tv Countdown to the Closing Bell With Liz Claman FOX Business August 28, 2015 3:00pm-4:01pm EDT
better. i'm going to see you. i'm in for neil cavuto over on the fox news channel, i'll see you over there in the meantime liz is going to take you into the final moments of trading on this friday afternoon. have a terrific weekend. i'll see you at 4:00 >> brace yourselves, everybody, the s&p could very well go positive right now. breaking news we are down less than 2 points for the s&p 500 in what has become the most important hour of trading the week has been stomach turning, neck twisting, jaw dropping and that's why you need to stay here. it has been gymnastic worthy of the olympics this week. this hour right now we're seeing a little bit decisiveness. it's a historic week any way you look at it. beginning with monday 1,089 point drop. remember that? it seems like yesterday, doesn't it? the dow jones industrial plummeted and opened back monday by the chinese markets falling more than 8%. the dow ended up losing 500
points that day. then just tuesday the final hour showed an outrageous selloff in a 200-point drop, the cumulative two-day loss, 800 points. totally different story on wednesday and thursday. a last hour rally driving the dow up 690 points and then thursday followed by a final hour rally and a 300-point close to the upside. a near 2,000 point rally, that, folks, is the biggest two-day rally for the dow in history. you can put that one in the books. that brings us to today. presidents charting out in beautiful jacksonville, wyoming at the so-called summer camp for bankers. discussing a rate hike come september, which could have happened rattle the markets, it could -- if it doesn't happen rattle the markets. will we see that september rate hike dead in the water because of china's economy?
its plummeting stock markets, this week's volatilities. we asked minneapolis fed one-on-one, he is against the september rate hike. against an october, against a december rate hike. you name it, he's not ready for it. we ask then when will the economy here in the u.s. be able to safely absorb a tightening of interest rates? the last time we saw that, folks, nine years ago. the closing bell is now 58 minutes away. the s&p down 4 points, we are watching and on high alert for a surprise bear attack and surprise of the big run of the polls. so let's start the countdown ♪ ♪ >> breaking news from the floor of the stock exchange. bears beware. a correction is in and owe, boy, does it feel good for the polls. all three embassies no longer in big bear territory.
that is official but the markets are still very jittery. that's unofficial, i'm telling you that because the traders are telling me this, i just grabbed one on the floor of the new york stock exchange he said what's going to happen, he said it could certainly happen in this final hour but no one knows that's i couldn't have to stay here and watch fox business. how could the investor stay one step ahead of what are has that jaw dropping volatility. let's get right to the floor of the show our very strong traders who have been guiding us through all of this from the floor of the cme and teddy right here on the floor of the new york stock exchange. i'm going to begin with teddy before we begin with cme. right now indecisiveness, is that a good word to describe the markets? >> yeah. i think so. i think when you consider the week we've had, down 50, up 50, just hanging in here, i think people are kind of happy with that >> happy or tired? >> well, tired and happy. you know, i think just give us a chance to catch our breath before the weekend and monday i guess we'll start all over
again >> let me call an audible. oil was a superstar once again today. yesterday plus today equals what for next week? give us a crystal ball reading here. >> that's anase one. let's put it that way. the biggest surprise we had was how bad the market earlier in the week. that china news took us down below $40, down to 37.75, no business doing there, and what we're getting is a little bit of a reality check, when you look at it from a chart at some point, about 41 and a quarter, the market took off and got where it should have been initially. where the market trading above $45. now you can probably buy this market on dips down to and including about $42. i think we're still on our way back up to a little higher level. i would say the market by the end of the year would be trading this the high 50s
maybe $5 $50 or so. >> you probably saw this ratings agency today just ten days after global growth would be 10% downgraded to 2.8% because of quote new information. that's got to be all of the stuff out of china. suddenly three days after from 3% to 2.8%. what does this mean for stocks looking ahead? >> it means that traders right now are going to have to deal with a new volatility. i think right now what you're seeing is if you look at the vicks right around 25, i think right now you're seeing 25, 24 level in the vicks and now a 27 in the close as the new 14, 17 that we've been seeing for the last couple of years. the uncertainty right now is palatable, and i saw things this week and i know teddy has been in this business a lot longer than i have, but, boy, i have seen things this week that i never thought i would see again in my career.
