mid-small cap focuses on u.s. involvement companies. >> charles scwhab. way more than a rates trade. forget about this. this is a power house name to own this year. >> small trade going long. >> thanks for watching see you tomorrow "power lunch" begins right now >> i'm melissa lee stocks kicking off 2018 with a strong start but will six days of protests in iran and new tensions with north korea put a dent in this rally we debate. president trump back in d.c., tweeting up a storm, weighing in on everything from the economy to border control, airline safety and much, much more what's next on the trump agenda? we get the very latest recreational pot sales rolling out in california. you can cash in on the booming multi-billion dollar business. yep, there's now an etf for that is it a buy or beware? "power lunch" 2018 starts now. happy new year

i'm brian sullivan your money beginning this year like it ended last year with a nice pop dow, s&p and nasdaq with their biggest one day gains in two weeks. tech and nasdaq flying high. it is up more than 1%. for those of you keeping score at home, here's an interesting stat the dow has not fallen for three straight days in more than three months some of the individual movers, weight watchers shares rallying. the company announcing their new social media ambassador. that stock nearly tripling last year more on that story ahead and individual retailers on the move advanced auto parts and jc penney rallying. >> i'm michelle caruso-cabrera here's what else is happening. you heard brian spotlighting brick and mortar retailers amazon says it shipped more than five billion items to prime members in 2017 and that more people signed up for the service than in any other year "wall street journal" reporting alibaba's mobile browser is beating google's chrome in some

of asia's fastest growing markets. after admitting to slowing down older iphones, apple is now offering $29 replacement batteries immediately for people with an iphone 6 or later. that's a month earlier than they originally planned tyler? >> welcome, everybody. happy new year as brian mentioned, stocks are starting off this new year on the right foot right now the dow is up about 40 points but look at the nasdaq, up double that at least, up more than 1%. bob pisani following all the action at the new york stock exchanges. >> happy 2018. this is starting to look like the middle of 2018 we are hitting new highs on vast numbers of new groups. let's take a look. the transports, bear in mind these are cyclical stocks that are litti inhitting new highs. it's quite remarkable. some of the railroads, night transport doing well then other new industrials doing new highs, caterpillar, we see material names, names that were

doing well before, freeport, international paper, air products again, these are cyclical stocks you think my heavens, we are late in the cycle to have cyclicals doing well but that's continuing another important thing. stability in tech. remember the weakness in december that hasn't been happening for the last week or so. many of the big semiconductor names that got hits on tax concerns and rotation have been doing well in the last few days and are continuing into 2018 the fang stocks paused a little bit. they are also back in modest ways netflix having a great day, up more than 4% we talked about the retailers, normally selling off in december they didn't do that this year. you don't have many years whether they are down 30% but that's continuing, that rally we saw in december for the retailers is continuing. not everything is doing the same you know the builders had an amazing year some were up 40% and 50% they are pausing here but on very light volume. that's very very modest decline. we don't see a lot of money

going into them. we even have a few new lows. this is rare but we are getting some utility stocks, eix, edison is hitting a new low that's eis, i should say we know about those utilities going down as the yields have been moving up and that's going to be an issue we had ten-year yields up again today. back to you. >> bob, thank you. good to see you. happy new year so stocks rallying on the first trading day of the new year but the question is now this where should you be putting your money? should you change your strategy just because the calendar changed? let's bring in the senior investment strategist with bessemer trust and the portfolio manager with ancora advisers normally i hate the idea that something changes just because the calendar rolls over. however, however, this year, we do have significant tax changes that go into effect, especially in many of the interest and income investing states.

do we change our stock strategy this year because of those things and the geopolitical stuff that seems to be racheting up around the world? >> i don't think so. looking back at 2017, for example, what helped lift the equity markets, synchronized global economic growth, very low interest rates, and incredibly low volatility at least for the time being, it appears those drivers still remain in place heading into early 2018 we think markets will continue to grind higher over the course of this year, albeit with much more muted returns where i caution investors is thinking that the returns we saw in 2017, for instance, are likely to be repeated. i don't think that's the case. >> we have had one down year for the s&p 500 in the last i think 13 or 14, when you factor in dividends. obviously that year was 2008 where the s&p fell more than 30%. >> big down. >> yeah, it was a big down the point is 13 out of 14 up i understand the global economic

story, inflation story, the earnings story, but come on. how much more gas could this investment rally have in the tank >> still some gas left in the tank, but the rule of thumb is in any single calendar year, it's usually better than 13% or less than 7% it's rare that the wall street strategists are right, 9% to 10% annual returns so in 2018, i'm more likely to be tempered. as joe said, don't fall in love with your 2017 statement enjoy it on january 1st but here we are on january 2nd. you pointed out, inflection points don't always happen at the beginning of a new year, but i do think in 2018, where you want to still find valuation and opportunities would be small and midcap stocks, beneficiaries of tax reform and evaluations are compelling emerging markets had a good recovery in 2017 i think that's a longer term play that looks to go forward.

and to really get to those high single digit returns in portfolios you simply have to be more proactive finding companies with attractive yields, growing their pre-cash flow and dividends and that i think is going to be the best formula to getting you closer to 10% when the market itself may only offer 5% or 6% >> so joe, do we key in on the notion that there's global synchronized growth for the time being and change the rotation? as david mentioned, you don't want to fall in love with your statement to your detriment. should we start rotating out of sectors like technology and going more heavily into energy which has really seen a pickup in the past month, or materials, which are basically on fire thanks to the china data overnight? >> yeah. well, i think overall we continue to favor technology we continue to like sectors that stand to benefit from a very strong consumer backdrop from a regional exposure, i think we have to recognize what's happened here with this tax legislation and how that's likely to impact, in my opinion, in a material way, u.s. stocks

you think about the s&p 500, just for example, an effective tax rate of about 25%, 26% by most estimates, conservatively that's coming down to about 20%. i do think that u.s. stocks in particular should benefit from this and i think when you look at the various sectors, there is going to be -- there are going to be winners and losers over the course of this year, we expect correlations within the equity markets to continue to come down, just given where valuations are, where we are in the cycle. i think active management is really going to be the place to be >> why do you say that history tells me that i ought to just basically make the core holding in my portfolio a total market index fund. >> i think there's nothing wrong with having passive exposure in a portfolio but just recognize what it is you are getting exposure to. you are getting exposure to beta simply, the market moving up or down, and in a year like 2017, beta certainly served you well

but heading into 2018 where we expect returns to be a little bit more muted, we expect volatility which has been nonexistent over the past couple of years, to finally start to pick back up i think you are going to start to see winners and losers within the equity markets and having a quality bias within your portfolio, recognizing which companies and sectors stand to benefit from this tax legislation will serve you a little better. >> david, your final thought >> well, beware of the portfolio manager who says it's a great active time to be a stock picker never say that having recognized that, in a mid-single digit type return, where it's no longer heads i win, tails i don't lose, there will be a greater separation of good companies from mediocre companies. that should play well to the active stock investor. it did in 2017 to some degree. i think it's going to be even more prevalent in 2018 for the active investor when returns are more muted my parents didn't raise me to

play for a tie i think it will be a better active year for investors this year >> neither did mine. thanks so much, david, joe good to have you so massive protests in iran again today. president trump getting into a war of words with iran's leaders. what does it all mean for the united states? president trump back to work and back to twitter this morning, talking everything from taxes to airplanes. what will he focus on in 2018? we discuss when "power lunch" comes right back cannot live without it.

