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tv   Markets Now  FOX Business  October 14, 2013 1:00pm-3:01pm EDT

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adam: spending more freely and complaining more loudly. this story has nothing to do with washington lawmakers. cheryl: has been called one of the most instructive names and cyber security. tell us what hackers are targeting on your smart phone. adam: lawmakers in the senate debating a resolution to and the fiscal debate in washington. rich edson has more on what is happening in capitol hill. rich: there are some reports saying they are getting close to a deal. president obama calling another
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meeting of the congressional principles. president obama continuing his pressure saying at a food pantry we stand a good chance of defaulting. still trying to figure this out on the leadership side. the next step appears to be the budget negotiation. >> when the markets look at where we are, it is not so much the fact that we have not approved the debt ceiling increase, it is that we don't have a credible solution to deal with our long-term debt and spending. rich: the problem is republicans are looking to keep what is known as the sequester in place.
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democrats want to undo the cuts. they want to replace some of them with tax increases. now it is going the other way. democrats seem to have the leverage here. cheryl: trading stocks are well off of session lows. we see these comments crossing from senator harry reid. is this the entire reason we are seeing markets reversed? >> i would have to think so. the problem clearly is it is a political football.
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i am not sure how seriously, i guess we have to pay attention, but at the end of the day we have to realize how much there is. i think a deal will be done. life will go on. we will probably view the selloff a couple weeks ago as a terrific buying opportunity. cheryl: you all do not have a lot to trade on. >> 24 the get to focus on. earnings that will ultimately drive stocks and stock prices. i think there is plenty to look at.
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it should help reestablish the underlying tone for the market. cheryl: although companies come in and beat them. >> we know they will do that. as long as -- it is a good potion to help the market. adam: our next guest says the republicans need to pick a fight that they can win and it is not obamacare. the president said the united states stands a good chance of defaulting. do you think that that would actually happen? >> i do not think that would happen. that is the over trans -- that
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is the problem. when poll after poll shows that republicans are being blamed more than the president for the shutdown, i think that republicans need to stop the bleeding. cheryl: they did take a big political risk by going after obamacare. moving forward, what is the next strategy for republicans? >> this is an amazing scenario that we see playing out. the speaker of the house is getting his hand handed to him by a freshman senator. you do not see that happen every day in washington.
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the speaker of the house is one of the most powerful man in the country. it is the two-party strategy that has failed. i think what we have seen come out of the senate is something put together by suzanne collins. i think mitch mcconnell has come on board with it. and the shutdown, extend the debt ceiling. use the leverage to go forward. the democrats like they are spending. the sequester does not allow them to spend money. use that leverage. >> is it really heritage that has the power that ted cruz is able to harness? adam: how do you get the
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republican members who really do believe that we need to address the funding of obamacare? >> i do not think -- i think you have a clutch of republicans in the house that will not vote for a debt ceiling increase under any circumstance. they believed they were said to to washington to do this. i do not think john boehner will bring them on board. cheryl: you mentioned susan collins. we will take the debt ceiling up for a year. it looks like to me that harry reid has finally opened up the door to her. >> he does want a deal on the sequester. that is where republicans should stand their ground here.
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the sky has not fallen. the world has not ended. i think they should keep that leverage and place. maybe try to get something on the medical device tax. adam: we are about to go positive on the dow. his washington paying attention to the signals they are getting on the market? >> absolutely. cheryl: i wonder if the markets are ignoring the fact that we did have this data coming out. we will not know this into the middle of next year. >> i would not expect a big part of gdp to be expected by this. the debt ceiling debate is a whole mother matter. i think that would be a much bigger deal.
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i think the markets understand that as well. adam: i am watching this dow to go positive. thank you very much. i think the market likes what they hear out of you. cheryl: we are watching gold prices. they are rebounding from three-month lows. you have the equity markets right now trading. phil flynn from price futures group is in the trading pits of the cme. let's start with gold. gold really is the story. down 24% for the year. did you get a day like today. >> everyone said we were buying back into this market because the debt talks failed over the weekend. they are making progress to resolve the fiscal crisis. last week, they were saying if we go over the debt ceiling they
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will trim. i think the market realizes that is ridiculous. we are seeing a rebound in silver and the industrial metals. they are up 30 good. that is giving us a little bit of a boost. it is amazing how much this is moving the markets. we saw oil struggling today. the talk is rallying them right now. cheryl: we are seeing the prices rally. oil has not played a long. what do you make of it? >> i think oil will gain some momentum right now. it is amazing how much the oil has been impacted oil is trying to track along. once we get past this crisis.
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we will look at the supply and demand numbers. they are much higher than what we are using right now. i think we will get a big correction. cheryl: we are up one point here it we were down 60-80-point this morning. adam: goldman sachs are weighing in on the government shutdown. fourth quarter real gdp could actually take a hit of half a percentage point. goldman says it is not just the shutdown that is the problem. also, the uncertainty, leading up to it. we will not know the real impact. cheryl: we are up six points. a lot of business going on. there is a new name being
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floated at microsoft. this is according to the "wall street journal." the journal says at least eight outsiders that have been approached for this job. remember the whole hp scandal. he would be perhaps a better shot than alan. did you have the guy from no ps2 was part of microsoft to begin with. the new reality on retirement. an overwhelming majority of americans say they will keep working to age 66. cheryl: is there cause for concern at coach? adam: lookout business travelers. you have some new compptition.
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the question is how do you make sure you have the money you need to enjoy all of these years. ♪ adam: more good times coming out of washington, if you can call them good. this is able. we are close on a deal in washington. a meeting from senate democrat leaders. the quote is we are close. this is yet another comment coming out of washington. we are on top of session highs. this is a market that did not start out this way. let's bring in nicole petallides. a deal could be possible now.
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nicole: i almost want to say imminent. that would be nice. we are starting to hear comments such as we are close. that brings more optimism to the market. we asked the traders here this morning. they all thought some deal would be done. we will get some sort of extension. we are also watching facebook. cheryl: thank you. adam: take a look at expedia. deutsche bank cutting. i had a chance to speak with the ceo earlier this morning about expedia's new study on the
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travel habits. take a listen on how they intend to make money off of that. >> belen kneels to travel more than their older counterparts. that means that in general, business spending will go up. we also see them really combined business travel and leisure travel as well. theyymay stay over the weekend. the lines between pleasure and work is much more blurred. adam: how do you turn that into profit? they book travel through the in-house travel software that we have. how do you turn these raw statistics into dollars for expedia? >> with them using technology
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more, for example, they are three times more likely to use smart phones on their travel ban folks that are 45 years and older. for example, the expedia travel app is the leading tool out there. if we build the best tool out there, they will use our technology. we will gain share versus the traditional ones out there. adam: are you the number one travel app on mobile devices? today, your stock got a downgrade from joe bank. year over year, you are down 12.5%. >> we are certainly one of the leading once. we will be top five. i think in general, the trends are in favor of all of the online players out there.
