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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  February 3, 2016 3:00pm-4:01pm EST

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tune in. and before all the candidates head to new hampshire. a lot of them are already there, you can hear from them on fox business, on 5:00 p.m. eastern time, dr. ben carson speaks to deirdre bolton and the man who could be the spoiler, dr. john kasich. we head to liz right now. liz: this is why you have to stay with all of us. trish: you bet. liz: look at the markets. is this a case on buy on the rumor. rallying. we're seeing it with the dow jones industrials spiking up 197 points. what are we hearing? tell you in just a second. it involves the oil world, opec and non-opec nations possibly talking about one particular thing. i'll tell you in a second. oil settled up more than 8%. we're seeing signs that the so-called decoupling of oil and. it's not in the markets, seeing decoupling on the 2016 presidential campaign trail.
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the bro-mance they be official over billionaire businessman donald trump and iowa caucus winner senator ted cruz. is that over? trump's bashing cruz's tactics in the hawkeye state taking it a step further and trump is going so far as to say cruz didn't win iowa. quote, he stole it. trump is ahead by 24 points in today's polls. bernie sanders has his own issues with iowa. he's making it known at this hour, he now believes he may have won the caucus without directly accusing the clinton campaign of shenanigans. and the 2016 field is shrinking, rand paul, you know he dropped out, there are reports that one more candidate may be about to do the same. we've got the latest live from the place in new hampshire. that country store is where it's all happening. our political panel is putting it in perspective as well. plus the pharmahoodie bro,
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martin shkreli takes a vow of silence, and charlie gasparino dives into the dark pool. less than an hour to the closing bell. look at the rally. we've got the start the "countdown" right now. . liz: all roads either lead to the fed or oil. here's the breaking news we have on the fed. the fed funds futures pit. this is a tool used by traders to predict the probability of future rate hikes. this pit is now suggesting that even one rate hike this year may now be unlikely. the latest bet, here it is. the futures pit traders are pricing in less than 30% chance of any hike at all in 2016. they were supposedly going to be four according to the federal reserve. why? where are they getting this impression. new york federal reserve president william dudley speaking today. he is a voting member, that gives his voice a little more of a decibel level perhaps. he said in an interview that
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financial conditions have, quote, tightened considerably since the last fed hike in december, and the fed will have to take that into consideration when deciding whether to tighten again, boom, you have the dow take off on that noise. oil settled at $32.38. that is an 8% gain. in the meantime, looking at a dow jones industrials that continues to muscle up here. earlier, we used the d-word, decoupling, and perhaps some of this has to do with the dollar, the dollar decoupling from recent strength. we're seeing weakness. the u.s. greenback falling to lowest level in two months against the euro. the euro at $1.10. with six days away in the gop field, there is a lot to talk about, and the candidates left standing will have to discuss it. who's not left standing? kentucky senator rand paul said
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sayonara, and at this hour, here's what we're hearing that former pennsylvania senator rick santorum may be about to drop his bid. this after both of those candidates had poor showings in iowa. a state santorum previously won. as for the remaining candidates, they're all in the granite state today, pleading with voters for support. blake burman watching a parade of candidates speak at the iconic country store in new hampshire. i thought ted cruz was over your right shoulder earlier. you heard from a bunch of the candidates and now we may have rick santorum ducking out. >> reporter: a lot of movement in new hampshire. rand paul, the headline from early this morning, he's out of the race. he's back in washington, d.c., tending to his senate duties. he has a senate race now to run as well. on the front of rick santorum, fox's carl cameron is reporting that santorum, according to carl cameron's sources will suspend his campaign tonight
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and endorse another candidate at that point. we can tell you that santorum will be appearing on the fox news channel at 7:00 tonight speaking with greta van susteren for two major announcements. a lot's going on. we are at the country store, senator ted cruz was here earlier today, winding things down, but it was packed when the senator was here a little while ago, and the battle with donald trump is now fully on once again. trump kind of calmed things down after the iowa caucuses, and that speech he gave there monday night and on the road on tuesday. but it went from zero to 60 pretty quick here in new hampshire earlier today as trump is essentially saying that the way cruz won iowa was fraudulent, that there were certain tactics there, and because of that, that the vote should be, quote, nullified. when cruz was speak here at the country store, he did get into all of it, a standard stump speech.
