Speaker 1: Broadcasting live to New York, Bloomberg to Washington, d C.
Speaker 1: Bloom to Boston, Bloomberg twelve to San Francisco, Bloomberg nine
Speaker 1: to the country general, and around the globe the Bloomberg
Speaker 1: Radio Plus and Bloomberg dot Com. This is taking Stock.
Speaker 1: We are broadcasting live from Pershing's Inside Twenties sixteen conference
Speaker 1: at the Highatt Regency in Orlando of Florida. Coming up,
Speaker 1: we'll be talking about the presidential election, Hillary Clinton signaling
Speaker 1: that she will not declare outright victory before voters cast
Speaker 1: ballots and caucus in states such as California, Montana, New Jersey,
Speaker 1: New Mexico, North Dakota, and South Dakota, all voting today.
Speaker 1: We've got details, and of course markets watching the elections
Speaker 1: very closely. Pim. We're gonna follow that up with a
Speaker 1: chat with the head of investment strategy at b n
Speaker 1: y Melon. Now let's get back to Bloomberg World headquarters
Speaker 1: in New York City. Charlie Pellett has business last, and
Speaker 1: I thank you very much. Kathleen Hayes, thank you, Pim
Speaker 1: Fox Nez dak bouncing between gains and losses back on
Speaker 1: the plus side, barely it is unchanged right now. We've
Speaker 1: got the SMP up six again. There are three tens
Speaker 1: of one percent down, Industrials up fifty four points, also
Speaker 1: a gain of three tents of one percent the SMP,
Speaker 1: by the way, within one percent of a record rallies
Speaker 1: and energy producers and airlines offsetting slumping healthcare shares record
Speaker 1: for the SMP set last may may have two thousand fifteen.
Speaker 1: Right now, the SMP five hundred indexes at fifteen, Chevron
Speaker 1: and next on Mobile adding at least one point six percent.
Speaker 1: The Bloomberg US Airlines index heading for the biggest gain
Speaker 1: in three months after JP Morgan Chase said Jet Blue
Speaker 1: Airways raised its domestic bears by three dollars each way.
Speaker 1: Jet Blue shares are up now by three and a
Speaker 1: half percent. What about the broader market? Where to invest?
Speaker 1: David is Cheap Market strategists at amer Price Financial. He
Speaker 1: says he's steering clear of the UK until that Brexit
Speaker 1: vote gets sorted out. It seems to be a general
Speaker 1: consensus or complacency, uh that the vote is going to
Speaker 1: be to stay, and that is the impression I get.
Speaker 1: I know, maybe some of the options market are saying
Speaker 1: there's a little bit more concerned. Uh, but we've we've
Speaker 1: kind of avoided the market and let it sort out.
Speaker 1: I think there are enough opportunities elsewhere. Uh, you might
Speaker 1: get a nice bounce if the vote is to stay.
Speaker 1: But on the other hand, I think the risk is
Speaker 1: there that's sufficient enough to cause us to want to
Speaker 1: more or let's stay on the sideline and gold right
Speaker 1: now down point one percent. Now, let's take a look
Speaker 1: at some of the other stories making news. Thank you,
Speaker 1: Charlie from the Blueberg news room. I'm Eric Shatzker. This
Speaker 1: news update is brought to you by the Jeep Grand Cherokee,
Speaker 1: the most awarded suv ever. The Grand Cherokee continues to
Speaker 1: raise the bar with its luxurious interior and legendary four
Speaker 1: by four capability drive one that's your local Jeep dealer. Today,
Speaker 1: there's new pressure on Bernie Sanders today to exit the
Speaker 1: race for the Democratic presidential nomination. According to the Associated Press,
Speaker 1: Hillary Clinton has enough delegates to win the nomination. Voters
Speaker 1: in six states, including California, are headed to the polls today.
Speaker 1: Clinton plans to celebrate at a victory party in Brooklyn tonight.
Speaker 1: Republican Speaker of the House Paul Ryan says, just because
Speaker 1: he disagrees with comments by likely GOP presidential nominee Donald Trump,
Speaker 1: he still feels his party has more in common with
Speaker 1: Trump than with Hillary Clinton. I believe that we have
Speaker 1: more common ground on the policy issues of the day,
Speaker 1: and we have more likelihood of getting our policies enacted
Speaker 1: with him than we do with her. But I do
Speaker 1: absolutely disavow as comics. I think they're wrong. The head
Speaker 1: of the Transportation Security Administration was grilled on Capitol Hill
Speaker 1: today about the long lines of the nation's airports. Peter
Speaker 1: Neffinger told a Senate panel the agency is making progress nationwide.
