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CNNW CNN Newsroom August 1, 2011

can pass it in the next day or two and avert the first default on our national debt in history. i am worried about the size of defense cuts that may be contemplated, but that doesn t mean i m therefore rejecting the agreement. i m just worried. this is a head scratcher. stocks take a tumble after the debt relief rally that happened earlier this morning. the dow surged more than 120 points, but a weak manufacturing report, just sanction the market. stocks posting the worst weekly performance in more than a year in a debt stalemate last week. the dow is at 12:07. down 70 points. new reports of gunfire after what s described as a nationwide offensive against government protesters. sunday s clash killed more than 70 people in that country and at least 50 of them in the city. security forces were responding to armed groups who terrorized citizens by firing from the roof tops of buildings. that s according to government there. egyptian security forces shut down protests ....

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Detailed text transcripts for TV channel - FOXNEWS - 20110803:19:02:00

But there are reasons for that. again, and of them beyond our control. but they are now, the head wind created by them like the earthquake in japan have subsided. government numbers will provide a broader picture of the situation. gerri with us from the fox business network giving her two cents. gerri, what is moving the market now? no debt relief rally. not today. you said that stocks were down 150 points but, still, about even, 11 points down. but we are focusing on the jobs and one report you did not mention was the christmas report about layoffs down 60 percent. shepard: that is scary. planned layoffs. that is not today or yesterday but tomorrow. in the future. so tomorrow will look bad. and the other thing we are waiting for s&p 500 to say what are we going to do with the ....

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