tv Varney Company FOX Business November 25, 2024 9:00am-10:00am EST
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>> welcome back 30 minutes before the opening bell sounds for amanda, let's get final, dow industrial 381 points with the highs at the morning. >> many of the jobs being created being government jobs the efficiency department, doge department coming in, pay attention to an appointment we wipe out the government jobs, 22 million private sector jobs pay attention as we go forward that could hinder consumer spending. >> thanksgiving week coming up don't forget about the people north carolina their suffering immensely, if you can help them please help them. >> taken some. >> i will see you tomorrow, liquid, cheryl casone, thank you. "varney & company" takes it. stuart: good morning, everyone. what a great way to start thanksgiving week. a rally that carries stock prices to all-time highs.
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the dow industrial up over 380 points at the opening bell, the nasdaq up 140, the s&p is up .6% a solid gain there, trump's treasury pick scott bessent is a big hit on wall street he is stimulating some of the rally, his priority is tax cuts you might call this the scott bessent rally. it came down over the weekend for bitcoin but now it's back challenging the 100,000-dollar mark 97500 at this moment. another positive, interest-rate slipping a little, the ten year treasury is below 4.4% expected 431. the two-year close to the tenure at 432. the two year yielding more than the tenure. an interesting situation, politics, borders are tom home and getting to work he will visit the border tomorrow he plans deportation then essentially states and cities he
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will charge them with a felony. 29 the climate summit is over developing countries are demanding more from $300 billion a year for climate mitigation, good luck with that trump is unlikely to pay a penny. the media sniping at trump's cabinet picks, a barrage of articles trying to undermine the incoming administration, this is the resistance but is not working. a cbs poll shows a large majority approves of trump's transition 41. thanksgiving week, trump is not a role, monday november 25, 2024, "varney & company" is about to begin. ♪. stuart: this always makes me feel good. >> monday is the start me up
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kind of song. stuart: that is more serious. there is a christmas tree lit on friday afternoon and "fox weather", the best christmas tree in new york city. we will start the week with a solid stock market rally. investors like trump's treasury pick scott bessent he is a wall street guy, the ceo's key square capital. he will back his play for extended the 2017 tax cuts. he said that is his priority. he will peel back regulation on american companies, there will be new tariffs on china and he's an advocate of the 333 economic approach. he wants to cut the budget deficit to 3% of gdp by 2028. use tax policy to push economic growth to 3% and produce an additional 3 million barrels of oil a day, trump's says bassett will help bring in a golden age of the united states. wall street is a fan, we can look at new highs on the market
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today. we almost certainly are. according to a new cbs poll 59% of voters approve of the handling of the transition so far, charlie hurt joins me that is a very good start for the president-elect despite what the media is saying. >> the most important thing despite what the media is saying they're trying to spin this as donald trump is dangerous and are doing everything that they can to undermine his transition and are still going full bore, the problem for the media, i think they make in public has moved on. they were focused on all of this during the election but the spin wears off now that were past the election and what were getting, the cbs poll is registering people's genuine feelings of how they think that the future is going to go, they may not love donald trump but they have faith that is going to bring greater prosperity to the country greater law in order to the
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country, a closed order, a secure border and peace abroad. i think that's what you see the historic unbelievable number, 59% and a poll added time when the country by all appearances appears to be cleaved right down the middle, the idea that you get 59% especially the media disguises as much as they despise trump is pretty remarkable. >> remember the no labels party it is taking democrats to court over what they call a plot to derail their unity ticket. a according to public documents they plan to harass the founder of no labels by sending clowns in music tracks to their home street to drive them in the neighborhood crazy. the document out lies a campaign. the democrats of defenders of democracy, the attacks on no labels seems anything but
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democratic. >> i agree it's remarkable and intensively puts the head of they say were to be apolitical, watch out here about to get caught up in the swamp. it is no different than what democrats and abide in his campaign did to rfk junior. for the longest time they wanted rfk junior on all the ballots or they didn't want him on all the ballots because they were afraid he would hurt joe biden. when they realize you might not hurt joe biden they wouldn't let them off the ballots, this is the hardball tactics the people play in the funny thing about no labels, they want to bypass the democrat party and republican party and find an independent summer. the truth of the matter is the american voters founded an independent, his name is donald trump. what you're seeing, yet the wing of the republican party that doesn't like him and a bunch of the democrat party that doesn't like him, he picked a centrist