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he is giving media availability now. he expects to be asked about this. the cruz campaign sent out a statement that went directly after trump on the issue and i'll read it in full. from rick tyler, quote, reality just hit the reality star, speaking of trump. he lost iowa and now nobody is talking about him so he's popping off on twitter. there are support groups for twitter addiction. perhaps he should find his local chapter. and ted cruz just sent out a tweet, liz, with the hashtag trumper-tantrum. back to you. liz: blake, thank you, for the latest on the twitter wars. amazing that twitter isn't valued where it used to be because everybody seems to be using this thing to get their message out. much more on specifically what blake just talked about. we've got two top political analysts who are going to game number one, i'm interested to know who all of you think and they think rick santorum is going to endorse if rick santorum does back out of this
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race? and tomorrow the 2016 republican presidential candidate and current ohio governor john kasich getting real velocity in new hampshire. he's joining me on "countdown." what is his strategy in new hampshire? is he feeling more confident? didn't do well in iowa. what is he expecting in namp? governor john kasich joining me tomorrow live, 3:00 p.m. eastern. yes, this is the 25th day in a row of triple-digit swings during the day session but something happened about 32 minutes ago that made this time feel different. and team fox business immediately started doing digging. here's what we are hearing. chatter that saudi arabia and iran have renewed talks to cut oul production. again, chatter so far, but it happened right as oil closed, you see the spike, we are very close to session highs for the dow up 189 points, but what are the experts hearing as well? get to the floor show, traders
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at the new york stock exchange, cme group, the nymex. what are you hearing? why do you think the big spike on oil? >> we actually had the spike after the number came out today, which was bearish, showing another build. we had a big flip to the upside, rather odd. two reasons that happened. one is long speculators are entering into the market, they feel more comfortable. they hear talk that there may be cuts coming out. crude oil is at a very low price. time to start taking a play. and, of course, you have the aspect of saudi arabia making a cut would be huge in the upside of the marketplace, so more upside than downside, they get in and buy, i also think we've had so much bad news come out for crude oil, a the love the traders feel like we're going to see good news for crude oil, not good for the consumer start coming out. that's going to get us an increase in crude oil. liz: teddy, is it all crude
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oil? perhaps the fact that dudley at new york fed now says wait a minute, things have gotten -- i love how he said financial conditions have tightened. that could mean a million things. >> exactly. liz: what he means is things have gotten worse. >> you know, i guess we're back to the bad news is good news syndrome. but i was on the phone on, a conference call, the market was down, nasdaq was down big. i didn't look at screens, i got off the call and the market was up 181 points and i saw the call and what's going on? nobody, absolutely nobody knew, but clearly, you know, oil closing up 8% is a help. dollar being a little weak and this vacillation, once again, only going on for six years over zero interest rates or what the fed is or isn't going to do, but the combination of all three, a market that is probably way oversold, short covering in the energy perhaps, you don't know what triggers it.
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it's a chicken and egg situation, but the bottom line is here we are up 200 points, and the swings today, i mean somebody should take a picture of today's screen, we're not going to see too many like this as we go toward. today is a crazy day. >> i am taking a picture of the screen right this second, i believe you're right. okay, i have it. got it! up 207 points. chris robinson, i want to give you this. another trader at the nyse, sarge, i don't want to put too much emphasis out of anything that comes out of iran. iranian publication saying the venezuelan oil minister says six opec nations and non-opec countries are agreeing to a cut. is that enough to move the markets in. >> obviously, it was today. we'll see whether or not they'll follow through. how many times have you seen it happen where, all it takes is one person to not cut production, but it's a start.
