Good evening, everyone. And welcome. Soucie has the night off. The major averages just wrapped up their fifth week in a row of gains and there were more record closing highs for the dow and the s p 500 today thanks to major move the ls moves by two. The peoples bank of china cut benchmark Interest Rates for the first time in two years looking to combat slowing economic growth. Then European CentralBank President mario draghi promised to use whatever means necessary, even buying up sovereign bonds, to boost that regions struggling economy. And with that, investors plowed into stocks in asia, in europe, and right here in the u. S. That sent major averages surging right out of the open before they lost a little bit of steam later in the session. Nevertheless, at the close, the dow was up 91 points, record high, closing above 17,800 for the first time. The nasdaq up 11 and the s p tallied a tenpoint gain. For the week with the dow it was up 1 . The nasdaq up half a percent, and the s p up 1. 1 . Steve liesman has more now on the marketmoving actions by some of the worlds big Central Banks and whats next for our own Federal Reserve. Reporter Central Bank Developments in europe and china highlight not just the difference in economic weakness overseas and strength in the u. S. But also the increasing divergence in Interest Rate policies. While the European Central bank considers greater quantitative ease, the fed just ended its qe program. While the peoples bank of china cuts rates, theres wide agreement that the feds next move is to raise them. But the fed is carefully watching these overseas moves. It even debated at its october meeting whether to say in its policy statement that foreign weakness raised the risks for the u. S. Economy. But will it keep them from hiking . If things fall hard enough in europe as an example, then yes, i think it could actually attenuate the cycling in the united states. But were talking about a backdrop that would have to have deteriorated in a material way. Reporter others have already changed their views. Citi moved ahead its first forecast for the rate hike of december 2015 with from september. And a money manager said foreign weakness and central bank easing is going to make the fed wary about moving too quickly. I think the fed recognizes that the risk of tightening too soon and ending up back in the ditch is much harsher than waiting too long and having to fight perhaps growth or inflation down the line. I think they would rather err on the side of too much ease and then, you know, ratchet back than to tighten too soon and really run out of ammunition. Reporter all that global easing he says is good for equities, but there are challenges. The dollar has strengthened against the euro as vost come to believe the fed will tighten, that is raise rate raitts, and the ecb will ease further. Its a challenge to u. S. Er, porters and pushes down on inflation by making foreign imports cheaper in the u. S. Most likely the fed will watch to see if these actions by other Central Banks help their economies grow. If they do, the fed will stay the course and hike rates next summer. But if global weakness undermines the u. S. Economy and if deflation overseas washing up on these shores, then the fed could well hold off and stay at zero for a bit longer. For nightly Business Report, im steve liesman. Tonights market monitor joins us to talk more about what europe and Chinas Central Bank moves will mean for the u. S. As well as his stock picks. Hes eric ristoven with russell investments. Good as always to have you here. Do you think what china is doing and what mario draghi proposes to do are the tonic that those two economies need to get them moving in the direction that the central bank seemed to want them to . Yeah, ultimately, yes, we think these are going to be successful moves. I mean, in chinas case, obviously intentionally slowing their economy, but more specifically theyre trying to adjust the composition of their economy. Theyre trying to slow the investment part on housing principally while actually making sure that the other part of their economy, particularly the consumption part of the economy, grows. If lowering Interest Rates internally within the country helps, probably also helps making their currency a little cheaper versus the yen. In europe, draghi is really continuing to communicate with maybe a little more urgency and hes worried that the inflation rate is too low, so hes talking about doing as much as he can as fast as he can to raise inflation and to raise inflationary expectations. This is in addition to the trillion dollars almost of euro stimulus that hes already started to put in the system in the summer and the fall. We think ultimately those will be successful in raising the Inflation Expectation and therefore the growth rate in europe. Is draghi really walking the walk in addition to talking the talk it . Sounds like theres a lot of windup and not as much pitch here. Yeah, certainly. Hes been winding up for quite some time on this. Look, hes got a very difficult political process. Hes got to effectively bring the germans along. Theres you know, the germans will point out theres a legality issue as it relates to fullblown quantitative easing where the ecb would buy sovereign debt. Hes trying to create the conditions so that the necessity to do qe kind of, you know, is the mother of invention in terms of actually being able to get the germans to implement it. If he need to get, there i think hes actually going to be successful. Its not clear hes going to have to go to fullblown quantitative easing however. Lets move on to a couple of your