west texas intermediate at 1% and 2% for ice brent crude. the transports are up almost 100 points and under 2% on the ten year note. >> sue, thanks very much. that will do it, folks. thanks for joining us on this edition of "power lunch". >> "street signs" starts now. >> 252,000 new jobs rounding out the strongest year for job creation since 1999. but the market is not smiling. wages are stuck. crude is falling and france is in shock. welcome everybody to "street signs" on this snowy cold friday. steve liesman is joining me today. welcome to the show. tell me what the markets are up to. >> we're down pretty much across the board here, mandy. take a look. we're down 220 points on the dow. off the loss. but the stocks have turned lower for the week with today's jobs.

today is the fifth straight triple-digit move for the dow. >> indeed. the president will be speaking in a moment's time and we'll bring you to him. before we get to that the big story today the terrifying hostage situation in paris. let's get right to hadley gamble in paris. give us the latest, hadley? >> reporter: well, mandy, three days of terror are coming to an end now. we've had francois hollande come out and asking the french people to stay unified and stay unafraid. just a quick recap for you. we had three acts of terrorism in the last three days. two hostage situations. now three gunmen dead and one accomplice is still on the loose being hunted by police. just a few hours ago police were about to lead simultaneous raids on two hostage situations, one just a few kilometers down the road behind me as they were about to enter that building the two brothers they were seeking,

said cherif came blazing out with guns. police shot and killed those gunmen. the hostage in that situation was freed. elsewhere in paris the second hostage situation that third gunman we now know is linked to these brothers, was shot and killed but not before four hostages were taken and killed. we also have heard multiple wounds of a police officer as well as other hostage there's. so a very tough night for the french people and for the french government. i do want to mention there are international leaders happening -- they are coming together, going to be here on sunday and going here for a national day of unity. president francois hollande and angela merkel chancellor from germany will be arriving on sunday to may respects and we heard david cameron will be joining as well as the prime minister of italy. major international support for the french people. >> thanks very much. let's bring in our chief international correspondent michelle caruso-cabrera. michele, you have been covering

these details all morning, all afternoon long. my question now that we have had a chance to step back. this is an event of v-very transcendent importance. how do you put this in context in the global situation right now? >> reporter: well, we have been fearful for quite a long time that there would be home grown terrorism that would come from individuals who had passports from europe or perhaps from the united states who are able to travel in and out of their home countries freely and yet would go the middle east and train with terrorist groups. and the bits and pieces of evidence that are coming out over the last three days various sources saying that at least one of these individuals had trained with some kind of al qaeda linked group in the middle east. it was very apparent if these two men were indeed the men who did the killing they were quite adept with their guns and received some training it would seem on the face of it.

it really is -- signifies we arrived at the moment that so many people were fearful about when we were at kurdistan and had a kurdish leadership saying we know there are european fighters with isis right now and we're telling you they will go back to europe and cause trouble. they will do terrorist attacks. so perhaps that's exactly what we have seen now. there was an nbc news interviewed a filmmaker who was working on a documentary and actually interviewed one of the kouachi brothers many years ago and said he was a young man and radicalized a long time by a imam in the area and that he was a disgruntled young man. go ahead. >> how does this play out through europe. you can imagine a first reaction which is to give more power, more voice to nationalist groups throughout the continent. >> reporter: i would not be surprised to see someone get a bigger surge of support.

she's the leader of a far right party. she wants to leave the euro. first thing she would do when in office she will sign something to use the franc all over again but also part of the parties, what they stand for or things they are concerned about is immigration that has come from other parts of the world that they say threads a lack of security and instability in the country not to mention loss of jobs. we're seeing the same thing in the united kingdom. the united kingdom doesn't use the euro but there's an independence party there which very concerned about security and one of the things that they have campaigned very heavily on and been very successful about is the ability to control their borders in a way to prevent they say are criminals coming in to the country. so i think you could absolutely see a surge in support for far right parties. >> michele, thank you very much for your take on everything. still a developing story. let's right now go the president of the united states, giving his thoughts on the subject.