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a bull in the oil at the start, everybody trying to call a bottom in oil since we traded below 50 bucks. we'll see what happens. i think the big thing was, have you people long bonds and long on the dollar for a long time. look at the move in the bond futures since the beginning of the year. up 10, 12 handles. we have unemployment number friday, a day after tomorrow, and got important technical levels. the 30-year was way, way, way overdone, you say a snapback and you see violent price discovery, and a lot of that is electronic trading. the computers move ten times faster, a thousand times faster than human beings, so when it goes it really goes. i think it was guys getting positioned for friday's unemployment right now. liz: it's really going, up 222 points. teddy, chris, allen, lovely to see you. watching this extremely closely. teddy told me to take a picture, we were up 207, now up 227. need to be watching this every single second.
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this is your money, we're on it. stay with me. coming up, tomorrow the bond king is back. he's got a message for central bankers. janus capital's big gross joining me live tomorrow on "countdown," 3:00 p.m. eastern. he does tend to most markets, and he is coming out with major comment. and again, the fed, do not count them out what's happening on the screen with the dow jones industrials up 222 points at this moment. they may be reconsider anything rate hikes this year at all. we shall see. closing bell, 48 minutes away, the infamous hoodie ceo in pharmaworld has his day in court. martin shkreli may have jacked up drug prices and bragged about a billion-dollar payday by doing so on the backs of hiv and cancer suffering patients. new information says he may have seen his fortune disappear. a live report from brooklyn federal court where this is all happening.
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and plunging oil prices yesterday, not today, giving americans a break at the pump. what are they doing with the windfall? saving or spending? that discussion touched off a big spit fest here yesterday between charlie gasparino and oil trader elliot warren. we're going to show that to you. rerunning some of that. you get to decide that along with steven shork, one of the smartest names in oil. >> stop talking! >> you stop talking? who the hell are you? >> this is pointless. >> you talked over me. liz: hold on! thanks. ♪ [ male announcer ] fedex® has solutions to enable global commerce that can help your company grow steadily and quickly. great job. (mandarin) ♪
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cut it out. >>see you tomorrow. ♪
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. >> what you're saying is 100% wrong. >> it's 100% wrong. it's 100% wrong. people are spending -- >> consumer spending is up. >> you don't think about the people out there who make 25 or 30 grand a year. you think they're banking the extra $2 a gallon they're saving? they're spending it on kids or spending it on food! >> anybody who doesn't live in new york doesn't know this happens on the street every day. but the fur was flying right here yesterday when charlie gasparino and oil trader elliot warren squared off about what you, the consumer, are doing with lower oil and gasoline prices and the money you've saved.
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who's right on this? the perception that low oil prices benefit the u.s. consumer hasn't lately translated to what's going on in the stock market. joining me steven shork, editor of the shork report. you get to decide, who was right on this one? >> all in all, charlie was correct, liz. look, the argument that fewer dollars spent at the pump gives you more dollars to spend elsewhere, that is math, that is correct. you cannot argue with that. liz: intuitively, no? >> intuitively it makes sense. the truth is we only see it in practice, this is the point, we haven't seen it in practice. liz: why? >> let's take 2015, for example, we had a 28% decline in retail gasoline prices. that's a great savings to everybody. that gives me more dlos spend in the economy. but the problem is when you look at the retail sales in the whole 2015 in the control room
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and this is the metric to gauge consumer spending 20, the second worst nonrecession spending year ever, despite the fact we had a 28% decline in prices. yes, the math is correct. fewer dollars spent at the pump gives me more dollars to spend elsewhere. in the aggregate, we're not spending those dollars. liz: and things were getting a lot cheaper until today. i don't know how quickly this will translate to a spike in the pump. oil jumped 8% on the back of unbelievably bearish inventory numbers. every wednesday, we get inventory numbers of what happened the previous week. guess what? we saw a build of nearly 8 million barrels in oil. the expectation was 4.8 million. gasoline a build of 6 million barrels, and normally that would translate into a drop in oil prices once again. is this simply we had a weaker dollar today? >> that's it.
