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[ cows moo ] [ sizzling ] more rain. [ thunder rumbles ] [ male announcer ] when the world moves. Futures move first. Learn futures from experienced pros with dedicated chats and daily live webinars. And trade with papermoney to testdrive the market. All on thinkorswim. From td ameritrade. Live from the chicago mercantile exchange. Stocks recover after yesterday. Dow jones industrials right now up about 106 points. Bulls getting some ammunition from the latest housing data. And home sales are at their fastest pace since the summer of 2008. Plus dont cry for the insurers, at least not arthur gallagher. It is selling policies at higher prices. The insurance giant ceo telling us what this means for the bottom line in 2013. This is a fox business exclusive. And the greenback can thank or is it blame japanese Prime Minister as the japanese yen continues to weaken against the mayor currencies. Major currencies. What the impact on Trading Volume at the cme . Is there a trade that can make you money . It is a fox business exclusive with the founding father of the futures markets. Countdown to the closing bell starts right now. Liz its the last hour of trading. We are getting a big fox business welcome here at the cme group. Hi everybody. Im liz claman. Live in chicago at the chicago mercantile exchange. This on a day where there is once again a rally. So weve at least gotten back 106 about 106 points that we lost yesterday. So an interesting day here. We have a stronger dollar. Weve got weaker oil. We have got very strong gold today and silver. A lot of activity here on the floor. But what a day here in chicago. Its a fox business exclusive. in the next two hours, you are going to hear a lot about whats going on as we get closer and closer to the sequester. But coming up on after the bell, my exclusive interview with the acting treasury secretary. He very well could be the guy who is at the helm of treasury in just a couple of days when that sequester kicks in. Of course will there be an 11th hour deal to avoid all of those 85 billion in cuts . He has some interesting comments on the sequester, all the budget cuts due on friday, and wait till you hear what he says about the volcker rule. When will it finally be ready for banks to peruse it, look at it and get ready for it . We will ask him about that. What does he have to say about some 11 states fighting the particular statute of dodd frank that gives treasury the right to liquidate troubled banks. All right, it is a busy day here on countdown to the closing bell. Lets take it right to the markets. First, we want to talk about is pretty much the Dow Jones Industrials. Im going to look up here. You can see on the board here where we can see all of what is going on, everything from every commodity, etc. , but right there Dow Jones Industrials, climbing higher right now in this last hour. Up 111 points. The nasdaq better by 11 points. S p 500 is now up 8 points. And that level at 1496 1496. Take a look at the homebuilders too jumping today on very nice data we got. In fact it is the best data we have seen as far as homes are concerned about five or six years, since 08. A nice day for the homebuilders. They are closing very very close to most of their new highs. Pulte is moving higher by a full 5 percentage points. You know, a lot of these guys have actually been on quite the tear. So thats what were looking at today. As far as some of the other things, we have home depot. You cannot ignore home depot. That stock doing very well today, after it came out with numbers that just basically killed it so that stock is up 5 , helping the Dow Jones Industrials. It was frank blake who told you on fox business exclusively a couple of months ago dont listen to what the analysts are saying when they downgrade home depot. This is a company that has its act together. Its done very well. Its going to do a massive i believe 17 billion dollars stock buyback and very good data within their Earnings Report that really seems to be strengthening the Dow Jones Industrials. Gold today up 2 full percentage points. As i quickly look in the aftermarket session, gold is up 28, 28. That is a pretty significant move considering crude is moving in the opposite direction, down about 59 cents for crude oil. But along with gold, you see a very strong move in silver. Silver getting a very nice play, and you begin to wonder exactly what it is that is one of those situations where you say is this the trade that is the one that you want to do right now. Lets find out, because equities look pretty good right now too. We have Teddy Weisberg at the nyse. Lets go right there to teddy. Teddy, you tell me, you know, its 100 points, 100 points there, but 200 points lost yesterday, does that actually give you more i guess optimism for the next following days . I guess we go daytoday at this point well, i mean isnt it easy liz, i mean, it is so easy, down 200, up 100. I mean it is pretty tough here. I mean the markets in general are bumping up against the recovery highs. We have talked about the markets being more or less priced to perfection. We saw that yesterday with some disappointing news out of the euro zone, which they have kind of pushed under the carpet for the last three or four months, but we had you know, we had some negative news and were down 200. Today we get some pretty decent economic numbers, and were up 100. Im not sure im not sure what it all means except that its very very hard. At least at the moment to kind of figure it out. Liz what can you figure out jonathan over at the nymex because we do have weaker oil today. As i look here, i mean, at 92. 