tv Markets Now FOX Business October 31, 2012 1:00pm-3:00pm EDT
land? slowly but surely limited subway service here tomorrow in new york city so people get an easier commute in, yourself included. cheryl: i can't wait. ashley: i am ashley webster. melissa: melissa frances back in business. stocks trading the first time this week at the northeast begins to pick up after hurricane saying the. ashley: we have you covered. nicole petallides is at the nyse and robert gray at the nasdaq and sandra smith at the cme. nicole: new york city commuters getting much-needed good news. limited commuter rail service starts at 2:00 p.m. today. subways north of 34street begin limited service tomorrow. ashley: the dow is in the red but damage from sandy isn't done yet. the focus turns to recovery, so does its ballooning price tag. the latest, $1 billion damage estimates and keeps going up.
melissa: president obama said it for the floor before the election. chris christie be just the ticket to boost president obama in the polls, we will ask lou dobbs. ashley: let's get to nicole petallides on the floor of the nyse. she is back in action. nicole: we are back in action. the boards of the nyse open and most folks made it here in some form. a smooth opening, some down arrows across the board for the most part but after two days of no trading we are back in action. most of the dow components have down arrows and focus duncan neiderauer, the ceo of the stock exchange, i asked him if they could open monday or tuesday and fear is what he had to say. >> we certainly could have operated electronically. what the industry told us sunday was please don't open electronically because we have to put a lot of our people in harm's way so let's not do that.
i wish the industry and we came to decision sunday, we all made the right decision. it would have been irresponsible and dangerous to be open monday and tuesday. nicole: we will follow opening the reopening of the stock exchange. that headline on night capital as well. i wanted to clarify as we get headlines that night capital was telling customers to route orders away the designated marketmakers on the floor of the stock exchange seem to be operating very well. we have seen headlines that the jersey city office has generator issues, sales and trading and marketing businesses have been affected on the floor of the stock exchange, they're doing what they do on a normal basis. this is what we are finding..o o night capital group has been selling off and the check is down 2.7%. ashley: thank you very much. melissa: rapport gray at the nasdaq. the biggest loser so far today?
ashley: certainly avalanche facebook grabbing headlines. robert: we will look at facebook. social media slide. lot of concern because the law, after may's initial public offering, insider shares available to be dumped on the market, two twenty-nine million, nine sixty million more will be available to sell by year's end. mark zuckerberg according to a filing saying he will not sell until next year and, september of 2013. look at linkedin, the slide by the social media stock moving hire most of the dais to get distracted the closing bell. the estimate is for a loss of a nickel. bullish on that. take 2 electronic arts doing well and second quarter better than expected and also announced grand theft auto, fifth installment will finally be available on store shelves. gamers have been anticipating
that. next spring if you are keeping score, i know you are, of the chronic arts up 3% right now after their earnings even if they did trim their forecasts they beat for the last quarter. ashley: let's head to sandra smith in the pits of the cme. we know what sandy did to those refineries putting them out of action. how has that impacted the price of gas and oil? sandra: put gas and oil into action. the biggest garage down here tres knippa not only watching the parade but all these things on the floor. you specifically are watching the energy market. big mover to the upside. >> crude oil should have remained under pressure. if you close refineries on the eastern seaboard in theory the front months of crude should be under some pressure. we saw the front months of crude gained ground on the back. that is counterintuitive and i
will respect this action and wants to be long, not short. sandra: why are prices going up when they should be going down? >> i am not that wide. guana look at markets like this, watch it absolutely be happening? unleaded gas should be going up. crude should be going down and it isn't. i am looking for market action to take me off. sandra: at talked to you before the markets opened its entire 8 this week. now that they have, your thoughts on the reopening of the exchanges across the united states? >> this place gives me the creeps when the only thing trading is hot and cattle. it is good to have some oil is back around me and things going on. i am happy we are back to business as usual. sandra: quarterly? >> very orderly. sandra: tres knippa of night capital. back to business at the cme in chicago. ashley: it is halloween. all right, sandra smith, thank
you very much. melissa: the question is why the exchanges were unable to open even for electronic trading. search away in his cessna deron, founder and ceo of liquid net, one of the biggest firms electronically trading block the stock for private clients. what is your theory about this. though no a few duncan neiderauer telling the colby levy's for law firms and brokerages they wanted the market closed because markets opened, people come in to work and is close they stay home. >> absolutely. all the venues were able to open on monday if they wanted to. it is the right decision because you have to factor in the entire ecosystem. when the venue like the stock exchange are liquid we don't bring the liquidity. the investors bring the liquidity and folks trade from home, institutional guys manage $12 trillion in assets they can trade from home. ashley: should there be a better contingency plan in place?
we knew sandy was coming days before it got here. duncan neiderauer had said we should perhaps do more testing, testing of systems in the event something like this happens again. do you think that is valid? >> all the venues were properly prepared and have all the backup systems in place. the problem is the storm was so severe, you ask people to leave their homes and families, when their basement is under water? i don't think that is a fair thing to ask. melissa: what about this report about night capital, saying they are having power issues, curtailing trading? does it make you nervous about their sustainability? >> it is unfortunate for night to have this happen so soon after the last disaster but what is most important in the market today as market integrity and gaining confidence back in the market. they did the right thing. night capital asking clients to
go somewhere else is good for market integrity. doing the right thing. is unfortunate but hopefully back tomorrow. smart thing to do for the customers. ashley: the old electronic trading bears the clear--a fear that the flash crash and all of those, the possibility of that goes higher when computers are running the show. is that a valid concern as well? >> absolutely a valid concern. one concern over the market is the shallowness of the market. there's no depth in the markets of very small trade certainly can move the market tremendously. if you are moving the institutional liquidity from the market you have massive opportunity for massive volatility which again people at home are looking at this saying i don't understand rules anymore and we have to get the rules back in place so that they understand the market integrity. melissa: did this undermine confidence in the market that it is close two days?
