Like it or not, we are big spenders and big borrowers, too. Now look at this. Boris johnson is the new Prime Minister of great britain. In a gracious victory speech, he said he would complete brexit, unite the country and beat the socialist jeremy corbyn. Hes the first to admit he has an uphill struggle but hes got a sense of humor and reminds me very much of donald trump. More on boris coming up for you. Look at this. Stocks going up again this morning. A series of Solid Earnings reports are clearly helping. Two dow stocks, cocacola, united technology, they are standouts. Obviously helping the overall average. Profits across the board are strong. Stocks also getting help from the budget deal. The governments not going to run out of money and they can borrow. The dow is going up triple digits, about 100 points. S p up 11. Look at that nasdaq, up 33. Thats close to a half percentage point gain. Summer doldrums . Not here. Varney company is about to begin. Stuart a little time with me. I
The china trade fight is clearly escalated. The president s holding on to a very strong line. Any resolution, it seems to me, pushed down the road. More on that coming up. If you combine the jobs report with the china story, heres how the market opens today. I thought we would be down about 100 points but we are coming back. We are down about 20 points for the dow. That will be 29 minutes from now. Maybe the markets taken the Financial News to mean that the fed can lower rates in the future. 600 points down the last two days, down about nine at the open this morning. The s p down about four, nasdaq down about 44. Tempering the losses. Heres another really big financial story which i dont think gets the right exposure. Interest rates. The tenyear treasury yield all the way down to 1. 88 . Money is pouring into america. Why not . Interest rates in germany today hit a record low. You want interest on a bond, you got to come to america for that and thats exactly whats happening. What a day
Apple. Be that as it may, the s p is falling for the fifth straight day. Again it is on track for its biggest loss since going back to december. The 10year note, which is a good barometer how people are feeling, if you are nervous, park your money in notes and bonds, people are doing that, these are the lowest yields in the better part of three years. Were keeping an eye on that, keeping an eye on other things were waiting for. President might comment on that or all the above. He wants to up the trade ante. The latest besides affecting tariffs virtually on everything we get with china, he is talking increasingly now it starts at 10 with the remaining goods. It could go up still further. As stuart was pointing out. A lot of other goods and services were talking aabout could easily ratchet and move in different directions. Well keep an eye on that. Also keep an eye on what has been happening on the Precious Metals front. Gold, for example, getting a lot of buying interest, a little less
He will make the case why this is the exact right move. He will be with us in a few minutes. President trump making headlines by pulling the u. S. Out of the reagan era Nuclear Treaty with russia, saying they quote, made no efforts to comply. Well break down the tallout with another major Foreign Policy decision. All that and so much more on making money. Charles well the markets are sharply lower after President Trump says a new round of tariffs on 300 billion in chinese imports will go into effect on september first, renewing trade fears on wall street. The president says china is pulling back from the parts of the deal the two countries agreed on three months ago. Now china threatening to slap back with their own retaliation. Go to Edward Lawrence live at white house with the latest. Reporter charles, president following through with the threat, september 1st the additional deadline for the tariffs. The chinese upping the ante. In fact the chinese say they will impose countermeasure
He wants pelosi to cancel the august recess of the he will explain why. All that, so much more on making money. So the economy grew at 2. 1 in the Second Quarter. That was well above official estimates at one point. The question is the driver . The answer is allmighty american consumers, flush with better jobs, higher wages, robust confidence, in fact the president tweeting, q2 up 2. 1 , not bad because we have the heavyweight of the Federal Reserve anchor wrapped around our neck. Almost no inflation. Usa is set to zoom. Lets bring in moodys managing director, chief economist, john lonski, Fox News Contributor liz peek, manpower group, becky frankowitz. What do you make of it . The highlight was gain by real Consumer Spending up 4 1 2 . It probably wont continue. As you stated earlier, not only the u. S. Economy, the World Economy owes a deep sense of gratitude to the american consumer. I dont think well see Consumer Spending contract in a man theyre might bring about the nearness of a