Transcripts For FBC Varney Company 20240622

As the government buys, everybody else tries to exit and essentially, the only big buyer left in china is the chinese central government. You have five dow stocks now in bear territory and meaning theyve fallen 20 from the highs. Walmart, disney, apple, exxonmobil, intel. Structurally, legally, in terms of work force, the United States is in the best positioned economy in the world to get through all of this and prosper. The fed is absolutely to blame for this. They have managed this terribly from the beginning and the markets have taken it into their own hands. Prices have to adjust to the economic reality in the United States and europe and china and the question i have, stuart, will the fed allow that to happen . That was yesterday. This is now. Doesnt is look different . The futures indicate a gain of 500 points right there at the opening bell. Again, i have to caution, nobody knows how this thing will end. We can tell its going to be up big at the opening, the ending is another story entirely. Stay tuned. Now look at the price of oil. Down to 37 a barrel yesterday and theres a rebound there, pretty close to 40 a barrel again. Back to that big stock rebound. Why . One big reason is a package of measures from china. Theyve cut Interest Rates and more importantly, theyve told their banks to keep less cash in the vault and get out there and make more loans, spend it, use it. Liz from the fiscal times is here. Theres no guarantee, i keep having to say that, theres no guarantee that a snap back at the open is throughout the day. Absolutely not. We saw yesterday, volatile severe moves in the market up and down. This morning, were seeing bargain hunters coming in, cheered on by the european markets were up overnight kind of suggests what was going on in china, down 7 1 2 again, does not drive either european markets or the u. S. Look, a lot of stocks have gotten creamed. People say this is a company i like and here is a price id be willing to pay, forget the noise around you and decide if it gets to that price, thats what you want. And thats what people are doing this morning. Stuart and just look at the damage to the china market overnight. I think we have that on the screen, put it back up again shaping high down 7. 6 , at shanghai. And european leaders went all out to reassure investors that china has not a threat. Angela merkel, francois hollande, and George Osbourne went on to talk people off the china ledge big time and it worked. It worked and many of us may be thinking where is our president . President obama was out schilling for solar energy again and thats his main interest, which i think its not time to get into it now. Roll the clock back, had we focused on Economic Growth from day one, not obamacare, not, you know, renewable and energy we might be better off because the fed would have more discretion and that he is a big issue now. Ashley a thought on the china rate cut. This is the fifth cut in the last nine months. Why they think thats going to make a big difference, it didnt the first four times. Stuart i think the Banks Holding less cash, might make a difference. Youre pushing on the string. Theres not the demand for the money. Stuart look it, europe says, dont worry, dont worry about china. Now look at what White House Press secretary josh earnest says. Roll that tape. Theres no doubt that Congress Failing to act in a responsible way to pass the budget and reverse, is going to have negative consequences for the u. S. Economy and particularly at the time when were seeing so much volatility in economies around the globe . It seems like a bad time for an unforced error. Stuart there is no doubt that its the republicans fault. Lets bring in former reagan economist art laffer and hope he has a smile on miss face. He does. Whenever you listen to francois hollande, Angela Merkel and barack obama or josh earnest. And head to the basement. And josh earnest the sequester was obamas suggestion and his deal in the budget deal. And here you go, hes saying you should get rid of the sequester, i agree with by the way, we should get rid of the sequester. The problem here is government. The government should not just do something. It should undo something, stuart. We should get rid of obamacare and lower taxes and get rid of stimulus and do all of these wonderful things and none of them has suggested that yet. Stuart there will be no change in Economic Policy from this white house for another 18 months. Exactly. Stuart and the whole thing is government. All government all the time. Exactly. Stuart and spend government money. Thats their answer. Thats their problem and thats why we havent had a good recovery. I dont understand some of these republicans, i was on with lou dobbs last night and he wanted the Republican Congress to do something. You know, thats not the role. The role is to keep obama from doing something until we look we should have a year of legislation where we just repeal legislation not enact legislation. Stuart good luck with that. A poll from ap, a new poll, it says most economisting, 70 see below 3 growth all the way through until 2017. What do you make of that . I think theyre probably right. There wont be any changes in the policy. Obama is not going to let anything progrowth come through. The election is in 2016. President takes office in 2017. Its hard to get legislation passed quickedly so we really wont have a major change in Public Policy until 2018, probably and theyre right, its just a glacial, slow, plate tectonic process. Its hard to live through and youve got to do it. Stuart thank you art laffer. Im glad that market is up. I feel somewhat vindicated. Stuart you should. Now, youve got the latest read on housing prices came in just a few minutes ago. Ashley, theres that many houses for sale. And prices should be up. In theory with low inventory prices should be up. More people with less product. However, month to month, up 1 and home prices year over year, up 5 . And 5. 1 . So, okay, thats not bad. Stuart its not bad. Moving in the right direction. This is the home price index for the 20 cities in the United States. Stuart i call that pretty strong. Not bad at all. Well take it, look at chipotle, going on a oneday hiring binge. You probably missed it. In case you missed it, lauren has the story. Good morning, everybody. Chipotle plans to hire 4,000 workers in one day, calling it career day. The active recruiting shows how competitive it is for fast food chains to find and retain qualified workers. Theyre beefing up salaries and benefits an as a result. Netflix wants more teenagers to tune in. The streaming service is focusing on a number of exclusive films and tv series focused on teens. One is fuller house, the sequel to the 1990s hit full house. Netflix executives say theres a void in scripted programming geared towards teenagers, thats an opportunities and a challenge at the same time since teenagers are known to be fickle. And california is sinking. New nasa satellite shows california sinking faster thatten we thought and some say two inches a month accelerating because of the severe drought which has fueled more ground water pumping. Stuart im sorry, were laughing. Im trying to figure it out why. What are you doing . Ashley was making fun of california. Ashley i said it was sinking due to regulation. No problem. Stuart if you want more of this, tune in every weekday morning on the Fox Business Network at 5 00 short stop. Lauren, sandra and nicole will be with you every morning. A terrific pointing as to whats going to happen with your money for the rest of the day. 5 00, go the to get up for that. Lets look at futures again, why not . Theyre looking pretty solid. Lets see 20 minutes from now, were going to be up 500 points, all right, ashley, here is your chance to tell me about some of the big names that took a huge beating yesterday. Ashley the once that we were funneling down yesterday and showing some nice recoveries in premarket trade. Lets take a look at some of these. Apple down 2 1 2 at the close yesterday. Up 5 in premarket. Disney, we have that one, take a look at disney, down 3 1 2 yesterday. Now in premarket up on the bidask up 4 . And exxon in the Energy Sector, up 3 in premarket today. That gives you an idea of the nice rebound across a number of sectors. Stuart thats the big names which are chronically beaten down and the bargain hunters come in and there goes the market. On the fundamentals, i can uns unsta understand it, apple and disney losing that, thats too much . Those are companies that have visible exposure to china. What everyone is looking at, look, give me a domestic company, a company mainly operating in the United States, has some organic reason to grow. Its such a safer place to be. If you have dividend yields behind it thats a pretty nice place to step in and catch this, we hope its not catching a falling knife. Stuart why not. Sorry, sorry. Stuart and wall street will look a lot different when the market opens about 20 minutes from now. Keep it here. Making money live, youve got to watch it. Its great fun. How stupid would people have been to panic when it was down 1089 earlier this morning and sell, sell, sell. You do not sell at points like this. You wait and watch it flush out. Can a business have a mind . A subconscious. A knack for predicting the future. Reflexes faster than the speed of thought. Can a business have a spirit . Can a business have a soul . Can a business be. Alive . Were tying our self so closely to asia and in particular to china, that this is going to be trouble for our country and not only now have they taken our jobs and taken our base and our manufacturing, but now theyre pulling us down with them and i said we cant do this. We cant allow this to happen and we have to do a big uncoupling pretty soon before its too late. Stuart and a big uncoupling, donald trump saying weve got to break from china. The market was down overnight, but look what were going to do today, up 570 points and that would wipe out losses from yesterday off the bat. And philadelphia market watcher, rob morgan. Bearing in mind what the Chinese Government has done, telling banks to loan more money, is the china threat off the table in america . Well, stuart, i dont know if id necessarily call it the china threat. When i hear donald trump say weve got to uncouple, i think were way past that. If we were going to think of doing that, we probably should have president nixon shouldnt have gone to china 40 years ago. But at the same time, certainly their version of a central bank is very rudimentary compared to our Federal Reserve and the tools that they have to combat these types of crises are very limited. So, i think theyre doing what they can right now, theyre providing liquidity and weve got to encourage them to make necessary reforms. Why are we going to open 570 points higher . Well, i think, you know, for a number of things. Putting it in perspective, stuart, in our six and a half year bull market weve had five double digit down periods of timement we get about once a year and as far as the problems going on here, ive mentioned china is providing liquiditity. We seem to be getting some sort of foreign or Commodity Prices and the inflationary concern is going to start to ease. Stuart you dont sound very excited, rob. You dont sound excited. And were going to be up maybe 600 points, do you have any fire in the belly for this . Here is the negative. Weve got technical damage to overcome here. Im excited, but i dont think were necessarily through this. I think were finding a bottom. Thats about as optimistic as i will be right here at the market open. You can rain on this parade, if you like, rob and your he going to be back on the show if youre not careful. [laughter] were watching it all day long and who knows how this will close out. Thanks. Check out apple, please. Its going to rally maybe 6 at opening bell. Is that a buy . What about facebook . Three bucks still way below its highs. Are we looking at a bargain hunters dream here . Were on it. You pay your Car Insurance premium like clockwork. Month after month. Year after year. Then one night, you hydroplane into a ditch. Yeah. Surprise. Your Insurance Company tells you to pay up again. Why pay for insurance if you have to pay even more for using it . If you have Liberty Mutual deductible fund™, you could pay no deductible at all. Sign up to immediately lower your deductible by 100. And keep lowering it 100 annually, until its gone. Then continue to earn that 100 every year. Theres no limit to how much you can earn and this savings applies to every vehicle on your policy. Call to learn more. Switch to Liberty Mutual and you could save up to 509. Call Liberty Mutual for a free quote today at see Car Insurance in a whole new light. Liberty mutual insurance. Eight and a half minutes from now. The opening bell will ring and look where we are going to open. Up, big time. Now, up more than 600 points. Look who is here. Sandra smith joins us. Sandra hello. Fresh off the set from a threehour show. Okay, the china threat behind us, is it . It doesnt matter. Right now Goldman Sachs put out a note and says there will not be contagion that the u. S. Will act independently and see growth and saying that the market is going to go up. The u. S. Stock market, 11 . Ashley yes. Stuart this is from Goldman Sachs . The great Goldman Sachs. Ashley based on what. Stuart come on, you be a reporter. Sandra based on growth. U. S. Growth. Ashley despite whats going on in china. Sandra