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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  February 5, 2018 3:00pm-4:00pm EST

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we are thrilled to be joined by several business leaders who understand just how true all of the things we are saying are. were also thrilled to have a lot of the fake news media in the back. they can't cut you. when you do a tape what happened to the four sentences they cut out. that's true. a lot of fake news there doing their thing. i want to start with the manitowoc sedan fox and he was terrific. [applause]. we know every employee has already received a 1,000-dollar bonus and they've
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got a lot of tax and lower tax so they are doing a lot better. your plans for the future of the company and what you head in mind for the money which is going to be a lot that you save on taxes. welcome everybody here. and all of your years pray for a president like this. i will talk about my stuff in a little bit. but we need to make sure that we support president trump especially in 2018. president trump in blue ash ohio. we need to get right to the
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markets here. is continuing and just this moment they just lost all gains for 2018. a second ago it fell more than 800 points. we also have the s&p down 72. we are down 5% from the highs. from the all-time highs in what we are looking at at the moment for the hour and for the past several years. we are still pretty much up about the 26 percent for the years. as we look right now at the transports we are now down 106 points. we have the russell also losing all of the gains for 2018.
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now we have to remind you that the dow lost 666 points on friday so you do the math. we are now looking at 1300 plus points over just two days. when we stretch it out. but look at that one week picture here. what started as a problem with the ten year yield which of course overnight we want to tell you hit a new for your high it is is since moderated. his fear of inflation we can get our experts in right now and has to do with the fact that there are people who had built in cell programs it is now we'll off its highs. the reason people get nervous about high treasury yields is because it makes the cost of boiling more expensive. i will take that out of the equation for a moment. you can look at the markets at
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this hour we have a down 768 points. investors are watching their portfolios. many of you might be making some moves in trade. i want to get to you matt. if not a high ten year yield what is now causing this lightning bolt of fear in the market. we get accelerated through certain technical levels. it blew through that and that's when we have the acceleration from down 500 and down 800. when you get this directional type trading the moves can be very quick. as the nasdaq is a leader in now. is that going to catch up on the downside. we will see. it almost looks like there is nowhere to hide unless you go
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with volatility at the moment. it gives us a sense of how much fear there beer there is in the market. with it down 77 points as a near 3% loss and so when you are looking for somewhere to hide it doesn't really look like there is much there. do you sit tight? you can look at some safe havens this is a significant move here. the volatility index is now at 30. the other day we were at 15. we've doubled the fear. >> that is exactly it. it is the wrong thing to do. they are looking at the portfolios and saying i have a lot of profit. even though it is not the right thing to do. i do think some of these
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stocks were overvalued. the economic news that we see whether it be factory orders is all good news we are seeing that. the market anticipated a great economy. they have a great economy and now it's like what have you done for me lately. we are down 100 points on the year. we look like we are about to go back down about 900 points at the moment. the atmosphere down here the fine and treasury is helping this. let's remember a couple of things here. we have not seen the significant pullback.
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the volatility index while it is up at trading it has been a revenue generator. the steam roller one on this little bout here. the market is can gain some momentum. gold is still a good point to go. you are still up money. now we have a very short. of time another full percentage point. the s&p has just turned negative on the session. we are going without commercial breaks. we will work you through every single metric that's going on here. we want to make sure that you understand in the end we are still well above where we were just about half a year ago at
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the moment. we have now below 25,000. with the loss of 1,043. the s&p is a better indicator because you have that 500 stocks. and that now having turned negative on the session i want to say a minute and 20 seconds ago gives us a sense that it almost feels like there is a capitulation here. you get that kind of feel. you are not feeling it quite yet. there are people who are kicking themselves for not having bought at the start of the year. guess what. they now get to enter the markets in a much cheaper level let's give that get that side of the story.
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i think there is a lot of money that has been on the sideline and has been looking for an opportunity and guess what they're gonna get it. from a historical perspective this move down is overdue. how many analysts had we have on your show we had worries from alan greenspan. and interview with janet yellen. we are due and this is actually healthy for the market. with the long-term perspective on the market it's not time to panic. after a late selloff like this. like we see that weakness overnight. some stability back in the market. i love a good sale. now down to five full percentage points. please stay in place.
