tv Varney Company FOX Business October 31, 2014 11:00am-1:01pm EDT
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he will be my guest next week on "the opening bell" tuesday and i invite you to join me for the unimportant in to view and he threw a new debate into the market last week when he said the federal reserve should consider another round of quantitative easing, q e 4. we will talk about that next week. that will do it on "the opening bell". thanks to everybody here for hosting us on fixed-income trading floor. we appreciate it. time for "varney and company". have a great weekend. over to you. stuart:-down, stocks of. republicans look good, stocks up, japan prints money, stocks up. this is a big day and it is a good day. good morning. it is halloween, but the wall street party role on. try 1,000 points. earlier stock straight up and oil is going straight down price $79 a -- cheaper still. it started last night when japan
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surprised the world. with the democrats looking desperate the stage was set for a big day and that is what we have. stocks. in a moment the cheapest gas in the country. "varney and company" is about to begin. will you look at this? that is a rally? up 167 points, record territory, triple digit gains for the dow, look at it go. 17,362. better yet, eight of the dow 30 stocks are hitting new highs today. not just of. disney, home depot, 3 m, 19 now move on, procter and gamble, united health, visa, wide range of stocks, all of them up today, those stocks at record highs but those individuals stocks every sector in the green this friday
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morning. japan prints, stocks of the blues look what is happening to gold, $34 lower, gold is off 13% from its 52 week high. look at go pro, a big winner today, strong sales, good profits, stock is up 13%. let's get to a boil. earlier it broke below $80 a barrel and is there now. $79.79. the gas price declines, gas is falling one cent a day for a month. that is the huge decline. national average for regular is exactly $3 per gallon. not bad. let's bring in patrick from gasbuddy.com. he tells you where to find the cheapest gas anywhere near you. you are a big part of the store. congratulations, young man. you have got to tell the world where is the cheapest gas in the united states of america right now?
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>> i will keep going with a happy guy. i am dressed the same but i am happy guy today. that is my halloween costume. $2.29 a gallon in spring, texas. stuart: that has been the lowest price destination. rite-aid trying to get on the show on a regular basis? are they advertising? >> the secret is out of the bag. they must be watching the show. stuart: that is $2.29 for cash in texas right now. we had a decline of about $0.01 a gallon today for 30 straight days, about a month. does that pace of decline, $0.01 down day does that continue in the near future? >> probably slows down a bit. the last two days we have eagerly been awaiting the national average to fall under $3. it took a tenth of a penny down whereas $3.05, a kid hitting
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refresh on my browser today. that is what i will be doing the rest of the day waiting for it to happen. stuart: what about california. we have got their average in the state of california for regular, $3.33, that 10% above the national average, why california? >> california is special. the whole west coast. california has the nation's eyes gasoline taxes so it is no mystery prices are always high in california because of that. stuart: all the cheap states, cheap gas states are concentrated in the south. all grouped in the southern part of the country. why is that? >> because they want me to go on vacation down there. it is because the lowest gasoline tax is always in the south. bernard: what are you making money? does gasbuddy.com do well when prices are falling? >> i'm here, i am not on vacation. stuart: don't avoid the
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question. when you started to come on the program you were wearing a shirt, no tie and cut off shore. it is a la $3,000 tie. west of the news and good. stuart: the economy is coming back. stuart: one last one. we are going to hit $2.95 as a national average. what do you think? >> you are really pushing me here. i said $3 but that was not good enough for you. closing under $80, and if it doesn't we might have to wait a little. stuart: thanks very much for joining us. to the markets because we had something to tell you is a rally, 168 points. mary kissel is here, wall street journal editorial board, i don't want it to be a technical question but a lot of viewers
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want to know why is it japan prints money, and our stock market goes up. what is the connection. >> the money is going to invest to it because there's nothing to invest in. it really is that simple. stuart: they create a lot of money and it comes here. >> japan is the poster child for quantitative easing. central banks to push money into private banks and they will blend that out and hopefully stimulate consumption but it doesn't work. japan has been doing this for two decades now. ben bernanke and janet yellen did it in the united states and it doesn't work because if people don't want to borrow or spend money, don't have the confidence to go out and invest and spend or take risks in the economy, you can push all the money went in the banks and won't do any good. stuart: japan has a demographic problem. >> japan has a lot of problems,
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the labor market problem, a ton of problems but in terms of quantitative easing this is desperation out of tokyo. this is saying reforms are not working so let's try the same old sales policies that didn't work in the past. bernard: network for wall street. >> work for wall street for now. stuart: when it comes our way we will take it. the dow record territory, 17,368. it is fair despite the fact that this is still october and october is supposed to be stocks generally. if you watch "varney and company" at the beginning of this month you would have heard this. >> october has the distinction because of the top ten biggest one day losses four occur in october. october has not been the worst month. the 1-2 punch has been mind-boggling, great for the stock market. stuart: he went on to say it is
