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sara eisen is joining me once again. hi there, sara. good to see you, mandy. triple digit rally for the dow be up with over 300 points at this hour. still have a long way to go to make up for yesterday s losses. bob pisani jones me here on the floor. you ve been looking at historical rebounds. we re due for a rebound, getting it right in line with a historical pattern. let me show you the s&p. we flat lined at the open, up 300 points on the dow, 37 points on the s&p and we sort of have been right there throughout the day. a little bit of rise after europe closed once again. sara s right, once we had a correction, 3% down with the s&p 500 two days in a row, that has been a rare occurrence. this only happened eight times since 1980, five in 2008 and each time, two sessions in a row, one day later, the s&p has been up 75% of the time, averaging 2.3%. sara, guess what, we re up 2.2% on the s&p. that s today. not bad. it s happening exactly in line with expectations. ....
different tone from the president on taxes and trade to immigration and obamacare, his message to the markets. plus, the market rally returns as investors digest white house economic policy and that possibility of a march rate hike for the fed. and prepping for the biggest u.s. tech ipo since facebook, snap is set to price tonight but will the ipo prove a boost to the tech market? first up in his first speech before a joint session of congress the president highlighted his plans for boosting jobs and the economy including tax cuts, trade deals and a major infrastructure program. i will be asking congress to approve legislation that produces a $1 trillion investment in infrastructure of the united states financed through both public and private capital creating millions of new jobs. this effort will be guided by two core principles. buy american and hire american. i guess we can start on infrastructure right there, jim. people paying attention to the language, le ....
your mad money couriers from the swift completions of our pointed rounds. especially now that the dow gained. what can i say? it really is pretty much how i feel about tonight s election. oh, it is manageable. like everything else that s been thrown at us as a country. hey, we re going to help you manage it tonight when our special coverage begins at 7:00 p.m. eastern. why do i say manageable? first, allow me to give you a couple of reasons intrinsic to the stock and bond markets during this 61-year-old s lifetime of love for finance. and then we will talk about politics. and the standard republic to explain the u.s. postal services hallowed motto. let s start with 1979 when i bought my first stock at a time when the federal fund race was at 15%. yeah, the one that s currently at half percent. interest rates were high back then because we had ruinous inflation. we had nothing like that now. in 1979 it was easy to throw your hands up and say, nothing can work. nothing! ....
working are downright toxic. specifically the banks, the restaurants, and the retailers should be on fire right now. but instead they are houses on fire. and there s no letting up in the flames even as the averages rebounded hard today. after opec announced it might cut back half a million barrels of production in november. i think this is more of the same where they rumor the price high, which worked again, and then kind of do nothing meaningful. nevertheless, as i have said over and over again to you, anything that drives oil higher takes stocks higher, and that s sure what happened today with the dow ultimately gaining 111 points, s&p climbing .53 percent. the linkage remains that great even as i urge you to be skeptical of any so-called deals when there is such a worldwide glut of oils. we need millions of barrels to be cut, not less than a million. this means the amount will not give you a lasting impact. i want to talk about what s happening with these beleaguered ....
should be on fire right now, but instead they are houses on fire. and there s no letting up in the flames even as the averages rebounded hard today after opec announced it might cut back half a million barrels of production in november. i think this is more of the same where they rumor the price higher, which worked again, taking oil up almost 5%, and then kind of do nothing meaningful, which is also what keeps happening on these kinds of deals. nevertheless, as i have said over and over again to you, anything that drives oil higher takes stocks higher, and that s the dow ultimately gaining 111 points, s&p climbing 0.53%, nasdaq advancing 0.24%. the linkage remains that great even as i urge you to be skeptical of any so-called deals when there is such a worldwide glut of oil, one that would need millions of barrels to be cut, not less than a million. this means the amount will not give you a lasting impact. i want to talk about what s happening with these beleaguered gr ....