tv MONEY With Melissa Francis FOX Business February 24, 2015 2:00pm-3:01pm EST
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much. yellen magic touch, stocks raising to new all-time highs as the fed chief says, it is prepared to keep rates at zero for longer. surprise surprise. gruber at it again. everyone is favorite obamacare architect, guilty of insulting the american voter may have been ripping off taxpayers as well. ignoring doctors orders. parents told for years the best way to prevent peanut allergies were to avoid them. turns out that could not have been more wrong. isn't that perfect? you think it is cold outside where you are? try spending three minutes in negative 264 degrees. we'll take you inside the hottest new trend in use and weight loss. i kid you not. even when they say it is not, it is always about money. ♪ melissa: that's right. same thing. some rate hike reassures, for investors as fed chair janet
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yellen uses the familiar word patience. she is always parity. always patient. she laid out the process for raising rates in coming months while praising the economy. listen. >> if economic conditions continue to improve, as the committee anticipates the committee will at some point begin considering an increase in the target range for the federal funds rate on a meeting by meeting basis. before then, the committee will change its forward guidance. >> she is riveting. yellen's comments reenergizing markets. the dow and s&p hitting new highs around on track to record levels. i'm joined by charlie gasparino, monica crowley, online opinion editor for "washington times." fox news contributor. she is very business civil john lonski, moody's chief economist is with us as well. what did you make of what she said? >> she is listening to the market. the market doesn't want a rate hike anytime soon. melissa: no kidding.
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>> no threat of high every inflation. the hard to believe the zero percent fed funds rate has been with us since dees 2008. melissa: wow. >> that throughout the entirety of obama's tenure. we had zero percent fed funds rate yet the economy is still performing in subpar manner. melissa: great for investors. great for rich people. great for fat cats. >> the wealth gap has grown significantly. our viewers have done pretty well, have to admit. melissa: we're happy for you all there but still. >> i just wonder, now here is the big john would know better than me. wonder simple rate hike would be good for savers, right? and how much could it really hurt the markets? why would the markets trade off dramatically -- melissa: because it could say that the government believed in the economy. >> you know interesting response. you go back historically, first rate hike the market eases. but believe it or not it is not until several years later the market finally peaks after the
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initial rate hike. last first rate hike, june four. -- 2004. market didn't peak -- melissa: monica, really quick. >> politicians love rates. the second they climb up the amount of money we pay interest on the debt goes way up. melissa: that's true. our breaking news right now. first word from the white house on president obama's plans to veto the keystone xl pipeline bill. listen to what press secretary josh earnest said moments ago. >> bill arriving at white house today. >> that's what i hear. >> can you tell us when the president intends to veto it as he promised? >> we may have, well, as i mentioned yesterday, the president does intend to veto this piece of legislation. we intend to do it without any drama or fanfare or delay. i would anticipate we'll have update later on today. >> so you expect today? we can expect it today. >> yes, you can count on that today. melissa: they're going to veto without any drama or fanfare or
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delay. monica crowley. >> president has been warning for months if he made it to his desk he would veto it. this is ultimate in no-brainer policy, right? people on the right and left who are saying pass this thing. all six states involved in the keystone pipeline approved it. president obama own state department given it a clear. look if you're talking about internationally, and economic, international economics so much of this is oil will be shipped to china but you want china dependent on you from a geostrategic standpoint. melissa: that's great. >> great for jobs and u.s. economy and energy independence here at home. it is also good geostrategically. >> i think lower oil prices give him a lot of cover here. melissa: they do. luckily gas prices are on the rise. that cover is gone. 29 straight days higher. 2.3 is. >> let's not engage in hyperbole. melissa: that is not hyperbole. that is -- >> that is not gone. melissa: not gone? >> gas prices are still lower
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than they were last year. still, oil prices are still lower than last year. melissa: 14% in a month is a lot. >> 14% off the bottom. i'm just saying that he has cover now okay. now if gas prices go through the roof for some reason he loses that cover. but right now -- melissa: tanker derailment and fire last week gives him cover? >> no impact. melissa: department of transportation saying we're looking at about 10 derailments like that per year? >> should increase need for a pipeline. melissa: that's what i'm saying. >> i would think not. this is kind of silly, as it stands right now there are some pipelines, crisscrossing the united states shipping petroleum products does one more pipeline really hurt? that is hardly the case. this is sort of some political payoff to the greens that have lent him a lot of support. beyond that it doesn't make any sense. melissa: monica. >> this is strictly a political move this is all part of the war on fossil fuels. and look i mean he has got unions screaming at him because of number of jobs, over 20,000, 50,000 jobs created just by
