sentiment and presence on this program, merry christmas to you and your family. >> merry christmas, gregg.ipipi. that's daunting. >> announcer: from fox business headquarters in new york city, the new "wall street week." dagen: welcome to "wall street week," the program that analyzes the week that was and helps position you for the week ahead. i'm dagen mcdowell. coming up, maria's interview with a titan in the art world. here are the biggest headlines. the government avoiding a shutdown after approving a temporary spending bill. an historic week for president trump and the republican party after passing the largest tax

overhaul in three decades. the vote was split down party lines, not a single democrat defecting in support of the bill. treasury secretary secretary and gary cohn laid out the tax reform framework back in april. president trump applauding his republican colleagues for passion what he says is the largest tax cut in history. he's also applauding big businesses for taking first steps to implement changes. these companies will all benefit from the corporate thanks rate dropping from 35% to 21%. at&t is paying a $1,000 bonus to all employees. boeing investing $300 mill in charitable donations and workplace investment. comcast dishing out $1,000 in

bonuses to 100,000 employees and investing $50 billion in infrastructure. fifth third and wells fargo hiking their minimum wages to $15 an hour. the market celebrating this tax overhaul. all three major markets closing in the green for the week. robust business spending fueling the economy in the third quarter. growing at a rate of 3.2%. turning back to markets. wall street celebrating tax reform after betting big on it all year long. the nasdaq and s & p all up. my market guest, ryan payne. let's look back at the year that was. it wasn't just all anticipation

of what is now a tax reform that is done. there is a lot more going on in the u.s. and the market. >> when you think back to the beginning of the year. every analyst on wall street said single digit returns. the s & p up over 20%. the dow up near 30%. the nasdaq close to 35%. it's been a fantastic year. dagen: what is driving it in your opinion. and can those tail winds continue into 2018? >> you have low inflation. low employment. market to earnings kept coming in better than expected quarter after quarter. that's just in the u.s. dagen: do valuations in the united states, early in the week you had not just the nasdaq and

dow. you had russell at an all-time high. some people look at it based on the corporate tax cuts in the s & p 500, that flows to earnings. do you see that much of a benefit in the market? >> i think there is a misconception that has to do with taxes. the tax bill was passed and it didn't have a huge effect on the market. it's about earnings. the optimism will carry through. but if you are positioning your portfolio you have to think globally. dagen: if you bet on some of the giant corporations in the united states, you are betting on the globe. that's why you have seen even the dow do a mighty job keeping up with the nasdaq and the s & p 500 in 2017 in terms of overall

performance. >> if you look at the emerging markets, they outperformed u.s. markets this year. i think that trends will continue. we have been in an 8-year bull market. so we are in the 7th or 8th inning. the emerging markets valuations are a lot lower. growth rates are higher. so when you are thinking about positioning your portfolio for 2018 you have to start thinking about the rest of the world. >> would you underweight the u.s. and overweight the markets? >> i would say most of portfolios are underweighted in the foreign markets. the average portfolio is 70-80% large cap. you get a 40% to 50% what he-in-

what he-in. he -- -- 5% weigh-in. we have the infamous facebook, amazon, google, microsoft within all those companies trading at high multiples. a lot of them had a 50% return. if you look at your portfolio you probably own those stocks outright. and funds as well. so it's probably getting overrated. dagen: what looks under valued? my years of covering markets and business and finance. you have to be careful because they are cheap for a reason. does anything look reasonable in the u.s. industry-wise?

>> i think the pipeline is a great place to put money. think about when you go on the highway and pay a toll. it's the same thing with the pipeline infrastructure. they make money on transporting oil and gas. if you look at domestic and global demand, it pays some pretty nice dividends. i think that's a good long-term buy. dagen: what about the outlook commodities. 345 of the developed countries all growing at the same time in 2017, the first time in a decade that that happened. what about commodities? a be strong global economy of smeengs jong desmanlds generally. >> i'm bullish on commodities. it's a great inflationary hedge.

