Down triple digits, all part of this global gut check. Cristina alesci is joining me. We are closer to correction territory than we were when he spoke to you an hour ago. I heard big noises on the floor when we got that big drop. So clearly nervousness on this end but all around the world, as you mentioned, this is really a global story. The fact that emerging markets have take answer big hit. The uk is in official correction territory already. So weve seen this kind of play out and the three main drivers here are lots of question marks around the second biggest economy in the world and its ability to grow and thats china. We got really negative data out of them last night. And then you have pressure on oil prices because there isnt enough demand in the face of a Global Supply glut. So you have those two things going on. Plus, lots of question marks about what the fed will do if the face of this new market reality which is a lot more volatility than just a couple of months ago, poppy. The fed has a dual mandate. Inflation around 2 and unemployment. Its hard to believe that the fed is not going to consider a huge selloff day by day by day here, rather considering whether hike rates in september, wait until december, when do we do that . Thats right. The fed official came out earlier today in an attempt to calm everybody down and said, look, we dont Pay Attention to daytoday moves but the reality, as you said, they cant ignore this kind of motion. They cant ignore this kind of nervousness. Also keep in mind, underlying all of this, we havent had a correction since 2011, poppy. A lot of analysts and strategists with this rise that weve seen since 2011 have said, hey, its about time that we take a reality check here. What does this slow down mean for u. S. Companies . Weve seen that play out. Some of the bestperforming companies in the s p are being hit today. Were talking about apple and netflix, which has doubled this year in value. Theyve taken big hits. These are companies that were previous low immune to market moves. Right. Cristina alesci, well be back as we watch the market tank down 300 points. Richard quest will be live with me in a few minutes. Meantime, more breaking news. The u. S. Is bracing for a possible war between its ally south korea and north korea. North korea offering a deadline to the south after an exchange over the border. This is pictures of kim jongun telling his troops to prepare for battle and threatening an allout war unless south korea stops blasting propaganda over the border there. But south korea is not backing down and rolling out their barricades as we hear that the joint military exercises between the United States and south korea have just resumed after a short break. Joining me now, bill richardson, former u. S. Ambassador to the United Nations and former governor of new mexico. Thank you for being with me, sir. Your perspective is invaluable. The last one in 2013. Thank you for being here. Well, im concerned about this. This is different than other border squirmishers. There hasnt been another one in the last five years but this is the first border squirmish since kim jonguns leadership. Hes unpredictable, warlike, thin skinned and also unsure of his leadership capacity in north korea. What you dont want is for him to get overly aggressive to try to impress his own population and, at the same time, the south korean president has to be tough, too. So you dont want each one to try to out macho each other. The United States is right there. We have 28,000 troops. We have a treaty with south korea that says we have to come to their defense. We should stand with south korea but this is the need for some diplomacy and mediation because this is serious. Rocket attacks, artillery shells in the past have been small arms warfare. Im concerned about this. Let me ask you, sir, about the 4 00 a. M. Deadline. Thats the deadline for north korea to say that south korea has to stop blasting the propaganda across the border to pyongyang. How do you think kim jongun will respond . Hopefully another reason that kim jongun does this is to ramp things up and then when nothing happens he takes credit and says, well, you know, im a peaceful person. I want dialogue. Lets cool things down. So, you know, these leaders manufacture crisis with some kind of end game. But my worry is, what if he doesnt have an end game and the South Koreans respond and then this gets out of control. I mean, what you dont want is this tinder box to explode. And thats been your opinion, the inexperiences with crisises . Thats right. Hes unsure of his own leadership. Hes exterminated some of his own people. Hes moves his generals around. Hes unsure whether he has real support within the north korean leadership. So you dont want him to use a case like this to demonstrate to the world that he needs an assurance. Now, another reason could be that he wants to say to the United States, to china, to the world, hey, youve got to deal with us in north korea. Its not just iran and crises in the middle east. Were here, too, and want to hopefully make a deal and finds way to work with