tv Countdown to the Closing Bell With Liz Claman FOX Business October 29, 2014 3:00pm-4:01pm EDT
over the illinois border. 60 miles from downtown chicago. they'll have people working here but delivering in illinois where they'll be paying sales tax and won't have as much stuff. >> that's all we have for now, hope you're making money, here's liz. liz: qe over, the fed wrapping up controversial bond-buying program. this has taken months and months at 10 billion at a time and in a price move upgrades view of the job market. wall street shoving that assessment away as it grapples with news whether the labor market is gooo news or bad news? we have a sell-off. stocks losing air across the board. a lot of red on the screen. after the announcement the dow dropped 104 points. right now down 61. the nasdaq losing 24. it had been down 47 points. s&p lower by 8 points. anything can happen to your money in this all-critical hour.
remember, the fed's balance sheet is now at nearly $4.5 trillion. how and when will the fed unwind that money, and what will it mean for the stock market and all of your investments? the dollar right now jumping. our traders, money managers and former fed bigwigs have the answers for you. taking on microsoft and oracle for a piece of the cloud. red hat's customers make up more than 90% of the fortune 500. stock up more than 30% in the last year and since the last time jim whitehurst the ceo was with us. had you invested, you'd be in the money. he's with us exclusively to talk about the plan to help start-ups get off the ground. and sex, drugs and wall street. a new divorce case reveals salacious details and accuses some of wall street's biggest players of behavior that's so bad, it is not repeatable on television. but charlie gasparino will find a tactful way to get to the
story. it is the top story right now. let's start the "countdown." breaking news, the 10-year treasury yield spiking to a three week high, following the fed's decision to finally end quantitative easing or bond buying. 2.33% is the ten-year yield, up 3 basis points. stocks are making a comeback after sliding to session lows on the news. let us take a look first at the reaction to the fed's move, and again, they are still keeping interest rates very, very low for considerable amount of time. it is the u.s. dollar that is trading much higher against every major currency. euro, the u.k. pound, canadian dollar, japanese yen, mexican peso all down against the dollar. we have michael cox, former
dallas bank chief and brian westbury, first trust chief economist and traders at the new york stock exchange, cme group and nymex. the biggest priority, spin it forward from the fed now. when to tighten rates? >> when to start to tighten rates, liz, is the first thing that it's going to deal with, and then after that, it will start to deal with unwinding, shrinking 4.5 trillion dollar balance sheet. the fed said at last meeting in september, it updated its plan for how it would deal with balance sheet at september meeting, and that's when it said that we're going to deal with interest rates first, we're going to raise interest rates before we start to shrink the balance sheet. they made that announcement last time. liz: peter, stay with us, want to get market reaction right now. begin with keith bliss at the
new york stock exchange. interesting to see while this was wide to see, everybody expected it. we have come off the lows. there seems to be destabilization in stocks at the moment. >> expect volatility as we come out of program. we came out of qe 1 and 2. difference with this program you will see volatility muted from the prior programs this is extraordinarily telegraphid and think rightfully so. from fed. this program was a little longer than the other two. they set specific time frames. the market has been able to absorb it. shrugging us off. you see the knee-jerk reaction, you see it bouncing back. we have a momentum indicator turned on strongly in the markets right now. just like we saw off the lows, i wouldn't get too concerned right now. liz: the vix was off 9%, and jumped higher now suddenly only
up 7%. there is the volatility. i want to get to michael cox, former federal reserve chief economist, dallas fed. we have to ask the question, if the market is going to react, how will it react when the fed tightens rate? >> the unemployment rate is below 6%, inflation is only running at 1.5%. liz: that's good news, right, michael. >> that's good news for the fed but bad news for the market when the fed withdraws the stimulus. and the economy is more sensitive to the stimulus than the good news, and so what the fed has to do now is get the courage to raise rates. they have technical operating procedure with the new plan of raising interest rates on paying reserves on deposit. but they still have the fear that when they raise rates, there's going to be a market decline, a decline in wealth, a
