big tech. [closing bell rings] the dow off 259 points. all right. as i say good-bye, that will do it for the "claman countdown." thanks for joining us. liz back tomorrow. guys, take it away. connell: all right. 10-k and counting. that is your headline today. the nasdaq closing above the 10,000 mark for the first time ever and ending at a new record high for the third consecutive session. good to be with you. i'm connell mcshane. melissa: i'm melissa francis. this is "after the bell." the dow erasing gains made initially after the federal reserve announced it would keep interest rates near zero for the next two years. the s&p feel hundred also ending in the red. fox business team coverage. best of your memory best of your memory with blake burman from the white house. edward lawrence in washington. we kick it off with edward.

reporter: through 2022 the federal reserve keeping rates near the zero mark. gdp growth for the fed shows a loss of 6 1/2% this year but bouncing back 5 1/2% growth for inflation. fed predicts inflation under 1 1/2% for the year 2020. not reaching 2% target goal for the end of 2022. for the federal reserve, federal federal funds rate going nowhere. listen. >> we're not thinking about raising rates. we're not even thinking about thinking about raising rates. we're providing for the r support for the economy. we think this will take time. reporter: federal reserve chairman jerome powell says their goal is to get back to the record low unemployment, and inflation back to the 2% target line. they hinted they may let the economy run hot to reach those goals. he says record drop in second quarter growth but a

bounce-back towards the end of the year on unemployment. he says we may have seen the bottom. listen. >> the labor market may have hit bottom in may. we don't know that. we're going to see. and you know, many forecasters widely expect a recovery over the second half of the year. so it is possible but, the thing is, we're not going to overreact to a single data point. we're going to be very careful about reaching any conclusions about, about good data or bad data. reporter: and use their tools he says until they get back on solid footing with the recovery. he says, the fed is looking at gdp, i'm sorry the fed is looking at an unemployment rate under 10% by the end. year, 9.3%, and dropping even further to 7.6%. sees that day. he just don't know when that day is. back to you.

melissa: edward, thank you. let's go to lauren simonetti for market reaction there. lauren? lauren: it was a volatile session to say the least, melissa. the dow was down 334 points at the low. closed off of that but still sharply lower, down 282 in the end. look at this, the nasdaq made a go for it. first time ever it closed above the 10,000 milestone. apple became the first company, melissa, to reach a one 1/2 trillion dollar valuation. it hit a record high. so did amazon, microsoft, facebook and tesla, piercing $1000 a share for the very first time closings up $84 today as ceo elon musk is looking to ramp up production of the all electric semitrailer truck. dan ives, bull case for shares is, forget 1000, it is 1350 bucks. he is optimistic on tesla's battery technology getting more miles per charge. look here, this is what weighed on the s&p 500 today. many names are familiar. they led the market from the

march lows higher through the reopening of the country. you can see gap down 11%. norwegian cruise lines down 14% and some airlines sharply lower. jpmorgan downgraded united today, down 11%. a trade group says the airlines will lose collectively worldwide $84 billion this year. won't return to profitability until 2022. that news did not help jetmaker boeing. it is a member of the dow. it weighs the most on average today. energy stocks and banks also under pressure. the news from the fed keeping rates near zero through 2022. that hurts banks profitability. jpmorgan down 4%. back to you, melissa. melissa: thank you, lauren. connell? connell: let's go to blake burman at the white house. we have news on contending cities to be the host of the republican national convention in august. blake? reporter: indeed, connell, those unemployment projections put

forward by the fed you heard edward talk about will likely amplify the talks in washington, d.c. about the phase iv relief package. it was very interesting to hear from president trump's top two economic advisors today as they did not rule out the possibility of another round of direct payments. listen here. >> we're going to seriously look at whether we want to do more direct money to stimulate the economy. reporter: secretary said? >> it is possible. i don't want to say yes, i don't want to say no. reporter: he also mentioned, connell, it is becoming increasingly clear that the republican convention in late august will not take place in its entirety in charlotte, north carolina. the rnc said that could cost that area roughly $200 million in economic activity. the rnc says some meetings will occur there but they are looking at the big celebrations to take place in either jacksonville, florida, savannah, georgia,

