Skip to main content

tv   Markets Now  FOX Business  March 8, 2013 1:00pm-3:00pm EST

1:00 pm
1:01 pm
1:02 pm
ashley: good afternoon, everybody. i am ashley webster. tracy: and i am tracy byrnes. possibly just right to keep the fed stimulating the economy. ashley: could it hit 15,000 by the end of the month? heritage capital president says yes. tracy: jobs not the only major economic reports today. the crop report just out. we are live from the pith of the
1:03 pm
cme with reaction. ashley: plus, there is a new sheriff in town. oklahoma city attorney general. finding out why he thinks dodd-frank reform is unfairly attacking banks. tracy: that was on bugs bunny once, wasn't it bush or mark. ashley: the sheriff in town? tracy: nicole petallides on the floor of the stock exchange. nicole: be surpassed them and not giving it back. we are up again today. we are setting all-time highs. the nasdaq and s&p with of
1:04 pm
arrows. you can see that the dow is on track to have its fourth straight all-time record close. you can keep crossing out those prior numbers. there is a look at a one-week chart. the dow and s&p each gaining more than 2%. we are also seeing an environment that really helps these stocks run out. they were saying you just have to go with it or sit on the hard line. you certainly do not sure this kind of market. tracy: we will see you in 15 minutes. ashley: the impressive gains. not just here at home. stocks boosted in europe. british equities on the footsie hitting a fresh five-year high. the dax in germany at 8000.
1:05 pm
the market rally spurred by today's job report. 36,000 jobs were added to the workforce. peter barnes joining us live from the white house to break down today's report. peter: that is right, ashley. economists were expecting 160,000 jobs. the players delivering much more than that in the month of february. we thought that rainfall to 7.7% from 7.9% in january. once again, in part because we had some people leave the labor force. i want to show you the labor force participation rate. it is a c like to look at every month now.
1:06 pm
it is time the lowest level in 30 years. these are just, people leaving the workforce for whatever reason. they are frustrated and have given up. they are gone. this is the february report ahead of all the sequester budget cuts that started on march 1. the white house is worried about the sequester being a headwind of future job creation. take a listen. >> it comes at a time where the recovery is gaining traction. it is not a good time to impose severe budget cuts which do not solve our deficit problem and will hurt our growth prospects in the near-term and long-term. peter: let's also take a quick look at the broader measure of the job picture.
1:07 pm
this includes people that are working part-time for economic reasons. 14.3% in the month of february. down from 14.4 in january. also, making progress there. a year ago it was around 15% viewed ashley and tracy, back to you. ashley: peter barnes, thank you very much. tracy: not too hot, not too cold joining us now is philip swale. this whole notion that is not too great, not too terrible, does it give them reason to keep going? you can argue there is a reason to end it. >> the fed has to be looking at the jobs report and say, okay, this is progress. it is not enough. we want to see people looking at
1:08 pm
the economy and think it is strong enough and i am getting back in. tracy: that is not happening. we still have a lot of people on the sidelines. peter barnes shows that the participation rate was 15% in 2012 and now we have dropped, if that is what you want to call it, to 14.3. that is pretty pathetic. >> it is an indication that there is still significant weakness in the labor market. things are getting better, that is for sure. we still have a long way to go. tracy: the cbo says we are going to lose about 250,000 jobs because of the sequester. is it kind downhill from here?
1:09 pm
>> i think everything is overblown about the sequester. look, there will be some negative impact. i think the economy is gaining strength. tracy: the kids need those white house tours, by the way. looking back, what would you say to somebody and treasury right now? what should they be doing to help this economy? >> i think it is time for the u.s. to look at a longer term. social security, medicare, health spending, we need to address that. we need to start putting those pieces into place to address the fiscal challenge. i would say, look, we now have the space. the economy is getting better. tracy: we are seeing little bright spots.
1:10 pm
is it enough to make you think, yeah, you know what, maybe we are on our way to some sort of a long-term recovery. >> it looks like it. consumer confidence is gaining as well. i certainly worry. i think the pieces are in place for us to be more optimistic this time around, though. tracy: yes. i am with you. fill up, thank you so much for being with us. >> thank you. tracy: all right. well, while things in the agricultural market. ashley: growing old comfortably. where the best places to retire are and how the u.s. stacks up against the rest of the world. i tell you, not great. tracy: no, it really is not. [ laughter ] ♪ [ woman ] if you have the audacity to believe
1:11 pm
1:12 pm
your financial advisor should focus on your long-term goals, not their short-term agenda. [ male announcer ] join the nearly 7 million investors who think like you do. face time and think time make a difference. at edward jones, it's how we make sense of investing.
1:13 pm
you are gonna need a wingman. and with my cash back, you are money. forget him. my airline miles will take your game worldwide. what i'm really looking for is -- i got two words for you -- re-wards. ♪ there's got to be better cards than this. [ male announcer ] there's a better way with creditcards.com. compare hundreds of cards from all the major banks
1:14 pm
to find the one that's right for you. it's simple. search, compare, and apply at creditcards.com. first round's on me. tracy: department of agriculture releasing its latest crop report today. let's get right to the cme and jeff flock. jeff: excuse me for the glasses. this is the crop report, by the way. a lot of pages there. i got the man in the coat this hour. what was your headline? >> it was hard to make a ton of changes unless you want to screw with some of the numbers in the report. they really did not do a lot. jeff: this is rallying today based on the report.
1:15 pm
>> it will still attract a lot of planting this year. we did not change a lot of the numbers. now we are looking at march 28. jeff: tell me about this, this exchange had a lot of funds in, a lot of funds, a lot of investment. >> they got a little bit ahead of themselves. dollar-denominated products should automatically go up. we are going to be inflating. those people had to take their money back out. jeff: we look at soybeans today. also, perish on soybeans. perish on wheat today. the volumes are so thin. it is typical.
1:16 pm
jeff: scott, appreciate it so much. alwayy nice to see you. what can i tell you. is pretty much just unchanged. tracy: jeff flock, thank you very much. ashley: the safe haven seem to be slipping away as more and more americans are dipping into retirement savings just to get by. the largest mutual fund company says people taking out loans against their account is just 12% said 2008. tracy: america not voted the top
1:17 pm
country to retire. in fact, u.s. retirees may they better moving to europe. who would have thought. how well retired people live based on measures. the report found that the top five best countries to retire are caught no it is not the u.s. austria that number five. sweden, luxembourg, switzerland and wait for that over one, norway. where is the u.s. on the list? that europe is known for its strong programs. the poor quality of life due to environmental factors like pollution. oh, come on. ashley: clean living in norway.
