ssseion long, it's now up by more than 2.4% industrials also benefiting greatly. some of these headlines concern senators that had been viewed as sticking points. >> some of their concerns seem to be on the path to being worked out. >> senator corker says there's a trigger in there to actually raise revenue if growth forecasts are not met. that was one big holdout. >> "closing bell" is up next hi, everybody. hold on to your hats. >> yes. >> welcome to" the closing bell." i'm kelly evans at the new york stock exchange. >> i was about to say have a seat, get comfortable, this could be a couple interesting hours coming up here breaking news. the president will be speaking at the white house tany minute now after meeting with senate republicans on tax reform. and the news of the north korean

missile launch there the last hour or so let's get to eamon javers at the white house to sort this out for us eamon? >> reporter: we're expecting to hear from the president in the roosevelt room at the white house. we don't know what topic he's going to be speaking on. this is a moment where they're allowing the press pool to come in to a previously scheduled meeting. that meeting was going to be with democratic and republican congressional leaders, but after the president tweeted about the democratic leaders earlier this morning and said he saw no hope for a deal with them, the democrats backed out of this meeting. the republicans are still tae attending. the white house says the invitation is still open for the democrats to come to the meeting. you can expect we'll see a few empty chairs in the meeting where nancy pelosi and chuck schumer would have been sitting. the president might address that in his remarks to the press pool which is waiting to go in as we speak. he might also talk about the north korea launch sarah huckabee sanders, the white house press secretary, said the president was briefed even as that missile was in the air earlier this morning about an hour and 15 minutes ago

is when we got the first reports of that north korean apparent test launch over japan so any one of a number of topics here to be addressed by the president. he'll be speaking momentarily. that will be on tape delay of course, we'll bring that to you as soon as we have it. >> eamon, thank you. and bill, we should make it clear that we may see headlines come out of the discussion as it happens but, again, no one will have access to the video for this until it's over, been tu turned around for us then we can bring it to you. >> i mean, essentially, washington -- wall street is washing washington minute by minute here, and i suspect that that's a lot of the rally that we're seeing right now the dow has been up almost 200 points in the last couple minutes. we'll get to that in a few minutes here. >> in fact, the big news item behind this move is the senate budget committee this afternoon has advanced the gop tax bill. let's get wrigright over to ylai on capitol hill for us. >> reporter: the vote in the budget committee was 12 republican ayes to 11 democratic

neas and came despite the concerns from republican senators like ron johnson and senator bob corker about some of the details of the bill. the vote was quite cursory the hearing was cut short because of the protests you can see happening here behind me and were occurring inside the hearing room as well we heard protesters shouting "shame, shame, shame," like you hear them saying behind me, "kill the bill, don't kill us. referring there to the repeal of the individual mandate that's included in the tax bill as well as the fact it could trigger some cuts in social services we even saw one demonstrators accost senator lindsey graham and had to be pried off of him as he walked into the hearing room so sththat hearing is now recesd and will have to continue at a later time but the budget committee vote does allow this bill to move to the senate floor, and then they can begin that process of negotiation and debate to try to get this passed before the end d

of the week. as you can see, it's clearly a tense time here in washington. back over to you guys. >> ylan, i want to be clear on something here so the individual mandate repeal was in the bill. that's in there now, the one that just passed, is that correct? >> reporter: yes, that is correct. it's a repeal of the penalty associated with the individual mandate. yes. >> and what we're hearing now, lindsey graham apparently told reporters a little while ago that if they do include the individual mandate in the bill, that president obama has agreed to continue to obamacare subsidy payments for low-income people for two years. so this is part of the horse trading that's been going on today to try and get that bill to 12 ayes in the budget committee. >> reporter: there's been support among senators if the individual mandate provision is included in the tax bill, it could

show should be considered with the alexand alexander/pl alexander/murray compromise. insurance companies providing services to low-income households that is part of the condition for some senators, including susan collins, for supporting this bill. how far along those negotiations on the health care side need to be for them to vote yi on the tax bill, that remains to be seen >> ylan, for now, thank you, ylan mui on capitol hill. we now have breaking news out of the commerce department hampton pearson has this story for us >> hi, kelly, rounding out the news trifecta, if you will, more pressure on trade from the trump administration on china. moments ago the commerce announcing basically that it is initiating, self-initiating what it's calling an historic anti-dumping countervailing investigations of common alloy aluminum sheet from china. the first self-initiating type investigation of its type since 1991 we're talking about specifically

here aluminum alloy imports valued in h tthe range of $604 million and we also want to make clear this is separate and aart from really, if you will, the big pending 232 investigation into aluminum that is ongoing. but, again,par from really, if you will, the big pending 232 investigation into aluminum that is ongoing. but, again, the trump administration keeping up the pressure on china, on trade. partial statement from commerce secretary wilbur ross about this specific action says in part, president trump made it clear from day one that unfair trade practices will not be tolerated under this administration, and today we are making a step in fulfilling that promise. back to you. >> all right hampton pearson there in washington back to wall street now where we had a rally then it wasn't a rally when we got word about the north clkorean missile now we're back to rally mode the dow is setting highs for the day right now. we're up about 200 points at

this hour. let's get to our "closing bell" exchange for this day. joining us, bob pisani with more on what's driving this market up and down, bob. >> yeah, here's the important thing, you're right, bill, look at the s&p 500 my head's spinning, it's like a sawtooth pattern 26. 2,610 to 2,620 we started lifting then 1 then 1:25 north korea fires the ballistic missile, market moves down we started recovering then when we got the news that was about 25 minutes ago that senator corker intended to vote for the tax reform bill, the market moved to new highs today so let's say powell and tax cuts trumping, excuse me for that, north korea joeoverall in the markets. momentum stocks up and down. amazon at a new high once we had the north korea

news, typical momentum name, moved to the downside. the banks which moved up all throughout the morning as powell was speaking got hit on the north korea, are also now back at new highs here's a typical one, goldman sachs up 1% on the day a lot of names, big names up close to 2%. folks, that's a little unusual to see big bank names move close to 2%. gives you the idea of the strength guy, back to you. >> bob pisani, see you in a little bit joining our "closing bell" exchange, kevin nicholson. next to stephen sarg gilfoil rick santelli joins us from the cme. what do you see with the strength we're seeing, up 207 on the dow with everything that just happened. >> it's almost thrilling, like being at a sporting event. now the s&p 500, the level of the day if you're a guy that follows the numbers was 2,611 on the s&p 500. that's in the dust the next big level is 2,626.

looks like we could actually approach that by the close of business depending what we hear out of washington, d.c the fact north korea, throw another missile in the water, everybody cared for about ten minutes. that's over. seems like you almost had a chance to buy the defense contractors. i did go there, but, you know, before i could even make that decision, it was back to the banks. and how interesting are the banks right now? up 2.8% on the kbe. >> what a day. we were talking during the -- before the show here, your port kno portfolio hasn't changed all year through all of this you've just held on, right >> correct we went early in our asset allocation process this year, tilted our portfolios toward europe and stayed in the u.s but the key bit there was that we thought it was risk on. the markets were going to melt up that's what they've done all year long. >> what are you waiting for? >> i think it's going to

any reason to change our positioning. in the u.s., we liked tech all year, we've likedfinancials al year in europe, we've liked financials and, you know, in some materials and in japan, we like the industrials. and so it has been a risk-on trade. the thing that we have focused on in our shop is to ignore the headlines. don't worry about the geopolitics. because if, you know, had we listened to them, we would have missed this rally from august to now. >> rick, meantime, we've also heard from jerome powell today, likely incoming chair of the fed, and what's the net impact of all of this across the dollar and bond yields as we're following it >> i personally didn't really see anything that jay powell said that had a huge impact on the treasury of the dollar market but there's another central banker that did have a big impact today mark carney. another one of this inaccurate morning comments that brexit was going to be a disaster, but it wasn't there was actually rumors of a breakthrough, and the pound soared whether against the euro

currency, to some extent against the dollar, i think that's pretty interesting news to pay attention to as far as the dollar index, you know, to think we're now back above 93, maybe the most important number is 94, may not be something to get hugely excited about but the losses that have been coming at the expense of many different currencies, whether it's the yen, today the pound, seems to have at least netted out the dollar index rally i think part of that, of course, the equity markets and the ten-year note, here it is, trading aggressively at exactly the midpoint of its range for 2017. >> hey, rick, can i get anywhere with rick? >> go for. >> rick, wouldn't you think progress on tax reform would put pressure on the dollar that's what i'm thinking that's why i bought kimberly clark today based on its value as a multinational. >> i think to some extent that is true and there's a lot of different channels about, you know, how the better economy based on lowering taxes would put the fed in a box potentially to be more aggressive. but in the end, i'm one of those

old-school guys, sarg, to me if the country's in good shape and the economy's in good shape, i think the currency ultimately will be in good shape. i think the dollar has many reasons to rally it's just about 3% lower than it needs to be to convince any technician that that is the case >> yeah. >> i think we're in good shape but i think it's going down to 92, 91. >> before we go, what was the level on the s&p on the sup jooid y upside you were looking at >> 2,626. >> if you wait -- >> if we try it once on a downside, we pass, we may be off to the races. >> why do you think the dollar is going to weaken if this passes, because of the deficit hit? if it's growthy, shosuldn't it rally? >> because of the growth in europe kevin alluded to this with the european financials. i do believe the ecb is going to have to force the hand a little earlier than they want let's face it, we're seeing economic growth across eight of the top ten economies. >> if the u.s. passes the tax reform package --

