Equities staged an aggressive comeback. Dow jones rose to 16,492 and nasdaq gained 128 and s p 500 up 48. For the blue chip dow index, its the 12th triple digit move in the last 14 trading days since august 19th. There have been only two sessions with moves up or down less than 100 points. Its all of those big wild white knuckled swings that have put investors on edge, but not all of them. The most respected and influential investor of our time, warren buffett, isnt worried about this market. Thats what he said about becky quick who spoke to him in new york city and said up days are nice but down days are better and he gets to buy what he likes at a cheaper price. Im no good on whats going on in markets. I have no idea what will happen tomorrow or next week and sometimes they get very volatile like this and sometimes they put you to sleep. But the important thing is where they are going to be in five or ten years and im confident they will be considerably higher in ten years and i have no idea where they will be in ten days or ten months. Were buying a stock. We try to give a given percentage of the volume that day and same thing for selling. We dont sell very often. Down days i like because we buy them cheaper and we dont try to really figure out whats going on in markets. Ive never been any good at it. You also got a chance to talk to buffett about what he thinks about when it comes to the economy and we have strong economic numbers lately, like the jobs market report. However, buffett looks at this differently. He thinks what is happening right now is Economic Growth of 2 to 2. 5 , like what weve been doing the last five or six years. However, says the most economic reports will make it much more difficult for the fed when they meet next week to decide whether to raise rates. In economics, you can never just do one thing. Its always, and then what. And i think the and then what moving rates of substantially while europe is trying to keep them very low could have consequences down the line. Of course, one of the most likely negative consequences for the United States would be that if the u. S. Fed raises rates while other Central Banks are keeping rates low, that would mean that the dollar would strengthen and thats bad news for american exporters. For nightly business report, im becky quick in new york. Mr. Buffett also told becky that he purchased more shares of ibm in the Third Quarter but didnt specify the size of the investment. On bank of america, buffett reiterated his support for the ceo, brian moynihan, saying he opposes the split of the title. Today the world bank said they should not raise Interest Rates until the Global Economy stabilizes. The chief economist said the fed risks triggering, quote, panic and turmoil, end quote, in emerging markets if it opts to hike Interest Rates at its next meeting next week. With todays move higher, is it possible that most of the selling is behind us . Joining us, good friend and author, ron insana. Good to see you, ron. Thanks for coming in. Thanks for having me. You make the point that this market is oversold for several reasons. Mr. Buffett talked a little bit about the fed and you talked about the fed as well in your article. Yeah. So i think the fed may very well delay height rake beyond september because of what weve seen in china and even in europe. Having said that, you know, i still think what happened in the last several weeks in the stock market here in the u. S. Is a correction and nothing more. Its usually every 18 months. Its been 46 months or so since weve had one and weve had violent down moves and todays move to the upside looked fairly decisive. Youre not sounding the allclear button by a long stretch but you do say that you think the worst is over. Why . A thousand point downdraft that we had a week ago monday, or two weeks ago, actually, was the bottom in terms of price and even momentum. Look, the economy in the u. S. Relative to the rest of the world is actually doing pretty well. Im not so sure that the rest of the world could afford a bear market, which is ichina, japan has wiped out the gains for 2015 and in india, they are down from their alltime high. I agree, if the fed were to raise rates, its going to exacerbate the problems that weve seen manifest themselves around the u. S. The u. S. Could handle a quarter hike but it would be best to wait. You made two observations based on your longtime mentor in the markets that bailouts are bullish. Yes. Weve had that. And theyve had more. And theyve had more. Exactly. And only two causes forebear markets, rising Interest Rates and you made the point that the bond market has factored in the event rate hike by the fed. Yeah. And typically its a rate hike cycle that triggers a bear market. The fed raises three or more times and raises substantially off what the recent low was and it doesnt seem like that is going to be the case here. We may have a case of one and done. If the fed moves this month or in december, they may move and wait for a long period before they even try to rai rates again so they can factor in the markets response, the economic response, the Global Response to the first move off zero. And its the uncertainty leading up to war that can create a bear markets in stocks even though there are more than enough hot spots around the world. Of all of the developed markets in the world, and i would include china as a developed market, which