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gangbusters. that is house stocks go up in november and december, gangbusters. that man right there, tres knippa is in chicago. in normally wears a trader's outfit so he is dressed up as tres knippa and the tv kind of guy. market stocks have nowhere to go but up. when japan prince everybody is printing. >> it is time for stock investors to lighten the load and time to do it right now and the reason i say that is crude-oil scares me to pieces. every morning i get updates from various brokerage houses but i do business with and as i look at those reports, what do they all say? economy slowing here, there, slowing in europe, etc.. that is evidence in the crude-oil price. the other thing that scares me about crew is crude-oil companies are a very big part of the high-yield debt market. you talked on your show, there
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are a lot of people talking about the bobble in high-yield, and if these oil companies and the high-yield debt market is under pressure, we better be careful. it is this slowing global economy and crude oil prices are not good for equities. stuart: we hear you. what about gold? weighed down again, $34 lower. why is gold down so much? >> there is an interesting story here. one single macro economic thing could hurt the united states and hurt investors more than anything. that is a strong dollar. the yen falling off the end of the table. your previous commentator i couldn't agree more with what she says. i manage a fund with a leveraged position in the yen and japanese government bonds of course i agree. what does a strong dollar do?
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50% of the s&p earnings come from overseas. it hurts gold prices and crude-oil prices. the biggest risk we face is a strong dollar so let's flip the card back to janet yellen. the dollar is too strong. what is her next move? rates are already at zero. how do you we can win all the other currencies are weakening around us how the weaken the dollar? there are risks out there. it is time to lighten the load in stocks. stuart: what a does kill you are, tres knippa. moaning about a strong dollar, this is the united states of america, you don't like a strong dollar. get back into your halloween costume and we will see you next week. mary kissel still shaking her head. >> will want a strong and stable dollar. when guys like this argue for a weak dollar they are saying we want to artificially boost exports but that is the same argument japan has been making for quantitative easing and exports are not there.
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stuart: i don't want to drag this on too long but tres knippa is still there. there is nothing wrong with a strong dollar, you hate it. you have two seconds. you didn't hear. we are going to move on. adam shapiro was at the stock exchange. still on gold but how about gold mining stocks taking a hit? >> taking a big hit when you look at how some of them have fallen down 10%. part of it has to do with the price of gold falling over the last few days. when you see commodity traders they will tell you gold trading alone $4 an ounce these-won't be making a profit and you see that reflected. stuart: enough buzz kill. you got to show me the tech names that are hitting new highs. i want new highs please. >> you bought microsoft thousand years ago. apple. do we need to say any more.
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apple on a tear of 4 points today, groupon 12% and you have different banks talking about this. go perot is up over 12% and holiday sales beating expectations so they're doing very well. linkedin is up and price targets by 10 brokerages including jpmorgan. then you have groupon up 50%. you need to write this off but they have a better than expected third quarter and investors are like the nsa and expedia, time to take a vacation. hotel booking stronger than expected. they are up today almost 5%. stuart: good stuff, thanks very much. no buzz killed there. all good stuff. it is flu season. i have a bone to pick with dr. mark siegel. i personally don't get flu shots. i don't think they work reliably.
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what is wrong? >> i am five feet from you and you don't get flu shots? i'm getting awfully shot right now. stuart: johns hopkins assigned us -- baxley. but as you wait for the john hopkins news watch this because you get more of it from dr. siegel. >> this is your best defense against the flu. it decreases circulating flu viruses. stuart: i haven't had a flu in 40 or 50 years. >> would you know if you had it? fatigue, fever. stuart: hi, are we still on for tomorrow?
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we can come back tomorrrow. and we promise to keep it that way. driven to preserve the environment, csx moves a ton of freight nearly 450 miles on one gallon of fuel. what a day. can't wait til tomorrow. i'm sure you know what this meeting is about. yes, a raise. i'm letting you go. i knew that. you see, this is my amerivest managed... balances. no. portfolio. and if doesn't perform well for two consecutive
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gold. quarters. quarters...yup. then amerivest gives me back their advisory... stocks. fees. fees. fees for those quarters. yeah. so, i'm confident i'm in good hands. for all the confidence you need. td ameritrade. you got this. this, ladies and gentlemen, is a rally. the dow is up 1%, 190 points, make a 200. 28 of the dow 30 stocks are up. only ibm and mcdonald's are in the red, down. look at starbucks. disappointing sales and the stock is down 2% lead you don't see that often. sony lost more than $1 billion in the last quarter. they were not buying their smart phones. the stock stable at 19. now this. flu season is here but those who watch this show know that i don't get flu shots.
