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tv   Markets Now  FOX Business  October 30, 2013 1:00pm-3:01pm EDT

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lauren: a hush comes over the crowd. the dow down 4.5 points for the nasdaq down nine. flatlining ahead of the decision within the hour at this point. we are in wait and see mode. waited till the government shutdown affects the economy. inflation still remains a no show that would give the fed some wiggle room. i also want to talk about a dow component, nike. along with the dow industrials and the s&p earlier this morning. nike shares are up now. they got enough grade from morgan stanley to overweight. so we will continue to check on them throughout the day. back to you. adam: thank you very much. nicole: health and human services secretary kathleen sebelius taking full responsibility of the rollout of
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obamacare. joining us from capitol hill with more on the secretary's testimony. we are hearing word like she's frustrated, wants to rebuild confidence. what are you seeing and hearing? >> she is the one i should be held responsible for all of this. saying hhs secretary kathleen sebelius is expected back before this committee in december to talk about how many people have actually enrolled in obamacare. right now the administration is not saying because they don't have the numbers. >> i'm not asking about what they enrolled in or whether they came in and said they were 65 and work voted as something like 27 years old. that should be something of a reliable number. sebelius: the system isn't functioning we are not getting that reliable data. >> on top of this, another issue democrats and republicans were responding to today was whether
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or not the president's promise was true when a health care law was passed that you could keep your insurance plan if you wanted to. kathleen sebelius, hhs secretary, says the president was told the truth in all of this and insurance companies every year tend to cancel plans and reenroll people in different plans. but they contended that is not true, new laws designed to slowly get rid of those cheaper plans and all of that. the president flat-out lied when he was selling this a couple of years ago. they questioned kathleen sebelius whether or not if she were allowed to come which he joined the obamacare exchanges. she wouldn't say. nicole: all-american all americe frustrated. adam: our next guest helped launch the exchange running it for the first five years.
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jon kingsdale joins us now. we appreciate you being here. i want to read something you are quoted in the japan times saying if the exchanges, if that isn't working on an automated basis by the end of october, that tomorrow, we are in deep doo doo. where do you stand? >> i think the important point here is this is a marathon, not a sprint. we signed up about 123 paying customers our first month in massachusetts and yet now we've got the insure uninsured down by two-thirds. people have that her access to care, et cetera. absolutely think enrollment volume will come in november. i don't hashtag october 31, remember saying november the number of different reporters. adam: the issue you talk about if you look at the health plan that was passed under governor
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romney, 123 people on the first month of its launch, 20% signing up as the mandate drew near in the last month and got 36,000. it is a much smaller systems of the federal system is obviously much larger. the problem is if it is not up and running. you hear testimony from the tech people, there is no guarantee it will be fixed by november. aren't you lose me confidence of a consumer who has to buy into this? >> yeah, i am not sure there are any guarantees. hopefully it will get done in november. most americans it is a nonevent. for those who are seeking that this is delayed is a problem, certainly hope as i'm sure all republicans do that we get this fixed in november. adam: you delayed the law, for a different reason. to work out glitches.
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we understand, we have heard testimony that the administration was warranted henry chow set out a message i am pretty nervous, i'm not sure about you. let's make sure it is not a third world experience. should they have delayed? >> in fact they did delay some things. employer-sponsored so-called shop exchange is going to rollout a much simpler way. there is nothing in the law that says october 1, 2013 is the date that it has had to start. in retrospect it is clear the testing was not adequate prior to october they probably should have found some way to do that. adam: so the deadline really is march 1. you'd expect to see this rush of enrollment in february and late
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january, is that what i'm hearing correctly? >> i think there are a couple rushes and deadlines. you have to roll and by middle of december. that is an important date. if you want to avoid the penalty of the mandate, which is pretty modest, $95, then you have to enroll by march 31. her coverage would not start until me probably but you have to enroll by 31st. those are the two dates to keep in mind. adam: you are quoted this morning in one interview same important thing is to get the technology running in the next month. do you think whoever is going to get it running can do that on mid-november, the end of november? >> i'm not at all close to the build of the marketplace. all i can do is hope. adam: the other issue you and others have talked about is the debt spiral.
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hocounting on 2.7 million young people signing up to help support the elderly at a pre-existing conditions who have signed up. if you don't get that number of healthy people in the system and young people in the system you overloaded with the elderly and the ill who use the system more than the young and you might get higher premiums which means other healthy people would pull out and you get a collapse of the system, is that correct? >> it is sort of correct. the folks who are really on the hook for getting a spread of risk this year 2014 are the insurance companies. if not enough young people join because of one reason or another for the first year, the insurance companies, certainly is not fair, the fact they will take losses as a result. the real issues i will do have confidence the outrage and technology will be fast and
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efficient for 2015 when they reprice again. they can take the price is up or keep them down if they do. adam: so in the massachusetts experience, apples to oranges, not an exact comparison. individuals purchasing insurance so their premiums come down. but what we are hearing from you what i signed with your formal care act is that their insurance rates are going up this year, and what i just heard you say is potentiapotentially could go upn for next year. >> yeah. i think this discussion by antidote is highly problematic. this is change, there is no question about it. some folks will see reductions in their premiums. some folks will see increases in their premiums that will differ from one state to another and one age group to another. and so you have to look at the overall trend. the overall trends are going to be that most people will find their insurance covers more and
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is more affordable after the tax credit than it was in 2013. but there will certainly be large numbers of individuals who will experience a negative change. and that is who we will hear from. adam: we appreciate your insight. he was a director of the messages of exchange so thank you very much. >> sure, my pleasure. nicole: it is a busy day in boston today. presidential visit hours before the red sox host the st. louis cardinals in game six. fox news live in fenway park. molly. >> a very exciting day in the city. there is a bit of a pile on for city leaders, first responders, the police who have to handle all of this. game six of the world series at historic fenway park behind me. the president also a town speaking from the one of the most historic venues in the city as well. and it is halloween eve. now we haven't seen a lot of people in costume today, but we
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haven't seen too much of the security set up outside of fenway park just yet. they are allowing the cars to get by. all of that will change later on tonight because of this historic ballgame that is happening here. the red sox haven't seen a home victory at fenway park since 1918. woodrow wilson was president. the season was abbreviated because of world war i. babe ruth was still playing for the red sox. that was the last time they won at home, that is when they beat to the chicago cubs 2-1 in game six and tonight there is a bit of a rematch of sorts. boston red sox play in the cardinals from st. louis, they played them in 2004, the last time, the first time rather the white sored sox won a world ser. and the curse was broken. so a big, big game. the cardinals are a very tough team. they have had 11 victories, second only to the new york yankees.
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big security concerns around the city. a lot of parking restrictions and public transportation is key. city leaders asking for public transportation to come into these areas where there will be so much activity, the president is speaking today as well as fenway park. people from all over the state taking part in that. back to you. nicole: thank you so much. as if it were not busy enough. you can watch all the action on fox tonight. the red sox versus the cardinals after 8:00 p.m. eastern time. adam: do you feel like your iphone battery is draining faster than it ever did before? you may not be imagining that. the complaints for the new iphone 5s. nicole: and melissa meyer pulling a mark zuckerberg. we will explain that coming up. adam: t telling it to this bleating shoppers errands in upstate new york.