nashville, tennessee, phoenix, arizona, or dallas, texas. that state's democratic governor, roy coopers says he will follow advice of health experts and data as to crowd size. the white house is blaming the governor for the potential move. >> the president is very frustrated with the politically-motivated governor of north carolina who is not doing what is in the best interests of his state which is to bring economic boom and economic activity and great resources that would come holding a convention. reporter: speaking of the president, connell and melissa, interesting a event opened up in the white house in the cabinet room. we're trying to figure out exactly what that may be. so we should get comments from the president at some point this hour and we will see if he reacts to the remarks made today by the fed chair. back to you. connell: all right. we'll keep an eye out for that. thank you, blake burman on the north lawn. melissa, back over to you. melissa: here to react is bill

mcgurn from "the wall street journal." he is also a fox news contributor. bill, you saw the map of places that apparently the president or republicans are considering. which location do you think would do him the most good? should he move it to florida? >> i don't know. it's interesting because to move out of north carolina, north carolina is a swing state. so i don't know if it would hurt. florida seems to me the biggest state, the most important state. he is actually a resident of florida today. so that might be a help but i think the dynamic has changed. a month ago i would have said they want to go to florida or a big place to hold big rallies, so the big convention with people there, to contrast themselves with the democrats. at the time that was over covid-19. i think democrats will have more of a virtual convention. and i think the president and the republicans wanted to show a difference. now i think it has change ad little because i think another factor, if you go somewhere and

have a big gathering, my guess is you're going to have some protests too. you know, it could be a lot like 1968 at the democratic convention when the protesters all descended on it. melissa: well, isn't that going to happen almost no matter what? >> i agree. melissa: yeah, so you might as well have a big of a convention you want. other thing interesting about it, you heard in the press questions today at the white house, they're still going to try to go with, it is such a danger that you want to have a rally, that you want to have this huge convention but it is hard to make that case when you see the throngs of humanity in the streets in l.a. or wherever elsewhere they're protesting. so i don't know, democrats seem like they're going to try to continue the narrative that it is selfish for the president to do this and dangerous but, i

think. >> right. melissa: in some ways they opened the door to restarting that rally machine. how hard is that for them now if the rallies get back underway? >> i think it is going to be very hard because people see the double standards at work. you know, people were told, it would be cited or arrested for going to church, right, in defiance of the lockdown but in washington people burnt a church. didn't look like anyone got there or arrested anyone for it for a while. so i think that is going to be hard to sustain that kind of double standard that we've seen. no one seems to be pushing these people off the streets for violating curfew, violating covid-19 restrictions. again i think this is all this is unraveling on the health crisis part of the equation. melissa: there were very practical reasons why democrats would be rooting for the president to not have more of those rallies. and in fact before we all got

shut in, he had one last rally. that has been the strength of the campaign, that they're able to collect all kinds of signatures. people willing to come out. people who went, were democrats. bassally a free stand-up show in your community. so a lot of people they asked as they went out, why are you here if you don't support the president? my friend were going and it was going to be entertaining. while you're there you give all the information in order to get a ticket. your address, phone number. >> right. melissa: they built this tremendous grassroots organization. do democrats have anything that can go up against that? >> well democrats always had the advantage they have a lot of groups who can mobilize their forces, teachers, unions, and so forth. so if they wanted to do it they could probably, they can muster crowds if they want to. but i think the president has a genius for that. although again i wonder about these rallies. if the rallies become a scene of attracting counterdemonstrators who are violent, it could get very, very ugly.