you. Thats the ultimate best scenario. But i wouldnt count on it. Wow. Ambassador, thank you. Stay with me for a moment because i want your perspective on this. We are getting breaking news in here. The white house has just confirmed the second in command of isis has been killed by a u. S. Drone strike. Were told that it happened near mosul in northern iraq. A source telling cnn this was likely a targeted attack to take him specifically out. He is the top deputy leader to abu bakr baghdadi. Tell us if you could, sir, the significance of him and what that tells us about, frankly, improving u. S. Intelligence in this war on isis. Well, this is significant. This is one of the major strategies. Number two, i dont know if hes the architect of the beheadings but he certainly has been very involved in some of their militaristic efforts. Now, this is a victory for american intelligence. Ne dont get enough credit but, yes, it was a drone strike but you have to know where this person was. This means that our human intelligence capability. We need to know where they are to go after them. So this is positive. This is significant. Right. Also, though, weve learned theres been so much talk about chemical weapons and isis. A senior u. S. Official just confirming to us at cnn the traces of mustard agent have been found on isis mortars. I want to show you pictures of these apparent burns to the occurred de kurdish fighters. Regardless, when you look, there they are. When you look at isis armed with chemical weapons or mustard agent, it appears that they may have mixed themselves. How does this change the u. S. Strategy here . Well, these individuals knows their terror knows no bounds. Its not just the beheadings, mustard gas, massive human rights violations. But at the same time, they are recruiting people. So they are dangerous. They are getting stronger. So what does it mean for the u. S. . It means we have to broaden our coalition of countries engaging in the military effort. Were improving our intelligence. Thats important, too. And we need to get our allies in the region. This is why saudi arabia, some of the other countries, the gulf states need to participate more in the fight against isis than they have. Ambassador bill richardson, thank you so much. Important perspective on both of those breaking stories for us. Thank you. Also breaking right now, the first hurricane of the 2015 season strengthening. Meteorologist Jennifer Gray is here in the cnn weather center. Yesterday it was a cat 2 and now its a cat 3 . Yes. It is intensifying. Its a very small storm but its packing a powerful punch. 115mileperhour winds with gusts up to 125. Its still about 900 miles east of the of the leeward islands. Still too early to tell if its going to impact the u. S. But its worth watching. It looks like it may have already reached its peak with intensity. Its showing signs of weakening. However, were going to watch it for the next 6 to 12 hours to see if it does to weaken. The National Hurricane center thinking its going to weaken by tomorrow morning back down to a category 2 and then by the time it makes its way to the leeward islands, its going to impact puerto rico as well. However, its going to be coming in contact with some very dry air. You can see that brown right in front of the storm and thats goings to make it very difficult for the storm to maintain its intensity, poppy. Its going to be weakening. One should definitely watch but too early to tell if its going to have an impact on the u. S. Jennifer gray, thank you very much. Ahead, more breaking news. Were getting word of an attack involving a gun and a bladed weapon on board a train bound for paris. Also, his death sparked violent protests and new today, the teen killed by the police we now know was shot in the back. The police are bracing for potential violence. Some say its a racial slur. Some others, like jeb bush and donald trump, say they wont stop using the term anchor babies. A new fight between candidates about something that they agree on. Toenail fungus . Seriously . Smash it with Jublia Jublia is a prescription medicine proven to treat toenail fungus. Use jublia as instructed by your doctor. Look at the footwork most common side effects include ingrown toenail, application site redness, itching, swelling, burning or stinging, blisters, and pain. Smash it make the call and ask your doctor if jublia is right for you. New larger size now available. They trained and suppliedn is. Insurgents who killed my. Brothers and sisters in iraq. 