>> gave all three of us and michele the chances the incredible opportunities that we've had today. and they understand the promise of america's community colleges. well jill really understands it and joe, he doesn't really have a choice. [ laughter ] before i get into the reason that i'm here today i want to begin by saying just a few words about the tragic events that we've watched unfold in france over the last several hours and days and because events have been fast-moving forward i want to make sure to comment on them. i just spoke to my counterterrorism adviser. we have been in close touch with the french government throughout this tragedy. the moment that the outrageous attack took place we directed all of our law enforcement and counter intelligence operations

to provide whatever support that our ally needs in confronting this challenge. we're hopeful that the immediate threat is now resolved. thanks to the courage and professionalism of the french personnel on the ground but the french government continues to face the threat of terrorism. and has to remain vigilante. the situation is fluid. president francois hollande made clear that they will do whatever is necessary from text their people. and i think it's important for us to understand. south africans our oldest ally. i want the people of france to know that the united states stands with you today. stands with you tomorrow. our thoughts and prayers are with the families who have been directly impacted. we grief with you. we fight alongside you to uphold our values, the values that we share, universal values that bind us together as friends and as allies. and in the streets of paris, the

world has seen once again what terrorists stand for. they have nothing to offer but hatred and human suffering. we stand for freedom and hope and dignity of all human beings and that's what the city of paris represents to the world. and that spirit will endure forever. long after the scourge of terrorism is banished from this world. [ applause ] now, i'm in knoxville not only because i like knoxville -- [ laughter ] -- but i'm here today -- >> you have been listening to the president live in knoxville, tennessee. naturally the president offering his condolences for those affected by tragedies in france and talking about the scourge of terrorism and how we need to get

rid of that around the world. i wonder it seems like an impossible task, john. what's your take on what the president is saying right now? >> reporter: the president is saying what you would expect which is that we stand shoulder to shoulder with the french, he's being briefed by his counterterrorism adviser, and that the united states is also going to be vigilante against terrorism. the president has got a full plate on that front in iraq and syria with the battle against isis like the attacks in paris has brought front and center back to the american consciousness the idea that the threat of terrorism remains alive and well and so it increases a challenge on the president to try to deal with that and show the american public that his mittment to wind down the wars in iraq and afghanistan has not diverted his attention from the need to remain vigilante against terrorism. i think there are some short term changes in the u.s. political environment that we're going to see notably next month

the department of homeland security is due to run out of money. that was by design by republicans who wanted to put pressure on the president to rescind his immigration order. republicans have seen their leverage in that attack under cut pretty badly but at the same time the president has pressure to show the american people who became very nervous during the isis savagery of 2014 that he is protecting the country. so a message like he just offered even though this is an act of terrorism in europe, it's one that the american people have been riveted by like people around the world. he has to show the united states is prepared to deal with it. >> thank you. let's get back to the markets now. you know, the markets as you were saying the dow is by 220 points earlier on today. still down by triple digits. kinds of an interesting reaction wouldn't you think to what was at least on the surface a better than expected jobs report. it feels like the market

latching on the negative a little bit beneath that surface. >> two things happening. today was the first day that the market was acting in defiance. the market is well reacting to these low job numbers. let me go through the numbers again and talk about that. 252,000 jobs created. add 50 for revisions. unemployment rate down 5.6%, more than .2%. earnings, those and that's the big rub down 0.2%. 1.7% year-over-year. you would think if it was compositional you would not see job growth in the high paying sectors but do you. construction up 48,000. leisure hospitality is not a high paying sector. a lot of job gloet. professional service and manufacturing are and you had decent job growth there. there's a puzzle but what i like to say the only way to solve

this problem of low wage growth is to have more job growth and we're doing that. so the opinion of a lot of economist whose i have been reading to today and talking to today, there could be some volatility here and if it's not this month, well it's almost certainly going to be next month you start to get better wage growth. >> we'll get more on this. in the meantime let's get more on the market reaction and head down the new york stock exchange because mary thompson steve was saying southeast negative moves we've been seeing in the market today can be tied to what was happening in france, what do traders say about that kind of reaction? >> reporter: it wasn't something i was hearing. they were focused pretty much squarely on the earnings numbers coming out of the jobs data. there was a lot of concern there. again, remember the market is looking for the federal reserve to raise interest rates and they are expecting, you know, to do so which wouldn't necessarily be a bad things for the markets if they left rates where they are for a while. there's concern that we are

