How far can they climb . And we are about one hour away from the close of trade for the month. Ramy has the latest. It may not be the worst january anymore. Ramy at least for today. It as we and the week as well as the month, and right now the dow is up by about 296 points. It had been pushing 1. 96 , near the 2 mark. The s p 500 also off of it session highs. Toare looking to be on track lock in a second day of gains. I want to point out with the dow, 294 points. The seventh straight session of triple digit gains for the dow. Some really interesting and a broad rally that is happening over the course of today. I want to take you on a tour of the dow intraday. We can see what has been happening ever since the market. As been on this trajectory the dow really has been leading the rally with the s p had the nasdaq. Stocks are in the green. Only three are down and what is flat. Lets take a look at some of the individual movers. These are some of the biggest gainers. Microsoft is up by 5. 5 . Walmart 3 . These stocks contribute 75 points to the dow right now. Looking at microsoft, microsoft is up because it beat its secondquarter earnings. Perestimate at 78 cents share. A lot of businesses are piling into the cloud services. Is looking visa for some caution and with apple, the latest news is they are developing a wirelessly charged iphone as early as 2017. Those stocks all getting a bounce. It lets go ahead and go to the majors, right now they are on we are talkinggh about the gains today, they are on track to end the month in the red. Most byaq down the about 8. 5 . Betty im stuck on the Wireless Charging. That would be cool. Lets get a check on the headlines with mark crumpton. Mark the Obama Administration is confirming that Hillary Clintons home server contains some closely guarded secrets including materials requiring one of the highest levels of classification. Department releasing more emails from her time as secretary of state later today. The Associated Press has learned seven email chains are being withheld in full for containing topsecret material. Department officials would not describe the suspect the substance of the emails. Syrian Opposition Group will send a small delegation to meet with you and officials at peace talks in geneva. The group has said it would not participate without an end to the bombing of civilians by the syrian and russian militaries. The talks are the first since the rounds of negotiations collapsed in 2014. Fox says 12. 5 Million People tuned in for the republican trump, theout donald Second Lowest of the president ial primary season. The debate in august, which attracted 24p, million viewers. Four miners were rescued after spending 36 days underground in a collapsed mine in china. It collapsed on christmas day, killing one person and leaving 17 missing, including survivors. It was so violent, it registered as a seismic event. The socalled off the lens a teenager will remain in a texas juvenile facility as he waits a decision to be transferred to adult court. Ethan couch made an appearance today after his return from mexico. Authorities say couch and his mother fled to mexico in decembers as prosecutors investigated a possible parole violation. Global news 24 hours a day powered by our our journalists around the world. Im mark crumpton. Betty stocks are trimming their worst monthly route since 2010. Investors are wondering if they have bottomed out. Our next guest says it is too early to tell. Have a number of factors. The founder and president of the on Coal Research says there are several things that need to happen. We need to have the head back off on Interest Rates, china has to stabilize, earnings have to get better. What are the chances of that happening . Jim very low. Fed Officials Say that more is possible on the table. They need to come out and say one or two is it. That does not look likely. To begs are estimated negative on a yearoveryear basis. So our revenues. They are lower than they were a year ago. They do not look like they are turning around and there is no sign china is stabilizing yet. It is still waffling around. They have made new lows the last two days. Betty so is it like oil . Stock market will finish the year down 5 to 2 10 . It is down 6 for the year. We are in that range. Next 11rift out the months sideways and it could be a subpar year. Betty ok. People are wondering given the decline in january, does this mean if the stock markets are telling us we are headed for a recession, that was a question that citigroup. Im not saying we will never have a recession. I am saying current data does not support the idea of a recession. Data is a whole bunch of points that dont support it. There is fear and as a result any piece of information is a narrative. Betty would you agree . Jim i would agree on a couple of levels. Markets are supposed to be forwardlooking, telling us what is to come. Tobias mentioned we dont have an and bill did an inverted yield curve. That is why it is important to back off and finally there is an old adage the stock market has predicted nine out of the last five recessions. Market has a 45 track record, but it is much better than most economists. Betty so you say no recession this year . Jim i think well have a subpar growth year. If you want it in school terms, youre going to come home with a d and go to the next grade. But no one is happy. Betty just passing. Jim f would be a recession. Sayy some people would this is a perfect time. If you look at the charts right valuation, weof have gone down to our lowest level since 4014. It does not sound like much, let it is significant. Might the market have gotten cheap enough to