so you know, i think one thing joe biden has proved that politicians might do better not being heard down in their basement. i think his ratings have gone up the less we've seen of him. the question is for the rest of the campaign, will that hold? will the president's usual magic, you know the rallies sustain a lot of people. as you say not just getting together for one night but they get. mails, information. it is a very sophisticated operation. is that going to be threatened by -- melissa: if i can interrupt you for one second, bill. i want to say he just announced that the first rally is going to be in oklahoma. am i saying that right, booth? in oklahoma he is announcing the first rally to come back now. as much as we suspected, seeing all of these crowds out and gathering and all of the protest has opened the door back again for the president to go out and hold these rallies. but as you saud, the trick is going to be what happens

outside. and as both groups collide, how do you control that scene? how do you control safety? how do you have it not turn into something that becomes the story and is very ugly, what do you think? >> i agree entirely, that is the way i make choices where to have these. is it a venue that can be protected, that you can keep that from happening t could look very ugly. on the other hand it could engender if the president has rallies and they are disrupted by angry protesters who turn violent. that helped him last time when some of his supporters got attacked. melissa: you're so brilliant of course, because you just answered your owe question why not north carolina. if he is not getting support from the state's governor as it is he will not get the security around the convention. it is not just about the people inside. it is about the idea, can you keep the scene outside from turning into something violent? florida's governor, everybody in

charge in florida has proven to be an able friend to the president and also they have pulled off the reopening very well, controlled cove individual. so they have they can hold things together. bill mcgurn. thank you very much. connell, back over to you. >> thank you, melissa. connell: quick note on event you referenced at white house president made comments on the israeli. blake was talking about a few minutes ago, there was late add to the president's schedule. it is going on right now. president is meeting with the leaders of the black community. he made the comment saying first campaign event will be in oklahoma and move on to florida and have other events he said. he made comments about the nasdaq record high and breaking that 10,000 mark that we were reporting on. the participants at this event include lawrence jones who is a fox contributor, pastor darrell scott, kareem linear, chairman of the urban revitalization coalition. a meeting roundtable with leaders from the african-american community where

he made the comments moments ago. as we continue we have virus news we're tracking to see whether indeed there is a spike across the nation. we zoo it in some states. covid-19 hospitalizations are on the rise. texas, north carolina, california, arkansas, mississippi, utah, and arizona. at least 14 states are recording highest seven day average of new cases. so, what could that mean in terms of the reopening plans around the country? we'll talk about that and industries trying to bounce back. plus there is a new trend looking to become more permanent and it could leave big cities empty across the u.s. details on that up next.

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♪. connell: from the big apple out to the suburbs, realtors saying houses that were on the market for years sold almost immediately during the height of the coronavirus pandemic because the high demand for people moving out of new york city. on the phone with us bill melink, a real estate agent. we're seeing in other cities but more pronounced in new york. we heard about a lot of people

just renting a place. they wanted to get out to see how things would play out. is it becoming more permanent now? tell us some stories? >> absolutely. rentals probably sold out in second week of march. and people actually have renewed their leases to go all the way through the summer. after that happened people were interested in buying houses. as you said, a lot of houses sitting for a long time sold at asking or above asking. if you look all of 2019, we were closing an average 10% off the list price. in the last few weeks or the last quarter, we're closing closer two to 4% over off the list price and close to asking. connell: you were quoted in an article in a public caution talking about the phenomenon. that caught my eye. said something to effectability people move out, want things fixed up, new kitchen, now it is

if the toilet flushes i'm in environment? >> that was tongue-in-cheek quote in the new york post but it is true. more importantly a sellers market and lots of buyers coming up. the average profile of our buyers is young couples from new york, brooklyn, manhattan with two or three kids. mom and dad work and you know, they will be working from home, they need good internet service and initially they were thinking maybe this is temporary thing you about they're asking about school systems as well just in case this needs to be a more permanent thing for them, if something like covid would happen again. connell: that's the question, right? that will be the telltale sign about whether manhattan and other cities bounce back or this move from urban living to more suburban living is something that's, that's permanent. what's your, what's your view on that? in new york city, the city has

been counted out number of times and bounced back every time whether from terrible recessions in the '70s, whether 9/11, after '08-09, it always bounced back. will it be different this time? >> i think new york city will definitely bounce back. i'm a new yorker as well. i love new york city and that is how new yorkers roll. people were very scared by the health crisis and they want to protect their families. connell: which places are getting the biggest benefit from this type of thing? is it, because if i live in a suburban area, for example, the houses are still very, very close together whereas if you move out further even you get more space. are people being very aggressive with it, looking for a lot of space or land or looking to get out of cities? >> in particular where the majority of my business is down, building restrictions and land preservation make the area very sparse in terms of buildings.