yes. Stuart well take a 11 gain. Sandra i would, absolutely. Stuart weve got to offer some caution here, up 600 points at the opening bell, but theres absolutely no guarantee that we close 600. Yesterday we lost over a thousand point in over four minutes. Sandra you talk to the average investor and the. An investor shouldnt care where we close theyre looking much more longterms than that. Stuart thank you very much. You can join the thank you. Stuart look where we were roughly 24 hours ago. And as ashley said, down 1089 after five minutes worth of business yesterday morning. Well give you the full story, the updated story. Whats happening now, the rally. Its going to join us in a moment. Obamas not going to let anything pro growth come through. The election is not until november 2016. The president takes office in 2017, its hard to get legislation passed quickly so we really wont have a major change in Public Policy until 2018 probably and theyre right, its just, its a glacial, slow, plate tectonic process. Stuart despite that. Were going to open higher. By the way, that was art laffer from earlier in the show, please remember we start at 9 00 sharp every day. The market is not up 500, but likely 600 points right there at the opening bell. Look who is here. Ashley webster still with us, sandra smith and larry levin coming in from chicago. All right. Lets see now, lee, to you first, weve got a package of measures overnight from china supporting the market. Can we say that the china threat is over . No, you know, with the china thing. China is going to be in the news for months to come. Its a thing that Everyone Wants to blame every time the market takes a hiccup. You have to look at the size of their economy and know that its already priced into the market. I think if you really want to go into it. You can buy china right now. But this is a known known, stuart. Stuart and sandra, you say china is on the sidelines, no longer a threat to the market. If youre buying stocks, that have exposure this china, mcdonalds, yum brands, theyve been hit harder than other stocks because of this. But in youre looking a the broader stocks, s p 500, dont worry about china that much. Look at u. S. Growth and thats what counts. The economy will continue to grow and thats going to fuel the u. S. Equities market. Were tied to china, second largest economy in the world. Whats happening there. Major structural problems that we suspected in china. Its going to come and Ripple Effect around the world and the u. S. Economy. Its dragging down the price of oil and the commodity sector is dying because of china and its going to have a longterm effect. Youre pinning the whole sell yoo of of oil on china . Its a big part of it. Sandra producing more oil in the country and were talking of export it. Stuart we dont want a fight on the set before we go to a 600 point game. At the break and then hes the nice guy when the cameras come on. Stuart were about to come on this Tuesday Morning and then were going to open with the dow industrials up more than 600 points. Please remember we closed yesterday 500 at 158. Were going to crash through the 1600 mark in about 20 seconds time. Start your engines, theyre starting to clap and cheering, i think they sense whats going on here. Theyre happy. Its a horse race, five second to go and youre going to see a nice rally pt isnt that something nice to see. Sandra what are we going to see, stu. Stuart you have 65 61 . 63. Come on, boys, buy something. Sandra the to, have to open. Every single one of them has to open. Stuart okay, okay. Sometimes its difficult to open all the stocks immediately because the buyers buy and sell and the supply. Sandra you know. Stuart were up 154 with 30 seconds into the session, 151. Come on. Sandra just gain. Look at that. 16,020. Stuart im waiting for 69, 167 not even a minute into the trading, where is the patience. Stuart am i and thats all green, those are the dow 30 stocks, every single one of them is in the green, has opened and is up. The dow at the moment up nearly 200 points. We were hoping, now were 221 points. Lets get on with it, shall we . Lee munson come in, please. Do you think, could you describe some stocks in this market as a screaming buy . Yes, and theyre not the ones you think. Youre going to have to buy the ugliest stuff nobody wants to touch. Exxonmobil, chevron in the oil play, big integrated oil companies, not accessing the price of oil, but certainly are priced that way and then get the commodity plays like Freeport Mcmoran and has to sell to china and people are freaking out. I would avoid apple or young yum brands or things in the news. Sandra that nobody wants to touch . Did you see jeff green billionaire investor told liz claman in the middle of facebook he is a dramatic selloffs hes buying 100,000 shares. There are people waiting to buy these things. Yesterday, not today. Stuart i want to look at the stocks that had been beaten down. Where are we with apple . Up nearly 6 bucks. Stuart 5 1 2 . 109 were at apple at the moment. And facebook, please, up 4, nearly 5 at 86. Amazon, please, we were down yesterday. Now were 23 higher. Id say a lot of the stocks are 5 roughly, but netflix is now up 8 in the very early going and the dow is up 330. Give me walmart, please, thats a new low yesterday. About a buck right now. Stuart buck 32, 2 65 walmart. Procter gamble, up 3 there. Exxonmobil, now theres a beaten down guy, up, go. Sandra you hit a bunch of technology names. Look at the three major average, dow, s p and nasdaq, nasdaq is by far the biggest winner. The 3. 4 pers, dow is 2 . Stuart that tells the story. S p up 38 points, thats 2 . Nasdaq the biggest gain, 3 higher. Up 142 points, you dont see that often there, do you . The another big win, best buy. Right now were looking at best buy to the upside. 12 chain in profits and the stock is up a whopping 17 . Yeah, you heard me. They saw sales of appliances, televisions, phones. What didnt sell were the tablets and they also saw great online sales and jumped 17 higher traffic. Apple 23 dow points and ibm 20 and j. P. Morgan. And some people are calling and want yesterdays prices. Can you buy me apple at 100. And you missed it, you missed it, you know . But be thankful you didnt try to get in and what if we went the other way, right . Well said. I must contest to being disappointed the dow is only up 330 points. I was pretty confident looking at the futures indicating maybe 5 or 600 point gain. So i just said that is this turnaroundtuesday . I dont know. Stuart coming up at 5 39 eastern time. This was yesterday at precisely this time yesterday, 9 35 a. M. Yesterday, we were down 1089 points and 153. And 1300 points. Stuart and were the a come on, im disappointed here, what a difference a day makes. Is that correct, lee munson . I love it. Yesterday what i was doing for most of my clients. You want to rebalance. If so if you have a 5050 mix between stocks and bonds and down to 45 in your stock. Sell some bonds or we were waiting for this, and you either rebalance and then take a walk and the bar is open. But if you try to micromanage is all week, youre trading, speculating. Stuart youre right, you got it. Now, overnight we heard that china is shoring up its markets. Now, that actually is helping the price of oil to go up, by the way. And we have triplea saying, we will get a gas price plunge by christmas. Larry levin from chicago. Come in, please. My dream is coming true, isnt it . You want that 2 gas by christmas, right, stuart . Im not so sure, id like it, just like you do. If you live here in chicago, youre buying premium gas, 4. 50 a gallon over the last two days. By december many not positive thats going to happen. Make it somewhat of a drop and technically speaking, selling oil around the 40 level. What will happen, above 40 and head back down. So i think that will be a good trade. But 2 gas by christmas, not so sure for you, buddy. 4 gas in chicago, youve got to move. How about the dow is up 360 points, i thought it was going to be up 600, i want an explanation as to why its not up 600. Nicole has the explanation. Nicole i didnt explain why its not up 6 of had,. But i wanted to note at this point, originally when you were looking, some of the dow components hadnt opened. Visa up, nike up 20, and dupont, you should tack that in there. And right now were off the highs and what happens in dow, nasdaq and spf futures is not a direct translation to any equity markets, open cash trading, its not the same. Its an indication, its not a direct translation or assumption. Stuart ive been doing this for 40 years and im not allowed to express a little disappointment its not 600 points . You may, sir. Stuart big names are bouncing back. Ive got to start with apple. Lee munson, are you buying apple at 108 . No, because i tell you what, apple was a volatile stock so we should expect on the updates, its going to be down more than others, up a lot more than others and thats why people should not get too excited because apple is down 10 or 15 points. Thats normal. I would wait later this year to see if we get the ugliness that people have been talking about, because we dont have a lot of growth. So, i think that you dont buy apple now, you buy the index funds and wait and see if we can get specific bad news on apple, not the tide went out and the gain right now is 8 and brought it out of bear market territory. How about netflix, i see that in business right now. Lee munson now, are you buying netflix . Netflix is a different story because right now, i think that netflix would sell off a lot more and we start to see how their Subscriber Base is going to slow down. I think that all of these names like apple and specifically netflix, you have to wait until you have stock specific news. Youre not playing stock specific news and speculating, then, again, you have to go back by the s p and by the dow jones. Stuart show me amazon, i want to see if its a buy. Ashley up about 4 1 2 . Stuart up 4 1 2 , 484. How about amazon, lee munson, tempt with you that . Amazon im interested in, and at christmas season, everybody is shocked that everybody orders online. Amazon put in the category, it might survive this. Stuart what was the last one ive got. Where a facebook this morning. Ashley up 3 1 3 . Stuart up at 84. One last chance to get in there and say you really love it and youre going to buy it. No, game over. Im on facebook ive got to have profits, okay . I am im sorry, i love the service, my wife is on facebook all day long, but i think we have to keep that for degenerate gamblers and let the day traders handle it. Stuart we did suggest caution before the market opened, you know, watch out, the way it opens is not necessarily the way it closes. Ashley thats right. Stuart so im a little disappointed we didnt go up 500 points and im thinking maybe were going to come back down again and volatility soon. Sandra definitely possible. Ashley a gradual grind up higher is better than a volatile jump many. Im trying to look a the optimism for you. Stuart the biggest jump in years . Here we are the dow is up more than 300 points and youre disappointed with the small little move. Thats how dramatic it is. Stuart all right, all right. And too optimistic, were going to get a pop here, but we could get some ugliness, and people need to rebalance where they need to be and dont so disappointed. Stuart all right. More big names this is what the script says, more big names exposed to china are bouncing back. Mcdonalds, yum brands, baidu, the chinese google, and theres a nice bounce, sandra. Ashley we looked at a lot of nice bounces and baidu most exposed up more than 4 . Mcdonalds, yum brands, huge in china. And wynn resorts, in macao, you know all about this, stuart. You big gambler. [laughter] and those that have the money are on the sidelines and definitely have stocks that were on seam. Stuart do you know what my producer said, the s p is out of bear market territory. Are you happy now, stuart. [laughter] no, im disappointed. I was saying we would get 5, 600 points up. A lousy 364. Lousy . No, not lousy. Ill take that back. Europeans im a recovered european, leading the way for reassurance that china doesnt matter. Okay, larry, what say you . As far as china is concerned . Yes. European leaders, hollande came out and said china is not a threat to us, dont worry, dont worry. Whats that say to you . Well, i mean, our politicians try to make everybody feel better and theyre trying to make everybody feel better. It matters, if you were long equities or futures that matter. Today if youre short equities, it matters. I dont know where theyre coming from. If youre an active investor or watching fox business and trading, it matters. Stuart yes, it does. Would you agree with that, sandra. Sandra china matters. Theyre involved in just about every aspect of our economy. Stuart we have to ask later on the program, gordon chang whether these support measures work. I think i know what hes going to say. Josh earnest names blames the markets ups and downs especially on congressional republicans. Lee, a chance to redeem yourself. Who do you blame . I really have to say, republicans, democrats, or the China Central planners have anything to do with whats going on here. I dont know where we got the idea that politicians control the economy. Wall street has been in control for many decades during your 40 year career. I dont buy it. We live in a multinational global economy, and thats the noise we really want out of our minds. The best thing we had is austerity. I think that the republicans helped with gridlock, we havent been spending as much. Thats the only thing that came out of it, and nobody intended it. Stuart ashley, who gets the blame for this. Ashley the administration and the fed. Stuart sandra. Sandra for the dramatic selloff, no one can be blamed, but themselves. Charles payne has been arguing with me for years now how you can buy and own a u. S. Equity without admitting that the Federal Reserve has and youre not just buying apple and management of that company youre buying the involvement of the Federal Reserve, i know you think im getting into the reason i talk about it, its true and charles is saying i dont want people to miss this rally. Theres always a warning out there, theres always a warning and china a now exacerbating the situation. Stuart look at the dow jones average. The fed is part of the fundamental landscape because they control it to a certain extent. I think to say that the fed is not a fundamental, it has to do with your balance sheet. Thats different than the chinese trying to prevent the markets from correcting. I think we always have to say that fed is fundamental. Stuart the baugh is up only 287. We were up over 300, scaling back, 286. Not quite the dramatic bigtime up move that we were expecting, 284 as of right now. Where do we go from here . Can i show you gas prices, please . We are beginning to see a more sharp decline in gas surprises. We were down 2 cents overnight and now were at 2. 