On the east coast, President Biden addressing the facing from the Oval Office Last night promised to send congress urgent funding request today, of 105 billion dollars, that money will include assistance for the wars in israel and ukraine. Watch. Were going to send to congress an urgency budget request to fund Americas National security needs, to support our critical partners including israel and ukraine, a smart investment that is going to did pay does dividends for American Security for generations help us keep american troops out of harms way help us build a world that is safe more peaceful prosperous for children and grandchildren request for aid goes to house ways and means without a speaker nominee jim Jordan Holding a News Conference my nominate ahead of a planned speaker vote today at 10 00 a. M. Eastern, cheryl, so far jim jordan did not have votes we will see if anything changed. Cheryl this is very interesting getting in reporting from chad from the hill, he says that scenar
Wall street journal columnist and former george w. Bush speechwriter william mcgurns excellent piece called, time for zombie reaganomics. That is in todays wall street journal. Mcgurn calls it zombie reaganism because people think the gyppers free market, low capitalist, low tax, deregulation policies are hopelessly out of sync with modern thinking. People who make that case are mostly part of the new socialism, practiced by todays democratic party. Wasnt always so for the democrats. John f. Kennedy slashed tax rates. I wrote a book on the subject. Ronald reagan always promoted the jfk tax cuts when he himself smashed tax rates in the 1980s, bringing the top income tax rate believe it or not down from 70 to 28 . Incidentally joe biden voted for the reagan tax cuts when he was a senator, just saying. So after the tax cuts the economy boomed in the 1980s, i mean boom boomed. Between 1982 which was the end of the carter recession really and 1988 the gdp growth rate was an astonishing 5. 4
But it did not close above that level. We saw the major averages give back by the end of the day some off the morning highs well keep a close eye on this this morning green arrows indicated once again this morning dow futures up by 57 points. S p up by 4. 5 points the nasdaq up by 8. 5 points. Look at asia, the nikkei gave back some grounds. Hang seng up by 0. 7 the shanghai was up by 0. 9 . Then if you check things out in europe, its a mixed bag ftse up by a quarter percentage point. The dax and cac are weaker stocks in italy are down stocks in spain slightly higher. Check out crude oil prices you will see that crude oil looks like it is up about 29 cents. 47 57. 45 for wti. We are watching a couple big stories this morning were learning more about that deadly amtrak crash in Washington State yesterday three people were killed, nearly 100 more injured when the train derailed the ntsb confirmed that the train was traveling at 80 Miles Per Hour in a 30mileperhour zone the crash left sev
Yesterdays record drop played out. This is a time lapse video of what happened with the dow down 200, down 300, down 400 as you got closer to the end of the day, down 1600 points almost at one point by the end of the session, 1,175 point decline. Decline of 4. 6 . This is the biggest point drop in history add it up, the dow traveled 5100 points yesterday down 4. 6 does not rank in the top 12 or 15 declines weve ever seen the biggest decline was october of 1987, a 22 decline this was enough to get peoples attention. The dow and s p lost more than a third of their 2017 gains just during the last two sessions if you were wondering what else was going on behind the scenes, volatility this was the big story volatility is back yesterday we were talking at this time about volatility being up at 17 that was a big deal. By the end of the session it was above 35 for a gain of 115 . This morning you see volatility up once again, another 14 this morning, 4262. Mike santoli, this is something that
Le we have the editor of the book report thanks for joining us were going to check on markets see how were set up heres the futures dow down 15, nasdaq down 20. S p down 5 coming off the huge rally to close on friday, another strong week of gains for wall street. How about the tenyear, 2. 65 last week. We begin the week at over 2. 7. Did you see that i think the futures are down. Thats a sticker shock to people tenyear at 2. 72. 30year, just a hair under 3 fiveyear under 2. 5 twoyear, 2. 15 wow. Lets get you caught up with stories were watching perhaps the biggest over the weekend, saudi arabias prince alwaleed has been freed. He was detained. We talked about it for the past two months with the corruption crackdown. Several other officials and saudi royals were rounded up and they were at whats known as the ritz prison. Youll get to see it the ritz prison and alwaleed described it as a misunderstanding there are no topics its just a misunderstanding its a key position we had it was a d