and i'm telling you right now, liz, volatility is the new norm and you're seeing it with all the prognostications >> teddy, you've been down here a long, long time, what joe said is true. never seen a week like this one; right? >> never seen it until we see another one. the flash crash, this week, there are going to be others like it. that's another topic for another time and there's a reason for it. it's just the volatility we all have to learn to live wit >> great to have all of you. i won't let you go, though, we may call upon you in this next hour because who knows what happens. but we thank joe and jeff and teddy so much. as we look at the s&p. still down about 3 showing indecisiveness. the closest we have come in the last ten years to the craziness and the volatility that we have seen this week here at the new york stock exchange was back -- for me at least 2008; right? when the entire banking system was really in trouble, hanging by
a thread during the financial crisis. stocks and the men who led the cornerstone of american capitalism right here at the new york stock exchange kept things orderly and organized. he joins us now in a fox business exclusive. duncan, the former new york stock exchange ceo. hey, dunkon, you miss all the action here? >> i have to say, liz, i'm happy to be doing other things this week and i haven't worried about that but thank for the walk down memory line. '08 was a time as well >> you showed real leadership, you charged around the floor of the new york stock exchange, talking to people, keeping them calm, but i have to ask you from your trained eye and perspective, what do you really think is at the heart of all the volatility this week? is it really just china falling, china intervening or is there more to it? >> yeah. look, i think it's always a confluence of things, liz, and i think one of your previous commentators talked
about the vicks, which is kind of low the last few years. when you have a vicks trading in the mid-teens for as long as we have, we've got rates at zero, markets slowly grinding up over the last few years, i think people get complacent. so that's point number one. point number two, maybe the china devaluation took people by surprise, but i'm not sure why our market follows the shanghai market. for any followers of the market, they would know that the market in shanghai for as big as an economy as china is, the market really only reopened less than a quarter century on ago, so it is a very undeveloped and illiquid capital market. so we didn't fill it on the upside when china was up 40% earlier in the year, i'm not sure why we're over reacting it to the downside personally >> i am so glad you just said that. i think that's the kind of perspective somebody like you with decades of experience is really giving to our viewers right now. guys, everybody should be watching and listening to
duncan and i need to bring back to monday the 1,089 point drop which has some regulators like the scc, nasdaq, here at the new york stock exchange probing at least the chaotic trading, especially on exchange traded funds. you know, duncan, you oversaw a lot of the electronic shift here. we still have traders behind me but not nearly as many. do we still need that crisis system to make sure that things are controlled when we do see large economic program trades that kicked into the markets? >> i always thought that the combination of high-tech and high touch was the right answer. i realize that the markets inevitably want to go faster. but when you combine a late summer increase in volatility so you've got fewer people in front of their screens, you know, on the buy side and the sell side and on the floor, you add that to the choppiness
of today's market structure brings us, i think teddy was right. you're going to see a lot more action that we saw like we saw this week and that -- whether that means volatility is here to stay, i don't want to project that, but i would say say that people should be looking to find product that helped them manage the volatility because we've been into a false sense of security. a vick's that low is not normal and people should be listening to you. >> thank you, you're always good here at fox business and you're happy and calm and happy to deal with this >> i'm very busy and very busy doing other things and i'm glad it's someone else's turn. it's always nice to talk to you and encourage everybody just to -- it's a lot of volatility but as i said earlier, we, you know, we shouldn't be chasing places
like china. we should be focusing on what's going on here at home, which is actually a pretty good story in the u.s. right now i think >> amen and there's the headline. we shouldn't be chasing china. put that aside. duncan, we'll talk to you soon. please come join us when you're back in new york. any time. >> thank you >> the former ceo of the new york stock exchange. all right., folks, we have 49 minutes before the closing bell rings. again, tentative slightly i jittery but still not the work we've seen this week. well, guess who's nervous? florida. we're watching tropical storm erica, she's bearing down right at this hour on puerto rico with a path straight for florida. the latest details on the second named storm of the season. where does it go from here? how does it affect oil prices? and we're taking a flight out of wyoming. we're not hunting or fishing though. we're hiking. hiking interest rates. peter barns is live there. we're going to have our
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>> we've got breaking news. i just got this from some of the traders market volume here down at the big board, trending 33% above the three-month moving average. so that may sound wonky, what does it mean? it means there's conviction behind all the moves, 33%, 35%, 28% throughout this week above the three-month moving average. it just means there's a lot of people sitting in front of their computers trading or calling their brokers instead of going jumping into a lake or pond at the moment. so we're just keeping an eye on the volume and gives you a sense of how involved the markets are. now, let's get to the federal reserve and its move. fed members are undoubtedly paying attention to all the volatility that we've seen over the past four and a half days. they're meeting in wyoming and i'm over dramatizing but there's this steel cage death match unfolding where the fed bigwigs from all around the world but particularly in the u.s. where arguing for and
