lori: would you believe no criminal charges? first, time for stocks now as we do every 15 minutes. checking in with nicole petallides. nicole: the credit crunch has eased slightly over in china. here at home, we have gotten good economic news. confidence was one of the pieces of economic news that we got in. that brings along whether or not the federal paper or cut back on that bondline. it is not unusual to see a little bit of a bounce back year. on the dow jones industrial average, 20 of the 30 names have been in the green. there is buying happening across the board.

we have seen the information pertaining to housing doing well. that brings confidence along with it. jpmorgan and american express are some of the names leading. morgan stanley and bank of america and jpmorgan all gaining more than 2% each. back to you. lori: thank you, nicole. >> president obama taking on climate change. peter barnes is in washington. he has a preview for us. peter: that is right. he will announce a laundry list of proposals. lori: okay. clearly, we had an audio glitch there. >> will -- we will be discussing the ramifications about that.

lori: speaking of energy, let's drill down on oil. phil flynn joins us from the pits of the cme. gold is down today. >> i tell you what, though more we get closer to tapering, though more people want to dump that gold market. all lowering their gold forecast today. gold is not down as you may think. it is struggling. we are only down $1.30. the market was up on hopes that they would inject a lot of money into the chinese bank. the bank of china was saying calm down. we will put some liquidity in

their. lori: let's talk about that gas. hitting a low. >> you know what, something may turn us around today. hopefully, president obama. if he is going to cross that coal market, the obvious winner should be natural gas. it will be interesting to see if president obama can get this market a boost. lori: that will be interesting. phil flynn of price futures group. always a pleasure. >> thank you. >> stocks are rebounding. has the market actually stabilized or is this temporary? joining us to discuss all of this is paul. thank you for joining us.

you said we will see about a 10% correction from the peak of this market which would still leave us pretty well ahead for the year. does not sound back to me at all >> it all depends on which side of the fence you sit on. the worst case you are probably looking at is a nine-11% correction. one that is atypical normal healthy bull market. it is so widely followed. 14,000 is roughly giving back half the rally we have seen since november. i do not think we are stabilizing yet. frankly, i thought today would be a lot stronger. it should be a lot stronger. i do not view today's action as anything more than a temporary balance. >> let's talk about where we should be putting our money.

we sell consumer confidence very strong. are the analysts getting it wrong when they say the recovery does not have enough steam and we need the federal reserve stimulus? >> i think you have to separate the federal reserve and the markets from the economy. i do not think qe infinity is doing that much economically. it is doing wonders for the stock market. what little affected is having on the economy, i think, goes away. i do not think the economy can stand on its 2 feet without help. >> where should i be putting my money? i would be nervous about your call for 15,000.

i think we will have this correction. let's hypothetically say it goes down to 144000. i think you will have another rally from there. you could certainly play the rally. i would be a seller on anything above 15,000. i think there is a much larger decline coming later in the early fourth quarter. that is that the client. somewhere between august and november. i think you have to be nimble over the summer. i do not think this rising tide will lift all ships. >> i thought i was going into a discussion with a bowl, and it sounds like you may be a bear. appreciate your insight. all the best to you. lori: about six months until

christmas time. hard to believe. not looking so positive for the coal industry. peter: we have the power back on for the microphone. sorry about that earlier. the president will be speaking at georgetown university. he will be talking about reducing carbon emissions with some new proposals and some old ones. nothing that requires approval from congress. he wants to award up to $8 billion in new loan guarantees for clean fossil fuel. he wants to jumpstart global climate change negotiations which have been limping along.

the white house says we have a moral obligation to leave our children a planet that is not republicans like the senate leader mitch mcconnell from kentucky, is calling this a war on coal and a job killer. he will be here after the president speech for a meeting. you can bet, he says he will bring this up with the president when he is here later this afternoon. lori: thank you. we have it all covered for you. keep it right here on fox business. we will keep you the president's comments live right here on fox business. >> $70 billion all fund. lori: new-home sales jumping to

the highest level in five years. >> the very latest on whereabouts of edward snowden. what putin is saying now. lori: clearly below $1300 an ounce. copper up nearly 1.5% at the moment. we are back after a short break. ♪ (announc) scottrade knows our clients trade

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plus, my local scottrade office is there to help. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade. voted "best investment services coany." lori: bridgewater associates. it has not weathered the recent selloff very well with its all weather fund. jo ling kent joins me now with the details. >> it is saying they can survive stormy markets. it is down 6% this month. 8% year to date. basically, what has happened is the fund managed by this guy and

the all weather fund is popular for pension fds becse they say that they can advert risks. lori: and all weather fund. what happens here? >> since 1996, they have been up 8.5% annually. even during the financial crisis of basically, these other managers said there are other ways to manage risk better. there are other strategies as well. lori: are they all in kind of the similar boat or is this an

aaonymously? >> all of these different bonds certainly have different strategies. at the very least, maybe bridgewater cannot market themselves as that anymore. on the other side of that trade, they will lose it. thank you so much. >> thank you. >> as we do every 15 minutes, we are going to check your investments. nicole petallides on the floor of the new york stock exchange. nicole: let's take a look at some of the homebuilders today. there have been concerns about mortgage rates and the likes. of more than 1.5% today as homebuilders, such as dr horton

and both a group. new-home sales coupled with the fact that we got in our case shiller's numbers. an area like new york did not grow as much. it actually had the lowest growth. the largest year-over-year growth of 23.9%. >> thank you very much. we have a news alert for you. putin saying russia's security agency never worked with snowden and they are not working with him today. the president in russiaaalso went on to say that snowden was

still in the area of the moscow airport and was free to leave and should do so as soon as possible. former american nsa contractor edwards noted has been charged with disclosing intelligence secrets. lori: glass half full. that is how we choose to look at the consumer confidence report. >> a new captain at the helm of carnival. make that two captains. lori: why the eiffel tower has been shut down. >> take a look at how the dollar is faring today. ♪ everybody has different investment objectives,