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this is completely a dollar play. inventories of crude oil in the united states are above 500 million barrels for the first time since february 1929. for the first time since the valentine's day massacre, there was a lot of oil in the country. it wasn't the doe, wasn't opec, it was the fed driving prices higher to go back with the dollar. i want to go back to one more point, there was an issue of lower income people. this is great for lower income people, that is, the savings at the pump. if that were true, i have a hard time reconciling the fact, where is walmart -- why is walmart closing 154 stores in the united states and laying off 10,000 workers in the united states? it goes to the point. i don't care what income strata you are at, not spending the dollars where we are. to the other point with yes,
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you cannot swing a cat without hitting a barrel of oil. and yet oil surged two bucks today. that's because the fed is waking up to the notion that the u.s. is on the cusp of recession and going to make it harder for manufacturers to export for way. liz: you get on play ref any time, thank you. >> thank you. liz: editor of the schork report. i think steven articulated that quite brilliantly. we all love lower gasoline prices but right now the psychology is fear, not with the markets at the moment. the dow jones industrials off the highs of the session, up 176 points. the s&p better by 9. nasdaq has turned negative. we're down 7. closing bell, we're 39 minutes away. that disgraced drug company ceo has his day in court. accompanied by his new
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celebrity attorney, but is the usually talkative martin shkreli ready to clam up? there he is with lips pursed together. adam shapiro right there, you can see him, live in brooklyn federal court with the latest on the hearing. tell us what you think of shkreli or really anything else that matters? charlie, elliott, that battle, i'd love to hear what you think. we have 43,000 followers, looking for 44,000. join the party. "like" our facebook page, all the introduce and the fight between charlie and elliott is there. "countdown" coming right back.
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. liz: 34 minutes before we hear the closing bell ring. this is the heat map.
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actually pretty cool at the moment. lots of green on the screen with dupont and exxonmobil as the leaders, followed by caterpillar, boeing and chevron. laggard, mcdonald's after many days of hitting high after high, mcdonald's pulling back slightly today. stands at $121.83. a good day on wall street certainly at the moment. let us get to this story, the normally loose lipped pharma-ceo will no longer be speak to the media. i think his lawyer put glue in his lips. you can see he's not saying a word. he was ordered to stop talking. martin shkreli ditched infamous hoodie instead for that jacket and a blue shirt and a blazer in court. shkreli seemed to revel in the widespread outrage surrounding drastic price increases in the pharmaceutical industry, quite
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silent at the request of the attorney. he faced fraud charges before a congressional committee where he we know will plead the fifth. adam shapiro you are outside brooklyn federal court with the details. he's done talking. >> reporter: he is done talking, loose lips sink ships, they sink defendants in criminal cases. beth brockman who represented p. diddy, he told mr. shkreli, my words not his, shut up, do not talk publicly about this case. that means the exclusive interview that maria bartiromo got on fox business america with shkreli is the last we will hear from shkreli until trial, if he adheres to lawyer's advice. here's what shkreli said about his, quote, innocence with the criminal charges. >> obviously, i think that innocent not guilty and so
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forth. the government alleges a ponzi scheme, so-called ponzi scheme. despite that, all my investors were very successful in our funds and usually in ponzi schemes someone loses money, and the government can't find that part of the so-called scheme. we think the charges are baseless and meritless and we'll be vickorious. >> reporter: baseless and meritless, the criminal charges. tomorrow is the civil issue, nothing criminal. this is congress holding a hearing on price gouging with pharmaceuticals, mr. shkreli expected to be there but pleading the fifth, quite obviously, he faces criminal charges and anything he would say to congress could be used against him in the criminal matter, therefore it makes sense to plead the fifth which is what is expected to happen tomorrow, liz. liz: and also expected to happen tomorrow, they will be revealing e-mails they've obtained that show how excited he was to jack up the prices for the one drug to help aids and cancer patients by 5,000%.
