tv Countdown to the Closing Bell FOX Business April 15, 2013 3:00pm-4:00pm EDT
ly underarm low t treatment, axiron. liz: gold bust. we've not seen it get like this in three decades, but is it a rational selloff? once it was a long time coming and nothing to do with china slowing economy, but china is affecting commodities you also might own. in this final hour, we will show you the freefall. sprint has a new suitor and what a dish he is. number two satellite provider dish network sprinting toward wireless sector and willing to drop millions of dollars for it. the best that the proposed deal for softbank? and is citigroup officially back from the dead? the country's third-largest bank
easily beat earnings expectations. we will tell you whether citi is a good buy. "countdown to the closing bell" starts right now. liz: good afternoon everyone, i am liz claman. unless you have been living under a rock all day, you've likely heard or seen we're experiencing a historic moment and not in a good way if you are long gold. they dropped the likes of which we have not seen in some 33 years and this is no ordinary selloff. down 10 posts and big points, $150. this is the aftermarket session. the biggest one-day drop since february of 1983.
that is when ronald reagan was president, and david bowie "let's dance" was number one at the chart. lower-than-expected gross domestic product numbers, coming out of china while most of you were sleeping. but the two are not necessarily related. what is related, the stomach turning drop we have seen in other metals, u.s. commodity prices. keep in mind, silver down 12 percentage points, lower than gold is. getting hammered right now. cover down 1.75%. natural gas and oil also moving lower for the price of oil $88.39 pretty stunning given last week we were about $91 per barrel. china's gross domestic product missing estimates. we are barely at 2%, but for them they were expecting 7.9%. that slow down does mean less demand for precious metals in manufacturing and building
because they are building constantly in china. as all of those things fall, we see equities fall and a jump and attempted dealmaking. sprint nextel could add another big name in suitors, this time it is dish network. $25.5 billion offer, a move they hope will crush a $20 billion offer for 70% of sprint nextel from japan's softbank corporation. sprint moving higher because it is in the middle of quite the fight. up about 14%. back to the meltdown in gold, it is stunning and clearly many people are stunned although not a guy who is paid to be smarter than the herd. his name is larry hilzenrath and his firm pared back the recommended gold allocation for clients back in january. in other words he saw it coming. what did you see in january, larry, that made you think to
yourself on it to protect my client and get rid of some gold exposure? >> gold had stopped reacting to new monetary policy initiatives during the fall, the european intervention sort of them to the panic going on in the fall. in the past five years, probably would've sent gold up higher. it had become a crowded trade, people that were in there for the moment, but, people in there because they were panicking and thought we were on the verge of hyperinflation and the dollar was going away, and that is just not the case. we took it from a relatively small portfolio position to an even smaller portfolio position. liz: i want our viewers understand what we have just said. we have been watching data point after data point, event including cyprus that did not make gold move in and waited a year ago, soleri sees that and
said wait a minute, maybe it is time to get out. by the way, we should let people know you represent a high net worth individual. millions and millions of dollars. did you pair all the exposure, get rid of all of it or do you still have some? >> we did not pair all the exposure. gold is a decent portfolio ddversify her over the long-te long-term, but it should be small size, should never be at a position size where it will affect someone's ability to sleep well at night. liz: do you wish you would have sold more than you did? >> now. we have been in gold for five or six years, so there were claims in it at $400 per ounce, $500 per ounce, it was about taking some money off the table while leaving a little bit of exposure there. i don't think the story for gold
is over for good, but for the time being it was just time to move on and lef let the correctn take its course, which it is in the process of doing right now. liz: people shouldn't mind paying you for that advice. thank you. larry hilzenrath got rid of quite a bit of it back in january as he noticed things were changing. as gold falls today, so to equities. traders at the cme group, ima i, lauren simonetti on the floor of the new york stock exchange has been taking the trader's brains. gary, tell me first the first sign that it would be a gold rush in chicago. >> what we saw was friday. friday was a drop.
