>> there's a lot of sausage being made still i wuonder if they're going to ge a vote on it today. >> i'm beginning to wonder, myself. >> meantime the dow is up 2.7% this week and has never had december as the worst month of the year ever >> statistics on your side maybe. thanks for watching "power lunch. >> "closing bell" starts right now. hi, everybody, it's a fittingly wild finish to what's been a wild week welcome to the "closing bell," i'm kelly evans at the new york stock exchange. >> i'm bill griffeth i mean, if you're just tuning in, you missed a crazy day on wall street. the dow dropped by 350 points. that was at its low of the day we're just going to -- we're doing this in time lapse right now. when word got out just before s 11:00 a.m. eastern that michael flynn was pleading guilty to liesto bla

lying to the fbi, prepared to testify against president trump, nbc something nice has yet to verify at any rate, down sharply. now we've come back. >> there was a lot of talk about tax reform, stocks recovering the early losses, tax reform appears to gain no men tucmomenm the latest from washington on where this bill stands coming up in fact, let's get straight to the big news in d.c. hitting the markets today. it is the fall yout from the guilty plea of former national security adviser michael flynn eamon javers joins us with the latest at this hour. >> reporter: kelly, we got news in the past couple minutes here reported by nbc news that two officials tell them that jared kushner is the official who is listed in the criminal information surrounding michael flynn guilty plea today as being a very senior transition official who advised mike flynn to get on the phone with officials from various countries around the world to talk about a

u.n. sanctions problem that they had back during the presidential transition so this would indicate that jared kushner was at some point directing mike flynn and that mike flynn according to the documents filed in court today apparently lied to the fbi about some of those interactions not clear necessarily what the implications of all of that are. at least in the short term, one of the implications for jared kushner is that mark warner, the head, the democrat, the top democrat on the senate intelligence committee, had something new to say about him here's what he said just a few moments ago on capitol hill. >> we got a number of major figures like donald trump jr., i want to bring back jared kushner, particularly in light of some of the supposed comments that general flynn may have been making. >> reporter: so mark warner there saying he's going to bring back jared kushner, he'd like to bring back jared kushner to talk about some of the new information now that mike flynn is cooperating no let's review exactly where we stand today.

flynn pled guilty to one count of lying to the fbi. section 1001 as they call it flynn apparently made lies to the fbi officials back in january. january 24th lying to them about his interactions with the russian ambassador the white house putting out a statement shortly after that saying that, in fact, the only person implicated in all of this was mike flynn, himself, nobody else at the white house. the white house -- the president's lawyer also going on to say here that mike flynn only worked here at the white house as national security adviser for a short period of time very much minimizing his role as a white house official they are expressing some optimism here at the white house. that all this could be wrapped up soon. they have said that repeatedly the president has apparently expressed his belief that all this could be wrapped up very soon former fbi officials i've been speaking with today, however, indicate this may be the first public step in a long period of cooperation by mike flynn, the former national security adviser

of the white house, who has now pled guilty to one count of lying to the fbi, guys back over to you >> eamon, on the connection to the president, which, of course, has everybody's attention, abc had said the president directed flynn to make contact with the russians, "as a way to work together to fight isis in syria. what is the implication of that request which seems to be a fairly straightforward one for an incoming president to make, as it relates to what then happened with michael flynn? >> reporter: sure. let's leave the abc reporting aside. it moved the market, there was a lot of attention paid to it. let's talk about what we know and constant yaaonstanan substat the special counsel was looking into the possibility of collusion with the russian government between the trump campaign and the russian government during the campaign so he'll be looking for any evidence that the russians gave the trump campaign something of value, that is intelligence information, assistance in the campaign, in exchange, perhaps, for something else was it relief on sanctions, relief on international issues,

some other thing that the russian government wanted in h exchange from president trump once he was elected? so all of this is investigating two aspects of that proposed trade. if it did happen whether the russians gave the trump campaign something in it exchange for something that the trump campaign promised to give them as well so the reason nathey'd be looki into this period of transition of december 2016, after the election, before the inauguration, to see whether or not any of this amounts to the trump campaign and now transition officials effectively paying back the russians for some help that they would have given during the campaign. that's what mueller is after what he's established so far is not that there was collusion, none of that's been proven right now. what he established so far is mike flynn for some reason lied to the fbi on january 24th of this year when he was asked about his actions during the presidential transition. why mike flynn would lie about any of that is anyone's guess at this point we'll learn more about it in the

days and weeks to come. >> all right, eamon, as always, yoman duty today we'll let you get back to it as well >> reporter: thanks, bill. >> we discuss all of this with jacob frankel, former doj attorney, currently at dickinson wright llc what a day, what do you make of the developments today, jacob? >> i think eamon hit all the issues on the head it's striking you have someone like mike flynn entering a guilty plea. to me, the language of the statement of defense if you read the charges, the statement of offense, and the plea agreement all together, what you have is you have michael flynn accepting responsibility for making false statements the consequence to him is going to be basically no jail. it's a very low guideline outcome. zero to six months typically a judge does not put someone in jail you go to the statement of offense, that narrates the subject matter about which he was lying and that's really where eamon was focusing and

there's all this speculation as to who was communicating with him, but that's where it really starts to point the finger to the people who are close to the president and statutes for which they may be implicated because the critical point is not who was in the white house, what was going on while they were in the white house, we're talking about preinauguration. and there's a rarely used statute involving private citizens who were trying to direct or influence an activity or foreign government. >> the so-called logan act from 1798 i did a little homework today on that >> exactly. >> ex-plane that fplain that fo, why it's so different if this happened during the transition >> well, because up until they become government officials they really are private citizens, so the logan act would imply. i mean, you know, i think we're all sort of learning the logan act as, you know, as it's coming along, because even those of us who have been prosecutors, i having been in the independent counsel, you know, system, as a federal prosecutor, i mean, you sometimes are looking at rarely

used statutes where you have dedicated prosecutors, the time and the opportunity to see what actually may apply so -- >> right. >> we're going to get -- what we're going to get into is to whether there was direction, whether there was a controversy involving the united states. a lot of nuanced issues that ultimately may come into play. and, you know, the other thing that i find interesting is, some of the prosecutors on bob mueller's team were part of the enron task force the enron task force -- we're on cnbc, so it fits naturally as well, you know, charged corporate officials for on a services fraud going back to 2002 forward well, the supreme court ultimately threw it out. so you hope they're going to be particularly careful in how they look at statutes that have not been applied in a manner in which we're seeking to apply them back to the question, pre-january 20th, these are private citizens who are acting even if it's behind -- on behalf of the incoming administration,

and that's why there was all this talk, you know, in late 2016, early 2017, about the back channeling and why these communications should have been going through the then-obama administration >> before you go, so what happens next i mean, now we've got mark warner who's the lead democrat on the intelligence committee saying they want to bring jared kushner back again to testify. so that's the congressional track. for bob mueller, i guess he sits down more with mike flynn and they hash things out and what do you think happens after that >> it's all about the full cooperation and i think -- to get the deal that mike flynn got, we also have to keep in mind there was a talk about whether mike flynn's son was going to be prosecuted so the fact is, not only is he getting no jail, his son's not being prosecuted here. was charged just with false statements using that to sort of tell a story that is a bigger story. mike flynn is going to cooperate fully. and he's going to cooperate about anyone who -- concerning

whom he has information, whether it's the president, we don't know, or the inner circle, but you look at the statement of offense and that clearly lays out communications with the close advisers to the now-president when he was -- back when he was president-elect. so the answer to your question is, flynn cooperates, nobody's going to testify on capitol hill you know, when they're in the focus regardless of what capitol hill wants, any investigation moves forward. . >> very quickly, though, you're go ing to neeing to need a pape. mike flynn's word by itself won't be enough, right >> that's off of the challenge, again, they're going to use mike flynn, use mike flynn against paul manafort if they can. they're talking to a lot of people there's also going to be -- if there's a trail of these communications, confirmation of the communications that is the kind of information you're looking for when you're putting together your case. ultimately to charge what is going to be a high-profile

controversial set of charges against whomever >> former doj attorney, jacob frenkel, good to see you, jacob. thank withdrew. >> thank you. now to the market which was pulled in two different directions today down -- it was virtually exactly a 400 point trading range for the dow today. down 350 on the low, up 49 on the high let's bring in our "closiing bell" exchange keith bliss is with us at post 9. rick san tell ltelli at the cme chicago. talk about being pulled in two different directions just as the mike flynn story was breaking, we'd already heard from the senate republican leaders that hay had enough votes to get the tax bill passed we were starting a rally and then it fell apart >> a market of two mines, traders of two you want volatility in the market, what we live for, what we've been lacking for several weeks, several months. that's the way we make money,

volume and volatility. you don't want volatility because of those reasons whenever you have this palace intrigue where the head of state and the most powerful nation and the most influential nation when it comes to finance, economics, and trading, could be in jeopardy we don't want that so, you know, working on the floor teoday was really interesting to watch there was a small dose of euphoria, hey, we got something to trade, then we said, oh, no, why are we trading this way? i think the long and short of it is, though, once this news cycle starts to peter out a little bit, we've already started to see that, very quickly there was disavowing that the president was actually involved, jared kushner that's actually the target you see the market rally back. i still hold to the belief if we look at the fundamentals, we look at the dynamics, look at technicals underpinning the equity market, the path of least resistance is still up if we can get through this, i think it is interesting this news droop dropped on a friday.

