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tv   MONEY With Melissa Francis  FOX Business  December 12, 2014 2:00pm-3:01pm EST

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changes in tax laws, foreign buyers are jumping in. greeks celebrate it. their economy as we know this week is still suffering with a lot of problems. dierdre: indeed. can't beat some of those shots. "money" starts now. have a great show. >> thank you very much. hello, everyone, i'm cheryl casone in for melissa francis. we're set to hear from the president as the house narrowly avoids a government shut down, approving a trillion dollar spending bill with only hours to spare. new details surrounding sony's hack attack, including angelina jolie face-to-face run-in with sony executive after emails calling her a spoiled brat. this scene is awkward. we'll tell you why clouds filled the grand canyon. look at those pictures. from hairstylist to your handyman, how much to tip this holiday season. even when they say it's not it is always about money.
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cheryl: we begin with market alert, markets seeing red to the lowest since october of 2014. we have tony sayegh, fox news contributor. jack, to you first, very volatile week and volatility is name of the game looks like. >> absolutely it is crazy. stocks have gotten more expensive. s&p 500 was 16 times forward earnings. most expensive since 2009. signs from economy is good. earnings growth is decent. we had an advance in form of outsized returns for the stock market in recent years. we can expect lower returns. cheryl: volatility, charlie, doesn't look good. there you go, we're down 175 which is better.
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we've been going back and forth. >> i'm blown away you know so much about the greek housing market. cheryl: love it. great country, but anyway. >> when i heard that, forget about the market. this is good for the markets. i'll tell you why. we need to give a lot back to get back to a place where you start buying the s&p and buying big companies. we had a tremendous run-up. i think the market is starting to digest kind of big things right now. what is the fall in oil price really mean for the economy and for stocks? it is digesting that. i think net-net will be positive going forward but the market is digesting it. what does it mean we're finally getting higher interest rates? i think net-net that will be somewhat positive but the market is a little scared. this is what the market does on daily basis. it digests these sort of issues and we'll see what happens the next couple weeks. cheryl: big part of the story is oil. i bring this to tony. oil is tanking again.
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iea cutting global demand, that forecast anyway, breaking 50 bucks a barrel since may of 2009. there is a dark side. charlie mentioned with the economy with lower oil prices means lower price. >> five-year low for oil and lower crude prices since june. there is move to get rid of export ban on u.s. oil. representative barton from texas this week introduced a bill in congress. he wants to make sure american oil companies compete in the much more lucrative foreign markets. this is conversation going forward. cheryl: i'm curious if you heard anything about it. that was energy subcommittee. >> there is movement in. house. need someone in the senate to pick that up. looks like senator murkowski from alaska takes the one into next session of congress. this will be a movement you will see to expand markets for u.s. oil companies. >> remember about lower oil. in america the consumer stip trumps the oil company profits
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by a wide margin. >> long term things will be good. net beneficial for the u.s. economy. cheryl: not when you're talking about layoffs to major oil companies. conocophillips cutting capacity expanding. >> see job gains elsewhere as economy improves. weak growth overseas to be sure. this could be destablizing for a lot of countries highly dependent, namely russia. >> destablizing russia, destablizing not so good friends in the middle east. usually the economy does pretty good when that happens. cheryl: what consumers are worried about the government shut down. we averted he. now in the senate where wee expect to get a vote today. we're on standby right now. >> shovel revved did i projects. -- shovel-ready projects. i had to ask. perfect visual. cheryl: your buddy, jamie dimon,
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your friend. he may be to thank for the house. maxine waters told reporters this yesterday. i think we got her with jamie dimon. president started to get this whip. that is when i think we lost the votes. cheryl: whipping as in -- >> they're building, getting the votes they need to pass the bill. cats and dogs are mating in washington today. barack obama, jamie dimon and john boehner working together against elizabeth warren and louie gohmert, who is tea party republican that opposes it. progressive and tea party members of congress see this as major giveback to corporations. you have the aspects of dodd-frank that deregulate some risky financial instruments in this $1.1 trillion "cromnibus" bill. that is why you saw it at last minute. president, jamie dimon and others rallied to help democrats give support they need. nancy pelosi opposed it. number two democrat, steny hoyer supported it.
