tv After the Bell FOX Business September 4, 2015 4:00pm-5:01pm EDT
happen. the stocks clawing their way back ahead of the holiday weekend. all are in the red. look at this, 264 points to the down side in the dow. remember, at one point it was down 350. so 268 to the downside does not sound good but could be worse. >> and still falling. tough day today, that's for darn sure. the jobs report responsible for dragging stocks down to begin with today. august adding just 173,000 jobs but expectations were for a gain of 220,000. the rate of unemployment at its lowest level since 2008. david: a lot of mixed messages, potentially mixed signals on wall street. what do all the terms mean in terms of the fed rate hike? we're going to ask our all-star panel including mr. steve forbes is with us today. >> very exciting. first back to stocks. the dow down over 200 points. look at that, 272, as the closing bells sound on wall street. david: okay, well, as wall
street ends the day, here's where everything else is ending up as we look down. nasdaq had been leading us down in the markets over the past couple of weeks, not so today, but meanwhile, let's get an overview what happened today. it was a very interesting one, starting at 8:30 when we got the jobs report. again the unemployment rate came down a couple of ticks but the expectations were for a much stronger growth of jobs. we were off about 45,000 jobs from where we thought we'd be. gary kozlowski watching the pits from chicago. adam shapiro's today's biggest winners and losers and lori rothman. tell us what happened? it looked like we were going to recover. the market down 350. they began to recover, we were in the 100 range at about half hour ago, but traded down towards the end of the day? >> let me just set the scene by
reminding everybody chinmarkets were closed. so the declines we saw today are all about the u.s. picture and outlook. we've had now 11 of the last 13 trading sessions were markets closed down triple digits. at the close, a decline of 272 on the dow. the s&p off 29. that's 1.5% decline on the broad market and you mentioned that jobs report, the august jobs report pretty much in line. 173,000 jobs created, and didn't give a definitive answer what the fed will do by way of rates. david: the jobs report i don't think it was in line. >> if you include the revision. if you include the revision, that's my point. unemployment came down, underemployment was disappointing, a multigenerational low. wasn't good enough to get the fed definiteively to raise
rates, the frustration is we don't have an answer, and i think that stocks are shutting the book on summer and know whether rates liftoff in september or december, it's going to happen, and the punch bowl is gone. david: you know what i think? i think the market is pricing in the greater possibility of a recession. >> and a global recession. david: all of the global stuff playing into our economy as insulated as we have been from all the bad stuff, they're pricing that in. who knows. >> i think you are 100% spot on. >> adam, you have the names moving big, which stocks were on fire, which weren't? >> talk about fire in the wrong direction, biggest percent losers. du pont chemical were down almost 4% today, they lost bigtime. goldman sachs, microsoft took a hit today. general electric down over 2%. home depot down almost 2% and, of course, we were watching oil which closed down today, that had an impact on one of the
winners today. look at some of the stocks that won today. noble energy up almost 2%, 1.7%. delta air lines up almost 1% today. dollar tree, this is a big turnaround from what they saw earlier in the week. dollar tree was up 1.6%, and rig transocean was down about a half a percent, and finally, i know david likes a good cup of coffee, green mountain coffee roasters, keurig up 1.6%. >> everybody likes a good cup of coffee. thank you for that. david: oil ending the day down about a percent and a half, just over $46 a barrel. but gary, it was hard to figure out. look at this market today. a very difficult market it. comes with a background of the saudi arabian king visiting the u.s., i'm sure president obama tried to get him to pull back on the production of oil. >> and i don't think you're going to see that happen at
all. one of the situations you want to look at with the saudi arabians, they own all of their equipment. they're not leasing it. pumping this for years and years and years, we're at the point now, we're still funding our wells right now. and then when we saw that 13 well pulldown in the inventory that are actually working, we did see the market run back up on it. everybody was anticipating the numbers that come down, especially with the long weekend, with china on the two day holiday. we had a lot to take a look at today. employment numbers, and then the revision of the employment numbers from last month, and with the employment rate dropping. this morning was, wow! it was quite a bit of excitement to look at this morning. >> it was indeed, and gold, everybody was going to treasuries today as stock prices were going down, there was a flight to treasuries as the flight to quality, but gold not getting a hit. what happened to gold as a flight to safety? >> everybody was watching what the u.s. dollar was doing
