Sustained winds increased to 120 Miles Per Hour. Harvey is located about 75 miles southeast of Corpus Christi, texas. The eye is now becoming apparent in the go 16 visible imagery. We can see the eye on the radar from Corpus Christi as it makes approach to the middle texas coast. While harvey is going to make landfall in the middle texas coast late tonight or early saturday morning, bringing major hurricaneforce winds on land within the warning area. Were seeing sustained tropical stormforce winds over a large portion of the middle texas coast. Sustained winds in the last hour of 49 Miles Per Hour with higher wind gusts. You can see the multiple rain bands spreading onshore. Over the next 1224 hours, harvey is going to make land fall and should progress slowly inland and stall out for several days. The biggest hazard that were concerned about in the short term is the lifethreating storm surge from the left of the Padre Island National seashore to sergeant, texas, could see six inches 6 flooding above ground level, 6 to 12 feet deep. Along the coast in this particular area near to the right of where harvey crosses on land. Everybody in this area should be heeding any evacuation orders theyve been giving. Conditions have begun to deteriorate significantly, if you can get out and asked to do so, please try. Beyond that time, harvey is going to stall and move very, very slowly across the middle and upper texas coast. All the way through the weekend into the early portions of next week, and thats going to lead to catastrophic rainfall flooding with tremendous rainfall totals in this red and purple area, we could see widespread rainfall totals of 1525 inches over areas like the houston, galveston metropolitan area, victoria, Corpus Christi, texas to southwestern louisiana and see isolated amounts of rainfall, as much as 35. Thats three feet of rain. It could cause catastrophic flooding. Were going to be dealing with a tremendous amount of water from harvey in terms of storm surge and rainfall for the next several days. Please take all appropriate precautions as the storm is beginning to intensify, continuing to intensify as it approaches the texas coast. This is mike brennan at the National Hurricane center with the 2 00 p. M. Central daylight time update on harvey. What a sobering update that was. Just to recap, the latest reports, sustained winds on Hurricane Harvey, major category 3 at 120 Miles Per Hour. Its about 75 miles southeast of Corpus Christi right now. Expecting to make landfall sometime late tonight or early tomorrow morning. Expected, the storm expected to move slowly inland before stalling out. And the problem with that is just the disastrous amounts of rain that could be dropped with the storm. 1525 inches as Steve Brennan said at the hurricane center. Isolated areas of 35, 36. That is three feet of rain. Major city, houston in the path of this, corpus christy, galveston, storm surge also a concern. 612 feet above what sea level would be. That too can be a tremendous threat. He said if you have if there is a way out, go ahead and try, but the conditions as we know are deteriorating quickly. Already consistent wind gusts of 49 Miles Per Hour reported along the shoreline in the gulf coast of texas. So the next 1224 hours, were going to see the major storm make landfall and first major hurricane to hit the United States in 12 years. As you can imagine, millions of people bracing for the storm which could indeed bring potentially life threatening rainfall. Mandatory Evacuations Ordered from all seven counties on the texas coast that will be affected. Warning residents in four of those that if they stay, and some people are, as they do, there is no guarantee of rescue. Businesses big and small being impacted as stores sell out of basic necessities and Oil Companies already have shut down major refineries and drilling stations on land and out in the ocean. Wow. This is a storm thats threatening so much. Fox business blake burman with reaction from the white house. Blake, you could say this is the first major test for the Trump Administration. Reporter the first Natural Disaster that President Trump and his administration, ashley, will be facing. What you have from the white house in the form of the Homeland Security adviser tom bossert at the Daily Press Briefing was a reassuring torn. The president has been briefed. Spoken with the governors of not only texas but louisiana. The federal government is ready to tackle what is certainly the unknown at this point. But the white house is trying put out the message that folks should be cautious, listen to the local officials but the federal government is ready for the storm. The president earlier today tweeted out a picture that showed him speaking with bossert and chief of staff as he was undergoing the briefing. Three main concerns from President