lauren: bob morgan, thank you for your time this morning. dagen: at electronics giant toshiba taking a huge hit today with the stock closing down 11% after the company said it expects to break down as much of several billion dollars and a law connected to its u.s. nuclear business clout in the companies plan after an accounting scandal back in 2015. dreamed to heavy snow and strong winds causing dangerous travel conditions. the latest forecasts from the weather center coming up. your first look at morning markets and breaking news. this tuesday mile declines, fractional declines not even a 10th of 1% across-the-board in the u.s. 20,066 points away. we will be right back. ♪ lauren: 5:15 on a dive. let's get caught up with happening now. president obama said he would've beaten donald trump if he had run for a third term. trump of course disagreed, tweet and emphatically no way. the constitution bars the president from seeking a third term but in a podcast interview americans would have backed his vision. but after christmas was chaotic for sho

. >> morgan: and it was bob dylan's big day, but the elusive music legend was a nobel no-show. >> theng about the nobel prize is that it's just one more notch on the belt. ♪ the answer is blowing in the wind ♪. this is the "cbs weekend news." >> morgan: good evening. i'm demarco morgan. with a western edition of the broadcast. president-elect trump spent the afternoon, as millions did, watching the 117th army-navy football game. army hung on to win. mr. trump spent one half on the army side, the other on navy's, as presidents have done going back to theodore roosevelt, but mr. trump may be the first president-elect to take part in the tradition. away from the game, mr. trump was arguing an election interference call made by u.s. intelligence against russia. here is errol barnett. >> is it a humbling thought that in six weeks you're going to be the commander in chief of those guys? >> it's humbling. it's a great honor, but it's a great responsibility. >> reporter: before president-elect trump attended the army-navy game in baltimore, he met with exxonmobil chief executive rex tillerson

. >> morgan: and it was bob dylan's big day, but the elusive music legend was a nobel no-show.

bob michaels jp morgan asset management is still with us on what comes next for italy. will anything change in the coming years? bob: i do not think so. the amount of data has been extended over the past couple years and how it has held up in the banking system is a concern. we are concerned about the quality of banks. how the bad loans will be worked out, and what that affect will be on the government. anathan: did not said this is countrywide problem. -- they have not said this is a countrywide problem. bob: they are struggling to make some of the targets they have proposed on themselves i year and. hopefully, it is confined to them. i think what we saw with gentle appointmentth the is that the markets have settled down. the meetings coming up, it is critical for the country. himself outhey pull -- themselves out of this trouble? have a much steeper yield curve you to the ecb decision. can the entire -- can the italian banks climbed out of the problem? bob: they need consumption to pick up, and they need companies to borrow again with the ability to pay back the banks.

jp morgan chase's jamie dimon and disney's bob iger will be joined by the ceos of ibm, wal-mart, gm and others. they'll start meeting with trump in early-february. 3 16-hundred "american airlines" flight attendants... had bad reports headaches... rashes... hives... burning skin and respiratory problems. the airline says... they've found nothing unusual during ?two rounds? of testing--- but will start a third round of tests next week. 3 the white house has relased its own app! it's a virtual version of 16-hundred pennsylvania avenue over a one- dollar bill... and builds a tiny interactive version of the white house on top of it. you can also watch events like the annual easter egg roll. the augmented reality app- called 16-hundred-- is available for free in the android and apple app stores. 3 3 forecast...today...cloudy. patchy fog in the morning. highs in the upper 30s. southwest winds 5 to 15 mph. tonight...mostly cloudy. lows in the lower 30s. south winds 5 to 10 mph. tuesday...mostly cloudy. highs in the upper 30s. west winds 5 to 15 mph. tuesday night...colder. partly cloudy. lows i

bob o'donnell is sticking with us. take onamie dimon's automation in the future ahead. our exclusive interview with the chief and chairman of j.p. morganse. our interviews are live streaming on bloomberg. 2:00 p.m. right here in san francisco. this is bloomberg. ♪ host: a stock we are watching. gopro spiking on concerns of a takeover. last month the company announced it is cutting its workforce as it struggles to gain instruction with its -- gain traction with its newest lineup of cameras. shares are down 15% this year. bloomberg businessweek's megan murphy sat down with j.p. morgan chase chairman and ceo jamie dimon for an exclusive interview. that will be featured in the "good business" edition of the magazine today. they talk on how automation is changing how we live and work. jamie: technology is the greatest thing that happened to mankind. we would still be hunting buffalo and living intense. agriculture helped specialization. knowledge built on top of each other, with institutions, we went from fire to wheels to steam engines, to these wonderful phones in our pockets. this is the reason that mankind is living today. i am not goin

