Skip to main content

tv   Markets Now  FOX Business  September 6, 2013 1:00pm-3:01pm EDT

1:00 pm
at a 200 point talk to bottom and that was a big swing today, we heard from vladimir putin, president obama, got in a weak jobs report, revisions for the prior month's were not favorable, but look at the one week chart. momentarily we are looking at negative territory, only now it is up 2% and the s&p 500 up 1.5% and the dow was up 1% vote is interesting to see those moves. overall what we are seeing on the big board, u.s. dollar is weaker, commodities are still in position for some sort of strike on syria. you see golden $15. back to you. adam: unemployment dropped to 7.3% in the latest on the report but very little good news is actually to be found in those numbers. peter barnes is in washington d.c. with a closer look at
1:01 pm
details, not so terrific. rich: peter: the employment and down because 300,000 people left the work force. that cut the important labor force participation rate to 63.2%, the lowest level in 35 years. employers reported they added 169,000 new jobs in august, slightly less than expected but the labor department revised down the number of jobs created in june and july by 74,000. the federal reserve has been waiting on this report to help it decide when and how much to take part, $85 billion a month in quantitative easing bond purchases and research note today, 4 of vice chair don combs said despite the weaker than expected report was not a disaster. the fed is kind of pre committed to tapering anyway sell it will probably go with a very gentle first step at its policy meeting in two weeks complete with a
1:02 pm
caveat about how it can be reversed. the piece of job growth has slowed during the summer months. it is not worried about a serious slump. >> more than half of that was efficient. and that has been an area of of concern of ours for a couple years now. and help first responders. >> in a statement house speaker john major called the jobs report mediocre. the sooner the president starts working with both parties to expand american energy production, reveal his health-care law, and patient centered reforms and solve washington's spending problems the stronger area connie will be for all americans. tracy: the question is how will this is pointing jobs report
1:03 pm
impact of that asset purchases, that was the analytic senior economist ryan sweet. before we get to the implication of the fed, and the labor force participation rate data 35 year low. and the prior two months, what does it take for the u.s. labor market to gain traction? >> identifying the spark that is going to kick job growth into the next year, difficult to identify. i don't think we will get that spark until later this year or early 2014 when the housing cycle will really start to turn more favorable for job growth. the construction industry has been hammered by the recession and slow to recover.
1:04 pm
new-home inventories are very lean, increasing demand should have home builders breaking ground quickly and that will generate jobs and those are high-paying jobs and should have a nice little multiplier effect for the rest of the economy. lori: we urge the officials and washington point domestic and reproduction, construction, energy, and provide a spark as well. >> broader as the economy heels. as businesses see more customers come through the doors. one thing that was emerging in today's numbers was the way joe, wages are up over the last year, up easing inflation and that should translate into more consumer spending over the next few months and hopefully provide a little bit of a list of job growth. all in all we will see through the remainder of the year, 135,000 jobs which is mediocre at best. lori: you don't think this is a summer slump? >> we went through a bit of a
1:05 pm
slower slump and that can be blamed on local government, school districts across the country, financially strapped, even though revenues are showing signs of improvement fiscal policy overall remains -- if you add it all of fiscal policy will subtract 1.5% from gdp this year. that is a lot for strong economy that is growing 4% to digest loan one that is fairly growing. lori: where does the jobs report put you on the debate. >> it was 80-20 they were going to taper in september. all in all, look at the big
1:06 pm
picture. sales continued to improve, housing markets in july but all in all the housing market recovery continues to strengthen. they are going to taper in september and that is the right approach because listeners they start the better. the fed is going to want to take their time, start small, looking at $10 billion in september and gradually reduce the size of asset purchases and end the q e program in 2014. tracy: finish your last statement. >> i was going to say the fed is looking at the costs and benefits. q e when all is said and done has been beneficial for the economy but the cost of q e, risks and inflation expectation, complicate the exit strategy and also creates possible asset bubbles is starting to rise and the fed recognizes that and that is one reason september is likely.
1:07 pm
lori: rates have risen, 3% handle on the ten year today, markets have been volatile, the dollar, commodities have been rocking and rolling with these asset classes and sells the head of the table. nothing has happened yet the markets are digesting that expectation. is it fair to suggest a lot of that wants to bring those commands, the fed begins to hike the overnight bank lending rate. the markets will adjust or do you think that it will be a disorderly reaction? >> you are going to see some volatility in long-term rates around the first caper. there is a lot of uncertainty. the timing, the composition, it reduced the size of the taper going 15 to 10, and focus primarily on treasurys. of that won't touch the ambiance
1:08 pm
purchases, and into early 2014. lori: thank you. i am sorry for timing consideration, we will have the back very soon, many thanks. >> president obama announcing plans that he will address the american citizenry next week. rich edson is at the white house with the very latest as we watch oil prices and continuing problems in the middle east. >> he will make an address to the people tuesday. the problem seems to be people's house in the house of representatives where he has gotten opposition from a number of members. when you talk to aids in congress they say plenty of folks are undecided but congressional offices at home in their district, the majority of people in their districts who are calling or going to tell all meetings, they oppose any type of intervention. joe biden is going to keep pressure on, he is having dinner according to aides with the number of republican senators on
1:09 pm
sunday night and when you talk to folks in the senate right now senate majority leader harry reid thinks he is going to get 60 votes to get authorization through but he acknowledges this is all labor in progress. president obama just left the g 20 in st. petersburg, russia. when it comes to act in syria he pins on congress. >> that is would you as opposed to do as a member of congress. ultimately listen to your constituents but you also have to make some decisions about what you believe is right for america. >> the president buildings and international response, please and other countries along with the united states signed a declaration issuing a statement saying they believe in a strong response to what the assad regime has done. russia, the host country, vladimir putin saying will we help syria? we are helping them right now. we supply weapons, we cooperate in the economic sphere. he is not talking about the
1:10 pm
rebel forces, he is talking about the assad regime. adam: what does this do to the debt ceiling and the government spending in the future? >> makes it more difficult to get this done. the house is moving forward this week according to leadership aides with a bill to avoid a government shutdown. the government is supposed to shut down october 1st if they don't pass a continuing resolution so it basically sets that aside until mid december. the house along with all these intelligence briefings next week, and hearings on syria will be working through the government spending bill. avalon on their plate next week. lori: we have lost our footing covering this market, oil prices surging on the uncertainty over syria. sandra smith is on that next. adam: the vote for federal reserve chief, larry summers and have trouble getting through the senate if he gets the
1:11 pm
nomination. find out why and who will create that trouble coming up but first take a look at medals. we are going to break, we will be right back.
1:12 pm
nascar is about excitement. but tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. that's why we partnered with hp to build the new nascar fan and media engagement center. hp's technology helps us turn millions of tweets, posts and stories into real-time business insights that help nascar win with our fans.
