Assets mario has a different idea hell tell you what it is coming up. Excitement over tax reform is helping to fuel todays market gains, Murray Energy ceo whos been a supporter of the president s says the senate bill is, quote, a mockery of tax reform, and his companys taxes will go up under this plan hell explain and make his case. Then pancreatic cancer one of the most deadly forms of cancer out there former Nbc Universal chair bob wright will join us at post the, talk about his new rush to take on a new push. Hes rushing on this, too. Oh, yeah. Hoping they can get an Early Detection test out there on pancreatic cancer. Lets start with todays rally, though. Dow was up 300 early on, were about half that level right now. Bob pisani has more here bob . Good news, folks, we are acting rationally in the last five or six days so the sectors in the stocks that might see the biggest earnings boost from the tax cut are the ones that have been moving the most in the last five, six day. Its happening again today take a look at the sectors today. Financials and Energy Stocks would be the sectors that would get the biggest boost from the tax cuts so theyre the ones that are leading the market right now industrials, also we get a boost. Telecom stocks would also get a boost. They, too, are leading the Market Technology stocks would get the least boost and theyre the ones that are actually down and they have been down for the last several days now, if you look at some of the typical stocks in this group, jp morgan, bank of america, huge gainers recently they were gainers again today. Verizon which is a telecom stock, another big gainer in the last two days. Its up today. Exxon in the oil groups alts on the upside we may be testing the limits to how far you can push, for example, Bank Stocks Going up. Citigroup was 28 earlier today. Its down. Thats well off of its highs till still up nice but there may be limits to how far almost double digits finally, heres the story, this is a very healthy thing for the market because tax cuts creates a whole new group of sectors that potentially could have their earnings lifted. Weve spent the whole year talking about faang stocks and Semiconductor Stocks because of their tremendous Earnings Growth now theres other sectors that may get some boost today not surprisingly most of the stocks are moving to the downside and seeing other se sectors that may get the boost from tax cuts moving up. By the way, guys, were not out of the wg about maybe postponing it to 2019 and the president made a comment saying maybe well do 22 instead of 20 that would change the calculous a little l bit as with el. Back to you. All right, bob, thank you lets get an update on that. High hopes for tax reform have been one of the main propellants for the market rally since election day 2016 so its not quite a done deal here eamon javers in washington 2 with the very latest whats going on, eamon reporter hi, bill. Republicans proved they did have the votes in the United States senate early in the weekend. Now the question is how are they going to iron out the differences between the senate bill and the house bill . Were waiting now for congressional leaders to announce the members of the Conference Committee thats going to hash out all those details and theres a lot here to go through. Take a look at some of the big differences between the way the senate and the house approached tax cuts youll see first of all, right off the bat, the house bill has four rates the senate bill has seven rates. The question is where do you go from there on the individual side on the corporate side, the house bill has 20 immediately the senate bill has 20 in 2019 then theres that little blip from the president over the weekend that bob just mentionewg the individual mandate that is a big deal under obamacare. Not included in h the house. It is included in the senate theres another bunch of smaller differences. Those are the headline ones. Take a look at some of the other ones including the amt, alternative minimum tax. Theres been a complication if the tax code for a long time that a lot of people wanted to get rid of in the house, thats been repealed in the senate, the corporate is maintained, individual the repatriation rate for corporate, 14 cash, 7 illiquid in the house bill, totally different treatment in the senate bill the estate tax also treated differently in both bills and passthrough rate on businesses is different in both bills so when we get the announcement of who the negotiators are in in this Conference Committee, guys, theyre going to have a lot to work through this week were also expecting a battle here over a Government Shutdown that could happen by the end of this week. Theres a lot on the plate here of these negotiators going into the next couple days. Property tax deduction, state and local tax deduction, a big talking point in our neck of the woods. The tax deal, there are big winners and losers when it comes to the individual side robert frank is here with some of those tee tadetails. Hi, kelly broadly speaking the senate bill is a tax cut but some americans are going to get tax hikes all depends on where you live, how cut in 2019, thats mainly thanks to doubling the standard deduction and lowering some of those rates a married couple making about 200,000 in 2017, theyre going to see their tax bill drop from 242,0 42,000 to 2348,000 a couple making 24500,000 to 1 million, theyre going to see their tax rate drop fr of coue we have the changes to the estate tax thats going to allow families to keep 22 million of their estate tax free. Thats double the current threshold. Now, taxes are going to go up for some now, the bill basically eliminates deductions except for charity and mortgage interest, so people in hightax states, kelly, you just mentioned, they could see a hike including the top earners. 