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six days of protests across the country of iran, more than 20 dead as a result of clashes with the police there. when the protests started last thursday, reports indicated the demonstrators were motivated by economic reasons, high inflation, high unemployment but they appear to have spread to multiple cities and now include protests against the supreme leader of the country. protesters called for nationwide strike today just the last half hour, the white house called on iran to unblock social media outlets like instagram and telegram. for more on the unrest in iran and the impact of these protests in the middle east, and the rest of the world, michael ruben, a scholar with the american enterprise institute, with a ph.d. in iranian history good to have you here. >> thanks for having me. >> just so the audience knows, there have been protests in iran, 1999, 2000, 2009 and now today. give us some context here. how severe do you think these are that we are witnessing and to what degree do they threaten

to topple the regime of iran >> well, these protests are unlike what happened in 1999, 2001 and 2009. the reason is because people are no longer abiding by this notion that the reformists in iran have a different agenda than the hardliners they are going after the regime as a whole and that's what's starting to scare the security forces the secondissue is that in the past the security forces remained loyal but we have gotten sporadic reports that certain members of the security forces are actually joining in the protesters. the last example where i can think of something like this happening was in 1989 in romania and that ultimately led to the downfall of the regime >> could this ultimately lead to regime change in iran, to a much greater degree than we saw from the other protests >> well, that seems to be the fear that the iranian regime has. they have announced that anyone who has continued to participate in these protests after the

third day will face a much more serious penalty, including perhaps the death penalty. we know from the aftermath of 1999 that the chinese came in, got the iranians up to speed on facial recognition software. i wouldn't be surprised if the police state is starting to take photos of the rallies and in three or four weeks, as things calm down, if they calm down, people will start to be arrested so really, we are going to the point of no return because people fear that if they don't succeed in getting khomeini to step down, which is a tall order, they may end up in prison >> how about the revolutionary guards have they really entered into these protests in any way? you mentioned security forces, but you did not mention the revolutionary guards, which are really khomeini's folks, right >> well, you are absolutely right. look, iran has two militaries, the regular army which is in charge of external defense, and

it has the revolutionary guard which is in charge of defense of the revolution, meaning the threats can come from inside or outside. there has been some talk of people from the paramilitary force which answers to the revolutionary guard joining in the protests but here's what we don't know we always talk about hard liners versus reformers in iran but we talk about that in terms of the politicians. after 38 years of the islamic republic we have no idea of what the factional divisions are within the revolutionary guard corps. in 2007, iran reorganized the revolutionary guard, putting one unit in every province what we don't know, for example, is whether the people in those revolutionary guard units in each province are native to the provinces in which they serve. if they are, that suggests that ideology trumps kinship, if given the order to fire on crowds in the street if they are already moving revolutionary guardsmen around, that's an indication that at the very top of the regime, they are nervous this could be their last

year >> at what point do we start getting concerned that oil exports will be affected >> well, we should be concerned for two reasons. number one, if there is a strike in the oil fields, that's something that has never really happened before, but it's quite possible since 2005, we have had a number of wildcat strikes in iran in different industries and if the iranian regime collapses, remember the revolutionary guard controls 40% of the economy the regime may go, but what will the revolutionary guard do afterwards they may not just sail calmly into the night they may have other plans. we have seen where the arab spring went. there's no reason why iran should have a peaceful transition if even egypt, let alone syria and yemen, couldn't. >> i guess my question is, why did this happen now, and what is the mechanism by which these uprisings e ingings spread acroe

country when you have government control of media and so forth? why now and how, what is the transmission mechanism that makes them appear as coordinated as maybe they are or aren't? >> well, when we look at all the histories of the demonstrations, they all started for different reasons. what we can tell collectively is that iran is a tinderbox the question is whether the government is better at smothering the embers than ordinary people are at fanning the flames iran is also a tremendously cosmopolitan society and a connected society which is why the government is trying to shut social media right now but with vpns and perhaps other technology, satellites and so forth, people may be trying to get around this. so we see what will happen there's a long history of mass movements in iran. one of the other things that upsets the regime is where the arab autocrats can say hey, this democracy thing, that's just a western implant, iran had a

constitutional revolution in 1906 they can look at democratization, a parliamentary democracy as an indigenous concept, not something imposed from outside that's also something that shakes and worries the ayatollahs >> the response from the white house this time around under president trump is so different from the response back in 2009 when president obama was in power. what do you make of donald trump's attitude, what he's posted on twitter? is this how the u.s. should be handling this situation? what should a cnbc business audience be watching for as events unfold? >> first of all, there's nothing wrong with standing up for principles if those principles are freedom of assembly, freedom of speech, freedom of religion, we shouldn't necessarily be picking favorites. most of the opposition groups we hear about in iran are 40 guys in a newspaper or are externally based, they don't really have a great deal of legitimacy we should be looking at whether or not the revolution guard

units start turning on the units themselves we haven't really mapped the breakdown. that's going to be the key question the other issue which really makes this different from 2001 and 2009 is just the sheer number of casualties once we start having funerals we could get into a 40-day cycle of mourning and protest which is ultimately what brought the regime down in 1979. >> wow okay michael, thanks so much. >> thank you switching gears here, this frigid weather setting records and looks like it's not letting up any time soon weather channel's ron bloom is in little rock, arkansas with the latest >> reporter: good afternoon from the chilly mid-south, where 20 to 30 degrees below where we normally should be we had a pretty normal december but new year's eve, that started to change. the winds howled in from the north and the temperature plummeted to about eight degrees overnight. it was 12 degrees last night warming up to about 19 now the wind chill probably about

