Do van hour heft o go in the session. Looking to see if we can continue this run thats making front pages. The s p adding record territory again. And same for dow. Nasdaq up 17 points for his part but were note braking out the nasdaq 5,000 hats just yet. But they are being made for that day it comes. And yes it is finally hitting newspapers. Lets talk about the closing bell exchange. Rick santelli and others join us. Good to see you all. Pat powell we are just joking here. I said we got 18,000. Can we do 19,000 by new years eve. Are we at the point where were expecting this just to continue . Is there complacency . There is always at year end. Year end you always have the things that are in motion stay in motion. There is window dressing. Tax loss selling so year end is always a little quirk kirky. And this market seems to be floating up almost effortlessly. I think the new year new gain. You think we grind a little more. I think were going to float up for the rest of the year. What do
Clean debt limit increase. Under no circumstances . I told the president theres no way were going to pass one. The votes are not in the house and the president is risking default by not having a conversation with us. By moodys ceo says the chance of a u. S. Default is extremely unlikely. That reflects our thinking that it is extremely unlikely that the government treasury is not going to continue to pay on the treasury securities. Hopefully it is unlikely that we dont go past october 17th and fail to raise the debt ceiling, but even if that does happen, then we think the u. S. Treasury is still going to pay on its treasury securities, prioritize those payments. Still, the dollar is trading near an eight month low today amid debt default fears. Take a look at whats been happening. You can see that the dollar is down against the euro at 1. 3572. The dollar is at 96. 96. Well talk more about that with john harwood. First, andrew has a roundup of the mornings top stories. Andrew, welcome b
Price. This is in the interests of the airlines. We came up with a package that was unbeatable. Coming up, blackberry is reportedly selling portions of the company to several possible interested buyers. Announcer youre watching Worldwide Exchange bringing you Business News from around the globe. And a very good morning to you. Very good evening to you if youre in asia. Its the first Worldwide Exchange of the week. Its also day seven of the u. S. Government shutdown with lawmakers far from a resolution. They may vote on a bill passed by the house on saturday to give back pay to furloughed federal workers. House Speaker John Boehner insists that the president , barack obama, must negotiate if he wants to avert a debt default. They have a deal if they allow a vote. They wont pass a clean debt limit increase. The president , his refusal to talk is resulting in a possible default of our debt. All we have to do is pick up the phone. This is the most reasonable thing in the world. I think the
First, lets get you caught up to speed on the markets this morning. If you thought the wild ride was over, think again. Futures are selling off sharply this morning. Right now, dow futures close to 200 points below fair value. The s p 500 futures down by another 30 points. This is not something thats been constant through the morning. At one point this morning, futures were in positive territory. You can get we will continue to see wild swings up and down. A lot of volatility. In fact, if you add up all of yesterdays swings, the dow moved by about 1300 points during the session. It was down 460 points at the low. The blue chip index eventually closing off by about 1 . The this was the heaviest volume weve seen in nearly three years. If you were watching the yield on the ten year, it dropped below the 2 before coming back. This morning, it is below 2 again, 1. 995 . Asia following wall streets leadover night. You can see the nikkei closed down by close to 2. 25 . The shanghai down by 0.
Saudi arabia online, the lowest cost facility on this planet. And on top of it, there are legacy issues like the one that we are removing this quarter, trying to remove this quarter, with a new initiations. We also have global news today. China consumer inflation picking up more than expected in june. But deflation remains for a 16th straight month. Countrys central bank is seen keeping policy largely neutral in the near term as a result of that. Here say look at the major asian markets today. The nikkei recouping all of the previous days decline, shy of a new sixweek high. There is a boj policy meeting there tomorrow. Two reports to note, at 7 30 eastern time, the nfi survey of Small Business sentiment, well get that. At 10 00, the Labor Department will release its survey of job openings and Labor Turnover in may. Joe . Andrew. Yes, sir. How are you . How do you solve a problem like alcoa . I guess it is maria, though. A 7 stock, 8 billion market cap. And i like kline felt. He acknowl