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i want to bring in a jeff flock. he was at that speech with the president. and he has been the very first person to say something can do the math. he went through the litany of accomplishments. in the benefits and all that that has been. in a speech like this he mentions of the market how far the market has been up. that is absent from the speech today. it is concerned about any downturn in the market but the president made absolutely no reference to it at all in the speech today. todd i'm looking at the dow industrial.
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right before the show as intel and apple. everything is in the red at the moment. it looks like j&j is down just about 10% at the moment. we have mcdonald's down 7%. again this is a sale depending on how you look at it todd. like what we're hearing it is a momentum in trade trade at this point. you are seeing a lot of preservation of capital. they kick stacks around and stocks around and go to the other side. maybe tomorrow over in europe. the psychology of trading today is not what it was in the 1990s. it's a lot different and a lot more mechanical. i look at some of the selloffs. take a step back and wait for the dust to settle. there is always at expression. you don't want to try to catch
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a falling knife. down 270 points. if you felt like you missed the big tech inflation. it makes things a little bit more affordable. it would be a real place for a flight to quality. it is. these losses. the dollar was not strengthening. is a place of quality. every single currency except for the japanese yen is moving lower. perhaps the flight to safety is back in play. it's typically what you'd see. the crypto currency trade is kind of taking that out of effect.
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nothing has really changed from what it was a week ago. we talk about these things for so long. we have expert patients of a rates rising. the market is going down because of sentiment. sentiment has changed right now. take your hands off the wheel for a little bit. and we certainly saw that. that's what was right now. phil, it has now lost all gains for 2018 so is that s&p. the level that we need to see for that to happen is 6903. we are not quite there for the nasdaq. as we look at all of us here. what would you be buying at this point. i don't know if i would be buying everything today. i would be taking it there.
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anytime you get a selloff like that. they are getting slammed today. some of the banks downgraded their opportunities. as i look ahead i see the market turning around. when they look at the stock market they have to put it in perspective to the economy. our earnings are the best they had been since the great recession. is that bad for the stock market. maybe it is. our manufacturing is doing better. we are doing too good too quickly. the market is fearful that it will overreact to this selloff. i think they are going to look at this market selloff. they're not going to be as aggressive on interest rates. we will see a big rebound. but the level of the session was down and we are down the
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thousand points. looking for a silver lining. they have to decide is he going to do three rate cuts. we have a muscular jobs report. the fastest it is grown. one day with a drop like this. we were done over 1500 points. they breathe calmly here. they had set us up.
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three interest rate increases this year. we will hear from the chairman chairman foul at some point this month when he does up by annual testimony. that will be key at that hearing and testimony the yields are going up. they are getting ready for what could be one of the dot plots. there are analysts outside of the federal reserve who said because the economy is turning very strong it could be as many as four. he delivered a speech when he said now the economy is not strong enough yet. we should be considering a two interest rate increase this year. that is what is happening at the fed. but as far as them reacting to this kind of thing. they would not react. they go very slow here.
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everyone else is running around with their hair on fire. folks guess what we are coming while off the lows here. it looks like here, at least some buyers have moved in on this. we had been down we are now down 80024. the markets moved a lot faster these days than when we first started in this business. in a blink. i think i turned around and it was down 1500. we may be up by the end of the day. a lot of things speed this market up. high-frequency trading and the fact is you have a lot of money and what is known as etf's. and the s&p 500 funds.
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once there are redemptions it pushes even further the downdraft in stocks. there is technical reasons why it bounces all over the place. if you told me we might be down only a hundred points i would believe it they are really volatile. there are two ways of looking at this. one way is the more optimistic way. we just had a massive corporate tax cut yes that money is going to flow to corporate bottom lines and it may blow out the deficit a little bit. but long term it's long-term it's can be positive for economic growth that as a
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buying scenario for stocks. you artie heard him. he reach we did something last week. it doesn't produce the tax cuts. your big deficits. any of trump talking trade wars which further hurt inflation and you have much bigger deficits and higher interest rates. that is a bearish market. would it surprise you that at the lows of the session when they lost 1,597 points is the biggest intraday point drop in history remember you are saying one about the 87 crash for the crash of 29 it was a thousand points or so. we are asking right now. not nearly 1600. what do you make of that.