it is not very congested. it is much also, you know, populated than the hamptons and it is real country with really god school systems up here. we're also the last few stops on the harlem valley line which you know a commute are train to new york which is also appealing to a lot of people if they had to leave their families up here and you know, commute back to the city for a few days, it is completely feasible. connell: we'll keep following this story, bill. we'll have you back on in a few months or something leak that, just to see how temporary, how permanent it is. happening in other places or just here. bill, we appreciate it. melissa, back over to you. melissa: "fox business alert." we're getting new remarks from the president who is currently meeting with black leaders at the white house. president trump discussing the economy saying that it will be the best next year and the economic pain we're seeing now is the fault of the virus saying quote, it was a plague that floated in from china.

we'll continue to monitor this event and bring you any headlines from the president as we get them. newly launched streaming service feeling the heat. hb o max temporarily removing an oscar-winning film from the library. we'll tell you why. that is next. grocery store prices skyrocketing with the biggest monthly jump in nearly 50 years. some experts are warning it could get even worse. ♪.

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♪. connell: "fox business alert." with a few additional headlines from that meeting the president is having with black leaders at the white house, it's still going on from what we understand. the press pool passing a few additional headlines. the president talking again about the economy, a few moments ago, he says it will come back quickly. and then the president going through what he sees as his accomplishments in terms how they relate to the african-american community.

says he got criminal justice reform done and many other things. we've done a lot, says the president, for black communities. this is going on right now at the white house. we will continue to monitor it for you. melissa. melissa: controversy over classic film. hb o max temporarily pulling "gone with the wind" from its library amid racial tensions across the country. jackie deangelis joins us live with the details. jackie. reporter: good afternoon to you, melissa, george floyd's death raised awareness about racism. many companies want their customers and also the general public just to know that they're listening. they're listening, making changes to try to do better. hb o max, whose parent is at&t, announced it will remove "gone with the wind" from the streaming service. "gone with the wind" is a product of its time and depicts ethnic and racial prejudices unfortunately commonplace within american society. these depictions were wrong then and wrong today.

end quote. the move comes after john ridley the oscar-winning screenplay writer says that the firm perpetuated painful stereotypes an ignored the horrors of slavery. hb o max will return with disclaimers and more context and so people can better understand it. long time tv classic "cops," get canceled due to recent tensions. the show was set to started the 33rd season on paramount network on monday. the network decided to pull the program from the lineup. a week after it was learned that lego fill eighting marketing partners suspend advertising from lego sets depicting law enforcement officers. last weekend "the new york times," "philadelphia inquirer," they saw editorial heads resign over headlines that made the staff upset in the newsroom. guys. melissa: interesting times, jackie. thank you.

connell? connell: we have a virus-related sales slump. starbucks taking a massive revenue hit, potentially exceeding $3 billion in its third quarter. this of course because of the pandemic as the company says the outbreak will also slash its operating income. starbucks is hopeful that the disruption to business should subside though through the rest of the year. starbucks. melissa? melissa: chinese program in the spotlight. the justice department announcing indictment of a top scientist from a major u.s. university over his alleged work with wuhan university. plus a texas rodeo is bilge itself as the nation's first picketed sports event since the shutdown. major league soccer announcing its return, kicking off the season july 8th with all 26 teams participating and the mls is back. tournament without fans. espn complex in disney world.