57. Can we show a graph of the states, at least one station selling gas below 2. Ashley 12 of them. Stuart there are 12 states according to triplea. Have we got that graphic . Stand by well have that graphic any moment now and show you the 12 states where at least one station is selling at below 2. Ashley mostly in the south. Stuart the National Average is 2. 57, i think thats a plus for the economy and ill say it before and ill say it again. I dont know why youre laughing at me. Were laughing with you. I expected a 600 points. This is not good sign for the markets. And sandra is right, the futures are never a direct correlation to where the cash market trades, but they are a very theyre usually pretty tight and you kind of knew yesterday, based on the futures trading, that would be an ugly open. We knew that. cause we saw the futures continually trade off. These futures were like up and down, you know, in the 400s and i think what you see here is that people are scared about the markets. Listen, im not saying sell all of your stocks, when you have china slowing down and some headwinds maybe in europe, a New York Times article saying that stocks are historically priced higher than over the last ten years and still, you have ratios at fairly high levels. And you have the fact that were going to raise Interest Rates. Stuart well, at some point, yes. Were going to raise Interest Rates. Stuart it looks to me like chinas new measures to support their markets, not helping us that much. The bargain hunters are helping us. Theres not that many bargain hunters. Stuart evidently because were only up 300 points. Markets base not on pure rationality, but they move on greed and emotion. George soros wrote a book on this. I know you dont like george soros. Stuart who said theyre not going to raise until next year. A and if the i just worry that if the fed doesnt raise rates now, theres got to be talk about this, do they have, just in case the economy goes into the you know what next year, do they have anything to fight back with . If they dont i just always, as a former trader, i always look back at history as an indication of where things are going and that note from Goldman Sachs did that. Goes back to 1998 when the u. S. Equities rallied and ignored largely the asian crisis. Hes calling for this to happen, saying s p 500 is going up 11 by year end. Stuart rob, come back in again, please. I unfortunately dismissed you by saying you werent enthusiastic and had no excitement or fire in the belly. Maybe you were right because were only up 300 points, are you vindicated . Well, i guess im vindicated and i want to build on something that sandra just said. From the standpoint, look back at history and back in 1998, we had the problems with the emerging markets. Emerging markets have never dragged the developed world into the recession. That would be the tail wagging the dog. If happens the reverse way, if the developed world is slowing down. That gives the emerging markets a slowdown. I tend to agree, Lower Oil Prices are hurting the world, but a huge boon for u. S. Consumers and thats going to be very much a positive Going Forward. Our viewers are tuning in and watching a pretty good rally and theyre saying, should i buy this market . Should i jump in and find myself a few bargains . And rob morgan, your advice is, not yet, is that correct . No, i was talking about today, stewart, i think weve got to find a bottom. Lee munson gave good advice earlier to rebalance your portfolios. If youre underweight equities right now, sell some bonds, buy some stocks. Yes, thats a great way of buying low and then you can sell high. Whats wrong with some dividend stocks . Whats wrong with that . Youve got that, too. And dividend stocks are problematic, got hit hard. All of those low volatility etfs, those got hit hard. I think you have to go back and not focus on the dividend because youve got yield players in there and i think that the Interest Rate play just like ml ps and reits. Stuart i think we just froze his video right there. Ashley yeah, a finish. Stuart all right, look, the dow industrials are up 300 points, were going to leave it there for just a moment, take a break and well be back. Is this an unfortunate pause on the upside move . Well see. Back in a moment. Hi my name is tom. Im raph. My name is anne. Im one of the real live attorneys you can talk to through legalzoom. Dont let unanswered legal questions hold you up, because were here, were here, and weve got your back. Legalzoom. Legal help is here. But it is not the device mobithat is mobile, it is you. You are looking at can you spot the difference . No . You cant see that . Alright, lets take a look. The one on the right just used 1 less fuel than the one on the left. Now, to an airline, a 1 difference could save enough fuel to power hundreds of flights around the world. Hey, look at that. Pyramids. So you see, two things that are exactly the same have never been more different. Ge software. Get connected. Get insights. Get optimized. Yup, were constantly making thinkorswim better. Here at td ameritrade, theyre always working. Like a custom screener on your desktop, that updates to all your devices. And you can share it with one click. Wow. How do you find the time to do all this . Easy. We combined every birthday and holiday into one celebration. different holidays being shouted back to work, guys i love this times of year. For all the confidence you need. Td ameritrade. You got this. You know, were not used to this. Were used to seeing the dow go up and down and up and down. What have we had . Stability. Up 300 points. Thats where were at 311 points, i dont know where were going. Apple maintaining its gain 108 on apple. Visa, beaten down stock, now up 2 and visa is at 69. Were talking bounce back stocks. Ashley netflix nicely above 100, 103. 59. Up nearly 7 that is. Not bad at all. What else have we got. Weve got Energy Sector for you. Exxon, nicely up and i will point out that the gains are somewhat modest compared to the bounceback from others. Halliburton up 47 cents and trans ocean a quarter and oil, by the way, is up just a dollar todayment under 40 a barrel, 39. 26. So the gains were seeing back in the Energy Sectors, theyre gains, but modest. Stuart the Energy Stocks are beaten down the most. Theyre really not coming back . Exxon hammered as well, and thats coming back nicely. Stuart the nasdaq, the home of the technology companies. Ashley took it tough. Up today nearly 3 . Stuart thats nearly 3 for the tech heavy nasdaq. Ashley exactly. Stuart were seeing a nice rebound, maybe not as much as youd like to see, but. Ashley maybe stability isnt such a bad thing. Stuart i guess not. We got used to the up and down and excitement of the wild ride. It seems unusual that were sitting on a gain of 300 points and thats now its 290, now 289. Next case. Will he or wont he . President obamas press secretary drops a hint that joe biden might launch his Campaign Soon and might get a big endorsement from his boss, sorry hillary. Tech has been beaten down and some of our favorite companies, we cover all the time. Theyve got interesting stuff, as in products coming down the pipeline. We have the editor in chief of one of the top websites. Hes going to break it down for us. What have these Companies Got in the pipeline . Big deal. Second hour of Varney Company is about two minutes away. Usaa makes me feel like im a car buying expert in no time at all. There was no stress. It was in and out. If i buy a car through usaa, i know im getting a fair price. We realized, okay, this not only could be convenient, we could save a lot of money. I was like, wow, if i could save this much, then i could actually maybe upgrade a little bit. And it was just easy. Usaa, they just really make sure that youre well taken care of. Usaa car buying service. Powered by truecar. Online and on the usaa app. Tree into well, it looks different on wall street today. A 290point rally. What a difference 24 hours makes. Bigname tech stocks are rallying. The editorinchief of one of the biggest tech websites will come tell us whats in the pipeline. The Product Pipeline behind tag. Some drama among the democrats. President obamas press secretary have had a bite and run and maybe an inverse and for the number two from the number one in over hillary. This is the best was on her chin up and seen in some time. Varney company hour to start straight now. This is a rebound, but its not as strong as i thought it would be. A rebound from the byblos yesterday. Is china still a factor . Lbl financial joins us right now. Overnight the chinese came in with support measures for their stock market. That is apparently so china is no longer a threat to us. I think it is a reminder china has a lot of capacity to do more monetary easing. The chinese authorities realized evaluation is the best way to go any further rate cut would be needed. Its the fifth time china has cut rates. They lost the capacity to realize china has a long way to go. They have a lot more dry powder to boost their economy. Stuart i see that our 300 points right now. The futures indicated five or 600 points. Why are we up to 90 as of this moment. Im a little disappointed. Are you . Not entirely. Have to see it up after a couple volatile days. Type of negative sentiment is on the markets yesterday doesnt evaporate overnight. Its extremely rare to get the quick bounce back like we had october last year. We think the market needs more data before recouping losses. We think this creates an opportunity longerterm. This saturday we will hear from stanley fischer. Mike indicator confirmed. Stuart are you buying now . Are you telling your clients get out there and buy. We are a buyer. We buy more of the economically sensitive areas so Industrial Centers of our discretionary Sectors Technology in the fixed income market looking at factors like high yield that have been punished over a bad confidence in the fundamental data. Their pocket value. Stuart lives just joined us. Im saying im disappointed. I was looking for 600 points. The 300point is sweet. You negative nelly. This isnt Varney Company. This is common sense. The oil stocks, energy and mining in the United States will be sandstrom by the dollar. Look at the whole cell number come in right now. The question for wall street, where stocks are impervious to china. Weve got builder confidence at 2005 levels. Existing home sales at 2007 levels. Housing is recovering pretty nicely right now in the u. S. Economy. Sure into we are building at the median price for homes is now 285,000. Ashley Consumer Confidence number jumping to 101. 