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For a free quote today,call Liberty Mutual insurance at see Car Insurance in a whole new light. Liberty mutual insurance. All right. We are keeping a very close eye on wall street right now. You can see the selloff accelerating into the close here. The dow is down 460 points. This marks the single biggest selloff for the average so far this year, four Straight Days of losses. Well have a live report ahead. Were monitoring a huge selloff on wall street. Also, more breaking news coming in to cnn. Reports of shots fired between amsterdam and paris. The gunman was taken down by passengers on board that plane. Lets go to the Senior International correspondent on the phone with me, jim bitterman. Are you with us . Yes. I can just barely hear you. What can you tell us about what happened on this train . Were still waiting to find out ourselves because the fact is this apparently took place a couple of hours ago. The interior minister of france is on the way to the scene which is halfway between amsterdam and paris and were expecting to get more information when he gets on the scene. In any case, what we do know is there were three people injured. Two of them apparently by gunshots from an automatic weapon, according to a spokesman for the National Railroad here. And the gunman was apprehended. He was armed with the automatic weapon and a knife. There was a third person injured. Were not quite sure of his injuries, probably not too serious. But one person is in critical condition. Another, not so serious condition. A third with light injuries. So three people injured on this train. Not clear what the motivation for this was. The paris prosecutors office, which normally handles terrorism cases has opened up an investigation but the spokesman for the interior minister here says that in fact it is premature to suggest that this is terrorism related. Jim bitterman, thank you, live for us on the phone in paris. As we get more information, well bring it to you. Also, police now cutting Vacation Days in st. Louis, adding hours to prepare for how the community may react to news of another deadly shooting. Mansur ballbey was shot in the back. Officers opened fire after he ran from a house that they were searching. Ballbeys death leading to nine arrests so far. Now the attorney for his family giving a much different version of events to our ryan young. Witnesses are saying just the opposite, he did not have a gun at all. They have seen two Police Officers in plain clothes. The only problem is they didnt know they were officers. The officers never identified themselves as officers. They only see two plainclothed men approaching with guns. So mansur and the other young man took off running and ultimately after running about 20, 30 feet, mansur was not from the back. Reporter the autopsy shows what in terms of where he was shot . That the bullet would have entered at the right side of his back, traveling in a left motion which would have been going in this direction and ultimately the bullet would have hit his artery and it would have killed him almost instantly. With me now, editorinchief, carl Carlos Watson and host of cnn tonight, don lemon. Don, what have we learned about how many times police fired . This is according to a source, four shots were fired, poppy, that one of the officers fired three times. One of the officers fired one time. And that the fatal shot was actually the shot to the back. So a lot of the debate now is over whether or not he had a gun, what he was doing with the gun if he had one when he was shot in the back. Still very murky in terms of knowing what is what. Its still very murky. As youve said, witnesses are saying there was no gun. Police are saying there was a gun. Some witnesses are saying that he threw the gun. He threw the gun and they are doing dna tests on the gun to see if it matches the dna ballbeys dna. Its important to point out that what they are doing there in light of what has been happening with the protests. Obviously, st. Louis and ferguson, its very volatile considering a year ago with Michael Brown. Police are canceling their rec days, their days off, that they are working 12hour shifts. They waited overnight for the family to make the announcement before they made the announcement but they are afraid there may be unrest and even a bigger unrest that you saw during the Michael Brown incident. Carlos, as they sort out as investigators do what happened here, was this shooting justified or not, regardless of if a loss of life was tragic, the community, how they react about a year after the killing of Michael Brown in the ferguson protests and they broke out, what do you think we will see in the community and what should the Police Response be given what we saw in terms of the reaction to the Michael Brown shooting . Well, poppy, at least three things for us to think about. One, you heard don say that the that the Police Commanders there are doing a look into it but really we need an independent investigation as well. And youve seen that called for in a number of cities and i think its almost certain to be needed here, even beyond the circuit attorney, even beyond the u. S. Attorney who is going to do a review. We need an independent review and i think thats going to be critical to win the communitys trust. I think a second thing is, as you saw president obama earlier this year following ferguson but before baltimore put together a task force to look at how to deescalate some of these situations and i think the reality is the president is going to be asked to do yet more with nearly a dozen of these cases. Were clearly at a crisis and i think youll see president