Wednesday and thursday, stocks were pretty calm throughout todays session. By the close, the dow lost 11 points to 16,643. The nasdaq climbed 15, and the s p 500 added more than a point. For the week, believe it or not, the dow and the s p 500 rose about 1 . The nasdaq gained more than 2. 5 . But with that gain, the nasdaq recovered a nearly 9 plunge from earlier in the week, its biggest intraweek reversal ever. And that is just the tip of the iceberg. When looking back at what a wild week on wall street it really was. There is the opening bell. Guys, the dow is now down 1,000 points. There was real genuine panic selling like i havent seen in years. These are enormous moves. Things that were making my eyes pop out of my head when i was watching here. As of this moment, it is the strongest rally of the year. Were in sort of a very strange uncharted territory right now. Volatile final hour of trading turning this rally into a decline. Trading less chaotic, the dow cratering into the close. Were now heading back up. The markets rebounding today, but it has been a wild week of volatility. For those people who were waiting and hoping that they would take advantage of a meltdown found that the clock was running out. Markets just dont go up forever. We have another roller coaster session on wall street. Have we bottomed here and are we going to the upside . You have to go back to black monday for this kind of volatility in the market. If you think the stock market has seen wild swings this week, check out whats happened to oil, crude soaring again today. The dow only giving up 14 points into the close. The s p and the nasdaq today did turn positive at the end of the session. A wild week on wall street. But its friday, finally. Brian jacobson joins us to discuss what weve learned after this tumultuous week on wall street. He is chief portfolio strategist at wells fargo advantage funds. Nice to see you, brian. Welcome back. Thanks, sue. Thanks for having me back. Lets start with basically that question. What have we learned through this whole week . Well, i think that theres really two big lessons from this. Number one is that investing entails taking on risks, and sadly weve been sort of lulled into a sense of complacency in the last few years without a lot of volatility in the markets since the last correction, if you define that as a peak to trough of about 10 of the s p 500. We havent seen that in quite a long time. So this is a reminder those types of things do happen. However, i think the second lesson is also that sometimes the best thing to do in a crisis is to really do nothing. What we saw on tuesday was actually sort of nationwide redemptions from mutual funds, exchangetraded funds and such, and that was just as the market was beginning to go back up. So sometimes people react, and reacting is sometimes a negative thing to do to your portfolio. So what do you do now . Is this an opportunity, perhaps, a gut check in a way . Yes. It did feel like a gut check because sometimes those reminders come out of the blue and they are painful. I think that this is a Good Opportunity for investors to sort of look at their portfolio and think about where do they want to be positioned for longer term. When i talk about longer term, its not about where do you want to be over the next, say, ten days, its where do you want to be over the next three years. For that i think theres still some tremendous opportunities in foreign markets for u. S. Based investors to take advantage of at these slightly lower levels. What markets do you like in particular outside of the United States . Yeah, two of my favorite arias, i like europe. I think that europe is returning to growth. Some of the Economic Data, the fundamentals there appear to be improving. And the valuations based on, say, pricetoearnings and such, are much more attractive there than they are in the United States. Another area is the emerging markets. Emerging markets have been in a bear market, thats more than 20 down from their peaks back in september. But if youre discriminating about where you invest, i think you can actually find some very good longterm opportunities. What does oil tell you . I mean, weve seen a huge move in oil. Everybody thought that oil was going much further to the downside. Now weve had this key reversal in the oil market, meaning that weve almost made a vshaped bottom in oil. What is that telling you about the economy . Yeah. Im not sure what to read from oil as far as what the economy. I think that what it tells us with this vshaped move is more like a short squeeze in a way where suddenly everybody is piling into shorting it and then it bounces and everybody gets squeezed out of it, because i think oil is heading back towards about 60 per barrel. The big move down was probably triggered by fears about slightly Slower Growth than what a lot of people anticipated. Also, we didnt see a lot of supply response until really this week. We heard suddenly about firms deciding to cut back on their exploration activities. So if you have a little bit less supply in the future, a little more demand, that should push prices higher. We briefly were in correction territory for all three of the major indices this week. Does that satisfy those traders and investors out there who have been looking for a 10 correction in this market to keep the bull market healthier in the long run . Honestly, i hope it does, because i actually dont think that the correction was justified on the basis of the fundamentals. It was probably based upon people just overreacting to slightly mildly negative information coming out of china. So hopefully this is almost like cathartic where it gets it out of peoples systems to remind them in bull markets even you can have these corrections. The key thing is to focus more on that longer term. I think we probably have at least about two more years left to this bull market. On that note, brian, thank you. Enjoy the welldeserved weekend. Thank