Nightly Business Report for friday, january 3rd. Good evening. Welcome. Im tyler mathisen. Sue is off tonight. Wall street levitated into the weekend. Stocks got a big lift on what investors see as gifts from washington. First regulatory rollback. The white house took the first steps to scale back rules put in place after the financial crisis to govern bank behavior. Those rules criticized by bankers as too complex too, restrictive, aimed to keep taxpayers for becoming the ultimate back stops. Then there was a wide ranging and clearly friendly discussion between President Trump and u. S. Top business leaders. Add to that a strong month for job crease and boy, do you ever have a recipe for a triple digit gain. The Dow Jones Industrials rose 186 points. Back above 20,000. Nasdaq closed at a record high of 30. And the s p 500 added 16. Meanwhile, back at the white house, those first deregulatory steps came in the form of an executive directive. President trump signed actions, signed an action today that directs Treasury Department and regulators to come one a plan to revise some of the banking rules under the socalled dodd frank legislation. They were putt in put in place in 2010. And wall street likes less regulation. And theres the president showing off his order. That signature helped lift financial stocks today which in turn helped the broader market. Separately, the Labor Department is now looking into delaying the implementation of a new retirement rule. This after President Trump today called for a review that could lead to scrapping it. The rule in question was developed under the Obama Administration and calls for retirement advisers to work solely in the best interests of their client. The socalled fiduciary standard. It it sounds simple but it is very controversial. There are a lot of ways people save for their retirement and there are a lot of Financial Products and investment thats serve that purpose. When it come tonight Investment Advice size of things, there are two professional ways for executives to give it to you. Based on suitability or based on your best interests. Currently brokers, Insurance Agents and others advise on investments based upon whats suitable given their yearly income, their tolerance for risk among other things. They typically get paid for facilitate transactions. Others do it based on fees or complexity of the investments. These advisers typically charge a fee based on the amount they help advise on. Enter the Labor Departments proposed fiduciary rule which would require anyone advising on retirement investments to only act in the clients best interests. Seems like a slamdunk, right . But consider this. Proponents say it will help save Retirement Investors on commissions and reduce conflicts of interest when brokers get paid to sell certain times of products. Opponents say that the rule takes away a slew of Investment Options currently available and force many investors to pay a fee based on assets managed, no matter how many trades are made, as opposed to a sales charge when trades actually happen. Throws a handful of the many arguments being made on both sides of this debate. For nightly Business Report. That fiduciary rule is in question, what it will mean for investors and their retirement accounts . The director at cfra joins to us discuss this. Pleased to have you with us. Lets step back a little bit splfl people might find it curious that the Labor Department is involved rules governing my financial assets. Why is that . So because retirement programs often part of a 401 k plan, part of what you have being employed. I have that at my company im sure you and your viewers have it as well. It is something that falls under them and it is something investors need to be mindful of what is happening in their environment portfolios. Retirement is coming sooner rather than later for many. What about the solution, that dom just touched on. This fiduciary standard, the choice will be less choice for investors. Number two, there will be fewer kinds of investments available to them and number three, that some people, particularly lower income people, wont be able to get Investment Advice. Right now, weve got about 2,000 Mutual Fund Share classes. Weve got 23,000 2,000. Theres a lot of choices out there. Reducing some of that and taking away the more expensive is that underperforming products away from those clients would be in their best interests. So this would be a good thing if it found cheaper terpties, more index based alternatives and you can still choose them if you do it on your own. You may have to work on your own and build your own portfolios without a Financial Adviser but there are lots of programs, robbo advisers out there. You favor the idea that this standard ought to stay in place as general rule. Forgive me for being cynical, todd, but i wonder at the bottom of it all is a concern on the part of financial practitioners, if this standard were put into place, that they would be the target of one lawsuit after another if they put an investor into a higher priced investment that doesnt work the way it might theoretically be told to work. Is that really whats driving that . Theres that fear out there. The way the perhaps overcome that fear is to make sure as an adviser, youre doing your homework. You have a lot of supporting information to be able to justify to your client why you have that. And whether this rule is in place or not, thats what an end investor is looking for. Whether theres a department of labor rule or not, whats inseed your portfolio and how it will help you achieve your goals is extremely important. Thank you. We appreciate it. With cfra. As we said at the top of the program, the first employment report released showed solid gains. The economy created 227,000 jobs in january. More than expected, the largest gain in four months. The Unemployment Rate did edge higher but wages rarely budged rising just. 1 . The latest report points to a tightening labor market. Two weeks after taking oath of office, President Donald Trump got some good news about the main street economy. 