The market selloff continues and so does the search for a safe haven, the spreading virus is the main factor, dow industrials down 400 points at the opening bell, this is shaping up to be the worst week for the dow since the financial crisis of 2008. S p down 50, one. 5 or more and the nasdaq down 2 at the opening bell. The president has offered reassurance about the virus, quote, the risk to the American People remains very low. We are ready to do whatever we have to as the disease spreads. Now comes news of an unexplained case of the coronavirus in california. The patient did not travel to a virus hotspot and was not in contact with a known virus carrier. In other words it is here. Oversees dramatic action in japan. They closed all the schools until april. In italy, 528 cases at least, 12 that. Iran finally doing something. Having refused to quarantine towns or cities they suggested less unnecessary travel. Listen to what the president said about the Market Reaction. I think the stoc
All that and much more on making money. Charles an indifferent session became one of high anxiety and selling. There is debate what is impacting the market most. First the World Health Organization held the coronavirus update, noting that iran finally reported numbers of those infected including two deaths. The doctor portrayed a race against time arguing the window of opportunity to contain the virus remains open. He urged everyone not to squander the chance to arrest this situation also noting that the window may close. That coupled with reports that u. S. Hospitals are gearing up for a pandemic triggered the selling. Then there were also comments from fed vice chairman Richard Claire reed today, who threw cold water on potential fed rate cuts this year, noting that the u. S. Economy is strong and in his opinion most Market Participants dont expect rate cuts this year. Weve got some major Market Participants who will weigh in on that. Meanwhile the selling is swift and has since stab
Charles markets hitting alltime high, driven in part by those important names, you know them, apple, alphabet, facebook. Connell microsoft, all in record territory, but there are some worry setting in were too giddy. Pointing out options is he had of blow off top. This is meltup followed by a big pullback. We have Keith Fitzgerald and point view wealth managements david dietze. Keith, let me start with you, for folks that dont understand the jargon. There is so much optimism calls are bet to the upside. 6 to 1 ratio. That means everyone is too giddy. When the euphoria false away well get a strong pullback. What do you think about that. That is firm command of the obvious. Anytime you get a runup, normal to expect a pullback. That is normal. You expect buying and selling. If were ahead of ourselves, find, use this to your advantage if it falls and get a better entry. Charles david, the big mistake, guess the top, guess when there is too much you for yaw. Evidence points to people piling
Well be looking at the crippling problem and what can be done to alleviate. All that and more on making money. Charles break out the nasdaq 9,000 hats, folks. It has been a decade for technology, which now, influences all facets of our lives and the process has created wealth beyond anyones imagination. Even not too long ago, think about this, after the Technology Bubble burst, the nasdaq composite, slipped into a form of purgatory if you will. But once technology really began to catch up, the hype began to impact the daily lives, sparked a modernday gold rush that shows no signs of slowing down. Considering this, total volume of nasdaq, in 20,173,000,000,000,000. Now almost 18 trillion, even todays session, the big names in tech are leading nasdaq even higher. The question, can the biggest winners of the session of the year, of the decade, keep it going into the next year, even the next 10 years . Here with me jackie deangelis, money map chief investment strategist, keith fitzgerald.
It right here live. And we are looking for more market records today. The dow and s p and the nasdaq, all expected to make records. It was a year ago today that the market was in freefall. Remember that . It was about 6,000 points lower on the dow. That is very much not the case today. Varney company is about to begin. David and there is news overseas. We are watching hong kong this morning. Monthslong protests are flaring up once again. Riot police fired tear gas at protesters this morning. We are going to be monitoring this throughout the morning right here. But lets focus on some positive news at home. A brand new sales record, Super Saturday sales hit 34. 4 billion, the biggest single day of retail sales in u. S. History. The figures coming from Customer Growth partners. Joining us is retail watcher michael zacore. Ive got to think this is all about the economy. We have fatter wallets because people are making more. Weve had increase in wages and we have jobs galore. Is that why pe