Wow. 20 . Thats thats a real add on to the 5,000. Thats real money to people that are yes. I heard Carl Quintanilla say yesterday weve seen more points added to the nasdaq this year than all of last year and its only february. Six weeks into the year. Theyre doing some kind of calculation again on historically in a new president , the quickest stock market gains out of the gate. Is this this month is the fastest. Since lbj. This must be from january 20th. This is from the inauguration. Its funny. Remember, we had a lot of naysayers who said, from november 8th to december 8th we got gains, then it stalled. Then it was about three weeks ago it started again. Whats the that would be january 20th, right . Well just over 3 1 2 weeks. Okay. A lot of stuff. The back drop for you, i know, your water cooler stuff. A lot going on for you. It is kind of shocking to see some of the turmoil thats before us and the headlines and the market ignoring it. The market could always if it became very serious, where its holy cow, this is donna brazile, shes one to talk. She said this is watergate to dan rather. Another one, hes another one to take. Any way, if it did turn into something truly existential, the market can go down 1,000 points if it wants. It keeps going up when it looks like nothing it will come from it. If it finally did our mutual friend ben white has an explanation. He made an argument that even if donald trump were to be impeached effectively, you would still have a republicancontrolled house, congress, senate. From a policy perspective, it doesnt matter. When you see the regulation coming down. Im just explaining why. Maybe thats what it is. Bens opinion. I thought you were going to talk about ben rhodes, not ben white. Ben white is still worried about the Second Amendment and what he said about that judge. You should have a modicum ben was the poster child for i miss ben white. It was the end of the campaign. Do you have no do you have a modicum of anxiety of any of this . I dont know what to make of it. I dont know whether the intelligence this is more leaks here in the journal the spies keeping intelligence from trump. Thats a bad headline. There hasnt been a president sings reagan that didnt have at least one cabinet pull out, obviously. You know this, right . Yeah. How many did obama have . Any cabinet at this point its because of republicans. Right. But go back and look what happened one had five that didnt make it. I think obama had three that had or i dont know. I almost sent you have all the numbers . I almost sent it to you. I sent it to you because i knew you would be hyperventilating about the cabinet pullout im suggesting things in this country are anxiety producing. A poll yesterday said 57 of americans are stressed out by the presidency, by the administration, by politics. You add the im stressed out about russia. Did you hear theres a russian spy submarine 30 miles off the coast its not a submarine spy vessel. Its a vessel that is near where our submarines are. But then i think mattis totally down played it. Ill get you the some sabre rattling from russia at this point. That and another in the meantime you do some of those numbers. Coming after flynn, its like two guys in the its puzder and flynn, thats a bad week. But cabinet guys getting pulled back for illegal help they had. Whatever reason, not since reagan has someone gotten all their cabinet nominees in. The numbers are this. Trump had one. Trump had three. George w. Bush had two. Stop talking go ahead. Here you go. Obama had three guys pull out. But these not arguing that point. Yeah, he is. No, im not arguing the point. How many did bill clinton have . Cabinet guys that he nominated and didnt make it. Five. Put that in your brain. Its not its not unusual for one. Im just saying people have anxieties about whats going on in the world right now. Theres headlines every day thats anxiety producing. The market is ignoring it. That was the whole reason to talk about it. In the history of history, theres no president that had the most unfavorables that he has had. There are people who have questions about this. It is a weird dichotomy to be watching those headlines against the market. Thats all were saying. That was the whole point, if the market saw something serious in all this, it would not probably be acting like this. To your point it could go down a thousand if it had to. Eamon javers has more on this. Part of this whole conversation is not just not what the leani leaks have told us but the process of the leaks, where its coming from, whether the Intelligence Community is so mad about what was happening during the campaign that theyre there are conspiracy theories that theres some deep plants in the Intelligence Community. Maybe even some of them tied to prior administrations, that are theyre actually orchestrating some of this. Its like tom clancylike. Thats what the president said yesterday. The president said that he believes that the Intelligence Community is upset about the loss of the democrats back in the election. And thats part of what is spurring these leaks. But when you have that story in the wall street journal this morning that and just just held up saying spies are withholding information from the president , i cant match that reporting. I know the two reporters who worked on that story. Theyre rock solid. They are saying that u. S. Intelligence community is withholding information in terms of sources and methods, where its getting the information, who the spies are were relying on, what techniques were using as a nation to spy on adversaries. Theyre withholding some of that from the president of the United States. Thats an astonishing thing to read in a major american newspaper. We should noted that the office of the director of National Intelligence overnight put out a statement denying