Give you his take on the treasu secretary testimony. He will give us an update on possible tax reform. Francis rooney was once a top ambassador. He will tell us whether the pope well have any influence on how the Trump Administration conducts business. He handed him a book about something we will take but thats what thats all about. The global manhunt for accomplices zeros and on libya and the bombers family. The attackers attackers father and brother have been arrested. There is a library port on who theyre looking for next. Two or three or ten points depending on which youre looking at tapping 21,000. And now slightly below it. Theyre focusing in on yet another record close as a federal services it might be prudent to wait to see if that slower firstquarter data is just a one on. Will start the countdown. The Federal Reserve agrees to weigh on data before raising rates for the as it focuses on drying down its 4 trillionollar balance sheet. The latest notes out of the Central Bank Less than an hour ago showed that it remained in a Holding Pattern and what theyre doing is a want to make sure the evidence of recent signs of an economic slowdown on the First Quarter were just a oneshot deal. If they decide to wait at all the market tends really like that. The s p 500 then we have the nasdaq up 15 points. Theyve a shot at another record close. 2402 is a level that we need to hit right now. Dupont one of the leading gainers on the board. As of more than a today. They push to extract even more value out of the Chemical Company upcoming tire. The changes in the company to deal load briefly combined them into one company before then carving out into three pieces. It does not go far enough in breaking up doubt. Were watching i want to get the turmoil hitting lowes today. Its down nearly 3 . They report profits and sales will below expectations. Reported strong earnings last week. Let me quickly check. We do have home depot and were not looking at that right now home depot is up a quarter. Has seconding harmed too much. Those two retailers they are skyrocketing. The private equity firm is working with American Eagle to make a joint bid for the team apparel rival. We have ever coming in such a patent had . Sources say that deal could be done in about a month. We are watching it. Treasury secretary Steven Mnuchin is testifying alive about the budget proposal. It is discussing a potential of the border adjustment tax at this very moment. You see the representative asking about that. Its very much a touching go the situation. Some of them like the adjustment tax. The budget over all received a rather warm welcome from republicans but of course the democrats really hate it. They specifically dont like the cut to Childrens HealthInsurance Programs by at least 20 over the next two fiscal years and then of course the planta medicaid. You are live in dc. Tell us exactly what we need to Pay Attention for. But our viewership needs to hear about tax reform. Its a unified message on tax reform. And it is combined with the budget message. The Trump Administration their budget message boils down to just a few key concepts. There must be 3 Economic Growth to balance the u. S. Budget. Steve mnuchin listed the only way to achieve 3 growth is accommodation of tax reform and budget cuts. Has proposed cuts and actually maintains current spending levels. Secretary mnuchin also testified just moments ago that the president s Main Objective is a middleclass tax cut and that future tax reform will pay for itself by eliminating almost all of the deductions except for those of Morgan Mortgage interest. Tax reform will play a major role in our campaign for growth. It has been more than 30 years since weve had comprehensive tax reform in this country. The administration is committed to working with you to change that. We head about a hundred people working in treasury on this issue now. During this mornings Budget Hearing the democrats lashed out at the budget director saint the trump budget will harm disadvantaged americans. Is an expression of our values. In your values and your bosses values are appalling. We are not can kick any deserving person of any meaningful program. We want to help people just as much as you do. The administration said this budget was crafted from the viewpoint of tax payers and without controls on future spending the nations debt will grow to unsustainable levels. Again, they talk about the border adjustment tax. The Administration Says it will work but will listen to ideas. They say we need it or you dont get tax reform that really works. We are about to talk to a House Republican on this. We will ask him about this. He is from ohio and ohioans like to sell the things overseas without it tax coming in because they use some of those. You cant miss those. Good to see. I think you so much. So just as the secretary was a defending the white house. The former treasury secretary under bill Clinton Larry summers speaking out right here on foxbusiness against it. And a preview of the wall street week. The numbers do not add up. There are optimistic economic forecasts they are further away