Thats what investors seem to be saying as there was no fear of the fed, at least not today. Some of the pros on wall street said the market was reassessing whether the Federal Reserve will raise Interest Rates as early as next month. As a result, stocks closed higher with financials leading the way. The Dow Jones Industrial average rose 107 points to 18,502. The nasdaq climbed 13, and the s p 500 added 11. This bull market is more than seven years old and with stocks flirting with record levels, there is always a camp concerned with the pullback and naturally the bull carved thinking this is just getting. Mike santoli has a look into when the market is anything less. With stocks near record highs and bonds holding up well, is there anything more in coming years . On the surface, it might seem stocks are due for a pause since february thats capped off a fine fiveyear run. The late summer of 2011, the european debt crisis sent stocks reeling, the Standard Poors has learned ab average of 16 poor year, well above the historical average and a relatively high valuation compared to corporate earnings. All else being equal, buying stocks tends to produce sub par gains in the future. Standard portfolio of 60 stocks and 40 bonds has gained more than 10 annually over the past five years. Both stock and bond markets supported by low Interest Rates around the world anchored by Central Banks trying to promote growth. With the fed looking to lift rates again and stocks already sitting on impressive gains, its fair to ask whether investors should race for a rougher ride from here. Some market watchers insist the bull market is not quite as old and vulnerable as feared. Stocks only begin making new highs for this cycle in 2013, they point out, which perhaps is when a new longrunning market advance truly began. And equity returns over the past decade at around 7 per year have been relatively modest. Of many longrunning markets of the past built up far heftier gains by the time they expired. Perhaps investors should acknowledge a distance already traveled by keeping their expectations muted. That way any dramatic up side from here would come as a pleasant surprise. More like a gift than a debt repaid. For nightly business report, im mike san totalliiy at the nw york stock exchange. Consumer spending, the biggest source of Economic Growth rose in july, matching expectations. And the feds preferred inflation indicator, the pce price index ticked up last month and its up more than 1. 5 over the past 12 months. The fed uses this gauge as one of the tools to help it determine whether or not to raise interest r but low Interest Rates have been a contributing factor in the housing recovery. But with the steady rise in prices and some markets passing their previous peaks, diana olick tells us some are wondering if were in a new bubble. Ten years ago last month, home prices hit their peak of the housing boom, and we all know what happened after values dropped for six years by the most in history, but somehow we are almost back where we were. The pace of appreciation and the pace of achieving the new peak, that definitely was achieved more quickly than we would have expecte the reasons that we think that has happened now is the continued aggressive stance by the fed to keep rates low. June marked four straight years of National Home price appreciation with prices up 33 from that bottom in 2012. A new report from black Knight Financial Services put the average home price in june at 265,000. That is within just 1. 1 of a new record high. During the housing boom and is bust, there was this industrywide mistake of loose credit over building. Euphoria, irrational exuberance in the Housing Market and buying a bet that prices would increase. Thats not the market were in now. What were seeing is a more timid market, restrained market and i would argue too restrained. Prices today being driven by a severe lack of supply for homes for sale in addition to low rates. Of the nations 40 largest cities, 14 have seen home prices cross to new highs. Some argue were not in a bubble, because housing is still historically affordable. But its only affordable if you can qualify for the low Interest Rates out there today right now it takes pristine credit to qualify for one of these great rates that are out there in the market today. It also requires a hefty down payment and while yes, there are some lower down payment programs out there, coming up with cash in this environment for some people is tough. Precisely why first time home buyers are still such a small share of the market. Affordability is in the eye of the mortgage holder. Diana olick, washington. Home prices on the rise and some Housing Markets reachesing of those levels not seen since contribution 2006 are we in a new housing bubble . Ralph, as i understand it, you dont think were in a bubble. I dont think were in a bubble. And primarily for two reasons. One, were not overlending and two were not over building. The Home Ownership rate hit a 50year low so i think its hard to make the argument were in a openeroccupied bubble and two, were not building a lot of housing. The number of Housing Starts is still about 20 below average. On top of that, existing inventory is low. And thats