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adam: less than an hour to go until we hear the statement from the federal reserve, statement after the two-day meeting. a check on the market. on the floor of the new york stock exchange. i was curious, not a lot of people have been paying attention to revenues and a lot of companies like 48% of those reported have missed estimates on revenues, is that a cause for concern? >> that is a pattern we have seen before in the past. hit on earnings-per-share come amiss on revenue. it is really about outlook moving forward. exposure to europe, exposure to china. how are the operations going to move forward with the government dates coming out in terms of shut down? the practice we have seen before is an overall concern where we will have a major effect on the market. adam: there's no question we won't get the taper, but do you
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think we will get any guidance they will start tapering at some point in 2014? is the market looking for that? >> yes, will we get that? no. they will change the date up on top. the safest move to make right now. adam: jpmorgan talking about too much liquidity in the global economy. creating asset bubbles in the emerging market and here as well, isn't it? >> i would just say there has been a lot of cash waiting to come into the market this quarter. waiting for the right opportunity and it hasn't seen the right opportunity yet so we're getting a big snowball effects now. nicole: you want to make some money? charles payne is gaining through home-building and mortgage finance company. you are a little bit of a contrarian. already running up. charles: it is interesting
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because the conversation seems to be really interesting, beats the street on the bottom line, gave guidance i thought was really significant with respect to earnings as much as $1.20 for the current quarter. on revenue they missed yesterday's number and the revenue for the current quarter will not be as much as wall street wants. you have to reconcile those two things. putting business aside revenue of 61%, but have pricing power, margins are expanding, the debt is going down, almost anything you want with any business. adam: the fact we have a population still growing in the united states and we need to create more homes. charles: you talk about the federal reserve. the real frustration, the virtual cycle he cannot get main street to buy into this stuff. but was not for subprime loans i don't even know the auto sales would be where they are.
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in the top 100 multipotent areas it is cheaper to own a house there than it is to rent. the ability to rent because of lack of confidence and because of the banking policies but we talk about the money. at some point the money will seep into main street and that is when you will see the second leg of the homebuilders. nicole: they showed the five-year chart and it is not too far off the highs. where are you looking? charles: my target is 50. almost hit 56 so i was shocked it came down as much. i hai have to tell you in earnis season it is so emotional anybody holding a stock unless it is a clear mess, don't tell the first day. don't go with the crowd. nicole: good stuff. if you are having troubles with your new iphone 5s come you're not alone.
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this was just significantly better battery life than previous generation. there are already complaints that some of the batteries draining too quickly. apple acknowledge the issue blaming the defect sent will replace the affected phones. the number could be in the thousands. we are watching apple shares up over $8. that is not good news. get the new iphone. adam: you walk in and say it is not working. here you go. nicole: great service but you have to wait in the long lines, even the service areas. adam: that is because they are popular. jpmorgan still with the u.s. department of justice hitting a stumbling block. charlie gasparino will join us with how this could play out. nicole: why own one home when you could own the entire neighborhood?
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>> 23 minutes past the hour, this is your fox news minute. the "washington post" reports the national security agency has secretly broken its communication that connects yahoo and google around the world. that is according to documents obtained from edward snowden. interviews with officials. the post reports those links allow them to collect information from hundreds of millions of user accounts at will. election by new york police commissioner ray kelly was canceled yesterday after he was shouted down the demonstrators at brown university. protesting the stop and frisk policy. a federal judge has ruled the policy violated the civil rights of minorities and the city is appealing the decision. and the st. louis cardinals finally got back to boston for tonight's game six of the world series. mechanical problem cap the team's flight on the ground for seven hours. trying to keep the red sox from winning it all.
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the first pitch 8:07 eastern time on fox. now get you back to nicole and adam. adam: thank you very much. melissa meyer, doing a zuckerberg. supposedly buying up her neighborhood starting with a funeral home. a historic mortuary was bought for undisclosed amount this month while not listed as an owner, the purchaser is believed to be melissa meyer. recently bought four of the five houses surrounding his nearby home in a bid for more privacy. the current house hosted president obama for 2010 fundraiser and according to locals is often the site of loud and disruptive parties. you know how they like to party.
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nicole: crude oil down more than a dollar. fox business contributor phil flynn price futures group in the trading pit tells us what is going on here at the cme. what is going on? >> what is happening as we are getting overwhelmed with supplies. call it what you want, we call it a near record. if you look at the last two weeks we have seen crude prices rise to a record high for this time of year. the highest levels we have seen since last may. we will be at a record and that is really weighing on prices. the reason of course is that we are in refinery maintenance and the boom in u.s. production continues. even though productions fell a little bit last week we saw the inventories in the all-important oklahoma area starts to rise and that is why we are down, a very heavy market right now.
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nicole: what you think of the move? >> with the bad data the job number, weak inflation number, it looks very bullish. gold is just off of the five-week high when we are hearing signs of physical market is easing up a bit. china was purchasing gold at record levels, that has backed off a little bit and we have even heard the central bank of russia has backed off, snout looks like it is weakening a little bit. it is gaining momentum and it may gain more momentum after today's fed statement. whe will have to wait and see. nicole: thank you very much. thank you. adam: the n.y.p.d. and state department can't get enough workers. neither can fortune 500 companies. hospitals, local ports and schools. we will tell you what that skill is coming up next. nicole: we are just about 30 minutes away from the fed key
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decision. is it a key decision? will there be action? all coming up next. ask me what it's like
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adam: we want to check markets again for you. lauren simonetti on floor of the new york stock exchange doing that for us. lauren, how are we doing? >> hi, adam. stocks are half an hour away on fed decision on monetary policy the dow is down 23.5 points. i want to talk about two companies that reported earnings before the opening bell today. the first is nation's largest cable and internet provider, comcast, post ad drop in q3 earnings, posted earnings of 65
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cents a share. so better than a nickel than expected. "despicable me 2" and theme park revenue a big boost. this stock is down today, hess, a huge drop of 3.5% for the company. the oil and gas producer, profits missed expectations. revenue fell by 23%! that actually beat but they did sell assets in russia, the u.k. and as, in the middle east as well. also unrest in libya, that affected things there. back to you. adam: lauren simonetti, thank you very much. nicole: we're about 30 minutes away from the latest fed decision. i'm ready for it and excited about it. stocks are pulling back just ahead of the statement, we hit record highs today. are we expecting a taper? likely not. but investors keep an eye out on all of this, and they will focus on the central bank language. pnc asset management group chief investment management bill stone joins us. we're glad you're here on this very important day, bill. before i get into your strategy
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and the markets, let's just talk about the fed. what are you looking for? >> i think you hit it on the head. not a lot of suspense what they actually do, i think if they didn't do anything in september in terms of reducing the purchases they're certainly not growing to do it today. what is more important, and you hit it right on the head exactly, is what do they say? i think it's going to be hard to read a whole lot into it. what you will really end up takeing a way from it what we've known for a while which is, they're data dependent. it matters how the data comes out from here. we know we're getting, i call it noisy data because of the government shutdown of the so you can set your clocks maybe to early next year when you can think about the tapering? nicole: really? you think there is no chance at all that ben bernanke and his team and that committee will take a chance -- because everybody was expecting a taper on the last round you may remember, you don't think he will make any moves ahead of janet yell hen coming into the top spot?