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building this pipeline. politically makes very little sense except to narrow group john referred to is the environmental its. >> why are approval ratings -- melissa: holding gas below $2 a gallon utah and idaho. >> why are president obama's approval ratings going down getting crushed on this? melissa: getting crushed on this? >> yes. yes. melissa: why would they be crushed on this? >> why are we talking about it if no one cares. melissa: i didn't say no one cares. why would he get crushed on this? want to focus on isis -- >> keystone pipeline is not a gal van, not issue people consider existential to their lives. melissa: why should he veto it? >> that is why he vetoes it. it makes no difference. can keep in good with the greens. >> obama and his supporters are geniuses at making republicans look like bad guys. >> that is true too. melissa: speaking of good guys move on to the waffle house this is something i care a lot about. they're getting in delivery business.
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don't expect waffles at your doorstep. teaming up with a start up called roadie to serve as drop-off point for packages here. stay with me. customer es use roadie apps to find drivers heading towards package destinations. leave it at closest of 1750 waffle house locations across the u.s. mainly in the southeast. "risk & reward" spoke with the ceo of roadie and vice president of waffle house. listen to what waffle house's pat warner said about the reason behind the partnership? >> more a way to expand our customer base not really expand our restaurants. our goal is to have the roadies come in, have a good experience. have a meal with us. turn them from a roadie to a waffle house regular. melissa: i mean amazing cross promotion. drivers keep 80% of the delivery fee which can range from $12 to 200. they pay a dollar to cover insurance. waffle house gives them a free beautiful and a drink to the drivers, making the delivery. what do you think about this. >> i'm all for the free market
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whatever form. melissa: sharing economy. >> look if there is market here and people are willing to pay for the service more power to them. i would be interested in being a driver. waffle sounds good. melissa: free waffle. more on sharing economy. two years ago you pitched this idea people would have been roaring with laughter. there are on the side of the road. you do drop off a package, someone picks it up. >> shows you not a lot of great job opportunities. maybe does well in area with lot of retirees or young people with time on their hand. another problem with this i think low barriers to entry. if this is idea takes off, who to say somebody else doesn't copy it at more attractive price which means thinner margin for the waffle house. >> if you really want a waffle, eat an ego. just put an ego in a toaster. melissa: i don't think that is what it is about. kids making a long drive back and forth to college. you stop at waffle house. pick up somebody's package. >> all over the place in the
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south. someone who worked in the south -- melissa: totally. >> they will not be delivering. melissa: from waffles to tgi friday's, plenty of yummy things at waffle house. >> in the bag, after they deliver it. want to eat it there. melissa: tgi friday's bringing back popular endless appetizers promotion. hmmm. important upgrade. you don't have to eat the same plate over and over again. choose among nine appetizers. called appropriately endless choice. you could have mozzarella sticks. then you say i want potato skins. i think, wait, got to find it. for $12. two more than last time. nine appetizers to get you to stay there and drink. >> wait until michelle obama hears about this one. melissa: will be furious. >> heavy hand of government will be there quickly enough. >> when is last time you were in a tgif though? >> paris france. >> i want to hear about that. melissa: i love tgif. >> maybe seven years ago or
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something. melissa: i love potato skins. >> terry town, new york. melissa: >> i think a lot of people would love a grand selection of appetizers. you go to restaurant and pick out a sampler. melissa: sampler. >> as you say -- melissa: selling you alcohol. just about giving you salty food keep you there and have one more drink. >> who owns tgi friday's? is that yum! brands? melissa: got to go. let's go get some apps. see you in a it about. kidnapped by isis the terrorist group abducting 100 christians in eastern syria. we have live report on that one with the latest. plus "sesame street" takes on "house of cards?" parody being endorsed by frank underwood himself. more "money" coming up. >> in this town you have to know which way the wind is blowing. and right now it is about to get very windy.
