tv Countdown to the Closing Bell With Liz Claman FOX Business January 27, 2016 3:00pm-4:01pm EST
you can see off 181 points, this is all in reaction to what we heard from the federal reserve today. they left interest rates unchanged. however, they did signal they are concerned about global weakness in the economy. so what does that mean for the future, and what does it mean for the next hour of trading? liz claman has you covered. liz: i'll take it. trish, we had a change of heart in the last couple of seconds on wall street after the federal reserve stays frozen in the snow in d.c. the dow industrials down 191 points after the fed said no change just an hour ago to any interest rate move. we're lower by 182. markets turning from green to more green and then plummeting into the red after the fed said economic growth has slowed since december. we knew that. fed inflation is unlikely to rise rapidly. we knew that, but then said we're still going to raise rates gradually. both and then add that signals are out of the rate hike game
for now, but again, the fed wasn't exactly a baby dove here, hawkish comments like strong jobs gains tampered this relief, up to you, and experts coming up right now to decide why we're going down right now. the big news out of iowa is donald trump isn't there, flew the corn silo to head to south carolina. is he gone from the fox iowa debate for good after bluntly announcing, quote, bye-bye, i'm out. the fallout in iowa fast and furious as the other candidates scramble to take advantage as what they see as political opportunity. our political panel will be here on exactly what donald trump might be trying to avoid? might not necessarily be a who he's trying to avoid. two of our favorite former congressman are here, pete hoekstra and dennis kucinich with us live. a rather shocking cyberattack on israel's electrical infrastructure just as temperatures there plummet. we've got the white hat hacker,
american energy companies pay to break into their systems to find the crack. we'll ask him, are we next? we have the latest on the oregon standoff where it is tense at this hour. the milwaukee terror arrest. apple gearing up and ebay earnings, we're less than an hour to the close so let's start the "countdown." well, we just blinked and lost another 40 points. look at this. down 217, make that 219 on the dow jones industrials, and why? we have a decision, and the bulls don't like it. spiking moves in stocks, the second half after the fed said it was leaving rates unchanged. gray dot is where the fed announced it was leaving rates at a quarter to half a point. right away the dow popped briefly before falling and as you see we are currently losing city. down 231 points.
take a look at the s&p. pretty much reflecting the exact same movements that we saw in the dow industrials. the s&p is at 1880, looks like pretty much the low of the session, down 22 points. nasdaq never really got out of the red for some of this. a lot of it has to do with apple and tech getting hammered over the numbers yesterday. the outlook people didn't like, apple has been a scal wart when it comes to growth and yesterday didn't have the exact same message. the nasdaq was down, now down nearly 100 points right this second. watching it very closely. that's the real story here. down two full percentage points. oil taking a back seat, settled at $32.30 a barrel, flirting with the $33 level during the day, it's coming back here now, now up $32 and a penny in the after-market session, about a 2% gain nonetheless. the rise due to the head of
transnet saying, and i can't do a russian accent right now, opec will discuss possible output cuts in a meeting in february, and then there were no headlines to back that up after that so oil is coming back off the highs of the session. we have winners in the energy sector. consal energy, whiting, neighbors looking good, jumping from 4 to 6.5%, right now the bears are in control, and i was thinking about this. we often refer to bulls or bears talking about the markets. maybe we should say toddlers instead. the markets sure threw a toddler-like temper tantrum after the announcement. dow is losing 225 points. traders at the cme and the nymex along with former dallas fed chief economist michael. stephen guilfoyle, to you, what is it in this announcement or is it something else that is
dragging this market down another 40 points in the last 4 1/2, 5 minutes? >> a little bit of a lack of confidence in the economy in general right now. it's a good day if you're looking at gold or treasuries, if you want to look at equities. we hit 1916 hard, hit it twice and sideways across 1907 and the floor fell out. 1889, a technical level and it cracked hard. now we have to hold 1876. guys are a little nervous here. the fed, didn't say they were going to go ahead and do anything, they didn't pats out head and give ice cream either. liz: the cookies, the ice cream, the fed hated this. huge built-in inventories, bigger than expected. we get inventories for the previous week on wednesdays. that didn't seem to be bearish at all for the price of oil? >> should have been bearish for the price of oil. what i think is happening in the marketplace is lot of speculative longs into the
