Shift absolutely in the way the market views the relationship between the white house and the economy. And therefore the stocks. It was an amazing transformation which continued today, even as the dow gained 40 points, s p declined 0. 14 and nasdaq advanced 0. 54 . Nice little recovery for the nasdaq. Looking ugly there. We spent all week talking about the markets reaction to trumps election. How it went from being shocked and dazed and confused and scared to suddenly bullish in the blink of an eye, with investors reaching for stocks that benefit from aggressive Economic Growth while they dumped the nogrowth gridlocked names. The sea change was radical because the two candidates were radically different. Clinton stood for more regulation, higher taxes, and if she won, shed have a Republican House of representatives, which would have meant for gridlock. Thats what the stock market had been banking into going into the election since the polls showed clinton way ahead. Trumps a real estat
Delia goncalves is live on capitol hill. Delia . Reporter the House Republicans seem to be raising the stakes. Economists say the continues wednesday could be devastating for our country. We could fall into default for the first time in american history. There is some good news to share this morning though. 300,000 defense employees will be heading back to work today, and congress has now voted to give back pay to all 800,000 federal workers who were furloughed. They will pay them back when the government reopens. But republicans now say the government will remain closed, and they will not raise the debt limit unless they can make changes to the affordable healthcare act. The votes are not in the house to pass a debt limit and the president is risking default by not having a conversation with us. Put it on the floor monday or tuesday i dont congress shouldnt be creating self inflicted wounds that hurt the economy and a clean bill is a bill to fund the government, reopen business as usu
Why is it so unique . Because it is in beijing, headquarters of the China Investment corporation. How much do you have to invest . We have 200 billion. 200 billion . 200 billion. This is the funds president , gao xiqing. He has poured billions into investment houses on wall street, causing some concern here in the u. S. We think, based on your historical behavior, china, that youre gonna do mischief in our economy. [ticking] hey, how you doing . Oh, im doing well. How are you doing, sir . How you doing, scott . Good to see you. Is davos the most important meeting on earth . Well, the top of the alps is a long way to come for the rich and powerful, but youll run into billionaire george soros; eric schmidt, the guy who runs google; nobel prize winners; captains of industry; kings; and even a queen. Lot of the work is done just sitting in the cafeteria in the Congress Hall and just seeing people pass by and discussing things. The queen hangs out in the cafeteria . I enjoy hanging out in t
Rest of the stock market. With the nasdaq adding on 11 points the s p 6 gold dropped by 5 dollars. And oil is trading back bellow 100 per barrel. In earnings after hours. It was a big night for weight watchers. The stock pumped up 13 as the Company Reported a slim down in earnings, but the outlook was better than expected. And la clipper chippers. Media mogul Oprah Winfery and oracle Ceo Larry Ellison are on the list of potential buyers in the Los Angeles Clippers in the wake of the teams ownern Donald Sterling being banned from the nba for life following racist remarks. Here we go with trader bob iaccino, chief market strategist, at tethys partners. Good morning. Lets talk about market reaction. Lets. The stock market is reacting already to the fed and gdp. Now today we have the ism number coming into the market. What do you anticipate . I think well be looking very closely at the jobs number. Yesterday at the close of the fed meeting, you saw very little reaction and very little chan
Dow sinking 140 points, s p falling. 08 , nasdaq divi diving. 07 . Many want to point the finger at the collapse of onetime market darling amazon which declined more than 9 after a widely reviled Quarterly Report last night. Which then led to a route in tech, real pin action today that spilled over to the rest of the market. But you know what, i think thats too simplistic as there were multiple reasons of decline, everything from a healthy round of profit taking to a desire to get ahead of the sell in may crowd. Oh, man, and go away, remember that, theyll do that again next week. And more subsequently, real concerns about a war breaking out in ukraine. I think the latter more than anything else explain why todays selloff was so vicious. Why not ring the register ahead of a weekend that could be filled with unknowns. Normally i start off any game plan with a week that includes the nonfarm payroll report with the miranda warning that fridays Employment Data could have a huge impact on bo