51, down about 60 cents, what happened to the so called 97, 98 dollar trade per barrel . It seems like the inventory numbers last week really pushed us with a lot higher build. Now that fundamental factor that theres so much crude is really kind of weighing on crude. I think thats why you are starting to see it separate a bit from equities and some of the other commodities because we have the api tonight and then eia tomorrow. So we will be watching that. If we get a larger build than expected, we could probably run down to 98 im sorry, 90. 80 or 90. 50. Liz okay. You guys, and i would like to point out too, with a very strong dollar, i was over earlier in the soybean oil pits and they were down 100. You know, they are looking at that and they are saying thats very much because we have the stronger dollar. You cant lose that sight because that definitely is something that affects all of these markets even here in chicago. Thank you very much guys. It is great to see you. We appreciate it. Thank you. Liz okay, so when you look at the Worlds Largest floor of the Worlds Largest futures exchange, you got to wonder, how it all really began. Ive got the guy right here. Hes chairman emerrtus of the cme. Great to see you. My pleasure to be here. Liz im dying to know exactly what you think of the trades these days and what the Options Market is telling us, the message of the Options Market. Well, im going to tell you that we suddenly got volatility all over the place because everybodys i wont say were in a precarious situation in the united states, but the whole world has got a lot of problems, and that really spells difficult markets. And markets that are going sometimes both ways. Liz i mean one minute gold is down below 1600 an ounce. Today we see a 28, 29 dollar jump. How do you, an expert in this, read that and participate and make money off of it . Well, it is not easy. You have to be nimble and you have to be willing to kind of follow the trend when the trend develops. The trend in gold of course had been down for quite a bit, but suddenly, you know, its telling you that it recognizes the world has problems and when it does have problems, where do you run . You run to gold. Liz now my question is because i was once at a black tie dinner with leo and i swear in the middle of it hes got his blackberry under the table buying i believe it was gold futures contracts. Probably. Liz i think it was in the middle of the night, hong kong. We werent in hong kong, but the trade was in the middle of the night. I thought to myself how did you know . Did you know that even with gold with the way it was the past couple of months that we would have a day like today . Of course not. The last couple of days you had a little bit of an indication that it was finding some sort of footing and it went up yesterday and quite a bit today. So i dont know if this is a change in trend, but it is possible. And theres good reason for it because the world as i said is in difficulty. Everywhere we look. Everywhere we look theres a problem. This latest thing in italy liz tell me what you think of this. It affects us . It seems strange. Anything that happens in europe that takes up europe that shakes up europe affects us. It not only affects the italian, but it affects the euro because it affects all the countries in europe. Liz would you go long the dollar . Im not going to predict which way to go. Because it is very very difficult. I would tell everybody thats trading to be willing to change their view. It is going in both directions. The yen, for instance, has had a tremendous break and deservedly so, but then again, its gone so far that a reaction to where its gone could happen any minute. So you have to be a little nimble and you have to be willing to change with the direction of the market. Liz what is the number one futures market you are watching right now . Well, actually yen has been the market that ive watched for the last month because of the change in attitude in japan. I kind of felt that it was going to break the way it did. They want to weaken the yen and they will do so, and they didnt even get any thing from the g 20 to say you are doing too much or shouldnt be doing this which is sort of license to keep going. Liz we were doing that too in the u. S. A little bit with the fed; right . Everybody is somewhat afraid of being too strong, so there is i wont call it a currency war, but there is certainly currency skirmishes, what we have been doing is similar to what other nations have been doing. We have been making everything more liquid which affects the dollar and the dollar weakens. Liz it seems obvious that the yen would continue to weaken and that a lot of people are shorting the yen. Is that a trade that could turn and move quickly . It could in terms of a shortterm reaction toward where its been going. I think in the long run the yen probably has more to go. Liz i have to ask you about exchanges. The