Into wells fargo ceo over his companys fraudulent accounts. What was his defense and what happens now . Melissa back to the markets. The dow ending the day down nearly 200 points. Goldman sachs, merck, nike among the biggest drags. We have you covered from all angles. Trader Scott Shellady standing by at cme. Lori rothman on the floor of the new york stock exchange. Lori, the dow at one point was down 247 points today. What is driving the selloff . Reporter sell you, melissa, the market crashed at 1 45 eastern when a report came out saying hedge funds that use Deutsche Bank as a clearinghouse for Derivatives Trading business were bailing out of concerns weve been following for a couple days, weeks now, that deutch pang was having Deutsche Bank was having a crash crunch. That the 14 billion fine imposed by u. S. During the mortgage crisis was not being able to be covered. That is started things. The deep fear of contagion rattled all and thats when the selling started taking off. We came back. The at low dow was down 24points. It closes down 2700. 195 to be exact. 200. It had a knock down effect on u. S. Financials and especially on the european financials. Bank cosan tan dare, barclays, bake of scotland. Look at the. Looks like about a 15 jump for the vix, the fear gauge. There is a lot of concern as a trader told me today, melissa, it hasnt really been since the greek debt crisis that u. S. Investors are focused on the solvency of u. S. Banks. Add to it the mess with wells fargo and that deep corruption. Just a tough day all around for the financial sector. Back to you. David lori, thank you very much. Scott, Deutsche Bank as lori was saying really spooked the market today. Did the fear, the fear about derivative trading and Deutsche Bank, did that spread into the trades where you are at the cme . Yeah, absolutely did. Think about the oil equity ratio weve been seeing trade higher. They both trade higher, they both trade lower. If we didnt have problems with Deutsche Bank, think how well oil could have done today. I think well run into selling at 50. People got caught wrong footed yesterday because we saw alltime record highs and volume highs in wti and brent. There is surprise there. Volume yesterday was 36 more than the 100 day average. So a lot of guys rushing for the door. Remember we also had bad news here. We beat expectations a little bit with 1. 4 gdp. Take into consideration 4. 9 unemployment rate. What are these people making if were at full employment, what are they making . David good question, scott, thank you very much. Melissa. Melissa here to react to todays market selloff, scott martin, kings views asset management. Fox news contributor. Veronica daguerre as well of the wall street journal. Veronica, let me start with you. Financials really big story obviously. Deutsche bank story we talked a lot about that. There is the wells fargo grilling on capitol hill. I mean it is just, a tough time for financials. Mae there is an opportunity in there . There could be, right . Were in this tumultuous time especially stocks like wells fargo and deutch. This is tough time for banking stocks in general. One of the concerns is regulatory concerns. Were seeing more regulatory concerns. You put someone like Elizabeth Warren in front of the ceo of wells fargo, grilled him last week. More grilling going on today. This will only empower regulators. The Banking Sector seems to be their favorite lace place to regulate. That will even put more pressure on banks. That said could be a place for investors to jump in. Not sure if it is too soon though. Melissa scott, i heard Maxine Waters vowing to break up wells fargo. Thank god politicians never do anything they say they will do or else i would be worried about that. Gdp still sluggish. Estimates revised up, 1. 4 , is that something to celebrate . Thats horrible. Not at all. I mean gdp has been not anything to celebrate for a couple years now, melissa. If you look at things that make up that number, look at things like business confidence, look at things like business formation here in the United States. It is at multiyear lows. So if anybody is hoping that gdp will get much better, i think i have another solution for them. That is that gdp will be stuck here. That is really challenge here as we go into november, what candidate can bring out these business, incentivized ideas so we can actually get gdp growing and get gdp growth at least creating more jobs and get the tock market at least stablized here because the financials are starting to break it down. Melissa veronica, i had to laugh. Oil surged on the idea that opec would cut. People woke up and said hmmm, i wonder if theyre really going to do that or just another opec promise . Right, exactly. We heard things before. Well see if it actually happens. I think in general to scotts point there is so much uncertainty in the market and the big overhang, whether people admit it or not is the election. I think were seeing that in the gdp numbers today. The revised gdp numbers. The business investment, it has gotten better but it is still notify. If you talk to ceos theyre holding back, afraid of tax uncertainty and selection. Because they dont know what will happen come november 9th. Melissa great point. David . More on the grilling of wells fargos chief on capitol hill. Fox businesss peter barnes on d. C. , with latebreaking details and more ammunition from the bank that just came out. Go ahead. Reporter thats right, david. Wells fargo facing 24 million in fines for allegations that it illegally repossessed cars of military personnel in