. this is "nightly business report" with tyler mathison and sue herera. >> all it takes is a spark. one idea to take flight. the courage to seek the unknown tox. to to explore a different perspective. at nasdaq, we connect the world, its capital, its business, the people who drive global economy. the future isn't tomorrow. it's right now. all it takes is a spark. nasdaq. >> stock market first. the s&p 500 is worth more than ever before. >> high stakes meeting.

president trump meets with the canadian prime to discuss the trade ties that bind the two economies. >> the wake-up call. the highest dam in the u.s. is in dire straits. but will its struggle kick start the drive of thor american infrastructure? those stories and more had for will today, monday, february 13th. >> good evening. off to the races. i know i'm going to regret saying this. probably sooner rather than later. it seems like nothing, nothing, can stop this stock market. investors are buying up shares. all three major indexes pushed further into record territory today. the dow jones industrial averaged vamsed to 20,412. the s&p 500 today reached $20 trill in market value for the

first time ever. $20 trillion. that's up from about 6 trillion at the low in 2009. the most valuable company is apple. its market karncapped $700 bill. bob has more on today's action from the new york stock exchange. >> ad record highs yet again with cyclicals. all leading to dow industrial moved 320 points for more than 1.5% since thursday morning when president trump said he would have more news the tax cut in the next few weeks. >> the s&p 500, which is the main index, topped $20 million the value for the first time this morning. the biggest stocks, they really are getting bigger. why is that? well, partly, it is the triumph of indexing.

it is easy to push money into indexes, and the s&p 500 is the most well known index. the keep getting bigger and bigger all the time. apple once again pass in the market value of $700 billion this morning. a value first by 2014. to put in perspective that's 500 stocks. one of them is. if writ weighted equally, apple would only be 0.2. not 3.5%. what could go wron with thought bullishness? the markets pricing in a global economic recovery as well as president trump accomplishing his economic goals and lower taxes, less regulation and an infrastructure spending program. that's a tall order. for the moment, it is giving the bulls the benefit of the doubt.

er at the new york stock exchange. >> so bob laid it out. it is the stock market too expensive? he says it is fairly valued. while robert thinks the market is not as cheap short term. welcome. nice to have you here. patrick, i'll start with you. what makes you think the market is fairly valued? >> at a price to earnings ratio, there's no way you can describe the market as cheap but it is all relative. the additional apartment investors expect to be paid for investing in stocks. it is well above the historic average of 4.1%. this is not a market gorging on risk. it is fairly risk adverse.

and investigators are being rewarded over the long term for taking equity risk. >> how do you handicap it right now? do you think it is a little pricey in. >> i'm looking at it on a forward earnings estimate. it is expected to grow by 11.3%. that means the market is trading at 17.5. on a short term basis, if nothing happens, if trump doesn't get any of his growth initiatives passed, then it is pricey. if you factor in what he is able to accomplish. the fact remains, he's been able to accomplish everything he set out to do and there's little reason the believe he won't accomplish things like bob laid out. like tax reform, repeatriation f cash. i think you can lies see 25 .02

within the next five months ask even higher. >> you say that you're focused on long term environmeinvesting. not short term speculation. but given what is supposedly coming out of washington, what if we don't get all of those things? maybe we only get a little bit. how much of that is factored in? >> i would not be betting on all those things happening. our view based on the economic momentum that we currently see in the numbers right now. president trump can do things to help the economy or hurt the economy. right now the u.s. economy, if you look at consumer confidence is at a cycle high. business confidence is recovered. most importantly, both the manufacturing and nonmanufacturing surveys show solid expansion ask based on a steady stream of new orders. so you have a lot of economic momentum. and it is turning into, you

mention before, earnings. earnings are up if you look at quarterly earnings per share. they're up 25% as opposed to a quarter a year ago. a lot of that is from the recovery of energy and materials which really had a slump last year. but there is a lot of earnings that is providing solid foundation under the share price increases. >> you know, bob, i thought i heard you say, if we basoid what the president has been able to achieve it so far, you would have to give him the benefit of the doubt that he will get done what he says he will get done. i'm not sure what he's done so far. the biggest thing did he has been stayed by a court in washington state. and secondly, the tough stuff lies ahead. tax reform, repealing and replacing the aca. and coming to some agreement on an infrastructure program.