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melissa: fight against isis. president obama meeting emir of qatar. hailing the country as a strong partner in our united effort to degrade and defeat extremists. mere while isis is on the attack in syria. the group be a dubbed 890 christians according to syrian observatory for human rights. fox news's john huddy in jerusalem with the latest. john? >> melissa, those are the reports we're getting. possibly 90, 100 christians were taken by isis militants. let me walk you through what happened. -- 90. essentially under the cover of darkness under dawn on monday ice serves militants stormed into very villages along the khabur river in northeastern syria. this area largely has been under isis control. there has been heavy fighting there in recent days, including coalition airstrikes on isis positions.
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3,000 people managed to escape isis from these towns, from these villages clustered along as i mentioned the khabur river. the problem at this point communication lines have been cut off okay. these lines have been lost. so there has been no information coming in about the whereabouts of these people taken by isis or their condition for that matter. one woman said she doesn't know if her family is alive, if her loved ones are alive or if they have been slaughtered like others and remember melissa, 21 coptic christians were beheaded by isis militants earlier this month in libya. so we're still waiting for more information. the whereabouts and condition of these people. it is an ongoing, developing story. melissa? melissa: john, thank you so much for that report. europe close as bitter chapter on greece at least for now. greece agreeing to a four-month extension of its bailout plan buying the country until june to
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sell european creditors on its overhaul program. i'm joined by paul schatz heritage capital president. john is back as well. what do you think of this meaningful? you're laughing. that is not a good sign. >> well i think we all know this is not about greece. this is about preventing italy and spain and france, the big one. no, i think the party comes in. they say they're going to, all kinds of reform. they will stop this nonsense with the imf ecb, et cetera. what happens? they immediately capitulating. this saga this greek tragedy goes on and on and on. the culture not to pay taxes. corruption, big government. awful pensions. this is not going to change in four months. we're kidding ourselves. we'll be back again in four months. melissa: what happens in four months? >> four months, will be more of the same. probably come up with another extension. what is amazing what happened over the past several weeks, that european financial markets did really well. overall european bourses are higher by 12% year-to-date.
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their bond yields are incredibly low. hard to believe portugal's 10-year government bond yield is just above 2%, almost exactly were the 10-year u.s. treasury is. melissa: what do you make of that? >> first of all the greek thing started almost four years ago. melissa: seems like it has been even longer, i got to tell you. >> markets had time to digest and play this out. markets are fine with this over the long term. to join's point if you're ecb and pushing all this liquidity in the system they're going to buy, buy buy every other sovereign debt in some way shape or form to make sure the yields stay low. it will not work. melissa: real quick. >> greece wants to push more liquidity. january cpi, for the eurozone down .6 of a percent from a year ago. melissa: thanks to going you guys. a few stories on our radar. amy pascal finally replaced at sony pictures. tom rothman is the co-chairman. rothman led sony's tristar unit. previously worked on hits like
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"titanic" and "avatar." home prices rose more than expected in september. case-shiller index 20 metropolitan areas prices rose nearly 4 1/2% over the whole year, with the strongest markets in san francisco and miami. alaska the third state to legalize marijuana. people over 21 can consume small amounts of pot as of today. selling it though, still against the law. dishwashing machines now in hot water. why hand washing plates and cutlery, can lead to healthier children. plus, swallowed by the earth below. a sinkhole emerges from nowhere, taking pedestrians down with it. you won't believe this footage. whoa. yeah.