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>> december it is certainly still a possibility but i think with all the disruption of the data and the way they kind of held in september despite kind of having an opening in september with the financial markets i suspect with will be till january. i think part of it people will watch the statement if the fed kind of says, well, conditions are not quite as good. nicole: we know they're not so great. >> it will be a little -- yeah. nicole: no secret. confidence is not great. we saw that at six-month lows. adp, private jobs add the were not so great. i don't need to be on the committee to know that. let's talk about your asset allocation and investment strategy. talk to any trader on wall street, they say, look, where will you make any money except for equities, right? what do you think? >> i think that's true. i think it is even more difficult now. cash is, you know, you have that setting aside. you know that is zero terms of returns.
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you can keep the money but in terms of zero yield. when you talk about bonds, yes, you can get some yield. some of those came back in since there is less worry about tapering. you're getting less in terms of yields there. it does leave, at least talking stocks, bonds and cash still stocks being i think if you believe the economy is going to continue at least the best game in town. nicole: all right. stock market is heading which way ultimately by the end of the year, i'll give you that? flat, up, down? >> higher. >> higher. >> yeah, still higher. >> still higher right? you think the momentum is to the upside. how about a sector? maybe you don't do specific stocks you can find value. you think there is one sector that is hotter than the rest? >> yyu know i think to change it away from sectors but it is kind of a sector i think there is real push towards lower quality, you know those kind of stocks. i think to think about kind of dividend side of the equation which have really lagged lately because there is this real move to the more aggressive stocks.
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i think that makes some sense at the moment. nicole: all right. bill stone, pnc asset management, chief investment strategist. >> thanks. nicole: we appreciate you're here with us today. be sure to keep it right here on the fox business network. we'll bring you full coverage of the fed decision, 2:00 p.m. eastern time. the stock is shhhh!ed. very key. you never know what might happen. adam: they don't like to surprise people. the language is confusing to keep you from getting worked up. [speaking spanish] if you speak spanish or another language you're a hot commodity right now. 25,000 positions are expected to hit the job market for translators and interpreters between 2010 and 2020. according to the department of labor making it one of the fastest growing occupations. companies and organizations from the army, state department, all the way to amazon and apple are, looking for workers who speak other languages especially spanish and chinese.
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the highest paying of those jobs? government positioning requiring fluency in arabic and farsi and private sector jobs involving scandinavian and asian languages nicole: means hi, how are you in farsi. maybe i have a job after all. jpmorgan's deal with the department of justice hitting a stumbling block. senior correspondent, charlie gasparino will be here next and telling us what he thinks. adam: a facebook convert. the upgrade ahead of the social media giants earnings after the bell today. when we made our commitment to the gulf, bp had two big goals: help the gulf recover and learn from what happened
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cme group: how the world advances. try align. it's the number one ge recommended probiotic that helps maintain digestive balance. ♪ stay in the groove with align. >> i'm cheryl casone with your fox business brief. fiat and chrysler ceo sergio marchionne says he is ready for the chrysler ipo to make place next year. "wall street journal" says he will not sell assets to pay for chrysler's deal. he expects clarity on the chrysler issue by first quarter 2014. panasonic and tesla motors are extending the battery agreement. panasonic will supply nearly 2 billion lithium-ion cells next four years, more model s and x
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utility vehicle. panasonic batteries have a industry leading range of 265 miles. the private sector gained 230,000 jobs in october, missing estimates by 20,000. according to payroll processing firm adp that is the smallest since april. that is the latest from fox business, giving you the power to prosper.
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nicole: well the fox 50, you know the fox 50, our own index that follows the economy, well it is going social. we're adding facebook to our index of 50 hand-picked stocks that serve as a broad gauge of this economy. so facebook shares got off to a rough start after going public. you remember that day last may. but so far this year, shares are up nearly 90%. it is replacing dell, the
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pc-maker, that is getting ready to go private under its founder and ceo michael dell. so keep an eye on the fox 50. it has a lot of great stocks in it. adam? adam: nicole, thank you. now that talks hit a roadblock in jpmorgan's settlement with the government one analyst says jpmorgan will never reach settlement. charlie gas is here to discuss whether there is accurate prediction or there are flaws with that. >> dick bove we had drinks and he wasn't drunk, before his first stip, i think he had a man -- manhattan, before the first sip of the manhattan around the corner he made a couple predictions. he doesn't think this will happen. he was more certain. he said no way it will happen, the settlement as currently laid out between the justice department and jpmorgan, the particularly sort of notion that the jpmorgan can not grow back to the fdic and get paid for some of its legal issues, right? when fdic mandates or helps you as part after bailout of a bank
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which jpmorgan bailed out washington mutual some of your legal liabilities get covered by fdic. part of that whole mechanism. as part of that government doesn't want them to give them ability. doesn't want fdic to pay anymore money to jpmorgan. he think it will die on that. we're not talking about of trialing of money. bove says minute you open that up and other issues involved in this deal, jpmorgan's legal liabilities start ramping up dramatically. what is it now? i think 23 bill. adam: that is what they set aside. >> if they agree to the deal as potentially laid out, remember you can't get compensated for this, you probably can't get compensated for other stuff, and you will agree to certain things opens up legal liabilities double that. he thinks at least $40 billion in legal liability that is jpmorgan faces of the along the lines what bank of america paid over course of several years but this is jpmorgan. it is a big bank. obviously they can handle it, but it's a huge legal tab. adam: you're picking up on two issues here. first, why on earth would
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jpmorgan enter into an agreement that gives them that kind of exposure to future liability. but the second, when you start changing the terms, when you have an fdic bailout, who in the future, because they will have to be there again in the future for somebody. >> right. adam: who will enter into a deal. >> that is the whole problem the government has. the other point he made was pretty interesting. if you hold all the banks sort of liable for comparable sins there was other assisted takeovers where bad mortgages were sold and things of that nature. adam: absolutely. >> this could have a rolling effect. he believes it will not stop with jpmorgan. it will start cascading. when it starts cascading to smaller banks. if you think about it why are there not congressional hearings on whether the obama administration is growing after these banks unfairly the reason why it is not because it is big banks. republicans don't care so much about the big banks. once they start going after smaller banks that are in the wheelhouse of the house republicans they believe that is when we we'll see political pressure on this to stop. adam: administration, although
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attention is on jpmorgan the administration seems to be in their o.w.n. self-created bind f they exact a pound of flesh from jpmorgan against the fdic they have problems going forward. if they take the pound of flesh with jpmorgan they have to beat on someone for a bailout. >> this is the thing, this is dick's opinion i think jpmorgan has to settle. they have to get this behind them this is ruining the bank. every day we're talking about this. at some point people start saying, this is where it gets problematic, why should i have my deposits at this place? when that happens i think it is unfounded fear i seen it in 2008 when i was covering the financial crisis no one thought there would be real run on banks, investors or depositors pulling money out. that's when banks start to fail, when you start pulling money out. when that did start to happen at citigroup, that is why they went for the second bite of the
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apple. so they're playing with fire with this stuff. adam: does the administration do you think, we can have a discussion all day long whether jpmorgan chase inherits the liabilities. let's put that -- >> clearly inherited some of them. adam: inherited whether they should pay or not that is another discussion. does the administration understand they have a match over gasoline when you talk about the fdic requirement, that they want to change. >> i don't think so. this is being driven by politics. look at some politicians driving it. clearly the far left. people, we don't talk a lot about eric schneiderman, he is the new york attorney general. in many ways he is driving this us b new york is part of this whole lawsuit, that's what they're looking to settle the new york ag lawsuit which mainly involves bear stearns and washington mutual. he has the martin act. it is a very powerful tool a law enforcement tool that can essentially charge someone with fraud and criminal fraud with a very low bar. it is not like the federal statutes. adam: right. >> that is part of what is driving here, schneiderman i think he gave an interview with the ft, it will not end year.