you. Brian jacobson with wells fargo advantage funds. One of the concerns hanging over this market as you know has been the timing of a possible Interest Rate hike by the Federal Reserve. Some rumblings of the fed gat r gathering in wyoming is suggesting that those that think a september hike is off the table might need to think again. Steve liesman has the inside word from jackson hole. A top Federal Reserve official speaking beneath the sunlit mountains in jackson hole today shed a little light on whether the fed would hike in september. Stanley fisher said a september rate hike is still on the table. Fisher said it depends on the Economic Data and the markets in the next two weeks. But he was clear about which way the rate needle is pointing. Were heading in that direction. Whats happening in particular with the labor markets, well have to see if that continues when we get the data for next week, has been impressive, and the economy is returning to normal. Were not certain were there yet. His comments come after a wild ten days on wall street that began with a chinese devaluation and saw a huge daily hundredpoint market swings. Many connected them to the chance of a fed hike. Weve got time to wait and see the incoming data and see exactly what is going on now in the economy. Fisher tried to ease market concerns over the rate hike saying the fed could indeed stop for a while once they do a single hike. But not all fed officials are convinced. One of the most dovish members of the federal open market committee, minneapolis fed president , cautioned that the market is sending a message the fed should listen to. The market volatility actually does matter. Its not so much a cause but as a signal. I think it is a signal of uncertainties about the global level, about Global Demand in particular going forward. I view though those as a tail risk. A strong payroll number and calm Financial Markets could light the way to the first fed hike. For nightly Business Report, im Steve Liesman in jackson hole, wyoming. Well, the fed says it is data dependent, and today we got some more data, and it was a batch of mixed reports on the health of the consumer, the backbone of the u. S. Economy. The Commerce Department found that americans made more and spent more in july. Income rose 0. 4 , spending not far behind. But Consumer Confidence declined to a threemonth low in august, missing expectations. As we mentioned, not only was it crazy this week for stocks, there were huge moves in oil prices. Domestic crude had its biggest twoday percentage gain since 2009 as traders were betting on lower prices and then had to cover those bets. Prices were up 6 today to 45. 22 a barrel. For the week, prices rose nearly 12 . Crudes first weekly gain in some two months. Well, everyone is on edge because of all of this volatility. Were looking for market signals in unexpected places. This years Great American trucking show may not seem like the typical venue for investment advice, but americas biggest transports are an important economic gauge. Morgan brennan is in dallas with the lowdown on big rigs. Each year hundreds of truck owners descend on dallas where with their trickedout, meticulously decorated big rigs to face off in the largest truck beauty pageant in the country. Today im here vying for a National Championship in the pride and polish division. While these drivers are competing for cash prizes and bragging rights, fleet executives are sounding off on the economy. Nearly threequarters of all freight tonnage in the u. S. Is moved at some point by a truck. Transportation president and c. O. O. Richard stocking says based on how much his trucks are hauling right now, he expects Consumer Spending to pick up in a meaningful way headed into the holiday season. If you look at history, its been about weather. Before we go into recessions and we come out of recessions, we typically see it before hand, and i think it tells us that we dont have to jump off a cliff, that things are steady, theyre strong, and we think well have a vibrant fourth quarter. And hes not alone. Covenant transportation, which specializes in moving expepe dated freight for retailers and etailers, also anticipates a very busy peak season. We are expecting a lot of great things in the second half. The expedited ecommerce is a niche we do extremely well and a lot of business in ecommerce. Every one of our customers are anticipating a very good fourth quarter. According to avondale partners, over the past 40 years, trucking tonnage has predicted every single recession and recovery. Right now its indicates a steady strengthening of the economy, but the Trucking Industry is facing its own headwinds, most notably a steep driver shortage. The American TruckingAssociation Estimates as many as 40,000 workers are needed right now. To recruit and retain drivers, companies are hiking pay, adding benefit, and letting some help design their own trucks. Warner enterprises is also aggressively targeting women, who make up a mere 5 of the industry. Were now approaching 10 of our fleet being female drivers. Their accident rates are better, pulling rates, inspection rates are better. Theyre very diligent and detail oriented. Another big focus for trucking right now, auto magts. With daimler and mack trucks marketing vehicles outfitted with Smart Technology such as cameras and Radar Systems that relay markings and issue warnings if another vehicle gets too close. All of which begs the question, when will trucks be driving themselves . Daimler unveiled an Autonomous Vehicle earlier this year, but the consensus here is that due to regulations and the insurance industry, big rigs like this wont be fully selfdriving anytime season. For nightly Business Report, im Morgan Brennan in dallas. China may have been a hor row show for this week, but tinsel town is still betting big that working with that country will be a hollywood ending. Well tell you why next. Twitter unveiling an ambitious