record breaking roller coaster ride. wall street saw yet another day of volatile trading on thursday, this time on the upside as investors and analysts try to come up with clues as to when it will all end and where the ultimate is headed. nbc s brian mooar reports. reporter: it was another wild ride on wall street with the dow recovering more than 420 points and climbing back over the 11,000 mark. is this a bottom in the market? i d like to believe so, but i think it s way too early to tell. reporter: the market picked up on news that germany and france are meeting next week and italy is promising strict reforms in return for eu help. a better-than-expected report on u.s. jobless claims helped. but investors are still running scared. americans are looking at washington and europe and saying do these people know what they re doing? that s leading to the volatility. reporter: president obama was in michigan talking about the jobs america needs and the job washington
we begin this morning with a record breaking roller coaster ride. wall street saw yet another day of volatile trading on thursday, this time on the upside as investors and analysts try to come up with clues as to when it will all end and where the ultimate is headed. nbc s brian mooar reports. reporter: it was another wild ride on wall street with the dow recovering more than 420 points and climbing back over the 11,000 mark. is this a bottom in the market? i d like to believe so, but i think it s way too early to tell. reporter: the market picked up on news that germany and france are meeting next week and italy is promising strict reforms in return for eu help. a better-than-expected report on u.s. jobless claims helped. but investors are still running scared. americans are looking at washington and europe and saying do these people know what they re doing? that s leading to the volatility. reporter: president obama was in michigan talking about the jobs america
palin is recycling recently charged attacks on the president and the first plaepd now they didn t work for the famed campaign back in 2008, but she s trying like hell to put reverend wright back into the conversation. cariboo barbie, you better watch out this time. the naacp is listening. and the richest people in america are going to be able to afford another 20,000 jars of gray poupon if they get this bush tax cut extended. that ll be enough to cover all of the weinies in the republican party, don t you think? congressman alan grayson sounds off in the playbook coming up in just a little bit. but story that has me fired up tonight, finally, harry reid and nancy pelosi getting together, i guess they re saying, they re done, playing games with the republicans when it comes to the bush tax cuts for the top 2%. now, harry reid has the power to do something the president does not have, and that s call a vote and he could also choose what the vote is going to be for. and he
cargo bomb plot was targeting the eastern united states. how close americans came to actually being attacked. a dramatic new attempt to make sure smokers understand their health and their lives are at risk. stand by to see the very graphic labels you could see soon on cigarette packs around the country. i m wolf blitzer. you re in the situation room. we begin with a surprise look today at a new proposal to try to get america off the roller coaster of deficit spending. over the past decade, the nation has gone from a $269 billion budget surplus to a projected deficit of almost $1.4 trillion this year alone. the draft proposal out today would slash the budget red ink by some $4 trillion over the next ten years. the blueprint was released earlier than expected by the co-chairman of the bipartisan panel appointed by president obama. let s bring in jean sahadi for cnn money. what are the highlights of this proposal? well, it pretty much touches everything in the federal bu