Trump. The first . He wanted to know whether or not people could get out of harms way. The second he wanted to know whether or not there were the appropriate resources deployed to the region. And third, not only focus on texas but wanted to been the people of louisiana and whether or not they are being taken care of . Bossert also said at this point that there have been no unmet needs as it relates to fema. The fema administrator is brock long and he sent out this tweet earlier today saying, quote, were monitoring Hurricane Harvey closely and working around the clock to prepare and support the states efforts. Fema is ready to go. This is, ashley, as you mentioned, likely going to be the first major hurricane in over a decade that this country will face. Of course, there is on the mind of most everyone in the region if not all across the country, the horrors of hurricane katrina. The republican senator Chuck Grassley sent out this warning earlier today this this and the to this administration saying, quote, donald trump, keep on top of Hurricane Harvey. Dont make the same mistake that president bush made with katrina. At the press briefing, bossert was asked about the senators concerns, and bossert said that the memory of katrina is certainly on the forefront of the minds of those in that area and says they are ready to go. Ashley, back to you, by the way, the president also could potentially make a visit to texas Sarah Huckabee sanders said early next week. Great information as always, blake burman. Thank you very much. Lets go to the markets now, traders certainly staying busy in the late summer doldrums, stocks looking to close out a choppy week of trade you could say. Try tend to on a high note. All three major indices on track tend to the week higher with the dow and the s p looking to snap a twoweek losing week. Ulta beauty fading after samestore sales and forecasts missed expectations, down 8. 5 . The retailer one of the biggest laggards on the s p 500. And favorite chips and guac combo about to get more expensive. Chipotle lowering target, surging avocado prices pose risk to bottom line. Still, chipotle shares higher today despite that news, up 2. 5 . All of this as another wall street brokerage sends a handful of stocks tumbling after issuing downgrades. Tripadvisor and twitter lower after jefferies slashed stance on the stock. Down 5 . As we wait for Hurricane Harvey to make landfall, were watching storm stocks that could be impacted by. This a big player in the consumer generated market, generac and brigs and stratton, modestly higher, up 2 1 2 for generac. And weyerhaeuser typically benefits as people buy plywood sheeting to board up windows and doors. Any damage to exeteriors of homes could boost cornings products, up 1. 32 at 17. 38 dewpoint. Home depot and lowes moving slightly higher. Energizer up 3. 5 , this is the Company Behind the energizer battery brands and maker of flashlights. That stock up 3. 5 . As stocks get a boost ahead of the hurricane, how are the broader markets reacting to all of this . Lets get right to the floor show. Traders at the New York Stock Exchange and the cme group today. Matt, start with you at the nyse, up over 100 points early in the session, despite what were seeing the hurricane taking aim at texas, why the movement higher today . Clearly focused on tax reform. This is the next push by the Trump Administration to get credibility back in the market. So if we can get through some of the tax reform by the end of the year, that will be a feather in his cap and something they can focus on. Last week we were talking about the hindenburg omen, this week is solid despite a quiet week and ending strong, thats a good sign for the markets, despite whats going on in texas. Liz i would agree. Todd, i agree, mr. Trump, the president going barnstorming to push for tax reform. Thats a good news, but all told the markets are waiting to see what janet yellen had to say, and i guess theres been a collective yawn, right . It really was, and if you look at what janet yellen said, she talked about peripheral issues, not necessarily policy and Balance Sheet withdrawal. I think the markets telling you with treasury yields going out on the lowest since june, with gold going out on the highest, going back to probably april and the dollar getting crushed, this becomes more about debt ceiling and the aforementioned tax reform is the key issues to whats going to hit wall street over the next week or so, that is what needs to be resolved before the end of september and the market is unsure. How could they be sure of anything in this environment . Lets get to phil flynn. The big story is oil, phil. I read the article, not so much to lose oil rigs but refineries along the texas coast, that could have a big impact on gas prices . Absolutely. We saw that earlier,r bot rose as much as 10 going into the storm. We pulled back as traders try to balance the destruction of the refineries to the destruction of the demand side of the equation. We saw oil pulling back because were concerned about the loss of refinery runs actually rally, and thats because theres more concerns about the supply side as the storm starts to develop. We just had a report from the bureau of safety and Environmental Enforcement that basically said that theres over 23 of u. S. Gulf production that is now shut down right now. 22. 