Job in january. The 81yearold republican senator returned home to arizona after being treated for a viral infection that walter reed medical center. On thess a crucial vote republican tax ill next week. Victims of a ponzi scheme are set to have 600 million at the start of 2018. The trustee in charge of thanering funds said more half of madoffs customers who submitted approved claims will have gained their loss investment in full. Have been total recovered so far. He expects to recover the entire 17. 5 billion dollars in question and perhaps more. Global news 24 hours a day powered by more than death global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. I am Mark Crumpton. This is bloomberg. Julia joe i am joe weisenthal. Nasdaq, p 500 and the fresh eyes today. Joe the question is what did you miss . The republican tax bill may make it to the president s desk i friday. Planning to vote on landmark changes as early as tomorrow. Theinto bill it latest details. President trump declaring the u. S. Will pursue a muscular foreign policy, reflecting his America First campaign promise. And losing a guide in guiding hand. Added almost 7 billion to the Railroad Company in less than the year. Julia the republican tax plan is set to land on the president s desk. The overhaul will deliver a take legislative win for republicans but where will it miss the mark on what the American People were promised . Our reporter is on capitol hill with the latest. Talk to us about a commentator provision added in at the absolute last minute with which bob corker, he was a no and quickly became a yes on friday, he also and if its, and saying, i needed this explains because i did not know i would benefit. Talk to us through it. In the final stretch of negotiations between the house and the senate, this particular thing was in mix of what the house and the senate had considered melding ideas from each bill. Benefitique and would investors such as president and senator corker, people in that space. It has picked up a firestorm maybe because senator corker foot his vote from no to yes without an explanation on friday. Reporters began to ask questions as to why. I want to break some news as you got on air. Breaking news on tax cuts and jobs, it will cut taxes. I do not think there is much ambiguity that making it official there. Is it all over at this point . It is hard to see how republicans fail tomorrow. There are no republican senators. He get he is about to get she minutes he battles brain cancer. At 51 right now, it is hard to see them breaking away. It seems like they have ready much got this. Not seem to does matter that for republicans, the tax bill is extremely hot unpopular with voters. The latest poll says 71 says they still see big business as the beneficiaries. Why can this be easily dismissed . Well it is very unpopular in many polls that we have seen four months. One reason is the idea of cutting corporate taxes is highly unpopular with voters and the other thing is as analyses of various considerations of the tax bill have shown, it is not something that plays well with ordinary voters and it cuts against promises President Trump made on the campaign trail, that this is primarily for the middle class. It does not crunch that way. We have a situation where the president stood up on it podium and said this would hurt him big, he made a specific point that it would be painful for him and then we got a provision with mixed matches about the house and the senate, together and it will direct the benefit the president and senator bob corker of course, them personally, it is pretty awkward. It is another headline they simply dont need. It is deeply unpopular. Add to unpopularity and is creating at least a political problem down the stretch for republicans. That is not the only provision that will almost certainly benefit President Trump here they are rate cuts for the highest earners from 39. 6 237 . 37 pass through businesses. Cut so 11n estate tax million in inherited wealth can be passed on taxfree. There are significant benefits and it does not wash to say the bill will not benefit the wealthy. It absolutely well. Julia we should make the point the top rate of tax is not enough of an offset. Joe if you are a rich person, you might still get hit her the top rate of tax is not enough of anfundamentally, novea long time away. It is an a new Analysis Shows in 2018, the average american would get a tax cut of about 1000, and that is less for people on the lower end of the spectrum. Whereas for the top, 0. 1 of earners get more than 190,000 on average a tax rate. The earners will feel it and be happy about it and the question is whether those on the lower end of the spectrum, the plutko the bluecollar trump voter, novemberce before the election. They need to tell and statuettes they would get it done. Thank you very much. President trump laid out his America First strategy on the weekend, advocating for a muscular power. In the strategy review, the president was tough on for china and russia, which he cast as both arrivals and potential partners. Trump we face rival powers, russia and china, and this week to challenge American Values and wealth. We will attempt to build a Great Partnership with those in other countries. But in a manner that always protects our national interests. Bill who joins us from washington. Strategy, the speech is not congressionally mandated. It is something the president added onto. China a strategic competitive bill, look kind of economic action does that give washington the room to take . You heard the president walking a fine line. You will remember during his campaign, he promised to go after the deficit with china and take tougher measures economically. He has counted on china policy support to rein in north korea. Raising some of the issues he is talking about on the campaign on the economic front. I am still not sure how to we will see that carried out what comes