cme obviously was not part of the big acquisition, the big merging trade that weve seen lately. Of course the nyse joining with the i. C. E. , there is a rumor, im not shocked that you probably know about this, that the Deutsche Boerse and the cme may very well hook up. Would you be in support of that kind of thing . Im not going to comment on anything like that. Liz i can try, leo. You can try. [laughter] i will have no comment about that. But clearly, theres opportunities all around the world, and were very much obvious to them. We very much want to take advantage of them. Weve been expanding geographically all over the world whether its china or brazil, and we have been doing it very very successfully. Youre standing in the heart of market territory. Liz you dont have to sell me leo. Thats why i would think the Deutsche Boerse would want to be a part or frankly any exchange for that matter. I cant speak for them. We have done extremely well. We are in a strong position the cme group internationally, geographically and organically. Yesterday we Just Launched the first deliverable chinese contract. Thats a big event thats historical. And its indicative of the fact that china was willing for us to do that. They didnt we didnt need their okay to do it. But they did acquiesce that we do it which is indicative of the fact that china recognizes they have to open up their borders to International Use and international competition, and i think with the next three four five years it is going to happen. Leo, he invented the early day futures markets. It is great to see you, thank you very much. Great to be with you always. Liz closing bell ringing in about 47 1 2 minutes. Stay tuned. Coming up, they are not complaining about changes in the healthcare laws. Theyre just working to get them right and to make money. Arthur j. Gallagher joining me live, coming up next, a fox business exclusive. They have a great dividend. You want to hear about that. Friday night, buddy. You are gonna need a wingman. And my cash back keeps the party going. But my Airline Miles take it worldwide. [ male announcer ] it shouldnt be this hard. With creditcards. Com, its easy to search hundreds of cards and apply online. Creditcards. Com. Otherworldly things. But there are some things ive never seen before. This ge jet engine can understand 5,000 data samples per second. Which is good for business. Because planes use less fuel, spend less time on the ground and more time in the air. Suddenly, faraway places dont seem so. Far away. Liz take a look at our fox business, our workstation here at the chicago mercantile exchange. And sandra smith knows everything over here, great to see you. Sandra welcome to chicago and the trading floor. Liz it is so much fun. You are looking at the trade as we call it, but today you cannot ignore what happened with gold. Sandra unbelievable move and actually in the electronics session, on the cme still seeing gold prices skyrocket up about 27 bucks right now. On a day when Goldman Sachs came out and said the gold cycle is over. We may not get a 13th Straight Year of gains. We got that testimony from bernanke liz and it was off to the races. They flocked to gold as a hedge against inflation because guess what . He defended the feds bond purchases. You do that. You weaken the dollar. You see gold prices go up. Very simple trade, but a very important one thats happening. Liz exactly. But best number since november. And everybody just like leo had just said, everybody expects that oh gold is going to continue to fall. Sure enough, it turns tale and i think thats probably what you witness every day here at the merc, depending on which area you are looking at. Sandra one thing thats been pointed out today is the lack of investor interest thats been in gold. Thats one reason why the market has been turning very bearish on it. People have been lean the etf. They have been getting out of there. When you get that weakening investor demand, you get a lot of the nervous longs. Those people that were hanging on to gold by a thread. They start to shake out of the market. Thats what really led to this dramatic below 1600, liz. Liz thank you very much, sandra. Sandra smith with the trade. She has to go back to our nest and work as she does. In the meantime, we have another nest in new york, down at the new york stock exchange. Nicole petallides looking at the macys. Nicole we have a good little hot spot here, liz. Lets talk about macys in particular. They came out with the Sales Numbers that actually were quite good. Under the macys umbrella is also bloomingdales. Earnings did drop, but again doing well with their Sales Numbers. The other story surrounding macys of course is the deal with Martha Stewart. When i was reading through this very closely, talking about the ceo of macys who really considered Martha Stewart a friend and thought this deal with Martha Stewart was to be a good one for macys, and then she called him on december 6 in 2011 and said they were going to move forward working with jc penney. He said he was sick to his stomach and hasnt spoken to her since. This is an on going court battle about the rights for products of Martha Stewart. When you talk about bath, bed, everything for the home and now were going to hear more testimony later in the week from ron johnson. This is something that will continue to go forward. Back to you. Liz thank you very much nicole petallides. As i look and see, i want to quickly check. We have the Dow Jones Industrials up 102 points. Really it is oil that a lot of people were looking at today, down 62 cents. But what will happen tomorrow when we get the eia inventory numbers . Will we see some gyrations . A trader with all of this is joining us now. Lets talk about what you anticipate. Oil is really your trade. We still expect crude oil prices to decline down to about 200 day moving average, which is right around 90. 