5 for oil. 23. 5 for natural gas. Were starting to see it have an impact. And now i think people are starting to worry about the rain, and its impact on the shell oil fields that are deep in the heart of texas. Some of the shale fields can be flooded, there is nervousness in the market, theres been a lot of speculation and volatility because of it. Certainly has, whats interesting, phil, is that oil closed out the day slightly higher. Be interesting to see where the action goes next week and get a better idea what harvey really has done as far as damage to that infrastructure. Anyway, gentlemen, thank you so much, matt, phil, todd, have a great weekend. Be sure to tune into wall street week tonight. Maria bartiromo talks to an allstar lineup of tech heavyweights including ceos of check, Britain Company and next door, chatting from diversity in tech to landing a unicorn and landing investor dollars. Covers the gamut, at 8 00 p. M. Eastern tonight. And stick around for property man, bob massi will be teaming up with liz clamans favorite charity, building homes for heroes as he gives mary herrera a lifechanging surprise on the fox business network. 45 minutes to close the trading week. The dow up 80 points, 21,864. Coming up next, fed heads out west, Holding Annual meeting in jackson hole. Mario draghi speaking at this very moment. New headlines ahead and adam shapiro tells us what the fed chair has to say in wyoming and how it could impact the markets and your portfolio. The countdown is coming right back. Dont let dust and allergens get between you and lifes beautiful moments. Switch to flonase allergy relief. Flonase outperforms the 1 nondrowsy allergy pill. When we breathe in allergens, our bodies react by overproducing 6 key inflammatory substances that cause our symptoms. Flonase helps block 6. Most allergy pills only block one and 6 is greater than 1. With more complete relief you can enjoy every beautiful moment to the fullest. Flonase. 6 is greater than 1 changes everything. And your portfolio. Got you outnumbered. The dinosaurs extinction. Dont listen to them. Not appropriate. Now im mashing these potatoes with my stick of butter. Why dont you sit over here. Find your awesome with the Xfinity Stream app. Included with xfinity tv. More to stream to every screen. Ashley Federal Reserve chair janet yellen and the chief of the European Central Bank Mario Draghi taking central stage at the fed retreat at jackson hole, wyoming, there are plenty of questions about future of fiscal policy in the United States and across the pond. Mario draghi saying the Global Recovery is firming up and openness to trade is under threat. Some big words. Adam shapiro joins us on the ground in wyoming with the latest. Lots of headlines, adam. Reporter thanks, ashley. Want to show you video of some of the attendees here at the economic symposium, of course, you see janet yellen and, of course, mario draghi along with the head of the bank of japan. Other attendants advised president s in the past. One of them is Jason Fuhrman, economic adviser to president obama. We had a chance to speak to him about several of the issues confronting the nation and the current administration. Raising the debt ceiling, that has to be done and agreeing with Steve Mnuchin it should be a clean bill to raise the debt ceiling and talking about an issue thats confronting everybody, wages are not rising as fast as you would like. Especially the Federal Reserve. Theyre not pleased with the pace of wage growth given that were in a tight labor market. Here is what Jason Fuhrman had to say about it. The fed cant fully solve the problem. It means that we solve the problem with business tax reform, expand to trade and investments in infrastructure and scientific research. We need to do things that will get productivity moving faster, not think that just moving around Interest Rates is going to solve the problem that workers are facing in our economy. Reporter now one thing furman says would raise wages, there is no plan, just a grand outline, which furman says would not work. Im going to throw it back to you. Coming up in the 4 00 hour were speaking with a member of the Federal Reserve board of governors, were going to talk to him about the issue of wages and janet yellen speech earlier today in which she defended the policies of the Federal Reserve and made the economy not only stronger but safer. Back to you. Ashley adam shapiro, thank you very much. Always such a gorgeous background, looks like its painted in, stunning as well. Lets take a look at the dow 30. Only boeing and nike in the red. United health group turning negative. Boeing down 2. 