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we'll exact it throughout the banking system. i don't think this is good for the banking system. people did bad stuff. we're five years later. i don't know how you judge how bad that stuff was. at some point banks have to be able to lend. when they're involved in all these lawsuits they ain't lending to small businesses. >> charlie gasparino, thank you very much. nicole: great stuff. well, you know the stock market when you take a look at that we hit record highs today. let's head over to the floor of the new york stock exchange. i know there are some down taros now, lauren simonetti. but lauren, you may have noticed we were talking about facebook added to the fox 50 index. got another boost today,? >> it did. down arrow, got a boost from upgrading facebook to neutral, pointing to momentum in online advertisements. when facebook reports after the closing bell today we'll know a lot more about that. we'll see if there is another magic mobile moment as there was in the prior quarter for facebook. this is a stock that is on a tear. over the past 52 weeks it is up
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125%. lots of people really wishing they got it on facebook buzz when it was at a low. so we'll give you earnings after the bell. so you have the estimates we're looking at 19 cents a share on revenue of $1.9 billion. back to you, nicole and adam. nicole: great stuff. revving up on the street,u very numbers to know as automakers, general motors, ford and chrysler reporting their earnings. nicole: adam, how about this one? 50 ducks walk into a cvs. this i promise is not a bad joke. duck dynasty. more like duck dimes stay. what are they talking about? ♪ [ male announcer ] it is more than just a new car... me than a new interior lighting system. ♪ it is more than a hot stone massage. and more than your favorite scent infused into the cabin.
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nicole: stocks are pulling back from record highs as investors grow cautious ahead of the 2:00 p.m. fomc decision. that statement right now, the dow jones industrials at 20 points, 15,654. it was worth noting we hit record intraday highs of 15,721. the s&p 500 also an all-time high, adam. adam: we heard all year long that this market is overvalued. people need to take profits. people that say that have been wrong. he had a guest who interviewed him and say the market goes higher. >> they think the money printing continues. you have qe forever, that makes equities more and more attractive whether the valuation is overvalued doesn't matter. most of the people still think we're heading higher. adam: we'll have qe end of the year well into next year, right? nicole: certainly seems that way. according to the pnc chief investment strategist we had.
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defensive stocks hit all-time high, boeing, northrop grumman, raytheon. adam: ups, you asked about predictions for the holidays. fedex and ups are making gains in the past couple days. they're more optimistic because of e-commerce, whether that will actually happen, we won't know until november, but let's move on to something else that caught a bit of attention it has to do with people saying, what the duck. i said it with a d. check out this scene as cvs in saratoga springs, new york. nearly 50 ducks waddled into a store and didn't want to leave. the employees tried to force out the feathered intruders with switchers. they had no luck. eventually a bag of popcorn did the trick. no words how the ducks got into begin with. there is more to this story. there is prankster with a cell phone, battered up all the ducks. nicole: smart food popcorn. coming up in moments, business television's best coverage of the fed decision. tracy byrnes, ashley webster will take you through the next hour of markets now.
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first word, peter barnes, from the fed, along with our all-star panel. you can't miss the coverage. it is coming up next on fox business. (vo) our new planes don't fly any faster.
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we get everything perfectly clean by tossing one of these in the wash. and that's it. i wanted to do that. oh, come on. eh, that's my favorite part. really? that's our tide. what'sours? tracy: good afternoon, i'm tracy byrnes. ashley: i'm ashley webster. ben bernanke and the fed moments away from the latest decision and proannouncements. no one expects a big change in monetary policy, we'll sift through the language for any hints of future changes. tracy: we're all over it. peter barnes standing by at the fed with the first word. peter will interrupt us immediately when the gets the decision. zane brown of lord abbett fixed income and our lauren simonetti down on the floor of the nyse. phil flynn at cme in the trading pits. ashley: all right, let's start with bob first. what are you looking for in this statement, bob? >> very little.
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you are not going to see much of any change in the statement, you will hear about some worries of impact of the government shutdown. they will continue the asset purchases. really not much. don't expect very much. you will not see much of a reaction by the stock market. you will have the fed keeping quantitative easing at least until april i think. tracy: zane, how about you, what are you waiting for? let's remind everyone, peter barnes will jump in on us and start talking. go ahead, zane. >> if there was some mention of the fact that the interest sensitive sectors of the economy were adjusting to tighter financial conditions, that housing was adjusting to slightly higher interest rates, then that might indicate that they still could consider easing in december. but absent that i think march is probably the earliest time when you will see tapering enter their vocabulary. ashley: let's go down to lawyer rin zimmmerman on the floor of the new york stock exchange. lauren, the markets have been
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drifting now you could argue for days ahead of this decision. what are you hearing down there from the traders? >> kind of drifting upward ahead of this decision. it is considered a non-event here on the floor. everyone knows or expect that is a couple of seconds from now we will have the decision from the fed there would be no taper. looking for when that taper would occur. i would say after the first quarter is talk down here of for the fourth -- 2014. tracy: phil, what are the guys down by you waiting to hear from the fed? >> well they feel like they have been misled by the fed at the last meeting. most people feel that the forward guidance from the fed has been terrible! we're wondering if there will be any way in this statement they can make it clear and acknowledge that last time, perhaps, the market was misled and make it very, very clear. i think the other thing they wanted to acknowledge, not only about slowdown in the government but impact of data since then of the we've seen very weak data right now. i want to see if they open up the door for possibly more
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easing as opposed to tapering back. that could happen the way the data's been copping in right now and i wouldn't be surprised if the fed moves more in a dovish direction today if there is any surprises. >> it will be a lot, we'll expect -- >> no change in the policy. no change in policy. the fed continues qe bond purchases at $85 billion a month. continues low interest rates as it awaits more evidence of sustained economic growth in the wake of the government shutdown and fiscal battles in washington. this statement for october is almost identical to the september policy statement. so i'm just going to hit key lines in today's statement. on the economy, quote, information received since the fomc met in september generally suggests that economic activity has continued to expand at a moderate pace. indicators of labor market conditions have shown some further improvement but the unemployment rate remains elevated. available data suggests that household spending and business
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fixed investment advanced while the recovery in the housing sector slowed somewhat in recent months. fiscal policy is restraining economic growth. apart from fluctuations due to changes in energy prices and inflation has been running below the committee's longer-run objective but longer term inflation expectations have remained stable. the committee sees downside risks to the outlook for the economy and labor market having diminished on net since last fall, taking into account the extent of federal fiscal retrenchment over past year, they see improvement in economic activity and labor market conditions since it began asset purchase program consistent with growing underlying strength in the broader economy. however the committee decided to await more evidence that progress will be sustained before adjusting the pace of its purchases. accordingly the committee decided to continue purchasing additional agency mortgage-backed securities at a pace of 40 billion per month and