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melissa: from the u.s. to every corner of the globe money is flying around the world today starting in dubai where the streets have been raining cash, nearly $800,000 went flying through one ritzy part of the city. no one has idea where the money came problem. people abandoned their cars to pick up wads of cash. i would too. people had to move people away. where did the money come from? over to south korea where a sinkhole on a busy street swallowed up pedestrians. surveillance footage shows two people stepping off of a bus to fall into the earth below. the couple was saved by a fire crew by the way. only had light injuries. officials can not explain how the sinkhole was made. they will never walk with the same confidence. landing in qatar where the 2022 world cup is likely pushed back to winter. because the game has been played empty summer. fif a-listening to critics that
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the country sun fit to host the event because of scorching hot temperatures. didn't anyone think of that. they can reach 110 degrees. that is new. no it is not. length of tournament will be several more days. very highly organized. melissa: new skin patch is found effective helping build immunity. it release as small dose of peanut protein. over time they saw their tolerance increase tenfold. that is not all. a new study feeding infants peanuts early on could significantly lower allergy risk. that is completely opposite what they have been telling us parents for years by the way in case anyone is keeping track. dr. kevin campbell joins us. let's start with the patch. this makes sense to me. a few friends put their kids peanut studies in universities. fed them more and more who are allergic, to build up tolerance. it worked in the people i know
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this patch is from a french biotech company. what do you think about it? is it going to e to work, good idea? >> i think this initial data is very very promise and i was actually surprised to see it released on sunday. they have been working on the patch since 2012 2013. this is the first real positive study we've seen. so i think we're on the right track. melissa: they said 50% of the patients could eat up to four peanuts by end of the year. whoo happen. the study is one-year-old. when do you think we might get our hands on this do you guess? >> this is so significant. we have some children with devastating peanut allergies we really do. >> this may be something the fda starts to fast track for us. i'm hoping more trials will be done and hopefully in the next year we'll see this come to market. melissa: on to another pet peeve of mine when a doctor tells you here is what you have to do, turns out they're exactly wrong. when my kids were little, don't give them peanuts don't give them peanuts. wait until they're older. give them when they are really
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small increases chance they be allergic. new study from the "new england journal of medicine" finds the opposite. those with peanuts more likely to develop full-blown peanut allergies than those at early ages. i'm serious. >> this is great research. it proves what many of us thought. we need to exposure children to different antigens or proteins early on so their immune system can fully develop, understand how to incorporate the antigens or proteins into their own immune system so they don't have these horrible anaphylactic reactions. the research really makes good sense and i think this is unwith of the most ground breaking things we've sign. melissa: final one. talking about overprotecting system. hand washing dishes can protect against allergies. that kids develop so many allergies we're too clean.
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dishwasher everything. purelling our hands and everything else and doorknobs and children don't have a chance to build up their immune system some they're saying it is better if you're a little sloppy in the kitchen and don't use the dishwasher. what do you think about this one? >> this is something we called the hygiene hypothesis. really it is similar to what we just talked about. these young children are developing their immune systems and their immune systems has to determine what is foreign protein and what is dangerous to them or not. these innocuous, non-harmful bacteria exposed to by dish washing in the study are incorporated into your immune system traits we decide we'll not attack these things. so i think it makes sense but i think that, you know it wasn't cause an effect. it is an association that really will spurn more questions and more research. melissa: dirty, careless moms are better. i love it. just kidding. dr. campbell, thank you so much. i couldn't resist. i'm just a troublemaker at heart but everyone knows that. developing story now.
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major derailment in southern california injuring at least 30 people. this is serious story. metrolink commuter train headed to los angeles colliding with a produce truck. this is 5:45 this morning pacific time. the truck is said to be on track to ventura county northwest of l.a. we'll keep watching this. look at those pictures. they sure pick the their moments the government days away from shutting down the department that operates border patrol, coast guard around secret service. i don't feel that safe. plus an investigation into paris. mysterious drones found hovering around the eye fell tower. more "money" coming up. ♪ -- i've fell tower. u pay your auto insurance premium every month on the dot. you're like the poster child for paying on time. and then one day you tap the bumper of a station wagon. no big deal... until your insurance company jacks up your rates. you freak out. what good is having insurance if you get punished for using it?
