Details, they develop, well get them to you. In the meantime, we turn to the marketsws. Call it a summers rally at the end of summer. Whatever your view, surely youve got an opinion on the market rally that was sparked after announcing his exit from the fed chief race. Any of you in stocks are pretty happy with the numbers. Major u. S. Markets to the upside right at get go, the nasdaq joined the party but lost steam around 1 45 p. M. Eastern time, right now down just about four points on nasdaq. This fiveyear anniversary of Lehman Brothers bankruptcy sparking the worst of the financial crisis, today a party. Lets talk about what is up today, Allegheny Technologies higher today after it agreed to sell tungsten materials unit. It is a very rare substance, it really only exists in a couple of areas, and so it is quite valuable. Allegheny jumping nearly 9 today. Its a great day to be in the restaurant business. Five be names reaching alltime highs including lets look at bob evans farms. Starbucks hitting alltime highs along with dominos and buffalo wild wings, but look at starbucks. Around the height of the financial crisis five years ago, you will see that starbucks was trading at around 8 a share. Dominos was around 12 a share, up nearly 400 as we look today. And Cracker Barrel reaching record highs, 42 times so far this year alone. Starbucks, for its part, has reached record highs 21 times this year. And speaking of five yearsing ago, president obama says the Financial System is safer today than it was when Lehman Brothers collapsed, but he admits the middle class is still not feeling the benefits of the ore coifer. So lets get right back to the rally. Its pretty impressive that we have this rally including the s p at one point jumping above 1700. That is a significant number here. So lets bring in our team covering todays top stories, peter barnes down in washington, d. C. With the, okay, if its not Larry Summers then who will be the next fed chairman question, Nicole Petallides reminding us how far stocks have come, sandra smith watching steam come out of some of trades, and first to peter with the future of the fed chairman. Peter, whats the chatter inside the beltway right this minute . Reporter well, liz, the white house declined to get specific on how and when it plans to move ahead with nominating a new chairman of the Federal Reserve now that the president s favored candidate, Larry Summers, has bowed out and left current fed vice chair janet yellen standing as the likely leading candidate. It remains what the president said and what we have said that he expects to have an announcement in the fall. And calendar watchers will note that we are still in the summer. Reporter play on words here. Summers [laughter] withdrew yesterday amid growing opposition to him among senate democrats, but analysts say that yellen is not a shooin. The president is also considering former fed vice chair don kohn, the president might also be looking at his predecessor, Roger Ferguson and, of course, there is some chatter about a remote, remote possibility that the president could ask ben bernanke to stay at the fed a bit longer or maybe for another term. Now, we talked to summers critic and yellen supporter Democratic SenateElizabeth Warren this morning about all of this. She is a member of the Senate Banking committee which will hold the confirmation hearings for this position. The president knows how important this is. Hes taking his time on this decision, hes consulting with a lot of people, and i think the president s doing exactly the right thing. Were just, weve got to play this one out. Weve got a little time on it. Reporter now, warren declined to comment on whether she would oppose anyone but yellen who, warren said, is has a strong resume, good judgment and works by building consensus. Liz . Liz okay. Well, as long as you listen to other peoples opinions, that sometimes definitely helps in that job. Lets get to nicole pet lee d. C. On floor of the New York Stock Exchange. As soon as people started to hear Larry Summers was out, you sort of watch the futures at night. Right. Absolutely, and that has been the sentiment all day long. Basically, the idea behind and were going to take a look at some of the s p 500 new highs as well as at the same time but as Larry Summers bows out as being the next possible head of the Federal Reserve fed chief, what happens is peoplety that the money printing people think that the money printing continues, and that brings optimism to wall street, right . Were looking at some of the names that were watching so closely, walgreens, starbucks, some of these guys have been expanding, making new products, some of the very familiar names, via come, tjx, so youre seeing its not only one area, but broad based from sector to sector. A great day on wall street as you noted above that 1700 mark on the s p for the First Time Since august, and the nasdaq, the highest levels since weve seen in 2000, 13 years that its been pulled back because of a trading glitch. Liz another trading glitch. Interestingly, all of you, listen to this, i have so many of the Silicon Valley companies when i was doing three days in a valley, does it bother you that nasdaq has trading glitches . Would you choose not to list on the nasdaq . It did not matter to them. They said you think we dont understand glitches when you have got a business . Sandra could probably weigh in more on that and also the fact that were seeing money come out of gold and looking at that, its down 1 today as well. Hey, as far as the glitches were concerned, traders are more prepared than they ever have been before, and theyre much more calm. Its just part of life as we know it now, and we are looking at gold prices on the cme right now up just a dollar after in overnight trading it topped a gain of 20 a troy ounce, right around 1300 in trading right now, but this is a sure sign, as i talk to traders down here on the floor, liz, that the markets now saying, whats next . At first they got some unserbty removed. Unserty removed, it will not be Larry Summers, but now who is it going to be . And that uncertainty creeping back in this last hour of trading, gold up a buck right now, silver up by a bigger percentage basis than gold. Also weve got the vixx that had been down most of the trading session. The vixx has now turned into positive territory. You are seeing that fear trade come back into the marketplace. Were also watching the yield on the tenyear right now at 2. 