decline in spending and going to send the economy back into a recession. they really need to get beyond themselves thinking they are the ones who control the strength in the economy. the economy is self-healing, we have to get back to high rates and kick the can further down the road has got to stop. liz: phil, i want to go to the cme and pits there. gold is down $18. gold holding steady, up 69 cents. when you looked at strengthening of the u.s. dollar, we've been warning people, it's fine to have a strong currency for the united states, that negative for something like gold. it doesn't rush to a trade and you see the rates fall and the yield rise. >> it reflects a more dangerous situation that the fed may have to deal with that, is deflationary pressures in europe. traders are reacting, maybe they weren't going to end qe, there is a chance, you were playing that out in the
volatility. big picture, nothing has changed. the biggest concern about the fed taking away qe, not so much what it's going to do here but the rest of the world. that's why we saw flinching by fed officials like james fuller comments that maybe they should put off qe, make it data dependent to send the signal if we do see that the fed's action by pulling back on qe starts to create a domino effect, driving down europe, that they would find a way to come back from that without losing credibility. but i don't think they're going to have to do that right now. liz: jack, can i quote the late joan rivers, oh, grow up! and i'm talking about the markets, grow up. if we have below 6% unemployment and things aren't as bad as they were. this market has to push away, lurch around the hospital hallways and get up off the bed and figure it out? >> yeah, it's remarkable that
the fed didn't, in their comments, talk about europe, didn't talk about slowing growth abroad. liz: nothing. >> it did focus on the strength in the economy, the strength in the labor market. the sense i have is that instead of taking any kind of rate hike off the table for 2015, it sounds like we need to move it back from the fall into the spring once again. liz: okay, let me just say, there was one thing the fed specifically did talk about, luke, this is right down your alley or up your alley, actually down because you are downtown. inflation will be held by low energy prices. market watch did an assessment. the low prices, add $720 into the pockets of every american family if they stay this low. look at them now, continue to be low, that is a good thing but extremely low inflation gets people worried? >> that's a great thing, you know what would be better is a job, so people spend more.
$720 is great, if they could increase employment and good employment, that would be a lot better news. if you look at oil today, gasolines had a good move and all eyes on the opec meeting next month. that's going to tell you where oil is going for the future. liz: brian, alan greenspan spoke last night and here's what he said. there is no way to avoid turmoil that will come to the stock market when the fed eventually tightens. when downing the fed tightens and why are we listening to alan greenspan? >> those are both great questions. first of all, i do not believe quantitative easing is what has driven our economy over the past five years. i'm shocked at all the free market people out here who cannot stop talking about the federal reserve. it's entrepreneurs, innovators, creators, the cloud, apps,
smartphones, tablets, fracking, 3-d printing. that's what creates wealth. the last time i looked, janet yellen and ben bernanke never stayed up all night drinking red bull, eating pizza and writing apps. they don't do that. the qe is making everything great. it's ridiculous. it's never, ever been true. so ending it, yeah, sure, there is knee-jerk reactions in the market today. if somebody said they were shocked by what the fed said today, then i don't know where they've been. they've been out of the country. liz: at one point -- the dow is down 109, the s&p lower by 14. two points away from the low of the session. i completely agree with you. peter weigh in, we're going to take a quick break. i think brian is right here, and yet when you talk specifically about the markets, maybe qe has something to do
with it. >> well, the fed says we don't target the markets. we don't target asset prices, we target the jobless rate, the jobs market and inflation. however, they all talk about the so-called wealth effect that the rising stock market and rising home prices have helped to create, that people feel wealthier, they will spend more money. that is good, creates demand and helps the economy, but they are always cautioning that we don't target stock prices and we don't target asset prices. liz: how to play what the fed is going to do. that's coming up. peter barnes, thanks to you, our panel of experts is sticking around, thanks to our traders. when we come back, we want to mention that the market is falling, getting closer to the lows of the session. dow industrials down 104, the s&p, the nasdaq and the russell losing steam. it is the dollar charging higher.
can the markets survive without the fed pillow and cushion under it? mixed opinions so far. so what are the names to play, now that the fed is done with buying spree? and a nasty divorce fight, this could be the -- one of the dirtiest, one of the nastiest involving a prominent wall street banker reveals raunchy allegation that would make the wolf of wall street blush. it has a lot of people douse and on wall street asking whether we have a new wolf of wall street. charlie gasparino has the deposition in his hands, he'll bring it to you when we come back. you got to hear this.
