Dylan for his contributions to song writing. Welcome to closing bell. Im kelly evans. Im bill griffith. Put a smile on your face, the dow rallying off of 184 point deficit earlier today. Stocks originally under pressure over concerns about weak export data from china. We will have more on what is behind the comeback. How does it feel . To be on your own . Im like are we actually singing . I got you. I think. New ceo of wells fargo. Chief operating officer tim sloane getting elevated to the top spot. Do critics want to see more changes. We have the president and ceo of the independent Community Bankers of america joining us throughout the hour. The power of amazon, go pro shares getting hit on news that the action camera maker is having issues regarding pricing practices. A battle between donald trump and the New York Times. The paper says it wont retract the article citing groping allegations against trump. He says the claims arent true. Lets start with the sell off or what use today be a sell off. The dow is down just 20 points. Bob pisani, a fellow of bob dylan following. Bertha coombs at the nasdaq. I am a happy man with the dylan prize. We have the one heck of a turn around. The s p 500 we were down 25 points at 10 30 and then Oil Inventories around 11 00 seem to turn things around when traders realized it is not as bad as it looked. Solo defensive names, utilities and telecom are up. Old market leaders like banks, tech and energy on the down side. Almost turn positive throughout the day. We have a lot of issues to deal with the markets. Bill is mentioning slower china. We are dealing with higher rates and then the earnings season you think earnings dont matter, delta carried a report. Look at the move into a whole airline group. The other side of the transports. The truckers we had a small company. Look at this. The other sector is down. Thats why the transports are essentially break even. The airlines are all up. The transports are all down. It means that earnings are already moving the market. Big day tomorrow when the banks report jp morgan among the leaders. The times they are changing. Im still trying to wake up. It feels good. The tech sector is under performing today. Bertha coombs has more from the nasdaq. I would love to say the answer is blowing in the wind. The small caps you can see the russell 2,000 not come back as much as other major indexes. Apple has been near flat line much of the day or come back after being up seven straight days. If it ends higher today will make the longest winning streak since 2015. The biggest coming from the likes of amazon and facebook. Its really the chip sector where the problem is. The chip index which led the way this year up better than 25 . We are looking at a fifth straight day of losses for the chip sector falling below Technical Support level. No profit taking when it comes to ulta. The makeup retailer raised the Third Quarter earnings outlook. Ceo will be on fast moneyy this afternoon with jim cramer. Bucking the trend some transports here. American Airlines Getting a lift. Csx another big winner. And mylan seeing a lift as bio techs get a break following a two day slide. Thank you. See you later. Lets get to our closing bell exchange. Joining us rob morgan. The tambourine man from post nine. I have no idea what it means. Rick santelli joins us from chicago. When you just consider financials down, utilities up today what is the message of the market . It is risk off. You and i have discussed this that opec really took the lead over from the fed but if we go way back it was china. China was always at the forefront of all the markets troubles. It led the market. It actually led chair yellen to decide on Interest Rate policy or that was one of the things that would be the catalyst of the market or the rates issue. Now you get a chance to duck and cover and get cover for that for herself to not raise rates. If you are not going to raise rates that was the tail wind for financials. If you are not going to see higher rates of the pressure that was put recently on utilities and those interest payers, those yielders is going to lift. Rates are going up. They are not going up. They are not. It is like picking up the daffodil leaves. Saying he loves me, he loves me not. They havent backed up that much. I think as we have been discussing a lot about the path of rates from here depends on how the equity markets act. Today they recovered but that was probably a give and take between rates coming down a bit and investors looking at the slight pullback and stepping up rather aggressively for the 30 year bond option today. The longest maturity did find above average interest. When it comes to higher rates based on fed or market it is all very important. The lesson from china today isnt about how the markets look past it. If you take a big view what we see on the export side from china paints a picture. Those fundamentals arent quick changing fundamentals. I think that is another big head wind that said the breeze isnt blowing gale winds that it did in january. It is an important lesson also. Tomorrows october 14. Not only is it friday but friday that finds us with new money market regulations. I think that even though the run up to this is probably the biggest impact in the market is prime money funds seeing mass exodus the government money market will be the winner, sometimes whenever anything gets special treatment under the heading of government maybe there will be future problems. At least at the moment i want everybody to Pay Attention even though it might be the buy low and sell fat or current volatility built into the lead up for tomorrow. The markets have been wrestling whether it should go cyclical or defensive. We have been going back and forth. You pick a third food group. You like the small caps in this environment, dont you . I do. I think that