tv Closing Bell CNBC October 2, 2015 3:00pm-5:01pm EDT
report. the banks that lend won't benefit as much sooner. i'm watching that. >> by my count you owe $3 for the fed jar. >> done. >> sold. all right. melissa, have a great "fast money." have a great weekend, "closing bell" starts right now. hi, and welcome to the "closing bell." on this friday i'm kelly evans at the new york stock exchange. >> i'm bill griffeth. big reversal for the market. stocks understandably sold off hard on the open on the disappointing jobs report at the low the dow was down 258 points, but this -- i mean it spent much of this day, though, coming from back from that low and at its peak we were up 80 points, the highest i saw, right now we are up 43 points. if the dow were to close higher today it will be the biggest reversal to the up side in four
years. we will be taking you through the final hour here. >> now, it's still an ugly week for apple, that stock down 4% over the last five days, now it's catching the eye of short sellers again. we will discuss whether there is a cloud over apple's growth story. >> we have a prominent apple investor, shareholder who is not happy with doermts at apple. plus julian ted of the financial times will be here to explain why the markets have had a nervy air recently. we are focusly primarily on the emerging markets something that jeff gunlach was talk being. >> front page of the financial times today. after the bell one of the cofounders behind a new app you might have heard of, it's pauld peeple and it's called the yelp for people, it will allow users to rate other people on line and the backlash against this app is swelling on social media and it hasn't even launched yet. one of its co-founders will join us exclusively on the "closing
bell." >> a lot of buzz on that but is it the kind of buzz you want? that will be interesting. let's get to the markets and that jobs report. bob pisani sont floor of the exchange with us here and steve liesman is back at cnbc headquarters to give us the hits, runs and errors on that jobs report. what a crazy day. >> a lot of differing opinions. i think that's what's going on. we had a big selloff at the open. a lot of people disappointed by the numbers, i think european sellers were hoping our growth would give them a boost. then we started seeing noticeable buy programs. that spiked the markets up going all the way up to about noon eastern time. i think people looked to some things and saw bargains, the dollar weakness down big today, that helps a lot of stocks like big global multi-nationals, your 3 ms and united technology, up modestly today. then there were several beaten up sectors where people saw
bargains, chevron was one of the first energy stocks to turn around even before oil turned around chevron and some of the oil stocks moved up. as oil turned and and went positive chevron up 3% today. another oversold group, we've been talking about the healthcare sector, pharmaceutical stocks particularly, down big at the open and all quickly turned around as you can see all of them in positive territory except for meshirck which is one flat side. biotech, ibb turned around early on and went positive. a lot of differences of opinions out there, bill, but right now people seeing some bargains in beaten up sectors and sectors where a weak dollar might help them. back to you. >> bob, for now thank you. our bob pisani. let's get over to steve with the details this have jobs report. that two-year interest rate just right around 2%. not too pleased.
>> the ten year you mean, kelly? >> ten year. thank you. >> two year is down at 55 also not counting on a rate hike. it's the second straight report well below 200,000. the first time we have had that happen since the spring. looking at wall street commentary seems this number takes that october rate hike off the table and even raises questions about whether the fed will hike this year. goldman sachs saying we see a fed hike in december as a close call. jpmorgan saying we're sticking with our december call but with less conviction. awful lousy terrible those were some of the adjectives used to describe the report. those are the ones we can hear on family television. there was nothing good about this jobs report t fell on a market that has come to see 200,000 as the standard, anything below that seen as substandard. every piece of the payroll report missed expectations. let's take a look at what bill
calls hits, runs and all error. nonfarm payroll looking for 200,000, we got negative revisions, looking for gains, we got unchanged, unemployment rate the only good thing here it almost hit 5% but for the wrong rnls, 250,000 leaving the job force, labor force participation declining. here is the good news, we don't have to fret about the rate hike for the october meeting, the next fed ake is november 6th, that's the next job report. we will see if the current weakness does a three pete. >> what a day. joining us in our "closing bell" exchange we try to make sense of it all jim khan is with us, ben willis with princeton securities and rick santelli i'm going to start with you, my friend. i can imagine at 8:30 eastern time this morning i was thinking that somewhere out there janet yellen was sitting with her
morning cup of coffee quietly thinking to herself i told you so. >> well, you know, maybe she was and i think in reference specifically to not raising in settlement if your notion is that when the fed does a rate move it's got to be a trend and it's got to go on for a long period of time or be one and done, the whole notion that unlike every market from gas at your pump or hotel rooms or all the other markets we follow on cnbc, there is a bid and offer t flows up and down. why should the cost of capital be different? so in a static she nails it to the wall, for years and years, yes, it was the right decision in lieu of this weak dat tachlt but it's not about fed activity it's about achievements not the activity and i think the achievements of all policies whether in washington or from the fed or in europe or in japan or in china have been deficient and the focus needs to be there because whether she called it right on this one, let's say she
raised rates and then she watched the stretch of, you know, 136 last month, 142 this month, she decided in a couple months to ease it back. i think weaning the market off and having a rules based some percentage of a yield curve or two year note yields to make fed funds or use the taylor fund i think everybody would be better offer. the there is no fluidity might have been the norm for the last 100 years in fed policy but i think the history of the last 25 is that since green span tried to take recessions out or take the business cycle out they have been unsuccessful with bigger and bigger bubbles following bigger and bigger bubbles. >> plenty of fluidity in the stock markets today. what do you make of this massive reversal and how much has to do the jobs report and people's sberngs sz of it? >> we were not surprised at all, right after we opened i tried to hand simon hobbs a note that saying that the opening volume
was unbelievably light which is indicative of a sharp turn. there was no volatility to the down side move. i called a couple of traders we are going to move strong from here because there was no conviction. what you actually saw was selling derived from futures based trading and buyers willing -- there was money on the sideline willing to come into the market. >> why, ben? is it because the report was weak and they like that from a fed supporting the market kind of point of view or was it because -- >> we hit some support levels. >> we hit support levels. it was an opportunity on a dip, if you will, but it was also this was not a real change in the overall trend, the unemployment rate stayed within the parameters that have been designed by our federal reserve, they may not be designed by the chinese reserve but for the united states reserve our unemployment rate is just fine, the rest of the numbers may have been a little weak but it didn't break any trend. because it is october going into the end of the year we saw some lows in august, there was money
sitting on the sidelines. i can tell you today buyers were frustrated they couldn't buy more when we opened. there was literally not enough for sale. >> jim khan i've always said i don't envy anybody that has to manage other people's money for a living whachlt in the world do do with this market and put money to work for your clients? >> let me pick up on what rick was saying about using the taylor rule. if we used the taylor rule they would be below 2%. coming off of the third quarter we saw the first 10% down move in almost four years. i think there are really great opportunities in the u.s. market. finally we are seeing valuations come into range. globally em valuations and european valuations look attractive. >> where in the u.s.? >> we don't speck specific sectors. if we look generally i would say if you look at financials, financials will be a big winner as interest rates rise and i think interest rates will rise in the next 24 months. i don't think there is any dispute that the fed is going to
raise interest rates at some point they are going up and financials will be the big winner. >> thanks, everybody, for your views this afternoon. >> thanks, guys. >> we have a news alert on another data breach. seema mody has details for us. >> bill, if you are people in the audience use scott trade you may want to listen up. their retail brokerage firm has announced that a beach has hit 4.6 million customers. they say the illegal activity involving our network occurred between late 2013 and early 2014 and targeted client names and street addresses, although security -- social security numbers, e-mail addresses and other sensitive data were contained in the system access, it appears that the contact information was the focus of the incident but approximately 4.6 million clients were affected, again, from the dates of early -- or 2013 and early 2014. bill and kelly, that's the latest.