1:13 pm
♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ]'ll bust your brain box. ♪ all onhinkorswim from td ameritrade. ♪
1:14 pm
lori: crude prices soaring today, investors wait for a vote on whether the u.s. will launch a missile strike in syria. sandra smith has today's trade. will we won't we with regard to syria. >> i heard this from freighters on the floor, a market with a little -- can really send the markets into a tailspin or a rally in the case of oil prices, up nearly $2 on the session, we are back above $110 a barrel. keep in mind we reached the highs of the session when we got word from vladimir putin he would stand by syria in the case of a u.s. attack, that caused concern from the oil companies from the middle east region in general, we get about 11% of our
1:15 pm
oil from the middle east so that obviously causes concern for global supplies. and oil prices drive higher a weaker u.s. dollar, and baskets of currencies, it is down right now against the euro, the yen after it was hitting multi week highs against oil currencies so we'll see in a change on that, most of the move in the dollar based on unemployment report this morning, worse than expected less than expected, that led traders to speculate that we may not be the fed taper at the september meeting and if you don't see them capering that could be -- playing out right now. it is a very volatile situation for the markets. >> thank you for that. adam: back to the stock exchange, nicole petallides is
1:16 pm
there, a couple big movers, and talking about hewlett-packard? >> it is a nice reformer and we will look at a couple things, since we are very familiar with which are hitting new highs which are notable. and talk about facebook which is doing very well today. facebook at 4448, moments ago, it was at 4455 getting closer to the $45 mark. when they had the ipo. this is a look at suntrust robinson and also they're both talking about sundress and $55 target, $49 target, and shares up 67% this year. when you talk about yell. of bank and barclays, the stock is hitting new highss, year to date up 230% and with a pair of by reading that helped jump
1:17 pm
today, a dominant player in a local internet space, large and growing audiences, a real winner and a new high. adam: they saw it all little early. lori: patience is a virtue. big news, reuters reporting alan mulally may be stepping down from his role sooner, adams set to see the company until the end of next year. and determine when he will leave as he explores other roles and is believed the chief operating officer marked seals is in line, the board has warmed up to him. let's look and shares the day, down earlier in the session and continue to trade slightly lower of $0.15 to $7.14 a share. adam: mark fields has always been on board for alan mulally's
1:18 pm
plan so if they were to be an anointment -- lori: a tremendous amount about the board's confidence, almost at the brink in 2006. adam: he was paying that off, so different books talk about it. and the famous meeting, disagreed with what he wanted people, what is going on here. webmac you know alan mulally's and she is being floated? possible ceo replacing kristy ballmer at microsoft. we are un it. we are following it for you. adam: what is holding back hiring? staffing firm with the study defines the answers. genet marks is a special guest with those answers. lori: a front runner for the fed chair, larry summers is seeking new opposition from democrats. elizabeth macdonald is all over the story next.
1:19 pm
take a look at how the dollar, and we heard at report on the disappointing jobs report, take a look at the dollar trading against major trading partners. we are back after this. ♪ [ villain ] well mr. baldwin... it appears our journey has come to a delightful end. then i better use the capital one purchase eraser to redeem my venture miles for this trip. purchase eraser? it's the easy way to erase any recent travel expense. i just pick a charge, like my flight with a few taps, it's taken care of. impressive baldwin. does it work for hotels? absolutely thank goodness. mrs. villain and i are planning our... you scare me. and i like it. let's go what's in your wallet?
1:20 pm
like carpools... polly wants to know if we can pick her up. yeah, we can make room. yeah. [ male announcer ] space. yes, we're loving this communal seating. it's great. [ male announcer ] the best thing to share? a data plan. at&t mobile share for business. one bucket of data for everyone on the plan, unlimited talk and text on smart phones. now, everyone's in the spirit of sharing. hey, can i borrow your boat this weekend? no. [ male announcer ] share more. save more. at&t mobile share for business. ♪
1:21 pm
1:22 pm
1:23 pm
>> 22 minutes after the hour, president obama saying he understands americans are skeptical about wanting military action against syria. he says he is confident he can make the case that the use of chemical weapons in the country requires a military response. the president spoke at the g 20 summit in russia where 10 countries joined the u.s. in accusing the syrian government of carrying out an attack on civilians last month. the debate in washington continues over military action in syria that prompted the state department to order non-essential u.s. diplomats to leave lebanon. travel warning issued today also urges american citizens to leave lebanon and the national security administration reportedly secretly found its way to crack commonplace internet encryption according to media reports citing documents obtained by a ed snowden. the systems which have been
1:24 pm
broken have not been revealed. those are your news headlines on the fox business network. back to you guys. webmac larry summers better be ready for a fight when he -- when it comes to possible nomination as federal reserve chairman heat eases the battle with some democrats who is making a fuss? liz macdonald as the bottom line. >> he raise this to an art form a few listened to his press conference and when he is transparent he says things that rattle people but here is the thing, wall street journal reporting here is the deal. any fed nominee has to get through senate banking, democrat of a two vote majority on senate banking, three top democrats on senate banking are likely to vote against larry summers. elizabeth warren of massachusetts, sherrod brown of ohio, what is the problem with larry summers's nomination? the word is they don't like the
1:25 pm
fact that he has lucrative ties to wall street, gets a lot of money from speeches and the like, that he has backed the repeal of glass-steagall and now the word is the focus may be back on janet yellen, the vice chair. about a third or more of the democratic caucus in the senate sent a letter to the president in july saying please choose janet yellen for the top job at the federal reserve. >> especially elizabeth warren, she knows nothing to the obama administration, she is a senator because they didn't follow through with her. the won't inventor to change her mind. >> you was first out of the box in 2005 to say we are now housing bubble, sub prime mortgages our problem because of derivatives tied to demand this recovery will be slow and disappointing, we heard from goldman sachs that the fed nominee, we could hear the name before the debt fight this fall
1:26 pm
in washington d.c.. >> monetary policies -- larry summers. adam: warm and fuzzy larry summers. labor force participation rate at a 35 year low. up next we will dig into what is keeping unemployment high in the united states. and u.s. senior vice president janet marks. lori: and we will talk about the big business of the nfl. light is back to normal, football is back. let's see who is up and who's down on a dock component index, most shares in the green, there are weaker issues. we are back after this. [ shapiro ] at legalzoom, you can take care of virtually
1:27 pm
1:28 pm
all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at we put the law on your side. ask me what it's likes. to get your best night's sleep every night. [announcer] why not talk to someone who's sleeping on the most highly recommended d in america? ask me about my tempur-pedic. ask me how fast i fall asleep. ask me about staying asleep. [announcer] tempur-pedic owners are more satisfied than owners of any traditional mattress brand. tempur-pedic. the most highly recommended bed in america.
1:29 pm
buy a tempur-pedic mattress set and get a free twin tempur-simplicity mattress. find a store near you at folks have suffered from frequent heartburn. butetting heartburn and then treating day after day is a thing of the past. block the acid with prilosec otc, and don't get heartburn in the first place. [ male announcer ] one pill each morning 24 hours. zero heartburn.
1:30 pm
lori: time for stocks now as we do every 15 minutes. let's head to the floor of the new york stock exchange and check in with nicole petallides. so, nicole, the dow is back within reach of 15,000 mark and just shy of the intraday high right now and we're catching a new bid. >> it is unbelievable as you talk about intraday highs and near the 15,000 mark where only a few hours ago we were erasing losses for the week and would be fifth straight losing week. shows this kind of turnaround this market had. it was not just one sector. it was really across the board. as we heard from putin, we heard from obama, we got our jobs numbers and we recouped losses from earlier today. a lot of folks are watching treasury yields very closely. as it was higher people obviously got nervous and sold off. now at 2.9 now. lori: that was raising my eyebrows. everybody's eyes are wide open. nicole, thank you for that. adam: as long as we're talking about interest rates, there is breaking news from peter barnes in washington.
1:31 pm
what have you got, peter? >> adam, kansas city fed president esther george pushing for tapering the fed $85 billion a month in quantitative easing purposes. in a speech in omaha, nebraska, she says a decision to reus dues the fed's asset purchase purchases would be appropriate the next policy meeting in two weeks. quote, it is time to begin a gradual and predictable norm salmation of policy. she is a voting member of fomc this year. she opposed quantitative easing, perhaps sewing seeds for future inflation among other things. she says, appropriate next step towards normalizing monetary policy could be reducing purchases from 85 billion a month to somewhere around 70 billion a month. she is following comments this morning from the chicago fed president charlie evans who said the fed could begin winding down the qe bond purchases later this year but he was not committal
1:32 pm
about starting in september. adam, back to you. adam: peter barnes. the dow is is still up 41 points. peter best to you. the numbers of the jobs report were a bit lackluster. payrolls rising less than forecast. it is worth asking what is really at the core of the problem? adecco staffing senior vice president jenette marks is here to help us break it down. thanks for joining us. it isn't what most of us think, the hard skills. more the soft skills. explain to me how your firm determined it is soft skills and then what are soft skills. >> absolutely. adecco just ran a survey with 500 senior executives around the u.s. to really ask that question, where is the skills gap? what is the skills gap? what are you seeing in your company? it was interesting because 44% of them came back said a lot of skills gap was in the soft skills, communication, creative side, really pulling out that
1:33 pm
piece of it. adam: one of the things we heard repeatedly since the great recession started and, essentially came to an end not to long ago is there is a lack of skilled labor to take jobs that are open in the united states. and the implication is, serious ability to use whether it be software engineering skills, those kinds of skills. what you're telling me it is not that kind of skill. it is communicateing? >> it is coupled together. the first piece of the survey showed the soft skills. the second piece showed the technical skills. yes the technical skills we do have a gap in but the big piece we're seeing is with our new college graduates. as they're graduating. as people go to school and enter the workforce, if they haven't done internships and not getting the right and proper experience, the big pieces from what these executives are seeing there is a lack in their transferable skills of leaving the education, to the workforce. adam: so for instance, something as simple as communication. speaking english good?
