Opportunity as a result. But first, we begin with two other pressing developments. Joe biden just touched down in michigan and is set to join the uaw picket line, first president to ever do so, as negotiations show no sign of ending soon. Phil is live on the ground there. And no resolution in washington either, where congress is running out of time to strike a deal to avoid a Government Shutdown moodys warning of the consequences on americas Credit Rating well examine the fallout in a moment with dean mackie and Emily Wilkins and Steve Liesman. But first to michigan for the latest on the autoworkers strike and the arrival of the president any moment now, phil and the motorcade has been seen as a gm parts and Distribution Center not far from here i believe its up in bellville well get some comments then that are being taped with the president there, where he meets with some of the uaw members whether hes picketing or meeting with them, hes showing support pour the uaw, and he is expecte
Rubenstein i began to take on the life of being an interviewer, even though i have a day job running a private equity firm. [rubenstein continues reading onscreen text] james, thank you very much for doing this. Honored to be here, david. Now, you have an accent compared to me. Maybe in australia, you dont have an accent. But you have an australian accent. I assume thats because you grew up in australia. It is. And its also a measure of me being tonedeaf that after 30 years, i havent been able to get rid of it. So i am an only child, so i dont know what its like to be in a big family. But you were in a family of 11 children . We were 12, originally. Twelve children. Yeah. So, what was that like . Two passed away, so we have 10. It was it was actually very noisy. Um. You, i think, learnt a great deal of empathy for others because youre in an environment where something was going bad every day in our household, and something was going good. What part of australia were you growing up in .
Melt away. All three major averages were at record highs early in the session. The russell 2000 late the declines. 5 . Caps down with the catalyst for this pullback today . What was the catalyst for gains earlier in the session . We did have earnings reports that came in stronger than estimated that there has been this continuing momentum trade where we just see more and more traders piling on including more participation from retail investors. Now it seems that is turning at least for the moment as we head towards the close of todays session. I noticed the 10 year yield. Earlier in the session we had seen it lower. Only by a small amount. Now we are seeing it unchanged. At one point it has been up slightly. A little bit of rejiggering in today in the major averages and other assets as well. At the groupsook on the move and was responsible for the pullback. We have real estate that has been strong throughout the session. Positive analyst commentary on the tower operators has sealed tha
Concerns about Rising Interest Rates and some nitpicking about selected corporate profit reports. The Dow Jones Industrial average plunged 665 points to 25,520 or about 2. 5 . The nasdaq dropped 145. And the s p 500 dipped 59. All 30 of the dow components were lower. A day of rumrs. And of all the 500 stocks in the s p 500, only a handful were in the green and higher. Today concluded the worst week for the major afternoons since 2016nd selling starting with the release of the january jobs report. Employers added 200,000 jobs last month, which was more than expected. E remainedoyment r steady at 4. 1 . And wage growth accelerated. Average Hourly Earnings jumped 2. 9 from a year earlier, the y strongestr over year gain since 2009. Investors are concerned veho that that could trigger higher inflation, and so bond yields a rose stocks fell. Bob pisani has more on the selloff from the new york stock exchange. Reporter stocks gave up about one third of januarys strong gains. The dow and the
We will discuss ways to improve the business provisions of the u. S. Tax code with an eye toward creating jobs and boosting wages for American Workers and improving our countries overall business climate. This hearing is part of our ongoing effort following years of tax hearings and last weeks hearing on individual reform. To report comprehensive tax reform legislation later this year. Members of both parties recognize the need to reform the way we tax businesses in the United States. As a former president as former president obama noted when discussing his own framework for Business Tax Reform, the Current System, quote, does too little to encourage job creation and investment in the United States while allowing firms to benefit from incentives to locate production and shift profits ov overseas. Ent kwoed. As we know, many elements of a particular businesss tax burden depend on the companys organizational form. For example, C Corporations are taxed at the Corporate Tax rate. According