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reinforcements came -- cheryl: i think jamie dimon is more concerned about the derivatives language being discussed among some really left-wing democrats to be honest with you. the fact you will have businesses come back to life. >> in favor of loosening some restrictions on banks. this is generally good. both parties seem equally dissatisfied with what happened here. that is usually a pretty good sign. number one job of congress right now is not to screw anything up. >> jamie dimon has been, lobbyists for jpmorgan chase have been on the hill relentlessly since dodd-frank passed because of this derivative stuff. what is derivative stuff. you have to put derivatives off-balance sheet. you have to create another company to sell derivatives. that is not attached to the bank. cheryl: really quick in english for viewers don't know. basically an arm of the bank trading on behalf of the bank with the bank's money. >> that is english? >> get your dictionary. the other interesting thing -- >> i'm sorry. >> i like you. >> i'm in one of those moods
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today. >> jamie dimon and others basically enjoy about this, for once in six years we'll have certainty for a full year. >> they will do anything, jamie dimon will dance naked in times square -- >> would you? >> we -- i will not dance naked. he will take the naked cowboy spot in times square if you get rid of any part of dodd-frank. take that to the bank. cheryl: anyway, moving on -- >> speaking of job losses. cheryl: hang on to your belts everybody. ads for obama care will appear on 7-eleven receipts at stores nationwide. ask for obamacare on the receipts from 7-eleven? >> they clearly understand the messaging power of the 7-eleven reit. cheryl: 7-eleven customer. >> they haven't hit enrollment numbers as much as they wanted to. someone brought this to my attention. if we gave every american a million dollars to pay for health care, we would have saved
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$700 billion to avoid passing obamacare. this thing is failure on every level. everything done from this point forward is nothing more than marketing and putting lipstick on a pig. >> what will they say about it? cheryl: try to sell it, to low income 7-eleven customer. >> real story is basically partnered with the company that does receipts for 7-eleven and part of the pay stub thing they market messaging on bottom of the receipt. >> obamacare is good? >> don't forget to enroll in the website that didn't work. cheryl: go to the website and do your own research. >> you get a 7-foot receipt for pack of gum like cvs does? >> that's right. cheryl: waste of paper. getting ready for holidays, looking for vacation next year especially as it gets colder, a travel publisher is unveiling top list of desnations for 2015. might i get a drumroll?
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number one pick is queens, new york. is this a joke? is this a joke? >> no, it is not. cheryl: are they kidding me. >> eddie murphy movie, coming to america all you saw garbage cans with fires in them. today we have microbreweries and garbage cans with fire in them. >> i know a few things about queens because i have a lost family. queens is new melting pot. used to be brooklyn and manhattan way back when. now it is queens. every single nationality you can find in queens. cheryl: can i give you the reasoning? >> they're not coming for vacation. cheryl: can i give you reasoning? let me give you reason why. it is north dakota, new orleans, new hampshire, indianapolis. no offense to indianapolis. boutique hotels, art scenes and -- >> come on. cheryl: breweries. >> as natives of brooklyn, charlie, we should be offended because for longest time brooklyn was the desirable outer neighborhood. >> i like the bronx.
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>> you have affinity to brooklyn. >> archie bunker is from queens. >> a website trying a bit too hard talking about it, western south dakota, and queens perhaps desirable should never beat out new orleans as travel destination. >> this is not a travel destination, this is about queens becoming new melting pot. go to the queens mall and you will hear -- >> i was in queens before it was cool, believe me. >> you know every single language is being spoken. it is a melting pot. people are traveling here from other countries. cheryl: i am so sad to inform everybody we have to take quick commercial break. we have to move on. elizabeth warren, tony talking about her, challenging hillary clinton for leadership of the party and winning. we'll talk about her. also haters are going to hate but mark zuckerberg might make it a whole lot easier for them. a major change at facebook that could be coming to your screens very soon. more "money" coming right up. ♪ you park your car.
