>> as the government buys, everybody else tries to exit and essentially, the only big buyer left in china is the chinese central government. >> you have five dow stocks now in bear territory and meaning they've fallen 20% from the highs. wal-mart, disney, apple, exxonmobil, intel. >> structurally, legally, in terms of work force, the united states is in the best positioned economy in the world to get through all of this and prosper. >> the fed is absolutely to blame for this. they have managed this terribly from the beginning and the markets have taken it into their own hands. >> prices have to adjust to the economic reality in the united states and europe and china and the question i have, stuart, will the fed allow that to happen? >> that was yesterday. this is now. doesn't is look different? the futures indicate a gain of 500 points right there at the opening bell. again, i have to caution, nobody knows how this thing will end. we can tell it's going to be up big at the opening, the ending is another story entirely. stay tuned. now look at the price of oil. down to $37 a barrel yesterday and there's a rebound there, pretty close to $40 a barrel again. back to that big stock rebound. why? one big reason is a package of measures from china. they've cut interest rates and more importantly, they've told their banks to keep less cash in the vault and get out there and make more loans, spend it, use it. liz from the fiscal times is here. theres' no guarantee, i keep having to say that, there's no guarantee that a snap back at the open is throughout the day. >> absolutely not. we saw yesterday, volatile severe moves in the market up and down. this morning, we're seeing bargain hunters coming in, cheered on by the european markets were up overnight kind of suggests what was going on in china, down 7 1/2% again, does not drive either european markets or the u.s. look, a lot of stocks have gotten creamed. people say this is a company i like and here is a price i'd be willing to pay, forget the noise around you and decide if it gets to that price, that's what you want. and that's what people are doing this morning. stuart: and just look at the damage to the china market overnight. i think we have that on the screen, put it back up again shaping high down 7.6%, at shanghai. and european leaders went all out to reassure investors that china has not a threat. angela merkel, francois hollande, and george osbourne went on to talk people off the china ledge big time and it worked. >> it worked and many of us may be thinking where is our president? president obama was out schilling for solar energy again and that's his main interest, which i think it's not time to get into it now. roll the clock back, had we focused on economic growth from day one, not obamacare, not, you know, renewable and energy we might be better off because the fed would have more discretion and that he is a big issue now. ashley: a thought on the china rate cut. this is the fifth cut in the last nine months. why they think that's going to make a big difference, it didn't the first four times. stuart: i think the banks holding less cash, might make a difference. >> you're pushing on the string. there's not the demand for the money. stuart: look it, europe says, don't worry, don't worry about china. now look at what white house press secretary josh earnest says. roll that tape. >> there's no doubt that congress failing to act in a responsible way to pass the budget and reverse, is going to have negative consequences for the u.s. economy and particularly at the time when we're seeing so much volatility in economies around the globe? it seems like a bad time for an unforced error. stuart: there is no doubt that it's the republican's fault. >> let's bring in former reagan economist art laffer and hope he has a smile on miss face. he does. >> whenever you listen to francois hollande, angela merkel and barack obama or josh earnest. and head to the basement. and josh earnest-- >> the sequester was obama's suggestion and his deal in the budget deal. and here you go, he's saying you should get rid of the sequester, i agree with by the way, we should get rid of the sequester. the problem here is government. the government should not just do something. it should undo something, stuart. we should get rid of obamacare and lower taxes and get rid of stimulus and do all of these wonderful things and none of them has suggested that yet. stuart: there will be no change in economic policy from this white house for another 18 months. >> exactly. stuart: and the whole thing is government. all government all the time. >> exactly. stuart: and spend government money. that's their answer. >> that's their problem and that's why we haven't had a good recovery. i don't understand some of these republicans, i was on with lou dobbs last night and he wanted the republican congress to do something. you know, that's not the role. the role is to keep obama from doing something until we-- >> look-- >> we should have a year of legislation where we just repeal legislation not enact legislation. stuart: good luck with that. a poll from ap, a new poll, it says most economisting, 70% see below 3% growth all the way through until 2017. what do you make of that? >> i think they're probably right. there won't be any changes in the policy. obama is not going to let anything pro-growth come through. the election is in 2016. president takes office in 2017. it's hard to get legislation passed quickedly so we really won't have a major change in public policy until 2018, probably and they're right, it's just a glacial, slow, plate tectonic process. it's hard to live through and you've got to do it. stuart: thank you art laffer. >> i'm glad that market is up. i feel somewhat vindicated. stuart: you should. now, you've got the latest read on housing prices came in just a few minutes ago. ashley, there's that many houses for sale. and prices should be up. >> in theory with low inventory prices should be up. more people with less product. however, month to month, up 1% and home prices year over year, up 5%. and 5.1%. so, okay, that's not bad. stuart: it's not bad. >> moving in the right direction. >> this is the home price index for the 20 cities in the united states. stuart: i call that pretty strong. >> not bad at all. >> we'll take it, look at chipotle, going on a one-day hiring binge. you probably missed it. in case you missed it, lauren has the story. >> good morning, everybody. chipotle plans to hire 4,000 workers in one day, calling it career day. the active recruiting shows how competitive it is for fast food chains to find and retain qualified workers. they're beefing up salaries and benefits an as a result. netflix wants more teenagers to tune in. the streaming service is focusing on a number of exclusive films and tv series focused on teens. one is "fuller house", the sequel to the 1990's hit "full house". netflix executives say there's a void in scripted programming geared towards teenagers, that's an opportunities and a challenge at the same time since teenagers are known to be fickle. and california is sinking. new nasa satellite shows california sinking faster thatten we thought and some say two inches a month accelerating because of the severe drought which has fueled more ground water pumping. stuart: i'm sorry, we're laughing. >> i'm trying to figure it out why. what are you doing? >> ashley was making fun of california. ashley: i said it was sinking due to regulation. >> no problem. stuart: if you want more of this, tune in every weekday morning on the fox business network at 5:00 short stop. lauren, sandra and nicole will be with you every morning. a terrific pointing as to what's going to happen with your money for the rest of the day. 5:00, go the to get up for that. let's look at futures again, why not? they're looking pretty solid. let's see 20 minutes from now, we're going to be up 500 points, all right, ashley, here is your chance to tell me about some of the big names that took a huge beating yesterday. ashley: the once that we were funneling down yesterday and showing some nice recoveries in pre-market trade. let's take a look at some of these. apple down 2 1/2% at the close yesterday. up 5% in pre-market. disney, we have that one, take a look at disney, down 3 1/2% yesterday. now in pre-market up on the bid-ask up 4%. and exxon in the energy sector, up 3% in pre-market today. that gives you an idea of the nice rebound across a number of sectors. stuart: that's the big names which are chronically beaten down and the bargain hunters come in and there goes the market. on the fundamentals, i can uns unsta-- understand it, apple and disney losing that, that's too much? >> those are companies that have visible exposure to china. what everyone is looking at, look, give me a domestic company, a company mainly operating in the united states, has some organic reason to grow. it's such a safer place to be. if you have dividend yields behind it that's a pretty nice place to step in and catch this, we hope it's not catching a falling knife. stuart: why not. >> sorry, sorry. stuart: and wall street will look a lot different when the market opens about 20 minutes from now. keep it here. making money live, you've got to watch it. it's great fun. >> how stupid would people have been to panic when it was down $1089 earlier this morning and sell, sell, sell. you do not sell at points like this. you wait and watch it flush out. can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive? >> we're tying our self so closely to asia and in particular to china, that this is going to be trouble for our country and not only now have they taken our jobs and taken our base and our manufacturing, but now they're pulling us down with them and i said we can't do this. we can't allow this to happen and we have to do a big uncoupling pretty soon before it's too late. stuart: and a big uncoupling, donald trump saying we've got to break from china. the market was down overnight, but look what we're going to do today, up 570 points and that would wipe out losses from yesterday off the bat. and philadelphia market watcher, rob morgan. bearing in mind what the chinese government has done, telling banks to loan more money, is the china threat off the table in america? >> well, stuart, i don't know if i'd necessarily call it the china threat. when i hear donald trump say we've got to uncouple, i think we're way past that. if we were going to think of doing that, we probably should have-- president nixon shouldn't have gone to china 40 years ago. but at the same time, certainly their version of a central bank is very rudimentary compared to our federal reserve and the tools that they have to combat these types of crises are very limited. so, i think they're doing what they can right now, they're providing liquidity and we've got to encourage them to make necessary reforms. why are we going to open 570 points higher? >> well, i think, you know, for a number of things. putting it in perspective, stuart, in our six and a half year bull market we've had five double digit down periods of timement we get about once a year and as far as the problems going on here, i've mentioned china is providing liquiditity. we seem to be getting some sort of foreign or commodity prices and the inflationary concern is going to start to ease. stuart: you don't sound very excited, rob. you don't sound excited. and we're going to be up maybe 600 points, do you have any fire in the belly for this? >> here is the negative. we've got technical damage to overcome here. i'm excited, but i don't think we're necessarily through this. i think we're finding a bottom. that's about as optimistic as i will be right here at the market open. >> you can rain on this parade, if you like, rob and your he going to be back on the show if you're not careful. >>. [laughter] >> we're watching it all day long and who knows how this will close out. thanks. check out apple, please. it's going to rally maybe 6% at opening bell. is that a buy? what about facebook? three bucks still way below its highs. are we looking at a bargain hunter's dream here? we're on it. you pay your car insurance premium like clockwork. month after month. year after year. then one night, you hydroplane into a ditch. yeah... surprise... your insurance company tells you to pay up again. why pay for insurance if you have to pay even more for using it? if you have liberty mutual deductible fund™, you could pay no deductible at all. sign up to immediately lower your deductible by $100. and keep lowering it $100 annually, until it's gone. then continue to earn that $100 every year. there's no limit to how much you can earn and this savings applies to every vehicle on your policy. call to learn more. switch to liberty mutual and you could save up to $509. call liberty mutual for a free quote today at see car insurance in a whole new light. liberty mutual insurance. >> eight and a half minutes from now. the