5. Second highest number since the recession. That is up. A big number. We are still on the 300 points on the dow industrial average. Dream for us because the big oil players. Barry manes. The great rallies from apple to netflix. Im not saying that it can to the Broader Market. Youre right. The day is not over. Stuart why am i disappointed . Liz you want go, go, go. Came into the studio this morning next acting up for a big rally. It is dead flat, holding a 300 points. The guys i talked to steve garage sale prices and they are buying. Stuart why is the doubtful layout anthony, are you still there . I am still here. Theres an opportunity here. They have to be pleased with the reaction weve seen today after the downturn. The long term. Corrections are part of the market. Weve forgotten over the last four years. Take a longerterm view and take advantage of the divide and set your goals for the longer term. Stuart get that message out. Not enough people are listening to you. The housing numbers, wholesales that are existing. Thats 90 of all sales at levels we havent seen since 2007. Homebuilder confidence home sonatas doing very, very well. Stuart is not enough to put under the floors 16,000 . To think weve got a flaw there. We are finding a floor. I am a first in the the end of the volatility. The jobs report on september 4th took some time to play out. This is a longer opportunity. Weve shaped one entire point of the p. E. Its time to step up and buy for longerterm investors. Stuart that grasso used to run the the New York Stock Exchange spoke to Maria Bartiromo this morning. Listen to what he said about these wild markets earnings. Take two aspirin and call your broker and six months. This is dancing with the elephants going on right now. What people are forgetting is china is not in a depression. They simply ask. Stay shrinkage in the gdp from 10 to 5 . What we love to have that in the United States. Liz when you consider the shanghai and tax, it is still a 34 versus a year ago. Of course that is helped along by the china government and the surprise of the devaluation. To put it in context is interested to say chinas not in a depression. Dont move in and out. Take two aspirin, sit back. Theres longterm later on will have gordon chang on the show. He will pass to vent on the new measures, specifically the low Interest Rates. The time in nine months. They told the banks who have take money. Get out there and make loans. The liquidity furnace in china are moving into this september, october season that is usually a slippery rise. Stuart we know that one. Looking at individual stocks. Up to 84 on the dow. A 2 gain. The setback is asked in nine. Aspirin donald and 94 a share. Kfc parent do an enormous amount of this in china. I think thats the organization to be doing business in china. They are susceptible to much happening there. Alibaba would call the chinese amazon. They broke down below their ipo price just as twitter did. Stuart seems to me people are buying really beaten down stocks. Theyre not carry them anywhere to the level they were 10 days ago. Check the price of oil. Where are we now . We are at 3913 come is still a ways from 40. Drivers rejoice. The price of gas down to send overnight. 257. Aaa says 12 states have at least one gas station and regular gasoline for less than 2 a gallon. All of those states concentrated in the south and southeast southwest it said. Today cme, jeff flock is there. Whats going on. I think it has come off the high for the day. We are now organized 16 emanates from the top seen the top for the day. It is now leveled off and began the comeback down again. Supply and demand issues independent of the market is what is wrong to drive oil Going Forward. If you check the gasoline futures, those are down again today. Gold and silver in terms of commodities are down but most Everything Else is out. I think it would be a benefit to the economy Going Forward if this continues. The gasoline price in oil price. Thank you so much. They have been calling me negative nelly on the show this morning. So ive got some positive news. Dow stocks of the big turnaround compared to yesterday. These are today charts. That is about 250 as of right now. United health. It went down. Now its come back a little bit. Show me cisco, please. I know thats a bounce back stock. Chevron. Not a huge bounce back. Update dollar and 73. After that it was down 5 yesterday. Exxon is pretty much the same story up a book after a whopping great job. Modest gains at bats. Liz if they were a major czar as we said. Stuart okay, see you are right. Liz not to be like that. I just wanted to get some clarity. Trade to the clear stuart varney, nelly. The broadbased stock indicator will be up 11 by the end of the year. The dow industrials are currently have, but only 278point. Got it. Starbucks is hoping kindness will keep their investors happy. Lorin simonetti explained that he had if you and your 401 k account and bad days, are of excellent perky about his starbucks eeo howard short tells the Financial Market volatility combined with great political and certainty at home and abroad will undoubtedly have an effect on Consumer Confidence. The recess, be nice to our customers. Go get your lot in with a smile. And then some. The Cheating Website Ashley Madison offering a 377,000 county to anyone with information about the hackers who leaked confidential come embarrassing information about the site. The breach may be tied to recent suicide than extortion plot. As you are preparing for last summer cookout, look at that eve. They have discovered a call late in the area and all 300 packages of ground beef that tested. Most of the contamination was found in beef from cows treated with antibiotics. 80 tested positive for at least two types of back area. Message, well done. I suppose too rare. Random samples across the country all tested positive for at least some type of back eerie. Liz you dont want to touch it with your bare hands. The question is can you couldnt get out of it. Stuart 5 00 eastern time every morning, lauren, sandra, nicole. It is called fbn am. The market up 300 points. Weve got a new call with economist painting a bleak picture of the economy. Not much growth. We will be back in just a moment. Stuart well, look here. We are up a bit more than we were. 354 points. 29 of 30 dow stocks. Basically unchanged. Look at this guy, please. Up a nice 15 . 15 , 4 a share if netflix should be a nice gain. A percent higher at 104. Liz claman is here. Ive been disappointed. We were supposed to be a four, five, 600 points. Liz according to him. Listen, stuart, we have our declawed back to end the third 8 of yesterday. What the market needs to do is wait. Heres a couple of them said that they dont exactly. You start to see some movement and whos not. In the last halfhour of trade people change and move. You cant really judge from this pathetic. Tree into a bow is inside baseball. What do traders know about the last halfhour . Our viewers dont care about that. Waiting the whopping bounce back and only got his 350 points. They are disappointed and so would my. They are all part of the herd and what matters when the final closing of ranks. He cant count out the next several hours of what headlines come through. We were waiting for china to intervene. They didnt until late last night. Stuart after the market close, before market open. That wasnt good enough for 600point rally. Come on, we are not used to this. The last three or four trading sessions we sat here as the dow has gone up and down. It was exciting. Today we go up 300point we are holding. Lets talk about the average investor. A lot of the online brokerages charted to report they were climbing to a difficulty lodging because Trading Volume spiked 230 . Thats one of the worst things that could have done. If they were trying to buy they didnt catch the bottom. A very rough market and some people give the best advice. Dick grasso said yesterday that type and wait until things shake out. We may come not even by the end of the week. Stuart i want our viewers to get in there and either sell. During a the commercial break, said alive. [laughter] stuart and other big loss for the china stock market. We have news china is trying to prop up the markets again with a big support package. Dave gentry joins us. Chinese say theyll cut Interest Rates and make the banks make more loans, get the cash out into china. Do you think thats enough to take the china threat off the table for a market . Yes, i do. 42 million Small Businesses in china says some of the policy cuts for small biz is mean its easier to Access Capital of less red tape. Youve got to keep it strong and the Interest Rate cut but the reserve requirements for some of these banks. Making sure they follow this money into this dollar businesses. Stuart so it is a plus. We like that. I want your take on what donald trump had to say about china. Just listen to this. We are tying ourselves so closely to asia and in particular to china but this is trouble for our country. Not only have they taken our jobs and raised in manufacturing, but now they are pulling us down with them. We can allow this to happen and we have to do a bigger coupling before its too late. Stuart you heard that. A bigger coupling before its too late. Donald trump needs to relax, maybe get a latte at starbucks. You cannot disentangle this country from china. They represent 50 of the Global Growth and you cant simply walk away. They also hold 7 of our debt. We also benefit from the cheap goods coming in the country. In terms of intellectual Property Protection and reciprocating on the hacking of corporate and government data, yes. I dont know what he means when he says what he says here. I dont think it makes any sense. Stuart dave gentry, were almost out of time. We appreciate your input on china. Thank you very much. Do you want more of liz claman . She just left the sad that shell be back with a countdown to the closing bell at 3 00 p. M. Today. I will be the last hour of trading today when you get some real market moves. Is probably true today. Ill be getting a firmer as he. Politics has become entertainment. Not because of donald trump. My take on the democrats after the break. This is a great place to work. Not because they have yoga meetings and a juice bar. Because theyre getting comcast business internet. Comcast business offers convenient installation appointments that work around your schedule. And it takes done. About an hour. Get reliable internet thats up to five times faster than dsl from the phone company. Call 8005016000 to switch today. Perks are nice. But the best thing you can give your business is comcast business. Comcast business. Built for business. Great time for a shiny floor wax, no . Not if you just put the finishing touches on your latest masterpiece. Timings important. Comcast business knows that. Thats why you can schedule an installation at a time that works for you. Even late at night, or on the weekend, if thats what you need. Because you have enough to worry about. I did not see that coming. Dont deal with disruptions. Get Better Internet installed on your schedule. Comcast business. Built for business. Stuart we will talk to the editor in chief of and gadgets coming up on the showing european leaders reassure investors things are going to be just fine. Our leaders, the white house blames the republicans. Digital politics editor will join us at 11 00. Politics has become a spectator sport. Is entertaining. I am not talking about donald trump and the republicans. Look at the democrats. That is really entertainment and im not talking about hillarys emails but triangulation, obama, clinton and joe biden. There is an intensely 3way struggle for the partys nomination. It is fascinating. Hillary is in trouble, sinking in the polls, voters find her on trust worthy, democrats worried. The queen may not win. They look for someone who can. Bernie sanders, no way. Martin omalley, not a prayer. What about joe biden . The new great hope for salvation. He wants up democrat to win and who will maintain his legacy. Hillary or joy . The dance begins. A top obama staffer joins the Joe Biden Committee meeting with senator warren, new arbiter of democrat taste and the president s spokesman appears to endorse joy biden. He says the president is aware of the vps attitude for the top job. Was that an endorsement . As of this morning clinton is so worried about joe biden that she has left her vacation mentioned to get back on the campaign trail, joy is talking to donors and the president has to wonder if he has made the right College Democrats are split and so are the republicans. Is all being played out very publicly. That is entertainment. When a moment spontaneously turns romantic, why pause to take a pill . And why stop what youre doing to find a bathroom . Cialis for daily use, is the only daily tablet approved to treat erectile dysfunction so you can be Ready Anytime the moment is right. Plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. Tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in Blood Pressure. Do not drink alcohol in excess. Side effects may include headache, upset stomach, delayed backache or muscle ache. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. Ask your doctor about cialis for daily use. Insurance coverage has expanded nationally and you may now be covered. Contact your health plan for the latest information. Stuart you know the opening rally is losing a little steam. We were up 350, now we are up 257. Look at the biggest winners today, best buy, netflix, biogen, and other big winners in the s p 500. Some really big winners, best buy in particular, there are losers, energy and mining stocks among losing issues today, newman of mining, mining stock, chesapeake to name a few, they are down. When you look at percentages you know it is not that bad, chesapeake down a fraction. I want to move on to politics, entertaining action, drama among the democrats, listen to how josh ernest responded when asked about possible joy biden run for the presidency. The president indicated his view that the decision he made to at joy biden to his ticket it was the smartest decision he ever made and added joy about joe bidens aptitude for the top job. I would not will not the possibility of an endorsement in the democratic primary. Stuart he would not rule out the possibility of an endorsement. Daniel halpern is with us. Welcome to the program. Come on camera please. I will interrupt for one second because i have news, hold on a second, i have news from his on the joe biden campaign. A spokeswoman for john edwardss campaign. A lot of Campaign Experience and has held Senior Media Communications roles in the white house. Stuart are you there . You heard that. Amazing news. No reason to stop him from running except if he is worried about embarrassing himself which never prevented him before from running so i think he will run and i think the next big news is defection from the clinton camp. You have a great rollout, wonderful almost endorsement from the white house, you need to hire somebody away from the clinton camp, that would be huge. You talk about how entertaining the race is still will get more entertaining. Joe biden camp from the white house is competing and sparring with the Hillary Clinton camp from the state department and theyre trashing each other, you cant wait for that, on the republican side. Stuart listen to this, a new poll just out, 46 of voters says she should suspend campaign. And they are resolved. With pressure, 46 think she is suspended that is extraordinary. It is extraordinary, most republicans, i would be curious to know how Many Democrats believe she should suspended. Another poll in new hampshire, joe biden is not holding this poll, Bernie Sanders at 42 , Hillary Clinton and 35 , Bernie Sanders is winning everybody from very liberal to moderate on the democratic side except seniors. Hillary clinton is being done with seniors but Bernie Sanders, nearly 74yearold socialist from vermont is winning the young vote in new hampshire. Even without joe biden is a crazy race. There is more action than people and giving it credit for. You have the state department versus white house dynamic. It will be great and really pays room for other people to jump in. Stuart you wrote the book about the clintons. You know the campaign from the inside. Would you say the Clinton Campaign is in panic mode . Not quite yet. They are anxious i think but they dont believe she is up at sea, she wont just roll over, she is going to fight and they have structural advantages that are important not to gloss over. They have a lot of money and the huge organization they spent the last couple years working on. I think that gives them a lot of advantage joe biden will need to catch up with some on. She is not able to garner the crowd enthusiasm that even Bernie Sanders is able to do. That is a problem, you have things coming wrote that make her strong despite her weakness. Stuart do you think senator Elizabeth Warren is on Hillary Clintons side or is she going to go with Vice President joe biden . A couple of years ago all the Democratic Women in the senate wrote a letter saying they support Hillary Clinton for president so why is she meeting with joe biden before he jumps in . I would be curious to ask other senators, other female Democratic Senators what they think of their colleague joe biden. They know him well, they spent time with him in the senate. He is a liberal, faithful democrat who has gone to war with these people for a long time, i will be surprised if they are all willing to abandon him. I expect one or two to leave the Hillary Clinton camp and defect. Stuart a lot of entertainment on the republican side with donald trump but that is trump on the democrat side with his three way dance between the president , hillary and joe biden. This see how this unfolds. Always appreciate it, thank you. You were dying to get in. Liz what if Elizabeth Warren, two things, millennials and unions, that is where Elizabeth Warren has a huge presence so she could bring that, Elizabeth Warren, Vice President for joe biden, joe biden if he won the election is the oldest president to win the presidency. Stuart put that poll on this green. 70 of the economists believe growth will not be better than 3 through 2017. Pretty dismal, nearly 3 dozen leading economists saying 70 believe Economic Growth is going to be weak. They believe 58 believe wage increases will not pick up and hiring will drop off at the current rate. We have no reason for optimism that the economy is going to accelerate. The real question is when is the next downturn coming . There you go. Stuart not very encouraging. Check the big board, now we are 250 points. I am disappointed with this rally. I believe we are going to go straight up. I thought calling it what . Liz he won it all. Stuart i know that young lady is called varuka in will be wonka, what you dont know in america is that is a british neem for a planters work. To call a young lady that is a very unkind thing to do. I got mine 10 on the screen fair with her. Liz you learn the most interesting thing on the varney and common sense show. Bernard i wanted at the rally and didnt get it. Come john in, mark, you dont know what is going on. This rally, are you saying sell into this modest rally . If we get the of a route that rally you could sell into it. If it runs up very rapidly here, markets dont bottom that way. Then you sell into it similar to the flash crash in 2011 after a thousand points up a thousand points, that was a great opportunity to sell short and went to lower lows and the market was able to bottom. Stuart are you saying this market turmoil which is largely to the downside for stocks is not just a passing thing. We wont get over it quickly, the start of a longerterm downtrend. Is that what you are saying . There is too much damage shortterm to have this correct itself, a few days or a few weeks, best Case Scenario will move sideways for a while and build another base. The worst Case Scenario is we could be entering a new bear market. Stuart where do you come down on this . We will definitely correct for a while and i dont thing we will come roaring back and everything will be okay. We have huge volume and by contrary point, the market will rally a little bit. If we dont rallies that shows the market is unable to stage any rally and that is more of a negative sign. Stuart that is what i want to hear. Our viewers want solid advice. Maybe this, maybe that. You are being clean cut. You are saying any chance you got, sell, get out of its. That is what you are saying. I would sell into rallies. There were a lot of signs the market was rolling over, but if you had not gone out already i would not only sell into this rally but if we rally sharply, i would shorten the market and opportunity to make money on the downside. Stuart we like cleancut, well expressed opinion and you gave it to us. Thanks very much indeed. Now we have the sector reports. There are some retail winners, that is a sector we are looking at. We start with nordstrom, walmart, macys, polls all of those in the retail sector, they are very nice winners today, one or two Percentage Points up. The market is up 300 points. I confess to being somewhat disappointed. We are up 308 and holding right there. More on the market in a moment. I am Nicole Petallides, what a difference a day makes, yesterday we dropped 1,089 points, today we are higher with an up arrow, you are seeing green, Dow Jones Industrial average jumped 306 points like we saw yesterday, read everywhere. We are seeing green everywhere except in the vix, the volatility index, which sustained a one pager 18 , gained 35 yesterday, today a reversal, taking a breather down 21 . Volatility index is volatile. Look at the dow leaders, jpmorgan, disney leading the way on the Dow Jones Industrial average, 5 , 108 and a low point, 92, jpmorgan sold at proctor and gamble, winners there, ten sectors, information technology, consumers and financials leading the way. Lauren simonetti, sandra smith and i kick it off. Which can make it hard to get air in. So i talked to my doctor. She said. Doctor symbicort could help you breathe better, starting within 5 minutes. Symbicort doesnt replace a rescue inhaler for sudden symptoms. Symbicort helps provide significant improvement of your lung function. Symbicort is for copd, including chronic bronchitis and emphysema. It should not be taken more than twice a day. Symbicort contains formoterol. Medicines like formoterol increase the risk of death from asthma problems. Symbicort may increase your risk of lung infections, osteoporosis, and some eye problems. You should tell your doctor if you have a heart condition or high Blood Pressure before taking it. Grandfather symbicort could mean a day with better breathing. Watch out, piggies child giggles doctor symbicort. Breathe better starting within 5 minutes. Call or go online to learn more about a free prescription offer. If you cant afford your medication, astrazeneca may be able to help. Stuart it has been a narrow stalk, i am pouring cold water. We will bring this back. Can i explain this please . The top headlines, of a rout the assault is the name of that young girl in vote will be wonka and the Chocolate Factory movie. When she doesnt get what she wants she stamped her little feet just like you. I did not do that. My Editorial Staff is saying i have been stamping my feet because i didnt get a rally. I have little of the rally but nowhere near enough. Dont call me that. It is bad for the ratings. Look at this, look at the share price of chipotle. There are 4, that is the mere 0. 5 . They are planning at one day hiring screen, they will bring in 4,000 workers on that one day, attract them with special deals and, elizabeth macdonald, the deals are what . Liz paid sick days, a paid vacation days, Tuition Reimbursement and 401 k plans, every store on september 9th will be hiring, looking to hire 60 people. They will interview 60 applicants and they want college graduates. Stuart are they over all going to hire 4,000 people . Liz that is the target. They want college grads. The majority move up to the managers, 95 of entrylevel workers. 6figure bernard give me that number again. 95 is the word. The managers promoted from within and move up the food chain and become managers and higher level of. Stuart so they say you have a good shot at a 6figure salary, come on in. Those gas prices going down are popping the. Stuart hiring strategy, that works for me, not the i am looking for jobs there. Markets are rallying here, big loss overnight. In china the shanghai market was down 7 after they closed trading their china came up with its own big new support package. They will cut Interest Rates and tell banks keep less money in the vault and get it out there. Here is author of the coming collapse of china, gordon chang. What do you make of this supposedly big support package. They have done this before, they had four previous cuts in the benchmark Interest Rate since november. They had three previous cuts in the reserve requirement ratios since february and it had no appreciable effect. Monetary stimulus has not worked for themselves i think this is good in terms of public relations. We will eat it up but in china i dont think it will have a real affect, fundamental lack of demand. Stuart demand for good services. Stuart this is designed to prop up the market as opposed to the economy. Eventually the market does follows the economy and if the economy doesnt do well the markets will have a problem. Stuart you are still saying they are not growing 7 , maybe 2 , maybe less than that. Absolutely. Also saying in a couple months from now, we are going to have even lower growth. We will be at zero or contraction towards the end of this year. Stuart Chinese Authority see that and are trying to move against and you dont think will be successful. They are at a corner of panic and desperation. Ashley what measures could turn it around . Nothing. There is nothing they can do except fundamental economic reform which is completely off the table because it is politically impossible in beijing. They can slow the rate of descent and have been doing that for quite some time and are very successful at it but they cannot change the direction of the economy and ultimately they have two decades of recession or recession like stagnation or a 1930s crash. I think it will be the crash. Stuart very good out cue. Thank you very much, sorry it is so short. I really pressed for time. We have a disappointing rally on our hands. Democrats bring politics to the wild swing in the markets. We will tell you what some of the candidates are saying in a moment and president obamas press secretary hints strongly ahead joe biden run and possible endorsement from the president. Sorry, hillary. We will see where camera holders stands in the next hour. Can a business have a mind . A subconscious. A knack for predicting the future. Reflexes faster than the speed of thought. Can a business have a spirit . Can a business have a soul . Can a business be. Alive . You premium like clockwork. Month after month. Year after year. Then one night, you hydroplane into a ditch. Yeah. Surprise. Your Insurance Company tells you to pay up again. Why pay for insurance if you have to pay even more for using it . If you have Liberty Mutual deductible fund™, you could pay no deductible at all. Sign up to immediately lower your deductible by 100. And keep lowering it 100 annually, until its gone. Then continue to earn that 100 every year. Theres no limit to how much you can earn and this savings applies to every vehicle on your policy. Call to learn more. Switch to Liberty Mutual and you could save up to 509. Call Liberty Mutual for a free quote today at see Car Insurance in a whole new light. Liberty mutual insurance. Ashley netflix wants more teenagers tuning in. The New York Times reports the streaming service is focusing on a number of exclusive films and tv series focused on teens. One is holder house, siegel to the 1990s hit sitcom full house. Netflix executives say theres of lead in scripted programming geared towards teens. What are democrat saying about wild swings in the market . Lets co to blake berman in d. C. For that. Good morning. Bernie sanders was the most outspoken of the Democratic Candidates to use yesterdays market selloff as a critique on wall street. Bernie sanders tweeting, quote, of the past 40 years wall street and the