today, and we saw some of the other currencies falling off. we've got warnings that the eurozone right now, they may also start increasing on the stimulus a little bit, so that pulled back a little bit. i don't think we're going to see gold much lower for the next few weeks. i see it, i'm very bullish on gold right now. i see the situation. we've got an election in greece, that's going affect the eurozone. so what's going to happen is you're going to get a lot to see. david: you're talking about the dollar, what happens to the dollar is critical to what happens with gold. if the euros print more euros, the europeans print more euros and that stops us from a rate hike, the dollar loses value, doesn't that mean that gold increases in value? >> you're on the same thought process that i've been on, and again that's why i've been bullish on gold for quite some time. we have portugal, italy and spain in the eurozone that have some high debts that are going
to be restructured. i don't think they're going to go at it as harshly as greece, did but they're going to try to get their debts restructured with the ecb and also with the imf. so stay tuned. david: gary kozlowski, try to get rest over the three day weekend. appreciate it. >> i think people are going to be staying up late tonight. a big day for the markets and the roller-coaster ride continues with triple digit market swings the past few weeks and dramatic sell-off before the holiday weekend. joining me hilary kramer, jack hough and john petridis, great to have you here. i'll start with you, hilary, focus in on today's trading. big volatile swings, 11 of the last 13 days. 100 point or more swings. is this going to end soon? are we at a breaking point? >> i believe that we are.
breaking point meaning we're going to find a floor and come back. i was encouraged by the close. the market didn't have the accelerating downward spiral like we've seen in the past few weeks. earnings coming up october 8th. once we get past the fed in two weeks from now, we're not going to see tightening, no way that's going to happen. i think we're going to do fine and come back to december when investors have freaked out and sold here. >> jack, to you, as you look at this, i know you're as concerned about individual investors as i am out there, and i think this really unnerves there. is there any reason that the markets would stop trading at these levels, at the massive lows. >> that the volatility would stop or that the market would come down? >> no, no, talking about the volatility. >> you see more volatility any time stocks are trading on more expensive levels relative to fundamentals. s&p 500, 16 times this year's earnings.
that's not extravagant but full price. the latest reading on earnings growth, 0.9%. >> it's not good. take a look at our calendar for just a second. this is what i'm talking about. the massive multihundred point days, this is what's so upsets and unsettles individual investors and makes them think about selling. john, to you, as you look at that, what are traders thinking on the trading days? are they trying to line the the load before the holiday weekend. >> we're long investors for our clients. on the three-day holiday weekend, it's hard to interpret the data of the market. what investors should be doing is looking through the press release from the bureau of labor and statistics. >> the bls. >> the stock market reaction today, high quality treasuries rose. so if the market sold off because the jobs data was good enough or the wage data
increased enough where they're fearful that the fed might raise rates in september, why wouldn't high-quality bonds sell off? it doesn't make any sense. >> i feel people couldn't decide where we were going. it was a good jobs report? a bad jobs report? >> it's like a bad fortune cookie where you read whatever you wanted to read into it. >> hilary to you, we had a table set for us, european stocks trading down 2%. china has doors closed you would think things are better. that's not the case. as you look at this, was there any possibility we do anything but sell off? >> well, it is time for many investors to come in and start to go into the value stocks, especially, the value stocks make sense at this point, i don't see the tightening taking place now. the value companies, these are international paper. 3m. companies like hewlett-packard. so i think that there's
optimism there. the tech stocks, of course, do poorly. they don't do as well in a higher rate environment. >> great answer. sit tight. we're coming right back to you guys. david: first we've got lori who's got a man who's weathered just about every kind of wall street storm there is. teddy weisberg, lori? >> you said it, dave, you're not kidding. sets me up perfectly for the first question. of all the storms and volatility and crashes and corrections, where does this one stack up? how are we going to get out of it, if we will at all? >> i don't think we're quite in the storm yet. we're in the squall stage. listen, things are changed, lori. we keep talking about it. noned likes it when stocks go down, we like when it goes up for the obvious reasons and we're spoiled because we've been living in a positive bubble for five or six years. >> right. >> is this healthy correction? healthy consolidation?
