Is that why democrats stand to lose ground if the polls are believed to be . We have more on what the survey says of blackrocks rob capito joining us. Dont look now but the s p is close to posting doubledigit ganl this is year. What about hedge funds and actively managed mutual funds . The way a lot of folks are invested in this market. The news isnt so good for them. Well take a closer watch. Tim cook promising the apple watch and maybe not now until springtime. I thought it was now, as a matter of fact. Whats delaying the apple watch or was the spring that cook mentioned early next year . Well try to sort it out. Josh lipton is doing digging. We have a report on that coming up in a little bit here. Entering the final hour of trade, the Dow Jones Industrial average off 20. The s p just barely negative at 2017 and the nasdaq adding 5 points and still the outperformer. Talk about it all in the Closing Bell Exchange today. Sam stovell with us, jake raddic, Quincy Crosby and our own rick santelli, of course, in chicago. Sam, i have to give you some credit here, buddy. You were quoted recently saying you felt the major averages would be in record territory by thanksgiving. We were all saying, oh, sam, youre so optimistic right now. Well, you were you picked the wrong holiday. Thats right. We were at alltime highs by halloween. So now what . Thats right. Well, actually, im smiling and still wrong. I think the markets basically realized it went down too far based on the news or the lack of information that it really had. What i can tell you is that history says but does not guarantee that we are likely to see an advance of 5 to 8 on average before falling into another decline of 5 . So we could be eclipsing 2100 before we start to see a digestion once again. Somebody else here is talking about 2100 by year end. Jeff . Hes not around. Jeff just so you know is talking about 2100 year end. We were just talking about jeff. Thats all. If i can, sam made the point that the market snapback is faster than expected. Is it too fast for your comfort . Well, the fact of the matter is, no, because it was a good thing and said that the market needed to pull back, needed to consolidate. Burn off some of the froth until we had a next move up. And we got that. The question really is, i think, in terms of when the clock really starts ticking in terms of the fed. And its not there yet. We may get a clue on friday but whens been very good and very helpful for the equity market is 2year yields started to bump up a little bit and suggestive of a market that says that growth is coming into this economy. All right. Frank, lets talk about the election for a moment. If the polls are to be believed when all is said and done, democrat in the white house and republicans ruling the senate and the house. History suggests thats good for the stock market. Is that what youre looking for in what impact do you think the election will have on equities here in the u. S. . You know, bill, im always a little bit of a contrarian. Im not sure i believe the polls. I think North Carolinas really, really interesting tomorrow night. Yeah, i think at the end of the year were probably higher now than we then than we are now and im pretty optimistic going into the last three months of the year. Because of the election or snot. No. Doesnt have to do with the election. The economic numbers look pretty good. Rick, looking at the various ways the elections can affect, we look at the muni bonds and where tim proving economy is right now equalling better sales taxes receipts and next year for a lot of municipalities. Yeah, no. Munis have been a very logical story and it shows that the gain mentality, the herd mentality, sometimes puts you really on the wrong track. Yes, there are pockets of the country that experienced some big fiscal difficulties but that really was the opportunity. Its a lot like the equity markets opportunity. I dont expect you see munis continue the trend and talking about the election. There needs to be a little bit of pain. We havent dealt with a lot of issues that hurt the economy. I know that as we look at apples potential euro denominated deal, i was reading a story that should the republicans control both houses, you will probably see tax repatriation holidays in the few chu so i think that i would think that the conservative parties are good for business and might be good for kind of a dose of reality. So im not sure that a double win by the republicans is necessarily going to be great for certain areas of investing. I think its better for the economy as a whole and i think they have become untethered a bit in the past several years. All right. Lets talk about another feature of todays market action, the price of oil which slid at the close. Jackie deangelis at the nymex. Whats going on there . Thats right. Good afternoon to you, bill. Some very intense action here at the nymex today. Intense selling pressure into the close. Lets give you a snapshot of what we saw happening today. You were bouncing around 80 most of the day. Some negative territories, some positive territory. Trade earls saying the dollar is what was sending us lower. That 87 handle, very significant. And then all of a sudden you see technical buying bring us up. In the afternoon, we got a headline that the saudi arabia looking to cut its oil price to the u. S. By 45 cents. This should technically drive Prices Higher and traders looking at a sign of weakness here saying that the saudis are worried about supply in the marketplace and sent us a lot lower. Then we swiftly took out major key technical levels. The first 79. 44, last weeks intraday low and then 79. 