the dow crosses 25,000 for the first time ever as the record rally kicks into a higher gear. digging out. residents up and down the east coast are trying to return to normal today following a monster snowstorm. we have the latest on the aftermath. and cheerleader in chief president trump celebrating wall street's record run, but does he deserve all the credit for the rally? we'll debate it. it's friday january 5, 2018, "worldwide exchange" begins now ♪ good morning

warm welcome to "worldwide exchange" this friday morning on cnbc i'm wilfred frost. >> i'm seema mody in for sara eisen today. good morning to you. >> good morning to you let's check in on the global market peicture this morning. a day of gains, up slightly resounding week to kick off the year it looks like it will continue the dow up 61 points nasdaq 23. s&p up 5 in premarket trade. yesterday financials played catch up having lagged the market for most of the week. but for the week as a whole, energy the clear winner with oil prices rising. that sector up 4% in the s&p ten-year treasury note for youful yieyou. we started the week in the low

2.4s, ending at 2.456. >> the 1,000-point run we've seen in the dow is the fastest in history look at asian equities, japan seeing its biggest one-day gain in over a year you can see here on friday closing higher by nearly 1%. softer gains in hoping congress and china, but still stocks there moving to the upside the kospi up better than 1% on the day. in europe, the ftse 100 trading at another record high surpassing 7,700 up 0.3%. >> on the eurozone point, cpi inflation 1.4% year-on-year. the consensus was 1.4. the prior reading was 1.5% i bring this up for people who

always say we must be ready for a rate hike, the ecb has a single mandate, it's inflation, the target is 2% we're some way off it. if the last month was 1.5 and now 1.4, we're moving away from getting close to that target inflation is the key thing to watch. oil prices this morning giving back some of the strong gains. a full percent now we have softened over the last half hour or so for the oil market coming in to today, up 2.5%. giving back 1% of that that's why the s&p energy sector has done so well gold prices up about a percent for the week as a whole. today just giving up about a third of a percent or a quarter percent. one reason stocks had been outperforming is what we're seeing in the currency market.

the dollar continues to weaken that was the story in 2017 that continues in 2018 you can see the euro letting off some of those gains it saw yesterday. the euro was trading at a three-year high against the dollar yesterday right now 1.20 against the dollar the dollar higher against the yen at 113.20. pound basically holding flat against the greenback at 1.35. bitcoin, the s.e.c. once again weighing in on the cryptocurrencies the chair, jay clayton, commending the north american securities administrators association for cautioning investors about crypto related investments. it took a lot of time for the s.e.c. to actually play a pro active role in trying to regulate bitcoin, virtual currencies, now you're seeing them play a much more vocal role perhaps a trend to watch in 2018 bo the u.s. labor market is the

big focus today. december jobs report is due at 8:30 a.m. eastern. non-farm payrolls forecast to rise by 180,000, following a 228,000 gain in november the unemployment rate is seen holding at 4.1%. in addition to the jobs report, november trade deficit at 8:30 followed by the december is mark services index and factory orders at 10:00. our top story, residents up and down the eastern seaboard are digging out this morning following that major snowstorm landon dowdy joins us with more. good morning >> good morning. that storm referred to as bomb cyclone by forecasters has left at least five people dead, three in north korea, one each in pennsylvania and virginia due tow trucks and cars crashing, running off the roads. the storm causing coastal flooding and blinding blizzard conditions with wind gusts as

high as 60 miles per hour in some areas power outages are easing in the south after thousands were in the dark about 9,000 georgia power customers were without electricity. almost all service has been restored in south carolina power than 3,000 florida residents remain in the dark and 5,000 in north korcarolina thousands of flights have been canceled or delayed. some of the major east coast hubs are slowly returning to normal this morning. travelers are urged to check with carry brers headiiers befou to the airport meteorologists are warning of a deep freeze throughout the weekend with about 115 million americans under windchill advisories, watches or warnings. back over to you >> thank you very much former uber ceo, travis kalanick, he's reportedly selling nearly a third of his 10% stake in the company for 4 $1.4 billion the sale is set to be part of a broader investment deal left by

