>> i'm mark crumpton and this is bottom line. today, eric holder announces his plan to resign. then, u.s. stocks fall the most in eight weeks. rain threatens to dampen derek jeter's farewell home game.

to our viewers in the united states and those of you joining us around the world, welcome. we have full coverage of the stocks and stories making headlines today. we are live at yankee stadium for derek jeter's last game, weather permitting. we have details on obama's latest comments on the ebola epidemic. peter cook has word that attorney general eric holder will step down. we will get to all of that in just a minute, but first, stocks are falling the most in eight weeks as apple shares tumble and concern is growing that russia macy's foreign assets. the dow extended a four-year high, fueling speculation that the fed is a step closer to raising interest rates. let's take a close look at the numbers. the s&p 500 is down about one .5%. the dow jones industrial falling as well today.

the nasdaq falling as well, down 1.8%. we will get a check on the markets from olivia sterns as we follow equity trading throughout the hour. now let's get to peter cook with details on attorney general eric holder's resignation. peter, that afternoon. >> good afternoon, mark. not a total surprise. we got word over the last year or so that eric holder was future and to his parting. he told the president he would until hisfice successor is confirmed. the qualification that he could stay on the job until he gets a replacement could keep them there longer than you might think. the formal announcement will come this afternoon at 4:30 p.m. when the president returns from his trip to new york. holder made history when he was confirmed as the first black attorney general in 2009. he is one of three original members of the cap net -- of the

cabinet still serving in the administration. he has taken on civil rights and legacy issues. he handled some high-profile security cases and faced criticism for a lack of pursuits following the financial crisis. importantly, he has been throughout his six years a key voice on race issues, most notably his visit to ferguson, missouri, after at the shooting black teenager by police. he has had run-ins with republicans on capitol hill. he was held in contempt by republicans and is getting criticism from them on his way out the door. words from them president this afternoon. >> the list of possible replacements is quite long at this point. >> it is a pretty long list. this is still one of the highest profile cabinet positions, even

with only two years remaining. some names mentioned, deputy attorney general james cole, the number two at the justice department. former white house counsel catherine remer, and donald verrilli, the former solicitor general. then you have speculation that the president could look to members of the u.s. senate, claire mccaskill, mark pryor, amy klobuchar all have experience that could serve them as attorney general. that could be a long shot at that -- at this point since the democrats need to keep as many democrats in the senate as they can. be the u.s. would attorney of manhattan but in the last little bit he said he is happy with the job he is in right now and does not have an interest. the same can be said for deval patrick, the massachusetts governor. >> peter cook, think you. we will have live coverage of president obama's announcement on eric holder of four 30 p.m.

washington time on street smart with trish regan. hiss get more reaction to resignation plans. al hunt joins me from washington. thanks for your time. why is he doing this now? >> i am sure he is tired. he has been there from 06 years, the third longest attorney general i believe in history. he made it quite clear last year that he was going to step down sometime in the first part of his second term, so this is no surprise at all. he has encountered an awful lot of turbulence. it has not been an easy ride. just of criticism, not from republicans like darrell issa, who would criticize anyone, but also from some democrats. one criticism is that the justice department was not aggressive enough in targeting financial misconduct. just as did secure several guilty pleas in the last year and a half but no individuals have been held accountable. what is this going to do to the

attorney general's legacy? >> i think it will be part of the legacy. the fact of the matter is nobody went to jail who was involved in the 2008 financial meltdown. been, as you point out, prosecutions and civil settlements that were fairly large against a number of wall street banks. i think there is a strong feeling they could've been much more aggressive than they were. >> al hunt of bloomberg view joining us from washington. thank you so much. president obama says ebola is a global threat. he urged other countries to step up their efforts to combat the virus that has now killed nearly 3000 people. olivia sterns has been following the latest developments concerning the ebola crisis. what was the message from the president today? >> essentially that everybody, other countries, foundations,

businesses, everybody needs to step up and act now. we need to write away, immediately send more beds, supplies, health care workers. it is a regional crisis but in less the entire international community bands together, this is going to quickly become a humanitarian crisis. we are not doing enough. right now, everybody has the best of intentions, but people the kind ofing in resources necessary to put a stop to this epidemic. there is still a significant gap between where we are and where we need to be. we know from experience that the response to an outbreak of this magnitude has to be fast and it has to be sustained. tois a marathon but we have run it like a sprint.