>> that's true. obviously, the country has been upset and sort of been focused on what has been going on with the travel ban. look what he's been trying to accomplish with the pipelines. keeping company. >> fair point. >> keeping manufacturing companies in the united states and more companies trying on move into the united states with manufacturing. if that's just a small bit of what we could potentially see, i think the real potential going forward. look at the economic news. it is appointmenting to positive. weighed get fourth quarter earnings report. we take look at what's going on in energy with the oil trading around $54 a barrel. it is very like you kit help. with an increase in the federal funds rate, you will see better earnings on the financials. >> okay.

thank you. >> the biggest holders of u.s. debt are lightening up their traditions have holdings. interest biggest decline in almost four years. china which owns just over a trillion of u.s. treasuries has been selling since may. its current position sits at a seven-year low. it may be due to rising interest rates, political uncertainty and a potential increase in inflation. >> in washington, the focus was on trade. not with mexico but one of our biggest trading partners, canada. president trump met with president trudeau amid threats to rip up nafta. the stwraks high but the meeting cordial. had. >> president trump offering a warm welcome to canadian prime minister justin trudeau. his home run fifth foreign cleared andal tie visit the

white house since he took office. with high stakes because of the president's pledge to rewrite the free trade deal between u.s., canada and mexico. at a press conference, the president said keeping jobs in north america will benefit canada is that the united states. when asked, he said cross border deals with canada. >> it is a much less severe situation than what has taken place on the southern border. on the southern brod, for many. years, the transition was not fair to the united states. it was an extremely under fair transaction. we'll work mexico. we'll make it a fair deal. >> prime minister trudeau said 35 states list canada as the biggest export market. and two-way trade takes place each day. oil crosses the border every day

too. it is the movement of people where the two leaders differ. the u.s. puts a hold on its program. prime minister trudeau is acknowledging the two countries don't always agree. >> there have been times where we have differed in our approaches and that's always been done firmly and respectfully. >> the last thing canadians expect is for me to come down and tlirk another that country. >> both leaders say discussions are just beginning between two countries but have been productive thus far. for "nightly business report" in washington. >> trump has promised to invest a lot of money in the infrastructure and nowhere is it more obvious only needed today than in california. there engineers trying to repair

a crippled spillway at the country's highest dam. >> it is a race against time. trying get parts of the spill ways shored up. they're locating exactly where the damage is. they'll put some major boulders in there. i want to show you, take a look. you can see the operation. loading boulders into the white bags. they will go in the black hawk helicopters and the helicopters are hopefully drop it in the areas where those spillways are damaged. the secondary spillway, the emergency spillway is the one that saw significant damage on sunday. engineers were very worried about that. so they called the mandatory evacuation underway. they got into their cars, they took their belongings and started driving.

on then they met significant traffic. a very scary situation for people trying leave the area now. work is being down try shore it all up before there is another weather system that could spell catastrophe. that work is being done right now. oroville, california. >> so is this the weak-up call that will revive the push to fix our country's infrastructure? joe joins us now to discuss it. there are 87,000 dams in the united states. how many of them are substandard, do you think? >> the first point to emphasize is that not all of them are federally had controlled. a lot of them are state or private. just 87,000 across the country. these challenges are highly 92 wantses. they're varied.

there will be no one size fits all whether we're talking about extreme weather event or simply aging. >> given the variety of projects out there. i've seen an estimate of $1 trillion. given these facilities, whether you're talking about it, do you have a sense whether that is a realistic figure whether it is too high or too low? >> right now whrgs it comes to the strategy put forward by the administration, there isn't a lot of certainty that would receive additional financial support. all we do know, the map behind us gets quite tricky. there would be additional revenue projects that would help support improvement.

this will require a long term conversation that in all like hood will had go beyond the first 100 days or the first 200 days of the administration. so this is a big challenge. in states and localities across the country. >> as you look at the transitions, i was speaking to someone who said one of the problems is there's no one person or group that is responsible. complicated by the fact there are so many competing interests. how do you describe that? >> absolutely. i think if anything, we see the enormity of the challenge and we tend to over emphasize the federal role. but we know the federal government is only responsible for about 25% of public spending each year on our infrastructure

and water structure. 75 sperse covered by states and localities so we know this is a highly nuanced net work that needs a variety of different had networks behind it. not just one silver bullet solution. perhaps a private sector. it is not just transportation, it is not just water. telecommunications, energy, a whole assortment of aspects that will need attention. they're at the end of their youthful life. >> i hope we can call out again. >> president trump's had pick for the treasure 50 expected to be confirmed tonight. steve mnuchinin would be responsible for shaping the president's tax sxols the future of the financial regulations. one of his first challenges will be the expiration of the debt ceiling. had he issal hollywood producer.