bob o'donnell is sticking with us. we get jamie dimon's take on the future of automation. our exclusive interview with the chief and chairman of j.p. morgan chase. all episodes of bloomberg technology are live streaming on twitter. weekdays at 5:00 p.m. in new york, 2:00 p.m. in san francisco. this is bloomberg. ♪ caroline: a stock we are watching. gopro spiking on concerns of a takeover. last month the company announced it is cutting its workforce as it struggles to gain traction with its newest lineup of cameras. the company is not profitable and shares are down 15% this year. bloomberg businessweek editor megan murphy sat down with j.p. morgan chase chairman and ceo jamie dimon for an exclusive interview. that will be featured in the "good business" edition of the magazine today. murphy asked about how advances in technology and automation are changing the way we live and work. take a listen. jamie: technology is the greatest thing that happened to mankind. until we had agriculture -- we would still be hunting buffalo and living in tents. agriculture helped specialization. knowledge built on top of each other, with institutions, we wen

bob. it's 5:04 right now. a man accused of assaulting his neighbor with a baseball bat has turned himself in. morgan hill police say mark weber beat his neighbor. the victim says weber had a problem with their dog barking. the victim was treated for possible life-threatening injuries. he could face charges including attempted murder. >>> investigators in sonoma county say they found no credibility to a threat from a student to shoot and kill people at the forest hill high school. the student is still in a lot of troebl and is in juvenile hall. it started with a note written by the boy. he's facing a charge of making threats. >> the christmas market in berlin is back open this morning. you see a lot of people gathered there. these are live images from germany after that monday deadly truck attack. the barricades were moved. the gates back open. everyone doing shopping. you see plates of food there. earlier people were seen wandering through the empty stands where a dozen people had died and more than 70 were injured. a manhunt is still under way for this man. anis amri who police suspect was driving

bob. get to our "closing bell" exchange now for this tuesday. with us is rob morgan from seti financial group. keith bliss from katonah and company is at post nine. and rick santelli checking in from the cme in chicago. keith, you are of the opinion we will not hit dow 20,000 today for one single reason. and what is that? >> because you guys showed up with a hat that said "dow 20,000." put the hat away so we can actually get -- >> at least now it's not my fault for showing it last week. now it's on you. >> it's all gone. there you are. >> i think despite the fact that you guys poured cold war on today's session, we absolutely will get there. as bob is pointing out, the fundamental drivers underneath financials and some of the other growth sectors that reside in the dow will push us through there. but we're also dealing with a lot of seasonal pressures to the upside that we're dealing with right now. the week before christmas, i went back and looked 20 years past history, the week of christmas or the week before christmas, the dow has been up in 16 of those 20 instanc

morgan stanley. >>> if you're just joining us this morning, dow came within 13 points of that 20k level and right now continues to toy with us. just about 28 points away. let's get to bob tasani with some special guests. bob? >> we're talking to t.j. anderson, one of the guys i speak to on a regular basis. tim, no catalysts today and couple of powerful forces moving the markets. are we going to hit 20,000 today? >> certainly going to set us up for that. maybe push through in the last hour. it feels like the market has been going through a lot of that resistance. it's been built up, just below the 20,000 level for the last three or four days and today could be the day. >> we've been talking about the fact that the market does not sell off. we topped out a bit last wednesday. instead of selling off people say, okay, i'm out of here. people decided to rotate into sectors that hadn't had the big moves. you sell financials for a couple days, buy consumer staples. next thing you buy utilities. giant rotation is keeping the market up. can that continue? >> it can and it feels like the big monster institutions want to end the year with as close to zero cash as possible on thei

morgan once again leading the dow, record highs on the dow and s&p. let's get to bobani. >> good morning, carl. we have a mixed open here. about even on the advance/decline line. but we've had quite an extension of our rally overseas. let me show you what happened in asia. big spillover there, nikkei had a great day. 18,765, that's the highest level since january for the nikkei. we're up about 14% since the quarter began. the yen's weakened, dollar strengthened, elections help the nikkei as well. europe was up even before the draghi announcement. and it's extended again, you heard steve telling us qe extended to december, so they're extending but tapering at the same time. i guess satisfying hawks and doves, but all the european stocks are on the upside. take a look at the etf sectors here in the united states that are on the upside. looks to me like it's november again. banks as carl mentioned are the leadership group, but energy and materials is exactly what we saw in november. there's the pharmaceutical stocks, that's pjp down 0.8%, second day in a row it's been do

