9th. Good evening, everybody. Glad you could join us. Stiff losses and then most of them erased. It started with china and then grease. That worry spread to our own markets when the opening bell rang this morning. The dow out of the blocks tumbling as much as 220 points but then shifted. All the worries basically brushed off by the close, dow was down by 51. Nasdaq rose 25 points and the s p fell less than half a point why the turn aftof events and w should the cononcern be about events overseas . Our dominic chu takes a look. Reporter usually brings gains for investors but the last days given a moment of pause. Fresh worries from around the world seem to rattle u. S. Stocks earlier in the day. Chinas posted the biggest one day drop in the past five years with concerns about the growth and bond markets royal investors. And then there was grease. Grease stocks worst day in over a quarter century on fears that Upcoming Elections could call into question the countrys membership in the european union. While the downside moves were dramatic, some experts dont believe they will have a Lasting Impact on our markets. I dont believe that these events in europe and in china are likely to escalate to the point where they have a Material Impact on our economy and therefore, i think any effect it has is temporary and should be a bindup. Zblfr one area that has a lot of investors concerned is the sharp drop in oil prices. Lower Energy Prices as fuel for a new bowl run. Lower prices help trim costs and boost profits and lets consumers pocket more savings theyll hopefully spend which also boosts the economy. But say oil prices are low for a reason. World Economic Growth is slowing and some expect prices to keep falling. Theres a long history to Energy Prices may overshooting or undershooting any analysts view on what fair value is. We may continue to see downward pressure for a while in the oil markets. Reporte still, over the course of the next year, many experts believe the run will continue but at a slower pace. We expect a single digit return instead of more. Evaluations have already come a long way. The market isnt cheap anymore. Reporter market rhyss around the world is a thing to keep an eye on for the forseebl future but whether they derail the market is up for debate. For nightly Business Report, im dominic chu. Alec young joining us from oppenheimer funds. Whats your take on the Market Action . Was this temporary or more serious . I think we view in the temporary camp. The last couple of months, stocks have done nothing but go up except for the volatility in mid october. Technical basis, we were overbought and due for profit taking. We werent surprised to see the volatility, but the same token, not really surprised to see buyers step in. After all, over the course of last year, buying has been the strategy thats worked for investors and they return to that today. Do you think the u. S. Market, alec, is the place to be as we enter 2015 compared with other equity markets that i could consider . Well, i think global diversify kags has a lot of logic behind it. We think the outlook for the u. S. Given the momentum in our economy and earnings is more certain as we look around the world but we certainly would encourage investors to maintain Global Equity diversify kags. Theres a lot of talk about oil prices, they still continue at this low level. We know thats good news for consumers. Should investors be worried about an Economic Impact of these low prices . Yeah. I wouldnt read too much into the low oil price as being a harbinger of doom in terms of health of the Global Economy. We think the biggest Oil Price Weakness is the supply side. The supply out of north america specifically and moved by opec from a market share perspective, so were looking at it more. In the u. S. , Economic Data is improving. Its a huge tax cut for the Global Economy. This morning in the wall street journal, there was an article about what the fed may say when it meets next week and two words in their reports considerable time. Well be there with respect to it may or may not raise Interest Rates. Do you think that played in todays action and do you think the market is still and rightly concerned about when and by how much the fed may raise rates . Yeah, thats a great question, tyler. I think definitely the notion that the Economic Data has gotten Strong Enough its no longer justifiable to have that considerable period whether the fed will have accommodative monetary policy. We think its likely theyll drop that at next weeks meeting. Where we might differ from consensus, at least among some investors, our view that we really arent as concerned with the timing of the first rate hike. We think you have global deflationary pressures and while the fed is raising rates, we think it will be a modest pace and we dont think it will change the gold lox environment and strong to drive up corporate earnings but not enough