opening bell will ring and look where we are going to open. up, big time. now, up more than 600 points. look who is here. sandra smith joins us. sandra: hello. >> fresh off the set from a three-hour show. okay, the china threat behind us, is it? >> it doesn't matter. right now goldman sachs put out a note and says there will not be contagion that the u.s. will act independently and see growth and saying that the market is going to go up. the u.s. stock market, 11%. ashley: yes. stuart: this is from goldman sachs? the great goldman sachs. ashley: based on what. stuart: come on, you be a reporter. sandra: based on growth. u.s. growth. ashley: despite what's going on in china. sandra: yes. stuart: we'll take a 11% gain. sandra: i would, absolutely. stuart: we've got to offer some caution here, up 600 points at the opening bell, but there's absolutely no guarantee that we close 600. >> yesterday we lost over a thousand point in over four minutes. sandra: you talk to the average investor and the. >> an investor shouldn't care where we close they're looking much more long-terms than that. stuart: thank you very much. you can join the-- >> thank you. stuart: look where we were roughly 24 hours ago. and as ashley said, down 1089 after five minutes' worth of business yesterday morning. we'll give you the full story, the updated story. what's happening now, the rally. it's going to join us in a moment. >> obama's not going to let anything pro growth come through. the election is not until november 2016. the president takes office in 2017, it's hard to get legislation passed quickly so we really won't have a major change in public policy until 2018 probably and they're right, it's just, it's a glacial, slow, plate tectonic process. stuart: despite that. we're going to open higher. by the way, that was art laffer from earlier in the show, please remember we start at 9:00 sharp every day. the market is not up 500, but likely 600 points right there at the opening bell. look who is here. ashley webster still with us, sandra smith and larry levin coming in from chicago. all right. let's see now, lee, to you first, we've got a package of measures overnight from china supporting the market. can we say that the china threat is over? >> no, you know, with the china thing. china is going to be in the news for months to come. it's a thing that everyone wants to blame every time the market takes a hiccup. you have to look at the size of their economy and know that it's already priced into the market. i think if you really want to go into it. you can buy china right now. but this is a known known, stuart. stuart: and sandra, you say china is on the sidelines, no longer a threat to the market. >> if you're buying stocks, that have exposure this china, mcdonald's, yum! brands, they've been hit harder than other stocks because of this. but in you're looking a the broader stocks, s&p 500, don't worry about china that much. look at u.s. growth and that's what counts. the economy will continue to grow and that's going to fuel the u.s. equities market. >> we're tied to china, second largest economy in the world. what's happening there. major structural problems that we suspected in china. it's going to come and ripple effect around the world and the u.s. economy. it's dragging down the price of oil and the commodity sector is dying because of china and it's going to have a long-term effect. >> you're pinning the whole sell yoo of of oil on china? >> it's a big part of it. sandra: producing more oil in the country and we're talking of export it. stuart: we don't want a fight on the set before we go to a 600 point game. >> at the break and then he's the nice guy when the cameras come on. stuart: we're about to come on this tuesday morning and then we're going to open with the dow industrials up more than 600 points. please remember we closed yesterday 500 at 15-8. we're going to crash through the 1600 mark in about 20 seconds' time. start your engines, they're starting to clap and cheering, i think they sense what's going on here. they're happy. it's a horse race, five second to go and you're going to see a nice rally pt: isn't that something nice to see. sandra: what are we going to see, stu. stuart: you have 65-- 61? 63. come on, boys, buy something. sandra: the to, have to open. every single one of them has to open. stuart: okay, okay. sometimes it's difficult to open all the stocks immediately because the buyers buy and sell and the supply. sandra: you know. stuart: we're up 154 with 30 seconds into the session, 151. come on. sandra: just gain. look at that. 16,020. stuart: i'm waiting for 69, 167-- >> not even a minute into the trading, where is the patience. stuart: am i-- and that's all green, those are the dow 30 stocks, every single one of them is in the green, has opened and is up. the dow at the moment up nearly 200 points. we were hoping, now we're 221 points. let's get on with it, shall we? lee munson come in, please. do you think, could you describe some stocks in this market as a screaming buy? >> yes, and they're not the ones you think. you're going to have to buy the ugliest stuff nobody wants to touch. exxonmobil, chevron in the oil play, big integrated oil companies, not accessing the price of oil, but certainly are priced that way and then get the commodity plays like freeport mcmoran and has to sell to china and people are freaking out. i would avoid apple or young yum! brands or things in the news. sandra: that nobody wants to touch? did you see jeff green billionaire investor told liz claman in the middle of facebook he is a dramatic selloffs he's buying 100,000 shares. there are people waiting to buy these things. >> yesterday, not today. stuart: i want to look at the stocks that had been beaten down. where are we with apple? >> up nearly 6 bucks. stuart: 5 1/2%. 109 we're at apple at the moment. and facebook, please, up $4, nearly 5% at 86. amazon, please, we were down yesterday. now we're $23 higher. i'd say a lot of the stocks are 5% roughly, but netflix is now up 8% in the very early going and the dow is up 330. give me wal-mart, please, that's a new low yesterday. >> about a buck right now. stuart: buck 32, 2% 65 wal-mart. procter & gamble, up 3% there. exxonmobil, now there's a beaten down guy, up, go. sandra: you hit a bunch of technology names. look at the three major average, dow, s&p and nasdaq, nasdaq is by far the biggest winner. the 3.4 p-ers, dow is 2%. stuart: that tells the story. s&p up 38 points, that's 2%. nasdaq the biggest gain, 3% higher. up 142 points, you don't see that often there, do you? the another big win, best buy. >> right now we're looking at best buy to the upside. 12% chain in profits and the stock is up a whopping 17%. yeah, you heard me. they saw sales of appliances, televisions, phones. what didn't sell were the tablets and they also saw great on-line sales and jumped 17% higher traffic. apple 23 dow points and ibm 20 and j.p. morgan. and some people are calling and want yesterday's prices. can you buy me apple at 100. and you missed it, you missed it, you know? but be thankful you didn't try to get in and what if we went the other way, right? >> well said. i must contest to being disappointed the dow is only up 330 points. i was pretty confident looking at the futures indicating maybe 5 or 600 point gain. so-- >> i just said that is this #turnaroundtuesday? i don't know. stuart: coming up at 5:39 eastern time. this was yesterday at precisely this time yesterday, 9:35 a.m. yesterday, we were down 1089 points and 15-3. >> and 1300 points. stuart: and we're the a-- come on, i'm disappointed here, what a difference a day makes. is that correct, lee munson? >> i love it. yesterday what i was doing for most of my clients. you want to rebalance. if so if you have a 50-50 mix between stocks and bonds and down to 45% in your stock. sell some bonds or-- we were waiting for this, and you either rebalance and then take a walk and the bar is open. but if you try to micromanage is all week, you're trading, speculating. stuart: you're right, you got it. now, overnight we heard that china is shoring up its markets. now, that actually is helping the price of oil to go up, by the way. and we have triple-a saying, we will get a gas price plunge by christmas. larry levin from chicago. come in, please. my dream is coming true, isn't it? >> you want that $2 gas by christmas, right, stuart? i'm not so sure, i'd like it, just like you do. if you live here in chicago, you're buying premium gas, 4.50 a gallon over the last two days. >> by december many' not positive that's going to happen. make it somewhat of a drop and technically speaking, selling oil around the $40 level. what will happen, above $40 and head back down. so i think that will be a good trade. but $2 gas by christmas, not so sure for you, buddy. >> $4 gas in chicago, you've got to move. how about the dow is up 360 points, i thought it was going to be up 600, i want an explanation as to why it's not up 600. nicole has the explanation. nicole: i didn't explain why it's not up 6 of had,. but i wanted to note at this point, originally when you were looking, some of the dow components hadn't opened. visa up, nike up 20, and dupont, you should tack that in there. and right now we're off the highs and-- >> what happens in dow, nasdaq and spf futures is not a direct translation to any equity markets, open cash trading, it's not the same. it's an indication, it's not a direct translation or assumption. stuart: i've been doing this for 40 years and i'm not allowed to express a little disappointment it's not 600 points? >> you may, sir. stuart: big names are bouncing back. i've got to start with apple. lee munson, are you buying apple at 108? >> no, because i tell you what, apple was a volatile stock so we should expect on the updates, it's going to be down more than others, up a lot more than others and that's why people should not get too excited because apple is down 10 or 15 points. that's normal. i would wait later this year to see if we get the ugliness that people have been talking about, because we don't have a lot of growth. so, i think that you don't buy apple now, you buy the index funds and wait and see if we can get specific bad news on apple, not the tide went out and-- >> the gain right now is 8% and brought it out of bear market territory. >> how about netflix, i see that in business right now. lee munson now, are you buying netflix? >> netflix is a different story because right now, i think that netflix would sell off a lot more and we start to see how their subscriber base is going to slow down. i think that all of these names like apple and specifically netflix, you have to wait until you have stock specific news. you're not playing stock specific news and speculating, then, again, you have to go back by the s&p and by the dow jones. stuart: show me amazon, i want to see if it's a buy. ashley: up about 4 1/2%. stuart: up 4 1/2%, 484. how about amazon, lee munson, tempt with you that? >> amazon i'm interested in, and at christmas season, everybody is shocked that everybody orders on-line. amazon put in the category, it might survive this. stuart: what was the last one i've got. where a facebook this morning. ashley: up 3 1/3%. stuart: up at 84. one last chance to get in there and say you really love it and you're going to buy it. >> no, game over. i'm on facebook-- i've got to have profits, okay? i am i'm sorry, i love the service, my wife is on facebook all day long, but i think we have to keep that for degenerate gamblers and let the day traders handle it. stuart: we did suggest caution before the market opened, you know, watch out, the way it opens is not necessarily the way it closes. ashley: that's right. stuart: so i'm a little disappointed we didn't go up 500 points and i'm thinking maybe we're going to come back down again and volatility soon. sandra: definitely possible. ashley: a gradual grind up higher is better than a volatile jump many. i'm trying to look a the optimism for you. stuart: the biggest jump in years? >> here we are the dow is up more than 300 points and you're disappointed with the small little move. that's how dramatic it is. stuart: all right, all right. >> and too optimistic, we're going to get a pop here, but we could get some ugliness, and people need to rebalance where they need to be and don't-- >> so disappointed. stuart: all right. more big names-- this is what the script says, more big names exposed to china are bouncing back. mcdonald's, yum! brands, baidu, the chinese google, and there's a nice bounce, sandra. ashley: we looked at a lot of nice bounces and baidu most exposed up more than 4%. mcdonald's, yum! brands, huge in china. and wynn resorts, in macao, you know all about this, stuart. >> you big gambler. [laughter] and those that have the money are on the sidelines and definitely have stocks that were on seam. stuart: do you know what my producer said, the s&p is out of bear market territory. are