They were buttoning that up. The house went into session this morning, that is to say, the Republican Caucus met. The speaker came up with a plan, or the leadership presented to members a plan, that was different, had more provisions going after obama care in it. It was divisive within the caucus. They did not have a consensus. The speaker came out and said, we havent decided what to do. Were still talking about it. But that had the effect of causing Mitch Mcconnell to hit the pause button on his talks with harry reid because the republican leader in the senate has little freedom to maneuver when the Republican House is working on an alternative to what hes negotiating with reid. I just got off the phone a few moments ago with the democratic leadership aide who says this hasnt collapsed but its on pause until we find out whats happened to the house plan. The house plan, because it didnt have the votes, when they left the meeting, may never get off the ground, but until that is determined one way or the other, the senates not going to come to completion. They said theres still time, if they reach a consensus between reid and mcconnell, to pass it in the senate, pass it in the house tomorrow, but that requires the unanimous consent of senators to it move that quickly. Ted cruz and mike lee now have the power f they choose to, to filibuster a deal and take us beyond the october 17th deadline, which would put us at risk of breaching the debt limit. That is the danger that markets are looking at at the moment. Not clear what cruz and mike lee will do. And not clear whats going to happen to the house plan and how quickly the senate can move in any case. Cutting to the case, john, isnt the senate just calling John Boehners bluff right now . Isnt thats whats going on . No. I think the senate had called John Boehners bluff. They were coming up with heir own plan, counting on him to pass it and then boehner began getting heat from his members from what conservatives called a surrender in the senate. That caused the leadership to come up with a plan they then presented to mebd the senate says, if you have a better plan, then pass it, and well talk . That is the state of play right now. We dont know whether the house can pass their plan. All right, john. Thanks. Lets talk about it. The market fell on news, as maria was saying when we got word half an hour ago, negotiations had been suspended in the senate to allow time for the house to work out its own plan. Lets talk about the impact its having on the markets. Breaking it all down in our Closing Bell ExchangeMichelle Perry hig sginz, michael farr, from farr, washington and miller and Sam Stillwell and joe duran, author of the book the money code. Michael farr, youre in d. C. Whats going on with you guys down there . These guys are ridiculous. Theyre such jerks. They take us to the brink and try to take credit for bringing us back from the brink. The thing i heard today that concerned me the most is citigroup Earnings Call when they said they dont own any treasuries that would mature prior to november 1st and dramatically reducing their holdings that mature prior to december 16th. When a Major International bank starts telling people, you should feel better because we dont own treasuries and short treasury bills, youve got trouble. Yeah. Thats what fidelity said as well, by the way, about a week ago. Michele perry higgins, how do want to allocate capital in the face of all this uncertainty . Hi. I thought we would be popping the champagne today. I guess dysfunction kicked in and continues to remain. Yes, we are very much cautioning investors to stay put. Dont panic in the 11th hour i do believe a resolution will be had. So, what do do you in the meantime . Are you going to buy something here on each dip . We had 130point dip a little while ago. Definitely for investors who have money sitting on the sideline. This is a great opportunity to get in for longterm investors they should really recognize this opportunity. For everyone else, hang tight. This is the dysfunction at its best. We really just need to stay focused on the long term and let this noise calm down a bit here over the next few days. I guess the question is, has the noise already impacted the economy and earnings period, sam . Earning expectations have been coming in. Theyve been coming down. S p consensus numbers starter the quarter at 3. 8 growth year over year on an operating basis. Now were at less than 3. 