generating the kind of jobs that would generate better income for u.s. citizens. that was really the concern in the market. that and the pull back in oil. we've come off the worst levels of the day. we saw a move to the upside or markets come off the loss once the european markets closed some money coming over here and being put to work in the u.s.. also we saw oil come off the loss and that too helped lift the markets off the worst levels of the session. oil again at one point was below $48 a barrel. right now it's at 49.21. so that helped. take a look at the dow movers. what we're seeing is weakness in energy whicoincides with weakne. big banks would benefit from rising interest rates. dupont under pressure as well, activists, trian trying to put four directors on the board of

dupont. retail was an issue as well. we did earlier this week get some positive numbers out of that. today was a different story. bed, bath & beyond and starbucks is losing its ceo who is spending more time with his family and macy's closing some stores in order to cut cost. retail sector swaek. what was happening in france was a distraction, it wasn't traders say the ones i spoke to said it wasn't one of the reasons we saw a pull back in the market today. >> the ten year yield moved lower after the jobs report. rick santelli is in chicago. rick, 2014 proved to us that nobody could predict interest rates. 2015 is proving to us that despite that track record they won't stop trying. >> i knew a lot of people in 2014 that had a pretty good -- >> hold on man because i want to give you props -- i remember what was it three, four, five months ago you mention ad 1.8%

on the ten year. when was that? >> that was september. >> september. >> we saw it in october. in october on the 15th when when he that 1.86 we settled 28 basis points higher. very unusual dynamic in the fixed income markets. i said 2.15 would be the settlement of the year. i was off by three basis points. that really does -- >> what are you doing reporting. why aren't you still trading. >> are we allowed to trade? see we're not allowed to trade. what i found over the years when you don't have any flesh in the game there's a whole lot more clarity associated with it because emotions do get in the way of trading. >> you get a dog in the fight. >> yes. today was interesting, steve because generically you're correct rates moved down but didn't move right after the number. if you look at an intraday chart we moved up initially. the reason that's significant

when you look at it against yesterday's basically 203 high yield put yourself in a trader's shoe with everything going on in paris. through yesterday's range on a good headline jobs number everybody went the other way as you see on the chart. we're confined by the same range we were yesterday. here's the key. everybody is talking about the labor force participation rate. one thing they are missing yesterday was 62.7. yes, we had september of 14 of he 62.7. we had one in february of 78 as well. but to find a lower participation rate than today, that's the way we look at historic markers for the marketplace and treasury instruments you have to go to october '77 at 62.4. this still a dynamic. not a fixed political blame but it's huge. >> thank you very much, rick. when you just gave props to rick santelli that was the tv

equestiekw equivalent of a hug. >> he's an expert, maybe the national expert when it comes to rates and i listen to him very closely when he talks about that stuff. any guy who is within three bits of the year end call is right up. >> he is indeed. this remains a very eventful day for the markets and the world. we'll dove back into the jobs reports and policy implications. >> just a little little steering is set for the final resolution of the big retail sales with courtney reagan that i had with her over the christmas holiday spending. i have the upside, she has the down side. there's a lot at stake. it goes beyond pride. it's brag rights. there's brownie points. we have to go to break. ♪ ♪ first impressions are important. you've got to make every second count.

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reflected in things like recent household surveys of income expectation or business surveys of income growth. it's really at odds with a lot of other things we're seeing as it relates to wage growth. again i don't want to fight the data but there's too many suspicious things there to think it's the beginning of a trend. so, it is what it is but i think to me it looks a about it flukey. >> a lot of people are commenting this morning because of the wages fall and the lack of wage growth in general that's basically the excuse the fed might want to not hike rates. do you think that's a possibility or at least delay the rate hike if you get what i mean? >> it's an important consideration and even if we set aside this morning's wage numbers the trend in wages overall has been pretty subdued. i wouldn't want to focus too much on oil prices but if core inflation continues to run soft that will also be a factor. the unemployment rate continues