>> right. >> a lot of people would be skittish to go home long over the weekend. the breadth indicators in this market, alone, we're more up volume than down volume even though we're negative on the day. that tells you the sentiment that reversed course yet again at the end of this session. >> oliver, we were expecting the senate to vote to move this tax reform package along now that has doubts cast on that i don't know if we'll ve thsee t in the next couple hours or what will there be a negative reaction nr like the selloff we saw earlier today if that doesn't come to pass >> i don't think if they vote today or tomorrow that that necessarily means that we're going to have a down opening on mobd there's a lot of moving parts, but the bottom line as keith was alluding to, you had better than expected grkts eed gdp for q3. corporate profits are up so% on an after-tax basis year over year you got global growth that continues to chug along. you got a cooperating fed with powell coming in who's widely

viewed as very positive for markets. on a fundamental basis, we're doing pretty well here there's a lot of noise, a lot of underlying risks on a net basis, you got to be somewhat optimistic here tax reform is zboegoing to be positive i don't think there's a lot of doubt out there right now that it's very likely to pass and if it doesn't get to a vote today, it will get there tomorrow or monday. >> oliver, it looks like it could be a little watered down, don't you think? >> sure. but then again, i've yet to meet somebody who actually knows all the different details that are in the tax package because it seems to be changing every 25 minutes. so, you know -- >> they're writing it down in pencil right now. >> exactly >> hey, rick -- >> it's moving in the right direction. >> yep rick, a merirror image to yesterday. as they were selling stocks, buying bonds, we had as you well know this ten basis point trading range for the ten-year yield today from 242 at the top to 232 just like that, huh what a day >> yeah, well, to me, i see it

different. i see a ten-year note yield that's still higher on the week, 2.35, 2.36 the dollar index higher on the week by a fifth of a cent. the s&p is higher by, what, 32, 33 points than last week the dwou is up over 600 points other than last week if anybody after listening to that and watching the market this morning has any questions as to how much investors think about the current investigation of flynn, it confuses me whether it's north korea, or the russian scenario, investors seem to see through things. now, granted something could always change, maybe the road gets closer to the white house, but as it sits now, it certainly looks to me, and i was on the floor, that traders really expected a vote at 11:00 eastern. okay and it wasn't that there was a head hooin headline, whatnot, they were keeping up >> yeah. >> it didn't occur they were running around trading markets in the direction of the same move.

the flynn story was right about the same time. yet the flynn story hasn't been settled. looks like the vote will be and the market recouped a lot more than they lost they're still up well above yesterday's gains, bill. i don't know, i think the market is still the best adult in the room when it comes to really trading on the facts. >> i got to go at this point, guys i think we shave braking news here thank you, all, have a lovely weekend. let's get to news alerts on president trump. john harwood, what do you have >> the president responded via social media to the rumors swirling around that he's planning to fire rex tillerson, replace him with cia director mike pam pompeo. the president has said reporting i would fire rex tillerson or he'd will leaving soon fake news. he's not leaving while we disagree on some subjects, we work well together and america is highly respected again. that was a denial his

spokeswoman was not willing to make yesterday today the president following on rex tillerson, himself, saying it was a laughable report. has rebutted it, guys. >> well, that's not the news i thought we were going to be talking about. >> i guess the president's catching up or something on the news. >> there's that, too >> thank you, john up next, flynn fallout isn't the only things moving the markets today. as we said, the other big story is the republican tax reform billing with discussed right now on the senate floor. we'll get to the latest update on where that bill stands. if we can figure that out. and what could still change. >> oh, yes. plus, we'll lay out which stocks will benefit the most from tax reform and whether a new tax code could provide a boost to corporate earnings and your portfolio next year we always want to hear from you especially on this volatile day on wall street reach out on twitter, facebook or over e-mail send us your thoughts. we'll read some of your comments later on you're watching cnbc, first in business worldwide

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welcome back well today is d day. albeit self-iself-imposed by se

republicans. ylan mui has the latest. >> reporter: republicans look like they have the votes to pass their tax bill out of the senate mitch mcconnell said it to reporters. jeff flake became the 50th senator to support this tax bill earlier today. now, remember, they only need 50 votes to pass this bill using the special rules that will allow them to fast track this legislation. so that means there are still two republican senators who remain undecided one of them is bob corker. and he told reporters that he expects to make up his mind soon >> i feel like a dinosaur sometimes. i've been here 11 years almost and i ran because my -- one of the reasons was my significant concerns about our fiscal issues, you know, certainly nothing's changed that it's gotten a lot worse. >> reporter: we're waiting to hear from senator susan collins of maine as well however, he proposal to include a $10,000 limit for property tax deductions will be in the new senate version of the tax bill

details of that revised tax bill have been leaking out. one of them that we're hearing is two senators who were telling us that republicans are considering keeping the alternative minimum tax likely both for individuals and for corporations in addition, jeff flake has been saying that full and immediate expensing which would expire at five years wouldn't go away all together it would be be phased out after that which is something that many conservatives had been looking for. senators are expecting to wrap up their formal debate on this bill in the next few hours about 5:00 p.m., we're looking at them to go into something called vote-o-rama, they can spend an unlimited amount of time debating amendments to the bill unclear how long that will actually go, but republicans still say they expect a vote today. back over to you guys. >> i'm glad it's your job to keep it all straight good job, ylan as always.

>> reporter: thank you. >> see you later. so a key concern of the tax reform bill on wall street is the final number for the corporate tax rate 20% has been the white house's target bob pisani is here to tell us any other number could have a dramatic impact on the street, right, bob >> absolutely. listen, tax cuts are moving the market see it today not just any tax cuts. the market is already pricing in certain assumptions about what this will look like. here's the two most important things the tax cuts will be effective in 2018. no, not putting them off until 2019 or 2020 that's not going sell. of course, the other issue is the corporate rate will be 20%, not 25%. that's going to be the key question the market believes that tax cuts will be helping earnings here look at the 2018 earnings estimates. put up that full screen. with tax cuts, we're talking estimates that, earnings will be up 8%. but without -- with the tax cuts, we're talking about much more than that 11% to 15% this is why the market moves on the tax cuts you just get a lot more earnings boost with models that estimate

around 20% reduction, 20% tax rate so anything less than that is a problem. what about the s&p 500 it's expensive right now we're almost 19 times forward earnings that's really high but with the tax cuts, if you factor that in, the multiple is much lower in the 17 range. now you've gotten a little more reasonable you can start arguing maybe it's not so overpriced here so, what happens next? big debate is do you sell on the news if we get this thing through that's where everybody is right now and all different sides of that particular question overall, what will the u.s. growth be next year? and u.s. and global growth be? and how aggressive will the fed be that's very quickly what we're going to turn to if you believe the u.s. group is 2.5%, global growth 3%, no recession, you can make an argument the markets should go up if you think powell is going to stay like yellen only one tax cut in december, and at most, two next year, maybe you could say the economy can handle that. if you think a recession's coming, if you think the fed's

going to get aggressive, you have a major problem arguing the stock market is going to go up next year. finally, take a look intraday at what's been going on you saw the abc report dropped the market 350 points. we recovered because very quickly we got headlines on tax cuts we had mcconnell coming out before noon saying we got enough votes. we had flake coming out before noon saying i'm voting for it. that impetus for tax cuts still is very, very real in the market it's been very powerful here all day to see that overcoming those initial flynn headlines. guys, back to you. >> all right, bob, thank you we'll see you on the floor clcl. let's bring in dan clifton from strategis research partners. we don't know all the details yet. from what we're hearing, who do you think the winners and losers are going to be here, briefly? >> first, any high tax company would be a big winner, small caps big winners relative to large exams.