eventually rates will go up. I dont think the fed will raise rates until december at the earliest. That will hurt the u. S. Multinational stocks. So i like the small cap space here. Thats one of my favorite picks here. What else . How concerned are you about Interest Rates . I think that there is not going to be a rapid rise in rates. And we may not see the next hike until 2017. Rising rates and the rising dollar will hurt u. S. Investors invested overseas. Under weight international. As far as getting into the weeds with the s p sectors i like materials and technology. I have a mixed bag between cyclical and defense. Where are you putting money to work right now . Rob likes telecom. If you look over the last couple of months not only has energy ran and that seems like the knee jerk reaction. Telecom did really well and money went into both technology, telecom as well as a third group, energy. Energy took the limelight. I think telecom performed in both markets. That seems interesting to me. Im done. Im done, too. See you later. Have a good day. We have about 50 minutes to go. Dow down about 150 points. 184 to be exact. At the lows of the session down 15. S p down 2. Transports are higher. Vix off the hiez. The nasdaq down 13. Utilities are higher, as well. Maybe it all comes back to rates. John stumpf is out at wells fargo and tim sloane is replacing him as ceo. California treasurer and new york city controller joins us next. And should more banks follow wells fargo lead by splitting roles of chair and ceo . The head of independent Community Bankers of america weighs in on that among other topics coming up on closing bell. Stay tuned. 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The currency has plunged 17 since the brexit vote on june 23. I wonder how they settled it. Wells fargo retiring effectively immediately, john stumf. The Analyst Community taking the changes both in terms of new ceo and the changes at the board pretty well. But there is one group of people that are still ambivalent at best of the latest update we have had and that is, of course, lawmakers. The reason being mr. Stumf leaves wells fargo a rich man. The bulk of that we know, 110 million comes from his 2. 4 million shares. That, of course, has been built up over his 34year career at the bank. Not all of it even a wards. Senator Elizabeth Warren describes that money as illgotten gains. In an interview with me yesterday the new ceo confirmed that both houses of congress are still after more from the bank in terms of information but he hopes that if he is to face hearings himself that the performance will go better than mr. Stumpfs did. We were disappointed that the hearings turned into a situation in which there were more speeches given than questions asked. We felt like there was more answers we could have provided. Those hearings are over with and we are moving on. One wonders whether that particular comment might anger lawmakers further. Either way mr. Sloan will be hoping that comments this is the beginning of the end of the crisis. Wells reports tomorrow 8 00 a. M. Eastern time. It was no secret that tim sloan would succeed john stumpf. The only question was whether he would get both chair and ceo roles. Of course, he did not get that. Id say the speed of this was a big surprise. He became president and ceo and more recently was freed from his role as head of wholesale banking. All he had was overseeing role. When those changes were announced on monday or tuesday he said he was looking forward to reporting earnings. This was a big surprise. The chairman change is significant. Some analysts reporting more than the ceo change. Now the bank has independent chairman and independent vice chairman. The only one of ten biggest banks to be in that position. Good stuff for us in front of Wells Fargo Bank branch in new york city. With a new ceo at the helm does this satisfy government officials . Joining us now scott stringer, his Office Advises on Municipal Pension funds which includes over 10,000 shares of wells fargo. California state treasurer john chang is back with us. California suspended investment activity with wells fargo two weeks ago. Treasurer chang, are you okay with the change in leadership of wells fargo . What do you make of that . Im going to keep close track. I want to make sure that wells fargo comes out strong out of the gate. They havent made clear in the describing their systems that they are going to put into place that we have a culture change that they go back to original mission and serve customers. If we have more of the same it is not acceptable they have to own the tactions that they took. We want to make sure we are beyond the point of tweaking. We want to see fundamental reform of wells fargo before we make a decision. I was going to ask because i wonder if you can broadly estimate in dollar volume wells loss severing the relationship with the bank. There is direct and indirect. One of the things you dont get a full measure is they are the lead under writer multiple times last year as first year as state treasurer. All others bring business to them and identify who the purchasers of the debt are. As you turnover they can make further money. It will be in the millions. The impact is that we are the largest municipal issuer. There is huge prestige when you say you do business with the biggest municipal issuer. We are not trying to create harm for them. We want them to fix the problems. You sent a letter to wells fargo urging them to do a clawback of pay from Senior Executives. I want to read a portion of your letter to them. You say the banks long term shareholders face mounting costs from these compliance failures. The Senior Executives who are ultimately responsible and benefitted financially appear to be walking away unscathed. First, do you want a complete clawback . What do you think would be