a triple digit rebound in the stock market today and the latest report on the state of our economy the reason for exuberance and a celebration of you never would have guessed watching and listening to president obama is a speech out of climate change today. dow jones industrial average rising sharply up to out of three days after investors decided the federal reserve was ending quantitative easing prematurely. sure enough and that dow jones industrial average dropped more than 500 points between wednesday and thursday.

but officials made it very clear yesterday they would not follow through on any perceived suggestion of significantly slowing or ending $85 billion of bond purchases every month. today investors were cheering the dow gains 100 points the s&p up 15 and the broader market up over 11 percent so far this year. the nasdaq gaining 27 points today and up 11% the wilshire 5,000 coming to a trillion dollars since the beginning of the year. will street cheered positive economic data with durable-goods orders and new home sales and consumer confidence. the commerce department reporting strong manufacturing results showing orders for goods would last three years rising 3.6% in those gains

were concentrated with commercial aircraft and military equipment and business investment by excluding defense aircraft reporting the third straight month of gains. the housing market delivers on heightened expectations of continuing strength. the commerce department reported new-home sales rose 2.1% to the annual rate of 476,000 with a new five-year high and more buyers entering the market despite raising prices. the case schiller index showing existing home prices in 20 metropolitan areas were told% higher in april than one year ago. posting the largest gain since the case-schiller index began rising 2.5% and on top of that region to five-year highs this month with the confidence has

risen three months in a row. we will examine the remarkable turn from last week's despair to a new perspective given those encouraging reports on what has been a strengthening economy and investors were not paying attention to the spectacle of a dour president brimming with eager for a war on coal. obama exercising his executive power to direct the epa to force tough new regulations on coal-fired power plants. the president had no need for background props but instead used himself repeatedly wiping sweat from his brow declaring climate change is happening now and no speech by this president would be complete without an attack on it of a strong man with the offering of at least one false choice.

>> i have patience for anyone who denies this challenge israel. we don't have time for a meeting of the flat earth society. [cheers and applause] >> sticking your head in this and make you feel safer but that will not protect you from the coming storm. lou: one of the top climate @%ange advisers make it absolutely clear president obama leads an orchestrated assault on the coal industry and utilities. presidential science panel member daniel tells the led york times'' mack politically the white house is hesitant to say they're having a war of coal. on the other hand, a war on coal is exactly what is needed. but we know there is more than a little hypocrisy with the war on call the president wants federal carbon emissions limits on existing power plants here at home. at the same time deal on the

administration permits a huge uptick of coal exports. in for those that have a dismal record when it comes to technologies. coal exports doubled during the first term and those hit a record high in march. thinks to increased exports that went from 2% of total exports through last year of 25%. this president wants to kill col? and with all the good news on the economy instead waging war on coal and a sizable percentage of exports now swirling around the obama white house did not subside. as saying that are sensitive secrets are out large and

officials confirmed today that the nsa lot weaker edward snowden is in moscow the russians make it clear as well to the aba ministration there's no intention that he would face a speenine issue charges and both are applauding edward snowden and his performance has hardly ended and the reporter who broke the story for the guardian says edward snowden gave encoded files of secret said he stole from a number of people did joe files of locked in the case of his death or injured -- disappearance catherine heritage has the latest scam in speaking to reporters in finland and russia tint -- russian president seemed to appreciate the predicament. >> edward snowden is a free

man the of sooner he chooses a final destination the better it is for us. >> john kerry responded to the claims that edward snnwden is outside their jurisdiction. >> we call on them, did not have to enforce the law but they could allow him to be subject to the laws of our land and constitution of what he is a citizen of and that is a recall of them to do. >> they are publicly backing the claim that edward snowden is in transit and he has not been processed by customs authorities to remain and there is a warning for washington. >> any of them to accuse a of us of participating in a conspiracy accusations accompanied by threats in our direction there is no lawful grounds for american officials to act in this way >> having it is to meet one-on-one the state department offered nothing

if the men are already talking. >> counterterrorism officials tell fox news that no terrorist groups have begun to alter the way they communicate in the wake of the classified leaks but terrorist groups are now armed with new information to keep it private. >> it is much bigger than that employ its american soldiers at risk if but said matt risk. >> the former contractor went beyond the nsa and the evidence points to the livelihood he may have pulled documents before booz allen hamilton the state department officials say it is expected he demoted intelligence that is more valuable to china and russia than the data collection on american citizens.