obama be asked to step in. And third, whether any of the president ial candidates will say that this issue is so significant it clearly is not a one off that really i need to put forward a proposal here in the same way that youve seen them weigh in on immigration, on the economy, on other matters as well. Im surprised, though, that it hasnt come up in a significant way in the campaign and also during the debate. So i think carlos is right. I think we saw Hillary Clinton addressing it in her meeting with black lives matter. Don, to you, when you look at Police Reaction to the protests after the Michael Brown killing in ferguson and the huge debate over wearing riot gear and the military vehicles pulled out, what can be different and what should be different if we see big protests . I think the Police Response can be different and people there can know that the burning and looting doesnt really solve anything. Yes, its important for people to protest. People are angry. And but i think its also important to remember that black lives matter, as you just mentioned, they have made significant headway when it comes to talking to president ial contenders. But the subject of police shootings, i dont think thats come up in a significant way on the campaign trail beyond black lives matter. But they should realize that there are significant gains being made when it comes to the peaceful protests, demonstrations. I think that will should be different now and police should not look so militarized. So much of this comes down to the legality of it, right, the Supreme Court decision over the perceived threat, what was the perceived threat and the witness word versus the officers word. Carlos, our team was talking about this earlier, what will the reaction be as more and more people see the headline man shot in back, man killed when shot in back versus waiting to get all of the details . Theres no doubt that theres going to be frustration and certainly as you hear the lawyer for the family dispute the account, you know, here in california, literally just in the last week, poppy, there was a similar case where a young man was shot in the back. Police originally said that he was reaching for his gun. Then they walked back that answer and walked back two or three other answers. So enough of these cases are happening that its hard for any reasonable community to not have some doubt about it. But as don said earlier, the idea that violence will be the answer is also a difficult one given that people live in these communities and see that they are not often repaired. You have seen progress in a handful of place oefs over the decade. For a long time, cincinnati and seattle are two places where the ideas that police and community have better relationships. Part of that is because theres been more transparency when police have been involved with violence against people. Secondly, youve seen more independent reviews. Third, youve seen more hiring from the community. Thats important. And fourth, as youve seen a number of commoners talk about, the use of Technology Including Police Cameras sometimes to allow a greater insight into what actually happened. Certainly here and another situation of he said he said, that would be quite valuable. Poppy, we should remember, if youre out there, again, protesting, thats all fine and well and good and it should happen. But just because a suspect was shot in the back does not mean the suspect was running away. Could mean he was. Doesnt mean he wasnt. You have to wait to see how the investigation goes. Thank you, don. Thank you, carlos. Don will be on tonight at 10 00 p. M. Anchoring cnn tonight. Look at the dow. Closed down 438 points. The steepest selloff of the year by far. Richard quest, host of quest means business with me live. Stay with me, next. Shopping online. Is as easy as it gets. Wouldnt it be great if hiring plumbers, carpenters and even piano tuners. Were just as simple . Thanks to angies list, now it is. Start shopping online. From a list of top rated providers. Visit angieslist. Com today. Everyone is looking for ways while to cut expenses. S unique, and thats where pg es Online Business Energy Checkup tool can really help. You can use it to track your Actual Energy use. Find rebates that make equipment upgrades more affordable. Even develop a Customized Energy plan for your company. Think of it as a way to take more control over your operating costs. And yet another Energy Saving opportunity from pg e. Find new ways to save energy and money with pg es Business Energy checkup. I want to welcome our viewers here in the United States and around the world as we follow a huge selloff on wall street. Lets look at the Dow Jones Industrial average in the last half hour of trading. A selloff of 463 points. This is by far the biggest selloff of the year. This is the biggest selloff wean seen for stocks since august 2011. Lets go straight to Cristina Alesci. Also with me, host of quest means business, richard quest. Richard quest, to you first. The driving factors here. An element of fear over what is happening in the chinese economy. Some