billionaire class have read the rules to redistribute wealth for the richest among us. Jim webb had a different take, he posed on his face book page that china needs to be more transparent, quote, this Current Situation reminds us all economic policies are best understood when the governments in vault open practice transparent policies. President obama addressed the issue behind closed doors last night. At a fundraiser in las vegas the president told supporters the economy and Housing Markets are stronger and job creation has been on a rebound. The president blamed the political system for, quote, holding as back. Notably absent from the conversation was Hillary Clinton. She did not have any Public Events and did not use her social media platform to address the market. Ashley thank you so much. Our 3 of varney coming up next. Stay with us. We live in a pick and choose world. Choose, choose, choose. But at bedtime . Why settle for this . Enter sleep number. Right now all beds are on sale. Sleepiq technology tells you how well you slept and what adjustments you can make. You like the bed soft. Hes more hardcore. So your sleep goes from good to great to wow only at a sleep number store. The time is now for the biggest sale of the year, where all beds are on sale save 50 on the labor Day Limited Edition bed. Save 50 on the labor Day Limited Edition bed. Know better sleep with sleep number. Everyone has been playing the blame game. Wall street wobbles and the finger pointing begins. The prize for the most bizarre, farfetched, and perhaps humorous statement goes to josh earnest. He speaks for the president he said it is the republicans fault. He could have laid some blame on china. Or janet yellen Federal Reserve, but no, it is those republicans they just keep blocking the investments that the president wants to make. Let me translate that. They wont let the president spend money. The left doesnt just spend, no, they invest. Spending has a bad name. Investing sound much more wholesome doesnt it . So we lose trillions and it is the republicans fault that would be funny if it werent so, obviously, political spin. Are we really to believe that that the economy is in trouble because were not repairing roads or spending on glorified data . What nonsense. Were in trouble because the president has failed to return the country to prosperity. Worse, he has willingly doubled our debt. We are heavily in debt to china, and now were paying the price. You want stability, i will give you stability. And then up 300 points for about an hour. I thought were going up 600 but no up 29 and the dow stocks are in the green. Merck is the only one thats down. There are actually a lot of winners in the s p 500 right now. Look at this list is goes on best buy. Console energy, next screen biojen avon and michael coarse big etion and a best in all 500 stocks. Price of oil below 40 a barrel but up a buck at 39. Market watcher david nelson ask here. Im disappointed. [laughter] im sorry. I thought we were going up 600 points right at the opening bell off to the races all over again. Take a breath. [laughter] calm down. It is a process not an advantage but repair itself in one day. What has changed in the last 48 hours probably not a lot. Other than in china other point to how bad it is that they have to take this action in the firstlation. It is a Good Opportunity for a couple of things. One, as liz had coined the phrase thinkers some of the things you know you shouldnt hold in your portfolio any longer it is a good time when you start to upgrade your portfolio look to buy stocks that had great earnings reports down 10, 15 than they have taken a big correction here. So weed out the bad bsh buy into the good. Take a big deep breath, dont panic. It is going to attack some time. Look, my guess what is going to take some time before we get back to 18,000 on the dow . Probably. I would expect over the next several weeks maybe even a couple of months were going to retest lows once again, you know wait. That jargon were going to retest the lows. Thats pretty bad on that. Do it all over again. Down 151, 152. It takes some time you have to call your losers, and you have to stick with the winners, but look, the conversation is centering around a lot of investors are concerned that this is 2008 all over again. I dont think it is. I think this is probably better analogy of 1998. Asian, we have some real positives in the economy right now. Housing is relatively strong. Housing number missed slightly but relatively good number. Consumer confidence i was surprised by that number. Jobs are reasonably stable so were not at the depths of the crisis that we were 2008 so theres a disconnect between the market and economy. Come down and inch our way back up again. I think that targets are out of reach that people came into the start of the year with, but were getting back. You know what Goldman Sachs this morning. They have this s p would be up 11 from that now, by the end of the year. Thats huge. But that gets us a little bit above the line of the year. Youre not listening to Goldman Sachs whats wrong with you, Goldman Sachs i have my own opinion. [laughter] i do mine. Your advice is good advice actually sell to losers, the rub dont buy into everything today. If you want to buy netflix today bay half. Disappointed. Im sorry about that. Thanks so much dave nelson. Appreciate it. Back to my attack priceless wasnt it. White house blames republicans for the market swings and what is going on in the economy. Look who is here digital politics editor chris, he is with Josh Josh Earnest saying it is republicans fault for all that has gone wrong in the economy and markets. Whats with that . Well, you know maybe its like Walt Disney World and epcot center where you push a button and preeded or recorded statemes whatever comes up, you can say well it is the fault of the republican for not spending more money. If they would have agreed to spend more then we wouldnt be having these problems right now, and administration puts that in on everything. In standard talking points that they use. It is tired, though, isnt it . It doesnt work, and what do you make of this that never stopped us from doing anything in washington. [laughter] what about near of biden that was almost endorsement wasnt it . Hearts are thrumming for biden and the stuff and the idea among democrats that they could have a race. Because it is anto the base of the Democratic Party not only do you have a coronation but you have a coronation to corporatist. They dont believe theyre going to do this and as normings have fallen, fallen and she gets less and less favorable with the electorate maybe we need something else. Wheang the president is doing, though, if i had to guess, if i had to guess, i think net would rather joe biden not run because he needs given the fact that hes executive authority to do so much that he needs legacy to drive up and blow away. But that having been said if joe is getting into the race good for the president in the sense that he can stay aloof from the process and he can have everybody kissing his ring or whatever. That leaves him instead of becoming a lame duck when hillary clinches thomtion. Looks like Hillary Clinton campaign is on the down swing, big time im not going to say it is promising or say this panic there. But this is really serious trouble. When the president of the United States appears to endorse his Vice President and not his former secretary of state. For the very least to come out this kind of a throaty, this all of this happy talk about joe biden and potential candidate city right now is at the very least a backhand to Hillary Clinton who is scrambling to get her campaign back on track. Flat out split you cant go into a president ial election split between joe biden and Hillary Clinton thats a disaster form isnt it . Well, good news for them is Republican Party is still the Republican Party and whatever democrats are doing theyre facing republican field cult 17 ways, with two leading contenders are blasting in the face every day over anchor babies. At least they have that. Youre having a blast arent you . You are. [laughter] we all are because politics has become entertaining. It has become interesting. Im enjoying this. Yeah, why not . This is america. We know better what did will rogers say america has no native criminal class save congress. So we know a Little Something about what to watch. [laughter] our always good. Thank you very much for joining us. Have a great day. Ferlg biggest tech stock could be streaming by. Another who says that but could be apple, a. M. Disob, netflix we want to know what did they have in the pipeline in terms of new products coming on to the market were getting close, and gadget editor in chief Michael Gorman is with us right now. By the way, that qbs is one of the big ones in the web in the technology world. I want to start with facebook. Whats in their pipeline . Facebook has been putting must y into r d and Artificial Intelligence will make better recommendations for people in their news feed those kinds of things and other Services Related to getting people the content that they want, of course theres also Virtual Reality you know facebook bought oculus and youre looking at the oculus risk consumer headset coming out next year that is single product that is going on. Also theres facebook internet. Org efforts. You know, theyre building planes to fly for days at a time to provide Internet Access to kind of parts of the world where thats more difficult. So youre looking at them having a lot more users potentially in the near future. Just by virtue of building out this kind of internet infrastructure. Im on the outside of technology. But would you as an insider say that facebooks pipeline is very strong . I would say that it is right now, theyve got a lot going on. I mean, i think you dont know exactly how it is going to manifest. Buttening that road map makes a lot of sense to me in terms of adding more people, getting them more things that they want to see, you know. Lets move on to amazon what do they got in the pipeline . So amazon is really pushing into content i think is one major thing their video, kind of paying for more shows they actually just picked up the top guys. So theyve got interesting content things happening so they have the amazon echo which is a purge assistant that has been well received thus far, and it is going to make it easier for people to access amazons content services anded or ordering stuff too. Version it was a cool and entertaining gadget if i can call it that. Thats in pair pipeline out there pretty soon i think. We liking it around the set here. Move on to netflix. When i think of a netflix pipeline im thinking of original content and a programming, is that what i got coming up . Entering into a new segment for them interesting to see how those films can do. Last one, apple, we con stantly speculate about their pipeline iphone 7. Apple car, apple tv, can you tell me anything else that theyve got coming up in their pipeline that i dont know about yet. Rumoring about a larger ipad like a 12 inch version which i think we could see, of course, certainly the new apple tv, theres also, of course, a a Tv Streaming Service that i dont think were going to see that this year. But theres certainly been information out there saying that apple is trying to negotiate dealing with providers to provide kind of an online streaming Video Service that provides channels unlike sling tv. The idea of a big, bigger ipad thats intriguing. I think i just heard that lanovo has a much bigger pc, in fact, heavier, and it is bigger. Is apple responding to them for he knows sake . I dont know about that. Theyve gotten feedback they brought out the ipad mini were people were hoping to have something smaller. Other people say they wish particularly in a corporate environment wish they had a larger ipad so i think it is much more response to that you know assuming that thats actually in the pipeline. Rumors that are floating around. Seen things indicating that it is coming i think thats where it can be most popular like document review. It will handle that a little bit better. Michael you are a techy. I hope you dont mend me calling you a techy you love it i know you do. The companies that weve gone through amazon, netflix, facebook, apple which company do you think has the most exciting pipeline for techies . I think facebook because theyre doing interesting work with ai and, of course, with rr and oculus thats intriguing to me and wiring up internet. Theyre using really Cool Technologies to build out that as well. I want that without the seasickness. [laughter] thats right Getting Better every time i see it, it gets better. Michael thank you very much for joining us we appreciate you being with us. Thanks for having us. Joe biden getting close tore a possible run in 2016. Now white house is chiming in, hillary must be getting worried. [announcer ] what if one stalk of broccoli could protect you from cancer . What if one push up could prevent Heart Disease . [man grunts] one wishful thinking, right . But there is one step you can take to help prevent another serious disease pneumococcal pneumonia. One dose of the prevnar 13® vaccine can help protect you. From pneumococcal pneumonia, an illness that can cause coughing, chest pain, difficulty breathing, and may even put you in the hospital. Prevnar 13 ® is used in adults 50 and older to help prevent infections from 13 strains of the bacteria that cause pneumococcal pneumonia. You should not receive prevnar 13 ® if youve had a severe allergic reaction to the vaccine or its ingredients if you have a weakened immune system, you may have a lower response to the vaccine. Common side effects were pain, redness, or swelling at the injection site. Limited arm movement, fatigue, head ache muscle or joint pain, less appetite, chills, or rash. Even if youve already been vaccinated with another pneumonia vaccine, prevnar 13® may help provide additional protection. Get this one done. Ask your healthcare professional about prevnar 13® today. Oh, will you look at this. Maybe i shouldnt be as disappointed as i was now up 400 points. All right 395 ill take 400 please. Price of oil approaching 40 dollars barrel. Well 39. 