charles: yeah. you certainly want to be in there before the crowds. great seeing you my friend. in the meantime, folks, the nasdaq is the big winner, um almost -- no, actually more than 4%. liz claman, again, you've got momentum three days in a row. liz: yeah. the big m-word. what a day, charles. charles: i know. liz: we are in extra innings, you know? as we head into the final hour with the biggest postelection day rally in 120 years. and it's holding. even as one brick in the fabled democratic blue wall of wisconsin, michigan and pennsylvania has just in the last 11 minutes been solidified for former vice president joe biden. to our up to the minute electoral college map, biden now leading with 248 votes while president trump stands at 214. there are six states with a total of 77 electoral votes still up for grabs with several paths to victory for each candidate. now, we are told that we are expecting to hear from joe biden

at any moment in wilmington, delaware. it will be the former vice president's first on-camera comments since election day, election night. of course, last night. and we're going to take you there as soon as it happens. and president trump has yet to be seen today, but he is using the twitter microphone to blast the process of tabulating votes across the nation. wisconsin, the latest state in the biden column as we just told you. the fox news decision desk awarded it to the vp, as we said, in about 12 minutes. the number of votes separating the candidates, razor thin. so the trump campaign has called for a recount. in michigan the count's still ongoing at this hour. the secretary of state saying we could see unofficial results by the end of the day. biden with a slight lead at the moment. now in pennsylvania more than a million votes remain to be counted. the president holds a 500,000-vote lead. team trump believes it can hold

on in the keystone astronaut, but we likely will not -- keystone state, but we likely will not get results today. sorry. nevada right now, take a look. we won't have results until tomorrow there, and there is another lawsuit-breaking development -- late-breaking development, team trump has claimed i it will flip arizona even as arizona was called for biden last night. all major media organizations gave the nod to joe biden overnight. this might just be the first time the markets are actually embracing uncertainty. take a look at the dow jones industrials. we are up 577 points. the nasdaq is on fire at the moment. we're up, look at this, 458 points, a gain of four full percentage points, s&p better by 93. but there is more to it than meets the eye. no matter who eventually becomes president, a split congress will stymy any attempts to hike taxes. traders seeing no fear. take a look at the fear gauge,

the volatility index which has been drop, and it continues to do so. we're down 17% for the vix at the moment. we've got team fox business coverage at this hour. standing by in two of the most hotly-contested states. connell mcshane in pennsylvania and jeff flock in wisconsin which, of course, is where we begin with 10 electoral college votes that have just been granted to joe biden. you know, that's what we have, biden pulled ahead in wu, triggered a near -- in wisconsin, trigged a near immediate challenge, a statement: despite, quote, ridiculous public polling, wisconsin, a razor thin race as we always knew it would be, there have been reports of irregularities in several wisconsin counties and, therefore, as we told you, the trump campaign says they will request a recount. let's go live to the badger

state where jeff flock has a front row seat to this in realtime, jeff, unfolding democratic process. you're in milwaukee. we know that the national guard arrived yesterday in chicago and wisconsin to help transcribe votes from around, what, 13,000 misprinted absentee ballots. what can you show us now, and what are you hearing on the ground? >> reporter: well, first, just to be clear and in response to the president's tweets and that call for a recount, the election commission here says they had no irregularities that they're aware of. if somebody has one that they want to bring up, please bring us evidence, but we know nothing. we think this thing went tremendously smoothly. first, let's put the numbers up just so that we're clear on this. wisconsin doesn't release an official tally, they simply take the tallies from the state, from the counties and when all those came in, there's only one town that is still outstanding. that's a small little town called willow, wisconsin, hasn't reported. got less than 300 votes there, and biden's up 20,000.