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longer term treasury securities at a pace of 45 billion per month t also repeats the statement, the language, that the fed will keep the fed fund rate, short-term interest rates at zero to a quarter percent at least as long as the unemployment rate remains above 6.5%, inflation between one and two years ahead of is projected to be no more than half a percentage point above the committee's 2% longer-run goal. voting for this policy action today, 9-1. ben bernanke and the others. esther george of the kansas city fed, inflation hawk, once again, again voting against this policy. guys, back to you. ashley: peter, thank you very much. let me go to bob real quick before we get to lauren on the stock exchange floor. you know, bob, as you said pretty much exactly the same as we heard the last time around but i was interested because i wanted to keep a eye on the tone of the statement and the tone wasn't thatdown trodden if you
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like or dune in the mouth given all the weak economic data we've had. bob, could you speak to that? >> i think the economy's still moving forward and obviously the federal reserve realizes it is moving forward at a slow pace. depending what is going to happen as far as this tapering is concerned, it will be dependent how the economic data comes out between now and end of the year. certainly you will see a little bit of weakness into the end of the year because of the impact of the government shutdown but it really depends how the data holds up and bounces back. if data points hold up and bounce back relatively quickly or show very little impact you will probably see the tapering in the march, april time frame. if the data, fails to rebound or fails to, you know, improve, snap back from this shutdown, then you're going to see the sort of the fed to push this out a little bit further. right now, it is halloween and this is a sugar rush. tracy: no joke. lauren let's head down to you right now. the market didn't react
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initially at first. what is going on now? >> this is a very strange reaction. we saw the market turn positive in the initial moments after the decision. then it is at session lows. kind of right where we started of the we have the dow down 21 points, nasdaq down 16, s&p down just about six points. big move in yield, went from 2.482 on 10-year before the decision to 2.516 now. that is a big move. we saw the advance-decline line get sharply negative. so we awe saw the breadth of the market change. you have to remember and i'm looking at september statement and october statement from the federal reserve. that came on september 18th we surprisingly had no taper and had rounds of record highs for the market. we're seeing that again today, new record highs. this decision not a surprise and basically the markets where they were before the fed a released this decision. back to you. ashley: lauren, thank you very much. we see the u.s. dollar continue to strengthen. euro extending losses against
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the dollar as reaction to this. go to the pits of cme for commodities initial reaction. phil flynn. >> they didn't like it in the metals pit, obviously. gold prices before the statement was up $8. it is lower about $1.20 but now up $120. silver went even on the day. i am look on the interest rates, they were pushing near the yields near a three-month low. they are off those lows right now. we're seeing reversal. 30-year treasurys which were up 13 before the statement are now down seven. so we have seen a reversal. fed fund futures which came into the meeting talking about an interest rate increase, not this march, but march of 2015, that's little-changed right now some qe infinity or at least interest rate infinity for a long period of time. but i think right now the market is still trying to digest, you know, that the fed really didn't say anything different. they still struck a positive tone but that doesn't really tell us anything.
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we'll have to look for more data. that is what the fed is going to do. right now the fed data doesn't match up what they're saying in a positive note. tracy: that's for sure. phil mentioned the treasury market. look right now how the 10 and 30-year treasurys are moving after the fed decision. he noted that the 30-year was up prior about 13 points. it is now down. we can bring in these board, you guys, that would be great. your 10-year as well moving, was up in the beginning and now unchanged. here we go, 10-year, 2.51% for , sirius 113. your 30-year is now up slightly one basis point, 3.63%. moved kind of back where we started. ashley: the dow turning positive. zane brown, let me bring you in, get your initial reaction. same as you were, number much comments made that the fed's language does not perhaps match the weak ening data we've been
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seeing in recent weeks? we would term it as surprisingly optimistic from the economy on fed's part. fact they suggested downside risks are limited. if there was ever an opportunity for them to actually increase quantitative easing, they had the data in jobs, and in housing and in consumer confidence, to actually increase quantitative easing. it seems like went exactly the other way and i think the reaction that you're getting slightly higher yields in the treasury market, is really reflective of some people interpreting this, that, you know, tapering is not off the table for december. that actually could happen if the fed continues to maintain this perspective. tracy: that's interesting actually. let's bring peter barnes back in. hey, peter, i thought really interesting, no mention of the shutdown. maybe they are getting worried about inflation a bit? we heard more inflation talk this time? >> i didn't see that, myself,
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tracy. language on inflation, looking at it right now. looks pretty much the same, identical from the september statement in the first paragraph. tracy: high time they started worrying about it, right? even janet yellen, janet yellen came out and said a little bit of inflation is good for everybody. >> well they did talk about again, energy prices but they consider those, you know, to be transitory. that those will settle down. we have seen lower out e oil price, lower energy price, lower gasoline prices will likely follow there. i do like to look at a previous statement and current statement to see what changes there are in the language. interestingly, it took out the fed, took out any specific references to higher mortgage rates in this statement. the last time around when mortgage rates were going up, they specifically mentioned mortgage rates as having risen further. and their concern about higher mortgage rates, that language is gone this time. we have seen mortgage rates start to back down. as you know, saw the statement,
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this statement just mentions that the recovery in the housing sector slowed somewhat in recent months. and it took out higher interest rates as a downside risk to the economy in this statement. so, maybe rates are starting to behave and maybe rates are coming in, around where they're comfortable with them. ashley: let me bring in bob, again. bob i want to pick up on what zane said that maybe the fed leaving the door open for taper talk again in december because they're not really perhaps as pessimistic as some of this economic data suggested recently and that brings in the question of bernanke and his tenure, would he like to begin the tapering before he moves out of the position as fed chair or does he let janet yellen, assuming she is confirmed and actually take over and make her own decision on it? >> you know a couple months ago i would have said for sure. i thought bernanke was going to start this and get it going but now i'm not so sure. i don't believe he has any real intention. i think he really wants to turn it over to yellen and let her