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now i have at least one professional in my corner. here is what john stockton scientist peter dosche said, he may be less beneficial and less safe than has been claimed and the threat of influenza seems to be overstated. oh oh. dr. siegel is here. a johns hopkins scientists no less agrees with me. what he is saying is you have been counting a bogus medical products, forcing us to put a bunch of chemicals factory made into my arm and i am not buying it. make your case. >> he is the flu denier. he has been well known for this, scientist or otherwise and here is the case. flu is an enablers. the flu margin, knocks down your immune system if you are elderly or very young and other things parade in like pneumonia, bronchitis, infection, sore throat and you are hospitalized. the key thing is hospitalized.
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if a pregnant woman takes a flu shot it decreases the risk of hospitalization of their infant after birth by 92%. did you know a diabetic's risk of hospitalization from flu after a flu shot or 2 related illness is down by 79%. stuart: did you know flu shot is only 60% effective? terrible odds. >> what do you mean? >> let's talk about what that 60% is. it is huge but 60% effective at decreasing stuart varney's need if he gets the flu of going to see dr. siegel to an urgent care center or being hospitalized. you get a mild case if you get the flu. stuart: why can't i make my own decision on these things? >> you are. stuart: he is on my back saying i'm anti-social. >> influenza steward. >> i will bring a flu shot to this show to give it to you on the air. offered to do that every year. stuart: no no no.
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the good doctor said from johns hopkins is not necessarily safe, some people have a nasty reaction to these flu shots and you know it. >> not nasty. 24 hours. stuart: 24 hours? >> flu like symptoms for 24 hours. you can't get the flu. stuart: why is it? >> my best argument. stuart: no you can't. i am elderly and everybody knows it. i am elderly. >> you full. >> i am elderly, if it as a fiddle. nothing wrong with the at all to my knowledge. why should i get a flu shot? i never had a flu in 50 years. >> my number one argument is because of herd immunity. walking past you will be a pregnant woman, walking past you will be a little kid with asthma. by getting the flu shoot you decrease your risk of spreading flew to people i am more worried about by 50%.
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munity. stuart: you know i never get close to people, you know that. >> i don't know that. you won't protect yourself and want to protect others around you. is not a great shot. i will tell you it is not a great shot but it is much better than nothing. stuart: how much does it cost? >> $15, $20. we need researchers to come up with better flu shots. i am granting that. stuart: every year you said that. last year it was going to be pandemic or was that the year before? >> no pandemic but we had serious flu this year, influenza a, same strains as last year and a flu shot covers it. get your flu shot. stuart: i have pressing news. price of oil has gone about $80 a barrel so there you have it. $80.06. not bad, thanks very much indeed. unconvincing i thought. >> i will keep trying. stuart: other stories we have for you today. liberal tv hosts racial matt out took me on.
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she got it dead wrong. i give you the facts 12:25. we report that you will decide. to the elections democrats getting desperate. senator mary landrieu citing the war on women and now playing the race card. what she said precisely at the top of the hour. the norm for a f 150 a aluminum body truck, big gamble that is. we got one right outside. right outside the studio. it has a 1500 pounds pumpkin on the back to show the aluminum chassis can take it. then we have government waste. it never goes away. how about $17,000 for a fat suit? we have some more examples for you just a moment.
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oil price at 80. check out what is this one? go for 0. gold, this is gold. we are at $11.63 per ounce and we are down a lot, that is a 3% drop as of now. for example of wasteful government spending for your delight this halloween morning. the u.s. department of agriculture spends $17,500 to make students at new mexico state university where fat suits all in the name of weight sensitivity training. skinny students will wear a 20 pound fat vest simulating what it feels like to be overweight. second example, republican senator grassley wants the administration to explain why a detention center for illegal immigrant children is offering free guitar lessons and classes on organic farming. he says it costs up to $1,000 a day to house each illegal immigrant child. wait for it. the brits want a piece of the
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handout action. 26-year-old christina briggs in england already getting $32,000 for the year in hand outs, now wants the government to pay her to lose weight. she says she is too poor to pay for healthy food and trips to the gym. he told the daily mail i am quoting, i will use a wiccan accent, i fried swimming but it costs 22 pounds a month and my favorite is chinese takeaways. mary kissel, pretty good accent, thirty-second to explain why government spending and total waste never changes. >> their four ways -- you can spend money on yourself for on somebody else for that is two ways, or you can spend somebody else's money on yourself or somebody else's money on somebody else. that is the fourth way. number 4 is what government does. they spend somebody else's money on somebody else. they are never prudent about it,
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don't care where it goes, they won't look after your taxpayer money because they don't care. and eternal rest about government. bling give them less money and they will borrow some to make up the shortfall. fox news contributor colonel ralph peters not afraid to speak his mind and this time he gives his take on oil prices and wide that is bad for countries like russia, iran and venezuela. colonel peters is next. there are two reasons why i need to keep an eye on my health. that's why i take metabiotic, a daily probiotic. new multihealth metabiotic with bio-active 12 is proven to help support a healthy immune system.