he fwakd lego batman movie which claimed the top spot at the box office on. >>stead, still ahead, lawmakers slam the decades old drug. details next. two lawmakers are taking i am a at marathon. they wrote a letter to the drug maker looking for answers on muscular dystrophy. the price of the drug will cost $89,000 in the u.s. the lawmakers said the two of them called the pricing scheme

an outrageous plan. i will be available in canada is that the united kingdom for about $1,000 a year. in response to the outcry, the marathon ceo is pausing the launch of the drug. >> the botox makerer said it isser buying for nearly $2.5 billion. it is best known for its cool sculpting system that freezes and reduces body fat. allergan said it will add to the portfolio and to its earnings. the shares rosa fraction. the shares took off on, 13% to 5593. the owner of burger king and tim hort only's reported higher than expected revv zmu the company has approached popeye's louisiana kich gren a possible

acquisition. shares rose more than 4.5%. popeye's just 7% to 70.82. teva pharmaceuticals helped overall revenue top expectedations. the company reported a loss but it was still good enough to beat estimates. the shares popped 5% to $34 even. volkswagen said it has move had, had it will give vw access tots mapping platform provides drivers with real-time date about roads ro. shares of mobile eye were up nearly 5% to 45 had.48. dupont and its spinoff will shell out money for the chemicals from the west virginia plant. more than 3,000 personal injury

lawsuits were brought against the company after it caused diseases including cancer. shares surged 14%. and in a regulatory filing late friday, haines celestial disclosed the securities and exchange commission into the health care company's practices. they alerted the s.e.c. in august that they would delay the results for the fourth quarter. shares were off almost 9% to 3510. >> hiring our heroes. the big push to hire america's service men and women.

verizon is offering under limited date plans. it is about an face and it is viewed as an acknowledgement that it has worked for smaller competitors which has been aggressively pushing such plans. last month, verizon reported smaller than average growth. the nation's unemployment rate declined. the trend for america's youngest veterans is climbing. it fwrenl 4.5% to 6% in a few months. experts said the one reason is the lack in attention the veterans get. but there are real efforts underway to help service men and women transition to civilian life. >> veterans looking for help. a handout.

a job. you may see it on your daily commute or on your social media beat. it is a reality for hundreds of thousands of veterans. >> we still see half a million veterans underemployed. >> for those most recent veterans, the job situation is always volatile. in the past six months, it is climbing again. >> and they're competing into the peer group which just graduated college. a lot of companies do not equate four years of military service to four years at a university. >> zachary left the marines last fall. >> a lot of people are realizing, okay. i can't stay in here. i have to do something else. >> president trump's federal hiring freeze may hit had them especially hard. one-third of federal workers are

veterans. >> the opportunities are not there. >> j.r. martinez survived the attack in iraq. then he land ad role on all my children. and one, "dancing with the stars." he said it is you have to transition from a follow orders environment to the civilian world where self-starters successes succeed. >> we're not necessarily the one who's will go out and be our own agent. we sit back. we don't approach. there are very few have that amazing quality. >> a number of companies are working to help make the transition to make it easier. jpmorgan chase dedicated a team to recruiting veterans. hiring 11,000 in the past five years. starbucks has hired 8,800 veterans. and comcast partnered for a hiring our heroes initiative.

while most americans consider them heroes, movies and tv shows also show the struggle with suicide, post-traumatic stress and addiction. >> if we complete narrative be simbly victims and heroes, i think we've missed an opportunity. >> hollywood is a noigs change those perceptions to provide a new and nuanced. >> we need more stories. we need to show veterans and the complexity that's he have day people are. >> he got william, the executive producer of ncis for a panel. he said more than a third of those hired are vets. that sets tone for a story. real life veterans see how their experience trans flight business successful. >> at 22 years old, i was in

charge of an entire crew andists responsible for being part of an organization and unit, preparing helicopters. >> give as you chance to prove to you. to poufls we can. and we will. >> for "nightly business report" in hollywood. >> finally, do you plan on buying chocolate for valentine's day? it may cost you a little less this year. the reason, good old supply and demand. cocoa harvests are bigger than usual. that decline has helped lower cost for cadbury and mondaleese. after looking at that, hungry. >> valentine's day the isn't the day. >> that does it for "nightly business report." see you tomorrow. >> "nightly business report" has

been fund in the part by -- >> all it takes is a spark. one idea to take flight. the courage to seek the unknown. to innovate. to disrupt. to move us all forward. to explore a different perspective. at nasdaq we connect the world. it's will capital, the businesses, the people who drive the global economy. the future isn't tomorrow. it's right now. all it takes is a spark.

>> this is "bbc world news america." funding of this presentation is made possible by the freeman foundation. newman's own foundation, giving all profits from newman's own to charity and pursuing the common good. kovler foundation, pursuing solutions for america's neglected needs. and aruba tourism authority. >> planning a vacation escape that is relaxing, inviting, and exciting is a lot easier than you think. you can find it here in aruba. families, couples, and friends can all find their escape on the island with warm, sunny days, cooling trade winds, and the crystal blue caribbean sea.