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♪ >> 22 minutes past the hour. president obama says he is deeply disappointed by the supreme court's decision.

discrimination still exists. the justices said lawmakers must come up with a way determining which states and localities monitor close watching of elections. the prosecutor told a florida judge today that the five calls are central. the eiffel tower is close to tourists after the workers went on strike. those are your news headlines on the fox business network. now that to lori and adam. lori: thank you. a slew of economic data out this morning. durable good orders for they jumped.

that beat estimates of a 3% gain. home prices jumped in april of 2.5%. the number of new homes moved higher as well. expectations of only 462,000 being sold. joining me to sort it all out is kevin cummins. great to have you back. >> thank you for having me. just, drill down, if you will and tell us how it fits in. >> as you mentioned, today's economic data was very positive beating expectations. the recovery in the u.s. is gaining a little bit of upward omentum despite worries in the beginning of the year about the fiscal cliff and all the policy uncertainty in washington. the private-sector economy continues to move ahead and it

looks like it is on track. lori: how is the fed looking at all of this information? does it support bernanke's argument of us not having qe4 ever? >> they have expectations that the improvement that we have seen so far in the labor market overlooking the past six months is going to continue. that is definitely a direct change in pace of what the chairman more recently had talked about. you know, about how weak the labor market is. he seems much more confident. that will get the fed to taper back on the purchases later this year. yesterday, a huge selloff in the bond market.

a full one percentage point gain in yields from the may 1 level. what is this saying about the interpretation of the fed and what it thinks is ahead for the marketplace? >> everyone was pretty surprised by the confidence that chairman bernanke talked about in his press conference and quite frankly in the statement that was released that same afternoon. it seems like the chairman, perhaps, is kind of taking a step back and allowing the members who are very uncomfortable to take a more leading role here. lori: do you think higher interest rates will be a problem for our slow-growing economy? so far, it will not derail the recovery. we need to see quite a bigger

move on a sustained basis for it to start to filter through. the one area is housing. that is obviously a very interest rate sector of the economy. you know, we have data through may on home sales this morning. mortgage rates have started to back up. so far, it does not seem to be clipping demand. homebuilders still seem to be very optimistic about the future of pace of demand. lori: the consumer confidence report was a home run. >> the cut off for this morning's report was june 13. that was prior to the fed's latest statement and the turbulence we have seen in financial markets recently. it is indeed confidence rising.

you know, if you look at daily sentiment measures, it has come up a little bit as the stock target has weakened in the past few days. it is not collapsing either. i do not think you are likely to see a big drop in confidence going forward. lori: thank you for the conversation. kevin cummins. >> thank you. >> we have looked at the business of the housing market. coming up on the 1:00 p.m. our markets now on tuesday, july 2, lori and i will delve into the business of autos. this year, the auto industry has been a bright spot. accounting for 4% of u.s. gross domestic product and directly employing 2.5 million people.

we are going to look into that. we will also have a little bit of fun beard meet us what was your first car. your first set of wheels. do remember your first set of wheels? lori: yes. it only lasted one day. i crashed on the way home from the dmv on my 16th birthday. it was a mazda 223. >> a honda xl. lori: did you have to roll up the windows? >> absolutely. lori: this will be a fun day. it was adams idea. >> 15.5 million units this year. lori: cars are sexy.

i cannot wait. the coal industry -- not so much. the carbon vision standard. tom marelli joining us next. >> lou dobbs on why the president is bypassing congress and going straight to the epa on this one. take a look at who is up and who is down on the dow. ♪

♪ lori: time once again for stocks now as we do every 50 minutes. that said to the floor of the new york stock exchange and nicole petallides. >> reporter: carnival on a day with a markets or higher, but a

piece of news which is given the stock a pop. as you can see, right now of full% on news that there was but the chairman and ceo rolls. the cruise operator says the chief executive who has been charged since 1979 will be replaced. a board member arnold donald will be in that ceo role here as of july. so this obviously is news here. investing. [laughter] hundred million dollars in emergency, safety, and hospitality systems across the fleet. we watched carnival of tough headlines. royal caribbean. our region as well. all three doing well. carnival cruise lines over the last year as the down arrow, down just over half of 1% while loral caribbean is up 33%. back to you. lori: many thanks. adam: in just about 20 minutes the president is expected to propose new regulations.

our next guest warns us that this could actually mean the death of american coal companies as well. resolve this senior fellow. thank you for being here. to put this in perspective, the number of electricity in the united states right now generated from burning coal. we are talking about eliminating that. but boston that is the number i just threw out, 90,000 jobs. that is not even get into the utility jobs. >> it does not. in fact, a 2007 we used the 50% from coal. now think it is in the low 30's, and that is because the president obama's or uncle. basically saying coal industry, you die. he actually, you know better than i do, do you remember what

that was? >> he said electricity prices, utility if you choose to use school you will likely go bankrupt. that's the key issue here. he is going after utilities. always talking about regulatory uncertainty. one thing you know what colas it is going to be more expensive in the future. command-and-control to use as the source. the consequences will be devastating for the industry. he looked at those stocks. but let us some of the suppliers of the coal industry. the ripple effect because the president's through decree. adam: lou dobbs will talk about that in the second. lori: what i want to ask you, with our focus on becoming energy independent, why isn't there room for all source of energy, coal or fracking for gas or oil, all these different sources. why not just be embracing? >> when he was running for

president wanted all the above, energy. well, i'll just be true. he wants to bankrupt called. >> is it just the energy? is there anything? >> this is all about obama screen energy goals that he started from the beginning. everyone is focused on coal, which we should, but you also have to worry about the keystone pipelines and refineries. all of those, we can be energy independent with fossil fuel resources, but he is going to stop that. using the epa crackdown on carbon emissions. coal is the first to go down. adam: what they're saying on a current trajectory, energy independent. me ask you about this. let's get the president this issue. 34 percent of carbon emissions come from coal. how about we as a nation among we never signed on. and yet our carbon emissions have fallen because of the recession, dramatically greater than we would have had a signed that document, but is also because of natural gas.

