>> we'll take a look at kim renolds. >> digestible rally. it is back to santa claus. >> problems humidity affecting machines in north carolina and wet ballots in connecticut delaying the count there. smg i had a problem when i went to vote. machine broke i waited in line. have a great day even. "varney & company" begins right now. stuart take it away. >> i don't know how you do it maria. did you sleep at all? ready to cease the day. >> good morning maria good morning everyone. news in and opinion on this day after big deal election. it was not a blue wave. not even close -- the swing to democrats did put them in control of the house, but only just it was a strong red showing if in the senate. the republicans picked up four seats arizona montana not yet called but both are leaning to republican candidate.

the president well he was effective campaigner. those rall boosted the vote and president obama was not that effective two candidate for governor he supported ohio and florida, lost. all right, so now what? endless investigation it is, toxic politics and block everything because the democrats now run the house. a free hand with the judiciary, a free hand with cabinet employees and block socialism from the republicans in the increased majority in the senate it's a now balance of power it looks a lot like gridlock, and the market like it is. at least for now. it is a day after rally, dow industrials show a gain at the opening bell about 140 and s&p up 16 big gain for nays dong about 56 point. now look, you've got to say with us today because -- president trump will hold a news conference, a post election news conference joined this show. fascinating. will he work with nancy pelosi?

"varney & company" is about to begin. >> you want results, we've got them. some important races still undecided we'll tell you about motion of those in the senate and arizona, republican martha mcsally holding slight lead over democrat kyrsten sinema 49-48 montana republican matt rosen dale slightly ahead of democrat john and tight govan race are is now georgia, republican brian kemp getting 50.5% of the vote. democrats stacey abrams 48.6. abrams has not yet conceded there. connecticut, in republican bob stephnow sy not called.

overall balance of power numbers changed dramatically last night this is what it will look like in next two years in the house, democrat it is regain control. they have 219 seats to the republicans 193 that lead may be extended as results come in from tight races. in the senate, republicans picked up four seats, they increase their majority there it is now 52-45 may be a bigger majority than that. and president trump retweeting about what he calls victory this morning here it is. those that worked with me in this incredible midterm election embracing policy and principles did very well those that did not say good-bye. yesterday wases such a very big win and all under pressure of a nasty and hostile media. come on in, r and c chair ronny mcdonnell if republicans lost the house and they did why was it such a great night for president trump? >> i'll tell you what, stuart that blue wave hit the trump red

while president trump delivered last night -- he said you just said how if in states that he went our candidate won and states that president obama went to his candidates lost. normally, the sitting president loses -- many more seats in the house -- and to pick up seats in the senate is unprecedented that doesn't happen. it was a great night for republicans. >> just look at this tweet, plenty of them this morning from president trump it is about nancy pelosi. in all fairness nancy pelosi deserves to be chosen speaker of the house by the democrats. if they give her a hard time perhaps we will add some republican votes she has earned this great honor. let's be honest now is that had sarcasm or is it a call for unity? >> well gosh democrats are really going to have a problem on their hands here because so many of them ran saying they were going to vote against nancy pelosi an they're going to come to washington many of these candidates and make that first vote for nancy. >> it was sarcasm she has a

choice right now do you investigate or are you going to legislate she has to deliver and the president has delivered results for the american people she going to stop that or blunt that or turn this into an investigation nightmare for two years is she going to work with this president? he's willing to work with her and see what had she's going to do? >> let's see college educated women and suburban women went very strong is ily for democrats. it looks like you've got some work to do in this area with how do you turn that around? >> well, women recognize how good the economy is doing. we've got to get that message out to them, and the president is going to be campaigning from now until 2020 to talk about the results of this administration. and democrats now have to deliver. now that they have a house, they've got to show some accomplishments. they have none so far so let's see what they do. and i think suburban women are going to see where party of results taken to democrats continue to be the party of resistance. j do you think the president will continue his line of very strong sharp edged attacks?

>> i do. that's who the president is and he's going to push back. and he's welcomed nancy pelosi called her last night said i'm willing to work with you and put american people first but he's not going to let democrats roll over him no way. they see the rule ares of this economy. he's not going to let them take that back jobs are up. wages are up. we see a great gdp he's going to fight for that every step of the way and he's not going to let democrats get in the way of that. >> i think we get a indication of his tone arranged 11:30 this morning. what do you ?ai >> i think so he's in a great mood. senate pickups are are huge. i mean to see that and a where he campaigned 5/5 last few days eve rally he went to he delivered he was such a boost in the campaign trail. >> this morning or late last night or to people who are with him this morning -- >> i talked to him this morning and talked to hem last night he's in a very good mood. you know he recognizes that candidates who supported him who

supported the president won. and that is something that the message from last night too. kaingts qhor in line with the president's agenda those are candidate that won big last night. so, we need to take that into 2020 to make sure they're supporting the president agenda. >> must see tv thank you for joining us see you again soon promise. >> thanks stuart. here's how the market will open. a rally, i mean, by the hundred point plus for the dow. look at that nasdaq, though, up 54 points techs are going to do well. market watcher jim is with us. seems to me pretty clean cut, market likes gridlock. mics gridlock and everybody got something last night. democrats and stronger position in the house, republican it is in the stronger position in the -- in the senate, and everybody can say, to clear victory as you saw republicans and eliminated uncertainty now we'll see how two press campuses go. i think markets would prefer

cooperation maybe an infrastructure program, and the gentle tone. but they were no surprises the uncertainty is gone and now we can refocus on the fundamentals. >> our producer dug up extraordinary statistic this morning, since 1946 -- right about the time that you and i arrived on this -- >> exactly. right, okay since 1946 there have been 18 midterm elections. in the 12 months after each and every one of the 18 midterms, the stock market is gone up. every timage average of 17%. that's a lot. that's extraordinary statistic. and -- i suspect that this time it would be no different that market will be higher. year from today but i think 17% would be a stretch and then you have growing profits a good economy, sensible evaluation and oarngd you have cost pressures -- pressures on profit margin. rising interest rates, declining liquidity so i think it is a tug-of-war with a mod poll to upside. >> my problem is that in thes

now run the house and block any further expansion for the economy. >> well there is a school of thought that says both sides want an infrastructure program and may come together on that which would be a boost to the economy so how you fund that -- infrastructure program -- >> right. democrats have a strong input they want government money in that. >> absolutely. they want to tax increase to pay for it. >> i think what you probably get is public private partnerships so -- you're only going to get it if you get compromise with these deficits you don't get more tax cuts and republicans are sternal not going to allow tax increases so they have to be creative here, and draw and private capitol funded by government and if that whats i think the markets will like it. >> you're a happy man this morning with dow in a rally and day after. >> happy man but not excited back to fund members of the juries with positives and negatives and as i said with a -- modest bias to the upside. >> james as alwayses for joining us. >> yes, sir. >> 21st century fox that is a

parent of fox business, releasing pits federal government report this morning. better profits better revenues as they get ready to sell a bulk of their assets to disney stock is up a little. just about a half percentage point 47, 21st century fox overall yep we told you this market is going up at the opening bell. triple digit rally for dow strong gain for nasdaq heavy tech heavy nasdaq up 57. and president trump holdings a big post election news conference. he's going to take a victory lap. you, of course, are going to see it right here on this show because it is at 11:30 eastern. democrats win the house, and our friend doug says if they hand speakers gavel to nancy pelosi, they would be making a cataclysmic error strong is stuff from our doug making his case later this hour. get this, nancy pelosi will hold her own news conference right after president trump. it begins. it is going to be a great day. another tweet from the president

here it is if in democrats think they're going to waste money at the house level then we will like wise be forced to consider investigating them for all pflt leaks that classify information and much else at the senate level. two can play that game. what will judge napolitano talk about with the investigations coming up? well, he's next. your company is constantly evolving. and the decisions you make have far reaching implications. the right relationship with a corporate bank who understands your industry and your world can help you make well informed choices and stay ahead of opportunities. pnc brings you the resources of one of the nation's largest banks, and a local approach with a focus on customized insights. so you and your company are ready for today.

>> pot was on ballot tuesday mid-material that's began, missouri, utah, north dakota already liz how did it do? >> only failed in north dakota so pot is on the move watch marijuana stock this morning. cannabis is climbing, here is is the thing. two-thirds of the states now have some form of to the use in their states. and within wisconsin and ohio, the local county said yes to pushing forward on pot. this is coming via ballot initiative meaning grassroots voters want the and not state legislature doing it but

grassroots doing it and jeff sessions leads, then you can see possibly more approval of marijuana across the country. >> interesting that is fascinating stuff. thanks, liz. democrat did indeed regain control of the house i want to know -- what are they going to do about investigations investigate everything? judge napolitano is here. chairs judiciary committee is he going to start impeachment investigation? >> believe it or not, last month just four weeks ago he gave an interview saying in january they're going to start two impeachment investigation. one of president trump one of justice kavanaugh. does he really think that the american public wants this or are they doing this just to jean up their hard-core deep left field base? >> how could he reinvestigate kavanaugh when it is just been revealed that two of his accusers change their ?oir smtion that is a great question. that is the reason that the senate judiciary committee released that report. to fire a shot across the bow of

congressman knadler and a the house judiciary committee. >> adam shift will be chair of the intelligence committee, is he going to reopen or get into the russia probe? >> yes, he is. he's going to examine all 87 alleged communications between the trump campaign and a the russians and the summer and the fall of 2016. and who is he going to call as a witnesses paul manafort whop doesn't have a fifth amendment defense anymore because they're pleaded guilty to this. rick gates who turned tables on paul manafort may be even stone, and he -- he will in turn defend hillary clinton at all costs. >> yes, and what is his goal to expose that which bob mueller is requiredded to keep secret? it is almost a shadow investigation of the special counsel's investigation. without the requirements of secrecy. ivetle hold on a second judge toipght bring in charles fox news contradict washington times

online editor. charles, you heard of these investigations endless, endless investigations. you think the democrats might go overboard with this and it backfires. >> i think quite frankly stuart this is a reason why you see republicans with smiles on their faces, obviously, republican ares lost the house. although ting that was fairly expected especially if you look back at history or for -- for presidents first midterms. but the real reason is they're smiling exactly what you and judge are talking about here is if democrats decide to spend next two years running around doing these investigations and threatening impeachment hearings it is going to be about -- it is going to set table very nicely for trump to win reelection. the real problem here and this is where -- pelosi and democratic lead reverse on horning of a real dilemma is fact that either, either they do that and they shoot themselves in the foot with -- regular americans and

independents, or they fail to do that and they hurt their own base. and their own base says why haven't you impeached trump? have have you not impeached brett kavanaugh, and then they decide to sit out in 2020. either scenario is devastating for them. >> especially a reinvestigation of justice kavanaugh. [laughter] don't they learn anything? >> no, no, no, this is the town where no one learns anything. that i think that they would absolutely you know, make fools of themselves in anything that they could do. we saw what they were willing to do to destroy the guy in the first place. i don't think any of that is gone away. >> i don't think america want it is. i think that overriding impression that i get from almost everybody that i talk to enough, enough, enough, don't fight this. if you look at the map, from last night, the kavanaugh hearings had had a real impact. you can look at the places poem that went after brett kavanaugh in -- in red states lost.