14 of all of not currently who make more than 750,000 are going to see an increase under this senate bill the tax changes, of course, they expire in 2027 so more than half of all americans are going to see a tax hike within ten years because of this bill the wealthy after all that are going to fare better by the time this is zodone in ten years, 1 twothirds of middle income earners are going to pay more in taxes by the end of the decades. Guys lot of moving parts and pieces to this thing. Very complicated. Very. Thank you, robert. See you later. Lets talk about the market here as we were saying, sort of a mirror image today of what we had friday friday the selloff of 350 points then a comeback. Today a huge rally of 300 points and now weve cut that in half joining our Closing Bell Exchange today, allison deans from aa deans advisory at post 9 sitting next to kenny from oneal securities and Rick Santelli checks in from the cme in chicago so, kenny, were kind of regressing to the mean here lately with this market right and so, you know, you shouldnt really be surprised about that, honestly, as the meltup continues, right, youre seeing this momentum slowing a little bit today. But you certainly saw it right out of the gate this morning at 9 30, the market opened very, very strong, in a bounceback to what happened on friday in relief over this tax structure as you guys just pointed out, theres a lot of work to do in the next two weeks with the reconciling both these bills and so the question is, are they really going to be able to get it done, are they really going to be able to attack each one of these individual issues and come to a reasonable solution thats going to really work for everybody . I stil to happen. I think if they do, theyre going to jame it through. What do you think of the diversion were seeing between the dow and nasdaq nasdaq has a high component of tech stocks theyre not beneficiaries of the proposals weve seen so far. Thats a big difference. Whereas the beneficiaries are financials, industrials and tend to be more in the Dow Jones Industrial average so i think thats part of what youre seeing. Also ones a much broader index. Im wondering if theres profit taking this is not an inexpensive market there are still a lot of what ifs and, you know, this could be a onetime tax bump without a lot of real longterm Economic Growth benefit allison shlg, are you seeingy opportunities here that present themselves with this selloff or looking at health care which is also selling off today or the banks that are going up in anticipation of higher i mean, you know, what are you seeing out there right now my sense is, ive been a little worried the markets expensive, even if you assume the earnings are going to get an 8 bump for the market 7 , 8 upside in this market one, if tech continues to sell off with or without a tax break, theyre a great growth industry. Financials have the wind to their back but had a huge runup id wait for a pullback there. Equities continue to be one of the better Asset Classes in the United States, maybe its time to take some of your expea shower expea sue exposure off the table and move it over to where growth is a bit stronger. One of the points made about the market the last couple weeks is stocks have been on a tear. Bond yields havent moved much dollar is weaker but hasnt moved much is that saying what our guests are saying, this bill will be good for maybe the value of corporate equities but not really change the picture longer term in terms of growth and that sort of thing . I think thats an awful lot of baggage to dump on the tax bill im sorry. I thought it was to mae. I think many would have expected wed see more upside once the Senate Passed it maybe theres reserved for once the legislation is melded into one final bill but all in all, weve still come a huge way and to think all these issues, the dollar index held on to a third of a cent today. Were barely surviving the 93 handle now 7 ish i do think all in all the tax bill is important. I dont think its the entire backbone of the market i continue to think that a friendly Business Administration is going to work toward other issues over time, now that its figured out how to potentially score a touchdown and i think the markets are going to be in good shape if anything, id pay particularly close attention to the Interest Rates just havent had the vinegar to the trade that the equity markets had and maybe that will change in h the weeks ahead as we get toward year end. 4. We will see thank you, all good no see you. Thanks for your thoughts on todays market action. Again, another interesting day we head to the close here. We got about 49 minutes left in the trading session. If you just joined us, big rally on the open this morning with the passage of the Senate Tax Bill over the weekend. Now we have a gain of 136. Cvs one of the few stocks sitting out this rally after announcing plans to buy Health Insurer aetna for 69 billion when we come back, how this deal could affect large employers and consumers when it comes to health care cost. Thats an interesting one. And hes been a big supporter of President Trumps robert murray, ceo of the nations largest private coal miner says the Senate Tax Plan will raise his companys taxes now and hes not happy about it. Hell explain why coming up. As always, wed love to hear from you reach out to the show with your thoughts on twitter, facebook, send us an email. However you want to do it. Yoreatincn, rsinu wchg bcfit business worldwide [vo] when it comes to investing, looking from a fresh perspective can make all the difference. It can provide what we call an unlock a realization that often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management firms in the country. Discover how we can help find your unlock. At interest lg day for the market the dow was up more than 300 points on the open this morning presumably after, in response to the Senate Passing its tax bill over the weekend s p is up, both of them in record territory but technology, the pullback continues there. And look at the nasdaq down three quarters of a percent at this hour. A rough day for it. Cvs making a big move to the downside as well after announcing it will acquire aetna for 69 billion in cash and stock. Shares are down about 4. 