is the one or two that you like the best today . The u. S. And europe. When you really look at things, where you see the most economic stability and improvement in europe, where you see the most political stability certainly here in the United States, you see the rules of the game relatively well known compared to russia or china or some of the other big markets, the u. S. Is still the best game in town. I dont even think its the best house in the best neighborhood. I just think its a really good house. You have corrections and no ingredients for a recession. If youve been bottom picking during this period of volatility, youve made some money. Excellent place to leave it. Ron insana, thank you. Chinas slowing economy has been a major concern and now there may be more reasons to worry. The organization for Economic Cooperation says chinas economy will continue to slow and its not just china but also the u. S. And uk that are vulnerable. They say if the slow down deepens, it will spell another disappointing year for the Global Economy. And the latest sign that chinas economy is slowing came overnight when a report on exports and imports showed a contraction last month. Imports tumbled more than 13 from a year earlier. Much more than expected. That weak data fueled bets that the government might implement further stimulus measures to support that countrys economy. Contributing in part to todays optimism. Picking up on what ron insana just said, the opposite story in europe. Imports and exports rose to record levels in july. The head of the German Trade Association is reported to have said that germany will set another export record this year despite concerns over china, which is the fourth biggest export market in 2014. Meantime, germany finds itself in the middle of europes migrant crisis. A german official said the country can sustain up to 500,000 or more new Asylum Seekers every year. This as thousands of people make their way from the wartorn middle east since the biggest migration move since world war ii. Other countries say they will open their borders. And as hadley gamble reports from london, europes economy is bracing for the influx. Reporter its a crisis unlike any europe has seen since the second world war. A security logistics and economic nightmare and watershed moment for european leaders as pictures like these dominate headlines across the continent. The big question here in europe, what kind of reception should they receive . A major shift in Public Opinion has forced leaders to say there is more room but the sheer numbers have already prompted a major backlash. When it comes to setting quotas, even those in brussels may not be prepared to meet the challenge. An earlier plan floated by the European Unions president suggesting refugees be divvied up by country with wealthier nations bearing the brunt and outcry within the wealthiest nation. Germany will absorb as many as 800,000 people this year but doesnt have the resources to continue at that level. France and uk are prepared to take in thousands of refugees as well but want to distinguish between those who truly deserve asylum and those seeking merely a gain. It is right that we should do much more. So mr. Speaker, we are proposing that britain should reset tell up to 20,000 refew gees and well continue to show the world and this country is a country of extraordinary compassion. Reporter the compassion does have a price tag. Europes largest economy, germany, plans to spend 6. 6 billion on refugees by the end of 2015. Even as the continents fragile economies brace themselves for the influx, its the political fallout that could pose the greatest danger to europe and it is leaders over the long term. We should not allow our compassion to threaten our civilization. There is a real problem here. What means do we have . What possible means do we have of security checking anybody . Im absolutely certain that they got this wrong and the reason people are drowning is because they are being told, please come and longer term the biggest argument that will develop from this is about security. Reporter but for now with so many refugees already enjoying europeanstyle hospitality, there is yet no plans to deal with the millions more on europes doorstep. For nightly business report, im hadley gamble. Still ahead, will apple be able to jumpstart slowing sales of its ipad during a Big Marketing unveil tomorrow . Congress is back from summer recess today and has a lot on its plate but only a few weeks to work out major issues, including how to fund the federal government in the new fiscal year and whether it will approve the deal that republicans will oppose. Joining us now to discuss these items and other important deadlines on congress agenda, great to have you back with us. Thanks. Lets start with the end of the fiscal year on september 30th, the beginning of the new one. Where do we stand on that and could that possibly lead us to another stalemate that eventually led to the government shutting down if only for a few days. Congress has to run the government by september 20th. If not, on october 1st, the governme government shuts down. That happened a couple of years ago. The government is talking about Defunding Planned Parenthood and talk about whether we should spend more or lesson social programs than we have in the past. Republicans and democrats differ on that and those are the kind of arguments