speak now. >> thanks for watching "street signs," everybody. certainly more market information to come up on the "closing bell." and we do welcome you to "closing bell." i'm bill griffeth here at krpt nx world headquarters today. >> i'm kelly evans down here at the new york stock exchange in for maria bartiromo and on a day when global tension is getting stocks -- >> have some water. we just started, kelly. >> we've got a long program to go. >> we do. >> and concerns topping the list. syria a major concern and the late-day sell-off from yesterday is happening again. dow down 145 points. >> here's the deal. we've had other potential conflicts around the globe for a couple of years now, and the markets did nothing with it. this one, they're paying attention to, and in the usual ways finally. stocks down, bonds up, gold up,

and oil very high today. >> right. >> crude oil doing its best day in a year and a half now. seeing the kind of rush to a safe haven you might imagine here, kel inlts sure. the risk oh version trade playing out globally. keep a close eye on the japanese yen strengthening, testing the 97 level. not there in quite some time pap hit for emerging markets and exacerbating a lot of the pain we saw coming into this week already. >> a lot to cover. especially this last hour of trade. let's get you caught up. hope you can stick around. the dow,s nasdaq, s&p, all testing support levels today. there's the nasdaq down 72 points. bic big decline of almost 2% at 3585 and change. the s&p down 1.5% down 23 points at 1633. this month shaping up to be one of the worst for the us stock market in more than a year. bob pisani, everyone on the

floor, must be talking syria. >> you have problems when everyone's reading foreign affairs policy magazines. the problem is sesi syria is ata tipping point. the government problems, german elections, get a stew of uncertainty and syria pushes you over the top. ten-year yields moving down. sometimes in the past a big help to the market. not anymore. yoesh l overlay there. ten-year yield today. you can see moving down. stocks moving down on top of that. i want to point out and not minimize, syria is a major problem, but the market internals are not that bad. volume moderate. yesterday the lightest full day of the year. bottom line, no stampede to sell, a buyer's strike. low on volume. quick to point that out. roughly one. no big fear there. a lot of people holding on to

longs, doing nothing now. the vix is up. at a six-week high. that's not that high. it was much higher back in june when there were concerns on the fed out there. bear that in mind. no particular panic going on. how much is syria worth? simple. there's the dow. ever since the secretary came out yesterday with comments, dow down about 225, 235 points. what it's worth so far on the markets, but in a slow descent downward. all month. right now the s&p and dow down about 4, 4.5% since the start of the year. of course, those are issues over the weak economy. finally, a couple groups moving. you mentioned oil up at a new high. look what it's doing to airline stocks. 25%, 30% of the overall part of the business, the cost of fuel. back to you. >> ugly day for the airlines. wow. look at the declines. and under pressure. stay there. we want to expand the conversation. and todd from landco.

and joe duran and our very own rick santelli. first to you, seeing about a 2750 points come of you the dow since the headlines were announced. is there further to go? >> very well could be. we're saying an initial area of support, around 1,600 on the s&p 500. what we track. another 2% potential down side before you find meaningful support in the market. >> 2%. todd? >> this market is scared to death of what's going on in syria. it's critical grave. put any word you want there. clearly, every trader, like bob is talking about. everybody's looking at this now. concentrate on earnings, talk papering. the top of mind story is syria. have to wait and see what happens. >> rick santelli, curious about your thoughts. a markets 101 kind of a day. the kind of responses you would

anticipate and the kinds we haven't had with other potential conflicts in the past. why are they paying attention today? >> that was the big debate on this trading floor, bill. a couple of the key points were, of course, the energy sector is giving a pretty good heads up on one of the issues. that, of course, is threatening supply. even though we may be rather self-sufficient these days. all energy is fungible. whoever doesn't get it, the proo is is goi price is going up. another issue. a proactive foreign policy issue und are the president and in many ways the first off. he really is kind of potentially has his red line to defend. i think part of this is kind of handicapping how this is progressing. many traders on the floor watched the press conference with jay carney and thought maybe the administration was walking back the idea of a response, more in the near term versus later term or at all.