>> it is really about speed. we need to act urgently. every day that passes, the harder this becomes to fight. >> any signs things are working in liberia? is, to borrow an analogy from president obama, it is like fighting a forest fire with a spray bottle. they are so outnumbered against the spread of the disease. to use the words of ron kee moon, ebola is raging. it is -- ban ki-moon, ebola is raging. more than 6000 people are infected. 200 people are dying a day. people are being left to die in the streets. guinea,th systems of library a, sierra leone, have collapsed. are freshly dead, that is when they are most infectious. he needs everybody to act now

and not just in the united states. everybody needs to act urgently in a sustained way. >> thank you so much. more now on the response to the ebola crisis. a member of the house energy committee and vice chairman of the subcommittee on health joins me on the phone. congressman burgess, thank you for your time today. >> thank you for having me on. -- dr. josephe there told the congressional seminar -- you are one of the few doctors serving in congress. is this assessment correct? >> unfortunately, i think it is. this is one of the most striking things i have ever seen. i agree with the president that

this does require global response. we are appreciative of the efforts of the cdc and the united states but it is going to take a great deal more than the united states showing up. >> how would you describe the u.s. response to the crisis? quick smart minds dealing with these sorts of things thought epidemic would burn itself out the way other epidemics have done. perhaps there was some slowness of realization that this was not going away, that it was not burning itself out. the cdc, to their credit, has been sending people over there arguably into harms way since the summertime. they have redoubled their efforts. some of those have been pretty

high profile activities. if you don'ts, have a health-care infrastructure on which to rely, this can grow very quickly. thewe have seen that in case of its development. >> tom friedman is the director of the centers for disease control. he says in an interconnected economy, ebola could absolutely change the way we work, it could change the economy of the world. what are the global economic implications of ebola? >> you almost can't even calculate them at this point. early august, people were that ebola patients were being brought to the united states. is the bigger concern

people who almost made it back the week before. the gentleman who succumb to the disease on the airplane. that would have been much more serious consequence had that occurred. the doctor was quite right. we are one right away from that happening. on theld doctors be ground lending expertise and getting a firsthand look at what needs to be done? >> we have to remember first that this is a very contagious and highly communicable disease. no one should be going without proper training. youall of the alarming data have already given, 10% of deaths or more are health-care workers. has applied itself to health-care workers. so yes, perhaps there does need to be more of a response, but it

does need to be done correctly. take the correct measures, provide training for people going into the danger zone. , let'sre i let you go discuss some domestic health policy. house republicans have voted 60 times to repeal, defund or rollback the affordable care law. there has been no vote on a replacement plan. why not and do you think there will be a vote on a replacement plan next year? >> there have been multiple to repeal abortion in the affordable care act. there have been eight or nine pieces of legislation. remember, the biggest onslaught against the affordable care act is the administration itself. when it to played -- delayed the employer mandate until who knows

when. i don't think they're ever going to let it kick in. revisiting the type of chaos that spreads into the individual market, i don't think there is any way in the world they want that to happen to a larger share of the population. there -- in the remaining days of this congressional term, let's do some things that could be done by expanding hsa, providing deductibility to individuals and that rates have gone up disproportionately to everybody else. senator burris joining us on the phone from phoenix. congressman, it is a pleasure and her alleged to have you on. thank you for your time. -- leisure and privileged to have you on. think you for your time.

stay with us.

>> we continue our coverage of the ebola crisis. in an exclusive report, we focus on a vaccine that was turned down by the world health organization. it is now the best hope to deal with an outbreak. where are we at with the vaccine ? not there yet, but we are close. vaccinethkline had this that had been tested in animals. they went to the world health organization and asked them if they would be interested in using it in the ebola outbreak. at that time, there were about 80-100 cases. debbie ajo said no thanks. we are focused on containment. we will get back to you. that was the end of the

conversation. as discussed, containment efforts did not work. this spiraled out of control, of the who isad going to glaxo and urging please, we need the vaccine. please get it to us as soon as possible. that itwas worried would divert energy and resources to focus on a vaccine that was improve in dutch was unproven. they thought it would be a distraction for them. this ebola outbreak has proven to be unlike anything they have seen in the past. and now we are talking about cases in the tens of thousands, perhaps hundreds of thousands. containing that is nearly impossible. and it could come down to a vaccine. glaxo is in the very early stages of testing to make sure it is safe and that it triggers an immune response. and hopefully early next year