>> not at all. everybody certainly on the east coast, the northeast understands why the market was closed and are thankful about it. ashley: that brings up the next point. would likelihood of something happening as far as a glitch goes be magnified based on what we knew was going on monday and tuesday that could have threatened the system overall and done a lot of damage? >> the exchange is open and growing a party and having -- how terrible would that be? folks that do come have a terrible time. close it and move it to the next day and again, it is about market integrity and bring confidence back to the market. melissa: thanks so much. ashley: president obama breaking news, president obama arriving in atlantic city, new jersey. he will be meeting with governor chris christie to survey the storm damage. you can see air force one going to the jersey shore. a video coming out of jersey
shore, remarkable, the president this afternoon in new jersey, getting a firsthand look at the damage sandy has done and get you up to speed. there is the plane. president obama as we say, leaving washington for the first time since hurricane sandy it. he will be exploring storm ravaged new jersey shoreline. melissa: we will show you the pictures and tell you what it means for tuesday's election. we will be right back. ye. i thought it was last year... turns out i was wrong. none of us would walk in here and settle. that's how we are! i forgot what i was going to say. patrick, i want 100% commitment! because i care man, ok? who are we!? 49ers! 49ers! 49ers! yeah! [ all cheering ] what the heck is going on in here? sorry coach, i just got a little carried away. alright, i think we're good. [ morgan ] for a chance to be in a locker room on game day and more... join visa nfl fan offers and make your season epic. ♪
melissa: breaking news. the president arriving in new jersey to survey the storm damage. the president's first trip out of washington since he hit. he came down jet way and is walking across the tarmac and looks like he is with chris christie, governor of new jersey who has positive things to say about president. ashley: seemed complementary of how the president's handled the storms and the response to it. those two gentlemen will be getting a firsthand view of the damage done and expecting comments from both of those as soon as we get them, we will of course bring them to you live. melissa: rich edson is in washington on top of the story with more on this. rich: the president should be there for the next few hours. he is in the tristate area, n.y. new jersey, connecticut declared major disasters. state and local governments for certain assistance from the federal government.
if you need temporary housing or business loan, things of that nature are all freed up. just got this from the white house, fema is going door-to-door, people might need assistance at the coast guard and taking the lead to identify hazardous floodwaters. not exactly the cleanest water on earth. how do you dispose of that and also fema will support any request from state officials who need help with polling places next week, only a few days from the federal election. the irs is granting taxpayers affected by the hurricane until november 7th if they were supposed to file returns or payments for today. the fdic telling financial institutions if they are having problems with their reporting timeline they can contact them as well. campaign continues tomorrow. mitt romney will be in virginia. president obama back on the campaign trail. green bay, wisconsin, boulder,
colorado, las vegas. melissa: thanks for that report. ashley: let's get back to check the markets. the dow up by 35 points and have been in this range for a while. nicole petallides on the nyse. big movers in the wake of sandy. nicole: we will follow sandy at aftermath. let's start with a home improvement retailer, names like home depot and lowe's on the move, home depot one of the names leading the dow jones industrials, not only did people get ready for the storm but boarding up their homes and such but also the aftermath after the storm, home depot and lowe's, digging hundreds of trucks, delivering everything -- track bags, doing quite well. we are looking at construction companies as people begin to rebuild after sandy. that is the big one because they
sell generators and you see other names on the move and these are all hurricane sandy related movers. on a day with down arrows, names for rebuilding doing a little better. ashley: thank you very much. back in 15 minutes. melissa: floods and fires and a blizzard in the aftermath of superstorm sandy. the latest estimates coming out. ashley: the trading now but why not monday or tuesday? charlie gasparino working this story for us. we will be here soon to talk about it more. dollars fairing today how the currency is doing against the greenback. the yen and canadian dollar is down. we will be right back.
guantanamo navy base in cuba after hurricane sandy turned up what appeared to be a 500 pound bomb. the object which was discovered around and:00 a.m. tuesday was entered. the base posted an all clear notice on its face those page this morning. superstorm sandy claimed the life of an off-duty police officer monday night. nypd says 28-year-old died while assuring seven family members to safety as floodwaters surged into his staten island home. the officer was assigned to the department's first precinct. take a look at this incredible video. sandy shows off her strength as she ripped this tree out of the ground. this happened on the north shore of long island at huntington, new york where wind gusts reached 80 miles an hour. that is your fox news minute. back to melissa. melissa: that was incredible. amazing video.
it was so big next to the swing set, you realize -- [talking over each other] melissa: the u.s. stock market opened today only after a two day disruption by sandy. ceo duncan neiderauer told fox business he was not confident the market could have our -- of under earlier in the week. >> the got market would not operated fluidly. the industry was saying even if you think you are running from chicago we still have to send people into work in the metropolitan area. we don't want to do that. please don't make us do that and they were right. melissa: the exchanges are open and finger-pointing begins over the decision to close monday and tuesday due to superstorm sandy and charlie gasparino is here with the latest. charlie: taking a survey of big brokerage firms. if you listen to duncan he is saying it is the firm's fault. they didn't have -- they didn't want to come into the city.
he said at one point they don't have the technology, it is their fault. they are telling me a slightly different version, actually 180 from that. they point out they thought there was a lot of confusion about the decision to close. they said all of a sudden on a monday we get this thing, we are open. closing the 4 but definitely open. a very clearly communicated message and it sent the street into a panic mode because they really had concerns not necessarily about sending their people which they did but we also point out these firms have remote locations. they were worried about the technology, whether it could handle the volume. they were concerned about a facebook situation. that is what prompted them to say don't do this. they were worried about the
storm although the storm hit later monday night after the markets closed but archipelago and whether archipelago really was ready to handle what went down. we should also point out that they basically said the confusion extended even after the decision to close. apparently even after the nyse made the decision to close, after explicitly stating it was opened there were news reports, if you were home watching nbc local news people were hearing the markets are open. the stock exchange did not communicate the decision to close as much as it communicated the decision to stay open. there will be a lot of finger pointing. at some point it would be nice -- i don't think they have to have the warren commission on this but a look back. how did this go down? and remember the decision to close was for two days.
suppose it was worse than you had to close a week. you can't value a company or get financing. not every company is g e. they need stockmarkets to get financing. you can't get financing you can't grow your commercial paper, you can't do stuff, pay your employees, you close down. that is why closing markets should be done rarely. ashley: when you say remote locations you are talking about in the suburbs? there is a lot of parallel out there. it would have a major affect on the ability -- charlie: ten days ago we were told there would the massive storm to sweep the east coast. goldman sachs has offices in dallas. a lot of them have offices in chicago. i am just saying there was a way if you game plan this that you didn't have to do it. no offense, this was a storm. suppose it was something worse. what do you do if there was
something worse? if new york -- something that happens in new york should not stop the capital markets for the country. i don't think people are getting this. duncan got at this recently. we need more planning need to look at it. he did not sit in an interview with us but was wireless with that. that is an indication that they know that two days is one thing. suppose it was two weeks. melissa: thank-you for all your reporting on this. ashley: superstorm sandy asked at the destruction leaving nothing but a massive cleanup. melissa: what will accosting property damage? we are adding it up. take a look at today's winners and losers on the s&p 500 and we're waiting for comments from mayor bloomberg. right now take a look at the board and you can see some of the few winners on a day when the dow has reopened as we said and it is down 30 points. we will be right back.
