Daughter sherri and the ceo and leader of viacom Phillippe Dauman. This morning he has filed a lawsuit just moments ago along with George Abrams in the massachusetts probate and family Court Challenging changes purportedly made to the trust arrangements by an attorney claiming to represent mr. Redstone. In a legal complaint, these two gentlemen, mr. Dauman and mr. Abrams who again have been removed from the trust that oversees the stake in National Amusements that in turn controls viacom and cbs, they are going to the court saying they want immediate judicial relief and a court ruling to invalidate the purported removal of them by mr. Redstone as trustees of the trust and also invalidate the removal as well as directors of National Amusements. They would assume then want him, that is mr. Redstone, to be deemed potentially incompetent and not able to make decisions. And very harshly worded language, guys, that accompanies this lawsuit. In a press release i just received Phillippe Dauman
On nightly siness for wednesday, september 2 good evening, everyone. And welcome. Im sue herera. Tyler mathisen is on assignment tonight. The Federal Reserve did not budge. Though there was some disagreement, policymakers decided not to raise interest but the central bank did say a few iortant things. That nearterm risks to the economy were more balanced, it signalled a possible rate hike this year and lowered its outlike for longterm Interest Rates and with that, stocks took off. The Dow Jones Industrial average grew to 18,293. The nasd added 53. Harpton pearson has more on what janet yellen signalled to investors. Policy makers say its not yet time to raise key Interest Rates. Inflation is too low and there is still room for further improvement in th most of us judge that the case for an immediate increase in the federal funds rate is stronger, but it would be sensible, given the finding of a bit more running room to wait to see some continued progress, evidence we continue to progre
Lacqu lacquer. Heres what else is happening this hour. Stocks in the green as we get closer to the weekend. S p 500 higher. 25 along with the nasdaq and dow. Led by big gains. Mylan having lows after releetsing a report medicaid grossly overpaid for epipen drug. Young brands seeing a 460 million stake in china unit in a unit of alibaba. Very busy two hours ahead. Including jobs report. Some are calling a dud. Its great. Loved it. The u. S. Economy adding a weaker than expected, 151,000 new jobs last month. Begin with comments from the Federal Reserve and sees the leaseman. Couple guys speaking next week. A week from tuesday, blackout period. Very much on the hawkish side of things. Rates should be significantly higher given look at variety of rules out there. He points out the recent job growth has been about double the population growth. Thats enough when youre at full employment. Inflation he says is the likely to lift. Benchmark rates for the Federal Reserve. The data is consistent
All down quite sharply. The worst day in u. S. Stock. Ince june 24 the nasdaq and s p 500 moments ago had been down more than 2 . Today wasory going to the fact the s p 500 had not traded 1 or greater for 43 days. And we see the selling has been excelling at the all day. We are right near session lows. Todays selloff really taking a toll on a weekly basis as well. This is a weekly chart of the s p 500 in white. The s p 500 weekly decline is represented by that candle and its the worst since this one back in february. The brakes is doing the opposite, having its best week since january. We may see a continued selloff in stocks as the vicks rises. Risk, we have the defense tradeoff as well. The Defense Sector trading sharply lower. This includes telecoms. All of these are dividends yields but today, these stocks are selling off as rates are going higher. Year going and two higher today. Reflects double line talking about the fact the fed is likely to raise rates this year. Lets get a che
And here is a switch. Trump talks policy, hillary does not. And the media, nothing about education, they say the Hillary Clinton email story is out of control. How about that . Just as president obama leaves behind a very embarrassing asian tour, another humiliation, north korea detonates a nuke and says it could put a bomb on a mechaniis at will. And well wrap up this, Varney Company is about to begin. Well, well, well, friday morning, were going to go down at the opening bell. About a half hour ago, a fed president said theres a case to be made to raise Interest Rates gradually. Is that why the market yes, boston fed president. Were going to hear a bunch of fed heads and most of them are going to be pretty hawkish, trying to let the market no, yes, theres going to be some kind of rate hike. The question, is it going to be later this month or the end of the year . The market reacts to this. The Inflation Numbers are going to start to heat up and the only way to combat that is start ra