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. liz: with 44 minutes to go, breaking news. why so much red on the screen? we knew it was coming, the quantitative easing would end. the bond buying purchases. there are six names in the dow jones industrials moving higher as the dow moves higher. pfizer, coca-cola, johnson & johnson, united health group,
merck and american express. a lot of red on the screen. the dollar is moving higher. crude oil and most of the enerry complexes higher. gold is down about $18, for a second down $20. this is the after-market session so it's more thinly traded and a little more volatile. let's get back to the issue now that quantitative easing is finally over, as we stop talking about when the fed will stop buying bonds, when and how it will unwind position and tighten rates. we rejoin michael cox, bmo private chief investment officer jack ablin and brian westbury. we have our traders back at the cme, nymex and the new york stock exchange, you can give us color from the floor quickly? >> it's a lackluster day, if you look at it from what we've been experiencing the last couple of weeks.
telegraphed as one of your guests said. liz: i said it! >> okay, as you said, anybody didn't see this move coming had their head buried for the last two years. it's behaving right where we thought it was going to be, we're going to get to fundamental analysis on the stock market and evaluating the stock market on the discounted cash flows and revenues in the market. liz: here's fundamental analysis, 80% of the s&p 500 companies have beat on earnings, 60% have beat on revenues. i know michael cox wants to take on brian westbury for what he just said before the break about how it's fracking, it's silicon valley, there are decent company stories out there and it's not the fed that propped up the economy and the markets. >> you know, brian is a neat guy is smart friend and i agree with him most of the time. in this case i agree with alan greenspan more, there's no way you can avoid the market turmoil of rising rates. i've done research on this, try
to get as deep as possible to the picture what happens when the interest rates rise. i've taken 118 years from the dow when it came out and tracked relationship to interest rates all the way up to 2014, and you don't like what i'm going to say, for every 1 percentage point increase in interest rates over that time period, the dow historically has fallen 10.5%. brian is talking about the numerator the expected future aftertax earnings but not thinking about the denominator, that's the interest rate, when you make a discount at a higher interest rate, you get a larger discount and the market does fall when interest rates go up. like it or not. >> and this is going to be a lovefest between likal and i, even though we do disagree. i love him. he's done great, great work over the years and it's awesome to be on with him. liz: but? >> i actually put in a 4.5%
ten-year treasury yield into our models when we value the stock market. today the 10-year is 2.3, if it were to go up to 4 1/2 given the potential profit growth that is there, i think the market is undervalued by 15-20% right now at this very moment. so i hear, mike, yes, rising rates undermine valuations, but we've stress tested our models and i feel pretty robust in my forecast of continued rising stocks, even if the fed raises rates. >> i think the stock market is certainly undervalued relative to bonds, i would agree with brian on that front, but on the other hand, i think the stock market is overvalued relative to history, relative to fundamentals, relative to revenues. i think that there is a little bit of vulnerability but i also look at history too, and i find
that the stock market doesn't necessarily have to get upset with the initial rate rises, it tends to rise with initial rate rises. it tends to get upset when the fed raises rates too much. liz: jack, what would you buy? what is the trade in advance of what we know barring any horrific and ugly data a mid 2015 rate tightening, i bet it will be a less than a quarter of a percentage point. what's the trade? what should people be putting money in who are watching and want to spin it forward with portfolios? >> well, if you think that the fed is going to push off rate hikes early in the year, emerging markets, the cheapest major market in the world. we have a preference for emerging markets that are commodity consumers. international. we like developmental markets.
hegj is a great way to hedge the euro back to the u.s., and then dividend achievers, i think it's pfm. here's a way to not only get dividends but dividend growers. quality and value internationally. liz: to our traders sitting on the floor and saying, you know what? we see the moves all day long. phil flynn what do you see that jumped out at you as soon as the fed announcement was made? >> you know, i was surprised there was any surprise in the market. it's interesting, i was listening to the debate that you just had on, on one hand, we're saying when rates go up, it hurts valuations and hurts the stock market, but i think at the same time when they lower rates, they do quantitative easing which is negative rates, it doesn't help the stock. you can't have it both ways. i think if i look at big picture. this is kind of a big turning point for the market.