so that's not going to shift it. it's a biden state, a biden win according to the election commission. pending any recount or any court challenges. but, yeah, let me show you something, and i think it's fairly extraordinary window on democracy, on how votes are tabulated. last night in the building behind me it was what they call central count. it is where 169,000 mail-in ballots were counted by hundreds of volunteers. we watched numerous reporters, numerous observers watching both republican, democrat, watching as the votes were opened, the verifications took place, and then they were entered into scanners. it really was fascinating to watch it and to be allowed that kind of a bit of transparency. so if that could happen elsewhere, maybe people would be a little more happy about it. but it was just a real privilege, i i think, liz, to watch that last night. what happened was, just to be clear, when some people went to

bed, donald trump was up 70 or 80,000 statewide e? well, what happened? when this central count from milwaukee came in -- milwaukee, a heavily democratic town -- that flipped the state all the way around, and that's what happened. and that's what's happening, sort of, we think, in michigan and in pennsylvania. so, you know, it was a privilege to watch democracy unfold. we hope it doesn't get messy from here. liz? liz: yep. and we want to thank our fine volunteers all across the nation who spent time in this democratic process which is ongoing. so let's go a little bit east to pennsylvania. pennsylvania's 20 electoral college votes still hang in the balance at this hour. millions of votes still need to be counted in chester, -- chestr county, home to philadelphia, often considered a democrat stronghold, and to harris, pennsylvania. that's where we find connell mcshane. you know, you just had jeff flock making the point about

counting each vote. the president last night came out and said stop counting. but don't we have veterans who are overseas? their mail-in ballots have yet to be overcounted, so why would he not want them counted if perhaps, maybe, they would favor him? connell: part of the message we're hearing from the local officials here in pennsylvania, liz, they have been pushing back all day long on the president's comments last night from the east room but also throughout the day on twitter. and they're still counting here. the secretary of state is the one who made those comments about millions of ballots still out there. she also said we might get results before friday. remember, they were saying it could take at least until friday, so we'll see. and then democratic governor tom wolf had a news conference here at the state capitol earlier today, here he is. >> continue to report results, and again, these results are coming in more slowly than they have in the past. so we have to be patient. but confident that these votes

are going to be counted, they're going to be counted accurately, and they will be counted fully. connell: now, we're watching that counting process here in pennsylvania just as jeff has been in wisconsin, and places like philadelphia county and, you know, that's a big democratic area. allegheny county, which is pittsburgh, also a big democratic area. of so you watch the margins and whether or not they tighten as more of the votes come in through the mail in counties like that. while we wait, legal issues that we're tracking include a republican lawsuit just outside of philly in month come true county. there'll be another brief in that case tomorrow. and then there's a separate lawsuit in another part of pennsylvania, another group of republicans asking the judge to block some provisional ballots. what you should look out for later this hour, liz, back in philadelphia is a news conference from the trump campaign team that they've called for the bottom of this hour where they'll be talking,

we presume, about the counting in philadelphia. eric trump's gown to be there, corey lewandowski and ruedty giuliani. -- rudy giuliani. that's later this hour in philly. liz. liz: we want our viewers to know we will be taking that, and we will, of course, be taking joe biden if he speaks. so no need to go anywhere else. this is, as we said, a living, breathing, realtime event that is happening at the moment, and we are all over it. our thanks to jeff and connell. a fox business alert, look at these gains postelection day for two companies who stood to lose a lot if one single ballot measure did not go their way. uber and lyft are surging as california looks like it's ready to hand them the gift of prop 22. voters passed the proposition, the measure which exempts the app-based transportation firms from classifying their drivers as full-time employees versus independent contractors. the former would have cost the company hundreds of millions in

expenses for uber and lyft if they were forced to shell out worker benefits. right now uber up 12, nearly 13%. lyft jumping 11%. the drivers, we should let you know though, will -- even with that ballot measure passing -- get some new benefits including sick leave, minimum earnings and vehicle insurance. okay, did you bet on draftkings and penn national stock ahead of the election? you are in the money if you did. multiple states passed measures to legal use online sports betting. draftkings spiking 5%, penn national up 65% after louisiana -- 6.5 percent after louisiana, maryland and south dakota said yes to joining 21 already other states which had already approved sports wagering. so we see those plans to expand to the 21 other names. solar stocks not seeing much light as the lack of a blue wave means any sweeping changes to green energy and climate policies including bigger

rebates might be dimmed. but defense stocks armed with gains no matter who wins as both presidential candidates have pledged to put more resources into military spending. so green on the screen for lockheed martin, general dynamics and northrup drummond. okay, dow is up 485, charging ahead on full display as the rally lift ares a broad swath of stocks. but if you look through the prism of your what will and won't happen when it comes to stimulus taxes, what really happened last night, and what's going to happen to your portfolio? our power panel tackles the realities that will emerge once the 2020 election dust settles. with the closing bell ringing in 49 minutes and, yes, the nasdaq spiking even higher, "the claman countdown" is coming right back. don't go away. ♪ ♪ look limu! someone out there needs help customizing