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as you walk away, crunch! a garbage truck backs into it. so,you call your insurance company, looking for a little support. what you get is a game of a thousand questions. was it raining? were your flashers on? was there a dog with you? by the time you hang up you're convinced the accident was your fault. then you remember; you weren't even in the car. at liberty mutual we make filing a claim as stress-free as possible. see car insurance in a whole new light. liberty mutual insurance cheryl: the talk is cheap at walmart. the retail giant knocking 50 bucks off the price of its
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iphone. apple lovers can snag the 6 for only $129. the plus is going for 229 bucks. the price slashed just in time for holidays but can it boost walmart's bottom line? joining us our good friend scott martin united advisors coming out of chicago and fox news contributor. jack hough is back and lori rothman. hold on, we have to go to remarks from president obama on the ebola update from his team. >> to make sure our agencies are funded until the fall of next year. this by definition was a compromise bill. this is what is produced when you have divided government that the american people voted for. there are a bunch of provisions in this bill that i really do not like. on the other hand there are provisions in this bill and basic funding within this bill that allows us to make sure we continue on the progress in providing health insurance to
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all americans, to make sure that we continue with our efforts to combat climate change, that we're able to expand early childhood education that is making a meaningful difference in communities all across the country. that allows us to expand our manufacturing hubs that are contributinging to the growth of jobs and the progress that we've seen in our economy over the last couple of years. and so, overall, this legislation allows us to build on the economic progress and the national security progress that's important. and had i been able to draft my own legislation and get it passed without any republican vote i suspect it would be slightly different. that is not the circumstance we find ourselves in. and i think what the american people very much are looking for is practical governance and willingness to compromise and that's what this bill reflects.
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so i'm glad it passed the house and i'm hopeful it will pass the senate. one of the things that was very important in this legislation was it allowed us the funding that's necessary to battle isil, to continue to support our men and women in uniform. we have put a lot of burdens on our defense department and our armed services over the last year. some of which we anticipated. some of which were not. this gives our military, as well as our other agencies to plan over the next year with some stability, which brings me to the topic of this meeting here today. this bill also contains the necessary funding to continue to make progress on our fight against ebola, both at home and abroad. i know that after a frenzy of news reports, for several weeks, ebola has faded from the
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headlines. on the other hand although we've not seen an additional case here in the united states, i have always said that we had to make sure we're prepared here at home and we will not have defeated this disease until we have defeated it where it is most -- cheryl: all right, we have comments from president obama. this brief negotiate roosevelt room that you're looking at, this was on the ebola crisis but the president taking possibility to address aversion of the government shutdown thanks to the house. we have nod heard anything from the senate. the senate will have to approve $1.1 trillion funding bill. the shutdown averted and president thanking members of the congress to get along. you never know when congress will get along. we'll give you updates on d.c. if we get anything else coming out of the congress and senate. hopefully we'll hear from them on london. let's get back to our panel.
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i so rude, lori roth man to cut you off. we're talking about, lori, that they're making huge price cuts on iphone. do you think this ask a mistake for walmart? >> i don't. walmart is throwing down the gauntlet getting into the retail rat race here. they're discounting electronic items that got discount the black friday. we're in the heart of the holiday spending season. walmart says this is the last trick pulling out of our hat and going for it. cheryl: scott, do you think this will be rough for walmart or do you think it will be good an spark consumer demand for both companies, apple and walmart? >> i think it will spur demand. wall start's stock is doing well. this might be a precursor to that. lori is right, what you have to do is provide eye-popping deals that seem too good to pass up with the hopes that people come in and spend money on higher margin things which we've not seen happen this holiday season. cheryl: jack? >> this will go totally unnoticed on walmart's profit statement. may give a small boost to apple.
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best news for someone who hasn't bought an iphone yet and wants to. cheryl: that's a good point. we're looking at chart. walmart doing pretty well. can afford to take a little bit after cut and retail customers. another story we're following, this is also with regards to the consumer facebook and mark zuckerberg. he is now considering adding a dislike button to facebook. zuckerberg says it would be great way for users to express themselves with disliking something but paves the way for followers. i'm with you. i think this could be a nasty, negative thing for people. >> the like button has evolved into a way to just confirm you've seen your friend or relatives post or updating. you don't necessarily have to have opinion or detailed comment about it. but letting people know you've seen it is appreciated. when you make it negative, dislike you open a whole new can of worms. cheryl: jack, does this hurt facebook? >> i can't believe you led with the economy, stock market and
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congress. facebook will put a dislike button on internet people can push? cheryl: i'm with you. we'll see what he happens to do. >> monetize some of the social networks. getting to us talk about it. >> if you don't like something, write a comment. cheryl: i don't like scott martin because i won't go to him. we'll take a quick break. i will come back to scott. the west is getting pretty wet. we've been following storms out west. this is the strongest storm in years. now making its way up the coast. we'll bring you live report on the ground that wicked weather hitting the west coast of this country. this one is pretty cool. workers are finding a 100-year-old time capsule buried by none other than than paul revere. wonder what kind of treasure the midnight rider tucked away. do you ever have too much money? ♪ ♪ (holiday music is playing)
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cheryl: we're looking at some steep losses for the markets today. let's go to nicole petallides on floor of the new york stock exchange for an update. nicole? >> cheryl, this is shaping up to be a tough week on wall street. in fact it could be the worst week we've seen since late january when we were down 3 1/2%. the major averages are down roughly 2% or more. the dow is down 202 points. some of the big laggards include ibm, dupont, goldman sachs, visa, and caterpillar. some of these names are down 2%, such as goldman and dupont. ibm the worst of the bunch down 3%. a name like caterpillar is down close to 10% for this week. so it has been a tough week on wall street as we continue to watch oil which is at 58.33. sentiment is a little better. and transports done better on lower oil prices. obviously down arrows. back to you. cheryl: nicole, we'll see what happens in the last hour of trading. thanks so much, nicole. a revolutionary find in boston.