people who stuck behind him like joe mansion he was fine. you know charles you and i are glued to that press conference i just is know it and we're going to be entertained by it i know it, i know, i know it. charles see you later thanks so much, sir big day for politics, of course, for your money. president trump holding that news conference during this program can't miss tv, and market likes the master's degree term results. futures up. triple digits for the dow and history made in colorado democrat janet wins the governor's race he's the first openly gay politician to get elected to a governor's office. we'll have more varney for you after this. so lionel, what does being able to trade

24/5 mean to you? well, it means i can trade after the market closes. it's true. so all... evening long.

ooh, so close. yes, but also all... night through its entirety. come on, all... the time from sunset to sunrise. right. but you can trade... from, from... from darkness to light. ♪ you're not gonna say it are you? florida, the most fascinating states so let's take a look at some of the result there is. first governor's race republican ron desantis beat andrew gillum 49.7 to 48 even i'll cause that razor thin and senate race in florida republican rick are scott beat nelson 50. 49 you know florida was the state to watch. two big -- win withs there i'll call them wins opposed big wins for protrp republicans now florida also approved amendment that will automatically e restore voting rights to more than a million previously convicted felons

judge nam tan napolitano still with us. what do you think about that? >> strongly support it. but it is part of a national movement started by ranked paul and cory booker opposite numbers in the senate. to bring about assistant prison reform which would include a change of the federal rules of criminal procedure to have fewer nonviolent felons even go to jail and save the government a lot of money. >> what do you think about that? >> i strongly support that too. jail is a place for poem who are too dangerous to be free and not a place for everybody who committed a crime. >> okay i have to just a minute left -- you were telling me that the democrats now control these committees in the house -- and they're going to go after trump tax returns they're going to go after his hotel receipts to see if saudis have been staying in trump hotels -- and they're going to sell -- the cell phones. they are going subpoena his three nongovernment cell phones because of an article in "new

york times" which said general kelly and others have asked him to stop using these nongovernment cell phones because he might be doing what he accused hillary clinton of doing. failing to protect state secrets by placing them in a nonsecure venue. the democrats want to know to whom he spoke and what had he spoke about. they -- you know, fully agreed stuart. but they are playing as charles said to their far left base if they use their power to wreck the -- the trump presidency to investigate rather than to legislate, they will pay for it dearly in 2020. >> on gnashing of the teeth to do exactly that. revenge. but they have an opportunity to compromise with him. he loves to -- not a favor of this because it is money but he loves to build and spend money to repave route 80 and rebuild lax airport and democrats love that if they want to subpoena his cell phone the left will never did a deal.

will build infrastructure with spend mrs. money in return no investigations. that will never happen. never. >> pelosi said wall will be built over her dead body. that would be before he endorsed her for speaker or. >> fine performance this morning judge. dow will open pup a 140 strong gain for the nasdaq we'll take you to wall street after this.

this is a very important day for the stock market because, of course, it is the the day after the midterm elections, we have a split decision. in thes take the house, the republicans increase their majority in the senate and bang here question go. it is wednesday morning, we're off, we're run aring we're expecting to triple digit gain and let's see what we get. we're not quite ready to open it up yes and there we go. we're up 180 points right from the get-go up 180 that is about -- about three quarters of one percent so now we're up 170 got that. show me the s&p. do we have a similar gain there? the the answer is -- ladies and gentlemen, yes it is. it is up three quarters of one percent solid gain there. now i want to e see the nasdaq i've got it see nasdaq please. look at that. up almost one percent a very nice gain for techs this morning. nowlet celebrate shall we?

shah gilani good smile jack is try hard. elizabeth macdonald and ashley webster get right at it gridlock in washington. that's usually very good news for the stock market. and seems to be pretty good news so far today. so let's go around table shah gilani do we close the market higher at the end of the year to where we are now? >> i'm going to say i don't believe so. is that a no? >> that is a no election scare the heck out of me too many issues with pushing against republican and pushing against corporations and market will not like it and i'm worried about about market reaction to all of that. >> so a no from shah gilani jack hal. >> wait we're forgetting sympathetic here. what time does the big lefty stock market crash start that president trump promised if you vote for democrats your stocks will go down well they won't for democrat they flip the house what will go on with market right now? the market does not care about about your politics.

most powerful force of financial universe lower interest rates for ten years big return under obama big return under trump now rates are rising and rates are lower going forward but still positive and -- >> i agree with jack market has what the market is expected -- with clarity comes confidence and i think we can get the fog of all of this election out of the way. we pretty much knew that the house was going to go to the dems they could final common ground on infrastructure. the biggest risk right now government shutdown that's going to come around pretty quick next month and continuing resolution that is -- a fight for the market shutdown. >> and i don't see banana peels under markets for this. you're going to get china, china settled at the g20 that will matter more than midterms right now. but watch for drug privacy benefit managers to watch those guys to get some field and pelosi and trump so they may take a hit. that is a bold prediction. historical accuracy there have

been 18 midterm elections since 1946. in the year after each of those 18 midterms, the market is gone up an average of 17%. you want to argue with that? >> can't argue with that. thank you very much indeed. big tech they are have a look at them. look at that. all of them on upside so shah gilani do you see anything worthy of your purchasing all of them? >> i have from all of those stocks lower than where we are. i think market is due for a dip and we're not over this nervousness and psychological of the market which has turned for me negative. i think we have to get past that and a this election isn't going to help it right now. i think market has come down and in anticipation of the in thes going to win the house. it would crash if they have won both the house and senate. you're going up, going down. now you're not. >> but we do for some volatility i think next couple of quarters. ting that tech guy could hold into congress into the house.

i do i think google and facebook hauled for me. let me correct i said pharmacy benefit manager like care market and care -- but make sure i'm clear. [laughter] >> sir. you want tech stock buy apple they they won't tell you how much they're selling for quarter but good to pox less on iphone volume and more on rising profits with a digital computer staple company. j look we've got a physical out today you can actually get today these new ipads macbook air take them in your handle as of today. you think -- that you doapght think that will give apple a pop at all you'll buy it anyway, right? >> i don't think not as much of a gadget dependent on iphone other gadgets they'll do well. i think products are promising but not a big stock. >> because you can buy them today doesn't mean stock toes, however, samsung releasing details of its foldable phone

later on today. i don't know where that means -- >> fold it over. [laughter] how to fold. with a phone that's what we got here. pad is fold a fad computer into a phone, and put it in your pocket. it is pretty cool. it is innovation. yes. is it innovation? yes. not. check the big board we -- [laughter] you're up. not -- it is a reallily folks come on. a gridlock rally that's what we've got. up 221.258 that's the getting on for a one percent gain. now this, 21st century fox parent company of the fox business network. released pits profit report first thing this morning better profits better revenue getting ready to sell the bulk of their assets to disney parent company of this network virtually no change for the stock actually pup 7 cents. etsy -- i've often described that as the stock okay --

the stock is up 17 am allowed to say that 17% reported third quarter earn eastly they were good. wendy's just released earn they are down 5.5% maybe that's the problem. how about papa johns pizza place what are they doing this morning? they are up 5.again, i'll get you details of their earnings report when they become available. oil prices what are they doing today 62 bucks barrel still way down there and that's why the price of gas keeps on falling look at this. now we're at 274 as national average down every single day for the last 28 days. show me toyota -- the the company may drop some of its sedans you know no more cars. is this because of low gas prices or is this because we all want suvs? >> partly because electric vehicles, and they're probably cutting their traditional combustion engine cars to make room for electric vehicles. >> ford did the same thing.

they have to do it. but they've got too many cars in the production line right now. >> ford did the seam thing people love suvs and trucks. everybody thinks suvs are cool and i'm leading charge for minien have as. >> may i ask how many children you have? >> two small children. >> 20 years -- just to get the the minivan. >> i have one when i after i got my third child that was -- >> you the it for decades. fine thing it was. let's get to wal-mart very important story here. wal-mart has passed amazon as the most popular online grocery delivery service. big deal. >> very big deal wal-mart hitting out of the park and now reminds me where microsoflt was three or four years ago. management is doing a great job initiatives with execution of initiatives moving stock higher doing right things indicative of the right thing they're up against amazon and beating them at this game.

they're tremendous. >> that's a very good indication of the benefits that competition -- i mean amazon has strong competition and grocery -- >> local stores themselveses are doing admirable job in this space as well as kroger doing very well. >> you know to ashley makes good point is shoppers are saying bananas get bruised you can't get perishable foods but doing what people in u.k. and south korea are doing ordering perishable food online. >> if in your household you've got two working people in your household, delivery of groceries is an absolute god send. when you get time to go to the grocery store why not have somebody bring it your house and efficiently wal-mart is. really -- facebook, admits it was used facebook was used to insight violence. more trouble for the company what do you think? nothing too serious that will bring him down? >> more of the same. and this is where stock is taking hit not up a little bit

today a nice thing to see but i don't think stock is done going down because we see more of this. this is tip of the iceburg and facebook has june battle to prove to combat all of this. tfnlings how -- how can it? pnches and that's the question how can it? about facebook it has been a little while almost to a market and much faster revenue growth at a market multiple. >> all of the bad publicity keep stock around 150 -- buy order at 140. i bought them 150 and sold them and made some money but i like it at 140 i think it will settle down there and i like stock at a level where i'm happy if i have -- low and buy more i would be happy. if he goes to 140, and then you get regulation, you still think it bounces from 140? j that's a function of what regulation is down, but if market is -- market is holding up in facebook takes a hit as market is holding up i want to be in facebook. absolutely. >> i'll tell you what it could

be. mark zuckerberg said you're information utility that opened door for mark warner in the congress to say yeah we'll repght regulate you like a tell come or utility. it's that magic moment 9:40 eernl time. thank you very much indeed jack, and shah gilani thanks so much. gentlemen good stuff. a fine opening to a very important market day. day after the midterms look what we've got. that is a rally and it is strong. we're up 230 points on dow 258 is where we are. big news on varney. president trump's news conference 11:30 eastern you will see it here. live, that must watch. you have to see it. also coming up, congressman jim jordan announce he's running for minority leader he says gop lost house because it didn't run on the economy. he joins us at 11:15 this morning. in other news, another setback with north korea, nuclear talks between secretary of state pomp pompeo and kowpght part called

off details coming and here's the question. does the republican win in the senate strengthen frump's hapgd when it comes to making a trade deal with china. we're asking one of the presidents former advisors on trade and i'll ask that question after this. what do you look for when you trade? i want free access to research. yep, td ameritrade's got that. free access to every platform. yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. no hidden fees. no platform fees. no trade minimums. and yes, it's all at one low price. td ameritrade. ♪ i'm ray and i quit smoking with chantix. i tried to quit smoking for years on my own.

