents beat, and comps down 1%, better than expected as well, and guidance not so bad, nothing to worry about here. etf light, but revenues above, and the comps also were in line as well. certainly, see that lulu lemon is higher, and restoration hardware, on the other hand, had had a hard time because of the guidance for theq2. inline earnings with the estimate, and revenue a little bit higher as well. that second quarter gieps thaui big, big miss on the 65 cents expectation. the full year looking for 1.67

to 97 and street looked for 2.16. that's why the stock is down almost 20%. back to you, kelly. >> yikes. yikes. leaving it there, jackie, thank you. how did broad com do? >> kelly, the semiconductor giant beat on both top and bottom line, 19 cents above estimates, and 3.69 versus 3.50, which was included, and revenue higher at 4.2 billion versus 4.11 billion expected. flirting are all-time highs, up 3.5, but note yesterday, hit a fresh all-time high, and after more than -- this is after more than 30% run for the stock so far this year, and it's been part of the surge in semiconductors we've seen, and analysts saying they see the relationship with apple as a near term catalyst ahead of the iphone8 cycle. they provide wireless components

phenomenon iphone. on that note, revenue guidance was raised from previous. kelly? >> all right, thank you. >> up 2.5% on those results, and we have workday earnings. >> kelly, right now, the shares of the company are down about 2.5%, even though all the numbers we're seeing now are in the positive direction. let's start with revenues. 479 million versus street estimate of 463 million. bottom line, big beat, 29 cents versus expectations of 16 cents. revenue beat there at 399 million versus 392 million. we don't have guidance other than the company saying its raising guidance on subscription revenue for the next quarter or the full year, and we do expect to get color on the call on billings, a key metric analysts look out for for this cloud

software company. really, we want to hear more on a new color around big deals as well as pipeline, the company recently announcing that it's going to be having financial products as well. watching that as well as the stock and listen in for misses. again, stock down 2.5%. back to you. >> thank you. we have an opportunity with the ceo who breaks down the quarter tonight at 6:00 p.m. on "mad money", and, by the way, 5 below, favorite spinner, they are up too. dow notably different from march 1st. michael santoli is here, and wells capital makt, and mark is joining us on set from thailand capital management. great to have you on board. >> mike, pretty much popped highs of the session.

because that has that effect? >> it didn't hurt the idea that if nothing else potential business friendly, but the market had. biding time for two months going sidewa sideways, talking about rotation, supported itself, and in the morning, s&p 500 clicked over to a new high, belated response, first of the month, reat a time to what's not worked well, and that was enough to carry markets higher organization then it just grinded up throughout the day. >> first of the month effect, huge inflows yesterday, and it was interesting to see up 9% when it was a weak performer. how do you read things here? >> you know, the retail space in particular has been tough because of the secular challenges. you can see that with negative one comps, lululemon, that was good enough for the market, is low expectations. that's a tougher group for us because of the challenges, but i

like energy, for one, really lagged the market, and there's too much belief that energy does not go up from here, and i think that's what happens. >> right. with oil prices? >> well, i think oil prices probably are stable here, but more to the -- rising trend going forward, and i think the markets worry that oil's going to go up to 50. >> right. >> i also really think that banks are interesting here. rally after the election, and people question it. >> yeah. >> using the term synergy, right? >> exactly. >> december and january feel to the market that's been to the wayside lately. michael, biggest performers this year, mentioning broadcom up 30%, and vox up 35%, habit up 35% in three months, i mean, there's been a lot of places to go here as we tread water

overall. stay with big tech? >> you have to have big tech in the portfolio, it's just too strong, so what happened with broadcom today, apple will be a tail wind for the company, but i agree with previous guests, names that have not participated much i think are reasonable assets to consider for portfolios, manager companies, exxon pays for partnership 5% dividend. i don't know where oil prices are at, but i know the earnings powers of the company, and as i awaited president trump to talk about energy companies, and i think there's going to be a drum beat for energy companies in terms of making it more friendly for them in the marketplace, and so i think that's the sector you probably don't want to avoid. >> okay. mark, we were going to talk to you about underpinnings of the market, how that's a factor under the moves seen here. you know, how do you think that sets us up? >> amazing to see how flows have

taken all that volatility from the market, having rotation between growth value, reation, and markets hitting all-time highs. for active managers, that's a tough thing to call because it does not make sense r right? we have to see the market down to the fact that the reinflation trade has not worked. trump doesn't have anybody in place. the cabinet -- about the executive branch is a twig write now with 40 people in place that are key nominees so this market shouldn't be up as much as it is. >> leaves you guys in terms of position? >> bullish, but short term we're cautious because of the underpinnings of the market is ahead of itself. sure, the economy looks strong and numbers look good, but there's a lot of things that should happen from policy standpoints that are not happening. >> guys, leaving it there, thank you so much for staying and joining us here.