1:18 pm
they pay through the nose for those social programs. they do have amazing social programs. there you go. tracy: fair, blond people. what is that? ashley: all right. as we do every 15 minutes, let's check the markets. nicole: i was upset they didn't put cyprus up there. over in the mediterranean. let's talk about some technology movers. the nasdaq is up one quarter of 1%. i wanted to look particularly at both pandora and google. both of which have some interesting news. pandora came out with their numbers after the bell yesterday and surpassing anything that analysts had expected. you can see the stock is up early 20%. you know they have been trying to cut down the number of hours.
1:19 pm
after that, you will have to pay for the music you listen to. it will cost you. let's talk about google. they have been announcing some layoffs. we cannot deny we have been seeing google hit all-time high after all time high. down $3.71. back to you. ashley: thank you so much. defending states rights. oklahoma attorney general is standing up his campaign against dodd-frank. the ag will be joining us and ask him why he says the financial report is unconstitutional. tracy: first, let's take a look at how the dollar is faring. we will be right back. ♪ ♪
1:20 pm
[ male announcer ] this is karen and jeremiah. they don't know it yet, but they're gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade.
1:21 pm
1:22 pm
1:23 pm
>> @21 minutes past the hour, i have your fox news minute. at the vatican, the cardinals have said tuesday for the start date for the conclave to select the next pope. 115 cardinals will begin voting
1:24 pm
tuesday afternoon. two thirds required to select the new leader of the catholic church. no conclave has lasted longer than five days. in venezuela, or than 30 global leaders are attending hugo chavez is funeral. he died of cancer on tuesday. the vice president will be sworn in this evening as interim president. osama bin laden's son-in-law was bin laden's spokesperson. he was caught in jordan eight days ago. he was brought to the u.s. those are your headlines. let's get you back down to tracy and ashley. ashley: thank you so much. there is a new sheriff in town. his name is scott pruitt.
1:25 pm
oklahoma attorney general is attacking some of the biggest issues in business. one of the first to challenge president obama's affordable care act. now he is arguing the constitutionality of dodd-frank reform. he is joining us now. thank you so much for joining us. why do you say that dodd-frank is unconstitutional? >> well, actually, there are multiple parts. there is a challenge to title i, title ii and title x. the states are only focused on title ii. title ii is that liquidation authority that is granted to the secretary. if they select a surgeon institution to liquidate, there is only a 24 hours notice for a federal judge to intervene and stop that. what is even more egregious is
1:26 pm
the states that have invested in some of those institutions do not ever received notice. it is a fundamental question about due process. it is a fundamental question about checks and balances. there are other parts of the litigation. there are a lot of issues that we are dealing with. it is a very important case. ashley: would frank prevent another financial crisis? >> it is a very good question. when you look at who is bearing the brunt, with respect to the burden of dodd-frank, it is mostly community thanks. we are down at a level of 7000 or less. many of those banks are saying we were not possessed of the problem in 2008, but yet we are
1:27 pm
bearing the brunt. i think congress does need to look at 2008. what they did with dodd-frank is consolidate power in one individual. senator dodd and representative frank saw that as an opportunity. that is affecting our access to capital. ashley: let's move onto the federal federal healthcare law. you have also been challenging that on the legal front. federal lawyers say your actions would deny some 3,080,000 uninsured oklahomans with federal subsidies that would help them purchase private insurance. what is your particular beef with this particular healthcare law? >> it is simply that they are not following the law.
1:28 pm
if the irs wants tax credits to flow in states where they have the state healthcare exchange or not, thhre is a real simple answer for that. in incentive to the states to look at healthcare changes, to adopt them, there are certain benefits that came. there are certain benefits that occur when they do not choose it. oklahoma has choosing not to. the irs has disregarded our choice. we are challenging that authority. this is important to say, ashley, because, i think, often times when a dirty generals are involved in this, some interpret that as a policy statement. it is not a policy statement. those are policy decisions that need to be robust in discussion. what matters is that we follow
1:29 pm
the constitution. the congress needs the constitution. they have done that both in dodd-frank and in the course of the healthcare challenge. the irs has done that inconsistent. ashley: you have been very busy since you have taken on the job of attorney general. thank you very much, scott pruitt. >> thank you. tracy: all right. are you in the market for a deep house? if you are willing to shop in certain markets, you can find foreclosure sales for on average 39% below regular sale prices. where should you be looking for these discounts? ohio seems to be the place to start. columbus hit one of the top five. north carolina has a 49% discount. cleveland comes in with a 56%
1:30 pm
discount. dayton ohio comes in with 57%. you take risk when you go into a foreclosure. ashley: the dow's hot streak hitting a new intraday record as the jobs report beats expectations. that is ahead. tracy: let's take a look at who is up and down on the dow as we head out to break. more green on the screen than red. that is a good thing. we will be right back. ♪ dad, i'd put that down.
1:31 pm
1:32 pm
ah 4g, huh? verizon 4g lte. 700 megahertz spectrum, end-to-end, pure lte build. the most consistent speeds indoors or out. and, obviously, astonishing throughput. obviously... you know how fast our home wifi is? yeah. this is basically just asast. oh. and verizon's got more fast lte coverage than all other networks combined. it's better. yes. oh, why didn't you just s that? huh-- what is he doing? but that doesn't mean i don't want to make money.stor. i love making money. i try to be smart with my investments. i also try to epmy costs do. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal.
1:33 pm
if your a man with low testosterone, you should know that axiron is here. the only underarm treatment for low t. that's right, the one you apply to the underarm. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. report these signs and symptoms to your doctor if they occur. tell your doctor about all medical conditions and medications. do not use if you have prostate or breast cancer. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet, or body swelling; enlarged or painful breasts; problems breathing while sleeping; and blood clots in the legs. common side effects include skin redness or irritation where applied, increased red blood cell count, headache, diarrhea, vomiting, and increase in psa. see your doctor, and for a 30-day free trial, go to axiron.com.
1:34 pm
>> sesno has stopped it will check if the markets as we do every 50 minutes at the new york stock exchange. >> close no but some new highs for the major averages. citigroup looks good. it is up 2.2% moving to the new 52b tie with the stress test released also asking permission to buy back stocks 2.$2 billion and it shows their position improved. we have a mixed bag of
1:35 pm
52-week ties with citicorp and bank of new york but you do see of little pullback. cul-de-sacs and morgan stanley were at the bottom of the stress test that was worse noted now back to. >> even though we're off the highs of the day the dow is on track to be the fourth straight record close but might test does not see it closing soon but could see dow 50,000 early next week. it could be this week or this month but are you nervous? >> a lot of nervous.