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crews unearthing a time capsule from the massachusetts statehouse in boston. it was put there by two american patriots, samuel adams and paul revere during the revolutionary war back in 17956789 we're told it likely contains items like old coins and newspapers. officials won't open the capsule until they x-ray it. that will be scheduled for sunday. fascinating story. fox business's lori rothman is back with me and fox news legal analyst mercedes colwin. what do you think? are you excited by it. >> i'm intrigued by this. paul revere, is legend in american history, british are coming. that is all we know about the guy but historians may know more. seeing this part of life during our nation's infancy is so fascinating. >> we know this will be uncovered at some point. so they have to all all the
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pertinent information and sail i can't facts that intrigue us. we're making assumptions what they were thinking and lifestyle back then. i think it is fantastic they have done that. >> earlier i was not excited about it because al capone's vault burned me. i hope they preserve materials when air gets to it. >> they're being methodical and covered and recovered again and x-ray first so to make sure the stuff isn't too vulnerable to the elements. cheryl: where was melissa on monday on that one. stay with me. we have latest update on what is happening over on the west coast. ferocious storm drenching washington state to california. hurricane-force winds. fox news's william la jeunesse with me now. how are the conditions right now? >> the storm and rain we saw around 4:00 a.m. this morning in malibu has moved well to the east into los angeles and
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san bernardino, riverside. leaving in its wake, flooding, very high surf. wind hit 147 miles per hour in the sierras, 71 miles an hour in the l.a. rocks and mudslides, see this from camarillo, california, a huge rockslide in burn area, literally destroyed eight homes. three people were rescued. 40 had to show up at the red cross shelter. >> and, mud was flowing around both sides of the house going into the street. and, i knew i was, i was in trouble at that point. but it was fine. somehow the good lord put me on that front porch. >> four inches of rain. that is more than all of last year. los angeles so far, we're thinking about two inches but the good news is, the snow pack. we're getting a foot of snow in the mountains. that is the water bank for california to help alleviate this drought that we've had for three years now.
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we have another storm on the way next week. so things are looking pretty good. cheryl, back to you. cheryl: at least getting good news now today. william la jeunesse live in malibu, california. thank you for the update on the weather. before we go anywhere, we want to show you, we'll stay out west for a moment. have you seen this picture? it is kind of interesting. it is a rare weather phenomenon causing a sea of clouds to fill the grand canyon. the breathtaking scenes are caused by temperature inversion which traps the fog in placement. this type of, actually only happens once ever few years according to the national weather service. lori and her said are back with me. you're a california girl. i'm an arizona girl, lori. the canyon is beautiful, but this takes my breath away a little bit. >> it is stunning in. remind me of the big foam parties that the kids dance in in the reaves. so i've heard. i'm height phobe big. >> looking at glass you can step
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on which is scary to take a photograph. cheryl: grand canyon if you've never been as viewer, i know you have been, so cool to go and see this weather event happening in the canyon is incredible to look at. if anybody is in that area hightail it over there to before it moves out. >> it will be gone very, very soon. comment on southern california and california coast as a whole, mother nature is not giving them a break. can you imagine the different types of insurance you have to have in california? mudding -- flooding, mudslides, fire. >> that blew me away. ladies, great to have you both here. one more picture of the grand canyon. a star rises from the ashes of the spending bill fight. how elizabeth warren is shaking up the power structure of the democratic party. the awkward hug that would make "mean girls" proud. the ladies are laughing here. while angelina jolie whipped out
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her death stare for one top sony executive. we have "piles of money" coming right up. ♪ then we gave each person a ribbon to show how many years that amount might last. i was trying to like, pull it a little further got me to 70 years old i'm going to have to rethink this thing it's hard to imagine how much we'll need for a retirement that could last 30 years or more. so maybe we need to approach things differently, if we want to be ready for a longer retirement. ♪