anybody with domestic income, bill, will be a big winner on the loser side, i think non-u.s. companies that invest in the united states, they're going to be facing higher tax rates. just because we're closing that inversion spread we're making u.s. companies more competitive. and then finally, companies with large cash holdings overseas, they're going to be able to bring that cash back to the united states, be able to use that for investment and finally companies that sell capital goods orders because 100% capital expensing will be included that means companies with illyi incentivized to do spending and the industrial sectors which sells those goods are going to benefit dramatically from that provision. this is a really good pro-growth bill we think it lifts earnings $10 per share on the s&p 500 for 2018 it really gets down to the timing of that corporate tax rate cut if it's all in '18, you get all the earnings benefit, spread out to '19, spread it in half, $5 this year, $5 next year. i'll get what i can at this

point. >> you sound more upbeat than expected you said the good will was frayed last night with everything that went down with corker's concerns about the deficit. you guys said today maybe they have to cut the whole thing by $350 billion it sounds like they withere ablt getsupports. they have to keep the amt -- how much do the final details of this bill look like the sort of ideal version that you're describing >> kelly, first, if bob corker got his way, this package would have gotten reduce the. what we were arguing is there were two options you could shrink the package or make the package better. they chose to make the package better and not include bob corker think about what this bill does. it's a $900 billion net tax cut for individuals. even factoring in the amt issue that you just rempbtsed. the state and local deduction will now be applied for property taxes in the senate bill and that previously was not there.

they're just moving the rubik's cube to be able to get 50 votes and by 11:00 this morning, they had the votes to be able to do that and now that they have the votes, once this bill clears 7:00, 8:00 tonight, the probability of president trump signing major tax reform legislation into law goes to about 90%. wh once you got to figure out that the house and senate need to reconcile their bills. they're very, very close to historic tax legislation right at this moment. >> to satisfy the byrd rule on the deficit, so you delay the corporate tax cut maybe a year, but what about, there is talk of making the income tax decline -- decreases, the cuts, temporary over a few years is that still in place i mean, that's not going to sit well with middle america, i wouldn't think >> bill, there's been so much misinformation about this tax bill that people are showing you what the tax increase will be in 2027 most americans in polls don't think they're getting a tax cut. think about the upside surprise on january 1st, when every

worker in america's pay chuck a check adjusts to lower taxes and going to get a raise in their paycheck from lower tax rates. it's going to be a dramatic impact on consumer confidence. individual tax cuts do expire in 2026, historically we've always come back to be able to extend those individual income tax provisions is that optimal? no they had to fit about $2 trillion of tax cuts in a $1.5 trillion bag and basicalically figured outically saying they figured out a way to get votes without having to worry about corker, not having to do things like having the tax rate phase up, start at 20, go higher >> exactly. >> some kind of reverse engineering that would from your point of view make it much less friendly for growth longer term. does this bill now -- as it appears to stand this afternoon, have the potential to be even more significant than the 2003

tax cuts that george w. bush passed >> i would caution on that this is more comprehensive but the 2003 tax cuts for bush were about 1.5% gdp fiscal stimulus in 2003 what we're looking about here is about .8% for 2018 that's an insurance policy for the u.s. economy so that if we have some external shock from a geopolitical event, that the u.s. economy will continue to hum along. and what we see is that fiscal policy is taking over from monetary policy after about eight or nine years of monetary policy driving the boat of the u.s. economy that's a very positive shift what it does, it allows monetary mo policy to begin to normalize that's very good for the banking stocks. >> dan clifton, head of policy research as always, thanks, dan. >> thank you time now for a cnbc news update with contessa brewer. hey, contessa. >> hi there, bill, hi, kelly, here's what's happening right now. president trump expected to

deliver a speech next week recognizing jerusalem as israel's capital according to a senior u.s. official the move could further inflame tensions in the middle east, but trump was also expected to delay his campaign promise to move the u.s. embassy from tel aviv to jerusalem. tens of thousands of north koreans taking part in a rally to celebrate the country's latest missile test. they gathered in kim yil-sung square the rally lasted about an hour and ended with, what else, fireworks. prosecutors asked a federal judge in new york to force former pharmaceutical executive martin shkreli to forfeit $7.4 million in assets. that could include $5 million in bail money and a one of a kind rap album which shkreli bought for $2 million last year. you think it's funny the way i say that wu tan clan? i should be hipper about it? the draw for the 2018 soccer world cup takes place in moss cow. 32 nations that qualified were

divided into two groups. group "b" features portugal and spain. defending champion germany is in group "f" with mexico and sweden where's the united states, you might wonder unless you already know. the u.s. team failed to qualify. speaking about being in group "f," "f" for failure cnbc news update at this hour. >> i think it's no funny how you say shkreli, by the way. that's just me. >> how do you say it >> i was just trying to come back at you there. they wanted me to chat with you about world cup. >> i think how bad this is for russia, how much of a headache it is for fox which is carrying the event. no u.s., no italy. >> look at you. >> no, just because, you know, and they -- this was supposed to be this whole exciting thing about the growth and popularity of soccer in america. >> right. >> and this moment and now, i mean, man, it's -- i wonder what's going to ham ppent the revenues for the whole thing. >> there's enough expats like

wilfred frost. they'll be watching. >> bye, guys. >> see you next hour. we'll head back to decide and discuss how robert mueller's investigation could impact the market and what other charges could be in the works. plus tax reform being discussed right now on the senate floor as we said and hopes of a tax bill have propped up stocks for months we got a pair of analysts ready to lay out the names that still could stand to see big gains from tax changes and whether now is the time to buy them. coming up. [ 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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welcome back, we're in the final half hour of trading today. the dow is down 70, no big deal. it's been a crazy day. >> so many sometitimes we talk knee jerk reactions. this is kind of stuff that should have been somewhat in the market every time we talked about russia or collusion, or jared kushner -- >> do can you think that's what it was, or the fact there was this doubt about the tax bill given last night they didn't make the progress they were expecting? >> i definitely think -- you could make the case that it was maybe some doubts that the tax plan was going to be derailed. but there still are a lot of hurdles for this tax plan. still have is to go to conference committee, you guys

were talking about it. >> yeah. >> still a bunch of leaps you have to believe are going to get done and with every leap, that plan is watered down even more. >> if it's not tax, if it's concerns about the president, the relationship with flynn, so forth, that's still going on, you're saying that was only good for 68 down points on the dow? >> exactly that's the problem, you can only trade the markets that's in front of you every time we sell off, those selloffs are becoming a little less deep. they're becoming shallow, they're becoming further apart and they wind up buying the market back. collectively whether it's passive investing or not >> yeah. >> i think it's more interesting to look at whether they sell faang. >> okay. >> going into year end and whether they buy energy and retail we've seen them buy retail watch energy that's the laggard see if that one rallies. much more interesting to me until the story develops even more. >> steve, thank you. have a great weekend steve grasso bill when we come back,drama, whl

prosecutor robert mueller's investigation could go next. coming up.

my name is cynthia haynes and i am a senior public safety specialist for pg&e. my job is to help educate our first responders on how to deal with natural gas and electric emergencies. everyday when we go to work we want everyone to work safely and come home safely. i live right here in auburn, i absolutely love this community. once i moved here i didn't want to live anywhere else. i love that people in this community are willing to come together to make a difference for other people's lives. together, we're building a better california. so, very volatile day at the low, the dow was down 350 points

as michael flynn was pleading guilty to lying to the fbi we got our john harwood in here for some analysis. a guy who you've reported on a few legal issues that face various presidents through the years. what do you make of this one >> it's a remarkable moment, bill the situation we find ourselves in is that the survival of the trump presidency is in danger. you have the national security adviser having pled to a crime, agreed to a cooperation agreement with robert mueller, which is the kind of thing that happens when you agree to provide information that incriminates someone higher up who could the higher ups be? well, people like jared kushner who we now learned nbc news has learned is the very senior member of the transition team that michael flynn was directed by to contact the russians about a u.n. resolution. and we've -- there could be donald trump jr., but the only guy higher than the national security adviser is the president, himself so there's a lot of desperation within the administration, even

as they publicly try to shrug this off they got difficult times ahead i got to say, the same feeling is true on capitol hill. that's why republicans are scrambling to pass this tax bill they think they need to do it for their own survival even though the joint tax committee reported last night that it won't help growth very much, and it will increase the deficit. >> john, if i understood eamon earlier, he was saying the issue is not just what the president directed the other person to do, but if there was a it for that, in other words, especially during the transition period, is anyone going to be found of paying back the russians for some help they received during the campaign i mean, it's got to go a step beyond to get to something like that, right? >> well, there are a couple of potential issues, kelly, one is we know the russians interfered in the election. why did they do that did they get something in return for that, a promise of policy concessions? that's one potential source of

legal jeopardy the second, of course, is obstruction of justice and we know that the president by the testimony of james comey asked him to drop the matter with michael flynn that he fired james comey concerning the russia investigation. that's what he told our colleague, lester holt and so the fact that you now have the national security adviser who was in the sentcent to potential obstruction of justice, that's a very serious situation. >> john, thank you, appreciate year analysis as always. see you later. john harwood in washington i know i was jaking when we were in makeup, i said we were going to finish positive today look at this the dow down 30 points after having been down 350 anything is possible here as me head toward the close with 17 minutes left. the gop senate in the leadership claims it does have the votes for tax reform we'll take a look at