1:36 pm
with a milestone i dance closer to the door is like a red light green light until there is a milestone then they go fro there is a milestone then they go from nothing to everything then over the last month they have gotten bullish. we're four years into the market up 18 percent now to go from zero% equities to all in? that makes no sense but over the next few months we will build a significant peak inequities but then hit 50,000 over the short term. ashley: does it matter if the fed prints money? >> no. great point* the news has then been incrementally less
1:37 pm
and less than the money velocity is down and down the fed has printed trillions no $85 billion per month coming out of the fed. not going down to zero but maybe 80, 75, us 70 but when the fed pulls a punch it will have a dramatic effect. look at summer 2011 and the flesh crash 2010. they will feel their votes and not stop printing but tighten. ashley: are you putting money in the market now? >> i am absolutely not putting in new money. we had a phenomenal run thinking it would be a
1:38 pm
short-term selling opportunity. we will have a pullback but stay close to the door because they will pull away the musical chair. don't be left without a seat. i am enjoying the equities from the middle of november when it looked nasty we are long biotech, and leisure and indices. technology could have a final burst higher over threeethrough six weeks but i've not committing new money. there is too much risk even tacking on 500 points you cannot sit back and enjoy. ashley: would you avoiding? >> i cannot stand commodities for a while including the energy complex
1:39 pm
as don't like silicon and that is second half of the year. ashley: thank you very much. stay close to the door. more than a little nervous. tracy: we have to look at the commodities. [laughter] still above the $91 mark phil flynn is in the pits at the chicago mercantile exchange. >> how can you not like commodities? you have to know which side to be on. oil is down today. which is surprising considering we had a great jobs number. early the prices go up in anticipation but not today. we have a lot of supply. willis is not moved too much but one that is is gasoline
1:40 pm
futures six point* 83 with a big refinery outages that has not been confirmed, but they are buying on the news. the ethanol market the usda reports the market is a big also driving gasoline prices. nat gas new highs for the year with the drawdown of supply but it is the long end of the curve closing the eyes prices over year and a half as people get excited of long-term picture for natural-gas. with their engines, cars, they are coming. back to you.
1:41 pm
tracy: phil flynn. have a great weekend. helping the balance sheets but are you better off now? i don't know. that debate is ahead. ashley: look at the tent and a 30 year treasurys. how do traders using technical analysis streamline their process? at fidelity, we do it by merging two tools into one. combining your customized charts with leading-edge analysis tools from recognia so you can quickly spot key trends and possible entry and exit points. we like this idea so much that we've applied for a patent. i'm colin beck of fidelity investments. our integrated technical analysis is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account.
1:42 pm
. .. >> i'm dennis kneale with your fox business brief. eisnaugle, baby. intercontinental exchange reportedly agreeing to cap fees on soft commodity
1:43 pm
trading for five years as it tries to win governmental approval of the deal to acquire nyse euronext. according to "the wall street journal" i.c.e. may set up customer committees to advise on the new york stock exchange's soft commodity markets. those moves follow customer concerns about the planned merger between those two exchanges. abg technologies posting its biggest one day drop since going public just over a year ago following news ceo jr smith has resigned. the dutch maker of anti-virus and security software says smith will stay in the position until a successor is named. on the upside stocks modestly higher following a better than expected report on jobs, blue-chips hit intraday high and the dow is up 44 points. liking that.
1:44 pm
tracy: almost five years since the height of the financial crisis. americans have finally regained the $16 trillion of household wealth that we lost during that recession.
1:45 pm
that is according to the fed but do most americans actually feel that way? rich edson is in washington. i don't know if i do, rich? >> yeah. are we back? that's the question we asked some folks. first off let's take a look at household wealth. we're just about where we were at the start of the recession. $67.4 trillion back in '07. today it is 66 trillion dollars. house hold debt beginning to increase. october of '07, 13.6 trillion. today at 12.8 trillion. showing perhaps folks are taking on more debt and spending more. as for how folks feel we talked to some on the streets of washington, d.c. and it really depends. >> there is not this sense of panic that there was but people are still losing their jobs and there's still a fair amount of uncertainty in the marketplace and amongst my friends and family. >> things aren't great but i'm not hurting. and i don't think most people are either. >> just keep in mind we talked to folks in washington, d.c. we're based
1:46 pm
in d.c. it is much better here than it has been around the country. one other caveat a lot of that wealth is caught up in people's houses and 401(k)s. look at the median price in december '07 at more than $200,000. falling to a low last january 154. back up to 173, of. what are people's 401(k)s showing? the dow back where we were five years ago. s&p hovering where we were five years ago. perhaps a feeling we're beginning to get our way back. good job numbers today. still 12 million folks unemployed. back to you. tracy: rich, we spent so much money just to get us here, right? i mean fed keeps pumping it. >> right. tracy: you would think we would be triple what we were when we started. >> you know, that is the other thing, especially with equities. you look at the balance sheet. trillions of balance of federal reserves in equity markets. there is reason we're here. there is debate in washington whether we should be better off or not. washington is still fairly
1:47 pm
gridlocked when it comes to budgeting spending and tax. >> there is that rich edson, that was good, thank you, sir. >> thanks. ashley: who better to do the story by rich. rich by name and rich by nature. as we do every 15 minutes. nicole petallides on the floor of the nyse. nicole watching some retailers. >> looking both at ann taylor and foot locker. here is ann taylor on the heels of their earnings. you look at the stock up about 9% for ann taylor. a name down year-to-date 6%. they came in with their quarterly report. they did beat the expectations. revenue came in a little bit light. they gave a nice strong outlook that certainly helped ann taylor i long. i wanted to look here at foot locker. foot locker on the other hand, the shares are i had shoeing. you can see it is under pressure. year-to-date foot locker under pressure. earnings met revenue expectations and earnings beat the street. you can see how it has sold off recently. it is down six 1/2% today.
1:48 pm
one analyst actually called the results decent but not great and noted that expectations ran too far too fast on foot locker. back to you. ashley: all right, nicole. thanks so much. tracy: every day at this time of day, charlie breaks it. if you missed this show yesterday you missed our very own charlie gasparino on the surging growth of the dark pools, the institutional trading of large blocks much stock done pretty much off the public markets. >> this is the latest data. this is coming from people at the new york stock exchange. they are saying that the big board is now trailing all the dark pools in terms of average daily volume. that occurred in january. tracy: coming up next hour, former sec chair harvey pitt is going to weigh in on that news and whether or not new sec proposals are enough to protect investors. well, woefully unprepared. dennis kneale, is not. ashley: not him. tracy: no. he is here though with the key takeaways from this week-long series on cyber attacks. it hear him laughing.