05. And then breaking that level, we were down in the 78 handle. A 2 1 2year low. Very significant today for crude. And interesting thing, as well, thank you, jackie, the way in which it knocked down the stock market, bill, as it happened. The backdrop of the conversation for weeks now is the falling price is good for u. S. Consumers and again seeing the nervousness. Frank, i wonder if you think its warpted to lower the prices here. You know something, kelly, i got to tell you. I think the volatility is to be expected. You think back a couple of three or four weeks ago, we were ratcheting up with volatility and off historic lows and the volatility seeing now, folks need to look past it and focus longer term. Frank, just to be clear, youre telling me that you dont think the trend in oil is a trend but just volatility . Yeah. I think just volatility and affecting the market because folks react quickly without thinking through whats going on. I think volatility should be going up in the equity markets and looking at where the vix is right now, i expect to see it higher over a couple of months. Still think we head higher from an equity perfective, though. Sam, the zags bigger than the zigs in the volatility in the oil market. What are you guys thinking of the correlation of oil and equities . Is that still in place or will we see a situation some point where lower oil means higher stock prices . Well, usually the old rule of thumb was for every 10 change in the price of oil that either added or subtracted 25 basis points of real gdp so with Lower Oil Prices that technically should be improving Economic Growth because the cost of running the economy is lower. I think the worry, however, is longer term whens the implication . Are prices headed lower not just because of supply but because of concerns this people are not using the supply thats out there . And the implication that were getting much weaker growth in the emerging markets . Lower trend right now should be translating to an improved Economic Situation but people are wondering whens going on beneath the surface. Quincy, i think about a lot of i was going to say people have been looking at the energy space beaten down in the last couple of weeks and maybe an opportunist trade here. Would you stay away . I think that go ahead, quincy. Quincy . Well, no, i was going to say, we are seeing the chinese buy and buy probably for the Strategic Petroleum reserve and i think whens happening with the equity market and oil prices is the worry i think that the high yield market because if the prices keep coming down, theres a segment of high yield that could be under pressure and i think that is probably the correlation that the High Frequency traders have put into the algorhythms. This is amazing, kelly. You mention jeff reeves from investor place. Com and look who has joined us suddenly. We can conjure people. Call me president obama. I dont know how you do that. Hey, jeff, welcome. We were talking about how you still believe we can see 2100 on the s p even after all the volatility we had in october. Make the case for us. Does that include, jeff, as well, the Oil Price Lower or higher as part of all that . I think oil prices go lower. Goldman with a report of 75 target on it for 2015. So i think oil prices go lower. Lets not forget that the Consumer Power whether or not Oil Prices Stay there past like march or april of 2015 doesnt really matter to me because the lower prices we have seen have finally had a chance to hit the pocketbooks of consumers just in time for black friday. A good gdp report. Consumer sentiment at pretty high levels right now so, you know, i think look further than 60, 90 days down the road you need a crystal ball. Jeff, listen. I think its setting up for a good Holiday Season for shopping. Were with you. Then why is the stock market reacting the way it is . Well, you know, i mean, i dont want to give the whole platitude of a market of stocks but stock market and it is true. Back to the idea of oil prices and gas, exxon and chevron didnt do too badly on the earnings to diversify. They have a chemicals business, big natural gas arm of exxon now and while i think gas prices affect companies, stay away from them. Same with gold prices. Miners nuked and doesnt mean necessarily it holds back the stock market. Commodities are more volatile. You have to be responsible, stay balanced across asset classes. All right. Jeff, thank you for stopping by. Who would you like to conjure. And everybody else. I got one. How about rob capito . What do you think . Lets see if it happens. 48 minutes to go here into the close. The dow off 19 points. Some pressure when oil closed sharply lower today. The s p 500 barely positive at 2018. Listen to this survey result. Is this what main street americans think . 1 in 4 say that the economy and the job market are improving. Thats according to this new survey of blackrock and incredibly blackrocks president rob kapito will speak to us exclusively. Is the apple watch running late . Spring versus early next year as previously stated by ceo cook or is that what he meant by spring in the first place . Pros explain whats going on with the watch coming up. For tapping into a wealth of experience. For access to one of the top Wealth Management firms in the country. For a team of Financial Professionals who provide customized solutions. For all of your Wealth Management and retirement goals, discover how pnc Wealth Management can help you achieve. Visit pnc. Com wealthsolutions to find out more. We have breaking news on auto sales. First day of the month. Phil lebeau has details for us. Reporter auto data with the sales rate for the month of october. 16. 46 million vehicles. Roughly in line with expectations. Again, 16. 46 million vehicles. That was the pace for the month of october. Well be back in about 20 minutes with some of the key story lines from last month and, oh by the way, guys, new numbers about how much it cost you to fly and pay fees. Youre not going to believe the numbers. In a bit. Its always a new day, bill. Talking about the cost of flying is going up. Phil, thank you for now on that. Blackrock taking the pulse of investors in a new survey. 