Subject to the subpoena, so another hear beiing may well be necessary. I want to thank dr. Paul brown for his tireless efforts on this subject as well as so many other subjects that have come before this Sub Committee. We appreciate his Public Service and his dedication over the years to his constituents, to congress and to our country. So chairman brown, thank you, again, for all youve done. We appreciate all your great work, and i look forward to todays hearing. Thank you, mr. Smith. As i announced earlier, mr. Swaulwell will be joining us in a bit. And he will give his Opening Statement at that time. And then ask his questions in due order. If there are members who wish to submit additional Opening Statements, your statements will be added to the record at this point. At this time, id like to introduce todays witness, mr. Todd park, the former chief Technology Officer of the united states. An assistant to the president. Prior to this role, mr. Park served as chief Technology Officer
Subject to the subpoena, so another hear beiing may well be necessary. I want to thank dr. Paul brown for his tireless efforts on this subject as well as so many other subjects that have come before this Sub Committee. We appreciate his Public Service and his dedication over the years to his constituents, to congress and to our country. So chairman brown, thank you, again, for all youve done. We appreciate all your great work, and i look forward to todays hearing. Thank you, mr. Smith. As i announced earlier, mr. Swaulwell will be joining us in a bit. And he will give his Opening Statement at that time. And then ask his questions in due order. If there are members who wish to submit additional Opening Statements, your statements will be added to the record at this point. At this time, id like to introduce todays witness, mr. Todd park, the former chief Technology Officer of the united states. An assistant to the president. Prior to this role, mr. Park served as chief Technology Officer
This is the cbs evening news with scott pelley. Pelley good evening. We saw something today we havent seen since the dependents of the great recession. The price of oil fell below 50 a barrel. It ended the day at 50. 04, the lowest close since spring of 2009. Have a look at this. Just since june of last year, the price of oil has dropped by more than half. No one knows when the slide will end. On wall street, the dow fell more than 300 points. The s p nearly 38. In beth cases a loss of nearly 2 . Elaine quijano is looking into why investors are worried. Reporter today marked the worst drop in the dow and s p since october. Analysts and traders say there was no one particular reason, but the continued freefall in oil prices played a major role. Bill stone is chief investment strategist for pnc wealth management. Why are the markets tanking . Oil did breech a kind of psychological barrier going below 50 a barrel. When you see oil fall that much, historically that has been associated with
Pelley good evening. We saw something today we havent seen since the dependents of the great recession. The price of oil fell below 50 a barrel. It ended the day at 50. 04, the lowest close since spring of 2009. Have a look at this. Just since june of last year, the price of oil has dropped by more than half. No one knows when the slide will end. On wall street, the dow fell more than 300 points. The s p nearly 38. In beth cases a loss of nearly 2 . Elaine quijano is looking into why investors are worried. Reporter today marked the worst drop in the dow and s p since october. Analysts and traders say there was no one particular reason, but the continued freefall in oil prices played a major role. Bill stone is chief investment strategist for pnc wealth management. Why are the markets tanking . Oil did breech a kind of psychological barrier going below 50 a barrel. When you see oil fall that much, historically that has been associated with a significant economic downturn. The difference
We are also going to be talking to the winner of the masters. Before we get to that, how about news. We will take you to the bulletin. The top stories of the morning. It is a good day for jp morgan shareholders. Profits beat analysts estimates climbing to 12 . It is the first time that has happened. Since 2010. The of jp morgans Investment Bank said high volatility help to drive the quarter. Shares in the company are up in early trading. Good news for wells fargo. They Beat Estimates with lower rates. That helped buyers refinance debt. They are the most viable u. S. Bank. Investors do not seem impressed, shares are falling. Retail sales fell short. It was the first gain in four months. The biggest advance in over a year. Overall the figures show americans are being cautious with their wallets. Even with savings from lower gas prices. It may take a bigger boost and wage growth before they loosened their Purse Strings and hit the shopping malls. The Worlds Largest maker of Health Care Pr