from the professional consensus than any administration in more than a generation. It doesnt seem like the best bet but they are entitled to their opinion. But they are not entitled to violate the laws of arithmetic and logic. Our first guest is ducking out of the health ways and Means Committee to just give us a take on the negotiations. Representative is it being sold to the house at the moment. I was in a Budget Committee this morning as well. I am in both committees hearing a lot of testimonies. Overhearing right now is that they want progrowth tax policy. The goal has to be to get to 3 . Mick mulvaney was very good about that. He said if we dont get through growth we cant pay our bills which is also very true. The goal has to be lets not say we cant get the votes figure out a way to get there. Especially when over the history of our country we had averaged with averaged over 3 . You think democrats would like to see some of the same things. They just ran us there. Of course we heard yesterday from senator schumer and both of them look pretty and transcendent. Were not cutting spending. We are cutting borrowing from china. Every time we spend money we dont have we are borrowing from china. We have to start looking at that. This is the first time we received that. That is another important thing. I may not agree with everything in the budget we have to get to a balanced budget we have to start recognizing that every expenditure that we have i want to look at it from the taxpayers in point. Just like people were using their money. As a direction we have take. We have to get politics out of the way. Medicare and Social Security will be insolvent in 15 years if we dont do something. Weve got to do something. How we pay for this budget. The border adjustment tax. Ohio experts a lot. And also imports parts so that they can put things together to then export them. They say that the things are dead on arrival. Most republicans are speaking out they dont like it. Paul ryan is in a tough position. How do you stand on the budget adjustment tax. I do have concerns about who pays for it. He just told foxbusiness at three have weeks ago. How do we pay for if you dont do the border adjustment tax there is a ways to get there. I think we just had to be willing to Work Together to get there. Thanks for effort in to get there. And thank you to rush out of those committee meetings. Thank you very much. The closing bell is 48 minutes away. The search for accomplices in mondays manchester terror attack gained major theme in the past couple of hours. Into the family of the bomber there has even been a concession by one of them. The latest details out of the uk. The opec minister is arriving. But you u. S. Fractures have the upper hand and if they do how do they hold onto it. We are heading to the floor show next on countdown. Will you be ready when the moment turns romantic . Cialis for daily use treats ed and the urinary symptoms of bph. Tell your doctor about your medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. Ask your doctor about cialis. And get medical help right away. Eyet some cards limit where yout earn bonus cash back to a few places. And then, change those places every few months. Enough with that with quicksilver from capital one youve always earned unlimited 1. 5 cash back on every purchase, everywhere. Welcome to unlimited whats in your wallet . Tthats why at comcast,t to be connected 24 7. Were always working to make our services more reliable. With technology that can update itself. And advanced Fiber Network infrastructure. New, more Reliable Equipment for your home. And a new culture built around customer service. It all adds up to our most Reliable Network ever. One that keeps you concted tohat matters most does soon mean in june or does the Federal Reserve and the continuing soap opera entitled hold on were not sure what until we are sure to hike rates. You are an oil expert but i do have to hit these headlines right now. Bob miller is saying that the Federal Reserve is likely to deliver a rate hike in june despite the minutes that just came out from the month of may that look pretty quiet as he puts it. Bob miller is saying that the full employment has been achieved and hes got to do it. Holy 54 points. What are you hearing. There are mixed emotions that are out there. They have this great way of painting a picture and always leaving themselves and out. We come into this release with some expectations from june. There is wording in there that could let them back out and look at the fall. They have done this before in the past. Im not overly surprised at the tone of what we heard today. Its forcing them to not participate. We saw a lot of geopolitical concerns that are going on. Weve lost five points since we started talking and breaking this news. Youre based in london, and do people in london watched the Federal Reserve as much as we do here minute by minute. Is the biggest thing that anybody is watching. What are they going to do. The two elements that we are focused on we know that it was going to increase the interest rate. Theyre scared they are scared