36. United technologies unchanged but most of the dow 30 nicely in the green. No fun and games for gamestop investors after the Largest Video game and console retailer reported lower than expected quarterly profits. Preowned game sales falling 7. 5 and sales of new games dropping nearly 3. 5 . Gamestop hitting a 52week low, down 10. 5 , under 20 bucks at 19. 48. Billed as the money fight, Floyd Mayweather, a boxer in the ring against ufc star Conor Mcgregor. Hillary vaughn live in vegas with the big bucks at stake. There are a lot of bucks at stake. Countdown, right back. Today, were out here with some big news about type 2 diabetes. You have type 2 diabetes, right . Yes. So let me ask you this. How does diabetes affect your heart . It doesnt, does it . Actually, it does. Type 2 diabetes can make you twice as likely to die from a cardiovascular event, like a heart attack or stroke. And with Heart Disease, your risk is even higher. You didnt know that. No. Yeah. But, wait, theres good news for adults who have type 2 diabetes and Heart Disease. Jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit. Jardiance is proven to both significantly reduce the chance of dying from a cardiovascular event in adults who have type 2 diabetes and Heart Disease and lower your a1c. Jardiance can cause serious side effects including dehydration. This may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. Ketoacidosis is a serious side effect that may be fatal. Symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. Stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. Symptoms of an allergic reaction include rash, swelling, and difficulty breathing or swallowing. Do not take jardiance if you are on dialysis or have severe kidney problems. Other side effects are sudden kidney problems, genital yeast infections, increased bad cholesterol, and urinary tract infections, which may be serious. Taking jardiance with a sulfonylurea or insulin may cause low blood sugar. Tell your doctor about all the medicines you take and if you have any medical conditions. So now that you know all that, what do you think . That its time to think about jardiance. Ask your doctor about jardiance. And get to the heart of what matters. Ashley all right, i wanted to show you this, just moments ago, President Trump departing the white house, getting an early start on the weekend on this friday afternoon, heading to camp david in nearby maryland. You can see the president with the first lady, theres barron and a couple of the grandkids, going to be a family affair, with regard to the storm heading towards texas. He tweeted i encourage everyone in the path of Hurricane Harvey to heed the advice and orders of the local and state officials. Cute little grandchild waving to the camera, heading onto marine one, theyll go down to camp david. A 30minute trip from the front lawn of the white house. What a way to travel, huh . And hes talking away and i think he is encouraging people with regard to the storm heading towards texas, and telling everyone, of course, to be safe, as possible. Joining us from both sides of the aisle, former u. S. Congressman representative joel walsh and democratic strategist christy setzer. Start with the storm, this is the first major test for this administration. Chuck grassley tweeting something out earlier, hey, you remember what happened with president bush and katrina, lets not make the same mistakes. Representative walsh, is this Administration Ready to handle its first Natural Disaster as it appears to be . Yeah, hey, ashley. This is important. Ashley yeah. President s and governors have lost their jobs, not responding appropriately to Natural Disasters and emergencies. I dont want my government doing a lot of things, but i want my government responding to hurricanes. And it seems like President Trump and he announced that Vice President pence is going to stay in washington, d. C. , so it looks like theyre on top of this, and its very important. Ashley let me bring in christy. Okay, other areas of the administration have struggled to get on the same page. This is the kind of event you would hope the government from the top to the bottom are protecting people on lives and property. You sure would. Yeah, hurricanes are an event where you want a caring, engaged president and you want a responsive government, even if as the congressman said youre not someone who particularly likes government in general. Youre going want to federal funding to come to help your state deal with the billions in damages that im sure