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they will be multiple players online. we think the trends our our friend. more corporate travelers will use it. adam: what would you say to that analysts who cut the outlook for expedia today? >> the long-term trends are very strong. our real net growth was 19%. that is very healthy. the guidance that we gave to the street. is the second half of the year will be significantly positive compared to the first of the year. the long-term trends. our investments are really bearing fruit there. one of the largest players out there in the world. adam: will we talk about the craziness in washington, is that a black swan event for the
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business traveler. could we see a dramatic pullback? >> thing certainly, if this week washington does not resolve, the significant issues there, it you could have any number of events there. we have seen with business travel increased volatility. some weeks it is up, some weeks it is down. that tells me that corporations are fairly uncomfortable. we giveethem real-time data up to the second. it does tell me that the corporations are not comfortable and certainly d.c. is turning up the heat and making it even worse. my hope is that reagan will win the day and these issues will be resolved. if they are not resolved, things could get quite serious.
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cheryl: we do expect to see some tape that we just shot of washington. he made some comments about the debt ceiling. we are up 20 points right now. we will show you those comments when we come back. ♪
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spacex i want to update you on the breaking news that we have been following. the president speaking just a few moments ago. this happened at about 1240 eastern time. he was on an outside visit of the white house. he said there has been progress. i believe i am being told that we have that tape now. >> i think that has been progress in the senate. i hope the spirit of cooperation will move us forward.
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cheryl: there has been progress. we are up 21 points right now. we are seeing a build. adam: we are hearing of a potential deal. nothing on the table. we want to bring in charles payne now. we have senator donnelly from indiana say we are close. we are close is no cigar. we do not have it on the table yet. extract confessions is a little different.
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anything besides those four things to me would be pretty interesting. the white house has sort of put out the medical device tax. they need tweaking the way we do pensions. we will see. that is the wild card. if that is the deal, the stock market would be very happy. >> we have seen some of that rhetoric, out over the weekend. the same time, if you are an investor right now, how do you parse what we have seen and its affect? how long will it take for us to quantify that? charles: you take into account time event like this.
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will this really impact where this company is three or four years from now. there are a lot of quote unquote traders in this market. in my own business, we have had several people who say we want to do stuff if you guys, but we want to wait until the government shutdown. i had two people last week sell everything just out of pure panic and fear. it is a continuation of a serious drama. adam: you expect an increase. you do not think that the shutdown continues question. charles: i think the caveat will be something from the white house. that is one of the biggest reasons the deficit will come down. seven charles payne, thank you
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very much. the house is on fire. cheryl: the president is set to meet with some congressional leaders. that is about an hour and a half from now. stay with us. ♪ [ male announr ] once, there was a man who found a mag seashell. it told him what was happening on the tradg floor in real time. ♪ thehell brought him great fame. ♪ but then, o day, he noticed that everybody could have a magic seashell. [ indistinct talking ] [ male announcer ] right there in their trading platform. ♪ [ indistinct talking continues ]
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adam: all right. the dow went positive roughly 20 minutes ago. we want to go back to the floor of the new york stock exchange because nicole petallides is right in the middle of and you're watching a big winner right now. >> i am. the dow has turned positive. we're looking at an s&p 500
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winner. we're taking a look here at advanced micro device a leader on the s&p 500. up 4% on advanced micro devices t was upgraded to outperform from neutral. wedbush saying they will benefit from all the gaming consoles they're involved like playstation 4 and microsoft xbox one. @he holiday season is coming up. they have chips in the process of notebook computers. they have obviously multiple strategies for success. back to you. >> thank you, nicole. cheryl: well, here we go, picking up what we're seeing in the markets today. at this point we still officially have three days to go until we officially hit the debt ceiling. so far the markets refrained from panic. @hey're somewhat celebrating because we have a deal in place. how would you markets react if we don't get a deal out of d.c. today?
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let's bring in robert pavlick. robert, in the last few moments we had a lot of headlines crossing out of washington, in particular the president said he think there is is a frame of an agreement. senator reid is saying this. senator donnelly is saying this. did the market overreact in the selloff? do you think the market potentially by thursday we'll have a deal in place to avoid the debt ceiling default? >> it's funny you asked that question of the i don't think the markets sold off all that much. there was a lot of negative feelings this morning because the government couldn't get anything done over this weekend. they're playing with our fate and really our children's future. these are a bunch of very wealthy white men, old white men, don't have that much of the really in the game going forward. it is really rest of us. the masons, the plumbers, the accountants, waitresses, the portfolio managers, the people that have to work for a living whose future is really dependent
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upon what they do the next few hours, next couple days. if they take this down to the wire it will not be all that. of a surprise. the market has been acting that way. if they force this into default it is really i am comprehendible. cheryl: i know old white guys i like like my dad. i want to throw out there. they're not all bad. >> absolutely not. i'm getting there. cheryl: you're white. anyway, i want to ask you, robert you're talking about something i think is a secondary story. the certainly markets are one issue, wall street traders if you will. the economy, government workers furloughed. air traffic con are not, but going to work and they haven't been getting checks. 9 question mark we can't answer, what has this done to the u.s. economy? what has this done to gdp? will this affect company third quarter earnings? i can't wait for companies to tell us this shutdown affected
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business and we lost all this money. >> you will probably get it during the first quarter in january when you see the earnings reports. it will affect the small businesses that are around military bases, around companies that actually make parts for the military. things like sikorsky in stratford, connecticut. these people can't produce helicopters because the government's not there to have the oversight. so it is going to have a direct impact on places such as that. those companies, those businesses, those small businesses that serve coffee and lunch to these type of workers, who depend on these workers to come in day after day. because of the government shutdown it is affecting people's lives. cheryl: this tells me consumer spending is a question mark as well. if these are people that have been affected by this, at that their pocketbooks are affected, working americans you're talking about, this tells me, thanksgiving is six weeks away. we're here. >> right. cheryl: the stores are going to have problems when they start
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putting holiday, sparkly christmas trees on the shelves, nobody is going to buy them. >> the good thing about consumer confidence and sentiment it bounces back relatively quickly. so i think we have enough time to rebound before people really go out and start doing their christmas and holiday shopping. so they have to get this done. it is imperative. it is imperative to keep this country going into default. the economy is doing okay and it can weather this. if you look at manufacturing it has been improving. you if you things like industrial production, durable goods orders, factory orders, they're very volatile but you can weather that storm. if you take a look at the employment trend like initial unemployment claims, iffyou take a look at non-farm payroll you're seeing improvements there. so the country can weather this. it is a matter of getting back on track right away though. cheryl: but we'll still be a little angry about it over the next few weeks. robert pavlick, thank you very much. >> very welcome.