diversity initiative. By 2016 they hope to increase the number of underrepresented minorities on its staff substantially. Last year the firm represented 70 of its employees are men and the majority of its staff are white. The company says it wants its makeup to reflect the range of people that use its service. Concerns over the chinese stock market and that countrys Growth Prospects may have spooked investors, but it isnt scaring Hollywood Studios which are still bullish and are continuing to bet big on the potential for the Chinese Box Office. Julia borconsistent tasten take. The Chinese Box Office grew more than 30 per year for the last decade. It surpassed the u. S. Box office by 2017. Warner brothers is now in talks to create a joint venture to coproduce locallanguage movies in china and distribute them there. The fastest route to gaining access to the Chinese Market or even expanding the access one studio or another has is by partnering with people in china. Warner brothers will be joining disney, 21st century fox, and dreamworks animation, all of whom are similarly partnering to coproduce and distribute films with chinese companies. Hollywoods chineselanguage productions in the works are in in addition to the boost theyre getting from a growing appetite for their english language films in china. This year, universals Jurassic World had the biggest global Opening Weekend in history thanks in large part to its 99 million opening gross in china. Marvel the vendors age of ultran was their biggest release ever in the country. And analysts are bull that i shall the Chinese Box Office dollars will keep on flowing to hollywood regardless of the countrys stock market and currency fluctuatiofluctuations. I think a change in currency valuation doesnt really affect any individuals in china who want to go to the theater. Theyre going to continue to pay that u. S. Equivalent of 2, 3, or 4 for a movie ticket, and thats still an attractive proposition for their entertainment dollar. The downside, Hollywood Studios bring home about a quarter of their Chinese Box Office gross as a result of government restrictions, about half the percent studios get from feeders here in the u. S. But its still a positive for Hollywood Studios. Its money they didnt earn for chinese moviegoers getting hooked. Myelin gets the goahead on its proposed takeover of parago. Shareholders overwhelmingly approved the drugmakers bid and this allows the firm to launch a ternld offer for the companys shares in the next few weeks. Parago has rejected the deal and said it doesnt think its own shareholders would sell shares to the firm. Both stocks slipped. Shares of united, contine continent continental, and Activision Blizzard rose today. The airline and the video game maker were added to the s p 500 index. The firms will replace paul korp and hospira on september 2nd after the market closes. United continental popped, action vision blizzard was more than 4. 5 higher finishing at 2,922. Dow components apple and boeing are reportedly teaming up with the department of defense. The firms will be creating Wearable Technology for the u. S. Armed forces. Apple was up a fraction to 113. 29. Boeing was up 1 to 133. 24. Game stock beat wall street earnings of revenue estimates. They issued guidance that disappointed some investors so shares tumbled 8 , making it the worst performer in the s p 500 today, closing at 42. 49. And big lots also reported results that topped consensus. The firm hiked its fullyear forecast as improvements in its merchandise mix helped results. The shares climbed more than 15 to 48. 58. And now to our market monitor, who likes deep value stocks. He says investors should be buying at these lower levels. The last time he was on in december he recommended exxonmobil, which is down 20 because of the drop in oil prices. Europe hedged equity just a percent and Memorial Production Partners is off more than 50 . Greg abella is a portfolio manager. Nice to see you. Welcome back. First of all, tell me what you see in this weeks action. What does it tell you about the market . The markets trying to digest a number of different data points, data out of china that doesnt seem to sync up with a country thats growing at 7 gdp, currency devaluations that are trying to sync up to try to get exports in line for a lot of developing countries. Just a lot of noise out there. A lot of noise. In the market. Deep value stocks. For those who dont know, what basically are they . The companies that tend to trade at discounts to their book value or trade at deep discounts to their earnings and theyre companies that may be in a turnaround phase. Okay. Lets look at your picks. We mentioned memorial prediction partners which you had last time so, you still are recommending that stock. Why . Well, the price target is still roughly about the same level as the last time i was on. It trades in line with oil, but its one of the most rigorously hedged Master Limited partnerships in this the space and pays a nice Cash Distribution currently at 17 at this level. And the price target is 13. 