more than 400 cases, and it appears in some cases when they were away on active duty. So wells fargos problems getting compounded off capitol hill tonight. John stumpf though, in his appearance today professing his accountability before house lawmakers before getting, after getting blasted in the senate just last week as you recall, forgoing 41 million in stock bonuses, giving up his salary during internal board of directors investigation and wont get bonus this year. From lawmakers from both parties that is not the enough. If the buck stops with you, as you came out here and said, i apologize, the buck stops with me, and you also have to admit criminal activity was going on in your bank, then you should be fired because it stops with you . Again, congressman, the board has that power. That is, my energy right now is to lead the company forward. Reporter so the banks already paid 185 million for these two million or so phony bank accounts. It is refunded 2 1 2 million in customer fees. And it has announced a number of reforms and let go of 5300 employees. But congress is making this clear. Wells fargos troubles are far from over. Well make sure those betrayed by wells fargo are not forgotten. It is on their behalf our committee launched an in depth investigation of mr. Stumpf, of your banks activities. Around let me be clear, todays hearing is just the beginning of our investigation. It is not the end. Reporter as you know, david, the banks board has also clawed back 20, 19 million in stock bonuses for carrie tolstedt, the banks former head of community banking. Back to you. David repossessing cars of military folks overseas fighting. Talk about bad apticks on day like today . Melissa terrible. Lets bring in our own Charlie Gasparino watching hearing on capitol hill. Charlie, what happens now you think . You know i told you couple weeks ago on wall street week that mr. Stumpf would survive this. That was my belief and prediction at the time. My belief and the prediction at this time he will not. Why do i say that . I say it for a couple reasons. Every Bank Analysts i talk to say he didnt do enough today to sort of repair his reputation from the last hearing which he really didnt handle very well. That is number one. Number two, is confirmation of a report that we had about two weeks ago that Warren Buffett was actually ready to basically voice his concerns about whats going on and what weve heard today from mr. Stumpf he did that he actually called mr. Stumpf. Mr. Stumpf admitted he called. We understand, our sources are telling us, that buffetts comments were not exactly laudatory when he called up mr. Stomach. We know from liz clamans reporting, that mr. Buffett, who is the largest shareholder, he controls a lost market sway on this thing, he will speak up about this sometime after the election. So my guess is, that you know, take all of this together. Take this hearing where even republicans, i spoke to several off the record, they were saying this guy did himself no favors in there. It was very, almost impossible for republicans to come to his defense, minimizing the amount here. Were talking about five million dollars. The very notion that he admitted to, that youre an employee under such pressure that you create fake savings accounts and checking accounts and credit card accounts and you may charge the end user in his name or her name 10 over the course of a year, the fact you do that shows there is massive systemic problems inside of the bank. They dont have checks an balances. Not even republicans could basically defend that and throw him a lifeline. So the talk is he is out. The real question is, does he keep the ceo job. Do they put a chairman in and have two people regulating this . Well know essentially what they do when buffett makes his announcement. I think buffetts word will be sort of the decisive here. That is after the election i understand. Melissa yeah. Or do they but him out all together. That is the two choices here i think. Well know from the buffett. Melissa yeah. I think there is a very small chance buffett could say this guy has been very good for my stock, im supporting him. You never know, the guy is investor when it comes down to it. Melissa seems so unlikely he would survive this. Charlie gasparino, thank you so much. Good coverage. David . David meanwhile while we were talking donald trump was talking. He just wrapped up a rally in bedford, new hampshire. Were a little more than a week away from his next debate. Dr. Ben carson is here to tell us what changes trump is making to make sure he wins the next round. Melissa we want answers. Today is the deadline for Hillary Clinton to respond to key questions about her private email server. Has she complied . Hmmm. Yeah. David more on the deadly train crash in new jersey. Were live in hoboken with the latest details coming next. It wasnt a bomb because i saw it happen but it was just initially just a horrendous, horrendous exploding noise. Concrete, dust, electrical wires around the train flying into the depot. There were a lot of people kicking out windows trying to exit the train. Dont let dust and allergens get between you and lifes beautiful moments. Flonase gives you more complete allergy relief. Most allergy pills only control one inflammatory substance. Flonase controls 6. And six is greater than one. Flonase changes everything. We ship everything you atcan imagine. N, and everything we ship has something in common. Whether its expedited overnight. Or shipped around the globe,. Its handled by od employees who know that delivering freight. Means delivering promises. Od. Helping the world keep promises. David deadly train crash in into jersey. 