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adam: targeting a new outlet for sharing its streaming media service. cable bosses will tell you how. cheryl: the cyber threat coming to a phone near you. the new warning and why the apps on your new smartphone could open you to getting hacked. ♪ it's arowing trend in busiss: do more with less with less energy. is helping ups do just that. soon, the world's most intelligent seers,
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>> i'm jo ling kent with your fox business brief. lockheed martin announce ad five-year contract with the u.s. army valued potentially at as much as $4.1 billion. lockheed said it will provide satellite and terrestrial communications to the army's global battlefield operations. three ameriians haae been awarded the nobel prize in economics. yale robert schiller, university of chicago eugene, fama and lars peter hansen that determined long-term asset pricing forecast and helped determine the emergence of index fund. disabled veterans and retirees could see a cost of living increase of roughly 1.5% next year that is the among the smallest since the automatic increases began in 965. that is the latest from the fox business, giving you the power to prosper.
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cheryl: want to update breaking news we've been following really in the last hour of markets now, that is the markets. we're pushing session highs as you can see. we were down 100 points earlier in the session. we started out a very negative day because investors were frustrated with washington. well, look at this. all three major indices are in the green ahead of president obama's meeting with congressional leaders. that will be 3:00 p.m. eastern time at the while house. the vice president will be here. bring in breaking news, rich edson, standing by on washington. we're getting a lot more information from the offices of senator reid and senator mcconnell. a lot of activity, rich. >> senate majority leader harry reid is actually on his way into senate minority leader mitch mcconnell's office. they are the ones arguing this out trying to come up with a bipartisan proposal here. this is after senate majority leader harry reid met with a number of democrats in his caucus. what you got was a sense of optimism from them. they are now attempting to basically spend more than those
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sequester levels and that is the real sticking point. also the length of how long any government opening would be or any government funding bill would be, or an increase in the debt ceiling. all that seems to be, where we're at the point now where we're discussing numbers and length of time. there is some talk about the medical device tax. democrats are treating that like an ask. they are going to want something from republicans for exchange of delaying the medical device tax. that seems what we're discussing right now. we don't have numbers and length of time yet but it is moving in a general direction of what's on the table and what is off the table. right now the top two negotiators, the senate majority leader and senate minority leader are meeting. we'll see what comes out of that. they're on the way to the white house at 3:00. cheryl: rich, you have been following the ins and outs more specifically, we saw over the weekend with susan collins and her plan, do you think that will be the framework that will be discussed today and brought
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senator reid into the discussions and has been a lot more amenable today as in the past? >> he has. numbers of spending in that preproposal and length of time of the debt ceiling and government funding bill were all widely, basically rejected by senate demic leadership. democrats liked pieces of it. now we're down to the framework but the numbers are on this. democrats want a longer extension of the debt ceiling, a shorter extension of government spending because they want to negotiate government spending levels. they want to look for revenue increases and spending increases. cheryl: sure. rich, you will follow all of this moment by moment. rich edson, thank you very much. here we go. we have a market moving higher. a lot is happening in washington. go to the floor of the new york stock exchange. back to nicole petallides. we pushed session highs for the dow. three indices in the green, nicole. >> interesting day on wall street. we had a 135 point swing from top to bottom. at our lowest point we were 15,
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136. -- 15,136. that is one quarter of 1%. all the indices, we watched drug index, retail index, banking index, guess what, all those were in the red throughout the day. i see the transportation index still lagging. as you start to hear words i hope so or we're getting close, everyone is watching washington and think something will come out of it and they start to rally as they think they we may be getting closer. back to you. cheryl: we certainly are. nicole, see you at the top of the hour. adam: there is money to be made on cybercrime. threat of cyberattack is no secret. a firm indicates you may be more vulnerable to the attacks in a place you never expected, you're apps on your smartphone. we have the general enterprise associates, harry weller is here to tell us how at risk a lot of us actually are. for the most part we're talking
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about people with android device, samsung phones, 80% have android operating systems. those are most vulnerable to these kind of attacks through your app? >> on any device connected to the internet has a certain degree of vulnerability. what is different bout android and these devices they proliferated to extraordinary degree. surface area of software is quite unprecedented and applications and ease with which people can build applications for for these devices also changed dramatically. adam: they're actually using, the term is open source where you're sharing the base code for the software that runs the app. as that gets traded, you're also trading the vulnerabilities, would that be correct, harry? >> that's correct. i think the distinct though is on one hand you're trading vulnerabilities you're trading efficiency. open source is lot like lego
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block for building software. like a child more easily available to create a toy, developers are more easily able to create more efficient software. there is huge benefit. the trick you have to make sure the components or legos are safe. adam: accorring to your study only 57% of organization have policies governing component usage. 29% don't even address security. if i have an android -- i have an apple phone. i have always worried that even it is vulnerable. i'm concerned about running apps on a android device. 71% of all apps contain a critical flaw according to the study. >> i would say not just your iphone. cars are developed that do self-parking and self-driving. a lot of applications have internet accessibility, right? even thermostats. think about hackers could hack into devices and your car that could self-drive. adam: what is developing that would rectify this? do you go to app developers and
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say here is how to remove the vulnerabilities from the open source code or something else? >> what we do is really quite simple. we help developers make better selections. rather than selecting a lego that has a defect, select an alternative lego that doesn't. once they deploy the applications keeping track of the building blocks, so as new things are learned over time we can help people stay better educated and better informed and react to emerging threats. one of the things we've seen recently are exploits targeting web applications. one particular defect in one particular lego resulted in the compromiss of literally thousands of websites around the world including global financial institutions and major exchanges. adam: so, wayne, i have to let you know, harry invested millions of dollars into sono types. you're definitely doing something right. i have to break and ask harry, very quickly, the twitter ipo, do you think they will pull this
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off a lot better than facebook did? >> i absolutely think so. at the end of the day we all learned you have to manage expectations and you also, you can't price for perfection in ipos. the other thing i simply point out, adam, as big as twitter is, the entire enterprise infrastructure market is being disrupted which is a $2.7 trillion market. you will see great ipos in that area too including security. adam: wayne jackson, harry weller. i apologize we had to cut it short on the breaking news about dysfunction in washington which is a normal state of affairs. best of for you at son know type. >> thank you. cheryl: busy bees in florida. 10 people a week are signing up as beekeepers. phil keating will show us the honey money or the money honey. whatever works. adam: stocks near session highs [ woman ] if you have the audacity to believe
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adam: want to draw your attention to the markets. the dow is pulling back just a bit. i mean it is hard when you're at session highs around 30 and now we're at 16 on the dow. being down nearly 100 points earlier in the session, in fact all major indices are in the green. this is ahead of president obama's meeting with congressional leaders about one hour from now on. fox business will be covering that for. >> speaking of business, business is buzzing in florida, literally. the southern part of the state is seeing a big boom in bee-keeping. fox's phil keating live with the story. phil? >> humming with activity here in florida and nationwide. in florida, seven new peopledayo become beekeepers. this is a very strong healthy-of
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40 containers carrying all kind of honeybees and they are producing nectar as well as honey. and colony collapse is killing a third of all hives every single so the fact that more people are getting into beekeeping is very promising. >> well it is one of the hardest occupations in america. >> lee is a bee man. >> nectar stimulates the queen to lay eggs. >> he and his beekeepers maintain 3,000 hives, constantly surrounding by stinkers. >> just part of the job for you? >> it is ox pagessal hazard. >> florida's beacon my is surging right now as seven people per day are registering to become a beekeeper. there are profits to be made but i recommend wearing gloves. >> liquid gold. >> most of the money is not in the honey. it necessary pollination. florida beekeepers lease their his all over the country, especially california for
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six-week pollination tours. >> these turn flowers into flutes and vegetables. >> most of us think of bees as painful pests. >> we try to save as many bees as we can. >> leo gosser, president of broward beekeepers association extracts problem hives from houses keeping bees alive. >> we eat honey every day. >> life is sweet. >> life is so sweet. >> most of the new beehives are built and maintained in people's backyards as a hobby. of course all the free honey. back to you. cheryl: phil keating. thank you, phil. adam: can d.c. get its act together before the markets tank? subject of a panel discussion and twitter question next hour. in our newest feature, tech minute, why facebook's mark zuckerberg is buying up a lot of homes. tracy byrnes, ashley webster take you through the next hour of fox business.