softbank the consortium is buying shares from early investors and employees to take a 17.5% stake in the company >> we don't know whether he wanted to sell any more of this or not but he wanted to keep more control, unlikely you can keep more control if you're selling some stake i think this will prove to be a great -- whether it's a forced decision or him or a chosen one, it's a good time to cash out a third of his stake it's a huge amount of his money. things could go all sorts of different directions interesting article in the ft about market share gains that lyft has made in the u.s. market and the fact they're only in the u.s. market at the moment, they're about to try toronto, that could be an advantage less cash burn, more profitable, less regulatory issues like uber is facing in london and around the world. >> the pain uber has felt, clearly a gain for lyft. we saw that in 2017. we have a triple dose of

news on apple. the company reports all mac and ios devices are affected by the meltdown and spectre and security flaws it will issue a patch to its safari web browser against the flaws in the coming days billboard reports that jimmy irvine could leave his role at apple music this summer. iovine joined apple as part of its $3 billion acquisition and purchase of beats in 2014. apple says app developers earn 26$26.5 billion in revenue last year, up 30% from 2016. ios customers made nearly 9$900 million in purchases from the app store between christmas eve and new year's eve alone apple flat in the premarket. had a great year last year has had a great couple of years. >> up 48% the last 12 months dialog semiconductor has

been downgraded by two analysts at bank of america and merrill lynch. they point to the chip flaw affecting apple devices as hurting sentiment. that stock down 4% sonic reported a drop in first quarter revenue. same-store sales fell amid continued price competition and bad weather. shares rose as the drive-in restaurant chain says it expects earnings growth of 5% to 10% this year. sears holdings will close 103 more unprofitable sears and kmart stores this year the department store operator has wrackrack wracked up 24 stre quarters of declines the stores will close between early march and early april. gopro reportedly cutting about 200 to 300 workers at its aerial products unit the job cuts are part of a larger restructuring in the company. barnes and noble says

same-store sales fell 6% in the holiday season they struggle to compete against amazon barnes & noble's market cap is below 5$500 million it's down in the premarket. credit suisse has downgraded nokia to neutral from outperform still ahead on "worldwide exchange," betting on the banks. what you can expect from the financials in the year a top analyst with his top picks. and later cheering the rally. president trump celebrating another major market milestone, but does he deserve all the credit for this record run we'll debate it when "worldwide exchange" returns. l transaction secure from hacks and threats others can't see. this is a skyscraper whose elevators use iot data

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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 let's get you up to speed on the market action. another day of gains it looks like we'll have the same today all three indices higher the dow closer to triple digits. 72 points. the nasdaq up 26 points. for the week a 2.5% of gains for the nasdaq about a percent and a half for the dow and somewhere in between for the s&p. tech has outperformed. but the energy sector has been the best sector this week for the s&p. oil prices are up 2.5% for wti we are giving up a percent of

that, but nicely higher for the week >> let's stick with the markets. david tepper is still bullish. in an interview with scott wapner yesterday, the appalossa founder said explain to me where this market is rich? it's not rich with the tax thing that just changed earnings projections. with earnings forecasts going up and interest rates where they are, how is this market expensive? there is no inflation, the market coming into this year doesn't look rich. in fact, it looks almost as cheap as coming into last year he goes on to say the market can't go down until the bond market gets hit. it's amazing where interest rates are. he is saying the bond market is the key indicator on whether the stock market rally can continue. >> the bond market point is interesting. we wonder where the money will go if people sell equities

everyone thought last year we would see rates end higher than they were. the ten-year didn't do much over the course of the year if you see the yield rise significant significantly, that could be not just a bear market sign for the economy as a whole but make markets attractive again >> i would point out even though we've seen this record rally here in 2018, rate-sensitive sectors have been under pressure if you look at real estate utilities yesterday, they did underperform some high growth sectors. >> absolutely right. it's hard to believe, but earnings season kicks into ful swing next week. big banks kick off reporting on friday what can we expect from the financials for q4, which they report in q1 joining us is steven tubak let's kick off with banks first of all a fantastic run we've had, both late 2016 and through 2017 is it still a broad sector,