ten degrees but hey, it's just cold here. one of the biggest things we are hearing impact-wise is checking in with some of the big plumbing contractors. one of the biggest outfitters in town, took six attempts to get through on the phone this morning. when they finally answered, they said they had 187 messages waiting on the machine this morning and had crews out all weekend. they will be busy with dozens of plumbers for the rest of the week checked in with other plumbing outfitters, same story houses here, a lot of them are built up on piers, on cement block piers and the pipes are exposed or they just don't have the insulation you have up north. this is really the first day back to work we were outside one of the big state office buildings and to a person, people coming in were bundled up with multiple layers, saying boy, this is cold some of the northern ex-pats who live in the south and say they had forgotten what a chilly morning in chicago is like but it happened to be happening in the center of arkansas we are here at the metropolitan emergency medical dispatch center because we have been

watching and tracking the ambulances going out the other big story, the impact on people. they have had two cold weather treatment calls this morning neither of them serious. the city and various agencies here, there's about 40 of them reaching out to the homeless population and even animals. they are cautioning people to bring them in. the city shelter saying we will keep your pets for a few days if you can't keep up with them in this very cold it gets above freezing tomorrow afternoon but pipe-busting cold for the rest of the week overnight. that's the story here in little rock tyler? >> ron, thank you very much. so who gets the family pet in a divorce now the court in one state can decide what is best for the pet. more strange rules new for 2018 coming up. plus it's a growth industry. how companies are trying to cash in on california's joining the pot party. ck brit unch" wille gh ba

when a new year means new laws, some of them big, like the tax law. the others, not so big, like the pet laws kate joins us to explain >> many minimum wage earners are ringing in the year with pay raises 18 states are hiking hourly workers' pay in illinois, the wellbeing of pets will be considered in divorce cases. the court can allocate joint or sole ownership of pets in part based on their welfare service animals will be exempt from that one. sticking with the prairie states, schools can't expel kids

who are in pre-k anymore they have to be documented for difficult behavior, then they can be transferred to other programs within the school in tennessee, barbers can now make house calls previously this was only an option if the client was ill the barber does need to have a residential barber certificate in order to make a home visit. good news for people who like to get wild on social media vermont will now prohibit employers from requiring or requesting that employees or applicants disclose personal social media account info or access their accounts in front of their employers finally, california's legalization of recreational marijuana is of course grabbing headlines but that law also comes with a follow-on law that's getting less buzz california drivers and passengers will not be able to ingest while on the road just like with alcohol which seems pretty common-sense. >> because you need that law can you tell us how many laws were removed my guess is zero >> i don't know. >> they never take them away >> legislators love to

legislate. >> i saw you laughing during the barber one you like that? >> they finally got rid of ridiculous licensing requirements >> i know. covering small business, you just hear about the crazy ones last year there were cookie baking regulations in some states they get crazier every year. >> don't do a bong hit in the fast lane is the headline of your hit >> or edibles. >> thanks, kate. staying with the booming business of marijuana, it is the first pure play pot etf. we speak with the man behind that new fund. will the new year bring a new round of layoffs to wall street analysts? new regulations could mark the beginning of the end for much wall street research we tell u y u ou ce.yowhyoshldar

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hello, everyone. i'm sue herera here's your cnbc news update one u.s. service member has died and four others wounded during a combat operation in afghanistan on new year's day. in a statement released by nato,

two of the wounded are being treated and are in stable condition. the others have returned to active duty. iceland becoming the first country in the world to legalize -- to legally mandate, i should say, equal pay between men and women. that law took effect on new year's day and it states that companies and government agencies employing at least 25 people must obtain official certification of their equal pay policies or face fines the miss america organization naming former fox news host gretchen carlson as its new chairman of the board. carlson, who won the title back in 1989, has been a vocal critic of the board since a number of leaked e-mails rocked that organization last month. if you think it was cold in times square, check this out almost 2,000 people ran in an ice marathon on a frozen river in northeast china as part of a new year's celebration the marathon kicked off yesterday, despite the temperature hitting just five

degrees. that's the news update this hour melissa, back to you >> brr >> it's going to get really cold here at the end of the week. >> not looking forward to that thanks, sue. let's take a check of the markets right now. the big winner in today's session, really the nasdaq outpacing the other three major indices, up 85 points. dow jones industrial average up by a quarter percent the s&p 500 up by .6%. energy, consumer, discretionary and health care your leaders today. the yield plays, utilities, real estates are the lagging sectors. tomorrow, new rules go into effect in europe that could have a big impact on the banks, fund industry and you let's walk you through it. we talked about it on "power lunch" for months but since it goes into effect tomorrow, let's hit it again the formal name, the markets and financial instruments directive part two yeah wonky. it's a european rule but one that may be felt here as well and it's important what does it do? it is designed to increase

transparency in financial markets, primarily by making the flow of money between banks and stock managers more transparent. obviously that adds more data reporting requirements and most importantly for you, forces the unbundling of fees for research and trading. in other words, as of tomorrow, in europe, fund managers have to pay real dollars for analyst research, not just get the research for free and then make it up by paying soft dollars through the trading desk that is key. okay it's a european rule so why are we talking about it here in the states first, it may impact us as well. because many firms doing business there are the same ones doing business here. so if they have to pay real money for research, it could set a price for research that would trickle over here which means fund managers now actually may have to buy stock reports here as well, meaning they could, could have to raise fees for you. if research costs go up, lik most expect they will, there's a real fear that analysts could lose their jobs which means we

may have fewer companies covered by analysts, thus the continued push toward more etfs, single stock ideas become a little more difficult to find. guys, overall, it's a 500 plus page rule that goes into effect across the atlantic tomorrow, but everybody on wall street is watching it here because nobody knows exactly what will happen those are some of the things that people we have talked about say could happen, certainly something to watch >> yeah, but good explainer there. it will certainly have an impact. the president is back at the white house today, back to work, back to tweeting eamon javers covers that for us. >> reporter: the president doesn't have any open press events today so we wouldn't see or hear from him we can certainly read him in the form of tweets he has been putting out. let me bring you a couple newsworthy ones, including on daca, deferred action for childhood arrivals legislation that will be caught up in this government funding showdown later this month

the president saying democrats are doing nothing for daca, just interested in politics daca activists and lis panhispa will go hard against dems and start falling in love with republicans and their president. we are about results not clear whether this is more or less likely for the president to push for a deal on daca the white house signaled they have been open to that given conditions including funding for interior security, some immigration efforts, funding for the wall as well all of that in the mix here at the white house. the president tweeting about it as well. he is also tweeting today about commercial aviation, saying since taking office, i have been very strict on commercial aviation good news. it was just reported there were zero deaths in 2017, the best and safest year on record. a lot of folks looking at that on twitter, getting the sense the president is sort of taking credit here for a very good year in commercial aviation in 2017 here's the record going back to 2008 you can see there have been zero deaths in most years going back

