i don't know what happened but the dow has just lost so much of the gains we saw early. up 64 points. the s&p had been up 26 points wibt's just up three. so with the selloff heading into what many are looking at as a holiday weekend even though the holiday is next week, we wish you a good one. david: losing scene and a selloff into the close. the dow did finish the day up roughly 61 points s s&p and nasdaq ending if are n the green for the second day in a row. i'm adam shapiro. melissa: and i'm melissa francis. the commander in chief about the leave the white house, president trump, the first lady departing for joint base andrews making their way to bedminster, new jersey ahead of the fourth of july holiday but not for a

victory lap on tax cuts, celebrating the sixth month an anniversary this afternoon. steve forbes and ben stein sounding off on the president's economic policies new details on the horrible attack at the capital gazette newspaper in maryland. back to the markets. the dow was soaring until the end of the day. we're on the floor of the new york city stock exchange. no coal, whanicole, what happeno the close? >> at our highest point we were up 293 points. we sawld goldman, verizon, some jp financials had been higher in the day. that's one of the things that we were watching after the stress

test. nike, thank you, nike, that weighed heavily on the dow joins industrial average. finishing up. nasdaq and s&p higher. nike hit an all-time high of $81. came out with the sales numbers that were good. they've brought back the legend legacy things such as air max, that helped them along. seeing the growth here in north america as well. for the week, the month, the quarter. for the week everything is lower. dow, nasdaq, s&p, walgreen's joining the douse jones industrial average down. but for the month and for the quarter -- the month makes the quarter all three higher as we finish the first half of the year. and let's take a look at tesla. tesla, the eight-year ipo anniversary.

if you got this about five years ago, in the beginning of 2013 it was about $32. it closed today at $342. you certainly would have made plenty of money at that point. it's down 2% for today and its market cap is beyond general motors, ford or gm chrysler. have a great weekend. melissa: oil is a at more than 14% this quarter alone. that's a big jump. >> real big jump. but the big problem that's happening in the u.s. is first we don't have the pipelines there to take the oil to the coast. that's a real problem. we're going to run it 100% by the end of july. so there's not excess pipeline capacity. second thing that's happened is we lost a lot of the oil coming out of canada due to a power outage that happened up there and it's not going to come back online until july, the end of july. so you've got a combination of losing about 350,000 barrels a day come in from canada, our own

pipelines are running at capacity, you see the baker heurs number fell today because why start the wells in the best areas you can because you can't get the oil anywhere. y oof got to sell it at a discount to truck it. it's a real problem for everyone. and the market is looking at the iraq -- iran oil and the loss of that. iran is selling its contract. there's repair for 500,000 barrel a day cut. i think they're being very timid on that. it could be bigger than that. melissa: ira, thanks for breaking it down. have a great weekend. >> we want to bring in the market panel, jack and carol. welcome to you both. and thank you for being here. want to start with you, carol. gm is apparently warning that another round of tariffs could actually hurt the company and make them a bunch smaller. i thought we had brushed aside the tariff concerns even with the selloff going to the close.

is that going to set us up on monday for trouble? >> i think we're in a bullfight. pun entirely intended. where we have a strong economic background, great fundamentals, high consumer sentiment. at the time time we have a matador with a red thing that says, hey, we've got this economic issue and that is trade wars and tariffs. and i think until that is settled and hopefully that july 6 date maybe something will come from that. until that's settled we're in this stance back and forth. >> i'm curious. the selloff that we saw going into the close, anything that you attribute to that. people want to take money off going towards july 4th? >> i do think the investors are watching for the next swing abts tariffs and the potential of a trade war. apart from that the economy looks great. it's a good opportunity to buy some defensive positions right now, things line utilities and

consumer staples. investors sour on them because everybody is worried as the economy heats up they'll lose their atraik tifness but that makes them cheap right now. >> we're going to start having the impact of tariffs from canada on july 1st. i mean is the market perhaps preparing for that or is this something else in play? >> well i think it's certainly not the necessarily the direct impact from tariffs. i think that the concern for the market is what that means for capital spending. and obviously as we're coming out of the quarter and we start getting the quarterly reports, it's not going to be the backward looking stuff that everyone is concerned about. it's what is that guidance for the rest of the year look like and are we seeing the positives from the capital investment standpoint. the other issue that hasn't been addressed here is china. this trade war could have an impact on china. we were always concerned looking a couple years back at them