to fall a lot of faster. that's going to keep the fed pretty much on track we think for a mid-year rate hike. now the more immediate question is does anything change later this month, at the late january meeting. we don't think so. the fed i don't think really has to take a stand yet on,000 in h interpret the latest round of data. but low wage and price inflation is something that would -- if it weren't there other wise we might be talking about something earlier than maybe mid-year rate hike. >> it's important for people to understand the wage numbers, inflation numbers are linked and we come up with calculation we call real earnings. is it possible now that even despite the 0.2% decline in earnings what's happening with inflation real earnings could be rising? >> yeah, that's right. >> what does that mean? >> what that means is even if, you know, even if wages aren't

growing fast, prices are going down so real spending power is going up. and so that's not only happening in december we think it's very likely to continue to happen in the first quarter. so with strong real income growth we're either going to have an increase in the saving rate or what i think is more likely really strong consumer spending growth. we've seen that up through november, next week we'll get retail sales data for december and it looks like this is probably, now, fourth quarter was one of the strongest consumer spending quarters in about a decade. >> michael, we have to go. your fourth quarter number gdp? >> 3.3%. >> that's what our -- >> i love that. you upped that from 2.5. >> exactly. >> 2.5 was high. a lot of folks were down in the low 2s. but the fourth quarter rear mains strong. michael, thanks very much. >> how does the better than jobs numbers expected let's bring in

the president and ceo of first national bank. his loan portfolio is under 5 billion and grown 7%. just a quick word on the wage issue. i understand you do not expect the decline of wages to continue. what is it that you're seeing amongst those who come to you at the bank that makes you think that? >> we don't, mandy. what we're seeing is really two to three percent type wage growth across our clients and what we're seeing and throughout the market area in the midwest which we operate in. >> claude, i want to point out before i ask this next question, lending is one of the single best predictors of future outcomes for the economy. that when we see the spicket turned off we can predict recession or lower growth and when it's turned back on we can think happier days are coming. growth in your portfolio is important not only for your bank, obviously, but also for the economy. tell me what's happening,

though, with credit quality? that's a big indicator right there which is how worthy are the borrowers out there. are you seeing an improvement in that regard? >> you know, we have, steve. if you look at the consumer part of the economy, we're seeing very low delinquency rates. there's been some chatter of auto delinquencies up. in all other sectors the consumer is very strong and on the small business side one of the things we're really encouraged about is our commercial clients are actually doing very well, and their credit worthiness is as high as it's been i think since well before the crisis, and not only our bank but i think banks in general are very anxious to extend additional credit to see the economy get going a bit stronger. so i don't believe the availability of credit is a problem. >> you made that reference to auto loans. i understand borrowers that took out auto loans are missing

payments at the highest rate since the recession. but for "your business" it's not significant. claude, very quickly which sectors your seeing the greatest establishment of lending relationships with? >> you know, the last year, mandy, it's been certainly multifamily in the commercial real estate sector has been strong. we have seen a lot of new building in health care, expansion of our health care clients and manufacturing in the midwest has been particularly strong especially if they are an auto supplier or auto related. >> claude, thanks very much for joining us today. >> thank you. it's been another very busy week for oil falling to 48 bucks a barrel. we'll go live to the oil closing out. >> 252,000 jobs created. sounds good. comes as macy's, j.c. penney, coke and others announce layoffs and store closing and my serious bet with courtney regan. retail sales about to come to a

head. we'll set the stage when we come back next.

wti crude is about to settle for the u.s. trading week seventh straight week of declines for oil. >> reporter: watching these

prices very closely we are rebounding off session loss but still in negative territory, 48.37. brent remarkably at 50.12. we were trading under 50 for most of the day but getting a little bit of buying or short covering lifting us up. traders are talking about the comments out from opec all week pretty negative in terms of any chance of cutting supply on table and also one of the nongulf opec delegates said these prices are killing us but why your asking me go ask the big guys. so this gives you a sense that within opec there's still infighting and no sense of consensus. meantime the jobs report steve was talking about before having a negative impact on the market today that could potentially have brought oil prices down as well. guys, back to you. >> can feel the resentment building. the day before thanksgiving on this very show courtney regan and steve liesman made a bet on

retail sales. steve said the number would be higher than the 4.1%. courtney took under. $100 to the winner's favorite charity. >> i got my reasons why i'm going to win. i looked at the retailer so far released holiday sales, analysts reactions. here'sy think i'll win this bet. this week 14 retailers have released results that will fall not bad but only seven had sales increases above the forecast of 4.1%. all of those seven that are good are small retailers. 13 retailers have released sales or pre-announcements that i found disappointing and six are quite big including gap, family dollar and american eagle. four retailers released results that i clarify as meh, macy's, costco and bed bath beyond.