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important race that we've been following connecticut governor's race local news outlets in connecticut and new york report that. bob steph has conceded race to him testifies close. check that big board still well above 200 point gain. 232 to be precise. 258 is the level. mike pompeo has been called off? >> phoned indefinitely but no

reason why this happenedded but there's been frustration on both sides of the u.s. side on the face of the -- of the effort by north korea to actually begin the process of denuclearization and north korean upset that there's no sign of compromise on u.s. led sanction on that country. so dialogue hasn't been abandoned by the stand being taken is hardening because of that, doesn't seem to be a lot of compromise and the talks are being postponed. >> got it. president trump is tweeting about the election, the election victory morning but also bringing in trade as well. look at this. here's what he said received so many congratulations from so many on our big victory last night, including from foreign nations, friends that were waiting out and hoping on trade deals. now we can all get back to work to get things done that's interesting. bring in trump advisor curtis elle does that tweet and

president -- the republican win in the senate does that strengthen his hand in dealing with china? >> absolutely. you look at the people who won and how they won. you have josh hawley in missouri and mike brawn in indiana these are economic nationalists. these are people who ran are on the populist message that president trump has been pushing. these are not chamber of commerce types who qowld favor early capitulation in any standoff with china and then you look at mr.-- mr. scott down in florida. a big agricultural state kraim cramer up in north dakota they know they're there because of their standing shoulder to shoulder with president trump on issues like trade. the chinese tried to split the farm belt away from the president. they failed. so we now have a proengagement on trade majority in the senate which has gotten stronger, and

it's all because of president trump and the new senators know that they are there because of president trump. >> interesting. now the china, i think was waiting out the midterms to see if the president suffered a big loss which would enhance their position. it seems like it is certainly made a big win in the senate and then on friday we have defense secretary mattis meeting with his chinese counterparts about security in the pacific then we have president trump meeting leader xi at the end of this month at the g20 it seems like there's some alignment here moving towards a deal. am if i being overly optimistic here? >> ball is in china's court to stop cheating do they want to stop stealing our ip intellectual property do they want to stop their industrial espionage? >> are they hurting enough that's the question isn't it? >> that is the question and it is clear that president trump is not going to let up the pressure he's not going to let up pressure and there's plenty more

pressure to be apply we saw it last week arrest of chinese spies. there's -- micron technology we're not going to allow technology sharing to go forward. there's plenty of pressure that can go forward and i think that message get through that president xi that -- there are attempts to metal in our elections failed because democrat and majority in the house is beginning to be on the side of president trump on these trade issues. that's a traditional democratic position and they don't have a big enough majority that they can now abandon their labor component, the prolabor constituency in party they can't bonn abandon that and get with the industry that want us to do that. >> we'll take that as a positive movement to move forward thanks for join us always good stuff. thank you very much indeed. all right it is the day after

the midterms -- very interesting day on the market. we've got a rally, we have been up way more than 200 point now we're up 185 that is a gain of about three quarters of one percent. another tweet from the president here it is. in all fairness, nancy pelosi deserves to be chosen speaker of the house by the democrats if they give her a hard time perhaps we will add some republican votes. she has earned this great honor. doug -- moderate democrat, he says pelosi speakership will be a catastrophe. well he's on the show next.

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>> dow industrials holding on to gain of nearly 00 points on this the day after the midterms a look at that had nasdaq composite technology doing very well today. fake a look at office depot dig stock and it raised its guidance for the future. oh there up 12% that's not bad. speaking of another company office depot not such a big but up 12%. the democrats did regain control of the house and doug wrote this headline, democrats, it would be a cat class myc error to make pelosi your next house speaker well you're hear here so what's

the case? >> cataclysmic? >> no big blue wave. pelosi was more unpopular and didn't have curtail of her own and to may way of thinking best thing she could do get reelected within six months gracefully go off the stage. and if it was three months i wouldn't mind. >> she's not going to. >> everything i know about woman says she's stay until they have to drag her out. [laughter] >> nicely put young man. hold on a second president trump was tweeting about nancy pelosi can we put it up on the screen please. because i read this as pure sarcasm listen to this if it all fairness she believes to be chosen speaker of the house if they give her a hard time she has earned this great honor. now there's a dispute in our production staff here -- some producers think that that is encouragement to get out there to negotiate with ms. pelosi be nice to her so they'll get together i think it

sarcasm. you know i have worked for in the past in a noncommercial way our president -- i know him well we have i think a good relationship. this is pure unadulterated sarcasm he knows how much of a target he was on campaign trail she's more. i can tell you this i was in the white house stuart in 1994 '95 and '96 our number one target newt gingrich the president target you heard it here first nancy pelosi. he wants her, he needs her, and based on that tweet he's going to do everything he can to get her. literally in metaphorically as his chief whipping person. >> there you go. staying in florida stuart -- well you have to explain this to me. >> yeah, sure governor's race in florida very -- very close desantis only beat gillum so your senate race are rick scott only just beat bill -- i don't understand why it is so close. >> well here's what happened. in the last week of the election

gillum opened up what was about a 5 point lead so did nelson. president trump with his rallies brought both desantis and rick scott over the top. so these are huge, huge republican victories largely attributable to the president indeed this was a huge win for the president. i don't think you can see this any other way given this breath and depth of the republican victory montana looks like it is going republican and north dakota, indiana, missouri, stuart this is donald trump. >> obama didn't help that much. selects from hollywood department help that much. they failed look, the president is not only the 800 pound gorilla metaphorically he's the only 800 pound gorilla. you're sounding more trump -- >> i'm a democrat pelosi must go.

listen, go. thank you. >> well -- i think you use my show as a soap box but i don't really mind. [laughter] thank you. >> see you in florida. [laughter] >> reminder president trump hold it is that news conference today 11:30 earn time during our show. yes you will see it live. meanwhile, republicans take a commanding lead in the senate that's going to lead conservative it is reshape the judiciary for a generation to come. i kind of like that. my take on it, next.

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medicare won't cover all your medical costs, so call now and see why a medicare supplement plan from a company like humana, just might be the answer. >> the republicans won big in the senate. now what does that mean? all right, number one, mitch mcconnell will continue to reshape the entire federal just rischry. if there is another opening in the next two years, president

trump will get his third supreme court justice. number two, radical ideas that float up from the house can be squashed. impeachment for example, is a nonstarter. three, newly-elected senators bring business talent with them. private enterprise mike braun in indiana, replaces kind of guy, joe donnelly. pro-energy kevin cramer wins in north dakota. the senate is trump country, very much on board with his growth agenda. next case, the house is now democrat run. what does that mean? crisis budgeting. the far left has a beachhead. they want tax increases on business to pay for government-run health care. watch out for the government shut downs when the next budget looms. endless, endless, investigations hearings. democrats chair all the committees, they will use that power to embarass and tie up all things trump.

toxic politics will get worse. but the left may be overreaching. do we want two more years of this? number three, the democrats are split. there will be enormous fight between the newly-elected sewingist left and remaining moderates. there you have it. split decision. gridlock and the market is rallying. sum it up like this, democrat control on the house will put a cap on new growth policies, it will be a nasty two years in the public discourse but republican control of the senate will put a cap on socialism. it opens up the judiciary to conservatives for a generation to come. the second hour of "varney & company" is about to begin. ♪ i'm updating the florida senate race for you. democrat incumbent bill nelson is not conceding to rick scott. he want as recount. ashley: he does out of

8.1 million votes counted the difference between the two candidates is 34,000 in favor of rick scott. that is less than half a percent. that is 0.4%. state law says within that range is automatic recount. so hold on. as they say. not official yet between rick scott and bill nelson. you talk about razor thin margins, that is the very picture. stuart: talk about florida recounts again. ashley: hanging chads? stuart: look at new balance of power. democrats have taken control of the house, here are the numbers, latest numbers. 220 democrats, 193 bub bubs. still some races to be decided. democrats lead in the house could be extended. on the senate side the republicans have built their lead. three races though still to be decided. those include arizona, montana. could get a decision there this morningth both montana and

arizona are leaning towards the republican candidates. look who is here. tammy bruce independent women's voice. >> can't wait for nancy pelosi. can't wait. stuart: get to that in a second. are the democrats who now run the house, are they going to legislate or investigate? >> nancy pelosi announced this is about stopping the gop. that is all they have. they have no real legislation. they have no ideas. they want to take some credit for what the president already accomplished. one thing nancy pelosi noted they want higher wages for workers. we've already accomplished that. the highest wage increase in over a decade. accomplished by the president. so what you're going to see, this is what lost them the senate effectively, you will see more kavanaugh-like behavior. more kavanaugh-like hearings. americans clearly sent a message to democrats on the senate side and overall, we did not like what they did with kavanaugh. we did not like this notion that

due process didn't matter. we did not like the circus of it. we don't like attempted political assassination of someone. we don't like unfairness. what nancy pelosi will plan for the house is more unfairness. more absurdity, more circuses of investigations. stuart: well listen to what, look at what the president said about nancy pelosi this morning. here is the tweet. in all fairness, nancy pelosi deserves to be chosen speak he have the house by the democrats. if they give her a hard time, she deserves this great honor. sarcasm? >> probably. he does well with opposition, primaries, hillary clinton. this is man is still wants to accomplish things. when it comes to highlighting what democrats stand for it means he will be able to accomplish more. not just with certainly the republicans in the house. it will be a small margin. let's remember this they will have croat of committees where they will never know when to start and they will harm

themselves. they will have a small margin in the senate, in the house, when it comes to actually getting things done, which means republicans can manuever themselves, with the president's help maybe he gets some of those democrats to work for his agenda. that is what matters to him, his agenda for the american people. >> raise a clear problem for the republicans and for president trump. that is the way that educated women went for the democrats and the way that suburban women went for the democrats. big numbers in both counts. look at that on the screen. that is a huge number. how can president trump and the gop reverse that, turn it around? >> it was a big mistake to come come through on promise to repeal or replace obamacare. to have a real solution. that was left hanging out there. the john mccain thumbs down was unfortunate. we're seeing results. health care was major issue. stuart: you can't turn it around. if democrats run the house you can't turn it around.