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today is halloween. low oil prices are trouble for our enemies. i want you to go through them one at a time. why is it bad news for them. >> you are stuart varney. stuart: that is an out fit. >> i love halloween. a drop in the price of oil is great. let me lay this out overall. at $100 a barrel, the problems for russia, iran, even the islamic state, that is a problem.
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ninety-$100, it is a crisis. russia, a drop in oil prices, they are knowing that it. the russian central bank had to raise interest rates. remember when putin told us the dollar would go away? >> it is doing several things. let's hope that these prices stayed down for a while. >> variable oil prices. russia, venezuela, iran. do you think that we will use that leverage? is something going on diplomatic
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channels beneath the surface? >> the answer is no. the invisible hand of the marketplace is doing more. that is good news. look at iran. they have been surviving at discount rates in the gray and black markets. look at venezuela. venezuela was already a disaster. flour is in short supply in venezuela. >> table move forward and get one. i think that there is a new deal with them. we are not stopping.
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steve to why do we craft and drill for the oil? think of the opportunity to get some really big time leverag wo. >> you cannot do it before. i do not understand why conservatives are for conservation. let's make sure that it is safe. stuart: happy halloween to you, sir. >> happy halloween. stuart: it has not happened yet.
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stuart: colonel ralph peters one of the greatest in america today. i will give you a promo again. i'll order richmond. i love it. i read it cover to cover. stuart: you send me a free copy and i will read it. see you later. thank you very much. needed money for surgery of his own. the toy industry rallied to it.
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>> i am adam shapiro on the floor of the new york stock exchange. they have been motivated by the bank of japan. the dow hitting a new altar day hi. we are still sitting well above its record close. we are trading right now above the record close. take a look at is the right now. goldman sachs is trading almost 19% up year to date. some of the energy stocks that are also doing well. my mother made the best toffee in the world. it's delicious. so now we've turned her toffee into a business.
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$25,000. they came up with $29,000. that man is with us now. this is a great story. your friends rallied around and brought in all of this money. who are these friends? >> they started a campaign because they like me and the game was doing so very well. they felt that i deserved the funding contributed by people who played and loved the game. >> i think that is great. we have one of the games, operation, on the set.
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>> i wish her good luck. stuart: two easy. the modern version is two easy. come on, john. >> you just feel the patients. >> i just played this with two girls. natalie and sofia. >> i want you to comment on my technique here. i am picking up the tweezers. you have to take out organs from this body. i have a shaking hand. i have not made a mistake yet. look at that.
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get my degree. >> it help me pay my tuition. it was cheaper in those days. that is for sure. >> that is a difficult call. so many people willing to steal the ideas from these young inventors. they just cannot afford the backing and the financing. there is no magic formula. >> bring us your invention and we will develop it. >> yeah, that is right.
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i would like to thank all the people that participated. beautiful people. what a great way to raise money. it was a pleasure. thank you for being with us, sir. it is a good news happy halloween. we have a rally for you. gas prices continue to have a steep drop. best selling truck in america. that is an aluminum -based chassis truck.
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he is waiting for it to go even lower. it did take a 10th of a penny down. another 10th of a penny. i keep hitting refresh on my browser today. we asked you on our facebook and twitter pages. it is a shame. i completely disagree. it is time for stock investors to like in the load. it is time to do it now. crude oil scares me to pieces.
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stocks are up. good news all the way through and through. may the global demand is slowing. we talked about this earlier. probably because investors think easy money will just keep continuing. click onto k. relax and enjoy it. >> you have to ask why. >> if you ask why, are you implying it welcome back down again.
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stuart: you look at flu shots, but you hate a market rally. they call me out. i did not check the facts, though. though. the second hour is just two minutes away. ♪ uhhh. no, that can't happen. that's the thing, you don't know how long it has to last. everyone has retirement questions. so ameriprise created the exclusive..
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the war on women. voters are kind enough to know condensation when they see it. you see and hear landrieu page republicans as racist. the president and his party have divided the country into groups of targeted voters. instead of being americans, we are hyphenated. we know desperation when we see it and we do not like it. stuart: this is a rally.