particularly the big five banks you cover? is it still supported in terms of valuation >> i think it is at this juncture we're looking at tax reform, higher rates, these are significant tailwinds to earnings. on top of that you have the prospects for deregulation these are all quantifiable benefits you start to look across a broad spectrum of banks, you see that there's probably another 20% upside across some of the more attractive names we've tried to highlight the names that have their policy winners, who will benefit from higher rates, benefit from tax reform, but at the same time are also having self-help levers afforded to them bank of america is a story there. you have the policy wins that they benefit from on the tax and rate side. >> on the policy wins, if we talk about the deregulation part, the best case is it should help the smaller banks first yet you say bank of america is

one that can benefit it was up last year, and is still your top pick this year? >> as we think about the household names, everyone is quite familiar with them, we do see some help from deregulation, but the thesis is not contingent on that we're not banking on that sto support the 20% upside on that. for the margin it helps more for the smaller banks than bigger banks. i think the whole group will perform well >> banks have outperformed, yet it's not the best performing sector since president trump was elected. if tax reform and deregulation is so positive for financials, why haven't they seen a bigger outperformance >> we have seen a flattening of the yield curve. our economists do expect we'll see steepening in the back half if that does not materialize, you could see other pockets

benefit more but my personal view is that we will see a little bit of rotation out of the growth names, into some of the value sectors like finltancials. a lot of people are highlighting banks positively into this year. that's a consensus view. what i would say is probably there are more obvious candidates like wealth management firms i cover steve iffel, raymond jas maybe not big games, but they are helped from rates and tax reform i think there's upside there, but people should target the smaller names. >> one name people are targeting for 2018 is goldman sachs. it was the biggest underperformer of the big six last year. you still don't like it. what's your avoid case on that >> i have a couple of concerns one, as we think about who are going to be the big winners this year, it's the policy pen fi

beneficiaries. goldman does not benefit address much from tax reform they will take a fairly large eta hit. that's been well telegraphed to the market that means will you have lower capital returns at least in the near to intermediate term. >> at what point does the first resoundingly successful half of lloyd blankfein's tenure fail to cover over the cracks of the most haven't years of under-performance? is he under pressure do you think it's possible he could leave in the near future >> some have suggested that. that's not our expectation goldman has been dealt a challenging hand no one could anticipate the degree or extent of regulation and regulatory burden put on the big banks. and the declines we've seen on the trading side they are starting to pursue growth initiatives i do think if their new consumer lending initiative and other growth initiatives that they outlined, it's about 5 billion of revenue growth they're

targeting, if that doesn't materialize, he could see pressure, but not in the near-term do i foresee meaningful changes at the top. >> steven, thank you very much still ahead on "worldwide exchange," remember this >> we are in a big, fat, ugly bubble we better be awfully careful >> that was candidate donald trump more than a year ago now he's celebrating wall street's record run we're digging in on the president's most havenven recens when we come back. .. so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally found in jellyfish, prevagen is now the number one selling brain health supplement in drug stores nationwide. prevagen. the name to remember.

welcome back to "worldwide exchange." president trump taking some time to tout the dow crossing the 25,000 mark. >> we broke a very, very big barrier, 25,000. there were those who would say we wouldn't break 25,000 by the end of the eighth year we're in the 11th month. we broke 25,000. i have to be careful because maybe as i walk out it goes down you always have to be careful with that, tom but we did, in fact, break 25,000 substantially break it. easily so i guess our new number is 30,000 but what it means is that every time you see that number go up on wall street, it means jobs. it means success it means 401(k)s flourishing >> just about two years ago on

"squawk box" when then candidate trump had a different view of the markets. >> i hope i'm wrong, but i think we're in a big, fat, juicy bubble >> let's bring in tracie potts the president continuing to cheer the rally last night as well >> he retweeted a graphic from fox business showing a number of record days on wall street earlier he talked about unnecessary regulations being cut, taking credit for what we're seeing here. you also heard him referring to being careful because things can turn around at any moment. analysts say that's the real danger here of the president repeatedly touting what's happening on wall street, that if it falls and there's a bust he may have to take the blame for that as well or the question is will he take the blame for that he is certainly fond of talking about what's happening on wall street, especially on his

