This. All i want to do is do the best i can for the public. We all serve. Yes, there is a lot that is enjoyable. Mostly it is so important to get it right and that is what we are trying to do. David thank you so much. [applause] absolutely fantastic interview at the Economic Club in new york. That was david westin. He anchors wall street week, sitting down with jay powell for 35, 36 minutes. He got a lot out of him. One of the main headlines was that he says rates are doing some other job. He said the margin yields could mean less need to hike. That is something we heard from other Federal Reserve governors. Its important to hear it from Jerome Powell, especially so close to the blackout period. We will only hear from fed speakers tomorrow and saturday before they are done talking until the next meeting in november. He said the evidence is the policy is not too tight right now. He made remarks earlier indicating they could still raise rates again. We have seen markets with saw in this
House. Power lunch starts right now welcome everybody to power lunch. When i buy, it is the peak when i sell it is the bottom. Thats my life story stocks, they are down this hour. The dow and s p 500 both on trek for a second straight down week, but the nasdaq is on pace to finish the week higher watch the bond market, folks yields on the twoyear treasury note hitting the beginning of the financial crisis a 1. 71 . Check out the etf that tracks energy we are on pace now for the first week in more than a year big moves in retail to tell you about. Abercrombie fitch up 25 on earnings ross is up 10 footlocker up 25 on its earnings more on that ahead the death of retail may be exaggerated. Were watching apple, the tech giant delaying a key launch of a crucial holiday product. More on this coming up melissa . Ty, im melissa lee twentyfirst century fox is reporting that verizon is also reported in acquiring them disney was interested in buying assets now it is at 30 and changeup by 3. 7 . Ve
The coal industrys wearing off on the Trump Administrations plan to appeal a plan to limit carbon emissions. The state is heavily dependent on coal mining. Global news powered by 2700 journalists and analysts in 120 countries. This is bloomberg. Julia live from bloomberg headquarters in new york, [laughter] julia sorry. Scarlet we are 30 minutes from the close of trading. Jay powell talked of deregulation. Joe whatd you miss . Scarlet lets move on to the headlines. We begin with the tax overhaul. The Budget Committee vowed to advance it. John joins us from a third ranking republican in the senate. And a positive picture of the u. S. Economy. For investors it was his take on regulating big banks that stole the spotlight. And the trade agreement was supposed to help jump start the economy but had the opposite effect. Whatd you miss . President trump will speak shortly from the white house. Well bring you the latest when that happens. A scramble to 50. We are trying to get to 50. We do ha
Major averages slightly higher but now slightly lower, consistent with the week. The shortened holiday week with traders may be taking a break, considering on the year we have big gains for the s p 500 up 20 and the nasdaq up nearly 30 , the best year since 2013. An area of strength, Commodity Index is higher for a 12 day in a row. When will it we are looking at crude higher, up 6 10 of 1 and the real star recently is 10 on gas, up nearly the week, its best week since april of 2016 because of the very frigid weather in the northeast. Strength in gold, up 6 10 of 1 . Behind probably some of the commodity strength is the dollar. Dollar index down nearly half a percent, a decent decline for a commodity. This is consistent with what we have seen on the year. G btv 1595. It shows the annual gains or declines for the bloomberg dollar index. We are looking at a nearly 9 decline for the bloomberg dollar index, the worst ever for the dollar index and the worst sense ratess the fed is raising wh
Trading floor. Anxiety was high. Volume was heavy. The gainshe for year now gain. The s p 500 has lost more than on trill in market cap in february, and ity the third day of trading of the month. Heres how the major indexes closed today. E Dow Jones Industrial average dropped 1,175 points or 4. 6 , t. 24,3 the nasdaq was off 273. Thats a 3. 8 dip. And the s p 500 fell 113 points, or 4. 1 . Bob pisani reports tonightro the new york sto exchange. This was a roller coaster ride for the record books. At one point, the dow was alrey down 800 points going into the 3 00 p. M. Hour, then proceeded to drop another 800 ints in six minutes, then rallied back 800 points in the next ten minutes or so before ending down 1,175 points. We lost almost half a year in an atafternoon whhappened . We talked about the three risks the market is facing. First and foremost, inflation risk resulting from a stronger economy and a concern the Federal Reserve may raise rates quicker than expected. The markets pens