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business senators have filed a bipartisan amendment to strip the wall street bailout profrgs from the government funding bill i want to wry in relinqui rish is this so symbolic or does this propeller derail the agreement made in the house yesterday. >> cheryl largely symbolic the way this came from the house, senators are really enable to alter it harry reid would be blowing up government funding bill before government funding runs out if he were aloud to vote on this amendment it is not certain that it would pass so this is larger symbolic senator warren the one leading this everett against this proposal, that is in the government funding bill, it would allow specific
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dodd-frankings provision a rollback right now banks if they had any insurance have to push out trades to subsidiaries this bank easies that requirement within dodd-frank what a number of in thats led by house minority leader pelosi revolted over yesterday leading to much later passage of this proposal uncertainty that we didn't think it had yesterday, and so now it does hit senate floor debating something else won't get on government funding bill appreciable another few hours, the only thing according to one senior official i spoke with, that can happen to this bill right now it seems to have so much support or enough support, that it will eventually pass the senate, it will eventually fund the government, it is just a timing issue there is a lot of procedure in the senate, it is unclear how much longer the senate to oppose this because of this and others going to hold this up in senate. >> thank you for the breaking news appreciate it off capitol hill. >> instead of a yates former
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deputy assistant is to vice president cheney tony chabbinchabbinjack with me this is why people can't stand congress you make a symbolic move like this means nothing more concerned about what vote is going to be rornd versus the right thing to do, which is not mess with government shutdown here they can again. >> it is being led by the one senator elizabeth warren last year took to the floor of the senate when republicans had serious opposition to understood fixing obamacare much bigger deal than one aspect of dodds frank those they said using heritage tactics reflecting to go by constitutional system government was set up to could not win in election they did this. >> the power of elizabeth warren i think this is the bigger story the fact she is really making this ultra left liberal move in washington, a lot of talk about what her political career is going to be like in future, is she moving this far along of a taft taking a risk with
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attitude she has right now? >> well i think given all the talk about hillary, we basically i think are wng week elizabeth warren declaring for president, apparently her read on midterm tlaeks democratically controls senate white house has not the been liberal enough we are seeing move where planning a flag, on where the new democratic leadership needs to go. >> she is the powerful so quickly. >> yeah, you know, i think her point, i mean there are legitimate alternatives about derivative activity i take her point i do think -- on theically i guess she is coming across as not only am scold on some matters but the unsuccessful scold, unfortunately i don't think she is gaining strength for future run if i think about her versus hillary just don't see it happening. >> right, right she wags -- 5
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seksdz. >> don't compare it like that there is a progressive wing she is poster child not like the corporatist hillary establishment wing of the party. >> focus on that. >> hillary turns around. >> thank you very much we are gooding o to move on cutting the coward cable companies customer service lines, to drop. a major service in all about the price tag, the sony hack hitting shark infested waters, the billionaire outrageous money did he mandz they were outrage smart money on the way ♪ its not about the money, money, money we don't need the money money money we just want to make ♪ enable global commerce that can help your company grow steadily and quickly. great job. (mandarin) ♪
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and constipation. nothing can reverse copd. spiriva helps me breathe better. sfx: blowing sound. does breathing with copd... ...weigh you down? don't wait ask your doctor about spiriva handihaler. >> your fox business brief ceo stepping down, the park struggling to attracting vifrz sinceries of last year's black fir documentary showed allegedly mistreatment of the company animals. seaworld announcing a restructuring program that will result in some job cuts. one in four calls -- cable companies from customers looking to castle tv service according to date from advertising company, at least 60% of the callers end up getting internet only service. >> historic apple computer selling for 365,000 dollars, auction the early apple one
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computer sold by jobs at you of parents' garage in 1976. >> and that is the latest from the fox business network, of course, giving you the power to prosper money -- we'll be right back. sheila! you see this ball control?