43. We look at the technicals and look at the fundamentals and what kind of information is coming out. Tomorrow we expect inventories to build up to about 2. 5 Million Barrels. I would anticipate that we see something a little bit greater than that. If you look at liz that of course is bearish for prices; right . Yes, we still anticipate them to come down. Really the reason behind the bearishness is the u. S. Oil boom that we have seen. Right now we have got production at 20year highs. Weve got Oil Inventories at 378 Million Barrels right now. Thats 10 higher than last year. And the u. S. Is producing about 7 Million Barrels per day. Last year it was only 6. 6. We should average about 7. 25 this year. Liz so supply goes up. Prices go down. That to me is very much a message about i guess a lot of people would criticize this administration saying they are not energy friendly, but boy, that sure looks friendly as far as drilling and all of that. You as a trader, let people know let people know because they see people on the floors and they have no idea what they really do. When you wake up in the morning here in chicago, what is the first thing that you do when you fire up your computer . You have to look at the markets that you are specifically honing in on, whether its gold, silver, the s p, oil, start looking at the key levels that support the resistance levels. Liz are there websites . Tell me where you find the information. What do you look at . Well, specifically i mean i hit fox business right away. Liz good answer. Foxbusiness. Com. We love that. I mean, theres a lot of great stuff on there, you know. So i mean you want to start looking at the charts on this thing. You want to build your, you know, your program as far as what you think is going to be successful. Liz what did you see what time do you wake up in the morning . About 4 30 in the morning at 4 30 we were looking at the close of asia, how is europe doing . Yesterday we saw devastating news out of italy. We saw that rock the market. We had one of the largest down days in the s p in four months. Thats the kind of stuff you want to look at, start to figure out and position yourself properly as a result. Liz what do you have for equities, say, for example your s p target . I still think equities will work their way down about 5 . I think we will come back to what we started the year out, right around 1425. We will be in a bull market still. The problems we had, we have the sequester on friday, the debt ceiling coming around in may, i think the Housing Market rally and the housing data i think its built a lot of corporations is whats buying these housing prices. I think also we have foreigners buying. I dont see the regular, you know, public going out and buying houses. I think that that number is false at the moment. I dont see any kind of Real Recovery in the labor market. Liz philip, it is great to see you. We really appreciate it. Thank you very much. Thank you. Liz he wakes up at 4 30 central time, right away, classic trader; right . It is about 37 minutes before the closing bell rings. Coming up in the next hour, the acting treasury secretary sits down with me in a fox business exclusive here in chicago. Were going to talk to him. You know, look as everybodys waiting to see whether jack lew will get confirmed, right now it looks when you talk to people inside the beltway that that will happen, it doesnt matter, will he be sworn in by the time the sequester hits on friday . Oh, boy, that will probably be neal wolin, we are going to ask him does he believe in an 11th hour deal . Are there scare tactics . Are they overstating or understating it . Stay there. We are coming back live from the chicago mercantile exchange. Look, if you have copd like me, you know it can be hard to breathe, and how that feels. Copd includes chronic bronchitis and emphysema. Spiriva helps control my copd symptoms by keeping my airways open for 24 hours. Plus, it reduces copd flareups. Spiriva is the only oncedaily inhaled copd maintenance treatment that does both. Spiriva handihaler tiotropium bromide inhalation powder does not replace fastacting inhalers for sudden symptoms. 