His reaction. But first lets get you caught up on the market. The dow hitting a high this morning. Global bonds have been selling off. Rates going up. Tech stocks still under pressure yet again. Morgan brennan has more on that from the Nasdaq Market site for us. Thats right, so the good news is we are pairing some of the earlier loss we saw for the nasdaq composite, however still underperforming the dow and the s p the big cap nasdaq 100 fairing even worse, down about three quarters of a percent right now. You mentioned tech stocks are the big culprit here and that really has been the case, weve been seeing the major tech names sell off ever since trump won the white house in about part thanks to investor worries about change on trade and immigration policy. So apple one of the biggest losers. It is having the bigs negative point impact on the nasdaq 100. One reason is that we have a report out of china that iphone sales may suffer if president elect trump were to impose tariffs on that country. Other major names falling today, we have microsoft and facebook, amazon, netflix and google parent alphabet, all are lower today and actual will you over t ly over the past week anywhere from 4 to 9 . Lets get over to the dow now litting t hitting the new highs. Dominic chu has the story. Very interesting story developing. The divergence between stocks and bonds right now because we hit the record highs. If you look at these lines again, the s p, the russell 2000 small cap, s p 500400 big cap, all at some point hitting record territory, the rarefied air for most of the u. S. Stock market comes amidst a global bag drop of Interest Rates rising. And heres what were talking about. If we look at the u. S. Ten year government yield, 2. 23 . It was higher earlier today. But that massive spike higher just in the last week week and a half and so on the expectations of a possible Trump Presidency coming to perhaps infrastructure spending, inflation, picking up a lot of the story lines playing out in the bond market here in the United States, but its not just here in the u. S. As well. Ou look around the world, you take a look at german long Government Bond yields there. Before the election thereabouts, about 15 basis points, 015 , its gone up to about 33 today. Japan a negative 6 basis points up to a negative 2 basis points. Not a lot, but still a move higher. Australia, 2. 34 to 2. 66 . You can see a theme developing all across the developed and certainly the emerging market world where Interest Rates keep going higher. But as we put it in context for the u. S. Stog m stock market, se election, dow up about 3 . On average since 1984, its usually down about a percent. So the u. S. Stock market looking pretty good. Thank you, dom. And if youre just tuning in, in just a few minutes, from be will hold a formal News Conference at the white house just before he boards air force one for his final overseas trip as president. We will bring you the News Conference as soon as it gets understand way in just about 11 minutes if they hold to schedule. Lets get to our Closing Bell Exchange for our monday with the dow up 29 points at the moment, eric and kenny are with us. And brian battle is on board. And so is rick santelli. So kenny p. , a great week last week, best week in five years for the dow. Kind of Holding Steady here today. And its not surprising. Certainly after what we saw last week, the move in kind of the explosiveness of the move, right . But i think today there was no eco data. Starting tomorrow well start to get a lot of eco data. But i think that a lot of people are now clearly focused on where trump is going with this, where the fiscal spending plan is going to look like. You can feel it in industrials, and financials, and the biotech stocks about less regulation. You can feel it across a range of sectors. I think what it could set it back a little bit if you continue to get controversial cabinet picks might cause some people to start getting a little bit antsy and that is yet to be seen. There is one so far, but lets see what happens. And eric, you dont look to Interest Rates for rise after the move weve already seen . Yeah, i think that for now they basically probably got has high as they will go. And we think that there has to be some claw back. There is a tremendous amount of expe expectation priced in to bonds that somehow well have major inflationary uptick in the United States, maybe globally. Im not sure that when you start seeing sxabts exactly what is able to be accomplished by trump and his team that the sxegts tagss are will be met. I think that bonds will start a bit of a rally. I see in the notes here that you think market move is a result of fundamentals. The market realizing the fundamental, not politics. But brian, you think that this move last week is all about politics. Why . Yeah, i think thats right. The ten year has moved 30 basis points if a week right after the election. Taper tantrum was 138 basis points from june to august in 2013. And this is a political move. Because when when bill clinton was elected, rates moved 285 basis points. That was a real market move. Its a political move because we dont know what the economic consequences are. We dont even know who the treasury secretary will be yet. So this is a market move based on politics. And if janet yellen wanted inflation expectations, she should have votor trump. And well start to get an economic consequence once we find out who the people are and who the policy setters are. The