theyre expecting in texas. So i hope that the president is doing more than, for example, tweeting about it. I hope that fema is as engaged as they say that they are. President trump has stacked his administration with people at cabinet agencies that are hostile to be the very idea of their existing. For example, rick perry at energy. Ashley but does that really have an impact how the response is handled to Hurricane Harvey . No. I guess im saying i hope it doesnt. I hope federal Emergency Response administrator believes in federal response believe ands in federal money and people on the ground assault and things we hope theyd be doing right now. Ashley lets move on from the storm, go back to congressman walsh. I want to talk about tax reform, we understand the president s going to start barnstorming if he used the word he likes a lot going to missouri, getting vocal backing from people out there. Certainly the middle class, everyone likes a tax cut, and yet here we are mired down, bogged down with so many issues for congress to face when they get back next month. Congressman, can we get tax reform done and is the president critical in leading the charge . We will, ashley, if Congress Gets off their ass and goes to work. [laughter] ashley, my former colleagues have taken the whole month of august off. We talk about trumps stalled agenda. Congress has been on vacation for five weeks. Ive got no problem with trump going after Mitch Mcconnell and paul ryan and hitting these republicans over the head to get them to work. This should be an easy thing for republicans to do. Cut taxes and reform the code, but they cant do it if theyre on vacation. Ashley christy, this scenario, tax cuts across the board, even for the top 1 , would democrats hold it up because of that and therefore deny tax cuts to the middle class who so desperately need them . Where is the red line for democrats on this issue . The red line is reasonable, which is to say it cant give more tax cuts to the top 1 , and it cant add to the debt of the deficit, and it has to be bipartisan process. Those are the only red lines for democrats, and if republicans cant meet those which again seem like basic concepts that most of the country would agree with, then, you know, no, i dont think its going to be able to go forward. Ashley congressman, to me, it seems like President Trumps in a winwin situation, putting pressure on congress to get something done. If they do get something done with regard to tax reform or infrastructure, hell take the credit for pushing it. But if they dont, he knows who he can blame. Its a winwin, right . Yeah, if they dont, ashley, were looking at nancy pelosi as the speaker in 2018. This is whats at stake. The republicans need to get something done, they are squandering an amazing opportunity here. Ill say it again, people may have issues with trump but hes the oldest president weve elected. Hes working his fanny off and the members of Congress Just are not keeping up with him. Go ahead, christy. Where is the evident for that . I see President Trump as the anybodys fault but mine president , always Mitch Mcconnells fault or paul ryans fault or the media, he has a very long list of people who are to blame except for himself. I have to think his most ardent supporters will recognize the pattern any time something doesnt get done its anybodys fault but donald trumps. Ashley response to that, congressman, his people are letting him down, what responsibility should he hold onto . Ashley, they are. Look, trumps a disrupter, he came to washington to break things and disrupt the way washington does business, and you know what . To christys point, neither republicans or democrats want that. They dont wanting disruption. I think hes been managing to stay out of the way, do a couple photoopes and not get involved in legislator process. Ashley hes talking directly to the base when he tweets. Thats a story for another day. Congressman joe walsh and christy setzer, appreciate it. Lets get back to the market, hum along higher, up 71 points on the dow. The nasdaq essentially flat on the day at 6275. The heir to the samsung dynasty hits bottom in fall from grace. The sentence handed down to li, ill have the details in the fox business brief. Conor mcgregor about to go punch for punch with Floyd Mayweather in a fight attracting millions in interest. Well have a live report coming up next. Countdown coming right back. Its a highly contagious disease that can be really serious. Especially for my precious new grandchild. Its whooping cough. Every family member, including those around new babies, should talk to their doctor or pharmacist about getting vaccinated. Thats why a cutting edgeworld. University counts on centurylink to keep their global campus connected. And why a Pro Football Team chose us to deliver fiberenabled broadband to more than 65,000 fans. And why a leading car brand counts on us to keep their Dealer Network streamlined and nimble. Businesses count on communication, and communication counts on centurylink. Im gerri willis on the floor of the New York Stock Exchange with this fox business brief. The dow, s p and nasdaq on track to snap a twoday losing streak. All on their way to weekly wins. Ford driving higher, financing unit looking to boost sales by changing approval process to allow customers with limited Credit History access to loans they would be previously denied. The move coming despite concerns across the industry. Shares going up 1. 