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in the wee hours of the morning. vanishing without a trace. flying drones over urban areas are banned in france. who was operating the drones and why? paris remains under high alert. the suspicious flights currently present no threat. let's be honest, they have no idea. lawmakers are scrambling to fund the department of homeland security before friday's deadline. monica crowley is here. we also have fire in new york. what you do you think about this? how will it play out? >> a clean bill that would defund president obama's
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immigration action from last november. a separate bill that would fund the department of homeland security. something a lot of senate republicans would like to see. republicans have not figured this out yet. >> they should tie it to what we have heard from the courts. an unconstitutional power grab. we have to slow this down. it is unconstitutional at this point. >> he addresses the very point. let's listen to that. >> i do not know what is not to like about this. give senators an opportunity to go on record on both.
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funding the department of homeland security and the opposition to what the president did last november. >> a lot of conservatives consider this move to be something of a gimmick. yes, we have had a federal judge weigh in against this. republicans swept the country in the 2014 election. one of the big driving forces was on amnesty. >> for them to try to say that this is the republicans fall, absolutely not. this is the president. >> gruber strikes again. the state auditor claims that jonathan gruber overcharged. no.
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no. i cannot believe that for a second. there is this research assistant. charging $100. he had to work 1000 hours and 10 weeks or 14 hours a day day after day in order for this note to be correct. does that sound right to you? >> it sounds very satiate. gruber send them a bill. $500 for the research assistant. this whole question is really kind of satiate. he was pushing for the passage of a bill to which he stood to profit. melissa: as much as i like
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jonathan gruber i do not feel satisfied. i never feel like we got to the bottom. he said he basically lied. who knew he was lying. i am not totally satisfied. how about you? >> no, i am not. gruber is the gift that keeps on giving. we should not be surprised that the lying liars lied again. the rounded numbers rather than saying it was 14 hours, it was 100 hours. universal healthcare has crashed and burned. the model that gruber helped to implement is now in dead. >> no, it is true.
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the whole thing is too expensive. those poor vermont folks paid for something that never happened. thank you to all of you. melissa: be sure to watch fox business news show. it is called strange inheritance. another family received letters written to their grandmother from a young jfk. it is fantastic. you do not want to miss it. it is a great show. lynch gained national attention when he said i am just here so i do not get fined. melting the pounds away just by
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melissa: i am melissa francis with your fox business brief. fixing the price of precious metals. that includes old and silver. prices set high bankers have a direct impact on traders, miners and retailers across the country. apple stores. a new car shears service will rank technical issues by importance. the irs audit rates have fallen to the lowest level in a decade. that is good news. 0.9%. that is still too high for me. that is the latest from the fox business network. giving you the power to prosper. ♪
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here so i will not get fined. you remember that. trying to trademark that sentence. genius. baseball. the mod setting up a streaming business. why the lights of hbo espn and sony are now so successful. who knew. i did not know that. amazing. let's go to nicole petallides on the floor of the new york stock exchange. >> we still remembered the nasdaq 5000.
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as you noted, record highs. lifetime highs for the dow and s&p. one name that is in both is home depot. take a look at the chart here. it has been a stellar performer. home depot came out with better than expected sales. raising the dividend and you can see the stock up 4%. >> thank you so much. heading into the last hour of trading. liz: yelling for yellen. that is what the markets are doing right now. once again, she puts it on the back burner. the "wall street journal" chief economic correspondent he is
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joining michael cox. these two have a very strong opinion on what the term near term means. we will be looking at that to see how long this latest incarnation goes. we are looking at housing. this includes anybody that lives under a roof. you have to watch this segment. a couple of cross winds here. which juror action should you go. he is here to talk about that and so much more. plus, the drones over paris. >> have you seen this?
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>> the biggest and baddest of them all. i could not agree more. >> i will huff and i will puff and i will blow your house down. screen. melissa: the new season premiere is on netflix. paul and monica are back. house of cards fans? >> yes. i can't wait till friday. i am going to binge watch all weekend. >> i am only through the first season.