2 into the high 2s. So what were finding is the bar is continuing to be set low. Were not into the meat of earnings just yet and i wonder if its another round of Company Managers managing expectations and the feeling is, you arent going to hurt yourself falling out of a basement window. But we are ignoring the earnings coming out. Citigroups were a problem. That stock was down on the open. Charles schwab hit it out of the park, up 52week high, and Johnson Johnson looked pretty good today as well. We said no word about that. Sam, are you concerned about peak earning margins for the s p 500 . I mean, its one thing to have priced earnings multiples high but with margins so high, hugely meanrevert, doesnt that indicate a more expensive market than people are seeing at first blush . Were seeing margins were over 9 , very high. Note put out by s p 500 and Dow Jones Indices saying a slight improvement in this Third Quarter so were able to squeeze out a little better. I think possibly what we end up doing is not rolling over and seeing a sharp decline in margins, but actually probably plateauing at these higher levels for a little while. Joe, what do you make of all this mess and are you a buyer or seller right now . What are you doing . Were a holder. Two things we have to keep in mind. This is not a grand bargain. This is simply punting the ball down for two or three months. Which means well have uncertainty from here until january, which also means the fed will do nothing. And so you have two conflicting pieces of information. One, that were going to continue with uncertainty while the Congress Continues to do this for the next few months. But second, that the fed will continue to be very supportive and have a lot of money available. Therefore, i think we drift higher in the absence of bad news. And that the market, once we get through this, and we will, that well continue to go higher toward year end and then well be back at this again early next year. At least well have the super bowl to distract us. Yeah. I mean, with all of these distractions every few months, i mean, can you really believe in a longterm strategy or longterm approach in place knowing youve got all of these interruptions on the horizon . I think you can. I think what you have to do is ignore the noise. And i think the good news is, i dont think any of us would have assumed that given this close to the edge, that the markets would behave this well. Remember, were only down a couple percent from the peak after this recovery weve had this week. So, this is just calamity. People are tired of the noise. They know eventually theyll come to the right answer and, frankly, while it is impactful to the economy, well get to resolution. And frankly because theyve continued to pay government employees, the impact is not going to be as big as if they hadnt. So, real quick, everybody, what if the u. S. Does default . Were only two days away. You know, no one expected us to be in the 11th hour and still, you know, having a stalling of talks, et cetera. So, nobody expects a default but what if we go beyond thursday and michael farr . I think youve always got to be careful when you start feeling too complacent. And i fear that were getting a little complacent now. We saw this afternoon, as weve seen in the past few days, tbill rates have started to spike. And i think you need to keep an eye on that. If we default, i think ted said it exactly right this morning, have you to watch cnbc. David tepper was great this morning. We have to tune into Warren Buffett tomorrow. When he says rates are going to go higher because they stay around, i think they probably will. His big point was, if we default and if we break trust with our lenders, we have a big problem that could take years to repair. Very quickly, sam, what do you think . I dont think we default. I think it goes to you dont change . I mean, it is committee it is government by committee of politicians. Its government by committee, but i think they, in a sense, would be hanging themselves. We can only hope. I thought they would let it get downgraded, too. Look what happened. I know. Thank you all. Appreciate your thoughts today. Thank you. See you later. On we go. 50 minutes in the trading session. Actually the market is coming back. At the low we were down 136 points. Now were down 76 points. Somebodys buying the dip once again. For sure. Could the ongoing Government Shutdown hurt the economy enough that fed would take tapering off the table . Richard fisher is with me exclusively coming up soon. Would he hate that. House republicans unveiling their own debt ceiling deal to counter the emerging deal coming from the senate last night. Donald trump weighs in on that strategy and whether it breaches the debt ceiling deadline. Foursquare, will they plan to go public . Ceo Dennis Crowley will join us. [ laughter ] [ female announcer ] each one of us is our own boss. And no matter where you are in life, ask your financial professional how lincoln financial can help you take charge of your future. Can help you take charge of your future. Sometimes they just drop in. Always obvious. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Oh, bob pisani, we were so close. Somebodys buying this dip right now while they watch the sausage being made in washington. Art cashin has had a phrase for weeks that weve been using. The sanity put. The prevailing belief things will work out and ultimately theyll make a deal. Its getting down to the final hour. If were here tomorrow, well go lower and no advancement. But the dow right now today, the biggest thing is the volume here. Its just normal. Theres no big spike up. No sense of panic selling at all down here. If you look at the vix, were a little over 18. Highest in about a week. I dont pay a lot of attention to the vix until it goes over 20. Im be perfectly blunt. Theres no panic there. A little bit of lightening up of major positions. The russell 2000, midcap, historic highs yesterday. Theyre