mike santelli has more. >> reporter: call 2017 the year of the all gain/no pain stock market. the broad s&p 500 index climbed 14% this year, a brief dip of 3% along the way. that's five points of reward for each point of downside risk, making this one of the most generous market years of recent decades. even strong rally years typically feature one or more setbacks of at least 5% along the way, with 10% drops happening in a majority of years. 2017 resembles such winners at 2013 and 1995, when stocks rose 30% in remarkably gentle fashion. in year a global pickup in economic growth, stubbornly low interest rates and record profits help explain stocks' orderly advance. the lack of progress to date on tax reform in washington has been taken in stride. in fact those impressive rallies in 2013 and 1995 also occurred in years of d.c. gridlock with government shutdowns and stalled agendas. what does this suggest for the outlook for the fourth quarter and beyond? history tells us this is not the way stocks tend to behave right before a serious peak. markets get jumpy and unstable ahead

i think it's psychological >> mike santelli -- >> i answer to both. >> when we return, we'll talk totock exchange and look at the futures as we head to a break. almost 40 points up on the dow, s&p 500 looking to open higher it's why brighthouse financial is committed to help protect what you've earned and ensure it lasts. introducing shield annuities, a line of products that allow you to take advantage of growth opportunities. while maintaining a level of protection in down markets. so you can head into retirement with confidence. talk with your advisor about shield annuities from brighthouse financial established by metlife. but we should be seeing ymore range of motion., i'm fine. okay, well let's see you get up from the couch. i'm sorry, what? grandpa come. at cognizant, we're uniting doctors, insurers and patients on a collaborative care platform, making it easier to do what's best for everyone's health, every step of the way. you may need more physical therapy. ugh... am i covered for that? yep. look. grandpa catch! grandpa duck! woah! ha! there you go grandpa. keep doing that.

mike santelli, back to you >> all right, rick, duly noted thank you very much. >>> now over to john fortt on "squawk alley. hi, john >> hi. busy morning on capitol hill facebook's sheryl sandberg continues to take meetings and questions over the russia probe. also the president expected to sign some executive orders regarding health care ri t hr.oudunghe all that's coming up on "squawk alley" ♪ to err is human. to anticipate is lexus. experience the lexus rx with advanced safety standard. experience amazing. >>> watching ipo today, cargurus price 9.4 million shares at $16. >> that was above the range, as well >> yep >> pretty hot one there. meanwhil meanwhile, robert frank takes us inside the most expensive home in switzerland, and that's saying something, the most expensive in switzerland >> we've been doing this home over five years, shot over 100 homes, but this is far and away the most amazing home we have ever shot. we are the only cameras that have ever and will ever be allowed inside the broker gave us a tour. it's a $185 million home it's got red velvet in the library, a lot of wa

what's the argument on skin in the game, yay or nay >> you'll have to deal with mike santelli sayingthe money. if it was someone who -- >> yeah, although the record of loans is not perfect >> that's a good point >> reporter: the term is their happiness half. >> we have much more to unpackage here diana, thank you very much our diana olick. >>> you e-mailed, facebooked, and twteeed. we're going to read your messages in the "closing bell" mailbag. oh, boy. ( ♪ ) whoo! ( ♪ ) woman: class, let's turn to page 136, recessive traits skip generations. ( ♪ ) molly: i reprogrammed the robots to do the inspection. it's running much faster now. see? it's amazing, molly. thank you. ( ♪ ) thank you. throughout my career, i've been fortunate enough to travel to many interesting places. i've always wanted to create those experiences for others. with my advisor's help along the way, it's finally my turn to be the host. when you have the right financial advisor, life can be brilliant. ameriprise i'll have the langoustine lfor you, sir?i. the original call was for langoustine ravioli. a langoustine is

mike, rick santelli, back to you. >> ceo going to join us.trong earnings, stock up more than 5% in the early trade the question is how much of this is due to outperformance in security that was the best performing unit cloud security we're going to dig on that and more coming up on "squawk alley. >>> james murdoch ceo of 21st century fox speaking on stage with our own julia boorstin who joins us with more julia. >> i just got off stage. he made headlines on recent controversy over former fox anchor bill o'reilly playing $32 million in a settlement over sexual harassment allegations. james murdoch said the settlement was news to him and defended the company's firing of o'reilly he said it was easy to say that the company did not know what was going on, but he said it was news to him that $32 million number he thinks the real issue is how fox handles these type of things with the firings of bill o'reilly, roger ailes, he and the rest of fox hopes to send a message to the company that the behavior isn't tolerated he does expect the sky deal to b