they will be able to get something to health-care workers . >> is vaccine the best hope that this point? obama has pledged troops and money. the united nations has an emergency group on the ground. it still seems like no matter how much we ramp up efforts to control a virus, which is what we need to do to stop the spread and stop each infected person from spreading into 2-3-five other people, every time we ramp up containment efforts, the virus spreads even quicker. >> there is a quote in this story from the codiscoverer of the ebola virus. he says without a vaccine we may not be able to stop this epidemic. >> that is a possibility. there is a fear that if we don't do something soon then something -- and health officials do

not fear will -- do not feel we , this couldough yet become endemic in africa. the longer it is circulating in africa, the bigger the risk of it spreading elsewhere. it already has tried to, and luckily, we have been able to stop it in other countries. >> even if we do get a vaccine, i would imagine there will be barriers to implement it. >> the ethics are being worked out right now.ed the first is to give it to health-care workers. 10% of people who have been affected are health-care workers. so getting it to health-care workers. then, scale up. who gets the vaccine next?

are there concerns about ethic in testing? making sure people are informed that this is an experimental treatment and who gets it is .istributed >> is the experimental treatment going to be made available any ?ime soon >> they are hoping to have a few hundred doses by 2015. they could have hundreds of thousands. >> up next, olivia sterns will be back with an on the markets update as we continue to follow today's selloff. later, we take you live to yankee stadium where fans are hoping to get one more chance to see derek jeter play in his last game in pinstripes. ♪

>> we are approaching 26 pass the hour. that means bloomberg television is on the markets. the selloff on wall street continues. >> and it appears to be picking up momentum. we are near session lows. the s&p is off by 30 points, the biggest selloff we have seen in about eight weeks. the dow is down by 250. the nasdaq is down by 86 points. that is being dragged down by a ch stocks. te the dollar is trading at its strongest level in over four years. strengthen the dollar comes as investors bet the fed will raise interest rates. hike could drive demand.

we are also watching the euro, weaker today. mario draghi signaling he wants to boost the central bank's balance sheet. that could end up flooding the market with currency as part of an effort to stave off deflation. the euro now trading at the weakest level in two years compared to the dollar. more bottom line with mark after the break. ♪

>> welcome back to the second half-hour. i am mark crumpton. thank you for staying with us. at united nations, it was said the goal of extremists coming chaos in the middle east is the rise of islam a phobia. the assembly was told that would create what is called a further ground of death for forces in our region. he said a nuclear deal is possible if the west is

flexible. we will hear more tonight on charlie rose. plus, the current secretary-general of nato is coming up at 8:00 and 10:00 p.m. new york time right here on bloomberg. refineries incked syria controlled by islamic state militants. it was designed to undercut revenue and mp mobility. prepares forngdom a parliamentary vote tomorrow for the broadest area of u.s. military coalition since the 1991 gulf war. the raptor found its first ever combat mission. the jet in the us-led strikes inside syria. here is everything you need to know about the pentagon's most advanced warplane. ♪

♪ >> su keenan is standing by with details.

good afternoon. >> at one point searching for its highest in the month. shutdownsrefinery amid concerns of production. meanwhile, plans and the u.k. to criminalize the world's most crude future contrast. traders are saying it does not seem to worry them, at least at this point. the ukraine treasury is toughening rules after the scandal there resulted in about six $.5 billion in fines for at least 10 companies. the european union antitrust officials raided offices of companies, including bp last may amid allegations of price manipulations in crude oil futures. more to come on that front. terms of today's trading, futures off the extremes of today. almost 1%. at one point, gasoline futures were up 3.5%.

that refinery outage is feeding a bullish narrative. directly resulting from news of a refinery outage in texas. one analyst pointed out if they lose production, the market gets very tight in terms of gasoline production. the rally has legs and they also pointed out there continues to be pressure on oil because of concerns about ample supply and weak demand growth, particularly in europe. sue, thank you very much. street smart which are shrieking the hour.t the top of a sellout underway. >> huge and we will be all over it. at the biggest drop in stocks in months. the dow off more than 240 points. we will have every angle of that coverage for you. 18% durable good orders. that is a big deal. there is of course concerned that russia can see -- succeed

assets. also fears the economy will not be strong enough to support the environment. what do you do as an investor? we will talk about all of that. ambassadorormer u.s. and former new jersey senator will be joining me here the senator was a member of the senate foreigner -- foreign relations committee fairly look at his thoughts on exactly how severe the threat is. >> also very quickly, coming up at 4:30, that press conference, the attorney general announcing his plans resignation. trish regan, 3:00. thank you. coming up, argentina says its growth rate was flat in the second quarter but analysts are skeptical. details in the latin america report up next. ♪

