Sweaters, and some scary moments occasional for investors. After all, october has brought frightful events, like the 1929 stock ma crash, black monday in 1987, and a 500point drop on the dow, thanks to the socalled asian contagion in 1997. Today brought none of those but the month did start out on a down note as investors digest economic in news showing spending fell for a second straight month. Tepid manufacturing numbers and Oil Prices Hit a threemonth high on renewed optimism opec may reach a deal to cut production a in, the dow jones industri average fell 54 points to 18,253. Nasdaq was off a modest 11, and the s p 500 off 7. David kelley joins us now to talk more about the markets in october and whether ot the upcoming president ial election wi have any meaningful impact on trading this month. He is the chief global strategist at jpmorgan funds. David, always great to see you. So how be the election . Do you think that it has the potentia to it unsettle the markets . Well, it coul
Decided not to raise Interest Rates. In part because of a slowdown in china and heightened volatility around the world. The Dow Jones Industrial average fell 290 points to 16,384. The nasdaq dropped 66. The s p 500 sank 32. For the week the dow and the s p closed lower. The nasdaq was higher, posting its first backtoback weekly gains since may. But there was Something Else that the Federal Reserve said yesterday that could be cause for concern over the longer term. Steve liesman explains. Reporter when it comes to the economy over the next several years, what you see is what you get as far as the Federal Reserve is concerned. The unemployment rate, its 5. 1 now in the feds latest forecast is that it will only fall ever so slightly to 4. 8 and stay there through 2018. Inflation, the fed has been aiming for and missing a 2 target for several years. Its going to miss it for several more. The latest forecast doesnt see 2 inflation until 2018. The big news yesterday the fed isnt even sure o
Decided not to raise Interest Rates. In part because of a slowdown in china and heightened volatility around the world. The Dow Jones Industrial average fell 290 points to 16,384. The nasdaq dropped 66. The s p 500 sank 32. For the week the dow and the s p closed lower. The nasdaq was higher, posting its first backtoback weekly gains since may. But there was Something Else that the Federal Reserve said yesterday that could be cause for concern over the longer term. Steve liesman explains. Reporter when it comes to the economy over the next several years, what you see is what you get as far as the Federal Reserve is concerned. The unemployment rate, its 5. 1 now in the feds latest forecast is that it will only fall ever so slightly to 4. 8 and stay there through 2018. Inflation, the fed has been aiming for and missing a 2 target for several years. Its going to miss it for several more. The latest forecast doesnt see 2 inflation until 2018. The big news yesterday the fed isnt even sure o
More on that story in a moment. But we begin tonight with a decline in the biotech sector. The decline in that sector, its worst of the year, was fueled not by a failed drug trial but by president ial hopeful Hillary Clinton. The nasdaq biotech index fell about 4 1 2 after clinton said in a tweet that as president shed crack down on what she sees as price gouging in the pharmaceutical industry. She promised more details tomorrow. Now, those comments were in response to a report in the New York Times of a 5,000 price increase, virtually overnight, in a 62yearold specialty drug. Now, weve talked a lot about the high cost of breakthrough new drugs coming to market. But as meg tirrell reports, older drugs arent immune. Reporter for a Small Company its making big waves for the drug industry. Turing pharmaceuticals, a private Company Founded by a former hedge fund manager, is the target of outrage over the price of its drug deraprin. The medicine cost 13. 50 a tablet before turing acquired t
More on that story in a moment. But we begin tonight with a decline in the biotech sector. The decline in that sector, its worst of the year, was fueled not by a failed drug trial but by president ial hopeful Hillary Clinton. The nasdaq biotech index fell about 4 1 2 after clinton said in a tweet that as president shed crack down on what she sees as price gouging in the pharmaceutical industry. She promised more details tomorrow. Now, those comments were in response to a report in the New York Times of a 5,000 price increase, virtually overnight, in a 62yearold specialty drug. Now, weve talked a lot about the high cost of breakthrough new drugs coming to market. But as meg tirrell reports, older drugs arent immune. Reporter for a Small Company its making big waves for the drug industry. Turing pharmaceuticals, a private Company Founded by a former hedge fund manager, is the target of outrage over the price of its drug deraprin. The medicine cost 13. 50 a tablet before turing acquired t