one guy for watch is paul ryan because that is the guy who sets the lens lagislative agend. And rick, you told us last week if we started to get to these levels expect to just keep moving higher. Do you still think thats what is going on here . Well, i think the dollar index specifically, id be very careful if we start closing above 100. Because i think that it will get momentum. There is no such thing as triple tops. You knock on the resistance once, you knock on it twice, third time you go through like pacman on steroids. So you want to watch that level. In terms of interest rate, what i can tell you is that settlements for 2015 will figure in prominently to where we distribute all this price action. So between 225 and 227 in a ten year, that could be home base. And i think well settle there. But maybe well settle there after we go up to 262 and come back down. Listen, i know there is a lot of politics, but dont lose sight of the fact that after a ter brexit, we had low yield close. In terms of who will run what, that is all fine and dandy, we have a whole town full of cars, no ga gasoline. The gasoline trucks arrived. Three branches of government, trust me, they will to a ldo a easy things priced in in these markets. Kenny, if thats the case, clearly the market is expecting Growth Initiatives from washington. But what if the fed starts to raise rates in response to the already rate rise here . I think that the fed is going to view this if hes going to spend as much money as he is, hes going to create what people are expecting is faster inflati inflation. I think the fed will get out in front of it. I think the stock market will welcome because it will be progrowth policies. And as long as our economy is growing at the 3. 5 plus percent, it can handle slowly rising rates. Yeah, the fed is getting a get out of jail free card in december. They will raise rates. And if it didnt work, it they can blame the president. If do you think its a aggressive rate rise than it would have been otherwise . No, theyre communicating 25 basis points. And as usual, its the communication after. Well have is there going to be a trajectory forward in stair steps. Janet yellen will be on the hill thursday answering some of these questions. She will abate it as much as she can, but there is a lot of momentum to raise rates and i think this puts them over because theyre behind in the market. Excuse me . Where would you be investing in the market right now . We think u. S. Stocks are very expensive on a relative basis versus their competitors. We like europe. We think the political situation in europe probably is no worse than what were seeing here in terms of the polarization. Valuations are more attractive and cyclical elements will be a tail wind for european stocks. They held up well last week on a relative basis if you get rid of the currency impacts, we think the dollar is not going to continue to climb and that gives room for european stocks to move. We have to go. Getting ready for the president ial News Conference. Thank you all to your thoughts on todays market action. I just want to say our ifill. I just met her last year and she couldnt have been nicer, funnier, more down to earth. Just such a great person. A wonderful human being. We have 50 minutes to go in the trading session and were look across markets at the impact still from this president ial election. The dow up 25 points, s p up about a point and a half, nasdaq again negative. Getting ready for the president ial News Conference. It will be his first news kf Conference Since the election and well bring to you live. Opportunities arent always obvious. Sometimes they just drop in. Cme group can help you navigate risks and capture opportunities. 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Dow positive right now, up 30 right now. Any positive close will be an alltime high once again for the industrial average. Youre looking it at the 30 components of the industrial average and it looks like fewer than half are carrying the load. And United Health isnt just the best performer, its at all time highs roonk wi s along wit other stocks. A ton of banks, jp more began, u. S. Bank, general dynamics, all the industrials are 72 new s p highs today. 52 week highs. President obamas News Conference is expected to kick off any minute now. John harwood joining us from the white house with a preview. Reporter this is the first time president obama has faced reporters since the election of donald trump. We expect them to talk about his meeting with donald trump when he urged mr. Trump the president elect not to hastily try to undo all the elements of his legacy and of course we saw the president elect say that maybe he wouldnt get rid of all of obama care. So i think that he will talk about some of those issues. He will talk about the transition process which he has pledged will be smooth and constructive and i would expect him to be asked questions about the appoints that donald trump has made as president elect of Reince Priebus as chief of staff and steve bannon as his chief strategist. Of course the backdrop for this trip is the president s last foreign for this News Conference is the president s last foreign trip and hes going to be asked about the Transpacific Partnership which donald trump has vowed to rip up. We havent gotten any indications of back sliding on that. And, you know, i would expect the president to talk about what its like to go from being in the campaign and criticizing donald trump in the