way. >> you wonder if there could be some sort of retaliation there it will be an eventful day >> we will be watching goose >> we will be watching goose >> thank you for watching power lunch everybody. >> closing bell starts right now. >> the dow erasing a nearly 400 point gain after of a heating meeting between democratic leaders. >> the last time you shut it down >> coming up we'll discuss for a year ends rally is fading and the risk they are warning wall street about >> no parly men tear vote. instead rumors of her threats as european leaders give her the cold shoulder as she intended to renegotiate. that's coming up this is what coca-cola looked like back in 1892

coming up i'll tell you what the company will look like in 2019 google ceo gilled on capitol hill today over the tech giant's prooifr privacy practices. the closing bell starts right now. welcome to the closing bell. we'll get to those stories in just a moment. let's give you check on the market where we stand right now. a volatile day on wall street. the dow swinging 570 points in today's session. it has now gone positive yet again. as you know it can change at any moment the dow is now higher by about 17 points. >> very important hour here still to go. it would be the second straight day of gains we have to wait and see what happens here we have the latest from the white house. president trump clashes with

democratic leaders monitoring day three of the hearing and what that means for china's trade. let's get started with you >> yeah. that's right it was supposed to be the beginning of a negotiation here in washington over government funding to avoid a shutdown. a lot at stake here at washington d.c the president wants money for his border wall. he wants about $5 billion. democrats on capitol hill offered about 1.6 not for the wall specifically. that's what this fight was about when it broke out today rhetorical if not actual today as both sides seem to be talking past each other and disagreeing on the basic facts that underlie this debate. here is that moment. >> we need border security you can't have very good border security >> that is a political promise

border security is a way to effectively honor our responsibility >> and experts say you can do border security without a wall which is wasteful and doesn't solve the problem. >> it is very important. >> it spiralled downward >> you can see all sides not agreeing on what to do the president has insisted he wants this funding even though he said he would find a way to make mexico pay for the wall she willing to shoulder the mantle of being the guy that shuts down the federal government if he doesn't get border security. the president making a calculation that it is an issue his base will back him up on making the calculation they can make by showing president trump as engaging in a temper tantrum and shutting down the government each side hoping to pin the political blame on the other guys >> yes you have to wonder how they will get anything done come the new congress after that was revealed

today. >> i think you got a taste of what we'll see over the next two years with democrats in charge on capitol hill. it will be a lot more of these scenes than we just saw today. ultimately you do think about infrastructure is that something they could agree on ultimately? it didn't feel like they would agree on it but maybe they might be able to pass something on infrastructure if nothing else >> we will see thank you. >> you bet >> the bail hearing for chief financial officer continues for a third day. we are at the courthouse with the very latest. >> reporter: that's right. the bail hearing continues for a third day here in vancouver. it has been in custody for more than ten days. lawyers on both sides have presented their arguments but the judge is questioning his ability to act

they ledged a combined $2.2 million the ultimate decision which is expected today will determine whether she may walk out the doors today or await extradition proceedings in a canadian jail it will have major implications for ties between china and the west the focus shifts to the west which will have 50 days to file for her extradition. a former canadian diplomat. another story we are watching is the u.s. readying charges. if he is not granted bail further fallout could represent another threat to these very fragile trade talks. >> all right thank you very much. joining our closing bell exchange today we have chris from bank of america's wealth management division. we have rick at the cme in

chicago. >> is it anything more than a thinly traded market being pushed all the way around? >> that's just it. it is all about the headlines. the more negative the more negative reaction. today it was begging for something positive the minute they pull out a negative headline with trump and the oval office and the fight that we saw just like you said, only kind of portends what will happen over the next few years >> we have known that border wall is a sticking point for president trump. was it sort of an overreaction is there something more to that

selloff that we have seen the last several days? >> yeah. i think the markets really just try to price in all of this uncertainty whether it is the political end of things, what the yield is going to tell us, what it will do december or march. it will factor in a convergenc coming in at once. it is stuff to do that with any kind of trend. >> stocks were already coming off of their best levels when we had the brawl in the oval. there are trade headlines. how do you see it? >> first of all i would like to think we could have more brawls like that. people like transparency i particularly love transparency nothing was more transparent than that. this administration, you want to know what they are doing all you have to do is look or

listen or watch a tweet. as far as the markets, you know, there's bottoming action in the equity markets the way the machines deal with issues something comes across as a new story. it will be traded. if it doesn't continue to come across it will be discounted so we get lots of fits and starts we better get used to it they aren't going away the larger, portfolio the more similarly the portfolio lately they end up at the same bus stop and that's a big issue at some point. something interesting happened a little after 2:00 eastern. we saw the very short maturities we had an auction today. they started to dip a little bit and their yields popped up much faster than the rest of the curve. i think we have charts so you can see that flattening. the rest of the curve is getting pulled with it a little bit.

i find out an interesting dynamic on a day where we continue to see a lot of up and down volatility in the ek wiqui complex. ten year note yields dipped down to an area that represents good yield and support and at the midpoint of the yield range for the year >> a lot of good points there. a lot to unpack. i want to get your reaction about the moves. if i want to buy the bottom i want to get kind of nervous. i see it happening again and again. >> i think we have found the bottom >> i think we have too if you're trying to buy the bottom you're not going to get them i actually do think that the market is finding a base right here what is interesting is earlier in the week when we start today have that conversation about the death cross and which talks about more downside action in the market i think by the time it happens the worst of the downside is over