melissa: time for stocks now as we do every 15 minutes. let's head to the floor of the new york stock exchange. our own nicole petallides is standing by. nicole? >> i was talking with doreen mogavero. over last three days really we were closed monday or tuesday. you think that was the correct idea, not to just go electronically, why? >> first of all the safety of people was primary in everybody's minds. that is one thing. once you get past that what we sell here is proper pricing. what the people on the floor do is help mitigate volatility and it has been proven we do that and do that very well. in promoting more investor confidence in terms of proper pricing right?
that's what we do. we don't want to open with one part of the market which is very important part of the market. you want to give good service to the clients and get the proper prices. the other thing that is very important, right, the i'm laughing, i don't know why, but the fact that we have market volatility here without us, without us. >> and you also noted there is no -- >> that is right. when something goes right, that's great. everything in perfect conditions but when something goes wrong you need people here to answer the phones and solve the problems. >> probably a lot more to risk than there was to gain to open for those two days. reputation. obviously you're the gold standard here at new york stock exchange is what you said. move it forward in the markets we're seeing now. what are your thoughts for the markets the rest of the week? we've been to the downside today? >> got election on tuesday. i think it will be pretty quiet until then unless we get a surprise in jobs
numbers which will be the key economic data for the week. adp tomorrow and jobless claims on friday. those are two everybody will be looking at. >> doreen, thank you very much. jobs numbers will be so important ahead of the election. back to you. melissa: they will be huge. ashley: she is laughing, doesn't know why. something amused her. melissa: we love her. ashley: that was great. president obama just arrived in new jersey to tour the storm damage done along the coastline. one of the hardest hit areas by hurricane sandy when she moved in. jeff flock has been in point pleasant, three, four days? melissa: he is still there? >> you must have sprung me out. we'll head to atlantic city ourselves. appreciate the good word. melissa: i try but you're still there so it didn't work? >> today, i'm leaving today. this is the boardwalk in point pleasant beach. i'll tell you, president obama will see the one in atlantic city. these are, the boardwalk was invented here on the jersey
shore down in atlantic city. but the one in point pleasant beach, take a look. it is a disaster. this is piece of a tiki bar about two or 300 yards up the beach. there is all sorts of debris along here. pieces of the boardwalk are buckled up. you know, it is a mess. the only positive thing to say about this it happened at the end of the tourist season as opposed to in the beginning. but other than that, it is a pretty good mess downer who. i see guys fixing it up as we go. pieces of the boardwalk pretty much everywhere. president will see it down here in atlantic city and maybe take a fly-around. we saw marine fly by as it was coming into the airport in atlantic city to go pick him sup so we'll see. ashley: jeff flock. thank you. that picture tells it all. the boardwalk obliterated. >> absolutely. it is staggering. the other part is snow. parts of west virgina are
digging out of three feet of snow. kelly wright from fox news channel is in elkins, west virgina, with latest on that. kelly. >> melissa, good afternoon to you. i just spoke to the mayor or we did, was telling us he is concerned about the water treatment treatment facility. because it flows out into the entire randolph county area. he is concerned about power being out, how might impact that. look at damage here. that is a downed tree. we're in the middle of the city park. there are scores of downed trees like that throughout the area. heavy wet snow has been on the trees. as a result, power lines have come down. trees have come down. everyone has to be careful. there are 14,000 people in randolph county without power alone. some 216,000 people in this region without power. they have to fly helicopters to see what is going on with the transformers and downed lines. the governor is trying to get that done.
everything is in the interest of safety because of higher elevations having so much snow. so they're bracing for what is yet to come in terms of possible flooding. but the worst is over for them. they have paved their roads. now it is a matter moving forward and getting everything back to normal which could take place by sunday. back to you. melissa: kelly, thank you so much. ashley: the other part of the storm, the snow. this storm is something else. sandy's path was of course very wide and far-reaching as we've seen. the first estimates for the cost of the storm's damage are out and they are far above what our next guest originally expected. jeff masters, director of meteorology for weather underground joining us now. last friday you said this would likely be a billion dollar disaster. my goodness it was so much more, wasn't it? >> yeah. i was being conservative because i didn't know when the storm was going to hit relative to high tide. if it had hit at low tide the damage would have been far less. melissa: we're talking about
20 billion in property damages. maybe 10 billion to 30 billion even some are saying in lost business. i mean what do you think now that you've seen the damage, do you think it could total? >> yeah, certainly the 50 billion, between the two sums is probably a pretty good estimate. i'm a little surprised it isn't higher but we haven't seen what the lost business is going to be yet. certainly shutting down the nation's largest city and 10% of the its gdp will be very costly. ashley: jeff, you're with weather underground. i'm interested to know, we asked insurance firms this question but appears the weather patterns are changing and these type of monster storms are perhaps becoming more likely. would you agree with that and why? >> i would agree in the last two years the u.s. has seen an unprecedented sort of severe weather onslaught. this year alone we saw, of course, sandy. we had summertime in march. last year we had record floods on the mississippi, the missouri, the ohio. we had that tornado
onslaught as well. i just say we've moved into a new climate regime. not the same old climate i've known as 30 years as meteorologist. you have to point the finger at heat trapping gases like carbon dioxide in the atmosphere? melissa: you don't think this is freak accident, two storms colliding that would ever meet? a once in how many ever decades century accident that just happened? >> sure. freak events in the atmosphere happen naturally. we saw hurricane back in 1903 that hit new jersey. that is the only other hurricane that ever done it. so there is a large component of natural variability. but just the breadth and severity of some of the disasters in recent years unlike anything we've ever seen in the u.s., going back several centuries in the record-keeping. >> makes me nervous what you're expecting this winter? can we expect more of big storms that will obviously turn into blizzards? >> the only thing i would be surprised this winter if it were an ordinary winter.
we may have another winter like last year basically we didn't have a winter or like the previous one where we got pounded with frequent snow storms. normal is not normal anymore. i expect the abnormal. ashley: that says it all. jeff masters, thanks for joining you today by skype. hedging his bets for upcoming winter. it could be really warm or really stormy or something in between. melissa: right. the new political odd couple once president obama's harshest critic, new jersey governor chris christie commending his leadership during the storm. lou dobbs is here with his take on that. >> as we go to break, look at the 10 and 30-year treasurys. 10 down to 1.07% yield. meantime on 30-year-old yields also the same story just about unchanged at 2.87%. we'll be right back.