marketplace, and they're too soon, it's too early. too much oil in the market, we still have downside. so i think we're going to see a short-lived spike here, not much higher, maybe 33 1/2, 34 at the most and then i think we're coming back off and i think we'll see 26 1/2. my opinion? bearish and scale selling right now. liz: hold on, i just got a little distracted alan knuckman, we are at s&p session lows. what is going on in the pits that you get the sense this is more fed or general malaise. doesn't feel like general malaise right now considering we are close to the flatline earlier? >> i think it's just disappointment. again nothing has really changed. we knew rates weren't going to be raised any time soon, you are seeing the market trade technically and took out recent highs. you saw profit taking, a swingdown. 1.5% moves are not uncommon. that's the nature of the market. i am encouraged by the
disconnect from china, china which was down, our market moved higher, and the fact that crude oil is hanging around the $33 level that we talked about here. $33 is that 2009 extreme low, so a move back above that on a weekly basis could put a bottom in the near-term anyway. liz: could put in a bottom, but right now it appears it's all fed all the time michael cox. fed is looking at that statement and i can't tell whether it doesn't like the fact that we are still going to see rate increases at least from the message because they in essence said we will have gradual rate increases and we know that the vice chair, stanley fischer said the same thing or does the market dislike the fact that we didn't get a rate increase and it's serious that things are slowing down? >> i think the market is very confused right now, and the misery of uncertainty is worse than the certainty of misery. market doesn't know what the fed is going to do if it's going to react to china and oil and all that, so it's just
confused and a lot of uncertainty. i think what we have to look at is for the long run to be possible on this is long-term interest rates. since the fed raised the short-term rate, the fed funds rate, really the only rates that have gone up are the zero to one year money. all the way up to 30 years all the rates came down, that ought to be good for markets. markets should react to that positively but they're not. i think the market is having a tough time processing all this uncertainty that's going on. liz: look, we could look at treasuries. the 10-year yield right now is at 2% flat. earlier, i want to say 1:00 p.m. eastern, michael, we saw it at the highs of the session. 2.03, i think. 2.05, actually. now, folks this is a flight to quality here. there is flight, right, michael? this is fear, of what? >> flight to quality. eight years unprecedented low interest rates, nothing like
that before, getting out of that period of time is not pretty, not going to be fast. but i think the markets, as greg giff talked about in the "wall street journal," did you know each one of the last five fed funds rate increases the market went up? we're not experiencing that right now. this rate increase has just begun. let's have optimism here. i think the market is overreacting. liz: i think stephen guilfoyle would agree with you on that. right, stephen? >> the dollar index is off half a buck. couple that with gold and treasuries, all three are indicative of a dovish fed statement. this in action stocks is not in line with everything else, this is a little risk go off. if we go to basis technicals, we're going to be all right. liz: a buck 09, good to see moderation, good to see all of
you, michael, the markets are confused and when there is confusion, they head for the exits. the dow jones industrials down 208 points. we'll see you next time. to politics, and donald trump who is not blinking. the billionaire businessman sticking with his decision to skip tomorrow's fox news debate in iowa. this would be unprecedented here to have the front-runner back away and back out. voters there are set to caucus next monday, while the majority of voters are hopping from campaign event to campaign event to chicken dinners and pancake dinners, the hawkeye state, donald trump will be hosting an event not there but in south carolina tonight. blake burman is on the ground in des moines. you've got your ear to the ground, talking to people. disappointment? shock? surprise? annoyance? what do you think? >> the chicken dinner sounds great. [laughter] >> i'd go. this is the game in town here.