>> and seema, no mention to ex peer i don't know. >> no, this does not seem to be related to is that story, this is a separate story. >> a separate one, then. >> yet again. >> all the more troubling. seem marks thank you for now. with about 50 minutes to go until the close here in a market, the dow up 90 after being down more than 200 points in morning, the s&p up 12, the nasdaq 44. >> when we come back, the pros and cons ever shorting apple which has been struggling lately even with those record sales of the iphone. we will speak with an apple short seller and shark tank's kevin owe leery who owns shares of apple. but he is not real happy about it. >> no, he is not. later rick operator givers us his take for the bond yield falling below 2%. find out where he sees it going from here. [announcer] right now at sleep train,
get up to 48 months interest-free financing on tempur-pedic. save $300 on beautyrest and posturepedic. or choose $300 in free gifts with stearns & foster. the triple choice sale is on now at sleep train. shares of apple down more than 4% just this week. short sellers are cashing in on this. joining us right now is kevin owe leery who is a long time investor in apple and also don coffman who is one of those short sellers. welcome to you both. don, you are still shorting apple here. after it's down quite a bit from
its event highs why do you think it has further to fall? >> yeah, i have been short apple, i've been short apple since about the 130 price point. again, we are down in about the 110 handle, the 110 area right now and continuing to fall. again, i'm a little bit more of a contrarian, but have you seen the current product line? i tend to be a die hard apple fan in terms of products over here, i've got my watch on right now, you know, i've got my phone, i've got the ipad, my mac issued under garments. the product line just isn't what it used to be and ultimately where is there to go at the shear magnitude and market cap at this point. >> it is so funny you say that because, kevin, when i was heading the notes i was reading your thoughts on apple and i thought who is the short seller here. your thoughts on apple, the new 6s iphone, who cares, apple
music is a big di ace appointment. you own shares in this company. why aren't you shorting these instead? >> you know, don, i can't refute what he's saying but i look at apple as a cash generator and really the 30,000 foot issue that don has to consider, too, and i'm long this stock, not as long as i used to be but i use the products, too. so here is the question that everybody has to answer if they go long or short apple. is the apple echo sphere, the place that that you put all of your content going to remain intact and keep this company out of the concept of it being a consumer electronics company. there are so many consumer electronics stories that have failed, anybody that is consumer electronics can't guard the moat. when i see anecdotal stories like the music disappointment or
some of the apple cases such as i photo, i'm business earl disappointed. so my message to the company as a long shareholder, in other words, i oin this stock is pull up the boot r boot straps and do a better job in these conversions and these new iterations. i'm bitterly disappointed in music and a lot of the apps now. >> do you, though, want the company to spend more time investing on making all of this technology work despite the smartphone growth cycle slowing or do you want them to do the things like boy vocal iq to use people to interact with more functions with their car and device that is might be in their homes years ahead. >> kelly, i want apple to capture my content and data and keep me. let me tell you a story that disappointed me, my son is huge in music, he is 18 and writes his own stuff. i was the first to log on and give a family account and i said, trevor, we're moving over to apple because they have the most content. he said sure, dad. two weeks later i saed i'm dumping this and going back to
spotify. we lost that customer. i lost that customer. how many more million people did that happen to? i'm pissed about it. i'm very miss bd it. >> don, how much longer do you anticipate being short? apple has had a tough year anyway and this year it got clobbered. is there much more down side in your view? >> yeah, i do believe there's considerably more down side at this point and it's predominantly -- let's put product aside and just look at shear market cap. so a company that's ultimately hit critical mass and can they still compete, you know, in the technology arena? can they move to the next hit beyond just the iphone? we're looking at ios 9 which many of us have downloaded, clearly we're disappointed there. >> when are you going to cover, don? >> right down in about the 80 handle. $80 inside of apple. i'm in it for the long haul on
the short side. >> okay. we don't have hear that a lot. thank you both this afternoon. don coffman, kevin ee leery on apple. heading to the close we have about 40 minutes left in the trading session, a little less than that. this is one of those days you just mark the calendar, you will hear this one, down 258 on the open this morning, now up 117 and moving a little bit higher as we head toward the close. >> nasdaq up 1.2%, investors fleeing emerging markets maybe here is where they are putting money to work. also ahead, the co-founder of a controversial new app that hasn't opened yet explains why she wants people to rate you or other people online. the public is up in arms about this app. this is one of the big buzz stories of the day. stay tuned. at mfs investment management, we believe active management can protect capital long term.
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the institute for international finance is estimating more than a half a billion dollars net outflows out of the emerging markets so nar this year. earlier this week our sara icen set down with the imf head who voiced her concern about the emerging markets. >> the emerging market economies have seen their corporates accumulate a lot of debt, debt to finance investment, debt to finance infrastructure and so on and so forth, but they are much more leveraged than they were a
few years back and that is a potential risk, one that they have to hedge against. >> joining us now is julian tett from the financial times, it's called the credit bubble, the bears and central bankers. you are not shying away from using the word bubble when it comes to emerging markets. >> what you need to understand is that in the last few years western central banks includes the fed have pumped a huge amount of money into the global system supposedly to stimulate the western economies, but the great irony is that so much of that money has effectively been recycled into the emerging markets and in fact the figure that i find most scary is an estimate by citi group from matt king which essentially suggests that three-quarters, that's three-quarters of all private sector credit creation on the global stage in the last five years has occurred in the emerging markets, not in the
developed world. >> it is a classic bit of economic cycle, you know, debt levels go sky high in anticipation of further growth and when it doesn't happen you're left paying this huge bill right now. now it's left to the imf and world bank to fair receipt things out, right? >> absolutely. everyone was assuming emerging markets were where all the growth was, that was seen as the engine of global growth after the 2008 credit crisis. and the problem is that all this money has flood nood the emerging markets they've kind of got addicted to t but now we have had these figures out from the iif showing that the money is starting to leave the sector. >> another reason for the fed not to raise rates, right? >> potentially, yes. i'm in the camp of those long the very fact that we've kept rates so low or so long is one of the things actually enabled all these dislocations and distortions to build up.
so that is not healthy at all. >> jill, finally, does this mean everybody should identify who is most exposed to emerging markets including the markets themselves and run the other way? >> at the moment the ones people are concerned are about china and brazil. the question that many investors should be asking themselves, when you look at the american and user mean companies just how exposed might they be to a china or brazilian slow down or other parts of the emerging warld world, it's not just investors that have been betting big on emerging markets it's big american companies, too. >> thanks for joining us today. >> thank you. >> and it was for this reason that jeff gunlach said he sees another down draft in global assets because of this huge accumulation of debts in the emerging markets snoot stock market is not listening close. we look to close out the week with the dow up 149 points, the s&p up 19, the nasdaq 62.