having a hard landing. this could further disrupt their economy and i think that reverberate around the world too. melissa: unleashing an economic miracle, president trump touting the tax cuts on the sixth-month anniversary of the law. the latest on this at the white house. >> the white house, president trump celebrating six months of tax reform and the president saying that he wants to do even more. he just sat down with our maria bartiromo here just a little bit ago saying that a potential tax reform we wants more relief for the middle class and he wants to drop the corporate rate. maria: we've seen the impact to the economy. what do you want to see happen now. does the economy need for stimulus? are you looking for phase two? >> we're doing a phase two, probably dining it i doing it i. a little sooner. it will be for the middle class. one of the things we're thinking about is bringing the 2 is% down to 20% and then for the most prt

of iofit would go to the middle. >> the treasury department are still having to deal with the phase one in lining up all of the paperwork. today they released the 1040 form, the form that individuals have to file for their personal tax reforms. you can see a little bit of it here. it is slimmed down. but the big question for many is will it be simplified. steve mnuchin is bullish on what the next six months and beyond will look like for tax reform and the economy in general. >> a lot of the growth that you're seeing now is the impact of the tax cuts, the impact of the bonuses. but you're going to to see this throughout the next year in a large way. >> in of the critics had complaints going into all of this saying how is all of this going to be paid for. they were worried that this could drive a hole, a continuing hole into the federal deficit. today those criticisms were

reunited when larry kudlow said the deficit is coming down rapidly. the numbers released 2017 october to may, the deficit was $433 billion and in the same time frame in this fiscal year it's increased nearly $100 billion. melissa: i don't know. we'll get all of that tariff revenue to plug the hole. jack and carol are back. what do you think about tax cuts 2.0, maybe another cut to the corporate tax rate. carol? >> oh, i think it's music to my ears, especially if we see it for some of the small business owners that sort of hisse misset the first time around. and i think the simplification piece was something that was missed. i love the visual of the post card. but for a lot of people they don't have that ability. if you schedule or you have a sort of a complex set of tax issues. so to have more tax cuts, to have that on a wider base, more

in the middle class, small business, i think that will only further enhance the economy. melissa: jack, i weep for simplification. i mean it just makes me cry with joy, the idea that we may actually see that. it would be so -- it would be amazing. >> amazing. melissa: will you cry with me? >> i might be crying for different reasons. melissa: oh no. >> you talk about an economic miracle. now turning water into wine. i paid attention in sunday school. that's a miracle. borrowing money to provide tax cuts so you can collect the high fives today and the debt is someone else's problem down the road, that's just not a miracle. melissa: borrowing. why don't they take their beaks away from the trough and stop spending my money. they're not borrowing to give me back my own money. i'm keeping more of the capital that i made, my friend. >> amen. >> borrowing for the yearly deficit that we're not going to see the end of. melissa: don't give me that borrowing to the future.

you're talking to the wrong group. >> i hope they're listening melissa: they're not my crew. i don't have any crew in washington. i hate small government. in fact if i could fire 75% of them today, i mean i would let you pick the guys. you would pick the guys you're getting rid of. send them all home. none of them are doing a good job. >> i'm making my list. melissa: let's agree to send them all home. >.none of the tariffs. i don't like those. maybe i could be the big boss in charge. i like it. thank you a new law in california is forcing tech companies to tell users about the data they collect and how they use it. google says the new rools are too burdensome while facebook is reporting the measure. hillary vaughn is live with the latest. if you live in new york, does this law impact us or is only for people in california? >> that's a real lie good question, adam some of the arguments that the tech companies are making is they're going to have to change

their platform forall users because it doesn't make sense for them to segregate a select number of users here in california. they're saying the state law that california passed is actually going to have nationwide implications and it's causing controversy as the companies scramble to figure out out. large companies have to let users see the data that's being collected. user consist request that that dadata is deleted delete and tht out from having their data collected. and if the users opt out, companies have to offer them the same level of service and product as those opting in. the big worry is that tech companies are forced to implement these nationwide. google speaking out saying that imposing sweeping obligations on thousands of large and small businesses around the country. the internet association that represents a slew of internet