they will demand more government care and more government money. >> the president will articulate to the american people and persuade them on these issues. the democrat results was pretty frightening. i think some democrats will certainly recognize what will work and what won't work. it will be up to the president and to this reshaping of the republican party to actually deliver on things that are discussed. it i doable. if anyone -- the president has shown earlier when he first came in a willingness to work with democrats on issues that matter to them like daca. they had better be willing to work on issues that matter to the american people like health care. not, what democrats want to do is like sending the hindenburg to pick up people from the titanic. it is not a solution what the democrats propose and the president is this wall of being able to actually deliver things that affect all the american people, for women, it is also important, as my column in the "washington times" today, that

democrats are frauds when it comes to important issues for women. they have to reinforce that, the republicans and highlight it. stuart: i have done more tv than i have in the last 36 hours. >> a little bit. stuart: get some sleep. tammy, thank you. markets are up today. it is gridlock rally. we have gridlock, market seems to like it. david bahnsen is here. so on a gridlock day, a gridlock rally, what do you buy? >> do we have to have gop take the house back for tammy and us to get our seats back? we're in holding pattern for two years? >> don't know what you mean. >> buy same thing you were buying yesterday. the market is pricing in all year the democrats would take the house. we didn't know the margin. ended up be somewhat underwhelming. if the election was january, you would look at 2010 type reversal. the democrats won 20 seats less

than they would going to. the on the senate side, kavanaugh debacle added four seats for republicans. i would just also add there is no historical ground daigh for gridlock hurting. reagan, tip o'neill, obama boehner, clinton gingrich, divided government is not bad for markets. stuart: i will repeat the statistic. 18 midterm elections since 1946. in the year after each and everyone the market went up an average of 17%. >> that includes 1987. ashley: right. >> black monday was in there. stuart: lest we forget. >> i was 13 years old. i remember it like -- stuart: i ask the question again, what should you buy? >> you should buy energy stocks. even with the selloff in october which has reversed you have things not participated in the

rally. technology stuff to me is still very pricey. you do not have that same expensive element in energy. you saw the north dakota senate results. friendlier senate than we already had combined with a very friendly energy administration from the executive branch. secretary perry, epa folks doing a great job there. i think you have to buy energy infrastructure. here has been the theory i have had all year. we'll get a deal with china. i don't know if we get interim deal before we get a big deal. the big deal could take years. the interim deal, exporting oil and gas to china is the greatest political winner for this president any consultant could make up. it lowers the trade deficit numerically, gives china something they need. stuart: what do i buy to cash in on that? >> schlumberger, pipelines. >> energy infrastructure? >> slb is the ticker. schlumberger is doing oil services in the field. buy pipeline companies.

ticker a m.j. is basket of different oil pipelines. buy chevron and exxon all day. they participate up and downstream. great way to play it. stuart: another hit, david. you packed a lot in there. >> the new seat is comfortable. stuart: come to see us again soon. check that big board. we lost a little bit of the rally. we were up 150. we'll take it. half a percentage point higher. big tech names bouncing back all of them. i'm squinting to try to see but i can see green. they are all up. microsoft is one of the -- don't you love it? liz: why do you love it? stuart: i got a little sliver of it, okay? apple's new ipad and macbook are available. you can get them today. three dow stocks hitting all-time highs. they are mcdonald's, coca-cola, and unitedhealth. got it. you better look at walmart, very important story here. walmart has surpassed, they have beaten amazon. they're now the most popular

grocery store for online shoppers. now that is really something is else. don't forget oil, seven-month low. i think we're $62 per barrel. we have a read how much oil we have in storage 10:30 this morning. price of gas down to 2.74 by the way. big hour after the election. with a bigger lead in the senate, president trump can shape the judiciary for the next decade or more. next, former u.s. attorney general alberto gonzales. i will ask him what the president can do to fend off the deluge of investigations cobe facing from the democrats. that's next. i see big fights in the house over the budget, potentially leading a to a government shutdown or two. we'll talk to a republican on the budget committee which is now in democrat leadership. big news for fox news and fox business. martha maccallum hosted coverage. i want her take on being a

witness to history. just the second hour of "varney & company." ♪ the day after chemo might mean a trip back to

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stuart: holding on to triple digit gain gain. look at wendy's. same-store sales were down and the stock is down 4 1/2%. big drop. papa john's, sales fell for the fourth straight quarter but the stock is up. there must be something else in the report. i will figure it out for you. the stock is up two bucks. michael kors, retailer reported weak sales especially in europe. look at it go down. that is a 13% drop. well the gop won several big senate races last night, indiana, north dakota, missouri,

florida. come on in alberto gonzales, form err u.s. attorney general. mr. attorney general, welcome back to the problem. great to see you. >> good morning. stuart: i issued a editorial, kind of a rant which says that the republicans in the senate will now be able to reshape the judiciary along their lines for another generation. am i right? >> absolutely. obviously losing the house is a loss but as between the two houses in congress, if i'm the president of the united states i prefer to maintain control the senate because of the power of confirmmation and obviously the main thing, the main objective there is to get more of your judges nominated and confirmed. you're right, because they serve a lifetime it is an opportunity to shape the judiciary for a generation and more. stuart: if there were another supreme court justice, to be replaced in the next two years under mr. trump, there would be no problem with getting mr. trump's pick going through, not problem at all?

>> well it depends of course on the nominee, the qualifycations and background issues related to the nominee. we also don't know, things may happen domestically or internationally that may shape public opinion for or against the president. so a lot remains to be seen but obviously, if you look simply at the numbers, the number republicans in the senate, the job of the president has gotten a little bit easier. stuart: do you approve of reshaping the judiciary along more conservative lines for a generation? >> i think you know, the every president campaigns, this is one issue they campaign on. they lay out their vision for the judiciary and if the american people accept it and elect that president i think the president has an obligation to try to do that and obviously we're not talking about putting judges on the bench who do not respect the constitution, do not respect the words of the statutes passed by congress but i think it is important to nominate judges who understand that they have a limited but very important role in our

constitutional structure. stuart: i will put a presidential tweet up on the screen. it came in this morning and here it is. it is about investigations. if the democrats think they're going to waste taxpayer money investigates us at the house level, then we will likewise be forced to consider investigating them for all the leaks of classified information and much else at the senate level. two can play that game. can you summarize for us how president trump could limit the damage to him and his administration from these investigations that we're expecting from the house? >> well at the end of the day the house is going to do what it is going to do and if the executive branch is engaged in wrongdoing, wasteful spending of that nature, there should be oversight. that is the constitutional responsibility of the congress however, it goes too far simply do an investigation because they want to harass the investigative branch and embarass the president of the united states.

the president is very effective with the bully pulpit, talking about this, can distrack, issuing executive orders, focusing congress to work on executive orders or work on legislation. finally he can assert executive privilege. it's a power recognized by the supreme court of the united states. so there are some things that the president can do but at the end of the day the congress is going to do what the congress is going to do. stuart: we hear various commit es in the house want to subpoena the president's tax returns. they want to look at trump hotel receipts on the ground maybe saudis have been staying in trump hotels, therefore contributing revenue to mr. trump. we hear they will subpoena his cell phone records. i mean is that going too far? you can't impeach somebody for all of this, can you? >> well, there is a difference between subpoena for this information and going beyond that and trying to impeachment of the president.

as to whether or not, obviously congress, they do have the votes to issue this kind of s&p, whether or not that effort will be successful will depend upon the judgment of the attorney general who will look at the requested information, make a judgment whether or not the president is justified in asserting privilege in which case the president will assert privilege. at that point it will go to the courts. if congress wants to enforce a subpoena over executive privilege, it will to to the courts. what the courts will do depends on the information requested. stuart: it will be a nasty political atmosphere. >> know request about it. stuart: thank you, mr. attorney general for being here. important day. >> thanks for having me. stuart: jim jordan on the house judiciary committee. i want to know how he is preparing for deluge of investigations the he is running for minority leader. he joins us in the next hour. also next hour, president trump's news conference, the rnc chair told us he is happy about last night's results.

we're going to see just how happy he is. ♪ hi, i'm joan lunden with a place for mom,

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stuart: office depot has raised its full-year guidance. looking good in the future they say. the stock is up 17%. newell brands they own paper mate, sharpie, a few other things. they're selling pure fishing and justin brands to a private equity firm. guess how much? 2 1/2 billion dollars. stock's up. governor rick scott's campaign responding to calls for a recount from incumbent bill nelson. ashley: this is come froth scott camp, quote, the race is over. it is a sad way for bill nelson

to end his career. he is desperately trying to hold on to something that no longer exists. there is that quote. but it should be noted the difference between the two candidates at last count was just 34,000 votes out of 8.1 million. state law requires automatic recount if the difference between the two candidates is half a percent or less. the difference between the two is 0.4%. that dangerous trigger a automatic recount. scott camp saying come on, give it up. it is over is the law says. ashley: it does. stuart: mr. nelson will take advantage. ashley: of course. stuart: you have a florida recount again. ashley: here we go again. stuart: put the cannabis stocks up on the screen for you. marijuana was on the ballot in four states yesterday. the cannabis stocks are all up today. what happened? liz: utah voters, missouri voters, michigan voters said yes to some form of legalized marijuana. missouri saying medical.

michigan full-on legalized marijuana. cannabis is climbing. 2/3 of the states have some form of legalized pot. what is happening, we talked last hour. this is interesting, grassroots voters saying yes to legalized marijuana. not coming down from state legislators. ohio voters in certain localities, wisconsin voters saying yes to new initiatives for legalized marijuana. if jeff sessions steps down as ag, watch out, full-on pot. ashley: game on. stuart: here is what is coming up for you, a lesson from the midterms, a few lessons. celebrity endorsements, don't seem to work. beyonce, oprah, taylor swift got involved, they didn't moved the needle. two races i frankly don't understand. why was it so close? maybe brian kilmeade can traiten it out for me. he is next. ♪

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♪ stuart: oh, i did like this one. liz: i guessed it. stuart: what is it? i was 16 when this came out. ashley: wow, let's see. do the math. liz: dating yourself. that is old dick cavett joke. stuart: i like the song. can we leave it? ashley: we got it. stuart: we turned up now up 200 points. 25,800, better than 3/4 of 1% this is a gridlock rally. i think we got the numbers. how much oil we have in storage, how much we use. ashley: massive is build again. up 5.783 million barrels. the expectation was 2.6 billion.

