that those other two, which are powerhouses, have fallen that hard. >> judge, lulu, keep an eye on it, because of the explosion this week. bottomed at 54, going through 60. >> good stuff, guys. great having you here. >> that will do it for us here at "the halftime report." >> "power lunch" starts now. >> all right. >> good afternoon. i'm melissa lee. here's what's on the menu, the final threat, we're hitting the campaign trail with 11 days until the election. full steam ahead for royal caribbean following a big earnings beat. the ceo joins us. why mr. good bar is having a great day. we're serving up some candy here on "power lunch" starting right now. ♪ i want candy >> welcome to "power lunch." i'm michelle caruso-cabrera. we have three hours left in the trading week. stocks are in the green. you see the dow now higher by 79 points. the s&p by 7 and the nasdaq by 11.

a few stock standouts. haines brand higher by more than 9%. verasign up by 5%. >> here's what else is happening at this hour. a california woman has been awarded more than $70 million in a lawsuit alleging that johns johnson & johnson baby powder caused her cancer. bmw will recall 136,000 vehicles over a fuel pump problem. and a record-breaking heat continues from the planes through parts of the southwest, some areas will see temperatures up to 25 degrees warmer than normal. meantime, we kick it off, however, with breaking news in the race for the white house. let's get right to cnbc's eamon javers. >> we're getting new news here out of the fbi and relation to the investigation into secretary hillary clinton's e-mails. this just breaking within the past couple of minutes here, the fbi director has sent a letter

to capitol hill in regard to his own testimony about hillary clinton's e-mails. i want to read you the key sentence here from the letter. he says, a letter from james comey to members of congress, in connection with an unrelated case, the fbi learned of the existence of e-mails that appear to be pertinent to the investigation. i am writing to inform you the investigative team briefed me on this yesterday, and i agree that the fbi should take appropriate investigative steps designed to allow investigators to review the e-mails to determine whether they contain classified information. so comey saying he's supplementing his previous testimony in which he said that the investigation into former secretary clinton's personal e-mail server was completed, now it appears the fbi is continuing to investigate new e-mails that they have obtained. it is not clear what those e-mails are. republicans on capitol hill are saying they did not expect this development. they don't know where it comes from. they want to know a little bit more about what it is that fbi director comey is looking at

here, congressman jason chaffetz, republican of utah, tweeting fbi director just informed me the fbi has learned of the existence of e-mails that appear to be pertinent to the investigation. case reopened. that's the tweet from jason chaffetz there. >> so he used the word -- he used the word reopen. is that a correct way we think at this point or we don't know enough. is this reopened? is this new? and just with the timing, i would think some people would say, oh, e-mail investigation, are they investigating something that as a result of the leaked welcome wikileaks e-mail or finding the missing 33,000 e-mails. >> those are all really good questions, michelle. i wish i had the answer for you. when you talk about the fbi reopening an investigation, that is a technical procedural step inside the fbi. comey, as far as i can tell, just scanning this letter in the past 30 seconds, does not appear to use that language in this letter. jason chaffetz uses the term

reopen. what comey is saying here is that the fbi should take appropriate investigative steps designed to allow investigators to review the e-mails, determine whether they contain any classified information, as well as to assess their importance to our investigation. the fbi cannot yet assess whether or not this material may be significant. comey going on here to say he can't say how long it will take to complete any additional work. he's not saying reopen, quote/unquote in this lettelett but it is clear that the fbi is investigating an additional cache of e-mails related to secretary hillary clinton. >> the use of the phrase classified e-mail suggested it has to do back with the whole issue of the story. don't move. we're goi ing to bring in rober costa of the washington post who joins us now. we were going to talk to you about the race in general. if you heard what eamon said,

what do you think? >> they're trying to expand the map. this is a curveball in the political race that could change some voters minds, especially in the swing suburbs. >> really? you think it changes voters minds? i mean, i said this on the air yesterday, i'm going to be repetitive, but just like the donald trump videotape, where we learn kind of what we already knew, he's vulgar, are you surprised, all of the e-mails that have come out, yet another investigation, the clintons are conflicted. we kind of already knew that, right? >> that's right. a lot of those things are baked into the polling, baked into voters perceptions. but at this late stage in a presidential race, everything is heightened. and it is unpredictable. i'm hesitant to say as a reporter which way this will go. but with the fbi weighing in in late october it will be a factor for some voters. >> it does two things. depends on what is in these e-mails, what we find out about them, where they came from, and

whether indeed there was classified information and if so of what sort of magnitude is in them. it could be very, very damaging. or it could be more of the same. whatever. if mrs. clinton ultimately does prevail, i think whatever is going on here sets up a first term that is going to be a really raucous one, filled with more investigations, maybe impeachment proceedings, you got to believe somebody is going to want to do that, right? >> it is articulated and signaled by house oversight committee chairman jason chaffetz, republican of utah, he's talking about ramping up gop investigations in the new year, should secretary clinton win. and with the prospect of divided government on the horizon, a very little chance of things actually getting done, in terms of legislating, then investigations move to the fore as an important part of the republican attack strategy, about the republican strategy in general for next year.