3 . And the heir to the Samsung Phone trading in c suite after being found guilty on charges of bribery, embezzlement and perjury. The money take over las vegas. Ashley webster has the latest on countdown. Stay with us. So we need tablets installed. With the menu app ready to roll. In 12 weeks. Yeah. The world of fast food is being changed by faster networks. Data, applications, customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Fast connections everywhere. Thats how you outmaneuver. Potsc in unison drive russ, leland, gary yes. Gary i have a ford f150. Michael ive always been a ford guy. Potsch then i have a real treat for you today. Michael awesome. Potsch im going to show you a next generation pickup. Michael lets do this. Potsch this new truck now has a cornerstep built right into the bumper. Gary super cool. Potsch the bed is made of highstrength steel, which is less susceptible to punctures than aluminum. Jim aluminum is great for a lot of things, but maybe not the bed of a truck. Potsch and best of all, this new truck is actually gary all laughing oh my. Potsch the current chevy silverado. Gary im speechless. Gary this puts my ford truck to shame. James ill tell you, i might be a chevy guy now. laughing . Ashley theyre calling it the money fight. Pretty good title, Floyd Mayweather and Conor Mcgregor set to tang nell a ring in las vegas. There is major bucks on the line. The payperview spectacle could be the biggest ever. Some estimates as high as 700 million. Some 50 Million People expected to cough up 100 per the most viewed combat sporting event in history. The main styles will cash in regardless. Hillary vaughn, the bookies may be just a little nervous, right . They are a little bit nervous, ashley, and do i want to point out, behind me is the stage where Floyd Mayweather and Conor Mcgregor will meet facetoface for weighin in just over two hours. Win or lose, this fight is a big payday for both fighters. Mayweather is expected to take home at least 100 million from the fight. That could quadruple if the fight meets all the money metrics, and mcgregor will take at least 75 million, five times more than hes made in any ufc fight. Earnings throughout his career, that is just a phenomenal feat. Reporter this is mcgregors first time in the boxing ring but floyds final fight. And its breaking gambling records. Most people have bet on this fight more than any other boxing match in history. Its putting a lot of money on the table at sports books but if mcgregor loses it could be the biggest loss on a sports bet ever. If mcgregor wins in the first four rounds, the sports books are definitely going to fill it in the state of nevada. Reporter the regulars with the deep pockets in vegas are betting mayweather walks away with a win tomorrow night. Mcgregor is the fan favorite. Every 12 out of 13 bets for mcgregor. Ashley hillary vaughn, fascinating. Ive actually started looking at the staredown, perhaps the prefight stuff is as entertaining as the fight itself. Hillary vaughn, you are in the middle of the madness, thank you so much for that report. If mcgregor wins, its a 50 million hit to the bookies. Thats not going to go down well. Would you go into the ring for 75 million . Actually not. The closing bell ringing in 19 minutes from now. Hurricane harvey gaining strength in the gulf as the oil industry starts battening down the hatches. As we approach one of the busiest holiday weekends of the year. Between you and lifes beautiful moments. Flonase outperforms the 1 nondrowsy allergy pill. It helps block 6 key inflammatory substances that cause symptoms. Pills block one and 6 is greater than 1. Flonase changes everything. You totanobodys hurt, new car. But there will still be pain. It comes when your Insurance Company says theyll only pay threequarters of what it takes to replace it. What are you supposed to do . Drive threequarters of a car . Now if you had Liberty Mutual new car replacement™, youd get your whole car back. I guess they dont want you driving around on three wheels. Smart. With Liberty Mutual new car replacement™, well replace the full value of your car. Liberty stands with you™. Liberty mutual insurance. Ashley we have breaking news for you. Reports out of brussels, a man with a machete shot dead after attacks soldiers in belgiums capital city. Authorities say the man shot has no known links to terrorism. The suspect is alive, we understand, but in critical condition. Stay with fox business for the very latest on this developing story out of brussels, belgium tonight. Hurricane harvey, now a category 3 storm, barreling towards refineries along the Gulf Coast Racing to shut down to brace for the impact of this storm. That could throw a wrench into fuel supplies and impact gasoline prices across the country. Checking on prices at the pump today, sitting at 2. 