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>> reporter: i think his words were a handsome profit. liz: adam, thank you very much. the closing bell 31 minutes away, seeing gains well off the highs had. been up 220 points. this is a fast and flashy market at the moment. we're watching it, up 136 points. looks like it's falling back a little bit. donald trump, you may remember said he was gracious in defeat in iowa, but things have changed now that the new hampshire prize is dangling before him. our political panel tells us whether trump's latest attack on senator ted cruz has legs well beyond the granite state. "countdown" coming right back. the dow up 144 points. the microsoft cloud allows us to
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liz: i want you to look at national oil wells. this is a company right now that had shown a quarterly loss, and it is getting crushed right now. the shares fell after the maker of drilling equipment and provider of oil field services did show the loss. what's more important is that the loss earlier was about 11%. 11.3%. it's come up off the lows but down about 9%. it's actually the world's largest or the nation's largest when it comes to oil field services. this on a day when oil is popping up more than 8% today. in 24 hours -- sorry let me start that again. in just 24 hours, donald trump went from a gracious second place winner in the iowa caucus to sore loser, sending fire directly to competitor senator ted cruz and jumped onto twitter and said this --
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and then this, this is his word, donald trump's word -- let's bring in craig, a democratic strategist, jason, a senior fellow at the manhattan institute. fox news contributor. guys, ted cruz has just spoken in new hampshire to a crowd, we may have video. okay, this is a live picture, he's still talking right now. he apparently just said about this donald trump tweet, quote, we need a commander in chief, not a twitterer in chief. so as trump spits fire at cruz, cruz is apparently spitting back saying we don't need a twitterer in chief. first to you, jason does. any of this help voters choose? >> well, it helps marco rubio's campaign quite a bit, i think. he would love to see this
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continue. these two battle it out because they're going after the same group of voters. those mostly or more conservative voters that helped push ted cruz over the edge in iowa. so as the race moves to new hampshire, trump put in a disappointing show in iowa. he's trying to keep the momentum going, and i think that's what you see playing out this morning. liz: second place isn't exactly disappointing. what's disappointing certainly for rick santorum is where he lagged and word is, and it has broken in the past hour or two, he is about to make a major announcement. it could be he's stepping out. first your thought on who perhaps santorum's followers would then join? >> well, i mean, one of the reasons you drop out is because you don't have many supporters and i'm not sure where that goes. i do think that this is rubio's play. trump looks awful. cruz i think is handling him pretty well, but i think this is better in a place and time
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right now for rubio. where do santorum supporters go? rand paul supporters go? they didn't have many to begin with. their endorsement would be valued by many of the candidates at this point. >> you were not surprised trump went from congratulations to ted cruz to, quote, ted cruz pulled off a fraud. >> maybe one of the things that happened over the last week is 15 hours of twitter silence from donald trump. he went from being -- he looked awful on election night. he looked like he was stunned and shocked. 15 hours of silence, and then came out and was trashing ted cruz. i'm a democrat, i don't support either one of them but right now trump looks worse than cruz. liz: the fabric of new hampshire is way different than anywhere so far at least iowa. this is -- is this kasich's moment? >> well, this is his opportunity, and he has to take advantage of it and he knows that. he says if i don't perform in new hampshire i'm going home. you're right, the electorate is very, very different in iowa,
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you have social conservatives. i believe more than 60% of the voters in iowa were evangelical. back in 2012 more than half or right about half of all republican primary voters self-identified as moderate or liberal. this will play to rubio's strength, cruz will be struggling. trump is a wild card there. kasich, i think he has to perform there. i always thought of kasich as more vice presidential material. he comes from a big important state. he may still be in this game in that role, possibly. liz: well, he's certainly got boundless energy, and may, he may have that moment in new hampshire. he's banking on it. we have governor kasich tomorrow right here on "countdown to the closing bell." craig, let's talk about the democratic side quickly. looking at what's happening with bernie. bernie's on a roll, he wants more debates, shows confidence, and speaking of boundless energy, he's got it, and now
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maybe he's not so sure. he may have won iowa. that's what he's putting out there. >> it certainly looks to me as though secretary clinton won the caucuses. one of the things that gets lost about bernie sanders is everybody talks about him being a socialist. he's a professional politician, very disciplined about politics, and he's doing what he thinks he should do, and he's going to win new hampshire. it's a question of by how much? liz: never a dull moment around here. great to see both of you. >> now it gets fun. now it gets fun. liz: it's been pretty enjoyable lately. craig and jason, great to have both of you. keep it right here for all of the action next tuesday on new hampshire primary night. neil cavuto hosts fox business coverage of election 2016 beginning at, this is crucial, 7:55 p.m. eastern.