it should spartanburg more global demand. but i'm bullish on commodities. dagen: great to see you. happy new year, my friend. >> announcer: the u.s. economy of is a picture of success leading to a boom in art sales. maria bartiromo steps into the today we're out here to test people's knowledge about type 2 diabetes. so you have type 2 diabetes? yes i do. true or false... type 2 diabetes more than doubles your chance of dying from a cardiovascular event, like a heart attack or a stroke. that can't be true, can it? actually, it is true. and with heart disease, your risk is even higher. in fact, cardiovascular disease is the #1 cause of death for adults with type 2 diabetes and heart disease. but there is good news. jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit. jardiance is proven to both significantly reduce

the chance of dying from a cardiovascular event in adults who have type 2 diabetes and heart disease and lower your a1c. that's good to know. jardiance can cause serious side effects including dehydration. this may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. ketoacidosis is a serious side effect that may be fatal. symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. symptoms of an allergic reaction include rash, swelling, and difficulty breathing or swallowing. do not take jardiance if you are on dialysis or have severe kidney problems. other side effects are sudden kidney problems, genital yeast infections, increased bad cholesterol, and urinary tract infections, which may be serious. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. tell your doctor about all the medicines you take and if you have any medical conditions. isn't it time to talk to your doctor about jardiance? absolutely. ask your doctor about jardiance. and get to the heart of what matters.

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open an account today. jackie: i was point-five credits away fand i didn't do it. school my support team never stopped pushing for me to be better because they knew who i could become as a person. group: surprise! jackie: i've been given an opportunity and i'm just thankful for it. narrator: find free adult education classes near you at finishyourdiploma.org dagen: it's no secret the economy has been booming the last year. you need look no further than the art market which has seen a number of huge sales. recently maria sat down to talk about this art renaissance. maria: how would you

characterize the art market. >> it's a healthy market that's broadening. there are collectors at all levels. we had a great year. i think the general market is in terrific shape. maria: what's driefghtd. -- what's driving it? >> flat rally liquidity is a factor. there seems to be a lot of money in the world. a lot of discretionary money. art has become a popular pursued hobby. asset class. i don't like to look at art that way. i think that's a dangerous way to look at it. but it's a factor. some people buy art because they are confident it will be a good store of value.

this is a recent phenomenon. the art market has become a global phenomenon. we collected art in all cultures for thousands of years. but the market in some ways is a new phenomenon. the type of market we are talking about. there is a relatively new taken mall. and, you know, it's great for artists. if you are a talented artist entering the market asking a young artist who has the talent, i think you will find there are people out there who will be collecting your work so it's great for young artists. it will be good. not all art is created equally. maria: let me go back to something you said. it's different. why do you see this particular moment different? what's different about it?

>> what's different about it is it's not different, it's just more of what we experienced before. 20 years ago there were no significant collectors of contemporary art in china or the middle east. latin america. so when the word globalization -- people get tired of hearing it. but the art market benefited from globalization. what's different now is you can transmit information very quickly. we have 16 galleries all over the world. someone who works in our gallery in hong kong may have access to a particular painting and they liaison with our gallery in geneva. they have access to the same electric tonic communication. this has fueled the market it also allowed collectors to have

access to more transparency about prices by gives the market more confidence it's a convergence of these things that resulted in a healthy art market. maria: globalization is critical. you have so much money coming from around the world into america. this is one of the biggest destinations for art. >> new york particularly. the museums, the galleries, the artists that work here. new york has den fitted enormously from the popularity of art. maria: when you look at diamonds and high-end accessories, what would you say about the art market? >> it may appeal to people who

buy a her merks s bag. it's a -- who buy a hermes bag. it's controlled by the nature of how it's created. there is scarcity and rarity and always the hand of the artist involved. sometimes people try to ca -- to categorize it. but it distorts the true nature of the market. this is from 1962 from the pop art period. there may be 30-35 paintings depicting women in this idealized comic step up fashion. it reminds me of the actress janet leigh. maria: how many times has this

changed hands, would you say? >> i don't know exactly. six or seven times probably since it was painted. >> announcer: coming up, a leonardo da vinci painting sold for hi. i'm the one clocking in when you're clocking out. sensing your every move and automatically adjusting to help you stay effortlessly comfortable. i can even help with a silent night.