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the calls ringing it the streets across the world. connell: so as we hear the emotional testimony from george floyd's brother on capitol hill, police departments across the country are now weighing the possibility of some level of reform. trim trim has been looking into that, joins us with, from chicago with the very latest. grady? reporter: connell, specifically here in illinois they're looking the possibility of requiring licenses for police officers. that added layer of regulation would allow the state to remove, so-called bad apple officer even if their own department doesn't. so if a cop were licensed, the state could essentially yank that license for misconduct. right now in illinois police are certified. they can lose their certification but only if they're convicted of certain crimes. so the threshold is pretty high. illinois's attorney general first floated this idea in 2015. he was a state lawmaker back then. it was right after the unrest in ferguson missouri. he brought it up again recently

following the unrest after george floyd's death. so here's an example. in illinois and other states professions where licenses are issued. accountants, interior designers, teachers, but not for police officers. so chicago's mayor is on board with this the state attorney general, both democrats, they argue the same should be the case for law enforcement. >> a person who is handling my nails is licensed by the state. if i go get a haircut the barber is licensed by the state. why wouldn't we have that for police officers? i think it is an idea that we absolutely must discuss and debate because it makes sense. reporter: we reached out to the national police association. they say they do not support this proposal without additional information. they add that each department already has oversight in place and it would require every department in every city in this state to get on board with this

proposal in order to avoid a long and protracted legal battle. connell? connell: grady trim ball in chicago. melissa. melissa: allegedly caught red-handed. charles is the former chair of harvard chemistry and biology department. he was indicted on charges of making false statements to federal authorities in regard to his participation in china's 1000 talents program. here is bill gavin, former fbi assistant director. bill, thank you very much for joining us. trying to read through all the details to understand more of what happened here. i know some of the details caught our attention here on this show. we first reported it. it was right when the virus was being associated with the lab way back in i believe it was march. the fbi originally made this address, i'm sorry, arrest, and it was quite a coincidence he was being hired by would wuhan h

university. he was supposed to work there nine or 10 months out of year. he is the chairman of the harvard chemistry department. i don't know how that is possible. he claims he had no idea what they wanted other than his expertise. what do you think was happening? >> there is no doubt the aggressive nature of the chinese government right now, it has been for a number of years, to reach out and to the academic culture of the united states and the corporate culture of the united states to take whatever they can get and get away with. how do they do this? 1.4 billion people, they have tons of students that they send in to the united states and other universities all over the world but they have tons of students that they send here, targeting them to major in certain disciplines. also, take for instance, just this one individual lieberman.

they gave him, allegedly, gave him $50,000 a month for a salary. gave him 1.85, 185,000 a year for, $1.3 million as a bonus this is just one individual. think of all the individuals that are targeted. the bureau has cases in almost all 50 field offices against this kind of activity by the chinese government but they're voracious. they won't stop. they're going to get whatever they can from the academic world and from the corporate world as well. melissa: so he's 61 years old i believe. he had been at harvard university and the chair of the department for a while. he had received $15 million in research grants, i want to make sure i get this right, from nih, and also the department of defense. among other things when you get the grants you're required to disclose all sources of research support really for this reason

because they want to make sure that the department of defense isn't locked in with somebody who is also working with the chinese government. he did not reveal that he had this relationship with china. and that is what they're focused on. but that doesn't mean he is a spy. you know, it looks like the charges are basically, you lied, harvard said they, they were forced to or didn't know what was going on as well. you know, what does that really tell you? what do you think is the real underlying crime here, or just that, not does closing it? >> melissa, the lack of candor is the tip of the iceberg. that is the way you open the door to get into what was actually happening. when he lies during the course of the investigation, then they can wrap him up for that but absolutely looking into what kind of -- he was into nanotechnology, a science now in

dire need of nano scientists throughout the world based on cultures that we have. what did he do? what did he give them? how much information because he was receiving money from dod and nih, what part of that information that he developed while he was at, working with dod and i imagine continuously working for dod did he pass on to the chinese? maybe he did, maybe he didn't. all of that has to unfold. these things are so complex and chinese are so good at doing this, but we are getting better and better detecting all of that. melissa: we follow the story again. these are all charges and allegations but he has now been indicted by a federal grand jury. so that is why we're revisiting this story we first brought to you a while back. bill gavin. thank you so much for this. cornell. >> thanks, melissa. connell: "fox business alert" now, melissa. we want to show you new video coming in of that meeting that the president had with black