appreciate it. michael, mark, meleti, and mike, you're staying with us for the duration. coming up, former bear warning congress not to get rid of financial rules to help end bailouts and fight too big to fail banks. she states her case in just a minute. when you booked this trip, you didn't know we had over 26,000 local activities listed on our app. or that you could book them right from your phone. a few weeks ago, you still didn't know if you were gonna go. now the only thing you don't know, is why it took you so long to come here. expedia. everything in one place, so you can travel the world better. what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers)

what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley

i like russo. his on/off splits are the best here. yeah, but his offensive win shares didn't even break 4. come on, check out that stop-and-pop! what do you think? my trade-off analytics indicate no one creates more space on offense. this allows him to nail a jumper from a densely populated urban area. what you're trying to say is from way downtown? i am still learning. i can see that. welcome back, straight back to the white house where we just spoke with the treasury secretary on the u.s. pulling

out the paris accord. what did he say? >> reporter: yeah, hi, kelly, had to chance to talk to the secretary in the rose garden moments after the speech, and seeing reactions from a lot of ceos over twitter like musk pouring in negatively over the president's announcement, i asked the treasury secretary, what's the message to the ceos who said the president should remain inside the paris climate deal? he said, the president's focused on the environment. this is not about the environment. this is about creating a fair economic deal and making sure that we are making commitments other people are making commensurate commitments. he sent a message directly to corporate america, this is not the environment, but an economic deal speaking in language he believes they'll relate to, kelly. >> thank you. good stuff. speaking to the treasury secretary there, and up next, former fbi sheila bair is concerned why they will deregulate too much and what the environment would be like under

president trump, and later, jeff solomon on the latest deal. more about that. stay with us. think again. this is the new new york. we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environment. new lower taxes. and new university partnerships to grow the businesses of tomorrow today. learn more at esd.ny.gov there's nothing traditional about my small business. i count on my dell small business advisor for tech advice. with one phone call, i get products that suit my needs, and i get back to business. ♪

at crowne plaza we know business travel isn't just business. there's this. 'a bit of this. why not? your hotel should make it easy to do all the things you do. which is what we do. crowne plaza. we're all business, mostly. a used car,

dow jones industrial average first time since march 1 of last

year posted at a record high, a gain october the close, puts autoat 21144, two-thirds percent gain there. s&p higher at 2430, and nasdaq up 6246, a new high, and russell sitting this one out a little bit, but not in terms of the 2% gain today, but because it was lagging in the prior weeks, it has yet to reclaim the high close. steve l ereisman spoke with jay powell, and this is what he said about the financial stress test. listen. >> we're committed to running as transparent as possible and effective as possible set of stress tests that are successful and important close crisis innovation, and we want to continue to strengthen that. >> we are working as we have continually to provide more information, more transparency, in particular, working on something that will do in the

coming months, which provides more granular information about our expectations for loss wages on portland folios and cost of lopes, this helps, and provides more guidance when we announce the results on june 20. >> joining us for more now is former fdic share, sheila bair, welcome back. >> great, thanks to be here. >> what do you think of the stress tests? thursday, june 8th, talk they'd do stress tests once every two years. how is this evolving? >> yeah. well, i think there's certainly some simplification around the stress testing process, improvements, and transparency. glad they are moving that direction, ahead of regulation stalled that, but it sounds positive. i think there is a quantitative piece to the stress test based on capital in the stress

situation and qualitative, which is very murky in terms of what that means. we have to pass -- to pay your dividends, so i think there's also been moving, smaller banks, relief to qualitative piece, and that's more of a supervisory process, traditionally it's confidential, subjective, and it's a good process, but to have dividends os than is tough. that's another reform. >> well, as congress looks to do something, bank regulations, and, of course, administration trying to speed things up, what do you think the lest of priorities ought to be in terms of maintaining sound, various levels? >> right. so they should not weaken the capital standards for the largest banks. shouldn't weaken the anything, but i think especially for the smaller banks, they have to simplify them. two capital rules, one is the leverage ratio, a simple capital, and there's something called the risk based standard, which is you adjust assets on