>> what if this naturally have occurred anyway? antiquated. they're inefficient operator and we would be switching to gas without this. >> the free market is always the best. i think we're at a 20-year low of carbon dioxide emissions. please keep in mind, global temperatures have not changed or elevated in a virginia years. co2 emissions have been going up. still a huge question about the underlying science, but beyond that, whether it is this or any other, you well unaffected. lori: so quick to subsidize. when not subsidize to make it cleaner. >> again, it is not fair because he is deciding the winners and losers. and for investors to buy said this last year on the fox business network. the easiest trade. it's cold. command-and-control. first solar is up 7%. lori: down almost 4%.

of nearly about the same amount. >> to use to be about 100 per share. adam: we appreciate it. lori: it turned around. it was up earlier. the case. charlie gasparino is here next. and then the last couple of years, what the future may bring. adam: a live look at georgetown university. and just about 20 minutes the president will announce a plan to tackle climate change and we will bring you those remarks live here on the fox business network. lori: and check the treasury's. is the big story, the ten year treasury is back up. the bond market none too thrilled with the federal reserve chairman. very disappointed in monetary policy, the way the fed has been communicating it. what a huge sell-off, pushing net yield of the above. the tremendous volatility. can i stated enough. -- we're back after this. ♪ crying ] surprise -- your house was built on an ancient burial ground.

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♪ >> reporter: about -- i'm cheryl casone with your fox business brief. it is losing ground to other nations. according to a report from the organization for economic cooperation and development u.s. is now in 14th place when it comes to college completion rates three adults. apollo global ep energy reportedly laying the groundwork for a wall street debut. the oral and gas company is working with investment banks to prepare for an initial public offering incentives this year.

initial firing. and not the only thing getting ready for a comeback. the new owner of drake's cakes says the tasty treats will be back on the shelves by late summer, early fall. including the bonus. that is the latest from the fox business network, giving you the power to prosper.

lori: seen. adam: now that the feds are closing in on civil charges against the former head of mf global, fox business senior correspondent. charlie gasparinoohere is meditating. he is channeling. were you doing? >> reporter: just so you know. listen, we have been reporting that the feds are closing in for like two years now. reporting, the new york times,

it is coming to some point. civil charges. we were first reports that it would not be a criminal case. let it be a civil case. in knows what happens then. they can litigate this for many years. coming under a lot of pressure. as with the morning talking to friends of his. it is pretty interesting. he has taken what as they're referred to as the zen approach to his current situation, spending a lot of time out in the hamptons. he is working out there. according to another person, he looks an amazing shape. what he is doing is channeling -- what's the matter? lori: looks amazing. anyway, whenever. >> i think he's a handsome man. lori: that is what makes the market. >> esthetically. i'm just saying he is in good shape, working out. i think the beard works, all

thing works. in any event, the bottom line is he is channeling : steve cohen. adam: what will be will be. >> all of these guys that are under incredible pressure, you know, they initially freak out. from what i understand in a deep depression. very agitated for a time. and then they will back in just taken for what it's worth. to this survive this in some way. that is essentially how we is approaching. adam: in your coverage of this for well over a year you always pointed out that he made the right bet. >> let's be clear. this problem was not that he bought short dated spanish and italian bonds. two years because he bought them under par. he felt that there would be money give its two years ago they were in have been. italy defaulted. that is a great bet. his problem was, and it goes

back to a story wrote on foxbusiness.com were appointed out he did not have the controls in place to basically sustain a run on the bank. a little nervous. that is essentially what happened. lori: be specific. you know what, we have to break-in. we have the president and we want to bring you his comments from georgetown university. >> thank you, georgetown. everybody please be seated. my first announcement today is that you should all take off your jacket. i'm going to do the same. [applause] it is not that sexy. [applause] [laughter] it is good to be back on campus, and it is a great privilege to speak from the steps of this historic call that welcomed

presidents going back to george washington. i wanted thank your president. [applause] who is here today. [applause] i wanted thank you for a listing as. i wanted thank the many members of my cabinet and my administration. i wanted thank the members of congress or here. we are very grateful for their support. i want to say thank you for having me back. [applause] you know, it was important for me to speak directly to your generation because the decisions that we make now and in the years ahead will have a pro impact on the world that all of you inherit. on christmas eve 1968 the

astronauts did a live broadcast from lunar orbit. frank foreman, jim lovell, william anders, the first humans to orbit the moon describing what they saw and read scripture from the book of genesis to the rest of us back here. later that night they took a photo that would change the way we see and think about our world it was an image of earth, beautiful, breathtaking, a growing -- billing marble a blue oceans and green forest and brown mountains breast with white clouds rising over the surface of the moon. and while the sight of our planet from space might seem routine today, imagine what it looked like to those of us seeing our home, planet for the

first time. imagine what it looked like to children let me. even the astronauts were amazed. it makes you realize just what you have back there on earth. around the same time we began exploring states scientists were studying changes taking place in the earth's atmosphere. scientists had known since the 1800's that greenhouse gases, like carbon dioxide, trap he'd. burning fossil fuels released those gases into the air. in the late 1950's, the national weather service began measuring the levels of carmen backside in our atmosphere with the worry that rising levels might someday disrupt the fragile balance that makes our planet so hospitable.