underperforming the overall market, the s p not at a new high, is not down quite as much. But elsewhere, if you look even at the dow components, everything is down. Its a three to one declining to advancing day. Everything is down about 1 . Doesnt matter whether youre in consumer stocks, retail, like home depot, tech, still no real panic down here. Thanks, bob. Harry reid warning the u. S. Could have its Credit Rating cut if a deal is not reached by midnight. Lets get to steve liesman. What are you hearing on that front . A lot of talk about that, maria. I want to show you what harry reid said today, which has people talking about what could happen as soon as tonight. The debt is here. The deadline is looming. Rating agencies are talking about downgrading us as early as tonight. Again. However, that is not my understanding of how some of the big agencies, s p and moodys would work. Want to show you this quote from a moodys report that came out october 7th. We believe the government will continue to pay principle and interest on the debt even in the event the debt limit is not raising, leaving its creditworthiness intact. The key phrase is if the u. S. Pays its interest and principal, simply passing this does not trigger a default. What the fed would do in the event we pass a deadline and they do default . Some speculation out there is treat default in treasuries good. Buy them, perhaps, take them at the window, swap defaulted bills for moneygood securities and dont require any additional reserving on the part of the banks who hold these. Publicly they refuse to comment but that may be part of the reason for the relative calmness in market as this deadline nears. Steve, thank you so much. Of course, markets are trading lower today onward of the debt deal standstill right now on capitol hill. Businesses big and small are worried about this latest news. Also a concern fast growing businesses like foursquare, the social networking service, as it weighs timing and ipo, which well talk about right now in an exclusive interview with Dennis Crowley, foursquares cofounder and ceo. Thanks for joining us. Thanks for having me. Are you paying as much attention to washington as we are . Does it concern you, all thats going on as far as the budget rangeling. Its out of our control so we have to focus on building a business and great products, if we do that it can increase your costs as it goes down the road. Theres always the possibility for that. A business of our size, we have to foek can you on whats right in front of us and make sure were building the best we can. Tell us where big things are happening in your business. Where does the growth come from . Its coming from advertising tools were allowing across the world. Just this week we started rolling out local advertising tools for local businesses that allow businesses to come on and say, spend 50 or 100 to buy ads on foursquare to drive foot traffic into those businesses. How is advertising . Are you seeing companies, smaller or larger businesses, commit to increasing ad budgets . Weve seen it since the start of the year. This year has been about generating revenue for foursquare. Weve been doing it with big National Retailers and national brands. This year we started with small mom and pops where they can advertise with foursquare. Other companies have struggled with mobility. Thats caught them off guard, how quickly people have migrated their social networking to their social devices. How have you done that . Our entire business is based on the mobile phone so we have social network and tools we built specifically for mobile phones. I think a lot of companies have had hard time moving from big screens like laptops and Home Computers to the small screen. Were really good at it. When does profitability become a more important than Revenue Growth eventually li leads to profitability. Er with a Startup Group so we have to make things that merchants and users love. The feedback from merchants is local businesses love this. They have very few options in terms of driving customers into their store. Were finding they can on foursquare we can say, you spend 50 and that drove a certain number of customers into their store. Theyve never had tools like that. When are you going public . You have to be watching twitter. Were friends with the whole twitter team. Were only four years old. We have a lot of things to prove and to be built. You never know what the future holds. Do you wait until you go profitable before you think about that . Yeah. We think we just start monetizing our relationships with a lot of local measure chans. Weve been doing it successfully with a lot of bigger retailers and we to want do that for a couple years to prove how successful. But youre catching the eye of Larger Companies. In terms of expanding that revenue base kushgs do this organic with all the competition out there or do have you to get acquired . Its one of the things we think we can. Theres opportunities for to us work with Larger Companies but weve been challenged by pretty much everyone out there over the last four years, and weve held our own. Were Building Tools that have never been built before, were having relationships with local merchants and building