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eight of the dow 30 stocks are at new highs right now. a broad range of sec there is. all of them up. i have lots of green on that before today. those eight are at new highs. the s&p 500 above the 2000 level again. the individual stock of the day, probably go pro. the price of gold, the other way. japan prints up a storm. the dollar gets stronger and gold stocks go down. they are really taking it on the
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chin. the price of oil is right at $80 per barrel. that means a gas price decline has legs. gas has been falling about $0.01 a day for a month. the national average right at $3 even. the $2 club, all the states on the map there have an average price of under $3. twenty-two states in all if you count them. this stock is up 104%. they have expanded. stuart: as i look across the whole block of dow stocks, i see one red one.
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which is the one loser and why is it down. >> ibs cut their price target. they miss on earnings not too long ago. there were a lot of analysts. and then there is also make donald, by the way. there is a problem with mcdonald's. adam schapiro, everyone. thank you so much. that is the market. i will call it desperation from some democrats.
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she is in a tight race to keep her seat. listen to what she had to say about chuck todd last night. >> it has been a difficult time. the president presents himself in a very good light. stuart: that sounds a lot to me like playing the gender and race cards. allison barber is with us. i said earlier on the program that that is desperation. we know it and we do not like it.
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>> i think that this is an incredibly poor political move for her. this is something that will be a pr disaster for her. it is something that is essentially called your constituents. it will not pull very well. who is typically the main demographic? it is typically older male white voters. i do not see that as being as good of a political move. stuart: i think what she was probably trying to do is get turnout. make sure that they turnout to vote in the same numbers that they have in the past. i think that she was trying to do that. i am told that the turnout of
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women is down a lot. i think she was trying to get that turnout up. >> i question how successful it can be. they are not usually a lot of those. go ahead and kind of insult them. i think that there is a way to appeal to your face. you want your face to show up and vote. i do not think that this was the way to do it.
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stuart: elizabeth macdonald is with me. liz: people in louisiana do not like health reform. they do not like the fact that the administration has cracked down. they want that development. they do not like that. this is talking about emotional issues versus the facts of your track record. just roll tape for a second. >> representing washington, d.c. that is probably what the people that she goes to a cocktail
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party with believe. >> i think that they probably will take it. when you look at the matchup between landrieu and cassidy, he have to leave by probably about four points. stuart: if they can't sweep convinced it late at a time like this, they cannot win convincingly. it does not look good for them. >> i think that they will win. when you look at the polls, there are so many races. when you look at someone like north carolina, a race where republicans should be leaving by and large number now. they are not.
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i think that there are a few areas. maybe republicans should be doing better now than they are. there are places like alaska that are so close. stuart: thank you very much. appreciate you being with us. to the markets. do not forget the markets on a day like this. dave, i want to ask this. when do we hit 18,000? >> we are not that far away.
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it will not darker period of time. it would have been a darker discussion. the selling and the type of selling was very concerning. we were 1000 points lower than where we are now. >> i think the big debate is coming from oversupply. >> a global slowdown in the economy. >> i am not sure that is really it. stuart: you have to explain this to me. suddenly, their stock market goes up 5%. ours has a lovely rally.
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stuart: i was thinking about it this morning. i thought about it actually on the drive in. it is japan and europe and the rest of the developed world. they can start to get their act together. they're our customers. we need them to do better. stuart: do you think that just printing up a lot of money that will get them out? >> i do not know. it has not worked. >> it has not worked. they are trying really hard. stuart: printing money gets your stock market up. it does not do anything for the middle class.
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>> it was clearly the right thing to do. we probably would have with just a domino series of events. i am not sure that the last series related to much. >> .60 drop in that 10 year note. just .60%. it got 10 trillion in a rise with equity values. >> that is right. central banks. >> it is not just the fed. this fed rally, certainly stop bonds benefited from fed action. this has money to be made.
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some companies are doing very, very well. >> it is tough to recommend stocks. i would choose lockheed martin. the reason i say that, the defense interest rate on gets a bad name. we need these guys to make advanced weaponry for our young men and women in uniform. what you are buying is potentially a call option on the future. they believed believe that they will have a commercially viable reactor. sometime within 10 years. they can plug into the existing power grid.
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introducing synchrony financial bringing new meaning to the word partnership. banking. loyalty. analytics. synchrony financial. engage with us. can you start tomorrow? yes sir. alright. let's share the news tomorrow. today we failrly busy. tomorrow we're booked solid. we close on the house tomorrow. i want one of these opened up. because tomorow we go live... it's a day full of promise. and often, that day arrives by train. big day today? even bigger one tomorrow. when csx trains move forward, so does the rest of the economy.
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billion dollar a year business. lauren simonetti is that one of them. she is in livingston new jersey. go. >> this is the haunted house. 40,000 square feet. a couple years ago, it was gives college. $22 each yesterday to attend this haunted attraction. 3500 of them across the nation. as you can see, it is very creepy inside. seven and a half billion altogether. about $2 billion of that is candy. the list goes on.