what they found year after year is that the levels of carbon pollution in our hemisphere have increased dramatically. that is a science accumulated interviewed over decades tells us that our planet is changing in ways that will have profound impact on all of humankind. that 12 years in recorded history have all come in the last 15 years. last year temperatures in some areas of the ocean reached record highs. ice and the arctic shrank to its smallest size on record, faster than most models had predicted it would. visa facts. we know that no single weather event is caused solely by

climate change, drought and fires and floods go back to ancient times. we also know that in a world that is warmer than it used to be, all other events are effective by warming planet. the fact that sea level in new york, in new york harbor are now one ft. higher than a century ago did not cause hurricane sandy, but it's certainly contributed to the destruction that left large parts of our mightiest city dark and under water. the potential impacts go beyond rising sea levels. here at home 2012 was the warmest year in our history. midwest farmers were parched by the worst drought since the dust bowl and then drenched by the wettest spring on record.

western wildfires scorched an area larger than the state of maryland. just last week in a heat wave in alaska shot temperatures into the 90's. we know that the costs of these events can be measured in lost lives and lost five the eds, lost homes, lost businesses, hundreds of billions of dollars in emergency services and disaster relief. in fact some of those who are already feeling the effects of climate change don't have time to the night. they're busy dealing with it. firefighters are waving longer wildfire seasons and state and federal governments have to figure out how to budget for them. i had to sit on a meeting with the department of interior and agriculture and some of the rest

of my team just to figure out how we will pay for more and more expensive fire seasons. farmers' seed crops wilted one year, washed away the next, and higher food prices get passed on to you, the american consumer. now mountain communities worry about what smaller snowpacks will mean for tourism and families at the bottom of the mountains wonder what it will mean for the dragging water. americans across the country are already paying the price of inaction. the cost of rebuilding in disaster relief. the question is not whether we need to act. the overwhelming judgment of science, chemistry, physics and millions of measurements has put all that to rest.

97 peecent of science, including, by the way, some original the disputed data have now put that to rest and a knowledge that the planet is warming and human activity is contributing to a. the question now is whether we will have the courage to act for is too late and how we answer will have a profound impact on the world we leave behind not just to you, but to your children and grandchildren. as a president, as a father, and as an american i am here to say we need to act. [applause]

i refuse to condemn your generation and future generations to a planet that is beyond fixing. that is why today i am announcing a new national climate action plan, and i am here to enlist your generation's help in keeping the united states of america a leader, a global leader in the fight against one a change. now, this plan builds on progress that we have already made. the last year i took office, the year that i took office my administration pledged to reduce american greenhouse gas emissions by about 17% from their 2005 levels by the end of this decade. we rolled up our sleeves and got to work. we doubled the electricity we

generate from wind and the son. we double the mileage our cars will get on a gallon of gas by the middle of the next decade. here at georgetown i unveiled my strategy for secure energy future and thanks to the ingenuity of our businesses we are starting to produce much more of our own energy. we're building the first nuclear power plants in more than three decades in georgia and south carolina. for the first time in 18 years america is poised to produce more of our own oil that we buy from other nations. today we produce more natural gas than anybody else. we are producing energy, and these advances have run our economy, created new jobs that cannot be shipped overseas. and by the way, they have also

helped drive our carbon pollution to its lowest levels %-since 2006 no country on earth has reduced its total carbon pollution as much as the united states of america. [applause] so it is a good start. but the reason we are all here in the heat today is because we know we have more to do. in my state of the union address letters to congress to come up with a bipartisan market-based solution to climate change mike the one that republican and democratic senators worked on together a few years ago, and i still want to see that happen. i am willing to work with anyone to make that happen. this is a challenge that does not pause for partisan gridlock. it demands our attention now.

and this is my plan, and a plan that cuts carbon pollution, a plan to protect our country from the impact of climate change, and a plan to lead the world in a coordinated assault on a changing climate. [applause] this plan begins with cutting carbon pollution by changing the way that we use energy, using less dirty energy, using more clean energy, wasting less energy throughout our economy. and 43 years ago congress passed a law called the clean air act of 1970. [applause] it was a good law. the reasoning behind it was about. new technology can protect our

house by protecting the air that we breed for marble pollution. and that law passed the senate unanimously. think about that. it passed the senate unanimously . it passed the house of representatives 375 to one. i don't know who the one guy was. i have not looked at up. you can barely get that many votes to name a post office these days. it was signed into law by a republican president. it was later strengthened by another republican president. this used to be a bipartisan issue. six years ago the supreme court ruled that greenhouse gases are pollutants covered by that same clean air act, and they required the environmental protection agency, the epa, to determine whether they are a threat to our health and welfare.

in 2009 the epa determined that they are a threat to both our health and our welfare in many different ways, from dirtier air to more, and he waves, and therefore subject to regulation. today about 40 percent of america's carbon pollution comes from our power points. here is the thing. right now there are no federal limits to the amount of carbon pollution that those plans can pump into our air, none. zero. we limit the amount of toxic chemicals like mercury and silver and arsenic in our air or our water, but power plants can still dump unlimited amounts of carbon pollution into the air for free. it is not right, safe, and it need stop. [applause]

so today for the sake of our children and the health and safety of all americans, i am directing the environment protection agency to put an end to the limitless dumping of carbon pollution from our power plants and complete new pollution standards for both new and existing power plants. [applause] [applause] i am also directing the epa to develop the standards in an open and transparent way to provide flexibility to different states with different needs and build on the leaders of many states and countries. in fact, many power companies have already begun modernizing their plants and creating new jobs in the process.