things that have never been built for them today. Theres a huge opportunity for foursquare to own this space. Space of local . Yeah, local advertising. And rethinking, what is the relationship a foursquare user has about businesses in their area . Its not just building things former chants but so users can help find those merchants. I would say youre economically sensitive where a facebook and twitter are not as economically sensitive, so if things go down and consumers arent going out as much as before, that will affect your business. Yeah, we cant live and die by those rules. If we can make products millions of people want to use every day, the rest of the pieces faull in line. I think were doing a pretty good job of that. Dennis, congrats. Were in the final stretch of trading. 40 minutes before the closing bell rings. Dow down 84, off the worst levels but a reaction to the stalemate in washington. The senate about half an hour ago said they were suspending their own talks to allow the house time to plan their own deal, if there is one in the offing. The senate says no more talks until the house gets something done. Will they be able to work out some kind of a deal before the deadline on thursday, which, by the way, by our count is about 30 hours away . Well hear from both sides of the aisle when we come back. Apple upping its fashion credibility, hiring of burberry attract more women to the product . Null [ man ] on december 17, 1903, the Wright Brothers became the first in flight. [ goodall ] i think the most amazing thing is how like us these chimpanzees are. [ laughing ] [ woman ] can you hear me . And you hear your voice . Oh, its exciting [ man ] touchdown confirmed. Were safe on mars. [ cheers and applause ] hi. [ baby fussing ] theyre the days to take care of business. Sing ] when possibilities become reality. With centurylink as your trusted partner, our visionary Cloud Infrastructure and Global Broadband network free you to focus on what matters. With Custom Communications solutions and responsive, dedicated support, we constantly evolve to meet your needs. Every day of the week. Centurylink® your link to whats next. Welcome back. Dow on track to snap a fourweek winning streaks on fear the two sides of washington may not work out a debt ceiling deal before thursday. Dominic chu, with the dow down 8 1, what are you seeing . Tesla, upgraded from outperform to neutral, and raised price market from 248 to 180. Also, best buy, multiyear high, Cleveland Research noting the company Third Quarter sales trending higher. Thats a good sign. Fedex gaining ground. They announced a 32 million share buyback, augmented the rest of the shares authorized. Big boost there. Charles schwab, fiveyear high, reporting better than expected Third Quarter earnings and sales. Raised revenue guidance for 2014 also. Finally, its a tough day for dominos. Higher costs, slicing into the chains profits missing expectations by a penny. The first miss in northern a year for dominos. Watch those shares as we head toward the closing bell. Pizzas not selling . How is that possible . Thank you. President Obama Meeting right now with senate democrats. The senate is suspending negotiations until House Republicans can work out a deal on Government Shutdown and the debt ceiling. So, lets find out where we stand at the moment in the house. Were joined by two representatives from each side of the aisle, bill pascro from new jersey and mike kelly. Thank you for joining us. Let me ask you, representative kel y the senate has said were not going to talk until the house can come up with some kind of a deal. Where does it stand right now with the house gop . I think well be looking at some vote this afternoon, but in our conference this morning, we tried to come through with a proposal, again, its about fairness and making sure everyone is treated fairly on the affordable patient care act. We put some things in there, and we can continue the c. R. Until january 15th and do the debt ceiling until february 7th which gives the markets certainty. Were talking about fairness but you had to know that it was going to muck things up for the senate. Why come up with it right now when the senate was so close to a bill of their own . I understand that. But our job in the house is to make sure its fair. I dont think that any american sitting back there right now and think theres carve outs for certain people is fair. They dont think its right members of the congress, senate, president , Vice President , members of staff get a Different Program than everybody oels. It comes down to who are we representing . We represent the people. I think we go forward with a strong message saying, listen, were going to protect you, do everything we can to act in your best interest. If thats the wrong approach, then were not in america. Lets hear from the other side. Is that true . How do you respond to that, Bill Pascrell . Let me tell you something. One of the issues mike just brought up, the issue of fairness, weve had six months to deal with fairness. When we wanted to go to conference on the budget, Senate Passed the budget just two days before that the house passed their budget. We should have sat down like we do any time both