1:49 pm
you're not unprepared. den. what is that risk and how we should protect ourselves, that is all next. ashley: look at today's winners and losers on the nasdaq as we head to the break. vertex pharma up nicely. news corp the owner of this fair network, also up. we'll be right back.
1:50 pm
1:51 pm
1:52 pm
tracy: that looked like a ride at disney. all right the cyber threat. dennis kneale, connell mcshane's week-long series giving viewers a look at cybersecurity through the lens of some of the nation's leading experts in the field. dennis just wrapped up our
1:53 pm
panel discussion last hour. he joins us now. what did you learn? >> by the way, shoutout, a young producer here, matt dean. this is his series. the two anchors talk. tracy: go, matt. >> we're woefully unprepared. what brother bothers me we were no better prepared than a decade ago. at "forbes" magazine when i was there, we did a story, next big war or attack will be cyber. we're no better protected. electrical grids especially. nuclear power plants, rail lines, the faa stuff is not protected against hacker attacks. ashley: how do we fix it, dennis? lots of talk about it. we know it is there. >> right now we're hurt by the bermuda triangle of government, individual doors of tech and user of tech. someone else think it is someone else's responsibility. one panel member said government can't do anything is inefficient. former home manned security guide said government has to lead the way. private sector can't do it
1:54 pm
without it. if customers push the tech vendors to do better job it might happen because the tech vendors want to sell more stuff. we spend 30 billion a year on cybersecurity. over the past decade, double that spending. we had one count, 600% increase malware damaging software in single year. we're not spending enough. we're not doing enough and there is not enough of a sense of alarm out there. >> question ashley and i always ask, how do you keep ahead of hackers? they're smarter than all of us? >> two ways. we need to outinsnow straight. when you have demand for stuff that leads to innovation. the other expert came on and ephelps companies preemptively attack the hack. tracy: attack the hackers. >> they attack them first. that is controversial but rather interesting. especially as hackers change from guys in their boxer shorts in their mom's basement to instead members of the people's liberation in army in china doing it for defense reasons. one thing really worries me,
1:55 pm
china wants to take corporate espionage and copy iphone. that is terrible. but china also, when they, chinese army did over 1,000 attacks on 40 companies last three or four years. some companies doesn't know they were violated. they're look at electrical grid and infrastructure. you're not trying to steal secrets. can we take down the chicago electrical system if we get mad at u.s. for something? i worry about china as long-term enemy. what shrinks that is china owns something like 1 1/2 trillion dollars of our stocks, bond and. tracy: they need us i think more than we need them at the end of the day but do you worry about little things like online banking? we talked about that this week. >> social networks have been the biggest thing to increase the cyber threat. now the next big thing is e-wallets. you will use the phone to pay for all kinds of things. it is a fantastic feature but coming in utterly not protected enough. one survey found 64% of the all of the apps preloaded on
1:56 pm
smartphones are vulnerable to cyberattack. the smart phone is great thing for us. but it is a great thing for hackers. i don't know if you guys have any kind of chart on that. again and again we kept hearing from same names, lifelock, proof point, symantec. the fear of cyber, let's these guys sell more stuff. stock prices rise. you can make money on this even as hackers take money out of your account. tracy: you get hacked. put it back. that was awesome, dennis kneale. ashley: thank you. switches gears, literally. ferrari just released its fastest car ever. believe it or not it's a hybrid. can you believe it? tracy: no. ashley: the $1.3 million sports car was released at the geneva motor show this week. the supercar combines two electric motors with a 12 cylinder gasoline engine to produce 963 horsepower. it can go from zero to 60 miles an hour in less than three seconds. you can pull away at lights. ferrari received 700 formal
1:57 pm
requests for the car. they stated they will only make 499 of them. ferrari will give preference to customers they call ferrari -- isti. or, drivers who already own at least two-fer rarrys, or people who like to really show off. tracy: you're funny. only 499 made though. why not make 500? ashley: i don't know. makes it that much more valuable. tracy: i suppose. how about this for people with money. fancy wheels for the peanuts. astin martin brings up images of luxury, wealth and well, james bond but what about, a baby stroller? the ultimate in high-end baby gear. now the stroller is a collaboration between astin martin and british baby carriage company silver cross. favored no surprise by the royal family. the model called, the surf, is being in a limited edition of only 800 people. 800 peel will actually buy this thing?
1:58 pm
it is sold exclusively at harrods with performance leather. it includes a winter foot muff. because every kid needs one and wait for it, a butler. kidding. you should hire someone to clean up the puke in the little stroller that you paid all that money. sorry, truth. price tag? 3 grand. ashley: machine guns on the front and smoke bombs and ejector seat on the back. tracy: that much for someone to puke in it? that is what the ferrari is for. ashley: coming up u.s. companies creating thousands of more jobs than expected. one economist said we should finally quiet those who say we're heading back into recession. pnc's gus foshay is here next. keep it right here on fox business. >> meet bill and melissa. like many, they built their financial house on stocks, bos, and insurance... and then saw it blow away with the first winds of economic change.
1:59 pm
when mary lost her husband, she invested in real estate. but when the housing bubble burst... so did her financial future. robert and rachel discovered the security, safety, and stability of american bullion, the name you can trust for 401(k) rollovers and i.r.a. transfers. unlike other gold companies, american bullion handles all the paperwork for you, hassle-free and 100% tax-free. call 1-800-gold-ira now and speak with one of our gold experts to see how simple working with american bullion can be. when you do, you'll receive "the gold guide" and the book "the next wave" free. discover how gold can help protect your finances and your future. american bullion. piece of gold, peace of mind. call 1-800-gold-ira now.
2:00 pm
[ male announcer ] how could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risk fees and expenses to read and consider carefully before investing.
2:01 pm
ashley: welcome back. i'm ashley webster. tracy: i'm tracy byrnes.