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common sense middle, at this .59% of the american people are like okay, i feel positive about this i'm willing to give this guy a shot. if he delivers on his promises that number will go up higher than 59% speed what a great way to start the week, we will see you soon. bitcoin a bit short of the 100,000-dollar milestone, 97600 at the moment but it's getting close. >> hundred thousand is proving to be a bit stubborn, playing hard to get better 40 plus% rise in the 20 days since the election is nothing to scoff at. trump's pickup scott bessent for treasury secretary is positive for crypto he said in the past bitcoin brings young people together and believing that the market works for them and believe in capitalism, many people see bitcoin as freedom money, safe investment, store
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value as well as inflation hedge, proponents of it are likely coming to the financial and regulatory agencies in january. stuart: what a day, look who's here ryan payne joins us. >> it doesn't get better than that speed what i will give you that. now that bitcoin is close to 100,000 a lot of people think it will cost 100,000, when do you think it settles above a hundred. >> is going to the moon already. i think absolutely it can go higher on the short term. bottom line it's getting a little crazy. i look at perspective, bitcoin is worth $1.9 trillion and i look at it what can i buy for $1.9 trillion you can buy every stock of the russell metcalf, 700 companies that generate 120 billion in earnings a year williams company which is a midstream natural gas transporter processor and other physical assets you can own along with 700 companies. it says we know it trades wildly
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so you cannot put your money there and park it there. his peers speculate in the greater fools theory hopefully someone will buy it at a higher price, i don't know how long but probably a lot longer given the fact that the dutch tool back in the 1600 you could buy a house for one to look. i think it's a same crazy speculation. stuart: the tulipmania, 15 or 1600. >> it's like the south sea bubble, it was extraordinary and world financial history. >> i'm getting my history lesson. >> tell me about djt, the truck vehicle, why do you think it's an ex-pat.com. >> a lot of speculation trump needing technology what might be the cutting edge of technology are not untrue social but i might be tomorrow, it's a whopping 3.3 million in revenue the last 12 months and is worth
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$6.5 billion. free $6.5 billion i can buy the fifth-largest home builder meritage homes that the $6 billion in revenue the last 12 months. again you're getting a thousand times forward sales, that's extreme like pets.com and 99 or 2000 at a couple million of revenue and worth a couple hundred million dollars in value, you see the craziness creeping in, don't get me wrong it's a wonderful company truck pulled wonderful things, that's a big hurdle to get over long-term. stuart: it's not tulipmania. >> at the soucy bubble. >> were getting a lot of different places, euphoria is starting to creep into the market this is where we have to be careful. california senator elect adam schiff calling out all democrats after harris lost to trump, what is he saying. >> democrat admits their policies cost inflation and cost in the election.
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here is senator elect adam schiff on meet the press. >> i think the entire democratic party bears responsibility myself included in the former president now today an effective campaign and you have to give them credit for that. the challenge that we have, we need to put forward a bold vision for how we will move the economy forward and make the economy work for every american. the existential question, if you're working hard in america can you still earn a good living, too many people doubt that is possible. >> the host kristen welker was trying to get him to penn the fault on biden, he dropped out too late and adam schiff would not do that. he sums it up at voters did not think the democratic party represented them anymore and that is why they lost. all of the above, not just biden people and who could forget adam schiff. over the weekend ran back has a lot firing 250 rockets into
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israel as a heaviest barraging weeks, reports of a cease-fire between israel and has a lot and lebanon. national security expert kt mcfarland and four-star general jack keane coming up. florida congressman byron donalds making this production about illegal migrants. >> they don't want to be caught in our country and have to be deported by ice. if you are then you are barred from returning to the united states for a decade. i think you will see a lot of self deportation once the process begins. stuart: will migrants really self deport, congressman donald is next. ♪
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stuart: after call this a nice rally, monday morning thanksgiving we would always afford to point nasdaq up close to 200 that is a solid rally and president electra has promised deportation for illegal immigrants on day one he plans to start with criminals. byron donalds joins me now. you say after trump gives a middle deportations, many illegals will choose to leave voluntarily. i find that hard to believe, what is your reasoning, why would they do that? >> a couple of things, get to be with you. a couple of reasons, number one when you see people being deported, that word gets around very, very fast, the common cartel and the coyotes know what donald trump is going to do so that will spread and number two,