11 got downgrades. 14 have gotten downgrades this week. that's why i think i'll win the bet. steve? >> wow. can i buy out my bet at a lower price right now? that was serious. i want to ask you one quick thing. costco? was it 3.7 was the costco number but including gasoline. you take out gasoline which by the way is also not included in the number. >> you take out gasoline, it's up 8%. >> what's that number? >> 8%. >> 8%. >> taking out gasoline. >> i got a lot of room. costco is a big retailer. what have we heard from walmart? >> we haven't heard anything yet. >> courtney had a long list of thing. i have three things. stronger job growth. more paychecks. two, lower oil prices and lower inflation and three, confidence

up. so you that have paycheck in the pocket, increased confidence to spend it. those are the three things upon which i rest my case however i must say you have an impressive list. >> she does. okay. i can sit here and watch you too fight it out. i'll bring in an adjudicator. who will win this bet. we won't declare a winner or loser until next week but who do you suicide? >> i'll side with courtney on this one. >> you're done! you're done! that's it. here we go. >> no. but i think, you know, expectations were incredibly low this year and last year's season was awful but i think, you know, they may come in a little lighter than the numbers but the thing to focus on here is the margins. we were incredibly promotional this year even more so than last year so not only might we be lay

it on the revenue number but also on the margin number. >> i want to point out i don't specifically care about margins. it's something courtney cares about. i know investors care about. when you look at the macro economy it's how much they sell. did they not sell at a profit. i'm sorry about that. but the macro economic points of view is how much they she would out. >> how would you determine if it's a good season i guess is my question. if sales are strong then margins aren't or profit isn't was it good or bad? >> again, i think expectations were so low this season that, you know, if they sort of meet the sales estimates out there, that's good enough. we know that it was very promotional. so basically most coerce telling us now that they've met their guidance. so, you know, even the teen space. the comps are still bad but not worse than we expected here. some of the stocks are actually rallying on this. >> stacy just changing topics

here, obviously terrible news for the workers but nonetheless macy's and j.c. penney laying off workers and closing stores. is this a sign of more things to come. again terrible for the workers or is it a good thing for the stock? >> this is the best news i've heard in a long time because retail needs to go on a diet. this is so overdue here. we're so over stored whether it's department store space across the board here. so finally retailers are saying j.c. penney, macy's, sears, pier one, let's cut stores here. it's not just that people are shopping more online. during the great years we built too many stores and retailers have been so reluctant to grasp reality and cut a good percentage of their stores and watch out because we have new entrants coming into the u.s. marketplace. >> so there's no way to tell if

this post-christmas store closing round is any more or less than it was this time last year? this is the time after the christmas sales that they announce this sort of thing, right? >> it depends. they usually will announce layoffs a little bit later here. but i think really this is the first-round. i think we're going to see other retailers, you know, push it off but eventually over the next year we're going to get more store closings and this is a very healthy thing for the retail sector and we should welcome it as investors. >> macy's is down. thank you very much to courtney stinsy. a major milestone for apple today. we'll explain. >> but first we have a major wawa coming your way. >> wawa. >> i never said that before. no fewer than five downgrades for five stocks and they may be stocks you own.