when we reopened on monday, or sunday night we saw a little bounce up of $10 in gold and then pulling back down and then what happened is a lot of people, what do you do when you are long margins, you have to start selling. that is what a lot of that was today. i know we experience it at our firm this morning. liz: we are now down 200 points. we are heading as far as equities are concerned to the lows of the session. we're in this last hour going to see quite the volatility picture so i look at this and say what is going on, and indeed oil is plummeting. what do you see at the nymex? >> the perfect storm really. the market under pressure for quite some time. a few values in between, but the
market was under pressure. the news that really came out of china basically a tipping point. everything pretty much followed suit. going with the gold as a matter of fact. this is a market that is very close to where the support level is. 87.80. read about everybody thought it was supposed to. the next was $2 lower. 85.80. rallied back to 90 points. liz: i want to let people know we are at 13-point ima 1356. we will stay here with lauren simonetti and stephen. it is tough for me to decide what to talk about oil or gold. gold is the story. china was the tipping moment
that flipped the script. what you have is a? >> china has nothing to do with this. look at the etf of copper and zinc and lead, the materials most leverage to china, barely down today. a quarter of 1%. if this was a china story, that would be down three, four, 5%. another data point, one currency i know of hitting all-time highs. that is the chinese one. not exactly a symbol of a weak country. liz: why are we seeing gold fall as much as it is? >> the relations issued by the bureau of international standards, the bank of all things. they excluded cold as the liquidity buffer. everybody expected it.
that tells people the west is scared to death of gold becoming a currency. now along comes japan, they are inflating basically three times as fast as we are, the county one third our size and yet they are buying as many treasury bills as we do. liz: look at japan, government bonds. >> enough to scare me, sitting there, thinking middle-class people having their money confiscated. liz: cyprus is an issue but they started announced if we're going to get the bailout, we have actually participate in helping make that a reality and they sold government gold reserves. but we have known that since april 10. we're a couple of days later, is this a delayed reaction? speak up if the central bank and government have been at opposite ends. equities are falling because of margins, the fear is that is happening in europe, five
consecutive down quarters in europe so you could say this is a bit of a replay of 2008 and the difference of 2008 when europe was there, everybody was pumping up, now europe wants austerity. if that can happen to cyprus, why can't it have been to spain or italy? it won't. liz: by the way, we have some breaking news. there apparently has been an explosion. i am just going to look down, boston police have confirmed there is an explosion near the boston marathon finish line, they are unsure the number of injured. you see some workers pulling journeys through. this is the only picture we have right now, and basically i am guessing, that is the finish line, a reporter for channel
two, i know that is the finish line because i have covered the finish line quite a few times. we are hearing there is some sort of an explosion boston police have confirmed it. we are waiting to more on this but we don't know how many people have been injured. two explosions have resulted in injuries, bloodied spectators being carried to the medical tent. this is at least some good news, a medical tent for everybody who comes off and are not feeling well, so all of the medical become needed is right there. marathon workers carrying one woman who did not appear to be a runner to the medical area as was gushed from her leg. explosions. yes, boylston street, right for the marathon passes under. as we get more information, we will post you on this. lauren simonetti, we have crashed through the ceiling for the lows of the session, down
223-point and plummeting. what is going on? lauren: right when your show started is when w they got wordf the marathon. ben willis came over and said look at the market, that is when we went under 200. we're also watching citigroup, up just about 1%, obviously one and a half, broader market started selling off a little bit more. the issue with citigroup is they have a decent earnings report for the first quarter. the investment bank advised on more m&a. things are looking pretty good, although on the conference call they definitely sounded a little bit more cautious than wells fargo as well as jpmorgan. a rare green arrow, back to you. liz: we want to recap, there have been dramatic explosions at the finish line of the boston marathon. that is when 2:55 you heard ben
willis said watch out, this could be an issue. we have an aerial shot of what is going on. this is at boylston street in boston, the boston marathon attracts thousands and thousands of runners, not to mention spectators, some of whom we understand have been injured, they come running through. it would be a little bit later than the actual winners. what we see now are emergency workers and they appear to have cleared away most of the victims and there is the good news of the medical tent, so many details. the market down about 214 points, coming off of the low we are watching right now. one man described it as a lot of people down. i'm looking at a couple of the
local news websites, it says explosion at boston marathon finish line. the marathon has been stopped. the marathon has been halted at a moment. we don't want to speculate on what happened, but it caused the market to go down more than it already had. details as hey become available. another breaking story, dish network today surprised the market on a monday morning, dish network making a plan for sprint nextel. we knew dish wanted to get more wireless connectivity and more wireless broadband, etc. $25.5 billion deal, never count out the chairman of dish network. the more we get on those details as they're waiting on a guest in that regard. we are 45 minutes from the
instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comfortsbove. we're not simply saluting history... we're making it. a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your busins is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week.
