finishes almost 635 points down at the end of the day. if you look at the day, the credit agency downgraded fannie mae, freddie and fannie earlier in the day. this is one of the largest net point losses. the sixth top the worst day, in the last five days two of the top ten. what about this? bill kristol, weekly standard. juan williams, columnist with fair hilthe hill. and charles krauthammer. my main thought is what the president said is unbelievable. that clip we just heard, he is saying that the debate over the debt ceiling the threat of
you see the dow is up 130 points after plunging 635 points yesterday in wake of the first-ever downgrade of american credit rating friday by s&p and in ten minutes we will get a statement from the fed which is wrapping up one of the regularly scheduled meetings on interest rates, and while the fed is expected to keep the rates at record low, wall street will look for some action that might invest consumer confidence and chief washington correspondent john harwood is joining us live. john, we heard from the president, and the tone is certainly positive and not received well by everyone, but what can we expect from the fed as we watch that the dow is up and maybe you can explain why we are seeing a better hour now on the, mas. well, wall street is not the only one hoping for action from the fed. you can bet that the white house would be quite pleased if the federal reserve decides to take some steps to firm up support for the economy and perhaps expand monetary policies as they have do
watermelon haul, which you can picture. oh, boy, yes, i can. hey, go big or go home. that s what i say. thanks, jeff. okay. all right. at 10:00 a.m. on the east coast, 7:00 a.m. out west, i m kyra phillips. thanks for joining us. wall street just minutes after opening, only hours removed from the gut-wrenching plunge, u.s. investors seem to be shrugging off some of the concerns, at least for now. riots erupt across great britain. dozens of police officers hurt. hundreds of people arrested, and a government desperately trying to tamp down public rage. 61-year-old diana nyad back in the u.s. after abandoning her attempt to swim from cuba to miami. she was halfway on the 109-mile journey when she became too sick, and too sore to continue. well this morning, millions of us are waking up to smaller nesteggs, and, of course, looking at that big board on wall street and watching the numbers very closely, we re covering all the angles from new york to london and wall stre
a meaningful handle on the deficits and the debt. now comes of course the federal reserve. we have ben bernanke here, which has used every tool in its box to keep credit flowing and interest rates low in the wake of the great recession. at 2:15 eastern, a little over an hour from now, the fed will tell us what if anything it plans to do in the wake of the downgrade, the debt snafu, the european debt snafu and the global stock freak-outs. in the meantime, i want to bring in richard quest, just outside the new york stock exchange, and christine romans in our new york studios. i would like to start with you. we just mentioned that the fed is going to speak here or at least issue a statement at about 2:15 today. what if anything can the fed do to help the situation that we re in right now? that s what we all want to know. the fed has kept interest rates at basically 0% since december 2008. the fed twice has embarked on big huge stimulus measures, buying back bonds, buying asset
finishes almost 635 points down at the end of the day. if you look at the day, the credit agency downgraded fannie mae, freddie and fannie earlier in the day. this is one of the largest net point losses. the sixth top the worst day, in the last five days two of the top ten. what about this? bill kristol, weekly standard. juan williams, columnist with fair hilthe hill. and charles krauthammer. my main thought is what the president said is unbelievable. that clip we just heard, he is saying that the debate over the debt ceiling the threat of