1:34 pm
is it as simple as that? >> they're speaking english. bea communication. via email. how to properly respond. how to communicate effectively in an interview. adam: critical thinking is one of the issues? >> absolutely. adam: how do you, where do you learn critical thinking? should you learn that in high school? do you learn that in college or is that what you learn on the job? >> it should be a combination. in looking at that we're looking to educators to help with the critical thinking aspects which they tie into curriculum. where we're seeing a bigger gap during the great recession, a lot of companies had to pull back their internal training programs. they didn't have the money to fund those pieces of it. now, as talent is starting, is specific, pieces of the talent starting to be short again and not as robust, that's a piece that needs help. adam: companies have training programs for communication, whether you speak well or not. are we talking about the kind of training on machinery or software engineering that takes input of cash and capital to
1:35 pm
bring your labor force up to speed? >> look at it both ways. so if we're going to train an engineer, so we take somebody out of college with a specific engineering technique they need now more than ever we're collaborating with other departments. how do they communicate with the finance department for what they need and other departments around to make sure the business is growing the right way. adam: top threats from the ceos you spoke with to the u.s. economy? >> top threats is federal spending. it is the global, the global impact of where jobs may be going, in the future as well. adam: we just saw the g20. they're not very optimistic about the global economic recovery. jenette marks, thanks so much for joining us. >> absolutely. thank you. lori: despite signs of weakness in the overall labor market picture there's one industry, believe it or not that's desperately in need of workers and that is trucking. needs about 30,000 drivers right now. jeff flock is in lasalle, illinois with details. jeff?
1:36 pm
>> if the tv thing doesn't work out for you, lori, you could be a trucker. con-way freight is a company we're with right now. david burke, the operations director. take a look at the stock, they have done real well year-to-date. they have a trucker shortage. plenty of trucks, not enough truckers. >> we think there are three contributing factors. recent hours of service change. an aging workforce. that is industrywide. then the qualifications are more stringent today to attract drivers. >> just the last year the government made the qualifications a little more strict. take a look at that labor force participation rate. you talk about aging trucker population. a lot of people dropped out of the market. you don't have new truckers to replace them. >> is true. so we're training them ourselves. we came about the 12-week apprentice program. we have them at 91 locations across the united states. we're preparing people to be professional drivers for the future. >> i want to look at one of those. thanks, david. i want to jump up in the cab
1:37 pm
with one of those guys. con-way freight. the fellow we talk up here, jerry fincke, a guy left management. you left a management position, jerry. go ahead to do what you want to do. trying not to take your mind off the road. a management position to come to be a trucker. why did you do that? >> family. when you're a manager, you don't have a lot of time to spend with your family. so, you know, in a position like this where you're, really at a job that gives you the time, and cares about your family, you have that time, and important. >> you wouldn't think, lori, you would have more family time as a trucker. conway does not do overthe road trucking where they take long hauls. all of their drivers sleep in their own bed every night. so, it actually kind of works, gives you a little bit more control than most truckers do if you're going from l.a. to new york or something. that is why jerry made the move. lori: they sleep in the bed of truck or in their actual home? >> no.
1:38 pm
they actually sleep in their homes as opposed to over the road truckers long haulers that actually sleep in the back of the cab there. lori: interesting. i'm a little slow understanding that last point. i was thinking about my next career as truck driver. adam: you couldn't reach the pedals. lori: i don't know if i'm tall enough. thanks, adam. >> she said that. not me. we definitely need a backup. lori: not you, jeff. you're the best. zoo you soon. adam: ready for some football? lori: yes. adam: the nfl season kicking off officially with a bang. how much money is at stake? dr. evil, billions of dollars. amy nelson joins us coming up. lori: treasury breaching 3% for the first time in two years. that is the yield. chief investment officer chief fixed income, oppenheimer fund joins me next. we'll look at current yields to set you up for the next seg mane. hitting 3% earlier but backing down to 2.9% a lot of volatility
1:39 pm
today. we can't say it enough. all on the heels of the august jobs report, which to put it simply, was a bummer. we're back with more after this.
1:40 pm
>> i'm dennis kneale with your fox business brief. ebay is acquiring price forecasting firm, "all things d" reports that the startup uses predictive analytics to help consumers figure out when to buy an item.
1:41 pm
all 26 decide employees will join ebay and build tools to help sellers price their items more competitively. a judge has ordered apple to modify ebooks contracts with publishers. at trial they argued that apple joined with publishers illegally to fix prices with ebooks. never mind it didn't work. spokesman for apple said they will appeal that order. china, the world's second largest economy as one of the top 10 most traded currencies in the world. driven by expansion in offshore trading, china's yuan rose in 17th most traded in 2010 to number nine with a bullet. the yuan which isn't yet convertible to become international currency.
1:42 pm
lori: all right. treasurys all over the place after today's disappointing jobs report. the yield on the 10-year at one point, hitting 3% and then backing down. so highest level in more than
1:43 pm
two years there. joining me is the chief investment officer of fixed income of oppenheimer fun is crush -- krishna hamani. >> thanks for having me. lori: great to have you and your expertise. you said the three-year hit 10-year hitting 3% is watershed for the economies. why is that? >> 3% is big psychological number. we haven't been 3% since 2011. we saw 1.50, come on the downside, coming back to the 3% has to mean the rate cycle is normalizing. that is good and scary to a lots of people. lori: that is great way to put it, it is good and scary. good if you're saving money and trying to get better interest rate and bad if you're trying to take out a mortgage. where do you think interest rates are headed from here? we're looking at 10-year yield it has backed off the 3% level but still higher than it's been recently. been really all over the map, right? >> sure. lori: in a range. we heard from esther george,
1:44 pm
noted hawk, that tapering will commence albeit by a small balance this year. how will all those things influence where rates are headed and what are your targets for the balance of the year? >> so i think a lot depend how the economy does. if it is just tapering with economic data sort of softening or continuing at their current pace we could certainly go above 3% but we're certainly not going too much above 3%. on the other hand if the economy slows down meaningfully, we could have, we have come up a lot so we could certainly go down a lot. so, and i think it all depend on how the economy comes out. our outlook is that the economy is probably remaining soft so 3% or lower probably, lower than 3% would be our rate objective for the year. lori: so you're not forecasting this great rotation out of bond into equities that so many have been looking for? of course the world's biggest bond manager, bill gross, is look act fourth consecutive
1:45 pm
month of bond outflows this month. that is not telling? >> what people are pulling money out of long bond funds but they're inflows into equities is relatively modest. so it is not the great rotation per se. i think people are just getting scared of the rate cycle. lori: so then, where would you invest and how much of your portfolio should be comprised of fixed income products? >> so i think fixed income has a multiple roles to play in a portfolio. one role is to provide income and the other role, equally important role is to provide some level of protection if equities were to correct and in that context while bond may not be as safe or protective as they were before, they still are going to be a lot less volatile than equities in a really severe down market. so from that standpoint i think bond have a role to play. we think our senior floating rate or bank loan product is probably the product for the time because it provides you good level of income and even if rates two up, your, your
1:46 pm
potential losses are minimal. so if you're looking for a good little of income and protection i think bank loans is a very good place to hide. lori: yes, i heard a lot of people recommend floating rates. what about treasury inflation protected now that rates are going up? >> so treasury inflation protection, i think it is a good thing in concept but i think you have to time it perfectly. the problem you have with tips it is dependent on real rates. so if inflation adjusted rates are going up, which is the case right now, tips are not going to provide you much protection. tips provide you protection when inflation is going up, which is not the case right now. so i think tips is probably not the best thing to do if you're looking for at least, intermead yacht term protection in your portfolio. lori: krishna, thanks so much for your time and your fixed income investment tips. >> thank you very much. adam: new york stock exchange right now, jonathan corpina is
1:47 pm
on the floor of nyse. he joins us and jonathan, the dow is up 45 points. what do you think investors are motivated today? is it president's discussion of syria? is it becoming taper from the federal reserve or is it the jobs number? >> probably a combination of them all and i don't know motivation is the right word to use in this market right now. i think the market is kind of fragile considering all three things you said, jobs numbers, president and syria. these are all high level issues going on at this point right now. anytime the president speaks the market moves. job numbers i don't think many people believe in the results we saw today and syria is clearly a fragile situation. the market seems to be trending in an area. recently sold down, bounced up a little bit. i think that is natural market movement but into the weekend i think what investors should be really focusing on is headlines out of syria and next week too. adam: maybe safe to take money out of the market and invest in old orchard beach, maine.