3 of cvs. Aetna down 1 . This morning on squawk box the ceos of both Companies Discussed low the deal could reshape the Health Care Industry. I would expect within the next couple years youll see a dramatic change in terms of the store being not just about products, but also Service Offerings that can help people on their path to Better Health really work as a complement to the medical community, the physicians in terms of ensuring that those consumers are following the care plans that their physicians are laid out for them lets get more on how the deal could impact large employers and consumers. Bertha coombs has some of those details. Bertha kelly, 69 billion is a record price for a Health Care Deal aetna and cvs are proposing a very ambitious model they want to leverage 9,700 cvs stores to be Health Centers where consumers not only get prescriptions but Health Coaching for things like diabetes, basic primary cares in clinics and on the call today, cvs ceo said he foresees addin things like collecting blood work at these centers. All of that would be cheaper with cheaper copays and less paper work then its all in one network. The all in one model, pharmacy, medical markets, is a trend in the industry United Health touted it. Anthem is going in that direction. They say they can offer savings by getting rid of the middleman on benefits. For pharmacy one benefits consultant told me the cvs aetna deal would make it harter f harder for employers to get better pricing by putting the pieces together the way they want independently in exchange, employers are going to ask for performance on cost and health incomes et in a the firms are suspending their buybacks cvs, s p has put its credit on negative watch because theyre going to be borrowing 45 billion to finance this deal, promising to bring leverage down in about two years thats on top of 23 billion that they already have kelly . Yeah, thats going to be a lot. Raising some concerns at the same time they feel its important. Bertha, thank you. Former aetna ceo john rowe will talk about the deal and when we can see more consolidation across the industry perhaps sparked by this one later on the closing bell. They said this morning costs for consumers will come down i want to know how theyre going to do that, gaining the market share that would allow, the scale that would allow them to do it . Or using more of these clinics. Instead of people going to the emergency room, theres a neighborhood place i can stop by and get looked at im not sure how buying an Insurance Company allows you to do that. If anything, they look more like United Health we talked about this being a response to amazon we will see thats their business. Not mine coming up, billionaire investor Mario Gabelli will talk about his business and tell us exclusively why he thinks ruppert mRupert Murdoch could do an ipo, instead of selling them to disney, comcast or another rival. Plus, bob wright will be here to discuss this initiative to fight pancreatic captioner and how he thi cancer paand how the bill in congress could affect development. Coming up. What if we could keep more amof what we earn . D. Trillions of dollars going back to taxpayers. Who could possibly be against that . Well, the National Debt is 20 trillion. As we keep adding to it, guess who pays the bill . Him. And her. And her. Congress, we should grow the economy. Not the debt. [ mouse clicks, keyboard clacking ] [ mouse clicking ] [ keyboard clacking ] good questions lead to good answers. Our advisors can help you find both. Talk to one today and see why were bullish on the future. Yours. Steve jobs, jack benny, died of pancreatic cancer which is the fourth leading cause of cancerrelated deaths and fighting it is proven to be one of medicines most difficult challenges meg tirrell looks at which companies are trying to develop treatments for this deadly form of cancer. Meg . Thats right, bill, theres a lot of excitement in the world of medicine about advancements being made in cancer particularly with new immunotherapies that unleash the powers of our own immune systems but largely evaded pancreatic cancer its death rate has been little changed for decades and its incidents continue to rise pancreatic cancer could become the most common cause of cancerrelated death in the u. S. Without better interventions some pharmaceutical companies are pallet work on the problems. Potentially a billion dollars a year for a successful new drug, as well as, of course, the huge need for better treatment. Biotech company halozyme has a medicine in latestage trials for pancreatic cancer with patients with high levels of a marker that makes it harder for chemotherapy to reach the tumor. Astrazeneca is also testing its drug in pancreatic cancer, targeting a segment of the populati population whose tumors express certain mutation finally, there is help md anderson tells me combination is going to be the key there as it is in so much treatment five prime therapeutics is testing its experimental drug in combination with bristolmyers there is some work going on. Obviously a lot more needed, you guys, to solve this problem. Thats sfor sure. Meg, thank you. Meg tirrell. Our next guest is looking to make strides in search for a cure for pank yatcreatic cancer we welcome back to the new