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>> announcer: welcome back to "wall street week." now more of maria bartiromo's eye-opening interview with art dealer larry gagosian. maria: what were your thoughts when you saw the da vinci go. >> i was sitting there.

people were flabbergasted. it was a stunning price, unprecedented. maria: i have friend in the market i had dinner with the night before saying we don't trust that painting. we think it has been painted over. >> it has restoration. it didn't live in a museum its whole life. it had been passed through many hands. some collectors were put off by it, but it was a da vinci and there are only 16. this is arguably the last one that will come on the market unless one is discovered in the future. the brand da vinci is a pretty good brand. the price is flabbergasting. but if you look back at the way it happened, it's plausible.

when you have something that rare, anything can happen. maria: who is a big buyer in terms of countries, is it chinese, saudi? >> the saudis are starting to get in the market. they have been collecting art seriously for the last 20 years. china is a huge market. i think it's a growing market. there are museums like macdonald's. there are museums all over china. big ones, private ones. they are just about to start construction. 1.5 mill square feet in beijing. so these museums, they have to put something on the wall. to attract people, they can't just borrow paintings from other museums.

it's a destination. particularly when you are in a place like doha or beijing. you want to bring traffic to museums you have to make exciting acquisitions to bring the public in. this is a beautiful painting from the neoclassical period of picasso. it's a large canvas for that period. and it depicts one of picasso's children who actually sadly died very young. and picasso quite often would dress him up in a bull fighter -- picasso was a bull fight fan. and he liked to dress his pablito, that was the boy's name. dress him up in these bull fighter costumes and do

paintings of him. a handful of paintings of his son dressed as a bull fighter. maria: you must have seen ups and downs in your career. >> i have seen rough cycles. but the cycles recently have been less severe. the first bad bad art market i had to soldier through was the early 90s. it was at a point where the japanese, their stock market collapsed. they were huge collectors of art. they all wanted to sell. there were fund buying art. they all wanted to get out. everybody wanted to sell. there were very few buyers. it kept my gallery open. but there were very few buyers.

we didn't have the middle east. you didn't have latin american buyers. you had zero china. and you had basically a recession in the united states. it was terrible. since then what i have noticed because of the broadening of the market and the buyers in the middle east and the great new collect jars in chain today and the broadening of the market in america and elsewhere. all markets go in cycles. maria: but these cycles are longer. >> friend of mine commented real estate went down, but art was more resilient. you had collectors picking up the slack in different parts of the world, and they saw it as an opportunity to buy great things they may not have been able to buy 10 years before.

that cushions the cycles in the art market. dagen: that was art dealer larry gagosian speaking with maria liberty mutual saved us almost eight hundred dollars when we switched our auto and home insurance. liberty did what? yeah, they saved us a ton, which gave us a little wiggle room in our budget. wish our insurance did that. then we could get a real babysitter instead of your brother. hey, welcome back. this guy... right? yes. ellen. that's my robe. you could save seven hundred eighty two dollars when liberty stands with you. liberty mutual insurance.

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dagen: here is a look at some of the biggest market events coming up next week that could impact your wallet. consumer confidence, pending home sales, also the dallas fed manufacturing survey. all those report next week. and there are no major companies reporting earnings. it's a quiet week in washington with congress in recess. that will do it for us on "wall street week." thank you for watching. be sure to tune in on christmas day for a special one-hour edition of "wall street week." featuring some of maria's best interviews with guests who are

truly titans of their industry. maria sits down with her next guest. >> i'm bob massi. for 35 years, i've been practicing law and living in las vegas, ground zero for the american real estate crisis. but it wasn't just vegas that was hit hard. lives were destroyed from coast to coast as the economy tanked. now it's a different story. the american dream is back. and nowhere is that more clear than the grand canyon state of arizona. so we headed from the strip to the desert to show you how to explore the new landscape and live the american dream. i'm gonna help real people who are facing some major problems, explain the bold plans that are changing how americans live, and take you behind the gates of properties you have to see to believe. at the end of the show,