On what crossing this milestone might finally mean. We sat here a few weeks ago. Right. We got within a third of a point. Ill tell you the difference is the way you cross it. I mean, when we got there last time, i think a lot of people felt, wow, all these stocks are so stretched. Its really the banks that are doing it and thats not sustainable because banks have gotten way ahead. You look at the charts. And most of the of the good numbers that were in are more animal spirit driven. This is the biggest week of earnings, big week of earnings last week and were putting together a proctor, an american express, we look at ibm, 3m, which i know some didnt think was that great. It was fine. We look at United Technologies and boeing and say, geez, these are companies doing pretty well. So maybe its not all smoke and mirrors. Maybe its not all animal spirits. Maybe its not all trump inauguration. There was also a tremendous short base put in because people felt like no matter what happened its
And coming up, chuck robins talking earnings. Thats moments away. Our top story in s. An egyptair flight. This appeared from radar over the mediterranean. They had 66 passengers and crew onboard. Weve been watching this story and she joins thus morning. Good morning. We just heard from the minister of Civil Aviation in egypt. He said he is launching a joint investigation with french authorities trying to find out what happened to egyptair flight 804. The big question Going Forward is what exactly happened once this plane left the radar. What we understand is that happened around 2 30 a. M. They were 20 minutes from landing. This was in the southern mediterranean. The Greek Defense minister saying that the plane was making sharp swerving moves before it was lost from the radar. Now what we heard a few moments ago from the egyptian authorities is the reports coming out of greece were as yet unconfirmed and they said theyre going to refuse to provide this plane anything but missing until
Airbags. Autonations ceo mike jackson will be with us again today, joining us exclusively to discuss the impact on auto sale, talk about jamie dimons warnings on auto loans. We have a lot to talk with mike jackson about this hour. California, one of the highprofile primaries today. Were going to take you there live to speak with Trump Supporters in the bay area and look at the spending between Hillary Clinton and Bernie Sanders. In the meantime, lets get to our panel today. Rick santelli joins us from chicago. So john, what do you think . Is this rally sort of an all clear rally . A relief rally if you will after Janet Yellens speech yesterday. I dont think were there just yet. This is just another example of our market drifting higher on light vacuum, very light participation. There hasnt been a major catalyst for investors to buy in this market. And speaking to cog leagues, i need to get to this market now. I think im going to miss this run up higher. Theyre still in this wait and se
Julie quite a comeback for oil and in a short time. We were just talking at the beginning of the month about how oil entered a bear market. Not even three weeks later, its already back. Oil rising again today above 38 a barrel. Has been helping speculation about some kind of action on production to stabilize crisis. A simple chart but i think its amazing the magnitude of the moves oil has had. Through earlier in the summer. A 23 drop through august 2. A multiple bear and bull cycle compressed into the past year for oil. We are not seeing much of a roller coaster in terms of magnitude. Today from thee high to the low in the s p 500 is the second narrowest we have seen all year. E are looking at the range this just looks at the daily and low. Ween the high the dotted line is the sixmonth average and the range has been getting smaller and smaller. Less than a 1 move by the close in the s p 500. And its been a relatively quiet day for stocks in general. If you look at the individual movers
Passes the 50 mark. Earnings, earnings, earnings. Cisco shares down sitely despite beating despite beating the street. Company plans to lay off 7 of the work force. Well talk to Chuck Robbins. Walmart shares up after beating the streets estimates and boosting its outlook. Whats ahead for the company now that jet. Com is going to be in the mix. And a strange story coming out of brazil as two olympic swimmers are pulled off a plane while drive trying to leave that country. Live to rio for the latest on the lochte controversy. First up, walmart poised to open at a 52week high after reporting Second Quarter operating profit of 1. 7, nickel above, revenue above consensus. U. S. Comps positive for a eighth straight quarter up 1. 6 and raising their full year guidance. Traffic was up and i believe its best in eight quarters traffic, comps up 1. 6. Best in eight. Some of these initiatives are starting to bear some fruit. I was going to add the ecommerce sales to that because that was a bright