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boy, have you missed a lot. the dow is up 134 points, we are off the highs but we are well off the lows, down 258 points on the open this morning, the big disappointment about the jobs report but that didn't last long. >> let's get down to sue herrera with the news update. >> here is what's happening this hour. the coast guard searching for a u.s. container ship with 33 people on board. it was in rough seas called by hurricane joaquin when the crew reported it was taking on water. at least seven people are dead, another 200 missing following a massive mud slide outside the guatemala city. the hillside collapsing after a day of heavy rain. >> walmart announcing layoffs at its headquarters. 450 people across several business units will be affected.
officials say the penthouse boiler room exploded because of a gas leak. debris from the blast was scattered along the roadway below. coke can a cola calling for fifa president sepp blatter to step down immediately. that is your cnbc news update. busy news days, guys. back to you. joining us to is kenny flocari. >> i have to tell you i'm very surprised that it's done what it's done. i'm not necessarily surprise that had we didn't sell off because this morning because it looked weak on the opening, right towards the opening you didn't have that sense of real panic. there wasn't big volumes, they weren't out of line, the market was down but it stabilized right
away and made its way back. i am surprised that we are at the highs right now. >> i am so technical analyst i just play one on television, but when you look at two-day chart and if we've got one of the dow, we open below yesterday's low. >> right. >> if we were to close here we would be above yesterday's high, that is what we would be calling a key verse versel day. >> it's going to be very interesting because next week there is not a lot of macro data coming out. we are getting into the earnings season. we have that concern over the dollar and china and swaek global growth. i don't necessarily think that the volatility is over, i think it's finding its base right in 1925, 1950 seems to be a place where the market is feeling comfortable. >> do you think the fed is out of the picture until next weir yahoo err. >> i think the fed is out of the picture until 2016.
>> the dollar is a little weaker on the session. if we see strong dollar interfering with earnings maybe that will make people feel better. >> commodities went high year. >> kenny, thanks very much. >> joo texas one of the leading states in wind power. mary thompson joins us on this jobs day with a special report on job training in that growing city. hi, mary. >> i am in sweet water, texas where some people refer to as the wind turbine capital of the u.s. it's home county of nolan county has more than 1,300 turbines in the area generating about 10% of texas' electricity. long subsidized by federal subsidies the wind industry is far more viable now as the cost of producing wind generated electricity has dropped 50% in five years and as more turbines go up so, too, does demand for technicians to install, service and repair them. >> when our students graduate i would say almost about 98% of
them are in place. >> this man runs the wind energy program at texas community classes as students leave with the skills the industry needs. >> we start off with them just a basic introduction to wind energy and then we elevate from there and start talking about hydraulics and teaching them hydraulic schematics, teaching them some industrial automation. >> the government sees wind generated electricity double by 2020 and estimates the market for wind technicians will grow 24% by 2022. now, the salary for these technicians also above average, the bls estimates they earn $45,000 as a starting salary and markets in texas which is competitive in wind, it's the leading state in wind power those starting salaries with k. top $50,000 a year. >> mary, just a quick question.
i think wind is so affected by government regulation and the energy space and we have big changes potentially coming up after the presidential election. does that play into the certainty that these workers can feel about their careers? >> what we are waiting for right now is a tax break that congress is supposed to basically extend and that is supposed to pass by the end of this year. so that will give them some certainty in the years going forward. >> all right. mary, thank you very much. mary thompson there in texas. meantime, mining giant glencore which has become the poster child for the problems of the commodities business is hustling to reassure investors amid this wild ride in the commodities, kate kelly is on special assignment in london to tell us what she's found so far. kate. >> reporter: bill, it was another active trading day here for glencore on the london stock exchange me. behind me is their berkley street office.
they do production and marketing which we think of as buying and selling commodities to consumer -- or customers around the world. they were up a little bit in london trading today based on headlines that their agri business, grains business, might be edging closer to a sale to one or more sovereign wealth funds. they are look to go sell a 20 to 30% stake in the agricultural unit as an attempt to reduce their death, including an imminent sale that could be announced of their metal streaming business which could fetch a billion dollars or maybe a little more in the market and they have also taken a number of other measures including reducing the dividend. their debt position has been in focus for people in week, the ceo seeking to reassure employees as well as his officials who met with credit analysts this week in london to reassure them about the debt structure. a couple of things to keep in mind, glas en berg said they have 13.5 billion signed in
undrawn credit lines, also an additional 50 credit analysts to back up their shipments of cargo among other things. some reasons to feel reassured there, but the market remains somewhat unconvinced. obviously we are in a little bit of a cyclical downturn, a little bit might be an understatement and people are concerned that mining and commodities are going to continue to be doubled in the years to come. >> years. >> yeah, kate kelly, thank you for staying late in london. cheers. >> 25 minutes here into the close. >> getting stronger, the dow was down 258, now up 158 with 20 minutes left. >> look tarks closing out the week, that's the first week of the fourth quarter. now, the dollar a little weaker today. a lot of cross currents. up next we will go live to that nasdaq for a look at stocks leading today's rebound. >> later we will be hearing from the co-founder of a new app, it's been described as the yelp for people. this app hasn't even launched
yet but it already has a lot of people very angry. you do not want to miss this interview coming up. have money with that broker? l dad: yeah, 20 something years now. thinking about what you want to do with your money? daughter: looking at options. what do you guys pay in fees? dad: i don't know exactly. daughter: if you're not happy do they have to pay you back? dad: it doesn't really work that way. daughter: you sure? vo: are you asking enough questions about the way your wealth is managed? wealth management at charles schwab.
market side give us a quick update on what happened there today. >> biotech led the reverse this will morning. take a look at biotech one week chart. talk about a reversal after crashing through the august lows on monday, biotechs are set to be up about 6% from that low we saw on monday. on the other side you have apple which is a continuing to be a laggard here, dragging despite those record sales, concerns about maybe whether apple has stockpiled chips and cutting back. hip r hit the chip sector earlier this week but the chip sector is on pace for a nice gain for the week as well, a nice reversal there as well, breaking a two-week losing streak. the big winners today are the china related stocks on reports coming out of beijing that china is look to go prop up the government, that has all of the gaming stocks up, but it's also carrying a number of internet names as well. back to you.
>> isn't it interesting, isn't it interesting, kelly and i have been hearing from traders and we are seeing this change of psychology that turned on a dime this morning after that low that was hit. we were talk about this, that low on the ten-year yield that was hit at 1.90% that was last hit on august 24, it was hit a moment of -- >> panic. >> -- hapanic. >> biotechs this week it felt like panic on monday, you had monster volume, over 11 million shares, that was a record volume day for biotechs t seemed like everybody who wanted to sell got out, maybe too early to declare a total bottom. it seems as though everybody who wanted to sell did that at the beginning of the week so all that negativity from last week just got washed out. >> don't want to cut you off. as everybody can see -- >> the president is announcing the resignation of education
secretary arne duncan. he will be replaced by deputy education secretary john king. the president is expected to take questions after this announcement is over and that's what we will be most interested n as soon as the q & a of this news conference gets underway we will go back to the white house and hear what the president has to say about some of the other issues facing him now both in the u.s. and globally moth important. >> ears will be prikd for any discussion about syria and russia. oil on the sell is up about a daughter dlar on wti. >> you just heard bertha talk being that nasdaq up 67 points, almost 1.5% today. this is a totally different picture than when opened. >> it's happening somewhat today, it's not exactly a melt down, but it is quite a reversal, biggest reversal on the dow in four years. when we come back we have danny hughes and ken mahoney.