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tracy: good afternoon, i'm tracy byrnes. ashley: i'm ashley webster. well the dow recovering with president obama set to meet with congressional leaders in just about an hour now on late word that washington may, we heard it before, may be close to a framework on at least a short-term solution to the debt crisis. tracy: that is our big twitter question of the day. can d.c. get its act together tweet us at fox business #mkn.k? ashley: joining us with their take, charles payne, greg valliere and fox business's david asman weighing in on what happens next. tracy: and in our newest feature, tech minute, why facebook's mark zuckerberg is buying up homes. ashley: because he can afford it. tracy: exactly. ashley: first, top of the hour, time for stocks now on this
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columbus day. let's get straight to nicole petallides down at nyse. nicole, stocks certainly reversing earlier 100 point loss on the sniff of a potential deal in washington. >> it is pretty unbelievable as the watch the market action pertaining to each headline. we started off with negative action. we were to the downside and started to hear about a 3:00 p.m. meeting. we're starting to hear words they're getting closer. they believe they're getting closer. as you start to hear positive comments that brings optimism from washington straight to these markets. you can see that we've turned it around after having been to the downside today. at our lowest point, 15,136. you see right now we're about 120 points higher than that. also keeping an eye on financials. we have close to 70 names in the s&p 500 reporting this week. some of which are financials. and we're looking at some former dow components such as citigroup and bank of america. mixed bag with goldman sachs a little bit.
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but for the most part these names really outperformed the dow and s&p this year. they will wait for earnings this week as well. back to you. tracy: nicole, definitely what the market is moving on. breaking news, president obama meettng in about an hour with congressional leaders as time is running out to reach a settlement to avoid breaching the debt ceiling we've been talking about forever. our team coverage begins with rich edson on capitol hill where the senate is finally going into session this hour amid word that a compromise may be close. dare i even say so, rich? >> you're hearing a lot of talk that we're close and, all of that talk right now is coming from democrats. republicans are very quiet on this. they are narrowing down the issues that they're focused on here. the problem is we still don't have a length of time, a number. that is something that the two leaders, democratic and republican leaders of the u.s. senate are trying to hammer out. even if they do reach a deal, it would have to be something that would get six republicans to come on board in the senate and
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something would compel john boehner to put that on the floor in the house and get enough republicans and democrats to go along to pass it. that is a very, very difficult proposition. it has been since the beginning and continues to be. that is something that we still have to look out for. there is long way to go here on capitol hill. but you do have some pressure. that pressure does come from the president. >> we'll see, this afternoon, whether this progress is real. i think there has been some progress in the senate. i think house republicans continue to think that somehow they can extract concessions by keeping the government shut down or, by threatening default and, in my hope is that, that, spirit of cooperation will move us forward over the next fewfew hours. >> when this started weeks ago it was republicans who were looking to extract concessions on obamacare to keep the government open. now with a change in poll numbers, as this drags on you're
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starting to see democrats asking for concessions. they want to spend more money, replace the sequester with increased spending and tax increases. we'll see how that works out. back to you. >> we'll see how that works out. rich edson, thank you very much, sir. ashley: while the markets are down modestly and turned around to slightly higher. shows you every headline has an impact on the markets. analysts say the big deadline is thursday if the congress fails to raise the debt ceiling that brings us to the twitter question of the day, can d.c. get its act together to avoid default. tweet us at fox business #mkm. the responses are at the bottom of the screen. we have greg valliere and charles payne. greg, to you first, to quote rich edson we're hearing a lot from the democrats. the gop a little quieter. do you get sense we have a deal in the making? not yet, no.
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i don't think we're there. key thing everyone is forgetting today, hello the house republicans. i'm not sure the house republicans will sign off on this. tracy: david, i'm going to bring my fine governor into this conversation. governor chris christie came out with a statement and he said, you send people down here to run the government, not shut it down. everyone failed. everyone has failed. why do we keep voting these people in? >> well, i don't know. i mean the point is that chris christie is ahead by 20 points in the polls. he is one of the few people that can speak honestly what is going on. tracy: he is trying to get stuff done. >> he has. a lot of aboves are showing people inside the beltway a way to getting the job done. tracy: right. >> they're dealing with it as executives. remember the executive in this case is president obama. he is one who says he will not negotiate. all of the successful governors, and i think most of them are republican. i don't think that is entirely coincidental. all are negotiators. christie negotiates, much to the
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disdain of a lot of tea partyers within his own state. so will case i can in ohio. all of these governors doing the right thing are negotiating properly. they're getting the job done. but what i love is the markets reaction to what is going on. saying, heck with you. all the panickers last night, tweeting their tweets, saying markets would crash today. even though it was down, it wasn't nearly down, in panicking mode. ashley: brings me to charles. there is this baked in deal with the markets. we're not close enough to 11,000 to get a deal going but clearly that is not the case. >> market on better language and less vitriol, trying to nudge d.c. in a better direction. you guys can see what happens when you get your act together. when david talks about spirit of cooperation i assume means on both sides. i assume that is a come poppies.