>> him liz macdonald with your fox business brief. there is a bearish tone down on wall street after the new york stock exchange resumed trading after a historic two-day shut down. the last time the exchange was closed for two days of weather was in 1888. the market is down 30 points. shares for seagate technology also under pressure after posting first quarter results that fell short of expectations, moving forward the storage
device company also forecast weak revenue for its current quarter due to slowing pc sales and lower prices. on the upside investors remain bullish about the warnaco group on the news of a buyout deal. rival pbh who markets calvin klein and tommy hilfiger brands is buying the company for $2.9 billion in cash and stock. the deal is expected to close next year. that is the latest from the fox business network, giving you the power to prosper
ashley: first criticism, now praise. republican governor chris christie of new jersey giving president obama high marks for his response to the storm. the president arriving literally just minutes ago in atlantic city to survey the damage. with less than one week until the presidential election, could that support be just the ticket to boost president obama in the polls? interesting.
lou dobbs here with his take on all of this. what do you say, lou? >> sort of interesting. the relationship is something of a, well, a tough relationship, sort of the thick and thin of it. ashley: love-hate. >> the idea that there is such political adversaries and they're in a big warm embrace it's remarkable, particularly when the president hasn't been near the state. so i don't know what is going on with him. i do know this. the other dynamic here is governor romney, i'm thinking, what is going through his mind as he listening to this. the other dynamic is across the hudson there's a guy by the name of bloomberg who said, mr. president, stay away. we got work to do. we haven't got time for your entourage and motorcade. we're working. that creates a another dynamic splashes back on governor christie, you have time to sit here and escort the president around? melissa: not just that.
i love when mayor bloomberg said that, as new yorkers, -- >> very new york then. melissa: whenever he comes to town everyone in the city braces and cringeses because it creates -- >> he shuts down the city. melissa: it is havoc. today has been impossible to get around the city. everyone is generally underground in the subways is above-ground on free buses and trying to get taxis and walking. it is gridlock. the streets are gridlock. there are all we need is president to come through here with his motorcade to shut things down. setting poll tex aside, mayor bloomberg said we can't take it. we're struggling as it is. >> it is very new york thing. not complaining. stay out of the way, have a job to do. melissa: sharp elbows to the ribs. >> idea of bringing in the nonsense which christie embraced. this will have a political splash back for him. it will also have big positives. new jersey is a democratic state. ashley: that's true.
>> he is being lovingly bipartisan. ashley: you know, he is emotional right now. this is a horrible disaster. he has been out on the streets looking at all of this. so the president can come in and look presidential as all presidents do at times of disasters like this. does the president get an incumbent bounce through this? >> i don't think so. ashley: no? >> i think most minds are made up. i love watching all of the savants and gurus trying to look at impact and i defer to them humbly. but the fact is i truly believe most people made up their minds. benghazi is still first and foremost on their minds. jobs still first and foremost on their minds. this economy. this is not a time where people, the american people right now are being con descended to by a national liberal press as well, acting if every voter, every likely voter is a complete moron who has to be guided into the final hours to be pushed into the booth and so
they can vote for the candidate that makes most sense. very simple questions here, who refused more security for benghazi? who was it who refused to rescue four americans? who is responsible for the past four years? and this country as president of the united states and does that record satisfactory? if you want more, there it is. melissa: would it be cynical of me to say chris christie also wants the dollars the president brings with him? >> he will get the dollars no matter what. melissa: then i won't say it. be positive. i won't throw the out there. >> but the question you suggest is absolutely apt. why in the world this, this level of, if you will --. melissa: lovey-dovey? ashley: photo-ops. >> creates political and interesting, well, disturbing political dynamics. ashley: uncomfortable bedfellows if you say. >> makes you wonder if governor christie will be
attorney general. ashley: we'll throw that out there. leave it right there, lou. you can see lou every day at this time and at 7:00 and 10:00 p.m. eastern. don't miss it tonight. catch former secretary of defense donald rumsfeld. great interview. he will discuss the growing scandal in libya lou was talking about and the mainstream media's failure to cover the story. don't miss that tonight. melissa: we're running a little late. it is kind of past quarter to but we'll check the markets. nicole petallides on the floor of the new york stock exchange. you're looking at key movers down there? >> that's right. there are key names to watch. first of all we'll start off with general motors coming out with their quarterly report and the numbers beat the street. look how the stock is faring, doing quite nicely. it is up over 9%. that comes on the heels of what we heard from ford yesterday. ford has been a winner by the way up six 1/2%. let's also take a look at keytek stocks looking at both facebook and apple two names we follow closely on
the new york stock exchange. apple, we have the management shake-up and all about the map services not being up to par. that is something that weighed on apple as well as facebook, don't forget we follow facebook. each time the lockup expiration comes into play that weighs on facebook. that is when insiders have the opportunity to sell. we're right around that time as well. you're seeing down arrow for facebook. back to you. melissa: nicole, thanks so much. ashley: superstorm sandy leaving thousands stranded at airports around this country and around the world. airlines are forced to cancel close to 20,000 flights since sunday. we're headed to reagan national airport next. melissa: sandy soaking halloween celebrations. will the storm haunt halloween sales? look at some of today's winners and losers as we head out to break. aren't those guys cute trick-or-treating. we have winners on the nasdaq. fastenolp to go the list up
melissa: got breaking news. new york city marathon organizer ceo says the decision whether to hold the race on sunday is entirely in the mayor's hands. as a reminder we're awaiting comments from mayor bloomberg. we'll bring them to you live as soon as they happen. they're saying they're essentially not canceling the marathon. it was supposed to be this weekend. we'll do it but we'll leave it up to the city. we were saying we've been around central park which is where part of the marathon runs through. so many trees down. i don't know how they will do it. ashley: we'll see what the mayor has to say. air travel of course, finally taking off after
sandy crippled travel around the globe. peter barnes and reagan national airport as travelers begin trickling in, i can see them behind you, peter. >> trickling is the right word ashley, yesterday and day before. this place is the ghost town. we're starting to see some passengers here tonight as flights resume at reagan national. according to flight aware.com, hurricane sandy canceled the 20,000 flights as of this morning. including 2800 flights today. it is down to 480 flights tomorrow according to fligh flightaware.com. there are still a lot of problems out there. flight radar 24.com has the cool graphic. yellow are on time. orange ones are flights delayed. looks like a couple of lemon peals in a barrel of orange juice. about, no flights yesterday
because obviously, not that, they didn't close this airport just for the record but it was other airports that got closed and that grounded flights here because of new york. kennedy, laguardia, newark, a third of all airline traffic goes through those two airports. newark and kennedy reopened with limited service. laguardia remains closed with water on the runways. jetblue saying there is infrastructure damage at laguardia. no word yet on when laguardia might reopen. ashley, back to you. ashley: peter, very quickly, the ripple effect as you talked about, it could be days if not more than a week to get this sorted out, is that right? >> well, in theory. we've been asking airport officials here as well as the airline industry association for some predictions. no one is making predictions. no one making any promises.