>> why there i believe that will put pressure on the high end of the yield curve, okay? i believe deficit spending increased deficit spending because we're already deficit spending we've been doing it my whole life increased deficit spending should weaken the longer end of the yield curve, if the fed raises the short end, like they've been pushing that end up, the curve will look actually more normal and the u.s. banks will be able to make money. >> why is that going to make a weak dollar? >> now we're going back over to europe once the ecb gets in line with the federal reserve and the ecb is, what, over 50% of the dxy, i believe, the euro is, i believe that will actually strengthen the euro >> so it has nothing to do with passi ining tax reform, it's the difference between the speed at which they're -- >> that's a higher yield story the dxy is a different story where i actually believe we're going to see lower dollar valuations versus the euro and versus the pound which doesn't come out of brexit all that awful. >> before we go, for you, you're not tempted to take some money

off the table? >> no, i'm not. >> do it, man. >> no, not at this point i mean, i think part of the reason you've sign teen the yie curve flatten, people are taking money off the table because it's been such a great year in stocks however, our belief is we're going to have low inflation for longer you're going to have central banks keep rates pretty much lower for longer so it's giving oxygen to equities so we're going to have, like, a disinflationary boom therefore, i'm not ready to take money off the table. >> all right. >> how do can you like earnings growth next year, kevin? >> i think it's going to do well. >> i think so, too. >> thank you, all, kevin, sarg, clearly bucking for an anchor job at cnbc and rick, thank you. >> take him. >> see you all later. 45 minutes to go until the close ehere, dow up 236 points. >> this is serious now. >> high before the north korean missile launch was about 190 we're back to well above that. s&p is up 25 nasdaq is up 20. interestingly, the nasdaq is by far the laggard today. the russell is up 16. and a new scandal for wells

fargo claiming the bank overcharged customers to get higher bonuses we got more on that fallout coming up. but first, we'll be joined by goldman sachs' jan hatzius at post 9 we're going to talk to him about jay powell's confirmation hearing, on the hill today, how many rate hikes he sees in 2018. we'll talk about tax reform and all that. president trump is expected to speak any minute now at the white house. we'll bring that to you as soon as it gets under way stay tuned what if we could keep more amof what we earn?d. trillions of dollars going back to taxpayers. who could possibly be against that?

well, the national debt is $20 trillion. as we keep adding to it, guess who pays the bill? him. and her. and her. congress, we should grow the economy. not the debt. ♪ [ click ] [ keyboard clacking ] [ clacking continues ] good questions lead to good answers. our advisors can help you find both. talk to one today and see why we're bullish on the future. yours.

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tv on every screen is awesome. the xfinity stream app. all your tv at home. the most on demand, your entire dvr, top networks and live sports on the go. included with xfinity tv. xfinity. the future of awesome. we haven't looked at the heat map in a while, standard & poors heat index, all 500 components and mostly green today with the s&p up 24 points right now. in the 6,620 -- almost hit sarg's target of 6,626 very close thank you, move on to others movers wendy's getting a boost on roark's plan to buy buffalo wild

wi wings. owns 18% of arby's we got wendy's up 3.7%. meanwhile, thor industries soaring today after posting an earnings beat yesterday after the bell the beat largely d ll lly drivey increasing demand for towable products and motorized rvs hitting a record intraday high, seeing its best day. it's up 12.7%. by the way, be sure to catch the company's ceo tonight on "mad money" at 6:00 p.m. eastern time. now taxes were not the only talk on capitol hill today federal reserve chair nominee jerome powell was there for his confirmation hearing among the big topics addressed, a december rate hike here's what he had to say. >> i think the conditions are supportive of doing that, but we need to go ahead and have the meeting and listen to each other. generally have a rule, you know, it's a communications rule that we're not supposed to be saying exactly what we're going to do before we go in and listen to one another's views.

>> well, our next guest believes we'll see four, count them, four rate hikes next year let's bring in jan hatzius from goldman sachs to post 9 here welcome back >> nice to be here. >> does the tax reform bill passage have something to do with the rate hikes for next year >> i think it helps at the margin i think there will be some additional positive boost from, you know, relative to an economy that's already growing clearly above trend and we're getting a good amount of support from financial conditions and i think fiscal policy will contribute as well so we're moving through full employment i think we're roughly at full employment at the moment, but we'll see some degree of labor market overshooting and so with that, even with inflation probably still below the target in 2018, i think you'll see continued increases in the funds rate. >> jerome powell spent some time talking about his concerns about the lack of sort of male prime age participation in the labor force and that was interpreted as a kind of dovish thing to

say. to indicate that maybe there's still some slack in the economy because of that. instead of saying, you know what, that doesn't matter, it's not going to have any bearing on how we move cyclicly what did you make of his remarks? >> well, i think it's possible that the, you know, still low prime age male labor force participation rate still means there's some slack in some areas of the labor plarmarket but i l to look at things broadly including the participation numbers but also things like percentage of households saying jobs are plentiful rather than hard to get. that just hit a 17-year high earlier today. the number of firms that indicate concern about skill shortages, that's also at quite high levels. so if i take it all together, it looks to me that we're basically at full employment now i don't think we have an overheated labor market, so in that sense, i agree with what jerome powell said today, but i think we are moving toward at least some degree of labor

market overheating >> a pretty strong market again last week. yesterday, optimism coming out of black friday. cyber monday yesterday was a record day for online retail sales. there's this optimism about the holiday shopping season. and now today with the senate budget committee passing their version of the tax bill, we've got this 260-point rally here. what do you make of the stock market and is it reflecting economic activity right flnow accurately do you think >> i think it is i mean, the 2017 has been a good year in the economy. we've seen continued acceleration and growth. we've seen, you know, i think a pickup in, you know, most sectors, business investment probably a little more than other areas. but i do think that it's generally been consistent with what you've seen in the economic numbers. and, of course, there's the feedback from financial conditions, not just stocks but

also slightly weaker dollar, still fairly low rates, tight credit spreads into growth and that is i think a reason why we're likely to still see above-trend growth next year and, again, i think that helps the case for seeing perhaps more hikes than what the market's pricing in >> but it also seems like the market is looking to that. looking beyond it almost and saying, starting to price in th recession. you look at what the yield is on the 10 year, the 30 year if they don't respond at the longer end of the curve, morgan stanley thinks the curve is going to work by the third quarter of next year, typically gives you a year or so before we're in recession is there anything that can change the outcome, to steepen the curve to make the longer term bond yields go up in your view >> i expect longer term yields to drift up gradually over time as well. i think the market is going to have to increase its estimate of the average level of short-term rates and i think if that happens, if the fed hikes and the economy still does aprpretty

well, that will happen the term premium is still pretty low. the fed is now very gradually, but nevertheless, running down the balance sheet and i think that probably boosts the term premium a bit as well so that's one thing. the other thing is that i think an inverted curve, let's say, a flat curve, might not have quite the predictive power that it had in the past when you had really structurally much higher term premium, back in the 1970s and 1980s. i mean, it really took a lot of expectations of rate cuts on the part of the market to invert the curve. now with the term being troub structurally a lot lower, i don't think the risk of -- >> not 2018 -- >> even 2019 still looks fairly plod rat, obviously as you look out further, ten it's harder to make those kinds of predictions, but right now, we still think recession risk is fairly low. >> always good to see you, jan,

thanks for stopping by. >> thank you, jan hatzius of goldman sachs joining us if you're just joining us, yes, a full-blown rally under way all kinds of things going on today. one of the headlines that's moving this market, the senate budget committee has passed its version of the tax bill. and you can see the market responds here. the dow up more than 1%. the best performance gainer today, those small caps. look at that. >> they're loving it. >> the russell 2000. we knew they were watching that tax bill very carefully. meanwhile the cleanup continues at wells fargo a new internal review there confirms incidents of banks chasing bonuses, bankers, then overcharging clients especially in foreign exchanges we'll get the details. and we'll head to the white house as soon as president trump begins to speak which could happen any time now. as soon as we get that live video, we will bring it to you here on the "closing bell. win an uncertain world?k predictable income