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if democrats talk about raising taxes at this stage of the game they are overplaying their hand. remember these houue republicans talking about were spent to washington specifically by their own constituents to curb spending, bring down debt, bring back fiscal sanity. that is why they were sent to d.c. you know what? push come to shove they overplayed their hand on obamacare. they will not be pushed around. sequestration will have to live. tracy: greg, to david's point the market doesn't care. we have moved on. we're trading on earnings now, right? you in your notes made it clear they are probably going to come to a deal. washington is rooting for a market selloff and they're not getting for. >> there is no selloff because the main threat is nonexistent. that is the threat of default. we'll not default. the chances of default are i have%. there is 95% chance we won't default. let me be goochchy. what we'll get is kicking the
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can down the road. maybe for six weeks or do something before christmas or end of the winter. we have crisis after crisis coming. this is not going to get resolved quickly. >> can i point out one good thing about the shutdown? what congress is doing past couple days and doing today, passing little budgets piece by piece, brick by brick, building a budget, something it hasn't done in three, four years? it is finally beginning to point out to the american people what is truly important and can't wait as opposed to what is not that important. so important that it would be considered a crisis if we didn't deal wit. ashley: does this have any impact, david, on the economy, consumer confidence, all those things to the critical to the economy? >> consumer confidence has been going dune. ashley: it has. >> i don't think that is coincidence. i think it has something to do with it. look what happened to the wall street. analysts who said we would have the big market crash on thursday if we don't resolve the debt
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thing by then are incorrect. i don't think as one of our guests just said, i do not think breaching that debt ceiling limit and defaulting are the same thing. >> we need to be honest about consumer confidence. there is a brand new dynamic with respect to consumer confidence. it peaked in 2000 with the market. dow came back in 2007, consumer confidence didn't reach it back. dow came back to all-time high. we made series of lower highs with consumer confidence. i think american public is gotten into a position where, pox on both houses. >> yeah, exactly. >> that is why they're not taking the bait by the way on anything out there. only thing they have done is buy new cars and put kids in college. credit card debt gone down three months in a row. tracy: greg, i have to throw this out to you as the tax dork on the panel, if you extended tax return it is still due on october 15th. we have to do everything they're required to do and they apparently don't. >> no. more infuriating stuff. like washington is trying to anger everybody in america. let me just give you two very
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quick positives. number one, with all of this uncertainty the fed stays dovish for months to come. they're not going to start tapering until the end of january with all this uncertainty. and number two, obscured in all of this is in about one week we get the final deficit number for last year, the year that inned on september 30. the deficit has fallen more than 400 billion and it is going down more. you have a very dovish fed and fiscal restraint is still very much in place. ashley: good place to finish right there, on an up note. tracy: that is how you get the deficit down. shut everything down. ashley: charles, david, thanks so much for being here. >> you bet. tracy: turn the lights out. then we'll save money. brilliant. all right, during the stalemate in washington one place for drivers to turn for good news is the gas pump. i actually am feeling it myself. prices are going down. we're live at the cme with how low gas may go. ashley: finally. a honey of a story, sorry.
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more and more people becoming beekeepers but will they get stung by decreasing bee populations? we're live at a bee farm with answers. tracy: on this columbus day, my italian heritage a tour on how much pasta italians are eating. the story may actually frighten you. ashley: never get enough. first as we do this time every day, let's look how, it says metals. but i think it is metals are trading. gold, silver, copper, all moving slightly higher. we'll be right back. it's a growing trend in business:
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ashley: oil reversing course and erasing earlier losses in the hopes of a debt ceiling deal will be close. sandra smith in the pits of cme. sandra? >> ashley, the reason why oil prices are actually down today, and actually just recently turned higher, we've been seeing those oil prices come down but a very volatile situation. why we have very light volume right now. traders are not wanting to participate in this marketplace, because for one, the government has stepped out. they're not going to be producing their weekly report on
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oil inventoriee and traders don't want to sit in the market blindly, not knooing what is happening with the supply and demand situation. because of a shutdown, no more energy department report. that won't be out on wednesday or for the foreseeable future. also why oil prices have been coming down, the fact that there is speculation with all the furloughed workers across the united states, we'll be using less oil and gasoline in this country. you will notice a drop at the pump. as of today the national average according to aaa, for a gallon of gasoline is $3.34. that is down another penny from last week. these oil prices now hovering around $100 a barrel. there is speculation with you will at bearish momentum we could see prices dip below 100 bucks. that means you continue to see the gas prices come down. by the way, this wasn't just a government shutdown weighing on oil price. we got very weak economic datt out of china, the world's second largest oil consumer. that is certainly sending prices
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lower as well. guys, unbelievable, very volatile. oil up on the day after being down all morning. a lot of traders are saying we have a light volume situation right now with the government report not being released this week. probably will see more of that. >> what do you do? you guess on the supplies i guess for now. sandra smith, thank you very much. >> thank you. tracy: i paid $3.19. >> that is not bad, when you think about it. tracy: i can't complain. maybe tomorrow. ashley: but you will. tracy: all right. it is quarter past, time to check on the markets. nicole petallides on the floor of the new york stock exchange. dow at session highs. more of this so-called framework, nicole, do you buy it? >> we'll see. we heard quotes from harry reid. he is optimistic that they will reach something reasonable in nature. every quote we're fetting out of -- getting out of washington seems to be something like we're close. it looks like it may happen. positive comments rather than two sides are so far apart we
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don't see eye-to-eye. you've seen the market go from negative territory, down about 100 points, up 60 points. you have seen a wild swing here today. not too far off session highs. hey, i want to quickly get to expedia. this is a name dragging on s&p 500. analysts are talking about expedia. intense competition. deutsche bank downgrading from a hold to a buy. cutting target from 51 to 66. worried about the downside risk. they may have to lower guidance. that is not good news., management changes there. back to you. tracy: nicole, see you in 15 minutes. >> great. tracy: we have breaking news now. so quick, how much do you think the head engineer f twitter makes? way more than us. the answer is coming up in our tech minute. you will actually be surprised how much. ashley: or not. wish we were on that. one small business not brrshing off gridlock in
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washington. jeff flock live at schaeffer brush manufacturing company. jeff? >> talking to real people and real businesses. we always do. that is one of their brushes. i will talk to the head of the company. staunch conservative. doesn't like the president. hates obamacare and says time for republicans to compromise. we'll talk to him live in just a moment. when we made our commitment to the gulf, bp had two big goals:
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>> at 22 minutes past the hour i'm lauren green with your fox news minute. 25 people are dead and thousands are homeless after a cyclone struck india's eastern coast over the weekend. the powerful storm washed away thousands homes, damaged power lines and washed away crops. for the first time since the federal government shutdown on october 1st the statue of liberty is open to visitors thanks to the big apple. under a deal negotiated by governor andrew cuomo, new york will pay the national parks service more than $61,000 a day to operate the statue of liberty while the government remains shut. >> the boston red sox scored a dramatic win over the detroit tigers in game 2 of the american league championship series sunday. the highlight of the night was a grand slam by david ortiz in the
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8th inning that tied up the game. the red sox won the game 6-5. the next game is tuesday in detroit. that is your fox news headlines. back to ashley and tracy. tracy: lauren green, thank you very much. president obama is about to meet with congressional leaders at white house. business leaders are voicing their frustration. jeff flock is in waukesha, wisconsin. >> we love to talk with real people on the street in the real world. harold schaeffer is one of those. i'm surrounded by schaeffer brush company, largest manufacturer of chimney brushes in the nation. everywhere i see brushes. you say, even though you're a staunch conservative you don't like the president, you doesn't like obamacare, you say it is time to come pepromize. why do you say that? >> because they have the whole country in a stalemate. we don't know what to expect in the near future. the president, that i just heard
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him a short while ago on fox news saying deficits are down. they have been going down since they have been president. as you take in more and more money, you can say the deficit is down. but our debts are decreasing at phenomenal rates. >> you say, despite that, that is what the republicans are fighting against right now, you say it is time for them to compromise. why do you say that? >> well, you have to compromise on some things but as far as debt and continued spending like they're talking about potentially for the next year would be a million dollars a minute, so if you can fathom that. we have to cut spending. there are other things they can compromise on. the obamacare thing, i say let it go because it will fall on itself. >> you don't think they ought to be fighting it because you think it will fail on its own? >> i do. i actually do. it is already failing. their websites are crashing. they can't handle the influx.