others have shifted to burning cleaner natural gas instead of dirtier fuel sources, nearly a dozen states have already implemented or are implementing their own market based programs to reduce carbon pollution. more than 25 have said energy efficiency targets. more than 35 have set renewable energy targets. over 1,000 mayors have signed agreements to cut carbon pollution. so the idea of setting higher pollution standards for our power plants is not new. it is time for washington to catch up with the rest of the country which is what we intend to do. [applause] now, what you will hear from the special interests and their allies in congress is that this will kill jobs and crush the

economy and basically end american free enterprise as we know it. and the reason i know that you will hear those things is because that is what they said every time america sets clear rules and better standards for our air and water and children self. and every time they have been wrong. for example, in 1970 when we decideddthrough the clean air act to do something about the smog that was choking our cities -- and by the way, most john people here are not old enough to remember what it was like. when i was going to school in 1979, 1980 in los angeles, there were days when folks could not go outside and the sunsets were spectacular because of all of the pollution in the air. but at the time when we passed the clean air act to try to get

rid of some of the smog, some of the same doomsayers were saying, new pollution standards will decimate the auto industry. guess what? it did not happen. our air-cleaner. in 1990 when we decided to do something about acid rain they said our electricity bills would go up, lights would go off, businesses around the country would suffer a quiet death, none of it happens. except we cut acid rain dramatically. the problem with all of these tired excuses for inaction is that it is suggesting a fundamental lack of faith in american business and american ingenuity. [applause] these critics seem to think that when we ask our businesses to innovate and reduce pollution

and lead they cannot obama. they just give up and quit. but in america we know that is not true. look at our history. when we restricted cancer causing chemicals and plastics, on leaded fuel in our cars, it did not end the plastic industry or the oil industry. american chemist came up with better substitutes. when we phased out cfc, the gases that were depleting the ozone layer, it did not kill off the refrigerators or air conditioners or deodorant. american workers and businesses figured out how to do it better without harming the environment as much. the fuel standards that we put in place just a few years ago did not cripple of lawmakers. the american auto industry retooled, and today our auto makers are selling the best cars in the world at a faster rate

than they have been five years with mored's compliance, fuel-efficient cars -- [applause] -- for everybody to choose from. [applause] so the point is, if you look at our history, don't bet against american industry, don't bet against american workers, don't tell polk said we have to choose between the health of our children or the health of our economy. [applause] the old rules -- the old rules may say we cannot protect our environment and protect economic growth at the same time, but in america we have always use new technologies, science, research and development and discovery to make the old rules obsolete. today we use more clean energy, more renewals and natural gas, which is supporting hundreds of thousands of good jobs. we raise less energy which saves

you money at the pump and in your pocket books. guess what, our economy is 60% bigger than it was 20 years ago while our carbon emissions are roughly back to where there were 20 years ago. so obviously we can't figure this out. it is not an either or. it is above and. we have to look after our children and their future and grow the economy and create jobs we can do all of that as long as we don't fear the future and instead sees it. [applause] [applause] and by the way, don't take my word for it. recently more than 500 businesses, including giants like gm and nike issued a climate declaration calling action on climate change one of the greatest opportunities of the 21st century. walmart is working to cut its carbon pollution by 20% and

transition completely to renewable energy. [applause] walmart deserves a chair for that. [applause] but think about it. would the biggest company, the biggest retailer in america, would they really do that if it were not good for business? if it were not good for their shareholders? a low-carbon, clean-energy economy can be an engine of growth for decades to come, and i want america to build that engine. i want america to build that future right here in the united states of america. that is our task. [applause] [applause] now, one thing i want to make sure everyone understands. this does not mean that we are going to suddenly stop producing fossil fuels. our economy would not run very

well if it did. and transitioning to a clean energy economy takes time. but when the doomsayers' trot out the old warning said these ambitions will somehow hurt our that america produces more oilm than we have been 15 years. what is true is that we cannot just throw our way out of the energy and claman's challenge that we face. [applause] that is not possible. i put forward in the past and all-of-the-above energy strategy, but our energy strategy must be about more than just producing more oil. by the way commensurately has to be about more than just building one pipeline. i no there has been, for example, a lot of controversy surrounding the proposal to build the pipeline, the keystone pipeline that would carry oil from canadian tar sands down to refineries in the gulf. the state department is going through the final stages of

evaluating the proposal. that is how it has always been done. but i do want to be clear. allowing the keystone pipeline to be built requires the finding that doing so would be in our nation's interest. and our national interest will be served only if this project does not significantly exacerbate the problem of carbon pollution. the net effect of the pipeline's impact -- [applause] the net effect of the pipeline's impact on our climate will be absolutely critical to determining whether this project is allowed to go forward. it is relevant. now, even as we are producing more domestic oil, we are also producing more cleaner-burning natural gas than any other country on earth. and, again, sometimes there are disputes about natural gas

cannot but let me say this, we should strengthen our position at the top of natural gas producer because in the medium term, at least, not only can it provide a safe, cheap power, but it can emissions. federalese supported technology has helped our business is drill more effectively and extract more gas, and i will keep working with the industry to make drilling safer and cleaner, to make sure we are not seeing methane emissions, and to put people to work modernizing our natural gas infrastructure so that we can power more homes and businesses with cleaner energy. the bottom line is, natural gas is creating jobs. it is lowering many families heat and power bills. and it is the transition tool that can power our economy with less carbon pollution, even as our business is work to develop

and then deployed more of the technology required for the even cleaner eneegy economy of the future. that brings me to the second way that we will reduce carbon pollution, by using more clean energy. over the past four years we have doubled the electricity that we generate from zero carbon when and solar power. [applause] and that means jobs, jobs in manufacturing of wind turbines that cannot generate enough electricity to power nearly 15 million homes, jobs installing a solar panels that generate more than four times the power can at less cost than just a few years ago. i know some republicans in washington dismissed these jobs, but those who do need to call home because 75 percent of all wind energy in this country is

generated in republican districts. and that may explain why last year republican governors in kansas and oklahoma and iowa -- iowa, by the way, a state that harnesses almost 45% of its electricity from the wind -- helped us in the fight to extend tax credits for wind energy manufacturers and producers. [applause] tens of thousands of good jobs are on the line, and those jobs or to fight. and countries like china and germany are going all and in the race for clean air. i believe americans build things better than anything else. i want american to win that race, but we cannot win it if we are not in it. so -- [applause] the plan i am announcing today will help us tell -- double

again our energy. today i am directing the interior department to green light enough private renewable energy capacity on public plans to power more than 6 million homes by 2020. [applause] the department of defense, the biggest energy consumer and america will install three gigawatts of renewable power on in space is generating about the same amount of electricity each year as you would get from burning 3 million tons of coal. [applause] and because billions of your tax dollars continue to still subsidize some of the most profitable corporations in the history of the world. my budget, once again, calls for congress to and the tax breaks for big oil companies and invest in the clean energy companies that will fuel our future. [applause]