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today we have lebron james. he came home to cleveland. the cavs lost. lebron, i am told, did not play well. i said that lebron james is washed up. convinced me that he is not. >> usher singing the national anthem. justin bieber there. you have to play the game. very inexperienced guys around him. lebron has been through it all. the ups and the downs. it looks like last night may have been too big for him. >> lebron james is 29 years old. he has had a long career. he has been playing since 2003.
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>> it is a massive gamble. >> all of these guys are inexperienced. they are not the best team just yet. >> tickets are going for $800 a piece. they are both nearly 40 years old. arguably, the best in the field. is it brady or is it manly? the patriots. >> i would not try to pronounce that correctly.
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i will let you do what you've got to do. both of these guys are so accomplished. peyton manning has more records. they are both playing as well as they ever have before. they both went for and i'll end up over. >> i followed the under over. that is 54. fifty-four and a half actually. let's play the under over. you have these two great quarters. i would go for the over. >> denver, surprisingly has one of the best defenses. i am not into gambling, but i think you are wrong. stuart: you are just like an economist. you think i am wrong. i bet the over.
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>> go to the haunted house. enjoy your self. thank you very much. nbc host decided she would take me on. my take on this is next. >> look at this. genius. ♪ how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 70% of r mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider
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stuart: rachel met all took me on and got it wrong. use the face of nbc news and she turned to the classic style of the left, degas and doggery without facts. this time i was the target and as always they/she twisted the truth to fit her agenda. here is what she did. it is an old trick. he took what we call a screen grab of this program and showed it on her ears. that is me on camera and you see the traffic banner at the bottom which asks the question cheap gas hurts the economy? we posed the question to debunk it. she didn't care to take time to notice that very important detail. her factless rent. >> the business version of fox news look at their headline on
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this story about the unusually low gas prices. look at this. cheap gas hurts the economy? this is a genius. fox has decided louganis prices are a threat to america. is president obama purposefully tanking the economy with these unconscionably low gas prices? we report, you decide. stuart: if she watched just 15 seconds of the segment she showed so briefly on her program she would have known we were reciting a wall street journal articles that raise the promise of low gas prices hurting the economy but we quickly dismissed that premise. we are trumpeting the virtues of low gas, low oil prices. wall street journal this morning says gas at $3 carries rewards and risk. it says you get too low and american producers stops producing and that is bad for the economy. >> there is an efficient
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frontier so i am not sure what the number is but the saudis want to push gas prices well below $70 a barrel. we get out of the fracking business and shrink their franchise. that is the big issue for them. stuart: in fact we have been cheerleading the drop in gas prices for weeks following day by day, a penny by penny. now look at this. >> this decrease in gas prices will be good for the course of the season, it is good for walmart, macy's, good for costco sun net net i take the position it is better for the economy because of the consumption value. if anyone thought fracking was a problem look at the dividend in the united states economy. i calculate that reduction in price you just talked about is the equivalent of 80 to $100 billion a year tax cut for the american consumer. stuart: rachel matthau resorts to cheap tricks and i was
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related spray but she got it wrong and was lazy when she did. low gas prices put $700 per year back in full wallets of the average american family was two, eyes and that is a very good thing. how much money do you have in your pocket right now? i have $40, $21. could something that small make an impact on something as big as your retirement? i don't think so. well if you start putting that towards your retirement every week and let it grow over time, for twenty to thirty years, that retirement challenge might not seem so big after all. ♪
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stuart: what a month for the dow jones industrial average. don't forget. here is what charles payne predicted for the rest of the year. charles: that distinction is of the top-10. and the 1-2 sponge, and it was great for the stock market. stuart: november december gangbusters. end of the market wants to go up. >> everything including the kitchen sink, ebola fears receding, octoberphobia reseeding, companies still churning out earnings. we see the start of the best 6 months period happening in november. you will see a papa by april of 7.5% on average.