Speaker 1: Over a Memorial Day any nine percent of passengers waited
Speaker 1: less than thirty minutes in standard security linescent of passengers
Speaker 1: waited less than fifteen minutes, and in and in pre
Speaker 1: check lines, percent of passengers waited less than five minutes.
Speaker 1: Million more passengers are expected to pass through t s
Speaker 1: a screening this year compared with three years ago. Global
Speaker 1: News twenty four hours a day, powered by our journalists
Speaker 1: in more than one fifty news bureaus around the world.
Speaker 1: From the Bloomberg News Room. I'm Eric Shatzker, Charlie, and
Speaker 1: we thank you and again recapping stocks higher. SMP five
Speaker 1: hundred index up six a gain of three tenths of
Speaker 1: one percent. Dow Industrial is up fifty seven, also a
Speaker 1: gain of three tenths of one percent. I'm Charlie Pellet,
Speaker 1: and that's a Bloomberg Business flash. You're listening to Taking
Speaker 1: Stock with bim Box at Kathleen Days on Bloomberg Radio.
Speaker 1: We're broadcasting live from Pershing's Inside Twenties sixteen conference at
Speaker 1: the Higher Regency in Orlando. You know, this is the
Speaker 1: eight teenth year marks eighteen years of insight, eighteen years
Speaker 1: committed to the success of advisors. But over two thousand
Speaker 1: financial professionals from all over the globe attending. And of course,
Speaker 1: one of the topics of conversation is the US election.
Speaker 1: And who better to tell us more than Margaret tullif our,
Speaker 1: White House correspondent for Bloomberg News, joining us from Washington,
Speaker 1: d C. You can follow Margaret on Twitter at Margaret
Speaker 1: tullev and also at b Politics. All right, Margaret, tell
Speaker 1: us about Hillary Clinton and her historic moment, the first
Speaker 1: woman to earn the nomination of a major party in
Speaker 1: the United States. It will be historic moment, and it
Speaker 1: was supposed to happen tonight, probably some time around when
Speaker 1: the polls closed in New Jersey. But the Associated pressident
Speaker 1: delegate count sort of beat her just the punch, and
Speaker 1: they came out a night early saying that according to
Speaker 1: their account, she now had the numbers to cross that
Speaker 1: magic threshold two thousand and eighty three delegates, a combination
Speaker 1: of the Ledge delegates and the super delegates combined. Uh.
Speaker 1: The qlin campaign has been really careful, uh to kind
Speaker 1: of keep that a little bit at bay, kind of
Speaker 1: pre celebrate but not really celebrate. Um. Partly, I think
Speaker 1: they want that number to be free and clear, not
Speaker 1: just you know, one or two over the line, but
Speaker 1: but really firmly there. But the other part of this
Speaker 1: is this complicated calculation not to offend or turn off
Speaker 1: Bernie Sanders. They're trying to keep him in the fold
Speaker 1: so that he uh, sooner than sooner than later is
Speaker 1: ready to uh to abandon his campaign and embrace her,
Speaker 1: and he's just not there yet. And the other part
Speaker 1: of it, of course, is that she wants people in
Speaker 1: those remaining six states to turn out and vote and
Speaker 1: vote for her, so um, but she's on the cusp
Speaker 1: of certainly a big historic moment, and it's showing signs
Speaker 1: she and her advisers both being very excited about this,
Speaker 1: but they're sort of containing it for the next few
Speaker 1: hours at least. Of course, Margaret, she is going to
Speaker 1: be the first woman in the United States to be
Speaker 1: the presidential nominee of a major US political party on
Speaker 1: state in the office. I wonder if it would be
Speaker 1: more doramatic and exciting if so many people had not
Speaker 1: assumed for some time now that, of course Hillary Clinton
Speaker 1: would get the Democratic nomination, And only surprise here has
Speaker 1: been how well Bernie Sanders has done and the fact
Speaker 1: that he's holding out to try to get some of
Speaker 1: those seven hundred super delicates over to his side. Yeah,
Speaker 1: it's really true. Covering President Obama in two thousand eight,
Speaker 1: you were constantly aware of the fact that he was
Speaker 1: going to be the first African American nominee from a
Speaker 1: major party and then the first African American UH president,
Speaker 1: and yet he didn't campaign that way. Hillary Clinton has
Speaker 1: sort of fluctuated between embracing her, you know, her gender
Speaker 1: and her status as a grandmother. We're focusing on national security, um,
Speaker 1: but look, but it is it's absolutely will be a
Speaker 1: history making a moment. But because many people are like, yeah,
Speaker 1: she was the first lady. Yeah, she was a senator. Yeah,
Speaker 1: she was a Secretary State. Yeah. Booklyn's her husband a
Speaker 1: sort of you know she is. She is in a
Speaker 1: way would be a groundbreaker, and in a way is
Speaker 1: represents because the core of the democratic establishment, the political
Speaker 1: establishment in this country, and that has um that's made
Speaker 1: it kind of sort of muddied the historical significance of
Speaker 1: the moment. Margaret is Hillary Clinton running an establishment campaign.