houses pass a budget and deal with what the reality is. Instead we waited for six months. Now were talking about fairness . Youve got to be kidding me. Let me tell you about the fairness of our health care. The contribution of the federal government started in 1959. Just like any company contributes to health care, so does the federal government. They want to stop this. They want to end. That is why mr. Boehner tried to work out a deal with senator reid many months ago on this very issue. Let me ask you this we can come to an agreement on this if we get away from our audio are you willing to take on obama care and give up your benefits and go under the obama care plan . If thats what it took, id do it. Well, if whoa, whoa, ets. Thats what you asked me. Im giving you a fair answer. Isnt this the way you should be talking about after you raised the debt ceiling and after youve come up with a continuing resolution . Thats right. We are not going to have a gun to our heads and do that. Representative kelly, you had to have seen the poll numbers that came out late last week that shows the tremendous frustration of the American Public that no deal has been met at this point and the u. S. Default i think were all frustrated. I was talking to bill before he came on. When he came here in 96, our National Debt was 5 trillion. In the time ice been here its climbed to 18 trillion. As far as what were trying to get to is it frustrating for everybody . Yes, it is. If i was the president id be particularly concerned about watching my Approval Ratings go down. Theres no question American People are frustrated with congress. Theres two houses in the chamber. We have passed so many pieces to keep the government open. In fact, the pieces we passed in a bipartisan effort would have opened a fully third of the goeft government right now. Weve done things to move it forward. Unfortunately, the Senate Continues to table them. Ive been in business my whole life, negotiation, compromised with people, but you cant start off a discussion with whatever you bring in, were not interested in talking about. Thats not a compromise. Thats being a dictator. Well, point one are you concerned the u. S. Debt gets downgraded by the Ratings Agency . Im very concerned about that. Moodys has warned us. We met with moodys last week. Were are you willing to step down from your positions and allow someone else in the job to get the job done . The American People want all you guys fired, right . I can get the job done. Really . Then how come youre not . Im not going to escape out the back door. Im trying. Im working hard every day. Lets put what mike said in context. 96, the deficit, we didnt pay for either war. We have come to a situation where we had a meltdown of our economy in 2008. Lets put things in context. Nobody was spending money. No capital to be invested in 2008 or 2009. The government has to step forward as theyve done in every recession, in the 20th century. Put it in context and lets be really fair about it. Before we go, were running out of time. Congressman kelly, give us a timetable. What are you voting on tonight and do you expect the house to have something to show to the senate by tonight . Absolutely, i expect it to be there. I was in conference this morning, when we get there this afternoon, well have an opportunity to look at it, vote on. Theres no reason we cant come together. I have to tell you, its about fairness. I had a stent put in in january. I have no problem working with Bill Pascrell. Were on ways and means together. We believe pro growth tax reform is needed. We have to move the country forward and raising our economy. I assume you this is moving forward for the American People, by having a Government Shutdown . Im sorry, say that again. You think this is what the American People, then, is Government Shutdown . No, i dont think thats what the American People want. I know its one of the mechanisms put in there by the founders whefr we get to a situation where theres an impasse, you have to have tools you can use in order to present your side of it. Listen, its the downgrade is coming because we have never fixed our debt problem. We continue to grow our debt. Theres a concern with the debt ceiling. I get that. Long range, you talk to moodys and those folks its our inability to deal with the future and get our house in order. Its our rising debt that will kill america in the long run. It wont work. The math doesnt add up. Its impossible. Maria, beyond the rhetoric, beyond the rhetoric, we have a simple resolution in the house and the senate, as the senate did have, that would open up the government and bring us the pay on the debt we already have, which both sides have agreed on. Both sides have agreed on. Why dont we do it . Because mr. Boehner is afraid. Because a wing of his party is not going to let him do it. Thats where we are. You and i are held captive. We have to go at this point. Thank you both. We certainly wish you well. Were trying. Wait a second. Is that true, mr. Kelly . Is it true one wing of your party is holding this up . Holding us all hostage . Do you agree with that . I think whenever the talking points start off with that, you know the talking points are being held