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what you make of this quick jump back up off the floor. we have seen this all day long. we started off it looked like the market was going to collapse early. we are now down 1,000 points. and what it is is a lot of uncertainty i think we have computer running one way. where they run from one side of the screen to another. you look at the big percentage. you look at the percentage drop and you look at the underlying fundamentals of the economy which are very strong right now in the other thing you have to remember. i remember sitting here in this chair with you. when we have the worst start to the stock market in history. that turned out to be the best
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opportunity ever. i'm not saying you jump in and buy today. if to wait for this to calm down. this is actually healthy. you shake out the stocks that are over valued. the value of stocks will find value at the right place and then we will have the economic data to drive stocks. a lot of the stock market has been anticipatory. they anticipated tax cuts. what are you going to do for me next week. todd, look at gold at the moment. i was so expected that it would be much higher. it is up only $5 right now. what does that tell you about the sentiment at this moment. these program trades there automatically and pre- determined prices.
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your stock will kick in and sell think it's too low. we are seen by programs at the moment on certain levels. if you go back to gold for a second. it has been very volatile itself. it's kind of waiting for the world to figure out what they're gonna do with bit coin. i think right now gold becomes an island on itself. as far as the sellers go they will continue to come in and push. you will see a lot of selling jennifer rated but the majority of those well had a bias somewhere else. they may be stocks here or overseas. there is a lot of reasons why the selling will continue and maybe had more questions than answers. take a step back from the market. we until you see what the dust settles.
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nick, the vicks is up 96% right now. we've been covering this for the same amount of time i think. i've never seen that. not even close. so doubling. you can see right now. obviously the highest level in a couple of years. it was really a fast and furious fall in the last half hour. we have to wonder what was it. why does it move like that. when you are seen it down 50,800,000 points. the biggest point drop in history. the first words that come up is capitulation. the panic feeling to have it really weed out everything that has been overvalued. one trader said look, is not that we are down for three days the big deal is that we
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are up for 400 days. everybody has been waiting for some sort of selloff. energy has have a big move for the downside. interest rates have been moving up. and now i even had people that said i stepped in and bought ray at the almost 1600. level. i sit here every day and when you start to see that. you see triple digits and then to see it go to the thousand point mark it doesn't take your breath away but the big picture is you have to remember the run. they have levels of that they are supposed to sell. you go to a certain support level and then you sell it. and i had people buying. the s&p just turned positive for the year again. we were down.
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need you guys to look at energy stocks at the moment. we are very mindful of the fact that we've all kinds of investors watching. and then we have the real tell investor. -- investor. if you are a small investor you're wondering what i do much to be thinking about there is no shame in doing absolutely nothing right now and waiting to see this sell out sellout and what it's can happen. what professional investors are thinking about how has the world changed. what is different about the economy now what are seen as faster growth than they anticipated. they make you re- evaluate what you are invested in.
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a lot of changes that will come over the next week. we've seen six in the s&p 500. it can take a while for this to wash through. that would be difficult for individual investors to hear because you're seeing the value of your 4o1k. we know now corrections aren't essential part of the market. some of the viewers are sweating it out. we had watch this time and time again but it is a pretty
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significant come back. there are always different shades of gray. love days like today. it helps us explain the markets. this now is a time for the average viewer to sit back and digest this. i think the average viewer like anybody else has a try to figure out what they think is can happen going forward. with inflation when more numbers come and subside will interest rates stop rising. the thirty-year in the tenure today.
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that it was precipitated by something that happened in the bond markets. i think you have to look at it. do you subscribe to a viewpoint of charlie gasper in a gary cohn the lower corporate taxes will go right to the balance sheets. they will buy back stock we won't have this sort of spike in inflation and deficits. he was a former at ubs. pretty smart market. there are some bad signs that we might get the growth we may make it much higher deficits and interest rates in trump is
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talking about trade war. and one other thing he talked down the dollar which is never good for the markets. it's not good for investment in our country. there is a legitimate scenario the people have to digest. with massive fiscal stimulus coming our way. some people will get on the personal side. it's not as much as the big ones. for small businesses are getting a break here too. in this type of world we don't have a massive amount of inflation.
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and while i don't think that fred is running on with her had cut off i think they are concerned about this. something happened here fundamental to the market it has been violent and fast. how they give an interview to bloomberg we want to do a quick reset here. look at this almost a 60 minutes ago you would've seen this number down. a near doubling of the losses right now. and the nasdaq has not lost it yet.
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still up for the year. we are certainly watching extreme voluntarily -- volatility. it's up nearly 1%. total anxiety at the moment. and you can see that here while we are off the highs of the session. were still up 76 percent. of how much nervousness there is. and is easy to try to blame the tenure yield friday we lost 666 points. that would've been the worrisome part. 2.7% down eight basis points.
