That and more tonight on nightly Business Report for wednesday, october 8th. Good evening, everyone. Well, call it a come back rally or maybe a janet yellen rally. Whatever you call it, stocks had the best session of the year. The major averages surged after minutes from the Federal Reserves latest meeting show the central bankers will be quote overly cautious about raising Interest Rates. They sited concerns about weakness in the Global Economy and impact of a stronger u. S. Dollar, especially on inflation. Investors bought up stocks, reassured that the fed is committed to keeping rates low until its convinced the u. S. Economy has completely healed. The dow shot up 275 points, erasing all of tuesdays losses. The nasdaq rose 83, the s p soared 3 three points. Steve liesman has more. Reporter places like france and germany is being health here at the Federal Reserve washington Head Quarters and that could have an effect on Interest Rates. The fed in the minutes from the september meeti
And then europes hanging in there as well, german Business Sentiment at an 18month high. Our road map begins with the market. More history as the dow closes above 16k. Is the world getting ready for the santa rally . Gap shares falling on news on its Quarterly Results as were one week from black friday. And pandora shares fall on earnings while spotify could be worth 4 billion. People are beginning to Pay Attention to the percentage of investment people have in stocks, getting close to the levels we had in 2007. We can always look back and pick a time where it seems that was the top. Imagi margin debt is an important indicator for the top. What i like about the companies, they are levered to asia and europe. How many times does jamie dimon say we need rates higher. And now youre seeing the move to the financials and Goldman Sachs is in the financials, too. What may be good for the financials may not be good for the rest of the market, if it includes a taper tightening, a less dovish fe
It seems that people are finally waking up to the idea the fed is not going to get in the way of a good holiday season. You know what, heres something you never do. You cannot fight the fed. Thats led to this bull markets continual rejuvenation. Thats the same. Getting closer and closer to year end. I have to remind you again that of the four times weve come into november, weve never been down in november and december. I gave you my whole story handbook on bull markets. All happy bull markets are the same. You have to buy them. No wonder toll being stein is one of the best writers. First, on monday, we hear from perhaps one of the most Impressive Companies i have dealt with in ages and it is called work debt. Its reinforced earlier this week we spoke to the ceo of workday. Theyre a cloud alternative to take care of all the Human Capital Management Companies that need to do. Something thats currently the domain of oracle. Workday saving companies by handling payroll and Human Resources
Weve been in a range for some time. You can see of course 3 well in the rear, isnt it . Nobodys talking taper too much anymore. As for europe, lets take a look. Kind of a mixed bag overall on the couldnt net. Lets go to our road map. It starts where else would you expect it . Hope with washington, leading to hope for investors but for how long . Well take a closer look at where the markets are headed the day after that big, big point gain on the dow. And Bank Earnings kicking off this morning. Jpmorgan posting its First Quarter lost amid litigation costs. And mixing coffee and politics. Starbucks Ceo Howard Schultz looking to end the d. C. Gridlock, launching a petition today urging congress to open the government. Well speak live with mr. Schultz later. Mark zuckerberg going on a real estate spending spree in silicon valley. Well tell you what the billionaire is buying coming up. Its the morning after the major averages rose 323 points, all on hopes republicans and the president will
To kram measure ker ka. Call me, 1800743cnbc. So thats what it will look like if we fall off the fiscal cliff. Im talking about how the stock market acted today, particularly near the end of the day before the closing rally, dow diving 75 points. S p seeking. 63 . Nasdaq, punching. 72 . Because now its dawning on stock holders they are facing Something Like the debt ceiling debacle. If the armed camps in washington dont disarm, and agree to talk to each other in a serious way, and not just the bluster sessions that seem to be happening daily these days, which reminds me, do you remember do you remember the debt ceiling nightmare last year . Going to those horrendous talks last summer, everybody felt very confident that the president and congress werent really at lagger heads. Market was almost at its high. Pretty good, vix low. Then like now, we heard that the discord was only political posturi posturing. The stock market forwarded ahead, and the complacency was thick and more people w