companies, ebay, netflix, is speaking out against it saying that data regulation is complex, it impacts every sector of the economy, including the internet industry and they're concerned about the effects that this could have. but facebook is the black sheep on this issue. they're at odds with their friends in silicone valley. they're supporting the law even though they admit it's not perfect. there's another part that has the tech entry reeling. companies can be held financially responsible if they fail to protect users' data against cyberattacks opening the door if the user to sue if their personal information is hacked. >> was so much easier when ma bell controlled everything and we had dial tones. melissa: facebook is in favor of it, that means it's not stringent enough. the burden is on us to opt out and read the whole thing. they're going to get away with murder a live look at joint base

andrewss. president trump and the first lady set to arrive any minute on their way to new jersey ahead of the july fourth holiday. more on the six-month ap versery of tax cuts. steve force sounds off on the impact for everyday americans. plus, conflicting reports about whether or not the president wants to pull out of the wto, the world trade organization. the treasury secretary steve mnuchin i is going respond next. millions of americans bracing for high temperatures just in time if what may be the busiest travel day ever. blp

i mean wish i had time to take care of my portfolio, but.. well, what are you doing tomorrow -10am? staff meeting. noon? eating. 3:45? uh, compliance training.

6:30? sam's baseball practice. 8:30? tai chi. yeah, so sounds relaxing. alright, 9:53? i usually make their lunches then, and i have a little vegan so wow, you are busy. wouldn't it be great if you had investments that worked as hard as you do? yeah. introducing essential portfolios. the automated investing solution that lets you focus on your life. adam: special counsel robert muller's team is delaying the

sentencing of michael flynn for the third time. flynn, who has been cooperating with mueller's investigation since last fall pled guilty in december for lying to fbi oghtss in the investigation of possible collusion between the trump campaign and russia. melissa: new reports claiming president trump is thinking about exiting the world trade organization but treasury secretary steven mnuchin is setting the record straight with our own maria bartiromo. christina is life at the white house to break down the back and forth. christina? >> there's always some back and forth going on. but you had axios put out the report saying that the united states is looking to leave the wto. the wto had 164 members. they talk about lowering trade barriers for countries. and then you had steve ma new chin on maria earlier this morning saying he dismissed the

claims. listen in. >> this is an exaggeration. the president has been clear withous and with others, he has concerns about the wto, he thinks there's aspects of it that are not fair. he thinks that china and others have used it to their own advantage. but we are focused on free trade. that's what we're focused on, breaking down barriers. >> and then back on fox business news we had the editor in chief of axios respond to treasury secretary mnuchin notice how he said that the claims were exaggerated but not incorrect. since we're talking about the wto, you've got canada that's said that they're going to the wto to fight the tariffs put in place, the steel and aluminum tariffs in march. canada announced on july 1st they'll impose $12.6 billion on u.s. imports omin coming into c. it's dan dthey've had enough ane

retaliating on the u.s. steel and aluminum tariffs. president trump earlier when he was talking about taxes he did bring up trade and talked about how he wants to reposition the united states. listen in. >> they're calling and they want to negotiate and all we want is fairness. we're going to be the smart country again, not the stupid country that was taken advantage of. >> other countries are retaliating. lots of talk of diversification. disverse fying awadiversifying d states. china agreed to lower or get rid of tariffs from shee lan laos sn continue trade with countries as opposed to the united states. the trade talk continues. melissa: christina, thanks. adam: here to react is economist ben stein. i want to jump into the discussion about the wto. a year ago, i remember it. i was at the white house for the

press briefing with wilbur ross examining our role with the wto. my recollection is it was on the table that the united states would have to pull out and a lot of us were like, are you kidding us? your reaction. do you believe the secretary of the treasury and what does this mean? >> i don't think we're going to pull out of the wto organization. i thought we ought to back pedal on this as fast as we can and continue on free trade. free trade is something that's making the united states very rich along with other things. we have to remember something about the u.s. which is different from france ore germany or the united kingdom or japan. we don't depend on trade for the enormous part of our growth domestic product. those countries do. we can get along without as much trade as they do. why cut off or nose to smite our face. why cut down on trade. the amounts that we're talking about here are trivial compared to the size of the u.s. economy. it's a way of thumbing or nose at our enemies.