leaders. we mentioned that meeting had been talking place at the white house. it has just wrapped up. ben carson, housing secretary, among those on hand. pastor darrell scott, a number of others. now in the meeting the president expressed some optimism that the economy will bounce back and do so quickly. he also, the headline i suppose, was that he revealed his campaign rallies are coming back. the first event will be held in the state of oklahoma. again moments ago at the white house. as we continue rising costs amid the pandemic. grocery stores hit by supply chain disruptions. consumers can pay the price for that. we'll have the impact on you and your wallet coming up next. plus the vice president mike pence spoke to lou dobbs a short time ago. talked about the fight against covid-19. talked about the relationship between the united states and china. let's take a listen. >> the american people can be confident that it is not just what happened with the coronavirus but every step of the way this president's strong

stand with china has been vindicated. i think american people see it. they can be confident that president donald trump and our entire administration are going to continue to stand firm when it comes to china until we reset the economic relationship in a way that puts american jobs and american workers first. and, hold accountable all of those who failed the people of our country and failed the people of the world when it came to the coronavirus. connell: all right. that full interview can be seen on lou's program, "lou dobbs tonight," which airs at the top of the next hour on fox business. we'll be right back. introducing new voltaren arthritis pain gel, the first and only full prescription strength non-steroidal anti-inflammatory gel available over-the-counter. new voltaren is powerful arthritis pain relief in a gel. voltaren. the joy of movement.

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proven much more difficult than ever before. we know prices have skyrocketed to levels we haven't seen in almost 46 years. and a lot of that like you mention has to do with the disruption through processing plants, distribution networks. i spoke with the owner of this store. weighed in on that topic. listen in. >> we don't get the supplies on time. we don't get the, you things we ordered from our vendors. they have the same problem. they have the same problem. they don't get supplies from their vendors. this is like a chain reaction. reporter: a chain reaction that is causing higher prices and of course we saw that exemplified in the consumer price index information released today. they show the price swings and for the month of may, lo and behold prices increased. look at some categories. beef up over 10.8%. that is the largest ever monthly increase. then you're seeing fruits and

veggies relatively volatile still. that has a lot to do with transportation issues. dairy products climbing. melissa that i heard you did make banana bread during the lockdown. seems like demand for bread products, flour, have decreased. that dropped ever so slightly. but supermarket are often see pandemic proof or appeared pandemic proof because so many people were hoarding, that is the not the case anymore. a lot of manufacturers are trying to offset loss in revenue, working providing small are packages. word on the street that oreos may provide smaller packages at a cheaper cost or they're working on providing family-sized packages or you get more for your buck. that means in order to keep all the customers and not lose any. over here at this store i've been told customer traffic is down, transaction size is down, people are staying away from really expensive stuff. on average according to earnest research we're spending roughly $65 per grocery transaction.

that is definitely an increase compared to last year in 2019 when it was roughly around 50 bucks. we're seeing the highest price hike in almost four decades. melissa, back to you. melissa: we did make banana bread and just about everything else we've been locked in so long, kristina, thank you. connell? connell: return of a major tradition coming up. we'll talk to the director of a texas rodeo claims to have held the nation's first ticketed pro sporting event since the shutdown. stick around. that is next. ll me about it. ll me about it. you know, it's made me think, i'm closer to my retirement days than i am my college days. hm. i'm thinking... will i have enough? should i change something? well, you're asking the right questions. i just want to know, am i gonna be okay? i know people who specialize in "am i going to be okay." i like that. you may need glasses though.