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take the reins. as far as increasing the asset purchases i think, you know, the better chance for my children to actually clean up their rooms which is probably not going to happen. but you know i think what you have to do is put this all into perspective. the market is probably going to move a little bit higher. it probably got a little bit of ahead of itself. it will probably give a little bit back. for the retail investor out there, to understand this would be buying opportunity, to the end. year the market moves higher. as we get into beginning of next year the market will continue those trend. tracy: right. >> as far as what is going to happen with the tapering this is the time to actually go out and start to search for mortgage or house to buy if you're going to be one of those first-time and moving up in your home purchases. this is the time to do it. for the stock market investor you will use this as buying opportunity. any kind of weakness you will realize in february or early march, the market is going to start to get a little bit worried about tapering. you will see movement up in the
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yields. pressure on the stock market. don't worry about it. higher interest rates are not a bad thing for the overall stock market. economy is improving at a slower pace. tracy: we need it. janet yellen may be on to something. we need a little inflation. phil flynn i throw the last word to you on all this. >> i think peter hit the nail on the head for this statement and why they didn't taper last time. it was because of mortgage interest rates. when they surged last time, when we said we were going to taper they couldn't taper. as long as rates stay low an data improves and this weak data is transitory, tapering could be coming back sooner than people think. as long as rates stay low. i think peter hit it on the head. ashley: very good. great stuff, guys. thank you, above pavlick, zane brown, lauren, phil, peter, thank you all for breaking this down for us the latest statement from the fed. we appreciate it. >> as peter said, not much change. ashley: not much change, no, but perhaps more optimistic based on the economic data we've been getting recently. tracy: right. ashley: i think we were perhaps
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expecting a more somber tone for the fed. tracy: market maybe not liking it so much. we're all over this fed stuff as business television as best coverage of the decision continues. charles payne, david asman, liz claman, going to be here ahead and talk about where we all go from here. ashley: also live on capitol hill, where secretary kathleen sebelius spent part of her day apologizing for obamacare website problems. tracy: get this, somebody paid $24,000 for a pair of tickets tonight's world series game. i didn't know there was a world series going on. ashley: come on. tracy: we're live in boston ahead where president obama's motorcade threatens to tie up traffic heading for fenway park. if i paid that much for a ticket i would be pretty pissed off about that. ashley: because of the president. ♪
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we strive for the moments where we can say, "i did it!" ♪ we are entrepreneurs who started it all... with a signature. legalzoom has helped start over 1 million businesses, turning dreamers into business owners. and we're here to help start yours. tracy: welcome back. the fed deciding to, well, maybe early to taper. we're not really sure because the language is a little fuzzy. charles payne is here with his thoughts and his interpretation of it. a lot of people in the last block were getting the early fed, i mean early taper feel. did you get that? >> no, i did not get that. tracy: me neither. ashley: i think that is because they are refusing to perhaps buy
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into the economy that, all, housing, consumer confidence, manufacturing. >> right. ashley: all of those have been remarkably weak. >> right. ashley: so there was expectation i think of perhaps a more negative tone to their statement and they seem to not have done that. >> because if you remember it wasn't that long ago when they were sort of taking quasi-victory laps. now they find themselves in a position now the balance sheet is $3.5 trillion. the main street is not taking the bait with any of this stuff. businesses are not really taking the bait. you see buy backs and thinks like that but no capital expenditures or type of investment, hey, they're building a new power plant or new factory, maybe things will be great. tracy: right. >> here is another thing. the committee recognize that is the inflation consistently below its 2% objective could pose risk to economic performance. that is deflation. tracy: that is the line at that caught me too. we didn't see that before. >> in other words, we can't get this thing maybe.
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despite all the trick that is we used, despite awe the desperate measures we use, maybe it is out of our control. if that is the case that would scare the heck out of wall street. tracy: heck yeah. ashley: but bernanke consistently talks about the stagflation that affected japan for so many years. >> right, right. ashley: you're right the first time he is actually acknowledging, this economy we'll need some price leverage, rising prices just to help the economy along. >> right. you know what? we had the adp jobs number, out today. it was lackluster at best. it was better than two previous months despite the shutdown, wink, wink. ion with the last bls number, 126,000 private sector jobs of the how do you get this thing going? how do you spark it? you know, it is tough. one thing i will say though, i never judge the street's reaction to the fed after the call. i always do it the next day. tracy: right. >> always feels like there is confusion. people are trying to work through this. right now you probably get as
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much out of this as sebelius testimony. you have to parse through. >> i think you make a valid point. at the end of the day market is still thinking we're still getting some money. so we'll be fine. >> federal government will getting money. when does it trickle in? when does it break through the dam? ashley: main street. tracy: the market hasn't cared about that for a long time. >> it hasn't but at some point we need the u.s. economy -- tracy: charles payne. >> all right, guys, see ya. >> thank you, charles. let's go back to the new york stock exchange. check the markets. the dow starting to drop now. get down to lauren simonetti on the floor with the aftermath of the fed decision. lauren? >> now we're starting to see real reaction. we're at session lows. dow down 75 points, 27 points down for the nasdaq and 11 for the s&p 500. so this market is certainly moving lower. a lot of things are at play here. first of all there's december
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meeting of fed and january meeting. last one for federal reserve chairman ben bernanke. what does he want his legacy to be? we have the budget and debt ceiling issue we'll talk about once again in december, you have to figure out what can and will the fed do? we have two more trading days left for the month of october. this is the best month in two years for the broader market, up about 5%. so you got to wonder how much more can stocks rise and hough more can the fed continue to boost the stock market. traders doubting that today, almost 100 point decline right now for the blue-chips. back to you. tracy: thank you, lauren. ashley: thanks very much. we'll be back to you at the bottom of the hour. keeping track of these moment moments. >> what is neck for the fed? how the heck will they figure this out? liz claman and david asman might do it. we'll have their take next. ashley: kathleen sebelius falls on the sword taking full responsibility for obamacare website issues. we're live on capitol hill next with the very latest on that story.
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tracy: hear about the gift russians gave to world leaders? cell phone charges that actually spied on them this. is something you want under the christmas tree. ashley: can't make it up either. tracy: you really can't. ashley: look how the u.s. dollar is moving right now. it strengthened as you can see after the fed decision. all the currencies moving lower including the euro, hitting session lows at just over 1.37. we'll be right back. weekdays are for rising to the challenge.
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ashley: breaking news, everyone, the dow is down after the fed decision but off of lows. we're still down 88 points. we got down close to being off by 100 points. also mentioned dollar strengthening, bonds falling just a hair. but, you know, perhaps market reacting to the fact that taper still on the table for the december fed meeting. >> right. all right, believe it or not there are other news going on today. health and human services secretary kathleen sebelius getting grilled before congress, taking the full blame for the troubled rollout of theare webs. rich edson on capitol hill with details. hey, rich. >> hey, tracy. not sure you saw the entire testimony. don't be worried with you will see it all again in december.