talking about ending qe, the first time we start talking about tapering and moving off of it. this was a big moment. and we finally have got there. and the question is where do we go from here? does this mean we've ended the financial crisis, and we're back to normalization? liz: go ahead, quickly, brian, go ahead. >> all i wanted to say real quick, phil, we've gone from 85 billion a month to 0 and the ten-year treasury yield is lower, not higher. liz: exactly. >> it is lower. so i do not believe that quantitative easing is what keeps rates down. what keeps rates down is forward guidance. that's what keeps rates down. liz: we have to wrap it here, a spirited discussion and great analysis. all of you, thank you so much. michael cox, former federal reserve bank of dallas chief economist. jack ablin, chief investment
officer, brian, chief trust economist and traders at the nymex, and the cme. the markets do not like what happened. we are losing steam. closing bell about 37 minutes to go. and the wolf prowling on wall street. a very nasty divorce is painting a vivid and very ugly picture of infidelity and alleged cocaine and mushroom fueled binges. what is this? santa cruz? i can say that, i went to santa cruz. charlie gasparino got his names on the deposition, he has the names, the sordid details and why everyone is passing it around on wall street. getting bogged down on the operational stuff? redhat has jumped in offering a free cloud-based program aimed at helping start-ups and other cloud operations are tripling in business.
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might not seem so big after all. ♪ >> we have breaking news on a major wall street executive who is going through a very bitter divorce. probably happens a lot. except that this one has some very exrated allegations and it's implicating other business leaders, company heads who are probably wondering who they caught up on all this. charlie has got his hands on the deposition. this is news when wall street talks about something, they're all emailing this around to each other. (?) >> that's how i got the deposition from a senior wall street executive. let's point out: this is a lawsuit. these are allegations made by the wife of an investment banker at jeffries bank. his wife is christina.
rarely do you see depositions like this. this is the wife's deposition sthas out there. it's circulating at the highest levels of wall street. it's not for the faint of heart. this is really at times grosk, and it pushes the limits on what you can say on tv. we're making sure that we are -- be very coveting of those issues. why we're covering this. it's being talked about on wall street. it may give us a glimpse on wall street. these are allegations made by the wife. the people she makes them against are denying it. she's going through this messy divorce with this guy sage kelly. (?) now, just go down the line. she talks about her husband being so high that mr. sage being high that she was worried about him overdosing on drugs. she talks about cocaine and
mushrooms. in her view there was a lot of mushrooms used at jeffries and company. mrs. kelly has conceded to past drug use. the people at issue, mr. kelly himself, i believe his supervisor, ben, he works for ben who is a top oorchg at jeffries. he's mentioned in this. and there's a guy she claims that her husband forced her to have a four some with a potential client at a pharmaceutical firm. that gentleman that she says she had a four some with the wife and there's group sex involved -- everybody denies it. >> she felt pressured because she didn't want him to lose the deal. sage is an investment banker that makes millions of dollars. >> listen, i've seen fairly salacious stuff on wall street. i covered a case where a junior
investment banker said the senior trader made him take female harmonies to be a better trader and he grew female genteel i can't. this stuff does happen on wall street in terms of the asalacious stuff that goes on. there are a lot of specifics in here. some of this i can't believe. it seems out of the ordinary. >> she's anger. >> she percentages herself if it's not true. we should go to some of the other full screens we had. apparently she said her husband was so drunk he urinated and defecated in bed. >> by the way, they apparently have two children. (?) so this is particularly tragic. >> there's another disclosure we should put up about the child. the wife alleges that sage had enormous difficulty controlling his behavior. according to her, that he -- one
of his little daughters, she alleges that he had like a batch of cocaine on a counter, and the daughter stuck her finger in it. you know, so there it goes. that he generally safe guarded his drugs. on one occasion, he left some on the pool table and the daughter got a hold of the bag. >> everyone involved is denying it. >> they say this woman has some issues. she admits that she had past issues with drug use. so, you know, there is that issue. and, you know, they're saying she's just getting back at him. >> does this affect the reputation at jeff? a lot of quality people work there. >> we're not saying it's true. >> i'm not as asking you to revl your source, but all the banks are getting this. right? >> it was released last night,
you know, after the market closed or late in the day. and the minute it got released, i got like three or four emails including one from a wall street executive who actually gave me the deposition. this is a ceo -- >> totally unrelated at jeffries. this is a senior guy at a major wall street firm. one of the big five who gave me this. this is being spoken about -- it's a messy divorce. these are allegations. we're not saying they're true. but you do to have cover these stories every now and then. >> thank you very much. we appreciate it. closing bell 26 minutes away. coming up next, the company that has been around for decades that bucked the trend in high-tech. open sourcing, linux, the ceo jim whitehurst has taken on some of the biggest names in the past, but now he's trying to clobber some of the largest names in the biz. jim is telling us about his game plan and why as an investor you want to hear this story and
shares of the company that failed to launch the rocket last night in virginia, this is orbital sciences down 16 percent. now, the stock earlier, couple of hours ago was halted, it did resume trading and it's just gotten worse. it is close to the lows of the session. the rocket was headed for the international space station and was carrying 5,000 pounds of supplies, something went wrong. thankfully no one on board and no one on the ground was injured. nasa said the space station is fully supplied until spring. well, you've got to take some hints. stay tuned.