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the more particular you start turning off the spigots all the aid that is given and you turn those things away say were not giving up food cards and hotel stays that's what mayor adams already signaled after president trump's dominant mandate were the election you turn off the spigots and people start saying it might be time for me to return back to my home country. it won't be everybody but it will be enough to take the pressure off. under tom homan and donald trump you will see deportation certain criminal aliens and then the people that did not appear in court and people with a deportation proceeding that has been adjudicated but there here in the united states and there's more than a million than those individuals this is a process that will take time but if you're serious you could also see people saying i'm going to leave the united states before i'm forced to leave in which
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case should be barred from the united states and for ten years. stuart: your on the house financial services committee. what kind of changes you think elon musk and vivek ramaswamy with the department of government efficiency, what changes will they bring to the financial services industry, any idea? >> in the financial services it's going to be interesting and what you will probably see is a focus on the real mandate on the fcc occ, et cetera but most of the work of the department of government fnc's will be in the programs around health and human services, some of the programs around payment delivery we waste a lot of money and payment delivery to people in the united states there is a lot of fraud that's a low hanging fruit, in terms of somewhere else it may not be in their purview but definitely is a donald trump will make a major push with bitcoin earlier with heavy real
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regulatory framework in the digital asset space that would include crypto currency, et cetera that is something the united states definitely needs we have an opportunity to be the capital hub of the digital assets industry in the united states frankly in miami because everybody loves miami that's what we would do under donald trump leadership we would get that done in the united states. you're really having fun these days come and see us again anytime. take a look at this, spacex launched a mission from florida they have another one planned for later today, two in one day. >> the first one off when we were sleeping from cape canaveral 23 starving satellites aboard falcon 9 to low earth orbit then the booster landed in atlantic ocean following
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separation that was a 13 time that launched in landed reusable rockets the falcon 9 is expected to lift off from the kennedy space center carrying another satellite, it's really cool he's saving money by reusing the rocket. >> i would like to go down for a nighttime launch it would be spectacular. trump's list of cabinet nominees officially feel that he announces pics over the weekend brian yanez from west palm beach, who else to trump add to his candidate. >> and morning president-elect trump has chosen all of his cabinet secretaries announcing ten pics over the weekend and what's been called the most ideologically diverse cabinet in modern time president-elect choosing a prounion moderate republican congresswoman lori chavez as his labor secretary a hedge fund billionaire and former george churros advisor scott besson as his treasury
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secretary project 2025 co-authored russellville picked as the director of office management and budget and brooke rollins the former domestic policy is a pic for agriculture secretary they joined outsiders elon musk and vivek ramaswamy rented the new department of government efficiency or doge, pete hegseth as defense secretary a former democratic congresswoman tulsi gabbard is director of national intelligence in a pro-abortion rights rfk junior to run the health department. over the weekend republican senators say they're confident that all of the pics will make it to senate confirmation and they defended the ideologically diverse pics by the president-elect saying he has a mandate to reform the entire system. >> i went to in the corporate capture of government agencies and i want government agencies to slim down.
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>> i think president trump deserves the ability with the mandate that he got for the american people to put people in positions to do reform back i expect everybody coming into the cabinet will listen to president trump and set the policy and execute according to the plan. >> a new cbs news poll shows a majority are happy with trump winning reelection and 59% of americans say they're happy with the president-elect handling his transition as well as the fact that americans overall have a net positive view of the cabinet picks that he's chosen even though a third of americans say they don't necessarily know enough information about all of the pics. reuters is reporting as early as day one president-elect trump will announce new export permit for the confined natural gas and allow more drilling off the coast of the u.s. and on federal land. stuart: thank you very much indeed, check features isn't
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stuart: keep fit strenuous, three stocks with high target prices, first of all you have to you think it's going to 421, 362 now, make your case. >> 42127 actually an extra 27 cents. a.i. robotics this goes way beyond vehicles in the pivot is similar to apple in 2014 when it launched services hundreds of billions of dollars as although the information is mesh together. stuart: that puts it at 421. palantir, is currently 67, when you think ahead the hundred.
