Ability to keep their kids on their Insurance Plan till theyre 26 1,000 500 discounts on Prescription Drugs for seniors on medicare. So, 85 of the population whether they know it or not over the last three years have benefitted from a whole set of the provisions of the law. By the way if it were to be repealed, you would be taking away all those benefits from folks who already are enjoying them. You had this subportion of the population, 15 , who either dont have Health Insurance or buying it on the individual market. And thats still millions of people. And what were doing is creating a marketplace where they can buy insurance and we can provide them some tax credits to help them afford it. The basic structure of that law is working. Despite all the problems. Despite the website problems, despite the messaging problems, despite all that, its working. And, again, you dont have to take my word for it. Weve got a couple Million People who are going to have Health Insurance just in the fir
We start the hour with breaking news. The futures are surging on the news that the fiscal cliff has been averted. Welcome to squawk on the street. Im melissa lee. First trading day of the new year, poised to begin in rally mode. Keep in mind, this is off of the big rally we saw on friday precliff. The biggest gain we saw in the month of november across the board. This, of course, as Congress Takes measures to avoid the fiscal cliff. Take a look at this. This is something you dont see too often on wall street. The dow looking at about 202 points at the open. Look at the picture over in the european markets. The optimism has carried over there as well. The dax is higher by 2 . Italy up 3. 5 . But of course, jim, what a twoday streak of gains we will see here on the market. I think that were set up to go higher. I also want to caution i dont like to buy up 2 , 3 . Thats never been a terrific way to get the year started. Theres a lot of money coming in. I do want to be optimistic about 201
Reserves. This chatter permeated almost every single moment of todays session. So in the interest of trying to help you make money, did you hear that, make money, as opposed to trying to force feed you some political nonsense about what bernanke should have done if he had half a brain and, yes, the commentary at that time, at many points today was that ugly. Boo let me give you a check list of what matters to the stock market and what doesnt because thats what were about. First of all what matters is the future, not the past. One of the chief criticisms i heard today is that given how strong the data has been today, hiring, very good housing statisti statistics, what the heck is bernanke doing by not getting Federal Reserve out of this ridiculous bond buying program. This is an unacceptable and foolish, lacking in rigor, line of thought. I want you to ponder for a moment, just ponder the notion that ben bernanke instead of running the fed runs a huge retailer. I want you to thing like
Relief momentary and rallied back into the black before drifting lower once again because bond yields continue to climb. And as we saw last night, the charts are still very much against this market, which is why the dow only finished off pretty hideously, going 105 points, s p slipping, nasdaq declining. 38 . The house of pain. It was like we rallied back up to the top of the cliff and said, i dont know, what the heck do we do now . And then we decided to walk back. Although the averages still got whacked because we had nothing to buy when we reached the summit. Before we get to why the market bounced back but then returned to lower levels, we have to spend a moment talking about the instant reaction to the fed minutes. One month ago, the fed debated about what to do about Interest Rates. Given the dramatic rise in the rates by the market itself, well, maybe they had to do something or maybe the attempt has failed. Or should it slow down the bond buying, taper it so to speak in grudgin
Just a minute. Also ahead, the president hitting the road trying to do an end around past congress. Hes pushing his proposal to stall the dispute over the fiscal cliff. Will his Newest Campaign of taking it to the people work . Were live in washington with the latest. Also ahead, two words everyone seems to love. Myself included. Designer and discount. Well have a look at what happens when target joins forces with high end retailer Neiman Marcus. Its a brandnew collection that hits stores. Today its already available online. Target, Neiman Marcus, cats and dogs living to the . I think it can be done in harmony. Plus a fond walk down memory lane for catherine, the duchess of cambridge. She went back to her old school to play a little field hockey and even revealed her childhood nickname. Lets begin with that Stormy Weather out on the west coast. Miguel almaguer has the latest. Reporter this week, much of the west hammered by wicked winter weather. In california, snow, lightning and rive