You know its been a tough day in the markets when we bust out prince yep, investors were crying as the brandnew fed chairman, Jerome Powell testified before the House Financial Services committee for the first time in his new role and sounded hawkish than they were expecting sent the dow down 300 points steve. Cant get over the prince reference. Respect. Very cool. Heres the question will powell be singing a different do you know on thursday you know, thats possible fed chair j powell was doing just fine in the testimony until congresswoman maloney asked him what would change the rate hike forecast from three to four. He started by saying a strong economy. And heres what he continued with we have seen fiscal policy become more system you lative. I think each of us is going to be taking the developments since the december meeting in and the writing down our new rate paths before we go into the meeting and i wouldnt want to prejudge that. Jp morgan said todays comments appear to open the
Got slammed today with the dow plunging 92 points and the s p sinking 7. 28 and lets go through the biggest episodes of the day to explain this twosided theory and the side that we weighed on the market and the side that we ought to consider. First, theres oil. Right now were at the bottom several times before. Exxon, chevron and royal dutch were negative about the oil markets when they reported last week. Of course i find this somewhat ironic considering that they were positive all of the way down. In fact id say these big integrated oils were depending on a vshaped recovery and a ushaped recovery and now no recovery at all. Normally i would say lets go the other way and be contrarian because if they were way apart, why should i trust them now . Given that they spoke last week theyre taking it pretty seriously and not only that but iran came out and said the moment the sanks are lifted theyll immediately increase output by 500,000 barrels and add another million per day in a month and
Night. And exxon breaking below the twoday average but taylor swift in have been aty fair prizing the company. At least its still above the ipo price. Earnings coach with a pretty good beat. Cvs plagued by disappointing guidance. In china, investors must wait one day to cover positions and pay back loans to buy shares. This comes one day after the u. S. Shares fell. Shanghai managed 3 . Come firms saying were out, for short selling. This lasts for what i feel that the Chinese Government honestly, i dont think theyre idiots. They watch our show and understand things and they recognize the market has gone lower. Lets make it go lower at a slower pace. I think people are presuming the government is trying to prop it up. I think the government is saying listen, this is your chance to get out. We screwed up. Were trying to be in correction course. Its a totalitarian government. Theres not an election. If there was an election theyd throw them out. Thats not it. They have a fiveyear con fab,
Obviously. Waiting for yankees, the first pitch is in two hours. Welcome to the closing bell everybody, we have exactly two hours to get through this whole show before that im kelly evans, im a big rally day here all right, all you folks in houston too by the way the dow on track for its first close above 23,000 now ibm, interestingly is helping drive this nice rally today after those stronger than expected earnings that came out that you guys have last night. We will get more on that move coming up in a little bit here its kind of astonishing to see ibm up 10 today clearly after the dell, more dow components American Express is going to report along with ebay, well tell you what to expect as well. And so the breaking news today, microsoft and amazon are now embroiled in a new patent lawsuit. And i guarantee the plaintiff ll surprise you when you hear who it is. Thats coming up but lets get straight to the one stock giving the dow its biggest boost today that would be shares of ibm jum
Breaking overnight, at least 3 people are dead did and two others in Critical Condition after a small plane crashed into homes in river side, california. Authorities say the plane went down a half mile away from a local airport and its fuel tank was still full when it crashed. Five people were on board the plane. Officials say two adult women survived the crash and were rushed to hospitals. One of the victims told Fire Fighters they were returning home after a cheer leading conference in anaheim. And here is Surveillance Footage from a home nearby. You can see the plane coming in from above and then exploding on impact. An absolutely horrifying cite. River side is 60 miles east of los angeles. The plane was flying to san jose. Fire fighters are now working to control the fires caused by the crash. They say two homes were completely destroyed and adjacent ones damaged. Officials say no residents were at home at the time but they are still searching for any other possible victims. The nt