went into correction territory. we came back from there. and to put some numbers around this, at the open, we dropped over 500 points. and momentarily after that we were up about 200 or 300. that gives you a sense of how crazy trading has been yesterday and today. and the measure of volatility, the vix index, has been has hit a two-year high. it is down a bit today. but we expect to see this continue to rise. as for why this volatility is back in the market, people are just simply saying things have been stable for too long. so nothing more that breeds instability than prolonged periods of stability. it sounds kind of simple, but that is the truth. layer on top of that, the expectation for the fed to raise rates and you get the kind of activity that we re having today. the question is, how long does it last? corrections can be short and sweet, but they can also be prolonged and we can see this kind of crazy trading activity
involved in trading activity. her book explains beautifully that steven cohen was trading on insider information. right. but he was never charged. and he walked away with $10 billion of wealth. he ll be opening up his hedge fund again shortly, it seems. and that is the story of where is the accountability? lower level people ended up going to jail, but not the big names. the book is block edge. thank you so much for being on. jeffrey sachs, thank you as well. we are reading your book building the new american economy. president trump loves talking about the power of social media. i really believe the fact that i have such power in terms of numbers with facebook, twitter, instagram, et cetera, i think it helped me win all of these races where they are spending much more money than i spent. but it s not about friend and followers. we are going to you take the
2008. the jump contributed to 24% or 385 points of the dow s 1,600 point rally since november. it is the most expensive stock in the average trading at $240 a share. because the dow is calculated, it makes the moves more influential al on the dow. what is behind the strong performance? higher interest rates and more trading activity and less regulation. election lexcellent. it is great celebrating boxing day with you. i m alison kosik. i m joe johns. friends and fans are reacting to the sudden death of pop icon friends don t friends to the security council. suspend fighting the united nations. the two-state solution and you should be happy and
belongs to goldman sachs. not only a former employer for top administration posts for trump, but the darling of the dow s post-election rally. the iconic wall street bank up a stunning 32% since trump s victory. that s helped goldman sachs price help after the meltdown of 2008. that jump is contributed 24% or 385 of the dow s 1,600-point rally since november. it is the most expensive stock on the average trading at $240 a share. because of the way the dow is calculated, it makes it more influential in the index. what is behind the strong performance? high interest rates and more trading activity and hope of less regulation under the trump administration. for the average person, check your 401(k).
anywhere. [ dog growls ] oh. so you re protesting? okay. [ male announcer ] introducing xfinity my account. available on any device. time for an early start on your money this morning. i want to bring in cnn money correspondent allison kosik. i feel like the market has been so blah this week. i know stocks fell yesterday, but what s going on this morning? it is kind of blah. you look at what happened last week the fed really made a statement literally and kind of set the market off to a certain path and now it s kind of caution ahead. we re looking at stock futures barely moving so far. you look at how yesterday was. stocks fell across the board. the dow lost 104 points. the nasdaq fell below 5,000. lower volume by the way, had a little to play in that trading