we might be churning down here and it feels like we are in order then to advance. so i agree with rick i think the market is finding a base here. i would like to find it there where i think it should. i hope we'll rally into year end. >> you need buying the dip to work though. it hasn't worked at all and yet again it is selling into strength pattern that we saw again today. >> yeah. it seems to be the trend that we have seen really since the early part of october. i mean we tried to rally a little bit we got between 262,800 we can't seem to get above that because to your point we are selling into strength here it has to do with calendar and what has been coming out lately has been negative news there is no real confirmation that 2019, all is okay except one big event that is likely to take place in december and if it's not it's most likely march

which is a fed pause i think rick touched on this before you know, 2018 is setting up for like a 1994 year where you lad a flat year. the fed went too far and it had to back off and you had 95, 96, 97, we are not ready to call that yet having positive news come around yet. if inflation has rolled over they pause and you can get a recycle kick starting again. these are levels on the s and p for that >> thank you for discussion gentlemen. we'll have to leave it here for now. theresa may delays a key vote that had been planned for today. we are outside parliment with the latest hi will. >> reporter: yeah. they would be voting right now if she hadn't delayed it she spent her day trying to secure more concessions from

leaders to improve her brexit deal she was greeted by smiles of european leaders but nothing secured for her deal back here in london there continued to be dissats faction. here is the leader of the labor party in parliment earlier today. >> it is running away rather than facing the verdict of this house which we should have been voting on today. >> so the focus here has been whether or not theresa may might have to face a vote. it could be triggered by her own conservative party that in her failure has lead to

a selloff. it had been up as much as half a percent earlier today. to discuss that in more detail i'm joined by simon. great to have you with us. >> thank you >> let's get a couple of numbers from you if you got to the 30th of march next year but had a full no deal brexit where could we end up >> it could be 15 or 20 cents either direction >> so we are talking 145 or 110? >> yes if you think back to where we were on the night of the referendum back in 2016 when everybody thought we would remain we were trieding at 150 why shouldn't we be back if everything is? we rip it up if we have no deal and we have that level of uncertainty that

goes with that and all of the expectations we would go with something that had been me gauch -- negotiated it could take it off easily why not 110 or lower >> the other question is whether or not she could hold onto power. if she were to face a vote of no confidence and lose it will we see weakness >> i think we would. it depends where the votes of no confidence comes from. if it comes from within her party is there a chance she will be deposed at the moment if there is a vote of no confidence within parliment and that leads to a general election huge amounts of uncertainty generated both by we don't know how the british will vote but we also know it is the middleover winter

it would increase the uncertainty. will we see a elloff absolutely how likely is it >> anything will be given from europe right now will be relative relatively mine no relatively minor in those circumstances i suspect that it will be pretty modest. the simple reason is it's unlikely you would see parliment clanging its mind on this. without that they are going to vote against it. no circumstances i think that

any upside are very limited. >> we are focused at the moment. should we be focused as well on the negative implications as well from brexit or other issues >> there is always issues for europe in the short term i think we should be talking about whether it is still going to be there. through big issues building up we have this going on. there will be addition flal spending taking place. we'll have an increase there we we still have not resolved the italian issue. there is still deeper political forces that play particularly. they will weigh on here. the last thing they need right here is stronger euro. its supposedly going to wind up the bond purchase program >> as always, a pleasure to see you. >> thank you

back to you. >> all right thank you very much. we'll be back with you next hour he'll have an interview with rees-mogg. he'll explain why he is krcritil of theresa may that's coming up we'll have a live report coming up next sharesov of alphabet getting grilled today. ahead, what he tolcorendd ngss a what it means for investors. your brain changes as you get older. but prevagen helps your brain with an ingredient

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the shareholder meeting today. >> hi. that's right cbs shares are down about 2% after a very quick shareholder meeting this morning all of the companies proposals were approved despite criticism by advise i haveservices the results were not a huge surprise the question is whether he will receive severance. the outcome did not come out at wall in the meeting as protesters opposed the potential of him walking away with as much as $120 million payday following allegations of sexual abuse. recently appointed board shares saying of the search for permanent ceo that they don't

have anything to report and one other interesting nugget out of the meeting saying that sports is an interesting and lucrative opportunity in terms of programming but also in terms of related advertising. back to you. >> i get the idea that, you know, the severance will hang over this whole story for as long as it remains a key issue >> yeah. absolutely there was sort of an expectation that the results may have been out by now but they haven't been reported to the board as far as we know. they haven't been reported publicly there is a big question after so many leaks about this investigation and what it found and about these allegations, so many questions from shareholders and many people including protesters outside where that meeting was held today saying they don't want to see him walk

a away with that it will determine if he walks away with anything no signover h of how quickly the get that taken careov of as wel. >> thank you about 40 minutes to go before the bell rings on wall street the dow picked up a little bit of steam again it is 117 points in fact the s and p is positive as well there by 15 for us shares of general motors on reports that china may cut t tariffs. sitting down with our own sarahizen. his thoughts and his impact on his interests. the closing bell is back after this [leaf blower]

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>> welcome back. there is the dow holding onto a triple-digit gain. 111 points the s&p positive as well nasdaq is up 50. it is the outperformer at this

moment russell 2000 is up a couple of points as well let's check on individual market movers as well china may cut tariffs on autos made in the u.s. the reports suggesting china would cut the tariffs from 15% to 40. shares of gm trading higher on that news. if there is a company that has been square it has been this one not only for the tariff issue but for the layoffs, the plant decisions made up a couple of weeks ago and the uproar it caused elsewhere through the administration >> it is interesting i guess it's good news if you don't have as high of a tariff shares are down 14% in november. it started in july i don't think they have had a contraction since the 90s. they are on track for that >> it has been weaker. general motors needs to figure out what the tariff issue will