the basis of the risk, and it's overly complex. you just get rid of the capital for the smaller banks, just have a leverage ratio, seen in the crisis for small and large banks issue and it was a indication of who gets in trouble, so that's another thing, i think, would be fairly straightforward to do, provides a lot for community banks and simple to achieve. >> still so sharp on this. >> i can't stay away. >> how's academia treating you? >> well -- >> campus is an interesting place to be these days. >> well, yes, it is, it is, and, you know, we've done great things in washington college, really been all in on student debt, and i was pleased to see the trump education budget, things i don't like about it, but what's positive is they are driving students loan payment into a single simple income driven payment plan based on

income, not just a rigid fixed amount, so i think that's a positive direction. i hope they get bipartisan support. it would require legislation, but that, you know, good for them. i -- i think that steve mnuchin is on top of it. >> moving it to treasury makes sense? >> i think it is. it's been debated before, but before there was not the situation where the government was direct lender, so now it used to be cash management problem at treasury too because they fund the forms, but it warns taking the work and consolidating or servicing treasury, giving a better handle on it. i want it built in, and i think you get rid of the services problems we have if it's simple. >> i think that regulator hat is going to go back on again. sheila, thank you. >> nice to see you, kelly. >> thank you so much for joining

us as always. european leaders react to president trump's move to pull the u.s. out of the paris accord, and ylan has the latest for us. >> yes, reporting that the government of france, germany, and italy are saying they do not believe the paris accord could be renegotiated, and in addition to that statement, they say they regret the u.s. decision to pull out of the paris agreement, and the associate press reports that merkel said she'll keep working to, quote, stave our earth. the united nations are making a statement in minutes on the president's decision as well. we'll keep you posted, kelly. >> ylan, thank you. concerns about the future of fannie mae and freddie mac. what's ahead for the giants? she'll tell us coming up. we want to hear from you. follow us on social media, facebook or twitter, or e-mail us, closingbell@nbcuni.com.

we'll be right back. your insurance company won't replace the full value of your totaled new car. the guy says you picked the wrong insurance plan. no, i picked the wrong insurance company. with liberty mutual new car replacement™, you won't have to worry about replacing your car because you'll get the full value back including depreciation. switch and you could save $509 on auto insurance. call for a free quote today.

liberty stands with you™. liberty mutual insurance.

there's nothing traditional about my small business. i count on my dell small business advisor for tech advice. with one phone call, i get products that suit my needs, and i get back to business. ♪ welcome back, financial services firm announcing acquisition of brokerage and training services, worth over $100 million, and joining us now is jeff solomon, president of cowen, wac to you. >> great to be here. >> why is it important to have this trading and brokerage a part of the company?

>> so, the value they have done for its client for years has been an agency execution model, critical to providing liquid toy, and cowen is known for research products, and combined with that position we can serve the biggest and best climates in active management. >> you look at traditional roles you play, your businesses, and cowen has been in front, equity underwriting, ipos, slow, silicon valley's taken some of that. quantitative investor took over a lot of buy side, and is your research product? basically, how are you, i guess, confronting this. >> these are trends happening for a long time. to say clearly, agtive management is not going away. it's just going to be different, and we're adjusting to being a

premium brands because they will be the only survivors here. if the commission high shifts to passive from active, you have to be excellent and scale in order to be successful in the business. >> i have to ask you -- >> what they give to us on the side is the research side. we scaled research over five year, and we're a top research provider in u.s. ceo itiequitie we have a trading platform to mirror that. >> honing in on the point you made about active to passive shift. proo previously, the model was brokerage and transaction based, and now moving to 1% on asset, for example. do i have it right? is that what's happening? what you're trying to adjust to? >> that's more on the retail distribution model. people go to aum versus retail market, but for accounts, they

charge management fees, and look at the stats, never been manufacture money in the aggregate in active management than ever before. so active management while it may not be getting incremental new flows is bigger than it's ever have been. there's feeds there to help the folks outperform. our job is to make sure we take content that we have, which we produce, and getting it in the hands of people to help them outperform counterparts, and the bar's super high, so we have to be in position to help every way to add value to the alpha chain and taking trading capability enables us to provide outperformance capabilities at the training desk buy side as well as producer side. it's a nice, you know, compliment to the business we have. >> are we still reading -- >> he'll publish somewhere. i'd say there's plenty other folks there who do a great job

at cowen, and for example, climate control, our climate change, if you've been reading about the washington policy group like we have, saying for a long time this is going to happen. it's not really a shocker, every republican candidate ran on that, and so all over this, and we're going to be going from a policy standpoint. >> congratulations on the latest move to be bigger and better, jeff, appreciate you joining us. >> great being here, appreciate it. >> up next, ben carson talks to cnbc about the future of fannie and freddie. if it's too late to get in the market rally, think again. one tells us what lagging names are still worth the buy. more "closing bell" after this. amazing trading knowledge. that's a great idea, but why don't you just go to thinkorswim's chat rooms where you can share strategies, ideas, even actual trades

with market professionals and thousands of other traders? i know. your brain told my brain before you told my face. mmm, blueberry? tap into the knowledge of other traders on thinkorswim. only at td ameritrade.

