program and u.s. investors await tomorrow's key august jobs report. >> game on for tom brady. heat -- a judge tosses out his four-game suspension for deflategate. >> more work options in fields like technology and consulting. is business school still worth it? we will speak with the dean of harvard business school. ♪ brandon: good afternoon. betty: i know you have been at it since early this morning. we look like we are continuing the rally. we are coming off of our highs of the session. is up just about 137 points and part of that is the energy rally. energy shales -- energy shares have been a dominant force. all of those are rising.

, you were there when jobless claims came out. and it is a little bit of a pin on it. brendan: i think anything is fair game because there is no depressing news out of shanghai. betty: at least we have some relief. how oil is.t crude.x you can see nymex crude up. brendan: we are going to take a

look at the bond markets. u.s. treasury yields are falling on mario draghi's comments to support bureau treasury. are taking this into context. the fed raising interest rates and it will it ever not be considering? betty: i might be listening more to the bond investors these days. brendon: can we take a look? there we go. it is hard to read on the screen. looking at fed fund. the probability of a september move is 30% in this last month in august. as 26%, a little more confidence after a lot of fed presidents came out and said

we are looking at china and it has not changed our mind yet. we do not find it significant betty:. -- significant. betty: people thought only 80 or 90% would be moved. we will getrendan: right to the top stories to market turmoil did not keep the economy for moving ahead. service industries are growing for the fastest pace in a decade. that is according to the nonmanufacturing index. the service sector makes up 90% of the economy, business included. confident inw less the economy last week. the bloomberg consumer comfort index fell slightly from the week before. about half were conducted from the stock market selloff. betty: pressure to find a new meter. directors will discuss this when they meet today. ceo, jackinterim dorsey, one of the company's

cofounders. in the three months since it began, the stock has dropped 22% to first time claims. it leads to a time of volatility in the jobs data. below 300,000. the jobs report comes out tomorrow. u.s. trade deficit fell 7%. exports were little changed. they are expected to fall in the coming months because of the stronger dollar. king solomon of saudi arabia will meet with president obama tomorrow after the -- at the white house. the saudi's want to know how the u.s. will make iran keep its side of the bargain. they talked about the goals of king solomon's trip on bloomberg surveillance. >> now there is an agreement.

it needs to be assured that the and they a violation will take measures. trying to protect the region, something that should have to be done in the past. that needs to be a reassuring point. he took the throne eight months ago. betty: as we mentioned a few moments ago, one for tom brady, he has defeated the nfl in a deflategate court case. he can ask it up the season opener next week here at a surprise ruling came after more than a month of failed settlement talks between nfl players union. the judge criticized the nfl

after death for its handling. during first half, that brady use under deflated football spear the indianapolis colts 45 to seven, then won the super bowl two weeks later. the ruling does not necessarily and a dispute that we can still appeal. one for brady and 04 roger goodell. brendan: i wanted the story to end and then it became interesting. it turned into a labor dispute, as a really important precedents. you cannot just summarily strip someone of work. it turns into a fascinating case. have aout of 12 games play or something along those lines. that is huge. hour, 100next half years old and still going strong. managing money. we will introduce you to the oldest working woman wall street. brendan: huge headaches on sports providers.

we will look at how live television sports are looking at astronomical costs. looking to expand stimulus programs and reduce growth according to mario draghi. >> will close incoming information. it emphasized its willingness and ability to act. by using all the instruments available within its mandate and, in particular, recalls that the asset purchase program flexibilityicient in terms of adjusting the size, composition, and duration of the program. officials also cut forecasts for economic growth citing a threat to global expansion. betty: tomorrow's's u.s. jobs

report could be a exciting factor in whether the fed will hike interest rates in september. we are now at about 30%. to help us eliminate all of this, i want to bring in our chief economist of bloomberg intelligence, carl. with the ecbeal first and tell us how much things have changed with this refurbishing of the bond buying program. >> sure. there is a common theme and that is deflation, whether it is tom brady or mario draghi. is classic, central bank job owning, where he did not have to do anything, but what he said was very relevant. takes partatever it two. >> exactly. a very good analogy. keeping the option open that they could do more, which is basically a way of job opening the currency lower caret we saw that immediately. it was somewhat perplexing over the last few weeks that the euro was actually showing strength.