be the sector is really right there in the center and, you know, people have said if you solve the issue on tariffs you could have a major rally off of that news it is such a significant part of the economy. >> and the president told us to standby for announcements. we are waiting to see what is going to happen. >> exactly >>. >> and i'm watching showsover dsw today. up about 8%. also raising the guidance same source sales beat wall street as well here. higher now by more than 8% had been up higher than that i think what investors like about that is the trend. it is the second really strong quarter in a row all saw comp growth in that business in the u.s. they will have their best earnings growth in years this year they have made several acquisitions it is more than a blip on that positive radar i think investors are liking

this story and it is really strong it was the key for them as well. >> all right we'll have strong across the board? >> i think we will have strong across the board >> i know that the market is making some folks nervous. i don't think it is impacting the consumer we have been trying to talk to people saying is this scaring you away and so far nobody is saying that. i think we could get 4.5 to 5% holiday sales growth i'm saying it right now. >> consumer confidence is still strong >> it is it's true. it's now time far cnbc news update >> hi. here is what's happening at this hour everyone. one person is dead and six more injured during a shooting in france it occurred in the city's center s.w.a.t. teams and local police are on-site. police not giving out any details about whether there is more than one shooter. we will have more as the situation develops >> trump administration for

countless waterways and wetlands across the country making good on the president's campaign pledge to weaken landmark obama era opposed by business. >> when president trump took officer he immediately began a process to remove and replace that american innovation and economic development at the top of the list was the obama administration's 2015 united states definition >> time magazine naming a group of journalists including as the person of the year this and a cover story headlined quote the guardians and the war on truth it is the first time in the 95 year history that it has bestoued tbesto bestowed the honor i'll send it back to you >> all right thank you. about half an hour to go take a look. bob is here on the floor

bob, we'll start with you. >> i just want to show you another extraordinary day. >> it dropd the market stocks had been dropping they were essentially flattened. since the last hour or so we had an interesting hour. >> a big move to the upside. proctor and gamble going from 93 to $94 it moved up others aren't doing anything it's not helping at all. goldman sachs still negative on the day. no real lift from the industrials. boeing was 335 still sitting down there around

322 or 323 the bottom line here, positive talk on trade is no longer a big market mover they sell right into it and it may be a new problem for president trump. back to you. >> thank you very much the dow up but let's send it uptown at the nasdaq >> yeah. we are seeing a bit more green here small caps have been the laggard for some time now. they have turned positive in the afternoon. it is definitely more of a large cap tech leading the way particularly chips moving into the highs of the day here in the afternoon. we are looking at market cap here that's one of the things we have been watching. if you take a look at apple it is above $800 billion. you can see this is up lead by broadcom the strongest gains more than 9%

it looks like that we have seen since back in 2016 not all chips are moving to the videos among the losers to the downside today interestingly all of the new lows coming today are in the smaller and mid-cap names as opposed to the large cap nasdaq 100 apple bouncing this morning off of $167 low of the day it is back fleer tnear the highd turning positive we'll see if the gains can hold. back to you. >> thank you very much google's ceo on capitol hill today, cnbc is there with the latest >> testified for three and a half straight hours, not too bad for a newbie there when it comes to china he said

google has no plans to launch a search product there >> will you rule out censorship while you're ceo of google >> i come to engaging one of the things that is important to us as the company we have a stated mission of providing users with information. we always think it's in our duty to explore possibilities, to give users access to information. i have the commitment but as i said earlier on this we'll be very thoughtful. we will engage widely. >> google emphasized it supports a national privacy frame work. there are bills from the left and right that would address this one from what google supports is that the bill would require them to opt into sharing their data i did try to ask him whether he would support that but no dice

back over to you >> all right it was an effort to do everything you can we didn't get that answer this time thank you. >> thank you do growing prooifr ivacy iss impose risk? let's bring in david thank you for being here do you think they did a good job in certainly a big target on the backover big tech. >> i think he did a great job for his company and really tried to engage with congress in a meani meaningful way i think overall the conclusion from today is that google is thinking really hard about the problems that are in front of it

it is engaged and will engage with congress in the way forward. it has its own per specific ispn how privacy should look in the way forward. it will try to project those views, those corporate views on what it should look like the open question now is whether or not google's views over privacy regulation will be adopted by congress or if congress will be more receptive to the needs and wants of consumer advocates who are advocating on behalf of the consumer and for more stringent privacy regulation >> for give me finish your thought. >> if things do go in that direction then i think the business model underlying google and companies like google will be under a more direct threat.

>> i didn't mean to step on your toes there david, thinking hard about it as he just suggested and doing something about it are two different things i'm wondering, do you think they are doing enough and if not do you think there will be more regulation to impact your investment decision on this and others in the universe >> the optics were positive he appeared before congress i think the bigger thing here with democrats running the white house, the white house of representatives we will be seeing far more in the way of hearings around prooiivacy. the u.s. has an interest there aligning with europe it is to counter way against what china may be trying to do

with the internet and as a result having toll pol si standards come forward from congress that may align with what europe is doing with their global data prooifr si regulation may be something positive and pay difr dends down the road and make it easier to effectively if they are going to operate in both markets, china and nonkline th-china to have to deal with. >> i was thinking of sasking you a very similar question. it is more oh prepressive it does make sense because you're only working with one standards. do you think it is something they should explore doing? >> absolutely. think tech companies cannot lever anything off the table right now.

it is something that is very stringent similar to what australia proposed a couple of days ago it is all the way down to something that's more favorable to the industry. the key here is following up from david's excellent point that the industry really needs to think about the u.s. congress it needs to think about the u.s. policymaking community and regulatory community and engage it that is going to be in this industry's greatest interest the u.s. policy environment has the most around the whole world. the sooner that the tech industry can work with congress and washington d.c. the rest of the washington d.c. to get it on the same page as the industry, the better for the industry. as a secondary point the

industry will work as quickly and effectively as it can to make sure those regulations, when they do finally come forward and i believe they will in the years ahead, they will try their darnedest to make sure those regulations are going to be watered down. >> yes for sure we know they will try to do that >> we have to lever it there good points for both of you today. wet talk to you. >> thank you just about 20 minutes to go before that closing bell the dow is higher holding onto these gains. we have pulled back in the last 20 minutes or so we are higher by about 46 points at this point. s&p higher by about 46 points. financials down nearly 9%. we'll talk about what if anything can turn that sector around clin's coming up on the osg bell we'll be right back.