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secretary sebelius will appear in december, this time they expect her to bring enrollment numbers. how many people enrolled in obamacare. there are no numbers now, the secretary said the website and systems are not functioning. the main tenet of this of who is responsible for the messy rollout. >> so you're saying that the president is not responsible for hhs? >> sir, i didn't say that. >> okay. so the president ultimately is responsible, while i think it is great you're a team player and taking responsibility it is the president's ultimate responsibility, correct? >> you clearly, yes, whatever, he is the president and responsible for government programs. >> she did go on to say she is the one who told the president that everything would be up and running by october 1st. so she's the one that should be blamed here. also one other item here. this is document obtained by fox business from the committee. it's a cgi federal assessment from october 11th that says
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where they are on the system and it says, right now they're unable to determine at this time whether low enrollment counts are attributable to system issues or due to users choosing not to select or enroll in a plan. so they detail many of the problems this website is still undergoing right now. still hhs says, by the end of november, should be up and running. back to you. ashley: emphasis on should. tracy: right. i wouldn't play those odds in vegas. that's all i know. >> should be up and running october 1st, so. tracy: rich edson, thank you very much. ashley: now with more on secretary sebelius's testimony and problems of obamacare our very own gerri willis inside the beltway to get closer to this issue and i'm sure she would have loved to have thrown a few questions at the secretary today. hi, gerri. >> no kidding. high, guys. this had was incredibly dramatic hearing. lasted for three hours. health health grilled by,
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congressman to what are number of enrollments to why can't you keep your health care? i have to tell you irony of all this, health care system that won't work, website that is always down, during the entirety of the testimony the website was down. here's what pete olson had to say. >> cms has worked hard to test the infrastructure that will allow americans to enroll. it has been down the whole time you've been testifying. the system is down at this moment. >> so, completely crazy, right? i mean, shocking that even as we're having conversation over who's responsible for this, the website isn't working. tonight we have on lamar alexander, that is the senator calling for her resignation. we'll talk about what he thinks now. is he satisfied with what he heard or if he changed his mind. i have to tell you in a conference right after that
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hearing, several republican members came out and said look, we're not getting answers we want. we still don't know number of enrollments. we still don't understand why the system can't be delayed. bottom line here is what i really took away. we're happy to say we're sorry but we're not changing anything. you still have to enroll, meet the deadlines and pay the penalties if you don't play. guys? >> not satisfying at all, was it. gerri, thank you so much. don't miss "the willis report" live from washington, d.c. tonight at 6:00 and 9:00 p.m. eastern time right here on fox business. tracy: apparently representative michele bachmann compared it to the roache motel. once you get into the system you can't get out. that is good. ashley: hotel california on the website. tracy: that's good. we are all over this fed decision today, business television's best of the best. we have the best coverage coming up. david asman, liz claman. they're on next. there are threats to put a hold on janet yellen's confirm as fed
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chief. market is down 98 points. we'll talk about it. ashley: ashton kutcher a project engineer at enlenovo? believe it are not he studied engineering in college. we'll have that on tech minute next. tracy: as if drivers are not bad enough, not nearly as bad as jersey, but call can you imagine will deal with traffic from tonight's world series at the same time president obama is visiting? we're live from fenway park next. [ male announcer ] the founder of mercedes-benz once wrote something on a sheet of paper and placed it in his factory for all to see. ♪ four simple words where the meaning has never been lost. the challenge always accepted. and the calling forever answered.
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it's clinically proven to seal out more food particles so you're more comfortable and confident while you eat. so it's not about keeping my dentures in, it's about keeping the food particles out. [ charlie ] try zinc free super poligrip. tracy: 90 minutes until the close. look at your dow 30 now. it is coming back a little bit, but already, barely any green on the screen.
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home depot, general electric, nike. lauren simonetti on the floor of the new york stock exchange. the market fell off after that statement. lauren: and unbelievable market reaction. taking stocks down, the low of the session was down 106 points for the dow jones industrial average. it could be commented saying tapir is not off the table for the next meeting in december. maybe that is what got traders a little nervous now. based on who i am talking to here, no change in tone, no change in policy, no change in timing. it is interesting to see such a selloff. treasuries, just moments ago, that market continues to fall. then willis told me to look at the russell 2000. one of the averages at an all-time high yesterday.
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it is down more than 1% today, three are starting to see some of the fundamentals and some of the indicators for the rise that we have seen this month and this year start to fall off a bit. acta you. tracy: thank you, lauren. that is what they are thinking. ashley: they gave a rosier kind of look at the economy. tracy: there is not. ashley: the fed saying it is too early to tapir, keep the bond buying program in place. at the same time senator rand paul threatening to hold up the consummation of janet yellen to succeed ben bernanke at the fed. >> i think the american people want oversight of the federal reserve and it has been held hostage by harry reid for three years now. all i'm saying is i'll let you vote on yellen when the american people vote on transparency and auditing the fed. ashley: so what is next? we take it to david asman, liz claman chomping at the bit
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to get in on this. janet yellen. smooth confirmation or not? liz: when you hear rand paul talking like that, you wonder what will happen. but both have said they are watching very closely and they like the fact that she has voted and spoken more for more transparent fed. ron paul has said i will give her a shot if she is willing to be more transparent and give us an idea not necessarily what they are doing in the u.s. but what they are doing overseas. what kind of deals are they getting to overseas banks? that is u.s. money and going to destabilize depending on how you look at what is going on. david: the chief concern of rand paul is the concern of many like him. the bank has become our central bank is too political. whenever a central bank serves politicians or bankers for that matter, it stops serving the people. it is supposed to be the people's bank, i know we are a
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representative government, et cetera. that is why the best in my mind and in rand paul's mind the best central bank are those that we have had are people who did not give a damn of how the stock market would react. he did what would maintain the value of the dollar. that was his chief concern. his concern of politicians and wall street came second. tracy: will talk about there is an inkling in the statement things are getting better out there. do you think that is true? liz: their idea of better is interest rates stay low. if interest rates stay low, tapering happens a bit sooner. he watched the dollar reaction, the daughter moved up, stock market move down. it has been quite a run. if you look at the dollars reaction, it is a very dollar positive if we forget tightening, but some sort of tapering the u.s. dollar starts to strengthen. not necessarily a bad thing.
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tracy: oil closing down $1.43. $96. yes. i know that's not good for some, but for some commuters like me, that is worthy of a happy dance. i did not mean to cut you off, we had to get the breaking news in. liz: our daughter has been at an eight month low. that means we have less buying power overseas. a stronger dollar, that tends to be a positive. david: the two indices i was looking at was gold and interest rates. just a take on both sides, but to show you the chances for tapering are better than they were before the fed announceme announcement. that is related to the dollar as well. tracy: here is gold, it was moving lower and has come up off of the low.
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david: which is good for me because i'm going to europe. ashley: it is brutally expensive anyway. want to talk about inflation. the fed mentioning inflation here. the concern even though yesterday said or recently said we could have double-digit inflation. the concern is stagflation. david: i know a lot of people are making money with their investments on wall street, but people saving money, 2% is enough to wipe out all of what they are getting in fixed income. with the low interest rate doing a lot to hurt particularly the retired people. liz: we are well off of our highs of 2007. it is low inflation as well. david: there is one thing that has to be emphasized.
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when you look at food and you look at oil, which is not in these figures, you are seeing very high inflation. six to 8% as a result of the stuff people have to buy. people cannot afford not to buy gas or heat their homes with oil. tracy: tuition has jumped exponentially. liz: another issue that matters. ashley: time goes so quickly when they are here. david: we talk a lot. ashley: keep it right here on fox business. talking earnings with the cfo of gps defines maker garmin. pathetic. tracy: all right, speaking of gps, you can keep track of how
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hard the flu is hitting your area. ashley: and if you saw this, you wouldn't believe it, but it did happen. giving cell phone chargers spying on them. coming up in the tech minute next. [ male announcer ] what if a small company became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorswim. from td ameritrade. a reido more with less withwim. buss energy.hp is help. soon, the world's most intelligent servers, designed by hp, will give ups over twice the performance,
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using forty percent less energy. multiply that across over a thousand locations, and they'll provide the same benefit to the environment as over 60,000 trees. that's a trend we can all get behind. >> hears this hours fox business brief.
