Target practice. Given all the volatility weve seen, are wall street strategists s p targets about to change. Do you have an answer, mandy . Theat least i have some very smart people joining me through the course of the hour with their answers. Welcome back, brian. We missed you. Begin with the wild swings in oil. Those prices were down bigtime earlier but weve seen a massive rally to the tune of about 6 now building on the two previous big up days, keep in mind. But crude has now completely obliterated all of the losses it saw in august. It was down about 20 . Jackie deangelis joins us with more from the nymex. What was the major spark in this turnaround . Crude, jackie, and do people believe in it . When you look at session lows, 43. 60, were up more than 4. No one was looking for it in the morning. But the headlines came out that producers are now willing to talk about production globally. Opec saying that it stands ready to talk to other producers about the market but that it wants
That weve seen in currencies pretty much since the financial crisis. Road map this morning, apple debuts as a dow component, set to begin trading as part of the enduring index. Starbucks announcing new venture in china, testing delivery in new york and Ceo Howard Schultz on mad money defending race together. Target set to boost its minimum wages. But first up, the dow and the s p set to open lower, one day after the big fedinduced rally and a drop in the dollar. Intraday currencies some of the biggest percentage moves weve seen since the crisis. Right. These are legendary. You know stuff of when literally seeing the speed of light on trillions of dollars, trillions of currencies are trading, speed of light, very hard to get your hand on. The take this morning is that is a lesson for sort of ripple effects that are going to happen in relatively il liquidity assets as the fed normalizes. Thats why i like Stanley Fischer the vice chairman knows what happened in 97 98 in asia. Janet yellen
Moment. Payback, right . As somebody who has had trouble once or twice on the George Washington bridge getting close to arriving. But arriving on time, im now well, now were one for one, i guess, because i had my one incident a couple years ago, and then i got close a couple of times. Joe looks good. Very dapper and hes so quiet. What was that, joe . Keep the camera on me, please. Thats the joe we know and love. Anyway, joe is on his way. Again, he had trouble and hit a pothole just outside of new york. Hell be here in just a little bit. The Global Markets reacting to the feds decision to begin tapering next month. The dow surging to a new alltime high adding nearly 300 points to close at 16,167. In asia, a mixed reaction. In japan, the nikkei closed at a sixyear high gaining nearly 2 to close at 15,859. Right now in europe, youll see at least with the Early Morning action that they are getting some pretty positive numbers there. In france, the cac is up by 1. 4 . Same story in germany
Guys, thanks. Gentlemen, thank you. Thank you. Good to be here. Good to see you both. Becky, thank you. Make sure you join us tomorrow. Squawk on the street starts right now. Good tuesday morning. Welcome to squawk on the street. Im Carl Quintanilla with melissa lee, jim cramer and david faber here at the new york stock exchange. Retail sales out about 30 minutes ago, up half a percent in december. Europe also fighting off the blues this morning, as germany has some lower than expected estimates, Fourth Quarter gdp. Our road map begins with a warning this morning from fitch. That the u. S. Could lose its top Credit Rating again if theres a delay in raising the debt ceiling. Fitch said the pressure on the aaa is, if anything, increasing. We are four hours away from facebooks secret announcement in menlo park. So far, the guesses range from a facebook Search Engine to a facebook phone. Would either product help lift the stock back with a high water mark. The debate kicks off whether dell
with apple. five million is the number. five million sold during the first weekend of sales but that was short of expectations. down about 15 bucks a share after retailers were given a handful of phones for launch day. another beat estimates and this time it is lennar. meanwhile, the earnings for k.b. homes was beat. some wonder whether it may be time to take the money off and sit out the are rest of the year. welcome aboard, united health care. make yourself at home. unh replaces kraft whose new name is really, really weird. yeah. mondalese. it s very unusual. meantime, apple announcing they sold more than five million iphones in just three days but that s less than the eight to ten million expected. apple expect the iphone 5 to be available in more than 100 koush countries by the end of the year. it s very for giving of this first quote/unquote miss on the sales number. when you can t find one, when you go to your verizon store and they don t have it, it tends f