>> while the nasdaq has rebounded from a selloff earlier this year, small companies moving into the cloud is ms. have missed recovery. the computer maker click software. ceoott caught up with the at the tel aviv stock exchange and they began by discussing the reason why click software has lagged behind the nasdaq rally. the market, it remains to be seen whether we will be exiting on things,

spared by 2014, we have proven this for the first quarter, the second quarter, and the third quarter as well. >> one investor keeping the faith is george soros. he has about 10% of shares. the biggest holding in his fund and the biggest shareholders. does that add pressure to you to have such a well-known investor? do they make suggestions? questions, without going into specific names, on an ongoing visit major to shareholders and we listen to them and their ideas and suggestions and concerns. we take this into account when we make our decisions. >> what about mergers and acquisitions? are you on the lookout for further acquisitions? oracle recently bought a company in your area. >> guest. we certainly look for additional options. required in the

early part of 2014, we are not very those to completing the operations forng the clients there. we are already seeing joint asterisk that could use the lower end of the motto -- the lower end of the market as well as the high-end of the market. >> have you received a purchase? i cannot comment on this. >> gaza, obviously not a direct impact. i think half of your business is in the united states in terms of sales, more or less. how does it affect you as an israeli company working here? >> for us, business continues as usual. some of our stuff in israel went practicalce, but for purposes, no delays in development and no delays in

sales outside of islam. not reallyly, we did notice much impact on our business. >> time for today's is latin america report. argentina's latest gdp report is reviving skepticism over the veracity of the government's data releases. gdp wasany reported unchanged for the second quarter. aonomists forecast detraction. his argentina's data reliable? >> a very good question that people are wondering again. marchevised their data in after it was said it was unreliable and underreporting -- underreporting inflation and gdp. now they released the data and everyone expected the general consensus was gdp would contract fact, they said it was unchanged and they revised last quarter from a

contraction to growing .3%. the question is, are they doing this now because they need to show the economy is doing well, even though they're in default? as the default progresses and does not get cured, the economy suffering as a response, is the government trying to cut that -- cover that up? >> has there been every -- anything said about the mixup? >> no. data and you're supposed to believe their data and their government and it is probably supposed to take more months of knowing whether or not there will be a trend of the version numbers aaron what is really interesting about economists, when they make project -- traditions or forecast, they have to do two of them. what they actually think gdp is and what they think the government will say. what they actually think inflation is or what they think the government will say.

be careful and say, is this what they actually think will happen, or what they think the government will say will happen president,he christina spoke yesterday at the united nations. how was the speech received? >> it basically went over a lot of the issues with told us they have been having with vulture funds, elliott management, that owns the debt from 2001 and is asking for a higher price on that debt. they called them terrorists. kind of lumped them in in their speech with other terrorist, the financial terrorists, and that they are threatening countries around the world with these types of lawsuits in argentina is fighting them on behalf of the rest of the world so this type of thing does not happen to them. >> argentina is taking a hit for the rest. giving up one they actively negotiating with argentina at this point? there wasppened is

activism among investors to try to get the clause removed that the government was saying was preventing them from negotiating with the holdout. that effort seems to be dying. ofre has been a lot logistical snafus they did not expect and there also was not any support given by the government to them to do this. by doing that, by not trying to go and remove this, they're basically saying, ok, we're will -- we will give the government the excuse they currently have right now for a few months longer. >> all right, covering argentina for us. thank you so much. that is your latin america report for thursday. up next, will the yankee captain derek jeter give him one chance to throw the fans in the bronx? we will go live to yankee stadium where his main competition may not be baltimore orioles, but mother nature. we continue in a moment. ♪