lows. we need to tell you. after the fed decision, the market spasmed a bit to the downside 37 we had the dow down 104 points. now we're down only 17. we're coming back. some big names moving big on the results. let's get to nicole petallides at the new york stock exchange. >> there is so much going on in wall street. the dow, the nasdaq, the s&p, the russell all lower today. a couple of things came up off the lows. all these are higher for the month of october, with the exception of the dow. all these are gainers for the month of october. so it wasn't as bad as it may have seemed. the dow was down over 100 points. every time we thought there was a leg down, there was another leg down. look what's happening, we're making the come back. energy is sort of flat. banks have led the way to the upside. two movers, electronic arts, facebook, these are names we
know and love. so electronic arts came out with their numbers. the stock is up 4 percent despite weakness in the stock market. this is madden, this is fifa, my little one in my bed this morning before the crack of down and he said ea sports. yes, great numbers. facebook on the on the other hand, you know, the cfo talk abouting the big investments they're making that they're going to incur further costs. down 6 percent. going into the close, nearly positive after 110-point loss. >> i need everybody to look right now. stop what you're doing. dow jones industrial savager down only eight points. we have come back about 96 points at the moment. ninety-six points from the lows of the session. i'm not sure we could very well turn positive. look at the s&p it's still down about one point, but about pols to go to the flatline.
the nasdaq down 47. my eyesight. down 47 points is now just about 12. we're watching it for you. we need to get rht, red hat. the cloud is the next frontier for just about every business and red hat is helping everyone from established companies like cisco to start-ups moving to an open source cloud platform where they don't have to store stuff at businesses, it's all up in the sky. shares up 30 percent. what is red hat doing to stay ahead and how are they helping other businesses. let's bring in red hat ceo and president jim whitehurst. jim, you know, you've got some nerve taking all the big boys like oracle and s&p. you've done it. you've sort of bucked the trend by being the little guy. the david versus goliath. two things that start with the word open?
jim: sure. well be first off, i actually don't feel like the david in the sense the world is moving to open source so google, facebook, twitter are all contributing so much code into open source, and then we take that and bring that to enterprise customers. so open stack and open shift are two of the products that in particular in the news a lot. there's a big summit next week. the open stack summit that's the primary technology that enterprises are using as they work to build clouds or going to clouds. and while red hat is the leader provider of open stack and we're certainly the largest contributor companies like cisco, ibm, del, everyone, but microsoft is supporting open stack. we're leading a pretty broad movement to bring these technologies to the market. >> you made a very smart acquisition. e-november answer.
i need you to put into layman terms. people watching might want to invest in your company. the cloud why is it necessary and who are some of the big customers that you've hooked up with at this point? people might say, why didn't they do it themselves, instead they came to you. jim: well, first off the cloud is part of a broader movement, applications are going from running on desktop or a laptop to running on mobile devices. the way the applications work is most of that functionality is running at a data center somewhere. that's what people call the cloud. a lot of people think it's a theatrical thing, but what it basically is when you use your phone or android phone you're running applications, you have a sliver of that on your phone most of the functionality are in a data center somewhere. that data center is called the cloud. there's multiple of those data centers out there.
what red hat does, we're the leading provider of open stack which is a software platform that's used to run clouds. so while we don't participate on the android or iphone devices, generally when you're losing an application you're using an application that's running on the cloud. we have a large share of the market structure. >> rugs rock stars and your stock is up 30 percent over the past years. you continuously surprise people. we're actually waiting on the president who is about to speak. we're going to cut this short. we'll bring you back, jim. thank you very much. jim: glad to be here. >> any time. he's the ceo and president. he says they're going to be the winners in this area so stay tuned. we've got the closing bell ringing 14 minutes away. we're waiting on the president. he may make another statement about ebola. we're not sure. we'll take it possibly. depending on what the subject matter is. stocks coming up. now the dow just down
>> big news today on ebola. defense secretary chuck hagel has ordered all in ebola stricken areas to be held to that 21-day quarantine upon return. what led to this decision? rich. >> liz, first the army returning from west africa will face a three-week quarantine. chuck hagel explained his decision to isolate all material aid workers returning to the united states.