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i said your five years after it takes at 80 but we might be there by mid next year at the latest. this is a monster and nobody else has a product, it is mashing data software make software work, every legacy provider on the planet is in trouble this might be the next cisco and oracle and sap and people start thinking that way. stuart: lockheed martin, do you think that's going to $600 next year, i guess the war breaking out i see rationale for that but 600 for lockheed martin. >> here's the thing, if this is true russia used a hypersonic, lockheed martin is going to be the company that helps defend against that and they're also not surprisingly involved in a.i. in the way defense data for our war fighters and keeping the nation safe. stuart: it's a short week thanksgiving thursday and the market reopens on friday is there anything special about a short week, a time to buy?
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>> there is, historically, you can drive a truck computerization has seen that all the institutions that a bit on the wrong side of the field for the last six months have got to catch up, this might be a week where that starts today it certainly an indication that somebody is buying. stuart: is this a besson rally that was here today. >> i'm hesitant to put that on there is like all institutions don't want to face uncomfortable questions from the clients when the year in statements or printed and say why don't we have palantir or more tesla that's what i think is going on. stuart: keep fit, thank you for joining us. you have a great thanksgiving. previous 930 the market has opened we expect to seal a lot of green and that's what were seeing the gallup overthrew the points for losers, the rest are winners, plenty of green on the
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dow 30 s&p 500, modest gain up .4%, the dow is at an all-time high, with about 4,044,600 the nasdaq composite is open with a solid game .75% 140 points higher, could we see the nasdaq at 20000, it looks like it is close. the big tech list of winners amazon, apple, alphabet, meta platforms, microsoft they are all on the upside. not that much but they are up. then we pull up amazon. good morning. >> i'm still taylor. >> they have a plan to rival invidious chips, that's a very big deal. >> at the big moon shock plan, this is decades in the making we hear the trainee on three chips, a lot of amazon any wf relies on
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nvidia but you want to reduce the reliance especially given the big opportunity there is plans to ramp up some of the chips to cut out nvidia from the supply chain or reduce the reliance and help to build up some of their own. stuart: how about the nvidia a.i. model. >> were hearing the nvidia release in a.i. model that can moderate or modify voices and generate new sound and if they win this horse race and nvidia appears to be light-years ahead of everyone i want to see how this is done. stuart: imitate sounds and voices. >> you can change that. , from the chips act why are they getting less. >> it went from eight and a half billion to less than 8 billion, the government is taken into account for billion dollar
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contract that intel has with the pentagon. lowering some of the amounts. this was worrisome for intel initially because it reliant on some of the chips asked int beca turnaround story but not a huge enough to change the stock pr price. stuart: i would get back to tesla a few moments ago they said tesla is going to $420 a share, ubs raise their target price, would you think it's going. >> 226 from a 197 and they still have a celebration this is not a bullish call but what they say they think the trump policies to benefit test on the margin but they think reducing or eliminating the 7500 ltv tax credit is not a total win for tesla. they maintain their celebration and up the price a little bit. stuart: micro strategy i know they own for quite and they have been buying bitcoin, how much extra do we know that they bought.