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hey look, i found the tent! get xfinity home with no term contract required. click or call today. ♪ ♪ liz: no blue wave, knowed red wave, not -- no red wave, not even a presidential pick. but one thing we do know, the balance of power remains, right? the senate is going to stay in the control of the republican

party after the democrats were unable to flip four seats to gain control. but the democrats were able to hold on to a majority in the house of representatives. the republican party needed to flip 21 seats to gain control but were only automobile to gain 5. able to gain 5. so do you kiss stimulus good-bye ono matter what the outcome of the presidential race, and what about a tax cut or a tax hike? our political power panel, "wall street journal" editor at large jerry baker and ze creative communications partner and democratic strategist robert zimmerman are here to game it. okay, gentlemen. a divided congress, each no doubt with some constituents who await a stimulus package to help them get over the pandemic hump. robert zimm orerman, can that wall be scaled with a split government? >> well, i think it will be out of necessity. you know, you talk about the fact that the power shift hasn't changed, and i think there is a dramatic change that took place, liz. when you have donald trump now who is, it appears to be, the

third incumbent president in this past century who's been removed from office, and that seems to be where we're headed, that's going to, i think, shake up a lot of establishment republicans looking to dangers of hitching themselves to the failed trump agenda. obviously, the president's failure to move on the coronavirus stimulus package, i think hurts him and republicans. so i think you'll see a renewed commitment to get that done. and ill not under-- i would not underestimate senator chuck schumer. while the numbers may not have changed dramatically, i think the psychology has changed dramatically for a lot of republicans. liz: well, on one point robert may be right, gerry, and that is don't underestimate the chance to get something passed. it looks like, yes, on the surface we could have a standoff versus the standards and the hawks.

but here's what senator mcconnell said just about four hours ago. >> as i've said repeatedly in the last few months, we need another rescue package. the senate goes back in session next monday. hopefully, the partisan passions that prevented us from doing another rescue package will subside with the election. and i think we need to do it, and i think we need to do it before the end of the year. liz: jerry baker, what do you think? what form? >> yeah, i respectfully disagree with robert. i think this is a bit of a setback to democrats, clearly. yes, it does look increasingly as though joe biden will assume the president i city, but on a much, much, much narrower mar june of victory, and the fact that the republicans are going to hold the senate and increase their representation in the house of representatives, i think it leads to a very evenly-balanced outcome. on the stimulus, republicans have always been in favor of a

narrow, targeted stimulus, and i think that's probably what you're going to get. i think t going to be reactive, i do agree a little bit with robert, it's going to fend on how the economic data play out in the next month or so. but we're not going to get that big, big stimulus, big spending program part lu financed by some tax increases. we're not going to get any tax increases or minor ones. we will get targeted, depending how badly or well the economy does over the next two or three months, if we get more lockdowns, we'll get more targeted measures. and nothing like the $2 trillion, $3 trillion package. it's not going to be much, it's not going to be significantly more than a trillion. i think the markets might like that, a targeted stimulus of a reasonable amount, and you're going to have divided government. so all of those things people maw be skeptical about, tax increases, some of the other plans the democrats had, the broad prospect of a, you know, pretty radical democratic agenda, that's just not going to

happen. >> you know -- liz: robert, robert, let me -- to that point, and i bring this up, this rally that you see on our ticker at the bottom here, a lot of green on the screen, some perceive that to be a rally that is sparked by the fact that you won't see the tax hike on capital gains which, of course, is when you sell a stock at a profit. you've got to paw taxes on it. -- pay taxes on it. and joe biden has said he will hike that tax. what saw you to that theory about the market? >> i think you're seeing a rally in the stock market because there's the perception that joe biden's going to be elected president, and we're going to have a clear, defined answer as to the result of this election. contrary to what donald trump said, joe biden's election is not producing a crash in the market, but in contrast the, a rise in the market. i want to say one thing about a coronavirus relief package. when you talk about the economic factors, you've got to include one other very critical, the