you don't seem all that nervous, but you're always calm, cool and collected. >> i'm not nervous because you can't survive in this business without keeping a healthy eye on the exit and have a seat when the music stop, inevitably the music will stop, and it stops when you don't want it to, always. stocks are going to do what they want to do. nothing rational about the stock market. i'm sure before this is over, it will get overdone on the downside. >> no recent big picture to lose confidence in the u.s. financial markets. because they have in history come back. we showed the last 11 of the 13 sessions have been down triple digits. got to have a tough stomach to ride this out? >> well, if you go back to 1900 and look at the chart of the dow, the general direction is positive, but during that time period, we've had world wars, depressions, huge sell-offs. it happens. october '87, the market was
down 22% in one day. we got through it. 08 and 09, market down 50% from the highs and lows, we got through it. it's not a zero-sum game. problem is it's not a one-way street. people think it is. >> teddy weisberg, thank you for taking the time. >> i think i can sum it up in a phrase, stuff happens, and you know what kind of stuff we're talk about. lori and teddy, thank you very much, have a good weekend. the labor department is where it all started this morning, 8:30 when they released monthly jobs numbers. it was way off expectations. employers adding 173,000 jobs in august, about 45,000 less than what was expected. however, the unemployment rate did come down to 5.1%, down two ticks. the lowest rate since 2008. what does all this mean for the fed, the markets and the folks on the street worried about their job and the price of meat. let's bring in peter morici, a star economist at university of
maryland, and lynsie piazga. what has changed in the economy. we had the ho-hum economy we've had the past four or five years. that's what the jobs report said and the market skyrocketed since 2011. now, we have a similar report than the one over the years but the market crashes, why? >> i think that most folks read it as a good jobs report. i didn't. david: i didn't either. >> i started to see the reflection of what's happening in china and asia in the jobs report. in particular, it wasn't just mine that was down, if you take automobiles out, the entire manufacturing sector took a very large hit, in terms of jobs this month. another thing is the private sector did not create a lot of jobs, even with adjustment next month into this month's data, didn't create a lot of jobs and
where it did, they're government funded jobs, a huge jump in health care. the government sector added 33,000 jobs, mostly schoolteachers. a good deal of the jobs created were created with tax dollars, not by private sector growth. that's what gives me pause about the fed raising rates in september. david: but lindsey, the point is this mediocre jobs report that peter was just talk about were not unused to that kind of report. if you look at a chart of 2011, we have gone pretty much straight up since then, despite the fact that we have had these ho-hum jobs report. why is this one different? why is the market no longer able to climb these walls of worry? >> well, remember, we've been dealing with the moderate labor market for years, accompanied by extreme accommodation from the fed. that allowed the market to continue to rally. now the fear is with this moderate labor market, the fed may be gearing up to take away