bad manufacturing numbers coupled with complete disbelief of the official Growth Numbers from china. Is chinas economy basically on a downward spiral out of control . Thats the first element. Then you throw into what is happening some weird numbers out of the United States. Factor in what the fed is going to do. Sprinkle on top of it the fact that it is the middle of august and people are away. And you end up with this very volatile trading in the last hour. We saw yesterday i happen to think its one of those august phenomena. Joanne, i wonder if you agree. Lets talk about the fed minutes. The notes came out from their meeting and these are the folks who decide where Interest Rates are going to go and its so important on when they are going to hike them. How important is this . Thats an issue but i have to agree with richard on this. Theres two major factors that we have to consider here. One, its august. Its a friday in august. Lightly traded. A lot of people on vacation. So small moves get magnified. And second, the market at this point is really a reflection and we have to keep this in mind, of psychology. At this point, people are nervous. Ever since china devalued its currency last week, people have been nervous and they are looking for things to be nervous about. This is really not a reflection of the fundamentals of the market as much of it is as the reverse psychology. Weve been seeing the selloff of the Chinese Markets. Because the Chinese Market is relatively small and to the chinese economy its relatively unimportant and they have been suspending shares, doing everything to us in the western market. However, there are about 12,000 trading days since the last correction. 10 . 10 . Youre overdue a correction but markets dont just collapse on an average friday in august for no apparent reason. Also important to note here, for the First Time Since 2009, oil falling below 40 a barrel. Some people say great, good for us at the gas pump. But what do you read into that and the significance here . Oil is of concern. Its one of the factors that goes into peoples general nervousness about the economy and about where we are going. But again, you know, there are a lot of factors and theres a lot of nervousness in the market and were sort of clutching at straws looking at what is the reason. Whenever i hear oil mentioned, which side of the coin would you like me to toss it today on the oil . Do you want it to be a bad for the economy because of the revenues from russia and its a demand question. Its a concern about demand. But also do you want it to be a positive for all of the people on driving vacations . Thats a lag time in terms of how much its going to benefit. It does. But you cant have your cake and eat it. In all seriousness, when we look at this, when you see a selloff it will accelerate into the close. For consumers sitting at home and saying, my savings, my retirement, many are quick to jump the gun and sell, sell, sell. Do not make any rash decisions here, right . Absolutely. This goes anytime that you see a sudden move in the markets. Dont make that rash decision. Yes. And if you can hold on, hold on. This is not a time to panic at all. I mean, you know, we see this sort of thing happen, you know, frequently. Its cyclical and its a measure of psychology. Were getting into the dangerous part of the day where there is books squaring, etfs close out, hedges have to be balanced. So theres an enormous amount of activity, much of it most of it computer driven that takes place in this last 25 minutes, last ten minutes of trading. That market could go either which way towards the close. Joanne, richard, thank you. Stand by. Were going to get a quick break in here. Much more breaking news from wall street right after this. Im caridee. Ive had moderate to Severe Plaque Psoriasis most of my life. But that hasnt stopped me from modeling. My doctor told me about stelara® it helps keep my skin clearer. With only 4 doses a year after 2 starter doses. 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You totalled your brand new car. Nobodys hurt,but there will still be pain. It comes when your Insurance Company says theyll only pay threequarters of what it takes to replace it. What are you supposed to do, drive threequarters of a car . Now if you had Liberty Mutual new car replacement, youd get your whole car back. I guess they dont want you driving around on three wheels. Smart. New car replacement is just one of the features that come standard with a base Liberty Mutual policy. And for drivers with accident forgiveness,rates wont go up due to your first accident. Learn more by calling switch to Liberty Mutual and you can save up to 509. For a free quote today,call Liberty Mutual insurance at see Car Insurance in a whole new light. Liberty mutual insurance. I found her wandering miles from home. When the phone rang at 5am, i knew it was about mom. I see how hard its been on her at work and i want to help. 