100 injured an one killed after a train smashed into a trainization in hoboken after a very busy commute. Adam shapiro is here with the latest. Reporter david, path service has resumed, the service between hoboken and manhattan and new jersey. That started 3 00 p. M. This afternoon. We show you still photos and video from inside of the train station after that train crashed this morning. Of the 108 who were injured, majority of them were taken to a hospital in jersey city, 66 of them, and 56 of them, roughly 56, 53, rather, have been discharged and they are in good health after their very traumatic morning. 53 remain in the hospital. You mentioned a woman who died unfortunately as a result of this tragedy. Part of the ceiling collapse and debris fell on here. That is what believed to have caused her death. Nstb is trying to figure out why the train was traveling at a high rate of speed as it came into the station. The conductor and engineer are both alive. They did not die in this accident. The engineer who specifically is critically injured, according to governor Chris Christie cooperating with investigators. The key question of course, why was the train moving so fast . And thats something that perhaps the engineer will be able to answer. David . David adam, thank you very much. Melissa . Melissa here now a railroad engineer expert. Thanks so much for joining us. From what you have heard so far, what do you think happened . You know, the question comes down to what were the engineer doing . Thats what was just said. Why was he going so fast . Why didnt he stop the train the way he was supposed to . Yes, he is alive and thats great and we can ask him, assuming that he is so traumaized that he cant remember like the amtrak engineer in philadelphia in may of 2015. Melissa a lot has been made of the fact that they didnt have positive train controls. That they were depending on this engineer at the back to pull the brake and obviously it didnt happen. Nancy pelosi was talking about this a short time ago. These trains were supposed to have it and they dont. Listen to what he had to say. I dont think we should have extended the deadline if the trains were still running. If you extend the deadline, stop the trains. It is about time and it is about Time Congress faced its responsiblities. Melissa what do you think about that . Well, you know, i guess it is okay to say if the trains are not going to have positive train control we stop running trains, and i guess nancy pelosi can answer to all the millions of commuters in new york city area and all across the country . Lets take a look at positive train control. There was a 2012 report by the Congressional Research service that described positive train control as sensors in the track that will locate where a train is, not an issue here. Movement authority. Giving the train permission to move from point a to point b. Not an issue here. And speed, overspeed control. The point that might be an issue here. A train overrunning a signal. But there is existing technology out there. Its almost like saying, if your house is on fire, you have to have an iphone 7 in order to call the Fire Department, and that is a correct statement but not complete statement because there are other ways you can call the Fire Department and that you dont require all the bells and whistles of Something Like an iphone 7. And thats what positive train control is. Melissa all right. Gus, thank you so much for coming on. We appreciate your time. Sure thing. David well both Hillary Clinton and donald trump responding to todays deadly crash. Take a listen. I just want to send our thoughts and prayers to them because it is a horrible accident that ran into the depot and caused all kinds of damage. So, i want to lift up the people of new jersey and new york today. David trump took to the web tweeting, quote, my condolences to those involved in todays horrible accident in new jersey. My deepest gratitude to all the amazing firstresponders. They were amazing indeed. Saved lives. Melissa they were quick. Hillary clinton looking to count third party voters but is her approach going to be effective . Donald trump launching a new attack on clinton. Will it work . Were asking peter navarro, trump Economic Advisor coming up next. She disgraced the office of secretary of state by putting it up for sale. If she ever got the chance, she would put the oval office up for sale too. Approaching medicare eligibility . You may think you can put off checking out your Medicare Options until youre sixtyfive, but now is a good time to get the ball rolling. Keep in mind, medicare only covers about eighty percent of part b medical costs. The rest is up to you. Thats where aarp Medicare Supplement insurance plans insured by Unitedhealthcare Insurance Company come in. Like all standardized Medicare Supplement insurance plans, they could help pay some of what medicare doesnt, saving you in outofpocket medical costs. 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Call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. Go long™. Melissa donald trump speaking to a crowd at a rally in new bedford, new hampshire. Using the event to slam his election rival Hillary Clinton as well as Bernie Sanders whose supporters trump appears to be trying to win over. Listen. Bernie sold out to the devil. You know bernie [cheering] if bernie had made his deal and just done something where maybe he did nothing and just went away he would have been legendary character, a legendar