the accommodation and initiate the first tightening cycle we've seen since 2006. i think the concern goes further we're not just at a moderate pace but losing momentum from the substandard pace. we look at this morning's report, not only was the headline disappointing but with the upward revisions you see the three month average declines from 325 at the end of last year down to 250 last month down to 221 this month. david: i don't want to get lost in the figures. i want to focus on the larger point here which is the market is supposed to be a reflection of the economy. the economy has not been doing so well over the past four years but the market doing spectacularly. was that just an illusion, the spectacular run-up? >> yes and no. the stock market is supposed to be a reflection of corporate earnings, corporate earnings growth. david: corporations get their earnings from a good economy when people are able to buy
things? >> when the economy expands or contracts. i think they will come around once we come to the cycle of destocking and things like that. the lower figures for oil companies cycle through. i think we'll have earnings growth next year. we're not going to get valuation expansion here, so stock prices are going wait for corporate profits to climb. that might not happen until next year. david: hilary, there was a turnaround, we were down 350 points, ended 270 points to the downside on the dow. does that show that perhaps after a three-day weekend when everything settles and the market gets back up to normal volume we may have a good day? >> i think we're going to go back to market where we could see really strong upside as we head deeper into september. it really has been a seasonal issue for us, and you combine china with that, and the fear over what's happening in china, you know, the important point is not just that the treasuries or u.s. treasuries did so well
today, even with china doing selling of u.s. treasuries and we still looked really strong, but our equity market, that's the flight to sea. we're going to start to see. just compare how we have done, the u.s. stock market versus europe, which as you noted had a terrible close and has for days as well as china. this is where there's going to be strength. the only area i want to point out that we need to watch -- >> quickly, quickly. i want to give john a chance. >> canada, our biggest trading partner, we're not look at the big elephant in the room. david: john, canada is in a recession, if you believe two quarters down is a recession any. chance that could bleed over into our economy? >> well, no, i think canada is going through the same issues in terms of what's going on in the price of commodities and the price of oil, i think that, yes, we are a big partner with canada, but -- david: we're hurt by that, too. look, we have texas, we have north dakota. a lot of our states are
dependent on oil and energy production as well. >> i would love to be a fly on the wall if the fed governor with the upcoming september fed meeting. i don't think the jobs data was all that bad. you have to look at a trend, you can't look at one month's results. for the year the u.s. added 250,000 jobs per month. >> i got to go back to our economist, peter at top, for a quick comment. any chance we're going into a recession? >> yes, there is because of what's happening not just in canada but korea, japan and australia and so forth. china itself can't throw us in a recession because they don't buy enough from us. you have a cumulative effect, what happened in china shouldn't have affected u.s. markets the way it did. to some measure, i think that wall street is talking itself into a malaise -- >> guys, my fault for asking an economist for a short answer. thank you very much. guys, i'm sorry, we're short on time. lot of breaking news, appreciate you being here, gerri? >> fascinating conversation.
coming up, more on today's sell-off. the numbers you need to know? david: china which has been aforementioned has been a major reason for market volatility. chinese markets have been closed for the past couple of days. what happens when they open on monday? we take you live to beijing in just a moment. can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought.