what is keeping prices. Maybe also because we hear some of those stats just last week where the average price of a home in san jose is 1 million, the median, the average price. Does that skew the perception of people who are looking at the housing mark . Certainly does. You know, there are certainly these outliers like San Francisco and san jose where its going to cost 2 million bucks to get a home but a lot of other affordable places in the u. S. Took at places like toe leada, dayton, home buyers have to spend about 15 or 20 of their income to buy a home. So the tale of two Housing Markets with the mos expensive and the least expensive still relatively affordable. Yeah. What about the Interest Rate scenario, ralph . Lending is still relatively tight, unless you, as we saw in dianas piece have really good credit. But if Interest Rates start to edge up, as many in the market think they will do, sooner rather than later now, what will the impact be on housing . You know, its going to take a series of consecutive Interest Rate increases in order to impact mortgage rates. Mortgage rates are only loosely tied to the fed rate. In fact, theyre more tied to the tenyear bond, after investors the reason why Interest Rates actually went down because of brexit, because investors are flocking to the tenyear bond. You know, if the fed does increase, three, four, five months in a row, yeah, we might see some pickup of mortgage rates. But thats unlikely. And on top of that, consumers are really more concerned about finding home and saving up for a down payment, and third on that list is Interest Rates. So we really dont think there is going to be much of an impact on the Housing Market, unless its a series of strong increases by the fed. Unless the fed gets really aggressive. Okay well leave it there. Ralph mclaughlin. In an effort to combat the spread of the zika virus, the food and drug admini has given emergency approval for swiss drug maker roches diagnostic test. The test can be used to screen patients with zika symptoms. So far there have been more than 2,500 cases reported in the u. S. And another 9,000 in u. S. Territories. Mylan says it will offer a generic version of its epipen allergy treatment for half the price. It is the latest move for the Company Following the outcry over the drugs rising cost. Meg terrell has more. Reporter when the price of Mylans Epipen skyrocketed more than five fold in a decade, many called the lack of competition a main driver. Today a generic competitor emerged, but its made by mylan itself. The Company Announced its introducing a socalled authorized generic version of the epipen. Its an identical product at half the price. Its not unusual for Drug Companies to introduce their own generics when they anticipate competition to a brand name drug. But whats unique in this situation is that there is no generic competitor. Israelly drug maker testifia was rejected earlier this year. Analysts say this move may have been driven more by political pressure on mylan than financial decisions. The companys initial response last week offering copay assistance to patients but not lowering the price didnt satisfy critics. Investors of mylan hope this step may take some of the pressure off the company by lowering costs for consumers. I think this is a clever move in the part of mylan but it is a move thats going to provide a lot of assistance to some consumers, particularly those paying the full list price to those underinsured. Reporter but the impact of the move isnt yet clear. While some estimate it could cut epipen revenue by 25 , American Enterprise institutes dr. Scott gottlieb said its possible the generic epipen will actually benefit milan. For one, it could draw more revenue. Mylan says after discounts and fees taken by pharmacy benefits managers and distributors, it brings in about 274 on every twopack of branded epipen off a list price of more than 600. What analysts want to know now is, how much of the 300 generic list price will mylan keep . The company declined to comment but it may also be helped in other ways. The way this is going to benefit mylan in the long run, its probably going to allow them to lock in more market share, and it could take some pressure off the fda approved generic drug. Reporter where mylan may be hurt is in its obtain to continue further raise the price of epipens. But if the government scrutiny is any indication, that wasnt likely to happen anyway. Today saw yet another congressional inquiry, the House Oversight committee sent a letter to heather bresch, asking for more information on epipen price increases. For nightly business report, i meg terrell. Come up, a golf legends drive to help underprivileged kids around the wo a federal Appeals Court has thrown out a government lawsuit against at t, accusing the Telecom Company of failing to inform customers that theyre unlimited data plans could have slower internet speeds if certain levels were reached. That practice is known as throttling. The federal trade commission sued at t in 2014, saying throttling was deceptive. The company could still face a fine from the federal communications commission. Meantime, at t announcing a big deal with hbo, and its another example of how Traditional Television