the life blood in the european economy right now is the export sector and a stronger euro will impact that. so mario draghi did what he needed to be done -- what needed to be done. stay even lower for even longer or even more, data for even longer and the currency reflects that and that is good news if you are a euro-based exporter. question is more than just job owning or i get that job owning today made the market movement. but this will be relatively significant going forward. it will give the ecb more flexibility. >> this potentially keeps the ecb in an using mode for a longer time. you see the reflection in interest-rate target and currency markets, even energy and whatnot. brendan: you might as well claim is to me right now. what is the significance of the move now within each asset, they used to be able to buy a quarter of each asset and now they can

buy one third of it. what does that mean? >> this post a limitation in terms of the entire size of what they could actually purchase. question, they would eventually run out of assets. now by ending the month -- the amount they could buy, it gives them more scope for a bigger program. this lays the groundwork to say, you thought we were doing qe, we are doing qe 2.0. we are also seeing asset creek. brendan: the other news that came out earlier this morning, they could buy irish mortgage debts. we will see an expansion of the kinds of assets they are able to buy. >> right. issue was they would eventually run out of targets. it is not necessarily that they see some problem in the movement, but rather that they have a bigger, overall impact in the long run. let's bring it back home here. how much is janet yellen waken up this morning and saying, oh,

ok, how does that affect us here? >> it impacts us here because are --d markets ordinarily, u.s. central bankers, that is kind of like maybe number 10 on their list of concerns. obviously, given the dramatic appreciation of the dollar over the last year, they're more finely attuned to that blow back. if europe is going to be lower for longer, that means the fed is going alone for longer and all else being equal, it calls for a stronger dollar. betty: d think they would have talked ahead of time? >> i do not think necessarily. they are in very close communication. brendan: the other thing both of them have to be aware of is that is having an increasing effect on currencies at one thing we have been watching over the last years is you compare the spread between two-year swaths of the euro-dollar and the actual euro dollar, they are actually starting to move together per the only thing that matters is interest rate policy.

>> right. inerest rate differentials terms of floating the exchange we see the classic example of that now. cautiousas to be very as they move toward exiting policy that the market does not torreact and expect them move soon and to a large degree. if the markets have that reaction, you will cede even stronger dollar and this creates real negative headwinds, and negative feedback into the economy, especially in the manufacturing sector, which has been largely stagnant. you highlighted earlier, a good resilience in the economy. janet yellen does not want to move to higher rates on the backs of u.s. workers by clobbering them with an excessively strong dollar. had mark on, who is always very critical of the fed. this is what he said, speaking about assets. about basically, there is no way -- nowhere to hide right now.

>> i think because of modern central banking, and a repeated intervention with monetary policies, in other words, with qe, all around the world, by central banks, there is no safe asset anymore. carl. no safe asset, i know you are not a stock market and hasta cater. but if in fact the fed were to raise interest rates next week or on the 17th, do you expect that basically the markets are dependent on that in order to rally even further, or to go up and say, we are headed higher? >> one thing we know, equity markets do like quantitative easing. every time there are hints of more qe coming down the pike, equity markets respond accordingly. i do not think it is different. you see the reaction of the equity markets today just on the

druggie job own. inever, i think typically the early stages of interest rate cycles, that does not have a big negative fallout on equity markets. if the fed could successfully telegraph one and done, a very slow trajectory thereafter, there should not be a big fall out in the equity market. the fed's rates because the economy is stronger. that should be good news for the equity market. they may digest this as a vote of confidence, congratulations, we have made it through the crisis era, and we can end crisis era policies. we are not pulling back on the throttle dramatically in that environment, equities should be just fine. thank you so much. great to see appeared much more is ahead as we are watching the markets move higher. as we had to break, here are some of the day's big gainers. ♪

brendan: welcome back. that is new york and it is hot. betty: that is all you can say. it is like a heat wave in september. let's get a check on the markets right now. matt: though we have not gained as many points as yesterday, i'm excited about the rally. it is based on real news. mario draghi is ready to juice the system and the markets even more. as a result, we have the dow the close.2 93 at yesterday. clawing back the 500 point loss that we had on monday. the s&p, a .8% gain.