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♪ ♪ connell: all right. time to saddle up for the rodeo here as the historic mesquite championship rodeo in texas kicked off this past weekend. the coordinators are saying this is the first professional ticketed sporting event since the coronavirus pandemic.

travis the rodeo director. so i guess first thing, how'd it go? it was saturday night, right? how'd it go? >> thanks, connell, for having me on. it went fantastic. we sold every seat that we could to our 25% capacity. it was one of the smoothest openings we've ever had since i've been there production wise and, man, it was almost as if we were catching a glimpse of normalcy. connell: yeah. and i was going to ask you about how many people you let in, so 25% capacity. we've been doing all these stories on various sport leagues and events, we mentioned soccer earlier in the hour, hockey, basketball and who knows what baseball's doing, but when they do, they'll do it with no fans. how did you and why did you decide that it was all right to at least let some fans in? what were those conversations like before the event? >> well, the nature of rodeo different than those other sporting events that we've

mentioned. each community itself is its own entity, it's fairly different. and to rodeo committees typically make decisions, you know, by themselves under the guidancing of prca. so the guidelines of the prca, they just wanted us to be safe with our fans and our contestants and, you know, when governor abbott made his announcement the phase two of the reopening of his three-phase programs, the equestrian events were included as a 25% capacity allow want. -- allowance. connell: all right, their -- they're going to offer that in some restaurants soon, some states already are. what else? people didn't have to wear masks, from what i was reading, right? that wasn't necessarily required. could they stand near each other? what other measures did you take, and how long will you keep them in place, do you think? >> well, with texas, we opened

back on may 1st, we opened up our economy for business. down here if you go to a store, you're going to stand 6 foot apart in line. i think it's the same across the country. in the restaurant, you're going to be 6 foot away from the nearest dining couple or family. it was no different than those locations. the big question is the seating, what did we do for seating, and we built our ticket map to be each group of tickets to be a household group of tickets encouraging people to buy in a household, 6 foot adjacent from the next group of tickets. so we're appropriately social distanced throughout. and with texas guidelines, the mask situation, it's recommended not required. we required our staff to wear masks, but we did not require the guests. we didn't want to infringe on personal liberties. connell: all right, what's next? i mean, obviously there is a reason to be positive and optimistic, and some people are concerned about a second wave of the virus. i did notice in texas, i don't know if it's anything to be

alarmed with yet, but hospitalizations the last couple days the highest they've been. so how do you work it from here on out? what do you watch? what's your plan? >> well, we're watching the numbers on the daily we check the numbers, we check with what the governor's saying. we're going to follow their guidance very closely. and, you know, we actually were able to open to 50% capacity, but we're not going to do that because right now we feel we're comfortable and we can manage 25% capacity. so within the realm of business ethics, we want to stay, you know, maintain a safe environment for all of our fans and all of our contestants. connell: speak of business, not necessarily ethics, but bottom line, i should ask you, how did you get through this financially? how much of a hit did you take x what's the outlook for the business, the rodeo business? it's a big business. >> well, it is.

it's -- with us it's kind of different because the majority, actually almost all of our revenue is made in three months. so when this pandemic landed back in early march, we didn't want to make the premature decision to cancel like other sporting events had, other rodeos had. we wanted to wait it out. we're a private rodeo, so we don't have to wade through the bureaucracy of multiple people and municipalities voting on this. we chose to wait it out, and it turns out we chose right. you know, our sponsors came back onboard, huge help from the city of mesquite, they're really putting in all efforts to make this thing happen because it's a huge economic impact to the city of mesquite. we're just going to continue to go on. we did this knowing we could potentially get a black eye and, you know, cowboys, these particular cowboys, they don't make money unless they're rodeoing, and we wanted to get rodeos to keep on going and to give -- connell: that's a good point. they're not making the big salaries, they're doing it on the prize money.

all right, travis, good luck with everything. we'll check back and see how it egos, the rodeo down in texas. thanks for joining us on "after the bell" on the day the nasdaq hit 10,000. "lou dobbs tonight" starts right now. ♪ ♪ lou: good evening, everybody. the democratic party has a police problem, and it is a big political problem for the democrats. the radical dems calls to defund law enforcement are radical and beyond even the far left's embrace. and the far left now poses a very real threat to the democratic party and every american. after more than two weeks of demonstrations and often violent rioting by left-wing demonstrators and protesters, even left-wing national media and democratic leaders seemed in stunned acquiescence to calls to