to consider actions by the fed. A few seconds left. Whats your quick outlook for 2014 given the fed and these Global Factors . Stocks rise, not as much as the last few years and rates stay low. Thats why investors look at different classes for income. Good short answer. Thank you, alec. Alec young with oppenheimer funds. Thank you two stocks weighing on the dow today were verizon and at t. Verizon, worst stock in the blue chip average. At t down almost 3 . It wasnt just these two blue chips. The entire telecom is negative. Morgan brennan explains why its under so much pressure. Reporter retailers arent the only ones risking profits for this holiday reason. Wireless doing the same and stocks pay the price. At t warned steep competition could result in more subscribers leaving its network this quarter. Verizon cautioned holiday promotions put shortterm pressure on its wireless market sending shares notably lower. Veriz verizons announcement set off warning bells. Theres a concern on pricing pressure in the marketplace and the potential impact it can have on the overall sector. When youve got sort of one of the industry stalwarts indicating margins are blow anticipated levels for the Fourth Quarter, thats sort of impacting the overall view and sentiment on the sector today. Reporter and competition is fierce. Announced price cuts to millions of at t subscribers coming off contracts this season and leading in subscriber gains. Theres another factor as well. Capi spending. T mobile tumbled on the proposed Public Offering to raise money more more investments and ongoing auction of wireless air waves to carriers more than quadrupled the reserve price. The one two punch, lower prices and higher spending will make 2015 a transition year. If youre looking at the Overall Telecom industry, the pricing and the ability to fund some of the spectrum issues will probably overhang the industry for the next 12 months. Reporter but that shortterm pain could result major changes to the business carrier models with the at t acquisition of direc directv. Its a great season to be a subscriber. Brennan. Htly Business Report the capital reserve proposes requirements for the most important u. S. Banks, categorized as local systemically Important Bank holding companies. J. P. Morgan, goldman sachs, city group, morgan stanley, and bank of new york mellon. Rages from 1 to 4. 5 . Lessens the chance of a bailout. J. P. Morgan and city falling. Goldman sachs rose fractionally. Bank of america and city said to expect weaker trading revenue in the Fourth Quarter. Chief executives made the disclosures at a financial conference in new york city and kayla townsheet was there. Reporter golden sachs is under way in new york with bank taking the opportunity to warn investors about weakness coming up in the Fourth Quarter. Announce 3. 5 billion and alleged currency and Interest Rate manipulation. Also, theres an investigation ongoing into antimoney laundering practices. 800 million of that charge goes towards existing repositioning at the bank but in all, corbett is telling investors its unpredictable especially with legal issues because of the leverage for pricing and for timing lay with the u. S. Government. Meanwhile, bank of americas ceo, brian moynihan, saying trading revenues for the Fourth Quarter is down compared to the Third Quarter of this year as well as the same quarter a year ago. The main culprit there . All tra low Interest Rates, yields that test october lows. That is keeping traders on the sideline and they do not want to play this volatility. The bright spot for all the banks presenting at the conference seems to be low oil prices. Sun trust ceo bill rogers said lower prices at the pump could save the average u. S. Household up to 1500. Thats essentially a refund. That has to impact Consumer Confidence in some way. I think we see it with increased spending, increased use of credit card utely kags. Reporter the hope of higher confidence and Consumer Spending could lift the weaker businesses at these banks. For nightly Business Report, im kayla towsheet in new york. The court ruling could lower future profits. Coupbix makes kubison for Skin Infections but federal judge invalidated the patents and ruled prospera can launch as soon as 2016, two years sooner than expected. Expected to deal with kubis. The Global Economy isnt lifting off the way it hoped. Boeing said starting next september, it will build two fewer of its iconic 7478 jumbo jets. The maker said the recovery of the cargo market has not been as robust as it expected. Boeing adds the cutback is not expected to have a material financial impact. Still ahead, what are people doing with all the money theyre saving on gas . The results of a new survey on spending and the economy coming up. More evidence that the employment picture continues to brighten in its monthly joels report. Job openings rose to a nearly 13 year high in october and there