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Standard poors 500 index up onehalf of 1 . 1704, close to an alltime high. Dow and s p 500 closing in on alltime high. Bob pisani, something tells me the move might be bigger after the feds meeting. The question is, higher or lower . I think it will be higher. I think theyll thread the needle on that one. Put up the screen. The important thing is overall right now, the markets are expecting a modest taper. I think theyll probably deliver on that. Everyone believes, everyone down here, everyone i talked to, believes this is not a decision purely on economics. If it was, it would be a tough call on whether to taper or not. Most people believe mr. Bernanke wants to begin to taper while hes still in office. And that the cost of qe is now starting to y ing ting to outwe benefits. What have been the benefits . Modest gdp growth and a lift if asset prices. The cost of dislocation in bonds has been noticeable and emerging markets as well. Bernanke says hell persist with qe as long as the benef ....
That is from politico. President obama went to cooperstown to talk about increasing tourism in the United States. This is 15 minutes. The president thank you so much. Thank you. Thank you. There must be some white sox fans here somewhere. It is great to be here in cooperstown. And i have to say that in addition to just wonderful people, those of you all across america and around the world who have not been here, this is a gorgeous place. We came in by helicopter and had a chance to see the landscape and it looks like a spectacular place to spend a few days, a week however long you want to stay. Ill bet people will be happy to have you. And although he is not here yet, i want to acknowledge the governor of new york. He had a conflict and hes on his way up. But he is really focused on jobs in upstate new york your governor, andrew cuomo. I want to thank your mayor, jeff katz, for having me, and his great hospitality, and everybody wh ....
And were watching the market this hour of markets now. Connell those headlines show you there is a lot going on9 today. We will get to the mess in egypt in just a moment, but first, our market today with the selloff, seeing the biggest decline in a couple of months. Nicole petallides starts us off on the floor of the new york Stock Exchange. Nicole you are absolutely right. The lowest point, the biggest move to the downside since june 20. Down about 1. 5 right now. Back on june 20 the dow dropped over 2 , this is the biggest moving percentage terms since that time. You have a couple of names that are weighing on the do dow jones industrial, betterthanexpected Economic News. Walmart and kohls are two names we are following closely. As well as Cisco Systems. Walmart higher payroll taxes are hitting the customers and not muc ....
Only hertz gives you a carfirmation. Hey, this is challenger. Ill be waiting for you in stall 5. It confirms your reservation and the location your car is in, the moment you land. Its just another way youll be traveling at the speed of hertz. Lets get back to our guest hosts. We have 20 seconds. The last word is goodbye. What can you say beyond that . Things are performing exactly as they should. Dont give up hope. Jerry . Politics arent irrelevant. Theyre an opportunity. Look for companies that will make money in an environment thats not exactly what any of us would have wanted from a policy point of view. Thats tantalize. Well have to have you back to talk about it. Thank you very much. Well see you tomorrow. And well see you tomorrow. Right now its time for squawk on the street. Welcome back, david bowie. Today marx the u. S. Release of his first album in nearly a decade. Its called next day. Welcome to squawk on the street im Ca ....
Banks passed the feds stress test and many of them have way more capital than required for basl and 21 capital rules so were looking at excess cap it will and will give it back to shareholders. I dont know if you could hear, more dividend increases in light of the stress test. When you consider the role the financial stocks played in the downswing, they have been leaders the last few years here. Go cothat be higher next week if we get decent dividend increases . No doubt. Definitely could see them lead high. In general i think the market will continue to drift on up. Very good. Were heading towards close, an historic week to take note of, and i look back to a comment made by another floor figure peter costa who said this is a market high thats been focused on so much by the media and not so much by the individual investor. Well wait and see whether that happens next week with more headlines that are coming our way. The dow, a record closing high, above 14,000, almost 14,400. What does ....