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okay. time something we do every single day. street talk. analysts talk about stocks you need to know but today it's

about downgrades. happens to be that way. >> sound effect. don't bring any more sound effects. first stock, piper downgrading crocs to neutral from $18 to 1. >> currently sitting at 11. the stock is down 7%. they like the recent ceo hire. but always a but turn around timeline is elongated and the share will trade within range in six to 1 months. >> jpmorgan cutting it to neutral. >> shares around fair value. >> we have a long term run. that stock has a good run. >> credit suisse downgrading

foot locker to neutral. >> say fundamentals remain healthy but risk/reward is not as favorable. no change which is $57. >> and more global headwinds on the currency front. janney is downgraded. fair value is 187 from 174 currently sitting there at 176. stock is down today by 1%. >> nuance communications makes voice recognition software goldman cutting to sell. >> that's right. they say organic growth will be challenged by competition in the mobile and consumer business space and they see headwinds in medical transcription. stock is down over 3%. >> tomorrow all upgrades. this jobs report --

>> tomorrow saturday. >> exactly what i'm saying. anything else happening? change the market outlook. we'll ask two market strategists. >> speaking of jobs we're going back into the way back machine to show you steve jobs, different steve on a very special day for apple. [container door opening] ♪ what makes it an suv is what you can get into it. ♪ [container door closing] what makes it an nx is what you can get out of it. ♪ introducing the first-ever lexus nx turbo and hybrid. once you go beyond utility, there's no going back.

>> what we want to do is make a leap frog product that's way smarter than any mobile device has ever been and super easy to use. this is what iphone is >> that was eight ears ago today steve jobs unveiling the very first iphone. look how the stock has done since then. up 800%. and he did not know how fast his thumbs could move until we were introduced to the iphone. >> eight years? it seems like forever we have had the iphone. the markets had a volatile start to new year. let's take a look at the boards here. down 22 on the nasdaq. we're down 148 off the lows of the day. s&p down 14. let's go to our market experts.

let me start with you jack. what are you making of the markets reaction to the jobs report this morning? >> yeah. i think it was a little bit of a surprise, steve. certainly the headline number looked good. the unemployment number looked good. when people drilled into wage growth and other things they were able to poke a few holes at it and drive the market down. you know, it remains to be seen. i think wages -- you know when you look at total comp things are moving in the right direction. as long as we're continuing to create between 250 and 300,000 jobs a month my sense is wages and everything else will take care of itself. >> jeff, you don't want to read too much into it. if you blindfold me and told me we didn't have a jobs report but strong rally the last two days having some part of the selloff today wouldn't be unthinkable. >> perhaps that's true.

the real key is the symptom in this job report of a global deflationary pressure and the fact that the european central bank is the central bank on the front lines fighting these pressures and they may not be up to the task. futures were down well ahead of the jobs report. there was a leak that maybe 500 billion euro sovereign qe plan in the works. another temporary limited plan by the esb hasn't worked in the past. what's worked is open, bold, unending like, you know, whatever it takes time phrase actions and that's not what this is. that's weighing on the markets here, the fact that the central bank on the front lines of fighting inflationarying pressures. >> this morning i was talking numbers and it was brought to my attention the current bull cycle is 17 months old. that's more than twice the average cycle duration. do you feel that maybe the bull

run that we're in is getting a little long in the tooth hence the introduction of more volatility into the market. >> mandy, that's a great point. i find that while everyone is fighting this last battle of 2008, i think that our market and our global economy seems very similar to the 2006 to -- i'm sorry, 1996 to 2000 period where u.s. same thing oil was cut in half, dollar rallied, u.s. economy seemed to be, you know, leading everybody else and we ended up with, you know, with the help of alan greenspan and his fear of y2k we ended up with a sizable bubble. we're past where greenspan uttered the irrational exuberance remarks in terms of valuation and it's a matter will this dollar ultimately create a big enough head wind to roll things over. >> jeff, i want to understand how seriously you're taking this deflationary threat.

have you packed the family into the wood panelled station wagon and headed to higher ground to get out of the way of the deflationary wave coming from overseas? >> no. i'm not, steve. i don't think this is a deeply entrenched problem that can't be alleviated and that there's not enough growth to lift it. i think it's with us for a while. my concern is it's centered in the eurozone and remains there and investors need to think more about the u.s. and emerging markets and not so much about the developed world. it's interesting that emerging markets are up four straight weeks in a row despite declining commodity prices. they are often thought of linked to commodity price and they are bucking that trend. that's an important signal. >> do you own a wood panel station wagon? >> i wish i did. family truckster, no. >> i would agree. i think one of the things i observed also is that emerging markets have decoupled from commodities over the last couple

of months and i think that's an encouraging sign in a market that's remarkably cheap. >> thank you very much. enjoy your weekend. >> thank you. i'm in the market for a wood panelled station wagon. >> one of the most good on you. a black-owned business destroyed by looters in ferguson. >> but the owner of that business is getting some help from an unusual source and going live to ferguson to tell you an uplifting story you really do not want to miss it. stay with us here.