>> our people, our younger, the cohorts are different. they are not volunteers. and this is also a policy that was discussed in great detail by the communities, by the families of our military men and women. and they very much wanted a safety valve on this. >> the military measures are far stricterrer than those for civilian aid workers traveling back to the united states. the obama administration has refused to subject those workers to isolation even though state governors have done so for those who had direct contact with ebola victims. >> from travelerring to west africa. the most effective approach to stopping this outbreak is containing it in west africa. it down plays a memo to
bring ebola infected workers back to the united states from africa for treatment. the state department insists officials are not implementing that proposal and says there is no plans to do so. liz: athank you so much. we've got the final minutes of trade. while we await the president to see what he says. let's head to teddy on the floor of the new york stock exchange. teddy, we've made a pretty decent come back here. there are big question marks. why do you think we came up off the floor? >> liz, tend of the day they didn't tell us anything we didn't expect. they've been telegraphing this for months than quantitative easing was taken off the table at very slow stages. it follows to exactly the table they've suggested. obviously leaving the
option open if they wanted to tweak it. so here we are. it's done. i think it's another one of the great nonevents of our economic life. and now, of course, we're going to sit around and talk about what's next, and they basically said what's next is nothing is next. they said they're going to keep interest rates low for a long, long time. liz: right. >> i don't know what that is. your definition of long, long time might be different than mine or some of the pundits, but to me a long, long time is a year, two years. i don't know what it means. liz: in the meantime, we do have the us dollar showing major strength. could that hurt the big names in the dow, for example, that have a larger footprint. you just saw, now, we're showing the dollar it is higher against every major currency. when you look at the dow jones industrial you do have some of those big names who might be negatively affected by a stronger dollar, moving
higher.3 the coca-colas of the world. it's not the worse thing in the world that we see here. johnson & johnson. >> i think would he spoke about this a couple of weeks ago. we talked about currency fluctuations as being a problem for some of these companies in their guidance. we start with coke and ibm. and we talked about. and currency fluctuations my opinion is nothing, but a code word for a stronger dollar. a stronger dollar is absolutely going to hurt these big multi national companies going forward. so in that respect, it is a problem. liz: yeah. >> on the on the other hand a stronger dollar has some benefits. so you give it in one place, you'll take it back in some place. liz: i'm with steve forbes i do not see too many downsides. those companies need to get their hedging together and we can all
be happy. teddy, thank you so much. five minutes away. we're trying to make a come back here in reaction to the fed's statements we have come back from session lows. looks like the dow could possibly move higher. we're still down about 37 points. the s&p down three. we're going to tell you what move, whether the markets will be able to to stand on their own 2 feet without leaning on auntie janet's. stay tuned. david asman coming up "after the bell" with me. we understand the connections of a complex, global economy. it's just one reason over 70% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment
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so let's go to nicole petallides at new york stock exchange but we've got to focus first on something that is tumbling. we knew this would happen, facebook, after we saw the numbers. >> right. this also as the company said going forward they will incur more costs as they're doing more spending. the stock is off nearly five bucks. facebook out of favor and really dragged on the nasdaq. liz: facebook looks like a party compared to what happened to a company involved in this rocket explosion. in fact, we saw after yesterday's explosion, last night, and you can see the video, it got up off the ground and then something went wrong. there are two companies getting hit today. >> right. orbital sciences is down 17%. it was halted at one point. they gave a conference this afternoon. alliant was supposed to have merger with orbital. that too was halted. it was unmanned at least. david: one last bit of good news. u.s. steel climbing in a big way. >> autos, construction,
appliances. we've seen demand with the stock up 5%. [closing bell ringing] david: we'll leave on an up note, liz. liz: i will take an up note. bells ring on wall street. it is red on the screen, but nowhere near as bad as it looked about an hour and nine minutes ago. we had the dow down 104. the nasdaq was down 47. as numbers settle here. dow down about 37 points. nasdaq and s&p down a couple points. russell getting hurt by a quarter of a percentage point after history is made. after quite some time of billions in bond purchases, the fed ends so-called quantitative easing, a term that two years ago not a lot of people understood but let's get to it. "after the bell" and the future starts right now. liz: let's get to the action. yield shares christian