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besides the fact that the security on that website, from what i understand is terrible. and they talk about hipaa laws and here you've got obamacare with this website asking for all this critical information on an individual that people can hack into. >> doesn't like it but says, go ahead. let it go. time to compromise. that is the word from here. tracy: amen to that i hope the president is listening, jeff flock, thank you very much. ashley: well, coogratulations your face may soon appear in an advertisement on google. oh, by the way, you never even asked for it to be there. that story ahead in tech minute. tracy: when will d.c. fix this, darn it? dow is down with no solution in sight to the budget crisis. the dow actually is up 53 points so, who cares about d.c. i guess. we have a. >> guest: who insists is it is a
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buying opportunity. we'll see what he is buying next. ♪
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bell ringing, applause ] five tech stocks with more than a 10%... change in after-market trading. ♪ all the tech stocks with a market cap... of at least 50 billion... are up on the day. 12 low-volume stocks... breaking into 52-week highs. six upcoming earnings plays... that recently gapped up.
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[ male announcer ] now the world is your trading floor. get real-time market scanning wherever you are with the mobile trader app. from td ameritrade. ashley: welcome back, everybody. 90 minutes until the close. let's look at the dow 30. a lot more green than red. a different story than from the beginning of the day will at doom and gloom out of washington. we have encouraging news. meeting at white house with congressional leaders. all of a sudden the market turns around. microsoft at the very bottom. we have merck down 58 cents on the day. i would say about, 4/5 of the dow if you like are moving higher at this hour. this is very much headline-driven. nicole petallides at new york stock exchange. nicole, all depends what happens after the meeting at the white house i presume to see which way this market goes? >> that's right. at 2:29:42, we have just over 30
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minutes before they begin the meeting there. we'll watch that very closely. we're hitting not too far off session highs on the dow. look at the retailers. dressed for success, we're looking at coach and michael c.o.r.e.s. -- michael cores. we watched coach under pressure while michael kors is up. they cut coach to a hold from a buy. all the handbag and footwear, the big picture that coach is giving up some market share over a little bit hot, michael kors. back to you.3 ashley: nicole, thank you very much. breaking news. we're half an hour i should say, just under half an hour there on time from president obama meeting with congressional leaders. with talk we're near framework of a debt deal. peter barnes is at the white house on the very latest hope. peteer?
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>> just ahead of the meeting the president came out and said we'll see this afternoon if this progress, if their progress is real, referring to all the buzz and comments we're getting out of senate leaders. mitch mcconnell for republicans and senator harry reid for the democrats. the framework for a deal according to sources would increase the debt ceiling into the spring or summer, but, open the government and continue to fund it, probably, into december or january, to allow the two sides to resume the house, to rye assume budget talks for 2014 and beyond. senator reid went to the senate floor a few moments ago. he is quote, very optimistic we'll reach an agreement that is reasonable in nature this week, to which the republican leader, said this. >> we've had an opportunity over the last couple of days to have some very constructive,
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exchanges of views about how to move forward. those discussions continue and i share his optimism that we're going to get a result that will be acceptable to both sides. >> the question is, will it be acceptable to the house, specifically house republicans? we'll wait for a readout after the meeting. back to you guys. ashley: at least they're talking. peter barnes, thank you so much. >> yeah, okay. tracy: i guess. i don't know. major averages are reversing earlier losses, moving higher on hopes of that supposed deal in d.c. our next guest says the deal will get done. joining us now, raymond james chief investment strategist jeff saut. how do you know? crazy pants down there these days. who knows what could happen? >> i lived inside the d.c. beltway. i have a pretty good network on the bill in the same rayburn building south of capitol hill. i was up there about a weeks
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week 1/2 ago. spent two days in d.c. talking with a lot of people whose names you would know. same thing with the fiscal cliff. everybody was worried about a armageddon with the fiscal cliff. boys and girls came together at the nth hour. same thing will happen here. politics as usual inside the beltway. tracy: to your point in your notes determines the short-term direction of the stock market, so does that mean the market goes up? >> i still think the market goes up. i think there is a lot of cakier on the sidelines. i think earnings will come in better than most people expect. although we shaved .2 of a percent of gdp over the shutdown. once that is in the rear view mirror, i think stock market will pay attention to the good things going on. tracy: will you see a fall? are we seeing 1650 on the s&p again or are we done with that? >> i looked for a 10% pullback starting in mid-july and mid-august. we got half of that pullback.