equitable . That is to be determined. I think today was welcome news. It was time for him to go. Sloan separator the chair and the ceo as something we support. At the end of the day fired 5,300 front line employees and left untouched the managers who were part of this destruction, if you will. And we want more accountability. I want to see that independent report that the board commissioned because it is important to not just think that changing the player in mid season will win the game or get to the playoffs. They have a lot more work they have to do. The other question i have, you refer to them as compliance failures which might be a polite way of referring to fraud. Do you think there should be criminal charges filed against somebody. It is for prosecutors to take a look at. Congressional hearings i would caution mr. Sloan to be respectful. You should be a little more respectful. We want wells fargo to do well as a share owner. My job is to make sure we get the returns to protect firefighters, teachers and police officers. With mayor de blasio said if will you go the way of california here . Is that still on the table in terms of severing your relationship with wells . I have Great Respect for treasurer and i think the work he is doing here is very important for other banks to take notice. The mayor and i are very much on the same page as it relates to whether or not we continue to do business with them. We need to see results. We need to see transparency and we need to send a strong message that we are watching. If you do not do what we expect you to do we could pull out. Before we let you go have you been in touch with anybody at wells fargo . I can imagine your office. Have you spoke wn tim sloane to voice your concerns . Are you getting a sense that they are really trying to change things there . I have not spoken to the new ceo mr. Sloan. As you indicated my staff interacted with them when we suspended activity with them a couple weeks ago. We are happy to have that conversation. I want to make sure that mr. Sloan had a change of mind. The comments he made a few months ago defending the practices as they were engaged in a few years ago is not acceptable. I hope he makes sure they bring the whole culture along. State treasurer of california. Scott stringer, thanks for joining us today. Lets send it to dominic chu for a market flash. We are watching shares of yahoo because they are down just off of their lows of the day. They have been gyrating as you can see in the mid afternoon trade because there is some interpretation of comments that verizon General Council spoke to reporters in washington, d. C. Today. During the comments he was quoted as saying i think we have a reasonable basis to believe that the impact meaning the yahoo revelations of the hacking could allow verizon to withdraw from the deal. I think they have a reasonable basis to believe that the impact is material and are looking to yahoo to demonstrate the full impact. If they believe that its not material then they will need to show us that. They also went on declined to comment on whether or not talks are underway to possibly renegotiate the purchase price. No comment there. We reached out to verizon to ask whether or not there was any kind of comment on whether this deal would go forward to which a verizon spokesperson responded by saying we were not to read that into it. The statement stands on its own. The interpretation of some of those comments is what caused that movement in mid afternoon trade for yahoo trades. That pending deal scheduled to close in the first part of 2017. It comes right after laughing at the story. This suggests there might be something that they might be trying to look into some aspect of it. 35 minutes to go here. Dow is down 15. S p down 2. The nasdaq down 15. Delta posting better than expected profits. Revenue a little light. We will hear from delta ceo on why the revenue has not found a bottom yet. Gopro halting shipments to amazon. Well tell you what is behind the move. Delta reported Third Quarter earnings this morning and phil lebeau spoke about the results and a lot more. He is with us now. Reporter even though delta beat the street by a nickel coming in at 1. 70 per share there is focus for investors and wall street on what is happening with the revenue picture not only for delta but all airlines. What we are talking about revenue we are talking about passenger revenue per available seat mile down 6. 8 in the Third Quarter. That is because of lower fares coming in, over capacity coming into the industry. The outlook for the Fourth Quarter down another 3 to 5 . There is deltas ceo in terms of what they need to see. We have been looking for the bottom for some time. When you look at what the drivers are in terms of challenges the capacity, environment and growth in excess of demand is a challenge. We are announcing we are reducing growth rate to 1 and keeping it throughout 2017. And so often we talk about passenger revenue being pressured in the u. S. It is pressured globally. Delta announcing cutting capacity in december by 3 to 4 . The low Cost Carriers coming out of europe. They are certainly hurting delta on the revenue side. It is not just delta but all airlines. The key for whether or not these stocks turn around and delta down about 16 in the last year, the key will be when they finally hit the bottom on passenger revenue and starting upward trajectory. Many thought it would happen by now. Thank you. Phil lebeau there with the latest on delta. Donald trump fighting back against new allegations he sexually assaulted several women. Eamon javers joins us with the latest. On the campaign trail donald trump issuing a forceful denial of those allegations that came out last night that he had been involved in groping and inappropriate sexual touching of a number of women. Here is what donald tr