sixth week in a row there was build in inventories. more in storage, you would imagine the price is pressured down. what does that tell us? we're not using as much, global economy slowing down, whatever it is, there is a lot of oil slushing around in our inventories. stuart: i would expect to see the price fall. it is dead steady. liz: amazing with the iran sanctions, right? stuart: we have the oil available to replace whatever we don't get from iran. that is really something. 62 bucks a barrel. waiting for it to go to 61. ashley: unchanged. stuart: how about the big techs? you have to check them. they were mostly up earlier this morning. still the same. facebook is up about 3 bucks. alphabet $30 higher. amazon $71 higher. microsoft, very solid gain. 3 1/2% up, sports fans. 114. no, 1111. who wrote this? i will read it for you our radio

listeners, midterm elections prove trump critics underestimate him as blue wave become as ripple. who wrote it? liz peek with us now. welcome back. >> thank you, happy to be here. stuart: trump critics still underestimate him. make the case. >> if you want the commentary last night, everyone was sure president trump did everything wrong. shouldn't have focused on immigration. should have only talked about the economy. should have not spent time in senate focused races. let's face it, folks he saved the senate for the gop. nothing is more important for the trump agenda having control of senate. if you look where he rallied, i think he visited eight states in six days. numerous rallies, enormous crowds. he drove the vote. why? being angry about something, caravan, storming our borders, thousands of people entering the country illegally is much more

potent than feeling happy about jobs. that is basically all the gop stratgifts were pushing him to do. that is talking about job creation. because they have done such a great job on the economy, employment at low level, wages are rising, that is no longer the number one concern. the number one concern is health care where the gop is nowhere on, immigration was number two. stuart: in 1994 in bill clinton's first term, the first midterm, he lost 57 seats. in 2010, in the midterm for president obama's first term, he lost 63 seats. >> right. stuart: mr. trump performed much better in this first midterm. ashley: both got reelected by the way. stuart: they both got re-elected. ashley: for second term. stuart: and president trump extended gop's lead in the senate. he didn't lose. he won. >> in 2010, obama lost six senate seats. this was a much, much better outcome than 2010. remember, one of the things coming in here, president trump is so unpopular.

he will not be able to do anything increasing vote, getting people to the polls. that turned out to be dead wrong. once again people underestimated his incredible devotion amongst conservatives. i would say general republican voters. the democrats really under estimated it. stuart: get to money. economic financial story. will president trump's growth agenda be stalled because the democrats now run the house? >> i don't think so at all and here's why. first of all, the house has been stymied for the last two years. there are 569 bills pending passed in the house that have gone nowhere in the senate because chuck schumer has demanded cloture on so many trump nominees, that it is gummed up the works of the senate. mitch mcconnell prioritized judges being appointed and tax reform to the exclusion of anything else. including things like infrastructure. so frankly, we'll have a stalemate.

i don't see democrats in the house coming up with much legislation that will have bipartisan support with one possible exception of infrastructure where i think the gop might sign on to a joint effort. what they're going to do is come up with a lot of bills. they will go nowhere in the senate. president trump will basically continue the reversal of a liberal tide in the judiciary and also, you know, come the next budget process, maybe push for making the tax cuts permanent. stuart: so the damage from the democrats taking the house is minimal? >> i think so. stuart: except for the endless investigations and subpoenas that are going to hog two years of time? >> i have written about that. obviously having adam schiff, maxine waters and nancy pelosi. it will be a troublesome time. but look if the mueller investigation is any indication where all that goes i would say the trump white house is okay. stuart: you're quite happy this morning, aren't you? >> honestly democrats expected a rout.

they didn't get it. i think that would be a terrible message that the progressive left-wing part of the democratic party was the way they should go. i don't think that is the message received. stuart: liz peek, thank you very much. >> my pleasure. stuart: very important day. want to get to the florida race, positive's race between andrew gillum and ron desantis was extremely close. desantis did win. the senate race between rick scott and senator bill nelson, that also was very close. nelson has not conceded. he is calling for a recount. brian kilmeade joins us now on the radio. brian, my question is this, why in florida were these two races so close? >> couple of things. i'm getting a lot of calls from florida. we have many major stations in florida, stu, as you know. everyone is looking for recount nelson is calling for, number one. scott came back, said forget it, this thing is over. sad you're asking for this.

it did close overnight. i'm shocked that governor scott whose ratings are up 54% approval rating in florida struggled so much with senator nelson who lost his fastball a long time ago is of no impact at all representing florida as exciting and fastest growing state as any in the union. number one it was this close. a lot of people said it is andrew gillum, he is so dynamic, no new and exciting at 39 years old he will bring nelson across the finish line. in the end he didn't have enough. in the end ron desantis who went from military vet to congressman , to. he gets it. i think people were caught up in gillum's presentation and not his resume', experience and agenda. florida, in the end, even though it was close, stepped up said, this reflects more what we're about. so they went back to governor scott it seems, senator, to desantis because they kind of

like trump. he won this he is mirror image of trump. stuart: apart being socialist, andrew gillum is attractive candidate, articulate guy, 39 years of age. ask you the same question about texas. that was a real tight race between ted cruz and beto o'rourke. cruz did win. why was it so close in texas of all places? >> couple things. will hurd is struggling with a slight lead. expecting to win in texas, a cia guy. had the seat for two years, in the fight of his life down on the border in texas. there is a sense, you know the stats, we talked about it on the couch on "fox & friends," so many people moving to texas, and opportunity, recruited by governor perry in particular, next thing you know they're changing what the state is about. bring liberals from california into texas, texas begins to change. maybe success is hurting them if you're a republican.

number two beto o'rourke is extremely dynamic, new, exciting. has a lot of celebrity money coming in. they say he has 35 and $50 million. as karl rove said last night, if o'rourke took a moderate agenda or center-right agenda and ran as a democrat he might have won. ted cruz having dissed president trump even at the convention in horrific fight, for the nomination, a lot of people in texas didn't forgive him for what he did even though donald trump asked them to. in the end o'rourke got close but would not be upset. we didn't get the upset in new jersey with senator menendez. humiliated, you know new jersey. some people think you live there. you won't tell me exactly where you live. senator menendez didn't even get cleared. hung jury. stuart: that is jersey, right? that is new jersey. about as deep blue as you can get. brian i'm out of time. thanks for joining us or me

joining you don't know the way it is. >> see you at the christmas party. stuart: thank you, brian. next hour, big stuff. president trump hold as news conference 11:30 eastern. he will take a victory lap i'm pretty sure of that. you will see it guaranteed. liz: pelosi at noon. stuart: pelosi at noon. thank you very much, lizzie. a big night for the gop. martha maccallum hosted the coverage on fox news. i want to get her take. she will be with me on set. joining me in a moment. ♪ we have the freedom to build a plan. a porfolio based specifically on their needs. we're fiduciaries, stewards of our clients' money. entrusted to do what's right. it's a mission. a guiding principle our firm lives by. charles schwab is proud to support more independent

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♪ ashley: in the last hour rnc chair ronna romney mcdanielle told us the democrats may have taken the house but the president will fight to preserve a strong economy. take a listen. >> i do. that is who the president is. he will push back. and he is, he is welcomed nancy pelosi. called her last night. said i'm willing to work with you. he will always put the american people first but he will not let the democrats roll over him, no way. they see the results of this economy. he will not let them take that back. jobs are up. wages are up. we see a great gdp. he will fight for that every step of the way. he will not let the democrats get in the way of that. ♪ welcome to the place where people go

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day. we're up 270 points as we speak. that is better than 1%. there is that whopping great big gain for the nasdaq. it is up 133 points. that is huge. look at cillo, real estate company. they cut their forecast. there you go, 23% lower for zillow. the kraft website, etsy. i think that is tchotkes marketplace, my personal opinion. they raise the their outlook. we have a real star of the campaign and the election with us now. the lady who helped co-host the election coverage, with us this morning despite an absence of sleep martha maccallum. here she is. >> i said to one of the young producers in the hall, i was like, i'm really tired. this is the life we've chosen, you know. that is the way it goes. stuart: i thought your coverage was absolutely fantastic and i

want you to take us through it. because you called the race for the house right about 9:30 before anybody else. that was a turning point. >> obviously weed ha the new fox news voter analysis numbers. the brain room and the camera looking down at the brain room as they crunched all those numbers. they just felt in confidentially, when they looked at the raw data, looked at the voter analysis they were able to extrapolate from what was still left out there, they were right. stuart: got it right before everybody else. >> bo to 37 for democrats in the house. it was at the time, we looked at each other for doing that. we had only seven in. they are smarter than we are. stuart: i was looking at swings. it swung both ways as you went through the night. there were waves that favored republicans, democrats, all the rest of it. >> in many ways it is a reflection where we are as a country. it was very interesting to watch. we are very divided as a nation.

i think it is going to be, i saw mitch mcconnell talking about this. not like they have had a rosie, easy time passing a ton of stuff with both houses for republicans. these are always difficult things. as you say maybe infrastructure is a place to start. it would be very interesting to see the senate tackle health care and bring that back to the house side, see if that is possible. so we will see. stuart: let's see what nancy pelosi has to say. she has a news conference right after president trump's news conference. >> that's right. stuart: that will be fascinating. >> if she can hold on to her job. a lot of these new members -- stuart: she will raise the issue. >> she is pretty good holding on to her job. stuart: liz cheney, republican from wyoming, i believe, sending a letter to her colleagues. here is the quote. we need to be able to drive our message across all platforms. we need to own "the daily news" cycles. we need to lead and win the

messaging wars. well you lead the news cycle on fox news channel. what do you make of that? it goes on. we found ourselves playing catch-up without access to useful information and not on offense. constantly playing defense in the battle of communications is a recipe for failure. comment? >> she want as bigger role obviously speaking for the republican party. and i think she, makes an argument that is very constructive in a lot of ways. we talked about you who the tax plan was or wasn't sold to the american people in terms how it would impact their lives. i think that republicans on the whole have a difficult time with messaging. i think sometimes democrats are really effective at messaging in a way that gives people just some ideas to grab on to, well, that sounds good. that sounds fair. that sounds like a good motivation. they're better at messaging than republicans are. stuart: she is also saying,

ms. cheney says we can't get our message through the media and the media is having none of us. she objects to that. >> it is kind of a chicken and egg syndrome in some ways. i do think republicans, during their campaigning are not strong on messaging, explaining, explaining what they, what their platform is to people. stuart: you explained things very well last night. that is all i can say. you were anance absolute star. privilege to have you on the show. >> always a pleasure to be here. thanks for having me. stuart: see you later. democrats took control of the house. i think that means we could see big fights over the budget with the republicans. even some shutdowns of government. i will talk to a republican on the budget committee, soon to be under democrat leadership. that's next. ♪ see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know?