they have missed their window in the past. Th the Federal Reserve bank is pretty much okay on in part with increasing the interest rate. I think when you look at the dollar today we have not seen any big move in the dollar. And then it is consolidating. Im less concerned about that the euros just strengthened by a penny in the last i checked. To the Federal Reserve features and where they bet on the chances of a rate hike in june its a 83 right now. Lets just talk quickly about stocks and how they might be affected. Clearly looking at that opecs numbers that are coming out we clearly have been watching that. We are heading into a long weekend. With a lot of Economic Data coming next week. Weve always looked at this dependent number. They were close to sealing the deal to extend the output cuts. They do believe that. It will be extended by nine months. They absolutely had that. He does is not stand a chance. What is quite intriguing right now. You are stuck for six months and nine months and 12 months. Set the question that we are looking for. Opec often allies by the way. That is very important for us. That they need to make sure that the complaints part of that is met. And as they say very much in play weve head that. I know it you will be watching the big names. The big integrated oils also. Would it have the opportunity to move the markets tomorrow. I think they will see some of our utility telling up there. There is always eyes that are on it. I think its interesting how weve come so far in the last week. Everyone thought it was a big market pressure. Where you seen your highend clients putting their money. Based on the sideline. They are waiting for that. Theyre waiting for the consolidation to come away. We wanted to go about this one. Then we will see this fresh money coming back to the market. And that would produce the kind of a rally that we wanted to see. When we have the massive pullback market. What i said. Dont get carried away. This is an opportunity to get back in the market we have wanted to go high. We have a down 300 points. You cant miss it. Good to see all of you. Thirtyseven minutes away. General electric actually the biggest drag on the dow 30. There is such a thing. The companys 2dollar per share goal for next year they are facing in their own challenges after missing in the First Quarter sales estimates. A surprise drop in comp sales. Caused by the stronger strong dollar. Its been up more than 20 . Its not the worst thing in the world. They just lost eight a and two thirds percent. Up next, we are taking you to the uk life manchester look at this. In morning. As a search for those that may have helped it. Rick leventhal on the ground in england. More countdown coming up. I was wondering if an electric toothbrush really cleans. Better than a manual, and my hygienist says it does. But. Theyre not all the same. Turns out, theyre really. Different. Who knew . I had no idea. So, she said look for. One thats shaped like a dental tool with a round. Brush head. Go pro with oralb. Oralbs rounded brush head surrounds each tooth to. Gently remove more plaque and. Oralb crossaction is clinically proven to. Remove more plaque than sonicare diamondclean. My mouth feels so clean. Ill only use an oralb the 1 brand used by dentists worldwide. Oralb. Brush like a pro. Liz took all of 30 sick hours after monday nights bombing of the Ariana Grande bomb con interpret in manchester, that suspect police believed responsible for the horrific suicide bombing, worst terror attack in the uk since 2005, is that man, 22yearold salman abedi. Both younger brother and his father were arrested by counterterror forces in tripoli, libya, and apparent lit said not only was the brother aware of plans for the Manchester Bombing but was planning his own attack in tripoli. Man chess it police say the raids are not over. That they feel there is entire network here. That a controlled explosion was used in a particular raid in the city. They are assisting the security as soldiers and Law Enforcement officials has been stepped up. Fox newss Rick Leventhal in manchester on the ground a you have news of the investigation and a confession. Reporter liz, well get into details what we know. They quickly identify the bomber as salman a beddy, borne and raised very close to the arena where the explosion took place but his parent are from libya. His father lives there now. We learned according to man chess it police they arrested the older brother in manchester today. From libyan authorities they did in fact arrest his younger brother and their father for interrogation. Theyre both alleged ties to al qaeda and to isis. Now from the dow jones wire service we are learning that the younger brother allegedly told Libyan Authority that he knew about the plot, that his brother had been there three weeks before traveling back to london, heading to arena setting off the explosion, the younger brother worked on the plot with his brother and confessed allegiance to isis this is from the dow jones quoting libyan authorities. We have no way to independently confirm that but clearly Manchester Police are focused