to 2008, with the exception of 2009 so that has become more or less standard here in the united states, to have these very very safe commercial aviation years the president highlighting that on twitter today and we will see from sarah huckabee sanders at 2:00 what the white house wants to say on a whole host of fronts, whether it's immigration or welfare reform or infrastructure which is something they have said they would pivot to this year this is the first working day of the year here at the white house. we expect them to say something newsworthy on that front as well in just about a half hour's time >> we will be watching thank you, eamon javers. so what is on the white house agenda in 2018 what should the markets be on the lookout for in weeks to come let's bring in alexis semendinger from the hill and damian poletta from the "washington post." alexis, i think the markets are probably looking forward to an infrastructure plan. president trump alluded to it could be unveiled this month

it seems like it could actually be a thorny issue, not the bipartisan issue everybody had expected or was hoping >> you are absolutely right. the president has previewed this topic for the year as if it's going to be easy and bipartisan. of course, we have all seen him talk and heard him talk about this since the beginning of 2017 most of the folks that we have talked to, we have interviewed, are pointing up quite a few sticking points and one of them is that the democrats and republicans don't talk about infrastructure in the same way the president hasn't unveiled a plan but democrats tend to talk more about direct financing or spending from the federal government, and republicans are eager to talk about public/private partnerships. they are more interested in tax credits. so whether you talk about the politics or the fact that their definitions of infrastructure are different or the questions about how to finance it, it seems that at least on capitol hill, a lot of folks are a little bit more skeptical than

the president is that this is going to be easy >> the context of course is coming off of a tax reform bill that's going to expand the deficit. the focus will be on spending and how to pay for it. so that in and of itself could actually divide the gop itself >> exactly with the tax bill, you had an issue that really unified the republican party on an infrastructure, the president has talked about a $1 trillion package he's at times said it would be 20% paid for by the federal government, the rest would come from businesses or states, but he's also said he doesn't like the public/private partnership idea and it might have to all come from the federal government we don't really know what blueprint he sees. he does have the potential to be able to cleave off union support from democrats i'm sure a lot of unions are behind the idea of more spending on infrastructure. if he plays his cards right, he could take advantage of that right now there's just a big question mark about how this infrastructure plan would go obviously, the republicans think it could be a really good thing going into the midterms to have a big jobs package like this

right now, the details are just really a mystery >> for companies in the broader economy, alexis, one of the key issues clearly will be trade in 2018 and how the united states may weaponize trade or how it gets tied up into sanctions and retaliatory moves by the administration of the u.s. government against countries that it sees as not cooperating, for example, putting pressure on north korea. how is trade likely to play out this year? >> well, one of the things that has been interesting at the beginning of the year is the president's emphasis on issues that he describes as bipartisan and as damian just pointed out, there is also a concern about issues that divide the republican party and on trade, there are a variety of issues that are more divisive in the president's own party, and the president has not emphasized going into this new year very much about nafta, for instance,

or trade as it relates to asia, although the president is always talking around the periphery so it has not been an issue that has been at the fore of this new year, even though it's percolating behind the scenes. >> but it really could be an issue, right we are waiting to see whether or not he is going to withdraw from nafta or the wto >> and the korea agreement right. he's kind of running, he's iced the puck so many times on these trade threats that now he really has to kind of decide what to do i think there's a big risk, i know within the white house they are really split, some people feel it could be a huge mistake to jeopardize this economic growth that we are seeing and the stock market run we are seeing with some kind of very aggressive move on trade so i think the business community feels like they have kind of talked him off the wall before, they can do it again, but he has to kind of follow through on these promises he's made this will be the time he's going to have to decide whether or not to follow through. >> all right thanks for joining us. we appreciate it >> my pleasure we have a news alert on

bitcoin. dom? >> so this comes via the "wall street journal" guys according to them, citing sources familiar, peter thiel's firm has amassed hundreds of thousands of dollars of bitcoin, that's again according to people familiar according to those people familiar, the founders fund bought around $15 million to $20 million in bitcoin and at least told its investors it's worth hundreds of millions of dollars. it isn't clear whether or not the founders fund has sold any of its holdings. so interesting development here. it comes of course amid one of the biggest pull-backs for bitcoin prices and a roiling amount of skepticism about whether or not there's a future for it in 2018 after the meteoric rise it had last year >> as you were reporting that, the intra-day move on bitcoin, very very large. clearly the market's responding to see somebody with so much credibility getting into this. >> absolutely.

again, this comes of course with regard to a lot of other folks out there saying this move that we have seen to the down side could be maybe foretelling of other things in the future there's a huge debate, especially about whether or not there's a real future for it but he was a co-founder of paypal, big payments network, if he's getting into it, maybe there is debate to be had. >> if we are trying to figure out the cost basis, a lot of people are, in mid-2017, bitcoin was $600 or so, $500 they are making a lot of money off this, for sure no matter the timing >> like you said, the move right now says it. whether or not it stays that way, we do know how volatile the currency can be with regard to some of the headlines coming out. >> as long as they bought before december >> even if they bought in december >> peak was 20,000 two weeks ago. >> first investor in facebook as well i wonder, he's had some good investments.

he's been politically charged but i think his investment track record is pretty good. to the bond market we go rick santelli tracking the action >> you know, it's an exciting first day for treasuries as a matter of fact, if you go back about 10, 12 years, you will find that there's a lot of first couple of days, first weeks, where treasury yields come out of the box roaring but they don't necessarily finish roaring. look at the intra-day of tens. we are up half a dozen base points twos are up four, fives are up five, 30s are up eight the curve steepening we go back to march to find a higher zone. not the highest yield but we are now in a zone above 2.44. the market seems to have pretty good volume. we need to pay attention to this upside move. five basis points, highest yield, should they close here, in april of 2011 finally, you would think with the curve steepening, the stock market up and rates up, the dollar index would be up wrong.

dollar index not only is not up, it lost its 92 handle, as you see on the september 1st start to the dollar index. tyler, back to you >> rick, thank you very much seems like everybody is trying to cash in now that california has legalized recreational marijuana. we will have a live report on the business push coming up and talk to a person who used to run a latin american real estate etf. he's changed it now to focus on edwe (siren wailing) (barry murrey) when you have a really traumatic injury, we have a short amount of time to get our patient to the hospital with good results. we call that the golden hour. evaluating patients remotely is where i think we have a potential to make a difference. (barry murrey) we would save a lot of lives if we could bring the doctor to the patient.