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the dow is in the green by about 23 points. the russell has gone negative yet again. when we come back we'll have the highlights with the ceo with coca-cola james quincy there they are you'll hear from them coming up. why he says the current trade troubles aren't impacting his business that's next. we'll bring you the numbers and analysis cominupn e osg llg oth what do advisors look for in an etf? don't just track an index, help me meet a client's need. is the fund built to sell or built to last? etfs are only part of a portfolio. so make it easy to explain. give me a quality fund

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let's get over to var. she spoke about coke's stock her form mans and if m a trade war could mpact things >> this company is in the middle of a major transformation and so far wall street likes it competitors in the last year and sales growth has really shined in the consumer staples business it helps investors were focused

on the impact of a trade war with china listen >> it really can't a dreirect impact 95% of what is sold in the country is made in the country we are really truly a local business in that sense in the end we stand for better trade deals. >> the dollar is strengthening it cuts into profit blt. people are drinking less soda. there are questions about whether there will be margin pressure with less profitable but faster growing products.

of course will the new drinks actually catch on? so far the street is optimistic. bank of america just today upped the price target on the stock to 55 bucks that note and another note this morning both highlighting a simpler organization and real cultural changes that encourage risk taking among the company. it is something we saw up close here with some of the new products and in the new executive team it is all helping coke win the cola wars right now. pepsi has the ultimate diversify case play. they have the frito lay business big differences in the strategies of the two major soda companies. so far coke has the upper hand in the market though the debate continues to rage on, guys >> i know that you talked about soda and folks drinking less soda overall what about diet soda

folks were nervous about diet. >> it has returned and for the first time in years. you're right all sorts of concerns about artificial sweeteners. what coke has done -- and you're actually looking at diet soda market sales it has been in a long-term state of decline but in the past few quarters coke has put a lot of money and diet cola. they have come up with flavors we have zesty blood orange it is attracting the millennial consumers. we'll see if that is sustainable. the real growth is happening outside of soda and along the cola route in the zero sugar

aisle and zero sugar beverages we are seeing double digit growth sort of take the mantle from diet coke and brand coke which are still the dominant sort of brands within the overall revenue scheme it is shrinking to make deals and of course innovate core products away from soda. >> all right we'll be back next hour with you and more from coca-cola. less than ten minutes to go before the bell. the dow is down by about 20 points s & p 500 hanging onto a two-point gain still to come, theresa may, a conservative part will weigh in. that's coming up on the closing bell let's send it over now to josh how about some of the lowest options fees?

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the global investment management unstopand it's strengthenedting place, the by xfi pods,gateway. which plug in to extend the wifi even farther, past anything that stands in its way. ...well almost anything. leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today. josh, what do you have >> this is big news. they plan to sell its stake that is bloocmberg making profit. it is down nearly 50%.

it apparently has motivated soft bank to lean towards off loading. they first acquired that chris chocks it up to the hang over as the digital currencies drop demand for the protects dried up leaving them with excess inventory. they declined comment. back to you. >> all right thank you very much. up next we are back with the closing countdown. >> that's coming up here we have a couple more minutes. after the bell financials a big lagger today we'll talk to wells fargo about ouat could turn the sector arnd let's see what the final numbers are. we'll be right back. causing a lack of sharpness, or even trouble with recall.

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you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. we have been look to do that for moany years. we hope to do it in a bipartisan way. the bill you probably know was put up by mitch mcconnell and it will be voted on very very soon. we are looking forward to that we made tremendous strides on the farm bill and working on voter security republicans want very strong border security and honestly the democrats or most of them want open borders

it leads to crime and other problems one of the problems that people don't talk about, you have a tremendous medical problem coming into our country. communicable disease, tremendous problems people don't want to talk about it i don't like talking about it. these are difficulties of what they want to do. we want people coming into our country legally through a process. we want people that will love and help our country and i don't think they feel the same way or maybe they just don't want us to get a vote it could be that too it is hard to believe they don't want some form of protection and with that i have to say i thought it was a very good meeting. when the press left we had a fairly long meeting. we really discussed a lot of great subjects come on over, mike i don't mind

no no i could have debated chuck schumer. i said i don't mind. what do you guys think i don't mind having the issue of border security at my side if we have to close down the country over border security i actually like that in terms of an issue but i don't want it to be an issue. i want it to be something that the country needs. it's not really an issue it is common sense we need protection, border security we need security from coming in through the southern wall. we need border security and part of that is a wall. i don't mind owning that issue it was his idea. honestly he got killed so he doesn't want to own it i said you know what rather than us debating it i'll take it. i'll take it if we close down the country i'll take it we are closing it down for

border security and i think i win that every single time okay thank you all very much. i appreciate it. >> the president of course commenting with democratic leadership which you saw really spill out into a public argument over the issue of border skurd the president saying they made a lot of progress that the meeting was very friendly. i don't mind owning the shutdown issue. the president says very friendly, okay >> the part that we saw on camera was friendly. he is talking about the off camera piece of that meeting this is the power of the presidency th there wureren't supposed to be cameras in there the president made the decision

to bring the press in. it gives him the last word from earlier today. previously they had the last word because they came auout to talk to reports there. they said i don't mind owning this issue of a government showdown if it's ton terms of border security. he feels it is a political winner for him he underscored that and casting it as an act of political bravery and transparency in terms of accepting that he will own the blame for any shutdown in that debate earlier today by saying look, we were debate k back and forth i'll take it and own it. let's get this done for the american people. the president here insisting that he wants what he wants and standing by those terms. what he got just here is the last word in that debate today >> yeah. he did i should also let everybody know that the stock market did close during the president's kmeptnts.