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and look the at us now, down 46 points with 14 minutes left. we'll see -- maybe we will. >> the s&p down seven points the russell down eight the vix has almost turned back lower after popping a couple points this morning. when we come backs, we'll have more on today's big market swings and which stocks you should be looking to add to your portfolio if tax reform does pass stay with us who always smells good. his 5 o'clock shadow is always at 5 o'clock. you like him. your mom says he's done really well for himself. he has stocks and bonds your dad wants to go fishing with him. your dad doesn't even like fishing. you like your brother-in-law. but you'd like him better if you made more money than he does. don't get mad at your brother-in-law. get e*trade

welcome back 2018 could be a big year for some companies if president trump's tax plan gets passed in washington. dom chu has a look at the stocks that stand to benefit. >> if you pay a lot in taxes and tax rate goes down, your profitability goes up. which stocks could benefit goldman sachs and their team of analysts put together, they have looked at a lot of these stocks. they got a basket of 49 of them they call it their high tax basket among those names that the they look out in the basket, check out some of the familiar ones to some of our audience here. look at a name perhaps like a j.b. hunt, what else is happening with some of these other ones, conocophillips, goodyear tire. cono conocophilli conocophillips, 49% median rate over the last ten years. goodyear, 46%. j.b. hunt 38%. zions bank, 35%.

those are among the names of the 49 in the goldman high tax basket one other place to watch if you're looking for tax reform kind of jockeying in terms of the overall market pricing and position are the small cap stocks in the united states. look at the small caps over the year to date period, they underperformed the overall s&p 500, 13% versus president the 1. as we watch the tax depl-bate py out, could be the places where the market sees 9 most action in the coming weeks back over to you. >> we're going to get a couple guys to name some names. our next guests are here to give us stock buys on the tax reform. david catz from matrix advisers with us, chad morganlander from washington crossing advisers david, i got a list here, i guess this is yours. schlumberger, target, at&t and wells fargo. there's a cross section. why those guys >> we like all those companies with or without tax relief they all do pay higher taxes, if

there's tax relief, they're going to get a 5% or 10% earnings kicker on top of better earnings next year. selling under 13 or 14 times earnings great combination, good fundamental the, attractive valuation and nice kicker if you get the tax relief. >> chad, what are your picks >> we're bullish on boring stocks so we like hershey's, hormel and dr. pepper. 90% of their revenues, all three of these companies, come from the united states. so they're going to benefit, again, 5% to 10%, from this tax break. also these companies are growing, profitable, well capitaliz capitalized. even without the tax break we think these companies can outperform the s&p 500 with considerably less volatility, and all three of these companies as an added kicker have a rising dividend to them, of roughly 7% to 10%. >> david, i know that there's been a lot of question whether or not this bill would pass or

not, but don't you think there would be nothose who -- companis like these, you're a smart guy, there are a lot of smart people out there who would see the same thing and get into these stocks beforehand just in case. i'm asking whether or not you think the tax bill is already factors into the pricing of these companies. >> surely you had a significant rally this week as it looked like the pass bill would pass. a lot of these stocks already have been trying to price better things we do think, this is the most important thing, if you get tax relief, not a question if you're going to get a one-week jump but rather set the tone for a better market the next 6 to 12 months we wouldn't chase the stocks if there's a vote this weekend, still a lot happens before the bill becomes a law and before the senate and house agree on something. but we do think it sets a better tone for the market and think on all the four we just listed they still got a lot more upside either with or without the tax relief >> chad, because they're going to have as it seems right now this immediate expensing for capital goods equipment, why not more companies that would

benefit from that? >> so here's the reality, we think we're in a low return environment on the s&p 500 and there will be a heightened state of volatility. yes, in the short run, that may be a benefit, but overall, when looking at the performance of the individual company, as on the stock side as well as the operating performance, all three of these companies are low bid and low vol companies. we think overall, that's going to benefit consumer staples have underperformed in 2017 in a considerable manner. we believe now you're going to have this reversal within the sector play and hence the reason why we're recommending these three. >> chad morganlander, david, good to see you both have a good weekend. >> thanks a lot. >> thank you. some breaking news on auto sales now. it is the first of the month, after all. phil lebeau, how'd they look >> kelly, november auto sales came in at a pace of 17.48 million vehicles according to the research firm, auto data that rate, 17.48, is a little

better than most people were expecting. most people thought it would be around 17.2 to 17.3. for the year, heading into the final month, we're 1.5% below the record sales we saw last year not going to hit the record for this year but it's going to be a very strong year overall for auto sales guys, back to. you. >> that's a big boost to the trajectory there phil, thank you very much. phil lebeau. okay well, what a week this has been. we'll have the closing countdown in just a moment here. after the bell, we know c c cnbc's larry kudlow has been a proponent of tax reform. he will ll us tethree things he hates about this bill. >> uh-oh. >> coming up we're facing 20 billion security events every day. ddos campaigns, ransomware, malware attacks... actually, we just handled all the priority threats. you did that? we did that. really. we analyzed millions of articles and reports. we can identify threats 50% faster. you can do that? we can do that. then do that.

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looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online. we are at the two-minute mark as we head to the close what do you say, huh what a day, what a week. let's show you the dow for the week let's recall yesterday, huge rally on word that john mccain was going to vote for the tax reform package. today, the michael flynn pleading guilty took the wind out of the sails there, but overall, net-net, still a positive beginning to the month of december as we ended a strong month of november. and this is very interesting the best performing stock this week was a retailer. "l" brands number two, right behind it, was macy's the retailers did very well this

week "l" brands down a little bit today. autodesk, representing technology, especially chip makers, anybody involved in the semiconductor industry, and the software makers, down, autodesk down on the week overall. the ten-year yield rising until today. as we get ready for the fed meeting this week. a ten-basis point trading range, as i mentioned, bob pisani we were at 2.42, we're around 2.36 into the afternoon. i guess the oil market gets their newspapers a day late because, you know, opec extended their production cuts yesterday. >> we got it. >> but it was today that they got the big rally -- >> look how well energy held up even with the drop me had. bill, 350-point drop larry kudlow walked by, said if we stay in here long enough, the dow is going to go positive. really remarkable. the important thing is the market really turned around. around 1,150 senator flake came out said i'm voting for it, mcconnell came

out and said we have the votes despite the flynn news, tax cuts, still has juice in the market and still matters for the market the big question is what happens when it passes, bill, do we sell on the news? that's what everyone's debating. >> well, we'll see the vote expected to happen early this evening we'll see what happens on monday stay tuned now for the second hour of the "closing bell" with kelly evans and company. have a good weekend, kell. thank you, bill. welcome to the "closing bell," everybody, i'm kelly evans we couldn't quite turn positive but it has been a dramatic turnaround, nevertheless, on wall street today. the dow is down as much as 350 points earlier this afternoon. we've closed down just 42. that leaves us above 24,000. we're at 24,229 for the blue chips. the s&p 500 down about 5 1/2 points not even a quarter of 1% the nasdaq composite down a

little, 6,847. the russell 2000 shedding half a percent, 1,537 is the pullback dow transports also weaker the vix was higher in the session today but has actually turned lower as we go out on the close. it's been a wild ride. as we mentioned the dow down 350 after news came out earlier that former national security adviser michael flynn pled guilty to lying to the fbi more details came out and as the senate seemed closer to passing its tax plan that is set to start later this evening. we'll monitor it and bring you any developments as we get them from capitol hill. in fact, we have some developments right now let's get straight to ylan mui, ylan, what you got >> reporter: kelly, senator susan collins of maine said she will support the tax reform bill this brings a number of supporters who support it to 51. the only clear holdout right now remains bob corker of tennessee. now, senator collins said that in exchange for her support, she

got an assurance from majority leader mitch mcconnell that he will work to pass two pieces of legislation, one the alexander murray bill that was intended to stabilize health insurance marketplaces, and then the second is a bill that she co-sponsored with a democrat, bill nelson, of florida, that's intended to address high risk pools of individuals senator susan collins of maine now throwing her weight behind the tax reform bill. back over to you, kelly. >> that's pretty cig kampsignif, ylan, a.m. ylan we spoke to strategstrategis, ae ago, they hope they get johnson, collins, flake, that they get those votes without having to make quite as many changes to the tax cut, at least, right >> reporter: that's right. yesterday it was all about trying to find a fix that would appease the deficit hawks like senator bob corker today, it was all about what can