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i cannot wait to go and do a marathon with it. melissa: a bit crossover between parents whose children watch pbs and sesame street and parents who have netflix and watch house of cards. it is a bit of a that. there is no kid who will get this. just betting that the parents are huge fans. >> way too dark for any children. >> yes. >> it makes sense that the crossover is more on the educational side than the entertainment side. melissa: a very creative promotion. thanks guys. freezing in a tub.
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90% of the lakes are blanketed with ice. two more arctic blasts on the way. look at that. completely freezing over. check out this one. upstate new york. look at that. look what the cat dragged in. more snow. there he is. how funny is that. pile. she opens the door. the cat is like, forget about it. i am coming right through the center. now for a little fun with spare change. people are paying to experience temperatures way below zero. this is called cry of therapy.
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freezing nitrogen gas fourth three minutes. 800 calories burned. she is the owner. so many questions about this. let's get started. how is this safe? almost 300 degrees a low zero. don't you get freezer burn. don't your limbs freeze? how is this not dangerous. >> it is not. if you compare this the comfort level is not even comparable. though cold only touches the body.
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there is no freezing involved. minus 264 degrees fahrenheit. only passing the skin. sending a signal to your brain that you are freezing. >> i want to drill down on what it feels like. i would not be taking an ice bath. what does it actually feel like? do people say stop now? >> it actually never happened. it feels like the cold, you know when you open the freezer and you feel the cold air touching your skin, that is basically what it is. melissa: i am usually not naked when i opened the freezer.
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it costs $90. it also does great things for your community. >> it was invented in japan. then, in europe, they found out that it has a charm in this impact on our nervous systems. on our immune system and also our indo craned system. it is used for insomnia, relaxation. >> it could probably bring that on top of all of that. you have a lot of celebrities doing this. a lot of pics celebrities.
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it is very interesting. we will come down and check it out. the united steelworkers union striking out oil refineries around the country for the last month. at the end of the day it is all about money. ♪ the real question that needs to be asked is "what is it that we can do that is impactful?" what the cloud enables is computing to empower cancer researchers. it used to take two weeks to sequence and analyze a genome; with the microsoft cloud we can analyze 100 per day. whatever i can do to help compute a cure for cancer, that's what i'd like to do.
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melissa: want to bring your attention to the markets right now. the dow just hitting a new all-time high, topping a record set earlier in the session, both the dow and s&p on track for a record close there. steel workers are walking off the job are, causing ripple effects throughout the energy industry. it is already costing you. jeff flock is at the whiting refinery in indiana. jeff? >> reporter: not a very pleasant time for a strike here but it doesn't seem to have dampened the enthusiasm of strikers here at the pp refinery here in whiting, indiana. this is one of 15 facilities around the country, melissa, now
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on strike. and i'll tell you it's starting to have an impact on gas prices. take a look at what gas prices have done since this strike began. as you know, they were on a down slide, but they were 2.02 when the strike began now at $2.32. if you look at the comparison between oil prices and gas prices, they're heading in different directions which really argues for this strike having some beginning to have some sort of impact. maybe you see the big rat over there, that signifies management which has been running this plant for the past three weeks. they've done it fairly successfully but i'll tell you, the workers out here say if there's any big problems that arise, management can't handle that, that could cause a big problem for the nation's refining capacity. melissa, we'll continue to watch. melissa: jeff flock, thank you so much for that. doesn't look like there's that many people there. that's all we have for now. excuse me, i hope you're making "money" today. countdown starts right now.
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liz: oh, here here's water. take it. [laughter] she got it. interesting how the cup changed as we passed tritt the airwaves -- through the airwaves. we are looking at a trifecta with just 59 minutes until you can put it in the history books. it has everything to do with two very powerful women. first, janet yellen. the federal reserve chief stepping on investors' obsession over the word "patient" regarding when the fed might begin to raise interest rates and become less patient, instead shifting to the words "near term," as in rate hikes may not be warranted near term. and the markets took off on that, absolutely loved it as you can see. but should you trade on all that comes out of the fed? we decided to look how far the markets have come by looking back to july 14th. that is precisely when fed chair yellen said quote: valuation metrics in some sectors do appear substantiall
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