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moving in the right direction. i think they're keyed on the fed, and today's labor statistics, you know, were kind of full steam ahead. fed head says that they're right on target. i think that's what i call the nuclear option when it comes to china. that fed rate rise will be a huge shock. david: one big difference, robert, between china and the united states right now is that the u.s., ever since the 2008 recession has kind of got our credit situation in order. banks are capitalized, they have to be capitalized, a lot of companies are in better shape with their debt than they were in 2008. in china, the exact opposite, chinese companies and the government have been borrowing money like crazy and now they have overcapacity, right? >> that's right. and what are they going to do? try to give more loans, use
loose monetary policy? that puts downward pressure on the interest rates. there's capital flight. the markers come to china. capital is leaving. you know, so you get eventual further devaluation, and more downward pressure. these guys don't know what they're doing. they're called upon at the g20 meeting now explain themselves. but they have no policy, they have no plan. david: there may be a metaphor with alibaba, it's one stock, i know it's listed outside of china. the fact is alibaba has been borrowing money on the price of its stock which has been going down. when you do that, you get in trouble. is that what a lot of companies have been doing in china? >> companies are buying other companies's stock. so several of them have earnings jump multipliers based on the return of purchasing of
other stocks. they can't celt stock now so people waiting for the third quarter results have to declare how much they've lost in income. the other thing is the principals in alibaba, jack ma and his partner are borrowing against their own stock, we don't know why, but anyway. david: lot of people are doing that. let me just finally take one point that the defenders of china make which is the chinese economy isn't going down, they're switching from an industrial economy to a service economy which has been pick up. in other words, modernizing not going into a depression. what do you say to that? >> this story is as old as the hill. you're not going to change east asian culture. we heard that old story with japan, they were going to switch over and so on. it's never going to happen. that's not the problem. the problem is the role or share of government and the chinese economy, nobody pays attention to that. and that's an older story and
something we should forget about. the economy is weighed down by all this control and this stuff is a huge opportunity lost. all the media controls and so on, you know? . david: all eyes are going to be on china come monday, though a lot of people are going to be on vacation to see what happens when the markets open. robert, thanks for a preview. thank you very much. >> any time. thanks. >> that's what we're talking about, china, the big, big, big player in our market volatility. and after a two-day holiday break, as you heard, they're back in action monday when the u.s. markets are closed for labor day. what can we expect? joining me jonathan hoenig, also a fox news contributor, jason rotman and dan shaffer, welcome all. jonathan, start with you, what can we look forward to? they're going to be open for a day, and here comes tuesday, the u.s. markets open. what is the tone going to be like. >> the tone is negative.
gerri. you hate to predict a collapse. given what china's done to the economy, and specifically the stock market. talk about intervention. they jumped the shark on micromanagement. micromanaged interest rates are pumping money into the stock market, making short selling illegal in many cases. so this is a recipe for a real capitulation bottom and i think china is setting up to not only have that but bring the stock market down with it. >> not the free market we are used to. jason, there's a lot of economic data coming out on china, everything from consumer price index. pi, retail sales. will we see positive news in the retail sales? >> it's highly doubtful. i think you have a lot of fear and people pulling back in overall spending whether it's in the u.s. or china we're talking about now. there's no real reason to think that you're going to get
amazing numbers from china next week. what's the reason? there really is none. >> true. >> at the same time, i want to make the quick point. as we get closer to the fed meeting, i think china is going matter less and the fed more. >> very good point. let's get dan in here. he has a very specific view, negative on the markets right now. dan, what are you looking forward to on tuesday? >> i believe the decline will continue. my cycle low is around september 18. so i'm watching the dow very carefully. just look at count that came in before the close, and couldn't hold there. the manipulation holding on globally and not just the interest rate markets, i think people have lost interest. and going back to one of the other points. look at economic numbers in the last two weeks. they're horrible. even the unemployment report this morning was a disgrace. this deflationary depression scenario that i've been talking
about is playing itself out and got a lot more downside to go. >> let's focus a little more on u.s. markets, u.s. companies. analysts' conference season begins shortly. we're going to get deep and dirty with the details. how much focus is there on the conferences and the news coming out of them? >> a lot of focus, but i'm looking for strength, gerri, literally anywhere, look today, 14 new 52-week highs on the new york stock exchange. 185 new 52-week lows. what does that tell you? the average stock right now is doing quite poorly across all sectors. it's across real estate, the commodities and the highfliers, facebook and yelp.
>> >> bubble the ceo existence. if the u.s. dollar keeps rising for the end of the year that will not be of great picture if the said and tie-in that raises interest rates that could be good for the u.s. gerri: we are out of time. david: more on the market's bid dow drops to hundred 70 points and steve forbes is here to talk about the volatility in the markets in the economy and politics.
