Accounts scandal. It is outrageous that eight years a cowboy culture on wall street wrecked our economy we are still seeing powerful bankers playing fast and loose with the law. We will have more on clintons speech coming up and then after the bell a first on cnbc interview with illinois treasurer who announced his state isstanding 30 billion of investment activity with wells for at least a year. On top of what california did last week. Some on wall street have said that republican nominee donald trump would not be good for the market. We have one wall street economist who says trump is right on target when it comes to who is responsible for potential market bubble. Look out ebay because facebook is unveil agnew feature called market place which could spell trouble for other Ecommerce Companies like craigslist. Stock market looking like it is moving from defense to offense. Who better to do that than the baseball official himself. In that analogy i think the offense the sections have b
Good morning. Im carl quintanilla. Joining us this morning, New York Times tech reporter and dan fromer. Good morning to both of you. First up we have our eye on politics. Republican president ial candidate donald trump is expected to speak at the Economic Club of new york in just about 30 minutes. Our own john harwood is standing by in manhattan raising the curtain on that. John . Reporter carl, donald trump has been drawing closer to Hillary Clinton in the polls. Republicans have been coming home to him. Thats a positive sign for his campaign. Hes going to try to keep up the momentum here at the waldorfastoria laying out his plan nor the new york Economic Club. His improved performance has been in part by the new Campaign Team hes had imposing greater discipline on his remarks. Hes also revised things that drew criticism like his economic plan. His initial tax plan had been scored by the Tax Foundation as adding 10 trillion to the deficit. Heres the elements of the new plan. Instead
What gelljanet yellen does. The banks fell nearly 1 . Deutsche bank leading the way lower and with the fed meeting next week and the government probe of wells fargo leading up, are financials a no touch heading into next week . Dan, what do you say . Its not just whats going on with wells fargo and Deutsche Bank. You have two fed meetings. If we get a string of bad data, maybe its jobs data, maybe its manufacturing data, they may not go 50 50 in december and these banks need higher ranks for them to continue to go up. Like you said, mel, theyre down on the year. Its one of the worst performing s p sectors. I dont see anything that compelling. I dont see Interest Rates ramping up between now and the end of the year at any time to make net interest margins that compelling and i think it will be a political hot potato. I think the question is at this point do the banks have priced in they dont have priced in a hike next week, right . Thats over. That was there was thats over. I think ther
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And welcome to power lunch. Im melissa lee. Were winding down what has been a very volatile week with losses across the board. The dow and s p 500 scratching out tiny gains on the week. For todays session, though, dow and s p down by half a percent. The nasdaq is a standout for the week, up 2 on pace for its best week in more than two months. Thats mainly thanks to apples 11 rally so far this week, pulling back a little bit down 1 right now. Were also tracking oil down about 2 at this hour. It is at a fiveweek low. Welcome, everybody. Im tyler mathisen. Here what else is happening. Iphone 7 hits the shelf. It is flying off of them. Ceo tim cook greeting elated customers, reports that some apple fans in hong kong have been buying the phones and then selling them for twice the price. Exxons accounting under investigation by new yorks attorney general. The wall street journal says the probe focuses on why exxon is the only oil firm not to write down the value of assets amid a price plunge