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well, it'sonce again.eason >>yeah. lot of tech companies are reporting today. and, how's it looking? >>i don't know. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. one estimate. the earnings tool from td ameritrade.

welcome back the russell 2000 small caps which have a higher tax rate than the bigger companies are up 1.4% in this market today. they're adding 20 points and it took the russell two months, by the way, to get into record territory everyone else was in tells you about the doubts about the tax plan that now looks much more likely after passing the senate budget committee today. s&p up 23. dow up 238. shares of regional banks are

surging as the group have looking to post its best day since june fed chair nominee jerome powell also said today he'd be looking to decrease the intensity of regulations for regional and community banks. >> pretty good gains for those regionals today. meanwhile, wells fargo is caught in yet another scandal as employees there reportedly say the foreign exchange group has been intentionally overcharging customers to inflate their bonuses. will wilfred frost with the story. >> wells fargo, overcharging hundreds of its business plans on certain trades. an article by the "wall street journal" claims an internal review found that out of about 303 agreements, only 35 companies ended up paying the price they were originally quoted wells fargo, however, said in a statement today that the "wall street journal" story was fundamentally incorrect, citing average 2016 pricing data as evidence the story follows news from the foreign exchange unit of the bank in october that led to a refund of around $1 million to a

client, restaurant brands, and the departure for 4x professionals. however, the bank says that was a one-off and never related to overcharging the client. what is clear is that over the last year, wells fargo has adjusted its employee compensation plans in this department moving away from bonuses tied to revenue generation, and toward a more holistic assessment of employee performance. this came as part of the bank's broader risk management review following the sales practice scandal last year. overall, this issue raises the question for investors of whether wells fargo can keep employees happy, drive earnings and recover earnings multiples of the past. the share price has underp underperformed dramatically since news broke september the 8th, 2016, wells fargo gaining 12%, while the kbw banks index up about 42% and likes of jp morgan, bank of america up considerably more. >> when you consider that the fake account scandal was also tied to employee compensation, boy, the bonuses must have just

been amazing at wells fargo right? >> i mean, all across the income spectrum there. >> well, it's less of a bonus-driven bank overall than some of the investment banks purely but i think this is -- that's the takeaway from the story in terms of what we can confirm, versus what's been reported and denied by wells fargo today, was this was another part of the bank where bonuses were heavily reliant just on revenue generation, not broader considerations that's changing. that questions whether the earnings for the bank can change clearly today, well fargo is up with all the banks and i add to not just the fact you're sieein the deregulatory comments from jay powell they disproportionately pay a higher tax as well the tax reform developments today also boosting the seconder. >> good point, thank you very much >> thank you. time for a cnbc news update. let's turn to sue herera. >> here's what's happening at this hour. secretary of stateoffended by t

growing number of critical reports of his leadership some of which accuse him of dismantling for political reasons. came in response to a think tank in washington. >> i'm offended on tear heir be, offended on their behalf when people say somehow we don't have a state department that functions. i can tell you it's functioning very well from my perspective. have we got more we want to do yes, we have more we want to do. protesters calling for president trump's budget director to step aside from the consumer financial protection bureau they gathered outside the agency in washington and senator elizabeth warren spoke at the rally. >> donald trump and the congressional republicans want to make this all about politics, but this isn't about politics. this is about what is fair this agency has forced the biggest banks in this country to return more than $12 billion directly to people they cheated. >> it is a businey news day tody

there's a lot happening out there. you're up to date with the news update this hour i'll see you next hour back to you. >> sue, thank you very much. the last half hour of trade in a volatile and interesting day on wall street dow up 245 points. joining me on the floor, new face for our viewers but not the folks on the floor peter from cita del securities joining us. >> thank you, bill, thanks for having me. >> clearly the manrket is responding to the fax bill. >> i think investors are starting to light at the end of the tunnel as you know, investors look for clarity. >> right. >> we're seeing some of that the market is certainly reacting that way today trading right near the highs. >> i was talking yesterday, seems even on the floor to be this sort of renewed optimism about retail as well. coming off the black friday/cyber monday period the holiday shopping season is looking a little brighter as well i guess. >> i think if you look at those numbers and see how we've done on black friday and cyber monday and seeing that retail as well as the financials are two of the leading sectors today, the

market's certainly reading that as well. >> do you follow the russell as much as the other guys on the floor do that's the big performer today that clearly is also benefiting from the tax reform bill here. >> yep you know, all the indexes, especially as we're getting into the end of the month on thursday, we're going to see the msci do its rebalance as well. the russell, the dow and the s&p are all kind of pushing toward the highs here we'll have to see how the last 30 days of the year go. >> all right, peter, see you later. >> thanks, bill, appreciate it. >> peter giacchi from citadel. >> thank you, bill, peter. buffalo wild wings flying on word that arby's will buy the company in the wake of pressure from activist investors. we'll lay out the deal ahead. president trump is expected to speak any moment now. we'll bring you those comments sn we veasooasha them. eamon javers will be in the room when we come back. the smart ones look to fidelity to find them. we give you research and data-visualization tools to help identify potential opportunities. so, you can do it this way... or get everything you need to help capture investment ideas

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so you can get where you've always been headed... sooner. see how much you can save with sofi. the leader in student loan refinancing. welcome back earlier we looked at all the components of the s&p 500. about nine to one gainers today. here are all the sectors and it's the same story. you have nine in the green, at least, there, one in the red let's see -- maybe there's 11 n anyhow real estate is sitting this one out. financials leading the way up 2.5% today. >> no big surprise there. meanwhile the nasdaq underperforming the major

averages today but still pretty strong er be to comes is at the nasdaq with a look at the big movers there. >> still pretty strong, bill, if we hold on, we could be on pace for a record close, above 6,900. we're also seeing a record intraday as well for the nasdaq 100. it's the small caps that are leading today. also here in record territory. led by those regional banks and financials that are moving higher and consumer names are strong as well with all of those positive headlines coming off of good -- good friday? black friday, let's say. and cyber monday take a look at some of these regional leaders here. the retailers that are leading here on the nasdaq ulta, o'reilly automotive, tractor supply they sell very different things, nonetheless. these have all been laggards for the year they're all down double digits if for the year. today they're leading, folks perhaps trying to bet on a turnaround on the consumers. we're getting the very strong numbers. interestingly, the biggest consumer name of them all,

amaz amazon, today, not participating in the party down fractionally at the moment. amazon still very much a very big player and reporting that its big markdown on the echo dot and the firestick, both of those below $30 each, made them very big sellers. the number-one sellers on amazon's market site so it's not just amazon selling everything, but selling their own devices, getting that foothold into your home these days back to you. >> i'm still thinking about if good friday were a huge shopping day. that would be -- >> that was a good friday. >> -- troubling. >> it was a good friday for retailers, you know? >> yes >> true. tha thank you very much bertha coombs at the nasdaq. 20 minutes to go, dow up 239 points, biggest rally we've seen in quite some time even though it's been an upward march all year s&p up 22, the nasdaq up 18.

buffalo wild wings surging on news it is going private. it's deal with roark capital and see which restaurant chain could be bought out next. by the way, tomorrow before the bilell, we're going to get earnings results from tiffany. is the high-end jeweler losing its sparkle with millennials, he asked? coming up, we'll discuss what the company needs to do to revamp sales with this key demo. we're awaiting comments from president trump at the white house any moment now. >> any moment now. >> we'll bring it all to you as soon as it begins. [vo] when it comes to investing,

