Well see if we make another go to close above that level. And were going to get the outlook for stocks in general with famed Hedge Fund Manager Stanley Druckenmiller. Hes been shorting ibm for whitequite a while. We touch on a wide range of issues. I bet talking a little bit about the fed. Auto little bit little bit. You dont hear from him that often so its even better. Take a look at the markets. Dow is up by 122 points. Theres the nasdaq as kelly said, about 4. 5 points back below the 5,000 level, but it was a historic day earlier in the day over at the nasdaq and thats where we see it is right now. The s p 500 is up just shy of nine points. Time now for our Closing Bell Exchange with darren wolfburg margie patel from Wells Fargo Fund management Jeff Killburg from kkm financial, joe tannous and our own rick santelli. Joe, what should we be thinking about this day . Should we be celebrating or fearing it . I wouldnt necessarily be fearing it. I think its nice to see the nasdaq hit the
Mylin labs. Were watching a broad based selloff in technology, and you wonder, kelly, if this is the beginning of this long awaited correction in the market right now. I can tell you thats a lot of the chatter on the floor down leer. Meanwhile, u. S. Attorney general eric holder telling Congress Today he will look into High Frequency trading, something the new york a. G. Eric snyderman is also pledging to do. Will it effectively be criminalized. Really looking forward to that conversation. And the average congressman makes about 175,000 and works roughly 125 days a year which averages to about 2 1 2 days a week. I know im leading the witness on this, but one prominent member of congress is claiming that lawmakers in washington are underpaid. He said that. You will hear it in his own words just ahead. Now, here is where we stand in the markets as mentioned. The Dow Jones Industrial average only needed a couple points to close at a record high. Instead, its giving up 150 this hour. Thats
160 points at the low of the session, and that was within the last hour or so. The s p down 16 and the nasdaq down 46 there. A lot of people watching the tenyear treasury yield as well, looking to that as they have for weeks now. Right. Kind of a broader reflected gauge of where we stand in the economy, where is this all headed and to what extent, if you look at the performance of these markets since the Federal Reserve meeting over the last eight sessions or so, thats really where youve seen the rotation from growth into value. How much does it have to do with the tapering and tightening if you want to call it that. A day that when they sell the stocks they buy the bonds because the yields on the long end of the curve have been come down today. Let talk about it and get to our closing bell exchange. Quincy crosby and anthony chan from chase, Michael Guyette from Pension Partners and winner, by the way, of the 2014 dell aware and samir samano and jim lacamp from ubs and Gordon Charlott
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