87. We had seen that yield come much low or or than that earlier in the day, so a lot of those earlier trades sort of coming undone as we go towards the closing bell on wall street. Liz, weve still got a huge fed announcement this week. Markets pricing in 10 billion of tapering, what if that numbers Something Else . So were certainly seeing that uncertainty play out in trading in these last few minutes of trades. Liz right. Sandras mentioning september 18th is when we get the fed decision. Thanks to peter very much, nicole, sandra, please stick around, were going to bring in our traders for the floor show. Traders at the New York Stock Exchange, cme group and the nymex. I saw you walking with cheryl about an hour ago remembering the five years. Lets focus on today now holding on to pretty significant gainings. Well, i think this is how would you like to be Larry Summers, the guy that didnt take the job . [laughter] i mean, thats really i dont know. Anyway, yeah, but i think were really going to have to, i think most people are focusing on the fact its probably going to be janet yellen, more than likely, 90 chance its going to be her, so i think were going to have to look past that the rest of the afternoon and tomorrow. Today im attributing to a lot of short covering, and i think were going on to debt ceiling, Housing Market and more fundamental things than worrying about who the fed chairmans going to be. I think its pretty much a given at this point, its east going to be janet yellen or perhaps ben bernanke staying, who knows . Liz listen, i wouldnt go. You never know. You never know. Liz in the next block, weve got two former fedex perts to talk about this. Theyve been on the inside. But let me get to gary, you see where we are today. The fed, obviously, gets either blame or credit for that because some people feel its not truly realistic, the numbers were seeing and the great increases in the stock market. But, you know, lets just say if your guy were in the president s ear, you know, generally here wouldnt you then say, hey, look what theyve done with the stock market . Boy, you hit the nail on the head in so many different areas with that. I mean, everybody, thats all theyre talking about, these numbers are so unrealistic right now. Evens saying that its priced in for wednesdays decision if they do even say anything. You know, theres nothing guaranteed that theyre going to come out and say, okay, were going to take 10 or 15 billion off per month. Everybodys still sitting on the sidelines, and speaking of that, these volume levels are horrible. There is so Light Trading going on right now, and again, everybodys waiting for wednesday. And then next week weve got germany. Their election coming up, and germany, theyre the big dog when it comes to the euro, and everybodys waiting to see if merkels going to pull this one out. And then weve got japan and, of course, our debt ceiling at the end of the month, weve got a lot to look forward to. Liz its always something. A year ago we had a litany of things that were on the horizon, right . Exactly. Oh, always. And, you know, it just keeps building and building and building. Its got a lot of people sitting on the sidelines scratching their heads saying where do we go, or do we just sit on the sidelines, wait for some strong decisions to come out and some strong timelines and then move forward and get back in . Liz lets me go to paul saks and, sandra, weigh in on pauls opinion at 106, were up, i would say, 1517 percent on the price of oil over the past year. Oh, im sorry, im trading gold, and let me just tell you the Options Market in the gold market is really pricing in, an unusual move coming in the next nine or ten days. Our front month, october, is trading a full vol to a vol and a half higher than the balance of the board. So i wouldnt assume there couldnt be a curveball coming our way in terms of someone that you havent mentioned, maybe a ferguson or a dudley for the fed. Liz well, yeah. Or a blinder, a cohn, a ferguson, thats been mentioned. Sandra, how do you expect the gold move once we get a decision if its a surprise . And, again, its not fall yet as weve heard from the Obama Administration. So liz, listen, i know the traders were talking to right now, last night at 6 p. M. Eastern when those markets reopened for trading, the futures markets, we were glued to our screens here in chicago because there was such movement. Gold had been up more than 20 overnight, and its flat on the session right now. Youre talking about a market that is watching every little piece of news to react to. So this is a volatile situation, its a sensitive market to every bit of news that comes out. You Better Believe theres a lot more volatility coming up because theres so much uncertainty with so many different events that your previous guest mentioned. Liz listen, we appreciate it. Weve got breaking news right now. At least one of the gunmen, the deceased gunmen in the massive shooting in washington, d. C. At the naval yard has been identified. He is aaron alexis, aaron alexis is the deceased shooter. We are still waiting on confirmation. He is believed to come from texas, hes got a texas address. The connection locally to the d. C. Area still not sure. You can imagine that over the next couple of hours more