on anyone with any connection to this family and certainly to the man the police say carry the out this bombing on monday night. They did carry out raids this morning and this afternoon in the manchester area. There was an Apartment Building you mentioned they set off a controlled explosion. There were three arrests in manchester today believed connected to the monday night attack but the prime focus is whoever built the sophisticated explosive device caused such carnage, killing 22, including a police officer, wounding more than 100 our latest count, people that walked in and out of the hospital but 20 wounded are in Critical Condition of the big fear of possibility of another attack which is why this nation is on the highest state of alert across Greater Manchester weve seen a significant increase in the number of armed officers on mobile patrol at static points across the city. Weve been supported by forces from across the northwest and beyond and this forms part of our welltried and tested plans for any major terrorist attack. Reporter manchester of course is a city in mourning and the evidence of that is right here behind me in st. Ann as square which is now being filled with memorial, flowers and candles and other signs of support for the Dozens Injured and the 22 killed. Some of them have now been identified including a 45yearold mother and an 8yearold girl and 15yearold olivia campbell, whose own mother struggles to accept her death. Every possible scenario she is just going to walk in the door any minute, not even knowing what is going on. That she is in a hospital somewhere, no one can get ahold of me because they dont know who she is or she is dead. I just dont know. Reporter people here in manchester insist they will not be divided by this awful attack. Liz . Liz well of course, because they are humans, it is, you cant even call the terrorist animals, risk. 8yearold girls, it is so horrific and disgusting i cant even begin and looking at that memorial behind you, it is just a tiny slice of all the pain that is there. Thank you so much for bringing us this story. Reporter youre welcome. Liz unbelievable. 20 is minutes before the closing bell rings 27 minutes before the closing bell rings. Mcdonalds ceo gets paid 15 million a year so its workers are fighting for 15 an hour. Jeff flock we sent him live in the middle of the protests at mickey ds Shareholder Meeting in oakbrook, illinois. It is a dow component. The dow is up 62. President trump gets an audience with pope francis at the vatican at yet another overseas trip makes an historic trump. We have an ambassador to the holy see. More countdown straight ahead. Liz so we dont know when but it could be imminent, it could be after 4 00 p. M. Eastern. Were awaiting Critical Data from capitol hill. It is cbo, congressional budget office, score from the revised Health Care Bill in the house. It is expected to be released anytime this afternoon. At 3 38 p. M. Right now were watching for it. Check the dow, it is up 65. The number could force, depending what it is, yet another house vote on the legislation t would throw a monkey wretch, depending what it says already a challenging congressional session. It has to show savings of 2 billion over 10 years f it does not, they have to redo the bill and vote on it again if they want the reconciliation process in the senate where they dont need democratic votes. I know it sound complicated. Were on it for you. Meantime the honor of a lifetime is how President Trump described the meeting with pope francis earlier at the vatican. They met in the popes private study and apparently the conversation ranged from terrorism to Climate Change to peace. Will this historic meeting and conversation leave a mark on the President Trump, an indelible feeling as he heads to the g7 meeting at end. Week. Former ambassador to the vatican, republican congressman from florida, francis rooney. Call you ambassador, that is really incredible, you were the ambassador to the vatican. What are you getting what sense are you getting from how well this meeting went down because during the campaign there was a little bit of friction between the two . There was more than a little bit of friction. Liz i was being delicate. I think that is all put behind them now. Look at the communique focusing communication through negotiation and interreligious dialogue reflects a natural alignment of the holy see and the United States. It also give as good nod to unique soft power diplomacy the holy see can exercise in that area. Liz one of the gifts, they exchanged gift, President Trump gave him. David heck, i would want this, First Edition of Martin Luther king writing. That is just brilliant. Pope francis gave him an olive branch, sort of a little metal sculpture, and encyclical, which is catholic writings and he signed them. This looks like a warm meeting. What do you think comes from this because the encyclical is about Climate Change . I dont know about this administration or many conservative americans will everyone hundred agree with pope francis on his encyclical, but we agree there are things need to be done