gerri: more volatility ending down 270 points we're watching every move from a the new york stock exchange. >> we have moved late in the day we close out the session down 278 for the entire week the broad market was down over 3 percent. volatility is the theme. the latest culprit with the jobs report satisfactory at best so now the debate rages on but a bigger picture the
title will trigger the volatility with the lead then triple digit decline days out of the last 13 china reopened on sunday night. it could be another rocky ride the s&p is all in the red with oil and technology and energy. that means we have cheap gas price is for the three day weekend. gerri: i love how you focused on the percentages and not the numbers. david: the jobs number is expected to move the markets but what does that mean for it the economy and if it is over correcting? steve ford's joins me now. good to see you. start with the jobs report we had cry and on earlier
who said it wasn't so bad that we missed expectations expect over the march you get what i did 73. >> you cannot put too much stock on one report but it does give uncertainty with the offense that they thought they would bite the bullet to come back in the middle of this month but now we don't know. waiting for chicago cubs to win the world series. >> the economy itself? is it particularly bad? because that is what the market would indicate. >> why isn't the stock market climbing though wall of worry? >> it is pausing to see the federal reserve to create
what the markets don't like it will see what happens in profits. so you need profits to get the higher stock prices so they have done very well with the profit picture to boost those stock prices what do you have for me next? with the real stimulus not the artificial stimulus "the new york times" had an interesting piece yesterday to sail in and homeworkers of the biggest drop in income with the entire economy. obamanomics is supposed to be progressive but it is regressive to hit the hardest those of the lowest rung of the latter. >> there practicing of
trickle-down economics the federal reserve wants the stock market and the bond market to go up that it will trickle down to everybody else. but if the economy doesn't grow who was hurt the most? those you need to gain skills they are held back so when the developing people but they always accuse republicans. david: but if there is regressive hurting those who are the least able to afford that. >> waiting for the dinosaurs are there reactionaries' whether school choice they want policies that hurt the people that need the most help. david: all of this policy of the rhetoric and with the jobs report for those that are hit hardest will he succeed?
>> he will make a point of that can donald trump is starting to get those questions so you will see that more in the debate and the of their candidates coming forward they know what they have to break out to be seen as part of a large crowd. david: the slide of the market and the economy will not benefit tromping more than another candidate? >> it depends if it's headed say reagan approach that will appeal to people specifically what will you do? david: and ben carson has been rising watch him carefully. we will see steve tomorrow morning on fox news channel.
gerri: we will take you to the white house live. >> why are the allies nervous? you can't breathed. through your nose. suddenly, you're a mouthbreather. well, just put on a breathe right strip which instantly opens your nose up to 38% more than cold medicine alone. shut your mouth and say goodnight mouthbreathers. breathe right hi mi'm raph. tom. my name is anne. i'm one of the real live attorneys
>> we told you yesterday the markets were not likely to lead is going to the long weekend quietly and it was not quiet today did dash all closed down 270 points but take a lot how this compares with the major volatility only four out of 13 days have been positive. we're down 2,000 points from our high. gerri: that is a big number. a roller-coaster day as obama puts the iran nuclear deal to another allied to saudi arabia he and the
leader of the biggest oil-producing nation will reach common ground to keep iran and check. >> good day. this is an important moment in the bilateral relationship of the two allies and it is meant to tamp down some of fears of the saudis you are concerned to the iran nuclear deal but with a growing influence in the region. in the oval office today having an opportunity not only to meet with the president but a number of major issues to bypass that summit over camp david but the president said all the right things about the revision ship, most notably about continued operation with terrorism.
>> to be extremely close with our comrades with terrorist activity. >> meanwhile out in front of the white house a large gathering of love demonstrators were engaging each other protesting the a human-rights not just in the kingdome but throughout the region and in part they would argue because of saudi air strikes we have pictures of the was happening in yemen as the saudis were targeting not wholly the isis' the rebels this is the disaster over there and the battle continues we have been watching that devastating humanitarian toll happening throughout the region as a result. there is $1 billion of cooperation between the u.s. and saudi arabia and a
military and economic operation is that kind of commitment that the american is are all too happy to reassure them we're not going anywhere in terms of support. david: in technology is not immune from the sell-off. feeling the pinch look at what is happening. looking to do get out of town? it will not cost to as much as you think. good news. it can feel like this. copd includes chronic bronchitis and emphysema. spiriva is a once-daily inhaled copd maintenance treatment that helps open my airways for a full 24 hours. spiriva helps me breathe easier. spiriva respimat does not replace rescue inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate.