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by the end of the year october through december as the market could move higher by 6% said down 18,000. stuart: taking 16,000, a 6% gain puts you above 18,000. liz: this is correlating past experience which isn't a predictor but it has happened before. stuart: get everybody's hopes up, 18 kenna but you are on video tape. four days till we head to the the. we have some tight races. lanny davis, author of crisis tails, joins us now. it has been too long. i don't think you have ever been on "varney and company" before. a pleasure to have you here. >> say hello to this a liz macdonald, the only art journalist leverett a nice article about me. stuart: you are on this show, we treat you well. you say democrats are not going to lose control of the senate. make your case without going into individual races because we don't have a lot of time but
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overall why will they retain control? >> i had my bets in the articles i wrote saying this is my most optimistic prediction 50/15 breaking the tie. that gives me a little bit of a hedge, probably going to be wrong to wait trend lines are working but predicted that is if i pick up seats in kansas, the best chance we have is kansas and we might actually pick up kentucky. those two pickups would be the only way we get to 50/50. stuart: you are referring to the democrats. you are a democrat. but i think you are far more to the center of the party and i would characterize president obama as to the left of the party. you are more comfortable in the middle. aren't you? >> on issues i am pretty left. i support obamacare. i am pro-choice, all the issues
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you identified as liberal versus conservative. i believe in the free market and a balanced budget. i think those are liberal positions but i call myself a clintonian democratic as liberals ought to the reaching across the aisle and finding common ground with free-market conservatives and that is why some people call me centrist. is an awful word on the base of our party. terrible word. stuart: it is as bad as moderate. are you a big supporter of hillary clinton? >> to the left of the party. tell me an issue that she is not progressive but she does believe in free enterprise, she does believe in the marketplace and she does believe in balanced budgets like her husband sell on economics. leaving debt to our children is not level.
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>> the need to pull the party back to where you are. the party has moved to the left for your liking, your job is to pull some back, you need to pull into the center. that is what you've got to do. >> i consider myself a liberal democrat. i use the word liberal, fdr was my hero for my dad, but the style and partisanship problems of the administration and the republican and democrat polarization in congress is where i am different. and john mccain has said to me, hillary clinton was a workhorse, not a show horse and knew how to make deals. what the country is crying for is democrats and republicans to stand on principles but look for common ground. that is where the center is and
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that is where i think i am and where mrs. clinton has to take the democrats. stuart: i wonder if you and i have common ground. this is my big beef with the left. i don't like paying more than half of my income in income tax to the state and federal government. i do pretty well and pay more than half and that is flat out wrong. would you make common ground with me and say it is wrong to take more than half of any man's income regardless what he makes? would you agree with me on that? >> no. i agree with the first half of what use a. i pay more than half of every dollar and i hate it but i don't think it is wrong because our social contract since franklin roosevelt is refund programs to give people economic opportunities and that started with social security and the minimum wage and lots of other things the government needs to regulate. i do agree the federal government is not working and it is inefficient and we need marketplace forces to make it
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more efficient, but i don't mind paying taxes if they're put to work efficiently to the help people with the bottom of the latter with greater economic opportunity. that is where i am. stuart: i wouldn't mind that either but i don't expect to see that gave come. if you are not counting, watch your back. the aluminum body to f 150 is a gamble by the ford motor co.. we have one right outside. ford tried to prove it can carry afton pumpkin -- >> it is the great pumpkin.
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>> i am adam shapiro on the floor of the stock exchange on wall street the rally continues. the dow and the s&p trading much higher this morning, the dow has reached an all-time high, it pulled back a bit but still trading above its record close, the s&p is also trading at its record close. the nasdaq hit a 52 week high earlier this morning. gold hit a new 52 week low
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trading earlier this morning at $11,060 an ounce. the sox are doing well this day on the s&p 500. marriott, nordstrom, black rock and mastercard all trading higher although they had a little pull back at this hour. also markets where, madison square garden doing very well in its earnings outperforming what the street was expecting. it is trading higher. it's more than the driver. it's more than the car. for lotus f1 team, the competitive edge is the cloud.
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>> there's a ford f 150, loaded with a pumpkin the weighs 12,000 pounds. this gentleman named eric peterson is with ford motor co. and sony this truck with an aluminum -- what is it? frame. what kind of sarcasm aluminum body? >> the best selling drug for 37 years. i think of it as an investment. our customers want more payload, and you can get out of this truck. nothing better than halloween to show the heaviest come to new can have in new york city. stuart: is a half ton. this is only the beginning. stuart: you could put 33 -- you
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could put almost three times this amount in the back. and aluminum will take it. >> the aluminum high-tech military grade aluminum is different from the past. stuart: when you knows this is a gamble in the half, the best-selling product for 30 years and you are giving them all aluminum and giving it to the american male, and aluminum truck. >> we are pretty excited about it. stuart: this vehicle right here, how much? >> $59,200 out the door. stuart: $59,200. >> an end pickup truck. 360 degree camera. a moon roof, everything you could want in a truck. stuart: a 360 degree camera? >> 360 degree camera perfect for navigating in new york city. or if you are on your ranch or something for truckers in texas. stuart: those are the people who bought it, al gore people.