2:02 pm
stocks closing out a record week with even more gains the dow is up 50 points right now and heading for its third straight winning week. the s&p is close in on its record high as well. ashley: one catalyst for buying the better than expected jobs report, u.s. companies added 236,000 jobs across multiple sectors. so is it enough to change the conversation about the economy? tracy: and the flash crash, the facebook ipo, knight capital and more all hurting investor confidence in these markets. now the sec is proposing new rules to stop computer glitches. so will they work? former sec chairman harvey pitt is our special guest in a bit. ashley: i have my doubts. plus with two hours to go stocks are closing in on a very impressive week. nicole petallides at the new york stock exchange with more. nicole. >> up again, right? we're up five days in a row, ashley and tracy, and we're seeing these gains gains for the jones industrials. not only the dow jones industrials but nasdaq and s&p and they're hitting multiyear highs for those
2:03 pm
two indices. back to the dow for a moment. record highs again. looks like the fourth day in a row we'll have a record closing level. we're up 51 points. that accounts for one-third of 1% much like the s&p 500. there is nice one-week chart of the dow where you see obviously a winning week on wall street as each day basically has been a record up one-third of 1%. on the dow today some of the best performers include 3m, dupont, disney and of course mcdonald's. mcdonald's came out with their sales numbers. the comp sales were a little interesting because they did have leap year to contend with. it was a tough comp for them. the truth is they did well here in the united states. they did well with the dollar menu. also moving the mcrib which is popular item up into december. that is something that helped them with their north american numbers. back to you. ashley: nicole, thank you. tracy: the shamrock shake is back for st. patty's. i'm sure will be stock
2:04 pm
mover. u.s. companies adding 236,000 jobs last month. senior washington correspondent peter barnes is live from the white house to break down the numbers for us. hey, peter. >> tracy, that's right. the unemployment rate also unexpectedly falling to 7.7% from 7.9 in january. it was expected to remain flat. the private sector added 246,000 jobs last month. the government cut 10,000. mostly state and local governments once again. let's look at the sectors that are adding jobs, that added jobs last month in case you're outlooking for a job. so of those private sector jobs, we saw, here is my chart right here. professional and business services were up 73,000. construction was up 48,000. that's a, third month in a row we've seen strong gains in construction. maybe a little bit hurricane sandy related but also related to the housing market recovery. health care was up 32,000. retail, came in, nice number there, 2,700.
2:05 pm
information services were up 20,000. according to the labor department it was mostly from movies and music production, believe it or not. now this february did not include the sequester. the sequester here in washington, those cuts, $85 billion, did not start until march 1st. however the white house is concerned about those sequester cuts having an impact on job creation, and in the rest of the year. however interestingly the president's chief economist told me this morning that he doesn't expect cuts in government jobs, furloughs of government workers to increase the unemployment rate. take a listen. >> as long as they're employed for at least one day during the payroll period, they will count as employed in the payroll survey and it will show up in work hurst and certainly affect family incomes and that will ripple throughout the economy. the longer the sequester is in place the more damage it
2:06 pm
will cause to the economy. >> however no one doubts that the sequester cuts which half go to the pentagon will affect defense contractors and subcontractors around the country and especially here in washington, d.c. ashley and tracy, back to you. tracy: peter barnes, thanks for all that. ashley: we have some breaking news for you. it is about another cruise ship. royal caribbean says vision of the seas ship arrived in port everglades today with a high number of sick passengers. the cruise company says 105 of almost 2,000 passengers are thought to be infected with the norovirus. royal caribbean says the ship was thoroughly sanitized and will depart friday afternoon as scheduled. okay, our next guest says the string of recent payroll gains, quote, drives a stake through the black heart of vampire economists who see a recession coming. very eloquent, end quote. joining us gus foshay, pnc
2:07 pm
senior financial services macro economist and vice president. gus, thanks for joining us. does this put a stake through the heart of these vampires? i, yes the headline numbers were good but look, labor force participation hit a 31-year low. i mean that has got to be a concern right? >> that is a little little bit of a concern. we've seen labor force participation rate bouncing around near a cyclical bottom. i do expect that will turn around as the job market continues to improve. we had added 190,000 jobs on average past three months. we'll have more people looking for work. that helped push unemployment rate down. that's why it fell .2 of a percentage point. we added 170,000 jobs in the household survey which is a very good number. except for the small dip in the labor force participation rate i think this is very solid report. ashley: how concerned are but the sequester if this drags on? >> the longer it drags on more of a weight it will be
2:08 pm
on growth. i think if we get it resolved in the next month or so, it will only be a minor drag on growth. the estimates, indicate that if it lasts for all of 2012, that it will reduce gdp growth this year by half of a percentage point. that's enough to slow the job market and to mean that the unemployment rate isn't going to fall as quickly. that being said, underlying fundamentals of the economy look good. the housing market is getting better. consumers continue to spend. even if we do get a full sequester for the year, i think economy will continue to recover and we'll see unemployment rate fall. not just as quickly. ashley: gus, for the skeptics, does it prove for the fed stimulus program it is starting to trickle down into the labor market? >> i think so. that is seen very clearly in construction employment. that has been lagging but we're starting to see construction employment turning around now. housing prices are looking better. that is a positive for consumer spending. a lot of that is
2:09 pm
attributable to federal reserve efforts to keep interest rates low and keep mortgage rates low in order to spur the recovery in the housing market. we're seeing that and it promotes growth. ashley: does this change the conversation a little at the fed? we know rates will be basically at zero for some time to come but does it change perhaps the types of language that we start to hear from the fed with this kind of a report? >> i don't think it will change the language at least in the near term. the fed said they're looking for significant improvement in the labor market. that is more than a few months. so, i think we might start to see some changes in the fed language as we get towards the middle. year, assuming job growth continues at this 175,000, 200,000 per month pace. the but, you know, we still have a ways to go. the unemployment rate although it is down significantly is still 7.7%. that's way too high from the fed's perspective. we're still in the early stages of the housing market turn around. so i don't expect to see big changes in monetary policy until at least the second half of this year.
2:10 pm
ashley: quickly, gus, with regards to the markets, we had a guest in a previous hour who said it very well could hit 15,000 on the dow next week or sometime this month but he is nervous and says investors should be close to the door because when the market resets, there will be a lot of people that will be left out to dry. >> you know, i'm not terribly concerned about that. if you look at valuation measures like price to earnings or cash flow to earnings ratio or the dividend yield those look pretty good relative to historical standards. they're not a lot out of whack. i think it looks like at this point stocks are reasonably valued. we do expect a recovery to continue. we do expect profits to continue to improve. i don't think stocks look overvalued at this point point, no. ashley: very bullish. gush foshay, pnc financial services senior macro economist. thank you. >> thank you. tracy: we have a lot more to come this hour. former sec chairman harvey pitt weighing in on the agency's proposed rules on computer glitches.
2:11 pm
would they have stopped the flash crash. >> apple, exxonmobil and more expected to pay back billions to investors this year. liz macdonald reports on the record payouts straight ahead but first take a check out how oil is trading. it is up slightly, ever so slightly at $91.65 a barrel. we'll be right back. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars.