still firmly in the green. take a look at oil. is it a chicken or in a thing? i guess it is an egg. if mario draghi said he would basically do what he can to boost asset prices, he wants to fight deflation and create inflation. one of the assets that will likely benefit, or he hopes, i am sure, is oil. you see the price of oil up to 42. energy stocks, as a result, are gaining right now. this is the s&p energy index. all of the s&p sectors are gaining. energy is having a really good day. if you look and i bloomberg terminal, i pulled up the last four days, energy action. you can see we are kind of getting back to where we were on friday. monday, this massive drought, 500 points down on the dow. energy stocks took a huge hit.

oil came under pressure after three days of like 25 year gains. we had a giant drop and we are kind of working our way back. so energy and energy stocks kind inlook just like the market general, except for joy global, which, to be fair, is mostly making coal and not involved in oil. today.ting crushed intraday charge does not do it any justice. you is where it was like, know, yesterday. down 15% because profit fell 37% in the quarter. joy global is under real pressure. a lot of analysts are coming in and down rating it as well. betty: thank you so much, matt miller with a roundup of the markets. still ahead, food and bus, war and peace. she had seen it all in her long life. brendan: she has turned 100 years old and is one of the

oldest working professionals at wall street. after the break, she reveals the secrets to her success.

betty: that is a nice shot of central park. better than the roof shot where you cannot see anything. long before the air of megabanks , wall street was a different place. there are not many people left who remember what it was like when investors did not have to fight algorithms. erik schatzker found someone who does and boy she something special. erik: this is irene. ♪ she is the oldest woman on wall street. >> i started in 1942, during the war.

there has been a number of small, private banks. erik: she just turned 100. she has been warning at the same firm since 1973 and still manages money for clients. >> she covers everything, including her office, right next door. she would not have it any other way. >> they've grown old with me. and when they come, i tell them they will be left behind in a bull market. but in a bear market, better off. erik: if you are not a bowl, how would you describe yourself? -- bull, how would you describe yourself?

age and experience. she is seen just about every fat in finance come and go. -- fad in finance come and go. >> all the nonsense people bring up these days. erik: she grew up in another era, decades before anyone ever heard of a dotcom or ceo squared. >> private banker. i started at a young age. i never went through any college. erik: hers was a carefree life of luxury. it came to a terrible and with the rise of hitler and the not these. -- nazis. >> the march of 1941. 700 people. erik: 15 years later, she caught a week, landing a job as an

-- caught a break, landing a job as an investment driver. >> in 1957, there were not many women, not at all. erik: she sits on the investment committee. officepped going to the just months ago after an illness. now she works at an apartment. colleagues say she exudes a rare patience and discipline. >> she will not say anything while everyone else is arguing, then all the sudden, incisively, she will speak and cut right to the heart of the issue. her clients recognize she is not always easy, that she will tell it like it is whether the client wants to hear it or not. they laugh sometimes at that but ultimately respect it. erik: she never thought she

would live to be 100 let alone work at this age, yet she still has one regret. >> why did you want to be a trader? >> fun. erik: erik schatzker, bloomberg. betty: incredible. brendan: what a gorgeous story. betty: it is. you do not see a lot of those careers ever, barely. brendan: that is it for me. 42% of the harvard business school populace are women. we are going to find out how much -- ♪

betty: the nfl will appeal a judge's ruling today notifying

tom brady posit suspension for the so-called deflategate. the judge came out forcibly in his favor, for handling a scandal that erupted in january. that is when officials discovered that brady used under inflated footballs. the migrant crisis and hungry is sparking a new round of political infighting. left, more than 3000 migrants, many of whom are from war-torn syria, hungry's prime minister says germany's doing nothing about the migrant population. >> nobody would like to stay hungry silly we do not have difficulties with those who would like to stay hungry. known like to stay hungry. all of them would like to go to germany. westbound trains from hungry's r not running.