[applause] now, the third way to reduce carbon pollution is to waste less energy. in our cars, homes, businesses. the fuel standards we set over the past few years mean that by the middle of the next decade the cars and trucks we buy will go twice as far on a gallon of gas which means you will have to fill up half as often. we will all reduce carbon pollution, and we build on that success by setting the first-ever standards for heavy-duty trucks and buses and vans. in the coming months we will partner with drug makers to do it again for the next generation of vehicles meanwhile, the energy we use in our homes and businesses and factories, schools, hospitals, that is responsible for about gases. the good news is, simple

upgrades don't just cut that pollution, they put people to work. manufacturing and installing smarter lights in windows and sensors and appliances. and the savings show up in our electricity bills every month forever. that is why we set new energy standards for appliances like refrigerators and dishwashers. today our businesses are building better ones that will also cut carbon pollution and consumer electricity bills by hundreds of billions of dollars. that means that our federal government also has to lead by example. i'm proud that federal agencies have reduce greenhouse gas emissions by more than 50 percent since i took office but we can do better than that. so today i am setting a new goal. your federal government will consume 20 percent of its electricity from renewable sources within the next seven years and we will set that goal.

[applause] we will encourage private capital to get off the sidelines and get into these energy-saving investment. and by the end of the next decade these combine efficiency standards for appliances and federal buildings will reduce carbon pollution by at least 3 billion tons. that is an amount equal to what our entire energy sector in its in nearly half a year. i know that the standards don't sound all that sexy, but think of it this way. that is the equivalent of planting seven and a half billion trees and letting them grow for ten years, all while doing the dishes. it is a great deal, and we need to be doing it. [applause] using less dirty energy in transitioning to cleaner sources of energy, wasting less energy through our economy is where we need to go.

this plan will get us there faster. i want to be honest, this will not get us there overnight. hard truth is carbon pollution has built up in our atmosphere for decades now. even if we do our part the planet will slowly keep warming for some time to come. the seas will slowly keep rising, and storms will get more severe. this is based on science. it is like tapping the bricks of a car before you come to a complete stop and then can shift into reverse. it is stored to take time for carbon emissions to stabilize. in the meantime we're going to need to get prepared and that is why this plan will also protect critical sectors of our economy and prepared the ad states for the impact of climate change that we cannot avoid. states and cities across the country are already taking upon themselves to get ready.

miami beach is hardening its water supply gas seeping salt water. rear partner with the state of florida to restore florida's natural clean water delivery system, the everglades. the overwhelmingly republican legislature in texas voted to spend money on a new water development bank has long as the long-running drought cost jobs and forces the towns to truck in water from the outside. new york city is fortifying its 520 miles of coastline as an insurance policy against more frequent and costly storms. will we have learned from hurricane sandy and other disasters is that we have to build smarter, more resilient infrastructure that can protect our homes and businesses and withstand more powerful storms. that means stronger seawalls, natural barriers, hardened power grids, hardened water systems, hardened fuel supplies.

the budget i sent congress includes funding the support communities to build these projects and the plan directs federal agencies to make sure that any new projects funded with taxpayer dollars is built to withstand increased flood risks. partner with communities seeking to help prepare for droughts and floods, reducing the risk of wildfires, protect the dunes and wetlands that pull double duty as green space and natural storm barriers. we will also open our climate data and nasa climate imagery to the public to make sure that cities and states assess risk under different, scenarios so that we don't waste money building structures that don't withstand the next storm. that is why my administration will do to support the work already under way across america, not only to cut carbon pollution but to protect ourselves from climate change. everyone understands no nation

can solve this challenge alone, not even one as powerful as us. and that is why the final part of our plan calls america to lead international efforts to combat the changing climate. [applause] make no mistake. when we spoke to young people in turkey a few years ago the first question i got was not about the challenges that part of the world faces, it was about the climate challenge that we all face. the world's largest economy and second-largest carbamide as a country with unsurpassed ability to drive innovation and scientific breakthroughs as a country the people around the world continue to look through and times of crisis, we have a

vital role to play and cannot stand on the sidelines with a unique responsibility prove that we are willing to meet their responsibility. while americans carbon pollution fell last year, global pollution rose to a record high which is a problem. developing countries are using more and more energy and tens of millions of people entering a global middle-class naturally wanting to buy cars and their condition as of our own dislike us. you have conversations with poor countries. you went through the stages of development. why can't we? what we also have to recognize is these same countries are also more vulnerable to the effects of climate change like we are. they don't have as much to lose. they probably have more to lose. it developing nations with some

have -- the facts of private -- rising pollution will have to take this challenge alongside us . they're watching what we do we have to make sort that they are stepping up to the plate as global we have to also the responsibility for keeping the planet abel. we will suffer the consequences together if we don't. to help more come back to -- countries transitioning to a cleaner sources of energy and to help them do it faster we're going to partner with the private sector to apply private sector technological know-how in countries that transition to natural-gas. we'd mobilize billions of dollars and clean energy projects around world. today i'm going for in and of public financing for new coal plants overseas unless they

