the losses here. in a speech in dallas fed chairman ben bernanke saying there is not evidence of a sustained recovery in the housing market, which is maybe a factor in late day sell-off. coming up on the program, we will look at the factors playing into the late day sell-off and how tomorrow s key chain stores report will weigh on the investors today. we are looking ahead as far as the economic data to come for the week, and later on we will take two taxing issues that could impact americans across the country. we will zero in on the paul volcker vat tax or the national sales tax that is spoken about that is collected by the retailers which is the vat tax which is what they use in europe. and also a tax on medical devices as reported by the landmark overhaul medical bill. and first, let s look at where we stand on wall street where the market deteriorating quickly. 10,871 on the dow jones industrial average, and the market turned around in the last 30 minutes around certainly
our markets are at the moment, lisa, but our european markets are slightly higher across the board. the nonfarm payroll data was better than anticipated and it s a big week here with regard to some of the big, anticipated data not just out of europe, but stateside there s pretty important data, as well. speaking of stateside, good morning, nicole. good morning, louisa. it s 4:00 in the morning. we are expecting markets to open lower across the board right now after flirting with some big market milestones yesterday. the dow closed just a little bit away from the 11,000 mark. and bonds traded above 4%. dow futures are down about 23 below fair value at this hour. nasdaq futures down about 7. and s&p 500 futures down about 3. thank you so much, nicole. joining us now for our next hour or so is anagis nakaphor. as you can see, a lot of positive data emerging over the past week or so. markets in asia have been doing very well and markets in general. do you think investors are
projects whether they projects whether they come from administration or congress or from outside analysts still show deficits between say 2013 and 2020 you have between 4, 5, 6, 7% of gdp which will if that happens would cause the ratio of debt out standing to our gdp to rise to very high levels. i think while that s still some time in the future the risk exists that even today investors, creditors might become concerned about our ability to maintain a sustainable fiscal position. i think it is very important that the congress i realize it is very difficult but the congress try to develop plan a program an exit that will be a credible plan for returning to a sustainable fiscal situation over the next few years. thank you. gentleman s time has expired. the gentle lady from california ms. waters is recognized for five minutes. thank you very much mr. chairman. i d like to thank mr. bernanke for being here today. the last time he was here we had limited discussion about
rates. in europe, we have a plan but we just can t share it yet. the eu finance ministers say they agree on how to help greece if need ed, but they re keeping the details to themselves. and here in asia, china vows to keep its currency stable and says the u.n. is not responsible for the trade surplus with the yuan. very good morning to you. welcome to worldwide exchange. i m nicole lapin in the united states where it s just after 5:00 a.m. in the morning in the i d. the dow and the s&p turned around earlier yesterday with the losses in the beginning part of the day to eek out some modest gains. dow futures are up about 6 above fair value right now. s&p 500 futures are basically flat but, of course, louisa, all eyes are on the fed today. i would absolutely agree with that. nicole, good morning, by the way, here in europe, it s just past 10:00 a.m. in london, excuse me, 9:00 a.m. in london. 10:00 a.m. on the continent markets. let s check out and see how the european
is over and maybe china is the real fed since they are putting some restraint into their system. and speaking of china, is there a currency and trade war brewing? the treasury wants this tome raise their currency, and senators smoot, schumer, and hawley graham are back with a protectionist trade threat against china. i can t think of anything worse. more on financial regulation. is senator chris dodd really putting an end to taxpayer bailout nation and too big to fail? i think he may be. retirement does wonders for good policymaking, but former fdic head bill isaac is going to disagree with me. and is the housing sector going to double dip? home builder bo eer bob toll th not, but today s housing numbers dropped. we ll get to the bottom of it with the man himself, mr. robert toll. fasten your seat belts, everybody. the kudlow report begins right now. good evening, everyone. i m larry kudlow. welcome back to the kudlow report where we still believe free-market capitalism a