that could bear some sort of concern along the wa so i think we have to be vigilant about that. The markets are watching it extremely closely, andrew. So if you are a betting man, put a percentage on it in terms of whether or not we reach a deal or not. Well, i mean, i refer to this as the narrow, deep hole. I think the risk of it is happening is less than 50 t but if it happens, then we have a real problem because the government shuts down. And if i can just elaborate on that a little bit, this happened a couple of years ago, youll remember, over funding the Affordable Care act. Right after the government shut down, the u. S. Government ran out of money and had to borrow more money and that meant congress had to raise the debt ceiling or we would have defaulted on the debt, which nobody wants. And, of course, in order to avoid that, they reopened the government in the process. This year, the estimates are we wont run out of money until november or december. If it does shut down, what reopens it . What about that debt ceiling . Theyll have to reauthorize it and that has been a trigger point in the past. Thats absolute leet rigly r. Thats the bottom line. Again, i dont want to scare any listeners. Were not going to default on the debt. Nobody is going to let that happen. Thats the ultimate deadline. What happens in the meantime . How much carnage do we have to worry about. Very quickly, the iran nuclear agreement, is that going to be you know, its a contentious point serbcertainly capitol hill for members of both parties but how do you think that is going to proceed . Well, i think the greatest concern about the iran agreement is not so much the agreement itself and the voting on it because i think the congress is not going to have the votes to knock it down. The concern is it is taking valuable time away from dealing with this issue of funding the government. Between that and the jewish holidays and other issues, congress is not around that much. Andrew, thank you so much. Thank you. Andrew friedman with a washington update. Ty . An executive shakeup at united airlines. The carrier has announced that the ceo as well as two other top executives are stepping down. The company has made an oscar munoz its new chief. According to united, the departures are related to a company probe in connection with a company investigation. Shares tumbled before coming back just a bit. The stock was up to 57. 51. An update now on the General Electric deal. Ge got the okay from europes antitrust authority today to let its purchase of the power unit go ahead. This after ge pleaded to sell excuse me. To sell gas turbined assets to an italian turbine to ease gas concerns. Macys and best buy are teaming up. The Electronics Chain will open outlets in ten macys Stores Starting in november to task a partnership. The stores will be staffed by best buy and offer items like Samsung Smartphones and s table. Mace see was more than 1 higher today and best buy up to 37. 70. And continuing with the deal theme, keiko energy reacted to the news that it will be purchased by emera. It will give a larger presence in the u. S. Sales surged 25 to 26. 34. Mylanz says it will take its hos stale takeover to Company Shareholders as perigo has turned down several offers, including the latest 27 billion bid. Perigo rose to 180. 65 yahoo receiving an unfavorable ruling by the irs. A request for a taxfree spin off from its shares of al bibab was denied. Shares fell. During the regular session, stocks fell to 30. 90. Morrison kol dae consolidat you about. The Third Largest broadcaster in the country, shares of meredith popped while media general tumbled. Its an example of what is in flux with the rise of streaming video pushing big brands to offer more options and traditional to retrump business. Reporter whether its watching a disney movie or nfl game on the go or streaming videos for free on your phone, media giants are giving consumers more business than ever. Disney is expanding its app to amazon and microsoft devices, expanding to android tv next week after launching itunes and voodo last year. Encouraging viewers to buy a digital movie, anywhere on any device. Things are shifting at a much more pronounced way and Companies Need to accelerate their innovation and create more scale and balance for themselves for the Technology Industry which has become a lot more powerful and innovative. Reporter verizon is innovating and launching a new ad supporting streaming app with episodes from comedy central, nfl network and food network. Plus, clips from oxygen tv and vice, among others. Verizon is looking to build a mobile advertising business as part of a larger trend of giving consumers what they want when they want it, which increasingly means going outside traditional television. The nfl today launching a new 99 per season subscription service. Nfl game pass allows subscribers to watch on tv games as soon as they are over. To listen to regular season game lives and additional content. I think 2015 is it a real gamechanging year. Because youve seen so much growth in these pure play native digital applications like netflix and hulu. Its this time where so many people are consuming so much video content. I think the rough number is there are 190 Million Viewers of online video every month right now. And that is just a scale of audience who weve never seen before. Reporter andreo keep up, traditional tv companies are being looking to scale to stay ahead. Media general, which owns 71 tv stations, is buying Meredith Corp with 17 tv stations and magazines targeting women. The cost of the deal is 2. 