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You have so much to protect and nothing to lose when you call lifelock now to get two full months of Identity Theft protection risk free. Thats right, 60 days riskfree. Use promo code gethelp. If youre not completely satisfied, notify lifelock and you wont pay a cent. Order now and also get this shredder to keep your documents out of the wrong hands a 29 dollar value, free. Get protected now. Call the number on your screen or go to lifelock. Com to try lifelock protection risk free for a full 60 days. Use promo code gethelp. Plus get this document shredder free but only if you act rit now. Call the number on your screen now liz welcome back everybody. Live from the cme. Heres your fox Business Market check. We have a lot of positive momentum in some defensive consumer plays particularly clorox. Its the 22nd record high for clorox this year. Were only in february. The seventh one in the last eight sessions. Thats pretty unbelievable for clorox. Looking absolutely gorgeous once again today hitting a brand new alltime high. When youre talking about how to find a job and how to keep that job, that is absolutely, right, among the biggest topics these days for many of you who are watching in a very brutal jobs market. Even at the very top in the socalled c suite, ceos, cios, cfos, lately there hasnt been a lot of turnover in the Top Executive ranks. But do you want to be there . How can you climb your way up there and stay there . A Leadership Advisory Firm providing executive searches and Leadership Consulting to some of the Worlds Largest companies, i always know you guys, kevin, as the best known in fact for placing eric schmidt at google way back in the day, and boy, that was a winner for him, for you guys, for everybody. Absolutely. Liz kevin kelly is the ceo. How is the executive search business really doing here because you depend very much on ceo turnover . We do actually its fairly interesting if you think about global unemployment at 7. 1 . Here in the u. S. Hovering above 8 . Whats amazing is theres still a supply demand issue. We talk about the attributes you need in a ceo. We used to focus on iq, having the intelligence. Then it shifted to eq, really leading from the center not having a dictatorial style of leadership. Now were talking about is cq, cultural quotient, given globalization today, the ability to navigate in the different markets around the globe is the number one attributes we look for. You see ceo departures, is that a lot . How does that rank . It is. There seems to be a bench strength excuse me, coming through the ranks today because companies are more focused how they develop employees. Liz how do you think that companies are doing what they do these days . When they do executive searches, what are they looking for in a person . We have people watching, many in the c suite, maybe people who would like to move on or change companies. But what are the qualities, the characteristics that real leaders must have . The number one thing were looking for is operational experience. But i will give you a staggering statistic. 40 of senior level executives, who move organizations, dont last 18 months. And its not because they are not intelligent. It is because culturally they just dont fit in a new organization. We help organizations try to mitigate that risk when it comes to culture. Liz to promote from within might be a better way . Absolutely. But the shocking thing today, liz, is that only 40 of Companies Globally focus on Succession Planning. Boards spend roughly two hours a year, which if you think about it, it is less than a game of golf, on Succession Planning. So its still something we could do a lot better at. Liz lets talk about the qualities of would be ceos. You have got to be agile obviously. What does that mean . Define that. If you think about six years, seven years ago, everyone wasnt on a blackberry or an iphone and having to respond to a realtime crisis within 10, 13, 15 seconds. You had a week. You had a month. Remember the fax machine. You could fax things. In todays world, with the markets the way they are, things are changing on a dime, you really have to have that agility to think through what the impact in your business is going to be. Liz it is easy to say people need to be innovative, but dont you need to be born with that, to have innovative ideas, like a steve jobs out there or some of the other real leaders that are out there in Silicon Valley . I always think of them. You do, but also whats great is theres a whole generation coming through, this generation y, thats born 1978 to 2005 that are really creative and innovative. Theres a thing going on called reverse mentoring so if you dont have that gene or dna, you can find individuals surround yourself with that are really going to spur your thought process. Liz i find that interesting. Pushing boundaries, i thought you got in trouble when you push boundaries. You know what i love about fox business is they come in and they say if you have an idea, lets try it. It may not work, but at least we tried it. It almost like it develops that muscle where you take a shot at something that might be a little outside the box. It is. Thats fantastic. A lot of companies unfortunately dont reward that today. Its taking that risk, seeing if things work, and then who knows you may come up with the next new creative innovative idea thats going to help your company. Liz i often think of alan mulally who went to take over ford, and he was not a car guy. He understood logistics. He understood things like unions because he worked at boeing, but he didnt know much about a car, and yet he has been fabulously successful. How does somebody who wants to perhaps switch course midstream go about doing that and not stumble and fall because they dont know the