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feeling disturbed grouper claiming to be guardians of peace flashed another ominous message across psc threatening to do more damage. plus new information, now willing that the medical public records of more than 3 dozen sony employees plus spouses and children have been exposed, adam is here with mercedes on set this is part of the most you disturbing peace. >> what is curious they named in e-mails share names of the children, or employees, who have had serious medical issues a lot of questions first why is sony why company as some do keeping tallies of which employees by name wrack up highested me bills is it a violation of hip hipaa a violation if a web site were to plush hacked e-mail with names of the person and the medical history does that violate hipaa, getting word. >> as a mom quick. >> the i would be horrified
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but to your point i think the explanation given, is that the company wants to defend itself from insurance companies raising prices fees on it why keeping tabs on all of these people it is horrifying makes me want to continue top stuff cash in the mattress. >> i want to stay on this a lot more coming oit on sony story leaked e-mails shows testy coroner's over buchanan sharp paint not pleased having to drove promising across other networks responding "seriously no chance, this is beyond an insult shows cinnamon carries about investment i made or entrepreneurs sounds -- >> it is right depends what is in that agreement if that you have to go on a talk and promote your -- the show -- so be it should do that it is interesting goes back to krooin liability is going to be a huge issue for all
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companies across the nation all of these leaked e-mails it is going to boil down to what protections have you had to your employees, to your third parties, to these parties what have you done to make sure that those hacking does not exist. >> on top of that fbi said 09% of companies in the united states would have susceptible to this, and in response to the question about insurance they could have collected that data, without the names of the employees. >> absolutely. >> yeah. >> well quick i want to stay on sony so much news breaking on this story sony amy came face to face with noun they are an angry lao jolela jolie - minimally talented. >> what a jerk. >> is that unbelievable. >> grabbing her with both hands, i mean -- >> this is so -- this is an industry that is about making
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money and that woman angelina jolie two films, the laura croft tomb repaired generated almost half billion dollars. >> the ran that pascal supposed was angry at jolie is because jolie had taken a director that amy wanting for the steve jobs, it was business she was angry. >> adopt put in e-mail, unbelievable if you have feelings whisper in an ear don't put in e-mail whatever is spoken written it is no longer yours. >> can people do you think lawsuits against sony a lot of things have been did he familiartory. >> fiduciary duty to sony if that breaches that sure could lose job shareholders say you diminished shares we're going after snu a right to be upset did diminishing shares of sony diminishing her over all 1r58 her brand, because now you know, tabloids splashed with headlines not only angelina
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but workings of sony entertainment business. >> people are lawyering up hollywood law and order up anyway. >> let's go to l.a. lady knows about hollywood liz klayman what you got coming up. >> there is another knife or whatever you call it to drop, with the sony story we have got it adam back an hour, to discuss what is actually going on with one of the biggest gossip names in hollywood everyone in if hollywood fears she has been swept into sony story talking about that give the latest on that part of the story, we are also about talking about you need to stay tuned for this the sword of damocles over it can markets, look on screen right now there is one thing starts with a d, will will emanate from a place that starts with r, that has to do with what could harm markets yes related, tloer oil prices, what is it why you should be ready for it when it does happen. we are also looking at apple stock, up about 40% year over
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year, is steve jobs his playbook from the past reaching out today to start the hoarding of apple iphone would he approve a fooks business exclusive former apple ceo scully on apple apparently apple iphone hoosh hoarding going on what about walmart undercutting apple prices on iphone all that plus we have in a fox business exclusive to round up the entire year of economy what to look forward to next week, he the university of chicago, former chair of counsel k34ik advisors on things this i would about worried about can't wait to see it well say it is not, so japan is in too serious trouble, as receive shortage threatens holiday base goods i can't believe no fodder.
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>> tipping to push you past your tipping point an expert is going to give her fast and fast rules for dishing out for the holidays you can never have too much money. ♪ ♪ 3rd and 3. 58 seconds on the clock, what am i thinking about? foreign markets. asian debt that recognizes the shift in the global economy. you know, the kind that capitalizes on diversity across the credit spectrum and gets exposure to frontier and emerging markets. if you convert 4-quarter p/e of the s&p 500, its yield is doing a lot better... if you've had to become your own investment expert, maybe it's time for bny mellon, a different kind of wealth manager ...and black swans are unpredictable. you don't need to think about the energy that makes our lives possible. because we do.