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kodak coming back to the board room. after emerging from bankruptcy in 2012. the film pioneer is now focused on business imaging. friday she is with on new york stock exchange under the symbol kodk. they will get 1.5% cost-of-living adjustment in the monthly payments next year. one of the smallest raises since automatic adjustments started in 1975. a west coast super charger car door. charging stations between san diego, california, and vancouver british colombia. panasonic will provide lithium-ion batteries. that is the latest from the fox business network, giving you the power to prosper.
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ashley: lets head down to the new york stock exchange and of course we are keeping an on what is going on of where the tapering could still be on the table in december. let's head down to mark newton with his perspective. what was your take on what the fed had to say? speak out the market certainly did react to the negative following the fed minutes. i mentioned a couple of different things did the market has been up 13 of the last 15 trading days. historically that is something that is very rare and doesn't happen that often. if you look at the market rallied into the meeting we historically have seen selloffs following the fed meetings and when the minutes release. that is also important. we have seen a shift over the last several weeks, lot of viewers would know they have been the best performers for a real shift in defensive. we have begun to see a meaningful shift in applied volatility in the last couple of days, a real jump in what they call foot sku with the calls so
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the actual level is not nearly as steep as historically. often times that can a warning that they are becoming a bit too complacent and in the past that has warned of the market peaks. tracy: do you buy the notion that tapering his back on the table in december again? >> look, economic data has not suggested anything of the sort. the fed might do something to save face, but that is not for me to speculate on. i agree with a lot of people, tapering should happen sooner than later because we have not seen the improvement in gdp or inflation to justify tapering at this, justify keeping quantitative easing because it hasn't worked as effectively as people want. even a mention of that is causing interest rates to soar. something has to be done pub we in the next six to eight months. anybody's guess as to what is the right time to put on the brakes.
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ashley: where does the market go from here? often the market cells on the fed statement. a lot of people saying because they were not particularly down in the mouth about the latest economic information. >> it is tough to blame the macro picture or economics earnings at how the market moves on a day to day basis. more based on sentiment and the biggest wins of optimism and pessimism. my thinking is 1740 is important for the s&p. under the lows from last wednesday that could cause a pullback out of 1700 or below. we are in a seasonally bullish time, everybody thinks the worst is behind us. however, there is a lot of complacency right now, and people are looking forward to next year. that is being reflected in some of the indicators. we should see a 3% to 5% correction over the next few weeks make and market a better buying that it is right here.
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ashley: thank you so much, appreciate it. tracy: i hate to say it, but flu season is upon us. technology is getting into the mix. websites and mobile apps are helping people track symptoms and severity in their area. allowing users to zoom in on their area to track symptoms. users can input the current health condition, which helps the site better compile stats on local areas. google has their own flu tracker finding specific terms searched for on its site are good indications of flu activity. what, like phlegm? keeping the flu trends site current. and the cdc website offers flu tracking including statistics from doctors and the percentages of visits from patients complaining of flulike symptoms. take a look at how the flu
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vaccine makers are weathering this season thus far they are all down. hopefully that means the flu is not here in the full form. if i was looking for a home and i went to some area and it was a big flu epidemic i wouldn't go buy a house there. this could backfire. ashley: just look on your phlegm app. thank you, i think. time now for your "tech minute." talk about a parting gift. taking home goodie bags of teddy bears, diaries and usb drives. according to italian media, the phone charges and usb drives were trojan horses to download information and send it back to the russians. hailed as a breakthrough as president obama and vladimir putin granted asylum. they have denied media reports calling them a distraction.
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tracking the moves of your cursor. facebook testing to acknowledge that tracks how long a user's cursor hobbles over certain parts of the website or whether a user's newsfeed is visible on the screen of their mobile phone. they already collect behavior. it would greatly expand the data collected. the social networking site will decide in months if it will incorporate all of the new data collection. shares of facebook up over 125% over the last year. today just taking slightly lower. ashton kutcher joining lenovo who is a product engineer. he studied biochemical engineering at the university of iowa and has relationships with apple and google. so there you go. tracy: multi talented.
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ashley: i guessed it tracy: record world series ticket prices. $24,000 for a pair of tickets to tonight's game. we are live in boston. motorcade threatening to tie up traffic. that fan can end up getting late to fenway park. tracy: all right, take a look at the winners and losers on the nasdaq as we head out to break. talking about google, chinese google up top, dow down, we will be right back. my customers can shop around-- see who does good work and compare costs. it doesn't usually work that way with health care. but with unitedhealthcare, i get information on quality rated doctors, treatment options and estimates for how much i'll pay. that helps me, and my guys, make better decisions. i don't like guesses with my business,
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tracy: if you have not caught ontonto the fact i'm completely dumbfounded by this, somebody paid $24,000 for a pair of
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tickets for world series game five. live at fenway park. the motorcade is going to miss this guys night up altogether, isn't it? >> hopefully not. officials are pulling out the stops not just the president in town but world series game six and halloween tomorrow night. as you were saying, these tickets are going for some top prices just for standing room or bleacher seats about $900. a fan told us he paid $900. shelling out for some of the seats that are usually the less expensive seats in this ballpark. others paying thousands of dollars on the second market ticket. there is a chance to make his al history. the red sox have not won at home since 1918. woodrow wilson was president. world war i was going on when
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the red sox beat the chicago red sowhite sox in game six. this time the st. louis cardinals. the red sox beat the cardinals in 2004 when the curse was broken. babe ruth sold to the new york yankees in 1919. the cardinals are a very tough team and this will be possibly the last game if they pull off a win tonight but they are a tough team winning 11 world series. second only to the new york yankees. but right now it is about security beginning to ramp up around the park. expecting a lot of parking closures in the area, people should take public transportation and a lot of streets will be closed. from the seventh inning on as the city begins to preface the game coming to a close. tracy: i hope you get to go in
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and see the game after all of this. catch the game on fox at 8:07. that is pretty historic. ashley: coming up on "countdown to the closing bell," going to ask goldman sachs senior investment strategist what she thinks about the just-released fed statement and whether she agrees with the increasing course of experts who claim the fed is creating a market bubble. a fox business exclusive. coming up next. life's adventure when you're with her. and i. but your erectile dysfunction - it could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph,
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♪ liz: good afternoon, everybody. i am liz claman. it is the last hour of trading on a busy day as we witness a
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mini taper tantrum. the fed announcing it would hold its bond purchases a steady. the fed telegraph that it might have been sooner rather than later. the actual statement says the fed would wait for more evidence of economic growth before adjusting the asset buying program. the fed saying labor market conditions have shown further improvements, so take a look at the market for you. briefly popping into positive territory following the news at 2:00 p.m. eastern but you may have blinked, you would have missed it. that is how quickly things have turned negative reedit you can see we chopped half of that lowell off. following the headline from the "wall street journal" that the federal reserve will have a tapering agenda on its table at the december meeting.


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