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friday a lot of people were equating last week particularly friday to 1987 there was always that black monday to fill in the air. everyone was sort of nervous. i think the next thing they did is start looking at the futures. by definition the sort of corrections can be violent and have been and because we are at such levels to head percentages. two and half% significantly below. and this is why we have the
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extreme volatility and violence. on the downside we saw some key support. when we retested those levels. it was 25 165. when that did not hold. and that is exactly where we are right now. here is irony right now of course. another day in this case it was the services index employment and new orders. you can argue this was due to a degree. as more friendly -- fighting with then when we talk about happening. i think we're going to be okay. as is a line right out of broadcast news. charles he will jump out of
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the chair. he has to get ready for making money with charles payne. again that is when you start to get a lot of the postgame analysis of what's going on but right now i need some analysis on at least why this is not what we saw back in 2008. nolan, you did a huge amount of research on the 2008 meltdown what differences and similarities you have. i think with bit coin. monetary -- monetary policy is really in play. there is not some other force that can print dollars. when we saw the inflation numbers start we talked about last week. it might get a pump. we are not seeing that this
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time. inflation is a concern i suppose with the extreme spasm you could call it. we are trying to come back. the tenure picture did not seem as bad as it feels. with your studies that you did for the canadian parliament what differences do you see with what we saw back during tarp. on the day it did did not pass. the manipulation and the use of the policy levers where really got a lot of its traction. people started to see the intellectual case. in this case we are not seen seeing those being pulled nonchalantly. those being pushed into a system to fix problems. but what we see here is a market that looks a lot like crypto currencies.
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we are used to that in our industry. what i see here is a market that grew at last check we had bit coin just below 7,000. right now we are at 6,600 per bit coin. even without a human. they swoop in and buy david greenberg. you are an expert when it comes to this what you see happening. >> what i think it just happened is what happened each time we have a major selloff. it we are up 1200. quickly.
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on the downside it's more traffic and a much faster. the problem i see is that the average investor it's almost impossible to get out against the high frequency trading. david, if we go and check check comes in the 23 minutes left in trade. we hit the low. we bounced off of it. if they did not get another leg up. look at it as an option. if new buying does not come into the market towards the end of the day. you could see another way of selling. now you also have the list manager worried about the trade investors. they might need to trim down on their positions.
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this is looking very jittery at the moment. we just went down 900 points. while we were let me go to charlie gasper at the moment. we are now looking there is a lot of fast moving fast-moving things under our feet. i think a great guest would be carl icahn. he have a pretty famous debate he was criticizing him on his activist investors. he did not quite say it. but forcing companies to do big stock buybacks. and that helps him but doesn't help the company you have created the monster of all stability in the markets the
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exchange traded funds. when they do get redemption and then they have to be getting some redemptions. and there's not a lot of buyers. one of the things in the problem but this market up side from the fundamental issues whether you believe we will have an elation or higher deficit. the fact that so much money is in the etf's and they have to sell into this relatively illiquid market you have an issue. they have to redeem when there's not a lot of buyers because they are redeeming in mass. they put so much money in these extreme trade funds. $1.3trillion.
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going into individual equities. in one of your predictions involved i believe you said we are waiting on bob a doll. what charlie just said about exchange traded funds. is now multitrillion dollar market. and they wonder and about bubbles in technology. it is still very tentative. can't call it. charlie is 100% spot on. that the etf market while there is a volume on the top level it just proves a the theory that i was working on.