is changing. Julia boorstin takes a look. Reporter when at t launches its upcoming directv now streaming service, consumers will be able to get live hbo and espn and other channels on their phones at a fraction of the price of a traditional tv bundle. Directv Service Scheduled to launch in the Fourth Quarter will have over 100 channels and will work as an app with no set top box or longterm commitment required. The com hasnt announced the cost, but a source says it will be priced in the same range as hulus upcoming streaming service, expected to start at around 35 a month. Time warners hbo is directv nows second big content deal, earlier this month, announcing the inclusion of all of disneys major networks. Its always important to have anchor content and present something thats very consumerfriendly that e consumer finds great value in, so having highprofile content like hbo which obviously has home to all these hits and sports is a really big thing for directv. R at t could bundle directv now with its mobile service to tap into demand, particularly from cordcutters among its 130 million wireless customers. The offering will accelerate the subscriber growth. Disney ceo bob iger saying his company will earn as much from directvs service as it did from from from a additional packages. There is no difference if a customer decides to disconnect or cancel their Current Service and migrate over into directvs case to the over the top service, which is primarily an internetprovided service than there is no disadvantage to us. Reporter when directv now launches, it will prove new competition for the highercost traditiol cable bundles, as well as for oldercost skinny packages. I think it will compete with dishs sling it tv on the other end and comcast on the upper end and to some extent, hulu, netflix and some of the other over the top services youre seeing. Perhaps even Something Like a showtime thats a little more niche. Rep it seems they are excited to have them included in the packages, to earn money from consumers on whatever platform theyre watching. Julia boorstin in los angeles. Walking away from the takeover of hersheys. The maker of oreo cookies has ended talks with hersheys regarding a potential acquisition, adding it was disappointed with the outcome. Hersheys rejected the 23 billion bid back in june. Mond lease was down to 3304 and rose following news but the really reaction was at hersheys, which saw its shares plunge in the extended session after finishing the regular day up margin antito 1167. Valiant find itself in yet another legal battle, sued today by people who bought its medications, alleging they were overcharged because of the companys ties to the troubled mailorder pharmacy, philador. The plaintiffs are seeking con tensetory and triple damages. Shares fell nearly 2 to 30. 25. American airlines said its president , j. Scott kirby, is stepping down to join United Continental in the same capacity. Americans chief operating officer, robert icum will take over as president. Shares up 8 cents to 46. 95. Shares of american fell to 36. 17. Citing rising competition and concerns, action i dont know Capital Management gave netflix a sell rating at a price target of 80. The firm also said diminishing Pricing Power and uptick in content costs will be a headwind for netflix, potentially impacting subscriber growth. Shares down just a fraction to 97. 30. Building Materials CompanyUsg Corporation will sell its product distribution business to abc supply for more than 6. 5 million. That deal will allow usg to trim debt and shift its focus to manufacturing. The company also said it will consider offering Dividend Payments once again. Shares rose more than 6. 5 to 29. 93. And after a threeyear long investigation, the European Commission is expected to rule tomorrow that apple received illegal state aid from ireland. Thats according to multiple reports. If the tech giants tax arrangements with that country are found to be illegal, apple could face a hefty tax penalty. Shares were down 12 cents to 6 golf made its first appearance in the recently cdc olympics for the first time in more than a sen decree. And now golf legend hopes to use that renewed excitement to benefit Childrens Charities around the world. Dom chu has more from new york. Reporter the summer may be drawing to a close, but that doesnt mean the game of golf is showing any signs of slowing do. With the olympics just barely in the rearview mirror, some of the best players in the world are gathering just north of new york city in this years barronburg gary player invitational. Th event hosted by gary player, and benefits charities around the world geared toward the education of underprivileged youth. Through his foundations golf and charity events, hes raised 62 million to date, and has a goal of reaching 100 million by the year 2025. If i was running the pga, i would insist or ask my players, two players from every state to go along twice a year to a school of your choice, and talk to the kids and show these kids what great efforts these golfers are. Reporte they are hoping to raise more funds for worthy causes and with golf taking the world stage at this years Olympic Games in rio, some of the greatest players in the history of t game