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people there, it's wrapping all outside the doors. this is a full service business. back there is a healing room where they offer massage and acupuncture. it looks like a spa room look at this glass display they showcase marijuana like it's jewelry the owner here says we have come a long way from the back corner illicit street sales and now he believes california is paving the way for the rest of the country. >> what happens in california, what starts in california, usually spreads to the rest of the world. we have done it with personal computers. now we are going to do it with cannabis >> reporter: still, there are a lot of hurdles first of all, there's a lot of regulations out there down to the fact they have to put everything in child-resistant bags also, the "los angeles times" recently did a review that says 70% of the cities, states and counties still banned the use of and cultivation recreational marijuana in the state

still, the owner of this shop remains bullish. they say that one-day sales spiked up to 170% yesterday with all the long lines that's despite the fact the prices are going up because of the high tax rate of about 45% that will bring in about $1 billion to the state's coffers this business will be expanding throughout the state they are increasing their footprint. right now they make about $44 million in revenue from two dispensaries they say that will go up at least 50%. back to you guys >> thank you very much companies already looking to cash in on the growing cannabis market the etf managers group launching the first marijuana etf. the alternate harvest etf. the fund was previously, get this, a latin america real estate etf before it was relaunched under the new name. joining us is sam mas,ucci, the etf ceo. a week or so ago, maybe a little longer, this was a latin

american real estate fund with how much assets under management >> up until a week ago, it was latin american real estate with $5.7 million under management. we launched that fund two years ago. >> two years ago you announced you were going to convert it, sell all that nice latin american real estate equities and go into an index based on cannabis plays. how much assets under management do you have since you announced that change? >> we have added about $70 million in assets in a week. >> so $70 million in assets in a week >> yes >> what do you -- how -- >> can we just say wow holy smokes. >> yeah. this is like a company out on long island that put block chain in its name and went from a market value of zero to whatever it is. how do you explain to all the nice latin american real estate investors that now the fund they thought they were in is no more, and now they are going to be in a fund they may have moral qualms about

>> well, there is certainly a prescribed process for changing a benchmark. this has been done close to 400 times in the etf space we launched the latin american reit fund. it didn't resonate with investors. it mate since to switch the a benchmark that had investors we worked with prime indexes and we launched the alternative harvest etf. >> are there enough companies that are pure play, pot companies that you can make up an etf >> there are, the minimum cap value is 200 millions for all traded company in the portfolio. >> 65% of the portfolio is pure play can can nibus >> who came up with the -- who created the index and what is your relationship with the index creator? >> we work with prime indexes,

that's the company that's headed, we developed and managed etf. we handle all structuring and compliants >> it is not a mutual funds. what do you know from going from latin america real estate to pot. >> we are experts within the etf space. >> did you sell everything in a day? >> how would that work logisticallly? >> we did a mailing and letting them know there would be a change in benchmark. >> our manager sold out of the real estate and reinvested in the canopy stocks and all the

stocks that make up the alternatives >> are you up and running today as we play >> we are. >> let me ask you one final question, what's the expense ratio on the fund? >> the fund traded a million shares today it is being very well received by investors and we think as the first pure play, it is rich and it is meeting that niche space hey, i want to be in the cannabis area, i want a portfolio. >> once again, you have gone from 5 million in assets before the conversion to how many today? >> 74 millions in about a week's time >> you are trying to get more. >> exactly >> all right, we'll leave it there. >> take it easy, sam as california gets ready for

legal marijuana. "the profit" airs tonight at 10:00 p.m. we'll have a sneak peek coming up later at "power lunch." >> big news endorsement that's sending shares higher and one anysalts layering out his single favorite stocks to own, both of those stories coming up.

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all with an xfi gateway. find your awesome, and change the way you wifi. time for "street talk" now first stock here is mcdonald's the new dollar menu, mcdonald's could have its first stock split. 90 for 180 final stock is global medical, gmed robot robotic opportunities.

fargo upgraded in december and raised their targets as well >> tyler, over to you. unemployment at 4% gdp growth, the economy is coming, can that continue this year in danica patrick will join us to talk about her full-time business get your motor running, the second hour of "power lunch" is about to take off.

here is what's on the menu for the second half of the show. eight years into the market, really, how much more can this market make you money? we'll find out life in the fast lanes danica patrick, live with a new clothing line. one of america's best known athlete. >> wave watchers just keep on making investors money >> ambassadors and investors love the news.

i i am brian sullivan, the second half of "power lunch" begins right now. ♪ and welcome to "power lunch," lets take a look at the market on this first trading day of the new year the nasdaq is leading up the chart here up. s&p 500 is up by 6/10 of a percent. fedex and norfolk southern and micron and broadcom and netflix is in the green. disney's ge and chevron is leading the dow. a good deal for retail nordstrom and macy's are all trending higher. >> ge's leading the dow. when was the last time you said that >> i am tyler mathisen

small business hiring slowed in 2017 the index closed the year at .99. airlines saw zero accident deaths making it the safest year on record over the last two decades, aviation deaths around the world have been falling. >> zion and u.s. bancorp will hand out tax cuts because of the new tax law. >> that's beefy. thank you, tyler >> investors waiting to see if stocks will continue for 2017 red hot streak or cool off in the new year dom chu is here with us, what do we call the january effect,

right dom? >> we talk about this effect what is the first trading da i say about january overall. nobody really knows, well, not many people does not expect the massive run hire that we saw in stocks this year lets take a look at history for january over the past 20 years, we want to look at that. our partner looks at major index for the last 20 years. the dow down by 1% and s&p 500 up by a quarter of a percent if you take a look at how it fairs for all twelve months, january is the third worst performing on average. it is down about 3 quarter of a percent. it is a coin toss on whether we see a positive or negative months the worth months that we have out there is the month of

september. august is down to a full percent. yes, it does not predict it but certainly analysts and traders will use this as a basis to formulate their forecast in the coming twelve months, guys >> 2018 is under way what's the expectations for the economy and the market lets bring in larry kudlow we'll go in old school and take you back into your forecasting, it seems to me the key of the economy will be whether or not there is a big capital spending. traceable in part to the tax law and to where we are in the economic cycle what are you thinking? >> i built in business capital x and cap x boom i built in a profit number of 10%. that is may turn out to be very cautious it is hard to know the distribution of the profits as a

consequence. just looking at 2018, i am going to put in 10%. i do think interest rates are going up i think long-term rates are going to go up i use the investment grade it is about 420 now. probably will go to 4 and 3 quarters it is higher capital returns as the consequence of the business investment booming coming. so just to get myself in hot water, back in the envelope, using a discounted earning space and discount rate is, i actually get a modest 6% rise in the s&p 500. it is roughly now, 2750 or something like that in. >> 2700. >> i got it up to 2850 next