against an interest rate hike which starts september 15th. the outlier among the crowd, peter barns even confirmed that, he's the outlier president of the minnesota, minneapolis federal reserve break. he has for years tried to convince his colleagues to hold rates near zero well into 2016. listen. >> my main worry is that we might have a conference five years from now about how the fed made a mistake in raising rates and your state is stuck in a low as a result of that. look at the prime age population who have a job. that remains well below what it was in 2007. even though we've seen improvement in that, there's room for more improvement. it does appear that they have had a positive impact based on the studies i've seen. i think the hole was a lot
deeper than any of us anticipated, including us here at the fed making policy. i think the u.s. economy will continue to improve over the next couple of months. i think the issue is that how much better can it be than we are right now? and i -- as i said, i'm a real optimist about that. but i think we have to make the right choices to get that better future and as i suggested, i think those better choices don't include removing monetary combination at this time. >> if you had your way, would you hold rates at this level until maybe even 2017? >> you know, i haven't thought as far ahead -- >> late 2016? >> certainly i have talked about in the past that i think the second half of 2016 is closer to where i would be thinking about. but it's always -- it's not a date dependent issue, liz, it's always about the outlook. right now if you ask me, i think as you get near the end of 2016, you're in optimization and going to see
sufficient murderers that would be appropriate to various interest rates. >> this is not a man who's looking at china. he is taking -- he's taking the path of what duncan of the new york stock exchange where why are we paying attention to china? he's looking at levels of inflation, we don't have any he says and he doesn't like the employment numbers or at least the level that he says. joining me now for the reaction is fox senior correspondent for business, peter barns, live from jackson hole along with the former fed economist of the federal reserve anthony now attaches. i will begin with you. my conversation showed me that at least he among other fed members does not want a legacy where it looks like they tightened rates too quickly and he feels september is too quick. what do you think? >> well, liz, i think there are some good arguments that he makes because right now there's a lot of uncertainty.
in fact, other fed officials have said that when you have this much volatility, it's a time for the federal reserve to pause and look at what's going on because this sort of volatility is not something that's completely understood by the federal reserve. but at the same time when you have an unemployment rate of 5.3%, it's kind of hard to justify a zero percent interest rate as the same interest rate you would have had when the unemployment rate was 10%. the world has gotten better. the president of the federal reserve has certainly conceited that. so i think it's time to start raising rates. is it september? maybe it will be okay to pause and maybe go in december. i would not go as far to say you should wait until 2016. but i would give them at least the benefit of the doubt that walking in september and waiting to december probably not be such a bad idea >> well, he doesn't like december, anthony, and, in fact, i pushed him and i said zero to a quarter percent interest rate, that's for emergency. we're innocent emergency right
now, but he is really worried about the lack of inflation. how important is that -- well, today we got the number. three-tenths of a percent for inflation? the fed likes to see two full percentage points. explain to the viewers what that means. that means companies have no pricing power for their goods; right? >> that's right. and you're talking about the pce price deflator, that's the main inflation gauge that the fed looks at and the headline number was up just .3 and that's still very low and troubling. but you strip out the food and the energy, the core rate is, you know, about closer to 1.5% and that's -- they keep saying the headline number is being depressed by low oil prices and this is all temporary and if they have confidence, they will eventually get back to their 2% target so they don't want to get behind the curve. so anthony i think is right here. we're going to -- we might see them move in september. they are looking at the volatility in the market. they are looking at china to see if that has any impact on
the numbers, on the economy over the next couple of weeks. but december could also be on the table and at some point they want to make sure they them, even if it's early next year because they do not want to get caught by surprise >> anthony, i have to finally ask you if they do tighten in december or possibly october, which would be a real surprise i think in october because downloads no press conference afterwards, and they usually like to telegraph exactly their thinking. but if they do that, how would the stock market react? >> i think the stock market will handle it okay. remember the federal reserve has said many times even though they don't have a press conference at every meeting, if they want to act, they can always call a press conference. so the fact that there's none for october is not a real constraint in my view. when he says that that age group of 25 to # 54 that he's worried about, and we should all be worried about them but when you look at the labor force participation rate for