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rally day on wall street pretty good one, too a look at the dow up 1%-plus look at the russell up 1.75% passing its version of the tax reform package and it will head toward the senate floor at some point quick check on bitcoin we've gone this long without it today? price surging closer to that $10,000 mark coinbase, the largest bitcoin exchange, adding about 100,000 accounts last week from wednesday to friday. bringing the total now to more than 13 million. >> reportedly more than charles schwab accounts. so that's something to think about. >> i am thinking about that. buffalo wild wings soaring

today up 6% on news that arby's owner roark capital is buying the chain. kate rogers has more details on this deal. kate >> hi, kelly, that's right, arby's reached a $2.9 billion deal including debt to buy buffalo wild wings for $157 a share. that's expected to close in the first quarter of 2018. the chain has been struggling with slowing foot traffic and combatting higher wing prices and its ceo sally smith was set to step down by the end of the year now arby's ceo paul brown who roark brought in several years a egg to turn that brand around will be ceo of both companies. the deal set off speculation about who will be the next takeover target. casual dining names as we all know have been struggling quite a bit making them attractive for potential buyouts. names like noodle the and company and zoes's kitchen may be on the radar next another beaten down make, cheesecake factory, which has fallen nearly 25% for the year, could also make sense as a future acquisition although it's

considered a riskier move given its exposure to malls which have been struggling for foot traffic as consumers behind them b.j.'s restaurant group down 15% has been floated at ooze potential name there's also been talk about two more deals that won't seem to go away, rather, first j.a.b. holding company which owns panera as well as caribou coffee and kuerig eyeing dunkin' donuts jack in the box which owns qqdob has a q4 update, we might learn more details. >> wendy's owned a 18.5% stake in arby's. i mean, what's that all about is. >> yes, that's true. so they sold arby's to roark back in 2011, did maintain nearly a 20% stake and also rallied today on that news. >> yeah. >> roark really puturned around arby's buffalo wild wings has had similar struggles. we'll see if they do it again. >> wendy's sold arby's, now

arby's is buying buffalo wild wings. >> very small world. >> thank you very much. heading to the close 15 minutes left in the tradings is with a bona fide rally today. rare one that we've had in 2017. the dow up 255 points. and gains all around the major averages. last year the high-end jewelry company, tiffany, attributed its lackluster sales to the presidential election when we come back, we have a debate on whether you should be buying the little blue box ahead of its latest earnings report that comes out tomorrow morning. and if the current political climate could affect this quarter's sales. and coming in march, cnbc will host its inaugural healthy returns conference it's a special event featuring ceos, newsmakers, investors and entrepreneurs about the business of health care for more information and tkeicts go to cnbc.com/healthyreturns. ae across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts?

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let's get straight to eamon javers, he's got headlines from the president. eamon? >> reporter: hi, kelly, after a bit of a delay at the white house, the president has begun those remarks we told you about a little while ago we'll see video in a few moments. meanwhile, our colleagues in the room are giving us a sense of what the president has been saying he's been talking about north

korea to the reporters saying of the north korea launch "it is a situation that we will handle. he also talks about the democratic leaders who did not show up for this meeting this afternoon which was supposed to be a bipartisan leadership from congress saying that lawmakers, schumer and pelosi, have been all talk and no action, according to the president he says of the tax bill, he says "i think we're going to get it passed" and says it will have some adjustments now the key will be what those adjustments will be. the president also says lots of good things will happen once that tax bill passes so we'll wait for the full video of that event here any moment. guys, back over to you. >> all right, eamon, thank you, for now. eamon javers at the white house. shares of tiffany are up right now as we await earnings before the market opens tomorrow the luxury jeweler making radical changes including a new cafe where 29 bucks gets you that legendary breakfast at tiffany's. >> that's right. i forgot about that. >> iconic brand struggling to attract younger customers and faces an array of other challenges. >> joining us right now, a bull

and bear on tiffany. david, director of research and lead retail analyst at consumer edge research is our bull. stacey, president of sw retail advisers and cnbc retail analyst. she is our resident bear on this david, bullish why? i mean, let's face it, they struggled a bit compared to how they've done in past years >> bullish for exactly thereat reas that reason. have to buy tiffany's stock or another leadership company when they're having trouble changing, when they're in the midst of frictional changes management change, not enough newness in the way they reach customers, in the product. all that is starting to change right when we move into the fourth quarter which will collapse of the 5th avenue traffic issues that hit them the dollar has been weakening over the last year, good for 2018 a lot of the things you're talkital talking about are absolutely true but that's why we buy the stock. >> stacey, you're skeptical, why? >> i think david's right,

tiffany needs a lot of change, it needs a modern makeover tiffany has been very upfront about that the problem is in a jewelry business like tiffany's in, the lead times are incredibly long so, you know, you look at trying to attract a younger more modern consumer, particularly as their mix shift is going more fashion and designer and, you know, it can take a year and a half, two years to really create that newness so far, less than 10% of their product is new so we'd like to see a lot more freshness out of them before we get excited about the stock and the other thing is that certainly if you look at the competitive set, the recovery and the numbers and the luxury space from the competition has really outpaced tiffany. >> david, what do you think? >> i think that's fair absolutely agree that they are deliberate in their changes. i covered tiffany close to two decades coming out of the financial crisis coming out of the nasdaq and the resulting problems at the high

end at that time tiffany takes their time and they're doing it again and the problem now is relevance to experiences. consumers of all ages including millennials want experiences over things whether it's luxury or not even true luxury. so the gift -- just hit november, not going to be part of third quarter but starts the narrative to that change stacey's right, it takes time. their inventory turns about once a year we think you'll start to see that show up a little bit in the fourth quarter and build into next year. >> stacey, this breakfast at tiffany's move seems like a savvy one. look at the success a polo bar, i think the retail store is now closed, can it be a significant new income source for the company? >> it you know, i was in that cafe about two weeks ago and couldn't get a seat, so, you know, they weren't selling diamonds in there, they were selling coffee but, you know, it certainly -- it helps and that's what tiffany needs. they need to reinvigorate their stores i would argue they need to change a little bit of their sales culture. certainly they've talked a lot

about inventory investments that might be a short-term disruption, but i think, you know, this company is certainly iconic, but, again, as david said, they're slow to evolving they will get there, i'm just not sure that right now is with the stock up 20% year to date and some sort of thinking that, well, the competition, the competitive set, is doing a lot better, you know, that tiffany might benefit from that. last quarter certainly they said there was no disruption from the 5th avenue store because of obviously security with the president right down the block. >> right. >> so, you know, we have -- >> right at his door. >> we have to really see some new product there. >> all right, folks, thank you we'll get the earnings from tiffany tomorrow morning david, stacey, thank you both for joining us. >> good to see you. >> i often thought they should sell the little blue boxes at a discount. >> we wechnt in to get sized for rings.

i feel like they should have charged for that experience. that was free. >> sell the brand there. we're coming back with a closing countdown, what has been a pretty good rally today, after this you always pay your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $782 on home and auto insurance. call for a free quote today.

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showing the wires here if there's any -- if you need any evidence of what's motivating wall street right now, it would be this chart of the dow today. as it moved higher, was jay powell's confirmation hearings this morning, talk that the tax reform package was making progress in the senate budget committee. then we get word about the north korean missile down comes the market. we went from about 160-point gain to a 70-point gain then they passed the bill and we're off to the races and we're finishing near the highs today the best performer among the major averages, that would be the russell 2000 with a gain of about 1.5% today, bob pisani, where we have word that, you know, the small caps in h this country are desperate for tax reform right now >> i want you to keep that up, because we often debated how much difference does tax reform make small caps would be the biggest beneficiary. you see the move at 240, we should circle that you can't see it we went straight up after corker announced his change of heart. all right. to the white house we go here's the president talking about various topics

listen in. >> thank you very much as you probably have heard, and some of you have reported, a missile was launched a little while ago from -- i will tell you we will take care of it. we have general mattis in the room with it and had a long discussion on it it is a situation that we will handle with that being said, chuck schumer and nancy pelosi did not show up for our meeting today. i'm not really that surprised. we have a lot of differences they're weak on crime. they're weak on illegal immigration. they want the illegal folks to come pouring into our border and a lot of problems are being caused although we've stopped it to a large extent as much as you can without the wall which we're going to get they, before this meeting and before this missile launch, they've been weak on military in terms of spending. very hard to get for military,

they want it for a lot of other things but the military is always secondary to them the military, to me, is number one. we wouldn't be here without our powerful military. we're building it up stronger, bigger, better, than ever before and general mattis can testify to that. and the other thing, they want tax increases and we want major tax decreases. they decided not to show up. they've been all talk and they've been no action and now it's even worse. now it's not even talk so they're not showing up for the meeting. i will say this in light of the missile launch, probably, they'll be here fairly quickly or at least discussions will start taking place fairly quickly. i think that we're in a very good position in terms of the meeting we just had over at the capitol with the republican senators it was outstanding i think we have tremendous support. i was just informed by mitch that we had a unanimous vote

