New york stock exchange. Sending it to you in the studio. The president saying it is about the middle class and theyre is a long way to go. At least today the markets are celebrating not news about the anniversary, but at least rallying nonetheless. Adam the other big story, Larry Summers pulling his name from consideration to become the next chairman of the Federal Reserve. Im adam shapiro. Lori im lori rothman. The field for the new fed chief was down. The front runners to head the Federal Reserve. Adam tying nat to the firm where he works. Try telling that to the firm, Atomic Research group on why the firm is putting its money on janet yellen. Lori five years removed from the financial crisis. You heard the president. Five plus whether he agrees with the president s take and what needs to be done to avoid another economic crisis. Adam watching aig implode. We have exclusive details in an interview with the insurers former chairman and ceo. Lori lets get back down to the floor of the
And the nasdaq is up by nearly 31 . By the way, if those numbers arent big enough for you, check out how far stocks have come from their march 2009 lows. The dow over that time period gaining nearly 145 , the s p 165 , and the nasdaq nearly 213 . Yeah. March 2009 lows, what a long way weve come. As you take a look at futures this morning, theyre flatlining at this point, probably unsure what to do after yesterdays big gains. As for the rates with the tenyear, at this point the tenyear is yielding 2. 782 , so below 2. 8 , but its been rising and rising on the expectation that the fed is going to have to start tapering at some point, and that will eventually lead to higher Interest Rates. The obama rallys in full force. 2009. What happened in 2008 . The election. Yeah, thats right. Here we are, baby. Rich people are getting richer, though. Thats the only problem. I know thats your new problem. Heres my two anecdotes. Yesterday, over at the gym trying to, you know, get rid of whats the na
Deadly cholera epidemic. The disease has killed thousands of people there. Good morning, and welcome to al jazeera america. Im stephanie sy. President obama is expected to nominate janet yellen to replace ben bernanke as the head of the Federal Reserve. Yellen is a respected economist who has a long history with the fed. Patricia takes a closer look at the woman who could soon hold one of the most influential jobs in the world. In the class photo of the g7 financial Leaders Summit in may, shes the tiny one on the right, but dont let size fool you. Janet yellen is poised to land the most powerful job of them all. The least contender to head the Federal Reserve built a career spanning academia and policy, including a longstanding relationship with the university of california berkeley and chair of the council of economic advisers. The economy is the strongest its been in a generation. Reporter perhaps her best qualification to take over for ben bernanke is her 36year history with the Fed
Welcome to al jazerra america, i am stephanie sy. It is considered one of the most influential jobs in the world. On wednesday, president obama is expecting to no, maam made januarjanet yellen to prelace bn bernanke as head of the federal reserve. Yellen is taking over at a pivotal time for the economy mad the banking industry. Kimberly reports. Reporter running the central Banking System in the United States is one of the most powerful jobs in the world. And the person in charge can directly affect the wallets of every american and the global economy. Good afternoon. Reporter the fed chief is, s the chair is sometimes called sets the price of borrowing money, directly spurring Economic Growth or curbs inflation, the chair also controls the supply of u. S. Money in the world economy. By buying and selling u. S. Treasury securities. President obama has announced he will nominate janet yellen for the job. The current head of the u. S. Central bank, ben bernanke steps down at the end of j
A few minutes. Get a cnbc first interview with him after yellens official nomination. This was, of course, expected. Market reaction, nonetheless. Lets take a look at where we stand as we approach this final stretch. One hour to go to the closing bell. Dow jones up 68 points here. This is actually near the highs of the day. Nasdaq and the s p 500 also showing mixed reviews here. Nasdaq in negative territory, although it, too, off the lows as there is wide expectation that Janet Yellens leadership will be a continuation of ben bernanke and the stimulus in place. Standard poors up 6 1 2 points on the day. The announcement from the white house gets under way in ten minutes, we are told. So, just a few minutes from now. In the meantime, lets talk about this market and its response to the shutdown in washington, maria. Joining us now on our Closing Bell Exchange peter anderson, Keith Fitzgerald and bob pisani and rick santelli. Good to see everybody. Lets start with the reaction in the mark