2:12 pm
and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade.
2:13 pm
2:14 pm
ashley: one big mover on today's crop report. let's get right to the cme and our very own jeff flock is in the middle of it all. jeff? >> it is one we didn't expect, ashley. actually orange juice futures. that is the soybean pit right there. look at numbers on orange juice futures. they jumped up 7% with the release of the world agricultural supply and demand report. that is because there is something down there called citrus greening. that is bacterial disease
2:15 pm
that is killing the crop. i want to get to virginia in the oak pit. if she has two seconds for us here. >> sure. >> other than orange juice not much moving. >> not at all. looks like experts were correct. estimates were right on the money there. it will be a little bit after sideways call. >> usually this market, when you get, this release during a market you have a lot of volatility. today corn was the only thing that moved much at all. >> that was it today. we were expecting actually a little bit more. it just didn't happen this time. so we look for the next time. >> soybeans and wheat, pretty much unchanged as a result. you're in the oat pit here. what is going on in oats? >> same thing. it has been kind of weak right now and following along with wheat and corn as well. we're hoping something else will come. >> more money pulling out of these markets? >> somewhat. looks like they are going into equities. we'll try to hang on as much as we can. >> only thing on fire in the
2:16 pm
pit which is virginia's coat which is fashion statement in the oat pit. ashley: all about the oj. winthrop and valentine on it. "trading places." i love that movie. tracy: late venezuelan president hugo chavez will be preserved and put on display inside a glass tomb for all eternity core according to his successor, vice president maduro. he will follow communist leaders lenin, mao zedong and ho chi minh displapd with leaders. cuba's raul castro and ahmadinejad gathered in caracas to bid farewell to the socialist leader who ruled the oil-rich country for 14 years. maduro is expected to be sworn in as president after the funeral. they will call for elections after about 30 days of the craziness, no? ashley: must-see list.
2:17 pm
go to caracas and see --. tracy: chavez? i don't know. maybe they should have done that to elvis. we have to find him first. ashley: working at kmart in michigan. can't do that. quarter past. time to look at markets. nicole petallides on floor of the new york stock exchange. how often do we go there? every 15 minutes, nicole. >> another winning day, nicole. >> a great week for the bulls and people out there at 6500 on the dow jones industrials obviously were hoping for so much better. to regain those losses back in 2007 when we were above that the 14,000 mark. here we are, breaking new highs day after day this week. here we are right now, 14,373. what is interesting we're seeing up volume outpacing down volume. i am seeing a little bit of improvement here in the back half of the day. i wanted to also take a look at the whole martha stewart, macy's, jcpenney story. both jcpenney and macy's have been battling it out for exclusive right to martha stewart products.
2:18 pm
macy's had the exclusive rights a couple years ago. then ceo there was sickened by the fact that martha had signed to work with jcpenney as well. and so since then it has been through the courts. now it has been pushed back, the date is pushed back, put on hold. jcpenney is the loser in this whole thing being put on hold. meantime, the judge, during the trial, actually said, you know what? can you guys try to work on this, work on it amongst yourselves until all the attorneys can get their schedules together and such? interesting how the judge says try to work on it to figure this out. back to you. tracy: stick a mediator in the marriage. ashley: exactly. nicole, thank you very much. by the way i want to mention that reuters is reporting that tempur-pedic won ruling to go ahead buy seeley. the mattresses i love. tracy: but which are freezing. ashley: total value, 1.3 billion in stock purchases
2:19 pm
and acquired debt. seeley taken over by tempur-pedic. tracy: a small group like the tempur-pedic mattresses. ashley: a bit of a cult. tracy: a bit of cult, exactly right. one big money managers shares his picks and he claims there are some odd balls there. ashley: first how is the dollar moving? let's take a look. still getting cheaper to go to europe? sure is. look at euro under 1.30. not by much the pound under 1.50. start packing your bags. tracy: i am. ashley: we'll be right back. [ woman ] if you have the audacity to believe
2:20 pm
2:21 pm
your financial advisor should focus on your long-term goals, not their short-term agenda. [ male announcer ] join the nearly 7 million investors who think like you do. face time d think time make a difference. at edward jones, it's how we make sense of investing.
2:22 pm
2:23 pm
>> at 20 one minutes past the hour i'm arthel neville with your fox news minute. defense secretary chuck hagel is in afghanistan to meet with u.s. commanders and afghan leaders. the new pentagon chief wants an update on afghan forces are making as they prepare to take over security in their own country. a senior al qaeda leader pleaded guilt not guilty to conspiracy to kill americans in new york. sulaiman abu ghaith was osama bin laden's son-in-law he was captured eight days ago and brought to the u.s. gop lawmakers are opposing his prosecution on u.s. soil
2:24 pm
instead of a military tribunal. in the vatican the cardinals set tuesday as the start diet date for the conclave to elect a new pope. 115 electors will start voting thursday afternoon. 2/3 majority or 77 votes are required to elect the new leader of the catholic church. in the past century, no conclave has lasted longer than five days. those are the headlines. get you back to tracy. tracy: arthel, thank you very much. >> you're welcome. tracy: a better than expected jobs report is lifting stocks. s&p is closing in on its all-time high as well. what is next for these markets? let's bring in mike crofton, president and ceo of the philadelphia trust company. mike, we have heard the fwam mutt. we heard dow 15,000 next week. we heard this thing is toppy, it will fall off the table. where are you? >> i think the market has got some momentum. it will continue to move forward. you can't fight the fed. the fed has done an unbelievable job engineering
2:25 pm
this market and engineering consumer sentiment to a point where the consumer is moving the markets to move ahead under its own volition. that can gain momentum by itself. i think the market has a ways to go. i don't look for any correction anytime soon and the correction will be short-lived. people missed the initial to get in. tracy: you fought the fed before. >> i have. tracy: you've been a naysayer about it. >> i have. i am. i hate -- i hate the government you know. what made me change my mind was the fact that last year we had tremendous macroeconomic headwinds. none of them came to fruition. the market climb ad wall of worry. when you look at it zero interest rates is are like heroin. everyone is addicted to them. we'll have to get on board and party with everyone else until it end. tracy: really expensive heroin, isn't it? some day we'll have to pay for this one would think. >> it will be very, very ugly when we have to pay for it. longer it takes the worse it
2:26 pm
will be. what the fed is trying to engineer a trick here. they have stimulated this market to this point. they need the economy to take over. they need the economy to grow to justify where stock prices have already gotten to. normally the economy grows first and stock prices follow. this time stock prices gone up before the economy as grown. the economy has to grow to justify stock prices that is real trick. if they pull it off it will be unbelievable. tracy: and ben bernanke will go down as the smartest man in history if it works, right? >> yes. tracy: how do we make money regardless what is it going on. let's make money with all this now. you have two interesting plays for us. whiting petroleum is one of your picks. how come. >> i had that one for a long time and i suffered with it. i really love whiting petroleum. they're in the bakken shale. they're in the oil play. they have tremendous proven reserves. proven reserves underlying a stock price is multiple of the stock price. it is $80 price all day long just on asset valuations. it has clean balance sheet.
