Transcript for The Dow Nears Its All-Time High
Houston business in -- Live coverage of the opening bell on ABC news now ringing the bell this morning our representatives from more. Baseball classic and its sponsor Matt Light. And World Baseball Classic. -- -- -- -- -- the opening bell this Thursday February 28. Hello everyone and meg Oliver in New York features were flat this morning but it really wasn't anything to worry about because the Dallas at a five year high in just shy of the all time high. It might break that record today the market reacts well to new GDP numbers joining us a lot of snow if -- -- to break -- in the top stories of the day is Lauren Meister from her finance. Thanks for being here Lauren. Thanks -- -- so let's start the Dow approaching the all time highs and good numbers out from overseas markets this morning that will definitely pushes closer right. Well that's certainly is a track and that's what -- would indicate but I don't think I'm ready to -- my stake in this and yet because what we've seen just looking over the last couple of weeks says yes the Dow approaching these. Close to all time highs we were just a hundred points away from the all time high set October 2000 -- and -- Trading day ended yesterday but we've also seen over the last week. The Dow fall 200 points when Italian elections have uncertain results and then this. -- this whole trajectory down based on who knows what and last week the Dow fell -- hundred points after. Reportedly investors got -- feeling like we needed apple -- -- -- that is gonna pull back on their stimulus soon and we got so I think we've seen some volatility. And it makes me not really prepared to say yeah we are headed straight hair they'll tell me a little bit more about the revised GDP numbers that came out this morning what -- they say. Sure well so all eyes -- on this because as I'm sure you McCall wind Q4 GDP estimates first came out and were printed last month. They came up negative -- the first time releasing a negative GD -- GD pre. -- -- -- -- But since 2009. Cent a year or so that was a big deal that sent some major cautionary. Red flags waving it was negative point 1% and now we have the revision and now they're saying OK -- it was positive point 1%. So what was positive we grew but a little bit point 1% is really slim -- sixteen trillion dollar economy but nonetheless it is positive which is. Means fourteen consecutive quarters of growth so. Technically speaking that's pretty good news -- ally in the market seems to be very volatility touchdown -- the movie went -- plus points for four days consecutively and in both directions. These -- numbers are likely to push it up right. Well yeah now so point 1% as positives about the good things it's much better than a negative number that we got last month how at -- estimates were for growth of point 5%. In its revision as you now the market can look expectations and a failure to meet them as bad news I will say that I was speaking to our senior columnist Mike can't -- who has. Much deeper market watcher than I and he thought that the markets could shrug this off they shrugged off so much. -- less then expected. News that we've gotten. Okay how the sequester -- will there be a big fault -- after the deadline passes at midnight. Well I think you want this is kind of mix because you would expect leading up to this. Possibly dire event at 85 billion dollars being cut from the budget pain and -- the economic growth that we see. You expect to see a little bit more concern leading up to win but we haven't really seen that the market kind of -- off seemingly that we have seen some volatility and some people say it hey it's priced in at this point people used to this that market's gotten used to Washington dysfunction. They knew that this was condoning this is -- manufactured crisis it's been on the radar for a -- ill. The news it's come out about indicates that made it's not gonna be such an impact as expected -- 85 billion dollars -- the cuts that are supposed to it. Hit the budget really it's forty billion dollars when you look at outlays it would come this year and the rest will be distributed over. Years to come so maybe not necessarily hit to the economy that people are anticipating -- people -- just gotten used to it named. Got used to hearing and then there's another deadline in March the 27 for the -- resolution went. Congress passed a vote on a budget in the level of spending so -- lawmakers will work on a deal that sent him. I think -- There's kind of a mix of people that think its price in order that it's not that we certainly will see a market that's when. That cuts will begin to going to affect the deadline is tonight at midnight and -- you know Obama scheduled to meet with members of congress tomorrow so after that deadline. To talk about it -- that we will say. Let's -- business specific Samsung and its long term partner of Google like in a questionable. What is going on between these two tech companies. Okay so Samsung. Has the hardware for a lot of Google's Android software phone so I think 40% is its. What they're responsible for -- 40% of all the gadgets running Google's and for its software are Samsung so Google. Doesn't want -- had too much leverage they don't want -- -- to have. Too much power control. Over Google to get what they want short -- -- go their own way which wouldn't be good for Google either so you are seen as pushed apple where Google got a little concern again a shaky. And some analysts say that they have reason to beat out Samsung also appears to going after blackberries that right. Yes they certainly -- says Sampson has been beefing up. Andrea Topper there runs on its phones to -- to have the security be better and the reason this is important is because -- ITT. Areas and companies daylight. Blackberry because of this securities and now Samsung might be trying to eat salmon that high that black -- has with the business company the customer the corporate. Customer and so -- there trying to eat a little bit of -- -- currently. -- we have a new set Treasury Secretary snow Jack where he was -- the -- last night I think killed it. -- Lou really is being confirmed as Treasury Secretary is meant to send this message that there is now a budget -- At the head of the treasury because he won as the budget director during Clinton years when they had a surplus so. He's down to be this budget negotiator leading -- two. Reform social security and Medicare in the past so presumably he would be a good person to -- at the lean and some -- -- budget talks that are going to be coming up. Wit the debt ceiling deadline coming again and continuing resolution and these sequester cuts so that is one area where he seems to be a good pick. However some people expressed concern that perhaps he's not is committed to. Financial reform and regulation and getting Dodd-Frank really implemented well. But I will say this I think it's a pretty low bar with Timothy Geithner because people that -- around during the bailouts like Sheila Bair who has had at DIC and -- Borowski who is special inspector general for -- Had -- reviews of the way it that Geithner -- that handled the bailouts. With regard to Wall Street and being too friendly to Wall Street to differently to the banks. So we'll see and maybe there's kind of a low -- there. Let's let's announce that we've talked about -- flow and a show you picture. His -- that could now the signature on all of our bills and notes you see it right there. Do you think -- should change that. -- as -- -- I really care what that signature looks like on the dollar bill that a -- reportedly doesn't of the Portland with confirmed he said. Last month that it that you would greatly needed changes -- that he -- some guaranteed he would that make it a little bit more electable as -- not debase that currency humorous but. Little isn't that one printing 85 billion dollars a month that's that's so I think at least pretty much off the -- In terms of debasing the currency whether he changes -- signature not. Right that you -- before we let adults say one more look at the Dow right now taking a look at the big board it's -- in negative territory but about five points. And thank you very much -- -- thank you so much for joining us yet -- finance studious today thanks --
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