most critical factor, and that is we now have 100,000 cases a day. 100,000 cases a day of coronavirus spreading throughout our country. and the risk that not only the impact it has on people who are coming down with this deadly virus, but the impact on the economy is going to require a broader stimulus package and a more modest one that you're with describing. when our governments are facing massive layoffs to police or firefighters or health care workers or hospital workers or teachers, there's a need to step up. liz: okay. >> step up and support for state and local governments. in addition, it's not an either/or choice, but -- [inaudible conversations] >> as you know, as you know -- >> [inaudible] -- from spreading further. >> as you know, there is just not the appetite in the senate among the republicans to have a very significant bailout of

state and local governments. now, yeah, we get dramatically worse, could sentiment change among some republicans? possibly. but it doesn't look like it. they do, i think they do favor some targeted measures for individuals, maybe some targeted, more measured, targeted measures for some sectors of the economy such as airlines in particular. but there is a strong resistance to bailing out states and largely democratic-run states -- [inaudible conversations] >> my friend -- [inaudible conversations] >> and again, if we did get a significant deterioration in the economy, then of course all bets are off. but right now people -- [inaudible conversations] liz: okay. >> as they see more republican state governments face the potential of shutdowns, then you'll find these republican politicians getting a very differenter perspective and, tragedyically, we are facing more cities and more of our suburban areas and state regions -- [inaudible] liz: and -- okay -- >> -- because of this virus are. liz: and we've got to leave it

there, gentlemen. but, again, if you saw, i don't know if you guys have monitors, but on the right side of our screen, we are still cycling through six separate states that are still question marks hanging in the balance. so this thing is not over, of course. gerry, robert, great to have you. be sure to tune in to "wall street journal" at large with jerry baker friday night, 9:30 p.m. eastern right here on the fox business network. okay, we do want to let you know with 37 minutes to go that we are expected at the bottom of the hour to see a news conference with eric and lara trump in philadelphia, which is in philadelphia county, yes, thank you, mcshane. so we will take that. and if joe biden speaks, we will take that as well. one of the biggest names in chips advancing into the close, goldman sachs adding amd to its conviction buy list, giving a shout-out to the chipmaker's strength in the pc and service arena as well as its valuation and strong fundamentals.

amd, advanced microdevices, jumping six percentage points right now. the straight looking chipper overall, charlie gasparino break us it on how one of the largest money managers in the world is positioning itself right now, having meetings and memos right now for 2021 and beyond. we are coming right back. a rally still firmly in place. ♪ ♪

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on your screen right now to see if your doctor is in our network, to find out if you can save on your prescriptions, and to get our free decision guide. humana - a more human way to healthcare. liz: folks, we have this breaking ne. trump campaign members are now saying they are filing suit to stop what it claims are, quote, democratic officials hiding ballot counting and processing from republican poll servers in pennsylvania. the campaign says it is moving to interscreen in existing litigation -- intervene in existing little division at the supreme court over pennsylvania

mail-in ballot deadlines. the trump campaign is also suing to temporarily halt ballot counting in pennsylvania until there is, quote, meaningful transparency. so as you see right now, with without 84% of the vote counted, you've got widen at 2.7 million votes and change, president trump at 3 million votes and change. and the question has always been what about the ballots coming in from philadelphia which, of course, is often a democratic stronghold. those are coming in slowly but surely. so you have exactly what people did expect, and that was here come the lawyers. let's take a look if we can at intraday charts here. with the dow still up about 414 points, but the fear trade is in play when you look at the 10-year yield. folks, remember, 10-year yield yesterday was at 3-7b9 88% -- .88%, and right now we do have it at .76%. .77%.

so you're talking about a good 11 basis point drop from yesterday. when the yield goes down, the price moves inversely, it goes up, and a falling yield indicates some fear in the markets, people rushing into the safety of government treasury, safe haven in place here. all right, election uncertainty still, though, not fazing the markets. charlie gasparino has his ear to the ground now learning new information exclusively on how one financial giant is positioning itself for a post-20 washington d.c. what do you see, charlie? >> well, that's blackrock, i believe $8 trillion under management. i mean, it's huge. put out a report this morning, and this will address that bond yield situation you just mentioned. what blackrock basically said is this, and i'm summarizing the report, you know, i'm not reading it verbatim, but they're saying investors could embrace divided government that we have. joe biden presidency with the republicans holding the senate. why are they going to do that? well, guess what?