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weekly changes of all major averages that will impact your wallets. david: also apple and microsoft and netflix all had bad days it is the sixth straight day of losses for netflix. what is the story? that was a highflier. >> but the past few days not at all the you were just talking about this. is a broad sell-off. not sure if they have any fundamentals that have changed but they are feeling the effects of the selling. one thing to note we have been talking about more and more competitors are coming on-line. me know the service that lets you watch hollywood blockbusters has separated
from netflix now they will partner with hulu but they're all competing for time and attention and eyeballs just showing a little competitive pressure was a natural selling across the board. david: they have great shows on en netflix. i have been watching that. risk than reward watch this upcoming tuesday for an exclusive interview from pershing square capital square management. el baradei maybe losing money today but saving money at the pump this weekend one reason you're not the only traveller "on the road". why pause to take a pill? and why stop what you're doing to find a bathroom? cialis for daily use, is the only daily tablet approved to treat erectile dysfunction
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you are looking at can you spot the difference? no? you can't see that? alright, let's take a look. the one on the right just used 1% less fuel than the one on the left. now, to an airline, a 1% difference could save enough fuel to power hundreds of flights around the world. hey, look at that. pyramids. so you see, two things that are exactly the same have never been more different. ge software. get connected. get insights. get optimized. >> on this labor day weekend were the busiest -- busiest travel periods.
aaa predicts there will be over 30 million drivers the most traffic for a of debris day weekend since 2008. but they also predicting air travel will rise more than 1.5%. >> if you plan to be one of the 30 million drivers "on the road" this make their is a good news that americans are expected to save more than $1 billion on gas over the holiday weekend. they're celebrating low gas prices but how long can that last? here to tell us about it jeff flock is standing in the middle of the road. >> i have spent treating exhaust he was for the last eight hours i am not sure exactly how i feel at the moment but we take a look
over the last 10 years we have a charge over the last five and it is amazing how much cheaper gas is now but over the last five years the list we have seen in a decade. so as you report triple a says there is $1 billion extra gas with 1.$4 trillion travelers will save this labor day holiday. gas prices continued their trended down and everyone says gas will continue to fall. with the cheaper winter plant is coming soon and we will be rid of the suburban land so it is all blue skies to you when you have been breathing carbon dioxide all day long?
there is a barrier there if you happen to faint you will not fall into traffic? >> i. d. key is having a good time. >> it is a little buzzed. david: have you had a chance? they were almost at a dead stop. water expecting to do? >> it was like a parking lot for a and a little while and what do you think of the gas prices? people to like him but what do they do without many? they don't realize it is $3 a year or $4 a year it isn't like somebody handled you -- tended to a pile of money it is a trickle with not as much impact. gerri: i am happy to have
that trickle at all. we have seen consumers save some of this is that your expectation for the fall? you think prices will move lower. >> yes. i spent the past week talking about oil -- that is allowed truck. [laughter] >> budget could prices are one piece but short of a conflict that you will see gas prices rise. david: you are probably about to collapse has been standing outside all day long. we have a long weekend. we have quite a week 3 percent down on the dow
jones industrial average and along for day weekend is in china at the top is about to come off on monday and anything could happen. we will be here to cover it. "risk and reward" starts right now. >> another sell-off with the stock's closing lower across the board that is the dow triple digit losses 3% losses across the board and laura rothstein joins me from new york stock exchange resaw them set the tone. >> it was another solid child day but tight end has been closed the last couple of sessions a you have to blame it on the session that steve jobs report.