1:48 pm
>> absolutely. i'm on with you there. adam: jonathan corpina, on the floor of new york stock exchange. thank you very much. >> thank you, too. lori: someone flagged us. president is tweetings on jobs report. with today's report unemployment fell to the lowest rate in 2008. crowing about it as oppose pointings out the lowest parse rate in -- adam: 197. lori: in a generation. adam: you know how long that is? the six million dollar man was on abc when we had that low participation rate. lori: you were in elementary school. adam: yes i was. lori: sb nation correspondent, aim can i k. nelson with how the league brings in big bucks. adam: nasa getting ready to launch a new mission to the moon and found a new launch site. lori: show you what companies are dragging down the market. we'll be back in a moment. ♪ ♪
1:49 pm
nascar is about excitement. but tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. that's why we partnered with hp to build the new nascar fan and media engagement center. hp's technology helps us turn millions of tweets, posts and stories into real-time business insights that help nascar win with our fans. bjorn earns unlimited rewas for his small business take theseags to room 12 please. [ garth ] bjors small busiss earns double miles on every purchase every day. produce delivery. [ bjorn ] just put it on my spark card. [ garth why settle for less? ahh, oh! [ garth ] great businesses deserve limited reward here's your wake up call. [ male announcer ] get the spark business card from capital one and earn unlimited rewards. choose double miles or 2% cash back on every purchase every day. what's in your wallet? [ crows ] now where's the snooze button?
1:50 pm
1:51 pm
1:52 pm
adam: the nfl season kicked off last night with a bang. peyton manning tied the league's single game record with seven touchdown passes. sb nation correspondent, amy k. nelson joins us on the telephone with more on how the nfl is becoming up with of the most valuable sports league. boy, wouldn't you like to buy into it this franchise? average price after team, 1.11 billion. explain to me how cleveland or kansas city is worth 1.17 billion. >> it is truly any stunning. of all 32 nfl franchises, they are worth, among the 50 most valuable sporting franchises in the world. all 32 of them. there are a couple of factors
1:53 pm
for that. the first one is that the sport is as popular as ever. adam: sure. >> and second there is a salary cap. so players can only make so much. third, probably the most important factor is those massive television deals. networks know how much the nfl sells. how popular it is so pays premium for the deals. adam: estimated 42 billion, right? >> that is $3 billion more than when commissioner roger gooddell took over seven years ago. it pays well to be a nfl franchise owner. adam: i don't think anyone disagrees with that. the average is up 5% this year than last. what about in the future, how do they keep growing revenue? >> their goal is to get revenues up to 25 billion by 2027. it will not be that difficult because how much they're able to sell and because of network deals. they will continue to bring in revenue through those network
1:54 pm
deals. adam: do you think the network deals will continue to flourish or will we see one of the big networks lose the network and go online to some kind of a digital distribution? >> no. they have proven they have a very keen and smart digital strategy, particularly with their own network. so i don't think that will really be a factor in the future. adam: i need your prediction, real quick, miami, cleveland. i grew up in miami but i love cleveland. who will win this one? >> why do you love cleveland? what is the love for cleveland. adam: i lived there for eight years, trust me you have to got to root for the browns. >> since we're being subjective, my father is raised in cleveland. he is a big browns fans. i will go with cleveland. adam: you're smart. 2011 cleveland beat miami. money is on miami. amy nelson, appreciate you being here. go browns. thanks so much for backing me up on that one. lori: is that type of town on sundays everything closes down on football day? adam: everything closes down
1:55 pm
5:00 p.m. on friday. lori: retire, go shopping, get groceries done, get everything out of the way because you don't have to wait in lines to get your gas? all that, huh? hey, nasa, headed back to the moon. this time to examine its atmosphere. scientists believe now is the perfect time to analyze a thin atmosphere before another mission is disrupted. by studying the moon's atmosphere they hope to learn about similar atmospheres in space. the robotic spacecraft will be launched from eastern shore of virginia. that is interesting, going outs from virginia, huhany, we have exclusive video. nasa on the cutting-edge, we have exclusive video of the test launch of this device. we'll show you this now. nasa never to be outdone by anyone else. this device, there it is. nasa in front once again. lori: i have nothing to say. what is that tape? adam: we're going to the moon, everybody. the chinese are going there. this is hey, kids.
1:56 pm
get in the car. lori: you're going to the moon, alice. you're going to the moon, alice, from the honeymooners. adam: mars is so much closer. >> i think it is fantastic we're not giving up on space exploration despite budget cuts. we're up for debate and conjecture about future space exploration. adam: i will give you the last word on that one. the jobs report raising new questions about whether the fed will start tapering the week after next. is there any question? tracy byrnes and ashley webster get expert analysis next, coming up. former cbo director douglas holtz-eakin is come up too. they will take you through the next hour on fox business. don't miss it. ♪
1:57 pm
no two people have the same financial goals. pnc investments works with you to understand yours and helps plan for your retirement. talk to a pnc investments financial advisor today. ♪
1:58 pm
i've been doing a few things for playing this and trading.ove-- tdd#: 1-800-345-2550 and the better i am at them, the more i enjoy them. tdd#: 1-800-345-2550 so i'm always looking to take them up a notch or two. tdd#: 1-800-345-2550
1:59 pm
and schwab reay helps me step up my trading. tdd#: 1-800-345-2550 they've now put their most powerful platform, tdd#: 1-800-345- streetsmart edge, in the cloud. tdd#: 1-800-345-2550 so i can use it on the web, where i trade from tdd#: 1-800-345-2550 most of the time. tdd#: 1-800-345-2550 which means i get schwab's most advanced tools tdd#: 1-800-345-2550 on whatever computer i'm on. tdd#: 1-800-345-2550 it's really taken my trading to the next level. d#: 1-800-345-2550 i've also got a dedicated team of schwab trading specialists. tdd#: 1-800-345-2550 they helped me set up my platform the way i wanted, it's really taken my trading to the next level. tdd#: 1-800-345-2550 from the comfort of my home. tdd#: 1-800-345-2550 and we talked about ideas and strategies, one on one! tdd#: 1-800-345-2550 really gave my trading a boost. tdd#: 1-800-345-2550 all this with no trade minimums. tdd#: 1-800-345-2550 and only $8.95 a trade. tdd#: 1-800-345-2550 after all, i'm in this to win, right? tdd#: 1-800-345-2550 open a schwab account and learn how you can earn up to 300 tdd#: 1-800-345-2550 commission-free online trades for 6 months tdd#: 1-800-345-2550 with qualifying net deposits. tdd#: 1-800-345-2550 call 1-888-283-2407 today. tdd#: 1-800-345-2550 ashley: welcome back, everybody, i'm ashley webster. tracy: i'm tracy byrnes. the jobs picture not getting any
2:00 pm
brighter. more americans actually gave up finding work. companies added fewer jobs than expected were worse than first thought. top economist lindsey piegza tells us what it means for the economy and the fed taper plans. we have that coming up. ashley: president obama heading home from the g20 with some support for military action in syria but congress may prove to be a tougher sell. we'll have that story ahead. tracy: foreign automakers set up shop down south all to avoid big labor in detroit but now the uaw is getting its foot in the door at a volkswagen plant in tennessee. we'll have the latest on that coming up. ashley: chattanooga. time for stocks. let's get to nicole petallides on the floor of the new york stock exchange. as we wrap up the trading week it is right at the 15,000 mark. right on the line, nicole. >> great for the bulls up there who have been waiting for dow 15 to you thousand. we had -- 15,000. we had four straight weeks of
2:01 pm
selling. we lost 700 points when we were 15,700 and change. we recouped losses and managed to kiss the 15,000 mark again. good for the bulls. you can see the major averages are now clocking in some good gains, 1 1/2, 2% respectively depending which you're looking at. bank stocks, drug stocks, retail stocks all looking great. 10-year treasury sits around 2.91% gives the opportunity for equities to take off as it hit the 3% mark which was a two-year high. made everybody a little skiddish. but now that it pulled back of, that gives them the opportunity to hit these equities. back to you. ashley: nicole, thank you. tracy: despite the unemployment rate dropping to 7.3% with the latest jobs report the number of americans in the workforce is at the loyest in 35 years. this is crazy. peter barnes in washington with more. hi, peter. >> that's right, tracy. the unemployment rate went down
2:02 pm
to 7.3% last month for the wrong reason. more than 300,000 people left the workforce according to the labor department. that cut the important labor force participation rate to 63.2%. the lowest level since 1978. employers reported they added 169,000 new jobs in august, slightly less than the street expected but the labor department also revised the number of jobs created by employers in june and july by 74,000. the federal reserve has been waiting on this report to help decide when and how much it should taper. it is $85 billion a month in quantitative easing bond purchases. kansas city fed bank president esther george saying in a speech this hour, quote, it is time to begin a gradual and predictable normalization of policy. she's a voting member of the fomc this year and has opposed quantitative easing as potentially inflationary and she would like to get started on tapering at fomc meeting in two weeks.