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once it breaks through the initial liquidity level there is nothing under it and what's can happen now is that you will have a tremendous amount of people that are can be forced out of their positions at much lower rates because what charlie said there is nothing there to stop the move down and what is can happen is that everyone will get out on the margin play and they won't wait. they will scoop it up on the bottom. the market will be back up to where it was originally. again this is what my dad used to say. we do on the top or the bottom. one of those big guys on wall street is on the phone right now. bob, what are you doing right now. are you advising people about that at the moment. you all had just been talking this is not fundamental. guess higher rates are caused
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this. the aggravation is coming from the structure in the market. in the certain pockets in the market. and we all know that bull market corrections are usually very severe. we've not had one for some time. i believe the economy is still okay. and who knows when that is. the market will come back because of the economic cycle is far from over. you can't count out american business and good business is going through maybe shaky times which is what you are seen seeing and some of the stocks every single component was down that may have changed in the last couple of seconds but it is a rough and tumble moment and what we are seeing here is already on the screen it doesn't matter there are no
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doubt leaders except the ones that are down less. is there a point near where people can do a little bit of shopping on sale. if you been one of those people with a lot of cash waiting and waiting. this is your chance. start nibbling away. the technical moves are very unpredictable. the values that are slowly being created are going to pay off over time. a lot of the healthcare stocks have good earning prospects. some tech is probably going to look interesting. some of the banks are getting hit hard the fundamentals are improving. rates are moving up. we have less regulation. be selective and don't try to be a hero. this is not fundamental i get
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the economy still looks pretty solid but let's get that from the chief economist who has just gotten in the chair. the way in here. anything that you see that would've frightened the markets from an economic standpoint. long-term interest rates have risen a little bit more. but i think bob has it right again. your talk about 2008. do you have the economic policy been very negative. there was a lot of liquidity in the credit markets. they were not sure about what their money was doing and where it was going. we've been economy growing around two and half to 3% right now. it's quite different than the housing correction that was already in the way i the fall of 2008. it's still very good here. but i think there is some price adjustment to the higher longest interest rates.
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what are big buyers of the stock's doing. peter has about 33 billion in assets. you are the president and ceo. are you all in besides being there. we love this. we look at today. it is for good reason. yet the technical component. i think it is great. someone who is a real investor. or has liquidity mom cast. if you are sitting on the sidelines. we are staying the course. through all of this. i would also say one more thing. if you read about the major custodians.
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they talk about record account openings. what do they have before. thirteen and 14 straight months of markets. and i think you combined all that together and maybe it goes on a little bit longer. but the fundamentals of the market are still there. so for anybody it's a real long-term investor. if you were as peter just mentioned the last one and you bought rather high. they just buckled themselves in for a really rocky ride. why sell it now if now if you're really at a loss. if you've never seen this before. and there is panic. that's why i go go back to the
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dicks index. all of the sudden you get the big spike in fear. what do you usually do when you are fearful. they are panicking right now. we've got to get out of the market. but if you are a millennial you should be sitting in. every major investor in the world would be telling you that. we should see the safe havens move. it's because the smart money is staying put. i think it's mainly because the smart money is waiting there. and we will see. i don't know if a day like this.
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sometime the harder they bounce back. is there anything that is alarming you right now. just quickly scott. i sought about 40 minutes ago and we saw it go from seven to eight. what do people do when fear sets in. that's the wrong thing. i'm not saying we are going to get a snapback.
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and people to just kind of rethink resettle. where is the market going from here. can you give us a sense of what you feel when i say by the index. i would pick stocks that had decent fundamentals. warren buffett would say just by the index right now. on average 200 basis points. where the technical squalls are going to end. i think it's a decent probability that the low was the low. we bounced around for a while. a lot of elements of panic. charles gasparino are you still with us.
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when it comes to the program traits. they are kicking back in at the moment. they kick it back in on levels. sometimes even reporters it is fun to watch. yet of a market theory where it's going forward. there are two sides of the market. i'm generally in favor of when you add trillions of dollars to the economy it's generally good. well have a massive inflationary site. except for maybe the stock market. our banks are impaired. you actually have a decent economy.