. welcome back. hud secretary ben carson today hosting a whole ownership forum in walk. diana olick was able to speak to him about the hot button issue of freddie may and freddie mack. >> reporter: they declared june national homeownership month. i sat down with secretary car sob to ask specifically about nan my and freddie. he said he has been in constant talks with secretary treasure in nuchen about what to do. hes they need to get the private sector back into the mortgage market. they need a backup for whatever fannie and freddie become because he points specifically to international investors in the mortgage market. he'd like to see risk sharing between the government and private investors. and he said he could use a

little government seed money to entice investor noose the mortgage market and programs get them into affordable housing, no two investors in fannie and gred freddie. he says he was not opposed to them getting their money back. >> i think that would be the even ground. i don't think you want to do that in one fell swoop because you need to be able to see what's happening to the markets and the gradual manner so that you can take corrective action, if anything is necessary. >> so a little bit vague but saying he would like to see perhaps investors get something out of this. he did say again with a public private partnership, when i pushed him on that and said have you been speaking to folks at blackstone, he nodded. then he said he wouldn't name names. when i pushed him on it. he said, well, i'm very, very familiar with blackstone and its leadership, kelly.

>> good stuff. we will tend to levitate or collapse on anything out of the administration. >> thank you very much. it's that time again. crowds are going to be wild, it's time for this week's edition, stump santoli yes when we come right back. isco. -when? -friday. we gotta go. [ tires screech ] any airline. any hotel. any time. go where you want, when you want with no blackout dates. [ muffled music coming from club. "blue monday" by new order. cheers. ] [ music and cheers get louder ] the travel rewards credit card from bank of america. it's travel, better connected. the travel rewards credit card from bank of america. wow! record time. ♪ at cognizant, we're helping today's leading life sciences companies go beyond developing prescriptions

to offering subscriptions with personalized, real-time advice for life-long, healthy living. honey? you almost done? nope. ♪ get ready, because we're helping leading companies lead with digital. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. and at $4.95, you can trade with a clear advantage. usaa gives me the and the security just like the marines did. the process through usaa is so effortless, that you feel like you're a part of the family. i love that i can pass the membership to my children. we're the williams family, and we're usaa members for life.

welcome back, it's time for my favorite time of the week. i don't know if i speak for this guy, to see if we can stump mr. michael santoli, yay, thank you for being a good sport. apple developers conference kicks off next week. today the company announced it passed a key milestone that pales, did they pass $35 billion in payouts or $100 billion in payouts? >> there is cume livety over the history of the app store, is that what we're talking about? >> sure. yeah. 35, 70 or 100 billion. >> i pick 35 billion. >> it's 70.

i don't know if that's cumulative or annual. >> it's certainly not annual. >> cumulative. she said. kelly is the down going theme t. "wall street journal" is out with a new analysis on ceo's pay, women make up some, what was the median compensation for women last year in a, $13.8 million or b $19.8 or c? >> media last year, 13-ish. >> yes, correct. $13.8 million. >> i think the overall median was 11 point something. >> 28.6. it doesn't go for question one. are you correct. women last 84 made about 13.8 million. that was the median which i find quite fascinating. >> the google guy is taking $1

each. >> whole foods, he takes a buck, john 'macky. question number three, including today, the s&p, recorded 21 closes, which s&p stock is the best former year-to-date? a, verte? >> c, winn resorts or c best buy? >> i there say vertex. >> correct again, it's up 73% year-to-date. time for the bonus reports. all up. bonus question which you have earned. this is in honor of the scripps national spelling bee, mr. michael santoli can you spell the name of the minnesota fed chair marianna -- narayana narayana kocherlakota? >> i will say -- >> you can sound it out as you go. >> it's more interesting to see

what the spell check turns it into on the way. >> very well done, michael. >>. >> we're out of time to circle back too much more to earnings. we get a payrolls in the morning. >> i think they're leaning strong because of the adp number today. today was let's hit new highs because we can on the first of the month. >> it was a good one. time for "fast money". >> this agreement is less about the climate and more about other countries gaining a financial advantage over the united states. >> ♪ money, money, money, money >> and as president trump makes good on one of his campaign promises to withdraw from the paris climate agreement the trump rally is back t. dow showing triple digits, snapping a three-day losing streak cl