Extraordinary upside moves we saw this year but now the action is just as extraordinary on the downside as what we saw moving higher since we turned the calendar. This is when we start to dust off the old adages down is quicker typically than the up markets weve had all a rise, we dont have to remind you of that, but the we have to pay the piper and the dow is down by the way, you cant compare the percentage terms down 802 on the dow. Biggest point decline prior to this was 776 during the financial crisis now, back then it was 7 , 8 drop today were talking 3 its rare to see that kind of move well show you everything going on with the spiking volatility. Its unsettling because it happens all at once. Well bring mike santoli in in a little bit we were talking about how the market has changed in 2018 compared to what we saw the last couple of years. Where most days the move higher would be a small one we were hitting base hits or doubles or something now weve been hitting home runs both u
David 4 1 2 is extraordinarily high or low if you put it that way but put it in perspective. 22 , versus 4 1 2 . It could be a lot worse. Were not in recession. That is another important element in this. We got you covered on after the bell, at this hour, on big market moves, what is driving these markets. What you should do with your money right now. Phil flynn is watching the action from the cme. First lets go straight to Nicole Petallides on the floor of the New York Stock Exchange. Nicole, what are you hearing from traders about tomorrow . Well, tomorrow, right, first of all theyre trying to digest today. I will tell you i spoke with the president of the New York Stock Exchange tom farley, what happened today . Because we dropped nearly 1600 points at one point. We saw exasperated selling in just a few minutes, within ten minutes of selling. His first point, the first point he wanted to make, we saw smooth trading here at the New York Stock Exchange on heavier than normal volume. I
Yesterdays record drop played out. This is a time lapse video of what happened with the dow down 200, down 300, down 400 as you got closer to the end of the day, down 1600 points almost at one point by the end of the session, 1,175 point decline. Decline of 4. 6 . This is the biggest point drop in history add it up, the dow traveled 5100 points yesterday down 4. 6 does not rank in the top 12 or 15 declines weve ever seen the biggest decline was october of 1987, a 22 decline this was enough to get peoples attention. The dow and s p lost more than a third of their 2017 gains just during the last two sessions if you were wondering what else was going on behind the scenes, volatility this was the big story volatility is back yesterday we were talking at this time about volatility being up at 17 that was a big deal. By the end of the session it was above 35 for a gain of 115 . This morning you see volatility up once again, another 14 this morning, 4262. Mike santoli, this is something that
Similar decline for the hang seng shanghai off by 0. 3 then in some early trading that weve seen here in europe, you will see things are higher in most of the markets. Germany is the one counter indicato indicator. The cac is up by a half percentage point stocks are higher in london as well checking out things, the yield on the tenyear, 2. 648 . Yesterday the dollar skidded to a threeyear low after those comments from treasury secretary Steven Mnuchin, embracing potentially a weaker dollar and it would be good for trade dollar down across the board again this morning the euro at 1. 2413 the yen at 109. 01. Oil at threeyear highs. Whoa. 66. 04 for wti, and brent at 70. 78 a barrel. Lets get to the sttop stories. Treasury secretary Steve Mnuchin making more comments about the dollar in davos. Saying the administration is not concerned about the level of the dollar in the shortterm at a press conference yesterday he said the weaker dollar is good for the u. S then wilbur ross came on our
Heading south. Look at this. Interest rates, well, they have come down, way down from where they were this time yesterday, it was high Interest Rates that in part spark the selloff, now they are way down. Lets be clear on this tuesday february 6th, you will see nerve ramming ups and down. Maybe some perspective is required. Number one, nobody is forecast ing a recession. Number two, a pullback is in evitable after such a powerful and unbroken runup. Three, all of the gains from 2017 are intact, its just the gains of 2018 that weve lost at this point. Number four, as of now, stocks are cheaper than they were 24 hours ago but profits are still going up. Now you are going to be hearing a lot of noise from the left, they are eager to Society President trump with anything thats negative. Ignore it. They are grinding an ideological to beat up a president they cant stand, we will tell you exactly whats going on and theyll be some advice too, Varney Company is about to begin. Stuart well, talk