2:27 pm
could be teen out on an lbo. i don't think there is really significant downside, maybe five points but maybe a 30 point upside. tracy: tara data corp.. this is data solutions. we hear a lot about companies like this. >> they actually had real good earnings. they have done a fantastic job positioning themselves for a business spend but they think business will be slow to spend. they're a little worried about the economy. i think they're a little bit behind on their thoughts. i think the economy is picking up steam and they should be able to beat reduced expectations. i think this is $80 stock in a short period of time. tracy: you're telling your clients to stay away in the bond market but is that across the board? are you talking treasurys, high yield? what are you stayinging away from. >> the bond market is interesting market. all bonds go up and all bonds go down. equities sometimes go up, sometimes they go down and you have something to talk about. this is 30-year cycle. rates peaked in 83, 84. here we are 30 years later
2:28 pm
rates are troughing. all bond rates are going up. then you will see bond managers say, gee we have great performance. we'll have great relative performance. relative performance will be meaningless, bond returns, corporate, treasury, junk they're all going to be negative when rates start going up. tracy: you know what though? treasury market is on fire because no one wants to pay taxes. that certainly has got to be a help. >> yeah. but there is lot of the participants in the treasury market are tax-exempt. they just don't want to take any risk. tracy: can't blame them. mike crofton with the philadelphia trust company. thank you, sir. >> thank you. ashley: all right. american companies rewarding investors with record payouts. liz macdonald tells us which companies have the biggest dividend hikes next. tracy: but first, as we head out to break your dow is up 48 points. let's look at some of the winners and losers on the s&p 500. it h&r block is up. that means people must be doing their tax returns. we'll be back.
2:29 pm
2:30 pm
♪ (train horn) vo: wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities.
2:31 pm
2:32 pm
ashley: it is half past the hour. take a look at the dow 30. walt disney stock up. a nice move yesterday via bank of america. let's head to the floor of the new york stock exchange. nicole petallides is standing by. nicole: we want to talk about what is going on with the market. another record-setting day. what do you think now? >> the economic data has supported this rally. what i have liked most is that
2:33 pm
initial claims and reoccurring claims match the unemployment numbers we saw today. suwanee you feel like those are good numbers. you are getting economic news that is looking better and that should help the markets. >> the market is moving higher, on a slow basis. there is good data behind it. there is good earnings behind it. we should move higher. nicole: do you have sectors that you think may fit better? >> absolutely. two months ago when i was up in the studio with liz doing a show, we talked about the financial sector. regulation has really moved into the forefront. people are becoming much more
2:34 pm
confident in investing in the financial sector. the energy sector is always a hot topic. an area where you will see investors still moved to. ashley: thank you very much. we will be back with you in 15 minutes. tracy: $16 trillion. that is how much americans have regained in household wealth. according to the federal reserve. is this too good to be true? rich: it really depends on who you ask. let's say look at the data here. $16 trillion worth of wealth destroyed and the financial crisis. it appears to be almost back. now, at $16.6 trillion. recouping to about 98% of where
2:35 pm
we were. today, climbing to 12.8 trillion. showing a sign in the economy that, perhaps, people are starting to spend in the economy again. >> in my opinion, no. i am in the process of trying to find a job. i assume it is not, although, you know, that is good to hear that news. in terms of my life, i do not see it changing yet. >> i moved here to get a job. the d.c. market is strong, the rest of the country, not so much. rich: that is it there. we are based in d.c. d.c. has been off a lot better. take a look at some of the caveats here. where is that wealth being created? take a look at home prices, household wealth.
2:36 pm
the median home price at $207,000. hitting a low about a year ago, 154,000 now back up to $173,000. much of that caught up is housing value. and also 401(k). you lose money that you cannot really touch. you look at the s&p and the dow over the last five years or so. heading back to where we were on equity prices. whether or not folks are actually feeling the economy is better, look at wage growth. again, for some, the economy is coming back or is back. back to you. tracy: thank you very much. that was interesting. last hour he had sony said everything was dandy. this hour, not so much.
2:37 pm
ashley: do not worry that you did not miss out on the ride. we have the stocks now. we have elizabeth macdonald. liz: i tell you something, we talked to goldman sachs, jpmorgan chase and look at this number. $300 billion basically dividend payouts expected for 2013. isn't that something. it is up from 282, last year. stock buybacks nearly 118 billion. that is up dramatically as well. a lot of companies out there that have been paying dividends for the last 25 years. look at companies this year so far. we have the names so far that have been increasing dividend this year.
2:38 pm
comcast, cbs, pepsico, jack henry, on and on. i think we have like 15-16 companies actually increasing dividends. ashley: a lot of countries have a lot of cash on the balance sheet helping out their shareholder. liz: $1.8 trillion. why are companies issuing dividends now. the tax hikes are kicking in. i think this is the best way they can keep their investors in the door, regardless of the tax hike. tracy: yes. do you buy the stock buyback thing? they are like living with a girl, the dividend is actually marrying her. if you cover dividend, your stock gets cut. liz: that is a very good point. corporate executives are very
2:39 pm
committed to it. they're all compensation is tagged to this. companies didn't know what to do. interesting stuff. ashley: it is interesting. tracy: half of them do not even work with the lights on these days. by candle. [ laughter ] ashley: thank you. liz: sure. tracy: oil closing of that $91.95 a barrel. crude has closed higher in three of the last five sessions in the week. ashley: remember what we dropped below $90 a barrel? tracy: i do.
2:40 pm
outrage over the tsa's decision to allow small knives onto planes. ashley: as we do everyday at this time, let's take a look at the ten and 30 year treasuries. the yield of five basis points on the ten year, as for the 30 year. here it is. of four basis points. we will be right back. what's next? he's going to apply testosterone to his underarm. axiron, the only underarm treatment for low t,
2:41 pm
can restore testosterone levels back to normal in most men. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may cur. report these signs and symptoms to your doctor if they occur. tell your doctor about all medical conditions and medications. do not use if you have prostate or breast cancer. serious side effects could include increased risk of prostate cancer; worsing proste symptoms; decreased sperm count; ankle, feet, or body swelling; enlarged or painful breasts; problems breathing while sleeping; and blood clots in the legs. common side effects include skin redness or irritation where applied, increased red blood cell count, headache, diarrhea, vomiting, and increase in psa. see your doctor, and for a 30-day free trial, go to axiron.com.