year it is only 6% gains. i am trying to play it cautious. that's my basic. i am not worried of inflation. the tips, you know, the next treasury tips, they're telling me inflation is still about 1.5% i don't see any change in that the feds will move a couple of times. >> what are some of the terti y tertiary they are quick to point out, so what are sort of the trickle on effects of this knock offs in terms of hiring and etc. >> i think it is hard to be exact, i really do >> the bottom line, it is not in your forecast. >> i can spew it out i can go as deep as you want i am using old fashion, c plus i and consumption plus investment. i think the trade deficit is

going to widen growth i think is going to be 3% or 4%, closer to 3.5%. >> that's a big jump >> what it means is trade deficit is larger. >> because we input more >> that's correct. >> not for bad reasons >> that's exactly right. i have been trying to persuade the president for quite some time trade ambulanbalances, don't wo about that trade rules. i don't know about inventories and what the trade numbers are going to be. the heart of the heart is c plus i. there is a second model that's very important mark scouson comes up with a number, it is the biggest factor, it is about 45% or 50% of the economy, bigger than consumer spending, if business

booms of investment is stronger than i think then that's going boost my numbers across the board. here is another thing. you can look as hard as you want to look, it is impossible to find it. >> i think that's very important. again, profits are also the life blood of the economy they really are. >> i think that profit story itself makes me confident. i am lowballing stocks but i am confident there because you know what else, tax cuts often are followed by bigger jumps and long-term interest rates there could be hundreds. >> we just got news in my ear what orrin hatch, maybe the senior republican of the senate in terms of tenure is going to step aside did you know that in.

>> i did i have known him for a long time, a wonderful man. what makes it interesting is mit romney will be the senator from utah >> he will be appointed or will he run >> i don't know when mr. hatch is up. >> i don't know when his term is ending and he's not running for reelection or retiring >> if mit chooses to run and utah is one of his home states if mit chooses to run, he's going to win big in utah i think he's going to win 75% of the vote that'll put him in the senate and he will be a strong voice obviously, and well recognized guy and a lot of policy opinions having ran for president before and so forth >> i will look at that as a by product, hatch is by the way -- >> he's retiring at the end of

his term >> that would be 2018? >> i am not positive >> we spent a lot of time, senator hatch and senator pat toomey on the tax reform >> hatch gave a lot of service and physical conservative. >> was he ahead of the finance committee. he's been on the head of multiple committee and judiciary committee. >> and 85-year-old, he's sharp and tact >> the utah paper have called stepping down. i will tell you, if mit wants the seat, it is absolutely his seat >> interesting >> 3% to 4% growth, higher share prices is not near as much as this year. no inflation, i am not worried

about the feds right now i think it is going to be a great year and building on what's becoming the second half of this year which is really strong i just got to go i am just saying it is a very u bullish scenario >> more than 20 people are dead and many more injured. six days, continuing to rage in iran hahnsnichols is joining us now >> for the most part, it appears to be in the realm of politics >> the state department wants to communicate with the people of iran via facebook and social media. they have messages coming out in farsee, you will see more rhetoric with the president aligning with the protesters and trying to encourage them

>> you allow the government to blame outside forces and the pentagon specifically, they are monitoring this. at this point, this is not monitoring a military situation. they're really saying this is more of diplomacy economics and politics >> hans, back at you >> it is not just iran we could get another north korean's missile launch any time soon >> there is likely and where you want to draw the line between that, too. that's a open question missile test this week once said as soon as midweek and the other one said in the short term the caveat, just because you see equipment moving inside, does not mean they are not going to launch the path. hey, i here north korea is

moving stuff around. however, with that said, the type of movement they are seeing this time is consistent are previous launches or leading up to previous launches remember the end of november, they did the ballistic missile way up in the air and came back down we have a very part diplomatic kim jong-un says that he's willing to talk but he also has a button on his tape lets bring in our ally commander, talk about situation in iran. >> what's your assessment of what's happening there we have seen protests in the past before 2009 what about the time, is this time different what are you thinking? >> it is different this one is broad base and

occurring many, many more cities this one is almost popularism. they were prompted in the economy. this one is broader and it feels differently. i think it presents both the challenge and the opportunities and getting the messaging right as hans was telling us the opportunitywould be to see the end of this regime this one feels different >> soto soon to tell whether or not there is going to be a regime change. how do you feel the messaging thus far when it comes to the president's tweeting nikki haley just made a comment of the u.n as long as the statements are on the side of the people and don't

verge into you want to overthrow their regime >> so far, it is about about right and if we continue in that vein we are in the right place. what really is important michelle is getting our allies involved in this this and those in the region and saudis or your european allies. that could create the lightning rod. >> what are the odds of north korea and south korea sitting down and have talks potentially over a border wall >> i think that's going to happen and will happen very soon kim jong-un he's well named because he's unpredictableab he's gone out of the limb and he's willing to have stocks in social media that's going to happen and the

more interesting question is, whether kim jong-un continue to be unpredictable or conduct another missile test or worst, an government ground, hydrogen nuclear task look for progress between the korea's but also look for kim jong-un to continue to stir the pot with the united states >> got it. >> melissa, over to you. >> coming up on "power lunch." here in the united states, speaking of cars, indy car sta , diana patrick. >> how we are following their footsteps. all that and more ahead on "power lunch."

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it even lets you take a time out. no! no! yes! yes, indeed. amazing speed, coverage and control. all with an xfi gateway. find your awesome, and change the way you wifi. america loves trucks and automaker knows it truck sales of a record year in 2017 small car sales plummeting phil lebeau is joining us now >> look at what we have seen when it comes to cars made in the united states. they have had a rough go over the last five years. >> this is how much production

of small cars have dropped for the big three. >> this was last year. >> four gm, fiat chrysler, down 26%. >> fiat chrysler says they'll stop building cars suv and crossover remaining more these are profitable and as a result, they can follow those profits into futures technologies >> the industry is selling more of the profitable high margins vehicles and those are helping to peyton mouse vehicles >> as you take a look at the compares of general motor and fiat price there, by a wide margin of the best of those

terms, they'll report their summer sales we'll see the total sales of the year coming in of 17.2 millions. >> yes, that's a decline in 3.6 million in 2016. >> that's one of the top five years all times in terms of t t total fail >> all right, phil, thank you. >> sticking with cars, it is a happy new years for audi >> what does it mean for the automoti automotive, good to have you with us. >> fill out the line sort of the demand for truck as well as suv. is most of that focused on pushing out the car off the slot as oppose to the suv and light