harshest terms to now having to cooperate with him on the handoff of what hes always called the baton of the presidency to the next occupants. John, i cant recall a lame duck president this late if hn term making a foreign trip. What does he expect to accomplish here other than just maybe a farewell tour in some cases . Reporter well, part of this is the annual aipac summit. And that will take place in peru i believe. Right, it is in peru. But let me bring up the other question then. How willing ill turn it around. How willing do you think other nations will be to work with him about if hes the lame duck this late in his term . Reporter well, its always the case that if youre a luck duck president that youre going to see your influence diminish. But there is a lot of continuity of government in the United States and i would expect the president to try to make the case that the United States will remain engaged in the Asia Pacific Region even though his priorities in Foreign Policy may not be shared by president elect trumps. But i think hes going to make a case for staying the course and hope that some of those foreign leaders that hes meeting with with also have some influence back here in washington on the president elect. John, are you also looking for the president to use this press conference this afternoon to make the case to americans to come together to support the president elect of the way president obama himself has been extending a hand . Reporter yes, i would. And certainly i wouldnt expect him to call on protesters to stop their protesting, but i think hes going to urge calm and peace ful protests and try o do what he can as president elect trump has said he wants to do to try to bring the country together. Its a challenging time and Donald Trumps brand of politics is radically different from president barack obamas, but we do only one have onerd at a time and he wants to make that handoff as smooth as he can. I assume youve heard that it was Vladimir Putin and officials at the kremlin that announced a little while ago that mr. Putin called president elect trump to let him know that he expects or hopes to work closely with him and that they dont interfere in each others internal affairs in the future. I mean, it just highlights the fact that its putin who is making this announcement that there really still is no love loss between will be and president putin here. Well, thats right. And of course the irony of that statementbe and president putin here. Well, thats right. And of course the irony of that statement is that the russian government did have some involvement at least by the account of our intelligence agencies in the lectoral process in the hacked emails. And there are some calling on the bochled a hin sfrags to try to issue some sort of accounting of what happened there as best it can before leaving office. Dont know if that will happen. He hey get asked about that today. And there are several things happening in the media. Hey get today. And there are several things happening in the media. New york times shares are rallying because they have had a boon in subscriptions. Wall street journal only has two sections just more about the dynamics of advertising in the industry moving to facebook and google. And now facebook in particular finds itself being held accountable to standards frankly that apply to a lot of old media. How do you thinkhat will affect the Company Going forward . Reporter i dont know how it will affect facebook, but i do know that our industry is under extreme stress. And one of the things that many journalists are concerned about is how the Trump Administration will relate to the press. There were many concerns about the Obama Administration on those grounds, on transparency grounds. There has been more open confrontation however between president elect trump and the news media during the course of the campaign a. In fact over the weekend, he was tweeting sharp criticism of the new york times. In fact over the weekend, he was tweeting sharp criticism of the new york times. In fact over the weekend, he was tweeting sharp criticism of the new york times. Criticism of cnn. So how much open warfares will be. Were all watching and that may also be a president for the question today. People may have to go back and read the history of Richard Nixons white house to remember the antagonism that existed between the white house and the media. And i was going to say imwatching shares of twitter behind us which are up about 3 after on 60 minutes donald trump said its the modern communications platform. Thanks, john. Apparently we have yet to get the two minute warning before the News Conference, so we feel safe in taking a commercial break with the dow up 32 points. Up next, Energy Transfer partners on optimism of a commercial pipeline will be approved. Well go live to north dakota for the latest. And barney flarank will be weighing in on Bank Regulations under a Trump White House and how much of the dodd frank act that he helped to create can survive. How else do you think he gets around so fast . Take the reins this holiday and get the mercedesbenz youve always wanted during the winter event. Now lease the 2017 gla250 for 329 a month at your local mercedesbenz dealer. Welcome back. Youre looking at a shot of the White House Press room as we await a News Conference by president obama scheduled for 3 15 but yet to get under way. So well move on an point out that shares of Energy Transfer partners have been higher since