35 a gallon, experts calling for increase from 5 to 15 cents, maybe 25 cents per gallon hike as harvey makes landfall. Jeff flock on the floor of the cme. Jeff, of course were headed into one of the busiest travel weekends of the year. Labor day weekend next weekend. What should we expect to see the the pump, do you think . Reporter this is eerily reminiscent to what happened before katrina. Going into the weekend before the storm hit, there wasnt a lot of movement. Oil, for example, up 40 cents. Rbob up slow today, potentially the same sort of thing. Heres the good news, take a look at the rig map out there. If you look at the rigs in the gulf, this is almost 20 of u. S. Production in terms of oil, of the 700 manned rigs out there, 80 of them have been evacuated right now. Thats the latest number. The good news is most of the rigs are in the eastern gulf, and this storm is going into the western gulf. Thats a positive, but this is going to hit a lot of refining capability. If we dont lose as much production, were going to lose refining capability if the storms sit there. The refineries could be shut for a long time. 20, 25 cents a gallon depending on the market. Thats what we could see on the prices. Stocks on the refiners and petroleum sellers mixed on a somewhat upday on the market. This could be a big one, were headed down to it, after we leave you here, were headed for Corpus Christi and points south. Ashley jeff flock, as viewers know, you are a veteran of these storms, youve done a few of the hurricanes. A few of them. Ashley what do you expect when you head down there, you are leaving tomorrow morning, correct . Thats correct. This is going to be an interesting one, looks like its going to sit. These dont often happen where they sit in one place, that can amplify the damage and, of course, the water. Its going to sit right near the coast. Part of the storm over the water generating moisture and generating power, and that could make for a nasty situation, an ongoing lengthy situation. I like them when they hit us, blow us down and move on. Thats a wonderful when you see the sun the next day. Ashley how are you going to get there, jeff . Which airport do you fly to . Im interested. Reporter i decided to fly to dallas because i know dallas is going to stay open and you can get supplies there, the supplies are okay there. Rent the big suvs and drive five hours to the coast. And load up gas in the back of the truck, which youre not supposed to do, you better take gas cans with you. Ashley as anyone would know, jeff flock, hurricane reporter. Dont put your life on the line, its not worth it. No. Ashley appreciate it. Thanks, ash. Ashley hes seen his fair share of hurricanes. Closing bell ringing in just about 10 minutes exactly from now. Up 53 points on the dow. Oils biggest names bracing for harveys wrath as the street prepares for capitol hill budget battle royale. Etf guru tom lydon has top picks for the storm related stocks. Countdown coming right back. Informed steps along the way really makes a difference later. Thats what it means to go long™. Call now and request this free decision guide. Its full of information on medicare and the range of aarp Medicare Supplement plans to choose from based on your needs and budget. All plans like these let you choose any doctor or hospital that accepts medicare patients, and there are no network restrictions. 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Lets go to gerri willis. Following the amazon announcement, at least some of them are making a comeback today. Absolutely right, ashley. Seeing retailers rebound after amazon said they would cut prices at new whole foods stores. Amazon a hill down, interesting. This company cant stop making news. That Company Announcing they will have a new fulfillment center, North Randall ohio. That is suburb of cleveland. They adding full time associate jobs. Cant keep the company down. Always innovating. Company earlier this year, would add 100,000 jobs all in this year. They are well on the way. Now were seeing Grocery Store stocks, starting to come back and rebound after a big hit on amazon news. Everybody worried about the margins. Everybody worried about pricing. Ash, back to you. Ashley the amazon effect. Gerri