2:03 pm
she says, quote, an appropriate next step toward normalizing monetary policy could be to reduce the pace of purchases from 85 billion to something around 70 billion per month. the white house said, the jobs report showed progress in healing labor markets. >> even when you factor in discouraged workers, people that have given up looking for a job. people who are working part time, but rather working full time, even including all of those the unemployment rate came down in august and came down over the past year. >> in a statement, house speaker john boehner called the jobs report, mediocre. he said, quote, the sooner president obama starts working with both parties to expand american energy production, repeal his health care law and focus on patient-centered reforms and solve washington's spending problem, the strong err our economy will be for all americans. guys, back to you. tracy: sure, peter barnes. ashley: thanks. yeah, whatever. tracy: yeah, come on now.
2:04 pm
ashley: peter, thank you. our next guest says today's disappointing jobs report shows that the momentum in the labor market, is, well, uneven at best and the data doesn't justify a change in fed policy just yet. joining us now stearn agee chief economist, lindsey piegza. this is interesting. before we dig down into some of the details in this jobs report what is your takeaway? >> like i said the problem is that the jobs numbers are very uneven. now sure, we have a seen a decline in unemployment rate for inorganic reasons. we've seen positive headline job creation. so we're still seeing people go back to work but the problem is it is just not enough. if we look on an average basis we've been losing momentum in terms of job creation in the middle of the first quarter. it really doesn't bode well for the fed to look at this to say, well, the economy is strong enough to begin to roll back those monthly purchases. ashley: to peter barnes's point,
2:05 pm
he is saying the participation rate down to 63.2%, the lowest level since 1978. how disturbing is that? >> it really is very disturbing an this is creating quite the quandary for the fed because they're look at a headline decline, look, the unemployment rate has ticked down consistently since the start of the year but the problem is when we factor americans are saying right now conditions are bad, i'm not going to bother looking. i will drop out of the labor force, we see the lowest number of americans looking for week in over three decades. it is very frustrating when we look at actual details what is driving down unemployment rates. ashley: when we get into some of the details, the average hourly earnings up a little bit. the work week lenthening just a little bit but not exactly gangbusters, is it? >> no, it really isn't. we seen average hourly earnings bounce along about 2%. the work week little-changed since the start of the year. looking at those details, not much momentum to peel back when
2:06 pm
we look at the jobs report. ashley: not enough, you don't think, to justify the fed cutting back on its bond purchases although you do say there is always easy to find an excuse to taper? >> well right now the tone at the fed is one of patience. fed officials have been very vocal they're willing to support the idea of tapering sooner than later as long as economic data supports continued strengthening in the economy or specifically the labor market but we're just not seeing that. it begs the question why would the fed taper if the economy isn't strong enough to support that? right now it is difficult to make that argument. of course if they are getting antsy and do want to begin to taper, look at headline job creation, still positive, above 150. the unemployment rate came down regardless of why. on the heels of very strong ihs numbers, and gdp they could argue to go ahead with tapering. ashley: here is the big question, lindsey.
2:07 pm
do you think they will hold back for a little while or will they perhaps make a 5 billion or 10 billion-dollars cut back? >> that really is the question. if they decided to taper it would be to five to 10 billion. then again, why would they initiate a mini tapering? either the economy is strong enough to support tapering or it's not. i call their reasoning into question for a mini tapering. i suspect they look at the details within this unemployment report, excuse me the employment report and see that the fundamentals are not just strong enough to suggest a change in policy at this point. ashley: that was my next question. look, if we take the liquidity away, are the fundamentals strong enough to allow the economy to stand on its own two legs? it is to your point it really isn't at this point? >> i just don't think so. we're a consumer-based economy. if you focus just on the consumer they too are losing momentum under a rising rate environment, under a heightened tax burden and without jobs and income growth, they're not out
2:08 pm
there spending. ashley: interesting stuff. we shall soon enough find out. lindsey, thanks so. tracy: yep, we've been talking about the consumer struggling. let's get on to syria. the g20 summit wrapping up in russia. president obama acknowledging that the countries are involved just as split as lawmakers stateside over this military action in syria. rich edson at the white house with the latest. hey, rich. >> good afternoon, tracy. 11 of the g20 countries signing on to a statement including united states calling for a strong response to syria's use of chemical weapons. however they do not say in that statement they support military action or what the united states's preferred course is. also today the u.n., as part of this, a number about nations say they want u.n. backing. that's unlikely with the russians maintaining they do not want a strike against syria. they're on the permanent u.n. security council and continue to block any action. and when it comes to what will
2:09 pm
be any potential action in syria, the united states alone again with the world looking to us. >> if people who, you know, decry international inaction in rwanda and, you know, say how terrible it is that these human rights violations that take place around the world and why aren't we doing something about it and they always look to the united states. >> so the world is waiting and seeing to see what happens in the united states. president obama has put that question to congress. there are major concerns with lawmakers. they say they're getting plenty of opposition from their voters in their districts when they're home on town hall meetings. that doesn't necessarily mean there will not be any favorable vote for the administration in congress but they have some real persuading they have yet to do. back to you. tracy: so, rich, is congress really not going to support the
2:10 pm
president of the united states on this? it seems a little odd. >> senate majority leader harry reid says he thinks he can get 60 votes. he says it will take persuading. the persuading continues on house side. there are briefings. you have to remember the lawmakers are home right now. the majority of them have yet to get these intelligence briefings, these classified briefings that the administration is holding. so lawmakers get back on monday. perhaps the mood can change. there also a sense while you are getting lawmakers who are saying they will oppose any action, vote, you're not getting those supporters because, well, maybe they want to wait a little longer to see how this all shakes out. you have folks opposed to it coming out on the record now. perhaps those who want to support it are waiting. you still have all congressional leaders, minus senator minority leader mitch mcconnell on board and mcconnell says he is in wait and see mode as well. tracy: rich, thanks very much. chris wallace said earlier, they
2:11 pm
will not take up a vote unless they have the votes. ashley: that's a good question, i'm not going to answer it. tracy: exactly. ashley: stocks near session highs. the dow trading right back at the 15,000 level. oh so close right now. live updates from the stock exchange next. >> digging deeper into the jobs report. former cbo director douglas holtz-eakin said the labor market took the month of august off. here is how oil is trading as we head out to break. up $2 a barrel at $110.38. the dow is up 62 points. we'll be right back. (announcer) at scottrade, our clients trade and invest
2:12 pm
2:13 pm
exactly how they want. with scottrade's online banking,
2:14 pm
i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't trade like everi'm with scottrade. me. (announcer) scottrade. awarded five-stars from smartmoney magazine. tracy: that time ever day to make some money. charles payne is here. this hour he is looking at investment brokerage indus -- industry with e-trade. love the baby commercials. love those. that kid is the cutest. i wish i could afford to adopt them all. i would take them all in. look at this kid. ashley: including guy on the left or just the kid. tracy: i love that kid. i love where he drops the cell phone in the crib. >> don't say a word.