ashley: probably very wise. peter barnes and reagan international. thanks very much. melissa: coming up tonight on "money", fox news middle east expert walid phares joins me. we will talk about iran is boosting its stock market with out of control inflation. their stock market is also on fire. there is gold coming into the country. ashley: fascinating stuff. melissa: they're trying to subvert the sanctions. we'll talk about that 5:00 p.m. eastern on fox business, money with melissa francis. don't miss it. ashley: tune in. markets back in action. we're live on the trading floors with all the latest news. join me and cheryl casone coming up next whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens,
so, which supeast 4g lte service would yochoose, based on this chart ? don't rush into it, i'm not looking for the fastest answer. obviously verizon. ay, i have a different chart. going that way, does that make a difference ? look at verizon. it's so much more than the other ones. so what if we just changed the format altogether ? isn't that the exact same thing ? it's pretty clear. still sticking with verizon. verizon. more 4g lte coverage than all other networks combined. cheryl: coming up 2:00 p.m. eastern time, hello, everybody, i'm cheryl casone. ashley: i'm ashley webster. back in business. stocks trading for the first time this week after as the northeast picks up after hurricane sandy. cheryl: traders have a way to get downtown as governor
cuomo announced limited commuter rail service today and subways will be partially open tomorrow. ashley: president obama touring the storm ravaged new jersey storm areas and what does it mean for the election. cheryl: who pays for the damage that is done. former new york city state superintendent how world mills of deloitte will be here. ashley: lots of insurance questions, that's for sure. let's get right to nicole petallides on the floor of the new york stock exchange. the dow down 33 points. we've been in this range for quite some time, nicole. >> that's try. we've been to the downside all day long. slightly to the downside for the dow, nasdaq and s&p. i can look at the big board. bit by bit we're having returned service in different forms. the dow is down a quarter of a percent. s&p down almost a quarter of a percent the tech-heavy nasdaq has been the worst of
the bunch, down half a percent. apple and facebook coming under pressure. the truth of the matter everybody is happy to be back after two days of being closed here on the floor of the new york stock exchange due to hurricane sandy. we hadn't seen that since the year 1888, weather-related closure for two days. so we are back here. we'll look how the dow is doing. some reason to celebrate, not only open but had a smooth opening, this is the end of the year for about 20 to 25% of american mutual fund. so they have got to do that, rejiggering for tax purposes, sell, buy, make their moves for the end of the year, october 31st, at end of the trading year for many mutual funds. a couple other things, you have all the market makers doing everything smoothly. on the downside, cell service, cell phone service on the floor of the exchange is terrible. very shoddy at best. land lines, you have to keep trying or maybe be able to get one. some booths have them. some booths don't. there are factors here we're
still contending with. however the big picture that trading is underway. successfully, smoothly without any flash crashes. without erroneous trades and things that need a whole lot of fixing. everybody got here safely. we'll have a good day here tomorrow. ashley: bottom line we're back in business. nicole, thanks so much. cheryl: let's head down to sandra smith at the cme. what is happening in the pits? >> cheryl and ashley, well a lot is happening, if you look at big movers in the commodities markets you see we have some big movers. corn, soybeans, wheat, rbob gasoline are big movers. we have mike joining me on this big day of the markets, from genesis asset management by the way. what is your take on the return to trading today? >> i think the surprise, sandra, probably it is so quiet. you have a couple movers but they're small elements. they're not moving big. the market is not getting hurt equitiwise. gm and ford coming out with great stuff.
>> what does that tell you that the equity markets are kind of hanging in there? >> i think it probably argues it is not as difficult a negative as many feared. it probably suggests the economy is doing better than we might understand. >> what is the trade then today as everybody returns and things look pretty good. commodities are showing up across the board. oil getting a boost. gold getting a boost. everything is up? >> we hoped for a few hundred points down on the open to take ad advantage of it. we like to buy things cheaper. a lot of people are disappointed which can't get good deals. you have to use red ink as beneficiary. >> we love color from the traders on the floor. we see action return to the floor of the cme group in chicago today. the big news will be jobs report. adp on thursday but jobs report on friday. what would you say folks are expected or anticipating? >> i think views are pretty negative. surprise upside we could be a little more positive than
we think. >> there you have it. mike williams, genesis asset management. lighter trading than normal than a lot of folks were anticipating. mike is saying we're not down huge. he saying that is sign of strength for the market. cheryl: or lack of market participation. or the other. sandra smith, thank you very much over at the cme. >> thank you. ashley: the markets reopen after a historic two-day shutdown caused by hurricane sandy did. stocks paring gains as we're seeing which doesn't surprise our next guest. joining us jim bianco, president of bianco research. okay, let me ask you this before we get into the actual market and direction of stocks, jim. this hurricane sandy point out as many have said how ill-prepared the exchanges are for an event like this? >> yes, it does. the --. cheryl: looks like we lost jim's camera. ashley: there you go. cheryl: even chicago where you don't have --. ashley: did agree with our point. short but sweet.
cheryl: we're looking at breaking news, ashley. want to pull up shares of proctor & gamble right now. looks like one of their plants, one their chemical plants in central new jersey is currently without power. expected to be up and running by tomorrow but a company spokesman telling our partners over at dow jones the facility in new jersey. according to a spokesman, from jeff leroy at the company. we'll continue to monitor that as well. ashley: let's go back to jim bianco who had a very short and sweet answer were the ex-changes ill-prepared for hurricane sandy and first thing you said and only thing you said was yes. why do you believe that? >> because they're intent building on a certain corner whether in chicago or new york. if people can not get to that building for whatever reason, seems like the financial system is ill-prepared to have some kind of a backup it can operate in the vacuum of that building. i expect the same is true for futures exchanges in
chicago as well. cheryl: you look how futures perform performing ahead of friday's close, futures were down 3.6%ed ahead of session. there was already pressure on the markets. are we seeing continuation of normal trading from friday do you think? >> i think so because the story in friday, weather became the dominant issue that the earnings numbers are not good. the earnings numbers are the worst we've seen since the end of 2009, sales of companies are terrible. maybe one-third of the companies have beaten expectations. that is one of the worst performances we've seen in 15 years, even worse than 2008. so the market was going down because of the disappointment in earnings, the downgrade in guidance. companies are telling us, yeah, these numbers are not good. don't expect much more from us in the future. now we've seen a continuation of that once we got trading started again today. ashley: jim, we have two huge events within less than a week. we have the jobs number on
friday. then of course we have the presidential election next tuesday. so really kind of a wait-and-see mode for the markets right now. if the job number is better than expected, does that move the market? >> it could and could also affect the second event as you pointed out with the presidential election. i have held the view what has been driving the market for the last several months has been the idea that the fed is going to give us massive stimulus which they did in qe3 and maybe some more or not. and if romney wins the election, the fear over the short term, this is over the short-term, is that the stimulus from the fed end because bernanke is going to leave. he will be replaced with a hawk. if obama gets reelected, that fear is not there because even if bernanke leaves he will get replaced with another dove. so we've all started to look at the presidential election next tuesday as somewhat of a referendum where the fed will go next as well too. if you believe fed policy is
driving the markets that will be very important. i have to emphasize that is over the next several months to a year of the ones you get beyond that you have to go to more traditional stuff like tax policy and spending plans by the candidates. ashley: very good. jim bianco, president of bianco research. i thought it would be the shortest interview in history. thankfully we got you back. thank you very much. >> thank you. cheryl: he is a great guy. new jersey governor chris christie has called the damage to the state's shoreline unthinkable. recovery likely months away for homes and businesses along the coast. jeff flock continues his coverage in point pleasant beach, new jersey. jeff? >> hey, cheryl, how are you? you can see as some of the folks who live here have come out to take a look at their boardwalk. the home of the boardwalk, the jersey shore. this is what this hurricane has done, you know. we talked earlier about the governor and the president coming out to visit a little bit farther to the south in atlantic city. that boardwalk, pieces of that are just totally gone.