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not 8:00 p.m. 7:55 p.m. change the tivo. closing bell ringing in 20 minutes. gains of 135 points. we've lost 80, 85 points? what happened here? up next going to the cme to check on the oil rally. 8% to the upside. haven't seen that in a while. jeff flock is there, and charlie gasparino takes us swimming in the dark pool. charlie breaks it next on "countdown to the closing bell." don't move. ♪
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furnace broke down and i got to buy a new one, so charlie gasparino, take that! i'm spending three grand. >> not the point i'm talking about, jeff. liz: what happened, jeff? after falling 13% over two sessions, suddenly up 8%? >> well, i think the story that you've been talking become the story on the potential opec meeting has something to do with that. here's what traders have to say about that, i talked to phil and a couple of others. six oil producing countries agreed to this meeting. i believe there are 13 opec nations, the question is, is saudi arabia into this? there is no indication that they are. hold onto your hats a little bit. it was a hell of a day today, despite as you reported earlier, the building in stockpiles. you look at the numbers week
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have over 500 million barrels of oil stockpiled. somebody earlier said you can't swing a cat without hitting a barrel of oil. we have a lot of oil, but apparently today, they priced in the fact that there would be a larger than normal build, and in in addition to the question about could we get a meeting on cut in production, that would be huge. oil stocks i leave with you, liz, if you look at them, man, they went nuts. liz: they did do well. it took me forever to translate this from farsi, but we finally did it. >> yeah, right. google translate it? is that yiddish? liz: yiddish? [laughter] >> you just called him a
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schmuck. look at all the money people are spending on oil prices. liz: we give you due, let's go with what's going on with the new yorkattorney general. >> and high-frequency crackdown, a case specifically on the dark pool aspect. the private trading venues, high-frequency traders take advantage of other traders and given the ability to take advantage by the operators of the dark pool according to mr. schneiderman, the new york attorney general. he's going after the abuses not the trading practice and not looking to regulate it. he cracked down on the dark pools, everybody has to be on a level playing field.
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credit suisse and barclays paid a little more than a million dollars to settle the charge. liz: not admitting guilt. >> they have to change the practices. here's what we do know. his dark pool aspect of the high-frequency trading, began after michael lewis' book where they are rigging the market for the small investor. the dark pool aspect is basically over, there may be one, two cases in the coming months. he's switching, what i hear is significant resources to other potential abuses involving high-frequency trading, including one is spoofing, apparently, it sounds weird, but can you go into a dark pool, for example, or some other trading venue, you can put in the potential for a trade and pull it back. liz: the herd follows the potential. >> form of market manipulation. liz: that was at the heart of the flash crash, they said. >> well, that's what i understand some of the stuff
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he's looking at, and what i understand, significant resources that he's developing on his white collar crime area to this whole, all this stuff that comes out of high-frequency trading. eric schneiderman is a liberal. i'm a free market capitalist. i will say, this i think he's done a good job on this area, not called for massive regulations, not pulled up eliot spitzer ridiculous charges. these are people stepping way over the line, and not looking necessarily to regulate. he's looking to say, okay, the practice is what it is. high-frequency trading does add liquidity to the market. if you can't trade a stock, the stock is worth zero. liz: spoofing is yelling into a theater, yell fire and steal purses and say just kidding. >> and dark pools are private stock markets that operate not in the market, they are allowed under the law, they should give everybody equal footing.
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he's done a good job on this. the guy who hasn't done a good job is the guy from yesterday. what's his name? liz: elliott. >> here's the point i was trying to make which the brain cells maybe weren't working. every survey shows that i can tell that consumer spending is not up despite this. liz: that's what steven schork said. >> what the hell is he talking about? liz: anecdotal evidence. >> what? liz: you should have been down here for the replay. >> did you play it again? the screaming? shut up, shut up, shut up, shut up. >> let me talk, let me talk, i love the new york accent. >> stay away from farsi. liz: you want to know how to say too expensive? >> how do you say schmuck. liz: the wild swings could be scary for you the average investor?