2:15 pm
>> i got to tell you, yes, they reported their earnings this weekend after a string of misses. finally beat the street convincingly. convincingly enough, it might be worth a shot now. my subscribers are in it. we got in this morning. losses for loans, 46 million a year. going to put aside 67 million. higher daily average volume. the only thing that bothered me a little bit was their new accounts. 30,000 versus 4thousand a year ago. they also did have a record low attrition. people are not dropping out anymore. i think they have hit the bottom. ashley: okay. >> i also think as this market continues with this traction lot of people on the sidelines probably wrote the market off forever might put a big toe in or little toe. ashley: right. >> a lot of people, 40, 45, 50. golly i have to do something. i just can't, i really, i tell people all the time, 15 years from now, you're some guy, at party for retirement and gold
2:16 pm
watch, the wife said hey we go around the world in a cruise? i didn't invest in the market because i didn't like the president. huh? i didn't invest in the market because i didn't like the fed. in other words, we got no money because you didn't like the president? are you serious! maybe that turns around and e-trade benefits from it. tracy: where do you get in, where do you get out? >> we got in already this morning. i'm looking at notes. 18 is breakout. 20 first trading target. longer term if they get traction would be $25 which would be gigantic percentage move from here. ashley: we'll follow it and the baby. tracy: i wouldn't be surprised if you get college kids starting to do that stuff. >> they ain't working. might as well stay home and strayed. ashley: appealing to a young crowd with the baby. very young. thank you, charles. a little after quarter past the hour. let's get down to nicole petallides on the floor nyse. looking for some major movers
2:17 pm
this friday. >> easy to find major movers with names in the news and upgrades and downgrades occurring. let's took at two names grasping for attention on wall street. yelp, hitting all-time high today. both deutsche bank and barclays come out with positive comments. buy rating overweight ratings. barclays with a 64-dollar target. barclays noting there are very few companies well-positioned to cap callize on mobile and global markets. they are liking what they see going forward. how about smith & wesson but talk about firearms, guns. smith & wesson had a great run this year. stern ruger around smith & wesson had a great quarter. smith & wesson talking about the sales are good but gave a cautionary tone going forward. both missed analyst estimates. fewer days of production are expected. they warned of some higher operating costs. so as a result, big moves down for smith & wesson today, down 10%.
2:18 pm
back to you. ashley: all right, nicole. thanks so much. we'll be back to you at the bottom of the hour. tracy: all right, coming up, we have got new disappointment on the jobs front. former cbo director douglas holtz-eakin tells us what it will take to get back to a solid labor market. wow, if he knows that, we should make him president. ashley: sinned him to washington. tracy: really. ashley: ashley: first look how the u.s. dollar is trading. guess what? it is lower against all the currencies. euro, pound, dollar, peso and even the yen. we'll be right back. um... where's mrs. davis? she took an early spring break thanks to her double miles from the capital one venture card. now what was mrs. davis teaching? spelling. that's not a subject, right? i mean, spell check. that's a program. algebra. okay. persons a and b are flying to the bahamas.
2:19 pm
how fast will they get there? don't you need distance, rate and... no, all it takes is double miles. [ all ] whoa. yeah. [ male announcer ] get away fast with unlimited double miles from the capital one venture card. you're the world's best teacher. this is so unexpected. what's in your wallet? this is so unexpected. nascar is about excitement. but tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. that's why we partnered with hp to build the new nascar fan and media engagement center. hp's technology helps us turn millions of tweets, posts and stories into real-time business insights that help nascar win with our fans.
2:20 pm
2:21 pm
2:22 pm
>> at 22 minutes past the hour i'm arthel neville with your fox news minute. president obama will make his case for military action against syria in a speech to the american people tuesday night. a news conference following the g20 summit in russia, the president said he understands the public is skeptical about launching strikes following a chemical weapons attack in syria last month. president obama says the attack was carried out by president assad's military. closer to home, a fireball from a possible gas leak consumed a southern california home this morning. the blast damaged two other homes and woke neighbors before dawn. the home had been undergoing
2:23 pm
renovation and was vacant. italy has given the green light to an ambitious plan to right size the costa con doored diao. it went around an italian island will r killing -- ran aground on an island killing 32 people. the trial of the ship's captain continues. that is fox news minute. back to vasesy on this friday. tracy: everybody has actually, it is funny. thank you, arthel. we're talking about chicken wings on the noon show. hard to find any good news in today's jobs report. the unemployment rate fell to 7.3% but that is only because many americans gave up finding work. our next guest says if the labor market just took the month of august off. former cbo director douglas holtz-eakin is president of the american action forum joins is right now. you snow what, sir? you're not wrong. it seems like it was a total
2:24 pm
buzzkill the whole month. >> it was a really disappointing report. there were hopes that we would see the economy accelerate. there were data that looked pretty strong in the ism manufacturing and non-manufacturing but today's report was a real set back. we're seeing job growth decelerate over the year. labor force participation in low rates we haven't seen in 35 years. that is consistent with the lack of confidence in the american people. inside the report, we are not seeing real wage growth either. it is hard to imagine strong consumer spending if you don't get being income growth. this report i found a real set back for the recovery. >> the participation rate i find most disturbing at 62.3%. we're at a 35-year low? where are they getting all their tax dollars from if people are not getting w 2s, right? >> there's no way that you can have a sustainable, long-term fiscal policy built on this kind of recovery, but more
2:25 pm
importantly you can't have a sustainable economic recovery. you have to generate income growth. income comes from jobs first. hours in those jobs second and wage growth for those hours. we're not getting the jobs. we're getting too many part-time jobs. we're not seeing the wage growth. we need to do much better than we are right now. tracy: let's talk about the part-time trend we're seeing. >> right. tracy: 28 million part-time employees. that is crazy. do you think it will change or with obamacare coming down the pike this trend will continue? >> it is hard to imagine a move to full-time employment when everything is pushing the other direction and obamacare is the number one reason. there are others as well. we have a heavy regulatory burden and more new regulations coming online. we've seen tax increases. anything that squeezes ability of firm's cash flow to cover workers will lead to fewer workers. part time is one part of that picture. tracy: i thought you made a great point in your notes. it will take nearly five years to get us to 6% unemployment at
2:26 pm
the rate we're going. >> yeah. tracy: that can not make this administration happy. >> it shouldn't make anyone happy. it is bad for the economy to have so many people out of work and all the evidence is it will be bad for those individuals. some will never recover. they will never have the careers they otherwise would have had if we had a robust recovery and gotten them back to work quickly. the human cost is quite staggering. it is getting worse, not better. >> let's if we could move ourselves overseas right now. things are not great at home. things are not great overseas. you have a lot of people home, just, like, confidence is waning here in the united states, and then you add this whole syrian situation and risk and there is so much opposition to it. what are your thoughts based on what happened today with the g20 and russia? >> well, i think we know now what we knew when the president headed into the g20, which is, there isn't a clear endgame and strategic plan that he is trying to achieve. because he doesn't have a clear
2:27 pm
plan. it is hard to generate political support for it. the international community divided. the domestic community is divided. what support he has is support for the institution of the presidency. for the united states as a world leader. but not strong support built on a specific objective. that's the problem. tracy: we got nothing out of basically what happened today. >> right. and my concern, will be that markets are watching this and the president may very well lose a key vote. that doesn't engender a lot of confidence in his ability to lead on other fronts, including economic ones. i think market fallout could be substantial. tracy: i don't think you're wrong. douglas holtz-eakin from the american action forum. thank you for taking the time, sir. >> thank you. ashley: volkswagen now in talks with labor leaders for one of its u.s. based plants. german automaker around united auto workers are in talks about the union's bid to represent workers at volkswagen's tennessee plant in chat miga. this would be a big mile stone for the uaw effort to try to
2:28 pm
organize a foreign-owned u.s. based auto plant. it would boost membership from the union which fallen from its peak in the 1970s. vw plants are represented what are called work councils which do not negotiate wages or benefits for employees. so the union, the uaw, looking to the south to try and drum up some more membership. tracy: right. somewhat of a sign of desperation. if i may -- ashley: look at all the sites down south. tracy: i like the way you say volkswagen. ashley: it is german. volkswagen. tracy: like vw. ashley: there is no w in german. tracy: you're only one that says it right. ashley: i don't know. tracy: got y vw? ashley: i don't know. tracy: all right. and the beetle, what could be better. ashley: i love the beetle. tracy: coming up, despite taking a breather today, the 10-year treasury yield is hovering around the 3% mark.