we don't need it. and we're not the stupid country. we've never been the stupid country except maybe leading up to world war iu. but we've never been the stupid country and i don't like the idea of saying and implying that our nations' leaders are corrupt and behind the eight ball in terms of dealing with the rest of the world. we're not that country. adam: we're looking at a live video of president trump, about to depart the helicopter at joint air force base andrews to head up here to new jersey. but as we watch the video, ben, we can keep talking. didn't the united states essentially craft what was originally the general agreement on tariffs and trade and then the creation of the wto? didn't we create this and hasn't it almost always been in our favor? disbli wouldn't sa>> i wouldn'tr favor. it's been in favor of free trade. it was a post-war idea to help the european countries get back

on their feet in terms of manufacturing and in terms of ag chuagriculture. it's worked well. we can afford to do -- to be a generous trading partner and to be fair with these other countries and not crack the whip on them. there's no reason to attack them. there's no reason to cut down on our trade with them. there's just no reason to fight free trade, especially for the united states of america, which is big enough to absorb almost any amount of trade. and we're not having that many restrictions on trade. i just don't -- i like mr. trump. i think i'm the only person in the screen actors guild who likes mr. trump. but he's making a mistake here. adam: let me ask you this. when i said in our favor within what i meant was the administration determined that 85% of the cases that the country brought to the wto have been ruled in favor of the u.s.

can they convince the president that the rhetoric isn't the way to g, the people around the president, or is he not going to listen to them? >> what we can convince the president is this. we're not suffering from free trade. we're not suffering from having a genuinely open trade system. we'll suffer if we close down the world trade system and we'll suffer if we harm relations in the slightest little bit with wonderful allies and friends like mexico and wonderful canada. we don't want to do anything to harm those people. we don't want to do anything to harm -- melissa: we want to mention here that we're seeing the president depart right now. he's at joint base andrews. >> good-bye, mr. president. good-bye, good-bye good-bye melissa: you can see him with the president and baron trump who is, if possible, taller than before. there goes the family off and leaving for the holiday weekend. vi a son that's the same age as

baron trump and i think he's tall. but not close to baron. adam: thank you very much for joining us. catch you in new york and we'll get a cup of coffee. >> have a lovely blessed weekend. melissa: president trump's plan to privatize the post office hitting resistance from postal worker ps union's president explains why he believes the move is bad for customers. later this hour he's going to meet post master melissa. when the news hits home, a gunman opening fire on the capital gazette newsroom killing five journalists. the latest details on the investigation and the shooter's motive. that's next soim so proud of the journalists that soldiered on these guys. they don't make a lot of money. they do journalism because they love what they do and they got a newspaper outsid out today. and at expedia, we don't think you should be rushed into booking one.

adam: as a reporter for the capital gazette tweeted, putting out a damn paper.

the capital gazette fulfilling their promise to publish a friday edition hours after their newsroom was ravaged by a gunman killing five of their coworker ps the front page covered the tragic story while the opinion page took a solemn stance appearing blank with a simple message. this is the message. today we're speechless. this page is intentionally left blank to commemorate victims of thursday's shootings at our office. tomorrow this capital page will return to its steady purpose of informing road readers about the world around them. leah gabrielle is on the ground, the latest on the investigation. leah? reporter: well, hi, adam. today a judge in annapolis ordered that 38-year-old jarrod ramos stay in jail on five counts of first degree murder. he used a pump shotgun to kill

four journalist as and sails assistant. earlier the scene inside the newsroom. >> brought to the judge's attention the evidence that suggested a coordinated attack, the barricading of the back door and the use of a tactical approach at hunting down and shooting the innocent victims in this case. reporter: police searched his apartment for evidence but they say he's not been cooperating. the 38-year-old had a long standing dispute with the capital gazette that started back in 2011. that's when the columnist wrote about a criminal harassment case against ramos. he later sued the columnist, the editor and puck lisher fer defamation but the case was dismissed. since then ramos made threats on social media. police arriving one minute after the shot was fired. an employee at another business inside the same building describes the moment it all started. listen. >> i was on the phone with a

client and heard a loud noise, an incredibly loud bang. i poked my head around the corner of my desk so i could see out our front door into the front door of the capital gazette and i saw a guy holding a gun. reporter: that guy killed these victims, 59-year-old rob hiaasen, 61-year-old gerald fischman, 65 yowrmd when di winters, john mcnamara and a 34-year-old sales assistant rebecca smith. a memorial hads grown here as people from the community come to show their solidarity and the paper showing its resilience by reporting on its own tragedy. adam? adam: leah, thank you. melissa: holiday travelers pack your patience. why the tsa is preparing for a record number of fourth of july pliers. what you need to know. plus, why president trump

says this is the beginning of economic benefits. steve foshes media chairman is next. >> that's only going to continue to grow. street when you barely clip a passing car. minor accident-no big deal, right? is