when we got off the airplane the other day, sign for the caucus, get out of the airport. sign for the candidates, turn on the television. advertisements for the candidates. it will be like that the past year and the next five nights. we went to a coffee shop earlier today to get the very question answer. what do you think about donald trump, the front-runner not only nationally but here in iowa saying he will skip this debate tomorrow night. the very last debate before the ever so important iowa caucus, and met up with a very nice group of women, a book club, talked politics for 10, 15 minutes or so, and they basically said, liz, you know what? we've been through this over the past year with all the of the ads and candidates coming through, they say we're unfazed by it all. >> i'm a little bit disappointed. i always enjoy seeing him, but perhaps without him, there we'll see more of the other candidates, and that might be better for anybody. >> i really don't care.
i think some of his weaknesses are coming out. >> and that was democrats and republicans there. a new poll out this afternoon from monmouth university shows what trump's opponents might have to overcome. trump hitting the 30% mark in that poll. ted cruz in second at 7 points. if there is disappointment, liz, there might have to be a lot of disappointment from some of those undecided voters to kind of tilt that the other way. anything can happen over the next five days. liz: okay, i put in a call. trying to get you buttermilk battered chicken. i hear it's great in iowa. >> as long as they're warm, i'll take it. liz: i know. in davos, they serve us soup and immediately it had bits of ice because it was so cold. not so much. blake, thank you very much. blake burman, toughing it out in iowa. later our political panel. who's going to be the big winner in a trumpless fox news debate?
we like to reiterate mr. trump is welcome to join in the 11th hour, we shall see. no podium will be on the stage because he says he's not coming. we've got former michigan republican pete hoekstra along with former democrat from ohio, dennis kucinich. in about 19 minutes. stay tuned what they've got to say, they are seasoned politicians who debated many, many people over the years. watch. you never know what's going to happen on the republican presidential debate on the fox news channel. ben carson, chris christie are all showing up, we don't feel we need to turn our backs on the american people at the moment. a lot of drama. the second we hear anything, we will let you know. all we hear is donald trump is going to south carolina today, tonight, not iowa. closing bell, we are ringing in 47 minutes. session lows, down 251 points right now.
you cannot tune out here, if this starts to accelerate. we're on it. we are a good 96 points away from dow 16,000 at 15,904. israel's power grid known as one of the toughest and safest under attack on the coldest day of their year. the government fighting to keep the heat on for millions as it was hacked. we've got the guy who is paid to penetrate american energy companies infrastructure. buy the companies. jonathan pollack is standing by. a white hat hacker. he's going to tell if you america is ready to prevent what happened to israel. a cyberwar blackout. next on "countdown," don't go away.
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seeing real erosion right now. apple is looking at weakest moment in five months. down about 6%. 6.33%. the numbers came out yesterday. all anybody can talk about is the iphone 7 better be great, for now it doesn't look that great. we're at the lows for the week right now. the s&p 500 now down nearly 30 points. we are watching this moment by moment, the fed playing into this and looks like things are getting more frightening for the bulls. breaking news moments ago, the fbi and oregon state officials are now holding a press conference addressing that deadly altercation yesterday with the leaders of this protest at the oregon wildlife reserve going on for weeks and weeks. the group is pulled over by police during a traffic stop. one of the drivers would not stop it. escalated to gunfire, and it ended with the death of one of those protesters.