2:29 pm
we'll tell you how to protect your portfolio against the risk of high interest rates. ashley: first let's look at winners and losers on the s&p 500. there you go. mastercard having a good day. priceline too. we'll be right back.
2:30 pm
2:31 pm
2:32 pm
♪ ashley: is 90 minutes or just under until we close up for the week on the market. let's take a look at the dow 30. lots of green. allow the gains. the dow 30, as you can see, hewlett-packard, i nice mix of stuff. energy stocks, chevron on their moving higher. oil has moved higher on the
2:33 pm
threat of an attack on syria. nicole petallides at the new york stock exchange to put all of this in context. nicole. >> reporter: that's right. back-and-forth action. i want to talk about an auto maker with some headlines, looking at ford. ford today is to the downside, down 1%. and the report today is that the ceo may be stepping down before the end of 2014. well, the company has said obviously a had something in place. he reportedly may be exploring other roles. there have been talks that they may be considering a post in the obama administration. it has also been quoted that he may be a potential replacement for someone at microsoft. pretty unbelievable. he was actually set to stay on through the end of next year. don't forget that ford was the only one that did not take
2:34 pm
government money, such as some of the other automakers and have done very well. back to you. ashley: they certainly have. thank you. tracy: breaking news. oil closing up $2.16 at $110.52 per barrel, a gain of 2%. ashley: today's wild market swings, someone wild, not that wild, but they may make some investors stomachs turn just a little. our next guest says stay the course on u.s. equities. there will go higher. joining us now, head of capital markets at pro shares which manages $26 billion across hundred and 45 etf. the thank you for joining us. we just had a guest earlier in the show who's said this jobs report should and distressed should prevent the fed from going ahead and tapering because there is no need to do it right now. what do you think?
2:35 pm
>> well, given the headline number that we saw this morning, particularly the revision downward from last month, that is a pretty easy reaction to understand it. i think that guest is not going to be alone in the opinion of the marketplace, but when you look at it overall, particularly in the historical contexx, revisions are not unusual. even the magnitude of the revision that we saw this morning is really not an allied air. ultimately when you take a step back and look at it holistic click, the fed is going to view it as, hey, look, we understand there are revisions. if you look at the overall employment picture we still manage to create 180,000 jobs roughly in this country over the course of the last month. the employment picture is getting better. the overall unemployment rate is below 14 percent now. i think the fed will view that as, again, it is still a green light to go ahead and start the tapering process. ashley: so with that in mind, what is our market outlook, both short and long term?
2:36 pm
i know you are bullish, but how do you see the short term? >> well, over the next couple of weeks to a month i think we will see a root continued recovery from the august swoon. s&p 500 dropped about four and a half percent, not at all unusual for this sort of summer seasonality. near term, over the next six months i think that equity prices in the u.s. are higher, particularly large cap u.s. equities have a good way to go given the valuation profile of those companies. ashley: what are your investment ideas? but are you telling your clients? >> well, there are a couple of different teams playing out within our client base. keep in mind, the leading alternative etf company. our core client group our financial professionals, folks managing money for others that are looking for tools to build better portfolios and to manage risk. the conversations we are having really fall under two categories. one is in the fixed-income market. how do we protect our markets
2:37 pm
portfolios? the vast majority felt they're believe that the rate environment has changed. we are now and a time of rising rates. they're looking to protect the portfolio, particularly in places like high-yield where we have seen a lot of money flow. one of the products, the perot shares hedge high-yield age yhg is the ticker. a portfolio of blonde high-yield bonds and short treasury futures to protect the bond portfolio and a rising rate environment. a lot of clients asking questions about that as a replacement to their traditional traditional -- only high-yield funds. on the equity side is really the same thing. how do we get exposure? a hedge product, a lower volatility product, things of that nature are the focal points of the conversation. ashley: very good. ten seconds. you like europe. how did you put your? >> right now it's a very
2:38 pm
interesting story. he pleaded in a broad based, passive index methodology. instead of picking stocks are trying to pick individual stocks and thank you take a macro position in europe using an index fund. it. ashley: very good. it thank you very much for all of information. good stuff. tracy: now and oil 2% jump. sandra smith in the pits of the cme. hundred $10 per barrel. >> back there again. it was earlier this week resaw above $112 per barrel. bareback about a hundred and ten. really win this market took off to the upside it was when the russian president came out to stand by syria. the crude-oil market rally on that, but also on how weaker u.s. dollar situation right now. the dollar down against the yen and the euro and a basket of other currencies. the dollar index fine after the
2:39 pm
jobs report. the worse than expected jobs report is leading to a lot of speculation. obviously. the fed may not begin to taper because of the weak report. that, of course, would lead to a weaker u.s. currency. that tends to rally the commodity prices. it is all intertwined. crude oil, what a day. up another $2 on the session. hundred and $10 we are looking at here again. it seems like that syrian premium has gone right back into the price of a barrel of oil. tracy: not going anywhere. have a great weekend. coming up, digging deeper into the irs in policy on same-sex couples. is it worth it for them to change there with a file? it might not be. ashley: the always outspoken alec baldwin finding a new venue. dennis kneale will be along next with the story. as we head to the break was take a look. a big spike yesterday.
2:40 pm
bond prices rising. the yield down six basis points. meanwhile, the 30-year is also down slightly. just a tick. we will be right back.ou] tracy: in having triplets. [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission. [ coyote howls ] how about no more surprises? now you can get all the online trading tools you need without any surprise fees. ♪ it's not rocket science. it's just common sense. from td ameritrade.
2:41 pm
bounce keeps my clothes fresh for weeks, even when they've been sitting in the drawer a long time. like those jeans you can't fit into anymore. that, i mean... [ male announcer ] how do you get your bounce? long-lasting freshness. ♪ >> reporter: and i'm david asman with your fox business brief. divergent galactic conducted another successful rocket powered supersonic test flight of the passenger ship it is
2:42 pm
developing. in altitude at 69,000 feet over california's mojave desert. released by carrier aircraft, maximum speed of mach 143 before drifting back safely to earth. china has one of the top ten most traded currencies. rose from the number 17 in 2010 to number nine now. chinese leaders wanted to become an international currency. ebay is acquiring price forecasting firm decide. the startup uses predictive analysis to help consumers figure out when to buy an item and will now help ebay seller's price their items more competitively. that is the latest from the fox business network, giving you the power to prosper.
2:43 pm
♪ ashley: the new york post unkindly nicknames alec baldwin,
2:44 pm
the actor, sitcom star and shill for capital one credit cards. they're pretty funny. he will not get his own prime-time talk show. dennis kneale joins us with the details. >> that's right. unstintingly ultraliberal. ms nbc next pixel pond. the friday night talk-show starting in october. the show is to be called up late with alec baldwin, described as a current affairs and culture talk-show. you can bet it will be long on politics, given his proclivity for provocation. the news show comes at a pivotal time as the paper variety notes our civilian fox news anchor meghan kelly is moving into prime time, but no one has yet said which incumbent prime-time anchor will have to get out of the way. cnn is retooling, launching a revival of crossfire in the afternoon and adding a second tin -- anderson cooper show. baldwin figures he is ready.