from the republican side, at least. we had a unanimous vote on the tax bill and it goes now to next step and i think we're going to get it passed. i think it's going to pass senate's going to be very popular. it's going to have lots of adjustments before it ends but the end result would be a very, very massive, the largest in the history of our country, tax cut and lots of good things are going to happen including the bringing back to our country of probably will end up being over $4 trillion, money offshore, that's stagnant that companies and are just not able to bring it back, so i think it's going to be a number over $4 trillion. corporate will be able to compete now against the world. if you look at china, if you look at so many other countries, you look at many of the countries, china is at 15% they're lower than us. we're getting it down to a level that is either going to be lower

or right in the ball park so we can compete much better with our companies, our great, great companies. that means jobs and it means lots of other things i'm very happy to see that the consumer confidence level is just about the highest it's ever been in fact, i don't want to make any mistakes in front of the press because you'll get me on it, but to the best of my knowledge, it's the highest it's ever been, consumer confidence has been setting records they have confidence in the people leading their country and i will say that i think it's going to go better and better. i do believe that this vote on taxes, which are really tax cuts and reform, is going to be very, very important so we had a good day today we had a phenomenal meeting with the republican senators. we had -- it was very special, that meeting many respects, i wish you could have been inside that room it was very, very special. the comrade. somewhat of a love fest. they want to see it happen they want to see it happen

not only for the republican party, i think much more importantly, they want to see it happen for the country because they know how important it is. for us to compete and win and with that, i maybe will start with paul ryan to say a few words about where we stand with different things and i'll ask mitch mcconnell. >> okay. i'll just briefly say, i think it's regrettable that our democratic colleagues and leadership chose not to join us today. for a bill to become a law, congress has to pass a bill, and the president signs a bill that means congress and the white house always negotiate legislation. we have important work to do we have big deadlines to meet. we had a military in need of our support. and that work needs to happen now and i just think it's very regrettable that democratic colleagues and leadership chose to not participate because we have to negotiate these bills to get this work done for the people we represent and especially to help our military with these difficult situations we have and i just hope that our friends in leadership on the other side of the aisle will

choose to participate so we can get the people's work done >> thank you. >> mr. president, i would just add, i've been in this position under a couple previous presidents i can't recall ever turning down an opportunity to go down to the white house. as the speaker mentioned, only one person in america can sign a bill into law, that's the president of the united states we cannot negotiate the year-end spending bill without the person who signs the bill in the room so i think the democratic leaders in the house and senate need to understand the way the government works and we -- the administration has to be a part of the ultimate negotiation over what the spending level's going to be for the next year. >> well, we are very far apart because our views on crime and our views on immigration and the military, so many are different, but a lot of things have happened even over the last two hours with respect to the

missile launch we want our military funded and we want it funded now. it's going to be bigger, better, stronger, it already is, than ever before. but we want to get going on that now. so that is a difference, in all fairness, from this morning, when i told them that we're way, way far away, and with that, i may just have general mattis say just a couple of words about what he has found out. general, do you want to say just a couple of little pieces of information? >> mr. president, senator, speaker, a little over 2 1/2 hours ago, north korea launched an intercontinental ballistic missile. yeah, it went higher, frankly, than any previous shot they've taken. it's a research and development effort on their part to continue building ballistic missiles that could threaten everywhere in the world, basically and in response, the south koreans have fired some pinpoint

missiles out into the water to make certain north korea understands that they could be taken under fire by our ally, but the bottom line is, it's a continued effort to build threat, ballistic missile threat, that endangers world peace, regional peace and certainly the united states. >> thank you, general. and we will take care of that situation. thank you, all, very much. i appreciate it. thank you. >> these missile launches today, does it change anything about your basiic approach? >> fog changed nothing changed a very serious approach. nothing changed. we take it very seriously. [ innaud [ inaudible question ] >> if it happens, i would absolutely blame the democrats illegals pouring into the

country, crime pouring into the country, no border wall which everybody wants. i got elected partially because of a border wall you look at the military, we want strong funding for the military they don't so many things. as an example, they want high taxes. we want cut taxes. we're going to cut taxes we're going to reform. we're going to simplify. they want high taxes we want low taxes. so there's a lot of big differences. so we'll see what happens as to shutdown, we'll see. but right now things have changed over the last two hours because two hours ago, a missile was launched i think that will have a huge effect on schumer and pelosi i think. we'll see. we're going to learn very soon they should be calling immediately and say we want to see you, but probably they won't because nothing to them is important other than raising taxes. that's the only thing they like doing is raising taxes thank you, all, very much. appreciate it. >>that was president trump speaking moments ago to the

press, defense secretary james mattis, house speaker paul ryan andjavers is here with reaction. >> reporter: we weren't expecting to see the defense secretary in the room. you heard from him about the missile launch there north korea, said that missile had gone higher than any shot the north koreans have taken before. also said the missile that was launched was an icbm, intercontinental ballistic missile and said it could threaten anywhere in the world basically. startling remarks from the secretary of defense an exactly what the north korean capability is now you heard the president of the united states addressing that. saying this is a problem that the united states will deal with but not offering any specifics as to exactly how the north korean problem will be dealt with the secretary of defense explaining that the south korean military had done a show of force in response to the north korean launch. so that is a difficult international situation. the president also commenting on a difficult domestic situation the absence of the two democratic leaders who'd been invited to that meeting here at

the white house this afternoon you saw the two empty chairs the white house left there the room to demonstrate visually the fact that chuck schumer and nancy pelosi were not there for meeting. the president saying that he would expect them to come, but they're not coming because they only want to raise taxes and the president, himself, wants to cut taxes. we'll see whether or not this bode well or ill for december 8th. that's the date on which they have to reach a deal on government spending. so far, they're not even in the room together talking. we'll see whether they can cut a deal by december 8th and keep the government open by then, otherwise we could be heading for another shutdown, kelly. back over to you. >> yeah, that date is fast approaching. eamon, thank you eamon javers. >> reporter: you bet. >> by the way, welcome to the "closing bell," everybody, we set four records q quifecta on wall street. dow added 256 points on the bell to close at 23,836 as it marches toward 24,000. the s&p 500 up about 25 points today to 2,627 the nasdaq up half of 1% it's closed at about 6,900 for

the first time as it now looks toward 7,000 the russell 2000, the best performer with a 1.5% gain added 23 points today. the russell closed at 1,536. digging deeper, the biggest dow winner today, jp morgan with the financials rallying on the back of the tax bill advancement. biggest loser was actually apple, down about half a percent. jpm up 3.5%. o'reilly automotive in the s&p with a 5.5% gain boston scientific down nearly 8% that was the biggest loser also federal reserve chair nominee jerome powell appeared on capitol hill earlier today. for his senate confirmation hearing. he reaffirmed the fed's rate hike timeline and his plan not to deviate far from policies implemented by current fed chair janet yellen the market really rallying after the senate budget committee advanced a tax reform bill this afternoon. long look at the dow, we had a peak, a drop on the news north korea launched a ballistic missile then we climbed steadily higher.