that. Saying it is not true. Then you see this story in the New York Times this morning, president wants alley to review u. S. Spy agencies saying he may have a broad review of american spy agencies by steven fineberg, a cofounder of cerbrus capital management. That is also the thing that will give the Intelligence Community some angina here in terms of what the president s plans are for that community. Theres tension here between this white house and the Intelligence Community. Thats something that will make it difficult for donald trump to navigate Going Forward if we get into some kind of International Crisis where he needs that Intelligence Community. With that level of mistrust, thats a worrisome thing. When i read t the irony is kind of glaring. The intelligence officials are withholding the Sensitive Information because theyre worried it could be leaked. And this was leaked by, it says here, current and former officials familiar with the matter. So, the same i had a conversation back in january with a former cia they leaked the worry about the leaks. Leaking is a tool of bureaucracies that are frustrated and angry. And were definitely seeing that happening. I had a conversation with a longtime former cia agent back in january about this, when the president was mocking the Intelligence Community, using scare quotes around the word intelligence in his tweets. All of that. Right. I said what does the cia do here . How do they respond to this . He said the cia has to just lie back and take it. They cant respond. Any response from the Intelligence Community against the sitting president of the United States could be treasonous. Thats where you are headed. Yesterday they said they doubted the voracity of the story because of that. Well how about the director of the National IntelligenceOffice Denies this is happening. Its not true. We should emphasize that point as well. Did you read the Evan Mcmullen stuff . He says this is like some deep it almost sounds like a movie. The deep state, right . The deep state. The intelligence bureaucracy, the thousands who work for the Intelligence Community largely in the d. C. Area. Do you know anything about ben rhodes . Have you seen any of that. I have not. Lets not say anything to former high ranking obama people were speaking as well. It was on fox, they had picture of ben rhodes ready to go. I had a whole hit prepared for you guys on andy puzder. Lets do it. Look. Fast food executive andy puzder withdrew his nomination yesterday. It was an intense fight. They delayed this hearing, delayed it, delayed it. He could not get his paperWork Together in terms of ethical disclosures. Finally republicans on capitol hill signaled they didnt have the support for him. Alerted the white house to that and he withdrew his nomination. Heres the statement from puzder. Im honored to have been considered by donald trump to lead the department of labor and to put americas workers and businesses back on a path to sustainable prosperity. That from the possible department of labor nominee, now withdrawn. Part of the straw that broke the camels back, the allegations of spousal abuse from his 1988 divorce, a leak of an Oprah Winfrey tape involving his exwife making some spectacular allegations. She has now said she withdraws those allegations, and that they were made in the heat of a divorce. Even with that, even with her current support, that made a lot of republican members nervous. A lot of other issues were here as well. This was a tough day for andy puzder. And youre not going to go to the mat for i dont know fizz a second tier or third tier but labor is not the most thats not on the top of the list. Puzder himself had second thoughts. Who wouldnt. Who wouldnt after all that. I dont know what this means i was thinking they may go to bat for everybody else. You lose one, then you dont want to Susan Collins said shes not going to vote for scott pruitt now. Thats one down there, right . Susan collins didnt vote for i dont know what she is. Look, losing one or two cabinet nominees is not at all unusual. Thats not going to give the trump team. We were going to try to make it unusual. If theres any way we can, our theres plenty unusual going on in washington today. We can make it all unusual. Market at new highs. Thank you, eamon. You bet. One comment on this ben rhodes piece. Fake news . I dont know whether its fake news or not. Theres not one what you might consider Mainstream Media outlet that has picked this up. I know. Including fox news. I dont know what they were doing on tv, but in terms of any of their own reporting, anywhere in the world, so to repeat it is i saw it, they brought his picture up last night. I recognize they may or may not do that. Im saying to talk about this in some way is crazy to me. We didnt say i dont know what the story is on him. We didnt go into the details. Among the top stories in terms of the corporate world, the wall street journal reporting snap inc valuing itself between 19. 5 billion and 22. 