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>> $5.4 billion between the 18th and the 24th of november. this has been an endless loop about micro strategy shares have gone out they sell shares to buy bitcoin today him so much on the balance sheet, when they buy bitcoin goes up and they do it again, the average price this transaction was $98000 but overall the average transaction is 50000 for bitcoin. stuart: we have bitcoin at 97 change, shy of 100. blockbuster premier movie, how much did it bring in. >> $140 million for opening weekend. the big investment that comcast a bit under parent company of universal was 320 million, the big opening weekend and i'm hearing everyone show up in pink and green and singing during the movie. i have not seen it have you? >> i have not. stuart: bath and body works, they are up, 20% higher they had
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a good report what was so good? >> they are forecasting a lower drop than expected. they are seen a really strong holiday season being able to raise their guidance, to fragrances doing well i wonder if your favorite, winter candy apple and frosted coconut snowball. those are the affordable luxury resonating with younger audience. stuart: do you think i want to smell like a strawberry snowball. >> frosted coconut snowball. irresistible. it's up 20%. macy's delayed their earnings report, the stock is down. how%. >> this is unbelievable, we are hearing an employee from the fourth quarter of 2021 through the third quarter of 2024 that managed to hide about $150 million. they just discovered this and said employee is no longer with us and because of that it had to
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do with an outgoing expense is ended account payable they need to figure this out and go back to the drawing board, we want the real results that we will get and they are delaying a week or so. stuart: this is turkey day on thursday but i understand mcdonald is bringing back the mcrib. >> a fan favorite, the mcrib is december 3, the sauces the rage, i'm not a big mcrib person but it's a big deal for them. people love it, mcdonald's is the story of the value meals that continue to do so well there always so good at bringing back fan favorites to keep people coming in the door. stuart: supermicro auditors left them the stock went way down they hired a new auditor, is no. >> the stock was up 78% last week on the auditors report, bdo temporary auditor he resigned
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and recused himself. revenue auditor and we think are on track to get not only the annual filings but the last quarterly filings in this day up-to-date to the current quarterly filings to stay listed on the nasdaq. again were hoping that this company pulls through and a lot of people are excited that they have an auditor to get them on track. stuart: were getting close to 500-point gain, up 461 and the early going. a cnn host applauding from cnn from trump's department government of efficiency. watch this. >> donald trump's recent announcement, the one that excites me the most is the establishment of doge. we may finally get an effort to deliver on the central republican promise of the last 70 years. stuart: does that i still have a job at cnn? joe concha on that coming up.
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trump's pic for national security advisor michael waltz says ukraine were need to come to a responsible and. >> it's an absolute meatgrinder of people in personnel on that front is more like world war i trench warfare how do we restore deterrence and bring peace. stuart: how will trump handle the work, four-star general jack keane reacts to that. a wide-ranging energy plan to boost gas exports and expedite oil drilling permits. econ baby drill. steve is next. ♪
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stuart: 12 minutes into the trading session the dow is up over 1% so is the nasdaq and s&p 500 up .4% a new high for the dow trump's treasury pick scott bessent is a big hit on wall street hilary vaughn joining us from the white house tell me about bessent's economic plan. >> a lot has to do with the number three he has a 333 approach to the economy with goals to cut the budget deficit down to 3% of gdp by 2028 to push economic growth two or 3% per tax policy and push the u.s. to do 3 million barrels per oil per day. >> we kept hearing the themes i get the trump tax cuts extended or made permanent u.s. energy dominance will get energy prices down and at least 50 trillion of natural resources that we have, get the budget under control.
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>> republicans on capitol hill are also cheering trump's pic. >> he knows where the skeletons are headed and what the problems are, he knows we have a vibrant economy and cut taxes and increase revenue when you're exporting energy and of all the energy that you need in america, then you will have a better and stronger country and everyone will do better. >> some democrats may not be fans but not completely opposing bessent nomination. elizabeth warren saint of the pick mr. bessent's experiences helping rich investors make more money not cutting costs for
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family screeds like corporate profiteering. i don't know of mr. bessette will transfer his loyalty from wall street investors to america's workers but i'm willing to work with anyone to advance the interests of working families. trump's. transition team is preparing a big energy package to rollout within the first few days of trump taking office. the details include, according to reuters, plan to introduce more export permits for lng projects and increase oil land.ing offshore and nonfederal stuart: thank you, stephen moore joins me, wall street loves the bessent pick will main street lovett to. >> you better believe it. i've been a close friend of scott bessent's for many years. i think is a fantastic pick he is a financial wizard he knows how to make money and knows how the economy works. a spectacular pick by donald trump and the market seems to like it. i predicted on your show a month ago you can go back and rerun the tape i said if trump wins we
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will see a market boom and wall street certainly has responded in a very positive way. we will replace government mandate and regulation with free-market. who does not want that. >> trump is planning to turn the biden energy policy on its head he will lift the biden lng cause, expedite drilling permits on federal lien, sales of offshore drilling, bessette wants to raise oil output by 3 million barrels a day, how long does it take to do that. >> we can do that, if we just kept with trump's pro drilling policy from his first term through the biden administration we would be producing 3 million more barrels a day will biscotti understudy on prosperity that shows how that pass could've been achieved. now we can make up for a lost ground.
