Im Carl Quintanilla live at the New York Stock Exchange and cramer and faber are at the hotel in new york city where you heard secretary jack lew saying he will speed up implementation of dodd frank and hoping to have key elements in place this year, and meanwhile, the fed chairman about to testify on the capitol hill about the economy and saying that the bond tapering will begin this year, but not on the preset course. News from bernanke sending the 10year to twoweek lows and the futures are not moving a whole lot in ooeither direction, and m and david, the markets had to absorb a lot of information in a short period of time, and couple in the bank of america earnings and yahoo last night and a lot to talk about today. Tremendous amount, and one of the things that i want to point out here definitely is that i dont think that bernanke was trying to make any news. I literally think that he is saying to stay the course, and the 10year did not do anything, and the futures ticked up, but i
Big headwinds facing the market, and the Obama Administration saying it is ready to act in syria if needed. Secretary jack lew on squawk saying moments ago the president will not negotiate over the debt ceiling. Good news for tiffany, and luxury, in that it was boosted by sales in china. And the end of the era, bill ackman is bailing on jcpenney, and they are looki in ing to ses shares. And we will look at the new home sales to be released. Treasury secretary jack lew telling our own john harwood that the president will not e negotiate over the debt limit which could be reached in midoctob midoctober. Take a listen. We wont be negotiating over the debt ceiling and congress has authorized funding and committed to expenditures and now the question is do we pay the bills that the United States has incurred. It is the only way for that to do is for congress the act and act quickly. What we need in the economy is certainlity, and we dont need a selfinflicted wound or crisis at the last minu
there was a market decline because of the stunning events in boston, massachusetts. why going down before that though? frankly, it was a self-fulfilling day, and the best encapsulated by the following wisdom, everyone else is selling so don t we have to sell, too? with the dow jones slipping, and the s ashgts and p 2.3 p%, and nasdaq with the worst day in a long time, what was going on with the stock market? why weak from to get-go? now, i kept my ear to the ground all day and frankly, i want to tell the truth out here, i could not find a single truly cogent or plausible reason that the market got hit as hard as it did. china with a down tic in growth and we know that from the under 8% number they reported last night. that is disappointing, but nothing alone can explain that. as for chinese weakness, i blame the usual suspect which is europe, because you know, europe is china s biggest trading partner and when your biggest trading partner has a no-growth philosophy and paraly