the dow ending down by 52 points you have toagree that the leadership on the other side probably scored political points with their own bases today by what we saw come out of the oval officer. the real question is what these folks can really do, if anything, over the next couple of years, talk ability infrastructure and what it will mean to the stock market >> yeah. i think you're right they were talking to their bases. they were talking past each other in the room there. it gives you a sense of what it will be like for the next few years. we saw this from reporting from nancy pelosi meeting up on capitol hill after she returned from that meeting at the white house. i will paraphrase this she said if you get into a tinkle fight with a skunk you end up covered in tinkle or

something to that effect saying she felt she was the winner because she was able to get the president to admit that he owns the political blame here admitting they were trying to position the president to take some political blame from any shutdown that happens. in effect it is a fairly believable nancy pelosi in the wake of that meeting suggesting that she had gotten the better of trump and here we see trump suggesting he had gotten the better of pelosi a lot of positions staked out. we'll see whether they can get to any kind of deal. >> yes we have referenced what took place earlier

>> you want to know something? >> i'll take it. >> okay. i'll say yes if we don't get what we want one way or the other whether it's through you, military, anything you want to call, i will shut down the government. >> yes >> and i am proud. >>. >> we have this president and chuck schumer in what went on for about 15 minutes time or there abouts it was extraordinary it was unprecedented it was the best week i can't recall ever seeing anything like that unfold out of the oval office. >> apparently got friendlier we didn't get to see that. those were the president's words. we have got a lot to talk about here michael is joining us for the hour to talk about this, many other things

so i will start with you we had the very heated excellents about 12:15 markets didn't have time to digest that because we were closing as we were getting the comments what's your read on if that changes anything for the market maybe going into tomorrow. >> i realize that the market did rollover with the midday open meeting right there. i don't think government shutdown was nsly on page one of investors list of worries coming into today >> but there are enough. >> for me he got there i don't think it's a big swing factor it is raising the noise factor in an already noisy market i wouldn't grasp for reasons why.

it is a 7% range the fact that we are churning around above the lows today me says more about the emotion level than it does about the precise contents of the meetings >> and you're nodding the your head >> it is about emotion and pain. we come into this market and there's a lot of pain that has been felt. we have seen the action. this has not been good for investors. there was talk about trade deals, autos, soybeans and suddenly as they were discussing maybe this is the way it is going to be in terms of the partisan squabbles for the next few years. they will say it is not a bad thing. it is what is worried. >> it is on tax reform >> the market doesn't believe them anymore on trade. >> no. >> they keep getting into thiez

discussions. you them talking about skunk tinkle and we are not hearing about ford and gm will start sending ford over. >> we want that happening. >> you can't send a tweet out one moment saying that we are making great progress and then not 30 minutes later have a story that the washington post is writing about calling china out for various activities >> right >> as if it's not going to come in the middle of what is already a contentious discussion >> on i have yusly we are not going to rally on that repeatedly i agree with that. i think the market is reacting to itself right here it is reacting to how far it has come down and the fact that there have been a lot that have not actually gotten traction in the market we don't really know what the next mover is. the market doesn't know what it is wishing for here. that being said i consider today kind of a push

the average was up slightly. it had a two-day balance instead of one-day balance today it is not disasterous. it is pretty high for people saying we are going up and away from here. we missed a lot of opportunities to look on the bright side >> how are you going to position knowing that we have this and figured this out once and for all? between now and then what do you do what is the market telling you you should do here i am nervous because we cannot hold onto these rallies. >> what itell investors is i like technology here i warmed up to it again right after materials reported i said you know what this is the being taken too harshly. i think it could be a leader we are seeing a little of that i like tech and health care. i do not like industrials.

i need little more clarity to see that fact of the matter there has been damage done the damage needs to heal we also have economic growth is challenged from a policy standpoint in terms of trade and in terms of what this bipartisan congress can do ths an opportunity on the policy side. it is disappointing. i won't say it is a victory. i have told people you can own stocks here but it will be bumpy. make sure you know what you're getting yourself into here >> do we still have him here with us? no we don't have him. i apologize. i was going to ask about the continued issue of credibility in the market, how you're supposed to deal with all of this the other issue is apple's importance it was the biggest to microsoft. how much does apple matter >> it matters i don't think it

has to outperform the market i think it incapsuencapsule lat. what i mean is it has a china exposure irn shoe which the market is preoccupied with it had been this darling in part because of not just the come in and about franchise but because the buy back was overwhelming. we had that as a psychological tail wind for so long. i think a lot of reasons you would start to warm up at this much cheaper evaluation is they would find footing at a lower evaluation >> all right you'll be here far while, right? >> i don't know the ins and outs of this thing yet. hitting a fresh 20 month low this week.