that particular is way ahead for the participation rate for the regular economy. it's almost 20 percentage points lower so it's making progress and much of that decline is structural in nature. so i am encouraged that the market is. >> i need everybody to go to fox business.com for my full interview, he's completely against a rate hike right now and pretty much in the foreseeable future beyond 2016. great to see you, anthony, over attaches the former federal reserve economist for the new york fed and peter barns right there live he will be covering all of the events he'll interrupt us. don't worry. we're about 37 minutes. just took a slight gap down, down 76 points, the s&p down 6, watching this closely. peter will be later back with us. he's got an interview with the atlanta fed president dennis
lock heart 4:00 p.m. eastern after the bell. you've got to see that. now, take a second with me. had you been following me on twitter, what might the tension be in the final hour of trade? please follow me @lizclaman, we're at 20,000 and change, help us get to 40,000 by sunday. come on join me @lizclaman, we're looking at 16,000 facebook friends so get on facebook. really our outgoing -- growing countdown view is really something you should be a part of. we want you to be with us. it's your money, we're helping you watch it and preserve and grow it. we cannot ignore oil. saudi arabia. is it trying to drive out u.s. trackers? is saudi arabia terrified about how much we're able to produce in this country with no help from them? coming up we're going to jump on that story. how iran plays into oil prices, which have skyrocketed
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. >> we have some breaking news we need to get to you right now. the state of florida has declared a state of emergency right now in anticipation of tropical storms, not a hurricane yet, but tropical storm erica. this storm is likely to hit the state sunday or monday. sunday or monday. that's the latest we have gotten. but transform storm warnings right now -- warning is actually what's happening. warnings cover puerto rico, the dominican republic, haiti, and much of the bahamas. so far it has killed and as of this morning tropical storm sustained winds of about 50 miles an hour. we're keeping an eye on it, it is part, not all of the reason but part of the reason we started to see oil prices move higher. look at the rally --
>> a million -- >> 300 mel to sell on the close here. we're 31 minutes away. so, yeah, a little bit of retrenchment here but not much on the floor of the new york stock exchange. sorry for that bankruptcy as we mentioned. oil jumps once again today. two days in a row, huge surge so together it's the biggest weekly gain in six and a half years. closing above $45 a barrel. we're remaining there in the aftermarket session. trimmed their outlook for prices of oil for this year hoping that prices at some point recovered at $60 a barrel but right now they're saying 40 to 50. that's it. let's bring in someone who may have the true story. professor of international business at southern new hampshire university but the opec chief economist. and in opec land no doubt there was an emergency meeting desperately called by venue swales a, getting hammered,
they're an oil exporting nation if you want to call it that, but russia's having trouble. is that what's driven these prices higher that the belief that opec might cut production? >> well, i think all the countries are in financial difficult but some of them are capable of sustaining these financial difficult more than the others. i'm not convinced that they would be actually cutting any production because the only one that can cut this production is saudi arabia and have stated that they may not do that in the near future. . >> so opec so far has refused to adjust its output even though they're cutting their supply, you say that's going to continue. they're putting a gun to their heads. >> yeah. you have to understand how opec works. opec has to come up with a unanimous decision, any time that one person disagrees, the whole conference doesn't come
to a decision and everybody's on their own. before saudi arabia used to play the role of cutting the market it was two-week balance the market. >> sure. >> in 1980 -- mid-1980s, they cut the production from 10 million all the way down to 3.5, 4 million barrels a day to balance the market. but now i think they're realizing that that's not going to be very helpful because eventually it's going to take longer time solvent not cutting production at this point. also there's internal conflict between opec, the different countries particularly saudi arabia and iran. and that may play a role in this decision. >> okay. but at the moment don't expect to see opec find religion and start cutting production. it's a pleasure to have you, professor. former chief economist for opec. okay. we're about 28 minutes from the close. dow jones industrial down 68 points. the political world still circling around donald trump,
at least potential voters who have been polled. he remains at the top of many tolls but today news of a potential trump tax plan. hard ideas. we shall see. fox business correspondent blake berman has the details. >> good afternoon to you, liz. the headlines today follow the reportings we've been doing at the fox business network. do you remember donald trump told maria that his tax plan would be coming within four weeks. well, today he said just as much again that he would overhaul the tax code and added that he would be the quote king of the tax code. the exact details, though, of his overall plan have yet to be revealed. but he continued this morning to single out hedge fund managers saying they're supporters of main rivals jeb bush and hillary clinton and he will quote have a plan. when trump spoke with maria last week he said he would cut taxes. >> reduction in corporate taxes or -- >> absolutely. a reduction in all taxes.