he is about to take some questions and we will bring you those as soon as the q & a session begins. >> we have this news alert on fifa. we have sue herrera stepping in with details on that. what's the latest, sue? >> another corporate sponsor and a big one joining peps co in calling for the resignation of fifa's head sepp blatter. now it's mcdonald's saying for the benefit of the game, coca-cola and mcdonald's calling for the feve if a president to step down. credible and sustainable reform can begin in earnest. so first it was pe psi co and that was moments ago and now mcdonald's is joining -- coke can a cola, i'm sorry, i said pepsi, coca-cola and mcdonald's calling for the resignation of sepp blatter. >> we have 14 minutes left in the trading session as we await the q & a at the white house. the lucky ones that get to explain to us what's going on
today, divine capital founder and ceo danny hughes and the ceo of mahoney capital management ken mahoney. i think our interviews would have been different if we would have done them first thing in morning when the dow was down 258 though we are up 165. >> this has been the kind of market where you do have to wait it out. you have to see how people are going to distill the knowledge of what just happened and where they are going to place themselves. we have had the labor market numbers which was lousy and we got august revised which was also lousy, but i think people sat back and said, okay, maybe that means in december we don't see a rate hike and maybe that because because of what's going on in the emerging markets in china i think that that means that risk still on, put your money back in the stock market. >> does it mean, 000, ken, where the market is rallying as the dollar is weaker and we are pushing out expectation force a
fed rate hike do we want to be stuck in that paradigm? >> our economy can withstand a quarter rate hike or half right hike. come monday this morning has a.m. negotiate is that, the randomness of this market we may forget thereabout this reversal. >> the a.m. negotiate is that is money to money. >> it's a schizophrenic market. the only thing we're trying to do is be more active. get some bids and create offers and create your own performance snoochlt we've been talk about this this week. are we trading on fundamentals or is this a technically driven market? it felt like we hit some levels that the market was comfortable getting back into. >> it's a fed driven market unfortunately and to your point a quarter of a point who cares? i think that would be a healthy bump for the market. >> don't you think that janet yellen would have egg on her face if they raised two weeks ago and then we got this job
market is that. >> 100%. that would have been a proactive gaffe on the part of the feds. they are breathing easier because of that. long-term this is the kind of market if you're looking at a long-te long-term, five, 10, 50 years investor you're picking spots in energy and materials where you're getting a phenomenal return on names that can withstand these markets. >> we do like energy. we liked biotechnology but put a wet blanket over that, hillary clinton made comments, other politicians it's in the cross hairs of the public. when we are talk being pharmaceutical, we used to love this pharm system, biotech, we are selling into rally. we like large cap domestic. thee quarters of performance will come back to dividends, go the old fashioned way when it comes to markets looking at dividends. >> utilities did well in the third kwart for that reason.
we will come back with the closing count down. 400 million to buy. that's the buy is to the upside from art cashin here. >> when we come back we will bring you president obama's question-and-answer session at the white house as soon as it begins. stay tuned. they come into this world ugly and messy. ideas are frightening because they threaten what is known. they are the natural born enemy of the way things are. yes, ideas are scary, and messy and fragile. but under the proper care,
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all right. coming into the last few minutes of trade here we're waiting for the president, he is in the middle of announcing the resignation of his education secretary. they should get to the question-and-answer session in a moment and we will bring you that. we are just kind of closing things out with a volatile day, but it closes out a volatile week. this is the dow for the week and it looked like we were off to a rough start for the beginning of the new quarter, but today look at just today that 250 people decline this morning, it is now a 170 point gain this afternoon and the net-net effect is for the week the dow is up .78%. ten-year yield volatility there as well. the this morning we hit a level we had last saw on august 24th at 1.09 -- 1.90%, immediately after the jobs number came out, but it has since come back. we are at 1.98%. it is the first time we were below 2% since that volatility
began in august. the dollar index for the week, we will see a decline of .3%, it had been coming down anyway, but now we hit that low level there, we are back to 95, 96 and a decline of a third of a percent. one more, the price of gold popping today with the dollar going lower, up 2% today, but still a decline for the week of .72%. we are not going to the president? okay. we are going -- we're going to miss annie. >> i'm waiting -- >> pisani is taking questions. >> what are we to make of this day? >> there are traders that have very different opinions on where the stock market relates to the economy. obviously at the open we dropped 20 points in seconds on that jobs report on the s&p futures. >> on low volume, though? >> yeah, but obviously there was a very large group of trade who are felt that this was bad news
for the stock market, bad news for the economy, particularly europeans felt that this was bad news and they were selling at the open, but then another group and we saw this within 45 minutes, we saw volume spikes, really noticeable, you could see it all of a sudden the market moved up on these buy programs, these people obviously had different opinions. these people saw opportunities. the weak dollar, big multi-nationals like 3 m, united technologies turn around, beating up groups rally quickly. >> thank you, bob. now we are going to the president, the question-and-answer session, less see what he has to say among other things about syria. stay tuned. >> two good men doing really important work. so i'm lucky to have them both as colleagues and as friends and i'm looking forward to seeing even more work done in the next few months. we've got some other business to attend to, so all of you who are
here to celebrate arne and john you are lucky enough to have to sit through a little bit of a press conference with me. so make yourselves comfortable. [ laughter ] >> i warned the kids ahead of time, i said try not to look completely bored. i'm going to take a couple of questions from the press, but first a few additional pieces of business. first of all, we learned today that our business has created another 118,000 new jobs in september, which means that we now have had 67 straight months of job creation. 13.2 million new jobs in all. and an unemployment rate that has fallen from a high of 10% down to 5.1%. these long-term trends are obviously good news, particularly for every american waking up each morning and heading off to a new job.
but we would be doing even better if we didn't have to keep on dealing with unnecessary crises in congress every few months. and this is especially important right now because although the american economy has been chugging along at a steady pace, much of the global economy is softening. we've seen an impact on our exports, which was a major driver of growth for us, particularly at the beginning of the recovery. and so our own growth could slow if congress does not do away with some of the counter productive austerity measures that they have put in place and if congress does not avoid the kind of manufactured crises that shatter consumer confidence and could disrupt an already skittish global economy. on wednesday more than half of
republicans voted to shut down the government for the second time in two years. the good news is that there were enough votes in both parties to pass a last minute bill to keep the government up and operating for another ten weeks before we can get a more long-term solution, but keep in mind that gimmick only sets up another potential manufactured crisis just two weeks before christmas. and i have said this before, i want to repeat it. this is not the way the united states should be operating. oftentimes i hear from folks up on capitol hill the need for american leadership. the need for america to be number one. well, do you know what, around the globe part of what makes us a leader is when we govern effectively and we keep our own house in order and we pass
budgets and we can engage in long-term planning and we can invest in the things that are important for the future. that's u.s. leadership. when we fail to do that we diminish u.s. leadership. it's not how we are supposed to operate. and we can't just keep on kicking down the road without solving any problems or doing any long-term planning for the future. that's true our our fill marry, our domestic programs. american people and families deserve better and we can grow faster and the economy can improve if congress acts with dispatch. it will get worse if they don't. that's why i want to be very clear. i will not sign another short sided spending bill like the one congress sent' me this week. we purchased ourselves ten additional weeks, we need to use them effectively. keep in mind that a few years ago both parties put in place harmful automatic cuts that make no distinction between spending
we don't need and spending we do. we can revisit the history of how that happened. i have some rather grim memories of it, but the notion was that even as we were bringing down the deficit we would come up with a sustainable smart long-term approach to investing in the things that we need. that didn't happen. and so now these cuts that have been maintained have been keeping our economy from growing faster. it's time to undo them. if we don't, then we will have to fund our economic and national security priorities in 2016 at the same levels that we did in 2006. now, understand, during that decade between 2006 and 2016 our economy has grown by 12%. our population has grown by 8%.