this at least there are pieces you can still see but, you know, in atlantic city and even in seaside heights which is not far from here, that boardwalk is just devastated as well. i think only good thing you can say, cheryl, that at least it is at the end of the tourist season. as opposed to the beginning. but it will take a long while to clear this debris out. this was a, part of a bar that was up the beach a little bit. the president's going to see all this stuff very soon. seeing it right now actually. cheryl: there above you right now at some point. i'm sure you will hear the helicopter very soon. jeff flock, thank you very much, along the coastline of new jersey. well, president obama as we were saying is touring the new jersey shoreline right now with governor chris christie. they're surveying the damage from sandy. ashley: the question is how extensive is the federal government assistance and how soon will it actually get to those residents that need it. we have more on that straight ahead.
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motor trend's 2013 sport utility of the year. mercedes-benz. the best or nothing. ashley: president obama landed in new jersey a short while ago to survey superstorm sandy's damage with governor chris christie. rich edson in washington with more on this part of the story. >> thank you, ashley. they're under going an
aerial tour of the new jersey coastline, head back to the atlantic city area and tour atlantic city and the southeast portion of the state a bit. president obama and governor christie talking about the response of the federal government, declaring new jersey a federal disaster along with new york and connecticut. the entire tri-state area opening them up to federal programs, cutting of grants, cutting red tape. fema comments. fema is going door-to-door in neighborhoods according to the white house to find folks that may need assistance and shelters. coast guard and army corps of engineers is taking to figure out hazmat issues especially in the new york city subway tunnels or elsewhere.% places water might be contaminated. make sure they know how to remove it and what to do with it when it is removed. as far as the election, fema sells states and localities they stand ready to help if there election issues. we are six days away. as reminder on that,
president obama will be out on the campaign trail, green bay, wisconsin, boulder, colorado, and las vegas. governor romney plans to continue his campaigning in virginia, roanoke, a bit of a ways today. that campaign continuing tomorrow as we get farther and farther or further away from sandy. back to you. ashley: rich edson in d.c. on latest of the campaign. of course the president's surveying of damage in new jersey. we expect to see the helicopter land soon. we'll bring that to you live here on fox business. as we do every 15 minutes on fox business let's check on the markets now. nicole petallides on the floor of the new york stock exchange. ford and general motors in the green ahead of these big sales that come out tomorrow. >> that's right. we have a lot going on in the auto industry. when you look at ford and general motors after their quarterly reports, gm reported today. ford actually reported yesterday despite the stock exchange was closed. both reports were good.
both beat the street. both are up arrows. ford is up 6 1/2%. gm is doing really well after beating the street. they are seeing numbers surpassing estimates. tomorrow, we'll be key for auto sales. we'll get in other economic news. weekly jobless claims. friday will be the jobs report. certainly everybody is trying to get back to a sense of normalcy here. i'm hearing about guys talking about sleeping in host tolls, going to homes with power. everybody is contending and juggling a lot as they try to continue to keep markets running smoothly. back to you. cheryl: nicole, thank you very much. got brakinging news. ashley: we certainly do. the "new york post" reporting that mayor bloomberg will temporarily be banning passenger cars from entering manhattan. of course this is the as the city struggles to recover from hurricane sandy. the streets today were
absolutely at a standstill. took people hours to get short distances across the city. apparently the mayor will reveal details of this restriction at a press briefing coming up shortly. we'll bring that to you live. this ban similar to the travel restrictions that were in force shortly after the 9/11 terrorist attacks. cheryl: we're looking live pictures of course the scene at manhattan. what is so fascinating about activity in manhattan, you have a lot of congestion. a couple of things snarling new york city. you have the crane situation on 57th street. that has several big blocks blocked off. ashley: correct. cheryl: that is big problem for manhattan. you have the big problems in downtown and lower manahattan we expect him to say in the post that emergency vehicles only can come in. i'm assuming livery cabs and taxicabs can come in. ashley: we'll bring those to you live. quite a drastic move. people trying to get to work. we'll have to see what the mayor says.