you happy now, stuart. [laughter] no, i'm disappointed. i was saying we would get 5, 600 points up. a lousy 364. >> lousy? >> no, not lousy. i'll take that back. europeans-- i'm a recovered european, leading the way for reassurance that china doesn't matter. okay, larry, what say you? >> as far as china is concerned? >> yes. >> european leaders, hollande came out and said china is not a threat to us, don't worry, don't worry. what's that say to you? >> well, i mean, our politicians try to make everybody feel better and they're trying to make everybody feel better. it matters, if you were long equities or futures that matter. today if you're short equities, it matters. i don't know where they're coming from. if you're an active investor or watching fox business and trading, it matters. stuart: yes, it does. would you agree with that, sandra. sandra: china matters. they're involved in just about every aspect of our economy. stuart: we have to ask later on the program, gordon chang whether these support measures work. i think i know what he's going to say. josh earnest names -- blames the markets ups and downs especially on congressional republicans. lee, a chance to redeem yourself. who do you blame? >> i really have to say, republicans, democrats, or the china central planners have anything to do with what's going on here. i don't know where we got the idea that politicians control the economy. wall street has been in control for many decades during your 40 year career. i don't buy it. we live in a multinational global economy, and that's the noise we really want out of our minds. the best thing we had is austerity. i think that the republicans helped with gridlock, we haven't been spending as much. that's the only thing that came out of it, and nobody intended it. stuart: ashley, who gets the blame for this. ashley: the administration and the fed. stuart: sandra. sandra: for the dramatic selloff, no one can be blamed, but themselves. charles payne has been arguing with me for years now how you can buy and own a u.s. equity without admitting that the federal reserve has-- and you're not just buying apple and management of that company you're buying the involvement of the federal reserve, i know you think i'm getting into the reason i talk about it, it's true and charles is saying i don't want people to miss this rally. there's always a warning out there, there's always a warning and china a now exacerbating the situation. stuart: look at the dow jones average. >> the fed is part of the fundamental landscape because they control it to a certain extent. i think to say that the fed is not a fundamental, it has to do with your balance sheet. that's different than the chinese trying to prevent the markets from correcting. i think we always have to say that fed is fundamental. stuart: the baugh is up only 287. we were up over 300, scaling back, 286. not quite the dramatic big-time up move that we were expecting, 284 as of right now. where do we go from here? can i show you gas prices, please? we are beginning to see a more sharp decline in gas surprises. we were down 2 cents overnight and now we're at 2.57. can we show a graph of the states, at least one station selling gas below $2. ashley: 12 of them. stuart: there are 12 states according to triple-a. have we got that graphic? stand by we'll have that graphic any moment now and show you the 12 states where at least one station is selling at below $2. ashley: mostly in the south. stuart: the national average is 2.57, i think that's a plus for the economy and i'll say it before and i'll say it again. i don't know why you're laughing at me. >> we're laughing with you. >> i expected a 600 points. this is not good sign for the markets. and sandra is right, the futures are never a direct correlation to where the cash market trades, but they are a very-- they're usually pretty tight and you kind of knew yesterday, based on the futures trading, that would be an ugly open. we knew that. 'cause we saw the futures continually trade off. these futures were like up and down, you know, in the 400's and i think what you see here is that people are scared about the markets. listen, i'm not saying sell all of your stocks, when you have china slowing down and some headwinds maybe in europe, a new york times article saying that stocks are historically priced higher than over the last ten years and still, you have ratios at fairly high levels. and you have the fact that we're going to raise interest rates. stuart: well, at some point, yes. >> we're going to raise interest rates. stuart: it looks to me like china's new measures to support their markets, not helping us that much. the bargain hunters are helping us. >> there's not that many bargain hunters. stuart: evidently because we're only up 300 points. >> markets base not on pure rationality, but they move on greed and emotion. george soros wrote a book on this. i know you don't like george soros. stuart: who said they're not going to raise until next year. a and-- >> if the i just worry that if the fed doesn't raise rates now, there's got to be talk about this, do they have, just in case the economy goes into the you know what next year, do they have anything to fight back with? if they don't-- >> i just always, as a former trader, i always look back at history as an indication of where things are going and that note from goldman sachs did that. goes back to 1998 when the u.s. equities rallied and ignored largely the asian crisis. he's calling for this to happen, saying s&p 500 is going up 11% by year end. stuart: rob, come back in again, please. i unfortunately dismissed you by saying you weren't enthusiastic and had no excitement or fire in the belly. maybe you were right because we're only up 300 points, are you vindicated? >> well, i guess i'm vindicated and i want to build on something that sandra just said. from the standpoint, look back at history and back in 1998, we had the problems with the emerging markets. emerging markets have never dragged the developed world into the recession. that would be the tail wagging the dog. if happens the reverse way, if the developed world is slowing down. that gives the emerging markets a slowdown. i tend to agree, lower oil prices are hurting the world, but a huge boon for u.s. consumers and that's going to be very much a positive going forward. >> our viewers are tuning in and watching a pretty good rally and they're saying, should i buy this market? should i jump in and find myself a few bargains? and rob morgan, your advice is, not yet, is that correct? >> no, i was talking about today, stewart, i think we've got to find a bottom. lee munson gave good advice earlier to rebalance your portfolios. if you're underweight equities right now, sell some bonds, buy some stocks. yes, that's a great way of buying low and then you can sell high. >> what's wrong with some dividend stocks? >> what's wrong with that? >> you've got that, too. >> and dividend stocks are problematic, got hit hard. all of those low volatility etf's, those got hit hard. i think you have to go back and not focus on the dividend because you've got yield players in there and i think that the interest rate play just like ml p's and reits. stuart: i think we just froze his video right there. ashley: yeah, a finish. stuart: all right, look, the dow industrials are up 300 points, we're going to leave it there for just a moment, take a break and we'll be back. is this an unfortunate pause on the upside move? we'll see. back in a moment. hi my name is tom. i'm raph. my name is anne. i'm one of the real live attorneys you can talk to through legalzoom. don't let unanswered legal questions hold you up, because we're here, we're here, and we've got your back. legalzoom. legal help is here. but it is not the device mobithat is mobile, it is you. you are looking at can you spot the difference? no? you can't see that? alright, let's take a look. the one on the right just used 1% less fuel than the one on the left. now, to an airline, a 1% difference could save enough fuel to power hundreds of flights around the world. hey, look at that. pyramids. so you see, two things that are exactly the same have never been more different. ge software. get connected. get insights. get optimized. yup, we're constantly making thinkorswim better. here at td ameritrade, they're always working. like a custom screener on your desktop, that updates to all your devices. and you can share it with one click. wow. how do you find the time to do all this? easy. we combined every birthday and holiday into one celebration. (different holidays being shouted) back to work, guys! i love this times of year. for all the confidence you need. td ameritrade. you got this. >> you know, we're not used to this. we're used to seeing the dow go up and down and up and down. what have we had? stability. up 300 points. that's where we're at 311 points, i don't know where we're going. apple maintaining its gain 108 on apple. visa, beaten down stock, now up 2% and visa is at 69. we're talking bounce back stocks. ashley: netflix nicely above 100, 103.59. up nearly 7% that is. not bad at all. what else have we got. we've got energy sector for you. exxon, nicely up and i will point out that the gains are somewhat modest compared to the bounceback from others. halliburton up 47 cents and trans ocean a quarter and oil, by the way, is up just a dollar todayment under $40 a barrel, 39.26. so the gains we're seeing back in the energy sectors, they're gains, but modest. stuart: the energy stocks are beaten down the most. they're really not coming back? >> exxon hammered as well, and that's coming back nicely. stuart: the nasdaq, the home of the technology companies. ashley: took it tough. up today nearly 3%. stuart: that's nearly 3% for the tech heavy nasdaq. ashley: exactly. stuart: we're seeing a nice rebound, maybe not as much as you'd like to see, but. ashley: maybe stability isn't such a bad thing. stuart: i guess not. we got used to the up and down and excitement of the wild ride. it seems unusual that we're sitting on a gain of 300 points and that's now it's 290, now 289. next case. will he or won't he? president obama's press secretary drops a hint that joe biden might launch his campaign soon and might get a big endorsement from his boss, sorry hillary. tech has been beaten down and some of our favorite companies, we cover all the time. they've got interesting stuff, as in products coming down the pipeline. we have the editor in chief of one of the top websites. he's going to break it down for us. what have these companies got in the pipeline? big deal. second hour of "varney & company" is about two minutes away. usaa makes me feel like i'm a car buying expert in no time at all. there was no stress. it was in and out. if i buy a car through usaa, i know i'm getting a fair price. we realized, okay, this not only could be convenient, we could save a lot of money. i was like, wow, if i could save this much, then i could actually maybe upgrade a little bit. and it was just easy. usaa, they just really make sure that you're well taken care of. usaa car buying service. powered by truecar. online and on the usaa app. tree into well, it looks different on wall street today. a 290-point rally. what a difference 24 hours makes. big-name tech stocks are rallying. the editor-in-chief of one of the biggest tech websites will come tell us what's in the pipeline. the product pipeline behind tag. some drama among the democrats. president obama's press secretary have had a bite and run and maybe an inverse and for the number two from the number one in over hillary. this is the best was on her chin up and seen in some time. "varney & company" hour to start straight now. ♪ this is a rebound, but it's not as strong as i thought it would be. a rebound from the byblos yesterday. is china still a factor? lbl financial joins us right now. overnight the chinese came in with support measures for their stock market. that is apparently -- so china is no longer a threat to us. >> i think it is a reminder china has a lot of capacity to do more monetary easing. the chinese authorities realized evaluation is the best way to go any further rate cut would be needed. it's the fifth time china has cut rates. they lost the capacity to realize china has a long way to go. they have a lot more dry powder to boost their economy. stuart: i see that our 300 points right now. the futures indicated five or 600 points. why are we up to 90 as of this moment. i'm a little disappointed. are you? >> not entirely. have to see it up after a couple volatile days. type of negative sentiment is on the markets yesterday doesn't evaporate overnight. it's extremely rare to get the quick bounce back like we had october last year. we think the market needs more data before recouping losses. we think this creates an opportunity longer-term. this saturday we will hear from stanley fischer. mike indicator confirmed. stuart: are you buying now? are