to. No, thats not true and i i know bill doesnt go by talking points but everybody else does in this party. If we cant do whats in the best interest of the American People, we shouldnt be here. Its that simple. Thank you. See you later. Thank you. 25 minutes left in the trading session. Markets down 100 points on the dow. Donald trump says Republican Leadership has all the debt in its card. Is the Government Shutdown derailing the economy . Ceo of csx will tell us how its affecting his companys bottom line. And breaking news from d. C. After the break. Bny mellon combines Investment Management investment servicing, giving us unique insights which help us attract the industrys brightest minds who create powerful strategies for a countrys investments which are used to build new schools to build more bright minds. Invested in the world. Bny mellon. Breaking news from capitol hill. Eamon javers with the news. Were getting word House Republicans are ready to move forward. The rules committee on capitol hill is prepared to move a bill now controlled by the republicans. Heres the deal, at least according to this one relatively wellplaced source, that the republicans will be offering. A continuing resolution to fund the government until december 15th only. A debt limit extension to february 7th, but boo eliminate extraordinary measures Treasury Department has been able to use to keep the government open since we hit the debt limit last spring. And the full vitter, that eliminates health care to member members of house and congress and now congressional staff. Thats been a contentious issue. A lot feel thats unfair to staff members. Im told this set of rules will not have the medical device tax provision that has been bandied about as a poker chip in this negotiation on an ongoing base. That would apparently leave the medical tax device tax the way obama care made it with no changes. Thats whats taking shape right now. A very fluid situation. This would apparently open the federal government almost immediately until december 15th. It would give congress a little breathing room here to start to negotiate. They could move that as early as late this afternoon or early evening tonight marks rhea. How do you think that would play . I think the full vitter is something that is not popular in the senate. And this elimination of extraordinary measures is something thats not popular in the senate also. Thats something the white house has said they dont want to sign onto, necessarily. The president and treasury secretary like that flexibility they have to move money around, to stop contributing to various funds in order to stretch as long as they can when they get into one of these debt ceiling situations. Also the continuing resolution, opening the government but only until december 15th, thats something that wont play as well on the senate side. They want to go as long as possible over there. A lot of members to give more political space here. But they might have to take what they can get. The question is, whether theyll vote on that or whether theyll strip out a lot of the provisions. Its an ongoing negotiation between these two chambers. Thanks, eamon. Keep us up to date. Senate negotiations over the debt limit are on hold until the house comes up with something. And theyre working on this but were hearing now that the the rules committee has got in the hopper may not meet expectations of those in the senate. So, the debate, the give and take, continues. And the stalemate is very much with us right now. And the markets steady, down 105 points. Where do these talks go right now . We want to talk about this right now. And welcome to the program donald trump. Is he on the telephone right now. Hey, donald. Hello, bill. Hello, maria. By the way, congratulations, grandpa. Ivanka just had her baby last night. Both are doing great. Oh, thats great. You just heard our conversation. From everything youre hearing, do you think well get a deal done to avert the debt ceiling thursday night . Its something thats never going to end. Its amazing. Im surprised, the republicans took a stance, december 15th, thats a date no one has been talking about. Its shorter. They want to get something straightened out. Who can blame them . The country has to be straightened out. We owe 17 trillion and its going to be a lot more than that soon. Something has to be done. They do people can say whatever they want. But they do want to get something done, but they want to do something thats going to be meaningful. They want to do it very quickly. I know youre not a fan of the president , donald. I mean, youre the master negotiator. Youre not a fan of the president and his negotiating skills, but right now it comes down to the senate and the house trying to come up with a bill they can agree on. What do you make of the negotiating tactics were seeing from both sides in the last couple of days here . I mean, theyre talking past each other. Theyre not talking at each other right now. Theyre not talking at each other, bill. Frankly, somebody has to get them in a room, and that has to be the president. The leader of this country, whether people like it or not, happens to be president obama. Hes got to sit these people in a