trucks >> what they'll do is they'll spend more incentives per vehicles on the trucks because margins there are higher they want to sell more vehicles. they're ill wiwilling to let sof the waste cares go to the waist side >> 4,000 in december that was up from $4,001 in 2016. how much higher should be expect to see that? >> is that all sort of battling that we have been seeing >> competition will get tougher but you have products from chryslers and general motors and ford is going to stick in. we'll be competitive

again, the pricing is going to goif them enough margins that they want to battle more in trucks and suv >> i take a look at your rating, looks like you and your -- all by reiteraatings, you don't liku like byron >> you expect for it to search in 2017, when's wrong with december la. >> tesla is having its challenges getting those models freeze out >> i think they'll get the production going that's good news for the company. the evaluation is very expensive. >> you are paying a lot of fun for the future but, basically if you compare

this year to last year, i was doing more bull issue coming in from alast year. >> i had to same tom of them down in my opinion because they perform well. >> all right, thank you. >> my pleasure >>. disney dominated the box office in 2017 the big france chiez film, "infinity war. h are they planning to do the same this year? coming up after the break. how long did it take you two to save that? a long time. then it's a fortune. well, i'm sure you talk to people all the time who think $100k is just pocket change. right now we're just talking to you. i told you we had a fortune. yes, you did. getting closer to your investment goals starts with a conversation. schedule a complimentary goal planning session today.

i saw homelessness that i did not expect to see. where is all the money is the money leaving here? l of money leaving here. >> a ton of money leaving here >> where is it going >> it is going all over the world. >> i hear people buying houses in the grand cayman and people buying properties in south

america. because marijuana is illegal in federal law, it is hard for pot businesses to deposit cash or take out loans >> but, when i think of hospice centers and community centers, how is this being funded >> we have a generous community here >> if i go to a fundraiser here, are people dropping a bag of cash >> yes, show up at school and many people that had so much money that money is buried >> $700 a year >> this was a kip for "the profit m m -- >> it is on tonight, 10:00 p.m. eastern. >> looking forward to that

julia boorstin >> topic number one, julia >> um, absolutely, what's fascinating about this is there are 3 biggest women in hollywood in front/behind camera all of them teaming up to create a leader les organization and initiative to really drive change >> actual harassment and recrimination and having a possible way to really impact the lives o f women. not just in hollywood but they are funding a legal defense in history. they're going to help them soon even if they are harassed and make sure they are not punished for people speaking up it hopes to have wide reaching

imp implicatio implications >> the force is with disney. "star wars." >> over a billion dollars in box office for "the last jedi. >> about half of that revenue is over $500 million was in the united states. the reason why it is so amazing for disney is the movie have not get open in china. >> it has more more months ahead of it in terms of box office revenue. it gives i didn't say any more than 21% >> disney also had the number two movie, "beauty and the beast. >> number three was "wonder women. >> force the first time, the, stock rallied after announcing,

eye is a cig beale for the stuff. >> remember back when oprah win free took an investment of weight wager. >> since then, adding and found up oprah win free's wallet >> what's great here is that is this a different demographic it is not in - he's about 4 million followers on twitter he has snap chats and his snap chat athletes 300 million views. it is going to read that and fascinating to see what's happening. >> le already lost some weight and how much more can he lose. >> yeah, it is easy for men.

>> thank you, julia. >> brian >> all right, she's the most confess full female drivering in history. >> dan -- oh, it is my new book >> she's got a new book, you got to see, it is coming up after this you always pay

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all with an xfi gateway. find your awesome, and change the way you wifi. hi everybody, i am sue herrera, here is your cnbc update at this hour. orrrin hatch will retire at the end of the year. paving the way for mit romney who's running for the seat of the president for an eighth term amazon is looking to bring apps to its echo devices the ecommerce giants is in talks to create ads that build off of user's habits and shopping history. live

the company says it will be the first fully automated in the world. and a rare site, know, that's not the northeast that's savannah in a historic district turns to ice after the temperature slips well below freezing >> it does not end there >> that city is expecting possible snow and la veta tomorrow >> i think it is cold everywhere >> tie, back to you. >> we never kplapt about anything >> no. the mark et is about to close fr the day. jack jackie deangelis is back >> we traded a little bit lower today. the expectation is that crude is going to stay here we had the opec cuts, curving production through the end of

the year >> investors think they're going to be stronger now that the tax reform bill has passed of course, geo political concerns and watchingnorth korea closely and iran as well >> over 9.7 barrels a day, if that number continues to rise and opec number stops, riepgt now, lets wait and see >> sessions low, 60-10 >> we got lebron james and shack and you got to add danica. the most successful female in history and now in office and out with a new book called "pretty intense. >> what made you write that book and why? >> i honestly, i was looking for

something different. i froze my eggs and here moans >> four founds is my lunch >> it is unfortunatable. >> the last four months are always the hardest anyway. >> but, it works for everybody, there is people on the program, i did a focus dprgroup test wit 700 people there is people that lost 15 or 20 pounds. >> how is? is it 13 minute base >> a third sort of hol -- >> i feel of the new area we are starting to get into as a society more and more is how it

works and how powerful it is and everything from you know from your thoughts, you're subconscious is listening to what you are saying. >> i don't have the science booi behind it. >> i heard your sub -- i want you to read the book and do the program and i want there to be a healthier relationship with food and fitness from the norms >> which is how food tastes bad and working out is suck and boring >> it is hard. i wa food is medicine and no reason why it cannot be and fining things that work for you and that are fun >> you are adding to your well being or reducing it >> if it is not made it on your

son. >> yes, car races are athletes, right? >> yes >> it is obviously hot especially in the stock car. >> it we have a heart rate of a runner >> here is my point. >> you will go from professional athletes you got wine and lawyer clothing line, i am sure you got more businesses in the works. >> how are you going to manage that schedule and all the stuff in your book while building a brand and a business >> our viewers, that's our challenge. >> i got the kids and shoppers to go from 38 out of 40 weekend a year there was sponsor obligations and all kinds of other things that you had to go do.

taking it out of the occasion is going to freeze up a lot of times. no i am really getting into them deeper and you know go to ecvent for my wineries and write more books. and develop a clothing line more or maybe work on fashion shows these are things that i am excited to do. >> retirement was something that while it first seem stair ari. >> sounds like you are ramping up >> can you write my facebook how do we get more sponsors on the call >> the model of racing is some

where old fashion. stickers on the car is great, if you don't advertise on top of that, it does not activate you think of getting in the stand and the ticket prices have not gone down what has gone up is your assessablety at home whether it is computer or phones point. >> i don't know it is broken i think it is a little bit old and nascar, efrs sport trying to get ahead of them and getting on the social media side and figure out what it makes. >> sometimes it is not that easy >> if they new. >> i am working on some concepts

right now. >> it use youed to be. i have done this before and skeps have come to me and fit the schedule now, it does not fit the schedule it is kind of shifted a little bit of what be the most run and the best show. >> what do you want to see from the cooking show >> tyler, -- be the schedule >> inhabitant. >> danica patrick >> good luck, we'll see you at daytona. >> thank you very much >> biotech, out flows. >> should you buy the dip? >> we'll debate that straight ahead on "power lunch. we'll be right back.