lou: thank you. to our fox news chief intelligence correspondent. the supreme court today with a major reversal of the voter rights act by the five / four but the justices decided to strip the federal government of the election oversight in 15 southern states that had a history of voting discrimination. >> a.m. deeply disappointed. >> they said that a key provision of the voting rights act unconstitutional is not the end of the issue. under the of lot to remedy discrimination all or part of 15 states are required to get permission from the federal government before making changes to procedures for the supreme court held the formula created to say which jurisdiction is

outdated a dent john roberts said 50 years later things have changed radically and today it is based on decades old data and eradicated practices. the immediate impact is that it covered jurisdictions of all states are free from the obligation to seek clearance from the federal government. >> are government one size fits all that different for georgia or arizona then they and places like new york or idaho dumped have to comply. i think it has been restored today. >> justice ginsberg said'' the court's opinion can hardly be described as moderate decision making quite the opposite hubris is a word for that demolition. the reverend jesse jackson predicted a negative impact.

>> you will have fewer blacks or latinos better less equal because of the decision. >> and it is indicated congress can come up with a new formula to see which jurisdiction still engage in discriminatory behavior but it must match the conditions of the present and not the past. leaders of bull's-eyes are willing to undertake the task lou: day que shannon. much more a leader of this a form -- supreme court decisions with lis wiehl and randy. new developments of benghazi scandal issuing subpoenas to force state department officials to find out what they know about last year's terrorist attack. with delays of scheduling interviews have taken too long and he had no trace and

going on the offensive of another potential scandal at the irs accusing them of awarding contracts worth more than half a billion dollars to a small company called strong castle. and this president had a cozy relationship with an irs contracting official. the committee meets friday with the resolution whether or not irs top officials waving the fifth amendment right with the hearing on may 22nd. president obama picks a scorcher of a day to pitch scott climate change is he trying to change the subject? next. th the spark miles card from capital one,

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lou: as i said earlier a good day on wall street and @%ocks rallied recovering recent losses of 10 sectors of the s&p placed one negative posting gains more than three-fourths of stocks traded is banned in volume 3.6 million shares and homebuilders moving higher after positive reports of new home sales and coal stocks ignore the war on call in the climate changes speech and posted broad gains but gold fell $2 at just above to hundreds of the $5 an ounce san gregorio is up $0.14 at $95.32 per barrel and in the bond and market the 10 year rose. attorneys representing a class-action lawsuit against the irs say they have proved

the irs targeting of conservatives was an agency why aid effort. telling the daily collar'' we're dealing with multiple irs offices across the nation and targeting conservative groups and 11 different irs group's including the tax-exempt government entities division in washington. this is a government watchdog report that reveals more at the irs and a report from the inspector general finding that the government credit cards are used to make questionable purchases ranging from more than two dozen bottles of wine to online pornography. death rate credit cards for use to buy bandannas, or rented popcorn machine and stuffed nimals and the

majority of card holders used the credit cards properly but the irs lacks controls to stop inappropriate purchases. turning back to the president's war on call my next guest says he will continue to fight against the epa and any other agency whose goal is to stifle energy production. joining us is a member of the committee and member of the natural resources committee for energy policy. good to have you with us. let's start with the war on call? the president not even unhesitating with the assault on the industry and what amounts to a huge percentage of exports and 84,000 jobs around the country. >> absolutely an assault on american energy policy and

american workers than jobs and also an attack on an arizona. 40 percent of our religious of the comes from coal and they're not even willing to debate we had this discussion with the american people and it failed to go anywhere now they're distracting america with a flawed background with the war article. >> and to be in opposition with false choices of with thh lack of intellectual integrity is just astonishing or stifling. this is a man who does not like despite his background. >> that is why we have a hearing for congressman from