eight others were arrested, including the leader, ammon bundy. the fbi is setting up a perimeter at this hour around the oregon wildlife refuge occupied by the armed group for more than a month, due to a dispute over federal control over large tracts of land. but there's some question as to whether people who live there really want this group. really want the militia men there? there were quotes in a newspaper article out of las vegas, the reporter said we don't need these guys there, we're having better relations with the federal government with the farmers at this moment. let's go israel, recovering from one of the largest cyberattacks it has ever experienced. this as temperatures drop below freezing. you can see the snow in israel. a hack attack at this very point, the coldest day of the year paralyzing computers lead
to a shutdown of the electrical grid. could what happened in israel happen in the u.s. on a larger scale? if anybody knows, it's this guy. here in a fox business exclusive, the man hired to break into systems, jonathan is head of tiger securities. who did this in just a moment, but first how, how did it happen? >> sure. so this was a phishing campaign, some employees within israel's power authority clicked on e-mail linked to malicious software. that malicious software was pulled down to corporate machines and immediately started to spread throughout the network with the goal to encrypt data and render hard drives useless. computers were encrypting all the data and shutting down. so there's a race to limit the spread of this malware and keep the servers and infrastructure up and running. this was an attack that was on the corporate network, however,
this could easily have spread from the corporate network to other power infrastructure within israel. this is a very serious breach. liz: okay, now to the who? whodunit? do we know? >> we don't have enough information, no one has come forward to lay claim. liz: we are hearing black energy, who are they? >> black energy is a name for the malware because of its capabilities. black energy was used in a recent hack against ukraine, and it was allowed -- allowed attackers remotely to get access to the power grid and shut down power in ukraine. that was less than a month ago. definitely serious stuff. liz: especially when you see the snoechl it's the coldest day of the year in israel, there are elderly people freezing now and the israeli government is rushing around. speaking of which, the prime minister bibi netanyahu said this, and this jumped out at me. he warned that the internet of everything is, quote, a curse
because it can be sabotaged through, who knows, through my little bracelet that's checking how many steps i'm schlepping around the city. i'm wondering because everybody has these in america, he's the ultimate question, it could happen here? >> yes, it could be a similar attack against our electric regulators which are connected through iccp protocol through all the serious from from in the address. they have over 65,000 communication ports that can be on or off, and every connected network has 65,000 535 ports that can be on or off and making sure the fire wall rules are set up properly. and all you need is a small back door to basically own everything. so it's very difficult to keep the systems secured and it's very easy for a motivated attacker to find one gap in the security. and, you know, we're going out
and doing our work in the u.s., finding a lot of cybersecurity vulnerabilities. the networks are connected to their corporate network and to the internet in ways they shouldn't be. remote access for vendors and support contractors that come down. liz: we're naked through all of this. >> yeah. and the actual systems that monitor and control our grid were installed before the internet. it's very difficult to manage and patch the systems that are so old. there's a lot of issues that need directed focus attention, for sure. liz: frozen through a fitbit. who knows? you have duke energy, dominion resources, southern, they're paying guys like to you find the leaks and the holes which is great news. you're a smart guy, wish you the best of luck. thank you, keep us safe. >> all right. >> jonathan polet with red tiger security. we touched the lows of the session, where we were down 289
points for the dow jones industrials. come off that, maybe a bit of bottom fishing here, down 232 points. still an ugly number, but not the worst of the session. m wahinghe ndaq,t st ped lses 13 ints ill wn 9 closing bell ringing in 34 minutes about the largest quarterly profit in history. not enough for apple investors. apple along with boeing driving the dow lower, looking at the other laggards, merck, nike, dupont and disney. and winter weather driving demand for heating oil, rallying oil higher. is the glut about to hurt the entire american economy rather than help it? jeff flock on that conundrum, he's out in the cold at a citgo refinery. "countdown to the closing bell" coming right back. dow jones industrials losing 242 points. the biggest challenge for business today is not
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as we look at the markets here, dow jones industrials very iffy. down 241 points. also look at the dollar. just minutes ago, the dollar against the euro. the euro just hit session highs. the dollar is weak because of that perceived dovishness overall of the federal reserve statement. when we say dovish, they are all sweet and backing off and won't be tightening interest rates as aggressively as people thought they might this year, but that's still out. we don't know exactly what the fed is thinking at the moment. for now, looks like they're holding fire and therefore the dollar is suddenly weaker against the euro, the euro at session highs. still number one, toyota claims the top spot for global sales for the year 2015. the fourth year in a row toyota claimed the title. the markets are so ugly right now, but let us talk about what goes into many cars, oil. crude oil is lower than where