room and they have to come up with something. Its certainly, based on what ive just heard with the december 15th date, et cetera, et cetera. They start throwing around medical devices. Thats such a small item compared to what were talking about. Its almost a joke. I agree. Medical devices, a tax on medical devices. Looks like theyre shooting for continuing resolution to december 15th. Debt limit to february 7th. Eliminating extraordinary measures and no medical device tax provision, according to sources saying this is the latest coming out of the house right now. Theyre looking for this is including the vitter vitter language on coverage of congress. But we heard from eamon javers, this say nonstarter, so were back to square one for all intents and purposes, donald. It certainly looks that way. I would not have been surprised to see it would have been worked at some point and i think its further away than its been in a while. Again, you need leadership. Have you to have somebody and that somebody has to be president obama, has to get these people together. Doesnt look like thats happening. So, if you were in the room with republicans, whats your advice to them then, donald . Well, not only the republicans. I mean, its republicans and democrats. You know, the republicans are one side. You need two sides to make a tango. Frankly,fy we fif i were in the id lock everybody in the room until they come out with a deal. By the way, a deal that works and good for the country. To make a deal for the sake of making a deal is not going to do it. The country is not on an even keel. It needs help and it needs leadership. Donald, before we let you go, theres word out there you want to challenge andrew cuomo next year for governors race. Are you going to run for governor . I only heard about this the other day, somebody put my name up. Its not something ive even thought about, maria. I certainly read about it with great interest the other day but its not anything ive thought of. I can say taxes are far too high in new york state. Taxes are far too high. People are flying. We should be the east Coast Energy Capital and were not. So, the state has a lot of problems but this is nothing ive been thinking. I think we just heard the trump platform. Certainly its a Good Platform for somebody. I dont know if it is for me. Thank you governor grandpa. Thank you very much. Thank you, bill. Thank you, maria. Thank you, donald. 15 minute left in the trading session. The markets starting to give it up a little bit. Down 116 points right now. Up next, the man whos been called president obamas banker, robert wolf here exclusively with us. Hes been watching the talks to avoid the possible default. 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Dow down about 117 points. Dominic chu. Green mountain coffee down 5 for the stage after David Einhorn saying they have sold more shares against Green Mountain coffee, betting on a bigger decline. Watch those gmcr shares. Back over to you. Keep an eye on those. Meanwhile, nasdaq hit the 13year high earlier today, but 13 proved to be the unlucky number after word from capitol hill that no debt ceiling deal is in the offing, for the moment. Seema mody breaks it down for us. Further dysfunction in washington pushing nasdaq off the highs. Momentum stocks, facebook up as much as 5 , now treading the flat line. Within the large cap tech space its a mixed picture. All eyes on intel and yahoo . Analysts say earnings from these two will set the bar on what to expect from other tech giants this quarter. Another big story in tech, or fashion for that matter, apple, hiring burberry ceo. At first glance one might say, what does apple have in common with burberry . The two iconic brands might have more in common than you think . Burberrys trench coat, sleek, stylish, similar to the iphone. Our hands will be helping with apples retail expansion. It will be interesting to see what other ways her background in design will also be used by apple. What i love is my burberry trench coat has a real keyboard, too. The macintosh. Thank you, seema. Ten minutes before the closing bell sound for the day. A market down 113 points as we await solutions in washington. What a frustrating day again. Red arrow again, no deal in the offing. Is this a deal to buy ahead of any agreement . [ music transitions to rock ] make it happen with the allnew fidelity active trader pro. Its one more innovative reason serious investors are choosing fidelity. Get 200 free trades when you open an account. Welcome back. Final stretch for the day. We have the market down 128 points. Things have worsened a fraction. Just a bit. As we go into the close. Minor bias to the downside. Jeff from Fifth Third Bank and scott hanson. Welcome, gentlemen. Thank you for joining us. Are you worried about whats going on in washington . Do you want to take to the sidelines or take action here . Weve taken a little cash put a little cash on the sidelines in the months coming up to this. Its too hard to pull out now because you wont be able to get back in. What do you mean . Well, i think its a sad situation we find ourselves in. Both parties have enormous interest in getting a deal and avoiding default, but a significant component