they do to not have to make any concessions to them. and instead of trying to limit the size of the bill, in fact, they found several ways to increase the tax breaks, particularly for passthrough businesses so those are some of the negotiations that have been going on here. and now they have more than enough votes than they need to get this bill passed, kelly. >> all right we're still looking at what, like, 7:00 p.m. tonight, you think? >> reporter: well, what we have heard is that they're going to move into so-called vote-o-rama around 5:00 p.m. then have about eight to ten votes on amendments and after that, they'll move into is a final vote so they are still looking at a vote late tonight or perhaps in the wee hours of saturday morning. >>. >> all right, we'll check back in with you shortly, ylan, thank you, for now, ylan mui. the other market moving story of the day, the guilty plea by michael flynn. eamon javers is at the white house with the latest. >> reporter: kelly, we're starting to learn more now about the details that were laid out

in that criminal information earlier today when michael flynn pled guilty to a single count of lying to the fbi one of the questions in the documents detailed this morning was a reference to a very senior presidential transition official who was that senior official nbc news now reporting based on two sources that that person was jared kushner. the president's son-in-law of course, the high-level official here at the white house. here's the paragraph in the documents that were released today that refers to jared kushner's role in all this saying "on or about december 29th, 2016, flynn called a senior official of the presidential transition team who was with other senior members of the presidential transition team at the mar-a-lago resort in palm beach, florida, to discuss what, if anything, to communicate to the russian ambassador about the u.s. sanctions." questions about who that senior official was the very senior official referenced elsewhere in the documents, nbc news reporting, is jared kushner, himself. so to recap, here's where we stand with this flynn investigation as of right now. dramatic developments throughout

the day today. flynn pled guilty to lying to the fbi about his talks with the russian ambassador at a time before president trump took office last year prosecutors say flynn discussed russia with senior members of trump's transition team, kushner among others according to nbc, and the white house lawyer issuing a statement this morning saying that nothing about this guilty plea implicates anyone other than mr. flynn so the line from the white house lawyer today, kelly, has been of minimization of michael flynn's role pointing out he didn't serve here even 30 days at the white house as national security adviser and suggesting he also worked as a government official, as a military official, under president obama as well, kelly back over to you. >> eamon, real quickly, it's interesting to me it's now been five hours since the abc report this morning that seemed to spike the markets lower. they were the ones who according to one source tied flynn to president trump saying he was prepared to testify against him. we haven't heard a lot from anybody else since confirming that. have we? >> reporter: no, we haven't. we don't have that we have not been able to confirm

that presumably there'd only be a few sources that abc would be leaning on for a report like that it did move the markets fairly dramatically when that report hit the wires, but we don't have any substantiation of it we'll bring you anything that we've got as soon as we have it, though, kelly. >> yeah, of course ailen, thank you very mumuch eamon javers at the white house. joining me, michael santoli, cnbc contributor evan newmark on a friday dennis berman from the "wall street journal." everybody at post 9, thank you very much, and welcome earlier today on the "halftime report," professor jeremy siegel addressed the so-called trump rally as the market took the so-called nose dive. here's what the professor had to say. >> rallied because of president donald j. trump, rallied because of now we had a republican president that was going to sign tax reform, that was going to loosen regulations michael pence will do that any republican would do that you know, removing donald trump from office is not at all, in my

opinion, a negative for the stock market >> and we're already discussing that, by the way, president pence. so that's how the sentiment was when we were down 350, mike, we closed down 40 points. where do we stand now? >> i mean,s it's a pretty remarkable comeback to gain a percent and a half from a midday selloff as we did today on the s&p 500. look, i think the market, this is perfectly in character can how this market has traded all year a big jarring headline very momentary kind of mini panic. it's -- altil the machines are w trained to actually treat this as a buying opportunity we you get one of these air pockets because it doesn't change what's really been driving this market which is very loose financial conditions across the world, really good economic growth, earnings that are supporting things and credit conditions that are in great shape. all that stuff, you want to talk about who's in power and what tax policy might be, all part of the mix, all helping, but not the main story >> what would you say? >> i agree i think mike's right on that. >> you're not that bullish. >> i'm not bullish at all. i still think you have

relatively overvalued stock market, you have a flat yield curve, which is telling you something. what it's telling you is probably not good and you have these little kind of speculative bubblettes like bitcoin and get weird pockets, momentum stocks i don't like at this and go it's the end of the world in fact, i don't look at this and go, oh, the volatility was huge huge volatility was the market would have moved 1,000 points years ago. now it moves 350 points. everybody's running around crazy. >> isn't what it once was. >> it is not, when it's at 24,000 on the dow i'm still very -- not the ened f the world told, be fine under president pence. i don't think the tax reform bill -- i think it's a mediocre bill that will do little in the long term. >> what's significant to you about all the different developments there's a lot of discussion about which one even pushed the market down, was it the news about flynn or it was then the movement on the tax bill which one is sort of the overall

factor >> i can't say for certain, but i would say the tax bill has the attention of the market more so than flynn's problems. flynn's problems have been known for quite some time, kelly i don't think that's a huge shock, per se. look, the market started out, at least on the dow, started out the week at around 23,600, we're at 24,002. i don't see why people are worked up about it the dow is at 24,000. >> yeah. the fifth time it's crossed a thousand-point threshold this year. >> i'm probably more -- as much as i hate to be -- >> i know it hurts you >> i'm in his camp -- >> all that being said, we can sit here and say, oh, look what the level of the market is, 24,000, the market barely budged every day this year. >> correct. >> therefore on a day where it goes up 330 yesterday in a very weird kind of narrow rally then gives it all back by 11:30, something is maybe hinting at a change in character. it didn't play out. >> it's probably the algo is, se

the word lie and white house, it's that simple. following today's seesaw trading, he are the big movers for the week let's zoom out leading the dow for the week was verizon. apple was the laggard. in the s&p, "lrk t"l" brands wae laggard. verizon the unique story the 5g launch they announced and hopes for that apple to the downside, too in fact, we had tech lagging the market all week. apple, facebook, amazon, alphabet, these were the stocks actually doing the worst this week in a big change from what's been leading the market all year. >> this would have been the top story today if not for the flynn news basically this rotation we saw in the the market, yes, we continued to the net positive side it was about rewarding different companies, those that will benefit directly from tax cuts look, i think a bull market as it goes along has to find new things to feed off of. right now we're feeding off of the tax headlines. it doesn't mean it was the only thing this rally was about the nasdaq is not up 34% this

year because of tax. >> 34% >> germany is not up 23% in the last year because of u.s. tax policy right now, that seems to be what's animating the action. >> i think the energy sector was strong this week, you know, whether or not any of this opec stuff matters is almost beside the point. and financials were strong and the thing about financials, you would have to say is, yeah, that makes sense that they're strong, except the yield curve is getting flatter and flatter which is historically is not good for financials. >> regional banks, kbe, up 6% this week, best week since june. dow transports had their best week in six years so you might be right about the yield curve what if the rally goes on for three to five years while that all plays out? >> well, it's strange because historical patterns would suggest that a spread of i think the 530 spread, it's like 50 basis points you know, that says to you that the market is kind of pricing in

an absolutely perfect economic scenario where you get very steady growth and absolutely no inflation. that's basically what it's saying. >> dennis, that sounds pretty good to a lot of people. >> it does maybe buy stocks the interesting thing as well, kelly, the taxes for the banks as this does get more real, the domestic u.s. regional banks are going to be clear ben fish area beneficiary. >> if you think about verizon's expensing schedule, if it moves to sort of instant depreciation, whatever if claims it's going to do about wireless, those are -- >> by the way, when the banks get their tax cut, they're not going to build money factories, they're not going to necessarily -- their goiy're go give it back to shareholders their product is much, right that's why this tax bill is almost perfectly tailored for the bottom line of companies and people who own capital it's not really -- the bond market and dollar -- >> we're going to have -- larry is going to come on in a few

minutes and explain to the world why it's actually good for wage gains and job creation for the life of me i don't see it >> you don't think there's any net benefit to the economy >> there is a net benefit. there's a net benefit. as he says, banks are not going to go, oh, great, let's branchs. it's not going to happen that way. >> if they weren't going to do it in the first place, they shouldn't because of tax reform. >> that's why every ceo didn't raise his hand if he want to hire more people, we would have done that. >> the point being, still, if you're an owner of a bank, again, they haven't paid a lot of dif devidends this whole per of time, now you get that capital and can deploy it in the economy. >> i don't think that's a message donald trump wants to parade through coal country explaining to them, it's great, we made the banks even richer. two thumbs up. >> i'm just saying it can't hurt, if you're trying to help the economy. you know, even it it's through a mechanism with banks -- >> it can't hurt unless -- it can't hurt unless you expect the government to be doing other things like health reform or other things like that