it settled. it's at $31..95 on the belief that the russians coordinate with opec members to slow down the output causing a massive glut and flood of oil. take a look at the average price of gasoline. we compared it to the cheapest which we found. cheapest in missouri at $1.52. here's the national average, $1.83. oil inventories rose once again in this week's report and so did gasoline inventories. we got a build of more than 3.5 million barrels for gasoline, when the expectation was certainly less than that. a build of 750,000. what does that mean for oil and refineries? jeff flock at a citgo refinery in illinois. hi, jeff. >> reporter: do we have enough places to store all this oil that we're making, liz, that's a big question out there. first on the numbers, oil and stocks come apart today, moving
in lock step, not so much today because of the news on oil. the other thing, as you mentioned, the predictions about what that build would be. put the numbers up, what the street thought, then what the american petroleum institute thought, and what the government finally said it was. actually the government numbers were better than the api numbers, that's why we had help in oil. that's great news for gas, look at numbers across the country. down to close to a buck and a half in a lot of places which is wonderful. and the refiner stocks did not follow suit, as we said, oil and the stocks coming apart from their being attached at the hip. most of the refiner stocks down today. but back to this question of storage. behind me, you see a whole lot of tanks, a citgo refinery outside chicago. we currently have 495 million barrels of oil in storage. that sounds like an awful lot. but our daily consumption is 20
million barrels a day. that means we've only got about 24 days' worth of oil stock piled. that's why some of the oil bulls say this could turn around quickly if we get a cut in production. we'll see, liz. liz: yeah, the people keep talking about cuts in production, we don't see it. great for the consumer. really used to $2 a gallon. it's awesome. >> reporter: i love it. liz: jeff, thank you. >> reporter: yeah, baby. liz: yeah, baby. jeff flock. closing bell 27 minutes away. donald trump backing out and still out at this hour. no news as to whether he'll say, okay, i was just kidding or i'm coming back. what, if anything, is he trying to hide by skipping the fox news debate with five days until the iowa caucus? that may sound like a loaded question, but there are real, real questions as to whether he's afraid of two questions in particular. we've got two of our favorite former congressmen, pete
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we had been down 289 points. looking at a dow jones industrials losing 217. it's the sea of red that is very bright at this moment. but here's what's bright green. mcdonald's on on track for a record close. mickey d's notching a record close yesterday. any gain today, even a single penny will make it two in a row for the world's largest restaurant chain. watching it right now, up a third of a percent at $120.38. volume up a million shares. this is a day of strategy on the campaign trail, you can imagine what campaign strategists are doing with all of the candidates because you've got donald trump boycotting the fox news debate tomorrow. the remaining candidates are seeing this as an opportunity to speak more directly to voters, just four days before the first votes of the election are cast. trump's closest competitor senator ted cruz wasted no time making his case.
>> i think anyone running for president of the united states owes it to the people of iowa to have the humility to come in front of you. to make the case, to answer the hard questions, to look you in the eyes. this is a job interview. the president of the united states works for each and every one of you. liz: let's bring in former republican congressman from michigan pete hoekstra and former democratic congressman from ohio, dennis kucinich, who worked for the people for many years. trump withdrawing from the debate, is this a stroke of genius or major misstep. pete hoekstra to you first? >> it fits his narrative. he is the unconventional candidate. what he's saying here is if i see a bad deal, i'm going walk away from it, i'm walking away from this debate and fight for myself just like i'm going to fight for america when i see a bad deal.
the real question is picking a fight with fox news and not appearing in front of the iowa voters. is that a good deal or not? that's the question there. ted cruz has articulated the alternative narrative there. this fits donald's narrative. liz: dennis, he's not the only one who's articulated that. listen to what ben carson said on fox business today. >> hopefully they'll be focused on everybody, rather than a specific candidate. that's going to help quite a bit, and as far as i'm concerned, you know, as you saw in the last debate, i'm a little more aggressive. i'm going to get more aggressive this time. liz: dennis kucinich, i think that was a veiled sweep where he said we're going to get an opportunity versus listening to one candidate. donald trump sucked a lot of oxygen out of the room. does this turn on or turn off voters in iowa?