i don't know if it's clear and i think the less clear it gets the more the stock market, which already is spongy, isn't going to like it. as far as interest rates, right when it breaks through key technical level, sponsorship is gone. volume not heavy, but seems the next couple of days if dynamics don't change, i wouldn't be surprised to see the ten-year into the low to mid-260s. >> joe duran, the next move? >> i think. i do. i think syria is really just an example of why people are worried. but it's not the driver. i think the fiscal cliff talk is really getting people concerned. syria put the advantage in the president's hand and therefore driving a different outdhaum might be scaring people. >> the breakout in oil, todd, suggests there is something to this particular concern about what happens ay cross the middle east. >> absolutely. take away from discretionary income. look at household balance sheet. if that becomes crippled, you wonder, what will happen if we

tape jer the equity markets slide. the u.s. economy. i see what you're saying and respect it, it's top of mind now with syria and once those bombs start going, and they will go off, when that happen you're going to see heads turn here. >> the interest rate question is the driver here. if interest rates continue to not react the way we see them today, which is good, if they -- >> continue to come down? >> they continue to come down. the market is reacting healthy. if we see them -- >> only in the sense supportive for equity. is that your argument? >> yes. basically taking the tax out of consumers' pockets. >> the mentality to buy these dips. not seeing that now, obviously. maybe this geopolitical situation is keeping those people away. down 5%, 6% on the dow since the peak on august 2nd. there going to be a point at which you'll want to buy this dip, do you think? >> there is a point, but a lot lower than where we are today. don't forget we're coming off record profit margins.

a 23% annual growth rate in equity since 2008. it's been a stellar market, and just to talk for one minute about energy prices, because i think we forget how fragile our energy supply and demand system is. 85 million barrels of oil a day move from centers of comp assumptio consumption. syria represents a half percent of that, the entire middle east is over 20% of the consumption with saudi arabia representing 12.5%. the global political tensions are weighing in to the fact we are at a very delicate level of supply and demand for energy and what the futures market is telling us, there's not a lot of crude oil in tankers today, because the forward prices of crude oil are considerably lower in spot prices. peel be bidding up spot supply. >> let me bring in, from empire,

and last friday we were wold he couldn't be surprised to see the dow go into the 12,000 range. he's expecting a pullback even bigger than we've got so far. what about you? >> you know what? if he's saying 12,000 that might be a little much. i was looking more like 1550 on the s&p which would be, i would say, probably another 1,000 points on the dow. not looking for that significant pullback. i was thinking between 5% and 8% from the high and i think going down to about 1,500 on the s&p could be about 8.5%. >> does it all depend on whether there's military action against syria? >> i think the military action, they've been talking about it on every network. anywhere you look they're saying it's going to be a two to four-day process. do whatever their plans are and not extended action. i think the oil market is, you're seeing that. i think the oil market is actually thinking this might be a lot more than just two or four

days. gauges what happens je geopolitically is hard to gauge. we're nod in syria. >> and frankly, the time of year. the quality is so light down here. we opened this morning something like 25 million shares at the open. on a good day, on the floor of the new york stock exchange, we open close 100 million. yesterday, the lightest volume in a long time. just a moderate amount of selling pressure on secretary kerry's comments reduced a drop in the dow. >> good, bob. that's good. you've got to admit, good. lower volume. if we had higher here, the markets down 300, 400 points now. >> are you buying into that, todd's last word? >> i'm not. the strikes will occur saturday. they're in prayers. respect that. we won't start bombing. it's obvious.

>> all right. >> that's what he's saying. thanks, gentlemen. just about 50 minutes left to go, bill, before the closing bell. again, looking at a dow down almost 150 points, barely off session lows of 160s and 2% decline for the nasdaq as well. up next, the marx akets are swooning on syria, they didn't blink when it shut down. the blame game for last week's calamity is heating up and now the sec is getting involved. what's really going on. a former vice chair of the nasdaq joining us in a moment here. and topping $100 billion yesterday day. backed off a bit today. the question, where do the shares go 2340u? a debate on that coming up's plenty more ahead during the most important hour of the trading day.

