Issues at play with two special guest hosts. Wharton professor of finance Jeremy Siegel and trusted american businessman steve forbes. Both onset and ready to start this discussion at 6 00. First, though, andrew has a few of the top business headlines. Lets talk about some of the headlines this morning. Cisco systems buying Cloud Network start up meraki for 1. 2 billion in cash. It was founded in 2006 by members of m. I. T. s laboratory for computer science. Joe, i dont know if you take credit for any of that. Bp plans to spend up to 5. 9 billion buying back stock. Last week the oil giant agreed to pay record criminal penalties over the deepwater horizon disaster. And americans are carrying more Credit Card Debt and being less diligent about making on time payments. Trans union now reporting that average Credit Card Debt for borrowers grew 4. 9 in the Third Quarter and meantime the rate of credit card payments at least 93 days overdue rose slightly to three quarters of a percent. This
Weapon. Sue herera is off today. Simon is in at the New York Stock Exchange and we will go to him in a moment. But our top story is inz of rising above. Maybe, just maybe. John harwood at the white house as a meeting between the president and congressional leaders wrapped up within the last hour or so. John . Sum it up for us. Tyler, its a long way to the finish line but if you want to have a positive auspicious start to the negotiations, thats exactly what we got here at the white house. President obama brought the bipartisan leaders together. He spoke from a position of confidence having just won the election but he said we need to find Common Ground and when the bipartisan leadership walked out of the white house and addressed reporters in the driveway, positive notes were all they were singing. Heres a montage. The framework that ive outlined in our meeting today is consistent with the president s call for a fair and balanced approach. I feel very good about what we were able to ta
Exchange , mark, gene and our own rick santelli. Art, let me start with you. Is this a rise above rally . Does it look like we might get a deal . Weve been rising above the levels weve been at. No question about that. Traders felt reassured coming in this morning. Washington is a ghost town. The president s out of country those are good things. Congress is not coming back until next week. No one will go before the cameras and jeopardize the cliff. The only file you have to run is the kumbiya moment after the meeting. They said nothing across the pond will hurt us, lets buy here. No sense of urgency right now. Does the market feed off that . Is that whats going on here . I continue to look at the treasury market. You can look at a chart overlaid with the stock market. We were following themmer earlier, especially with the opening you describe, then it started to fall off. Treasury market seems unimpress unimpressed. Im in agreement with art, which is a good thing because art is mostly r
Will come here and speak for a couple hours. Day one of negotiations. Nobody is expecting huge news but as jim has already tweeted out this morning, the market is going to look for signs that this tone of compromise that weve heard so much about all week long is that for real or are talks going to break down in early stages . The market specifically is going to depend on that tone today and well bring that live when the meeting happens a little after 10 00 a. M. Weve seen reaction of futures to the possibility of a deal. Weve been down for six of the past seven days but the dow this morning implied open is up 33 points. Sapp looks s p looks to add fiv. Here we have italy down threequarter percent and mixed bag for the rest. Carl . Okay. Were going to go to the road map this morning. That is where carl is in washington d. C. Reports this morning that hard decisions surrounding deficit reduction could be kicked down the road until 2013 in favor of a smaller package of tax increases and s
At the nyse. Welcome, michelle. Hey, tyler. Thanks. We got a nice triple digit rally today. Going to start with a market alert on this big day for the markets. Robert pisani, whats the story about why were climbing today . Nobody is around in congress to say anything bad about the fiscal cliff. Everyone said, hey, were looking good president in bangkok said things are looking good. Pelosi came out, representative pelosi, speaker of the house, said we can do a deal. Everybodys happy. Then they all left. There is a recess. Nobodys coming back with a fiscal crisis. A week and a half. That means theres no bad news. What sectors were most beaten up in the recent election . Tech, telecom, energy and utilities. What sectors are up the most today . Tech, telecom, energy and utilities. Coincidence . Wall street. Dont you just love the whole thing . The important thing is were getting a little bit of gyrations in the gur reuro beca there is a finance ministers meeting tomorrow morning. Thats hel