are calling olympic golf a huge success. At first, i wasnt very much of in favor of the golf in the olympics. What changed my mind is the number of people who came out and watched it there in rio. They only have 20,000 golfers in rio and they had 15,000 people come out and watch golf in rio in the olympics. So if thats any indication of what golf in the olympics has done for the inspiration of people to at least follow golf, you know, i think its a very big plus. Reporter now the attention turns to whether golf can keep up the momentum. Weve got the ryder cup coming up this fall, which happens every two years, and the best american golfers versus the best european golfers and its all about bringing more people to the game, especially the female golfers. Im such a big fan of the ladies golf. I cannot tell you. Watching them play in the olympics, i was astounded at how well they played. Reporter the bottom line is that the game needs more golfers hitting drives and sinking putts, regardless of skill level and the hope is that as the world of golf grows, so will the funds for charities around the world. For nightly business report, im dominic chu, bedford hills, new york. Next month marks the 50th anniversary of star trek but some are pushing the boundaries of the final frontier. Thats coming up. Traffic deaths in the u. S. Rose more than 7 last year, the biggest oneyear increase in half a century. The national highway traffic 35,000 people died on ays more roadways nationwide in 2015, and that job growth and low gas prices have contributed to more drivers on the road. New rules by the faa for the use of commercial drones go into if he could today. The new rules make it easier for companies to use small drones, but there are plenty of restrictions. Witht a waiver from the government, the vehicles have to weigh less than 55 pounds, fly no higher than 400 feet or faster than 100 Miles Per Hour and can only be operated during the day. The new rules could generate more than 82 billion for the economy and create more than 100,000 jobs over the next decade. Six people are back from mars. Well, sort. Their yearlong simulation of life on mars is over. The crew members are part of nasas fourth hawaii Space Exploration analog and simulation, better known as high seas. They spent the past year living on the rugged slope of hawaiis man alowa volume containa, the longestever nasa mission to understand how a yearlong deep Space Mission could affect astronauts. A finally tonight, space is garnering a lot of interest from billionaires trying to push the boundaries of exploration. Space upstarts are developing new technologies at warp speed and doing it cheaper than ever. So all week, were looking at the people and companies driving mission space. Today jane wells is in space port america, new mexico. Reporter in the middle of nowhere, new mexico, is a 220 million bet that the commercial space age will be profitable. This place is space port america, new mexico, planet earth and our zip code is 876543210. R spa port america is a vast 27squaremile state taxpayerpounded facility which has been operated for three years and done over two dozen launches but still waiting for its biggest customers to lift off. This is where Richard Branson wants to launch tourists to the edge of space for virgin ga lackic, something he thought would happen by 2009 but it hasnt and a fatal test crash in california in 2014 has pushed everything back. Spacex has also moved in but its launch pad is quiet. Virgin has not done a launch or spacex. Neither has gotten to the point yet. Reporter too soon . I dont think we were too soon, because we have done 28 vertical launches so far. Reporter yet in the last year, there has been remarkable positive momentum, elon musks spacex has experienced a stunning record of successes, especially in recovering boosters which the Company Considers key to bringing down the cost of space. The space port is operating a de deficit but hopes to be cash flow positive in two years. It illustrates how difficult it has been to deliver on the promise of space travel. Its been a case of two launches forward, one crash back. Jeff bezos has had similar success in a series of tests in texas. Musk, bezos, branson and others with deep pockets are patient and wellfunded. And for the space port sprouting up in training, hoping to provide the necessary infrastructure, patience will also be. For nightly business report, jane wells, space port america, new mexico. Thats nightly business for tonight. We want to remind you, this is the time of year your Public Television stations seeks your support. Thank you. Well see we never did too much talkin anyway next on great performances. Dont think twice, its all right this has really been a trip so far. Itll be wonderful tonight. For nearly 60 years, joan baez has been a music legend. So when it was time for her 75th birthday bash, some of her allstar friends joined the celebration. David crosby, emmylou harris, jackson browne, mavis staples, judy collins, paul simon, and many more. After changes, we are more or less the same [ cheers and applause ] sing lielalie join the party for one of folk musics icons next. Forever young. With the joan baez 75th birthday celebration. Forever young