new threats have emerged, new opportunities have appeared. we can't fund our country the way we did ten years ago because we have greater demands with an aging population, with kids who need schools, with roads that need to be fixed, with a military on which we are placing extraordinary demands. and we can't cut our way to prosperity. other countries have tried it and it has not worked. we've grown faster than they have because we did not pursue these blind unthinking cuts to necessary investments for our growth. and by the way, because we've grown faster than them we've brought our deficits down faster than they have. i want to repeat this because the public apparently never believes it. since i took office we've cut
our deficits by two-thirds. the deficit has not been going up t has been coming down mess to usually. we've cut our deficits by two-thirds. they are below the average deficits over the past 40 years. so the bottom line is congress has to do its job. it can't flirt with another shutdown, it should pass a serious budget. and if they do and get rid of some of these mindless cuts, even as we are still prudent about maintaining the spending that we need but not spending we don't need and it's not working, their own nonpartisan budget office estimates we are going to add an extra half million jobs to our economy next year alone. we can immediately put half a million more people back to work if we just have a more sensible budget. in these negotiations nobody is going to get everything they want.
we have to work together, though. even if we disagree. in order to do the people's business. at some point we have to want to govern and not just play politics or play to various political bases. at some point we need to pass bills so that we can rebuild our roads and keep our kids learning and keep our military strong and help people prepare for and recover from disasters. that is congress' most basic job. that's what our government is supposed to dorks serve the american people. so with that let me take some questions and i will start with julie pace of ap. hang in there, kids. >> it will be over soon. thank you, mr. president. there have been several developments in syria that i wanted to ask you about starting with russia's involvement. you met with president putin earlier this week. i wonder if you think he was honest with you about his intentiones in syria. if russia
is targeting groups beyond the islamic state does the u.s. military have an obligation to protect them? and on the situation in syria more broadly, there have obviously been failures in the u.s. train and equip program, do you believe that that program can be fixed or do you have to look at other options? fwhu particular be willing to reconsider a no fly zone which several presidential candidates including your former secretary of state are now calling for? >> well, first and foremost let's understand what's happening in syria and how we got here. what started off as peaceful protests against assad, the president, evolved into a civil war because assad met those protests with unimaginable brutality. and so this is not a conflict between the united states and any party in syria, this is a
conflict between the syrian people and a brutal truthful dictator. point number two is that the reason assad still in power is because russia and iran have supported him throughout this process and in that sense what russia is doing now is not particularly different from what they had been doing in the past, they are just more overt about it. they have been propping up a regime that is rejected by an overwhelming majority of the syrian population because they have seen that he has been willing to drop barrel bombs on children and on villages indiscriminately and has been more concerned about cling to go power than the state of his country. so in my discussions with president putin i was very clear that the only way to solve the
problem in syria is to have a political transition that is inclusive that keeps the state intact, that keeps the military intact, that maintains cohesion, but that is inclusive and the only way to accomplish that is for mr. assad to transition because you cannot rehabilitate him in the eyes of syrians. this is not a judgment i'm making, it is a judgment that the overwhelming majority of syrians make. and i said to mr. putin that i would be prepared to work with him if he is willing to broker with his partners, mr. assad and iran, a political transition. we can bring the rest of the world community to a brokered solution, but that a military solution alone, an attempt by russia and iran to prop up assad
and try to pacify the population is just going to get them stuck in a quagmire and it won't work and they will be there for a while if they don't take a different course. i also said to him that it is true that the united states and russia and the entire world have a common interest in destroying isil, but what was very clear and regardless of what mr. putin said was that he doesn't distinguish between isil and a moderate sunni opposition that wants to see mr. assad go. from their perspective they are all terrorists and that's a recipe for disaster and it's one that i reject. so where we are now is that we are having technical conversations about deacon
friction so that we are not seeing u.s. and american fire fights in the air, but beyond that we're very clear in sticking to our belief and our policy that the problem here is assad and the brutality that he has inflicted on the syrian people and that it has to stop, and in order for it to stop we're prepared to work with all the parties concerned, but we are not going to cooperate with a russian campaign to simply try to destroy anybody who is disgusted and fed up with mr. assad's behavior. keep in mind also from a practical perspective, the moderate opposition in syria is one that if we're ever going to have to have a political
transition we need. and the russian policy is driving those folks underground or creating a situation in which they are dee capacitated and it's only strengthening isil. and that's not good for anybody. in terms of our support of opposition groups inside of syria, i made very clear early on that the united states couldn't impose a military solution on syria, either, but that it was in our interest to make sure that we were engaged with moderate opposition inside of syria because eventually syria will fall. the assad regime will fall and we have to have somebody that we are working with that we can help pick up the pieces and stitch back together a cohesive coherent country.
so we will continue to support them. the training and equip program was a specific initiative by the defense department to see if we could get some of that moderate opposition to focus attention on isil in the eastern portion of the country and i'm the first one to acknowledge it has not worked the way it was supposed to, julie, and i think the department of defense would say the same thing. part of the reason frankly is because when we tried to get them to just focus on isil the response we would get back is how can we focus on isil whenever single day we're having barrel bombs and attacks from the regime? and so it's been hard to get them to reprioritize looking east when they've got bombs coming at them from the west. so what we're doing with the train and equip is looking at
where we have had success, for example, working with some of the kurdish community in the east that pushed isil out, seeing if we can build on that, but what we're also going to continue to do is to have contacts with and work with opposition that rightly believes in the absence of some change in government inside of syria we're going to continue to see civil war and that is going to turbo charge isil recruitment and jihadist recruitment and we are going to continue to have problems. now, last point i just want to make about this, because, you know, sometimes the conversation here in the belt way differs from the conversation internationally. mr. putin had to go into syria not out of strength but out of
weakness because his client, mr. assad, was crumbling and it was insufficient for him simply to send them arms and money, now he's got to put in his own planes and his own pilots. and the notion that he put forward a plan and that somehow the international community sees that as viable because there's a vacuum there, i didn't see after he made that speech in the united nations suddenly the 60 nation coalition that we have start lining up behind him. iran and assad make up mr. putin's coalition at the moment. the rest of the world makes up ours. so i don't think people are fooled by the current strategy. it does not mean that we could
not see mr. putin begin to recognize that it is in their interests to broker a political settlement, and as i said in new york, we are prepared to work with the russians and the iranians, as well as our partners who are part of the anti-isil coalition to come up with that political transition, and nobody pre tends that it's going to be easy, but i think it is still possible. so we will maintain lines of communication, but we are not going to be able to get those negotiations going if there is not a recognition that there's got to be a change in government. we are not going to go back to the status quo ante. and the kinds of air strikes against moderate opposition that russia is engaging in is going to be counter productive and move us farther away rather than towards the ultimate solution
that we all should be looking for. [ inaudible question ] >> julie, throughout this process i think people have constantly looked for an easy low cost answer, whether it's we should have sent more rifles in early and somehow then everything would have been okay, or if i had taken that shot even after assad offered to give up his chemical weapons then immediately things would have folded or the assad regime would have folded and we would have suddenly seen a peaceful syria. this is a hugely difficult
complex problem and i would have hoped that we would have learned that from afghanistan and iraq where we have deaf voted enormous time and effort and resources with the very best people and have given the afghan people and iraqi people an opportunity for democracy, but it's still hard as we saw this week in afghanistan. it's not by virtue of a lack of effort on our part or a lack of commitment. we've still got 10,000 folks in afghanistan. we're still spending billions of dollars to support that government and it is still tough. so when i take a decision about the level of military involvement that we are prepared to engage in in syria, i have to make a judgment based on once we start something we've got to finish it and we've got to do it