everybody has different ideas, goals, appetite for risk. you can't say 'one size fits all'. it doesn't. that's crazy. we're all totally different. ishares core. etf building blocks for your personalized portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal.
two huge, described by witnesses, two huge descriptio . the reason you're not seeing any runners is because the marathon has been hauled it. at least a dozen injured. chris cassidy happens to be running in the marathon, he heard two loud bangs behind him, it was in a trash can, find a place, they're now looking at pictures of the end of the race, we see a lot of mayhem and a lot of debris. apparently people with bloodied for heads, but the medical tent is right there, so they were rushed immediately to the medical tent. we are not speculating on the cause of this at the moment. we have two pictures. the fixed camera and the aerial shot. all of the people who were in the bleachers have been cleared.
understand this is the end of the boston marathon, the world's largest marathon. has indeed been halted. market gap down, one time shortly after the blast which occurred at 2:55 p.m. eastern time. five minutes before the top of the hour. we have come up off of those lows. the markets down much earlier due to the route we have seen in gold, but what we are seeing in essence our people in wheelchairs running, pushing wheelchairs, appears to be more than a dozen injured with bloodied wounds, and again this happened five minutes before the top of the hour. emergency workers rushing all over the scene. boston pd, they have cleared the area, the boston marathon has been shut down for the moment, stop.
i can't imagine they can start it up again. people are running and finishing right there. a couple of other issues, there are people near the hotel very near the scene saying "it is chaos down here. two bombs just went off at the finish line within five seconds of each other clos." now let me switch over to the nbc affiliate, they are saying yes, there have been two explosions confirmed, and again, no word on the cause of this, so we will not speculate. one runner said it looked like it came in a trash can. and we're seeing a lot of emergency vehicles. not an easy site to look at this moment. very sad considering this is the largest and most popular marathon in the nation, if not the world. let's keep these pictures up because we are watching equity
markets affected on this, we cannot simply ignore that. ben willis, one of our best writers, saying this just happened and watch the market, they are not doing well under this circumstance. lauren simonetti getting hooked up, can you tell me what you are seeing? lauren: the selloff got really ugly. ben willis came up to me and said check the headlines going on, the market tanked and went under 200. a little bit earlier, but we did not stay there, it was on these headlines, and in fact this news coming out of boston that we really went under that, he was concerned and it took a while for broader reaction i don't know if you can hear the echoes behind me, all of the tvs are on much longe louder than norma. this is something that traders
are listening to because this affects the market. we are no longer down 2%, we have come off of those lows. but that was definitely disturbing on the floor of the new york stock exchange. liz: i amon now hear the bostonb squad are on the scene looking for anything they can find. there is mass chaos and confusion at the boston marathon right now. keep in mind the winner passed the finish line we earlier. this is the 117th running of the boston marathon. again, 26.2 miles, they start for and away from the finish line and again, right now complete chaos. police are on the scene and the markets are of up off of their lows. we will take a quick break and get you much more after the break. stay tuned.