ylan mui has the latest from capitol hill. >> reporter: the senate budget committee voted to move the republican tax bill to the floor of the senate and puts republicans on track for a final vote on this bill before the end of the week. now, one key yes vote in this was senator bob corker he told reporters that he has a broad agreement to create some sort of backstop that would raise taxes if economic growth doesn't pan out as planned now, the hearing has now wrapped up on this bill, and had been interrupted multiple times by protesters shouting and chanting there were even a few that were arrested by capitol police and what you saw this afternoon was really democrats beginning to mobilize their base this is not just about tax cuts for them anymore this is also now a health care bill because it includes a repeal of the individual mandate. so democrats are trying to harness the energy that they used to block the repeal and replar replace of obamacare and now use it to block the tax bill

you also saw three red state senators, heidi heitkamp, joe donnelly, they came out and said they had serious concerns about the current version of this bill right now republicans are still trying to ensure they can get the 50 votes within their own party to make sure this bill gets passed. they can count today as a win because it allows a process to keep moving forward and it allows the negotiations to continue back over to you >> ylan, thank you very much, ylan mui covering this for us all day. here on set with me today, cnbc senior plarmarkets comment michael santoli alongside dani hughes and kevin o'leary first of all, kevin, what do you make of the record closes today? >> i was going to make a comment regarding north korea and the record close imagine if you're the leadership of north korea and you put your

biggest and nastiest weapon sub orbital intercontinental weapon into space and every indices hits a new high. he can't get any respect, the poor guy what else can he do? >> in a way, mike, should we be grateful for that? is it a national response? >> somehow i don't think the premier of north korea uses the stock market as a barometer as much as other leaders do however, it's not surprising i keep saying this, the market doesn't discount kind of incremental moves in an ongoing decades-long nuclear standoff. i don't think it was that surprising it was a mere hiccup today. it has to escalate out of the control of the existing process for that to happen. >> by the way, dani with today's 1% gain the dow is up 30% since president trump's election. >> not as much as bitcoin, but, yes, it is pretty tremendous i think that, you know, the leadership here has been not health care which is surprising, and actually that's where we've been focusing on lately. i will say, though, that this market has continued to buck the trend, continued to confuse

investors and even in the face of something like this, today, with north korea, i think it's not surprising that the market is up as much as it is and something won't happen until it happens. >> real quickly on health care, there's apparently the individual mandate repeal is in this bill, passed the budget committee. talk about how that might be moderated a little bit is that a concern for you as owner of those stocks? >> it's a concern for me in general because of the whole entire tax bill, i think how that's affecting not only individualization of health care but also specific things that affect the middle class and the lower class. >> in a negative way >> in a very negative way, yeah. so until this really shakes out, which it's truly jammed through, you know, it really has gone fast through, because as we know, trump really hasn't gotten any legislative things done yet. so day trathey really have to r the end of the year to get this through. that concerns me. all right. let's mention this news today, investing firm vanguard announced it's launching its first actively planned exchange

traded funds remember, vanguard is moknown f passive investing. the group will offer a total of six actively managed etfs in the u.s. v kevin, the fees are low on this. >> i'm going to call this the dea dea dea deathnail. it's effectively a mutual fund in a more cost-efficient, tax-efficient and transparent wrapper. so you're taking actively planned rules, putting them in, in some cases on a robo basis, or can also put a human being there and selling it for instead of 100 basis points of fees a year, 40, 30. >> yep. >> 20. i mean -- >> or 13 in this case. >> which -- >> wow. >> -- this is a really -- this is just launching the concept. 13 is not where i think the medium will be for the industry. >> vanguard has already hoovered up so many assets in its passive funds. if it's going 13 points for active, don't you think that's -- >> it means consolidation will occur in the etf companies also means fidelity has to

react. fidelity is the mother lode of decades of mutual funds and managers i think the wacky stick is coming out you see blackrock, 200 plus active managers. got whacked. robos took them over and got great returns. they cut their cost. this is a trend that's going to affect our industry for years to come. >> they're being contrarian. right now, as you said, everything's being hoovered up by the passive funds we talked about passive versus active for a long time. >> yeah. >> they're taking the contrarian side knowing that active is going to come back eventually. >> well -- >> day want to be in the face of that. >> we have to be careful, vanguard calls it active, it's not really active. it's factor based, rules based, smart beta. >> what's an active manager, mike it's the same thing. they have rules in their head. >> right in their head. then they pull the trigger around -- i only think that's important because vanguard will tell you they're not wedded to pure traditional indexing. it's low cost and it's tax efficiency and those are the two things that they care most about. more active assets

meaning human beings deciding what to buy and sell than t. rowe price. >> there will be value for actively managed when the market stops going straight up on an index basis. let me give you a stat the russell 2000 had the 1.5% move today the actual return on assets of all 2000 names is only .1% the companies basically make no money. only 300 companies in there actually have return on assets of around 6% someday that will matter to people right now, it doesn't. >> you sound like john levin, we were having that discussion today. speaking of vanguard, its founder also had harsh words for bitcoin investors at a cryptocurrency event today here's jack bogle. >> bitcoin well, bitcoin is a currency. bitcoin has no underlying rate of return, but i would say avoid bitcoin like the plague. did i make myself clear? >> i think he made himself pretty clear bitcoin got closer to the $10,000 mark today hedge fund manager mike novagratz said on "fast money"

yesterday he sees it going even higher. >> bitcoin could be at 20,000 at the end of 2018, easily could. i think atherium, just touched 500, could be triple where it is as well. >> novogratz, himself, today said bitcoin is going to be the biggest bubble in our lifetimes by a longsh shot. he's willing to trade the bubble. >> for a trader it's a bubble you ride until it gets to some extreme you decided is enough. so, look, i feel like there's really no premise for how you're exactly coming to these targets. it's just a measure of adoption, it's a measure of enthusiasm. >> momentum. >> it's a measure of the process. so e yeah, fine, $40,000 why not? >> yeah. why not do technical analysis on this i don't know how -- >> actually it's been kind of obeying technical rules as people have traded it. >> dani? >> it's outside the framework of the regulatory environment, you

know, like cmos were, too, and swaps and things like that that we kind of fell on our face with and for that reason, i think that eventually it will be inside the framework if it lasts that long, and that will change things dramatically, but until that happens -- >> the wild west. >> -- it's every man or woman for himself. the fact is that individuals can get involved you don't have to go through a firm and you're an unknown. >> perhaps most troublingly, kevin, there are people asking if they can use their credit cards to buy bitcoin, again, when you're looking for transition mechanisms from bitcoin bubble to the rest of the economy, credit cards would be one way, the concerns that tom has about what happens once those futures are launched and the counterparty risk, that's another. >> at the end of the day the only thing that matters to turn this into something real, in any jurisdiction, qucan you pay your taxes with it? it won't be a currency until you can do that. switzerland, france, canada, mexico, you make money, you're paid, you have to pay the government back. would you take any currency risk

doing that no you need bitcoin to be able to settle your taxes then i'll tcal it a currency. >> in the meantime, you have to pay taxes on it. >> also have is to see the bltoe blockchain operate, you have to have implemented. >> might be headed that way. >> of course, it might actually be you know, again, it's all hypothetical until you get to the -- i do think you're rouigh thomas petterfine is concerned about the futures. can't short the underlying bitcoin easily and that's a necessary piece of a futures market. >> and when that happens, guess what, there will be a reckoning. >> i tried to short it, there is no way to do it. >> there's no real legit way to do it. >> no party that will take that position it can only go one direction if i can't short it, it's going up. >> you call us when you can, i want to know about it. >> you won't know, kelly. >> dani hughes, kevin o'leary joining us this afternoon. stocks soaring as the senate

bill moves forward what if key provisions are removed from the bill before it moves to . coming up, we'll discuss how that battle over bkerors could impact the financial industry. stay with us cannot live without it.

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welcome back we also have some earnings this afternoon. autodesk and marvell technologies out with their results. let's get to seema mody with the numbers. seema? >> kelly, let's start with autodeaut autodesk, reporting better than expected earnings. news is sending the stock lower by as much as 13%, restructuring plan includes divesting from are some areas and increasing investment in others also streamlining the organization and rebalancing resources. again, the stock down 13%. if we pivot the discussion, though, to marvell, a very different story. revenue earnings beating street expectations, guidance is also strong for the fourth quarter. the results do come days after marvell said it would buy smaller rival, cavium, for about $6 billion that stock is higher in extended trade. lastly, nuance communications, which specializes in speech recognition technology, beat the street by 5 drecents on its bot line that stock up is by more than 5% here

guys >> thank you, seema. mike, that's a tough one for autodesk. >> it is in an area that's been okay in that kind of software space. >> right. >> it's clearly, you know, some issues that have gone unprepared for a while i think. >> autodesk shares down 13% after the earnings report. meantime the senate taking a big step toward making tax reform a reality after the budget committee advanced the tax bill this afternoon. what happens if the final bill doesn't include the provisions the market wants joining us, jim, and peter, a cnbc contributor at the lindsay group. welcome to you both. >> thanks. >> peter, let me just start with you. what do you think are the most market-friendly provisions here? the dow is up 255 today. what's the risk for the market here what are you watching to see if it stays or goes >> i think the market right now simplist simplistically, also all year has been focused on the 20% corporate tax rate everything else to finance that hasn't really plaerted i think once we get the details through conference, people will start sifting through, but,