were more people leaving jobs than in more than five years. This socalled churn rate is closely tracked by the Federal Reserve in gauging the Overall Health of the job market but the Labor Department adds the number of people actually hired for new jobs was not much changed from september. Americas jobs in smaller businesses if they grow bigger normally create new jobs. Last month, Small Business optimism surged to highest level in nearly eight years. The indicator that the economy is ready for faster growth in 2015. The owners are very bullish about Business Conditions over the next six months but they continue to hold back on Capital Spending and on hiring. But most americans do seem more bolish about their own piece of the economy. The survey with a lot of Holiday Cheer in it. Reporter americans plan to spend more on gift this is season than any Holiday Season in the past five years as Economic Optimism hits a postrecession high. Cnbc all American Survey finds the average american plans 665 on gifts, up 12 from last year and about 6. 5 higher than the average across the surveys nine year history. Behind the yuletide tier, expected home values. Gains and the stock market. All at or above their highest levels since the 2008 financial crisis. As we see peoples perceptions of the economy improving in terms of wages, their home values, in terms of their views of the u. S. Economy at large, we see their spending on Holiday Gifts going up. This can create the perception of a perfect storm where people have more staying power than weve seen in the past. As theyre using their credit cards more as theyre spending more and as they see the economy improving over the longterm. Reporter lower gas prices seem to underpin american optimism. Though just 8 plan to spend the new wind fall. 13 say theyll save it and 12 use it to pay down debt. The rest dont plan to change any. The main question is whether this surge in optimism will last. Previous bumps faded away for concern over the Government Shutdown or economic troubles in europe, but this time, some of the gauges are not just taking out the best numbers since the crisis but nearing the level before the recession. That creates some hope that the better numbers could be here to stay. For nightly Business Report, i steve liesman. The plummeting shares of cons. Withdrew the 2015 profit forecast and said chief financial offi quit. Mainly low income invests with payment of con, down 40 . Lost and finished at 2083. Tough day. Share of blue blird bio the other way. The stock soared on news that four patients transplanted with its product to treat a genetic blood disorder essentially cured. Several hiked their price and shares surged today by 72 . They closed at 84. 28. Bought abercrombie and fich that would quit immediately. It will be led by the former sears head, arthur martinez, now executive chairman there. The move comes as the company has been struggling with sluggish sales and stock up 8 today to 28. 46. Auto zone with better than reported results. Lower gas prices and Colder Weather encouraged customers to get their cars ready for a harsh winter. Shares rose 4 to 605. 81. Spirit airlines disappointed investo investors. Raymond james removed the 85 target. Shares fell 12 to 72. 77. Valium said its abandoning its acquisition to reduce debt and the stock price. The Canadian Drug maker spent 20 bblds on acquisition since 2008 and regrouping after failing to acquire aligan. Fell to 141 even. A new audit by the general for Tax Administration shows the irs paid at least 6 billion in improper tax breaks. Payments were refunds to family that incorrectly claimed child tax credits or claimed the wrong amount. They went to fraudsters. Millions of low income families qualified for the child credit even though they dont make enough money to pay federal income tax. No credits for Amazon Warehouse workers. The retail giant doesnt have to pay those workers for the time they spend at security checks as their shift ends. It was a victory for the growing number of companies which routinely screen to prevent theft. Some amazon workers claim they wait up to 25 minutes to get through security. Clock is ticking. Midnight thursday is the deadline now to get a spending bill passed to prevent a shutdown. It is the main piece of Unfinished Business before Congress Heads home for the holidays. John harwood reports from the white house lawn tonight. Are negotiations moving closer to a deal . Reporter they are, tyler. You can never underestimate the power of washington to mess things up at the end but theyre on track to a resolution. House is nearing completion of its bill which essentially funds the entire government through negotiation between democrats and republics through the rest of the fiscal year except for the department of homeland security. Thats in protest to the president S Immigration action. Republicans are willing to fund through february and the