stock picks. I know you see the u. S. , as Keith Jackson used to see, as the bell cow of the global economy. Lets start with your reasoning behind financials. You like pnc and your second is also a financial. Why financials generally . Financials and specifically financials banks. We think the u. S. Economy is continuing to expand. We think employment is such and the Economic Activity that weve seen and the improvement in employment and Economic Activity is going to continue to cause greater and greater loan demand. Were really basically looking at banks as kind of a fundamental play in terms of dewe think the earnings are going to be accretive because there will be more loan activity because of a better economy. And sit banciti bank is cheap. That is your second choice. It is relatively low priced, but its kind of low priced for aen, isnt it, eric . Yeah, well, it has lots of reasonsits price historically has been low, and those are fading into history, and we think their business, their ongoing operating business, will be enough to drive value. Pnc is a super regional thats been well positioned throughout the cycle. A little more expensive but probably a safer bet for future performance. Your third choice is live people. Im not familiar with it. Tell me about it. Yeah. Live person is its actually an an interactive client engagement. They sell software. If youve ever been on a website and a little bubble comes up and says, do you need some help, you havent done anything in a while, do you have a question for me, thats probably using the live person software. We think, one, theyre well positioned within the segment. We Like Software in general, but in particular we like them because theyre well positioned. The other thing is theyre a potential takeover target. And finally, they should be able to benefit from what we think is going to be a continue wags increasing cap ex expenditures. We appreciate you being with us. Have a great weekend. You too. Well, todays efforts to boost the economies in china and europe also lifted the price of crude oil. West texas intermediate settled 66 cents higher at 76. 51 a barrel. Benchmark crude rose more than a dollar closing at 80. 36 a barrel, wrapping up its biggest weekly gain since june. Even though oil prices have tumbled 30 cents since their the summer weeks, a couple of events next week could rat it will oil markets and oil prices. Our Jackie Deangelis has the details. Reporter the free first of all in oil contained for the time being but next week could be a game changer. Mondays the selfimposed deadline for talks over Irans Nuclear program. Traders eyeing the date as a potential catalyst because it could open the door for sanctions on iran to be lifted, which would flood the market with iranian oil. If that were to happen, prices could fall further from here. If iranian oil comes back onto the market, conventional wisdom does say that we will work our way lower. Reporter and thursday, thanksgiving in the u. S. But a highly anticipated opec meeting in vienna. Up till now, expectations were that opec would not announce any production cuts, but sentiment is shifting and there is talk in the market that opec might reduce output by 500,000 Barrels Per Day to boost prices or at least stem steeper declines. Well, the consensus seems to be that opec will not cut production thursday. Id be very surprised if they didnt. Reporter if opec were to reduce its output, 500,000 Barrels Per Day isnt that significant when you consider the cartels production is 30 million Barrels Per Day. However, it does indicate that certain members like venezuela are starting to pressure the middle eastern members to cut prices before they fall too far too fast. Right now it seems the market is in a waitandsee mode, traders not wanting to position themselves ahead of these big events, but next week could be key in determining oils price direction for the foreseeable future. For nightly Business Report, im Jackie Deangelis. On to washington now and day two of Senate Hearings over allegations that some of wall stre streets biggest investment banks manipulated prices and unfairly traded commodities like aluminum. The Central Banks point person for Bank Regulation said the fed would broaden its review of gaps in oversight of physical commodity operations in the u. S. One of the things that we have been thinking about in general although now specifically in the commodities context as well is how to assure that there are robust enforcement and compliance mechanisms within firms. In written testimony, he also promised new fed rules overseeing commodities trading by banks in the First Quarter of next year. At a separate Senate Hearing, lawmakers blasted the president of the new York Federal Reserve bank as they probed whether regulators are too close to the institutions theyre supposed to be overseeing. Hampton pearson reports from washington. Reporter no republicans showed up far Senate Hearing focused on the feds oversight of wall streets biggest bank, but that didnt stop democrats from putting new york fed president William Dudley on the hot seat. Are you holding up a mirror to your own behavior when you say that no one should question your motives or what youre trying to accomplish . The culture starts at the top, and the perception is that you essentially were hired by the people youre regulating. I think that cultural message goes permeates throughout the entire organization. I think the bank culture needs to be improved significantly. I think theres a number of things that we can do in that space to improve incentives to get the behavior that we absolutely require from