but especially corporate and especially for the middle class. i mean what we're doing to our middle class is inconceivable. it's terrible. . >> now, as you heard there, trump said all taxes. we'll have to see if that includes the interest, the change there could make the hedge funds managers pay more. by the way, liz, the weekly standard is reporting jeb bush will unveil his tax reform plan on september 9th so that falls within just about the same timeline here as donald trump. liz. . >> okay. we're starting to see some ideas solidify here. 26 minutes before the closing bell rings the major averages are up on the week. when we come back we enter that all important final few minutes of trade. the witching hour. stay tuned. i'm not moving i hope you don't either. stay with me
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>> about 21 minutes before the closing bell rings but just about six minutes before 3:45 p.m. eastern when we've seen a lot of the action ramping. that's why you can't go away. right now dow jones industrial is heading back down to the lows of the session. down 102, we had the s&p down 10 points. listen our cash runner just ran by and said they're looking at $300 million for the close trade, so what we're going to do is we're bringing traders back. chris robinson at the cme, ben willis here. i was going to ask you what will you be focusing on this weekend but right now why are we seeing a gap down? >> there's a sell balance of about 300 million across the board but what everybody should look at right now while the dow is down significantly, look at the russel 2,000. if you're an american investor in this market, the place to invest is the united states
not in the global markets at this point. the united states economy is doing just fine, thank you with the 3.75 gdp growth, the russel is up. >> those cars stuck on the 405 or wherever you are in california is up nearly 4 points bucking the dow jones industrial trend down 91 points. back to my original question. >> okay. >> what will you as a trader be watching this weekend besides a little fun in the sun? >> central banks, china, ecb has a meeting over the weekend but the other concern as it goes directly to oil what's going on in north yemen and saudi arabia. >> uh-huh. >> i think that's the driving force in the oil markets toda. >> for our viewers who don't know what's happening in yemen and saudi arabia. >> there's stories that saudi arabia has put troops into northern yemen to continue the fight that's going on between the different faxes. that drove the short covering and long buying on the idea that oil may have some restrictions their flow out of those countries.
>> cme, chris robinson, what will you be watching this weekend viewers from your perspective as a trader. >> well, i would say this. if you were panicked on monday and wish that you had a hedge on we're 1,000 points off the low right now. so if you're worried about, you know, a second leg or something like that, you've got to hedge yourself, you want to get your downside protection on, and we've had a rally. right now we're 1,000 points off the low, and i would say that's the biggest thing to look at. he's right about what's going on in yemen. i think you've seen a lot of short covering and the oil and that's something i think that's going to take another two or three weeks to see. a lot of people sold oil under $40. the same guys who were talking about $30 oil are now talking about $50 oil. so i think we're going to have a lot volatility. all in all, i think this is a great recovery considering where we were on monday. >> yeah, you know, let's continue the conversation on oil then. thank you very much. it's going to be a wild 15 minutes here. so we need to stay here and
watch every single move. dow is now down 106 points. chris, thank you. let's continue the conversation about oil, it was a would have, could have, should have week for investors. one point apple was down 12%, you could have got an great deals but you may have missed out on some real gains when it came to the oil sector. which companies could you really have made money on? let's let's go to gerri willis on the wild week of profits. gerri. >> wow. what an incredible week; right? and it all started with that big thousand-point selloff on monday. look, if you had decided and to buy at that time some of the best stocks in the country would have been yours at a bargain price. let's take a look at the big four horseman tech companies. apple as you said destroyed. ninety-two dollars a share now up 22%. facebook, their monday low, $72 now up 26%. netflix, 85.50, now up 37%.
twitter, 21.01. now up 25%. important to note here that apple and twitter were at 52-week lows at that monday low. so if you were looking to get into this names, monday was your opportunity to do it. and of course small investors, that's what we look for. opportunity. the right time to get into the market. that's what everybody wants. there were lots of other consumer names that were on sale as well. starbucks is up 33% from its low. ford up 32%, ge up 29. home depot up 28%. so it's been a very big week for the stocks you love the most and as i to say it back to you, liz, hey, i just want to note, ben willis, no relationship to gerri willis okay? just saying. we've had the conversation. [laughter] >> you know what? he would be lucky to be related to you, and he's such a doll and is so helpful to us, you would be lucky too. i'm sure. thank you, gerri. >> you're welcome.