yes, it can. >> don't forget, we have seen some pretty solid economic growth numbers in the last few quarters so that is suggestive that maybe there is a demand that you do want to meet as a spender of that capital but i'm with devon this way, there's going to a lot of capital that's returned. i'm not so sure that there's a direct correlation between the return of that capital and the increase in the wage of the average american worker. >> for sure. we can go back to 2003 and debate the very same thing by the way rnlg, on the repatri issue, if it's going to be 14% for foreign companies to bring that money back to the u.s., is that enough of an incentive? >> here's the thing. it's not going be 14% if they bring it back. it's going to be congress saying guess what, you owe us 14% even if it's over there. >> you're right. that's a very important part of this >> it's a deemed repatriation. >> explain that for a second this is very important. >> right as the bills are written right now, house and senate, it basically says we deem that you have repatriated the money an owe us the taxes on those profits. now, it would probably motivate

you to bring it back and do something with it. >> but regardless -- >> it was unencumbered overseas. >> it's a seizure? >> they're just saying you're not being taxed on profits we have not to date taxed. >> the other interesting wrinkle on this, what will the behavior of foreign companies be in the u.s. who suddenly owe 20% excise tax? >> i believe that's the way it's going to operate. >> depend penpending what they'e importing, exporting carmakers, it could be a problem as well. you guys are right, there are a lot of moving pieces. >> so many consequences we cannot foresee, both in the positive and the anything pineg come out of the tax bill. >> we'll find out in a couple hours what does move forward if they vote this thing through the senate guys, thank you. dennis i should say. dennis burman from the "wall street journal." investors getting whiplash after former white house national security adviser michael flynn pled guilty to lying to the fbi comine ining up, how you should investing with so much uncertainty about the trump agenda. senate taking another huge step toward delivering tax

reform but mr. kudlow isn't exactly thrilled about this billion. he bill he's going to tell us three things he hates about it after this. we want to hear from you contact the show on twitter, facebook or e-mail us at closingbell@nbcuni.com you're watching cnbc, first in business worldwide looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock.

oh, boy. the dow closing well off the lows of the day. it was only down 40 points after being down 350 earlier this after senate majority leader mitch mcconnell said republicans do have enough votes to pass the tax bill joining us to parse through the senate bill with three things he does not like about it, and a few things he appreciates, too, cnbc senior contributor larry kudlow larry, we were just talking about this okay, there's a couple interesting things going on for private equity firms they're going to lead the fight. you start. what don't you like about it >> first of all, i just want to say, warts and all, if i remember, i would vote for this bill because the economic growth power comes from the business side, which actually got better -- >> but the point here -- >> -- in the last 24 hours in the senate. >> the bill is not done, the ink is not dry we want to know what you think needs to be changed, if they pass it tonight, conference it through with the house before this becomes the law. >> all right fair enough.

let's see. where do i begin personal side, the individual side, is a mismosh i said that before marginal tax rates across the board should have been reduced significantly. if groyou're going to take the deductions away, you got to lower the rates. they didn't really do that i still don't like that. backdoor capital gains tax hike on individuals is awful. >> that's the first in/first out issue? >> that's correct. the mutual funds got a carveout, the individual folks didn't get anything so far. >> we spoke to chuck grassley yesterday, he assured us they your going to change that. sounds like they haven't yet. >> well, we'll see did i say carried interest should have taken carried interest out for sure. >> what is that, what's in that? >> it stayed they're still doing it it's mostly about private equity funds. >> donald trump said he was getting rid of that. >> that's correct. >> he said he was getting rid of it so you're saying he's not getting rid of it. >> he doesn't make the decision. it's a congressional decision. i'm saying in terms of the bill, absolutely, that should have been taken out

there are far too many tax credits in this bill. >> including the child tax credit >> yes we love -- i love children i love children. lot of american taxpayers don't have kids. and there was a funny article, a young man, editorial page of the "journal," how about you -- i'm a dog person, how about a canine tax credit if you're a cat person, how about a feline tax credit? >> yes, but they can't support social security long term. >> if you want to give people more after-tax income which i always do, do it across the board by lowering tax rates that's the traditional way to do it the credits with complicated no one really understands them inefficient, sometimes corrupt and no growth. no growth impact at all. >> that's three. are there other things you think are problematic >> how about the fact, larry, you're a big simplicity guy. there's no simplicity in this thing whatsoever. >> i would agree. >> it's even more complex. if it's possible, this makes things more complex. there's going to be a whole slew of new --

>> i love that tie i love that tie. >> there's going to be a whole slew of in mu passthrough, going to be more legal -- >> wait a minute >> there are going to be all these legal entities i'm going to start looking into passthroughs somehow to shelter my fantastic income i get from my gig at cnbc. >> it you're nicely, hold that thought. on the passthroughs, ron johnson, big winner, got it done last night and this morning. the deduction which was 17.4, is now 23%. last night it was 20%. he and senator from montana, good for them, good for them, i say. that's a terrific move. >> passthrough, your effective tax rate will probably go -- >> a wee bit below 30% which is very good after all, the corporate stuff is 20% but have to pay cap gains on top of that. >> a passthrough, you're the owner of the bids, that's youus- >> i just said that. >> the overall net -- >> i said that. >> -- no, i know >> i said that

i agree. >> pmy point is passionthrough s passthroughs are -- >> score one for kudlow. i'm an llc i need some health here. i work in new york and live in connecticut part time. >> i'm fine with any of that stuff. i don't want safeguards. i want lower taxes and lower tax rates, okay? there's one i missed here, i wanted to put in -- >> on the corporate side >> let me just see, carried interest backdoor cap gains we talked about that let me just say the joint tax committee came up with a growth impact of less than 1% -- >> cumulative. yes. over ten years. >> less than 1% per year that's silly >> weper year. >> that's silly. that's silly i want to say also as of the vote we're gong to see this afternoon and this evening, the corporate tax of 20% survived. there was a goofy plan last

night, we were all on the phone with senators and anotheach oth >> because of senator corker effectively. >> corporate tax of 20% the first year then so-called ladder it up so you're cutting it then you're raising it. that's utter nonsense. that's gone. that's gone. >> it sounds like his support is then gone for this bill. do you think he'd still vote for it >> i don't care. who cares. corker -- >> they have the votes otherwise. >> don't have me make comments about bob corker doesn't work for me. susan collins is my hero. >> couple things, as a result of her support -- >> she's my hero. >> -- they're going to keep the amt, keep the ability to deduct r property taxes. >> i'm okay with it. >> going to do alexander murray to help lower income people with the subsidies they'd -- >> by the way, that stuff would have always gone through bailout of the insurance companies always going to go through. the mandatory, the mandate, the individual mandate, is in the senate bill. it's going to be repealed.

that is huge absolutely huge. so i got repatriation, lower corporate taxes, full expenses, no mandate. >> what about the amt, though? >> that's pretty darn good. >> what about the arktsmt -- >> talking about the amt for corporations >> just says -- >> amt for individuals is in the house bill you're saying they're going to bring it back? >> they're going to bring it back. >> we'll see on that i know there's some talk there's a lot of talk about a lot of talk and there is going to be a conference it's going to fake a ctake a co week. >> larry, i have one question -- >> hold on the basics -- lovely tie basic fundamentals from the business side, not the individual side, are going to give us 3% to 4% economic growth as far as the eye can see. that is my personal view okay >> no. >> supply-side effects are going to kick in america's going to become a worldwide destination for investment >> evan gets his last -- before we go. >> larry, besides the fact you advised me where i should buy my ties, everybody should know, he advised me where i should buy my

ties the second -- isn't the fact that this is going to be a party line vote, hasn't that basically handcuffed or, you know, made it impossible to do meaningful substantive really good tax reform of a kind that you would really like to see >> probably. you know, look, jfk and the reagan revolution, i talked a lot about this, the kennedy tax cuts were bipartisan the reagan tax cuts were bipartisan i wish we would have bipartisanship today and, therefore, i agree with you in a bipartisan bill look, ronald reagan's '86 bill was led by gephardt and bill bradley and the two rates, don't forget this, 28% and 15% and that was it. so those days have not come back, but business tax cuts are going to propel this economy. >> larry, we love you. >> thank you, appreciate it. >> his likes and this lidisliked the ties he loves.

how you should protect your portfolio from wild market swings like today. the guilty plea of former national security adviser michael flynn. later the head of chemicals giant explains how congress' tax reform plan could impact his business if it becomes law stay tuned we're back in two. 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. ♪ the open enrollment period is here. the time to choose your medicare coverage... begins october 15th and ends december 7th. so call unitedhealthcare to learn about... a plan that could give you the benefits you're looking for. it's the aarp medicarecomplete plan

