A few minutes. Get a cnbc first interview with him after yellens official nomination. This was, of course, expected. Market reaction, nonetheless. Lets take a look at where we stand as we approach this final stretch. One hour to go to the closing bell. Dow jones up 68 points here. This is actually near the highs of the day. Nasdaq and the s p 500 also showing mixed reviews here. Nasdaq in negative territory, although it, too, off the lows as there is wide expectation that Janet Yellens leadership will be a continuation of ben bernanke and the stimulus in place. Standard poors up 6 1 2 points on the day. The announcement from the white house gets under way in ten minutes, we are told. So, just a few minutes from now. In the meantime, lets talk about this market and its response to the shutdown in washington, maria. Joining us now on our Closing Bell Exchange peter anderson, Keith Fitzgerald and bob pisani and rick santelli. Good to see everybody. Lets start with the reaction in the mark
Lets go on what we have, the markets did not gyrate as we saw premuch what we knew. There was descent, not too much of it. That is what we are starting to see. Some agree, some disagree. The evidence was not pertinent enough to have them make that move. Somebody said we are just not ready and they really surprised wall street which now brings us to the next few months because people are talking about janet yellen nomination and she is likely to continue printing, but now everybody says they dont know what to expect from the fed because they would think the fed would do nothing between now and then and not make any big moves. It might go the opposite way. After we got the announcement it moved higher. Liz keep a look at the lower portion of your screen. The president comes in to announce janet yellen to replace and bernanke we will take that live. We show the volatility index has started to fall, but something has not changed, the Government Shutdown. Plus we are up against the debt cei
The markets as you point out. Shes currently number two at the fed. Its expected that shell likely continue with what we have seen from bernanke, keeping Interest Rates low continuing with a bond buying program. The big question from her, if she does get the greenlight, when will she scale back the bond buying program. Shes no stranger to the fed or to washington. She was a part of the counsel of economic advisers under clinton. And by the way, she will become the first democrat since paul volcker if she is confirmed. Will she be confirmed . John cornyn the number two in the senate expressing reservations about her. Its expected that she will get the nod, that she will get enough votes to move forward. As we have seen, of course with this Government Shutdown, nothing is easy here. So i anticipate there will be to some extent a lot of discussion, a lot of back and forth about her nomination. But it is expected to ultimately she will get confirmed and luke russert will have a lot more on
The majority of one chamber in one branch of government believes allowing the United States of america to pay its bills is a major concession . I say to my republican friends who are here today, can you imagine if our roles were reversed . I have been working very hard this year to write an Early Childhood education bill. I am passionate about it. I suspect there are a few people in this chamber today who could see themselves in the white house. What would my republican colleagues do if i said to them, if they did not pass my bill to expand prek, i would get all of the democrats together and we would refuse to pass any spending bill until we got what we wanted . If that led to a government shut down because they refuse to let my bill pass, what would they do if i commanded a supercommittee to discuss ways to invest in our children before i allowed to vote to open the Government Back up again . I would humbly suggest that my republican colleagues would say exactly what democrats are say
Their loved ones would be taken care of back here at home. And today theyre not. Their families have been told those instant benefits to cover funeral costs, travel expenses to say goodbye, sorry. You will have to wait. This is what theyre told. And that includes the families of these four soldiers and one marine killed last weekend in afghanistan. Four of them brought home for burial just hours ago. Well pause and take a moment to show you the video of the poignant ceremony for one of them at Dover Air Force base. Uninterrupted in just a moment, but first, if there is any sound worth hearing from either chamber of congress today, it is this, and its not from a lawmaker. Lord, when our federal shutdown delays payments of death benefits to the families of children dying on far away battlefields, its time for our lawmakers to say enough is enough. Cover our shame. With the robe of your righteousness. Forgive us, reform us. And make us whole. Right now, the house is voting on a bill which