bring some in Value Investors . Could. Part of the reason we have volatility, every day seems to be a 1 move. Emotionsuse of the associated with the dramatic fall in the market. You could be dragging in some of the michael the money. Data imes most of the have seen does not suggest there was a lot of selling in the first place. If we actually had what technicians call a capitulation, we would have been more likely to see a more meaningful bottom. Betty you are talking about the last few years . Yeah, go back to the august decline when we were down 1100 points. There was no capitulation. And we have made it lower lows from that level. The same ingo last week or so. We have not seen this wholesale, everybody says dont panic. No one has. There has not been a wholesale selling of anything. There has been hope it wont be. Without that capitulation, you dont create that potential buying power to drag everybody in. Betty there is definitely uncertainty. Maybe there is no certainty we are headed for the exits with the economy. That leaves people wondering what the fed is going to do. You mentioned the fed would have to back off on raising Interest Rates. What about cutting what they hiked . That is an idea proposed by jim grant. Possibilityat is a if things were to get worse. I have a little bit of an unconventional view about the fed. They raised rates because they realized qe doesnt work and they were in the market manipulation business. That is why they had this deal to raise rates. They are going to drag their feet arent trying to get back in and the process will have to be to call up call off the rate hikes and then we could speculate about whether there would be a cut. Week,s the meeting this they have not called it off yet. So for a cut, the market would have to get worse and i am suggesting the fed will react to the market. I think they will continue to react to the market. Betty good to see you. A quick programming note, on monday a conversation with vicechairman Stanley Fischer from the council on foreign relations. Tom keene will sit down and discuss the economy and the fed and of course global monetary policy. That is monday in new york. Much more ahead in the next 20 minutes. Chevrons surprising the street, posting its first loss since 2002. Its Balance Sheet is torn apart. Is that a sign of things to come fo all of the others . Shares of mastercard rising. Can it continue to win the war on cash . The major winners today. Here is the intraday trade. ,e are now over 300 points hitting that high again in a session. Betty good afternoon and welcome back to Bloomberg Markets. Awaye about 45 minutes from the closing bell and you can see we are now up near the highs of this and for the dow. Up 304 points. S p, we are also higher as well as the nasdaq. Some of the tech shares have been leaving. , based on been lower their profit miss it. S p, up almost 2 right now. Industrial tech, those are the major sectors leading the way. Time to look at some of the biggest business stories and news right now. Jetliner heading into the skies today. It is already the companys best seller. Were onn 60 customers hand for the initial flight of the plane. American airlines is reporting fourthquarter profits that beat expectations. Its results were boosted by following jet fuel prices and strong domestic travel. A stronger dollars hurting demand. Foxconn is upping its offer for 5. 4 billion dollars, according to a person familiar with the matter. Sharp is discussing competing. Ailout plans the foxconn chairman is meeting with the board tomorrow. Bignessyour bloomberg flash of day. Chevron open the lid on its latest quarter and investors were met with a glum surprise, its first loss in 14 years. Talked about how the Company Plans on weathering this plunge. A strong Balance Sheet so you can withstand the ups and downs of the business. Prices are low and so we will use our Balance Sheet this year. Almost regardless of where prices are in the year. We are going to cut cost and reduce where we can. Betty the rest of the oil bigwigs report in the next week. Here to help us figure out what is in store is david who covers the sector. Is this a sign of things to come for the others . David we could see more writedowns. The producers have to write down the cost ofbecause oil is lower than it was a year ago. Chevron was selling oil 39 a barrel compared to 68 the previous year. They are not making as much money. There will be some writedowns. Is chevron better positioned than the others . David certainly better than some of the smaller ones. Can weatheron, they the storm better. Hey are going to cut spending next year they are going to spend half of what it did in 2014. They are hunkering down. Is all part of the rebalancing process that will take the market and get rid of this glut we have. Betty how long can they weather the storm . Seed the Analysts Companies as having enough cash on hand and the ability to take on more debt. Stronger, better credit ratings, they can borrow at cheaper levels than some of the smaller companies. They can take on some more debt to keep pumping and to weather the storm. Betty even if they continue to borrow, arent costs going up . They could go into a credit review. David at some point they will. Analysts are starting to see the second half, the market coming back into balance. That should help. Betty thank you so much. Still ahead, we are going to look at the market on this friday. Here is a look at the most active shares today. ,ake of america raised to a buy now an invitation for activists. Betty welcome back to Bloomberg Markets. Stocks are a higher this final trading day of january. Todaysining