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we got about 5% when mr. putin helped our president out of a pretty tight spot that seemed to wreck the whole rythym of the decline. so i would not bet on a 10% decline from here. tracy: so you're done with that. we go up. where does the s&p end at end of the year? >> i think it ends higher than where it is now. we're trading 15.5 times this year's bottom up operating numbers on s&p. if you get no multiple expansion and trade 15.5 on next year's earnings, on 122, to 123 you're talking 1900 by end of next year on s&p 500. tracy: a lot of people would take that too. let's talk about some of your presuming there is little bit back and forth volatility, kansas city southern is one of your favorites, hey? >> we owned it since the mid '50s. if you believe i do mexico will be the new china play, mexican median wage next couple years will be below median wage in china, then it is not a stretch to think mexico could be the new china for the u.s. kansas city
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southern has rail bed coming up from there into the heartland of the country. our analysts are fundamental analysts likes the stock a lot. >> pick ad reit too. is that a play on housing more say strip malls? >> well, that's second derivative play on housing. you're talking about ranier timberlands that has 2.million acres of timber but the real prize in their portfolio is a plant in jessup, georgia, that produces the highest caliber, finest, cleanest cellulose on the planet. it is so much superior to everybody's else's they don't patent it because they don't want to tell the patent office how they do it. tracy: tennessee wyoming, fresh market on your list. before i let you go, this will get done on thursday, market would be up on friday, i should be buying right now? >> that's what i think. tracy: jeff saut, that is why we have you on. thank you, sir. >> you bet. ashley: time now for your tech
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minute. google users beware, your name, face and comments could be used to advertise products online. google's new ad feature called shared endorsements begins november 11th. designed to make user of the search sight more attractive to advertisers. so if you ever reviewed a heat tell or restaurant on google or youtube, your information fair game could be used. privacy experts are comparing this to facebook's sponsored stories which led to a 20 million-dollars class action settlement. senior vice president of engineering at twitter makes more than the cfo or the coo. christopher price, 2012 compensation, $10.3 million but compare that with the vice president of engineering at facebook who took in almost 25 million and some say that, well, could have been vastly underpaid at twitter. facebook's mark zuckerberg making more deals. not the company's though.
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looking for real estate. the social networking ceo bought four homes that surround the up with he shares with his wife priscilla chan. the property price tag? a cool 30 mil. of course he can afford it. his net worth estimated to be 19 billion. shares of facebook are down after announcing the act a significance of israeli mobile utility application developer for 100 million bucks. if you don't want neighbors around you, you know what? you buy them out. right, trace? tracy: i was going with the arbor, i thought that would work. maybe i'm wrong with that. so there is actually, my big problem with electric cars, i will never remember to plug the darn thing in. better yet, where can you charge them? in small business, big ideas, we have a man with a solution. ashley: you need a very long extension cord. the buzzznotice bee business. why more people are becoming beekeepers. we're live at a bee farm in miami. don't go away. [ male announr ] imagine this cutblob is metamucil.
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metamucil. 3 amazing benefits in 1 super fiber. you really love, what would you do?" ♪ [ woman ] i'd be a writer. [ man i'd be a baker. [ wom i wanna be a pie maker. [ man ] i wanna be a pilot. [ woman ] i'd be an architect. what if i told you someoncould pay you and what if that person were you? ♪ when you think about it, isn't that what retirement should be, paying ourselve to do what we love? ♪ >> i'm adam shapiro with your fox business brief. there's a new name being floated to potentially replace microsoft ceo steve ballmer. "wall street journal" report oracle president mark hurd is among the you'd side candidates. he was head of hewlett-packard but left in 2010 after allegations improper behavior includeing a sexual harrassment
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complaint. amtrak said it carry ad record number of passengers, 30.6 million riders in the year-ending september 30th. this despite service interruptions when superstorm sandy hit the northeast corridor last october. lockheed martin announce ad five-year contract with the united states army valued potentially as much as $4.1 billion. lockheed will provide satellite and terrestrial communications equipment to army's global battlefield operations. that is the latest from the fox business network, giving you the power to prosper.
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tracy: breaking news. we have to catch you up on the latest headlines out of d.c. because if you blink you miss something. we're about 15 minutes away from a meeting at the white house between president obama and congressional leader to both parties. there appears to be a framework on a short-term deal to head off
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the debt crisis. underline appears. we're told the deal will be in place only until january 15th. they may, you know, just be kicking the can down the road. rich edson and peter barnes will have if you have coverage. stay with us because if you blink you will miss something. ashley: with each passing second. in today's small business, big idea segment, with sales of electric cars on the wise, a software company has become the one-stop information shop for all things electric. we are joined by the company's coo, forrest north. thanks for joining us of. let's begin by having you explain what recargo does. what information does it provide? >> we make an app called plug share. plug share is the number one app for finding electric vehicle charging stations. company we felt like there was a barrier with infrastructure, even though there was lots of electrical outlets around. so plug share started off by
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letting people share their outlets which they continue to do. we show all the other charging stations out there and lots of information about exactly where they are, what the pricing is. we moved into rating those stations and now we just launched last week, the week before, the ability to pay for the stations right on the app. we keep trying to knock down barriers to making it easier for electric vehicle owners to use the infrastructure that already exists. ashley: so you clearly believe that the electric car revolution is here and underway. what kind of reaction have you had to the service you provide? >> people are really happy about the service. we have a great rating in the app store. we've heard amazing stories of people sharing outlets to other electric vehicle owners driveways essentially. but, where we see, you know, this going is that now we're starting to see all of the automakers come out with serious electric cars. we're seeing really phenomenal
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sales from the nissan leaf, the ford lineup vehicles, which ford has an interesting strategy of having multiple drivetrains so you can get a gas car, hybrid, plug-in hybrid or pure electric which i think is a cool strategy. and tesla which i used to work at back in the day, is knocking it out of the park. they have the best vehicle out there and they're doing great with sales. ashley: forest, right. i imagine, if we could stop you there. we're getting word, tracy? tracy: president obama is letting everyone know that the 3:00 meeting with the bipartisan leadership will be postponed to allow leaders, senate time to continue progress. as we mentioned if you blink you will miss something. ashley: to your very point. tracy: they will continue working. when we have a time for the meeting we'll of course let you know. ashley: let's get back to forest if we can. forest, sorry about that. we just wanted to get the news in about the ongoing budget negotiations down in d.c. i was
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going to ask you, it seems to me that many people would love to recharge their vehicles if they're commuting daily at home. the idea of having to go to a charging station probably not top of their list, is that right? >> that's totally right. about 90% of the charging happens at home. that is really a great thing right now. there really isn't a chicken and egg problem where you need infrastructure to sell the cars. the cars are wonderful second car or, commuter car. unless you get the tesla which you can really drive that has a normal car. you fill up at night and every morning you're completely full, i personally drive an electric car and it's awesome. i hardly ever go to a station. i've had no maintenance. just real easy car to get around in.3 ashley: we wish you the very best with your ongoing work in this field with the electric cars, for rest, hopefully we'll have come back and give us an update. >> certainly. happy to anytime. ashley: thank you. tracy: as we mentioned we have
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some breaking news. president obama is postponing the 3:00 meeting to allow seeate bipartisan leaders to continue to talk. peter barnes down in d.c. with all the details on this. peter, what happened? >> they just dropped this on us, tracy. according to the white house press office the meeting has been postponed to allow leaders in the senate, this is a quote, time to continue making important progress towards a solution that raises the debt limit and reopens the government. end quote. that is all we've got. as i was coming out, we just listened into some conversation in the lower press office here. no word on when this meeting might be rescheduled. if plate later today or later this week. it comes after we did hear comments from the two senate leaders who have now the focus of all this attention and all of the work on trying to resolve this, that they were optimistic.