Speaker 1: And the reason I put it in that context is
Speaker 1: I've been reading many articles about how the Republican potential
Speaker 1: nominee or almost nominee at Donald Trump is running a
Speaker 1: very unconventional campaign. Well, certainly she's running an establishment campaign,
Speaker 1: and Bernie Sanders has forced her to, uh brought some
Speaker 1: of her rhetoric and some of her policy positioning, you know,
Speaker 1: a little bit to the left of where she started, uh,
Speaker 1: talking about not just income equality, but being tough on
Speaker 1: Wall Street and uh, you know, questioning international trade deals.
Speaker 1: But when you put all of that aside, you're looking
Speaker 1: at a candidate who is part of the core of
Speaker 1: the establishment and and a staff from her campaign manager,
Speaker 1: to her advisors, communications directors, all these sort of uh
Speaker 1: the posters that are that are all absolutely locked in
Speaker 1: the establishment and have have been working since the Bill
Speaker 1: Clinton era. Uh. Some worked for Obama, some have worked
Speaker 1: for um, you know, just a variety of establishment Democratic
Speaker 1: political candidates. They're steaching the establishment and part of the
Speaker 1: core of her message, even as she wants to suggest
Speaker 1: that she's open to change and flexibility, Uh, is is
Speaker 1: that Obama has done a good job that she wants
Speaker 1: to continue as part of his legacy. Uh. That it's
Speaker 1: great to talk about big ideas, but she really only
Speaker 1: wants to focus on what can actually get done, the
Speaker 1: sort of pragmatism and success by a thousand small steps.
Speaker 1: This is part and parcel of her message and um
Speaker 1: and absolutely represents an establishment candidacy. So, Margaret, you are
Speaker 1: so close to the people in these campaigns within Hillary's camp.
Speaker 1: What is the one thing her team says if only
Speaker 1: they knew this about Hillary, if only they could see this,
Speaker 1: she'd be even that much more popular. Uh. You know,
Speaker 1: there's a couple of things that they say, but one
Speaker 1: is uh that she One is sort of dislikability aspect,
Speaker 1: which has been a challenge for her as a candidate,
Speaker 1: which is, like, you know, did people like or do
Speaker 1: they trust her? Do they enjoy listening to her speak?
Speaker 1: And people who know her not just in the campaign
Speaker 1: but outside the campaign say that she's much more personally
Speaker 1: engaging and relaxed on a personal level than she is
Speaker 1: when she's on a stage giving a big pronouncement. Um,
Speaker 1: And this is something looks she's She's been to this
Speaker 1: radio before she ran for president eight years ago. She
Speaker 1: struggled then and has struggled this time to bring that
Speaker 1: kind of intimate or relaxed or personal approach to bear
Speaker 1: on the campaign stage. Okay, she's mostly decided that to
Speaker 1: sustick to the issues this time around. Margaret Tella, thank
Speaker 1: you so very much. Our White House correspondent from Bloomberg News,
Speaker 1: joining us from Washington, d C. Right here on Booberg Radio.
Speaker 1: Coming up on taking Stock broadcasting live from Pershing's Inside
Speaker 1: twenty sixteen conference at the Highatt Regency in Orlando, Florida.
Speaker 1: Will be speaking with Ralph Studley. He is the head
Speaker 1: of investment strategy at b n Y Melon What to
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