Street ceos are heading there this afternoon to discuss solutions in the next hours, as investors await some relief. Kelly . All right, tyler, thank you very much. We are all over this major moment for the markets today meg terrell has all the latest numbers on the coronavirus, which is now being called a pandemic bob pisani is watching another thousandplus point drop for the dow. Rick santelli is out in chicago watching the bond markets. Eamon javers is at the white house where a lack of details on the stimulus plan is adding to this selloff. We begin with bob at the New York Stock Exchange. Robert in the absence of nif positive news out there, the markets keep drifting lower. Heres the dow we had a little mini rally going here, not dramatic, but a mini rally. And around 12 30 right here, we had the word from w. H. O declaring it a pandemic here i think that took a little bit of steam out of the market as you can see, were sitting near the lows for the day. Whats moving . Three things
Italys Prime Minister said it would derive from properties on h derived from higher Interest Rates. The net income exsceeding the growth for 2022 and 2023 citi estimated that would be equal to 19 of bank net profits for the year the tax would only apply to domestic Net Interest Income if this were to happen in the United States it is not happening i know. I dont know what would happen to the world. It is like when hell freezes over scenario. 40 windfall profit tax on banks. Do you think this is such a game changer that you would ever be in business in italy ever again . I think they view banks as utilities in italy i think investors will think about Certain Industries now at the beck on call of the government it can be wiped out just like that it changes your money. Chinese communist out of nowhere with the Tech Companies in china the trading Certain Industries. In other bank news, moodys cutting ratings with several banks and downgrading the biggest lenders. The credit strengths will
When this market stampedes those who make negative bets it can be spectacularly positive for individual stocks and the averages as a whole, like we saw today. Dow gained 69 points. S p climbed 2. 9 and nasdaq advancing 2 to a rec high we dont spend that much time talking about short sellers on the show. If you want to understand why the nasdaq hit those unwanted levels, its the shorts that made it happen. Theyve been a huge accelerant to the nasdaq rally. Theyre great at getting out Fraudulent Companies and overvalued stocks and sometimes going against the grain of the entire stock market when they think the consensus is wrong. Every now and then theyll attack stocks en masse, aang tackle so to speak. If the stocks fail to go down or manage to rally, the shorts can create a stampede when they throw in the towel and begin to unwind their positions by buying back the stocks they sold to close out the trade. That panic buying explains far more of this move than you might expect, particula
Exchange. Nicole bouncing back a little bit after yesterdays selloff the dow down 236 points a loss of 2 so we are certainly in that will back at least for the close of yesterdays trading where the s p was 5 off of its highs, the is and be 5 Dow Jones Industrials 7 so it is a tough go of it you are seeing a bounceback. Dupont, pfizer, some of the names leading the Dow Jones Industrials, united healthcare, United Technologies are the names weighing on the dow, boeing softened the retailers in focus, j. C. Penney, overall the economy is something that is driving the market or bringing some concerns, the manufacturing numbers look weaker, the jobs report on friday. Back to you. Dagen the dow off of its second 300 point loss of the year and my next guest says investors better be ready for a bumpier ride ahead. Bob bauer, chief global economist at principal global investors. What problems have we really got lulled into a false sense of security and safety, what we havent seen this volatilit
Revealed this week on d. W. Ah, ah, it. Hong kong late september 1997, all the worlds financial elite are flying in to come together for the annual conference of the International Monetary fund and the world bank. These 2 institutions were established at the end of world war 2, to promote smooth Economic Growth and to resolve crises quickly as they occur. When the heads of the financial world arrive in hong kong, they can look back on more than in years of strong stable growth. The demise of many communist economies and height and growth in east asia have created a boom. Meanwhile, the Global Economy has moved toward an increasingly intertwined division of labor. Southeast Asian Countries have been contributing strongly to growth in recent years. But for the past few months, the currency crisis in thailand is slowly turning into a massive economic crisis. And now threatens to spread to other countries such as indonesia and the philippines. So the participants at the hong kong conferenc