227,000 jobs. Great spirit in the country right now. So were very happy about that. I think that it will continue bigly. Were bringing back jobs. Were bringing down your taxes. Were getting rid of your regulations. And i think it will be some very exciting times ahead. Headline unemployment went up to 4. 8 but that was because nearly half a Million People who had been on the side lines started job hunting in january. Enough to boost the closely watched Labor Force Participation rate to 62. 9 . The highest since september. Theres more in the economy and i think it boosted it. It was convincingly strong jobs number, both in the the surveys. The private sector led the way with employers 237,000 new hires. And the job gauges were widespread. Retailers adding 46,000 employees. Construction, up 36,000 new workers. Restaurant and food services, another 30,000. Only the government sector saw a decline. Losing 10,000 employees. The construction number is squint the view that were making America Great again. That we have a friendly Business Climate and people want to come back and start operating their businesses here and youre seeing it on the data. For all the positive trends, wage trends remain weak spot. Average Hourly Earnings barely rose and decembers average was revised downward. Despite some 19 states increased the minimum wage at the start of the year. The last two years have actually been pretty strong wage growth. Lets call at this time middle of the Income Distribution for the first time in 25 years or something. It will be interesting to see whether this continues. Now the early consensus among fed watchers is that lack has lowered the odds for a rate like in march. Todays jobs numbers shows improving the for more jobs and higher wages. Item Hampton Pearson in washington. Unless washington, the businessman turned prets met with the people who run some of americas biggest business today. On the agenda, issues President Trump campaigned on. A president who campaigned on business welcomed his fellow moguls to the white house for the first meeting of the business focus and policy forum. Were looking forward in a little while, in a few noemts on discuss all of the things that you think we can do to bring back our jobs. To get taxes even lower than well be cutting them. We have a great plan. I want your input on the plan. That is music to the ears of many in attendance which included those from walmart, jpmorgan and even tesla. Ive been coming down here since 1980 in these meetings. This is the first one where i had an engaged president. This is the most exciting president ial meeting ive ever been in on. Not everyone wanted to be in the room with donald trump. The day before, the uber ceo said he would drop out in the wake of controversy over ubers response to the president s order on immigration. I think travis was in a really difficult spot. His business was being very adversely affected. He had discontent among his employees. And this group actually takes a lot of time. And he basically said, im encountering too much in the way of head winds. Would you mind if i step down . The executive said the group would be convened monthly at zpirs then quarterly as a way to keep ideas coming to the white house on taxes to immigration to trade. Eamon javers in washington. The trade department imposed new sanctions on iran, this as the new president moves to punish that country for a recent Ballistic Missile test launch. Tehran, the United Arab Emirates and china. Iran said it will take action against a number of american individuals and companies. It did not, however, name the targets of its sanctions. The department of defense is that Lockheed Martin has agreed on an 8 billion deal for 90 f35 fighter jets. Thats the lowest price today for the pentagons program. It brings the price per jet below 95 million for the First Time Ever for a total savings of more than 700 million. Still ahead, a trip to louisiana to see where the jobs are. Donald trumps plan to invest in american infrastructure. Thats coming up on nightly Business Report. Fixing our aging infrastructure. Its a big promise of the Trump Administration ask if everything goes as many hope, all that spending will create a lot of demand for workers. Kate rogers went to hackbury to see where the jobs are. Reporter President Trump is promising to rebuild america in a big way. Our infrastructure is in serious trouble. We will build new roads and highways and tunnels and railways across the nation. This is good news for the already booming Construction Industry which is as optimistic as its ever been. 73 of general contractors plan to add workers this year but thats only if they can find skilled labor. There are no longer a lot of experienced workers sitting on the sidelines. Now contractors hiring people without construction experience, or first time job entrants. Chicago has been at the forefront of the boom of construction in the gulf coast. Operations like the 6 billion lick by faction project requires thousands of workers. In fact this year they plan to bring on 15,000 