lauren simonetti outside the exchange in lower manhattan with that part of the story. lauren? >> ashley, cheryl, tell me if you ever seen a reporter do a live shot from here on broad street? you haven't. because you usually can't because it is so packed down here they don't let you. this is the new york stock exchange. you can see a white awning there on broad and wall is missing. this was spared from those 13 and 14 foot surges that came here. if you look down this way you can see those blue tents. that is where the water came up to. it didn't really get past there. that is why the new york stock exchange is open today and didn't get damaged by the water. the final thing i want to show you because it is such a dessew late scene, these are all tourists around me, if you come over here nobody has power, we're being good samaritans we're letting them charge their phones at live trucks. he told me paid00 bucks to security guard at one of the banks to charge his phone. we said we wouldn't charge
him 100 bucks. ashley: capitalism alive and well. we'll do it for 50 bucks. lauren, thank you very much. cheryl: president obama and new jersey governor chris christie former foes and now friends in the wake of superstorm sandy at least today but will politics continue as usual? monica crowley and doug schoen will weigh in. ashley: that will be fun. first how is the dollar moving right now on a day where the exchange is open for the first time this week in the u.s. as you can see, the euro and pound moving higher against the dollar but the dollar up against the canadian dollar, mexican peso. yes, the japanese general, down against the u.s. dollar. we'll be right back. [ male announcer ] at scottrade,
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ashley: breaking news for you. research in motion is on track for launch of new blackberry 10 devices in first quarter of 2013. it is long-awaited but confirmation of earlier promises but important news to shareholders. stock up as you can see 4% on the news. but down, we should point this out, 19% from the all-time highs back in 2008. but the blackberry 10 on track, finally, we should say to be out in the first quarter. cheryl: at least we know, know something on the stock. superstorm sandy, we know this one, postponing
campaigning for a few days. mitt romney and president obama prepare to get back on the campaign trail with the election less than a week away. latest jobs numbers due out this friday. fox news contributors monica crowley and doug schoen join us to let us know what we can expect from the candidates as we head into the homestretch. doug, being presidential today, touring with governor christie is this a positive for the president? >> this is a huge positive, cheryl. the bottom line one thing president obama is lacking recently, i would think monica would agree with me, leadership. showing leadership in a bipartisan day the day after the worst ravages of a storm have been felt is hugely beneficial short-term plus for the president. and i think he would hope that he will have visuals, opportunities like this, each and every day up to election day. ashley: monica, the incouple been the bounce on the leadership that doug talks
about, is it a valid thing? does this work to the president's advantage? >> look, it is very nice that he has taken the reins of the federal government here in a natural disaster and he will be photographed with the republican governor of new jersey and that will make for a great photo-op. all of that is very nice but that is the bare minimum for the president. we talk about presidential leadership, natural disaster hits, this is the bare minimum what we expect from the commander-in-chief in tough tiles. i don't think he has crossed any new bar or new threshold for leadership in this case. i think people expect this from the president. the other point is that the major states that have been really hurt and taken the brown of this storm are all blue states, new jersey, new york, connecticut. they were all going to vote for barack obama anyway. it is the swing state of ohio, and now the increasingly swung state of pennsylvania now coming into play that have taken really, taken a big hit with this storm. it may help the president on the margins but then again mitt romney was photographed yesterday, helping with
hurricane relief. cheryl: monica, your point about the fact, hurricanes mostly hit blue states. what if, there is low turnout in those states what does that mean? >> it could have a depressive effect. that is true. a lot of people talking about power maybe not restored for another week which would take us into election day. i know in new jersey where my mom lives, there is some talk about distributing absent tee ballots to a lot of these communities down on the shore so they do have a chance to vote by mail in case power is not up. ashley: doug, let's move on from the storm, jobs report coming out on friday, if it is a particularly weak one, how much does that hurt the president? >> well, if i'm right and i think i am about the narrative benefiting from, in the short term, the cleanup of sandy, the president wants to get through friday with the least possible dislocation. so, ashley, if it is particularly weak that could hurt him. if it is in the range of a point or two of change in
unemployment and 150 odd,000 jobs created i don't think it will have a big impact. cheryl: still, the economy, doug, is number one issue on voters minds. >> absolutely. cheryl: storm or no storm. as we go into tuesday with economy we'll get another jobs number tomorrow, excuse me on friday, is any of this last minute wrangling on the economy going to help or hurt? >> think if there is a big development that allows romney or obama to advance their argument. right now the simplest way to analyze the election, 50% obama, 50% romney and the swing states basically tied. that is simplyification. ashley: what is interesting last month's jobs report was so anomalous. the numbers didn't make a lot of sense. there were a let f internal contradictions on the jobs report this one could go either way. months ago we saw no discernable effect on this race. i think the economic narrative in both directions is set in concrete.
i don't expect this to change that. ashley: lastly, monica, to me i can't believe there are any undecideds out there. cheryl: me, too. i don't get it. >> doug? >> i have problems with both candidates. ashley: maybe. doug, we found one. >> that makes some sense. ashley: moye point, it is jobs of both candidates to be gaffe free? not play terrible mistakes? >> you're correct. the you will find the last couple days of any presidential election, play it safe. don't do any risky interviews. they want to get through election days. i remember working for president nixon during the last years of his life, he said when he ran in '68 and '72 he was driving around looking at people and wonder if they voted yet and. cheryl: you have such great stories. monica, one word, ohio. thank you very much to both of. >> got it, thanks.
ashley: from restocking to rebuilding homes, will sandy wind up a helping hand for the economy. gerri willis will be here and weighs in on that next. cheryl: interesting topickite now. look at winners and losers on the s&p. ford is one of them. big numbers out of ford. we'll be right back. tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong.
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true. is this a verified tweet from a verified official within mayor bloomberg's administration? that we do not know. they were going to get the city time to recover and the cleanup process from hurricane sandy. cheryl: what is interesting about it is passenger cars will not be banned. he is running incredibly late right now. ashley: it is now 2:30 p.m. the new york post reporting that. we do not know where it came from. cheryl: when they closed the bridge is monday night, that was for safety reasons. now you have a massive traffic snarl. you still have power out in downtown manhattan.
ashley: it was complete with luck this morning. i am interested to see what the mayor has to say when he comes to the podium. all right, so, 284,000 homes were in sandy's path. will the rebuilding efforts helped the economic recovery? gerri willis is here with that. gerri: i think it is a one-two punch. it is a $4 billion economy on its own. people are not getting that pay for not coming in. retail sales off by as much as 3%. in the longer term, once a month, there is more money that will go into the economy. not just homeowners, as we did
buy a generator, chainsaw, wet dry vac -- cheryl: look at the stocks that are moving higher today. you have home depot, lowe's, lennox international, all of these names are part of the rebuilding. they are chattering about making beds and making money. gerri: this is making that on what is to come. i think the one-two punch will take a while to come about. 10 billion-20 billion in terms of damage. ashley: it is going up on a regular basis. cheryl: irene was
5,000,000,006,000,000,000? ashley: no matter what work is given to recover, it will be more than offset by the business lost. gerri: i think we will have a lot of spending. keep in mind where that money will come from. it is just one big circle. one big cycle. more people will be working. they will be working to fix roads, bridges, homes, but it is our taxpayer dollars. ashley: gerri willis, thank you very much. don't miss "the willis report" tonight. cheryl: we are getting more breaking news. con ed announces they are aiming to restore power to lower manhattan. that should be by friday or saturday. power is basically out everywhere. they are hoping to get it completely restored by friday and saturday.