to him talking about currency manipulation or any kind of trade measures that would attempt to shrink the deficit. Todayk what we saw document relief release by the president signed by the president that much of the review from the Traditional NationalSecurity Specialists from the white house take National Security advisor mcmaster, and you heard in the bit of as a little softer tone against china and russia with the president saying areen, we realize they competitors of hours mhr to undermine us and we have to find ways of working together with them. You anticipated where i would go with my question but did anything translate into action in terms of what was said today . In terms of what he said, i think people were looking at that the economy and there were things in the overall National Security strategy which are different or a shift from the Previous Administration p the big thing is Climate Change was not mentioned at all as a security threat. That was something the Obama Administration talked a lot about. When you get to the part about strategy, there was a reference to having a more multilayered Missile Defense system that could take out missile threats abroad. People in the defense industry, analysts look at that as an aggressive approach to what the u. S. Policy had an prior. One president george w. Bush prefer to china as a strategic competitor, they were outraged and eventually act that dropped. When youre coming into the speech and you heard from china consumerthe number of goods, lo and behold, the president once again talks about a strategic competitor, that will surely resonate in a negative sense. , from the president , it looks but youe than rhetoric, i think they will be less worried about the substance of the speech and looking for what it means, if anything, going forward. Back to that question, bill joining us from washington. Thank you. Very adept at reading in between the lines. The most memorable line for President Trump was america is in the game and america will win. I think that is positive. I like that he believes the United States can be. That is one of americaare americastrengths. Dive into thewill first and only Global Network of for twitter next. From new york, this is bloomberg. Bloomberg and twitter today. Live joining us to discuss the launch is john, bloomberg editorinchief. Great to have you on the show. Talk about the first news network. First, to do what cnn for differ television, to put a network that people can trust and see. Case, it is the fact that we have these journalists ready for television, checking whether things are true. We think that is incredibly useful. A lot of people go to twitter to look for news and a the same. Ime, they do not believe it we can verify that we think it is useful. Maybe they dont do it enough. We have talked about the concerns people have about to what extent they are getting fake news real news. Like all these things, i am sure we will do something from every side, you get less complaining about things but the main point was on facts, we think we can verify whether things are true. It is harder on videos to tell precisely whether a video is from one place or another. Last week when we had the subway attacks, we were able to quickly work it out whether it had been but looking at the videos, it was harder to tell if it was true or not. Some of the challenges to confront. It is early days. You start these things and they take off. And they involve. They are complementary. All broaderer product. We focus on the markets and what matters. Broader and we think we can use the same army of journalists. Cliched but that is what we have tried to do. Complementary content. Tell us about the name. It is meant to grab hold of all and make them think why it is. Does work where people immediately grab the idea. It works. Joe i think it conveys a sense of urgency. It reminds me of the secondhand will millennials, the people on twitter, no . A lot of people used to watch end. Down, which used to i love countdown. That one. Opt for it could make a noise. Im sure you could somewhere. I do not know. I do not have an apple watch. Involve it will definitely off third we are already using the news network. We will push more with the twitter project, particularly hong kong in london with all these areas coming in, the interesting thing about the networks is people look at them, like you should change this or that in the feedback is pretty positive. What happens is a big event comes along and it tends to define it. And we see whether it works. Twitter shares are serving 11 today. That is investors saying how good of a job. Maybe something. Thank you. John joining us there. Followers on launch day today. It is time for a look at some of the a guest is the stories in the news. Disney star wars, the last jedi, took in more than 50 billion worldwide. Fansy star wars, the lasthigh e and analysts at well ahead of the star wars spinoff. Programming conley at thehief , a candidate for possible consideration. The longtime president of roughly announced his reputation citing a Substance Abuse problem. Disney has outlined a 90 day timetable to find a replacement. Snack brands. The price is 921 million in cash. It represents a 71 cream premium and brands include skinny pop popcorn. Adding to earnings the first year of closing. Never tried it. Add to the list. I have three bags per day. Yes. I have stone many of those. Yes. I have stone many of those. I have stolen many of those. Speaking of twitter, take a look at Lloyd Blankfein and jack dorsey of twitter. It caused a stir for investors. Up 11 for today. Could there be a connection . Abigail doolittle investigates. This is bloomberg. It is time for the stock of the hour. Shares of twitter on pace for the best day in two months, best quarter ever up in the First Quarter so far. Today, better than 11 at session highs. Youre here to explain what is going on with twitter. Paper, its best