50. Jeff flock give me the latest on all. But im interested in the price of gasoline. Ferlg well first oil of salt in the oil pit are also somewhat disappointed here today. They were hoping to get above 40 and likely to trade below 39 dollars before it is over but it is to the positive on the subject of gas prices i spent yesterday by the way out at that refinery i was trying to get to talk to you, but you were busy with the Broader Market that refinery in indiana that is shutdown, bp refinery, the rumor is that theyre close to getting that restarted that would be great for gas prices. Take a look at the picture of gas prices we see that dividend come in and price of gas begin to come down, and just point of reference, the average household uses 1200 gallons of gas a year. A dollar less than it was last year. Thats 1,000 dollars in peoples pockets. Thats got to be good for the economy. Well said jeff flock thank you very much indeed rurnl to the story momentarily, but now. All right now were up 3. 93. Yesterday White House Press secretary josh earnest addressed the possibility of a joe biden president ial run. Listen to this. The president indicated that the decision that he made seven years ago now to add joe biden to the ticket as his running mate was smartest decision he ever made in politics. I think tharkd give you some sense of the president s view of Vice President bidens aptitude for the top job. Endorse joe bide biden Hillary Clinton . I wouldnt rule out the possibility of a primary. Fox news contributor and [inaudible] of course. Face reality. The president really wants joe biden to run. Joe biden probably will run, and he will split the Democrat Party and youve got a problem. I dont have a problem. Because democrats are going to win. So theres no problem. You have the problem. But the issue i will address the issue. The issue is that democrats are, obviously, very concerned about Hillary Clinton. To say the least. On the statement of the decade. The least theyre concerned about Hillary Clinton and shes not likable or trustworthy in the polls but look heres the guy who has had experience, reelected six times in the senate elected at age 29 in 1972, he was chairman of the judiciary committee, of the Relation Committee and relationship overseas. Were talking about iran and china today, all of these Business Issues that you talk about that Hillary Clinton doesnt seem to really be very good at. You left out the best part of that that clip. He actually made ernest made a clip or a comment about hillary orb not being a good secretary of state Something Like that. They did. Down played her role. The success therein. It was a jab, an important comment. President obama is going to decide who he thinks can win if he thinks Hillary Clinton can win, hell back Hillary Clinton. If he thinks joe biden could and hell back joe biden because he wants democrats to win to preserve his legacy so hell choose according to who he thinks will and, and at the moment hes definitely moving towards joe biden as hillarys problems increase. Who wouldnt . Youve got to alienate yourself from somebody who is losing question is all of these bundlers if you will, theyre concerned to get into late, and theyve signed on with hillary nobody expected that these things were going to happen so youve donated all of the the money to hillary. Now all of a sudden oh, boy. Now look at this we have a new poll, lets see a new poll that shows 46 of voters believe that Hillary Clinton wait for it should suspend her campaign until legal questions about her pee mail server are resolved. Suspend the campaign. Thats across the board poll republicans were involved in the polling as well. They were asked a question. But 46 says she recollected suspend her campaign. Are you kidding me thats walking away from the campaign. You cant suspend something and then decide to come back you lose all of your momentum and john mccain, i dont think he became president. I dont know, i may be wrong. Does heavy sentiment against Hillary Clinton, within the Democrat Party, within the country as a whole. I think you guys are utterly split and theres a real danger for democrats going into the election. I think she has a major communication problem. She needs to kowment strong, and make some changes because it is the likability and trustworthy factor that is really affecting people because even though it is not a criminal invest just yet or she hasnt been charminged just yet, everybody is like, whats going on with this woman she seems so distant. Youre defensive arent you. That is what you have to be you can see the writing on the wall yet youre pressured here. Do you think joe biden would run if he rubs do you think a 73yearold 74yearold guy can win . Yeah, i think so age is nothing but a number. Prone joe biden. Problems with the Africanamerican Community making that comment about obama being articulate person. Your favorite candidate is donald trump. Mine is not. No brew ka. Lets tab who you want to i dont have a what i want is prosperity in america. And the way to get prosperity is so lower corporate and individual tax rates to get this economy growing. Can we not all agree that the one thing we want in this economy is growth but were talking about three democratic potentially three Democratic Candidates. Not of whom how many do you have 20 . None of those candidates will give me within iota of growth in this economy. Not one. Economy is growing right now. 2 thats not good enough. But that was is anything good enough . No, are you going to come back . Thank you. Were learning details about about Hillary Clintons email scandal, finding out which email set is being probed. The dow is up 4. 34. Get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swifts music videos, interviews, and more. Xfinity is the destination for all things taylor swift. Well we just missed it about 20, 30 seconds ago dow was up, uhoh down it came now up a near 390 but well take it. [laughter] learning new details about one of Hillary Clintons emails that first triggered fbi probe. Cheryl has details. One of two emails that trig ertd the probe. Fox news just getting new details about the first one april of 2011, from huma abidin to Hillary Clinton. Information classified there was information from three different intelligence agencies and that one email from huma to hillary, and every agency has confirmed to fox news that the classified information. If youre an agency, in the government, you know, another agency is not going to say it is classify or not classified they say that was classified information that never stood up in our private server. Why was classified information on that email when shes Hillary Clinton said it was not correct. What is huma doing with classified information and sending it to Hillary Clinton . What is that . What we do note about the email it had to do with satellite images over the middle east and learning that satellite information was again classified by the three different agencies and whatever in that email at one point state department put out under their own website without covering up marking the retracting or redacting im sorry, any i have the lines and that was a breach of within the government but this is one of two. The other dealt with benghazi that was in 2012. Shouldnt have had classified information on her emails. Right. Huma shouldnt have been seeing this stuff and passing it to Hillary Clinton. Uhhuh. An Hillary Clinton said no she had not got classified email information. One to remember is well what is classified. You know thats very debatable, and this email it is not debatable. Something wrong with you. All three agencies classified information that breaks the law financial ferghts white house blaming the republicans for those wild swings in the market. You can bet Charlie Gasparino has something to say about that. Hes next, the dow is now up 404. We live in a pick and choose world. Choose, choose, choose. But at bedtime . Why settle for this . Enter sleep number. Right now all beds are on sale. Sleepiq technology tells you how well you slept and what adjustments you can make. You like the bed soft. Hes more hardcore. So your sleep goes from good to great to wow only at a sleep number store. The time is now for the biggest sale of the year, where all beds are on sale save 50 on the labor Day Limited Edition bed. Save 50 on the labor Day Limited Edition bed. Know better sleep with sleep number. Put him on camera scott is about to make his first appearance on the show today. A fixture on the program for years and years and years. Here he is for the first time. Scott. Im disaa pointed. I want we were going to go up 5 or 600 points on the dow first thing this morning and only 300, 400 at a begs. What happened . I think theres a little bit ridiculous as well. But you know what overnight we had europe recover and u. S. Wanted to follow suit as well as an Interest Rate cut in china to bolster what they have got as a meltdown over there. 8 and a half percent started our u thousand point decline and 7 and a half last night that means we should be up 400 today market is schizophrenic i dont trust it and it is not exactly like october 15th last year when we recovered right away. I think weve got more input than inputs more dier. I dont trust this market at all. Whats the beg problem tell us again youve gone through this on the program and big problem what . Big problem is we have the rate hike rhetoric a dollar that is weakened but as that weakens it should be supporting commodities an they cant fiend any support. That tells me that were in a midst of a global slowdown, and a rate compression environment. The u. S. Cant be the only country even with our economy they say doing as good as it is, it is not doing that well. We cant raise rates right now. I think it is being pushed off and thats telling me also that china cutting rates and devaluing twice last week that they dont think that theyre doing very well. So that is going to absolutely hit pus because if china is about 30 to 35 maybe 40 of global gdp globally come down again. We run the risk of going into a global recession thats the problem so thats what were worried about now. We didnt have that information last october. Okay we hear you thanks so much indeed, sir, the white house used the big selloff to blame congressional republicans. So not allowing president to spend the money that he wanted to spend. Lets play that soundbite again from josh earnest. Theres no doubt that Congress Failing to act in responsibility way to pass a budget and reverse and going to have negative consequences for the u. S. Economy. And in particularly at this time when were seeing so much volatility in economies all a around the gloib it seems like a bad time for an unforced error. Okay, what do you make of that Charlie Gasparino . I would say this someone should have brought this up to them the president was given a free hand back in 2009 and 2010 to do whatever he wanted it in materials of spending he created a surplus package of nearly 1 trillion it did nothing. Thats the real reason why were in this shape. You have to realize fed looks back at the stimulus package saying coming out of the financial crisis one of the fed has to do, it has to keep rents low and print money. Less the feds problem or fault, than it is josh earnest boss. So the president obama came into office and he did not get the economy going. He spent money that did not work and he raised taxes boost regulation but relied on Federal Reserve to fund the economy. I would say this. The fed reacted to his lousy fiscal policy. His fiscal policy, by very, very, very easy money in monetary policy. Thats what happened. The fed knew it was the only game in town. Now what . Will the Federal Reserve raise rates weve had scott on the program. Some time saying theres another money precincting operation coming from the Federal Reserve. Now it is funny no he says that, that is growing in acceptance. Hear about it all of the time. Market watchers that want it. Way down hill. Biggest hedge fund hes a market watcher but hes calling for qe4. You hate that term. No calling, no wanting. Say it q no. Money precincting times [buzzer] do you think youre going to get it . Should you . On a limb if youre saying were printing money. Rage on a limb you have to have a market a huge decline in market. Heres what i would say, stuart, if you when we dont have all of the data yet thats why this is such a perilous time in the market and economy it if it look like china slowdown is going to and a the slowdown asian economies but market and a slow down and somehow affect us, theyre going to do something. You know, they have to do something, they will not janet yellen will not allow Hillary Clinton, the Joe Biden Janet Yellen will not aplow to run without pumping up the