mike, back to you, sir >> all right rick santelli, thank you very much president trump heading to pennsylvania tax reform we have more from washington >> hey, mike well, president trump will be debuting a new argument as he makes that pitch during his speech in pennsylvania he's going to be saying that the typical american household will see a $4,000 pay raise if the country moves to a territorial tax system and forward earnings get repatriated. we don't know exactly how they got to that number, but this is an area kevin hast has focused on quite a bit and the white house is expected to release a more detailed analysis of that argument soon, perhaps even as early as today now, during his speech in pennsylvania, president trump will be speaking before about 1,000 workers, many of them truckers and it's really how the white house is hoping to connect their message of corporate tax rates eventually, if you cut that, helping the middle class see higher wages and see more middle-class jobs. and tax reform is really the one area that republicans can rally around right now, especially as the presiden

santelli. good friday morning. welcome back to "squawk on the street." i have mikeock exchange david is off today sara eisen is with us today. a big interview from sara coming up shortly in the meantime, markets trying to hang in there some pain in insurers, although fang once again having a good day. >> our road map today starts with more big banks report bank of america and wells fargo opening their books this morning. we'll bring you the numbers and analysis straight ahead. >> new details coming to light the president is expected to address the iran nuclear deal today. plus, bitcoin surging to now record high. surpassing two big banks in market value we'll tell you which ones and why straight ahead let's get to sara at the imf fall meetings on a very busy week hey, sara. >> good morning, carl. one major hot button topic central bank next steps. we're at an inflection point yesterday, we talked about ra rare -- for the first time in years, but with that, it means it's time for central banks to pick up efforts to get out of emergency crisis mode policy, a decade si

exchange mike >> sara, thank you very much good perspective there on the global picture still to come, bitcoin surging to new record highs, surpassing two big banks in market cap. first, rick santelliou watching this morning? >> you know, i'm watching all the data, volatility in the treasury options going down. the pit's looking for anybody to step in and buy some vol you know who they found? they found mr. wonderful >> i just bought switzerland i'm about to buy france. buying the whole country going in deep into the markets today. >> italy is on sale today. that's where ushyou should be aiming we'll be up after the break, by the way. and the international brotherhood of electrical workers helped make that happen. the ibew's outstanding union professionals have the skills and training to get the job done right. that's good for our customers and for our bottom line. ibew members are our power professionals. they should be yours as well. ♪ traders -- they're always looking for advantages. the smart ones look to fidelity to find them. we give you research and data-visualization tools to help identify potential opportunities. so, you can do it this way... or get everything you need to

santelli, thank you. good friday morning. welcome back to "squawk on the street." i'm sara eisen with scott wapner and miked david is on assignment let's check on markets for you dow is sort of unchanged, fractionally lower here. record highs for the last six straight sessions, we have seen stocks coming off the biggest winning streak since back in the '90s wti crude watching that too, down 2.5%. >> road map today begins with 33,000 that's the number of job losses in september, hurricanes harvey and irma took a toll on the u.s. economy. we're going to discuss what it means for the markets and the fed next >> plus, our exclusive interview with imf managing director christine lagarde, what she told us about growth in the u.s., the global economy, tax reform and more. >> and the countdown is on and nelson peltz's proxy battle. support from one of the world's largest pension funds. all the details straight ahead. >>> let's start with that big myth the u.s. economy losing 33,000 jobs in the month of september, versus an expected increase of about 80,000 our steve liesman joins us now after digging through the r

santelli exchange. good morning, rick. >> i'd like to welcome my special guest. all of you bond people recognize jim grant. thanks for taking the time jim? >> all right let's get his mike fixed. >> we're going to go back to michelle and we're going to correct this. >>> we're going to get his mike fixed, we'll work on that ridung this commercial break. don't move i know you all want to here what jim grant has to say throughout my career, i've been fortunate enough to travel to many interesting places. i've always wanted to create those experiences for others. with my advisor's help along the way, it's finally my turn to be the host. when you have the right financial advisor, life can be brilliant. ameriprise o. >>> welcome back. jim grant, my special guest. thanks for taking the time. conventional wisdom is ecb, ast program going to expire. is it going to cut back when mario draghi makes announcement? what is your thoughts in the area, jim? >> my basic thought is that the radical policy begets more radical policy and it will be less easy to remove it or to reverse it than people expect. prices are information and interest rates are prices. distorted interest rates deliv