it said they suspended them for security reasons. the move comes as he faces a corruption scandal that brought him to the brink. he was ordered to detain -- to be detained. this has already led to the members.on of several news about the malaysian according to a french news agency. the display says the biggest client is having orders of the biggest launch of the iphone last month. a lawyer -- sites an interview with the company's ceo.

strong orders from apple could mean the u.s. companies more bullish about the prospects of its new iphone. apple is expected to unveil the new one september 9. mark your calendars. that is a look at the top stories at this hour. coming up, in the next half hour, how many skyscrapers and golf courses does donald trump really own? we will go back on the empire of the president's front runner death the presidential front-runner. look at how that is impacting the currency market. it is nearly labor day, vacation time for many of us. if you are applying to business school, for an entire, you have a week to polish your application to or the september 9 deadline. applications of the roughly 900 seats in a harvick -- harvard business school >> are rising. hard to keep it that

way. thank you so much for joining us. the question has to be asked because you hear more and more these days, is nba even at harvard at 61,000 dollars a year, really worth it in this new economy? >> perhaps it is even more worth it now than ever before. if you think about the expanding lifespan of most people in their careers, though 25 euros would retire by 45, many of them have to work until they are 75. if you think about the 45 year career, and you have to prepare yourself for the work that has twists and turns in new industries that form and industries that are created, i think it is a great preparation, not just for your next job.

for a lifetime. can accept that pearson people say, why can't we make it cheaper and more equitable? to make theried education much more affordable. of ourr more than 60% students based on their need, financially. or 70,000nt gets 60 dollars. roughly a quarter of our students are getting an entire year's tuition off. we are looking for the brightest people with leadership potential. i promise you will be able to attend regardless of your financial need. betty: i thought this was really interesting. people see the rise of silicon valley. and online courses, you know, again, is having as crucial. the numbers are interesting. 33% of graduates in the harvard school went into finance,

compared to 39% in 2011. it is a little bit of a drop. 17% when into tech, versus just 11% in 2011. what is also interesting is half of those went to small companies , versus 31% in 2010. what is that tell you? shows, right just now the world, extraordinary opportunities being created by theypreneur companies, have always been opportunity seekers when the opportunities and today,ance opportunities are in entrepreneurship, in silicon valley, in this extraordinary tech revolution. we have more students than ever before. betty: are they getting the same return on their degree? i hope so. i would argue the students are getting a greater return because the least well-known fact about

the school is that 10 to 20 years after the student's graduate, 50% of them become entrepreneurs. though there is so much obsession when they first graduate, those are the statistics most reported, actually everyone who joined the business school at some point has a dream or aspiration to create their own company. many of them feel more ready to make the plunge. it is not clear to me that being a notch nor in your 20's is always the best thing to do. we have about 100 of our now taking that stage. might be something more appropriate and little bit later in their careers. 33% among those who go to finance, should wall street be worried about those numbers? >> i do not think so. a large number. some of our very best students will go into the sector. it is not like wall street has

to worry about the business school. some of the most talented people at the school still go to that sector. it is an important part of the work. i'm delighted our students are in that sector. i grew up in a country where the -- icial sector did not grew up in india. i have seen how important it is to have a vibrant system. if you grow up in a system that did not have a great financial system to begin with, we should a happy we have as vibrant financial system as we have in the country. statistic taken from you is 40% of students are women now at harvard as the school. the statistic when it comes to the reality of corporate america. 5% of fortune 500 ceo's is our women.

you have anlike extra burden to make sure those numbers at school represent what they do in corporate america? >> if you are -- ask yourself the question what is the age where people are most primed to become ceo's, especially ceo's is of companies, we have a program for new ceo's is, and a most magically, they all seem to average around the age. there is a 22 year career before being considered for a ceo position. the fact that we now have 20 years, 20% of the people graduating from harvard business school are women are we now have 40% graduating. at least we will double the number of people maybe 20 or from now in a position to be ceo. we have to have patience. i deeply expect and believe these numbers will improve because remarkably talented women are joining the business school. there is no reason -- we know their aspiration is to reach the top.