are you still sleeping? just wanted to check and make sure that we were on schedule. the first technology of its kind... mom and dad, i have great news. is now providing answers families need. siemens. answers. and i'm here to tell homeowners that are 62 and older about a great way to live a better retirement. it's called a reverse mortgage. [ male announcer ] call right now to receive your free dvd and booklet with no obligation. it answers questions like how a reverse mortgage works, how much you qualify for, the ways to receive your money, and more.
plus, when you call now, you'll get this magnifier with l.e.d. light absolutely free. when you call the experts at one reverse mortgage today, you'll learn the benefits of a government-insured reverse mortgage. it will eliminate your monthly mortgage payments and give you tax-free cash from the equity in your home. and here's the best part -- you still own your home. take control of your retirement today. ♪ ♪ if you have high cholesterol, here's some information that may be worth looking into. in a clinical trial versus lipitor, crestor got more high-risk patients' bad cholesterol to a goal of under 100. getting to goal is important, especially if you have high cholesterol plus any of these risk factors because you could be at increased risk
for plaque buildup in your arteries over time. and that's why when diet and exercise alone aren't enough to lower cholesterol i prescribe crestor. [ female announr ] crestor is not right for everyone. like people with liver disease or women who are nursing, pregnant or may become pregnant. tell your doctor about other medicines you're taking. call your doctor right away if you have muscle pain or weakness, feel unusually tired, have loss of appetite, upper belly pain, dark urine or yellowing of skin or eyes. these could be signs of rare but serious side effects. is your cholesterol at goal? ask your doctor about crestor. [ female announcer ] if you can't afford your medication, astrazeneca may be able to help.
liz: the boston marathon has been stopped due to two major explosions, some major that we are hearing or at least a dozen victims, some with severed limbs rushed to massachusetts general hospital. this happened five minutes until the top of the hour, 2:55 p.m. eastern time. right when the news hit the tape, or market gap down, very fearful moment. the crowds that generate around the intersection, right there, boylston and exeter street, that intersection is where the finish line is, a lot of hoopla, lots of crowds. the area immediately evacuated. the first explosion happened by the lenox hotel in the vicinity. the second explosion 15 seconds later, and storefronts were blasted out, shattered glass everywhere, immediately police swept in.
there is the medical tent, you can see there is even members of the military they'r there showi, the bomb squad has shown up on the scene. no word yet on the actual cost of this but this was the 117th running of the boston marathon. the field of runners, 24,600 plus runners. we have thousands and thousands of people, not to mention thousands who gathered at the finish line just to see people finish. some 800,000 in prize money come the biggest marathon in the country, perhaps the world, two explosions happened well after the winner had crossed the finish line. so perhaps the crowd had diminished. neil cavuto at the breaking news desk right now. dennis kneale rather. with more on this. dennis: we have another report, all this is a very breaking
tentative, but at least three dead in boston, one law enforcement source says this is unawares. seeing if any devices were placed near the base path. happening three hours after the actual winners crossed the finish line, basically the oldest marathon or do much in the world. the police are not reporting numbers of injuries. seeing people being carried off, and we don't know if maybe there might be at least three dead in boston, one law enforcement source says, otherwise we don't know a whole lot here. i think we will avoid speculating, but the market went down of course because they are speculating a lot, liz. liz: they are. the fairmont hotel, which is right there, and in some cases it is sort of the marathon
headquarters where a lot of the runners go the night before to carb overload, they have locked down, they were told to only allow hotel guests and workers in. they have been asked to stay inside the building, no injuries to hotel guests and workers at this point, but the fairmont square has been in lockdown. that is pretty much the case for many of the area businesses. now, as i am looking and reading in, i see some of the details that most marathon runners finish around three hours 30 minutes. so that would have put many, many winners and many, many finishers right there. you are seeing now there would have been a huge crowd just at that point. multiple casualties, multiple serious casualties.