♪ >> i have here fox business brief. the markets drifted into negative territory after they were closed for two days because of superstar sandy. the last time that happened was 1988 when a snowstorm slammed the city. take two interactive is on the rise after posting better-than-expected second quarter results. moving forward to videogame publisher lowered its forecast because it revised the release schedule. the sister company to the u.s.
cheryl: getting more breaking news. u.s. crude oils settling at this moment. 86.24 a barrel. quite a bigger story here is that for the month u.s. crude futures are down nearly six dollars a barrel. relief at the pump for some, maybe not for many traders. ashley: talk about this, the largest media conglomerate in the world. dennis kneale is covering the
story. he joins us now. dennis: party on. star wars will become employees of mickey mouse and disney. the first of three new star wars films episodes seven is set for release in 2015. the $4 billion price tag will be paid to the sole owner. star wars creator george lucas. build that. lucas will get the stock. star wars attraction already are at disney theme parks. a franchise that has generated over $20 billion in various revenues, 4.6 revenue and theater ticket sales, disney
says the three most recent films would have brought in 1.5 billion aps at today's box office. 2 billion in videogame sales. 9 billion in 20 sales. it could be a cover for disney ceo. the biggest opening of all time was "the avengers." disney managed to unlock billions of dollars of extra value from those films. looking to do the same thing with star wars. ashley: thank you so much. good stuff. cheryl: was to send it back to sandra smith in the pits of the cme. with all these refinery outages, it seems like we are starting to
get back online. sandra: it is still one of the biggest gainers down here today. still a lot of the refinery production is off-line. two of them along the east coast that were shut down because of sandy still remain off-line. because of that you are not seeing a spike in gasoline prices. energy is very strong in today's session. they are still trying to assess the damage on the east coast with the refineries. even if one remains shut down, that is still reason to keep the prices at the pump bullish. everything is pretty much getting a boost today as we return to a full trading session.
back to you guys. cheryl: sandra smith out at the pits of the cme. ashley: it is a time to look at stocks fell as we do every 15 minutes. nicole: do you think it was a good idea that they closed monday and tuesday? >> absolutely. you have to look at safety first. it was the right decision based on what happened. i am glad that the sec and the broad across-the-board closing of all markets. if you pull one component, these marketmakers make the titus, thickest markets. nicole: there have been some complaints that there were no real contingency plans. >> absolutely.
let's just look at the facts, this was the biggest storm that the city has seen in 125 years. you can plan for whatever you want. you will find problems anywhere you go. nicole: how are you feeling about today? >> i feel good about today. i think investors and traders and clients are very happy with the progress we have seen. no reaction to the market which is what we were expecting. full steam ahead coming into next week. nicole: and the election as well. back to you guys. ashley: nicole, thank you so much. cheryl: will rebuilding from hurricane sandy help them even more? elizabeth macdonald will break it down for us next. ashley: let's take a look at the
will pan cars from new york city. now that -- we are still waiting for the mayor's news conference. it was set to start out 1:30 p.m. here he comes. mayor wilbert. mayor bloomberg. >> let me start by saying good afternoon. i apologize for keeping everyone waiting. there are so many parts we are trying to pull together. i am joined by signer pam
mitchell. thank you, pam. we are working on getting our city up and running again like it was before hurricane sandy. for all we do to recover, i think it is fair to say we cannot replace the lives lost as a result of the storm. thirty people roughly here in new york city. we may find a few more bodies. everybody here has a heart that goes out to the family of those who were lost in the storm and to those who have lost their homes. my thoughts and prayers are with everyone. we certainly will give our full support over the next weeks and months to those that were hurt by the storm. the fdny search and recovery operations are continuing in some of the areas hit hardest by the storm, particularly in the
rockaways where they are going house to house to see if there are more people in their and hopefully they will not discover any more tragedies. i think the best thing we can do for those that we lost is make sure we do everything we can do next time we have a big storm is do a better job protecting people, give them more of a warning, maybe people will find different ways to communicate with them, anyone who lost their lives is tragic. we will do everything we can to prevent tragedies in the future. the best we can do for those that did die is make sure the city recovers and build a better life. those of the deceased, the best thing we can do and the only thing we can do.
many people's lives were turned upside down by the storm. everyone is working 24 hours a day to get the city back on track, including working with the mta and con ed to meet the two biggest challenges we face mass transit and electric power. i am happy to say that mta bus lines were operating this morning. thanks to the generosity of the mta, they are free for the day. thanks to the mta. next time somebody wants to criticize them, maybe you'll have a smile on your face. bus service will continue to increase. limited subway service may actually return tomorrow. there certainly will not be service below 34th street where there is no power. the mta workers are working extremely hard. cheryl: it looks like we have lost that signal from mayor bloomberg.
obviously, we will get that back. ashley: what we did was the free bus rides will continue and he said hopefully some limited subway service, but not all of course, below 34th street because the power is still out there. cheryl: as you mentioned, the city has been so paralyzed by what we have seen and experienced. you have a subway system that has been running for more than 100 years. this is the worst event to ever happen. ashley: will there be some sort of parvin of passenger vehicles allowed into manhattan for exact it was first reported that it would be and then there was a report saying there would be a limit on the number of people in there. cheryl: the new york post stands by its reporting.
mayor bloomberg expected to address that. it seems like we have mayor wilbert back. >> you should note we will have police cars at these intersections to direct traffic. the streets simply cannot handle the number of cars that have tried to come in. three or more people per vehicle all day on thursday and all they on friday. from 6:00 a.m. to midnight if you are coming into manhattan on one of those bridges, you have to have three people in the car. exceptions to hov rules will be
made. taxis will be exempt from the restrictions from 4:00 p.m. until midnight on both days. when they start their shift they will not be able to have passengers. i did talk earlier with the governor and he has made very wisely the same decisions. whether you are coming in from new jersey on anything other than the gwb and a lot of that traffic is going towards connecticut, but if you are coming in from the lincoln tunnel through, into manhattan, on the triborough bridge or any of the four east river bridges, greensboro, williamsburg, manhattan and brooklyn mama you have to have four people in the car. a lot of inconvenience for people, but the streets can only handle so many cars.
having said all of this, if you can find another way to get into manhattan without using your cars, it would be a great option for you and everyone else. it is in your interest. there are around 643,000 customers in the city remaining without power. as con ed said their system is slowly being restored, but it is a process that will take days. i did come down fifth avenue this morning and below 34th street there was no electricity except all of a sudden i had something in the high 20s and down the block there was electricity. you can expect that sort of restoration. crews of comment and have been working around the block.
the nypd incidentally is providing light for everyone at night in this area. eighty towers were up last night with power lighting the streets and the goal is to have 100 more than that. so something like 180. it is still a very big area so there will not be everyplace, but we have a lot of police there and will provide as much light as we can. many people have experienced loss of phone service as well. it is frustrating. i have tried a number of times to get through. we have been in touch with at&t and verizon who have requested our assistance and pumping out water at some of their critical locations so they can get back to service and we are working with them to do everything we