twitter feed he tweeted about finances and the markets 52 times in the last year, that's just about once a week today we're expecting the jobs report, all expectations are it will be strong estimates up to 250,000 jobs you heard the president saying when we see a big rally on wall street, it means more jobs the white house has says the big tax bill, the tax cuts, especially that corporate tax cut, that a lot to do with that. bottom line here, he's taking credit for a lot if it continues, that's good for him politically if it doesn't, it raises the question about whether he'll point fingers or take the blame >> even if it doesn't continue, how good has it been for him to take credit for the economy and the stock market thus far? is it diverting attention away from other issues, which this week has been the publication by

michael wolff and the publication brought forward to today. >> i don't know that the president's reaction to the market also take away from the explosive fallout of this book if you look over time, you bring up an interesting point. over time the president has spent a lot of time talking about the markets. he's needed big legislative wins he got tax reform. he did not get healthcare. he's trying welfare this year. in lieu of legislative wins, this is something outside of washington that the president feels he can take credit for and keep the momentum for his administration going >> so far momentum for the market continues as well tracie potts, thank you very much >> the question is what happens when the record run stalls what will he say then? who will he blame it on? >> there's zero chance for four full years or eight full years of markets always going up there will be a point where he has to say something he can easily dodge it then. he dodged things in the past and ignored them and celebrates when

the news is good a great discussion on "power lunch" yesterday with is he right to take credit. there's no doubt about it that part of the reality was due to him. you think of the optimism in q4 after he got elected there's a part of it which he's right to take credit for >> and the other question is tax reform, will they use the money for buybacks or put it towards jobs f they don't will he exert pressure on those companies to apply it to jobs >> and president obama had a fantastic stock price performance over his tenure. we'll have to see if it benefits his base or not. that's a long-term question, not a short-term one still ahead a round up of the top ted lines a cheheadline.

and the northeast trying to dig out following a jomar storm. the latest when we come back hey, how's the college visit? you remembered. it's good. does it make the short list? you remembered that too. yeah, i'm afraid so. knowing what's important to you... it's okay. this is what we've been planning for. thanks, bye. that's what's important to us. it's why 7 million investors work with edward jones.

next stop, 26,000? the dow breaking another major milestone yesterday as the rally continues. flight delays continue to pile up following yesterday's massive snowstorm. we're live at one of the nation's busiest airports. speaking of the snow, winter is coming.

the final season of game "game f thrones" is being revealed you're watching "worldwide exchange" on friday, january 5, 2018 good morning warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost. >> i'm seema mody in for sara eisen. >> a lot of good box sets out there, but "game of thrones" is number one >> i don't actually watch it it's crazy, right? given how popular it is. i'll take your word for it >> markets first let's do markets now the dow flying above 25,000 yesterday, a record run for the u.s. equity market continues we're higher across the board with the dow up 72 points. nasdaq higher by 27. the nasdaq has had its best three-day run, start of the year

since 2006 look at what's happening in asia asian stocks closing higher. the nikkei up nearly 1%. we will see if politics will be part of the discussion north korea agreeing to official talks with south korea next week positive development there hang seng and shanghai closing higher as well the ftse 100 once again at a record high, well above 7,700. >> of course we did have that eurozone pmi number as well, 1.4% year on year coming for december prior reading was 1.5% slight slippage. broader markets, ten-year treasury note, we've seen yields rise a bit this week the dollar continued its slide of late december, down

another.3% today it is seeing some strength a slight bit of strength against the euro and pound oil prices are giving up a percent or so today. they were up 2.6 before today. as we said earlier, the best sector on the s&p this week has been energy up 4% in light of stronger oil prices. >> turning to the wall street agenda it's jobs friday. the u.s. labor market will be the big focus. the december jobs report due at 8:30 a.m. eastern. non-farm payrolls are forecast to rise by 180,000 following a 228,000 gain in november the u.s. economy is expected to have added about 2 million jobs in 20 17 versus 2.2 million in 2016 the unemployment raid is holdten steady let's talk to danielle

dimartino booth and david rosenberg. danielle, starting with you, before we get to the jobs report, i want to go back to a discussion we were having before the break, in terms of president trump celebrating the dow going across 25,000. to what extent is he right to claim credit for that move >> the question is will he take credit for when things go down i have never seen a president act so strangely when it comes to the stock market. it's one thing to say central bankers should not comment on stocks, but it's another thing to see a president own the rally like he has. especially when he said we were in a fat, juicy bubble >> the economy is doing well is he right to claim credit for that. >> we've seen the birth of companies come off the ground. we've seen several quarters of that in a row.

