Take a look at how the markets are settling out tonight. As soon as we got that announcement the market went from down 90 to down 50 and its creeped lower since with a decline on the session of 80 points, finishing at 13,167. A decline of threequarters of 1 at 2992 on the nasdaq and the s p gave up 9 at 1419 and the Federal Reserve and the fiscal cliff weighed in on this market. How do you position yourself . Joining me to discuss that our guests. Gentlemen, nice to have you on the program. Thanks so much for joining us. Let me kick this off with you in terms of allocating capital right here in the face of so much uncertainty, fiscal cliff, Federal Reserve. What is going to be the dominant force in terms of moving money . I think you dont fight the fed. I think what happened yesterday is a little bit more of the same we had this year which is the fed is going to try to keep Interest Rates low until it moves people off the risk spectrum which means between bonds and equities we still fa
Deliberately mischaracterized what happened. She was reading from unclassified talking points and nonetheless this has been caught up in a back and forth and, wolf, if i may, im going to read from part of her statement, her letter to the president and what she wrote in part, i am now convinced that the confirmation process will be lengthy, disruptive, and costly to you and to our most pressing national and international priorities. That tradeoff is simply not worth it to our country. The secretary of state may never be politicized. She says, i look forward to building on progress in your second term which seems to leave the door open to the possibility she could serve in the administration in the second term and according to my sources there has been some talk of ambassador rice serving in the white house in the capacity as a president s director of National Security. Now, thats a position that does not require Senate Confirmation and so she can possibly enter that role without the kin
The s p down about 10 points. New worries on the heels of last weeks drubbing. Bob pisani, we did not close below 15,000. Is that a positive . Reporter i guess so. We closed at the lows of the day. Whats positive, we didnt drop even more considering were heading towards 4 on the 10 year and thats all anybody is talking about down here. Around noon, we started popping up 3. 9 excuse me, 2. 9 . And everybody said, huhoh, here comes a swoosh here. The dow did drop. But maybe not as much as some people anticipated. We did close at the lows for the day as you can see. The bottom line is Interest Rates sensitive stocks were the real problem here. Home building stocks, even though wells fargo had positive comments on pulte, it didnt matter. Cheapness, what they were talking about, does not trump higher Interest Rates in this environment. Pulte, ryland, kb home, theyve been the real sufferers today. Today, again, and last week, reits, telecom, stocks all to the downside. They were down today.
The trend higher. Are you still skeptical . Im definitely still skeptical. Okay. I think the risk is to the down side. If we get a 5 pullback, which would not be bad for the market, are people going to put their money to work. Putting it into work when times are good. When times are bad, markets back off and thats where markets seem to accelerate. Going out neither highs of the day with the dow up about 5. 25 points here, and the s p up a fraction right now. Stand by. A lot of earnings news coming your way. Plus former fdic chair sheila bair coming on the second hour of closing bell. And it is 4 00 on wall street. Do you know where your money is . Hi, everybody. Welcome back to the closing bell. Im Maria Bartiromo on the floor of the new york stock exchange. It will be a photo finish for the markets today. The dow and s p 500 trying to close in positive territory after being in the red for much of the day today. Looks like we are just under 14,000 with a gain on the session of 6. 5 poi