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>> primarily, you buy a truck because you needed to do something, that is why you get a pickup truck but don't want to sacrifice the things on the inside. stuart: let's have a look inside. looks nice. >> of platinum edition truck. leather, a cab that is two inches wide on the outside, more room on the inside, the truck parks itself. you name it, you are inside this truck. stuart: $59,200. i cannot buy it now. >> these are not on sale yet. stuart: can you for your? how many pre orders? >> we have quite a few free orders. we don't start to build customer trucks after the first ones are out the door. bernard: when you are marketing like crazy because you know you are taking one enormous gamble
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with your best-selling vehicle. >> we market like crazy so we can make sure everybody knows this is the best of 150 we have been talking about since december, january, have been out in dealers' hands later this year. and the one the other day we had a rolls royce sitting right here, $300,000 rolls-royce. we were scared we were going to put a scratch in. it is a good line. well done. eric peterson, the ford motor co. trying to sell me an aluminum truck, ford f 150 for $59,000. >> along with the pumpkin. stuart: good luck to you. appreciate it. more varney in two minutes.
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my mother made the best toffee in the world. it's delicious. so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. i never really thought i would make money doing what i love. we created legalzoom to help people start their business and launch their dreams. go to legalzoom.com today and make your business dream a reality. at legalzoom.com we put the law on your side. can you start tomorrow? yes sir. alright. let's share the news tomorrow. today we failrly busy. tomorrow we're booked solid. we close on the house tomorrow. i want one of these opened up. because tomorow we go live... it's a day full of promise. and often, that day arrives by train.
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stuart: rachel matt out resorts to cheap tricks to rally her and let the viewers. fox is the easy target and i was early this parade but she got it wrong and was lazy when she did it. that was in the earlier this hour. rachel matt out called us out and got her facts wrong. elizabeth macdonald is here. you saw everything that transpired. rachel matt hour and a banner, a shot of me from this show is suggesting we believe lower gas prices were bad for the economy. she to get totally out of
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context. liz: they did not watch your segment because low gas prices are great for the economy. very good for the economy. this is what happens when you are in an ideological bubble and don't allow opposing viewpoints or even fact checks to come into your system. they could have easily caught that they watched the segment. liz: we are an easy target and she fired off at us, she got it wrong. are we agreed on this? liz: we are in agreement. stuart: the markets, the dow set to end this month up 2%, that is just in the month. we started on fears that october, pretty bad month for stocks ended usually is, we had a few days of triple digit losses in the ebola scare and after that we got record highs for the dow, eight dow stocks, eight of that new highs today. on the s&p 500, 500 stocks, 89 of them hit new highs today.
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go pro hit a new high. it was above $80 a share. now the dow is up 173. as for oil, $80.18 a barrel, it was 79 and change earlier. the price of gold is the one thing that is taking it on the chin today, down $30.11. any comments on today? liz: the gold bugs have been hammered the last few years and the market action is striking right now. there's an intuitive expedition ended investors' confidence that policymakers have their back. they could come back to buy bonds in the future if they see a problem. stuart: will they print some more money? liz: they could easily do that. i am not saying that good or bad thing but they could do that again if they see any problems coming in to the economy of the
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market. stuart: the market is not up on the hopes that he will bring some money. liz: because -- look at gold pro, great corporate earnings. stuart: it is the price of oil or gasoline that is so low. republicans may win control of the senate tuesday. am i so wrong with that? liz: it is about bringing back confidence and with a drop in gas prices that is a tax cut but when it drops $20 a barrel that is $320 billion in consumers''s pockets. that means a great holiday shopping season, people have more money to spend. stuart: our figures say is worth $700 in the pocket of the average american family that as two cars, $700 a year cash extra because gas prices are down to $3 a gallon. liz: sided with global for the world. wall street economists. stuart: i think we ran as we
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usually do every day where is the cheapest gas in the country? i think it is now at that phillips '66 station in spring, texas where is $2.29. how about that? we are going to give you your take in just a moment and more from the operation board game's creator. that is next. a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 70% 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, risks, fees and expenses to read and consider carefully before investing. dentures with toothpaste or plain water. and even though their dentures look clean, in reality they're not. if a denture were to be put under a microscope, we can see all the bacteria
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he sold it for $500. somebody else made a ton of money out of it. he crowd funded it. his friends in the toy industry gave him the money. more than enough to get the operation. most of you are paying close to $3 a gallon. one of our viewers paid $3.29. $1.99 for regular fuel. $1.99 in ohio. right now on our facebook page, check out my response. tell us what you think.
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we will have much more on that on monday. deirdre bolton, it is yours. >> google and twitter losing a key executive. also, the former mayor of l.a. has helped to call. lessons learned that are helping him on his new mission. a surprise move for the bank of japan. we will tell you what it means for you as an investor. japan pulled one off by adding stimulus measures. the do
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