Welcome closing bell, everybody. Really important last hour of trade. Im mandy drury in for maria bartiromo. Im bill griffith. The dow erasing half of its losses following word that the house is scheduled now to reconvene sunday evening, and, of course, thats helping to spark a turnaround on wall street. The guess is that maybe they will have something to talk about by that time. Maybe they will have a deal to vote on, but were not going to get ahead of ourselves right now. The dow down 70 points and was down 140, something in the lows. Now at 13,044. Yes, we were below 13,000 for a time. The nasdaq is down 17 now at 2973. And the s p 500 index is down eight points right now at 1411. So the tax cuts and spending cuts, theres fear of another u. S. Debt downgrade by the major rating agencies. Will that happen, and will it derail any hopes of a real economic recovery . In todays Closing Bell Exchange lee munson and jared bernstein, cnbc contributor and former chief economist under Vice Pr
Questioning where your growth is going. Yeah. Whats happening . First of all, i think we need to control the narrative a bit. When people refer to the last Earnings Call we were for q3, plus 22 on the top line and plus 23 on the bottom line. We narrative we taught about is where we saw operating income. Fourth quarter, great back to school. We felt good. What weve learned though and i think what weve seen is this business is much more. We have a Growth Company. Current outlook has double digit plus growth which is close to industry in sector leading amongst the leaders there. Our business is so young, our business is really just getting started. We look and you think of the opportunity we have is that we do need to make certain i understand investments and this isnt investments be damned. Im the larger shareholder. We remain committed to it. We have a great business and a great brand. And were going the keep driving stands it. You yourselves, a, quote, juggernaut. 20 straight quarters
In delivering on what we said we would do. We cant control how mr. Putin thinks, but what we can do is say to mr. Putin, if you continue on the path of arming separatists with heavy armaments that evidence suggests may have resulted in 300 innocent people on a jet dying and that violates International Law and undermines the territorial integrity and sovereignty of ukraine, then youre going to face consequences that will hurt your country. And there was a lot of skepticism about our ability to coordinate with europeans for a strong series of sanctions. And each time we have done what we said we would do, including this week when we put in place sanctions that have an impact on key sectors of the russian economy, their energy, their defense, their financial systems. It hasnt resolved the problem yet. I spoke to mr. Putin this morning, and i indicated to him, just as we will do what we say we do in terms of sanctions, well also do what we say we do in terms of wanting to resolve this issu
Starting with the Swiss National bank. Not just the Swiss National bank well get to it with the huge shocking moves, in currencies, also the fact that india cut Interest Rates, even the bank of korea. What were seeing now is going to continue as europe then has to decide just what moves it will take next week folks. We are living in crazy times. A race to the bottom. Or as our friend in currency terms. The bond fire of the currencies. Exactly. Now people are starting to look at gold again. You have to wonder once this volatility settles down we will be able to get back to quote unquote basics or we are embarking on another experiment of historical proportions. Were he going to talk about all that and have a special show lined up to do that. Joining us jim grant by the way who called this on the swiss from the grant rate observer former Time Magazine chief Walter Isaacson and henry mcvie will give us his outlook for 2015. Looking forward to all those interviews. Dow giant intel is due o
Welcome to closing bell, everybody. Very important hour right now. Over at white house lots of things going on. Well keep you updated as it all happens. Im mandy drury sitting in for maria bartiromo. Im bill griffith. Were just three days away from the new year. Still no fix on the fiscal cliff, but there are developments right now, as you know. Brian just mentioning there. Various congressional leaders and the president getting set to meet at the white house this hour to work on lastminute negotiations all in an effort to avoid those series of tax increases and spending cuts due to take effect next year. What we hear is the Senate Leaders are there. Speaker boehner and Minority Leader Nancy Pelosi have yet to arrive, but now were showing you live pictures. Maybe somebody is going to get out of that car, and well see if any of the other leaders will be heading to the white house. This is Speaker Boehner right now heading into the white house. Well keep you updated as this hour progress