2:45 pm
he knows how to work a crowd having hosted saturday night live 16 times, and for two years he has hosted here is the thing, a public radiobroadcast to new york. baldwin says he has developed a fondness for talking with smart, talented, and engaging people. some guests on cable news might not live up to that billing, but he could make an odd fit for comcast. ms nbc is populated by tv pros, campaign consultants, not actors schilling credit cards. baldwin is an actor and a celebrity in clashes with the paparazzi, with attendance on airline flights and with enemy agents and ads for capital one. that is a lot. wait a minute. he could be perfect. ashley: that is a pretty good to see heat. cable clashing. all right. that is could stuff. tracy: that one with a hot check. the evil dude.
2:46 pm
rick folbaum. it is a quarter till. time for stocks. we head down to the floor of the new york stock exchange. john joins us now. you said something so interesting this morning at around noon when i was on with dennis. we were talking about the jobs report. we have moved on to syria. is the number-or lewd and an important? >> it is not unimportant, but we are in an instant gratification society. that is old news. just because of the fact we know the news coming out of washington is really not going to mean much. come the end of september that is when it will mean something. now the situation in syria, ever-changing, the movement that is going on is quite concerned, and at some point that is really going to come to a head. tracy: you would think that if we really are truly going overseas you would see this more reflected in t market. is it because of the indecisiveness that the market
2:47 pm
is pushing that a side? >> i think it is more the decisiveness. it seems like we might have some sort of unified town out of washington and green does something has to happen. what happens will be the next part of it. but i think we are hearing the message that we're going to have to get involved, whether we like it and not. tracy: of flow chart and we keyboard. thank you. >> absolutely. ashley: mentioned the fed. tracy: all exactly the same. ashley: all right. coming up, big tax decisions for same-sex couples now that the irs will recognize them. we will talk with one adviser who says some couples might be better off filing separately. that is next. tracy: let's take a look at some of today's winners and losers on the nasdaq. somebody is on the computer at home. priceline up, amazon up.
2:48 pm
we will be right back. [ male announcer ] these days, a small business can save by sharing. like carpools... polly wants to know if we can pick her up. yeah, we can make room. yeah. [ male announcer ] space. yes, we're loving this communal seating. it's great. [ male announcer ] the best thing to share? a data plan. at&t mobile share for business. one bucket of data for everyone on the plan, unlimited talk and text on smart phones. now, everyone's in the spirit of sharing. hey, can i borrow your boat this weekend? no. [ male announcer ] share more. save more. at&t mobile share for business. ♪
2:49 pm
2:50 pm
2:51 pm
♪ tracy: so, married couples, same-sex couples are now equal in the eyes of the irs, which is fabulous. legally married same-sex couples can now file a joint tax returns regardless of which state they live in and can refile or amend their returns from the last three years. let's bring in break. okay. we have to talk about this. i think this is huge. but there are some specific things that same-sex couples need to know. this only applies to legal marriages.
2:52 pm
domestic partnerships, civil unions, this is not them. >> and that's about a dozen states that recognize marriages. those are the ones that will be applicable in this new clarity that we got from the irs. tracy: and regardless of where these couples were married, wherever they live in the u.s. they can file a federal tax return. >> that's right. that is some of the clarity that was helpful. now you understand this but where you live, it's a function of where you were married. it is a legal marriage in the eyes of the irs. now you can, you must file as a married couple. tracy: i would think the first thing that jumps into my mind would be state tax benefits. and you can pass on to your spouse is state tax-free. that is something they have been struggling with all these years. >> and one of the biggest benefits of this ruling that came out which is a clarity around that so that couples can pass on an unlimited amount of assets to each other during
2:53 pm
their lives or at death and provides this as well as the new portability that came into place with the estate tax just recently at the beginning of this year. now if one spouse or to die and as i use up all the assets, they can actually transfer that exemption on to the other spouse so that they can effectively shield $10 million of assets. tracy: which is great. it does not apply the social security benefits. >> those are a little bit different. we have to look to the tax benefits. and really, the decision that these couples have to make. this clarity for 2013 and going forward, there are options for prior years. it is important to sit down, i understand the personal tax situation and see if maybe going back in amending prior returns or if there was a death, you can gain some great tax benefits. tracy: to go back to it three years and demand. >> three years. depending upon when you file, maybe you can go back to a 2009.
2:54 pm
you may have another month and a half for such a deal with it. a great weekend to sit down and look at it. tracy: without missing? what i some other big things we should be looking at? i know you mentioned health care >> some of the health care benefits to the extent you're paying for health care benefits at your employer and paying with after-tax dollars, you may be a will to go back and get some deductions from those premiums that you paid for the health insurance that covered your significant other. tracy: the employer cannot, right? did i read that correctly? >> it is something the employee can go back to treat differently on their tax return, i again, look into whether you want to go back in demand for those prior years. a couple of things to take into account, health care benefits, just the benefit of filing a single verses married filing jointly. you want to make sure that if you're going to file that is advantageous. depending upon your income
2:55 pm
level, it may remain not be. tracy: you're absolutely right. two people that are doing relatively well, filing separately never helps. >> that's right. to single people that make similar amounts of money probably pay less taxes than that same couple married together filing a joint return. tracy: right. but at least they could do that now. thank you so much for taking the time. >> have a great day. ashley: very well explained. this is interesting. milwaukee brewers outfielder ryan brunt is using his spare time during his suspension to apologize to fans, and this is how. he has decided to call the team season-ticket holders and apologized for using performance enhancing drugs. he came up with the idea himself and told executives with the team that most people that answer the phone are skeptical, but once they realize in some they have accepted his apology. this is a restaurant group
2:56 pm
announcing it is terminating its relationship, eventually closing one restaurant and renaming the bar and grill. so there you go. it. tracy: i thought about if a player who had been taking steroids was on the other line. ashley: i would never believe them. tracy: i would read into them. like what are you doing, jerk? that's what i would do. don't call me. no. we got a dow up 55 points. good news. countdown to the closing bell is next. liz claman will dig deeper into jobs report with a new labor secretary, tampere's. cannot miss that. don't go anywhere. ♪ but tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. that's why we partnered with
2:57 pm
hp to build the new nascar fan and media engagement center. hp's technology helps us turn millions of tweets, posts and stories into real-time business insights that help nascar win with our fans. do you mind grabbing my phone and opening the capital one purchase eraser? i need to redeem some venture miles before my demise. okay. it's easy to erase any recent travel expense i want. just pick that flight right there. mmm hmmm. give it a few taps,'s taken care of. this is pretty easy, and i see it works on hotels too. you bet. now if you like that, press the red button on top. ♪ how did he not see that coming? what's in your wallet? how did he not see that coming? life's an adventure when you're with her.and i. but your erectile dysfunction - it could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready.
2:58 pm
and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess with cialis. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, seek immediate medical help for an erection lasting more than 4 hours. if you have any sudden decrease or loss in hearing or vision, or if you have any allergic reactions such as rash, hives, swelling of the lips, tongue or throat, or difficulty breathing or swallowing, stop takg cialis and get medical help right away. ask your doctor about cialis for daily use and a 30-tablet free trial.
2:59 pm
folks have suffered from frequent heartburn. butetting heartburn and then treating day after day is a thing of the past. block the acid with prilosec otc, and don't get heartburn in the first place. [ male announcer ] one pill each morning 24 hours. zero heartburn. ♪
3:00 pm
liz: good afternoon, everybody, i am liz claman. the last hour of trading. the dow and s&p still both on track for an up week. if we close around where you see me, the dallas snapped a losing streak six days in, things are looking up for the month of september so far. earlier today the dow opened up about 34 points but then took a iñ.óçy vladimir putin made remarks of the summit saying if the u.s. launched any kind of attack or strike on syria, russia will assist syria. we can only imagine wit what the two were saying to each other. the market immediately took a triple digit dive but then erase those losses in russia. families by questions about syria.


info Stream Only

Uploaded by TV Archive on