there's going to be a hold on spending. that's one with of the reasons why you see bonds trading up today. people are saying, hey, biden can't do $3 trillion worth of spending in his green new deal. he's going to have to ratchet some of that back. so that's good, and that's what blackrock said, and that's what other money managers said. the other thing is divided government is good, maybe all those tax increases won't go through. he's going to have to deal with mitch mcconnell on capital gains taxes and all the other ones, raising the corporate tax. if the republicans do puck up that seat in michigan -- pick up that seat in michigan, they're going to have 53, what they have now. it's impossible for joe biden to get his budget through with 53 republicans if they all hold together and vote against it. he needs under budget con sillation 51. so that's why this is getting very interesting, why the markets and wall street like divided government. one other reason why they like divided government, republicans

will have to approve, the senate's going to have to approve biden's cabinet choices. well, that means it's going to be very hard to get elizabeth warren through in a major cabinet position such as treasury is secretary which leaked out. i still gave it low marks that-going to appoint her anyway, but without a democratic senate, elizabeth warren is probably not going to be the treasury secretary of the unite under a joe biden administration. and there's going to be others that are going to face scrutiny. a lot of people say susan rice is going to have a hard time getting through if she's named secretary of state. we should point out i'm getting trepidation about getting cabinet positions through. not from wall street sources, that's coming from democrats who really believe not having a blue wave is a huge blow to their agenda, the green new deal and all the other progressive stuff they were looking to push. that joe biden being president is great, he's probably going to win, but without a blue wave -- i don't even think they pucked up seats in the house -- it's

going to be hard for him to get his agenda through, and that's what democrats are saying, and wall street is saying the same thing, and they like it. they like divided government. liz: yeah. >> look at the stock market under obama and clinton -- liz: there you go. parabolic. yeah. charlie, what do you think -- really quickly here, we were just showing social media stocks. facebook's up 7% -- >> same reason. liz: twitter, which had been down, moving higher. i mean, it's fascinating because the trump administration had really kind of beared down, bore down on social media and is this a relief rally because right now joe biden's ahead? what is this? >> i think, again, it's divided government. taking on the tech industry -- republicans don't like the tech industry because they think they're too liberal, and they're going to try the squeeze them the on that fcc rule and things of that nature. i don't think the republicans will break up big tech.

they're not going to do stuff like that, and that's what you're seeing here. a rally around big tech because republicans are just not going to do what warren would do if she was in the majority. liz: yeah. >> remember, elizabeth warren, even if she doesn't get treasury secretary, she's not going to be in the majority. she's not going to be that powerful, and she is the one thing that has corporate america scared to death. liz: yep. and we hear about lyle braynard who, of course, is vice chair over at the federal reserve, that she could be getting the nod for treasury is secretary -- >> roger ferguson. liz: right, right. >> yeah -- liz: charlie, thank you very much. >> -- [inaudible] ferguson. liz: yeah, yeah. all right. we'll see you later, charlie. wall street clearly approves, as we've been talking, of four more years of checks and balances. but how do you invest for gridlock? there's a way. there's always a trade. peter schiff and mark matsen manage billions for their clients. they are opening their playbook

in just two minutes right here on "the claman countdown." and we are awe waiting that trump news conference, eric and lara trump supposed lu going to speak in the next few minutes, that's what west virginia heard, in philadelphia. so we will take that as soon as they appear before the cameras. we've got 26 minutes before the closing bell rings. dow up 446, the nasdaq having a significant lu strong day, up 3.7% or 412 points. you're watching "the claman countdown," you are in the right place for your money. ♪ - to have gold coins in my possession, it's putting that hard asset as a insurance, you might say against the paper dollar. that's why i bought gold.