arizona on july 1st talking about the epa and irs. we will take that debate to the american people if he wants to or not but what he is doing is trying to distract the people with government gone wild. lou: i don't think too many americans doubt with this president is doing to change the subject and now with this administration and by house it could cost as much as when a judge million dollars and to what purpose there is very little 1k and find with the narrative the white house has used at the same time we watch a bill on

immigration reform move through the senate expected to be voted upon and harry reid says successfully on friday then goes to the house. we're hearing from the republican party the same platitudes or emotional arguments we heard from the democrats without thought to the cost or the impact or the control of the border and would it remain in this country even though the rich foundation said it meets 36 million more immigrants but only deals with 25 percent of those crossing the border. this is 2006 all over again. >> exactly. a series of promises not kept why should the government especially when it denied on follow-through borrer security? i am not willing to allow them to dictate the promise of what is.

i want to see that the also has the federal government and the american people believe we have limited resources and we havv to be part of the enforcement of the border policy. if i was as senator i wwuld not to vote in the half to start with voters security and restore the trust. lou: does the house leadership have the guts to say no? >> absolutely. i will be one of those voices. i have said we needed new immigration policy and a thoughtful process but it has to be sustained and also with border security and new have all these people coming into the country you have to turn off the faucet and that is ours border security. lou: most one that solution but nobody wants to beegame to that is what the day

debate, this president and the democratic leadership are trying to do and in this case in league with a republican. we look forward to do a talk with you as the bill moves forward and the oversight continues. up next with the administration and taken over by a scandal you would think president obama would like to deal with what americans want taken care of. we will show you how he is doing at that in the "chalk talk." we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a greathing. but evethough we're living longer, e thing that hasn't changeduch is the official retireme age. ♪ the question is how do u make sure you have the money yoneed

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>> in the middle of these scandals the president got good news the irs ruled the second term a total loss as a ride off. [llughter] [applause] lou: eight could use a little humor these-- it is a depressing place i imagine with mired in scandal and immigration reform is a mess , the future in the house is far from certain and did we mention seemingly

a new scandal every week. as a result his approval rating is under water the latest fox news poll alan shows only 43 percent approval rating. 51 percent disapprove of the job the president is doing. you would thinn the president will look at that and devote his focus to the nonsense of the most important issues and problems facing america. -hat are those? according to gallup, a 24% the biggest problem is the economy. we knew that. 18 percent say it is jobs we knew that but it seems washington does not. 60 percent said satisfaction with the government and 11%

said deficit and 6% health care in of course, immigration and that is a big deal with only 4% of those responding to say immigration. guns? the president wants gun control but only 4%. what is the president doing today? he is talking climate change. so how many say the environmental and pollution is the most important problem facing the country? the president can be that far off. can he? the answer is 1%. the jobs of the american people by the way are clamoring for the president to focus on is jobs of the coal industry providing some of those jobs and he wants

to kill the coal industry that would kill 84,000 jobs. and yet the administration says the best thing it can do is waging war on the coal industry. i watched him today. he was an inspired comoros comoros, a somber, the opposite of uplifting. no wonder even liberal news outlets are turning on this president and some of his nonsensical idea is. last week after the president to leave -- delivered a speech in berlin behind 6 inches of bulletproof glass the headline read'' obama liz is rock star status'' tell me about it. a new headline reads'' president obama in the doldrums. i think that is being kind

frankly. but the good news is not to obey a total loss of the first six months of the second term affects the stock market where the attitude of americans who want to restore prosperity in the free enterprise, free market economy. it is still bad and it is not ryan try as his president may, it is not run by the white house. is showing some very significant signs it is strong enough to overcome even mr. obama. >> the supreme court strikes down a key part of the voter rights act and the president says he is disappointed. much of the country is celebrating 50 years of advances from civil rights. we're on the case. "dobb's law" next. i did?