the number will continue to change and improve over time. betty: a final note, online courses, every day i see a group offering all sorts of courses. linkedin bought linda. you have so many, and you have the jack welsh institute and the economy. tell me how you will compete with that. people say, i can buy online courses for a fraction of the price. confess i thought maybe that is not for us because the intimacy of having an hundred people in a residential campus or executives spend weeks in our campus, the online revolution is an important one. , which ishe product

for undergraduates and people just starting the job. it gives them the basics of analytics. we think it is a great way to get a head start in business. we have seen enormous demand for the course and great success with it are we are learning when you think of online education, it does not have to be a degraded education. it can be deeply engaging and compelling. we think this is a forced to stay. i still continue to believe there is nothing that would replace coming and spending intimate time with a group of peers, and really immersing face, formingto lifelong relationships, taking the time off to think about what you want to do for the rest of your life. betty: please online companies are going into the physical sphere. online courses, but they also are now giving physical classes as well. in many ways, what we are discovering even in

retail, people are trying to create a physical manus is -- manifestation where they can have an experience pretty does not just online and not just physical. it is a combination of both. i think education will have that blend as well. we are determined to be leaders when that blend occurs. the same time as we have been for many years. leaders in the residential educational experience. for joining me. much more is ahead on the bloomberg market day it overseas, china is hosting a massive military parade. besides remembering the past, it created a way for china to showcase its military might. distracting from was going on in the economy, we will get a closer look at the -- next. ♪

betty: welcome back. with get straight to matt miller. the last time we were talking to you, we were coming off the highs of the session. it looks like your green tie is not keeping the market up. matt: we'll have come way off the highs of the session. we were up 160 and 170 points on the dow, now just up 85. we are now up only .5% on the s&p 500. if you look at my terminal, i can show you an interesting .unction yesterday, i was messing around with this function and you can use it for internet -- indexes or commodities or even individual stocks to see how different months have done over different years.

andcolumns are the months here we have the years going back. the top of the average change. i figured out a way to do it with payrolls which is pretty cool. last month, the consensus for here, which is black right now because we have not got the number, is 218,000. here, ick down one year can show you the average we would normally add for august is 60 3000, 4 hundred. we had a state of rough years here. that is in number i think a lot of people are paying the very much attention to. it will have at least some affect on the fed's session. that is one of the reasons you see us may be coming off a little bit. yield as well, you can see people are buying treasuries today, interesting move.

they may think we will not see a rate hike in september, especially what mario draghi and the ecb has done, the opposite. a little more qe put on in his speech this morning. take a look at some of the other commodities i'm watching. that will have debts that will be very affected, i think, by other equities with mario draghi's decision and then what we hear from the fed. gold futures are down. mario draghi says, you know what come i might run the printing presses a little longer and a little stronger, and yet people are selling off gold. very interesting, but you see oil prices higher, copper prices higher, other assets that mario draghi wants to push up, actually rising today. and that is it for me, betty. you so much. matt miller with a look at the markets to we are watching what is going on asia. tanks rolled through the square in china to end world war ii.

the chinese president told the world the nation was committed to peace and announced the biggest cuts to the army and a most two decades. stephen engle filed this report from today. >> i'm here reporting outside the square in the heart of isjing where the parade literally rolling by here. we have the artillery of the people's liberation army as they celebrate the 70th anniversary of the ending of world war ii. president, this is his opportunity to show his grip on the military, but also to show unity to the chinese people. to bathing the parade in nationalistic tone, is also sending a message to the world and to the region that china is a unified power and it will be a force to be reckoned with. engle inat was stephen china, in beijing.

nfl commissioner roger goodell here in the u.s. says the leak will appeal a federal judge decision to toss out tom brady's four-game suspension over deflategate. the judge criticized him for sending out his own brand of justice. .rady tweeted this picture as it stands, brady will hit the field for the september 10 open or against pittsburgh. mark crumpton is here with me now. we talked about this story earlier and i stand corrected. the season was 16 games. i said 12. mark: as anyone who watches knows, i'm a steelers fan to it does industrial justice mean? i would like to know that. it is my understanding the collective target the agreement between the nfl and the players union was worked out, that the commissioner had the authority to protect what he deemed to be in thebest interest or integrity of the national football league.

