Headquarters in new york, it is just after 7 00 p. M. Sunday evening. It is just past 7 00 in the morning as we look ahead to what may be a tumultuous start to the trading week. May be indeed. Our top story is the rising threat from north korea. Pyongyang saying it tested a Hydrogen Bomb at the weekend, claiming it has fitted a Nuclear Warhead onto an icbm. High, thens are highest since the cuban missile crisis. Do you feel that tension right now as the South Koreans get to work here after seeing what happened over the weekend . It is quite remarkable. You dont feel that tension. Traffic seems like business as usual. Scheduled fashion show expected to be happening in the Business District around 5 00 this afternoon. Rehearsals are still going on. It just goes to show that the show must go on, but as you mentioned, elevated tensions in the last 24 hours. The southrning from Korean Military confirming they have conducted live fire exercises targeting north Koreas Nuclear test site. Sayin
Florida. Even though it is still bad enough. Still bad see the reinsurers, worst performers last week, up 5 right now. Irma has been downgraded to a Tropical Storm now georgia and alabama are in its sights while the hurricane as bill mentioned buwasnt as bad as it could have been, the Economic Impact is real Jackie Deangelis having a look at impact on agriculture like sugar and oranges. We were talking about that last week. Well see what the impact may turn out to be. Plus 6 Million People wait for power to be restored, were going to talk to duke energys florida president about the efforts there. And the ceo of florida insurer, heritage, will talk about how his company is is assessing the damage as the cleanup begins lets start with the big rally in stocks, up more than 1 on the dow. The s p is in record territory joining our closing bell exchange, mark lehman from j p securities, steve grasso at post 9. Rick santelli at his perch at the cme in chicago steve, were calling it a relief r
Plunge in the pound since the brexit referendum with traders saying the slump exacerbated Like Computers initiated sell orders. David lets bring in guy johnson from london. Exactly what happened . Midnight and london, liquidity light and everybody asleep and suddenly this happened. We dropped like a stone. Data shows we got to 11841, some platforms had a 113 handle and the bit off a spread blowout 250 times what it normally is. Normally this traits on a wafer and it got blown out. What caused it, we do not know. Like liquidity, a combination of alcos and maybe fat fingers causing this to happen. It has stay down. It found currently trading at 123. 66. Jon you can see how tightknit is. Tight that is last night tight that is. What was bigger, the flash crash over the week, talk about the fundamentals and how nervous people seem to be to buy into any seller of sterling. The icing on the cake was the event that the cake has been a very difficult week for sterling. We have seen it going low
Is, we have more investors weighing in on whether it is justified. Larry fink of blackrock says he thinks the rally is getting head of itself. On the flipside, Laszlo Birinyi saying he is not yet seeing sentiment indicators that would show that the rally has extended itself. Dow and the s p have mitigated their rally today, come down a little bit. Still trading at record levels. We are now on a fivebased record the s p 500. Fivedate streak for the s p 500. It was enough of a move that we saw again by the end of the day. Even though if you look at the trajectory, we coming off of our highs considerably. I have been watching volume, which is lower today than it has been recently. This looks and volume by sector. Overall for the s p 500, down 7. 5 from the 20day average good in particular, drop environment telecom stocks, consumer staples, tech, as well as materials. Also, when youre speaking of groups, it is the financials that are doing the best today. Heavily weighted within the s p 50
Says that they will leave the european union. David davis was named secretary of state. Negotiations could continue. Theresa may has mocked Boris Johnsons negotiation skills. Become johnson accused president obama disliking the legacy because of his kenyan background. The chinese passenger plane may test flight in one of the areas in dispute. China had noled historic claim over the south china sea. Donald trump is promising to reveal the person he has chosen to be his running mate tomorrow morning. Team haveate and his been meeting with indiana governor mike pence and Newt Gingrich as well as Jeff Sessions and chris christie. Meanwhile, on capitol hill, republicans are demanding more transparency in the Treasury Department and the federal reserve. They want treasury secretary jack lew to release plans for a crisis. Republicans and a Obama Administration have clash as to whether the government can prioritize debt payments. Global news 24 hours a day, powered by 2400 journalists, in more