again, simplistically, i think the 20% corporate tax rate that everyone's drooling over. >> so, peter, you're saying because stratregis suggested going up to 23% could solve pay-for problems, state and local tax deduction, making sure you could implement it right away if it goes up to 23% to solve that, the market would sell off? >> considering 23% is not too far off from where the effective tax rate is for most companies, it may not be the, you know, the extent of what people were hoping for it would still be good over time from a competitive stand poicpo. i think from an earnings per share standpoint, we taxed in at least a 20% tax rate and everything above that may be a little disappointing even though it's still good to have a lower corporate tax rate. >> jim, what do you think are the most important provisions the market's watching? sk >> i'd agree with wa fehat pete said let's go back to the wording we

talked about, pay for. raising individual taxes in order to pay for a lower corporate tax rate at the end of the day, this is more of a tax rearrangement than it is a tax cut outright corporations get a cut, but somebody else has got to pay for it and that's why i think that the effects on the market are more muted. in other words, the market's going up for a lot of reasons, and i don't think it is tied to the corporate tax cut as everybody makes it out to be if it failed, it would be a negative, but not nearly the negative that i think most people fear it would be. >> mike, that's what you've been saying. >> well, yeah, i mean, i do think that's exactly right i do think there's a kind of a psychological effect and clearly for many companies it would be a good thing jim, i was also saying that the markets today it was all about the stock market i mean, the bond market didn't budget the dollar didn't have a dramatic move. not as if the capital markets in general are kind of saying this is a massive growth boost, necessarily. >> i would agree with that that if you look at markets, all the markets, you're not getting

that broad risk-on rally theratt would suggest we're looking at eye-popping growth that's going to come because the taxes are going to be a stimulative. it's better we're doing this than not do it, so that's a positive, but it's not, you know -- let's not confuse this with the '80s tax cut where thy cut taxes, took in less money to the government and provided a stimulus for the economy because it left that money in the private sector hands we're not doing anything close to that right now. >> peter, you agree with all that in other words, that, you know, as much as you're focused on the corporate tax rate being 20% that maybe overall this just doesn't matter that much to the market >> well, i think the market, and they're probably not going to care about 2018, this is what i thought going into this year in 2017, it was that you have this ta tailwind of tax cut hopes or tax reform hopes and regulatory relief on one hand and monetary tightening on the other. the boj and ecb printing $2 trillion this year more than

swamped any tightening from the fed but that changes next year so that battle is still going to be in place, especially if those tax cuts get enacted on a corporate side i'm more worried the monetary side is going to be what dominates and maybe the flattening of the yield curve is beginning to sniff that out. maybe the action of the dollar is going to be able -- sniffing that out if the stock market is not going to care about 2018. >> jim, if there's some things they could do to make it softer on the individual side, again, depends on which bracket you're looking at, would that change your view of this bill as being more market friendly, in other words, if they were able to keep the state and local tax deduction, mortgage interest deduction in full and that sort of thing >> yeah, because then the bill takes on more of the traditional tax cut type of approach where it is actually reducing the amount of taxes that is sent to washington as oppose the to reachanging it to be clear, there is some tax cut in this bill you know, $1.5 trillion over 10

years or $150 billion a year that's better than not having it it's not the major tax cut that it's being touted as well so, yeah, if they were to keep some of those provisions, i think it would be a bigger positive >> even if the corporate tax is only cut to, say, 23% or maybe 25%? >> see, now woour ge're getting to the rearrangement of it if all we're doing is rearranging it, it mutes the positive stimulus. like i said, it's better to do this than not to do this let's not oversell this as some massive time of seminal event for the markets. it's nice that the markets are enjoying this, but i do think the story of the rally that we've had has been a lot more than just the tax cuts >> all right sounds like you guys are giving a pretty narrow path to weave through there. >> unfortunately there are no spending cuts here being discussed to finance the tax cuts that's what -- >> spending cuts never hurt -- >> that's the opportunity that's being missed here. >> take your point peter, thank you very much peter, jim talking some of the details of the tax reform bill which did move through the senate budget

committee today. let's get to some of the other big stories today in our "rapid recap." >> officially withdrawing its bid to buy rockwall automation worth $225 per share rockwa rockwell has been resisting the bid. emerson decided to withdraw the proposal because rockwell refused to engaej ge in discussn about the offer. >> i've been working with the administration at almost every level throughout this entire episode. i've been in the senate for 11 years. i've been a deficit hawk for 11 years. i laid the groundwork for this bill to begin ain the budget committee as you well know, so that's a ridiculous thing to think that a senator is going to vote against something that's good policy because of some rift that's occurring it's just absolutely untrue. >> they love the bitcoin, those millennials. >> every generation loves bitcoin. when you're born, are your parents giving you a bitcoin like we used to give them a

little silver. >> i don't -- yeah, i wish i'd given it to my kids when they were born. although i don't think it was around for either one of them. >> isn't that funny, it looks like the qualcomm chart -- looks like the cisco chart. >> from when from the '90s. >> many 1990 to 2000. >> yeah. >> really about march of 2000. isn't that interesting >> march of 2000. >> looks a little nasdaq-like. >> of all the rules the fed has issued during your time here, you've been here for five years, on capital and leverage, on liquidity, on stress tests, you don't think a single one should be made tougher? >> honestly, senator, i think they're tough enough. >> well, okay. got to say, this worries me >> that was just about the only real fireworks from those hearings today. >> yeah, and bank stocks noticed. they were up almost, like, a shot from that moment. i mean, it wasn't just that exchange, but in general, the tone of jay powell was, look, we're going to be looking at the margins to make regulation a little bit less burdensome for banks and, yeah, it -- senator

warren, you know, she was loaded up but didn't really deliver the payload. >> 3% move higher for the regionals. 3.5% for a lot of big banks today. it's the holiday shipping season that means millions of packages will be handled by companies like u.p.s. every day. morgan brennan is twhactually a u.p.s.' largest hub in louisville with a look at sir charges they're adding this year morgan >> reporter: hey, kelly, that's right, we're taking a look at that of course, as you mentioned, we're standing inside world port, u.p.s.' main air hub and at this time of the year, it has 318 planes that are taking off and lands from here on a daily basis. they are packed with packages like the ones behind me that are moving on 155 miles of conveyor belt so all of this for another record peak season it takes the whole year's worth of planning, it takes resources, it takes money and that's the reason that u.p.s. as well as its rival, fedex, say it's time they get better compensated for what has been a dramatic surge

in h these e-commerce shipments in recent years. so for fedex, that company is adding some extra charges to larger oversized packages, but u.p.s.' peak surcharges are the most expensive, adding 27 cents to ground packages in the days surrounding thanksgiving and the weeks -- and the week leading up to christmas also extra charges on next-day and second-day air in that final week as well so u.p.s.' ceo david abney telling me yesterday he wants to make sure the company is compensated for the value it's providing and extra cost associated with peak season, but this is also about changing shipper and consumer behavior. case in point, macy's, which ships packages exclusively through u. p.s., offering an option to delay delivery, what it calls no hurry delivery in return for a $10 store credit. that's a direct result of the surcharges u.p.s. is hoping this makes for a smoother peak season, period back over to you >> i like giving consumers the

extra option we'll see if it helps with traffic. morgan, thank you very much. good stuff morgan brennan in louisville, kentucky. roku's stock has bonfire shares of the streaming hardware company had a rare down day today, just barely, though we're going tell you what that's about next. also bitcoin and the blockchain may be here to stay but the cryptocurrency boom id mn to chip makers amd and nviaay be coming to an end that's in today's "takeaway "" coming right up. i mean wish i had time to take care of my portfolio, but.. well, what are you doing tomorrow -10am? staff meeting. noon? eating. 3:45? uh, compliance training. 6:30? sam's baseball practice. 8:30? tai chi. yeah, so sounds relaxing. alright, 9:53? i usually make their lunches then, and i have a little vegan so wow, you are busy. wouldn't it be great if you had investments that worked as hard as you do? yeah. introducing essential portfolios. the automated investing solution that lets you focus on your life.