inner workings of every business. It comes back to the comment earlier, number one, risk, taking a risk and venturing into a new industry. Having the willingness to move locations. One of the things we find today thats quite remarkable, you know, were here in chicago, is that you interview a senior candidate, they dont want to leave a 15, 20mile radius. When there could be a perfect job for them in another part of the world, another part of the country, etc. So its looking at expanding your boundaries. Liz kevin kelly, its wonderful to have you. Hes the place maker. He places the big executives, figures out all over the world who would make the best ceo to run each company. Thank you very much. Its great to see you. Thanks for having me. Liz closing bell ringing in about 27 minutes. Shares of arthur j. Gallagher up more than 10 over the past year. Do you not know this name . They are insurance brokers. And they are delivering returns for their shareholders. They are not complaining about changes in the healthcare system. They are figuring out how to profit. We have the chairman and ceo of arthur j. Gallagher, pat gallagher, we will ask him about the insurance landscape. Thats next in a fox business exclusive, live from am i going to make my flight in this weather chicago. Stay tuned. We are coming back in just a moment. Have given way to sleeping. Tossing and turning where sleepless nights yield to restful sleep. And lunesta® eszopiclone can help you get there. Like it has for so many people before. When taking lunesta, dont drive or operate machinery until you feel fully awake. Walking, eating, driving, or engaging in other activities while asleep, without remembering it the next day, have been reported. Lunesta should not be taken together with alcohol. Abnormal behaviors may include aggressiveness, agitation, hallucinations, or confusion. In depressed patients, worsening of depression, including risk of suicide, may occur. Alcohol may increase these risks. Allergic reactions such as tongue or throat swelling occur rarely and may be fatal. Side effects may include unpleasant taste, headache, dizziness, and morning drowsiness. Ask your doctor if lunesta is right for you. Then find out how to get lunesta for as low as fifteen dollars at lunesta. Com. Theres a land of restful sleep. We can help you go there on the wings of lunesta. Shibani im Shibani Joshi joshi with your fox business brief. Ben bernanke defended the Central Banks bond buying stimulus before congress. Better than expected reports on the u. S. Economy also pushing stocks higher. And Goldman Sachs has a Succession Plan for ceo lloyd blankfein. Thats according to our own charlie gasparino. Sources telling him that goldmans president gary cohen is the boards choice for emergency succession if blankfein should depart. Gasparino reports that one problem for the 52yearold cohen is that with blankfein showing no signs of leaving the job any time soon, cohen is debating whether he wants to wait, possibly for years, to get that corner office. A goldman spokesperson had no comment. Cablevision has filed a federal antitrust lawsuit against viacom for forcing it to carry lowrated channels in return for access to its stronger networks. Now, we continue our countdown to the closing bell with liz claman in chicago over at the cme. Liz . Liz Dow Jones Industrials up about 112 points. Just off the highs of the session. Look, we just talked to kevin kelly, who is an executive search. Were talking about an executive shake up at Rosetta Resources and investors are not happy about it. Lets get the story from nicole at the new york stock exchange. Nicole . Nicole thanks liz. We want to take a look at this company obviously to the down side today. But when you talk about the chairman and chief executive is stepping down. This is effective tuesday. He served as ceo and president of the company back since 2007. Who is going to be stepping up to the plate is actually the guy who is head of drilling and production. That change will be taking place. Mr. Limbacher will remain at the company until april to help the transition through. This comes a day after the Company Announced their quarterly results. What they saw for the Fourth Quarter was a profit that had risen 31 . Revenue climbed. But i have to tell you, these numbers missed the expectations. So watch this one. And the Ticker Symbol is rose and one thats coming under pressure today but could be one to watch throughout the year. Back to you. Liz thank you very much, nicole petallides. So this name arthur j. Gallagher gallagher, have you heard that name . A big insurance broker, more than 4 billion dollars market cap here in chicago. They know what it takes to have endurance in a very tough industry. The company went public back in 84. It is continuing to grow with a huge amount of mergers and acquisition activity. Try this, 60 acquisitions in just 2012 alone. 43 of those were in the first nine months of the year. This guy, pat gallagher, arthur j. Gallagher, chairman, chief executive officer and president joins me now in a fox business exclusive to talk about how you swallowed that many i dont know, whales, minnows, fish of all sizes . Fish of all sizes. Mostly medium sized businesses. For us a business that would probably have anywhere 50 to 125 people. Liz when you buy, merge, acquire a company like that, youve probably gotten very good at it with that many under your belt, but what is the number one thing you as the ceo really needs to do to get them up to speed on the culture which is what we were talking about with kevin kelly . 