better chance of 50/50 that s it s not going to happen. it will calm down. i m wondering, this is all interlaced and connected 100% but i keep hearing experts on today saying there has been a bullish market and this correction was overdue. what does that mean? well, what it means is that nobody has any idea quite what it should be. professor, i expect you to have all of my answers. well, yeah. and so a lot of american firms get profits from abroad so you see a slow down in china. you know, it ricochets all over. but i think it also means some sense of fear in the market. that it could get much worse. the other shoe could drop. i think even in the worst case, americans will be relatively
tell me what is going on. well, it s a lot calmer now, as you indicated. we re 350 points down, which on an ordinary day would be terrible, but we started with a 1,000-point drop this morning. it s much more rational and calmer on the floor. this, as you mentioned, is all sparked by concerns of global growth specifically. specifically in china, it has been such a growth engine. not just for that country and the s&p 500 is a broader market index, those earnings come from china and from the emerging markets. so brooke, that s the ripple effects that people that is a ripple effect that investors are paying attention to. and because we had a stock market crash in china, that means a 40% drop from the peak, now investors are trying to make
but it s very hard to do. it s very hard to have a slow down without a collapse. but i don t think they are just going to back off. i think they were meaning to slow the economy down, to reorient it. so just like our federal reserve isn t going to necessarily immediately change its mind about everything, although they should look at this, i think the chinese authorities are still having to wait and see attitude themselves. they have a lot of firepower. of course, if they wait long enough, it could still get out of hand. i m glad you brought up the fed. we ll get to this later but what about the interest rates? janet yellen said they would raise it. will that change? now that we re watching what we re watching. ken rogoff, thank you so much. richard quest, i need more of you. you do? yes, i do. you re the best. thank you so much. alison kosik, thank you so much. we ll be watching them through the final two hours of the
morning. at one point within the first few moments of trading, down more than 1,000 points. we ll show you the big board shortly after the morning. wait for it. we ll show you. here you go. not often, thank goodness, do you see numbers like this for the dow jones industrial average. markets in the united states were not the only ones affected. concerns that china s growth was slowing down had markets worldwide really taking a tumble. now we ll look at actual numbers at this hour again. down 364 points. really, this is the real money time, the final two hours, as i mentioned, of the trading day. so far, bouncing back on a day that average investors are certainly racing to check, myself included, your 401(k). so let s begin with our cnn correspondent richard quest on the set to explain it to us. also, alison kosik is joining us from the floor of the stock exchange. you ve been covering the sorts of i believe the front page
there s a compliete loss of confidence in china, not just from an economic driver standpoint and the growth potential out of that country, but people are also starting to question the data coming out of that country, whether investors should be really focused on the data. you heard questions about that in the white house press conference earlier today. these are questions that haven t been raised in a while. we know the china stock market crashed, but these kinds of big picture questions are really bubbling up at this point. we don t know the answer to that, but we do know two things. one, volatility is back in the market. that means this seesaw these swings will be here for a while, that s because, number two, the market is trying to find a bottom, the lowest price, right? we haven t found that bottom yet, according to the traders on this floor, according to investors. they still don t know how to price this volatility around the