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find a stock basedtech. on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. ♪ liz: folks, keep your eye on the lower ticker but also on the breaking news i'm about to bring you. we have this now, the trump campaign is holding a conference call just moments ago. fox news' john roberts jumped off it to send this out, that the trump campaign adviser jason miller says that potus, meaning president trump, will declare victory in arizona by friday,

specifically saying that there are 605,000 outstanding ballots in arizona. they are day-of voters according to the campaign. miller says the president needed 57.73% of the remaining vote, this, says miller, is far less than what the president has been saying. fox news' decision desk was the first and only news network to call arizona last night, and the held -- and they don't get a lot wrong, folks, we want you to know this, okay? he said it was clear 30 minutes before fox news even made the call for arizona that joe biden had won it. and today he is still standing by that saying we are four standard deviations away from being wrong and, quote, i'm not sorry, we are not wrong in this -- i'm sorry, we are not wrong in this particular case. okay. dow's holding on to gains. we don't see any kind of wiggling or wobbling, still up

420 points. off the earlier highs, but that was in play before the top of the hour. let's bring in two investors with a combined $10 billion plus in assets under management to game, i don't know, guys, any headline that starts hitting the tape, mark madsen and peter schiff. mark, i'll begin with you. wall street is littered with investors who thought they could outsmart the markets by converting to cash ahead of the election saying, oh, we're going to have a big drop, and then we'll get in. they missed out on some serious gains here. what did you do, and what are you doing right now in. >> well, you're absolutely right, liz. when the crash came from the pandemic, the market dropped 20, 30%, and you saw a mad dash to cash at the bottom of the market, over $1 trillion left equities into fixed income, $5 trillion total dollars, and then the market came raging back, and many people missed the boat and didn't get back in only to now

get back in, making the mistake of dumping it into large stocks, tech stocks. this has been elevated very high. what we were doing was rebalancing, selling off the equities while they were -- selling off fixed income, buying equities while they were low and diversifying into small value and international, not getting focused in on those large u.s. stocks which, of course, everybody can remember in the 2000, the massive tech and large bubbles. we don't want to exacerbate the problem but dumping money in bubbles. huz liz one thing we do know at the moment, peter, is that we have a red senate and we have a blue house of representatives. proceed, how are you investing around that reality? finish. >> well, first of all, i think today's rally is more of a head falk. i think the market is substantially overvalued and is headed lower. look what's happening to the regional banks. that index is down almost 7% on the day.

that really tells the story. and look at the russell 2000, it's negative. t not participating in this rally. that's what -- liz: yeah, but it had a huge runup yesterday. >> yeah. it's good that the, that the senate is going to stay in republican hands, but unfortunately, that's not enough to save the economy from higher taxes, big increases in government spending, more regulation that will be issued by the president on buzzes and much larger -- on businesses and much larger deficits. this is bad for the economy, it's inflationary, it's bad, it's bad for stocks, it's worse for bonds. i agree with your other guest -- liz: in which way? >> people need to get out of the dollar, look at some of these emerging markets outside the united states, look at commodities, raw materials, precious metals, inflation hedges and non-u.s. investments are the way to go, and i've been positioning for this trade for many years, and i think ewe

going to see it -- you're going to see it play out in a spectacular manner over the next two years. liz: mark matteson, what -- matteson, what do you think about that? peter has been right on gold, but do you see anything that reflects what you're doing for your clients in what he just talked about? >> yeah. well, we proscribe to efficient market theory meaning all the predictable information is already in the price today, there are, random and unpredictable events change the market going forward. we don't get trapped up into making short-term forecast. if your portfolio needs a forecast to work, it's already broken. you should build it for the next 15 or 20 years, not the next 15 or 20 minutes. but relative to the international diversify caution, many people have totally missed the boat. there are over 45 different markets you can be in including those emerging market, over 81 countries that we're invested in and most people are completely dumping all their money into large tech stocks. and if you're going to protect