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at least senator reid was optimistic, harry reid, democratic leader was optimistic they could reach agreement sometime this week. we know that the two leaders, senator reid and must have mitch, had been meeting, have been meeting today and last couple of days to try to bring some, we believe to bring some proposal to the white house and we, believe that it was going to be presented at a meeting at 3:00 here. now that meeting has been postponed. of tracy, ashley, back to you. tracy: may i ask you a little protocol question? >> sure. tracy: if and when we do and gods and stars align, we get a deal, goes to the senate, goes to the house, back and forth. it takes a couple days to make this legit, right. >> yeah. tracy: is there enough time to get thursday deadline in? >> there are all sorts of procedural things and procedural hurdles that would have to be jumped. i remember the last time this happened back in 2011, when it appeared there was a deal that was going to pass and as i
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recall, even though the debt ceiling limit was breached, it was for such a brief period that the office of management and budget said to government agencies, go ahead, start opening. you can start spending money. so, if there's a real deal here, that everybody believes is going to pass, that may be a technical issue that isn't relevant. ashley: peter. stay there. let's bring in rich edson on capitol hill. rich, does this perhaps tell us that they're not as close to a deal or the framework of a deal as we first thought, maybe just half hour, hour ago? >> this could tell us a number of different things. that they are making important work and they want to move towards a deal and that is the problem, they don't want necessarily to break that up and go right now. i think perhaps in the other way. you would maybe want to bring president and other leaders in to brief them on progress you're making. there are a lot of different
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political avenues at play here. first you've got democrats trying to coalesce around one plan. we do know democrats haven't quite gotten on the same page with everything they want to offer republicans. republicans have the same issue. senate minority leader leading up negotiations in the middle after re-election campaign in kentucky, just trying to keep his seat, much less his position as senate minority leader. in the house you're dealing with a house republican speaker who doesn't necessarily know if he puts some type of bipartisan compromise if he will come out with the other end with people confident in his speakership. we're not quite sure how much fight is left in the house. we do know some poll numbers with republicans have struck a tone. there are those in the republican party who were holdouts earlier looking for some type after obamacare fig leaf to get on out of this mess. there are those that want to keep fighting.
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there are political dynamics the idea that this would get swept up in one negotiation between two leaders and solved between those two is difficult there is lot that has to be done before. peter talked about the procedural issues we have in the congress, especially as senate. this is not as easy as everyone is making it out to be. ashley: that's for sure. rich, peter, stay where you are. we need to take a quick break. we'll take up the conversation in couple minutes. don't go away. [ male announcer ] who are we? we are the thinkers. the job jugglers. the up all-nighters. and the ones who turn ideas into action. we've made our passions our life's work. we strive for the moments where we can say, "i didt!" ♪ we are entrepreneurs who stted it all... with a signature. legalzoom has helped start over 1 million businesses, turning dreamers into business owners. and we're here to helstart yours.
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ashley: welcome back, everybody. in a few minutes the president was supposed to meet with senate leaders to see whether some sort of a framework of a deal could be worked out. that meeting was postponed in the last 10 minutes. the president is saying he wants to give leaders more time to make continued progress.
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markets react, down over 100 points earlier in the day, rising on the hope of some sort of a deal, framework in place that we could avert crisis of a default. let's go down to nicole petallides of the new york stock exchange. nicole, market not rye acting to postponement at the while e white house. >> on the contrary. it believes what is going on in washington. first there were a lot of high hopes for the 3:00 p.m. meeting. now a lot of leaders are talking postively. mark newton came over here moments ago. showed resiliency of the market. look it is holding on. the russell is at new highs. you're hearing quotes from harry reid. constructive good faith negotiations. mitch mcconnell, the opportunity to have constructive exchanges how to move forward. basically washington, saying listen, things are doing a little better. we hope to come to some sort of an agreement. that is what everybody in wall street believed. what is funny about wall street.
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they get every headline the same moment, the time we start to get in. when i tell you, there is 3:00 p.m. meeting at white house with the leaders. the market started to jump up. they were first to, meeting has been postponed. there is sense of urgency so markets react immediately. we didn't move into negative territory. they don't think it will not happen. on contrary they think talks are still ongoing and at least in the right direction. >> i want to jump in here and pick up where you left off with the technicalities of this. not that easy to get this through by thursday, is it? by some miracle they come to a deal in an hour, it is still a long way off? >> i think ultimately if they -- tracy: that was to rich. i was throwing that to rich edson. >> only way the senate can move quickly if every senator agrees not to object. it takes days to get on a bill, and 60 votes.
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takes 60 votes to amend a bill and 60 votes to get it out. if they don't have every senator agree to move the process along. the question becomes, does senator ted cruz, does senator mike lee, some others if there is an agreement, and they don't like it will they sit on their hands? that is just as much of a question what exactly happens to this when house speaker john boehner gets it over there. ashley: absolutely. >> you can move it quickly in the house. it takes days to do anything over here if you don't have everything in lockstep. tracy: rich, peter, nicole. thanks so much. we'll wrap it up right now. dow is up 32. it pull the back a little bit, right be ash? ashley: a little bit. still in positive territory. liz claman up next with county down to the closing bell, with latest from d.c. and impact on the markets. don't go away. she loves a lot of the same things you do. it's what you love about her. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daiaily ue
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liz: breaking news, everybody, i'm liz claman, it is the last hour of trading, and as we hit the air, it appears we might be
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on the brink of a breakthrough in the debt and budget showdown in washington d.c. president obama was supposed to begin this bipartisan meeting at the white house with top congressional leaders and, of course, from both sides of the aisle, that meeting has just been postponed. you saw the market pull back, but apparently they've been given more time in an effort to allow the leaders in the senate more opportunity to hammer out a deal. that's what we are hearing. but earlier both senators harry reid and mitch mcconnell said they are optimistic about a possible deal. all that fueled a broad market rally. we were down in the morning, but suddenly we started moving higher. of course, we have that selloff with the hopes appearing that we might have a deal fading. pfizer, disney it's powering the


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