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Technically to call it that but at least in terms of intraday trading, weve actually hit the point where we have a correction thats a 10 drop from the high in the market. Of course, all of this driven by really a global phenomenon. Emerging markets taking a beating. Asia specifically. China coming out overnight saying its manufacturing is taking a beating. And then you have downward pressure on oil because there are demands on there are concerns about demand for it around the world, really. Investors are questioning what the fed will do in this environment and no one is spared. Even the darlings of the stock market are getting hit. The tone on the floor right now is not a typical friday in august, i can tell you that much. People are nervous and there are a lot of loud noises on the floor, which is very atypical for a friday. Just to put this into context, a correction doesnt necessarily mean were in a bear market. Right. We wont know that if were in a bear market until after the fact. Cristina, theres an important and significant difference that you point out there. Is this a low volume high volatility day in august or is it something more . Look, the low volume does play a role here. That is without question. But this is a significant move, poppy. I mean, this is big. So i yes. Low trading does play into the volatility but, you know, it does amplify it but we still have a very big move. To put it into context, like i said, we could have several corrections before we actually, you know, over the next couple of months and we actually hit a bear market. So keep that in mind. Just because we have one big or two or three big down days doesnt necessarily mean an end to the bull market that started in 2011. And by the way, a lot of strategists out there will say this has been the most unloved bull market in history because theres been a little bit of a disconnect between what fundamentally is going on in the economy and what the stock market has done. So you have a lot of elements out there kind of looking for this kind of move in the market. Absolutely. Again, the biggest selloff we have seen in a single day on wall street for the dow since august 2011. Cristina, thank you. Stand by. Well analyze the psychology of fundamentals, next. We stop arthritis pain, so you dont have to stop. Because you believe in go. Onward. Todays the day. Carpe diem. Tylenol® 8hr arthritis pain has two layers of pain relief. The first is fast. The second lasts all day. We give you your day back. What you do with it is up to you. Tylenol®. Welcome back to our special breaking News Coverage of the absolute blood bath on wall street. I want to welcome our viewers both here in the United States and around the world as we look at what is happening on the fourth straight day of huge losses for the markets. The Dow Jones Industrial average off 442 points. We are 13 minutes away from the close on this friday. Is it a typical august, which is a lot of volatility and low volume or is it more . Lets talk about it with Joanne Lipman and michael smerconish. Thank you both for being here. Michael, i want to get to you and talk about the politics. We havent heard a ton of this on the campaign trail and theres been a lot of fear. Its been all about email server on one side of the aisle and immigration on the other side of the aisle. Poppy, i dont want to equate this with the collapse of Lehman Brothers but fresh in my mind is what took place in 2008. People forget coming out of the conventions, john mccain and barack obama were deadlocked and there was a lack of confidence in mccains capabilities soon after he said, quote, the fundamentals of the economy are strong and all of a sudden the Economic Issues took control of that campaign. It may happen here. We dont know really what to make of this yet but it will certainly have political relevance. Joanne, how much of this is psychology . The market is driven by psychology and were seeing so many corporations reporting quarter after quarter of record earnings. So why this . Thats right. Theres a lot of good Economic Indicators out there. There is good news out of europe today out of the eurozone today and yet we see particularly in this last half hour this panic. And what we are seeing and what we have to keep in mind is that the stock market is a reflection of psychology more so than a reflection of the fundamentals. For people at home for people at home, dont panic. Dont panic. I mean, we may go into a correction territory. We are officially now into correction territory. In intraday. So possibly we will go into correction day at the close. Possibly. There are people who say that, you know, we are about time its about time that we have a correction. Weve had a very but the time you want to make considered decisions. If youre an individual investor, you dont want to be jumping in there in day trading. You want to make considered decisions about your own portfolio, whether you want to hang on for a sustained period of time. These are all decisions to be made calmly. I think a really important thing to remember here, 50 of americans have no exposure to the stock market, none, not even there a 401 k . When youre looking at candidates, how do they talk to