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finger pointing and name calling. that's been the game between the nasdaq and new york stock

exchange since last thursday. now the federal government is demanding hard answers. >> the two exchanges are blaming one another for the destruction and now the securities and exchange commission heard enough. its head mary jo white demanding they meet september 12th to give a clear picture of exactly what happened. what's on the line at the meeting and what's the future of these exchanges? with us, david wield, former vice chairman and chris nagy, served on the board of the philadelphia stock exchange and amex option s exchanges. william. >> thank you. >> thank you. >> from your perspective, how important is the nasdaq prove it's not at fault jmplt you c? >> you can look at the structure. both at fault in some way. blaming the markets isn't

particularly productive. they've become so complicated, some respects, a wonder we don't have more outages than we do. >> you have to assign blame to fig are thousand solve the problem. don't you? >> you've got to fix it. that's really what you have to do. whether or not you pin somebody up by their ears, i think is, not particularly constructive. the fact is, we have one big market that lives organic with with 53 trading venues now. inordinately complex. if you look at permutations, only five trading venues, you'd have 120 combinations. go up to 50, you have 10 to the 36th, i think there's a number with 10th to the 9th, a billion combinations already. a number you can't get your head around. that's hour complicated markets have become. >> how traders and investors are left feeling. what 'sec do here?

>> what wareally needs to happe we'll have technology issues. seems like every time we do in the marketplace we're unable to come out of that. case in point here. nasdaq said at the end of the day when the mishap happened, they were able to rectify the situation in 30 minutes. put it took 2.5 hours to get back online. indicating not proper planning in place. >> yeah. it comes down to, it seems, the new york stock exchange's electronic system calmed arka trying to communicate with the nasdaq's prit reporting simple known at sip. seems the sec issing whoing f lg nor closely at sip, whether or not it could handle the load. it twhaen b wasn't that busy a day. >> one of the technology companies was looking at quotes

leading up to the outage, and they essentially said arka was taking information that was sort of from 50 minutes, old information, and trying to push it back through the sip. the securities information processor, and that that information was off then the current marx akets and they had shut it down. the question, you take that blast of information, push back through the sip, repetitively, is that a problem on their side or the nasdaq side? doesn't matter. the fact is there's a problem in public demands, and they want it fixed. >> you've sold a lot of exchanges. >> yes. >> what's your advice to both exchanges and what's your advice to the sec? if all exchanges are acting under the incentive to increase their own business bit giving us a horribly fractured system, somebody's got to step up to the plate. >> competing but operating at

the same time. >> everybody lives in a glass house right now. okay? it doesn't do them any good to throw rocks. they need to get in. basically be quiet. stop trying to curry favor against each other. just get over to the sec. work with mary jo white, get the thing fixes ad and on with life >> what if they need to have fewer exchanges? how do they pick winners and losers? >> a big part of the problem. we've seen a huge growth in exchanges but they've gone from public utilities, if you will, to for-profit publicly traded companies. this issue with the sip actually dates back to 1975 when it was essentially created. and the unfortunate part about it is, even though we've got a lot of exchanges in the marketplace, they all have to funnel their quotes back into the centralized computer. >> right. >> that's where the havoc is created. right in -- so it really needs to happen, the regulatory framework, one, needs to keep up

with the pace of trading in the marketplace, but at the same time, we need to examine that sip structure and possibly go to more of a districted-type architecture. so unexchange fails or one piece of equipment, you don't bring the whole system down. >> and mr. goldberg is throughout somewhere. >> exactly. thanks for joining us. keep an eye on what the sec decides to do. bill, you mentioned as well, moving to about 40 minutes before the closing bell, stocks are hitting new lows. dow down about 166 points. now about 165. >> yeah. tough to find a trader i suspect who wants to go long into this night. just in case. when we come back, facebook pressish major market mile stst before fading back. why are investors liking this stock, and should you have it in your port follow jofoliportfoli? and stop by our facebook page. lots of entertaining features

there. after "the bell," market moving news, treasury secretary is signaling a dead ceiling red alert. the question, whether this is a threat to markets. we'll try to answer that. >> and set to uncrail a trade-in frahm from apple. you can give apple your old iphone and get credit for a new one. is's that a smart move for apple users? i mean, do not trade in that old apple device in you hear what we are finding out about where the best value can be found for your old iphone. that's coming later on the "closing bell." i hav