with human impacts on the climate and im sure they discussed that but more importantly i think they focused how the solely see is uniquely positioned to join with the United States with other nations to help reform islam and find a way to deal with radical islamic terrorism. Liz the president is on the ground in brussels. He then heads to the g7 meeting in italy, i would like to know from your standpoint, of course youre a member of the House Foreign Affairs committee and the house joint economic committee, trade. You have many important trade partners in the g7. Number six export market for the u. S. , germany. Number eight partner, france for the u. S. There is a lot of discussion about tightening borders and taxing and putting tariffs on. What is your best thought how this should work . I think the administration has spoken about the importance of bilateral trade relationships with all of our major partners. So im sure that will come up. Im sure the concept where to go with england will come up after brexit. I know what will come up is this business of the horrible tragedy of african refugees coming into lampodosa, in sicily. What can be done by the civilized world to keep the people down in africa and create conditions where they can prosper. Liz i heard italy had figured out a way to at least tackle that issue but youre right, the refugee problems are massive. They may only get worse if syria continues on this horrific trajectory. Good to see you, ambassador, thank you so much. Thanks for having me on. Liz ambassador and congressman, francis rooney, our pleasure. Closing bell 18 minutes away. The dow is up 73. This is a session high, folks. Were at 21,010 points. Can we hold it . 18 minutes. Want to hang out with me to make sure we do . Could we see a new record for the s p 500, one point, nearly two points above the old record at 2402. You have to be with me. Mcdonalds, widelyheld component, and stock. Workers protesting for 15, the ceo makes 15 million. What is happening, jeff . Reporter workers say if you work at mcdonalds you need food stamps to get by, something is wrong with this picture. A deeper look into it in just a moment when we come back. Theres nothing more important than your health. So if youre on medicare or will be soon, you may want more than parts a and b heres why. Medicare only covers about 80 of your part b medical expenses. The rest is up to you. You might want to consider an aarp Medicare Supplement insurance plan, insured by unitedhealthcare insurance company. Like any Medicare Supplement insurance plan, these help pick up some of what medicare doesnt pay. 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Liz i call this breaking news. We are now at session highs. Actually it is 211,111 points. 21,011 points. We have chance regaining level before the close, First Time Since may 8th. S p 500 looking at a record close. It is above it right now. The number to swipe is 2402. Wall street said it kissed 2402. Now it is kissing 2403. Theyre so romantic on wall street. Mcdonalds shares are mcloving it at this hour, seriously up 1. 25 and that is a little surprising shares on the fastfood giant are on track for a record close, the 18th this year. Why would that be surprising . The second biggest winner in the Dow Jones Industrials with a gain of nearly 22 , a major group of employees fighting for 15 right now. Organizers are taking to the streets in illinois near the head headers of mcdonalds to protest worker play. It is the mcdonalds annual meeting. Some are labeling mcdonalds the quote, donald trump of corporations. Jeff flock, youre right there. Im not sure what that means. Lets get to it. Is anything going to change for what these people get paid . Reporter just listening to you there, if you make 9 an hour, chances are you do the not have investments in the stock market right now and these workers simply have the message that what theyre being paid is not fair. Income inequality in this country is a huge problem. Just a couple stories for you. One, a young lady named adrianna alvarez. She has a 5yearold son. Worked at mcdonalds the past four years. She doesnt work over time. They keep her under 40 hours. That means she doesnt get benefits. Bottom line, she says, it is just not right. The message is that weve had enough. When you look around my Community Block by block, you can see walgreens, mcdonalds, cvs, costcos, look at wages. I make 9 at mcdonalds. Clearly obvious wages around the board, around different jobs are extremely low. Reporter and as you point out, liz, this comes as the stock has hit an alltime high today, almost 150. The, why is that . Q1 theyre doing pretty darn good. Q1, samestore sales up 4 . Income at mcdonalds up 14 . Earnings up 18 percent. But you know, just real quickly, this is not just the workers saying this. I want to leave you with a quote from guy by the name of morris pearl, former managing director at blackrock, who wrote an open letter to the ceo of mcdonalds and said, you demonstrated a real willingness to try new things and take risks and changes like allday breakfast yielded positive shortterm results but