you telling your clients get out there and buy. >> we are a buyer. we buy more of the economically sensitive areas so industrial centers of our discretionary sectors technology in the fixed income market looking at factors like high yield that have been punished over a bad confidence in the fundamental data. their pocket value. stuart: lives just joined us. i'm saying i'm disappointed. i was looking for 600 points. >> the 300-point is sweet. you negative nelly. this isn't "varney & company." this is common sense. the oil stocks, energy and mining in the united states will be sandstrom by the dollar. look at the whole cell number come in right now. the question for wall street, where stocks are impervious to china. we've got builder confidence at 2005 levels. existing home sales at 2007 levels. housing is recovering pretty nicely right now in the u.s. economy. sure into we are building -- at the median price for homes is now 285,000. ashley: consumer confidence number jumping to 101.5. second highest number since the recession. that is up. a big number. we are still on the 300 points on the dow industrial average. dream for us because the big oil players. barry manes. the great rallies from apple to netflix. i'm not saying that it can to the broader market. >> you're right. the day is not over. stuart: why am i disappointed? liz: you want go, go, go. came into the studio this morning next acting up for a big rally. it is dead flat, holding a 300 points. >> the guys i talked to steve garage sale prices and they are buying. stuart: why is the doubtful layout -- anthony, are you still there? >> i am still here. there's an opportunity here. they have to be pleased with the reaction we've seen today after the downturn. the long term. corrections are part of the market. we've forgotten over the last four years. take a longer-term view and take advantage of the divide and set your goals for the longer term. stuart: get that message out. not enough people are listening to you. >> the housing numbers, wholesales that are existing. that's 90% of all sales at levels we haven't seen since 2007. homebuilder confidence -- >> home sonatas doing very, very well. stuart: is not enough to put under the floors 16,000? to think we've got a flaw there. >> we are finding a floor. i am a first in the the end of the volatility. the jobs report on september 4th took some time to play out. this is a longer opportunity. we've shaped one entire point of the p.e. it's time to step up and buy for longer-term investors. stuart: that grasso used to run the the new york stock exchange spoke to maria bartiromo this morning. listen to what he said about these wild markets earnings. >> take two aspirin and call your broker and six months. this is dancing with the elephants going on right now. what people are forgetting is china is not in a depression. they simply ask. stay shrinkage in the gdp from 10% to 5%. what we love to have that in the united states. liz: when you consider the shanghai and tax, it is still a 34% versus a year ago. of course that is helped along by the china government and the surprise of the devaluation. to put it in context is interested to say china's not in a depression. don't move in and out. take two aspirin, sit back. >> there's long-term -- later on will have gordon chang on the show. he will pass to vent on the new measures, specifically the low interest rates. the time in nine months. they told the banks who have take money. get out there and make loans. the liquidity furnace in china are moving into this september, october season that is usually a slippery rise. stuart: we know that one. looking at individual stocks. up to 84 on the dow. a 2% gain. the setback is asked in nine. aspirin donald and $94 a share. kfc parent do an enormous amount of this in china. i think that's the organization to be doing business in china. they are susceptible to much happening there. alibaba would call the chinese amazon. they broke down below their ipo price just as twitter did. stuart: seems to me people are buying really beaten down stocks. they're not carry them anywhere to the level they were 10 days ago. check the price of oil. where are we now? we are at 3913 come is still a ways from 40. drivers rejoice. the price of gas down to send overnight. 257. aaa says 12 states have at least one gas station and regular gasoline for less than $2 a gallon. all of those states concentrated in the south and southeast -- southwest -- it said. today cme, jeff flock is there. what's going on. >> i think it has come off the high for the day. we are now organized 16 emanates from the top seen the top for the day. it is now leveled off and began the comeback down again. supply and demand issues independent of the market is what is wrong to drive oil going forward. if you check the gasoline futures, those are down again today. gold and silver in terms of commodities are down but most everything else is out. i think it would be a benefit to the economy going forward if this continues. the gasoline price in oil price. thank you so much. they have been calling me negative nelly on the show this morning. so i've got some positive news. dow stocks of the big turnaround compared to yesterday. these are today charts. that is about 250 as of right now. united health. it went down. now it's come back a little bit. show me cisco, please. i know that's a bounce back stock. chevron. not a huge bounce back. update dollar and 73. after that it was down 5% yesterday. exxon is pretty much the same story up a book after a whopping great job. modest gains at bats. liz: if they were a major czar as we said. stuart: okay, see you are right. liz: not to be like that. i just wanted to get some clarity. trade to the clear stuart varney, nelly. the broad-based stock indicator will be up 11% by the end of the year. the dow industrials are currently have, but only 278-point. got it. starbucks is hoping kindness will keep their investors happy. lorin simonetti explained that he had >> if you and your 401(k) account and bad days, are of excellent perky about his starbucks eeo howard short tells the financial market volatility combined with great political and certainty at home and abroad will undoubtedly have an effect on consumer confidence. the recess, be nice to our customers. go get your lot in with a smile. and then some. the cheating website ashley madison offering a $377,000 county to anyone with information about the hackers who leaked confidential come embarrassing information about the site. the breach may be tied to recent suicide than extortion plot. as you are preparing for last summer cookout, look at that eve. they have discovered a call late in the area and all 300 packages of ground beef that tested. most of the contamination was found in beef from cows treated with antibiotics. 80% tested positive for at least two types of back area. message, well done. i suppose too rare. random samples across the country all tested positive for at least some type of back eerie. liz: you don't want to touch it with your bare hands. the question is can you couldn't get out of it. stuart: 5:00 eastern time every morning, lauren, sandra, nicole. it is called "fbn:am." the market up 300 points. we've got a new call with economist painting a bleak picture of the economy. not much growth. we will be back in just a moment. stuart: well, look here. we are up a bit more than we were. 354 points. 29 of 30 dow stocks. basically unchanged. look at this guy, please. up a nice 15%. 15%, $4 a share if netflix should be a nice gain. a percent higher at 104. liz claman is here. i've been disappointed. we were supposed to be a four, five, 600 points. liz: according to him. listen, stuart, we have our declawed back to end the third 8% of yesterday. what the market needs to do is wait. here's a couple of them said that they don't exactly. you start to see some movement and who's not. in the last half-hour of trade people change and move. you can't really judge from this pathetic. tree into a bow is inside baseball. what do traders know about the last half-hour? our viewers don't care about that. waiting the whopping bounce back and only got his 350 points. they are disappointed and so would my. >> they are all part of the herd and what matters when the final closing of ranks. he can't count out the next several hours of what headlines come through. we were waiting for china to intervene. they didn't until late last night. stuart: after the market close, before market open. that wasn't good enough for 600-point rally. come on, we are not used to this. the last three or four trading sessions we sat here as the dow has gone up and down. it was exciting. today we go up 300-point we are holding. >> let's talk about the average investor. a lot of the online brokerages charted to report they were climbing to a difficulty lodging because trading volume spiked 230%. that's one of the worst things that could have done. if they were trying to buy they didn't catch the bottom. a very rough market and some people give the best advice. dick grasso said yesterday that type and wait until things shake out. we may come not even by the end of the week. stuart: i want our viewers to get in there and either sell. >> during a the commercial break, said alive. [laughter] stuart: and other big loss for the china stock market. we have news china is trying to prop up the markets again with a big support package. dave gentry joins us. chinese say they'll cut interest rates and make the banks make more loans, get the cash out into china. do you think that's enough to take the china threat off the table for a market? >> yes, i do. 42 million small businesses in china says some of the policy cuts for small biz is mean it's easier to access capital of less red tape. you've got to keep it strong and the interest rate cut but the reserve requirements for some of these banks. making sure they follow this money into this dollar businesses. stuart: so it is a plus. we like that. i want your take on what donald trump had to say about china. just listen to this. >> we are tying ourselves so closely to asia and in particular to china but this is trouble for our country. not only have they taken our jobs and raised in manufacturing, but now they are pulling us down with them. we can allow this to happen and we have to do a bigger coupling before it's too late. stuart: you heard that. a bigger coupling before it's too late. >> donald trump needs to relax, maybe get a latte at starbucks. you cannot disentangle this country from china. they represent 50% of the global growth and you can't simply walk away. they also hold 7% of our debt. we also benefit from the cheap goods coming in the country. in terms of intellectual property protection and reciprocating on the hacking of corporate and government data, yes. i don't know what he means when he says what he says here. i don't think it makes any sense. stuart: dave gentry, we're almost out of time. we appreciate your input on china. thank you very much. do you want more of liz claman? she just left the sad that she'll be back with a countdown to the closing bell at 3:00 p.m. today. i will be the last hour of trading today when you get some real market moves. is probably true today. >> i'll be getting a firmer as he. politics has become entertainment. not because of donald trump. my take on the democrats after the break. this is a great place to work. not because they have yoga meetings and a juice bar. because they're getting comcast business internet. comcast business offers convenient installation appointments that work around your schedule. and it takes- done. - about an hour. get reliable internet that's up to five times faster than dsl from the phone company. call 800-501-6000 to switch today. perks are nice. but the best thing you can give your business is comcast business. comcast business. built for business. great time for a shiny floor wax, no? not if you just put the finishing touches on your latest masterpiece. timing's important. comcast business knows that. that's why you can schedule an installation at a time that works for you. even late at night, or on the weekend, if that's what you need. because you have enough to worry about. i did not see that coming. don't deal with disruptions. get better internet installed on your schedule. comcast business. built for business. stuart: we will talk to the editor in chief of and gadgets coming up on the showing european leaders reassure investors things are going to be just fine. our leaders, the white house blames the republicans. digital politics editor will join us at 11:00. politics has become a spectator sport. is entertaining. i am not talking about donald trump and the republicans. look at the democrats. that is really entertainment and i'm not talking about hillary's e-mails but triangulation, obama, clinton and joe biden. there is an intensely 3-way struggle for the party's nomination. it is fascinating. hillary is in