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well, the nasdaq 100 hate 13-year high, hammered today with everything else. seema mody is looking at the big mooshers. >> bill, right. the tech knoll sector is the worse performing sector in today's trade. heavyweights, you name them they're down. apple, google, cisco amor others trading in negative territory. two specific stock stories on radar today. microsoft. media reports in china say microsoft has cut its estimate of xbox shipment, 2013. seeing shares of microsoft underare perform and blackberry in focus. "wall street journal report"ing it is considering separating its bbm messaging service into a separate companies.

shares are down on that news. interesting, as commodity traders have gold as their safe haven plate, apple many times seen as a safe haven for technology traders. market theorists, mark dow pointing both of objects of excessive enthusiasm in early 2012 when investors flocked to the assets as safe haven trades. look at apple versus the s&p. there is a clear divergence. today that's not the case. apple shares trading down by around 2%. back to you. >> all right. see seema, thanks. and shares of facebook down. slammed down 3% backing off a milestone hit yesterday when the social giant reached a $100 billion evaluation for the first time. with today's decline the company is worth more than boeing, american express and 3m. is now a good time to pourp i i the shares? and with us, good afternoon.

todd, start with you. walk us through the charts. what do you see? >> sure. facebook is a sentimental wonderful story. the nasdaq is rolling over. facebook will get hit. specifically we're at a level between 40 and 42 dollars, it's tech lick any facing resistant for three reasons. number one, the ipo price. 42 42.05. and the low in facebook since september 2012, form add night technical trend channel. testing the upper end of that channel right around $40. the third reason, and this is a little technical. the low that we saw in september, 2012, sparked an 85% rally. technically, about the legs, maybe the steam that facebook has to rally. you've reset, back into summer 2012. we've now done another 85%

rally. technically, we ski rhyti see r around the $40, $42 level. i think set to fall back to mid-30s. >> a heavy chart, technically speaking. a nasdaq ugly take. what about the fundamentals for facebook? >> a company on the forefront of the tech ecosystem. after advertising and e-commerce. 1.1 billion users in and growing. a de facto system of the world. every flows through it. look at all the ios, the android, everything going through, facebook. i think it will continue to grow. they have now instagram with the video advertising, which is going to take out twitter the vine. look at that, literally look at it, this thing will continue to drive. it's about video advertising, total advertising. advertising is everygreen. if you have advertising you'll continue to grow. you won't have to worry about the new, new product. it's the most powerful tech

ecosystem operating system in the world. >> and anything to share, larry? >> i will add to shares. take it on a little pullback. might drop back a little. i'll jump back in for the third time. >> guy, thanks. leave it there. todd and larry, watching facebook shares in this market. pivy to jpmorgan. the company's shares taking a hit today. the firm under fire of course lately from the government and a little while ago the financial times reporting it's gotten worse for the bank. >> according to the reports, authorities are seeking $6 billion to settle a claim that jp manageren sent government-backed mortgage companies bad securities leading up to the security crisis. at least they misrepresented what was in the securities. with us, the reporter that broke that story. one of them, tom braithwaite. thanks for joining us. i'm struck by the $6 billion number. just had our crew look it up. that represents virtually their entire profit for the first

quarter. asks them to give up 25% of profits for the full year in one swoop? >> yes. that's right. this would be a staggering amount if it ends up being paid. >> that's the key question, tom. how likely is it that a $6 billion amount savannah goii is what jp has to pay here? >> the 18 banks sued by the fhfa in 2011, we can say it's going for the banks. one of the few settlements we know about so far is ubs, which paid $885 million. that's obviously much lower, but it had a much lower exposure than jpmorgan. the proportion's rates talking several billion dollars and we're told by people in the room, the government's asking for six. >> you mentioned the other legal issues that the government has with jpmorgan chase. it's not lost on us. we've talked about a lot here, that, i'm sure you have i don't-of-in your newsroom as