prime minister theresa may has been criticized of all parties for the move including members of her yoeb party. one of those critics who joins us now in london over to you. >> thanks very much for that as you say, i'm here with jacob. great to be with you >> thanks for joining us >> first what's your take on the prime minister's actions over the last coupleov of days zb >> this is the flag ship government policy. the prime minister said it would be so heavenly that she was pulling it it is not a good position for her to be in >> there has been a lot of

speculation where the members of her own party like yourself have submitted enough letters to start a vote of confidence in her. >> i don't know. they will keep it confidential until he had a chance to tell the prime minister if it happened i don't know if that number has done that. >> you try to engineer a vote of confidence a few weeks ago as you sit here now that didn't work are you more confident you have been successful? >> not having happened last time i'm quite cautious about it happening this time. basically just have to wait and see what happens tomorrow. >> if there is a vote of confidence how confident are you that you could get it -- or there will be the necessary votes? it has taken a long time to get it needed to trigger the vote. you needed 158 >> yes the first thing i would say is

normally when a prime minister looses she resigns ch they don't just carry on regardless unlike the course of the united states when the president is elected for a specific term the prime minister only holds office as long as she remains the house of commons i think yesterday the prime minister lost that to resign anyway it is now her duty in terms of getting to 159 ask any conservative privately if he wants to lead us to the next general election you'll find the answer is a resounding no. people have come to the conclusion it is not working >> if she was to step aside or was to be ousted do you fear you would think more about their own careers and a grasp for power and nullifying the cause of the

brexit >> i will not run under these circumstances for exactly that reason >> it is so you can have a unified brexit approach and ensure it is done by somebody that believes in it. her problem has been she backed and never managed to convince people she changed her mind. >> who is the best candidate >> i think extraordinarily good candidates >> you criticized some of the economic experts who have given predictions about what a no deal would mean including the governor you're also a fund manager or were and understand markets very well markets do not like the idea of a no deal brexit are markets wrong as well. >> markets are never wrong

markets set prices the question is is the market a buy or sell? when i talk to international investors they tell me what they are interested in is the price they are going to make they are not looking at anything other than whether their investment will work yes. i have been critical of experts. the evidence backs me up if you look at what the treasury was saying about what would happen simply on a vote to leave the estimates were out by nearly 5.5% they fwubundled it >> but at the moment you're saying is a buy, not a sell. >> i think of 125 and sterling is a buy, yes. i'm not here to give investment advice and not regulated this. i ought to be careful. >> if we get a change in leader and the next is a brexit given the maths and given that

it seems like the resolve won't change would you admit the most likely outcome is a no deal outcome? >> the good news is that the law that was passed in june means we leave on the 29th of march and stop it happening and a new law has to be passed it is legislation. americans know better than most people how difficult it is to get legislation through congress it's not quite as hard in the u.k. but it is quite an effort and time consuming i think you're analysis is right but the most likely outcome is that we lever without a withdraw agreement and we simply trade on world trade terms which is a tried and tested way of trading. it works globally. it is understood globally cht it's not what it is being portrayed as >> thank you >> the that i remember and member of parliment. >> thank you very much

>> where do you think we'll go for the rest of this what do you need to see to see the bottom >> i think we'll see more pain being taken. >> selling into strength >> we'll need to see closes in this market. i think it will take until the end of the year. after that i feel bullish about where we are going from here from the policy standpoint i'm optimistic going into next year we'll see how we do on trade and infrastructure i'm not a buyer there. too much of a political mess there. >> have we appropriately priced in a brexit under various scenarios and what it means for u.s. corporations? can we handicap that at this point? >> i think europe has bigger problems it will be a bigger hiccup than it is for the u.s. a lot of the u.s. we'll see some

of that. it's not the biggest part of wlars goi what's going on there. a lot of them are saying it will be time to buy europe. i'm not there yet. >> thank you very much >> thank you former fed chair raising a red flag for wall street >> it is quite high. i think it is a danger >> coming up we'll debate whether corporate is the rest of this market. plus former wells former ceo tells us if he sees something fundamentally wrong with the group. that's when we come back stick with the closing bell. when you retire will you or will you just be you,

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♪ you can see 30 cents earnings per share revenues 282 million over the 278 million. sales were down 1.3% it is worse they were expecting. also next year's guidance is

lower than they were expecting that's why the stock is down back to you. >> thank you very much let's check in on financials over the past month. down 18% from the 52 week high set in january putting it solidly in correction territory. joining us now is dick, the former ceo of wells fargo. good see you i'll go to you first we asked a question in the introint rorks. i think it is the best question. what will get these started again? >> i think the reason banks are where they are today is because of concern of slower economic growth because of trade dispute and if those don't get solved you're likely to have an inverted yield curve which some people think is negative for banks even though if you go back to historical records it has been okay.

it hasn't been as good but it is still the bank stocks increased during the environments. so the question i think investors have to face is are those going to happen? i personally think there won't be recessions because of the massive stimulus that is going on in all countries and by all central banks fiscally and monetarily i think some sort of settlement will be done on the trade dispute and when those things occur you will not have an inverted-year-old curve. finally, as you said, it's the worst sector at the moment banks are selling at by far the lowest rate. they also have a great floor most all have a 3% or so dividend yield >> how long are you going to wait there is a thought these things

are value traps. they are cheap by any standard you want to bring out there. the stocks just don't move >> certainly i agree they are cheap. if you look at the evaluation ranges they are trading at low levels, the lowest levels we have seen. i think it is less compelling today than it is -- than it has been at any point in the past decade quite frankly in our view evaluation is not a kal liscatat it is a condition. cheap stocks can getcheaper. it is after deceleration and a decent -- and acceleration in

fee income growth after desl ration in 17 and 18. it is difficult to see how that happens those require catalysts in our view. that's what the regional bank stocks that we cover face at the moment is a lack of catalyst that will drive a positive inflection they are cheap but they can get cheaper. >> you may be right. we may not get an inverted yield curve. we may not get a recession the longer interest rates remain at the levels that they are now which is some what surprising they have moved lower. that's not good for the banks is it >> well, definitely the banks benefit from higher interest rates. i still think the catalysts here is that the reason banks are where they are today is because there is a consensus belief among investors we are going to have a slower economy and may not settle the trade disputes.