people about the impact of this . If companies are nervous, they are not hiring as much and this makes them nervous. No doubt. This volatility remains me of jack vogel, the founder of the vanguard group. This is one of those moments where he says you shouldnt be opening your statements and you shouldnt be dissuaded from Something Like this. This is to be expected in the market and you have to be prepared to ride out the good and bad and not to make impulsive decisions as a result. Ive got my 401 k on the line with jack, so i take that to heart. So for the candidates, though i think its challenging. How do they address this to the millions who have no exposure to this . What i described from 2008, the American People want to take a look at the candidates and see who appears to understand the fundamentals, the basics of this . Trump has a great opportunity tonight. Poppy, lit be interesting to see if in a stadium in mobile, alabama, in front of 30,000, if he addresses it. And if he does so, more than just a sound bite of, i know what to do about the economy. How does donald trump best address this tonight . Donald trump im sure will go out there and say, as he did before the last crash, i was in cash long before. What knows what he will say . I assume hell just, as michael said, say im a businessman and i understand the economy. And i do think for any of the candidates actually, anyone who can show that they have some grasp of the Business World and the economy, this will be a plus for them. This is a moment for them. You have carly fiorina, former ceo of hewlett packard. Thank you very much, joanne and michael smerconish. Im poppy harlow in new york. Thank you for being with me as we watch the selloff. Dow down 427 points. An ugly day on wall street. Where will it end . Stay with us. 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 . 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Investors worried about a whole number of things, from the chinese stock market, the chinese economy, to oil prices in the United States. And now some beginnings to see some concerns about corporate earnings, as well. Im joined by poppy harlow who covers business for cnn and anchors on the weekends. What were seeing right now, just an awful day, eddie. Its a blood bath. Wall street is also a dance between fear and greed, john. Right now were seeing a lot of fear. You mentioned china and oil, you mentioned corporate earnings a little soft and everyone is heading for the exits. Its a friday. Youve got really low volume of trading, which means a lot of volatility are emphasized in the markets. Thats something to keep in mind. I saw a tweet, this is not Lehman Brothers, but your in correction territory. A decline of 10 or more. Mix in that the fed. When will the Interest Rates go higher . Will it be september or december . Inflation, keep that in check and keep unemployment in check is the feds mandate. Just two minutes away from the closing bell with the dow down more than 500 points. The asian markets as were the european markets were also down. Andy, no one is saying that this is nothing either. 500 points is a lot in a day. We are now in a correction mode right now. 10 off of the market high. The market doesnt like something. Thats right. Theres always animal spirits at play here. Its a mysterious process. We didnt hear people complain too much when it was headed to record highs a few weeks ago. China, continuously weakening, and theres a disconnect between the chinese economy and the chinese stock market. The chinese stock market flew way too high and crashed. The chinese economy is okay. Our economy is in good shape. Maybe not as good as we hoped and not as trusted as they once thought either, because some of the numbers arent certain right now. Poppy, just one minute away until we listen to that gloomy bell. Talk to me about oil prices. Oil below 40 bucks a barrel, the First Time Since 2009. It was inconceivable a year ago. Two things in play, a big one is demand. Is there weakening command from china and some of these big emerging markets for oil . That matters a lot in terms of just the overall picture here. Yes, its good for consumers at the gas pump, but companies are looking for less oil. Theyre now clapping, but there are not many happy people down there. Just ten seconds to go, christina. Were hearing them get to it right now. There it is. The markets have closed on this day. That was bad on this week. That was bad. It will take some time to adjust. But right now it looks as if the dow lost more than 500 points in one day. Its been several days since the market has lost this much this weekly, christina. Since 2011 actually. Analysts and strategists have called this the most unloved bull market. Weve had a bull market since 2009. We havent had a correction since 2011. So there are these emerging market meltdown, Oil Prices Going down, plus against the backdrop there are investors out there that say hey, the market has been disconnected from the fundamentals for a while here. And this is an overdue correction here
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