getting more details on that, but the entire boston marathon has been stopped at the moment. now we're looking at tape on the larger screen that you can see. and we have the aerials, the area cleared, boston bomb squad, checking all of the websites, some of the websites are down because they are swamped, but "the boston herald" is up. they are indicating this blast happened at 2:50 p.m. eastern time right there at the key intersection. they will come back with much more. market close to but not at their lows. the market absolutely spooked by this, the only dow component moving higher right now is wal-mart. we will be right back. we know a place where tossing and turning have
where sleepless nights yield to restful sleep, and lunesta eszopiclone can help you get there, like it has for so many people before. do not take lunesta if you are allergic to anythi in it. when taking lunesta, don't drive or operate machinery until you feel fully awake. walking, eating, driving or engaging in other activities while asleep without remembering it the next day have been reported. lunesta should not be takento abnormal behaviors may include aggressiveness, agitation, haucinations or confusion. in depressed patients, worsening of depression, including risk of suicide, may occur. alcohomay increase these risks. allergic reactions such as tongue or throat swelling occur rarely and may be fatal. side effects may include unpleasant taste, headache, dizziness and morning drowsiness. ask your doctor if lunesta is right for you. then find out how to get lunesta for as low as $15 at lunesta.com there's a land of restful sleep, we can help you go there, on the wings of lunesta.
dennis: once again we take you back to boston and the finish line of the boston marathon were just about 35 to 40 minutes ago there were two explosions. two explosions. one, and another 115 seconds after the entire marathon has been shut down. the area is in lockdown. our stock market plummeted, now close to session lows and speculation, we stress the word speculation that there was some nefarious attack although again we don't know, the bomb squad of boston is on the scene in his eyes to what is happening, we're hearing from n.y.p.d. that new york is stepping up all security measures right now. we go to charlie gasparino working the phones on this, what do you know? charlie: the markets are clearly pricing in terrorism. charlie brady just told me there is a slight of quality, yield to
the treasury are going lower. i will say this, we don't know exactly what this is. but if you factor in some of the things that occurred, two explosions right by the finish line, we should also point out the pressroom covering this, boston marathon is locked down, so we're not getting a lot of fresh information, but it looks and smells like as the market is pricing in. the ceo said why are you companies slow to hire now? why are you hoarding so much cash? one of the things he rattled off with the notion of terrorism could come at any time in the new world we're living in and has a visit to pac two business, economic impact. i can tell you, the market is pricing in the worst and guys
like jeff hamilton now there's any impact on the market and the business and society at large are now post-9/11 is a new fear. this is part of that. you know why they are hoarding so much cash. liz: we're hearing through law enforcement sources that three people have been killed, there are three dead and multiple wounded. we knew there were at least 12 injured, but now it appears three or killed, three dead according to law enforcement sources telling fox news that, and it is no surprise you see the entire area cleared out and evacuated. people in area businesses all along boylston street and the exeter intersection. many high-end businesses, john hancock building, the prudential building are all right there, a
huge mall, and the south end, all of the brownstones locked down, and a lot of the storefronts were shattered by the impact of the blast, the first one hitting the lenox hotel, and it is a situation that we don't know that it is terrorism, but it doesn't matter, the market will do what they believe just as charlie gasparino said. sandra smith has been on the cme floor. what were the traders thinking when this hit the tape? sandra: i want to pan over to the trading pit, they have been with us since this occurred. a lot of activity. this all picked up on the news reports, all the tv screens went the explosion in boston, speculation is the key word right now. speculation is on the table the possibility of a terrorist attack. the market is pricing in that
possibility. reaching their lows of the session following these reports. gold hanging onto those losses, but treasury market certainly a place where people are watching right now because treasury yields were hitting four months lows prior to this event happen. we have a date in the treasury market as we speak. again, merely speculation, but traders as you can see clearly reacting to this news and until we get some sort of news, the s&p 500 futures pit closes at 15 after, 4:00 eastern time. they reopen an evening session and many traders will be glued to their trading screens in the evening. just spoke to john brady, obviously there is regulation this could be terrorist related and that is playing out in the market right now. liz: again we stress to our