2 billion. This prices snap at 14 to 16 per share. That would be at the low end of the 20 to 25 billion range that snap previously targeted. Is snap more like facebook or twitter, i thought you were asking in the context of how it works. I thought you were asking from the context of how it works, too. No. Whether its whether it can monetize everything. Whether its a good company or not. Thats the real question. I think it may have a better chance of monetizing things than twitter, but not the same opportunity as twitter. Verizon close to a rephrased deal to buy yahoos core Internet Business from 250 million to 350 million less than planned last year. They have been working a discount to the deal price to reflect the damage to the company caused by two highprofile data breaches. And re codes ed lee will join us with more on this at the bottom of the hour. On weekly jobless claims, january Housing Starts and the monthly philly fed survey released at 8 30 a. M. Eastern time. Katherine harris had a lot of stuff on fox but its Katherine Harris on a main i think on brett baers show or marthas show afterwards. Its okay. Makes me uncomfortable to slam somebody when we cant verify. Im saying his name came up. They had the head shots ready to go. I got my name dragged through stuff. But Katherine Harris is not hot haair or totally ones who a not reputable. You heard what the president said about cnn and said that many times. Doesnt say anything about squawk box. Just not being mentioned is hurtfu hurtful. If you want to see whats going on with the market. Rising stocks lifting markets to a fifth straight day of record closing highs. Joining us now is Marianne Bartels and david bianco. One of the one of our shows on our network stole our btig, katie stockton, they stole her and now are using her to say it broke out. Were headed to higher highs. Do you think that . Over the course of the year i think the s p will make it to 2400 or higher, particularly if we get effective Corporate Tax reform. Youve liked it. You said it has to do with earnings and improving sentiment around the world, doesnt really have to do with trump. Thats right. Theres been you didnt like him before he got elected. When i was going around talking to clients, i said it doesnt matter who got elected. There was a lot to of things and momentum in the economy. Baby boomers are driving healthcare, consumer discretionary, millennials. We couldnt get out of our way for eight years, do you think we can do three this year . Does that have to do with policy at all . At bank of america, Merrill Lynch i dont think we have a 3 handle yet on gdp growth. We think it will take a while for policy changes to impact the economy. That includes tax cuts. But the markets already started to price this in. Weve been through earnings. Earnings are improving. The market is expensive but parts are very inexpensive. For example, financials. Energy. Okay. And weve seen a rotation out of the Growth Stocks into the value stocks. They sold towards the end of last year, technology stocks. Now tech is coming back. What were not celebrating, i think we should be celebrating like new years eve with party hats, noise makers, confetti is the nasdaq is now above the 2,000 high, one of the big themes at the firm is innovation in the digital era. Thats where those stocks are. Theyre housed in the nasdaq and its beating the dow and s p. I think we need to pay more attention to that index and those companies. David, when would you say okay, all these policy positives are getting dragged down. All this all these distractions, they could become more than distractions. When would you say im worried . Theres a lot of intrigue going on right now. I like that the market is staying rational and focused on the improving trends in the economy. Earnings trends have improved. I would agree thats happening especially even after the election, but beginning to see that before the election. At deutsche Asset Management we like financials, health care. I think its true that well have a longlasting expansion that many Growth Stocks that you will find in the nasdaq, tech, healthcare, theyll do well for the next few years. The market is probably most concerned about this tax reform. I think what investors see is that the border tax adjustment is something that is becoming less likely. We need to see what the alternative is, because its important that we do get Corporate Tax reform this year or early next year, but the bordered a justed t ed or early next year, but the bordered a justed t but the bordered a justed t e a bordered a justed t djusted ta momentum every day. If we dont get tax reform in the next year what happens . I think we will get it. The border adjustment tax is seen as the worst idea since the british tax tea. I believe the senate will block that. Now were looking to the Trump Administration to show us some alternatives. A lot is up in the air right now. I think well get the Corporate Tax cut. Have you ever done any math that is even remotely revenue neutral that can get you within get you at a 20 rate 25 is easy. 25 you can get there. Thats what i think 28 you can easily get there. I think it will turn out to be a much simpler tax reform, dropping the tax rated in line with global averages. You dont need to do a lot with the tax code to make that revenue neutral. All right. Thank you, mary ann. David, appreciate it. Was that was that trump story you asked sell l kelly an about better sourced . Was a filed lawsuit. But that was dropped also. But they filed it in court. There was documentation that you could go read, you can go online right now that fell by the wayside. That case was ultimately dropped. Fake news. Is that fake news . I think. If i file a lawsuit, thats a real lawsuit. I dont think there was ever anything to it. Ah. Coming up, gearing up for the snapchat ipo. The company valuing itself at the low end of the expected range. Details straight ahead. Matter w thrkchange. At trori. Ouiplined proachemains. Obal martsay be ununrtain. Fefe confid lls your advir. Arnd world. Ice. In witcoidence. Advir. Arnd world. Welcome back. Warren buffetts right hand man, Charlie Munger addressing share olders yesterday. He said some of the president s ideas might be good for the country. About a year ago he said the president would not be good for the white house. He discussed Berkshire Hathaways recent stakes in apple and in the airlines. Think of the hooting weve done over the years about hightech, we dont understand it. Theres no confidency, worst business in the world is airlines. What do we appear in the press with . Apple and a bunch of airlines. I dont think weve got weve go