>> gerri willis back at fullback headquarters. i need to tell you right now we are about -- 17 minutes before the closing bell rings. watch out. the jitters are in full swing right here. how will we close out this week? let us just tell you that we are going commercial free once we take this break. but in the meantime i will send it to jeff flock. what a story you have, jeff
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lows of the session. off 88 for the dow jones industrial, s&p down 8, but, again, crossing the taste here that the peoples bank in china, the middle of the night or just morning right now on the weekend. the stock market in china has stabilized after skyrocketing and plummeting day or two here over the past week, that's what the peoples bank of china is saying. take it or leave it. okay. let's get to oil. breaking news. oil is putting out -- and this is the data. its biggest weekly gain in six and a half years. but we have a little refinery issue today and who knows what happens next week that's why we're bringing in jeff flock, our fox correspondent on the cme. jeff. >> a perfect storm on factors of oil today. when i came in here this morning i thought there was no way we're going to see another big move in oil and that's what we saw. let's look at what's causing that hurricane, well, it's not a hurricane, it's a tropical storm.
i just looked at the latest computer models, i know something about hurricanes, the latest computer model not even out there yet, moves the storm more to the west. that increases the possibility it could go into the gulf. and as you know a lot of oil production as well as refining capabilities in the gulf. that's one. number two your earlier guests talk about saudi arabia and yemen. that's two. number three, that refinery in new jersey, the bay way refinery, that is experiencing an outage not unlike perhaps the one we had here in the midwest. that is also the third factor. so a perfect storm in some ways, no upon on the storm, that's what's driven up oil again today. i don't know where it's going but over the weekend we've got to watch that storm. because if it gets out there in the gulf, it's going to be a mess. >> foxbusiness.com over the weekend. everybody needs to put that as one of their being favorites because if you keep pushing on that, it will have the updates on of course what is right now tropical storm erica.
jeff, thank you very much, but it could gyrate the oil markets over the weekend if it starts to head right for southern florida. right now we're looking at the moment at a loss of the dow just 6 points. we had been down more than 118. the s&p down 5, we're at the holding gains here. up 5 points so let us spin it forward to next week. the smart money. we written bring it in right now. no commercial breaks and closing bell rings. chief market strategist, brian, the last few minutes in each final hour this week have been rock 'n' roll wild. do you expect that today and what are you really bracing for next week? >> well, next week is most typically going to be a pretty slow week, especially considering it's the last week in august and we have the holiday coming up. but, you know -- with the markets improving clearly over the last several years that august tends to be a pretty volatile month. that's why the market hits
bottom on monday, we felt pretty informant putting out our report that a bottom was in place, given the fact that this is pretty normal activity. i don't know about you, but i'm pretty exhausted after this week because, you know, volatility is all about uncertainty, uncertainty continues to climb, and we've got a lot of things to worry about over the intermediate term. but from a longer term perspective, we remain in our belief that the u.s. stock market is six years into a 20-year bull market. and we believe that opportunities like this come around only every few years in terms of picking off stocks after what we are calling a normal correction. so what we've seen is pretty normal and healthy and, you know, a lot of investors have been looking for a pull back for a while. so that first line of our report was, you know, you've got to be careful what you ask for because you might just get it. >> seven and a half minutes before the closing bell rings. we want to join in the conversation ross geshur with gurney kawasaki, glad to have
you back from the west coast. sure of course. this week has been crazy but do you change your investment moves at all this week and if so to what? what did you buy? what did you sell? >> well, we bought this week, and we took advantage of the correction on monday to add netflix, which is a great company and highly valued stock. so when we pulled back, we added to that. that was a very profitable trade for us this week and then we added some of the conservative names with big dividends to protect our compliance from big potential losses. so we've made small moves, incremental moves but they were very profitable this week and we expect the bull market will continue for another 120 years or whatever. >> yeah, capitalized upon buying netflix and some dividend paying stocks can be very attractive but in hindsight as its happening, it's very frightening. what did you do over at peoples united bank. >> well, the first thing we did was talk to the clients