me for option insight is the managing director at kk and financial and joins me from chicago. Good friday afternoon. Right now markets are rallying. A lot of it has to do with the bank of japan going into negative Interest Rates. It seems like markets are not at the mercy of crude. Your thoughts . It is interesting. The Central Banks world and we are just living in it. We have seen oil swing around, we have i look at oil, been able to hold above that throughout the day. The markets really did not react to the downdraft. Is holding, we are seeing the market put on more gains toward the end of the close. Islly the thing shortterm on the central bank action. The market was caught hard without announcement and that is definitely building in the theme. The 20he vicks is at level. Ecb, howboj and the long can we maintain this level of less volatility . Its interesting. It opened around the 21 and really hasnt given up much throughout the day. Even though we have seen it almost double. That is a function of the fact we are still seeing outside moves. That is not pricing in a 2 move. Even though we are seeing a rally, that is why we are finding the floor because volatility is elevated. To the healtht care select sector spider fund. Right now it is down 8 . You are bullish. What is going to carry this through . Right now, it has been on the forefront of the ticker the last several months. It has been in the cross hairs of the campaign trail and from a regulatory standpoint, but overall it feels like this sector has been pushed down more than the implications are for though asial, even far as Hillary Clinton putting focus on the sector. I think there is a chance for the sector to respond positively moving through 2016. The focus will go elsewhere. Ramy lets go to your trade. A risk reversal. I dont really want to jump in. There might be more downside. ,m looking at selling a foot looking at the march 64. That is right in the middle of the range and it allows me to wait the market out. I think we will see this push higher. If it does it take off, i can still participate with the highside called. Dan, thank you for your time. Have a great weekend. Next. Bloomberg markets dont go away. 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The state department would not discuss the substance of the emails for lawenforcement Officials Say that one of the fugitives that escaped from the Orange County jail in california has been captured. One is still at large. Urged to remainmai on lockdown and keep their eyes out for the stolen white family could be using that white van they could be using. President obama will meet next week with paul ryan for the First Time Since he became bigger of the house and the meeting was displayed by the snowstorm that struck washington last weekend. Some policy goals, including an interest in overhauling the u. S. Criminal Justice System and concluding a large tax bill. Mitch mcconnell will also participate in the meeting. Removenwide effort to breeding areas for mosquitoes that spread a virus begins today. Everyone needs to eliminate stagnant water, or brazil could lose the war mosquitoes. Resc global news 24 hours a day powered by our 2400 journalists and more than 150 news bureaus around the world. Back to you. Betty while you were speaking government the dow just hit 335her session high, points. If we are trying to close at the top of the session we head toward the closing bell and lets get to abigail what want and what is happening in the nasdaq. It is certainly a rally today, but on the year and on the month not so much. Date, at 10 from last years peak about putting the mastec in correction territory. Behind this bearish tone are two tech names. Deeper intottle each, apple is by far the biggest point drag on the nasdaq, down by about 7 year to date after ongoing fears around slowing iphone growth were confirmed when management offered a sales growth drop for the march quarter. The first since 2003. The question Going Forward maybe whether or not that march guide is the bottom, or whether investors will worry about the june guide. After the Fourth Quarter to point it, and the company failed to offer a 2016 owed. Ok that while to times of the last several years in 2011 and 2014. Significantly proceeding at all correction of 30 . There could be more selling pressure ahead. Shares are trading at an alltime record high of about 7 year to date. They recorded revenues of 5. 85 billion dollars. Anappears that facebook is early runner to be a top text and once again. Betty thank you. Two other stocks that are rallying today, mastercard and visa both posting higher earnings last quarter and what wall street expected. That is giving a shares boost today. Spending during the Holiday Season helped, but analysts say they are challenges to the companies in 2016. In david ritter, joining us from princeton, new jersey. David, one of the big concerns on the horizon for visa and mastercard . David i think they did a very good job controlling expenses this quarter. They have also done a good job of doing that in the past. I think the concern really robots around the strong u. S. Dollar. That revolves around the strong u. S. Dollar. Slower inbound from china. That is a worry. But still 10 growth, or close to it in the u. S. In volume, and midteens growth in rest of the world is pretty good considering the environment. Betty considering the uncertain environment, which is causing pull back ono their consumer spending. When we see the challenge of a higher u. S. Dollar and concerns about china, is that going to hit both me set and mastercard that the said mastercard equally hit both the set and mastercar