31. Government Properties RealEstate Investment trust. Gov is the symbol. If youre an investor who wants the government to pay you, this is a good place to start. Its a Real Estate Investment trust that owns Government Office buildings, pays a 10 dividend yield. Government tends to pay its rent op time. Are they longterm tenants . They tend to be very longterm tenants. And the buildings are Green Buildings so its not easy for the government to move out of one building into another. Does a change in Interest Rates affect a Real Estate Investment trust the same way it might affect another real estatetype property . That or any fixed income investment. I think thats already been discounted in the price, which is why its down so much. But, you know, at about seven or eight times earnings, its cheap. The yield. Micron, that stock has been really hit very, very hard. Very hard. And trading at these cheap levels is attracting Value Investors like myself and also has union group from china whos apparently trying to make a takeover bid for 23 billion. I dont know if it will be successful. But at this valuation, its cheap enough i think that its attracting a lot of interest. A deepvalue stock, but you also could play it for the potential of takeover. You could. Also you could manipulate with a potential of growth. They just developed with intel a microchip that is 1,000 times faster and has ten times the storage of other competitors. How long do you usually hold a position in any of these deepvalue stocks . Long term or very long term usually. And, you know, particularly the ones that are paying income, and if you believe oil prices in the case of memorial ultimately will be way higher, its something that you hold for the very long term and get paid while you wait. You mentioned the memorial production. With oil prices being so volatile this week, does that make a difference in the way you look at the stock . Because now were up above 45 again. I think some of that is in Short Covering from people that were expecting the price to go way into the 30s and it didnt happen. So its not a fundamental for this particular stock. It trades in line with oil, so you have to take that into account. But ultimately i think that oil will probably end the year somewhere around 50 then further in the future will be substantially higher. Greg, thank you. Have a great weekend. Thanks for having me. Nice to have you here. Hurricane katrina brought devastation to new orleans nearly ten years ago to the day. It may be a decade, but the city is still on the road to recovery. We will take you there next. Here is what to watch next week. For fedspeak. Well hear from two fed president s, lots of data, include august toe sales and international trade, and friday is jobs day. Well get the employment report from august. That is what to watch next week. Residents and insurers are prepping for Tropical Storm erika. The governor has declared a state of emergency. The storm is forecast to reach the area sometime on monday. Hurricane katrina made landfall in louisiana ten years ago tomorrow. It remains the costliest Natural Disaster in u. S. History. So what happens when a major u. S. City has a neardeath experience and now we have a much better idea a decade after that storm nearly wiped out new orleans. Scott cohn coversed that disaster in 20052005. He is back in new orleans to report on a decade of ups and downs. The floodwaters are long gone. As long as this levee remains open and broken like this, the water will continue to flow. But destruction is still here. The population in the lower ninth ward a fraction of what it was. This is the question by which the recovery of new orleans must be judged. And until already more than 34 people back here, the recovery of new orleans is not complete. Other parts of the city are doing much better. The citys more middleclass lakeview section is buzzing with construction. At the data center, a Nonprofit Group established well before the storm, researchers have been working to make sense of it all. Folks who are going okay or are well before a disaster do better. They benefit from the Infrastructure Investments and various improvement where is folks who were either poor or had bad health before the disaster really struggle to rebound. While poverty is twice the national average, new orleans overall economy is strong thanks in part to 140 billion in Government Spending since the storm. We have one of the Fastest Growing economies in the nation, number one in population growth, number two in per capita gdp growth. Were first in export growth. Also crucial, support from companies that could just as easily have given up on new orleans. Zurich insurance says its given 13 million in contributions. Were very confident that the result of acting, you know, what we think is correctly and in the most socially responsible way comes back to us in multiple dividends over time. Big corporations like entergy, like shell, like chevron double down on their commitment to the city, to the region, and i think in large part as a result of that, new orleans today is much more vibrant than its been since the late 60s. That kind of commit suspect more important than ever now as the memories and the money from Hurricane Katrina begin to fade, leaving new orleans to move forward on its own two feet. Scott cohn, nightly Business Report, new orleans. Finally tonight, say goodbye to the goodyear blimp. The iconic airships that youve surely seen floating over sporting events are being retired. Theyll be replaced by a new airship and you probably wont be able to tell much of a difference. The new airships, which arent technically blimps are quieter and faster, making them easier to maneuver for the camera crews that are always on board. And that will do it for nightly Business Report for tonight. Im sue herera. Thanks so much for joining us this week. Have a great weekend, everybody. Well see you again on monday. Say hello to Harry Eldridge or whats left of him. He was found near guildford a couple of days ago, cut up and buried not far from the a3. The dry, sandy nature of the soil has left him pretty well preserved, wrapped in what looked like his clothes, and old newspapers. Positive i. D. , is it . They found a wallet among the clothing, with a credit card. Dental records should confirm it. Eldridge was a welltodo butcher in smithfield market. When was this . This newspapers are dated december 19th, 1976, the day eldridge vanished. The most likely cause of death is this a stab wound going up into the small of the back made with a longbladed knife. The body was cut up quite skillfully, so, doctor, surgeon. Butcher. Quite. The day eldridge vanished, simon lockhart, a doctor at barts hospital, was murdered in the back of eldridges stall in smithfield. Eldridge was the prime suspect. This may or may not rule him out