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stuart: forging ahead. now we're up 272 points. that is better than 1% for the dow. back above 25,900. got it, democrats indeed took back the house. that means they will be chairing key committees across the board in the house. joining us congressman and house budget committee member jason smith, republican of missouri.

congressman, i think, there is going to be budget crises plural, and government shut downs, plural, with the democrats in charge. am i wrong? >> no, you're not wrong. you're exactly seen just througt this election process the resistance that the democrats and liberals have been pushing unleadership of nancy pelosi. the prime example is to look what happened during the kavanaugh hearings. you saw how the liberals, how they responded, how they acted, how they would do anything to basically push back on anything that the president supports or pushes. this is exactly what the american public, the american people are going to see when nancy pelosi takes that gavel. they have already tried to attempt to impeach him twice. she will do it again. anything that president trump is pushing trying to bring forth, it will be a lot of resistance and she will keep pushing hard. stuart: the democrats i think will try to raise taxes especially on business.

they want to take that money back in their parlance. can you beat that back? >> stuart, it is what they campaigned on. they campaigned on we want to reverse the tax cut and jobs act. i served on the ways and means committee. i helped write the tax bill working with the president. this is their priority. the good thing about it, the american people don't want that to happen. we saw that by picking up seats in the united states senate. we have to hope that senator mcconnell and united states senate pushes back to stop that you can guarranty myself and house republicans will fight back tooth and nail to push back to make sure americans taxes are not raised. stuart: granted you can push back to make sure taxes are not raised but can you move forward with tax cuts 2.0? making old tax cuts permanent and making 401(k)s available to far more people? can you do that. >> stuart we have two months before nancy pelosi gets the gavel. i'm pushing every member of house leadership. i'm pushing my house

republicans. if we have to work 24 hours a day around the clock for the next two months to make the tax cut and jobs act permanent, we better do it. whenever nancy pelosi is in charge it is going to be insanity. stuart: that is the window of opportunity? that is all you got, a couple months? that's it? >> the next two hours. as we know the democrats voted against the tax cut and jobs act. they didn't support it. they oppose anything president trump pushes. the fact that the president wants to make tax cuts permanent under tax reform 2.0. they will be against it. we have to do it the next two months if we want permanency. stuart: congressman. thanks for joining us. this is very important day. we appreciate you being here. >> appreciate it, stuart. stuart: president trump will be speaking roughly 30 minutes from now, press conference that is. big night for republicans, especially in the senate. you will see the press conference here. roughly 11:30 eastern time. we just time to check the big

board for you. that is a rally 1/2. we're up 265 points. we're back to 25,900. evidently investors like gridlock. that is what we've got. we've got a rally. back in a second. ♪ numbers to examine investment opportunities firsthand. like a biotech firm that engineers a patient's own cells to fight cancer. this is strategic investing. because your investments deserve the full story. ..

stuart: lessons from the election to the disgraceful treatment of justice kavanagh hurt the democrats. while they now compounded her error? he will reopen the investigation even though it's now or build it to a kavanagh's accusers change their story. for the democrats, kavanagh may be a lesson not learned. celebrity endorsements didn't work. hollywood poured money and video support into beta or works campaign in texas. he lost. taylor swept him into politics for the first time supporting a democrat in tennessee. he lost beard opera went door-to-door for stacy abrams in

georgia. not called yet, but it looks like she lost beard here's a lesson i learned. the economy was not the money that drove the boat. the coverage of preexisting conditions and heavily subsidized care for tens of millions of voters. the lesson learned is that spirit wants the the government gives something that's almost impossible to take it back. here's an observation. the gop is now mr. trump's gop. complete transformation from the establishment republicans who used to dominate the party. unity under charm. division among democrats. many newcomers on medicare for all, free college, abolish eyes, far less stuff. how does that sit with the old god. will they legislate or investigate. a lesson on money. 18 midterm election since 1946. every single year in the 12 months after the vote, the stock

market went up and went up a lot. 17% on average. now there is a lesson the like. how many times as the president and archer reign in his language, his tone in the streets? did he do it? almost never. here's the lesson for 2020. don't expect any change for this president. as a least two more years of the term show. he picks fights it is not tired of winning. stay there, please. the postelection news conference will be on your screen shortly. must-see tv is the third hour of "varney & company" drives off. ♪ i get it. we're having a little fun here. getaway car by taylor swift. she went right after earning the

tennessee senate race in marsha blackburn one big time. >> marcia was in the getaway car. we saw a getaway car was appropriate on a day like today having a little fun. president trump holds a news conference at the white house here to be talking about the mid-terms by the head of the rnc cities a very happy guy with the election. as soon as you start talking, you will see an inherent right here. stay in the midterms. a recap of some of the big races. texas, senator ted cruz defeated beto o'rourke despite a major challenge was in arabic or repaired indian approach ump republican defeated democrat and leftist senator joe donnelly. an arizona republican martha mcsally holds a slight lead over democrat christensen among 49-48. the race is not yet being called but it's leaning republican.

democrat gavin newsom easily beat john cox. cox lost by 19 points. florida's governor race, republican ron desantis defeated andrew guillen by a razor thin margin. the florida senate race, democrat bill nelson wants a recount. republican rick scott has a narrow lead over nelson. the race has been called for scott. we will have new leadership in the house and a bigger gop majority in the senate. here are the numbers. democrats control the house 219 seats. republicans won 93. that lead could be increased as the numbers come in. the republicans increased their lead to 52 to 45, three seats undecided. arizona, montana leading republican and also mississippi. let's get to your money. check the big board. at the rally.

stocks of 273 in the dow better than 1%. we need people to help out with analysis and i've got them for you. charles payne, host of making money and that its managing director john lonski. charles, first gridlock. the market likes it. >> the market likes republicans get the senate by wide margin in president trump's economic agenda cannot be derailed and maybe get some things done. >> it can be derailed, but can it be capped? >> you will get anemic tax cuts. the market was never build an add-in. they had a tough time getting the original tax bill through in the first place. they would have needed to keep the house to get anything done and i don't think the market saw that happening. stuart: when you say? >> the market doesn't have to worry about additional fiscal stimulus or further widening of

the federal budget deficit that could put upward pressure on interest rates and in fact i hate to say it that yield curve is flattening. the market expects some slowing of economic activity. trying to tell me about infrastructure. surely that's a possibility. >> i don't and it's going to happen. i don't think they want to do anything that helps trump in his reelection bid for 2020. the way they pay for infrastructure is to get the corporate tax cuts. that's a no go. >> it started last week with material names. i was talking about them a lot on my show. biggest performers in the last six days in the market. martin marietta what i found interesting is management talks about for guidance the fast act. was passed under barack obama. it had overwhelming support from both parties. a $300 million deal from five

years under my federal reserve bank. they made some changes in the procedures to raise money and a few other things. i really believe the democrats want to come away saying we are more than resist. they will do this. i have to say if it means in adding to the deficit, but do that as well. >> it seems as though fiscal policy has effectively been neutralized by the selection and there's only one game in town right now for policy have been the federal reserve. this makes it less likely the fed can afford the height aggressively. >> a better tomorrow find a way to articulate to wall street that they have an idea for neutral is because october 3rd jay paul wrecked his market when he suggested he had no idea what it was that he was overshooting. i was a killer. so i agree with you and even though they're not going to do anything and they at least articulate and we'll be around

three, three and a half of a wall overshoot. >> or rdf on materials. advanced micro looks like it's on the bottom. gm. highest average selling price in the country's history. burlington coat factory. you've got a b. in it. t.j. maxx because the consumer is robust going into this holiday season. stuart: your enthusiastic. we are rolling. stuart: i feel great for them a lot for this week would be tomorrow. i hope they articulate something to let the sound of got their act together. >> with democrats in control of the house, does this mean the growth agenda will soar? would you say? >> it stays where it is. by the way, and success begets

success. >> more capital spending with a higher real wages. >> and a prediction before we close out the segment. where do we end the year on the dow? >> a new all-time high. >> absolutely. rocket ship. i know you don't drink, but at least buy me a bottle of champagne. end of the year where are we? >> up another five, 10%. stuart: you guys are talking about the rally. >> would just rather go back to where we were. last one, what if you got? >> charles is right but i'm not sure what it would be. this market has legs. stuart: is two hours and 10 minutes into the show in the first effort about a whopping great big rally by the end of the year. you should be in the 9:00 hour. we are out of time.

good luck i say. individual stocks moving. twenty-first century fox parent company of this network reported that her profit, not much change for the stock. apple is releasing its new product today you can actually get the new ipad and the stock is up along with the rest $2 higher. now the most popular grocery store for online shoppers have surpassed amazon. has anybody done that before? wal-mart at 103. democrats control the house. it is likely they will open up numerous investigations into the president. coming up, congressman jim jordan on the house judiciary committee. i want to know how he is preparing for investigation delusion. this will also be his first tv interview since he announced running for house minority leader. you hear from the president on a

conference about the midterms. we're told he is very happy with the election results. don't miss the must-see tv coming up for you.

stuart: marijuana was a big winner in the midterms. look at michigan. 56% of voters supported legal recreational use and possession that makes michigan the 10th state to allow recreational marijuana. voters in north dakota rejected a ballot member beyond medical use. a couple of states opening up to medical marijuana for the first time. 65% of missourians voted for it. in utah 53% support legalized medical marijuana for certain

elements says. with democrats in control of the house, they're expected to go after president trump with all kinds of investigations. the president treated about that this morning. if democrats think they're going to waste taxpayer money investigating us at the house level, we will likewise be forced to consider investigating them for all kinds of leaks of classified information much else at the senate level. two can play that game. joining us now, jim jordan, republican from ohio, member of the house judiciary committee. democrat is going to lead your committee. he wants to reopen a to reopen the kavanaugh investigation. what you say about that? >> at not just him. maxine waters in the financial services committee. they've been real clear. they will investigate everything. the president's trade i think is what americans appreciate is the fight that he has been in and the willingness to push back and

defend himself. they're going to tax the cause, the kavanaugh hearing will continue to look at anything that's happening with his cabinet members. though go crazy because i don't think they can help themselves. i don't think that will inspire confidence in our economy either but that's what they're going to do. stuart: i'm with you. what about the other side of the coin hillary clinton is seems like she's home for you she's home for you because you're not investigating hillary clinton with democrats running the house. >> now, and address americans crazy. the idea that if there is one a set of rules but if you're part of the politically connected class like clinton, and you never get investigated and it's a different standard for you. when they do all this, we won't continue what we need to be doing, which is what did the fbi do in 2016 in relation with this dossier in the trump campaign.

what all happened at the justice justice department, factor five top people have been fired or left the fbi. we won't continue the investigation which is critical to do if democrats are in charge and not be the tough part. >> at the very least the very least love you with a tie up the administration endless subpoenas. come on over here could we want to see this come along to talk to you about this. that ties up an administration. does that stop any further moves to get the economy going from a growth economy? >> i hope not, but i do think you're right that it's likely for the next two years american politics will be dominated by folks in the house investigating the president in the white house announced unfortunate that we need to get more things done and focus on the things we need to do, maxine waters the lady who said impeachment six time. stand up and harass anybody who supports the president so i

don't think she can help herself. her and the rest will consider the white house. stuart: this is your first time on tv i think since you announced your running for house minority leader. tell us why you should be the guy. >> in 2016 the american people elected president trump to come to this town and change it. he is doing now. i think we need the same kind from house republicans. i don't think we've done exactly what we said we were going to do and we replaced obamacare yet. have we secured the border yet? we have to stand up and defend the white house. we have to work with the president over these next two years and show the american people while we deserve to be in the minority so we can get done what the senator to do. that's what i want to do given the opportunity that my colleague to lead us in the minority. stuart: jim jordan, thank you for joining us. much appreciated, sir. this is the time that i start with that coin.