4 billion in cash and stock. So whos the ultimate winner . Consumers. Who now have more options than ever. For nightly business report, im Julia Boorstin in los angeles. Expectations are high as they usually are for an apple event. Tomorrow, the dow component is widely expected to unveil new iphones, the device responsible for billions of dollars in revenue every quarter for the company. Ahead of the event, shares finished the day higher by more than 2. 5 . Josh lipton has more on what to expect. Reporter apples ceo calls the recent success stellar. These numbers are unheard of. Reporter but the question is whether the momentum will continue. Tomorrow, apple is expected to unveil the new iphone 6s with a faster processor and improved camera. There are concerns about whether iphone units will grow in the quarters ahead. The worries . Tougher comps , a slowing chinee economy and apple is taking share from rivals like samsung and there are a lot of iphone users who could be waiting to upgrade. On the companys last earnings call, cook said only 30 of iphone users had moved to the 6 and 6 plus. Lets face it, when iphone is generating 60 of the revenue and 80 of operating income, apple usually knocks new ichlt phones out of the park and thats where they typically have been very polished in revealing new features. Reporter in addition to a new iphone, reports suggest that a new 13inch ipad is on the way. Its been a sore spot for apple with sales disappointing wall street. The hope for the bulls that this new tablet, designed for the workplace, can reverse the products downtrend. But the main event may be a revamped apple tv, expected to have a speedier processor and motion sensor Remote Control which could make apple tv an attractive gaming tv putting apple in a position to compete with a slice of 100 billion video game industry. Apple stock has been under pressure, down some 15 from a recent high. Tomorrow, apples executives will try to excite investors and consumers with a range of new products. For nightly business report, im josh lipton in san francisco. Coming up, chinas growth may be slowing but thats not stopping one startup from betting big on beijing. Heres what to watch tomorrow. Besidesbe apples big announcement, mortgage numbers and a read on employment with the job openingings and Labor Turnover survey. Otherwise known as jolt. Thats what is to watch for thursday. Jd. Com said it would buy back stock over the next two years. This Company Joins other chinese firms, including alibaba, which has recently said it would buy back its shares as worries about chinas economy has hit stock pres. Down more than 30 over the past three months. Concerns about chinas economy isnt stopping uber from pushing into that country. The company says within the next 12 months it will operate in 100 chinese cities, twice as many as recently estated. The startup has seen the market share grow exponentially but as eunice yoon tells us, its been anything about a smooth ride. When this uber driver hits the road, she fires up her app to find passengers earning at least 13,000 a month, earning three times what she made as an assistant but shes never quite sure if the next pickup will be the last. She says shes worried about their cars beingei detained because uber operates in a legal gray area for china. Its led to government raids on uber offices and spooked drivers who fear being caught by the authorities. All uber drivers discuss the policing operations every day in online chat groups, she says. Uber is seeing spectacular growth here, thanks in part to the peoples car pam pain. The company says it has around a third of the market and boasts more than 1 million trips a day. Uber also faces stiff competition from local rivals, like car inc, which favors celebrities backed by internet giants, alibaba and ten cent. Taxi drivers are complaining that Companies Like uber are putting them out of business so they have been organizing strikes across the country in protest. Reporter this driver hopes uber will work out what she believes is the biggest obstacle of all. We hope uber headquarters can coordinate with the government and give us uber drivers a security. Eunice yoon in beijing. Uber recently raised Venture Capital from chinese investors while a rival in that country is reportedly in the middle of raising close to 3 billion. I thought that was the yankee shortstop. Its so good to have you back. Good to be here. I missed you. That does it for us tonight. Im sue herera. Thanks for joining us. And im tyler mathisen. Well see you back here tonight. This program has been made possible by. Narrator on this episode of art and soul, remembering louisiana artist George Rodrigue and his iconic blue dog. A day in the life of a prima ballerina. Woman we are all competing for the same roles day in and day out. Anybody going out for a part against you is only going to push you to be that much better. Narrator frame by frame, hour by hour an artists stunning perspective on the world around us. 17th century music as modern art form. And. Man i think that Sherlock Holmes was one of the first superheroes. Narrator mystery and intrigue with the legendary Sherlock Holmes. Its all ahead on art and soul. [ theme music playing ]