deploy carbon capture technologies or there is no other viable way for the countries to generate electricity is. and i urge other countries to join this effort. underacting my administration to launch negotiations towardree td environmental goods and services, including clean energy technology to help more countries get past the dirty phase of development and join a global low carbon economy. they don't have to repeat all the same mistakes that we make. [applause] we have also intensified our climate cooperation with major emerging economies like india, brazil, and china, the world's largest emitter of. for example, earlier this month of the chinese president reached an important agreement to phase down production and consumption of dangerous hydrochloric carbons and we intend to take more steps together in the

months to come. it will make a difference and is a significant step in the reduction of carbon emissions. [applause] and finally, my administration will redouble our efforts to engage our international partners in reaching a new global agreement to reduce carbon pollution through concrete actions. four years ago in copenhagen every major country agreed for the first time to limit carbon pollution by 2020. two years ago we decided to forge a new agreement beyond 2020 that would apply to all countries, not just developed countries. what we need is an agreement that is ambitious because that is what the state to the scale of the challenge demands. we need an exclusive agreement because every country has to play its part. when the agreement that is flexible because differences have different needs. if we can come together and get

this right we can set -- define a sustainable future for your generation. so that is my plan. the actions i have announced today. [applause] [applause] the actions i have announced today should send a strong signal to the world. america intends to take bold action to reduce carbon pollution. we will continue to lead by the power of example is that is with

the united states of america have always done. i am convinced this is the fight america can and will lead in the 21st century and i am convinced this is a fight america must lead. it will require all of us to do our part. we will need scientists to design new fuels' and farmers to grow new fuels. engineers to devise new technologies and the businesses to make and sell technologies. we will need workers to operate assembly lines. high-tech zero card components and builders tanner and -- hammer into place the foundation for a new clean energy area. we need to give special care to people and communities that are unsettled by this transition, not just here in the united states and those of us in positions of responsibility need

to be less concerned with the judgment of special interest and well-connected donors and more concerned with the judge and the prosperity -- posterity. [applause] because you and your children and your children's children will have to live with the consequences of our decisions. as i said before, climate change has become a partisan issue, but it has not always been. it was not long ago that republicans led the way on new and innovative policies to tackle these issues richard nixon opened the epa. george w. bush declared the first u.s. president to declare human activities are changing the atmosphere and an expected an unprecedented ways. someone who never shies away

from a challenge, john mccain, introduced a market-based cap and trade bill to slow carbon pollution. the woman that i have chosen to head of the epa has worked -- [applause] she is terrific. [applause] worked for the epa and my administration but also for five republican governors. a long track record of working with industry and business leaders to forge common sense solutions and unfortunately she is being held up in the senate. she has been held up for months, forced to jump through hoops that no cabinet nominees should never have to, not because -- but because there are too many in the republican party right now who think that the environmental protection agency has no business protecting our environment from carbon pollution. his senate should confirm our without senate -- any further pollution.

they should confirm her without any more delay. [ applause ] >> though more broadly, we have to move beyond bipartisan issues. i am willing to work with anybody. i am open to all sorts of ideas. maybe better ideas to make sure we deal with climate change that produces more jobs and growth. i do not have much patience for anyone who denies that this is real. [cheering and applause]

>> sticking your head in the sand may make you feel safer, but it will not protect you from the coming storm. ultimately, we will be judged as a people and a society and a country on where we go from here. our founders believed that those of us that are imposition of powers, they charge us to make decisions with an eye on a longer horizon then the ark of our political programs. did we do all that we could will we have the chance? did relive them a cleaner, safer, more stable place to live

don't you want that. [ cheering ] >> americans are not a people that look backwards. we look forward. we shape it. what we need in this fight are citizens. they need to stand up, speak up and compel us to do what this moment demands. this is not just a job for politicians. i will need all of you. tell them what is at stake. speak up at town halls, church groups, meetings. speak up for those stacks. convince those in power to reduce our carbon pollution. push your own communities to

have smarter practices. remind everyone who represents you at every level of government that sheltering future generations is a prerequisite for your vote. [cheering and applause] >> i understand that politics will be tough. the challenge we must accept will not reward us with a clear moment of victory. there is no peace treaty to sign. when president kennedy said we go to the moon, we knew we would come a spaceship and meet the goal.

can we imagine a more worthy goal? we may not live to see the full realization of our ambition. we will have the satisfaction of knowing that the world we leave to our children would be better off. it makes you realize just what you have back there on earth. that image in the photograph, that bright blue ball rising over the moves surface, everything that we hold dear. that is what is at stake. that is what we are fighting for. if we remember that, i am absolutely sure we will succeed.

thank you. god bless you. god bless the united states of america. [cheering and applause] ♪ >> president obama. it is time for washington to catch up with the rest of the country. he is tired of excuses for inaction. this will cost every american money. we are going to american electric power. one of the largest consumers of coal in the united states. the ce oh and president in ohio. this is near and dear to my heart. what the president has just outlined from 2013, new emissions standards.

your company has invested $7 billion since 1990. he has just thrown everything into the air. how do you go forward and how do you control our utility costs? >> adam, it is great to be with you. it is an opportunity for us to really make progress. talking about ingenuity and getting to that process for our children and grandchildren to be proud of us. you have to think about the timing associated with that. a credible, rational reason for all of this. otherwise, they will be paying a

very large prize for this kind of act committee. >> those new standards will be finalized. 42% of the country's electricity right now. they will be in place by 2015. what is the immediate cost to the consumer like the people watching? does it make sense for you to invest four-$5 billion in technology that might be, i don't want to say illegal, but i cannot think of a better term. >> if you act carbon on top of that, that could be the nail in the coffin for coal. you have to make sure that technology is available at a reasonable price and it is not.

it will be a huge cost to consumers. >> the heritage foundation actually put out a report while the president was speaking that by 2030, given what he has outlined, natural gas prices will go up 42%. might this artificially had an unintended quantum consequence? >> it will have an impact on the economy. right now the sector in this country is very tenuous at best. it will have a genetic impact on our overall recovery.