$6500 today. gold is just about $1200 an ounce. $12.29 to be precise. the price of oil big held up in the amount of oil in storage. the price goes down to $61 a barrel and gas goes down $2.74 is your national average down 28 straight days. the market nice rally. 255 points up on this the day after the election. gridlock in congress. investors love it. we are waiting for the president. will be back. ♪ alerts -- wouldn't you like one from the market

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stuart: moments are now, president trump holds a postelection news conference that's going to come to his right for the white house. blake urman is fair. i think it's going to take a victory lap. what say you? >> that's one thing we'll hear from the president though i can say we're not sure where this will start, where this will end in what will happen in the middle because it's expected to be a freewheeling news conference from the president on

the one hand expecting to talk about the senate gains republicans picked up last night at the line from republicans today is those kids are running and historical, when you compare them to the historical average ahead of the senate and about average in the house. democrats of course today are declaring that during because they indeed flip the house and now they have control of the house which brings a host of other questions, including what the policy items will be that both sides can work on. what democrats may or may not subpoena, who they may or may not subpoena et cetera down the line. we expect to hear all of those issues here in about five minutes or so pale of a dirty cloth. we from mitch mcconnell this morning. nancy pelosi goes after but the president, the headliner expects them in a moment. stuart: it's going to be entertaining, must-see tv. i can't wait. i really am enthused about watching the press conference. i bet you are too, blake.

trinidad got a first receipt so i can't complain. stuart: you've come up in the world. stick with fox business. you're doing all right. the markets right now not quite at the height of the day, but certainly a 256 points on the upside. moments from now the president will take you shortly. ♪ hey there people eligible for medicare.

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and when you travel, your plan will go with you - anywhere in the country. whew! call or go online and find out more. stuart: were going to bring it is must-see tv at the moment. this is must-see tv but more of it when the president starts to speak at his press conference at the white house. blake urman has been there. he's told us he is going to show up at the relapse. that is interesting. we'll bring you the president literally momentarily. right now the other big story of the day on your screens right hand side. the market rally. 260 points up for the dow industrials the day after the midterms, the day after the democrats won control of the house. is not extraordinary? do check big tech because this is where you see the biggest gains. we've got facebook about 34.

google $25 higher. amazon is $72 higher. that is 4%. look at apple 206. not much of a recovery so far about microsoft making a running right there at 375, 325%. as we said, we'll keep telling you this because we want you to watch it here comes the president's news conference. meanwhile i want to bring to your attention a tweet the president sent out about nancy pelosi. can we put it up on the screens, please? this is a big deal. in all fairness nancy pelosi deserves to be speaker of the house by democrats. they give her a hard time perhaps we will add some republican votes. she has earned this great honor. liz: sarcastic trolling. not just a foil that could

ensure this 2020 reelection. it's not a priority for the house democrat. he will want to cut deals. stuart: her less than there is a lot of leftists in this new congress. going right after nancy pelosi. you've got to impeach him. resist him. liz: sheehan steny hoyer has said no to that and also know to their socialist agenda. their socialist agenda i'm paraphrasing will not work for the american people. so you see some kind of a moderate coming out possibly nancy pelosi. i'm thinking they will cut a deal on drug or a saint and that will satisfy both parties then they will give medicare to

negotiate drug prices down. again the pharmacy benefit managers take ahead. that's her common ground can be found. i don't think they do infrastructure. the democrats want to raise corporate taxes. that's a no go for charm. he will fight for that again. they will come to an agreement again on the budget. they haven't passed a budget on time in the last seven years. the president gave out olive branch to chuck schumer and nancy pelosi. look at the budget done and they got it done. within a month the good relations were off. i am optimistic. i am. stuart: i think we'll see some entertaining repartee between the president and nancy pelosi. i think she is his foil. she is his pathway to 2020 reelection because he's going to be running against her. >> the undercurrent in the streets this morning as he seems to be exalting into possibly taking on the democrats in the

house and number two margaret ortega says that he can rise well above the smart behavior into foreign policy and look great in presidential on the global stage. stuart: left-hand side of your screen whenever president trump to begin a news conference. right inside momentarily fred barnes executive editor of the weekly standard he joins us now. it occurs to me that after these elections this is 100% trumps gop. am i right? >> pretty close to it anyway, but yes it is now when people like bob corker and jeff flake are leaving. it is his party, but the hard thing is for him to figure what to do it for the next few years. stuart: the president we are told is about to take a victory lap. we are told he is really happy with the elections yesterday. is that just a front or is he

right to say was a victory of sorts. certainly the increased number sunday. >> i wouldn't say it's a victory of sorts. he certainly stay about something that might've been worse. certainly president obama in his first midterm was much worse and has been for other presidents as well. certainly president trump is alive and standing and they started his presidential campaign and made some ground on not over the last couple of weeks. stuart: started his presidential campaign. he's going to start up his news conference by going right after nancy pelosi. are you with me on that? >> look, she may not be around. i think she will be, but i think she is a little bit tougher and opponent in president trump thinks. some matter and some smart moves

i think he'll do fine. stuart: iges on the likud individual races for a second. florida, the gubernatorial race is extremely tight. the senate race extremely tight, very close. i don't understand that. florida is doing extremely well. jobs created, why would these phrases so close in florida? >> i'm not quite sure either. one guess is trump dominates everything. he's the issue everywhere and he certainly wasn't his rallies and got a great deal of attention. they weren't quite as big a tourist the whole kavanaugh bill was, but trump just sort of blocks everything else out. unfortunately i think a lot of people took the economy for granted. stuart: tommy about texas. of all places, 400,000 new jobs. it's a close race between ted

cruz and beto o'rourke could explain that one. >> one thing is money. democrats had millions and millions more that they could spend in texas and florida. the republicans could. that wasn't enough to defeat ted cruz where the candidate for governor and senate in florida, but it made the race is very, very close. stuart: the big win was obviously in the senate. republicans picked up four seats and maybe another two. to me, the wind as that republican majority in the senate allows republicans to reshape the judiciary. that's the big win. >> i personally talked to about it in recent months if this happens is the senate majority leader, mitch back on all.

they can continue in the senate to move right along and bring in new conservative judges and perhaps even a new conservative supreme court justice. stuart: i think it probably will if they got the opportunity to do that. blake burman is right there in the middle of it. this is must-see tv. i think it's going to be entertaining. i'm expecting a press conference before the election for the president answers any and all questions. he's all over the place with a forceful presentation. that's it i'm expecting. reporter: there will be some looking back as would have been yesterday, last night all across the country and i presume as well looking forward as well, as crazy as it sounds as we been

fixated on the 28 midterms. 2020 starting today the president was not on the ballot even though he said in a way it was about him, but going forward with an eye towards 2020 he of course is on the ballot than any gets to sort of set the table here going forward as he now knows what he will be dealing with at least in terms of a congressional situation, a congressional map going forward with house democrats, democrats in the house having controlled the republicans in the senate expanding their lead. there are a host of issues we could get into. you're talking about judges, for example. mitch mcconnell to tee up the president was talking about how he still feels one of the signature accomplishments so far is the ability to pack the courts with conservative justices and what we saw last night is that republicans and specifically this president will be able to do just that. we do not believe we are about a

minute or two away, stuart. i do have some time here. >> i guess we can talk about whatever we want. stuart: estrada believes in that room is electric. the other numbers are working up for a great big fight. >> we've got the announcement a few hours ago. came from press secretary sarah sanders and there was the -- to get over to the white house. 100 or so just eyeballing right now for this press conference for five and so this is the event here in washington. now we away. we heard from the president on twitter now we wait president trump themselves or to celebrate last night lay out how he sees the next couple years and how they could potentially go that he doesn't want to deal with and of course again i suspect some talk here about 2020 and how the

presidency is all that shaking out. >> i know you've got a front row seat maybe you should take that seat because you want to be prepped for this because i think it's going to be a big deal. liz: we were talking about the polls and how the polls are wrong again not picking up. the polls don't seem to pick up the republican voter. it was a surprise. people thought andrew gillam was going to win in florida, that mike do mine was going to lose in ohio. they thought, you know, it was going to be stacy abrams in georgia. but you know, what does this mean for the media coverage and going forward to future elections at the polls consistently seem not to be picking up for public voters. will the media start recognizing that animal policies now come to the forefront in coverage. stuart: look, and i think your point policy should come to the

fore on the part of a hostile media. we should be discussing policy, but really i don't think it's going to happen. riddled with contempt for this guy. >> ratings for certain news shows on not when it's about trout. you wonder if the president's plane that. he knows that the republican voters care about policy in pocketbook issues in creating small businesses. the dna of the united states of america is the entrepreneurial spirit. that's the genius of the american spirit. and he gets bad and they want to hear about policies. you've got to wonder when democrats will come home to themselves what they used to be. ted kennedy voted for the tax cuts. joe biden did. john kerry did. chuck schumer did. they have to come back to the used to be. you wonder if nancy pelosi and steny hoyer will hear that for the disaffected blue-collar union voter who is democrat for a long time, for generations in

saying i feel home is now in this party. stuart: fred barnes, i'm sure you've been listening to this. would you make of liz's thing here? >> i don't think democrats are listening. the so-called resistance and all the elected democrat are going to do what they want and continues as to the last. they don't really care about republican voters. they are going to do this on their own. if they really wanted to do something that i think a large majority of the american people would like them to do, that is to compromise with trump. what they want his things from trump and give him nothing in return. stuart: i think the democrats are going to overdo it. they're going to go gung ho with investigations of subpoenas and probes in hearings and all that stuff and i don't think the country wants it and i don't think they're going to go to policy and if they do they're

being yanked to the far left. liz: that's a good point. 123 democrats supporting medicare for all. now it got donna shalala in the house. adam schiff looks like he's going to launch first money laundering into the trump organization supporting russians and the molar propyl comeback on the forefront. you've got to wonder what will sell for the 2020 election? what do the voters want? stuart: earlier today were discussing what kind of investigations they would be into the trump administration on the part of house democrats. we are told they are going to subpoena trumps tax returns. trump hotel receipts on the grounds that the saudi's may have been staying alive in trump hotels and thereby feeding income to trump. that's the emoluments offense i believe. they are going to subpoena his cell phone records. you do all of that and you've

really gone overboard in my opinion. >> indeed. you go way overboard. the american people are eagerly awaiting a list of the phone records for president trump. they may be interested or at least curious about his tax returns. that's going to take a lot of time. the white house can challenge the subpoenas in court. democrats can really bog themselves down and all this stuff and probably will. stuart: that's interesting. democrats could get bogged down as opposed to the administration being bogged down with your infant questions. that's interesting. liz: i covered it appeared i was at "the wall street journal" got done watching this clinton monica lewinsky probe unfolds. i was covering corporate accounting for the iris back then. we notably saul voter fatigue with the ken starr probe. people started getting tired of it. dragged on for two years.