your money, you want to have high quality, short-term fixed income so you're not going to lose principal, and you're going to stay high quality, not talk a hit if you have defaults on bonds. which you could have if the market crashes. liz: pete, what do you assess from all that we have seen over the past 4 hours -- 24 hours, and under which scenario do you see the markets taking a major hit whether it is the president trump who holds on to husband seat or joe biden getting into the presidency? which is it? >> well, i think, you know, the u.s. economy a disaster. i think it's going to become a bigger disaster in the years ahead, and the market is oversurprise priced. -- overpriced. as the markets assume that stimulus is going to continue to prop the markets up indefinitelily, it's not going to happen. ultimately, it's going to destroy the dollar. and, you know, it's not just a loss of principal that people have to be concerned about, it's the loss of purchasing power of their principal. so even if you don't lose any

money, if you're invested in bonds but the dollar loses its purchasing power, those are huge losses. and investors need to mitigate that risk. the inflation tax is going to be very, very heavy, and it's going to decimate, i think, the portfolios of many potential and current retirees. that is a real risk, and i think people are not cognizant of that, and their portfolios are not prepared to guard against that risk. liz: what would you be staying a away from, mac? mark? anything in particular? look, big tech has had an incredible runup, but very, very true that it's starting to look quite frothy and overvalued. it is an overbought trade, some people say. >> well, if you looked at tech stocks going back from 1995-2000, they were up 4 president a year, and then they lost 75% of all their value in ap instant, and people's

portfolios were steph stated. -- devastated. we're not doubling down and betting on it like so many people are doing, and the same thing's true for large u.s. stocks. we're staying away from the fixed income high yield junk bonds and long-term bonds because they do get destroyed. but, look, hey, stocks have been a great hedge against inflation. historically, inflation's at 3%, historically large company stocks at 10%, that's a 7% real return in advance or ahead of inflation. so historically, if your worried about inflation, you should own stocks and own them long term, not just for four years. >> yeah. but not overpriced stocks -- liz: go ahead. >> i said not overpriced u.s. stocks, and inflation's going to be a lot higher than 3%. liz: peter, what was your best investment this year as far as equities are concerned? i know you like gold, but which stock name just hut it out of the park here? >> well, it's probably the gold

mining stocks. those were probably among my best gainers. they had pretty spectacular runs coming off the marlos. but a lot of my stocks, look, i own a lot of pharmaceutical stock it is, my china names are doing extremingly well. i guess it's a relief that trump most likely did not win, so that caused some of these chinese stocks to have big gains today. but i think basic of materials, any inflation hedges, you know, i think i've taken a hit on the energy stocks. we've added to those positions, and i think that, ultimately, you're going to see a bug rebound in the price of oil particularly if a biden administration gets aggressive and undermines domestic production which will limit the supply of oil. but i think as the dollar weakens, you're going to see oil prices falling, other commodity price much, much higher. so i think they represent good value opportunities, and those stocks pay some pretty good dividends, and those dividends will improve as oil prices rise, and they'll be pretty good inflation hedges for a lot of people. but i think the international

oil companies offer better value than the domestic. liz: peter, mark, both of you, i know you both well for many, many years. you started with zero, and you become really successful, and there are different paths to the top of the investing mountain. thanks so much for sharing yours with us. all right, health care. peter was just mentioning it, sorry, mark was -- both of them. [laughter] health care moving way out this front of the market as the race for the oval office tightens but so do investors' stomachs as we've got the names leading the charge. the closing bell ringing in about ten and a half minutes, the dow jones industrials up 426 points, the s&p jumping 77. ♪ ♪

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no more commercial breaks because we've got some major stock movers here. the dow is up 417, the nasdaq up 434. let's look at some of the leaders here. i want you to look at biogen, this is a pretty stunning move here, up 44% at the moment. the news is that they had some very persuasive returns and information on their experimental alzheimer's drug. so it appears that the drug is expectationally effective -- exceptionally effective and elevating chances of swift approval. that's good news. you can see that's followed but jd.com and paw pal, all -- paypal all with, of course, relations to the big tech world. hilton worldwide is rallying after beating third quarter earnings per share. we should tell you that hilton missed on revenue, but the chain said it is seeing gradual improvement in demand following the covid-19-induced slump. hilton spiking about 3% at the

moment. the ceo says that the vast majority of the company's properties around the world are now open. but leisure recovery seen during the summer has now slowed due to an uptick in covid-19 cases that we have seen around the world. hilton expects business travel, though, to continue to improve, so that is partially why we are seeing shares move higher. keep in mind, it is a global company, and we are now seeing the u.k. and france locking down. health care and pharma stocks leading both the dow and the s&p higher even as we await the presidential results, at least definitive results. to lauren simonetti. lauren, specifically though dewe're looking at the s&p spider, the etf for health care, up 4.6%. >> right. liz: i guess the biogen numbers, but which health care lauren: let's go to the dow first. united health, amgen are adding