bob, appreciate it. >>> the calendar set to flip over to 2017 very soon, so cnbc is getting out its playbook of predictions. morgan brennan has a look at what to expect in the defense sector. >> in 2016, serious civil war escalated. north korea tested more nukes and u.s. agencies linked russia to election-related hacks. in 2017, tensions with russia will mounting. the iranian nuclear deal will be questioned and china will further flex its muscle in the south china sea. first, it's all about the budget, and the budget will increase, despite sequestration. details will be key, with more focus on cost efficiencies when president-elect trump releases the 2018 proposal this spring. sending, the nuclear triad could become a dyad. under the new administration, the fate of the land-based leg of the nuclear arsenal could come into question. even as modernization moves forward for the navy's ohio class replacement subs built by general dynamics and the air force's b-21 strelt bomber from northrop grumman. the race to secure space will take off. call this the other infrastructure plan. as the pentagon -- expect more contract

morgan the same thing. all of the banks, so just keep an eye on that. we see interest rates moving up a little. >> thanks, bob. for those of you planning your resolutions planet fitness has exercise equipment all over the floor of the new york stock exchange. stay tuned for hour number two of "closing bell" with kelly evans and company. >>> thank you, bill. welcome to "closing bell." i'm kelly evans on one of the final trading sessions of the year. here is how we are finishing up the day on wall street. looks like red across the board except for the russell. dow dropping to 19,821 further receding from 20,000. the s&p 500 dropping less than a point. the nasdaq moderated its losses on the bell was down about a quarter percent. the russell did manage to close higher by about 2.5 points. the markets have not recovered after yesterday's sharp selloff. we will have much more on sanctions against russia and kremlin's response coming up. >>> joining me is michael santoli. also with us cnbc contributor heather. good to have you both with us. mike, it was so clear when we were in rally mode what the story was. financi

morgan brennan, over at the nasdaq. got to keep our eye on that one as well. dow, 20 point as way from the 20k. bobs watching this all from the floor today. good morning, bob. >> good morning, carl. why are we up today? no specific catalyst happened today, no specific news event, economic news, macro event that you can point to. confluences moving the markets, number one, seasonally a very strong period of the year, the last two weeks of the year. it is well known, well studied historically, the dow tends to move, on average, 1.6% in the last two weeks. that's a very powerful move. it's up most of the time, more than 70% of the time. so there's number one. traders believe things are going to go up. number two is this powerful momentum we have been seeing since the election, that this believe in a combination of tax cuts, less regulation and a massive stimulus program of some type is going to translate into a better economy in 2017. some are arguing 3% gdp growth is possible and, more importantly, it will translate into higher earnings and revenues. this is hotly debated. we have been noting there's

morgan. >> sure. >>> that was a great set up to talk about the retailers. who is doing all the shipping? we'll bring in bob retailers were hammered last week, partly because of the way the tax bill is playing out. what do you think happened and why? are you worried about it? >> well, they had a tremendous run over the last, you know, few weeks since the election. there's a lot of factors playing in. when you think about the tax implications, lower corporate tax rates, they have helped some of the domestic retailers. the lower personal income tax rates are pretty encouraging from that perspective, but there is also this looming discussion around tariffs and what is happening with higher tariffs and how that would impact trade. >> have you started paying attention yet to what paul ryan is talking about dealing with the corporate tax code and changing it very dramatically and deciding to do that system, from what i read, retailers would end up paying a bigger tax on anything they import. it's going to drive their costs higher. is that worth discussing yet or too early in the tax -- >> i think it is way too ea

bob, thank you. we're going to zero in on the banks helping lead this charge to 20,000 on the dow. goldman sachs is still leading the dow right now even though it's down, j.p. morganecord highs just this morning. joining us now is gerard cassidy of rbc capital markets. good morning. thanks for calling in, gerard. >> you're welcome. >> so we've got this rally on pause. maybe a good time to take stock of the bank rally we have seen. which still has legs. clearly the narrative is bullish for next year. how does that match up with the already more than 30% gains for the likes of goldman and j.p. morgan so far this year? >> you bring up a very good point. these stocks have run very nicely especially since the election, investors are always asking themselves now, is everything priced in. and we don't believe it is. because if the u.s. economy really starts to accelerate in growth based upon the incoming administration's plans for growing the economy, these banks will see better revenue growth coming from not only volume, meaning more loans, more investment banking activity, but also wider spreads coming from higher interest rates. >> gerard, if we look at the banks with