house will vote thursday. The question is whether the senate get it done by the weekend. Will the house pass it, john . Reporter i think they will. Originally, democrats said they would withhold their vote and require republicans against president obamas action to pass within their own votes. Looks like both sides will pass it. There may have to be a temporary extension to the deadline as tyler mentioned for a couple of days because the senate may not act on thursday but perhaps as early as friday, maybe next week. Really no chance of a shutdown, i hear, by listening to what youre saying, john. What about the separate matter of some tax break extensions that were much talked about a week ago . Where do we stand on that . Reporter thats going to be resolved. The house extended them the rest of the year. Think about that, tyler. Were three weeks away from the year and now enacted an extension to 2014. Hows that for planning ahead . The senate has not acted but we do expect them to wrap it up before we get out of town. Theres a lastminute dispute over terrorism, reinsurance provisions, which arose after 9 11. Theres some debate between republicans and democrats and prominent republican in the house wants to change. Dodd frank is part of that. It looks like theyll resolve that as well. John harwood from washington. Coming up, an economic rebirth is taking place in americas heartland. Tonight, we head to cleveland. The city in transition and may soon look a lot different from its heavy manufacturing past. The first of a two part series next. Detroit is set to exit bankruptcy tomorrow. The city which filed for the biggest ever municipal bankruptcy in 2013 won aprol from the federal judge last month for the plan to shed billions in debt. Today, the Michigan Governors Office accepted the detroit Emergency Managers declaration that the financial emergency is over. An official announcement will be made wednesday. The region known as the rough belt has been assemble of american decay as manufacturers left and the economy weakened. Today, the area is enjoying a renaissance of stores thanks to biotechnology and Old Industries retooling for a new economy. Scott cohen reports for the first part of a two part series. Theres a lot of Plastic Manufacturing in cleveland. All kinds of houseware products, baby car seats and things made in the cleveland region. Reporter now, more than half of their business is related to health care. We help our customers design new products, innovate and create new and better products. Reporter like this device that can insert a wire into bone in orthopaedic surgery. Health care picked up where heavy industry left off. So while we were losing some types of industry, we were very fortunate that this has stepped in in cleveland. Reporter in 2000, ohio has more than a Million Manufacturing jobs and 600,000 in health care. Today, the figures have just about flipped. John kaisic is ohios governor. Were in manufacturing but what your old man used to do is not today. Im excited to build the new industries that are powering america into the 21st century. Reporter but there could be problems ahead. Unemployment here is now below the National Average but ohio has only regained about half the jobs it lost during the recession and health care is not the economic driver it once was in part because of the Affordable Care act. Thats because Health Care Reform is supposed to be about cutting costs. At the world famous Cleveland Clinic which injects 12. 5 billion into the local economy, they cut a thousand jobs this year and ceo Toby Cosgrove said theres more to come. Were trying to drive the efficiency. It comes how we actually take care of people. Reporter they hope the new focus creates more demand for smart design, good for their business but it means the future of this rust belt rebound is far from clear. Scott cohen, nightly Business Report, cleveland. Scott continues the series tomorrow with a report from youngstown, ohio, another city that fell on hard times but is now returning to its manufacturing roots thanks to the Domestic Energy boom. Finally tonight, president obama said everyone should learn a new code for the job market and now has become the first president ever to write a computer program. Its a modest one, but its a program. Worked with middle School Students completing the exercises and wrote a single line of code, love the lid there, mr. President , using common programming language, java script. He said the president was very precise and didnt make a typing mistake. Insert your own joke here. Thats nightly Business Report. Im susie gharib. Im tyler mathisen. Have a great evening, everybody. Nightly Business Report has been funded in part by thestreet. Com and action alerts plus where jim cramer and fellow Portfolio Manager stephanie link share their investment strategies, stock picks and market insights. 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