workers in the gulf region alone. The workload is increasing. We envision about 40 billion more over the next few years. In fact, this wave of demand for work force should continue well beyond 2020 into 2025. The ceo said they have around one hunt,000 people in its database but finding workers with the right skills can be a challenge. To close the skills gap interesting coil has been expanding its veteran recruiting as well as technical and vocational schools to create customized programs. We have roughly an 87 Graduation Rate and have made offers to 75 to 78 on our jobs. Stay at home mom Teresa Warner participated in a wedding course at the community college. She makes more money than her husband as a structural welder. You can make is great money. The. It gives her a sense of stability that shell be employed for years to come. Now workers like her and the industry in general are waiting to see if the president s words will translate into action. Theres the potential for seeing a lot more construction. Figures as high as 1 trillion over ten years. I think theres a strong lets see how it would be structured and how it would be financed attitude. For nightly Business Report. To real more about the future of construction jobs. Macys and sax could be under the same roof. Yesterday he said macys might be for sxael the canadian based hudson bay which oegs sachs, they talked about a potential buyout. Two company are said to be discussing other ways to Work Together including a possible real estate transition transaction. The Oil Refiner Phillips 66 with Challenging Market conditions posted a profit lower than estimates. Shares off 1 at 79 and 95. Hershey posted a better than expected profit but saw sales come up short. The company faced weak demand in its china market. The makers of reeses Peanut Butter cup and hersheys kisses. The shares up to 106. 98. Auto nation said it had record earnings but results still missed by a penny. The nations largest auto retail chain post larger than expected sales. And experiencing growth in what he calls lack luster environment. This is his first time joining us. Bernie williams, thank you. He is the chief Investment Officer of Investment Solutions at usaa. Good to see you. Lets go right to your stock picks. What does this company do . Why do you like it . Do you have a price target on it . Yes. It is a med tech company. What they do is manufacture proponents for spinal surgery. Minimally invasive, allows to more filing in line. Theyre growing about twice the market. The other reason we like it is they have a new ceo and the company has been under managed. So you have a company that has thrown twice as fast as the market. Opportunity. The storm of glarm pricing right now. Thats why we like this. And the next two picks. So it is a manufacturer. They make equipment that enables 3d the chips that go into among other things, cell felonies to. Wh what, cell phones. What youre seeing is increasing memory ability. So you see cell phones have 256 gigabytes. They rival laptops and pcs right now for memory capability. We think that market is expanding next year. Realize this is a cyclical industry. But we see good potential of this industry through 2017 given the expansion of the cell phone market and the chinese which are expanding their manufacturing. Pick number three is another equipment maker. Theyre in a different sliver of the market. They do. They have the same exposure. They also make equipment for the diode market. This goes on the Samsung Phone ask will go on the new iphone 8. At least thats the rumor. This will actually, this is coming out in tvs. Lg has a tv out right now. Sony has announced one in 2017 and i think this is where a lot of tv manufacturers will move to in the coming years. I think this has a long tail wind to it as consumers document it. And it is materially Better Technology than the current Lcd Technology that is in 4 k tvs. Good to see you. Bernie williams. All righty. Coming up, meet a former College Football player who wanted to cash in on his love of sports but instead, attempted into the emotions of fans everywhere. And that was his bright idea on how to start a business. Well tell you about it. Positive news on Retirement Savings at an all time high. The average 401 k balance hit a record of 92,500 off the end of last year. Fidelity attributes it to rising stock prices. They always help and more contributions. It has come to this. Friday night, Super Bowl Weekend and one young entrepreneur from miami, still in his mid 20s. You have the wright idea to give fans using his app a chance to communicate with their friends, trash talk with fellow fantasy leaders using animated emojis representing the biggest names in sports. I was thinking about myself as a sports fan. He loved sports. But this form he high school and College Football player was surprised when his mom called early in his freshman year at the university of chicago. She is not the biggest sports fan i know. And she calls me and he said, i want to start a sports site together. His mom is a career advertising exec. Up with of the most coveted for them is a sports fan. Because a sports fan is so fanatical. Every top tier brand will try to tap in. So they launched sports mania in 2012. Fans follow any teams they want for free and get a personalized feed. Mostly tweets pr media sites, from writers and teens. They added an apple. Then came the hard part. Getting someone to download an app is not easy. Thats incredibly valuable real estate many persons life. Wasnt until 2015 he noticed nbas Atlanta Hawks had an emoji boa