of each party has an incentive to take it to the limit. So, it could turn at any moment. Obviously, i think the dump we seem to be having into the close is a reflection of that anxiety. Could get worse before it gets better, but the speed at which it could get better makes it hard to play for short term. Seems to me its been a really phoney crisis until recently, even today. As we get closer and closer to this, you start to wonder, do we have the proper structure in washington to deal with these issues . I think some even a week ago that didnt have concern. For me, its starting to have a little concern. When you say its hard to get back in. Why is it if you pull out, you to get back in when . Yeah. When do you do it, the turnaround could be too fast. The market will have gotten away from you . Absolutely. I think theres enough things in the market thats hard to try to time. Were trying to time washington at the same time. I think those so fearful selling out equities and sitting on the sidelines under lying this are great trends. Global recovery i was going to say, are you even able to Pay Attention to the fundamentals right now . We combine longterm outlook with shorter term review. Even on that six to nine month, which for us is shorter term. Things are getting better. We see the components for not only continued u. S. Growth but even an acceleration of that growth. Lets say we push up, cant pay our bills, go into some sort of default, whatever that looks like, and this is a pattern. This has to be something ceos put in the Business Plan and that could have an impact on the economy. Look at the number of companies starting to even reveal they sold their shortterm tbills just in case. They dont know whether to convert them to cash. Exactly. Do you have a plan . How are you preparing on clients, we based their portfolios for appetite for risk. I think equities are a good place to be, short term for cash, and i think to try to pull out of equities right now because of some unknown weve never been here before. Either way you come out of it, i think the dollar comes out with a haircut to its viability as sole reserve currency. One thing we are starting to do is shift more money overseas particularly to europe. Obviously, theyll be affected, negatively effected if there is a u. S. Default theyre not thrilled about this either, by the way. Right. Fundamentally were seeing erosion of dollar status as reserve currency. So you have to be diverse. I agree. Well take any agreement we can get today. Well come back with the closing countdown. After the bell, moments away from yahoo and intels earnings. Instant analysis to those earnings. Youre watching closing bell on cnbc. Your grass waters itself. Your dishes wash themselves. So why dont your floors. Clean themselves . The Irobot Roomba vacuum cleaning robot. Irobot. Do you . Maestro of project management. Baron of the buildout. You need a permit. To be this awesome. And you. Rent from national. Because only national lets you choose any car in the aisle. And go. You can even take a fullsize or above, and still pay the midsize price. aaron purrrfect. vo meeeow, business pro. Meeeow. Go national. Go like a pro. Who found a magic seashell. It told him what was happening on the Trading Floor in real time. The shell brought him great fame. But then, one day, he noticed that everybody could have a magic seashell. [ indistinct talking ] [ male announcer ] right there in their Trading Platform. [ indistinct talking continues ] [ male announcer ] so the magic shell went back to being a. Shell. Get live squawks right in your Trading Platform with think or swim from td ameritrade. Welcome back. Very quickly, this is what we were doing below the unchanged level until 2 00 eastern when the Senate Suspended their own negotiations to give the house time to work out a deal. Weve been lower since that time. Suffice it to say, down 118 point right now. We do have earnings out. Coming up, after the close, intel will be out. Theyre expecting a profit of 53 cents on 13. 13. 46 billion of revenue. Yahoo expecting a profit of a nickel. That stock is down 1. 66 . Terry dolan, have you another dip to buy . Another dip. Earnings have been fairly stable. I think the threat of the default was real, market would be substantially lower and we wouldnt be worried we have a whole 30 hours left before the deadline. I dont think its going to happen. We are tuned into buying like last week and this is a good opportunity. If we dont hit the deadline, we get a big dip on friday, are you going to buy that dip . Id be inclined to buy the dip because it usually will be overdone in any of those moves. But i dont think that will unfold. All right. Well see what happens. Thats it for this hour of the closing bell. Stick around. Dallas fed president coming up with Maria Bartiromo in just a moment. Down 130 on the dow right now. See you tomorrow. It is 4 00 on wall street. Do you know where your money is . Hi, everybody, welcome back to closing bell. The market ending at near the lows of the day, down 134 point, 15,167 where the dow industrials finishes todays trading session. Nasdaq gave up another 21 points in the face of this uncertainty. 3,794. S p down 1698, down 12