trouble, sinking in the polls, voters find her on trust worthy, democrats worried. the queen may not win. they look for someone who can. bernie sanders, no way. martin o'malley, not a prayer. what about joe biden? the new great hope for salvation. he wants up democrat to win and who will maintain his legacy. hillary or joy? the dance begins. a top obama staffer joins the joe biden committee meeting with senator warren, new arbiter of democrat taste and the president's spokesman appears to endorse joy biden. he says the president is aware of the vp's attitude for the top job. was that an endorsement? as of this morning clinton is so worried about joe biden that she has left her vacation mentioned to get back on the campaign trail, joy is talking to donors and the president has to wonder if he has made the right college democrats are split and so are the republicans. is all being played out very publicly. that is entertainment. when a moment spontaneously turns romantic, why pause to take a pill? and why stop what you're doing to find a bathroom? cialis for daily use, is the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis for daily use. insurance coverage has expanded nationally and you may now be covered. contact your health plan for the latest information. stuart: you know the opening rally is losing a little steam. we were up 350, now we are up 257. look at the biggest winners today, best buy, netflix, biogen, and other big winners in the s&p 500. some really big winners, best buy in particular, there are losers, energy and mining stocks among losing issues today, newman of mining, mining stock, chesapeake to name a few, they are down. when you look at percentages you know it is not that bad, chesapeake down a fraction. i want to move on to politics, entertaining action, drama among the democrats, listen to how josh ernest responded when asked about possible joy biden run for the presidency. >> the president indicated his view that the decision he made to at joy biden to his ticket it was the smartest decision he ever made and added joy about joe biden's aptitude for the top job. i would not will not the possibility of an endorsement in the democratic primary. stuart: he would not rule out the possibility of an endorsement. daniel halpern is with us. welcome to the program. come on camera please. i will interrupt for one second because i have news, hold on a second, i have news from his on the joe biden campaign. >> a spokeswoman for john edwards's campaign. a lot of campaign experience and has held senior media communications roles in the white house. stuart: are you there? you heard that. >> amazing news. no reason to stop him from running except if he is worried about embarrassing himself which never prevented him before from running so i think he will run and i think the next big news is defection from the clinton camp. you have a great rollout, wonderful almost endorsement from the white house, you need to hire somebody away from the clinton camp, that would be huge. you talk about how entertaining the race is still will get more entertaining. joe biden camp from the white house is competing and sparring with the hillary clinton camp from the state department and they're trashing each other, you can't wait for that, on the republican side. stuart: listen to this, a new poll just out, 46% of voters says she should suspend campaign. and they are resolved. with pressure, 46% think she is suspended that is extraordinary. >> it is extraordinary, most republicans, i would be curious to know how many democrats believe she should suspended. another poll in new hampshire, joe biden is not holding this poll, bernie sanders at 42%, hillary clinton and 35%, bernie sanders is winning everybody from very liberal to moderate on the democratic side except seniors. hillary clinton is being done with seniors but bernie sanders, nearly 74-year-old socialist from vermont is winning the young vote in new hampshire. even without joe biden is a crazy race. there is more action than people and giving it credit for. you have the state department versus white house dynamic. it will be great and really pays room for other people to jump in. stuart: you wrote the book about the clintons. you know the campaign from the inside. would you say the clinton campaign is in panic mode? >> not quite yet. they are anxious i think but they don't believe she is up at sea, she won't just roll over, she is going to fight and they have structural advantages that are important not to gloss over. they have a lot of money and the huge organization they spent the last couple years working on. i think that gives them a lot of advantage joe biden will need to catch up with some on. she is not able to garner the crowd enthusiasm that even bernie sanders is able to do. that is a problem, you have things coming wrote that make her strong despite her weakness. stuart: do you think senator elizabeth warren is on hillary clinton's side or is she going to go with vice president joe biden? >> a couple of years ago all the democratic women in the senate wrote a letter saying they support hillary clinton for president so why is she meeting with joe biden before he jumps in? i would be curious to ask other senators, other female democratic senators what they think of their colleague joe biden. they know him well, they spent time with him in the senate. he is a liberal, faithful democrat who has gone to war with these people for a long time, i will be surprised if they are all willing to abandon him. i expect one or two to leave the hillary clinton camp and defect. stuart: a lot of entertainment on the republican side with donald trump but that is trump on the democrat side with his three way dance between the president, hillary and joe biden. this see how this unfolds. always appreciate it, thank you. you were dying to get in. liz: what if elizabeth warren, two things, millennials and unions, that is where elizabeth warren has a huge presence so she could bring that, elizabeth warren, vice president for joe biden, joe biden if he won the election is the oldest president to win the presidency. stuart: put that poll on this green. 70% of the economists believe growth will not be better than 3% through 2017. >> pretty dismal, nearly 3 dozen leading economists saying 70% believe economic growth is going to be weak. they believe 58% believe wage increases will not pick up and hiring will drop off at the current rate. we have no reason for optimism that the economy is going to accelerate. the real question is when is the next downturn coming? there you go. stuart: not very encouraging. check the big board, now we are 250 points. i am disappointed with this rally. i believe we are going to go straight up. i thought -- calling it -- what? liz: he won it all. stuart: i know that young lady is called varuka in will be wonka, what you don't know in america is that is a british neem for a planters work. to call a young lady that is a very unkind thing to do. i got mine 10 on the screen fair with her. liz: you learn the most interesting thing on the varney and common sense show. bernard: i wanted at the rally and didn't get it. come john in, mark, you don't know what is going on. this rally, are you saying sell into this modest rally? >> if we get the of a route that rally you could sell into it. if it runs up very rapidly here, markets don't bottom that way. then you sell into it similar to the flash crash in 2011 after a thousand points up a thousand points, that was a great opportunity to sell short and went to lower lows and the market was able to bottom. stuart: are you saying this market turmoil which is largely to the downside for stocks is not just a passing thing. we won't get over it quickly, the start of a longer-term downtrend. is that what you are saying? >> there is too much damage short-term to have this correct itself, a few days or a few weeks, best case scenario will move sideways for a while and build another base. the worst case scenario is we could be entering a new bear market. stuart: where do you come down on this? >> we will definitely correct for a while and i don't thing we will come roaring back and everything will be okay. we have huge volume and by contrary point, the market will rally a little bit. if we don't rallies that shows the market is unable to stage any rally and that is more of a negative sign. stuart: that is what i want to hear. our viewers want solid advice. maybe this, maybe that. you are being clean cut. you are saying any chance you got, sell, get out of its. that is what you are saying. >> i would sell into rallies. there were a lot of signs the market was rolling over, but if you had not gone out already i would not only sell into this rally but if we rally sharply, i would shorten the market and opportunity to make money on the downside. stuart: we like clean-cut, well expressed opinion and you gave it to us. thanks very much indeed. now we have the sector reports. there are some retail winners, that is a sector we are looking at. we start with nordstrom, walmart, macy's, polls all of those in the retail sector, they are very nice winners today, one or two percentage points up. the market is up 300 points. i confess to being somewhat disappointed. we are up 308 and holding right there. more on the market in a moment. >> i am nicole petallides, what a difference a day makes, yesterday we dropped 1,089 points, today we are higher with an up arrow, you are seeing green, dow jones industrial average jumped 306 points like we saw yesterday, read everywhere. we are seeing green everywhere except in the vix, the volatility index, which sustained a one pager 18%, gained 35% yesterday, today a reversal, taking a breather down 21%. volatility index is volatile. look at the dow leaders, jpmorgan, disney leading the way on the dow jones industrial average, 5%, 108 and a low point, $92, jpmorgan sold at proctor and gamble, winners there, ten sectors, information technology, consumers and financials leading the way. lauren simonetti, sandra smith and i kick it off. which can make it hard to get air in. so i talked to my doctor. she said.. doctor: symbicort could help you breathe better, starting within 5 minutes. symbicort doesn't replace a rescue inhaler for sudden symptoms. symbicort helps provide significant improvement of your lung function. symbicort is for copd, including chronic bronchitis and emphysema. it should not be taken more than twice a day. symbicort contains formoterol. medicines like formoterol increase the risk of death from asthma problems. symbicort may increase your risk of lung infections, osteoporosis, and some eye problems. you should tell your doctor if you have a heart condition or high blood pressure before taking it. grandfather: symbicort could mean a day with better breathing. watch out, piggies! child giggles doctor: symbicort. breathe better starting within 5 minutes. call or go online to learn more about a free prescription offer. if you can't afford your medication, astrazeneca may be able to help. stuart: it has been a narrow stalk, i am pouring cold water. we will bring this back. can i explain this please? the top headlines, of a rout the assault is the name of that young girl in vote will be wonka and the chocolate factory movie. when she doesn't get what she wants she stamped her little feet just like you. i did not do that. my editorial staff is saying i have been stamping my feet because i didn't get a rally. i have little of the rally but nowhere near enough. don't call me that. it is bad for the ratings. look at this, look at the share price of chipotle. there are $4, that is the mere 0.5%. they are planning at one day hiring screen, they will bring in 4,000 workers on that one day, attract them with special deals and, elizabeth macdonald, the deals are what? liz: paid sick days, a paid vacation days, tuition reimbursement and 401(k) plans, every store on september 9th will be hiring, looking to hire 60 people. they will interview 60 applicants and they want college graduates. stuart: are they over all going to hire 4,000 people? liz: that is the target. they want college grads. the majority move up to the managers, 95% of entry-level workers. >> 6-figure -- bernard: give me that number again. >> 95% is the word. the managers promoted from within and move up the food chain and become managers and higher level of. stuart: so they say you have a good shot at a 6-figure salary, come on in. >> those gas prices going down are popping the. stuart: hiring strategy, that works for me, not the i am looking for jobs there. markets are rallying here, big loss overnight. in china the shanghai market was down 7% after they closed trading their china came up with its own big new support package. they will cut interest rates and tell banks keep less money in the vault and get it out there. here is author of the coming collapse of china, gordon chang. what do you make of this supposedly big support package. >> they have