viewers it is not our sensitivity, but as a business network there is massive reaction to this and that is why we are hearing from sandra hunt among the traders and from lauren simonetti and charlie gasparino. we are stressing once again this is a human story. "the boston herald" actually had a reporter who was running the marathon. his name is chris walker. chris cassidy, actually. he heard a loud bang, thought it was a trash can. it is an institution. he said it was horrific what he saw. spectators around screaming i need my kids, this is horrifying. a rush of wind. what you will see on the screen are the boston medics, the military has rushed in, the bomb squad trying to clear the area, some of this is taped because
now there is a calm over the area, but right there at the finish line five to 10 minutes before the top of our hour. lauren simonetti at the new york stock exchange. you said ben willis ran up to you when said this is serious. she cannot hear us for a moment, but as soon as we get her, we will. i'm not sure if charlie gasparino is working the phones. you can talk about rotation out of treasuries, but when fearful things like this happen in the new world post-9/11, sadly, you start to see that for treasuries. the 10-year jumped in price, the bond yield dropped like a rock. totally unrelated to this overnight. the boston marathon will forever be tainted by two explosions that happened just five to 10 minutes before the top of the
you are gonna ed a wingman. and my cash back keeps the party going. but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to search hundreds of cards and apply online. creditcards.com. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day afr day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] e pill eachmorning. 24 hours. zero heartbur
liz: breaking news, more details now on the boston marathon explosions, just happened within the hour. almost exactly an hour from when this happened. 2:50 p.m. eastern time, huge plumes of smoke. this is fox 5 video, fox 25, our affiliate. we are hearing three people have been killed, the three are dead after two bombs within 15 seconds of each other, i shall not say bomb, let me say explosion, a bomb squad is on
the scene. they went off just as the largest group of marathoners would have been passing. the three hours, 30 minute crowd. the average time for most qualified for this. there is a huge plume of smoke that came billowing up just before 3:00 p.m. eastern. immediately our market took a lay down, volatility jumping 35%, that's the highest levels since march 1. lesless important than the human market. but every single market is down, although wal-mart was a holdout. right at the finish line, boylston street and exeter, that intersection is the most crowded area of this. charlie gasparino was saying immediately there was reaction, a lot of traders looking at this and very concerned. president obama has been notified and is getting updated right now.
new york city tv, n.y.p.d. have stepped up security at important points throughout the city. there are victims being rushed to massachusetts general hospital, the area has been evacuated. many businesses are on lockdown if the windows have not been shattered. demetrius annecy bombs went off, you can see the plume of smoke, windows became shattered. i saw an aerial shot of it, the last aerial shots easy because the police ordered the air space to be cleared, all helicopters shooting the marathon route, they move them away. it looks like the john hancock building did not look like it had suffered too much damage. mali is there. molly: hello, liz. we look at the sight of the
boston marathon. i don't know if you've mentioned so far, but there are a multitude of injuries. appears there are dozens of people injured. still looking at confirming that there have been fatalities, but a lot of these injuries have been dramatic and very serious injuries, being described as loss of limbs, tremendous amount of blood. described by witnesses as to explosions that occurred. occurred not at ground level, but possibly from above their head. no word on what caused those explosions. it is worth noting how significant a day this is for boston. the boston marathon is a massive event for the city, really for the state of massachusetts and all these people from all over the country and world to run this historic race. it is patriots' day, a lot of workplaces have the day off. the city of boston is not just packed with people running the
marathon, people downtown to go to the baseball game, the red sox play. the marathon is occurring today, and all those runners coming across the finish line at the time of these explosions occurring. all those folks down there because it is a day off in massachusetts for a lot of businesses. that's why there were so many people down in this area at the time of the explosion. liz: thank you. we want to let people know as well if you don't know the area, there are three universities near the vicinity. you can only imagine people are very concerned for their kids, for the students. it appears that area has been evacuated. but what we did see on some of the tape and what you are seeing on the screen is the areas on the sides of boylston street, compared to exeter and others, the explosion was so powerful it knocked down all the barricades they had set up.