>> well, you know, if i was advising donald trump, i would tell him, look, you've got this. close the deal. show up. show iowa you want their support, and you're off to the races after iowa, but if he doesn't show up, he risks stepping on his own narrative of being a unifier and i think the timing is really bad for him in not showing up. liz: what's he afraid of? >> i don't know that donald trump is afraid of anything. i think that he would much rather have a different kind of debate format with one person notably absent. but, look, if you're going to be president of the united states, and he very well could be, i mean, he is certainly showing a lot of popular support. this is a small matter compared to the iowa caucus and the presidential contest. i'm hopeful that he'll reconsider.
liz: i ask what he's afraid of, pete. a new pew poll shows the voters believe on the gop side trump is the least religious. for those of us who like separation of church and state, we wouldn't care about that, but there are people in iowa who actually do. is he afraid of some question, and we don't know what the questions would have been, but, can you recite this part of the bible or how many times do you go to church or how do you really feel about abortion? maybe he didn't want to answer those questions is one theory? >> that may be a theory, i think it's wrong, i agree with dennis, i don't think donald trump is afraid of those kinds of questions coming forward. i think what mr. trump is doing is rather than hitting a single, which is what he would have done if he were at the debate, played it safe. i think he's going for a much riskier strategy, and hoping that it's a breakout strategy that he can dominate the iowa caucuses rather than just narrowly winning or perhaps
finishing second. he's taken the riskier strategy. liz: dennis, we've got to go, bernie sanders met with the president a couple of hours ago. he came out, answered questions to huge media gaggle that was there. sanders, what do you think? what's his velocity here? >> in iowa? very powerful. he's surging. if his supporters show up on the night of the caucus, you might find an extraordinary surprise coming out of iowa. but we'll see. it all is going to depend on turnout. liz: so true, as it always does. if there's a huge snowstorm, who knows. seen that before. former congressman dennis kucinich and former congressman pete hoekstra. tune into fox business on caucus day. neil cavuto hosting votes at 8:00 p.m. and skipped the last one, find out what senator rand paul has to say about donald trump skipping this one? the fox news debate tomorrow. he's on with david and melissa
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boeing came out with earnings, but the problem is guidance for 2016 and 17 has a backlog of jet orders to get out into the market but it's the guidance it put forward and investors are worried they're not going to be able to keep the sales on pace. so that stock is down today. take a look at dupont, down over 23%, year date down 19%. then take a look at nike. off today but year-over-year up 29%. so people don't run in the winter, they will run this spring. disney. why is disney down? i asked, people don't want to take props off the table and there were plenty to take from disney. liz: i ran the charles river in boston. >> but you are liz claman, the rest of us are human beings. liz: the rest of you are smarter, i'm an idiot. why would you run in an ice storm. thank you very much. facebook is down 2%, what do you wear to earnings announcement. closing bell 10 minutes away.
we ask that because facebook is in focus about to come out with numbers after the bell. mark zuckerberg reporting first quarterly results since becoming a father. we have a window into his post paternity wardrobe choice and the expectant numbers. stay tuned, we're coming right back. dow jones industrials down 214 points. off the lows of the session.
liz: we do have the dow jones industrials losing 233 points. at is lows we were down 289. when you think of ceos preparing for earnings reports you might expect them to wear, what, a tie and jacket? not facebook ceo mark zuckerberg, fresh off the two-month maternitity leave. posted this on facebook. he seems to have endless options of two things, gray t-shirts and gray hoodies, ready to go for facebook fourth quarter earnings.