2:42 pm
>> i am adam shapiro with your fox business brief boreal caribbean should open the everglades today with sick passengers. they are thought to be infected with a virus. they say the ship was sanitized. continental exchange has agreed for five years. it try to win government approval. also aiming to set up customer committees to advise. news corporation says its soon-to-be spun off pushing companies will have a sizable catholic position of $2.6 billion. news corporation is the parent company of the fox business. that is the latest from fox business. giving you the power to prosper. ♪
2:43 pm
2:44 pm
ashley: airline pilots and flight attendants fighting back against the tsa's decision to allow small knives and sporting equipment on planes for the first time since the september 11 attack. gerri willis joining us with more. i cannot understand why the change in policy. liz: it is not just knives, hockey sticks, lacrosse sticks, golf clubs. you can bring them all onto the flame. i am not talking about in your bag stashed in the belly of the plane. they have a requirement for the knife. the light has to be under 3 inches. it is like an army subsidized.
2:45 pm
ashley: but you cannot take on a 6-ounce bottle of shampoo because that is deadly. liz: exactly. >> we have collectively all agreed that this is not the correct starting point. we found out about this change one hour before it was announced. if we would have been brought into the process from the beginning, we could have given the tsa who we get along with very wonderfully, have they brought us into this at the beginning, we would have said, look, this is not the starting point. weapons are not the starting point. shampoos and lotions. that is the starting point. gerri: the insurance companies aren't upset about this also. i have to tell you, what the faa has intimated here is the reason they are doing this is the big problem now is with explosives.
2:46 pm
if i am a really smart terrorists out there i would say, okay, the faa is allowing to use this, i will use that measure. ashley: it is laughable. are we lowering our standards to fit in with everyone else? gerri: i think it is a ridiculous move. they say it is an embarrassment. clearly it will make people less safe. this is just really silly. we saw a bunch of air traffic control towers that will be closed as well. that is good news. we are having more cuts in spending. go back to sleep.
2:47 pm
i do want to tell you what we have on the show tonight. a great story on fidelity. there is a lawsuit out there right now about whether fidelity is a little off the top. we will have all the details tonight. we will be talking about what the prospects are for it. ashley: good stuff. gerri, thank you so much. tracy: 6:00 p.m. and 9:00 p.m. eastern on fox business. it is a quarter till. stocks now and every 15 minutes. nicole: we are seeing a market that is really holding onto the gains. the dow today traded at the highest level ever. as high as 14,413.
2:48 pm
pretty unbelievable. great if you are along this market. revenue better than expected. their costs are rising or slowly than expected. change in management. they are looking for a new ceo. you'll not get as many hours of free music as you used to. back to you. tracy: thank you very much. the good old days. ashley: new sec rules designed to stop computer glitches that this dropped markets. former sec chairman wasted next. tracy: first, let's take a look at some of the winners and losers on the nasdaq.
2:49 pm
we will be right back. ♪
2:50 pm
2:51 pm
2:52 pm
tracy: exchanges, clearing houses, and for this dark holes will do under now have a new set of rules. it will be an attempt to prevent trading glitches like the one that got facebook ipo last year. ceo of colorado -- partners.
2:53 pm
our very own dennis kneale said we are unprepared. do you think instituting new regulations like this can prevent stuff like this from happening again? >> i think it is a start. i do not think that by itself this will solve any of our problems. the commission is focused. the commission was unanimous and the commission took immediate action. that, i think, is a very big deal for investors and the public. tracy: still, we do not even know the reason for the flash crash. people are afraid of what will happen next. >> there are serious trading glitches that have been caused by high frequency trading and
2:54 pm
the like. the commissions rule that was put out for comment yesterday, it is not yet in effect. it would only apply to 44 organized shins at outset. it is the beginning phase of requiring those who use technology to satisfy everyone that the technology actually uses what it is actually supposed to. tracy: there has been a lot of talk about these dark pools lately. liquidity issues on the new york stock exchange. are they growing at the cost of these exchanges and should they be stopped? >> i think there are serious liquidity problems on exchanges. there has been a diffusion of trading to dark pools and others. the answer is to integrate our markets, not to prevent competing venues.
2:55 pm
investors will benefit if there are multiple venues where they can trade the same securities. tracy: right. the transparency could very well be there. lets talk quickly about cyber security. >> i think corporations need to become far more vigilant in this area. we are seeing a lot of glitches and a lot of private information passing. people are becoming very concerned about their identities being stolen and their assets being attacked. we need a much better discipline on the part of public companies. tracy: you think they should disclose when you are attacked. they are not doing that right now. >> i think the people have a right to know. there should be more transparency in what is going on at individual corporations. tracy: the more we know, the more scared we get, i guess.
2:56 pm
thank you very much, harvey. >> my pleasure. ashley: it is frightening. the much anticipated wizard of oz prequel hitting theaters around the world. dennis kneale is all over it. dennis: it is opening everywhere. hollywood is hoping it will be great and powerful. take it fails in the u.s. down 15% so far this year. we have already had the big flop with jack and the giant slayer. it could do maybe $85 billion in the u.s. over the weekend. even more overseas. disney's stock soaring in the past year. more than 50%. no one in hollywood is better at turning a hit movie into extra
2:57 pm
things. this is a huge gamble. disney spent another 100 million marketing. plus, its recent record next. lost a stunning $200 billion last year on john carter, a sci-fi flop. sequels already in the works for ""the avengers"." there is no authority, scarecrow or the lion. you have the actor james franco and three absolutely gorgeous witches. ashley: i think franco was like the third choice for the role. dennis: yes. tracy: wicked on broadway is supposed to be the prequel to the wizard of oz as well. it is fantastic.
2:58 pm
my little ones do not want to see it. dennis: it plays the wizard as a loser. apparently, those flying monkeys, terrifying. my 12-year-old daughter is afraid to go see it. ashley: dennis, thank you. tracy: i do not get disney's sometime. it confuses me. last hour of trading. liz claman will bring you through it. she has the ceo of consolation france. brazil could be the next growth engine. "countdown to the closing bell" is next. do not go anywhere. ♪ [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market.
2:59 pm
♪ all on thinkorswim. from td ameritrade.

133 Views

info Stream Only

Uploaded by TV Archive on