well. do you think the feds have it in for jpmorgan chase right now? >> i think they're a target and i think people are piling on. i'm not sure that explains entirely this issue. one argument that jp will have, though, is that some of these securities were sold by wamu and bear stearns before acquired by jpmorgan. an issue we've seen before. shouldn't are punished for misdeeds by prior companies. >> and this figure jpm has already disclosed? >> they think $6 billion is high. if it its understand being $6 billion or more, could end up with additional reserves on top of that 6 poirn 8 you talk about. >> if this happens on a dat, sued against bank of america for the old countrywiped bank loan, that's going to proceed. the judge said enough evidence is in to proceed. things are looking tough for the banks, aren't they? >> bank of america is exposed on

this case. has an even bigger exposure potentially than jpmorgan. and another one, more than $30 billion in the case. less well able to afford that sort of bill than jp is. >> such an important precedent, tom. i can't even imagine. tom braithwaite. thanks very much. >> thank you. 2%, bill. the decline for jpmorgan today. but 160 points is what we're looking for in the dow and maz dak. continuing to be the underperforming in the market. half an hour left to go. down more than 2%. and coming up after the break, cesee syria and stocks. what it's doing to the oil price and gold. the sfwhags syria and the global fall outfor our economy as well, coming up next. check out the online edition of talking numbers at

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welcome back. about half an hour to go before

the closing bell. down about 170 points on the dow jones industrial average. the vix, that loved measure of volatility jumped up two points to a reading of 17. of course, keeping an eye on the nasdaq. now down 2.25%. losses almost double what we're searing on the dow now. the s&p just broke below 1630. bill, it's down about 1. %. >> yeah. stocks are moving lower, but tensions surrounding the conflict syria reverberating in the oil and gold markets in very different ways. get to jackie deanswer lis at the nymex with that. >> good afternoon, bill. a fear premium in the commodities pits today and it manifested itself in terms of the gold price. question traders are asking, will the u.s. launch a punitive military streak on syria and asking when the timing could be's we did see gold prices close firmly above $1,400 for the first time since june, but i have to say there are a couple

of other supportive factors to consider there. first off here in the u.s., the debt ceiling debate back on the table. the second issue, emoerging markets. seeing wackness, and thirdly funds potentially getting back in and pushing up gold prices here. on to crude. i want to talk about west texas intermediate closing up above. the best day of the year for crude. highest settle since february of 2012. the bulls are felling me $113.25 is the next stop for twti. kelly? >> keep a close eye on that one, of course. markets and the world are awaiting president obama's decision on what action he may tay in the light of syria using kem rchemical weapons. with the military so stretched, what are the president's options here? we have a rundown of what the military's resources are in the region. hi, jim. >> hi, kelly. appears the markets are making

more of this than the white house and u.s. military officials. they say that any strikes against syrian targets would be limited. right now, they're only looking at four guided missile destroyers that are currently in the eastern med. and possibly two submarines. one u.s. and one british. that would launch cruise missiles at a select, limited number of targets in syria, that are related to the release of chemical weapons against the syrian civilians there, just a couple of weeks ago. now, according to officials, jay carney at the white house, the white house spokesman said, regime targets are not on the target list. there is no attempt to overthrow the syrian regime, and a short time ago, british prime minister cameron said that any response from the international community militarily must be measured, and appropriate to the kind of

actions that the syrians had taken, and he, too, said that regime change was not in the cards. there are -- there are some suggestions that any military strikes, once the president ordered them, could be conducted before the end of this week, beginning of next week. kelly? >> thank you, jim again. that's nbc's jim miklaszewski over at the pentagon. plenty at stake for the u.s. the impact of our relations with russia and china. if it does nothing, iran will take inaction as a signal it did get ewa away with building a nur bomb. >> and with advantaged international studies along with michael hanlon of brookings, institutions saying the market should are more worried about an escalation more than anything else. let me asking you about that, michael. do you think we just get this measured response, as mik just

pointed out, or do we get something more? >> i don't think we get anything more, unless president assad ms. calculates and responds in a foolish way after a likely american strike in the coming days. so if for some reason assad were to feel so beleaguered that he thinks he has no choice but to use chemicals to avoid defeat or feels promoted by a krucruise missile, all bets are off. he should take his lumps. recognize that the united states did not intend attacks on his key regime targets and basically proceed on with the kind of conventional attacks that have killed 99% of the victims in this war so far. >> michael, how important is it that the u.s. has a coalition of other willing allies to go in with this kind of action here? how prnt is, for example, that the u.n. get onboard? >> the u.n. is not getting on