1 in 4 american investors believe the u. S. Economy and job market are getting better. More than a third say both are getting worse. This, of course, defies the numbers but as they say, especially as the midterms approach, perception is reality. With us now in an exclusive, we welcome back blackrock president robert kapito. Welcome back, sir. Thank you. Thank you for having me. Headline, what do you think . Are people that pessimistic about the economy . Its fascinating stuff to tell you today. So we went out to 27,500 people around the globe. And we found out that while people are somewhat confident about their financial future, theyre really worried about the economy, really worried about unemployment. And they know that they have to think about retirement but they havent done anything about it. In this particular survey, we found that two thirds of the people have saved less than 25,000 for retirement. And the other third saved nothing. So we are going in to a climate where retirement is going to be a crisis in this country. And what were trying to do is raise awareness of this. So, so many interesting things came out. The millennials are very different. Theyre actually saving. And one of the things is that they actually spend time in social media searching for ways to save. And we wonder, why are the millennials saving and the baby boomers or generationx are not saving. Why do you think that is . Both of my kids are millennials, great savers. I dont know where they got this. They dont want you to have to move back in them. How nice is that of them . Thats the reason theyre doing it. But the millennials didnt go through the financial crisis with a lot of assets and werent fazed by the memory we have of losing a lot of money. And they also feel like they have a lot more time. So theyre actually investing for the future. And you cannot invest for the future in the future. You have to invest today. So, we have gone out, taking the survey results and we are trying to tell people its important to not time the market. It is not timing the market. Its time in the market and start investing today. And so this brings up the very point that we have been debating for weeks on this show. Given the volatility in october, as well, which is do you wait for the 10 correction . Have people missed the market sitting out . Generally speaking, make the case for equities from here. Why should people be in the market at alltime highs with other things they could do with their money . Heres more of the story. So people have now found out theyre going to live longer. What does this mean . In 1950s, youd live to around 68. Today people are living to 80. So that means that if you havent started saving and youre sitting in cash and 63 of people are sitting in cash, this is terrible. You cant make that money in cash. So now youre going to have to work longer. If you have to work longer, that means theyre going to give up less jobs to the young people. And so, unemployment is already high and in fact in europe 20 to 30yearolds, unemployment is 15 . Thats a lot of social impact to that 20 to 30 yeeryearolds on street. Cash is a wrong investment to make. So its the shorttermism thats causing the problem. You have to invest long term. And people just dont do it. Now, you mentioned october. Everybody is talking about waiting for the dip. And im going do get in. The dip happened. No one got in. So last year lasted about five years. Last year in cash, you didnt get the return. This year, even a total return bond funds will yield around 6 . Thats 6 that you left on the sideline sitting and waiting in cash. So equities is a better answer. Bonds are a better answer, certainly better than cash. Let me be clear about the result here. Are people more concerned about the overall economy or just their own financial situation where theyre not prepared for any possibility down the road including retirement . If thats the case, isnt it possible that people are still remembering the financial crisis of 2008 and 2009 and can you blame them for being in cash right now . They need to seek advice. They need to get out there and understand you cant save for the future in the future. You have to invest today. A good, longterm investor and plenty of ways to invest long term, large cap equities that pay a dividend, high yield, municipalities and so much better than cash so theyre optimistic on the financial future and not doing anything about it. Actionable question of the midterms tomorrow. How will you re allocate if at all and the municipal, bond issues to tax issues people are voting on, as well. What is on your veen . Last time i was here i told you im optimistic. Earnings will be better. 80 had better earnings. People have got to stop being so negative about the markets. The other thing is i still think theres cash in the sideline thats coming in. Over 10 trillion sitting in bank accounts. Midterms dont matter . In japan, theyre investing in the u. S. Markets and other markets. Oh yeah. Theres a lot of money to come into the equity markets, come into dollar denominated securities. But youre not addressing the election. Do they matter . Im optimistic but they do matter because people are still upset about leadership. Theyre still upset about the direction of the economy. Theyre still very upset about unemployment. And change is good. And so, people i think are looking to a change and thats reflected in the election polls. Always good to see you. Always good to see you. Kelly, you are doing a great job. Bill, you are lucky to have her. Dont think i dont know that already. I didnt pay him to say that. Rob, the president of blackrock. 40 minutes to go into the close. And dows trying to fight into the positive. I would say it was positive much of the session earlier today and after the weak close in the oil markets, seeing pressure on equities and still off about 30 minutes. S p flickering around the flat line. Nasdaqs up by 1 or 2. Another day, another record for apple. Is the watch hitting unexpected speed bumps . If it is, you wouldnt know it looking at the shares hitting another new high today and the pros to weigh in next. Car sales, still in overdrive . Phil rounds up the leaders and the lag wards in the race for your wallet coming up on closing bell. So i can reach ally bank 24 7, but there are no branches . 24 7 its just im a little reluctant to try new things. Whats wrong with trying new things . Feel that in your muscles . Yeah. I do. Try a new way to bank, where no branches equals great rates. Its in this spirit that ingu u. S. Is becoming a new kind of company. 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