so i think the deregulatory impetus that his administration can rightly take credit for what made an impact on business creation that's a good thing. >> do you agree? is the president doing a good job on the economy >> i want to go back to your comment about the stock market and the president. i have not seen prime minister abe in japan talk about who is spons be fresponsible for the f the japanese stock market was one of the best last year and the nikkei has doubled what the dow and s&p has done it's interesting to see that maybe it's the abe-led global stock market the japanese market has been the place to be. as far as the economy is concerned, yeah. we're catching a bit of a tailwind what's curious is what is the source of stimulus here. i think that the elephant in the room is the fed. you have a 2.2% headline inflation rate a 1.5% fed funds rate at this stage. real policy rates, looking where

asset prices are, looking at the unemployment rate, you have negative real policy rates of course that's going to give a huge boost to asset valuations everywhere of course your focus is on the stock market but look at the market for art, look at the market for real estate, look at the market for cryptocurrencies, look at the spreading bull market on commodities. you may not be seeing the inflation and consumer prices, but fed policy is accommodative now when you consider real interest rates bumping up against fiscal stimulus heading into the ninth year of an economic expansion at a time of full employment. you will get price action somewhere. once again the divergence is between what's happening in the real economy, which is fine, but the financial hunt right now is booming, that's where the discrepancy has been for the past eight years and remains today. >> david, have you left anything out? i'm kidding. i think that we will see a more

aggressive fed this year i think there's major upside to this morning's non-farm payroll report and that we'll see a bump in the bond market as a result of that. i would think that the market would start to price in three if not four rate hikes this year. and a lot of it has to do with 2017 and clearly 2018, all of these natural disasters. the job creation it was evident in the adp report the layoff report, the most recent layoff report, the lowest level of layoffs since 1990. there's huge demand for labor out there. a lot of it is tied to three hurricanes, two wildfires, and now this massive winter cyclone. >> david, we're seeing the retail space complicate the jobs picture. sears is downsizing, macy's, too how does retail weakness play into the jobs number >> i think the retail side has been a drag for several years.

it might not show up in today's number because we know that the holiday shopping season was so robust the restructuring in retail and the amazonification of retail will be a job killer there's just one small sector of the overall economy. the other thing i want to point out here is this if we're talking about the big reflation, we're talking about the big success that donald trump has had in bolstering the u.s. economy and financial assets, why is the u.s. dollar going down as opposed to going up if we have a big u.s.-made reflation trade, why is the u.s. dollar the odd plan out here should the dxy not be north of 100? then looking at stimulus for the goods producing sector of manufacturing, it's been because we had this declining u.s. dollar give impetus to manufacturing competitiveness. that's the question mark there's been no big move up in bondyields, no big move up in the dollar and in some sense that's a

nonratification for what you're seeing in other asset classes telling you there's big made in america reflation trade coming >> 180 is the consensus for jobs your forecast is what? >> after adp, i think it's over 200,000. the big number today, i think focus on the wage number only one economist has seen 0.4 today. that's the upside risk for the data >> danielle sees a lot of upside as well. thanks for joining us. boston is still recovering from yesterday's massive winter storm. the bomb cyclone battering the region with snow and ice contessa brewer joins us live from logan airport with more good morning jt good morning. we're starting to see passengers trickling in now, but we're not seeing a mad rush at logan airport. in part because if you look at the boards here, most of the departing flights on delta are

still canceled if the roads outside are any indication, partly because it is -- there's still a layer of slush, ice and snow that has to be moved out add to that, 4,000 flights were canceled yesterday 1100 flights canceled domestically today more than 200 of those at boston logan alone. the big story in boston is the historic flooding that happened along the coast. the bomb cyclone, the blizzard that came through stranded so many passengers in their hotels. they may not even be coming to the airport at this point because they can look on their phones now and see flights are canceled it will be days of headaches and trying to move passengers out of boston, especially new york city where jfk, laguardia and newark are still closed down. it will be a big problem today one bright spot in all of this, i just checked the board, the delta flight to montego bay, scheduled for 11:00 a.m. is still scheduled to take off.