my point is i think that's the catalyst, if those things don't occur that's the catalyst that will not only help banks but will help the whole stock market that's down because of those issues >> i hear you. when we were doing our biggest print on gdp not all that long ago -- and nobody was talking about a recession and nobody was talking about a more near term global slow down these stocks still didn't do anything >> exactly i believe they are oversold and they were oversold we'll find out is there going to be a trade dispute if he thinks it is going to happen i think it's the catalyst for bank stocks in the whole

market >> i don't necessarily believe those things are going to happen what i believe is we are seeing deceleration and as a result negative revisions are likely. so i think the catalyst is we need to see numbers stop coming down we have estimate cuts, there's a wave of negative revisions that are coming when banks announce kwaterly next year there is questions about the base of deceleration is it going to accelerate? once we have clarity when estimates start coming down we talk about will there be eps growth and that's when you can buy these stocks and until then stocks continue to get cheaper i think. >> all right leave it there we'll pick it up >> thank you >> mike, you want to put a button on that

>> we understand why >> this is overlay of saying maybe we saw the peak profit blt for the cycle. it wasn't all that great in terms of past cycles it is difficult to know when to pay up >> financials is a top pick for almost everybody on this network. the s&p is down more than 4% over the last month. up next we'll look and explain why it could be setting itself up stick with the closing bell.

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take ak look the russell 2000 closing negative fwi a couple points today. shehere is sue herrera. french police say two people are dead and 11 wounded after a shooting in france it occurred in the city's center near the christmas market. the interior minuister said the gunman is known to police for criminal activity. a jury recommending life plus 419 years for a man convicted of killing a woman and

injuring dozens of others when he drove his car into counter protesters at a white nationalist rally in virginia. he stood silent as the court clerk read the recommendation. they will issue his final sentence in march. confessed parkland school shooter facing new charges he is accused of fighting with a jail detention deputy on no november 13th. disney world visitors were injured after a disney world bus injured another. back to you. >> thank you the dow staging a nearly 1,000 point swing remains at the forefront in this unpredictable market >> could it be signaling some

relief mike is there to tell us about it >> let me explain this this is showing only the big daily moves. the top 10% of big gains or big losses in various years. the ratio of bilg downtowns to big up days. here you can see a couple thins. one, how benign 2017 was not only was it a calm year but when we had a big mover it was more likely. this is the highest number this yearov of big down days versus g up days. so the first thing i'll say is it is worrysome because 2007 it was compare bli high you tend to start having a little more moderate move.

here everybody saying more of the of the same next year. brace for it maybe that is true this would suggest once you get one of these peak readings maybe it should settle out a little bit. >> i don't know how you can feel it can do that considering the fed will be hot and trade unresolved >> we'll never know a year in advance. >> no but we do know we have the looming issues that aren't going oi way for a while >> the variable, you don't know where you'll get it. last year we synchronized global growth earnings going up 30%. it played out a little bit differently. >> things have changed over the course of the year >> yes up next trade fears have been a drag on the market but warning there may be a risk right around the corner. we'll tell you what it is and whether she is in fact correct first we explain why the

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we sat down with coke ceo to discuss how innovation is helping them stay competitive. hi >> hi again. if health and wellness was the trend for consumer companies a few years ago next up it's personalization. we got a behind the scenes look at what coke is doing on that front. they are testing out for instance a new power aid machine that lets athletes and coaches on the field customize electrolite levels and it is to take market share from the dominant leader, pepsi, gatorade which holds more than 80% market share. sit part of the push to get young consumers who want more choice and more digital experiences. they are also rolling out these new dasani machines. you can refill with free water

or flavored sparkling battewate. and coke is not the only one trying to crack this code. sit a way to bring excitement to categories that are slowing like soda and packaged food it is a way to showcase the new product and gather consumer incites and data the other piece of this story is those new products here at coke we got a chance to walk through the aisles to see it firsthand james quincy really speeding up the move from the core coca-cola and diet coke brand the biggest

risk factors are currencies number one and commodities number two investors really like the story of diversify case and push into new technologies >> looks like you got to go to kroger and test a lot of new types of drinks or products. what did you like the most did you pull back on the sweetness? what did you do? what did you like the most there? >> well, actually one, i'm always in search of funky products, new consumer products. here is one i didn't try because it scares me it is popular in japan it is a georgia coffee it makes ten servings of concentrate. you're supposed the add cold water or hot water squawk box dared me to try to most disgusting drink. it would make me very wired.

i'll take it with me on the plane, guys. clearly it is a big part of the story. it is just getting away from carbonated soft drinks and soda. >> it is all very interesting. one time i was down there and i think i tried one called the beverly which i did not care for. >> i don't flknow what that is actually >> i remember thinking no. stick with the classic >> thank you when we opened the segment we were talking about the moves which surprises me pepsi seems so much better diversified. people are drinking less soda. >> right coke is pure beverage as opposed to snacks. i do think it's both caught up

in this sort of quality trade, people looking for very stable companies but also the acceleration which is up like 8% year to date did come near the last earnings report i think there was a little more confidence that were on target you know, it's a fundamental story and going for stocks of that character in this market. >> to see something a little more aggressive than the risk taking trade and concerns about a government shutdown weighing on markets lately but she is seeing another big risk that's next. closing bell will be right back. (toni vo) 'twas the night before christma,

