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market have to drop and how much volatility does there have to be before the lawmakers and the white house realize this is going to be a big deal? in 2011, there was no default but standards and poors downgraded america, and that had a huge affect on the markets. and during the great financial crisis when we were trying to get a bailout package done and every time congress failed to act on it we saw the dow drop 100, 200, 300, 400, 500 points with each nay that would come out. there's a number, a percentage drop in the market that would drive lawmakers and the white house to say okay, enough is enough, we have to get something done. >> thank you so much. we will be back in 60 seconds with congressman jim clyburn. we will ask him what it would take to break a debt ceiling stalemate and so much more.
give them a paper with a court date on it, if the court date is many years from now, does that solve the problem? it's administratively getting the stamp come on in, but i don't know the percentage, you hear different stories for those who follow up for court dates. i imagine they grow less and less the further out they are. what do you make of that? >> well, first of all, you're exactly right on that, neil. and the mayor's correct on the first stat. it wasn't finished though. they go to the court the first time. they do go to court because that's when the benefits and a lot of incentives come and after that, you see the percentage drop in court and boom, never seen. and the system is not working, what the mayor is saying under title 8, which should be, if you come across the border illegally, neil, you're automatically supposed to be deported. you can see here on your video, you can see it in my county, that's not happening and i want to add, too, if i could, neil
900 points off the dow jones industrial average friday. the worst percentage drop for the s&p 500 since february. business owners and health officials are looking at what this new variant means. how well vaccines protect against it and whether it will prompt a new round of lockdowns. >> the marketplace is worried about two things. one, that another variant of covid is going to hit them hard. we travel less, we go out to restaurants less and we may have additional restrictions that are imposed on us. that's issue number one. issue number two the marketplace is worried also this will cause more inflation. that supply chains will be disrupted even more. >> the economy already had its challenges like worker shortages. supply chain back logs and the prices consumers pay for goods. inflation in the united states
we're back with a look at the markets as the trading day comes to an end. let's see what's going on in the dow. unless something changes in the next couple of minutes, this is going to be the largest percentage drop of the entire year. the dow is down 775, not large point drop because that's not actually the way it works. the dow is much lower now than the last time we saw a big point drop. so we're getting a percentage drop of 2.91%. we had a percentage drop on january 3 of 2.83%. i know it's tempting to look at the points but you have to look at the percentages because that's how your portfolio grows or shrinks. we're now going to close the day almost 3% lower on the dow. let's look at the other indexes.
so today we dropped 50 points in the s&p. that is not that big of a percentage drop. we can drop further and still be okay. but i think that's -- what people didn't like today is the news that we made have a -- hit a bump in the trade negotiations with china, number 1 and also, you saw us turn lower after the housing information came out. >> neil: quickly. another factor is china, on again, off again talks. maybe the talks aren't going to happen or there's a fit between washington and beijing. seems like the talks are on. people have optimistic a deal can be had. are you? >> i am optimistic. here's the thing. we already know that china was soft last year. its own economy was down almost 20%, 30%. so this isn't really new news. the only policy thing i care about in the white house is a trade deal with china. you know what? like my old friend larry kudlow is in there. he's a great statesman, great
it doesn't necessarily tell us what they're going to do next year. most economists still see the economy slowing to closer to a 2% pace in 2019, and all these headwinds still exist. companies like apple are still having trouble selling into china, no resolution on the trade war front. so good news for one day, but there's still a lot of worrying signals on the horizon, and that manufacturing survey that came out earlier this week was the biggest drop in ten years, the biggest percentage drop. it's not all rosy right now. one good month does not mean we're going to have a blockbuster 2019. >> one tweet from the president, it can go all in a very different direction as well. we'll see what happens on the u.s./china trade front deal when the talks take place next week. all eyes on the white house as the the president and leaders from both parties are meeting right now in the situation room trying to hash out a deal to end the government shutdown. and a former employee at one of president trump's golf clubs says that management purposely kept her off the screening list. we're going to talk to one of
>> a wild ride yesterday. >> another wild ride looking at the future, down 500 points, down, getting whiplash, we close down 11,075 points. and the percentage drop. the most we ever heard and at the lowest, 1600 points yesterday. we erased all those gains for 2018, the dow is down 1.5%, the s&p is down, barely at 0.9% so we will see what happens. and the correction was probably a long time coming.
winning super bowl mvp. rob: jillian is an eagles fan, how are you feeling? jillian: i don't think it has hit yet. later in the week. rob: are you going to go to the parade? jillian: i will try to go to the parade. rob: ten minutes after the are, terrorists, a passenger plane, the shocking reality check from homeland security. jillian: a drunk driver accused of killing an nfl player on super bowl sunday not deported once but twice. the new proof america needs immigration reform now more than ever. rob: the tao opening in a few hours after the biggest point drop in history, not the biggest percentage drop. should you be worried about what we saw yesterday in the stock market or is it much expected correction? brian joins us with why a rebound could be right around the corner, stay tuned.
well, that's anyone's guess. let's go to nicole pedelise more. >> we've had a great run through the election, this year. still in positive territory. a big sell-off. nearly 700 points. the dow jones down 2.5. the week, down 4%. the biggest percentage drop since 2016 and the biggest sell off since 2008. so we're making records today in the sell-off but the big picture here is that things are still great. we got in our jobs report. we saw more jobs added than expected. unemployment rate at 4.1%. wage growth wowed everybody. the 8 1/2 year high there. we saw treasury yields moving higher. as yields moved higher, an inverse relationship with stocks.