we have learned the nfl will appeal. brady patriots and tom believe they have one, this is probably just round one because this will go on. betty: it is going to go on. aboutoes that tell you the labor laws in the nfl? and roger goodell's leadership as well? mark: it tells me they are two's stubborn men. roger goodell and tom brady will not give an inch on this. the commissioner works for the owners. in a sense, bob is his loss and he works for all of them. this story has got legs and it will keep going on. betty: it is and we have got a lot going on in the next hour. mark: mark will join us and we will re-air it part of that interview. he will be talking to us just as the u.s. open will be underway and as serena williams tries to

get that, i guess they are calling that serena slam, to see if she can win all the majors. betty: that also sounds like a breakfast that i hop. the grand slam. the serena slam. [laughter] all right. much more on "the bloomberg market day." ♪

betty: all those gop contenders for the presidency. a young and rich donald trump breaking the cover of the latest issue of bloomberg's business week. shaking up he was the political landscape, he was as a masterful manager. you say in a profile trump is

not self-made but he is definitely self invented, right? >> what beautiful writing that was in i wrote those words. it is true. he introduced himself america's gone pretty far. want a wall built on the border, i'm your man. i appreciate it. i -- our idea was to push aside all of the noise and focus only on his business. it i a fun thing to do have spent time with his deputies who people do not know and they are amazing. i also spent time fits -- figuring out his business and even going to one of them, which is amazing in its own right. tell me first about the people around him. he is a character, but what about the people around him? 1981, playing chris evert u.s.similar -- semifinals

open. thee hecklers yelling at tennis players, there was a former linebacker who ran up and tackle the hecklers and brought them down. i think he did it twice. trump happened to be there and he was like, i like that guy to her he hired him as his bodyguard. his name is matt. matt has grown up in the organization and is now the chief operating officer, one of the top executives for trump. there are other people like that. his chief financial officer was his dad's accountant. so it is like, people like that. there was a teenager, 15, a waitress at trump westchester, who he thought was an amazing waitress and had a lot of promise, and she is now the head of marketing and golf real estate. betty: clearly helping build people up within his organization. so what about his organization? you spend some time with that.

>> he has got his own way of being the boss and his own with making money or the big epiphany for me is i guess you can go into this, either expecting him to kind of be like, you know, a sham, or a guy who only makes money by slapping his name on other people'stuff, there is literally trump water called trump ice. i have it and i drank it. betty: was it better than the rest? >> it is regular water. in that wayt a sham and he is also, though, part of why i hope people read the story, he is not an amazing and magnificent builder. he is not really building skyscrapers anymore to he is renovating a lot of things like resorts, but when it comes to be a new york builder in the nossic sense, that is just longer true of him and it has not been for a long time. betty: you mentioned slapping his name on things. we have got a diagram.

can we pull that up, a list of all the different things he has put his name on. .rump vodka are these hits at all? >> some of them are. has made himce" 200 million dollars per when he puts up buildings, when you see a trump old in rio, trump will leave in turkey, those are not his there they are being licensed. betty: great story. max abelson. read the story in the latest bloomberg's this week, available online today and it will be on newsstands tomorrow. ♪

betty: 10:00 in san francisco, 1:00 in new york and 1:00 a.m. in hong kong. mark: it is the bloomberg "market day."

increasing concerns over slower growth and increasing inflation. a preview of the key jobs report tomorrow in the u.s. looking for a small drop in unemployment rate. for a newsearch twitter ceo gains momentum and urgency. important meets today after the stop lunges over the past three months and investors had for the plunges over the past three month and investors head for the exit. good afternoon. i am betty liu. mark: i am mark crumpton. thank you for joining us on the bloomberg "market day." stocks rising for a second day. investors getting a break declines by china. taking a look at the boards, s&p 500 up over half a percent 1958. dow jones up over half a percent -- half a