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welcome back it's time for our "takeaway. the crypto boom is over says mizuho apparently bitcoin mining requires so much computing power the average person just can't do it anymore meanwhile, atherium, is moving to a proof model that would only require normal computing power all told, shares of amd and nvidia which rocketed in recent years amid demand more graphic cards, mizuho's analyst says the companies should actively distance themselves from the crypto boom. >> i don't know act actively distance themselves. i don't know if either one of them invited themselves as a play on crypto it's a marginal sources of debade ba demand that fell in their lap. if it's cooling off, it will be a test -- >> if they can prove to investors they were good with or without it, that's a good thing.

fantasy sports the biggest driver of espn traffic accounts for 53% of minutes consumed across espn's digital platforms those days and produces more log-in events in any other application. disney is trying to emulate that success. how? what does it tell you, gambling is basically espn's business model. >> power users are always going to be those types and they come, you know, multiples, times, any other regular customer it it it's understandable. i got a kick out of the fact arkab made use of this platform for "bachelorette. 75% of users are female, it's expanding the franchise. >> that makes a lot of sense. >> you didn't play. >> no, i'll have to sign up. finally the latest on rollicking roku. remember shares are up 150% in just the last few weeks for this recent ipo. last week it popped 18%. upgraded the stock and gave it a $50 price target short seller andrew luck of

citron responded with a tweet today. he says the stock goes much lower, michael, unless it can find a way to stream bitcoin. >> you know, in the big picture, $1.1 billion market value. the market is clearly treating it on some level as a call option on the future of streaming. it's not just about what the financials of roku is. i think that the bull case for roku is it becomes like tivo, transitions from being a gandget to being a service or operating system it's hard to say given the scarcity of ways to play video streaming that this is completely jumped -- >> high expectations now, they got to keep -- their next earnings report is going to be an interesting one. stocks soared today overall after the senate took a business step toward tax reform up next, we'll look hatow high this rally could go if these tax cuts become a reality.

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a huge rally on wall street today. four record highs for all the major averages after the senate budget committee advanced its tax bill. the dow is up 256, nearly. bob pisani has a wrap-up bob? >> my head is spinning 26,010 on the s&p, 26,020, 26,010, 26,020

jerome powell emphasized gradual rate hikes much like his predecessor janet yellen all in all, powell stayed on message at least for the market and hit the right notes, again, at least for the markets reflecting continuity, paving the path for the rate hike next month. made bank-friendly excellents. t comments look at these circles here see quhawhat was going on. north korea fired a ballistic missile in the middle of the day. it was announced the missile landed in the water just off japan. then stocks moved to new highs shortly before 3:00 p.m. eastern time when senator bob corker, one of the republican holdouts on the tax cut bill, announced he would support the bill you see the influence that had on the small caps right there. so here's the bottom line. movement on the tax bill, and no surprises from jerome powell, beat out worries over north korea and already i'm getting e-mails, i was just on the phone with somebody who said is this the market top, bob? now we got the bill moving forward and got jerome powell --

>> all priced in. >> -- sounding a little bit like janet yellen calming everybody's nerves down and is this the top? that's now the question for the next couple days. >> pigt nnight not be the top ul you stop getting that question >> that's the way it feel. >> interesting the s&p 500 was up .97%. couldn't quite click to the. 1% very well behaved market 26,026 sarg was here. >> my guess here, there might be another 1%, 2% for the remainder of the tax bill for the actual vote, getting the whole thing through. after that -- >> there was definitely some desperate chasing happening at the margins today. >> at least it's not like bitcoin yesterday. bob pisani. big wall street firms have been hemorrhaging, to independent rivals in recent years. two of wall street's biggest companies, make it hard to lose talent an assets up next, whether that will be enough to stop this trend from continuing ...don't know if you can hear me, but [monica] what's he doing?

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julia boorstin, what's happening? >> kelly, at&t, directv, time warner, filing a response to that department of justice lawsuit trying to block the acquisition of time warner by at&t a couple of keynotes here, this is very much reiterating what ceo randall stephenson, at&t's ceo randall stephenson has said, they say this merger is pro-competitive and pro-consumer, they say no kpeter will be eliminated by this merger it's worth noting here, they point out netflix has 100

million global subscribers and plans to spend $17 billion on streaming content in upcoming years. also noting apple, google and facebook have billions of users and hulu as well amazon, billions of dollars on content this year, alone they say this -- they really are trying to point out here that this is a vertical merger and to challenge a vertical merger, the government must prove the merging parties enjoy sufficient merging power in their respective markets it's showing how the market is so different now because of the digital giants back over to you. >> yeah, thank you, julia. mike, their case is we're not that big and strong. >> it's interesting. always about pumping up your competitors to say how great and scary they are and makes sense in some sense here to redefine what the market is that they're addressing. >> oh, for sure, even with the comcast/nbu, they were afraid they were going to charge higher fees to netflix. that has not slowed netflix's growth and dominance over the next couple years. ub, s is the latest firm to drop out of the key wall street reporting pact what it means for the industry right after this

ubs and morgan stanley dropping out of a broker recruiting pact. what it means for wall street, after this you can't predict the market. but through good times and bad... ...at t. rowe price... ...we've helped our investors stay confident for over 75 years.

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welcome back ubs announced today it plans to withdraw from the protocol for broker recruiting, a pact that makes it easier for people to go to rival firms the announcement comes a little less than a month after morgan stanley was leaving the 13-year-old pact will withdrawing from it be enough to keep advisers from jumping ship bob matthews is a former managing director at smith barney brett burns from the law office of brett a. burns. welcome to you both. bob, this is a pretty big move by ubs and morgan stanley. what are the implications going to be? >> it's the second firm. when there was only one, there was the hope it wouldn't catch on with two major firms dropping out, it's highly likely the

dominos will fall and the pack will implode on itself without the large firms, it's got far less chance of hanging together as a process. and the problem with that is that the motivations behind it are firm centric the firms feel threatened, they stop recruiting heavily and they're trying to close the back door i understand that, they have a concern about the protocol having flaws, it does, about issues where it wasn't used appropriately, it was. advisers are concerned about their inability to move firms. that's not the point the whole protocol was written for clients and i think that's being lost in the conversation this was not about firms and it wasn't about advisers. it was about clients the first line in the protocol, it's only three pages long, the first line of the protocol says it's about protecting client confidentiality and client freedom of choice. by taking this step and threatening the whole protocol, we're putting clients at risk. >> you're a member of the protocol >> we were as many as 1700

members of the protocol, there are still 1500, i believe. >> brett, what will the implications going to be, if you want no put it the way of saying ubs and morgan stanley want to put up the fence, keep their brokers, keep those clients where they are >> yeah, absolutely. i mean, the fence just sprung up, a lot of these people had contracts initially and they were sort of held down by the protocol now that the protocol has been ripped off, these things spring to life. these brokers need to look at their contracts again. it will be harder for brokers to move it will be customers, as bob said, to find the brokers. and, you know, when a broker leaves, the customer now has to make a choice, do i stay with i am or go with the broker if you can't talk to the broker, how is the customer going to get that information i think it's problematic i think other big firms will follow quick, merrill lynch will probably be gone by the end of next week. i have no knowledge of that, just my speculation.

but why would they stay in it was meant to be a two-way street, they were basically going to recruit from each other. they opened it up to other firms as well, for like an antitrust kind of reason but then 1700 firms joined, and this is not what they had in mind >> guys, i'm sorry, i have to jump in for a second, we have breaking news on the cfpb. kayla tausche, what's happening there? >> reporter: kelly, a d.c. district court judge ruled in favor of mick mulvaney, saying he can stay in the job atop the financial consumer protection bureau for the time being, in response to a temporary restraining order filed as part of a lawsuit by deputy director leandra english. the judge, who was pointed by trump, said she wasn't likely to win that case on its merits. of course that will be a decision potentially for another day. but the power struggle at the

cfpc for now is over, a judge in d.c. says mick mulvaney can stay in that job. >> there is a lawsuit by challenging his leadership of this group >> reporter: that is the case where the judge says she is not likely to win that case. as for the temporary restraining order, the judge has ruled against that and in favor of mick mulvaney staying in that job. >> a significant victory for mulvaney who came out yesterday with a press conference and sort of established, look, i'm here to run the agency, if you're told, given a directive, i want to know about it and we'll deal with it, and he brought doughnuts, i don't know if that was a bring factor >> probably not for the judge, but to secure loyalty at the outset i would imagine having it settled in a relatively quick

matter at least to the degree it's settled now is probably the outcome that the administration was looking for. >> it'sthe employees fundamentally left in the middle of this, although again, it doesn't sound like leandra english was around the office much to start the week off all right. kayla, thank you again, our thanks to our guests from a moment ago, sorry we had to break in. that's it for "closing bell. "fast money" starts right now. >> we had a good day today, a phenomenal meeting with the republican senators. we had -- it was very special that meeting in many respects i wish you could have been inside that room, it was very, very special, the camaraderie, somewhat of a love fest, they want to see it happen ♪ money money money and it was a love fest on wall street. you hear the music, you know what that means, it's trump rally in full effect more progress being made on the senate side for the gop ta