appointment at that point, i have to tell you, we talk to different traders. some were saying buy on the dips up in the day. it sounds insane, but they felt it was a little bit of he said, she said. and now you can see we recovered much of those losses, we are down 80 points right now. i will leave you with a few ideas. that is that we are still having a winning week. the dow is having the best week of 2017 despite all these volatile headlines and a little bit of a white knuckle ride, roller coaster ride today. there are some cautionary tones going into the weekend. we are going to have a lot of the news shows, going to be a lot of developments. as you noted, dana, this is long-term investigations, the traders are focusing on tax relief and earnings and fundamentals. a better economy, better job. consumer confidence, they are keeping it on long term, still keeping an eye on the up arrow. back to you. dana: people will be out
bonus? in terms of income tax, personal tax. seven brackets now. these are the brackets based on your different income ranges. the president proposes to break it down to three brackets, again, we don t really know what the income ranges would be. which one gets you to 12%? which to 25%, which one to 35%? there are lots of people that pay 39.6%. highest earners go down to 35%. a tax cut for the richest but don t know what ends up here. because personal deductions of eliminated, many middle earners will pay more in taxes. so it s a tax cut for the rich and other things like the amt and estate tax indicating this is a tax cut for the rich not the middle class. estimates suggest by the way, the president s plan. the nonsense about deficit. it will add $2.2 trillion to $2.7 trillion to the deficit, over ten years. add. up arrow. more, bigger. not smaller. not less.
down lover s lane this is actually a tradition every year on the floor of the new york stock exchange. it s a song called wait till the sun hines nellie. it s been sung on the floor almost every year on christmas eve going bab back to the 30s. it s a song of hope for better times ahead. times are pretty good if you re invested in the market right now. the dow up about 24% for the year, the s&p 500 is up 28%. the nasdaq is up a whopping 37%. you know, the broad rally puts the dow on track for its best year in ten years and the s&p 500 on pace for its best year since 1997. brianna? yeah, and alison we get so excited when we see that up arrow. but it s i think because of what we ve been through, we also worry, okay it s going up and up. is this thing going to turn around. do you think the markets can continue the gains next year? that really is the question. if you talk to most analysts they say the expectations is
whether it is or is not. this is going to play out in the election for the next six or seven months to come and beyond all likelihood. martha: lots more to come on that today. an interesting picture painted by the congressional budget office on the cost implications of the court decision. turns out according to them, cbo it will be cheaper to strip out the mandate but much more expensive to lose the law all together. some interesting numbers here. the cbo says if the court strikes down the individual mandate but keeps the rest of the law, that is basically the discussion that they will talk about today, with the issue of severability separating it from the law. they say that would reduce the deficit by $282 billion over a 10-year period. however if the court rules that the entire law is unconstitutional, the cbo says that it would decrease the deficit by $210 billion over, increase, excuse me, by up arrow there, by that
is with us. why are the markets so low? reporter: there s so much concern not only at home about a double-dip recession but concerns from europe and greece, and the austerity measures and whether they re doing the job over there. we did see selling in europe, you see the european banks, some of which were down 9 percent, 10 percent. today on the dow jones industrial average, the selling, 250 points to the downside, 2 percent alone, this is after four-months of selling in september. it s usually the worst month of the year. so not a good day to kick it off. a lot of folks came back from labor day weekend with good spirits but it s broad-based, all dow 30 components are in the red, so not one name with an up arrow, financials are to the downside, bank of america, j.p. morgan j.p. morgan, hewlett-packard, these are the three big losers, down 4 percent and 5 percent respectively. the selling is across the board. some of the folks have been running back to gold, which is about $16 right n