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there's no question we have more oil and gas and coal than any other country in the world, don't forget about nuclear po power. i think it's going to be in all in energy policy, bernanke would have government politicians make the decision as happened a biden where they try to force-feed the economy with windmills and solar panels. we will use everything that we got. the answer is yes we can produce 3 - $2 million of oil a day. at $75 a barrel, your check about $150 million a day that would benefit the economy. stuart: have you noticed that nat gas is beginning to rise, 375 per million british units that's on the upside, cold weather in the northeast. were out of time i would like to talk about this all day long, come see you soon. have a great thanksgiving. trump's pick for commerce secretary, howard lutnick is looking to get involved in a new project with bitcoin, what is a
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new project. >> bitcoin backed lending. his financial company cantor fitz-gerald has a 5% stake in tethered they operate stable going back to the u.s. dollar, bloomberg is reporting that budnick is planning to launch a program with tether to land dollars to client who pledge bitcoin as collateral. reportedly funding would start at $2 billion and could scale into the tens of billions of dollars. a client can secure a loan by putting bitcoin up as coll collateral, it sounds crazy. it could be dangerous but certainly fresh. stuart: bitcoin at 963. we thought it would approach 100 grand and it did earlier at 963 at the moment. you remember no labels, middleground political group that tried to get into the presidential election. the democrats saw as a threat to the biden campaign. the courts will decide if the
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attacks on no labels was an unlawful conspiracy. it was surely dirty politics. we will explain it at the top of the hour. somerville massachusetts set to vote on reaffirming the sanctuary city status it would provide taxpayer-funded legal services to migrants, my line is there we will report after this. ♪ your best defense against erosion and cavities is strong enamel. nothing beats it. i recommend pronamel active shield because it actively shields the enamel to defend against erosion and cavities. i think that this product is a game changer for my patients.
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stuart: somerville massachusetts will vote on the status as a sanctuary city, joining me from the city. anyway you know what way this vote will go. >> massachusetts more than a dozen sanctuary cities but when we look at somerville they are slated to reaffirm a long-held status and reaffirming the timing of this is been interesting the week after and despite i.c.e. agents arrested in the city had accused and wanted drug trafficking from
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brazil i explored his face, his name is being withheld but they report that 38-year-old will face justice in his home country, somerville's refurbished resolution will include funding for legal representation for facing deportation and reaffirms a promise of police department will not cooperate with external law-enforcement agencies on matters related to immigration detainment, ice boston has been busy across the bay state in recent months arresting 17 men accused of sex crimes including child rape, according to the enforcement removal are operation ice boston are here illegally nine of the men are commonly referred to as galloways in several cases the accused released into the public despite ice detainer request, for instance 21-year-old guatemalan national was charged with rape of a child by force in february and arrested by the great barrington police department, ice boston reported detainer was lodged and ignored
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great barrington a sanctuary city he was released on bail and i.c.e. officials finally arrested him now and november months later, the mayor of boston to the governor of massachusetts, both democrats have been out very publicly and boldly saying they will not cooperate with trump's efforts en masse deportation. stuart: thank you. we have to check the market you might like what you see. the guy was a 440-point and nasdaq up 77, look at the dow winners, unitedhealth, boeing, caterpillar, mcdonald's and home depot. s&p 500, winners, bath and body works up 16% with a good report, super microcomputer, moderna, estée lauder and builders first source. nasdaq winners taught by, murdered neck, brown-forman, dollar tree, rest stores, decks, inc. the yield on the ten year
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treasury is down ten basis points, that the drop 429 ezekiel. the price of gold $2664 an ounce, it is down 2.6%, bitcoin approached 100,000 and backed off, above 96000, the price of oil 6998, close to $70 a barrel. nat gas on the upside 7% higher, cold in the northeast 3.37 is your quote, kaylee mcghee white will react to democrats using vicious politics to destroy the centrist political group no labels, joe concha reacts to dnc chair donna brazile claiming democrats did not lose the election for being too woke, oklahoma governor says his day is planning to enter to port criminal aliens already in state prisons, israel reporting to a cease-fire with hazlet and lebanon retired four-star general jack keane on that. the 10:00 o'clock hour is next.
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