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lou: excitement in the year you may have forgotten we are a half an hour away from the massachusetts special senate election for a successor to john kerry and decided between ed markey and a newcomer gomez and massachusetts officials expect a light turnout and predict less than half of the four point* 3 million registered voters will cast ballots. senator cruz says the supreme court today recognize the enormous progress made by voting equality since the voting rights act passed in 1965. issuing this statement. >> the court rightly decided the statutory standards used decades ago to subject democratically elected state legislators to second-guess by unelected bureaucrats no

longer survive constitutional scrutiny she. trading is now for the discussion and analysis and the opinions from the high court tomorrow former prosecutor of these wheel and criminal defense attorney and former prosecutor,,welcome to you both. to as senator cruz have a right to? >> i think he does but the reality is if i show up at a crime scene with a magnifying glass and a quill pen you may have a bit of a concern to what i of doing a that is what the court said the 2013 let's not talk about using 1965 standards to balance what we believe to be racial inequality if you look at the numbers they tell us white voting versus minority the numbers are here when they used to be like this premia that 2013. >> there is no quantifiable

data that says the problems eleatic 1965 are still happening now. you cannot have a lot of books that does infringe on states' rights so the argument is it is tenth amendment issue if the government wants to impose this burden on us it is very expensive to implement it then that you have to have a state interest in they could not show one. lou: we have an african-american president, the attorney general has pointed out that in every instance of which he is aware we have seen the inverse of what the justice department claims minority participation actually rises that is the end of the discussion? basically we were saying

from the perspective of accomplishment sit down there is a thing more to talk about from the political perspective? >> the supreme court says no >> but they say if you rewrite the law and they left open that door. >> it is always open to write the law but the likelihood they will ever be able to come again given the experience of the last 50 years by president obama obama, attorney general holder today both expresses disappointment in the case of the president to ignore all of the accomplishment and achievement and success of leavened legendary civil rights activist jesse jackson be voting this decision when in my opinion

should say thank you martin mr. king and to all who made it work because this country is working and of the people who keep running it down their respective of their political purpose or prejudice, they have got to step aside to look at what we have accomplished. senator sessions said today, let's take a look we have a full screen, i don't know what would be needed if anybody discriminates against voters and alabama because of the color of their skin they would go to jail if there is any proof to that. that was not so in 1965. and also senator cruz. this is the time it seems for celebration. >> that it worked and use said disappointed that he

actually was an angry. >> buu he was a law enforcement officers be maggie was a political officer. be straightforward. i will not indulge he has politicized the u.s. justice department in moments of honesty we would say in the unprecedented fashion from the nixon administration. let's turn to the zimmerman trial are you kidding me? they start the case with profanity and and a knock knock joke? >> i have never seen a defense attorney and a second deeree murder case where his client is looking at life in prison and he starts off with a knock knock joke? lou: a peculiar sounding

fellow from jump street by your thoughts? >> the entire case is amazing because lead is a cornucopia of everything. law school examinations and questions whether or not you can go from being the hunter to the hunted because of the pursuit of trayvon martin does that mean he cannot use self defense? we have the race word is it an issue? racially profiling or neighborhood watch? si. >> that is where all the 911 calls come in. >> keeping the parents out of the court room? >> that does makk sense because they will be witnesses later in if you are a witness, and no no no that is fundamental law if you were going to be a witness you cannot be in the court room until you have i am fine with that. >> but the last thing this

judge wants to have happen is lose control of the already potential explosive situation because one thing that happens you talk a mistrial. lou: i come from a little place and i have watched trials as a kid and to think people are being denied covered in their judgment, this is supposed to be the open court system to deny access to witnesses in participants is hogwash and it is an american and i don't care who says otherwise. six women on the jury is it as important as some suggest? >> on both sides must have thought that having six women on that jury was good for them the prosecution.

lou: but who doesn't favor of? >> studies have shown like everything else. [laughter] female women tend to convict more if i connect with you that you listen to me spinet those lawyers are not connected with anybody yesterday. either side. it was pretty bad. lou: they made a fool of themselves and i would not want to be a client for either of them personally. thank you very much if you are going to be a client they are the best. up next, the president lays out the latest proposal of the administration more on coal and we will show you

how the markets reacted to the president's dramatic and inspirational leadership next.

