Representative kevin brady last night. We have two Top Economists to weigh in. Federal prosecutors are reportedly investigating 21st century fox over whether it should have disclosed information about Sexual Harassment settlements. Those details as well. Lets get right to the latest. Eamon javers and kayla tau xi are at the white house. Reporter a bit of an airing of grievances from the president on a number of subjects. We did hear some Important Information about the sequencing of his legislative agenda later on through the year in terms of taxes and obamacare. Heres what he had to say. The tax would be easier in my opinion but for statutory reasons and budgetary reasons we have to submit the health care sooner. Early march, mid march and after that were going to come up and were doing very well. Reporter so the president there saying that health care goes first in march or mid march and then tax reform. You know, politically that could be a challenge for the president because as we
Do we call him dr. Sunshine. He likes to say dr. Realist. Allergan could be buying a it had a market cap of 90 million and theyre buying it for 1. 7 billion. All because the Bio Tech Companys progress in fighting a certain type of Liver Disease. We will look at what other companies could be takeover targets in that space because of this takeover here. We are keeping an eye on markets. The dow is up 50 . S p is up five. Nasdaq trying to participate. Lets get to our top story. Wells fargo ceos testimony on capitol hill you saw live here on cnbc. Testifying in the wake of the banks fake account scandal. Williford frost is in washington. He has been covering hearings all day today. And the hearing was far tougher for john stumpf summed up with this exchange. Have you returned one nickel of the money you earned while the scam was going on . And the board will i will take that as a no, then. Have you fired a single Senior Executive . I dont mean regional manager or branch manager. Im asking
Nasdaq lower, as well. Bill, snapping seven straight weeks of gains and heading for the second worst week of the entire year talking about the dow and s p. Back to january for the dow. Volatility the beginning of the year and end of the year. A coincidence . I think not. Seeing the vix itself, the volatility index is up 76 . This week. This week. Up another half a percent right now. Back above that 20 level which often signals augs for the market here. Maybe we could be topping out or bottoming out. Well see. Socalled fear index. Oil is focal point. The close below 58. First time we have seen that since 2009. Our Closing Bell Exchange this friday, mega green with us, jason pride, kenny pulcari, ken mahoney and next to him is bob pisani. And not next to him but in chicago is Rick Santelli. Yes. Whens next to you, rick . I dont know. Kenny p, put the market in perspective for us. You guys on the floor you trade stocks on, youre watching oil trading a few blocks away here. Arent you . You
World. We will take you inside. Tyler is off today. My partner Bill Griffith is here at cnbc headquarters with me. The major averages trading in a narrow range, light volume. You would expect this for the last trading week of the year. We have seen several new records. The s p, the russell 2000 closed in a new high on friday. Here is how we stand at the moment moment. The s p is up a fraction. Now 53. 30. Brent is back below 60 with conviction down 2. 8 now or 1. 66. That is taking a toll on blue chips. Back to the New York Stock Exchange. Bob pisani, happy monday. Lets take a look at the s p 500. We are lower as oil moved to the new lows. Not that much lower. I think the market is holding up fairly well here. You see us off of our highs. S p still positive. Dow went negative a short while ago. We did see oil stocks move down. Look at the exploration and production index. Oil started moving south a little before noon when we started moving into negative territory. Energy stocks mixed t
Conditions at 112. 0. That is above februarys reading but in line with expectations. Of course we also have the ifo expectations 103. 9. Lets get straight out to the european economist at Morgan Stanley. Thank you for joining us. This reading at 107. 9 above the expectation of 107. 3. It follows strong pmi data yesterday so the slight beat perhaps expected. Yes, indeed. These numbers, the german ifo today and pmis suggest that momentum in terms of growth of the region as a whole, the euro area is strengthening. In fact we believe theres three that are likely to sustain the euro zone recovery this year. So our ecb induced because of the recent policy actions including the start of the qe program. We have currency weakness and falling bond yields so that means financial conditions and its cheaper oil price which is is the best of the two worlds. From the perspective of a euro zone consumer they pay less and it also keeps the central bank engaged because they may be afraid of not meeting