done this before, they had four previous cuts in the benchmark interest rate since november. they had three previous cuts in the reserve requirement ratios since february and it had no appreciable effect. monetary stimulus has not worked for themselves i think this is good in terms of public relations. we will eat it up but in china i don't think it will have a real affect, fundamental lack of demand. stuart: demand for good services. stuart: this is designed to prop up the market as opposed to the economy. >> eventually the market does follows the economy and if the economy doesn't do well the markets will have a problem. stuart: you are still saying they are not growing 7%, maybe 2%, maybe less than that. >> absolutely. also saying in a couple months from now, we are going to have even lower growth. we will be at zero or contraction towards the end of this year. stuart: chinese authority see that and are trying to move against and you don't think will be successful. >> they are at a corner of panic and desperation. ashley: what measures could turn it around? >> nothing. there is nothing they can do except fundamental economic reform which is completely off the table because it is politically impossible in beijing. they can slow the rate of descent and have been doing that for quite some time and are very successful at it but they cannot change the direction of the economy and ultimately they have two decades of recession or recession like stagnation or a 1930s crash. i think it will be the crash. stuart: very good out cue. thank you very much, sorry it is so short. i really pressed for time. we have a disappointing rally on our hands. democrats bring politics to the wild swing in the markets. we will tell you what some of the candidates are saying in a moment and president obama's press secretary hints strongly ahead joe biden run and possible endorsement from the president. sorry, hillary. we will see where camera holders stands in the next hour. can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive? you premium like clockwork. month after month. year after year. then one night, you hydroplane into a ditch. yeah... surprise... your insurance company tells you to pay up again. why pay for insurance if you have to pay even more for using it? if you have liberty mutual deductible fund™, you could pay no deductible at all. sign up to immediately lower your deductible by $100. and keep lowering it $100 annually, until it's gone. then continue to earn that $100 every year. there's no limit to how much you can earn and this savings applies to every vehicle on your policy. call to learn more. switch to liberty mutual and you could save up to $509. call liberty mutual for a free quote today at see car insurance in a whole new light. liberty mutual insurance. ashley: netflix wants more teenagers tuning in. the new york times reports the streaming service is focusing on a number of exclusive films and tv series focused on teens. one is holder house, siegel to the 1990s hit sitcom full house. netflix executives say there's of lead in scripted programming geared towards teens. what are democrat saying about wild swings in the market? let's co to blake berman in d.c. for that. >> good morning. bernie sanders was the most outspoken of the democratic candidates to use yesterday's market sell-off as a critique on wall street. bernie sanders tweeting, quote, of the past 40 years wall street and the billionaire class have read the rules to redistribute wealth for the richest among us. jim webb had a different take, he posed on his face book page that china needs to be more transparent, quote, this current situation reminds us all economic policies are best understood when the governments in vault open practice transparent policies. president obama addressed the issue behind closed doors last night. at a fund-raiser in las vegas the president told supporters the economy and housing markets are stronger and job creation has been on a rebound. the president blamed the political system for, quote, holding as back. notably absent from the conversation was hillary clinton. she did not have any public events and did not use her social media platform to address the market. ashley: thank you so much. our 3 of varney coming up next. stay with us. we live in a pick and choose world. choose, choose, choose. but at bedtime? ...why settle for this? enter sleep number... right now all beds are on sale. sleepiq technology tells you how well you slept and what adjustments you can make. you like the bed soft. he's more hardcore. so your sleep goes from good to great to wow! only at a sleep number store. the time is now for the biggest sale of the year, where all beds are on sale! save 50% on the labor day limited edition bed. save 50% on the labor day limited edition bed. know better sleep with sleep number. >> everyone has been playing the blame game. wall street wobbles and the finger pointing begins. the prize for the most bizarre, farfetched, and perhaps humorous statement goes to -- josh earnest. he speaks for the president he said it is the republican's fault. he could have laid some blame on china. or janet yellen federal reserve, but no, it is those republicans they just keep blocking the investments that the president wants to make. let me translate that. they won't let the president spend money. the left doesn't just spend, no, they invest. spending has a bad name. investing sound much more wholesome doesn't it? so we lose trillions and it is the republicans fault that would be funny if it weren't so, obviously, political spin. are we really to believe that that the economy is in trouble because we're not repairing roads or spending on glorified data? what nonsense. we're in trouble because the president has failed to return the country to prosperity. worse, he has willingly doubled our debt. we are heavily in debt to china, and now we're paying the price. ♪ you want stability, i will give you stability. and then up 300 points for about an hour. i thought we're going up 600 but no up 29 and the dow stocks are in the green. merck is the only one that's down. there are actually a lot of winners in the s&p 500 right now. look at this list is goes on best buy. console energy, next screen biojen avon and michael coarse big etion and a best in all 500 stocks. price of oil below $40 a barrel but up a buck at 39. market watcher david nelson ask here. i'm disappointed. [laughter] i'm sorry. i thought we were going up 600 points right at the opening bell off to the races all over again. >> take a breath. [laughter] calm down. it is a process not an advantage but repair itself in one day. what has changed in the last 48 hours probably not a lot. other than in china other point to how bad it is that they have to take this action in the firstlation. it is a good opportunity for a couple of things. one, as liz had coined the phrase thinkers some of the things you know you shouldn't hold in your portfolio any longer it is a good time when you start to upgrade your portfolio look to buy stocks that had great earnings reports down 10, 15% than they have taken a big correction here. >> so weed out the bad bsh buy into the good. take a big deep breath, don't panic. >> it is going to attack some time. look, my guess -- >> what is going to take some time before we get back to 18,000 on the dow? >> probably. i would expect over the next -- several weeks maybe even a couple of months we're going to retest lows once again, you know -- wait. that jargon we're going to retest the lows. >> that's pretty bad -- >> on that. >> do it all over again. down 15-1, 15-2. >> it takes some time you have to call your losers, and you have to stick with the winners, but look, the conversation is centering around a lot of investors are concerned that this is 2008 all over again. i don't think it is. i think this is probably better analogy of 1998. asian, we have some real positives in the economy right now. housing is relatively strong. housing number missed slightly but relatively good number. consumer confidence i was surprised by that number. jobs are reasonably stable so we're not at the depths of the crisis that we were 2008 so there's a disconnect between the market and economy. >> come down and inch our way back up again. >> i think that targets are out of reach that people came into the start of the year with, but we're getting back. >> you know what goldman sachs this morning. they have this s&p would be up 11% from that now, by the end of the year. that's huge. >> but that gets us a little bit above the line of the year. >> you're not listening to goldman sachs what's wrong with you, goldman sachs -- >> i have my own opinion. [laughter] i do mine. >> your advice is good advice actually sell to losers, the rub -- >> don't buy into everything today. if you want to buy netflix today bay half. >> disappointed. >> i'm sorry about that. >> thanks so much dave nelson. >> appreciate it. >> back to my attack priceless wasn't it. white house blames republicans for the market swings and what is going on in the economy. look who is here digital politics editor chris, he is with josh josh earnest saying it is republicans fault for all that has gone wrong in the economy and markets. what's with that? >> well, you know maybe it's like -- walt disney world and epcot center where you push a button and preeded or recorded statemes whatever comes up, you can say well it is the fault of the republican for not spending more money. if they would have agreed to spend more then we wouldn't be having these problems right now, and administration puts that in on everything. in standard talking points that they use. >> it is tired, though, isn't it? it doesn't work, and what do you make of this -- >> that never stopped us from doing anything in washington. [laughter] what about near of biden that was almost endorsement wasn't it? >> hearts are thrumming for biden and the stuff and the idea among democrats that they could have a race. because it is anto the base of the democratic party not only do you have a coronation but you have a coronation to corporatist. they don't believe they're going to do this and as normings have fallen, fallen and she gets less and less favorable with the electorate maybe we need something else. wheang the president is doing, though, if i had to guess, if i had to guess, i think net would rather joe biden not run because he needs given the fact that he's executive authority to do so much that he needs legacy to drive up and blow away. but that having been said if joe is getting into the race good for the president in the sense that he can stay aloof from the process and he can have everybody -- kissing his ring or whatever. that leaves him instead of becoming a lame duck when hillary clinches thomtion. >> looks like hillary clinton campaign is on the down swing, big time -- i'm not going to say it is -- promising or say this panic there. but this is really serious trouble. when the president of the united states appears to endorse his vice president and not his former secretary of state. >> for the very least to come out this kind of a throaty, this -- all of this happy talk about joe biden and potential candidate city right now is at the very least a backhand to hillary clinton who is scrambling to get her campaign back on track. >> flat out split you can't go into a presidential election split between joe biden and hillary clinton that's a disaster form isn't it? >> well, good news for them is republican party is still the republican party and whatever democrats are doing they're facing republican field cult 17 ways, with two leading contenders are blasting in the face every day over anchor babies. at least they have that. you're having a blast aren't you? >> you are. [laughter] >> we all are because politics has become entertaining. it has become -- interesting. i'm enjoying this. >> yeah, why not? this is america. we know better -- what did will rogers say america has no native criminal class save congress. so we know a little something about what to watch. [laughter] >> our always good. thank you very much for joining us. >> have a great day. ferlg biggest tech stock could be streaming by. another who says that but could be apple, a.m. disob, netflix we want to know what did they have in the pipeline in terms of new products coming on to the market we're getting close, and gadget editor in chief michael gorman is with us right now. by the way, that qbs is one of the big ones in the web in the technology world. i want to start with facebook. what's in their pipeline? facebook has been putting must y into r&d and artificial intelligence will make better recommendations for people in their news feed those kinds of things and other services related to getting people the content that they want, of course there's also virtual reality you know facebook bought "oculus" and you're looking at the "oculus" risk consumer headset coming out next year that is single product