economy. Theyll run in the face of a massive recession. Okay listen to this one from a former New York Stock Exchange chair dick he talked to sandra smith on this network talking about Donald Trumps criticism of hj hedge funds listen to this. Lets not get too excited remember the man he sites most often deal with the issues of china and japan is carl icahn. Brilliant investor, who runs one of the biggest hedge funds in the world. Donald trump said that huge fund guy should pay the same taxes as regular income earners that was basically what he said. He wants some sort of scheme that forces him to pay regular income taxes opposed to the tax and sowpgding like guess who, barack obama. Exactly. And Hillary Clinton, and Bernie Sanders i dont know how donald who again preface how hes going to straddle this policy of being left and right and a all over the place on every issue. At some point you need some coherence, and you know, i think one of the problems that donald has and, you know, hes done very well as not the professional politician from what i understand we have no comment about this. He hasnt commissioned one internlg poll. Say what you want about the professional part of running a race but when you dont commission a poll, you really have no idea what voters particularly republican vote rs want. Why the poll seems to be doing okay. This gap will catch up to him. My belief is he went after the hedge punted managers you know what, nothing to do with policy. He knows that jeb bush is supported by a lot of hedge fund guys. And hes getting none of that. You know, he and anthony met yesterday and anthony is supporting him saying hes going to continue to support walker. Trying to hide him off. All right. Thats what this is about with him and hedge funds. While markets are rallying, all good news today. The af put out a poll of economists who see 70 of them say the economy is only going to grow, theyve got less about th over next couple of years in the 2,000 we have heard. Same old 3 . We have heard of this recovery, economic recovery, that is oh, within next six months it is going to pick up. Next couple of years it is going to pick up. Now economists are finally you know saying you know what, no. It is going to be below 3 . And listen to this one step 70 say they thought the economys growth was below the throng run average of 3 till 2017. That is past the election. So thats one big thing that is a negative. Also, wages. Pay raises, not a good number. For the economists. Yeah, saying the same thing that they dont expect 58 think wage increase makes years stuck below below the average which is only 3. 5 for average American Worker. Average American Worker gets a 3. 5 raise. Yeah. Shes said they would suck. Yeah. Is that a flip . No thats a cheryl special. [laughter] telling leak it is. What happens if theres a global slowdown, and there is and china is really slowing down, and it is and affects us here. Slowdown not 2 but 1 or less. What are we doing . What totals do we have our disposal. Government if you have a republican in there, it could get coherent fiscal policy of less regulation and taxes. Now, medium matters attack me for saying Something Like that yesterday. But thats the truth youve been a republican. Republican congress, republican president youll get tax cuts, less regulation, i happen to think thats good. Media management may think that sucks im telling you if you want coherence you put one party in. Thats what the liberals too complaining, you know, all of the jobs are going joafertion, and you know donald trump to his credit, the populous phrase is bring jobs back home. But in a Democratic Administration in this Democratic Administration that has not happened, why because theyre gong for their base who wants tacks raised on evil rich people. That can also hire and billion dollar things in this country. In a fair way. We are dead flat at a gain of 300 350 point. You cant call that dead flat with ill give you the 5. Hour of trading. Were on the end stock issues. To pay some bills. Take a commercial break. Back in a moment. Can a business have a mind . A subconscious. A knack for predicting the future. Reflexes faster than the speed of thought. Can a business have a spirit . Can a business have a soul . Can a business be. Alive . The only difference that little blue thingy. You see it . Thats a sensor. Using ge software, the light can react to its environment getting brighter only when its needed. In a night, it saves a little energy. But, in a year it saves a lot. And the other street . Its been Burning Energy all night. For frank. Franks a cat. Now, two things that are exactly the same, have never been more different. Ge software. Get connected. Get insights. Get optimized. Im Nicole Petallides with your fox business brief another day on wall street but in this one seeing green hours after three days of top selling Dow Jones Industrial average right now, up 352 point at a 16,224 has been up 400 points still is holding on to nice gains and nasdaq at 3. 1 . To get nasdaq to cheb pointers because technology is leading sector of the ten and look at facebook, apple. Google, yahoo microsoft with up arrow and up 5 and yahoo up 4 . Netflix how about that one up 120 on your 17 to be specific and having a great day up 9 . Designer shoe warehouse, and sales yes, that is down. 9. 3 discounting, and you can see that on this measure. 5 a. M. Sandra, lauren and i kick it off. And why stop what youre doing to find a bathroom . With cialis for daily use, you dont have to plan around either. Its the only daily tablet approved to treat erectile dysfunction so you can be Ready Anytime the moment is right. Plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. Tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in Blood Pressure. Do not drink alcohol in excess. Side effects may include headache, upset stomach, delayed backache or muscle ache. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. Why pause the moment . Ask your doctor about cialis for daily use. For a free 30tablet trial go to cialis. Com all right Still Holding in that fairly narrow trading range, we like a gain of 360 points and thats pretty much where weve stayed for couple of hours. Wherever you get this extreme market volatility especially when it goes to the down downside the bears come out we have a bear with us dan shafer from the management report. Now, youre been there for years and years and years. Now ive got it downside move and here request go. So how far down are we going . Way i measure it and a cycle that im seeing i think 13,000 is the whole to get a bounce from right now were having a short cover rally. 13,000 at the first level to hold . Im anticipating that this stock market will go up lower than 13,000 predicting 9, 8, 7 larry said five. Lower levels. So first down to 13,000. Bubble around at 13,000 and another leg down. Another leg down, always five, 6,000 on the dow. Whats the fundamental problem . United states has 18 trillion dollars in debt opinion and china is trying to put more in the books. Japan has tremendous amount it have debt with no velocity of money. If you put debt and velocity of money what the Federal Reserve should be nervous about then you cannot grow. I studied civilization everybody has a debt problem and you cant recover not enough revenue globally to pay off debt,ing and what happens our treasuries are going to start to fall. The safety yesterday it was so weak they were selling right into that rally. Treasury market short, it was along for 18 years. Now gong short for treasury market because the dollar is going to get real strong for safety for because currency around the world are in trouble and devaluing. We hear you. Thanks for joining sorry just got news and i want to cover this. Bp refinery word is breaking news that that refinery is about to restart. If it restarts then presumably gas prices in the midwest will go down. Because of that refinery may filter across the rest of the country so might start to see a significant drop in gas prices nationwide. 257 last night. Lower than that. Probably in the very near future. Two reads on the Housing Market came out today. Number one, home crisis, number two, new home sales. Cheryl two headline for you. Prices first, average price now 235,000 that is higher than 2 over the year but that is a good thing seen a little bit of a slowdown in prices. Thats one of the things that is stalling Housing Market on the price side now as far as new home sales it is bowlish getting more and more bowlish. New home sales of a rebound in july up 25 . From over the last seven months that was at the shorter period. 5. 4 is the jump as well, an the inventory situation is a little bit better and they revise ared for new home sales. That is existing the other 85 . But existing that came out last week was a 8year high. Seeing momentum and cautious about housing because it is and so long for us to get to this point. First time home buyers have a time getting and shortage of supply so prices are are going up. But nunts it is a relatively healthy Housing Market. Kind of getting out and theres a fair trade on both sides now. Ive got you president obama continues on the war on dirty energy. Geng hes going after a the evil coke brothers. What the president said after this. Youre late for work. You grab your 10gallon jug of coffee, and back out of the garage. Right into your wifes car. With your wife watching. She forgives you. Eventually. Your Insurance Company, not so much. They say you only have their basic policy. Dont basic policies cover basic accidents . Of course, they say. As long as you pay extra for it. With a Liberty Mutual base policy, new car replacement comes standard. And for drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Learn more by calling at Liberty Mutual, every policy is personal, with coverage and deductibles, customized just for you. Which is why we dont offer any offtheshelf policies. Switch to Liberty Mutual and you could save up to 509. Call Liberty Mutual for a free quote today at see Car Insurance in a whole new light. Liberty mutual insurance. For a while we were above a 400 point gain. Then we dropped back 50 points now up 375. But well take it. President obama pushing his green aghtd yesterday he took a swipe at the coke brothers. Listen to this. When you see massive efforts backed by fossil fuel interest or the coke brothers, pushing for new laws to roll back Renewable Energy standards, or prevent new Clean Energy Businesses from succeeding, thats a problem. I pass no judgment on what the president said. But trish come on. Saying no to the Intelligence Report on this network at 2 p. M. What do you make of the president . You know big bad coke brothers what about george, our bus plenty of democrats that are getting lots of money to other things but everybody makes big deal about the coke brothers. Look reality is this alternative energy stuff isnt beginning to work. It would work right we live in a marketbased economy what was it in the Carter Administration that came up with all a of the [laughter] and i mean what happened to those . At some point like if theres not a market for this, if you have to subsidize it, so much by the government, then ultimately it will fail. Well doesnt matter what coke brothers do. Whoever from restricting kiewrls getting access to solar power wind power and whats he doing for consumers who would like to still continue to access coal . Yeah. Instances that want to use coal. Cheap natural gas. Cheap fossil fuel the same thing. Please can we track for the natural gas under our own territory . Absolutely not you cant. Fossil fuel is evil. Hold on tradition, more for you check the big board Dow Jones Industrial is up 351 we were up 430, now it is 351. Why youre calling for 600 . Not call for anything. Before market opened futures indicated we were up 600 points certainly 500 never got there. Im disappointed. Everybody is disappointed. [laughter] see the market up to 1,000. But you know, we may disagree on this stuart, i think that this has been a fed induced bubble. I dont think you get the economic fundamentals to support the kind of evaluations we have seen in this market. And so the market has gotten ahead of itself and i think everybody woke up and they realized Global Growth aingt there. The u. S. Is growing at a lousy 2 so how can we really be valuing these companies the way they are . So they took some money off at table. And more volatility. You have George Pataki and a charlie phee roadway that and Intelligence Report with chris regan. 2 00 sharp is that correct . On the dot not a second later. More varney after this. [laughter]. At the top of 2 00 p. M. Eastern, the margin calls start to come. In can you see whos in trouble and whos not. In the last half hour of trade, things start to trade and move. You cant judge from this pathetic, according to stuart. Stuart i never said pathetic. I said disappointing. I never said pathetic, i said im disappointed we didnt go up to 600. Dagen mcdowell in for neil cavuto. Say it with me, i want it, and i want it now. Ahhhh you better explain to our viewers who varuka is . The biggest spoiled brat on planet earth, she was on willy wonka and the Chocolate Factory. That is what we have this day, what a difference a day makes, green across the board. 340 gain after the 588point loss yesterday. The dow lost more than a thousand points last week, trying make a comeback here. Oil heading higher this day. Take a look at the cost of crude, 40 a barrel mark is critical. I know phil flynn is l