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cheryl: an update what is happening with markets right now, we are now pushing again below 200 points down more than 200 points on dow, of course more than an hour to go a lot of this has to do with the oil contract, and oil energy stocks as we'll but oil posed below 50 bucks a barrel lowest number we have seen on crude since 2009, so we are sort may of 2009 seeing fresh lows for oil again this market sell-off continue, liz clayman will take you through last hour coming up nine-minutes from now, but we want to take you to another kind of money story that is, of course, from u.s. every corner of the globe
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money is flying around the world, today we are going to start in italy airlines cancellation hundreds of flights ahead of a national strike unions up in arms, over a law that makes it easier for employees are to hire and fire. some government says will make the job market more about flexible in the process, mexico country is opening up its oil reserves to outsiders mexico unveiled bidding ruled for off summer blocs auksed to private companies by the end of the july first time foreign countries can drill for oil since 1938 japan is a slippery situation threatening a tradition a butter shortage continuous too tired to meet quotes japanese skrijdz to make respondisponge cake. >> finding a perfect gift can
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be a challenge add in two to hip how much in addition to make you downright overwhelmed. do not you despair, an etiquette expert okay i am telling you the ladies left the set we all have same question, how much do you tip your hair dresser for example? >> it is interesting that you mentioned that question, because i just went to my hair dresser this week, and typically you would give a hair dresser the equivalent of one visit, however, i want to say we must all give what we can. so this is what i did, i tipped my hair dressers the tradition 20% and then i doubled it, so she got a 40% tip on top of the salary that she makes. >> that is what about a lot of people have people that come in clean homes do you tip that person? >> you do. anyone you see regularly, such as housekeeper, somebody comes in to take care of your children, or someone takes
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care of your elderly parent you tip that person. >> what about so your kids teaches is it appropriate to give money to say your child postteacher or more proper to give a gift. >> i would recognize you give your teacher a gift card child's teacher a gift card to favorite bookstore or a school supply store,y store or better yet go in, with a set of parents, and you can collect the money and give the teacher a bigger gift. >> what about baby baby civil rights i would assume money am i right? >> absolutely, there are people who work in a service industry, who are depend on money to feed their families to pay he mortgage, and they certainly do appreciate the money this time of year. >> okay then big question in, no how much do you tip your doorman? >> that depends on how much your doorman does for you how much you like your doorman. so i would say,i would tip at least 50 dollars a little bit
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more, if thank you want a better relationship, people remember you when you tip well. . >> jacqueline obviously there are so many people in our lives throughout the year tough question in economic times how much do you give them so thank you very much jacqueline. >> thank you. >> how much do you tape floor director? >> all right, [laughter], excuse me how low can they go i am kidding i will get you cook yes. >> gas prices in a free formally perhaps a holiday thank you card or two to these guys at the end of the day all about money. ♪ ♪ ♪ she inspires you.
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tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or any allergic reactions like rash, hives, swelling of the lips, tongue or throat, or difficulty breathing or swallowing, stop taking cialis and get medical help right away. ask your doctor about cialis for daily use and a free 30-tablet trial. cheryl: the dow down about 200 points right now, 30 points off the lows of the session. we're on track for the worst week for the dow since january. and crude closing below $58 a barrel, wow, settling at $57.81, down $2.14 today.
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cheap oil does mean cheap gas, aaa now seeing retail unleaded averaging $2.50 a gone by christmas, and we also have refineries to thank for that. jeff flock is this joliet, illinois. >> reporter: an overlooked, perhaps, part of the story, cheryl. the refiners definitely doing their part. we're at an exxonmobil refinery here outside chicago, and take a look at the numbers, at the amount of crude oil that refineries around the u.s. are processing. we took a look at the latest numbers from last week, eia numbers, and they show that the amount of crude is at an all-time high. so not just low prices, but the amount of crude that's being processed, 16.99 million barrels per day. and if you look back to 1990, capacity of these refineries has been increasing steadily. so when you take a look at the latest gas prices, and we've got the latest ones $2.60 for
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regular, part of that is the refiners really cranking it out. phil flynn just told me about an hour ago that also because that bakken shale turns out more than gasoline than other forms of crude oil, these refiners are actually turning out more gasoline than even their stated capacity. cheryl: jeff flock, thank you. that's all for now, everybody. hope you're making money. melissa's back on monday. "countdown" starts now. liz: thank you very much, cheryl. no longer the santa claus rally, but the worst week for the dow jones industrials since the beginning of the year. that's happening right now to your money. we are going to tell you what that sword of damocles is that's hanging above the heads of the market and what could really bring santa down to his knees, and how and when will that emerge? and imagine a computer glitch bringing air traffic to a complete standstill over, say, new york city or any major u.s. hub. happened today in

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