they set up big barricades, they were knocked down and people were under them. this is a very serious developing story. adam shapiro is joining me with more. adam: we are all trying to figure out and wait for it is an act of terrorism for somebody to take responsibility, also waiting for the fbi to weigh in as of course all calls are being directed to the fbi in boston. i pulled up the history of all kind of attacks. remember the park bombing in 1996, two people killed in that attack. 111 injured, that was the act of just one person but a huge athletic event, the summer olympics almost 20 years ago. it was that celebration in the park that evening if you recall 20 years ago that's taking place. this situation, what the witnesses are saying to people
on the street, there were two explosions, it appeared one was in a garbage can. when i have been different kinds of terrorist attacks and different cities in the united states, to always remove garbage cans, rarely do you hear about a garbage can be set up at big events because of situations like this. they don't want to invite any kind of behavior that would lead to something like this. nobody has claimed responsibility for this, still waiting to hear if this is an act of terrorism. as he pointed out, white house is offering all and any services that boston needs at this point. helicopters and air space cleared from the area around where these explosions took place. witnesses saying the two explosions going off just around 2:55 p.m. as runners, this would have been the peak time for the marathon, people to be crossing the finish line.
liz: we have less than five minutes before the market closed in reaction to this we did see them in a meaningful way as with a volatility and the fear index jumped the highest we have seen since early march, 36%. traders immediately noticed this. lauren simonetti. lauren: if there is any good news here, there are not reports of mass casualties, and that is why the dow is down 211 points, but off the low down 235. the floor was so chaotic when this news cross. cnn on this tv, bloomberg on that tv, fox business on these tvs. the volume on the traitorous monitors usually doesn't go up. we can usually hear ourselves in. all the volume was just up at that point, i couldn't even hear myself because we were trying to think of what would happen when we got more headlines coming
out, and now as we know more, the market has somewhat stabilized but the vix index and a flight to safety for the treasuries. liz: this severely affected the psychology of all americans, not to mention business leaders who have been keeping huge piles of cash on the sideline because they feel they should have dry powder. they were concerned about these situations. we don't know if it was terrorism but if indeed there was, and there are reports on fox news there may have been a third unexploded device, and if that is the case, and this was terrorism, what can you even say, adam, we can allow these guys, these terrorists to affect our psychology like this? they target the boston marathon, the most a gust sporting event in the state of massachusetts in
the 117th year, i tell you, nothing is open and safe. adam: reports there could be a third device that did not vote could be a good thing because you would have the fbi able to trace the materials in that device to find out who might be responsible. is this someone from the united states, somebody from outside the united states if this is that kind of a situation. it does not look like a gas main break. no official word to what this may have on. if you had a gas main explosion, usually you have a tear in the street. fox news channel, we have video where you actually see one of the devices. liz: everything falling down at that point, there goes the huge plume of smoke and it was about five to 10 minutes before the top of the hour as we were getting up to start "countdown to the closing bell," that is
when ben willis ran up to lauren simonetti and said something is happening hitting the tape and this is going to affect the market. we were already down. in a way we really only took 30, now the low of the session. less than a minute away from the close. we're at the low of the session. it is all red on the screen for higher is certainly treasurys which is a fear trade. adam: people trying to seek some safety. obviously this is a disturbing event no matter who might be responsible if someone is responsible for this. in this kind of situation, people run to safety and then they come back if necessary afterward. liz: dennis kneale is making a point here. he is saying marathon officials are calling them bombs. listen, i'm apt to go with the bomb squad but, pardon me, i'm sorry,at
IN COLLECTIONSFOX Business Television Archive Television Archive News Search Service
Uploaded by TV Archive on