that is going on. also there's facebook internet.org efforts. you know, they're building planes to fly for days at a time to provide internet access to kind of parts of the world where that's more difficult. so you're looking at them having a lot more users potentially in the near future. just by virtue of building out this kind of internet infrastructure. >> i'm on the outside of technology. but would you as an insider say that facebook's pipeline is very strong? >> i would say that it is right now, they've got a lot going on. i mean, i think you don't know exactly how it is going to manifest. buttening that road map makes a lot of sense to me in terms of adding more people, getting them more things that they want to see, you know. >> let's move on to amazon what do they got in the pipeline? >> so amazon is really pushing into content i think is one major thing their video, kind of paying for more shows they actually just picked up the top guys. so they've got interesting content things happening so they have the amazon echo which is a purge assistant that has been well received thus far, and it is going to make it easier for people to access amazon's content services anded or -- ordering stuff too. version it was a cool and entertaining gadget if i can call it that. that's in pair pipeline out there pretty soon i think. we liking it around the set here. move on to netflix. when i think of a netflix pipeline i'm thinking of original content and a programming, is that what i got coming up? entering into a new segment for them interesting to see how those films can do. >> last one, apple, we con stantly speculate about their pipeline iphone 7. apple car, apple tv, can you tell me anything else that they've got coming up in their pipeline that i don't know about yet. >> rumoring about a larger ipad like a 12 inch version which i think we could see, of course, certainly the new apple tv, there's also, of course, a -- a tv streaming service that i don't think we're going to see that this year. but there's certainly been information out there saying that apple is trying to negotiate dealing with providers to provide kind of an online streaming video service that provides channels unlike sling tv. >> the idea of a big, bigger ipad that's intriguing. i think i just heard that lanovo has a much bigger pc, in fact, heavier, and it is bigger. is apple responding to them for he knows sake? >> i don't know about that. they've gotten feedback they brought out the ipad mini were people were hoping to have something smaller. other people say they wish particularly in a corporate environment wish they had a larger ipad so i think it is much more response to that you know assuming that that's actually in the pipeline. rumors that are floating around. seen things indicating that it is coming i think that's where it can be most popular like document review. it will handle that a little bit better. >> michael you are a techy. i hope you don't mend me calling you a techy -- you love it i know you do. the companies that we've gone through amazon, netflix, facebook, apple which company do you think has the most exciting pipeline for techies? >> i think facebook because they're doing -- interesting work with ai and, of course, with rr and "oculus" that's intriguing to me and wiring up internet. they're using really cool technologies to build out that as well. >> i want that without the seasickness. [laughter] >> that's right getting better every time i see it, it gets better. >> michael thank you very much for joining us we appreciate you being with us. >> thanks for having us. joe biden getting close tore a possible run in 2016. now white house is chiming in, hillary must be getting worried. [announcer:] what if one stalk of broccoli could protect you from cancer? what if one push up could prevent heart disease? 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>> i wouldn't rule out the possibility of a primary. >> fox news contributor and -- [inaudible] >> of course. face reality. the president really wants joe biden to run. joe biden probably will run, and he will split the democrat party and you've got a problem. >> i don't have a problem. because democrats are going to win. so there's no problem. you have the problem. but the issue i will address the issue. the issue is that democrats are, obviously, very concerned about hillary clinton. to say the least. >> on the statement of the decade. the least they're concerned about hillary clinton and she's not likable or trustworthy in the polls but look here's the guy who has had experience, reelected six times in the senate elected at age 29 in 1972, he was chairman of the judiciary committee, of the relation committee and relationship overseas. we're talking about iran and china today, all of these business issues that you talk about that hillary clinton doesn't seem to really be very good at. you left out the best part of that -- that clip. he actually made ernest made a clip or a comment about hillary orb not being a good secretary of state something like that. >> they did. down played her role. the success therein. >> it was a jab, an important comment. >> president obama is going to decide who he thinks can win if he thinks hillary clinton can win, he'll back hillary clinton. if he thinks joe biden could and he'll back joe biden because he wants democrats to win to preserve his legacy so he'll choose according to who he thinks will and, and at the moment he's definitely moving towards joe biden as hillary's problems increase. >> who wouldn't? you've got to alienate yourself from somebody who is losing question is all of these -- bundlers if you will, they're concerned to get into late, and they've signed on with hillary -- nobody expected that these things were going to happen so you've donated all of the the money to hillary. now all of a sudden oh, boy. >> now look at this we have a new poll, let's see a new poll that shows 46% of voters believe that hillary clinton wait for it -- should suspend her campaign until legal questions about her pee mail server are resolved. suspend the campaign. that's across the board poll republicans were involved in the polling as well. they were asked a question. but 46% says she recollected suspend her campaign. are you kidding me that's walking away from the campaign. >> you can't suspend something and then decide to come back you lose all of your momentum and john mccain, i don't think he became president. i don't know, i may be wrong. >> does heavy sentiment against hillary clinton, within the democrat party, within the country as a whole. i think you guys are utterly split and there's a real danger for democrats going into the election. >> i think she has a major communication problem. she needs to kowment strong, and make some changes because it is the likability and trustworthy factor that is really affecting people because even though it is not a criminal invest just yet or she hasn't been charminged just yet, everybody is like, what's going on with this woman she seems so distant. >> you're defensive aren't you. >> that is what you have to be -- you can see the writing on the wall yet you're pressured here. do you think joe biden would run if he rubs do you think a 73-year-old -- 74-year-old guy can win? >> yeah, i think so age is nothing but a number. >> prone joe biden. >> problems with the african-american community making that comment about obama being articulate person. >> your favorite candidate is donald trump. >> mine is not. no brew ka. >> let's tab who you want to -- >> i don't have a -- what i want is prosperity in america. and the way to get prosperity is so lower corporate and individual tax rates to get this economy growing. can we not all agree that the one thing we want in this economy is growth -- >> but we're talking about three democratic potentially three democratic candidates. >> not of whom -- >> how many do you have 20? >> none of those candidates will give me within iota of growth in this economy. not one. >> economy is growing right now. >> 2% that's not good enough. but that was -- >> is anything good enough? >> no, are you going to come back? >> thank you. >> we're learning details about about hillary clinton's e-mail scandal, finding out which e-mail set is being probed. the dow is up 4.34. ♪ ♪ ♪ get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. >> well we just missed it about 20, 30 seconds ago dow was up, uh-oh down it came now up a near 390 but we'll take it. [laughter] learning new details about one of hillary clinton's e-mails that first triggered fbi probe. cheryl has details. >> one of two e-mails that trig ertd the probe. fox news just getting new details about the first one april of 2011, from huma abidin to hillary clinton. information classified there was information from three different intelligence agencies and that one e-mail from huma to hillary, and every agency has confirmed to fox news that the classified information. if you're an agency, in the government, you know, another agency is not going to say it is classify or not classified they say that was classified information that never stood up in our private server. >> why was classified information on that e-mail when she's -- hillary clinton said it was not -- >> correct. what is huma doing with classified information and sending it to hillary clinton? what is that? >> what we do note about the e-mail it had to do with satellite images over the middle east and learning that satellite information was again classified by the three different agencies and whatever in that e-mail at one point state department put out under their own website without -- covering up marking the retracting or redacting i'm sorry, any i have the lines and that was a breach of within the government but this is one of two. the other dealt with benghazi that was in 2012. >> shouldn't have had classified information on her e-mails. >> right. huma shouldn't have been seeing this stuff and passing it to hillary clinton. >> uh-huh. >> an hillary clinton said no she had not got classified e-mail information. >> one to remember is well what is classified. you know that's very debatable, and this e-mail it is not debatable. >> something wrong with you. >> all three agencies classified information that breaks the law financial ferghts white house blaming the republicans for those wild swings in the market. you can bet charlie gasparino has something to say about that. he's next, the dow is now up 404. we live in a pick and choose world. choose, choose, choose. but at bedtime? ...why settle for this? enter sleep number... right now all beds are on sale. sleepiq technology tells you how well you slept and what adjustments you can make. you like the bed soft. he's more hardcore. so your sleep goes from good to great to wow! only at a sleep number store. the time is now for the biggest sale of the year, where all beds are on sale! save 50% on the labor day limited edition bed. save 50% on the labor day limited edition bed. know better sleep with sleep number. >> put him on camera scott is about to make his first appearance on the show today. a fixture on the program for years and years and years. here he is for the first time. scott. i'm disaa pointed. i want we were going to go up 5 or 600 points on the dow first thing this morning and only 300, 400 at a begs. what happened? >> i think there's a little bit ridiculous as well. but you know what overnight we had europe recover and u.s. wanted to follow suit as well as an interest rate cut in china to bolster what they have got as a meltdown over there. 