99 of our Due Diligence in acquisition area is on the culture. The numbers are easy to figure out. The brokerage business doesnt take risks. We dont have big balance sheets. It is not hard to see whether or not someone is making money or not. If they are making money, they are running a good business, it then comes down to the culture. 100 of our decision rests on whether or not we believe these entrepreneurs who have built their own businesses will join our company and stay. We dont try to synergize out the costs. We want to add. Liz you dont usually lay off when you buy a company . We dont. Liz thats highly unusual. Its a different model. This is our inventory is our people. What were looking for are good strong people who love the business and want to stay. We give them an opportunity to move to a platform to be able to work on accounts that on their own they wouldnt be allowed to do. Thats what excites them. Liz this is a Company Whose stock is up about 13 . I want our viewers to know as well that they have a dividend of about 3. 6 for all you dividend chasers i know thats very attractive. But, pat, lets talk about the Insurance Business right now. And there is a lot of fear about the Affordable Care act. Youre not fearful at all. In fact, you basically have try ds to figure have tried to figure out how best to profit from it and you are able to charge more for certain policies, is that correct . It wouldnt be policies. Heres what it is, the Affordable Care act is so complicated. It is a very complicated act. Liz have you read it all . Of course not. [laughter] but ive got lots and lots of colleagues that are all over that document and know exactly what it means for our clients. And when things have to be staged in, what the compliance issues are, and when they have to be ready. And what this has done is made it such a difficult act to come to grips with. Many many clients thought well i will just wait and see if the Supreme Court allows the law to go on and didnt really Pay Attention to it. Now they are waking up, 2014 is a around the corner, a ton of things have to be done and they are scrambling. Whats also done is part of the reason we got so many acquisitions done last year is that 33 of those were in the benefits space, where people realized that they need our capabilities to serve their clients. So that actually helped us to generate additional acquisitions. Liz i have you sitting next to me, you are great with resources. My question would be we are at session highs for the markets at the moment. Thank you very much for that pat. I will take credit. Liz do you get the sense that a lot of employers because this has been sort of the fear mongering or tactics or not, i dont know, maybe its reality that employers would rather pay the fine instead of cover their employees. No, we dont. We actually dont think that. And the reason is that when you look when you get above about 200 in a company, the benefits portion is really part of the compensation package. If you decide to pay the 2,000 and say you go ahead and buy, you are going to have to give them raises anyway because they have been getting a benefit thats pretaxed. We believe employers very much like when we saw the industry change when it came to pensions, going to more defined contribution as opposed to defined benefits employer stays in the middle of that mix. We believe that is going to continue to happen. What were seeing in our business is employers are not dropping and walking away. They are not planning on doing that. They are planning on dealing with the act. Liz he loves the employees even the ones he takes on in what some 60 acquisitions. Pat gallagher, it is great to have you. We appreciate it. Thank you for the invitation. Liz of course. He is of arthur gallagher. His granddaddy started the business. How about that. Thats right. Liz thanks grandpa. Im sure he would be very proud of you. Thank you very much. Thank you. Liz we have the closing bell ringing in 14 minutes. Stocks at session highs right now. Coming up next, we have more live from the chicago mercantile exchange. Were breaking it all down. Todays most important moves and there were a lot of them as we head into the close next. And coming up at the top of the hour, neal wolin, acting treasury secretary. [ fema announcer ] from tracking the bus. To tracking field conditions. Wireless is limitss. How we get there is not. Were americans. We work. We plan. Ameriprise advisors can help you liktheyve helped millions of others. To help you retire your way, with confidence. Thats what Ameriprise Financial does. Thats what they can do with you. Lets get to work. Ameriprise financial. More within reach. [ female announcer from more efficient payment to more efficient pickups. Wireless is limitless. Liz okay. Welcome back. We are looking here on the floor of the cme and we are very close to session highs. Dow was just up 129 points. What sandra and i are looking at if you can point up here laura you can see we have all kinds of issues from Dow