well and do we, in fact, have the resources and the capacity to make a serious impact, understanding that we have still got to go after isil in iraq, we still have to support the training of an iraqi military that is weaker than any of us perceived, that we still have business to do in afghanistan. and so i push and have consistently over the last four, five years sought out a wide range of opinions about steps that we can take potentially to move syria in a better direction. i am under no illusions about what an incredible humanitarian catastrophe this is and the hardships that we are seeing and the refugees that are traveling in very dangerous circumstances
and now creating real political problems among our allies in europe and the heart breaking images of children drowned trying to escape war and the potential impact of such a destabilized country on our allies in the region, but what we have learned over the last 10, 12, 13 years is that unless we can get the parties on the ground to agree to live together in some fashion, then no amount of u.s. military engagement will solve the problem and we will find ourselves either doing just a little bit and not making a difference and loses credibility that way, or drawing -- finding ourselves drawn in deeper and deep flo
deeper into a situation that we can't sustain. and when i hear people offering up half-baked ideas as if they are solutions, or trying to downplay the challenges involved in the situation, what i'd like to see people ask is specifically precisely what exactly would you do and how would you fund it and how would you sustain it and typically what you get is a bunch of mumbo-jumbo. so these are hard challenges, they are ones that we are going to continue to pursue. the top line message that i want everybody to understand is we are going to continue to go after isil, we are going to continue to reach out to a
moderate opposition. we reject russia's theory that everybody opposed to assad is a terrorist. we think that is self-defeating, it will get them into a quagmire, it will be used as a further recruitment tool for foreign fighters. we will work with the international community and our coalition to relieve the humanitarian pressure on refugees. we working with the turks and others to see what we can do along the border to make things safer for people, but ultimately we are going to have to find a way for a political transition if we are going to solve syria. >> jon karl. >> thank you, mr. president. back in july you said that the gun issue has been the most frustrating of your presidency and we certainly heard that frustration from you last night. in the last 15 months of your presidency do you intend to do anything differently to get congress to act or to do
something about this gun violence problem? i have to get you to respond to something that jeb bush just said and to be fair to governor bush i want to read it directly. >> okay. >> reporter: asked about the drive to take action in light of what happened in oregon, he said, look, stuff happens. there's always a crisis and the impulse is always to do something and it's not always the right thing to do. how would you react to governor bush? >> i don't even think i have to react to that one. i think the american people should hear that and make their own judgments based on the fact that every couple of months we have a mass shooting. and in terms of -- and they can decide whether they consider that stuff happening.
in terms of what i can do, i have asked my team, as i have in the past, to scrub what kinds of authorities do we have to enforce the laws that we have and place more effectively to keep guns out of the hands of criminals. are there additional action that is we can take that might prevent even a handful of these tragic deaths from taking place. but as i said last night, this will not change until the politics changes and the behavior of elected officials changes. and so the main thing i'm going to do is i'm going to talk about this on a regular basis and i will politicize it because our inaction is a political decision that we are making. the reason that congress does
not support even the modest gun safety laws that we proposed after sandy hook is not because the majority of the american people don't support it. i mean, normally politicians are responsive to the views of the electorate. here you've got majority of the american people think it's the right thing to do. background checks, other common sense steps that would maybe save some lives. couldn't even get a full vote. and why is that? it's because of politics. it's because interest groups fund campaigns, feed people fear and in fairness, it's not just in the republican party, although the republican party is just uniformly opposed to all
gun safety laws, and unless we change that political dynamic we are not going to be able to make a big dent in this problem. for example, you know, you will hear people talk about the problem is not guns it's mental illness. well, if you talk to people who study this problem, it is true that the majority of these mass shooters are angry young men, but there are hundreds of millions of angry young men around the world. tens of millions of angry young men. most of them don't shoot. it doesn't help us just to identify -- and the majority of people who have mental illnesses are not shooters. so we can't sort through and identify ahead of time who might take actions like this. the only thing we can do is make sure that they can't have an entire arsenal when something snaps in them.
and if we are going to do something about that the politics has to change. the politics has to change. and the people who are troubled by this have to be as intense and as organized and as adamant about this issue as folks on the other side who are absolutists and think that any gun safety measures are somehow an assault on freedom or communist i can or a plot by me to take over and stay in power forever or something. there are all kind of crack pot conspiracy theories floating around there, some that are ratified by officials in the other party on occasion. we have got to change the politics of this and that requires people to not just feel
deeply, because i get a lot of letters after this happens. do something. well, okay, here is what you need to do. you have to make sure that anybody who you are voting for is on the right side of this issue and if they are not, even if they are great on other stuff for a couple of election cycles you have to vote against them and let them know precisely why you are voting against them. and you just have to for a while be a single issue voter because that's what is happening on the other side. and that's going to take some time. i mean, the nra has had a good start, you know. they've been at this a long time. they've perfected what they do. you've got to give them credit. they're very effective. because they don't represent the majority of the american people, but they know how to stir up fear, they know how to stir up their base, they know how to raise money, they know how to dar politicians.
they know how to organize campaigns. and the american people are going to have to match them in their sense of urgency if we are actually going to stop this, which isn't to say stopping all violence. we are not going to stop all violence. violence exists around the world, sadly. part of original sin. but our homicide rates are just a lot higher than other places that, by the way, have the same levels of violence. it's just you can't kill as many people when you don't have easy access to these kinds of weapons. and i'm deeply saddened about what happened yesterday, but arne is going back to chicago. let's not forget this is happening every single day in forgotten neighborhoods around
the country. every single day. kids are just running for their lives trying to get to school. broad rick, we were down in new orleans sitting down with a group of young men when we were talking about katrina and i've got two young men next to me, both of them had been shot multiple times. they were barely 20. so we've got to make a decision if we think that's normal, then we have to own it. i don't think it's normal. i think it's abnormal. i think we should change it. but i can't do it by myself. the rain thing i'm going to do, jon, is talk about it and hope that over time i'm changing enough minds, along with other leaders around the country, that
we start finally seeing some action. i don't think it's going to happen overnight. >> cheryl bowman. >> reporter: to go back to our opening remarks, you said that you won't sign another short term cr. but as you know, yesterday secretary lew announced that the government's borrowing authority would run out around november 5th. would you recommend negotiating an increase in the debt ceiling as part of these budget negotiations on spending caps? and also does the speaker's race complicate these negotiations? >> i'm sure the speaker's race complicates these negotiations. that was a rhetorical question. it will complicate the negotiations, but when it comes to the debt ceiling, we're not going back there. maybe it's been a while so let me just refresh everybody's memory. raising the debt ceiling does
not authorize us to spend more, it simply authorizes us to pay the bills that we have already incurred. it is the way for the united states to maintain its good credit rating. the full faith and credit of the united states. historically we do not mess with it. if it gets messed with it would have profound implications for the global economy and could put our financial system in the kind of tailspin that we saw back in 2007/2008. it's just a bad thing to do. so we are not going to negotiate on that. it has to get done in the next five weeks. so even though the continuing resolution to keep the government open lasts for ten weeks, we have to get the debt ceiling raised in five. you've got a shorter timetable
to get that done. but here is the bottom line, mitch mcconnell, john boehner, myself, nancy pelosi, harry reid, we have all spoken and talked about trying to negotiate a budget agreement and, yes, speaker boehner's decision to step down complicates it, but i do think that there is still a path for us to come up with a reasonable agreement that raises the spending caps above sques for make sure that we can properly finance both our defense and nondefense needs, that maintains a prudent control of our deficits and that we can do that in short order. it's not that complicated.