welcome back. nearly two months after the grand jury decision in the violence that followed small businesses in ferguson, missouri, are trying to rebuild and recover. kate rogers is live in ferguson. kate? >> reporter: hey there, steve. that's right. those small businesses were seemingly unrelated to the killing of michael brown in august and the grand jury decision handed down in november. but they were among the hardest hit by violence and protests. looters here in town. we're standing where juanita morris had his store for nearly a decade. she's been in the community nearly 30 years and watch her store burned to the ground on tv. back in november.

>> i was shocked. i went into shock. and was surprised because i had no idea that they were going to burn the store. >> reporter: but luckily for juanita, a college student, eric lee, also caught that destruction on the news, as well. he reached out the her and along with others and set up a crowd funding page for her on go fund me.com. they had a goal of $20,000. to date, raised $23,000. and yesterday juanita got the keys to a new location and hopes to open in just over a month. >> i saw the stories on the news of business owners who had been victimized by the looting. and i really thought that was unfair. i thought that really the internet would be a really powerful tool to, you know, make a difference. >> reporter: now, go fund me tells cnbc that 15,000 people around the country raised more

than $600,000 for businesses damaged here in ferguson. and, guys, i got to tell you, the vibe of the business owners here is really about positivity and moving forward and very ready to start a new chapter. back over to you. >> kate, thanks very much. president obama says it's worth spending $60 billion over 10 years to offer free community college tuition in america. >> cnbc's sharon epperson about to join us to look at what the schools have to offer and more. stay with us. isn't the only return i'm looking forward to. for some, every dollar is earned with sweat, sacrifice, courage. which is why usaa is honored to help our members with everything from investing for retirement to saving for college. our commitment to current and former military members and their families is without equal. start investing with as little as fifty dollars.

president obama earlier today proposing a plan to make community college free for all americans. let's bring in cnbc's senior personal finance correspondent sharon epperson to talk about the educational and economical ramifications of this. >> it's designed to help people get a good job and looking for opportunity to go to community college, tuition free, for two years. requirements are that you have to be enrolled at least half time and you also have to maintain a 2.5 gpa. now, the reality is even though they're 9 million or so students in the community college system, there are only about a third that would meet that criteria so really wouldn't affect every community college student and the other issue that folks are talking about is, of course, where's the money coming from? how's the federal government going to pay for this? they haven't outlined that but some of the thinking is money from federal programs like the pell grant program and american opportunity tax credit into this

program. the issue is that the requirements for the pell grant for one are not quite as steep as what this program is so that might even eliminate some students from the ability to be in this program, the american college promise. >> president obama talking about community college and the idea that's what's happening -- the ability to get community college is tied directly to a job rather than a specific liberal arts education. how accurate is he about that? >> he is accurate. looking at the bureau of labor statistics, unemployment is greater if have an associate's degree and how much more money to earn with a high school diplo diploma. >> and conservatives say, you should pay for it yourself if it pays for well. >> some people cannot afford it and the question's going to be whether or not people will be

able to stay in school and actually get these degrees. that's going to be the key. two years is great if you complete a degree. in that period of time. taking a few classes and then dropping out, you won't be that much better than a high schooldy low ma. >> thank you very much. >> sure. >> thank you, steve, for joining us. >> have a great weekend, mandy, and everybody. >> thank you for watching and "closing bell" starts right now. thank you, mandy. welcome to "the closing bell," everybody. i'm kelly evans at the new york stock exchange. >> i'm bill griffeth. market volatility and a bloody resolution to the manhunt in france. they're sorting things out in and around paris and northeast of paris. with the hostages and the hostage takers. but it was -- and, you know, to some degree this dide