the banking industry. Reporter at the heart of the latest firestorm, allegations of Federal Reserve bank of new york went easy on Goldman Sachs in reviewing a deal goldman was pursuing with a spanish bank. Adding drama to the day, a former fed employee sat saz a spectator in the hearing room. Miss se guerra, whos engaged in a lawsuit over her dismissal from the fed, came in the media spotlight when she released secret recordings of fed meetings that appear to show the central bank is a lax regulator. Weve got on tape higherups at the new york fed calling off the regulators. There are 46 hours of tapes. There was about ten minutes of those tapes that were released. Reporter the new york fed president denied the central bank has serious cultural problems, but he did say it can always improve how it oversees the nations biggest banks. For nightly Business Report, hymn hampton pearson. Also in washington, harsh words from speaker of the house john boehner one day after president obama noungsed he was extending protections against deportation for upwards of 5 million undocumented immigrants currently in the u. S. With this action, the president has chosen to deliberately sabotage any chance of enacting bipartisan reforms that he claims to seek. And as i told the president yesterday, hes damaging the presidency itself. In response to the president s executive order, boehner says republicans are considering filing a lawsuit or may try to block funding for the president s policies or may even pass immigration measures of their own. And House Republicans did file a lawsuit today. This one trying to cut it will president s signature legislation the Affordable Care act. The suit sites the acts administrated the health and Human Services department and the treasury for delaying the implementation of the ploir mandate when was supposed to go into effect this year as well as the funding given to Insurance Companies to subsidize health care enrollees. Still ahead, will this early winter turn into a business boom for the ski industry . Well hit the slopes next. A new stock began trading on the nasdaq today. It operates 13 ski resorts in the northeast and midwest including mt. Snow up in vermont and snow creek in missouri. Now, after pricing at 9 a share last night, things did go downhill pretty fast. Shares which trade under the sticker symbol skis, clever, in their first day down 5. 5 . If thats got you thinking about hitting the slopes, you are in luck because the ski season officially opened for business nationwide today. What can the industry expect this winter . Our Morgan Brennan has more from Hunter Mountain in upstate new york. Reporter its that time of year again, the start of ski season. Thanks to the cold snap stretch across much of the country, ski resorts are kicking off their seasons earlier. Before thanksgiving for the first time opening in five years. And conditions in the Rocky Mountain west have operators optimistic about business. Weve got tremendous natural snow in colorado and have had for the last couple weeks and were looking at more snow for tahoe, utah, all for the next week. Reporter weather is the single biggest factor for ski resorts. The reason profits have shrunk for some companies despite higher ticket prices. Companies have been investing in more snow guns to minimize the impact of volatile weather. But making snow is a costly process, and it requires water. The national ski arias Association Says visitor numbers modestly declined last year to 56. 5 million thanks largely to the lack of precipitation in the pacific west. The ongoing drought in california could further that trend this year. But analysts say Companies Like zale and Intrawest Resorts are finding creative ways to lure customer, for example, pushing season passes before winter begin ps. Thats the big trend, get people to commit to skiing earlier in the season, and effectively once you lock them in, theyre more likely to ski a number of incremental days throughout the season. Its really a move the get people to book earlier and ultimately theyll ski more often. Reporter and spend more. Last winter americans spent a record 3. 6 billion on ski equipment, apparel, and accessories. And Snow Sports Industries America projects similar sales this season. But whatever this winter brings, one thing is certain, and thats the ski industry remains healthy. But days like this, its easy to see why. For nightly Business Report, im Morgan Brennan in hunter, new york. Dow chemical dodged a bullet, settling a debate with an activist, and that is where we begin tonights market focus. The Specialty Chemicals maker has agreed to add four new members to its board of directors after pressure from dan lobes hedge fund and avoids a proxy battle in so doing. Dow and third point have entered a standstill agreement. Neither will criticize the firm for one year. Shares popped 2. 5 today. Lobe also came out on top and despite what sothebys, the ceo of the auction house, will step down by mutual agreement with the companys board, but he will remain in the job until a successor is found. This after the activist dan lobe and others joined sothebys board. Shares were almost 7 higher closing at 41. 93 today. Foot lockers thirdquarter sales and earnings has surpassed wall street consensus, but investors didnt seem too impressed. The ceo of the athletic gear company is stepping down on december 1, and that could be rattling investors since it comes during the Holiday Shopping season. Shares closed more than 4 . And incorporated, the parent of anntaylor, posted sales that missed estimates and warned it would log its first Comparable Stores