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biotech is starting the year off good >> so what's next for the sector for more, lets bring in christoph christoph christopher raymond. it is great to have you with us. are you more optimistic of

biotech going into this year >> thanks for having me. >> comparatively, there is a lot more reasons to be positive. the set up commercially as well as the capital market environments and going into the first part of january, it looks a lot better than us >> the a lot better, what are you talking about that there pipeli pipelines or tax reform >> biotech had upside and was up pretty nicely from the start of the year >> it was decidedly negative we started of a number of larger names and particularly i think that scared a lot of folks away a lot of larger names sold off we are starting at a point here

beginning of the year that's a lot more attractive than we were at the beginning of 2016 >> you do have some of the largest stocks do you think any of these guys will be involved with mma? >> there is absolutely the potential for that it is not apart of our thesis. i think all the above have shown an appetite for it and not shine away >> does it make it likely that it does mma because of tax reform and repatriation profit >> i think tax reform certainly helps the groove but i think just it is really hard to pick a time when you see more that's one of the issues that helped the sector back in 2017 was the lack of mma. >> right >> it awesoll comes back to the mean >> jp morgan healthcare

conference is coming up. that's a big catalyst for a lot of names out there which companies are you watching closely? >> there is a lot going on i think most of the name in the large concept space are prereleased. we'll look at a lot of the big caps one smaller cap name that we covered on rare diseases adontis, we are really excited on that one. the ticker on that is named bull >> chris, we appreciate your time >> thanks. >> chip stock kicking off the new year with a bang >> is there more room to run that discussion is straight ahead on "power lunch. at ally, we created a savings account with a great rate. but if that's not enough, our app helps monitor your spending too. and if that's not enough to help you save, we could start a carpool.

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time now your ft trading nation." today let's trade the semiconductor stocks, they're surging. micron, amd, jumping over 5% craig johnson with piper jaffray. chad with washington crossing advisers chad, why do you think investors would be smart to buy the smh etf? >> well, i think it's a safe way

of playing it in the short run, we do favor this exchange-traded fund we think global growth as well as investing spending on technology is quite favorable. that bodes well. overall, you're not getting individual company risk. you can buy a broad basket in the long run, this, though, is a hypersensitive to global growth so if you start to see any kind of deceleration of investment spending, you have to be not quite complacent with this one we think in q1 you're going to see an out-performance >> optimistic with a word of caution there. craig, how do the charts look? >> right. >> well, brian, if we look at chart of the smh, what we've seen so far is a correction back to the longer term uptrend support line that's been in place. now, today's move up is really interesting. we're coming right back up to the 50 day moving average. 101. we need to push through that if we don't push through that, we can eventually see a setback on this particular index

as you know from the big picture, we've been seeing some profit taking in tech, money rotating in energy, but for now, you got to stick with this smh trade to the long side but bgot to be watching the 50 day moving average. one stock that stood out to us is one of the biggest names inside of this undindex is intel looks a little extended. i think we can continue so see the stock push higher, 9% or so from where we are right now, buy wrap. >> wow, the smp looking good bullish call on intel. we didn't expect a twofer. craig johnson, thank you very much chad morganlander, optimistic but says be careful. for more "trading nation" head to tradingnationcnbc.com. >> now the latest from tradingnation.cnbc.com and word from our sponsor. >> limit orders are usually a good idea but especially important in volatile markets. using limit orders will ensure you don't pay too much for the stocks you buy or get too little

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check please >> all right time now for "check please." guys, we knew 2017, god, it was so last year, was a good year for the stock market i didn't realize that it was -- it was not a great year. it was the -- not knocking the market 27th best year for the s&p 500 on record. that's it.

i thought it would -- >> percentage terms? >> yeah, i thought it would have ranked higher at 19.5% total -- >> i would, too. >> i'm happy with 19.5%. probably a better year relatively for the dow >> nasdaq -- >> and nasdaq. >> so my question to all you smart people up here, what was the best record for the s&p 500? >> 1935. >> 3 '33. >> wow. >> pretty good. >> not a good historical reference. >> i wonder it more people are talking at this year's market rise because of the low expectations given trump, also more and more people are exposed to the stock market. 53% of individuals have exposure to the stock market through 401(k)s. more people feel it. >> i think you're very right on your first point, though, we should go back and play the tape the day before the election -- >> doomsday scenarios. >> if trump gets elected -- >> it's all over, recession. >> terrible, sell your stocks. so wrong. >> the market fell 12,000 points and recovered immediately. >> at, like, 1:00 in the

morning. >> we should play the tape from 193. >> sound like joe biden. >> find that tape. >> greetings, fellow americans. >> want to talk about bitcoin. we saw the huge intraday spike on the news that dow jones reported that peter thiel's founders fund invested between $15 million and $20 million somewhere around mid 2017 in bitcoin, itself, it's now worth hundreds of millions of dollars. we did see that spike there. as you see up about 11% what a great investment. >> phobe wanobody wanted to tal bitcoin over the holidays did they, with you guys? >> like crazy. >> every event i talked to. >> peter thiel has a great track record. >> exactly. >> facebook, paypal, on and on so don't forget, watch "the profit in marijuana country" tonight, airs at h 10:00 p.m. eastern time on cnbc very interested to see this. this is the second time marcus has done a piece on marijuana. the first time he did it, even though he found the businesses to be unbelievably profitable,

you don't want to invest in them he felt like porl morally it wa right. >> congratulations to our colleague hoda kotb, named the permanent co-host along with savannah guthrie of the "today" show. >> where did she go to college >> she went to virginia tech she certainly did. >> woo hoo. >> a very popular soul and nice one as well. >> absolutely. thanks for watching "power." >> "closing bell" starts now and our con grgratulations hoda, too. >> absolutely. >> welcome to "closing bell. i'm kelly evans a the new york stock exchange >> i'm bill griffeth big shakeup in the senate, one of president trump's biggest supporters is about to leave making room for one of his biggest republican detractors. >> just breaking here in the lo last couple minutes. plus a new round of violence in iran may be about to shake up the oil markets as we watch crude grip the