the voter just want stuff done. they want things done. stuart: i'm going to break away and talk about the market for a moment. an important day for the stock market because it's a day after the midterms and the democrats retake control of the house. the theory is you've got gridlock in washington and investors like gridlock. i'm going to throw one statistic act you which why maybe we got this rally. 18 midterm election since 1946. on every single occasion in every single aftermath of these midterms, every single time the market has gone up in the 12 months right after the midterm election. not just gone up a little, but an average of 17%. that's really hard to argue. histories on your your side when you look at what's going on in the market. train for the third year of an election cycle is usually very positive. they do pop up overall into the

third year. this will test the president's ability to compromise because coming in no come on like nixon or reagan, trump has not built a larger coalition in his day. he's had the republican lock on the branches of government. now if he wants to be reelected, will he try to make a play for the suburban republican soccer mom come in the whole foods mom or the independence. the crowd wants border security but they want humane immigration laws. the president has a policy and they rejected it. stuart: a moment ago i suggested blake irving take his seat on the front row of his press conference. i don't think he did. he's still standing up. he's got his microphone right there. reporter: it's like a workout, stuart after a night of notes leap or little sleep. we are still awaiting the president here. this is called 4:11:30. it's late, no surprise.

kind of an everyday thing around here. what is not in everything is getting a press conference of this magnitude from the president. i expect this to be a pretty sprawling press conference are probably 100 or so members of the media here and we anticipate the president to take questions on a variety of topics. you can kind of get sent to where it's going and how he feels less money. he called it a big victory. now points to the senate in which republicans have extended their lead in the senate and house whip which would lead many to ask how is that a big victory now that democrats control capitol hill and as the judge says that could potentially lead to a slew of investigations. speaking of the president's thoughts on those in just a little while. he did treat out earlier today someone every time, maybe a little bit of a warning that if democrats want to go down the road of investigations, a reminder that republicans controlled the senate as well

and potentially some implications there. we still have no idea when it's going to show up. i will send it back to you on that. stuart: this is where yours your money. you don't take a break so you can't dodge behind the commercial. we've been waiting 17 minutes right now so you've got to fill that time. you're earning your keep there and that's pretty good at that essay. >> it's a two-way street on this, right? stuart: guess it is. quickly, i do want to make one more point and that is that nancy pelosi will hold her news conference right after the president's news conference. they will be mentioning nancy pelosi and his news conference in nancy pelosi will respond to that. reporter: nancy pelosi announced her new news conference earlier today announcing then they jumped the in line ahead of

pelosi. mcconnell, the president now and pelosi will get to respond to everything but the president says and of course the questions for her will be pretty similar to the questions of the president doing with investigations and what will happen the next two years of data. >> what you think the president is doing? no teleprompter up there. is he making one my notes or something? >> making cause i would think. we heard it for mcconnell earlier he made calls last night but didn't you return. this time changes, et cetera. we just got the two-minute warning. symbian you can do this for two more minutes ever wanted i can can send it back to you. whatever you'd like. >> but they explain the two-minute warning. that is a legitimate thing the president give to journalists. they're going to let you know watch out, here we come.

it's about to start. the two-minute warning usually means two minutes from now the president will appear. we've got the clock on him. we'll see if he would keep time on that one. fred barnes has 30 seconds to tell me something new. reporter: here is what the democrats probably won't do, but should do and that is except the lesson from the whole cabin off loud. that had a bigger impact on killing the blue wave that even trumps campaigning. what it says to democrats is tamp down all these attacks and one of them now is we're going to go after trump with subpoenas. i don't think that's going to help democrats. liz: forgive me, stuart. the kavanaugh hearing began in september when voters start to

pay attention to the midterms. i sat up and out what's going on in d.c. and watch the hearing. stuart: one mistake that i made and i thought that the underlying most important issue in the election with the economy. turns out it was health care that drew an awful lot of voters to the polls. concern of the health care preexisting conditions, that kind of thing. i don't know what the president can do about that. i don't think the gop has much of a position on obamacare replacing it and health care at this point. >> so far as i know, the president does and then republicans don't either. they tried in 2017, failed. look, they are stuck with it. some things like tax cut that they can't back away from and don't want to. >> to two minutes, by the way, we put a clock on it have come and gone. the president has ignored the two-minute warning and i believe

blake burman is still standing. reporter: the two-minute warning is almost like a five-minute warning, somewhere in the ballpark. they are starting to make their way and so we do expect the president any moment. stuart: let me segue to the market because of the president is about to speak, i want to notch it exactly where the market is when he starts to speak and then we can judge where is the market when he finished speaking. at the moment we are up 281 points. we've been at that level since 11:30 when the president was supposed to start his news conference. that is a gain of 1%. a whopping gain for the nasdaq composite in tech is doing very, very well today. that is a 36 points, a very broad-based indicator. that implies we've got a strong rally. i'll leave it at that. without a strong rally in place

and it's held right at that level, almost unmoved since 11:30. this market wants to know what will the president say. will he reach out an olive branch to nancy pelosi in order to the democrats are who now reached the house. will he reach out at all and say a deal is possible. maybe infrastructure or the budget. will he do that. will he make any comment on his strength and position vis-à-vis chinese trade. if you increase your majority in the senate during a much better position to negotiate especially because you're going to meet the chinese leader at the end of this month. if there's any progress on trade with china, that will go up some more. currently have 285 points. what the president says on health care i have no clue. no one knows what is going to say. he does have an answer on how to handle preexisting conditions is rather complex, rather complicated.

he may not get into it in detail, but he might say i've got a plan to deal with this because i know what's on your mind. anything else? transfer what's really striking is how much people don't like obamacare. here's the problem for the democrats. you really want to rip out the entire system and start fresh with medicare for all, canceling everybody's coverage, which is now a 57%, dropping the number of companies giving employer-provided coverage or just fix what we have. let's try to fix what we have is a conciliatory bridge for unity and we will in that vein launch interstate plans for different sectors to buy insurance. will they start talking policy and get united to get the american people. stuart: general kelly has lot in. before it does, i just want to bring this up.

have i made a mistake here. i presume that leftism, socialism is just not going to be popular in america. and yet, the socialists who stood for election yesterday, most of them did pretty well, andrew gillam included. am i underestimating the appeal of socialism in america today? >> i don't think that is what appeals of these people it did very well. democrats who are essentially socialist. the press doesn't treat them that way. you and i may identify them accurately that way. they are escaping. democrats have been doing this for years. they are all centrists and they are all something that's very acceptable to the american >> fred is right. single payer idea is in the democrat dna for years. not just fdr new deal thought of

socialist. truman went after single-payer. reagan doing marketing working for ge. he went after medicare in the 1950s ideas. if you do this will be socialism. this debate about socialism and health care has been on going i would say since at least the '40s. stuart: we have movement on the stock market. i said there was a paws with the dow plus 280. change that, we're up 309. that is 1.2%. almost one .25%, a solid gain indeed. nasdaq moved up more, it is up a full percentage point. as we approach the beginning i hope it will be the beginning real soon of the presidential press conference as we approach

that. the market going up some more. i don't know whether there is connection between impending news conference and the market rally, adding to that rally. i don't know whether there is connection. i don't know any other news development i should know about but bottom line the market keeps on going up. i'm guess pratt. i'm desperate. what have you got, fred. >> look, here is something to think about. what if there had been a blue wave? it certainly would included the senate going to democrats. and if you had the house and senate both in democratic hands, what would the market be doing then? stuart: do i see a door opening? i saw a door opening. there we go. ladies and gentlemen, the president of the united states of america. >> thank you, thank you very much, please. thank you.

there was a big day yesterday, inincredible day. last night the republican party defied history, to expand our senate majority while significantly beating expectations in the house for the midterm year. we did this in spite of a very dramatic fund-raising disadvantage driven by democrat wealthy donors and special interests and very hostile media coverage to put it mildly. the media coverage set a new record and a new standard. we also had a staggering number of house retirements. so it's a little tough. these are seats that could have been held pretty easily and, we had newcomers going in. a lot worked very hard. very difficult when you have that many retirements. we held a large number of campaign rallies with large,

large numbers of people going to everyone. to the best of my knowledge we didn't have a vacant or empty seat. i'm sure you would have reported it if you spotted one, including 30 rallies in the last 60 days. we saw the candidates that i supported achieve tremendous success last night. as an example of the 11 candidates we campaigned with during the last week, nine won last night. this vigorous campaigning stopped the blue wave they talked about. i don't know if there ever was such a thing. could have been if we didn't do campaigning, probably there could have been. the history really will see what a good job we did in the final couple of weeks, in terms of getting some tremendous people over the finish line. they are really tremendous people but many of them were not

known but we they will be known. this election marks the largest senate gains for a president's party in a first midterm election since at least president kennedy's in 1962. there have been only four midterm elections since 1934 in which a president's party has gained even a single senate seat. as of now we picked up at it looks like three. could be four. perhaps it could be two. but we picked up a lot. and, most likely the number will be three. you people probably know that better than i do at this point because you have looked at the more recent up in numbers. 55 is largest number of republican senators in the last 100 years. in the last 80 years, a sitting president's party