year ever and the stock has been under a bearish sense for quite some time coming out for the quarter. This is the fifth upgrade in two months. It reminds me of gm, analysts getting bullish around the electric vehicle issue or having the kicker. Plus, the backdrop, you have blankfein. Lloyd it does noterhaps make sense to me. That what do you think . You are the king of twitter. Breaking it down in terms of a potential performance, it is a struggle i have had. The expectation there is m a if they were working, im not sure. To your point, 2018, that can be make or break. They have some layoffs and it suggests they could make the numbers. Lets look at the chart in bloomberg. This is 7472. This is when the company ipo over 26, that is the blue line, coming very close to that area. If it could take out the last high, the entire area of uncertainty with investors, probably a move to 40. That is suggested above in a convincing manner. Many makes a point it is bullish. Great context. The market close is next. Less than four minutes to go. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Julia whatd you miss . U. S. Stocks closing with all major indices at record highs. Im julia chatterley. Scarlet im scarlet fu. Im joe weisenthal. Highs for u. S. Stocks as the republicans make progress on the tax cut, the tax overhaul. It could make it to the president s decks by friday. Joe its looking pretty good. It continues. Scarlet were looking at gains for at least 0. 5 . Record highs all around here. Lister with one of those tech names lets start with one of those tech names. Theisclosed a 6. 5 stake in internet performance company, says it sees numerous operational and strategic opportunities. We will be hearing about that in the days and weeks to come. Twitter, as we were talking about earlier, up 11 come a getting another upgrade, this time from j. P. Morgan. Speculation this has been going for years now, that twitter is the target of some kind of acquisition, so we will wait to see how that shakes out. Twitter has been delivering this quarter and this year. , snyders and a amplify, both in the crosshairs. Campbell soup is acquiring snyders lance. So they will get snyders pretzels and pop secret. Brands is the owner of jiffy pop and hershey for 921ing amplify million. Joe lets take a look at the Government Bond market. Today we have some steepening, which is a little bit of a change. Shortterm ace shortterm race coming down a little bit. Not a ton of economic news. The real story was the risk on residualaps some enthusiasm that the tax bill is going to pass. A touch of steepening, breaking recent trends. Julia i want to show you the dollar is doing. The president often talks about the performance of the stock market this year, he doesnt really mention the weakness we have seen in the u. S. Dollar. That stock is trading through today, and thats what the runon in emerging markets. We are all over the place as far as the different stories are concerned. Lets talk about south africa and what is taking place there, the election of the next leader of the African National congress. It looks like the Deputy President was elected the next president. There are hopes that he will go on to lead the country if the ansi does win the next election. Its looking at one week volatility in the south african brand. Its earned it search to the highest level surged to the highest level. To give you a sense of the you inty, that give gives you a sense of two directions the country may have taken as a result of that election. The dollar cheap i would putle, that them back in charge of americas wealthiest country after what has been four years of pretty anemic growth. That also seen as positive. And just some slight gains for dollar mexico. We did see the central bank making some moves, concerns about the agreements. Benefiting some product or that some broader positive sensitive benefiting some broader positive sensitive and positive sentiment. Below 1300ill well per ounce, and those are todays market minutes. Scarlet lets get some insight to trading with jones trading chief market strategist, who joins us from connecticut. Onia had mention a buy rumor, sell on fact. Can he signed it into law . Michael returns are more than 28 now since election day last year. It has been a strong run. To itms like joe alluded has been a strong few days. I wont be surprised if we see profittaking when this bill passes in early 2018. Joe i saw people use the term melt up to describe the action. Is there a continuum of investors out there, that after all these years, have still been underexposed to the rally and are panicked and are now trying to rush to get in, realizing they may have missed one of the grateful markets the great markets of all time . Michael i wouldnt say its a fear of missing out, i think that ship has long left. Are rampant speculation rampant in speculation. There are people that gained 28 in a little over a year, and theyre looking for more juice, more aggressive trade in cryptocurrencies and stocks related to cryptocurrencies. Speculative, rampant, mania mode. You are saying the froth around bitcoin and cryptocurrencies speaks to something in the stock market as well, which is that speculation is in the air. Michael bigtime, very much so. You see a lot of small stocks have made announcements associated with blockchain or bitcoin, or bitcoin mining, and they have seen their shares take off. So we will definitely see carry over into the stock market. Joe we will be talking about one of those later, crazy story. Crazy story. The hopeshink one of of moving to futures trading here is that you get more institution investment involvement. Your point is that that is simply not coming in at this stage. Is it too early to make a judgment on institution investment and their involvement in this . Michael i think its too early to make a firm judgment. The observation i would make is as far as the cboe futures, the avera