jo ling kent on numbers to watch for facebook and we've got ebay as well. reporter: yeah a slew of earnings, liz. revenue needs to come back in at $5.73 billion. ad revenue is what i'm looking at. that is expected to grow by 45% to $5.2 billion. big numbers of at big number headlines for facebook, mobile ad growth. it is 75%. how manymontly active users do they have have? they have a billion daily actives. spending how much will mark zuckerberg spend on artificial intelligence, virtual reality, internet.org and versus pace revenue. revenue of $2.23 billion and will revenue keep sliding in fourth quarter in a row? shifting strategy how they attract new customers. what happens with the outlook for ebay. spun off of paypal.
analysts expect 35 cents a share for eps. $2.41 billion. paypal spun off from ebay last july, remember that? shares have been hurting since then. they have new competition from apple, google and walmart and visa. lots going on at the closing bell. >> liz: we'll not see what zuckerberg is wearing but maybe we'll hear it on the phone. a neck snapping 350 plus point swung for the dow. after the if he announced it was keeping rates unchanged. gave no indication it would change course on its rate hike. there were all kinds of dovish comments. let's bring in two guys who know what to think of this. >> well it was like the policy statement was shooting a shotgun because markets all scrambled in different directions.
equity market was i think disappointed because they thought the fed might signal they would use the balance sheet to provide support for equities. oil markets were happy because the fed was pretty optimistic about the domestic u.s. economy. bond market i think was somewhat relieved for two reasons, one, because equities got hit. two, they were concerned that the fed might signal the next rate hike would happen in march. liz: paul, i don't know what do you think the next rate hike? >> i think the next rate hike is september or december at latest. i think today's market reaction was literally vote of no confidence in federal reserve. they made a mistake raising rates in december. the only reason we ought to raise rates because of inflation. we have deflationary trends in the u.s., oil prices continue to be low through next year. currency deevaluation in china. means everything five months
from now, costco and walmart will be cheaper and the strong dollar is really hurting earnings. liz: ward, should the fed be attached at the hip to what the market is doing, that's the question? right now we're down 230. maybe they're spooked to even move? >> i don't think the fed should be attached to the hip what the market is doing. in fact the fed spent last couple years trying to get the markets off the addiction to qe. they are not going to become the balance sheet of last he resort for the global financial markets liz: like genesis, the land of confusion. paul, do you change your strategy foing what we know of the fed's report. >> no. you have to make the distinction
between the underlying economy and the stock market. if you look at the underlying economy, we're in what i call elephant economy. it is slow, plodding but forward moving and expanding. in the history of the united states we never had a recession when unemployment is going down, wages are going up, even though 2% last year. housing is going up and market is expanding as a whole. liz: got good new home sales numbers. we shall see. we hope you're right. so nice to have you both. >> thank you. liz: okay, we have the dow down 226 points. we're waiting on ebay, facebook, priceline. david, melissa, a big docket here. david: it it is, liz, thank you very much. trump says he is boycotting the fox news debate which is tomorrow night. melissa: rivals on the campaign trail are all weighing in as you might imagine. senator rand paul says good riddance.
he joins us this hour with full reaction to this and much more. david: flint, michigan, a city in the heart of america struggling for something as probation aches clean water. we have latest on details of a lawsuit that was just announced tonight. [closing bell rings] melissa: big selloff the last hour but stocks are fighting back as the closing bell sounds on wall street. here is a look where we are ending the day. the dow down 221 points, about 1.4%. s&p and nasdaq trading lower as well. nasdaq there off the most on percentage basis. better than 2%, david. david: 24 of 30 dow stocks are in the red. the dow saw a 360 point swing today, up down, all around, dropping over past couple hours. adam shapiro on floor of new york stock exchange. adam, what happened? reporter: there was a lot of question because right after the federal reserve statement you saw the dow go positive briefly and then we got the big selloff.