board. it include russia as a veto wielding member. i don't think it's that crucial. there's so much a a strock predicate for action. syria violated the international chemical convention. it violate ed geneva defense. the lack of decency is beyond pale and american allies and other countries in the region are being destabilized because of the refugee flow. you can dructconstruct a powerf argument. the president would prefer a legitimate mechanism i'm sure. if not the u.n. security council, nato and the arab league blessing this. i'm not sure there's time noor and the intervention may be small and limited enough he'll be content with broad systemic support rather than institutional support. >> the fears of the unintended consequence this could have with the rest of the middle east. that's your area of middle east. what do you think it would do to

iran, for example, and president assad has already said, whatever missiles in she will be pointed at israel, for obvious reasons. what do up think the -- the bigger consequences are for potential action by the president in this case? >> i think there's some concern that if the attack is too small, that this will not increase credibility with iran, and that iran will take it as a senate that the threat of military action against its nuclear particular program is minimal. >> i don't think there's much threat of assad attacking israel. it's personal possible that he could do it, but the fact is, that he hasn't done it. even when israel has attacked syria over the last year or so. so i find it a little implausible that he would respond to an attack from the eyed now with an attack against israel. >> and meanwhile, a view from egypt. the egyptian billionaire and

founder of the free egyptian, spoke to cnbc exclusively. i want to get your reaction, michael, to this exchange. take a listen. >> how far do you think raur will go to protect mr. assad? to support him? >> they made a statement earlier we will not go to war for him. the russians are not -- i trust their notion that they are not for mr. assad. that's not their gain. they're just wanting, first, that they lose their position there. they had a good position, and secondly, he worried about fanatics taking over. and that is what they're addressing there. >> michael, briefly, your response? >> that's good analysis, but i think russia has two other motives, at least. some attachment to mr. assad. a long standing friend. he's not a friend of ours. russia in trechted in reining in

the united states and its partners wherever it get the opportunity. russia doesn't like humanitarian military operations we orchestrate. doesn't like many of the other ways in which we wield our clout. so i think just seeing us taken down a peg is often a russian goal, as much as that sounds cynical, i think it's part of their core motivation. >> thank you both for your comments on a very, very important subject. just about 15 minutes left to go before the closing bell. keeping a close eye on markets. slightly off the low es of the session in the 170 range for the dow, now down about 164. yeah. when we come back a look at the biggest losers with dominik chu and after the bell, you trade in cars, video games, and if the reports are true, sounds like they are, you can soon trade in your ipad and used iphone back to apple. if histories any guide you may get a better deal selling it

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nasdaq make things lower. start with blackberry, down to session lows along with the rest of the broader market despite a "wall street journal report" that the company could be looking to spin off its once dominant message service into its own separate company. then there's electronics retailer best buy. founder richard schultz plans to sell some of his 20% stake in the company. all part of an asset diversification, and capital raising plan, but can you really blame him? this is a stock that's up nearly 200% so far this year. also, airlines among the big losers as oil prices surge. united, continental, delta, us airways all losing ground in today's trade. end on a high note. one of the few up stocks is luxury watchmaker, a profit and sales beat for the company that really, behind the coach brand of watches, ferrari brands and of course their namesake, it also raised its full year guidance by 60% to 8 cents per

share. kelly, at least these shares, movado, one share of green in an otherwise sea of red. >> important storm. thank you, dom. and find out what the word is from traders. alan valdez from dme securities. can you help identify for us the specific causes of the sell-off, particularly in the close here? >> kelly, just this uncertainty swirling around down here. coming up to a long weekend. talking about strike on thursday. they're not sure. the market hates this uncertainty. that's what's reighi inweighing market now. >> a couple levels. breached the 1600 level in the s&p. what are you watching? >> dow, 14.8 level. bebllow that. you are mentioned s&p. technical levels, we're keeping an eye on. >> waiting for a 10% correction, alan. haven't had one in quite a long time. this could be the catalyst for

that. couldn't it? >> could be's see how it plays out thursday. take all of this, numbers were pretty good, if you look at the housing number. consumer confidence. the underlining numbers were very good, but, yeah. this is weighing on the market 234 no doubt about it. >> trumping all the economic data. >> alan valdez, thank you very much, sir. keeping a close eye on stocks. bill, just a little more than ten minutes left to go. i said earlier just off the session lows. still one of the worst days of the year with the dow down more than 1% and the nasdaq down twice as much. >> how will it all end? we'll look at that when we come back after this. ♪