sounding good. >> i think shoe get on it. you have already done the most important hit of the day >> telling me to get out of town >> i'm saying enjoy it very good to see you indoors and warm today thank you very much. >> thank you uber founder travis kalanick is reportedly selling a large chunk of his shares in the ride hailing company. landon dowdy has all the details. >> travis kalanick is reportedly selling nearly a third of his 10% stake in the company for 4 $1.4 billion the sale is part of a broader investment deal led by softbank. the consortium is buying shares from employees to take a 7.5% stake in the ridesharing company. kalanick on paper would become an actual billionaire for the first time as a result of the sale this comes following his resignation last year after the company became weighed down with legal issues, government investigations into how it does business both uber and kalanick declined

to comment the weinstein company is reportedly close to a sale the "wall street journal" says the embattled film studio could fetch less than 5$500 million, and shareholders could lose all of their equity. the list of potential buyers is down to six. they reportedly include private investors, entertainment companies and other investment firms. the company has been under pressure since the fall when sexual harassment allegations surfaced against harvey weinstein. winter is officially coming. new details about the game of thrones final season and mark zuckerberg'syearl challenge. what the facebook ceo is resolving to do in the new year. ♪

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welcome back time for our top trending stories. landon dowdy is back >> it's all about new year's resolutions. mark zuckerberg unveiling his personal challenge for 2018. the facebook ceo who gives himself a yearly mission, this year he's aiming to fix his company's long list of problems. past challenges have included wearing a tie every day, learning to speak mandarin, visiting every u.s. state and eating meat only from animals he's killed himself. >> those were so fun, now he gets more serious and says we currently have too many errors that's what he's planning to do, solve those here in 2018

>> i don't know if they were fun. this one clearly isn't he's so sanctimonious with this type of thing. even in a tough year he tries to pram it as a p frame it as a positive just get on with your own new year's resolutions >> keep up with the mandarin >> don't make it like the motherimother i moral superior person. >> "game of thrones" fans, the eighth season will premiere in 2019 there's no official premiere date the financial season of "game of thrones" will be six episodes long each episode will be closer to feature length >> i like this you said six episodes, shorter, but i like the meaty movie style len. >> will you sit it all tdown ane it all at once >> how long will each episode

be >> hour and a half, two hours. >> we won't see you for a full week >> can't wait for that >> spotify hitting a major milestone. the streaming company taking to twitter to announce it now has 70 million paid subscribers. spotify, which filed for an ipo this week, was valued at $9 billion last year. >> now expected to go public on the new york stock exchange this year the number is commendable. apple in september told billboard magazine it has 30 million subscribers with apple music. spotify winning that race. >> that all important services revenue that apple is seeking, which is why there was that report earlier in the week about whether it would want to buy net flicks or something. maybe it should buy spotify. it's cheaper 19 billion versus netflix, a half trillion or so. >> good point. >> things are changing at the met. new york's metropolitan museum of art will start charging out

of state visitors $25 for admission, the shift comes after the museum had a shortfall of 0 $10 million for the 2017 fiscal year admission costs will still be on a pay what you wish basis for new yorkers. >> there we go still $25 for a visitor. >> if you're out of state. >> if you're in-state, you could technically just donate a dollar my question is what are they going to do? you live here, do you have a new york state driver's license? how will you prove you're not a new yorker >> i probably just won't go to the museum >> you haven't been? >> it's a classic. >> you have to go to the met and the guggenheim >> balance sheets. >> that's your museum. >> in london, all the museums are free that's lovely being ability to go on a sunday morning, going back the next week i did that while i was in london >> two years here, i haven't

been to a pew smuseum not my thing still ahead, a few hours go before the jobs report we'll break down the expectations and dive in on what you ed tneo be watching. jimmy's gotten used to his whole room smelling like sweaty odors.