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earlier tillerson met with the libyan prime minister at the state department calling reports he was being asked to resign laughable. the obama foundation released a video of the former president speaking in india at the young leaders from across that country he told them the u.s. and india will determine the economic future of the 21st century. pope francis blessed a delegation of rohingya refugees in bangladesh, for all the hurt and persecution they suffered. he demanded their rights be recognized by the international community. florida state football coach jimbo fisher resigned from the university to accept the coaching position at texas a&m fisher compiled an 82-23 record with eight seminasons. he's expected to sign a ten-year deal worth $7.5 million a year guys, that's the cnbc news update at this hour. send it back to you. >> have a great weekend,

contessa, thank you very much. contessa brewer. >> jimbo fisher llc. >> i was thinking the same thing. >> better believe it biwill be, yeah. here's how we finished the d day on wall street they were small declines after the dramatic selloff we saw earlier in the session let's get to the big stories today in our rapid recap >> gop tax bill reform bill hitting a bill snag in the senate at issue, the trigger amendment proposed by senator bob corker. >> trigger would have automatically increased taxes if federal revenues fell below a certain level. lawmakers found out last night that provision is not allowed urn under the senate's complex rules. >> former national security adviser michael flynn will plead guilty to making a false statement to the fbi in connection to the russia investigation. >> implication here would be that what the special counsel wanted from michael flynn was information on somebody further up the food chain.

>> the dow has absolutely tanked just in the past few minutes on this abc news report >> it says simply flynn is prepared to testify that candidate trump, quote, directed him to make contact with the russians >> we've seen special prosecutors before, that doesn't necessarily have any lasting impact on the markets. we've even seen a president impeached before and that didn't have any lasting impact on the markets. >> we would remain focused here on the fundamentals. >> senator jeff flake is a yes on the tax reform bill and that does confirm that republicans do have enough votes to pass this tax bill as majority leader mitch mcconnell just said on the senate floor. >> and that sparked the big comeback we saw in the narcotic. market pb. looked like we were going to turn positive. >> i think the weird spasm down 350 happened as the european markets were closing was kind of an odd accelerated response.

and then i think everyone stepped back and said did we really get a much incremental information here even on the vaginvestigation. >> for a time it looked like it was reversing everything we say play out in the markets yesterday. the gains make this more significant. i know you're not super impressed. >> no, no, it's just, you know, people who have made huge returns on all those -- you know, the high-tech, the tech stocks, they're coming into december, they're like, why am i pushing my luck here i don't know how much amazon is up, amazon is up 40% or something like that. >> at least. >> on the one hand, there's the instinct to say let me lock it in for the rest of the year. on the other end, everyone knows december supposed to be positive, squeeze a couple percent more out of it. >> december 1st. let's see what happens let's head back to capitol hill. ylan mui with the very latest on tax reform. >> reporter: we're in a waiting game, republicans are expected to wrap up their formal debate on the tax bill some time after 5:00 p.m we'll then move into a process known as vote-o-rama where

there's unlimited debate on amendments we're expecting to see somewhere between 8 to 12, maybe 15 amendments voted on. and then a final vote to come after 8:00 p.m the revised version of the tax bill will come as an amendment from senate majority leader mitch mcconnell. that will be the final amendment that is introduced before republicans actually vote this out of committee after that, looking for both the house and the senate to go into conference, a process that will take another couple weeks. so it does look like republicans assuming it passes o es out of senate today are on track to get this done by christmas guys >> ylan, this now does not have a trigger, does not have a ladder, anything like that that corker was looking for, roo educa right? >> reporter: that's right. they simply said they're not going to address corker's concerns in this bill. in fact, when i asked senator hatch about this directly, if he had done anything in the bill to address those concerns, he said not that i can recall. so that gives you a sense of how they decided to tackle this

problem. we are still waiting for senator corker to make his formal position public. no formal statement from him just yet >> all right ylan, thank you for now. ylan mui could be a long evening. the dow plunging those 350 points earlier in the session. we made a pretty dramatic comeback throughout the day. up next, the top money manager explains how you should be investing with markets still near record highs and whether all of these dips are still buying opportunities. and we want to hear from you. you can reach out to the show on twitter, facebook or send us an e-mail you're watching cnbc, first in business worldwide

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so it's important for me to respond as quickly as possible and get the power back on. it's an amazing feeling turning those lights back on. be informed about outages in your area. sign up for outage alerts at pge.com/outagealerts. together, we're building a better california. markets going for a wild ride today first the will they or won't they senate bill on tax reform, then the headlines that michael flynn pled guilty to lying to the fbi, followed by an abc news report that flynn is prepared to testify against the president for special counsel robert mueller. all that said, we had a nice rebound into the close how can you protect your portfolio with all of this uncertainty? joining us is john buckingham from the prudent speculator. john, i mean, should people just tune it out? are there opportunities? what's your advice >> well, take a deep breath, stay calm, stay rational

corporate profits have been strong the economy has certainly been healthy here of late this, too, shall pass. believe it or not. we've survived numerous things that are far worse in market history. including the resignation of president nixon. you know, stocks, the s&p 500's up 3,700% since nixon resigned so we'll get through this. the key for investors is to remember the secret to success in stocks is not to get scared out of them, so, yes, if you're on the sideline and have some cash, i'd certainly put it to work if you're invested, again, i'd take a deep breath and remember that the decline today at the worst point was about 1.5% if you go back to 2009, we've had about 130 of those kinds of declines on a closing basis. vol taatility is normal. 1.5% decline i hate to say it it ain't nothing it really is a normal kind of movement we shouldn't get too excited about that kind of, you know, 350 point dow move

>> john, it's evan newmark i think the better question is not, you know, whether or not you should freak out on friday because michael flynn pleads guilty to lying or something like that. but rather, what do you do with your money now if you have it given that valuations both in the bond market and in the sfarkstoc market, while they may not be bubble territory, they're certainly at the high end of valuations that's the more pertinent question for most investors, which is, let's say i have already -- which is what i do, you know, a near 50% allocation in stocks. do i take it down further or do i increase it more i think that's the very valuable question for a lot of investors. in my mind right now, i just don't love the stock market or the long side of the bond market and that case. >> right well, you hit the nail on the head there when you said valuable value is certainly an area of the market that has not had the kinds of gains that have been indicative in the growth side of the equation so i'd certainly be focusing on

dividend-paying stocks and undervalued stocks and if you look at a portfolio like we have in the prudent speculator, our portfolio yields 2.4%. contrast that to the 2.4% you're getting on a ten-year treasury stocks look really attractive when you think about it from an income perspective, relative to what you're getting on fixed income and also keep in mind, so much money has flowed in to bonds and fixed income and has not gone into the equity market so i really don't think people areoverallocated toward stocks if anything, i think they're probably underallocated toward the value side of the stock market so i'd be taking money out of the growthty things that have done well this year and shifting into names, there are a lot of stocks that are down this year i'll give you some if you still have time. >> seweure. yeah i was going to ask you if you actually think things like absolutely cheap on the value side or just relatively cheap. it seems as if this period has kind of lifted a lot of valuations across the board. >> well, they certainly have,

but you have to keep in mind the rising tide hasn't lifted all boats. so something like a schlumberger and the energy sector yielding more than 3%, it's down 20% this year the things that have been battered by amazon, the foot lockers of the world, the targets of the world, that are still doing fine in my mind, are giving us big dividend yields and very reasonable valuations so i think if you're selective, there are certainly opportunities here in the market but yes, i can see that stocks are not cheap by historical standards, but, again, when you think about the interest rate spectr spectrum, remember back twic200 you were getting 5% on a money market fund. today we had a big increase, u you're getting 1%. a big difference in terms of the quote/unquote risk free rate today than previous peaks in 2000 and 2007. stocks are cheap from an income perspective and merit a strong place in most asset allocations. >> good names there as well. john, thank you very much for

joining us. >> thank you. >> john buckingham from the prudent speculator. the senate set to vote on tax reform coming up the chief executive of chemours will join us in an exclusive sbrinterview, his takn what a 20% corporate tax rate would mean for his company. we want to hr omeafr you, tweet us, send us an e-mail, i may read your thoughts on air at the end of the program stay tuned actually like what yo. even love it. and today, you can do things you never could before. ♪ ♪ you're developing ai applications on the cloud. finding insights hidden in decades of medical documents. and securing millions of iot sensors. so get back to it. and do the best work of your life. ♪ ♪

and do the best work of your life. thanks for the ride-along, captain! i've never been in one of these before, even though geico has been- ohhh. ooh ohh here we go, here we go. you got cut off there, what were you saying? oooo. oh no no. maybe that geico has been proudly serving the military for over 75 years? is that what you wanted to say? mhmmm. i have to say, you seemed a lot chattier on tv. geico. proudly serving the military for over 75 years. you ok back there, buddy?