there's -- the math is the math. and what i've encouraged is that we get started on that work immediately and we push through over the next several weeks and try to leave out extraneous issues that may prevent us from getting a budget agreement. i know, for example, that there are many republicans who are exercised about planned parenthood and i deeply disagree with them on that issue and i think that it's mischaracterized what planned parenthood does, but i understand that they feel strongly about it and i respect that, but you can't have an issue like that potentially wreck the entire u.s. economy. any more than i should hold the
entire budget hostage to my desire to do something about gun violence. i feel just as strongly about that and i think i've got better evidence for it, but the notion that i would threaten the republicans that unless they passed gun safety measures that would stop mass shootings i'm going to shut down the government and not sign an increase in the debt ceiling would be eirresponsible of me ad the american people rightly would reject that. well, same is true for them. there's some fights that we fight individually. they want to defund planned parenthood. there is a way to do it. pass a law, override my veto. that's true across a whole bunch much issues that they disagree with me on. that's how democracy works. i have got no problem with that.
but you have to govern. and i'm hoping that the next speaker understands that the problem speaker boehner had or mitch mcconnell had in not dismantling obamacare or not eel that i got the department of education or not deporting every immigrant in this country was not because speaker boehner or mitch mcconnell didn't care about conservative principles. it had to do with the fact that they can't do it in our system of government, which requires compromise, just like i can't do everything i want in passing an immigration bill or pass ago gun safety bill. and that doesn't mean that i throw a tantrum and try to wreck the economy and put hard working americans who are just now able
to dig themselves out of a massive recession, put them in harm's way. wrong thing to do. peter alexander. >> reporter: thank you, mr. president. you addressed i want to follow up on jon's questions about the issue that's obviously deeply personal and moving to you that is the gun issue. apart from congress' inaction, apart from the desire from new laws and beyond that apart from the gun lobby as you noted the pattern is that these perpetrators are angry, aggrieved, oftentimes mentally ill young men. is there something that you can do with the bully pulpit, with your moral authority, with your remaining time in office to help reach these individuals who believe that gun violence is the way out? >> no. i think i can continue to speak to the american people as a whole and hopefully model for
them basic soerm norms about rejecting violence and cooperation and caring for other people, but there are a lot of young men out there and having been one myself once i can tell you that us being able to identify or pinpoint who might have problems is extraordinarily difficult. so i think we as a culture should continuously, you know, think about how we can nurture our kids, protect our kids, talk to them about conflict resolution, discourage violence. i think there are poor communities where rather than mass shootings you're seeing
just normal interactions that used to be settled by a fistfight settled with guns, where maybe intervention programs and mentorship and things like that can work. that's the kind of thing that we're trying to encourage through my brother's keeper, but when it comes to reaching every disaffected young man, 99% of -- or 99.9% of whom will hopefully grow out of it, i don't think that there's a silver bullet there. the way we are going to solve this problem is that when they act out, when they are disturbed, when that particular individual has a problem, that they can't easily access weapons that can perpetrate mass violence on a lot of people. because that's what other countries do. again, i want to emphasize this. there's no showing that shower
inherently more violent than any other advanced nation, or that young men are inherently more violent in our nation than they are in other nations. i will say young men inherently are more violent than the rest of the population. but there's no sense that somehow this is -- it's something in the american character that is creating this. levels of violence are on par between the united states and other advanced countries. what is different is homicide rates. and gun violence rates. and mass shooting rates. so it's not that the behavior or the impulses are necessarily different, as it is that they have access to more powerful weapons. julie edwards. >> reporter: thank you, mr.
president. you just said that you reject president putin's approach to syria and his attacks on moderate opposition forces. you said it was a recipe for disaster. but what are you willing to do to stop president putin and protect moderate opposition fighters? would you consider imposing sanctions against russia? would you go so far as to equip rebels from russian attacks. how would you say is that putin is out smarting you? >> i've heard it all before. i've got to say i'm always struck by the degree to which not just critics, but i think people buy this narrative. let's think about this. so when i came into office seven and a half years ago america had precipitated the problems financial crisis in history, dragged the entire world into a
massive recession. we were involved in two wars with almost no coalition support. u.s. world opinion about the united states was at a nader, we were just barely above russia at that time and i think potentially slightly below china's and we were shedding 800,000 jobs a month and so on and so forth. and today we're the strongest large advanced economy in the world, probably one of the few bright spots in the world economy. our approval ratings have gone up. we are more active on more international issues and forge international responses to everything from ebola to
countering isil. meanwhile, mr. putin comes into office at a time when the economy had been growing and they were trying to pivot to a more diversified economy and as a consequence of these brilliant moves their economy is contracting 4% this year, they are isolated in the world community, subject to sanctions that are not just applied by us but by what used to be some of their closest trading partners, their main allies in the middle east were libya and syria. mr. gadhafi and mr. assad. and those countries are falling apart and he is now just had to send in troops and aircraft in order to prop up this regime at
the risk of alienating the entire sunni world. so what was the question again? no. but i think it's -- i think it's really interesting to understand. russia is not stronger as a consequence of what they've been doing. they get attention. the sanctions against ukraine are still in place. and what i've consistently offered from a position of strength because the united states is not subject to sanctions and we are not contracting 4% a year, what i have a offered is a pathway whereby they can get back on to a path of growth and do right by
their people. so mr. putin's actions have been successful only insofar as its boosted his poll ratings inside of russia, which may be why the beltway is so impressed, because that tends to be the measure of success. of course, it's easier to do when you've got a state-controlled media. but this is not a smart strategic move on russia's part and what russia has now done is not only committed its own troops into a situation in which the overwhelming majority of the syrian population sees it now as an enemy, but the sunni population throughout the middle east is going to see it as a supporter, an endorser of those barrel bombs landing on kids.