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welcome back to "worldwide exchange." stoc stocks having a record year, topping 25,000 yesterday the nasdaq up 32 points, the s&p up 8 the nasdaq has led the way up for the week, up 2.5%. >> the fastest 1,000 point gain for the dow in history a lot of round numbers, 25,000 on the dow, 2700 on the s&p, and the nasdaq above 7,000

good way to start the year >> good way to start the year. today we focus more on the underlying economics, the jobs report chris rupkey from mufg bank joins us what's your forecast the forecast is 180 -- >> a forecast? >> yes let's go for it. >> the private survey yesterday was 250. >> mm-hmm. >> you know, it's like the last time was 2014 that we created 250,000 jobs per month on average all year long. so it is slowing we have hit the wall of full employment today i left it at 200,000 it's doing fine. labor market is fine we got the tax cuts and jobs act. we got the tax cut, let's see how many jobs it creates >> i want to get your thoughts on the currency world. >> oh, dear. >> the dollar continues to

weaken all these trading at a six-year high do you think the central bankers will say i'm not just allowing my currency to get stronger and stronger, which does impact exports, do you think they'll intervene in 2018? >> i don't think so yet. we're a ways away from that. we'll see what happens with commodity prices commodity prices drive this quite a bit. it's a little early. >> in terms of the dollar itself, a discussion we had earlier in the show, what's the reason for its weakness given so many factors that would normally lead to a stronger currency. >> rates getting to go higher. i think the problem is that, you know, maybe they're only going to do three rate hikes this year the market is not sure based on inflation whether or not the fed doves will allow a full three rate hikes this year so there's a lot of uncertainty about the path of rates. >> could today's jobs number allow the fed to be more aggressive with their timetable? >> the interesting thing to me,

some of the doves on the fed who are worried about low inflation, we need to see what's going to happen with average hourly earnings, that inflation data in the jobs report today. that will let us know if there's inflationary pressures emerging. average hourly earning, wages, about 2.5% now if it were stronger it would let the market think there is more inflation and rate hikes from today. >> can we get positive growth surprises this year around the rest of the world like we did last year? >> well, it happened once. part of the surprise on world growth was the fact that commodity prices, crude oil prices bottomed and started to firm up. that led people to think that emerging market countries would do better. we had that one positive surprise it's difficult to know what sort of surprise there will be now, except lessening of geopolitical

risk the koreas are talking now maybe the world is a safer place. >> chris, thank you very much for joining us >> thank you we are approaching the top of the hour. the team is getting ready for "squawk"." joe kernen la a lohas a look ats coming up. >> the jobs number is would what we're all looking for. talking about 25,000 that's a nice chart that the "journal" has. it does show that -- this was quite an acceleration. i know we're hearing this is an extension of the obama stock market, but it does seem to be kicking into high gear the one thing that i hope -- i hope it helpsals to some extent. i hope it gives them a taste of what i experienced when i was young in the '80s and what can happen when a pro business administration actually gets in charge we've been lulled into -- >> clearly it won't directly

affect millennials as much as baby boomers you mean by sentiment. >> so that these misconceptions that they have about what's happening here, that -- we're in the middle of it we don't know how far this might go maybe your guests are right there will be a correction and trump has to own the correction, that would only get us down to 23,000 the same people saying that at 17,000, we were supposed to go to 12,000 with the policies. >> sure. >> just breaking even would have proven them wrong. so you go up 6,000 points, now we're up 25,000, still talking about -- >> a bigger question -- a bigger question is whether underlying middle class or working class are feeling the benefits we can't know as the dow crosses a landmark we'll know in a couple years time >> it's a proxy for the underlying economy

watch what happens that's what i'm saying, you won't be quite as september cal. >> joe, five seconds left. you'll pick up on the other weoode lk forward to that. thanks for watching "worldwide exchange." ♪

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good morning market milestone the dow crosses 25,000 for the first time ever, just like 24,000, 23,000, and 22,000 were all for the first time ever. the record rally, is it really kicking into high gear digging out. residents up and down the east coast are trying to return to normal today following a monster snowstorm. the latest on the aftermath. it's cold and getting colder tomorrow and it's jobs friday we'll get you ready for the big december employment report on this january 5, 2018 "squawk box" begins right now.

live from new york where business never sleeps, this is "squawk box. good morning welcome to "squawk box" on cnbc. we're live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. the december jobs report is due at 8:30 a.m. eastern time. the non-farm payrolls are forecast to have risen by 180,000. that would come after a 228,000 gain in november the unemployment rate is seen holding steady at 4.1% plenty of people see a drop into 4% we'll talk about that today. in the meantime, look at the u.s. equity futures. if you thought there would be a pull back after the first three days of the year where we have seen phenomenal numbers come out, you wou b