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>> alan valdez, thank you very >> how will it all end?

welcome back. if you're just joining us, fears of a u.s. military strike on syria have markets moving big time today. stocks down hard especially the nasd nasdaq. dour about 2%. safe havens up higher. gold up, bonds up, and yields having their best day in a year and a half, kelly. >> the question what investors should do here. and with us, our guests. >> how are you? >> thanks very much for joining us. >> you bet. >> david, appreciate your time. what are you telling clients

here when they call and go, what's going on with syria? i don't see a resolution? is this an opportunity or should i be panicked? >> we're saying take it easy. volatility remained low. only 14 and something. the volume is very low. this is a late august time. so take it easy. keep your powder dry, and be prepared to buy great stocks on any poll buc, k any pullback, kelly. the federal budget concerns from the september 9th to september 30th, end of the year. you've got profits concerns. you got china concerns. europe concerns. let those push the market down a little bit. let stocks come to you. buy great stocks. buy apple, johnson, buy pfizer, abbot. that's what we're telling clients. we've been running a little too much cash, kelly. we're not ready to by emerging market stocks yet. we are warmer and warmer towards

europe. we like those purchasing manager indices. you saw that, 51.7 this week. you saw china, 50.1 this week, above 50, a big victory for chi china. saw the late economic indicators and home prit indices, up 1% year over year. i'm exhausted from speaking with you, kelly. >> she asked one question. and jeff, glass half empty anyway. this is the catalyst taken down the market in a big way? >> three catalysts. david listed about 13. i think the catalysts we have, of course, syria. taper we saw last week from the fed, this market clear lay not priced in the taper yet. i think they're holding out hope maybe the taper doesn't happen until september and a softening economy. i agree with david, not been a disorderly sell-off. i don't think there's panic out there on the street and believe from the people i've talked to

the in markets, this is setting up for something better down the line. too bad if you weren't raising cash when the market was going up as i was telling you to. as it goes down a good opportunity. be patient. i do think this is not just a garden variety pullback, a little steeper. >> david, since people are piling back into bonds here, some attraction at these levels? >> you know, we say buy a limited partnerships, a nice yield and growing yield. look, johnson and johnson yields 2.9%. above the ten-year treasury. i wish everybody a happy labor day and a [ speaking in foreign language ] happy new year for the members of the jewish faith watching today. >> there you go. always good to see you, my friend. >> nice to see you, bill. >> take care. >> jeff, thank you. >> you got it. when we come back, the closing countdown on a busy day in the market. >> a tough one. if you're thinking about selling your iphone back to get

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gold, up sharply well above $1,400. now about $22 or 1.5% and oil having its best day in a year and a half. wti up 2.7% at $108. terry dolan, is this a time to accumulate or stand tight and wait to see what goes on here? >> i think short-term,alities more of a down side with some of our technical getting a little breached here. the syria impact from the other day impacted technicals to some extent. >> what are you watching? the s&p? >> actually, watching s&p but leaning towards the dow. watching the moving averages more closely. so i'm thinking as we talked last week, thinking the dow was going down to around 14.8. clearly we've reached that level. 14.6 and change. 14550, next technical support. not concrete yet.

haven't crossed. positive buyers doing most of the work. not panicking. not selling. looking to buy at better opportunities here. >> have good. thank you, terry. that's the first hour. we'll try and make sense of this and where we go from here on the second hour of the "closing bell." stay tuned. it is 4:00 on wall street. welcome to the second hour of the "closing bell." i'm bill griffeth along with kelly evans in for maria today. stocks rattled by the possibility of western military action in syria, kelly. >> that's right, bill. how we're finishing what's been a pretty ugly day on wall street. the dow pointed down by about 1 of 9 points. just shy of 170. keep an eye see how that settlesous. the news dasdaq taking the brun. and s&p closing just about on that 1630 line. >> the dow,