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simpson and erskine bowles in an interview you cannot afford to miss. hope you join us 4:00 p.m. eastern. the co-founders of the fix the debt campaign, which many corporate leaders are backing. they ll tell us how they think washington can come together and reach a deal, bill. sure would be great to figure that out. maria, looking forward to that. i m bill griffeth here at the new york stock exchange. markets continue to feel the sting of the uncertainty surrounding the fiscal cliff crisis. look at the dow, for example. it can t decide whether to go higher or lower today. it s been zigging and zaging all session today. down 42 points. that s about the midpoint of the range. the nasdaq is down 11 points, about 1/3 of a percent. the s&p 500 index also trading lower, down 3 1/3 points. some long-time traders may say the first and final hours of the trading day are the most important. since the market highs back on september 14th at the time that qe-3 was announced by the ....
me just now. we are going to be closing up more than 200 points. margie from wells fargo funds management joins us, so does michael from destination wealth management and joe greco will be with us in a few moments here. rick santelli is staying late as well with this rally here. ready to go, joe? yes. what do you make of the rally? i guess when republicans want to peek past what is involved besides a tax increase, that signals a compromise. so, the markets say, hey, maybe they ll work things out in washington. the unfortunate thing is this lift today will be met with more selling as we get closer to the holiday and the long weekend. this is not a new phase here you can look at volume, behavior of the trading and it looks like we ll have a little more of a lift. we ve broken through a level that held nicely. started to lift onto the tail end of the day. i think if we can get a little closer to the tail end, but toward the end of the year, we ll test higher. ....
we ve had triple digit ups and downs all week. we will talk about this, one guy with the answers, the author of the black swan. is all this volatility the start of something cyclical? we will also focus on several big name stocks with big drops. on our list, mattel, amazon. if i got out of the way, you could see them. mastercard and chevron. ugly duckling kind of day. the man with the black swan is here. you are down there. i m down here on the floor where the tone is decidedly better but of course, not as good as the bulls would like it. we were down 230 points so this is quite a comeback. bob pisani is on the floor and sheila is uptown at the nasdaq. bob, you know, does this comeback have staying power and a lot of it has been linked to currencies but fridays are traditionally not in a crisis, not good for currencies. you will devalue currency, you do it over the weekend. the answer is the recovery is nice but very fragile. that s all you can say. anything mor ....
families and others hit by this senseless tragedy. the horror of the story may have muted trading on wall street today, as all priorities are being rearranged in a moment, and we will get you caught up on these markets in just a moment, but first we want to let you know. president obama is set to make a statement on this tragedy from the white house around 3:15 eastern. our john harwood is in washington with some more details on what we know right now. john? reporter: well, bill, the horror of this tragedy is also muted talk of anything else in washington for the day, including the fiscal cliff and all the issues that we ve been discussing for some time now, but one of the jobs of a president is to console victims and to console the nation at a time of grief of this magnitude, so we re going to hear from the president at 3:15. jay carney earlier saying he wasn t going to discuss issues like gun control. it wasn t a day for politics. it s a day to focus on the victims ....
it involves panty hose, all sorts of things, including even secret elevators. we will talk about that. plus a physical attack on the wealthy. one affluent town in california has been hit hard. speaking of wealth, the wealthiest neighborhood in the u.s. not by zip code or by county. we will go street by street. tyler is out today. simon is at the nyse and we will get downtown in just a second. first, that big news on housing. diana olick is in the house and she has been talking to the biggest name in the business, ivy zelman. the noted analyst famous for calling the top and bottom of the latest housing cycle, last spring she said here on cnbc that we were in housing nirvana. by fall she revised her outlooks down. today she explained why. i think nirvana took a pause, during that time house prices home prices were surging and we had very attractive affordability and a few months after i was on, we had rates spike about 100 plus basis points and we saw a pause. the ....