details will be released, but perhaps the most important be and it is not a detail is that 12 people have been murdered by two gunmen. One gunman now deceased, his name he has been identified is aaron alexis. More details to come. We told you wed keep you updated the second these bits of news come in. We do have the closing bell ringing in about 47 minutes. Lots more ahead from wall street and main street. Colorado, the floods have you seen this . Wiping out dozens of roads and bridges, hundreds of people missing. The disaster is also giving insurers many of them publiclytraded a huge headache. Were going to bring you the latest in a few moments. And are fed watchers already behind the curve even chattering about the next fed care chair . Next, how investors can play whoever ends being the chair. Does it really matter whos in charge . Thank you orville and wilbur. Amelia. Neil and buzz for teaching us that you cant create the future. By clinging to the past. And with that youre history. Instead of looking behind. Delta is looking beyond. 80 thousand of us investing billions. In everything from the best experiences below. To the finest comforts above. Were not simply saluting history. Were making it. [ male announcer ] now, taking care of things at home is just a tap away. Introducing at t digital life. Personalized Home Security and automation. [ lock clicks ]. That lets you loser to home. Thats so cool. [ male announcer ] get 100 in instant savings when you order digital life smart security. Limited availability in select markets. Liz okay, so going back to this lary summers announcement, how many of you got email alerts this weekend announcing Larry Summers was withdrawing his name as a fed chair candidate . The he clearly knew he paced he faced an ugly confirmation battle. Now, the news immediately sent futures soaring. Will a more doveish fed chair emerge, doveish not more than ben bernanke but certainly more than Larry Summers, and how much does it matter to the markets . Lets bring in our brilliant fed round table, kevin hastert, senior economist in washington, d. C. , and we have ernie, former Vice President for the bank of new york Federal Reserve who is in our newsroom. Ernie, any surprise . What did you first think when you saw that summers was pulling out . No surprise, i dont blame larry. The knives were out. He didnt stand a chance. They just kept throwing everything up against the wall against him hoping that something would stick to get him out, and i think he took the right path. Liz kevin, all the business journalists were surmising as to why the markets were jumping, and its clearly because they felt he might have been a little more challenging to the conventional wisdom and that maybe the current socalled front runner, janet yellen, would follow in the same path which is very market friendly as ben bernanke. I think thats possible. You know, its really hard to see if you look at Janet Yellens writings that she would be much different from Larry Summers, so it might be that the markets celebrating the d. Although, you know, i think the real news here is that probably and ive been in washington a long time probably what happened is the end of last week the Obama Administration decided who they want the fed chair to be, and then started calling up the people that were on the list that arent going to be the fed chair and said youre not it and were going to see an announcement anytime soon. So id have to to say that, again, having been in washington, watched a lot of these things happen over the years that what happened was that they found their person last week, and theyre letting them take a graceful exit, Larry Summers. Probably janet yellen is going to be the fed nominee, and they probably decided that late last week. Liz do you think its going to be janet yellen, kevin . I do, yes. Liz what about you, ernie . I think it will probably be janet, but i have my other favorites. Don kohn, i think, is an excellent candidate, and alan blinder, princeton, also an excellent candidate. Liz well, he was just on our air earlier today, and we have a sound bite of him from the interview, and we want to play it so that you guys can hear what he had to say. Hes a very low key guy, but for those of you who listen to fed speak, he came up with the term soft landing and goldilocks economy, but hes also challenged other members when he was vice chairman of the fed. This afternoon on fox business. Would i want the job . Well, hypothetically i suppose so, but i certainly dont believe its going to be offered. Hopefully, hed take it. I think hed be a good candidate, ernie. I think so. He knows the fed, experienced. They all are. I mean, one of the things were very fortunate, all the names weve mentioned are well qualified. Liz okay, well, that as certainly good news. Are we behind the curve right now . Kevin, you first, while youve been talking about who will be the next fed chair, if ben bernanke starts tapering wednesday and makes that announcement wednesday at the Federal Reserve meeting and we, of course, will cover it right here on fox business he puts into play a system that would carry on for a couple of years, right . So does it really matter whos in charge . Well, of course it does matter whos in charge. And i agree that on wednesday i think theyre going to start the taper. I think the fed has mismanaged this one. What they should have done is way, way back they should have announced that theyre tapering today, and they should have bought one penny hess that month and then said, well, maybe well adjust in the future. [laughter] i think theyre going to get ahead of the curve and start tapering, but the fact that what they can do is taper just a little bit means that the whole question is going to be how fast do they get to the point where its zero, and that totally is going to depend on the next fed chairman, and i would guess