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the bull scenario is we are going to blow out our deficit and we are not going to get much growth out of these tax cuts. and i believe in the bull scenario more than i believe in the bear. i'm just telling people that's where it is. some of the different stuff that occurred in this bull market. they brought indexes in ets. it's not like they can hold onto their shares of apple and make sure that they can change. if they sell in their redeeming you sell those back -- baskets. you sell more stocks. i did just want to get the temperature of the floor on the new york stock exchange. they were talking about this over the last ten or 20 minutes that we could go down again and challenge the lows. we were down on the 1600 points. there are some names trying to
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squeeze out some green on the s&p 500. you do have some names that are winners. the talk is about the accelerated selling in the very short time at 3:00 p.m. we were down 760 points. we were down almost 1600 points. now there's talk of adulation. -- of capitulation. more than 10% off of the highs they hit on january 26. in the last thing i will tell you is the exchange traded funds. and all of the programs selling which goes into effect. we note that as part of it. where do end here. we do have that russell 2000 heading back to the lows of the session. i don't know if it's the precursor but when you have
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the s&p down triple digit points 103 points down to the s&p we have them in front of a camera give us some color commentary here was a quick flash down. usually that's a very positive sign. but as a longer-term trader i'm an options guy. i am looking to see how we finish on a weekly basis so i look would like to see one more to the extreme. i've been waiting for for the last two weeks. we had bonds that have been getting crushed. actually the cause of the unwind that we saw last week. they make new lows and have a higher close. the event that event may be over and if that is a squeeze in the bond market. it could give the stock market a little bit of apposite in support positively. let me give you some
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commentary here historic as in never before ever seen. it's the largest point drop that they have ever endured dirt in that time would be marked 3:11 p.m. eastern time 1,595 1,595.loss. and where did you want me to go with peter maluku. if you are as front -- in front. about the tax reform and the positives of the economy which john has set of wells fargo. then what is your favorite thing to buy if you feel confident enough. just one thing so everybody doesn't completely freak out. i don't know how up-to-date turned out. i think it was the sixth most drop ever. it was around 650th i think in some perspective. a wonderful day for the markets but it certainly
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nowhere near the worst ever. what is causing this. what started all of this before the program trading in the technical trading and people freaking out. what started it is the economy was too strong. and the unemployment is dropping to low the feds our concerned about inflation and so people are worried they're gonna there can raise rates even faster. that's not a bad reason. the fundamentals are still there. it is hard to really get too negative about what is happening right now. less than five minutes to trade. in the very volatile session here. about the federal reserve. jerome foul today his official first day here do you think it would be a mistake to continue on that track of raising that three times.
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i think great times is probably consistent with the overall economy and the inflation numbers but there was a lot of talk about it going atop time this year. they are modest. i think again too aggressive could to aggressive could be a problem going forward. the ten year yield just now dropped ten basis points. now it is down ten basis points. there is no question about it. and we mentioned this before. it's really key to watch what is happening with the tenure right here let's go back five or six weeks i know we can't go back in time. but go back five or six weeks. we are right here. what has changed.
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we see interest rates picked up a bit. we are still seen fantastic seeing fantastic economic numbers. the three or four interest rate hikes this year i wouldn't say whatsoever that the fourth one is off the table. three for sure. we can get this thousand points back in the next month or so. i don't think this is really any thing to be concerned about. >> i would say the yield coming down that's obviously a good sign for the stock market. instead of going out of stocks and into bonds e state in the stock market. people at some point are not going to buy those. the bigger and. it will be interesting to see if the fed gives us guidance how
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much they might do. i don't know what the plan is. 30 billion a month, something like that. do they change the schedule and or lessen it. probably a positive for the market. liz: two minutes to go to trade. alan knuckman, i need you to tell us what you tell our viewers to watch, once the stock market closes, e-mini futures, times on the clock here eastern? >> we saw the e-minis open up sharply lower. they got to positive 4:00 in the morning my time. i thought we are all right. but we sell off throughout the session. markets take out the lows. see how things, see how we test the lows made over course of next couple days. how the markets react. for me, one week of selling does not break an overall trend. if you put your money, unless you put all of your money in
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2008, you're still ahead of the game. you have given back gains. how many people said to themselves i'm waiting for 5% pull back i get into stocks i want. guess what? psychology overshadows that. people pulled back the bid of the because they're afraid the market will go lower. see where re at the end of the week. liz: 1064 points what the dow is doing. still above -- >> percentages. liz: be very clear down 4 1/3%. for those discovering the market may look dramatically lower. grand scheme of big selloffs, 1987, 1929, not huge bloodshed on on wall street. i do say, extraordinarily watch fox business from now all through the evening, and of course tomorrow. everything can happen as we hear the closing bell. [closing bell rings]
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would i imagine there are sighs of relief here. as the dow falls below 25,000. we look to close at 24,373. we endured the biggest intraday point drop for the index ever. that will do it for the claman countdown. this is "after the bell." melissa: stocks hammered for a second straight day. the dow ending down 1174 points. that is more than 4%. take a look at the chart. we are down near 1600 points just an hour ago at 3:11. that is where it was. as liz said, this is the biggest intraday point drop in history. the selloff hitting all the major averages today, the s&p and nasdaq, closing down 4%. the dow and nasdaq are negative for the year. whew, i'm melissa francis. i feel calm though. do you feel calm? david: i feel calm. i'm david asman. to put things in perspective. i was at "the wall street journal" 1987 when the october 19th crash took place. at

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