Dow tumbling 167 points. S p sinking 0. 86 . Nasdaq losing 0. 91 today because the styles of the two candidates couldnting more different, and the polls are very close. So the level of uncertainty is much greater than if we had a runaway frontrunner. Does the fear make sense . Should the averages have been merciless . Frankly, i dont want to make any determinations because at the end of the day, this is a political question, and that means its up to you. My expertise is picking stocks, not politics. And im uncomfortable even going there, even for one evening. But i just cant ignore the elephant in the room because that would mean ignoring whats driving the market, and thats whats coming up at 9 00 p. M. On cnbc. The first of the president ial debates between donald trump and hillary clinton. Im tuning in. I hope you do too. So where do we begin . Lets talk about what business thinks first of this election. As the wall street journal reported in an amazing story last week, and i quote,
Declining. 23 . And the nasdaq dipping. 17 this session . Frankly, theres no one answer that explains why stocks are so resilient here. This is a complex and complicated market. Instead, there were a number of important factors at work. Lets get to it. Lets go over the reasons why the market hasnt been absolutely destroyed despite the crash of the Malaysian Airlines plane over ukraine and the ratcheting up of the antirussia rhetoric by president obama and his people this weekend. Pretty much, the markets decided for now that whatever sanctions we put on russia are not going to hurt the earnings of u. S. Based companies. Now, im not so sure if the conventional wisdom here is correct yet. Its certainly right if the west, including the United States does nothing more than what weve already seen against russia. The current sanctions arent going to hurt any companys earnings because i dont believe that putin is going to shut down, nationalize, or kick out the companies of any western countr
P. M. Eastern time. Tenyear yield still a shade below 3 . Germany, italy, switzerland all closed today. London did just wrap up an early close with a 14 gain for the year. Stocks are set to open up high again today. Streaming video getting a little bit cheaper. Will it be a hit . Netflix working on a lower price plan that only lets you watch on one screen at a time. And the surge in home prices continue. Prices in october did jump over 13 yearonyear. Thats the highest gain since february 06. Robert shiller is here to tell us exactly what we need to know. The dow up nearly 26 , s p up 9, the nasdaq 38 this year. The dow is on pace for its best year since 96, s p the best since 97. All the coverage is trying to take stock of what went right . Or is it fewer things going wrong . David kelly in usa today saying it was the downsizing of fear that allowed money to come back in the market. Its interesting when you talk about that downsizing, we have not seen the broader participation of the r