300 points of that 430-point rally today. merck also solidly in the green. look at leadership on the s&p 500, i didn't take out any another names. these are the top leaders on s&p. biogen is leader there. fda is favoring approval of one of its alzheimer drugs. eli lilly, cigna, abbvie. the reason is, divided government will likely keep big changes in health care policy off the table. that includes democrats "medicare for all." it also lowers the chances of higher corporate taxes or new taxes. all of that bad for pharma. so even if biden wins and takes the oval office, he inherits president trump's "operation warp speed." that is also a positive for pharma because when you get a vaccine, you put an end more or less to this pandemic. then you see people going back to the doctor for regular problems and getting normal

prescriptions filled. so in that sense, they can make money the way they used to. plus, if the senate does undeed stay red, leader mcconnell, stays senate majority leader. he is staunch alley of the pharma industry, liz. liz: indeed "operation warp speed" really lit a fire under so many of these companies to get a vaccine to, get treatments. it is nice to know that personally american ingenuity can ramp up when necessary. lauren, great to see you. thank you so much. folks i want to note we're seeing profit-taking a this hour. we have the dow up 382. it had been up 821. we should get you this as well. fox is calling the maine senate race for incumbent republican susan collins. we had expected this over the past, i i want to say 12 hours. republicans looking to hold on to the senate as the house remains democratic. so they get one more there

officially. however the specific results shake out though, divided government looks like it is in the cards for the u.s. and for the moment, although off the highs of the session, we are seeing that the markets many brace that possibility. okay. steve aut, federated global chief investment officer. 360 billion in assets under management. steve, we heard from mark matson, peter schiff, wary the big runup that nasdaq has made. what are you doing with your big tech investments? >> we're holding them here, liz. we cut back to neutral in our growth investments in september. we've been leaning into the value trade here. we thought we would add to the market post the election. we're doing that. we added more to large cap value here but we're really overweight. but adding to the overweights now. we think the outlook, this adds

one more positive for the next year where you have a big cyclical recovery coming, very positive year offer year. fed on hold. very low interest rates. and, then the covid news has got to get better by the spring for sure with all the vaccines coming. now you have got divided government, no big tax plans. so we just think that adds fuel to the fire and of course the cyclicals are coming off today, just because the market had been anticipating a blue wave and, cyclicals are going to get a bounce on a giant infrastructure, slash fiscal spend. we're not getting that. nevertheless i think the overlying trend here is for value trade really start to work next year. liz: about an hour, and i want to say 11 minutes ago wisconsin was called for joe biden. what is the market's logic? because you study this and you invest very successfully through it and around it.

what is the market's logic as this thing drags on? there are lawsuits. the trump administration is supposed to have a news conference any moment. although we want to let our viewers know, we killed the commercial break in anticipation that there seems to be a little bit of shenanigans going on,. >> biden will change his timing of joe biden will change his time of his speech. trump administration is moving theirs. we don't know who is leading who. we're watching a horse race at the moment who will appear first? >> liz, the market is focusing on the senate right now. without a blue senate, it, regardless whether it is trump or biden it looks like it is biden now but it could be trump. that is probably even better for the market. in any case with a red senate, which seems inevitable at this point, you just don't get the big you know, shifts or radical government, high taxes, high

regulation. liz: got it. >> very market friendly. [closing bell rings] liz: steve, of federated hermes, good to see my friend. no way around it, wall street cheering potential government gridlock. time for "after the bell." connell: here we go the day of at election and the race for the white house at this hour is still too close to call. we got one very important call came in this afternoon in a key swing state. i'm connell mcshane reporting from another swing state. we're live once again from pennsylvania. this is "after the bell." we check the closing numbers. stocks have been jumping throughout the day. tech led rally on wall street. mt. hanging on razor thin margins. we're close with a gang as we settle in here of less