at a time when russia has a significant muslim population inside of its own borders that it needs to worry about. so i want russia to be successful. this is -- this is not a contest between the united states and russia. it is in our interest for russia to be a responsible, effective actor on the international stage that can share burdens with us, along with china, along with europe, along with japan, along with other countries, because the problems we have are big. so i'm hopeful that mr. putin having made this doubling down of the support he is providing to mr. assad recognizes this is not going to be a good long-term
strategy and that he works instead to bring about a political settlement, just as i hope that they can resolve the issues with ukraine in a way that recognizes russian equities but upholds the basz sick principle of sovereignty and independence that the ukrainian people should enjoy like everybody else. but until that time we are going to continue to have tensions and we are going to continue to have differences, but we are not going to make syria into a proxy war between the united states and russia. that would be bad strategy on our part. this is a battle between russia, iran and assad against the overwhelming majority of the syrian people. our battle is with isil and our battle is with the entire international community to resolve the conflict in a way that can end the bloodshed and
end the refugee crisis and allow people to be at home, work, grow food, shelter their children, send those kids to school. that's the side we're on. this is not some, you know, super power chess board contest and anybody who frames it in that way isn't paying very close attention to what's been happening on the chess board. all right. last question, major garrett. >> reporter: mr. president, good to see. >> you good to see you. >> reporter: and for the children there i promise i won't take too long. you've been very patient. >> i've been boring them to death, i guarantee you, but there have been times when i've snagged rebounds for ryan when he is shooting three pointers. >> reporter: i wonder if you could tell the country to what degree you were moved by what you discussed in private for
pope francis and for democrats who might be wondering is it too late for joe biden to decide to run for president and lastly to what degree did hillary clinton's endorsement just yesterday of a no fly zone put her in a category of embracing a half baked answer on syria that borders on mumbo-jumbo? >> on the latter issue, on the last question that you asked, hillary clinton is not half baked in terms of her approach to these problems, she was obviously my secretary of state, but i also think that there is a difference between running for president and being president and the decisions that are being made and the discussions that i'm having with the joint chiefs become much more specific and require, i think, a different kind of judgment, and that's
what i will continue to apply as long as i'm here. and if and when she's president then she will make those judgments and she has been there enough that she knows that these are tough calls, but that -- [ inaudible ]. >> no, that's not what i said. that's perhaps what you said. what i'm saying is that we all want to try to relieve the suffering in syria, but my job is to make sure that whatever we do, we are doing in a way that serves the national security interests of the american people, that doesn't lead to us getting into things that we can't get out of or that we cannot do effectively and as much as possible that we are working with international partners. and we are going to continue to explore things that we can do to
protect people and to deal with the humanitarian situation there and to provide a space in which we can bring back the kiendnd o political transition that's going to be required to solve the problem. and i think hillary clinton would be the first to say that when you are sitting in the seat that i'm sitting in in the situation room things look a little bit different. because she has been right there next to me. i love joe biden and he has got his own decisions to make and i will leave it at that. and in the meantime he is doing a great job as vice president and has been really helpful on a whole bunch of issues. pope francis i love. he is a good man with a warm
heart and a big moral imagination and i think he had such an impact in his visit here as he has had around the world because he cares so deeply about the least of these and in that sense expresses what i consider to be as a christian the essence of christianity. and he has got a good sense of humor. well, i can't share all his jokes. they were all clean. [ laughter ] >> and as i said in the introduction in the south lawn when he appeared here at the white house, i think it's really useful that he makes us
uncomfortable in his gentle way. that he's constantly prodding people's consciences and asking everybody all across the political spectrum what you cano be kind and to be helpful. and to love. and to sacrifice. and to serve. and in that sense, i don't think he's somebody where we should be applying the typical american political measures. liberal and conservative and left and right. i think he is speaking to all of our consciences. and we all have to then search ourself to see if there are ways that we can -- we can do better.
>> [ inaudible question ]. >> you know, it did. i think when i spend time with somebody like the pontiff, and there are other individuals, some of whom are famous, some of whom are not, but who are good people, and deeply moral, then it makes me want to be better. it makes me want to do better. and those people are great gifts to the world. and sometimes they're just a teacher in a classroom. and sometimes they're your neighbor and sometimes their your mom or your wife, sometimes their your kids. but they can encourage you to be better. that is what we're all trying to do. i think -- and that is part of the wonderful thing about pope
francis, is the humility that he brings to this. his rejection of the absoluteism that says i'm 100% right and you're 100% wrong but rather we are all sinners an we are all children of god and that is a pretty good starting point for being better. all right. thank you, guys, for your patien patience. you can go go home. thanks. >> president obama wrapping up a lengthy press conference this afternoon covering a wide range of domestic and international issues. let's bring in john harwood who is at the white house. what did you think of it john. >> reporter: you had significant messages from the president on a number of fronts. he said he would talk about gun violence and gun safety in the wake of this new tragedy in oregon. he was going to politicize it
because changing the political equation represents the key to getting something done about it. talked about how people are advocates of gun -- new gun legislation need to show the same intensity and folk thaus the points have and that is why the nra has been so successful. on syria, he challenged russian president putin's approach in sending in air-strikes in indiscriminately as those opposed to president assad and said that the solution to syria long-term must involve political change and negotiated change of government in syria. and he obviously is not very optimistic that that is going to happen any time soon. he talked about technical conversations between the u.s. and russia to avoid mishaps and confrontations in this immediate phase. but in response to questions about whether there was anything in his strategy he could do
to -- either in the past or now to be successful, he indicated he sees this as quite a quagmire that is not susceptible to any solution that will arrive any time soon. >> john, a question sparked by the panel. who do you think is president obama's audience and some of the remarks that he made today. was it the news media in front of him or the general public, because it was a long and rather technical defense, almost an explanation of his conscious when it comes to key matters, was it international audence or vladimir putin himself. >> i think it was all of those. you have the broad public watching in numbers not like they used to as presidential press conferences but in significant numbers. he's trying to influence the way the press interprets his actions and that is part of the detail and he's also trying to speak to the international audience and explaining his stance vis-a-vis what russia is doing in seyria. >> and he had several pointed comments on that.
and we'll have more. thank you for now. and the markets today a big reversal when we come right back. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances.
our panel all patiently waiting while the president waiting while the president wrapped up his news conference. larry, first to you, the president briefly addressed it. >> not much. the reality is the third quarter economy and jobs is slowing, okay. and a bunch of indicators, ism's among them. what we need more than anything else is not fed rate hikes and they're not going to hike the rate any time soon, we need corporate rate reduction, repatriation and expensing. that is what we need. the president just doesn't want to go there. >> and that is jumping to the fore of the presidential debate. and what do you think? now that rates have moved significantly lower again they will keep heading down. >> i think we'll be in a range for a period of time and the weak report puts the fed in a tough spot in terms of being able to move so we are in a rate range for a while. with the volatility of the markets and globally, could you
see rates drift lower from here, sure. we think the natural inclination is higher but it could drift lower. >> sara, what is coming up next week. >> we want to see if the weakness in manufacturer and job creation is spilling over into the rest of the economy. we'll see corporate earnings and consumption and investment because so far those things have been resilient though corporations are struggling with weak oil prices and stronger dollar, going into an earnings season. pepsi on tuesday and alcoa later on in the week. >> are you buying. >> i've been buying. i've been buying energy sector quite a bit over the past couple of weeks. >> gold. >> i started buying some mutual fund that just does appreciate metals and mining. very interesting day in the stock market today. you could see a bottom in the energy money. i'm not calling it. but in the last week or two, very interesting. >> larry, we have to go, in one word or two, there are people
talking about endless qe, is that a possibility? >> no, i don't. i like evan's spirit but i think sara is right, profits are the mother's milk of stocks. >> thank you, larry kudlow. rick weiter, sara evan, that does it for us on "closing bell." let's get over to the crew on "fast money" which begins now. >> thank you kelly. live from the nasdaq market site. this is "fast money." i'mmill. tim, steve, dan and guy today. tonight on "fast," apple turning negative on the year. but one analyst said now is the time to pounce and shares could, get this, double. we'll be here to explain. and a new report showing uber is growing faster than you think. the ub earization of the world. and a historic reversal in stocks after an awful job reports. the dow was down at the low of the session and ended up 200 points.