and get a sense, you know, how do they feel about the market? how do they feel about that thousand-point decline on monday? and i was very pleased a lot of them were calm, they felt very good. so we were in buying. and as your other guest said we were buying apple, disney, and home depot. the quality stocks we have on our portfolio, the higher conviction stocks. but we were in buying monday and we felt really good about it. >> tell us your favorite dividend stock right now, ross. >> got to be apple because i know dividends are going up. i know they've got great products coming out just in another two weeks, and i know that their valuation is ridiculously low. so those are the kind of things that that i look for in a stock so those are ones that we always buy right now. >> yeah, and john likes apple too. brian, what are your favorite moves right now in this market? >> well, we continue to think that financials in america are the world's most feared sector. we think those -- the financials in technology have
actually helped define massive structural change we've seen in america really since the '08, '09 lows. we also like industrials in america, especially those stocks that are more domestically focused. i think the big issue that most investors need to understand is that that growth over the next several years can be different by north america and by the u.s. we just have to believe again in america and we think the u.s. is going to continue to provide fundamental strength for the next several years. >> see what you see on the screen, folks? weave got the financials up. the names to sell on the close, which is now five minutes away are financials. so a little bit of weakness here in the financials, not too surprising, is it, john, considering that a lot of people are hanging on every word coming out of jackson and all of the central bankers who are gathered there. should we see a rate hike in september? not will we but do you think we should? >> we should we should see a rate hike in september. and, again, we're talking
about going from zero to 25 basis points. what the fed is trying to do is remove that 100 basis points that they put in during the dark days of '08, '09, that last cut, the economy is moving along very nicely, we saw gdp revised up, we would agree with your other guests. the u.s. is accelerating the fed should be raising in september. >> ralph, i don't know fumbled at the top of the hour we had duncan, who used to run the new york stock exchange. he said seriously why are we paying attention to china when china's shanghai market had a huge run up over 60% we weren't looking at that. why are we looking at it now? how closely are you and your team at kawasaki watching what's going on in china. >> we watched it very closely but what we did was dug in and learned how their economy works and what we learned is that we have very little exposure, influence in china at all and there's only a handful of companies that really are affected
dramatically by it. but where it matters is china is the world's fastest growing market for new consumers of american goods. so it's important that china grow. and like cutting interest rates what they're doing is a great move and it's actually great for the united states as well more china consumers now will spend more money on u.s. goods. so china doesn't matter as much as people think and also there was a buyout today. bought iron man, which is the triathlete or the sport and they're very confident about their future. so i think a lot of this stuff is very over blown. >> well, as we finish out here, brian, erasing most of the losses for the day, add on some gains in the small and mid-caps and when you see a move up like this 70 points, that's two-thirds of a percent. those are the more gutsy names. so it appears we may a little bit of risk on maneuvering it,
at least in that area. two and a half minutes i just heard traders yell it's showtime i think they're ready to close out the books on what are has an absolutely crazy week. and as we watch on the big boards, the dow falling 36 points, we want to thank sean trainer and josh gerber, all of our traders and team fox business. we've had so many people post on headquarters and here on the floor helping us. but how many lizs does it take to put on fox business from the -- take a look. you've got four of us. liz, she's the producer here extraordinary, liz o'neal in the control room, far left, liz macdonald, we love her, and liz claman. what a team. we now have one and a half minutes before the close. take it. >> have a great weekend, liz, thank you. >> thank you. >> it has been one of the most heart stopping weeks in the stock market and it's coming to a close. i i missed you.
>> watching -- i couldn't stay away from television. i was watching television. i went on va >> >> how it is not just dachshunds cut oil is going in the other direction. were then six and a half years of over 9 percent. >> the latest talk of a september rate hike with the atlanta president coming up t-bond hillary clinton responding to fox news over emails obtained from bros been requesting state department approval from paid speeches in places like north korea. melissa: closing out of college style greek -- a volatile week but given what we have seen all week.
>> what a way to end of week we are flat on of week with back-to-back losses with the 1,000-point intraday loss that will be one heck of a week. and as a sausage as people are there will be a lot of betting and hedging to move around on the weekend to figure out to please themselves. yes in the end the dow as more of la positive uptake. the first go tour dash they webster -- ashley webster after a turbulent week. >> one of the most monstrous weeks