lou: has raised said the market's rally under strong economic news as investors looked deep into message from the fed in the economy gets better and here with his outlook we have the chief investment officer with from pnc wealth management. i had to almost laugh. exuberance, and appropriately so in my opinion? >> we sought a strong dated today with durable-goods durable-goods, new housing sales, housing pricing also just the economy continues to improve by the fed tried to communicate they see improving fundamentals. lou: then they started to do

palaver and fed officials turned out from every quarter to give his opinion but alan did not participate. the fed has been clear about its metric 6.5% unemployment and want to see inflation at target. this is an economy that is robust why is everybody going crazy? >> all the sudden there at this point* where credit is is bad news than i thought it would be good news. lou: some investors get stupid it is called too clever by half call the u.k. and some are running large hedge funds get carried away. we will get the quarterly gdp at first look. >> we will still see 2% or maybe a little less but the

second half of the year is picking up it would be 2.2% with improving but no doubt on the boundary of a transition in the economy so with unemployment to pick up and unemployment rate will come down by the end of the year and things are improving and that will be a tail wind. >> that is the next revision in the course we're not quite there. looking for the market over the next few months i think we churn for a while as we go through the rotation the inflecting point* in then we can see in that range early 2014 but at all think this correction is over and we could see a couple percentage low before we climbed back up but the

important thing is come into second quarter earnings for the highlight will look for with improvement of revenue growth. lou: thank you for being here the deadly virus spreading through the middle east and dr. siegel joins us to assess the risk for america. stay with us. lec, for this missn i upgraded your smart phone. ♪ right. but the most important feature of all is. the capital one purcseraser. i can redeemhe double miles i earned with my venture card to erase recent travel purchases. d with a w clicks, this msion never happened. uh, what's this tton do? [ electricy zaps ] ♪ you requested backup? yes. s did. what's in yo wallet?

matt cases of the of middle east syndrome deadly respiratory virus slows -- shows is more deadly than and fisa. 77 have been reported a forward p/e those are

resulting in death joining us now is dr. siegel professor of medicine at nyu this is touted by the debris joe as the deadliest thing around and in recent memory. how concerned should we be? >> right now it is too early but not too early to pay attention so it is good that we talk about their. the world health organization has a history of overreacting to scare everybody it is the coronavirus one of the common cold virus. tea to the most serious example was not as bad as they thought at the time. if effected a thousand peoole and killed about 770 they thought it would be a lot worse in 2003 but the first few months it was

deadly to about 50%. i am not making light of that and that is what this is the overtime the virus once to survive. it tends to change your view take to be less deadly. also looking at the hospital with the worst cases of the community there is more cases of this that have not been reported. lou: that is a strange thing about this virus is that to %-deaths in saudi arabia. it seems impossible that anyone, no matter how good the who is to have that knowledge and exact count? >> if you thinkhere a ma morcase th at butthat is gd ws becae ashe vis sprds sould bece ls ddly

but is portt toalk out to olatthos atre sk anit i impoant in the ars. in t mide et, joan fran, grt brain y'll know how to recognize it to ila themsees because it is pretty contagious right now. the was an article in the new england journal of medicine i is the biggest things fear we cannot compare it to sars to say it wiped out the planet now this will. >> of 774 fatalities with kidnapped. >> would cap that fallout. billions of dollars and if the fear mongers from the program they will say they

save the world. they showed it was not as contagious as we thought. >> one of the statements that the virus is a threat to the entire world dr. chan of the who leads it. >> a lot of money is tied up with that but to give a mixed message it is worth paying attention. it is spreading in this small. we should monitor to get a rapid detection test but not life-threatening. lou: but our audience is so smart they will have competing ideas. >> more than margaret jane m. [laughter]

lou: your very pleasant to ditchers. thank you for being with us the attorneys general of south carolina and alabama are with us to talk about the voting rights act.3 big night from new york.

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neil: here is when you know you are a fool, when everything you do makes you look more foolish. i am neil cavuto, first off thank you to my friends lizzy macdonald and charles payne who filled in while i was gone. countries that feared us, louvre at us -- they laugh at us, they almost toy with us. today putin bragging bout now nsa leaker was seen assault saunteing around the moscow