menu innovations wont sustain success over the long haul. You cant be a Successful Company if your workers have to be on food stamps in order to get buy because you dont pay them enough. A message from the millionaires. Liz walmart started paying their employees more. It actually didnt hurt them. I do fear, as many people do, what happens if people stop hiring because it becomes too expensive to pay employees. But certainly laid out a case, especially when you have morris pearl, billionaire multibillionaire, yeah. It is a really tough, its a tough one here. Reporter a lot of people are concerned about income inequality in this country. People feeling like this is not right somehow. I dont know what the answer is. I dont have a answer. I dont blame one party or other. President obama said it was a priority of his administration. It got worse. I dont know what the answer is but weve got a problem. Liz wealth gap increased dramatically under president obama. That didnt help things. Reporter exactly. Liz only jeff brings you a story like that with that kind of on the ground emotion. Right now, session highs. The dow continues to climb, folks. Were up 81 points right now, 21,019 is where we stand with 8 minutes left. Can we hold on to the gains or will we see some profittaking at moment . Were watching it. Were watching for a possible s p 500 level weve never seen before in the history of the s p. Stay tuned. Liz folks we need to show you the vix, the volatility or fear index. This is a threemonth to show you back on may 8th, we saw a 24year he low, that red dot to the far right. Then it spiked higher. Now were heading back to that low which is 9. 7. Were at 9. 9 at the moment, down 7 , as the market charges ahead. And why . Because it appears that the fed is in fraidy cat mode right now, does not want to raise rates until they figure out the slight slowdown in q1 would extend. Let me fet to lori rothman. Youre watching this all. It is pretty significant. Reporter dow over 21,000, couple minutes before the closing bell. Good chance closing above that. Hasnt happened since you pointed out, may 8th. S p if it closes above 2402. Were three points above that level. That is new record for s p 500. Will the interest rates, will it be june, not so sure. A lot of conjecture about the health of the u. S. Economy. There is news about facebook. Look at shares of facebook announcing plans to move ahead with its video plans. Facebook shares up a nice amount, up almost 1 1 2 signing deals with content pro he vieders, vox media, buzzfeed, group nine media, others to make shows long and short form with ad breaks. More plans for video. See what happens there. Back to you. Liz there is pitched battle between Facebooks Instagram and snap. Snap up 2. 25, 2. 5 at the moment. Lori, thank you very much. I need to bring in Intrepid CapitalFund President mark travis. You you have a billion 1 2 in assets. Market charging ahead. Does the volatility goin perpetuates the indexation of all costs size trumps value from my perspective. As hard as it is to it believe, ive been in the industry 33 years, what i see and know now, fang stocks, late 90s reminds me of telecom, media and tell tell telephony. I dont think it works as prior discussion to income inequality. Liz can i jump in . Sure. Liz absolutely, income inequality and maybe asset bubbles forming do you see that . By the way im not a negative person. The dow is up 78 for the bulls as we continue to rise and i think the economy is gaining some speed speed here. You sound more concerned than usual. Where are you putting your money . I tell anybody that is long Portfolio Manager as i am you better be optimistic. Im cautiously optimistic. I know over time people buy high and sell low. In managing my portfolio i help my shareholders to prevent doing that. It is difficult in so you can replicate that yield if you will today in high yield market, i point out superior claim to he can quilt. Liz okay. There is not a bodies locations in between price and value but we have a few we found. We had to look farther and wider. Liz we just showed many of them. Well put them up on facebook. Com lizclaman. You get to prehe side over what appears to be, mark, alltime new record for the s p 500. Thank you very much. Glad to be here. Liz mark travis of intrepid gets a history day here. [closing bell rings] were above 21,000 by 10 points. The s p looks to break a new ceiling, 2405. David, melissa, over to you. David thank you very much. Stocks surging into the close. Look at this chart and think of what is going on in the world right now. Melissa thats a great point. David it is extraordinary when you think of all the trouble in the world. We have terrorist attacks. We have trouble for the president at home. Meanwhile the dow is pushing higher for the fifth straight day, closing up, looks like it will settle around 73 points, ending back well above 21,000. This is the first time in 2 1 2 weeks for that. Meanwhile s p 500 is closing at a brand new record high. The nasdaq ending in the green as well. What a day. Im david asman. Melissa im melissa francis. This is after the bell