Jones Industrials to the nasdaq to the s p to libor to durable goods indicators things like that sandra. But we have some real action in rbob gasoline right now. Sandra one of your biggest losers on the cme today. We have seen prices at the pump skyrocketing, liz. So a lot of the activity in the futures pits is suggesting that maybe prices have come too high and that now were going to start to see things sell off. Phil was just with us; right . And he said he expects larger than expected builds in inventory tomorrow. Of course we dont know, but that would mean that would be very bearish for prices. Now we have it down about 6 . We have some activity in here. Sandra s p 500 futures pitts pits. They trade for 15 minutes past the closing bell in new york. As you can see right now, s p 500 futures up about 9 points. Just under 1500. Thats the level all these traders are watching and certainly if you start to see things rise in the close here, it could indicate that we see another update tomorrow. Liz heres why i want our viewers to be watching what happens in here because we are having quite a rally day across the board, when it comes to equities, but gold is also dramatically higher even in the aftermarket session, holding on to the gains. Sandra best performer on the cme group today is by far and away gold. Some of the traders back here, we were watching the charts and these traders reacted to the testimony from ben bernanke when he backed up the feds bond purchasing program. You got a pop across the board. Any of those assets that can help hedge against inflation, they were winners in todays session. These traders really reacting to that. Liz they are reacting and they will probably react very much so on friday when the sequester, whether the sequester kicks in, coming up, at the top of the hour, in the 4 00 p. M. Eastern hour, we have a fox business exclusive. Sandra, i know you have heard me talking about this, but neal wolin, the acting treasury secretary was here in chicago the past 48 hours. Hes sort of the guy who was filling in until possibly jack lew will be confirmed. This is how his game. He has to deal with this. We speak to him exactly about that. Will there be an 11th hour deal . If there isnt, i can only imagine this would be a very active location. Sandra remember the cme group sent out a letter to its customers including the traders you are looking at the trading floor, sent out a letter saying hey be prepared this could cause disruption of some of our main contracts, agricultural contracts, the grain room, all of those could be impacted. Traders will be watching this very closely. Liz friday will be an active day. We also have to point out the volatility index which skyrocketed yesterday. Came back down today. Sandra we are seeing it come down today, down 12 in todays session. Down a couple points. Just under 17 liz. This is an indication that maybe some of those nerves that we saw in the market yesterday, may be subsiding just a little bit today. Liz a little bit but remember even at 17, thats an extraordinarily historically low price; right . I mean it was 48, 49 during the flash crash and the greek crisis. Sandra theres no doubt theres still a lot of complacency down here on the trading floor. A lot of traders really watching for whats going to be the next big move in the stock market because obviously traders get complacent and investors get complacent when you get those kind of gains, liz. Liz it is the sandra and liz show. The market jumped about 130 points. Coming up we will take you to the closing bell. As i mentioned, neal wolin the acting treasury secretary in a fox business exclusive, in the next hour. This matters to your money and your portfolio. Were live in chicago at the cme. Mother made the best toffee in the world. Its delicious. So now weve turned her toffee into a business. My goal was to take an idea and make it happen. Im janet long and i formed my Toffee Company through legalzoom. Never really thought i would make money doing what i love. [ robert ] we created legalzoom to help people start their business and launch their dreams. Go to legalzoom. Com today and make your business dream a reality. At legalzoom. Com we put the law on your side. You are gonna need a wingman. And my cash back keeps the party going. But my Airline Miles take it worldwide. [ male announcer ] it shouldnt be this hard. With creditcards. Com, its easy to search hundreds of cards and apply online. Creditcards. Com. [ indistinct shouting ] [ male announcer ] time and sales data. Splitsecond stats. [ indistinct shouting ] its so close to the options floor. [ indistinct shouting, bell dinging ]. Youll bust your brain box. All onhinkorswim from td ameritrade. Liz okay. Just under three minutes before the closing bell rings. Live at the chicago mercantile exchange. Dow jones industrials holding on to triple digit gains. Lets quickly take a look at what has been doing very well, the cyclical stocks up about a full percentage point, pretty much all moving in tandem. We can take a look at the Morgan Stanley cyclical stock index which pretty much tells the tells the story of how well things a looking there. Great numbers for the home builders. You could color broadbased rally today with allaj

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