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last year and higher today on the close actually after the company announced a dividend increase, $500 million stock buyback and 2018 outlook at its first investor day we'll talk to the ceo about those moves next. plus an update on the americanairlines glitch that could leave some flights without a pilot over the holidays. and tonight on "fast money" the executive editor and co-founder of axios will give us d. cldosn n what the cha i c.ou mean for the market [ 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.

twe that's why at xfinityic.y we're bullish on the future. we've been working hard to simplify your experiences with us. now with instant text and email updates you'll always be up to date. you can easily add premium channels so you don't miss your favorite show. and with just a single word, find all the answers you're looking for. because getting what you need should be simple, fast, and easy. download the xfinity my account app or go online today. welcome back to "closing bell." a news alert just moments ago that the allied pilots association came to an agreement with americanairlines about a staffing and pay for its pilots. this comes s after a glitch caue

concerns the airline would not have enough pilots to staff its airlines during the holiday season the statement reads from the allied pilots association that "with this agreement in principle, we anticipate that americanairlines will be able to maintain a full december schedule as planned for its passengers." so it looks like flights will be much -- will be staffed accordingly for the christmas season kelly, back over to you. >> i'm sure they're getting some extra pay for that, too. leslie, thank you. leslie picker. call it a big day for chemours, company delivering its first investor day today at the nyse last year the company visited the exchange it was 2 1/2 years ago. ceo mark vergnano joins me exculusively to talk growth and the road ahead thank you. >> sure, kelly, happy to be here. >> i know it's been a long day for you guys can i ask you about the impact, the senate is about to vote, what looks like pass the tax reform bill. what's that going to mean to

chemours >> we were talking to our investors today as you said and talking about the growth we see for the next several years that's not predicated on anything about the new tax bill, you know, but -- >> what is your effective tax rate right now >> we're in the mid 20s. >> okay. >> so the new tax bill gives us some ben fit from that standpoint i bigger benefit is being able to use our cash anywhere in the world, bring it back because we probably have about a billion dollars of cash overseas and to be able to use it for investments here in the u.s. or just the flexibility of how you use that cash is probably a bigger impact. >> cash was a theme of your day today, you're talking about some capital return for shareholders. >> that's right. >> buyback you increased the dividend substantially as well. >> five times. we were just ringing the closing bell a few minutes ago, which was really symbolic of us ending our transformation plan that we just went through over the 2 1/2 years. $800 million of additional earnings we got our net leverage from three times -- or from 6 1/2 times down to two times, a significant increase in terms of

earnings and a lot less debt. as you said,we'll be deliverin a lot more cash because of that. and we increased our dividend five times and also our board authorized a $500 million stock buyback >> i'm curious because i know in north carolina you guys have this issue about this genex chemical that's leaked into the river. apparently there will be some kind of lawsuit, do you have provisions set aside to pay for that in other words are you comfortable with that increase in the dividend, the cash outlay, even when you might have this litigation to deal with >> we're incredibly comfortable from the standpoint of we'll be generating significant cash. our shareholders have been tremendous with us through this time we've given them about a 155% total shareholder return so they've gotten some great returns. but now it's time to give the shareholder back the cash that we think that they deserve so from that standpoint, we've contemplated everything that we need to in terms of that decision >> and do you have a number for what you think the exposure

might be for genex to resolve that issue >> from our standpoint that's a permitting issue we have in north carolina we'll work with the authorities on that. i'm convinced we'll come up with the right decisions with them in terms of how to do that. but, you know, when we look across the next three years for us, we're looking at the growth that these businesses are going to really generate, the cash it's going to generate, how we best use that cash, which is going to be dividends and share buybacks for our shareholders. but also significant growth into the businesses that we have. >> all right thank you very much, really appreciate it. that's the ceo of chemours wrapping up their investor day here at the stock exchange today. more breaking news, no surprise, out of the senate tax reform plan. ylan mui, what's happening >> reporter: kelly, senator bob corker has said he is a no on the tax bill he says, this is yet another tough vote, i am disappointed. he wanted to get to yes but at the end of the day i am not able to cast aside my fiscal concerns

and vote for legislation that i believe could deepen the debt burden on future generations he did leave himself a little bit of an out saying he's going to look at the final version of the legislation that will come out of the conference committee where the bill will be negotiated between the house and the senate but on the senate vote tonight, bob corker is a no >> they didn't give him what he wanted, sounds like no surprise. sounds they'll still have the votes. ylan mui, thank you. 'vasd you for your feedback and you've sent it all week, when we come right back. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances.

not rebalancing your portfolio. focused on what you love, not how your money will last through retirement. we make it easier to plan for retirement with day one target date funds from prudential. look forward to your 401k plan. so that's the idea. what do you think? hate to play devil's advocate but... i kind of feel like it's a game changer. i wouldn't go that far. are you there? he's probably on mute. yeah... gary won't like it. why? because he's gary. (phone ringing)

what? keep going! yeah... (laughs) (voice on phone) it's not millennial enough. there are a lot of ways to say no. thank you so much. thank you! so we're doing it. yes! "we got a yes!" start saying yes to your company's best ideas. let us help with money and know-how, so you can get business done. american express open. right in the heart of the was in his financial crisis, and saw his portfolio drop by double digits. it really scared him out of the markets. his advisor ran the numbers and showed that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor.

time to close out the week with today's mailbox jeffrey says my portfolio has come back only 1%. tgif then 20 minutes later, my portfolio is 1% in the positive, go figure. dennis tweets, too late to buy now, the runs are done small cap etfs, levered to tax reform on the market real quickly, what do you guys think? >> i tell him, stop looking at your portfolio so much >> this is the first guy >> if you're tracking it that

minute to minute, if you're reacting on your investments, unless you're a total trader >> if he's a day trader. >> he didn't say, but even if he was. >> we're in favor of people watching the market. >> i'm talking about if you're an investor as opposed to someone who just likes being charmed by kelly and mike. >> about whether in fact we've now priced in tax refo for mfors unknowable if you get the bill passed with the different provisions hashed out, is it a general lift or just about winners and losers with the details in terms of -- >> i'll tell what you i'm scratching my head about a little bit today, we had this big come back, it looks like people were lining up behind the bill, the russell was the worst performer and the russell was supposed to be geared toward that passage >> it's a mood enhancer at this point. it's not about the market

methodically figuring out exactly what it means for each company's earnings just yet. but that might be what happens in 2018. it's really going to matter when we need it to make the numbers next year. >> insurance policy. this one is about bitcoin. sd e-mails, i don't get it, what is the real value of bitcoin can i use it at the grocery store? can i buy a tank of gas with it? pricewaterhousecoopers says they're working with crypto startups who want to be able to use -- >> by the way, the accountants and consulting firms took stock right at the height of the internet bubble, they took stock in companies that were worthless back in 2001 to get business so it doesn't surprise me that somebody's doing it. we'll see how long they actually do it for. >> those questions that were just asked, what good is it, i can't use it, you can ask the same things about gold >> yes >> if you think of it as some kind of alternative asset that

maybe has some kind of value in certain circumstances, in this case sort of enables the creation of a different blockchain system, then, you know >> someone made the funny point the other day, when people were defending bitcoin by saying it's an independent story value, look, if there was a horrible situation, you're still relying on electricity to work, computer mining >> guess what, you're going to want to transfer that back out of bitcoin into something. >> this is not to defend gold bugs and all this, the world is coming to an end, buy gold, i'm not a gold bug but gold does have alternative values bitcoin is purely a means of transfer of value. it's a means it's solely -- >> so if you could wear bitcoins, you would like it better >> it would be worth something >> if gold came down to its jewelry demand, it ain't worth $200 an ounce. >> my point is it does have an

alternative use. bitcoin has value because people say it has value and are willing to use it as a medium for value. >> it is scarcity value, but it's created scarcity value. i'm wondering whether the forces that created it can -- >> this bitcoin trust was tweeted about yesterday. >> that's the perfect place to leave it evan, mike, thank you both that does it for "closing bell." have a great weekend, everyone "fast money" starts right now. "fast money" starts now with breaking news. a crazy day on wall street and in washington, d.c former national security adviser michael flynn pled guilty to lying to the fbi that sent stocks tumbling. then senate majority leader mitch mcconnell announcing on the floor that republicans have the votes to pass their tax plan but some details are still being ironed out even as we go to air. all of this had investors running wild today, dow trading at a