Sara eisen is joining me once again. Hi there, sara. Good to see you, mandy. Triple digit rally for the dow be up with over 300 points at this hour. Still have a long way to go to make up for yesterdays losses. Bob pisani jones me here on the floor. Youve been looking at historical rebounds. Were due for a rebound, getting it right in line with a historical pattern. Let me show you the s p. We flat lined at the open, up 300 points on the dow, 37 points on the s p and we sort of have been right there throughout the day. A little bit of rise after europe closed once again. Saras right, once we had a correction, 3 down with the s p 500 two days in a row, that has been a rare occurrence. This only happened eight times since 1980, five in 2008 and each time, two sessions in a row, one day later, the s p has been up 75 of the time, averaging 2. 3 . Sara, guess what, were up 2. 2 on the s p. Thats today. Not bad. Its happening exactly in line with expectations. One week later, its up 86 . The
Volume and a lot of participation, meaning you had a significant number of names in the bank index, all breaking above 50day, 200day moving averages you knew it was on and you knew they would chase these names, because they do it every time. And it didnt have to necessarily coincide with good earnings, but the fact is you had good earnings, and look, i dont see any reason why you would look at this and say, this is a negative. Again, banks are 15 of the s p 500. Theyve been biding their time that is not like something thats been going on for years and years and feels long in the tooth. It could just be beginning and when you look at individual names, youre still seeing stocks at substantial discouns s to the rest of the market on almost any market you want to go by, whether its peg i think theres legs on schwab, i own jpmorgan and like mastercard but as you heard when Lee Cooperman was sitting with us yesterday, he went down a list of some of the biggest banks around and said hes waiti
In the dow specifically. Does it continue into this new quarter . Look, i think its news driven at this point. Were done with the quarter, so that means earnings are coming up. I think the markets okay, so im going to let steve take it up. Earnings could break it out for positive news in terms of congress not being at a stalemate. Ab septembsent that, if you loo the indices, the quarter was even better than the 6 for the s p or worse, so youve got to be careful in your selection, more so now than at any time over the last five, six years. Big surprises this quarter. If i would have told you at the beginning of the quarter that tech and health care were going to lead the way and financials were going to be one of the laggards even though it was up, you probably would have told me youre crazy. I agree thats surprising. I dont think however that thats necessarily the trend. I do think financials will regain their mojo. I thought health care was undervalued for far lopger than it should ha
Good morning. Welcome to Worldwide Exchange. Im sara eisen. Im wilfred frost. What is that song . You know this song. I do not know that song. More importantly, welcome back. Thank you. Nice couple days off . Missed you. Glad to be back. Good. Good. Great to have you back. Lets get into the market action. Yesterday we saw some softness around about half a percent down for the dow and s p, a quarter percent for the nasdaq. Only financials outperforming. Banks leading the way up around 1 . It was the regional banks that did best of all. Equities expecting a positive open, but only fractionally about points higher for the dow. Lets look at the tenyear note. Thats a big fact tore watch over the past couple of days. Yields have ticked up significantly. 1. 68 . Just four or five trading days ago we were down 1. 5 . Lots of factors being cited, partly rising european yields, talks of tapers on ecb trading. I cant believe i leave and we get a historic move in the british pound. We have not eve
The First Quarter of the next year but this time may be different and well talk about why coming up here. Plus retail reality check. Jcpenney, the latest Department Store stock for a pop this earnings season and the government retail numbers less than expected. Well dig deeper into what is going on with the u. S. Consumer right now. So herky jerky. First, there were major problems for delta as we know this week with thousands of Flights Canceled. Now, another airline experiencing turbulence. Literally this time. 24 passengers needed medical treatment because of it. We have details and the fallout for the Airline Industry coming up. That is a nightmare story. Hillary clinton releasing her 2015 tax returns today. Trying to pressure donald trump to release his tax documents, but will it make a difference . Thats coming up, as well. A lot to get to. Lets start with the market moves today. Stocks pulling back just a bit of yesterdays record close. Bob pisani behind us looking at the financi