8 and a half percent started our u thousand point decline and 7 and a half last night that means we should be up 400 today market is schizophrenic i don't trust it and it is not exactly like october 15th last year when we recovered right away. i think we've got more input than inputs more dier. i don't trust this market at all. >> what's the beg problem tell us again you've gone through this on the program and big problem what? >> big problem is we have the rate hike rhetoric a dollar that is weakened but as that weakens it should be supporting commodities an they can't fiend any support. that tells me that we're in a midst of a global slowdown, and a rate compression environment. the u.s. can't be the only country even with our economy they say doing as good as it is, it is not doing that well. we can't raise rates right now. i think it is being pushed off and that's telling me also that china cutting rates and devaluing twice last week that they don't think that they're doing very well. so that is going to absolutely hit pus because if china is about 30 to 35 maybe 40% of global gdp globally come down again. we run the risk of going into a global recession that's the problem so that's what we're worried about now. we didn't have that information last october. >> okay we hear you thanks so much indeed, sir, the white house used the big selloff to blame congressional republicans. so not allowing president to spend the money that he wanted to spend. let's play that soundbite again from josh earnest. >> there's no doubt that congress failing to act in responsibility way to pass a budget and reverse and going to have negative consequences for the u.s. economy. and in particularly at this time when we're seeing so much volatility in economies all a around the gloib it seems like a bad time for an unforced error. >> okay, what do you make of that charlie gasparino? >> i would say this someone should have brought this up to them the president was given a free hand back in 2009 and 2010 to do whatever he wanted it in materials of spending he created a surplus package of nearly $1 trillion it did nothing. that's the real reason why we're in this shape. you have to realize fed looks back at the stimulus package saying coming out of the financial crisis one of the fed has to do, it has to keep rents low and print money. less the feds problem or fault, than it is josh earnest boss. so -- >> the president obama came into office and he did not get the economy going. he spent money that did not work and he raised taxes boost regulation but relied on federal reserve to fund the economy. >> i would say this. the fed reacted to his lousy fiscal policy. his fiscal policy, by very, very, very easy money in monetary policy. that's what happened. the fed knew it was the only game in town. >> now what? >> will the federal reserve raise rates we've had scott on the program. some time saying there's another money precincting operation coming from the federal reserve. now it is funny no he says that, that is growing in acceptance. >> hear about it all of the time. >> market watchers that want it. >> way down hill. biggest hedge fund he's a market watcher but he's calling for qe4. you hate that term. >> no -- calling, no wanting. >> say it q -- no. money precincting times -- [buzzer] >> do you think you're going to get it? >> should you? >> on a limb if you're saying we're printing money. rage on a limb you have to have a market -- a huge decline in market. >> here's what i would say, stuart, if you -- when we don't have all of the data yet that's why this is such a perilous time in the market and economy it if it look like china slowdown is going to and a the slowdown asian economies but market and a slow down and somehow affect us, they're going to do something. you know, they have to do something, they will not janet yellen will not allow -- >> hillary clinton, the joe biden -- janet yellen will not aplow to run without pumping up the economy. they'll run in the face of a massive recession. >> okay listen to this one from a former new york stock exchange chair dick he talked to sandra smith on this network talking about donald trump's criticism of hj hedge funds listen to this. >> let's not get too excited remember the man he sites most often deal with the issues of china and japan is carl icahn. brilliant investor, who runs one of the biggest hedge funds in the world. >> donald trump said that huge fund guy should pay the same taxes as regular income earners that was basically what he said. >> he wants some sort of scheme that forces him to pay regular income taxes opposed to the tax and sowpgding like guess who, barack obama. >> exactly. and hillary clinton, and bernie sanders i don't know how donald who again preface how he's going to straddle this policy of being left and right and a all over the place on every issue. at some point you need some coherence, and you know, i think one of the problems that donald has and, you know, he's done very well as not the professional politician from what i understand we have no comment about this. he hasn't commissioned one internlg poll. say what you want about the professional part of running a race but when you don't commission a poll, you really have no idea what voters particularly republican vote rs want. >> why the poll -- seems to be doing okay. this gap will catch up to him. my belief is he went after the hedge punted managers you know what, nothing to do with policy. he knows that jeb bush is supported by a lot of hedge fund guys. and he's getting none of that. you know, he and anthony met yesterday and anthony is supporting him saying he's going to continue to support walker. >> trying to hide him off. >> all right. that's what this is about with him and hedge funds. while markets are rallying, all good news today. the af put out a poll of economists who see 70% of them say the economy is only going to grow, they've got less about th% over next couple of years in the 2,000 -- >> we have heard. same old 3%. >> we have heard of this recovery, economic recovery, that is oh, within next six months it is going to pick up. next couple of years it is going to pick up. now economists are finally you know saying you know what, no. it is going to be below 3%. and listen to this one step 70% say they thought the economy's growth was below the throng run average of 3% till 2017. that is past the election. so that's one big thing that is a negative. also, wages. pay raises, not a good number. for the economists. >> yeah, saying the same thing that they don't expect 58% think wage increase makes years stuck below -- below the average which is only 3.5% for average american worker. average american worker gets a 3.5% raise. yeah. >> she's said they would suck. >> yeah. is that a flip? >> no that's a cheryl special. [laughter] >> telling leak it is. what happens if there's a global slowdown, and there is and china is really slowing down, and it is and affects us here. slowdown not 2% but 1% or less. what are we doing? what totals do we have our disposal. >> government if you have a republican in there, it could -- get coherent fiscal policy of less regulation and taxes. now, medium matters attack me for saying something like that yesterday. but that's the truth you've been a republican. republican congress, republican president you'll get tax cuts, less regulation, i happen to think that's good. media management may think that sucks i'm telling you if you want coherence you put one party in. that's what the -- >> liberals too complaining, you know, all of the jobs are going joafertion, and you know donald trump to his credit, the populous phrase is bring jobs back home. but in a democratic administration in this democratic administration that has not happened, why because they're gong for their base who wants tacks raised on evil rich people. that can also hire and billion dollar things in this country. in a fair way. >> we are dead flat at a gain of 300 -- 350 point. >> you can't call that dead flat -- >> with i'll give you the 5. >> hour of trading. >> we're on the end -- stock issues. to pay some bills. take a commercial break. back in a moment. can a business have a mind? 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>> way i measure it and a cycle that i'm seeing i think 13,000 is the whole to get a bounce from right now we're having a short cover rally. >> 13,000 at the first level to hold? >> i'm anticipating that this stock market will go up lower than 13,000 predicting 9, 8, 7 larry said five. lower levels. so first down to 13,000. bubble around at 13,000 and another leg down. another leg down, always -- five, 6, ,000 on the dow. >> what's the fundamental problem? >> united states has 18 trillion dollars in debt opinion and china is trying to put more in the books. japan has tremendous amount it have debt with no velocity of money. if you put debt and velocity of money what the federal reserve should be nervous about then you cannot grow. i studied civilization everybody has a debt problem and you can't recover not enough revenue globally to pay off debt,ing and what happens our treasuries are going to start to fall. the safety yesterday it was so weak they were selling right into that rally. treasury market short, it was along for 18 years. now gong short for treasury market because the dollar is going to get real strong for safety for because currency around the world are in trouble and devaluing. >> we hear you. thanks for joining sorry -- just got news and i want to cover this. bp refinery word is breaking news that that refinery is about to restart. if it restarts then presumably gas prices in the midwest will go down. >> because of that refinery may filter across the rest of the country so might start to see a significant drop in gas prices nationwide. 257 last night. lower than that. probably in the very near future. two reads on the housing market came out today. number one, home crisis, number two, new home sales. cheryl two headline for you. >> prices first, average price now 235,000 that is higher than 2% over the year but that is a good thing seen a little bit of a slowdown in prices. that's one of the things that is stalling housing market on the price side now as far as new home sales it is bowlish getting more and more bowlish. new home sales of a -- rebound in july up 25%. from over the last seven months that was at the shorter period. 5.4% is the jump as well, an the inventory situation is a little bit better and they revise ared for new home sales. that is existing the other 85%. but existing that came out last week was a 8-year high. >> seeing momentum and cautious about housing because it is and so long for us to get to this point. >> first time home buyers have a time getting and shortage of supply so prices are are going up. but nunts it is a relatively healthy housing market. >> kind of getting out -- and there's a fair trade on both sides now. >> i've got you president obama continues on the war on dirty energy. geng he's going after a the evil coke brothers. what the president said after this. you're late for work. you grab your 10-gallon jug of coffee, and back out of the garage. right into your wife's car. with your wife watching. she forgives you... eventually. your insurance company, not so much. they say you only have their basic policy. don't basic policies cover basic accidents? 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>> you know big bad coke brothers what about george, our bus plenty of democrats that are getting lots of money to other things but everybody makes big deal about the coke brothers. look reality is this alternative energy stuff isn't beginning to work. it would work right -- we live in a market-based economy what was it in the carter administration that came up with all a of the -- [laughter] and i mean what happened to those? at some point like if there's not a market for this, if you have to subsidize it, so much by the government, then ultimately it will fail. >> well -- >> doesn't matter what coke brothers do. >> whoever from restricting kiewrls getting access to solar power wind power and what's he doing for consumers who would like to still continue to access coal? yeah . instances that want to use coal. cheap natural gas. cheap fossil fuel the same thing. please can we track for the natural gas under our own territory? absolutely not you can't. fossil fuel is evil. hold on tradition, more for you check the big board dow jones industrial is up 351 we were up 430, now it is 351. why -- >> you're calling for 600? >> not call for anything. before market opened futures indicated we were up 600 points certainly 500 never got there. i'm disappointed. >> everybody is disappointed. [laughter] >> see the market up to 1,000. but you know, we may disagree on this stuart, i think that this has been a fed induced bubble. i don't think you get the economic fundamentals to support the kind of evaluations we have seen in this market. and so the market has gotten ahead of itself and i think everybody woke up and they realized global growth aingt there. the u.s. is growing at a lousy 2% so how can we really be valuing these companies the way they are? so they took some money off at table. and more volatility. >> you have george pataki and a charlie phee roadway that and intelligence report with chris regan. 2:00 sharp is that correct? >> on the dot not a second later. >> more varney after this. [laughter] . >> at the top of 2:00 p.m. eastern, the margin calls start to come. in can you see who's in trouble and who's not. in the last half hour of trade, things start to trade and move. you can't judge from this pathetic, according to stuart. stuart: i never said pathetic. i said disappointing. i never said pathetic, i said i'm disappointed we didn't go up to 600. dagen mcdowell in for neil cavuto. >> say it with me, i want it, and i want it now. >> ahhhh! you better explain to our viewers who varuka is? >> the biggest spoiled brat on planet earth, she was on willy wonka and the chocolate factory. that is what we have this day, what a difference a day makes, green across the board. 340 gain after the 588-point loss yesterday. the dow lost more than a thousand points last week, trying make a comeback here. oil heading higher this day. take a look at the cost of crude, $40 a barrel mark is critical. i know phil flynn is l