Actually becomes cheaper. Just like any other piece of merchandise. If a stock thats been crashing stabilizes for a bit, potential investors come in to do some tire kicking and then they do some buying. These factors came onto play in a huge way today with the dow advancing 21 points, s p gaining 8. 3 . The nasdaq, the center of the strength, climbing 0. 86 . House of pleasure. Today the muchmaligned momentum stocks bottomed. Theyve become the bain of so many managers existence, almost all roared higher today. Why did that happen . I think it was a combination of lower prices going into the session, some takeover chatter, the charts, a cessation of new ipos, lack of Insider Selling and the first time in ages, a fear of being short. Meaning a fear of betting against stocks. Not of being vertically challenged. Let me explain each one of these. First, lower prices and takeover talk. Turns out stocks do get cheaper as they come down, even stocks that are outrageously overvalued versus the
Up nasdaq advancing like big deal . That was easy. Well, why the heck were bothering to watch our show . This is a period where many storings have been going up at once. Always be mindful that you for all but the redhot Oil Companies that i recommend of single night on this show. With that in mind, whats the game plan . Next week like soen weeks start out with data overnight from china. This time this is the most the manufacturing mpi, this will what well be buzzing about. Its taking on greater and greater significant. The u. S. Industrial stocks have been the jugger knots going into the end of the quarter. We need to start seeing some improvement, or these stocks may not have the fundamental underpinnings, as we start earnings season. A number north of 50 on this pmi, that keeps the moment fum going. Old tech has been a fan tastic place to invest of late. And you can follow my chartable trust, and from the looks of the trading, the bulk of the selling might have concluded today. But t
And muscular dystrophy, and a noninvasive test for colon cancer. [ticking] Elissa Montanti is unlike almost anyone weve ever met. With the help of some very charitable american doctors, shes changed the lives of more than 100 kids like this one, a boy from iraq who needed an arm, a leg, and an eye. I love you, waad. Youll follow his transformation. Look at him. He looks beautiful. Which is a wonder to watch. [ticking] welcome to 60 minutes on cnbc. Im morley safer. In this edition, we look at the Serious Business of philanthropy. Bill and Melinda Gates take us inside their foundation, we examine the unintended legacy of Howard Hughes, and meet a Staten Island woman helping children maimed by war. We begin with bill and Melinda Gates. With their plan to give away 60 billion, theyre the most generous philanthropists in the world. They want to make American Kids among the besteducated on earth. And while theyre doing that, they also intend to save millions of lives worldwide. The gates sh
And this is what they would see in newton, iowa a maytag plant, where 2,500 people worked, now abandoned. This was the chrysler dealer, the chevy dealer, the Tractor Supply company. It helps explain why there is so much anger in the land. Im sick and tired of people going to congress and washington, d. C. , and making a living out of it while we starve to death. I believe we ought to make the tax cuts for the middle class permanent. We have now got both parties essentially telling a big lie, with a capital b and a capital l, to the public. Cut taxes. Cutting taxes. Make the tax cuts permanent. The Republican Party, as much as it pains me to say this, should be ashamed of themselves. This from Ronald Reagans old budget director, architect of the largest tax cut in American History . Its rank demagoguery. We should call it for what it is. Welcome to 60 minutes on cnbc. Im morley safer. In this edition, we look at two of the topics dominating the American Economic landscape jobs and taxes
Behind us, we can go back to our regularly scheduled earnings. No, we cant. Ill give you explicit instructions about how to handle the stock, but overall the damage i expected from the too hot opening meaning an opening that was much hotter than i would have liked wasnt that threatening to the rest of the market. The average is worth much more in anticipation of alibabas open bug it wasnt that unhealthy. Not that much Collateral Damage given the deal speculation on the floor of the stock exchange. Which brings me to the game plan for next week because i think we can focus on events at hand and not just ipos. Although theres an intriguing now we take it for granted because credit is so hard to get and the average person cant take advantage of the low rates the trawl rich hedge funds managers cash in on. Id like to see the number that tells us the recent dip in ratespurred sales. We also hear from auto zone which has a history of selling off after it reports and almost instinctively rall