willis thank you very much at the New York Stock Exchange. Two big issues brewing for wall street. Hurricane harvey threatening to wreak havoc on the very heart of Americas Energy sector. As investors brace for upcoming battle between capitol hill and President Trump over the budget, debt ceiling you name it, tax reform, health reform. My next guest says, maybe it is tile to invest abroad, a way from all the turmoil. To help you weather the storm here. Bring in etf trend ceo tom lyden. Thank you for joining us. I read your notes. You like european etfs. I think europe and wouldnt touch it with a 10foot pole. Why should investors be have had in europe . A lot of geopolitical risk. Political banter, ashley is diverting investors attention away from the market. Those that didnt take summer off have been rewarded. Fundamentals look strong. Valuations are high compared to europe and other developed countries. 14 pe overseas, compared to 17 here in the u. S. I mean, not that bad. Especially when you look at european or even getting to emerging markets, pe in emerging markets around 11. So here is a couple things. Number one, make sure diversified overseas. A couple ways to do that through etfs, as we had record breaking numbers flowing into etfs this year, smashing records from last year. Also understand currency risks. So deutsche bank, for example, has a couple x trackers, msci, hedge currency etf where you not only invest in developed nations. Also if the dollar now rebound as weve had a 15 decline in the last four or five months. Well probably see that as the fed might inch Interest Rates back up. Again for bargains out there, marriage marriages have the feel it is risky, not the risk we saw 10 years ago. Great valuations today. They also have emerging market etf with pe around 11. Good idea to diversify overseas. Ashley that is interesting. We havent had someone say that. Global economy is growing. Europe is improving. Italy for that matter showing signs of growth but back in this country, tom, with would you like, etfs, basket of shares on this side of the pond what do you like . You cant argue with large caps, number one. Number two, technology, there is one etf that, not only embraces technology but embraces online retail. Emqq it is not just in the u. S. But also overseas. If you take a look at it, it is only around for little over a year but, if you see what is going on in retail brickandmortar, how theyre getting decimated, all money moving online, here is a company that really is created an index of some of the best online retailers but not only that, there is some huge growth in that area as well. Ashley as a money manager, tom, you look at the storm coming in, taking aim at texas, is there anything you can do as a money manager, perhaps protect yourself in light of what the storm could do . Obviously we have concerns about oil. Concerns about the rigs. But, if you look at refiners, so heres another area, you can actually invest in refineries, through, an etf an ticker is crack, crak, which is the crack spread between the crude that comes in and refined oil that comes out. There is going to be more pressure on these refiners during times of pressure like this. So, take a look at that, as an Energy Alternative during times of Natural Disasters and that type of thing. Ashley getting to politics in washington, we talked about turmoil looking towards europe if we get some of the president s agenda in place, tax cuts, deregulation, infrastructure bill, are you planning now to take advantage of what that could mean to some stocks that could take off if we get these things in place . If you look at major indices, ashley, this is really key, a lot of people were warning in may, go away. Those are times we see market corrections. We havent seen that. Earnings, 75 of Earnings Announcement have beat expectations. So rather than diverting to certain sectors, and there are some great infrastructure etfs ashley right. Look at major indices like the s p 500. Dont be allocated to good etfs, mid and small. Ashley got a lot in a short time. Thank you. Nasdaq slipping in the last few minutes. Theyre clapping down on wall street. The closing bell with david asman and cheryl casone. Pick it up here. Cheryl stocks ending the week basically on a high note. The dow pulled back from earlier session highs. Well take what we get as you can see. The dow up at the close about 35 points. S p up four 1 2. Nasdaq going. Red. Numbers settle obviously in a few moments. Major averages ending day and week higher. Nasdaq going into the red. Im cheryl casone. In for Melissa Francis on this friday. David im david asman. Happy friday to you all. This is after the bell. Outer bands of Hurricane Harvey are barreling down on the gulf coast of texas, gaining strength as it goes
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