>> what do you think works and what the president said? >> there are a lot of object is here he talks about clean coal. he talks about nuclear. he talks about natural gas. all of those have their place. if you focus on the technological level and in a rational fashion, we can make this transformation. if you remember the old targets, it was 17% by 2020. we are already making progress. let's just continue that progress. >> we are the world's largest economy, but the second largest carbon emitter.

i think that is a point of discussion we will continue. really appreciate you joining us here on the fox business network. thank you very much and all the best team in ohio. >> thank you, adam. tracy: peter barnes covering the speech from the white house. what did you did out of that? peter: i want to point out one other thing that the president talked about in addition to these new standards of existing and future power plants targeting mainly coal. he also brought up the keystone pipeline. last night when we were briefed on this, they said he was not going to talk about it, but, in fact, he did. >> allowing the keystone pipeline to be built requires a finding that doing so would be

in our nations interested in our national interest will be served. only if this progress does not exasperate the problem of carbon pollution. [ applause ] >> the affects will be absolutely true to determining whether this progress is allowed to go forward. peter: how do we read that smit and where this review process for the keystone pipeline stands? the state department is finalizing its review. it issued a draft review back in march. these oil sands will be developed with or without the pipeline. the oil will get here one way or another. the net impact would be very

low. interesting commentary from the president on the pipeline. tracy: peter barnes, thank you very much. let's talk more about the economic impact of president obama's plan. bill maloney and jim rollinson at raymond james. i would like to go to nick first. talk big picture of the economy. 84,000 people are employed in this industry. jobs will be lost. there is truth to that. >> a lot of truth to that. electricity prices would skyrocket. now, he is doing is through the environmental protection agency. it will ripple through the

economy. jobs will be lost. >> i am going to go to bill. creating new jobs, for instance, whether you believe in these renewable energy sources or not cared that will put people to work. he brought up i was. isn't there some legitimacy towards that. >> in west virginia, we will not see any of that. our manufacturing is so tenuous. we have an economy based on low-cost power. they are throwing a life raft to us and then stepping on our heads as we tried to get above water. it is one thing after another.

all of the things he is talking about is based on unproven technology. we just need to get on with things that make sense. tracy: there has been a mission to kill the coal industry. utilities are up. will utilities start to fall now, too? >> that will be the fun question to watch over the next couple months. the coal industry has been hit because of the obama administrations proposals. you know, going forward, it will be tough. if these policies get into place, obviously, electricity rates will go up in a meaningful way. that is a negative for

utilities. down the road, it is a negative for all of us electric consumers. >> switching to natural gas. are are the utilities already making the transition to cleaner, natural gas and is it necessary now to do what the president is doing? >> largely a result of the market working. a combination of one cheap natural gas which is great. it is a combination of the two. if we continue to remove coal as an important source, that will only increase the price of natural gas and put the foot down on this manufacturing renaissance. tracy: right.

i know, bill, that is a concern of yours. we do not have a ton of time. what stocks do i buy now or do i stay away from his industry altogether? >> for the time being, it is going to be tough. it really ties into natural gas on the thermml side of things. of course, there is the whole global picture which is separate. for now, it will continue to be tough. i do not spend all my time on utilities. it is a harder one to call. tracy: you guys are wonderful. thank you very, very much. all right, tuesday turnaround for stocks.

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tracy: a quarter till. time for stocks now like we do

every 15 minutes. was it yesterday? it was about the fed and china. the markets are up today. do they not care anymore? >> the president's energy plan will probably not like the stocks very much. we had every sector, almost every game and every sect there vastly oversold. they just took everything out and sold it off. that was across the board in equities, commodities, bonds, the only thing up was the dollar. watching the relationship. we have the ten year yield of. they are rallying. it is a relief rally. we got good news out of china. like all things that have been in the market, when you stretch

it too far one way, it will come back to a happy medium. tracy: it will turnaround on tuesday. >> absolutely. >> coal plants in the crosshairs of president obama's climate plan. jeff flock is live from one of those plans next. tracy: take a look at some of today's winners and losers. qualcomm is one of your big nasdaq winners. we will be right back. ♪

ashley: will come back to markets now. jeff flock is live. joining us from a plant in

illinois. the president said that we are the world's largest economy, but second largest carbon emitter. i do not think that will bring any joy to those people whose jobs are on the line. jeff: here is the spin. it could have been a lot worse, according to some people. this is one of the nation 1100 coal fire plants right behind me. the company that runs it is in bankruptcy. any further regulation could put them over the limit and shut them down. we got some pictures earlier. yes, regulation by 2014 and maybe a final world by 2015. that rule may just say we will phase new regulations in or,

perhaps, they will not take effect for several years. they get to here is where they know there will be no regulation of carbon. take a look at what the stocks have done. they have all come back around to the agreed. i tell you, it is not something we have heard a lot of. this could have been worse to call. the parent company, it is called edison international. it is also to the upside. i think my headline is this could have been worse for the coal industry today.

>> making a transition to natural gas anyway. jeff: this company shut down to in chicago that they needed to shut down. this one, though, they want to keep open. this one is liable. we will see what happens. >> thank you very much. tracy: 216 points. "countdown to the closing bell" is next. the simple action against jon corzine. they have former new york mayor rudy giuliani joining us in a fox business exclusive. don't go anywhere. ♪

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since marissa mayer joined yahoo!. the stock is up almost 60%. we will tell you what happened at today's shareholder meeting at whether you should -- the feds go after former new jersey governor jon corzine over allegedly misusing customer money. we will have reaction from former new york mayor rudy giuliani. bridgewater all weather fund which was supposed to drive in any market conditions is underwater. what does it mean for all those pension funds? we have a special report. "countdown to the closing bell" starts right now. ♪ liz: it is 3:00 p.m. eastern time. the last hour of trading. good afternoon, everyone. what a difference 24 hours