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our "countdown" investor says jump on, grab them, they may save the portfolio. stay tuned. dow jones industrial average up 171 point. tune into the second season of fox's hit show "strange inheritance." jamie colby at the helm. 9:00 and 10:00 a.m. eastern. don't miss it.
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liz. we have breaking news to tell you about, the florida positive just declared emergency situationegarding the zika virus. governor rick scott, we're just getting this right now, is declaring a health emergency in four counties wednesday after at least nine cases of the mosquito-borne zika virus were detected in florida. you have cases on the ground and cases in texas. by the way we want to let everybody know, no fatalities or anything like that. the symptoms are fever, joint pain, conjunctivitis, pink eye,
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a rash. more serious when it comes to fred man women. the -- pregnant women. the state of florida declaring state of emergency with the zika virus. we have solid gain for the dow jones industrials. we were up, is it 228 points i believe? now we're up 175. go to the floor of the new york stock exchange. i want to hear about winners and losers lori. >> not just major integrated names like exxon and mobil, i'm sorry, exxon and schiff ron which dow components led the turn around. up almost 5% on exxonmobil. chevron put a gain of 4%. but also the independent oil and gas names as well. conocophillips, anadarko petroleum%.
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these are names like slumber say, halliburton. only downer, national oil well varco, down 9% on earnings miss. we saw that happen earlier with exxon and bp when those companies missed latest numbers. liz: oil patch is interesting today, thank you very much, lori. man overboard, triple digit moves like we've seen this year, i believe on our 25th day of swings involving triple digits for the dow. it could make any investor even pros like they're drowning in volatility. we have the your life raft now. s&p equity i.q. officer sharon gibbs is with us. she manages more than $14 billion. here to give us a life raft of names for people to crash on to perhaps give them a little lift. first we saw volatility right after oil closed, sharon. what do you attribute to that? >> i think it is opec meeting to see if these countries will meet
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and really reduce the production. liz: i need to tell you this too, we're getting this right now. dow is up more than 1% obviously but nasdaq is in negative territory. we haven't seen that happen in more than four years since november 29th of 2011, when the dow was up that much, a full percentage point, but the nasdaq can't seem right now to climb back out. nasdaq down 14 points. to what do you attribute that? >> we've seen a lot of people with flight to quality going to some larger cap names. i think, the dow has those 30 safe industrial names and i think that's what we're really seeing outperformance. david: >> liz: boy it hasn't felt safe. air sharon you call life raft stocks you get all drench and hold on and say my portfolio might do well. put them up on the screen. i found this amazing gilead sciences is a life raft stock?
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seems a little volatile, isn't it? >> gilead is incredibly profitable. they increased sales for their drug and for hiv. trading seven times forward earnings. liz: cheap. >> cheap, right? looking at stable revenues, they have a ton of cash on the balance sheet. they're buying back shares. they're actually a pretty stable company. liz: speaking of cheap, delta air lines. tj maxx is the third pick. great to see you. on rock and roll david, erin gibbs putting them up on claman. that will give you the life raft. now to "countdown to the closing bell." connell, liz, take it away. melissa: it is. trump launching a twitter tirade >> trumper tantrum. something like that. hashtag.
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melissa: considering suing ted cruz stealing votes from ben carson. >> cruz fired back. called trump a circus sideshow. the republican field is shrinking. one candidate out. another according to our sources may be gone officially tonight. melissa: more serious news, the zika virus has been transmitted in texas from one person to another. [closings bell rings] governor of florida declared a state of emergency. dr. kevin campbell joins us with "what you need to know." connell: dow turned around to be up 182 points. melissa: nasdaq trading lower by .3 of a percent, 12 points. very strange day on wall street, connell. connell: it has been. one of those days


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