>> derek jeter is getting ready to play his last game at yankee stadium in the bronx. now people are worried it will rain on his parade, literally. holly is -- shelby is here live. what is the atmosphere like? people were worried about a possible cancellation. are showing up prepared. they have their rainbows and umbrellas and jackets and, of course, they are all wearing the derek jeter jersey. they're were indigent -- the

game will be canceled. so far, they say that the weather seems ok and they're praying for the game to go on. this is a huge deal for yankees fans, who are willing to pay a ton of money to be here. right now, according to stub up, the average ticket is selling for about $400 here that is just the average ticket very cheapest seats are going for $250. i talked to four guys who said they paid $300 to sit on the bleachers. this is a significant game. another thing the game is setting record for his demand. these online secondary ticket exchanges like stub hub say 30,000 tickets for this game, the last game of derek jeter's career here at yankee stadium. likeve never seen demand this for a regular-season baseball game. >> the $400 tickets, what getsns to them if the game canceled? >> it big question. if the game is canceled, well it would be delayed.

we are not sure it will be cancer -- canceled. a little more than 12 main dollars refunded for the tickets they will purchase. -- they purchased. the game could be rescheduled. right now, it looks like it would just stay canceled and there would be no game and a couple of game -- in a couple of days. no sent off for derek jeter. the yankees, the people who purchased tickets through the team, through the yankees website, if you go to a game next year of equal or lesser face value, and that is not kind ofter, everyone loses out if the game is canceled. everyone is praying for the game to go on. will -- we were talking during the commercial break. does derek jeter have any plans if it is canceled? cal ripken broke lou gehrig's aussies mark for consecutive

games played. he took a lap around the stadium. do we know if derek jeter will come out and take about or if you will do anything like that? >> i was just talking and nobody knows what is in store tonight. they'll hope something like that will happen. i cannot imagine he would leave the field without giving a speech, saying goodbye, doing a lap, like you said. some fans i talked to also said, the stadium will be flooded with tears tonight. i am sure he will do something to say goodbye to new york area >> shelby outside yankee stadium. thank you. derek jeter tomorrow as he heads to boston. we will bring back the founder and president of golden auctions who sold more than $600 million of collectibles over the years and is currently auctioning yankee memorabilia that expands the team's 100 year history, going all the way back to babe ruth. last time he was here, i got to hold the baby's that and it was

heavy. stay with us. ♪

>> that does it for this edition of bottom line number mood television. -- on bloomberg television. on the markets is up next. i will see you tomorrow. the hour.6 past

bloomberg television is on the markets. let's get you caught up with where stocks are trading right now. this selloff continues. the s&p and the down the nasdaq in the red. the s&p falling by the most in eight weeks, down 27 point. of 78 point. heavy selling in tech stock and in particular, heavy selloff in apple. today, we are focusing on retail and back-to-school shopping is wrapping up. no official word on what you -- on how it is turning out but early signs that sales were at best just ok. team tracked real-time sales numbers. how is this cool looking? >> everything i've seen so far says exactly what you said. they are just ok. we have seen better numbers and that is largely due to inflation.

discretionary up peril, sales look weak. consumer spending elsewhere but apparels. >> what are the numbers? retail sales, the back-to-school season, we are up 4.2%. >> that sounds pretty good. i do not know if consumer discretionary is up at 2%. >> a little off from last year. ok, i would say. retailers and mass merchants, they're doing well. for apparel, is much weaker, in the low single digits versus mid-single -- mid single-digit plaster. >> all of the retailers, american eagle, all reporting weak sales in the past quarter. any other sense -- apparel is not doing well. what other kids and parents standing back-to-school? everyone asked for a new iphone 6. presumably, not everyone will get one. what kinds of things or kids

spending on? >> tablets, phones, music, home, dorms. they are spending on everything but apparel. if they are spending on apparel, they're going to fashion where it cost less, more affordable and in style. or they are spending on accessories like handbags. they're really buying what makes them look good. readthrough for the holiday season? can we think of back-to-school as a leader for hollywood sales question mark likes it is, but this year is different only because sales are weak. ok and thats are should indicate a better holiday. in january, we had extreme weather conditions and the breach from target last year. it depends on retailers. i think consumers and shoppers, especially the younger shoppers, will have an iphone on their

list. that pulls up an expensive ticket. $300 left to go to apparel. >> perhaps they will lower the prices now that they have to update the software. thank you so much for breaking it down. that does it for us very we will be on the markets again in 30 minutes. in the meantime, street smart with trish regan starts now. ♪

>> welcome to the most important hour of the session. coming up today, we get a market in major selloff mode. meanwhile, vladimir putin's lyrical party proposes a law on seizing the assets. and attorney general eric holder plans to design the white house -- the white house to make the assignment in just over an hour from now or president obama says the time to act on ebola is now. we are all on the market as the head to the final hours of trading. all right. a big selloff, as i said, is on the way.