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we are back. yellen expressed her concerns about corporate debt listen to this >> corporate indebtedness is now quite high and i think it's a danger that if there is something else that causes a downturn that high levels of corporate leverage could prolong the downturn and lead to lots of bankruptcies in the nonfinancial corporate sector >> yellen is the latest in a string of people warning about debt levels. here is brian from first trust advisers i'll start with you. do you think it is a warning we

need to heed a little more carefully? what do you think about the levels of corporate debt >> i think right now the other part that she mentioned is we are not over leveraged yet yes. it needs to be ton the radar you need to pay attention to lending standards and whether or not we get into an overleveraged situation. you'll start seeing it with high yield debt first where credit spreads are pretty good. they are not great you'll start seeing it in the small cap sector >> is she on this? >> yeah. the former fed chair who in june of 2017 which is a year and a half ago said she didn't think we would see another financial crisis in her lifetime, that was when she was closer to power now she is out of power.

i think it is politics i don't think it's real. if you look at corporate assets they are at an all time record high corporal delinquencies are close to a record low. corporate cash is close to a record high. there is no way to compare it to any level where we had a crisis coming i just don't buy it. there is a lot of debt if you go back over the last 300 years we have had more debt each and every ten year period over 300 years. >> i wrestled a bear then. i said the market would be up. i'm on two years later

if you don't have me on again i bet the market will be up another 25%. so they were all bearish back then they were all wrong. i think they are wrong now >> okay. >> you know, you brought up earlier what's going on with lending standards. we have got an lot more strict with what the banks are doing with our regulations you got these other institutions that are not as heavily regulated, quicken loans, they are in the top six lenders they are not subject to the same regulations. isn't that a risk if banks are tighter on their lending standards and people are going to the other institutions. >> banks have lowered them compared to just immediately a crisis and yellen did a very good job differentiating from risks in the financial sector that is important. i think brian makes some very very valid points but the key

here is that we are coming off ultra low near zero and effectively zero interest rates. debt services costs will go up when you have to refinance some of this maturing debt. that's one of the problems for d not such strong companies. >> brian you also said the kpee was fine in january of '08. >> i did. >> i don't know what you're trying to throw back at us, we're not saying this is necessarily- neither the former fed chair saying this is a problem going to blow up tomorrow but if the economy slows, rates rise, companies have taken on a lot of debt and borrowed next to nothing she and others are trying to raise potential richks in the system nobody is calling for another 2008 >> here is the deal, scott this is one of the things we fought about over the years, that is you don't pay attention to market accounting and that's what we had no '08

and '09. we don't have have that anymore. even if we were in the kind of debt problem that we were in '08 we wouldn't have the same problems today as we did in '08. i was begging the treasury department and fasbi and sbc to change to market accounting in '08 and they wouldn't. if they would have like they did in march of '09 we the wouldn't have had the crisis we had having said that i've been bullish the last nine years. and how many times have we been told the world is about to come to an end whether it's brecht the it or turkey or krierpz. and i get people have emotion. but correspondent isn't not a problem. yes it's pat a record high so the consumer debt. >> that's right. >> but so are consumer assets and so are corporate assets.

so are consumer earnings, corporate earnings and so -- well today, of course. when you have record profits, record assets, record earnings, record low delinquencies, the corporate debt doesn't appear to be a problem >> record baier borrowing at low interest rates. >> some day we have a recession. some day i agree. but i don't see it any time in the next couple years. >> all right fair point like the debate. thanks for having one. brian, good to have you on. >> thank you. >> all right in ten yeerps since bernie madeoff's ponzi scheme. we'll fowl up with the victims

i don't know what's going on. i've done all sorts of research, read earnings reports, looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect. see, your stress level was here and i got you down to here, i've done my job. call for a strategy gut check with td ameritrade. ♪

it's a 10-year anniversary for bernie madeoffs arrest for running a ponzi scheme we hear from some victims, coming up next alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. fidelity. ignition sequence starts. 10... 9... guidance is internal. 6... 5... 4... 3... 2... 1...

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. bernie madoff has been arrested the founder of bernie madoff investment securities. he is 70 years old a fixture on wall street ran a -- was a big market make ner stocks the fbi arrested him this morning after he told senior employees yesterday that his business was a giant ponzi scheme >> well that was our former colleague michelle caruso cabrera reporting the news of the bernie madoff ponzi scheme ten years ago. currently he is serving a 150 year jail sentence we check on the victims of that scheme 10 years later. >> one victim says he has recovered 76 cents on the dollar so far but that only begins to tell the story on the one hand there are investors like joyce greenberg of houston who says she has

quoten back about 60% of the multimillion dollar investment. >> i consider myself very fortunate. >> she says part of that is due to good record keeping she is a retired stockbroker but more important she didn't withdraw anymore from the madoff account than she put in. according to irving pickard who is rounding up friends that makes mere a net looser at the top of the food chain for. >> when he confessed i thought i wouldn't see the money again. >> but the kent in my from georgia like thousands her parents withdrew more money they than they invested bleeflgs bleaching the returns were real. >> was shock and disbelief, distrust. >> under pickard's formula upheld repeatedly in court the money they withdrew which turned out to be fiction albrokerage statement making

them in the eyes of the law net win zbreers how can you be a winner when you know everything you worked so hard for has been taken away from you. >> net winners are subject to claw backs where some of the $76 cents on the dollar is coming from one of the issues we cover in the american greed madoff, ten years later. you can subscribe wherever you get pad costs. >> that does it for "closing bell." "fast money" begins now. thank you, scott and courtney and "fast money" begins right now live from the nasdaq market sited i'm brian sullivan in for melissa lee. traders are pete najarian. tim seymour. dan nathan, guy adami. tonight on fast. city's top equity strategist saying don't fear the bears. he explains why he is betting on the bulls. plus with two weeks down to christmas are we looking at pain for retailers or holley