>> it just comes back to -- i think people who remember the clinton years, the '90s, it was a time when everything seemed to be under investigation, whether it was whitewater, whether it was monica-gate. >> travel-gate. >> the travel office. whitewater. >> ken starr. >> ken starr. the relationship with the stevens brokerage. it takes people back to a time that they would sooner forget. >> tyler, if i can jump in on that one. i covered the clinton impeachment in the '90s here in washington. at one point, bill clinton staffers and the white house said if they stop taking notes in meetings because all of this was under investigation, they couldn't create a yellow legal pad with handwritten notes on it because it would be subpoenaed as part of the investigation. made it very difficult for them to do any job they wanted to do. now you add the 21st century

version of that on top of it, which is wikileaks and the access to all of their e-mails and personal documents, this was already going to be a difficult year for any potential hillary clinton presidency. you add this new fbi wrinkle on top of that, and it gets a lot more complicated potentially as well. >> i want to interject here looking at the markets reaction, the markets are telling us that perhaps this could actually impact hillary clinton's lead here. you do have the dow jones industrial average still higher. but this is a turn around of about 70 some odd points on the session along with the s&p 500 now in the negative. >> what are the biotechs doing. >> i was punching that up. biotechs down by 1.3%. it had been a terrible day for biotechs to begin with. not too much impact. they're going back towards session highs on this. interesting. >> what it does is it adds an element of uncertainty. when you look at this letter, it is not at all clear what it is that the fbi has its hands on here. comey says in the letletter, in

connection with an unrelated case, what is the unrelated case what kinds of e-mails is it that they have gotten? is it e-mails from somebody else on the receiving end perhaps of hillary clinton's e-mails, is there another investigation going on that we don't know about that hasn't surfaced publicly. all of those are questions we try to get some answers from the fbi on in the coming minutes, but you can imagine the fbi will be pretty mum on this other than what the director put out now for public consumption. >> thank you very much. bob costa, thank you as well. >> thank you. we have a news alert from the energy patch. weekly rig counts are out. let's going to sue herera with that. >> thank you very much, melissa. rig count shows the first cut in u.s. oil rig since june. drillers took two rigs out of service, putting the current total at 441. but that still leaves the total rig count 137 below year ago levels. oil prices did not react all that much, following the news. at least so far as you can see now, but we are seeing a little bit of a downdraft.

back to you, melissa. >> thanks so much, sue. we mentioned the biotech index leading back to session highs on the latest news of the fbi investigation into clinton e-mails. but we did see amgen dragging the index down, worst day since october 2000 despite an earnings be beat. what is driving this stock lower? let's bring in michael yee, biotech analyst at rbc capital markets. great to have you with us. good to speak with you. i want to talk to you about the latest piece of news we have about hillary clinton's e-mails. we're seeing some reaction biotech stocks. from a biotech investor standpoint, it would be best if her odds go down, if maybe she's not elected president of the united states. >> i actually don't necessarily think so. i think that in general people have been assuming that if she becomes president that in general it is probably still a lot more rhetoric and since people have been scared and been priced in a lot of bad situations for the last year, i

think that people just want to get past the election regardless of who is elected. >> we all want to get past the election. do you despite the idea as the polls have risen, the biotech stocks have gone down. there is a relationship there. the way the stock is, regardless of whether or not you think it is justified. >> sure. i think that in general we could argue that donald trump who is called for medicare price negotiation as well would be a wild card and present uncertainty for biotechs as well. in general, i'm telling you, people have assumed she's going to win. people priced a lot of that fear in. what is priced into stocks already is that if she wins in general, that it is just rhetoric and stocks can move higher after that. >> let me ask you about amgen. what stood out was the impact of biosimilar competition. maybe this really shows what is at risk for the sector, more biosimilars get approved. a 36% drop in the sales of its cancer drug nupagen because of a biosimilar on the market from novartis. they have a lot to come.

shouldn't any company with a product that is going to be threatened by biosimilars look at what happened to amgen and think uh-oh. >> i don't necessarily think so. i think that in general people are quite nervous on comments that amgen made on the earnings call, specifically on enbril, the biggest drug and they expect to have little net price benefit next year. so people are worried that pricing pressure in general in the market for these drugs is coming back to haunt some of these companies. and so the price lever is not going to be as strong next year. that's freaking people out and people are worried about that. >> you buy this 11% drop in amgen. >> i'm a buyer on the 11% drop. it is overdone. i think they'll come back and that stock will recover. >> got it. thanks a lot, michael. >> thank you. >> michael yee, rbc. to a break in a second. in the wake of the news out of washington, related to hillary clinton's e-mails and the fbi, take a look at the move in the mexican peso.

the u.s. dollar is in 11-day high versus the mexican peso. and you can see the intraday chart reacting immediately. the weaker her chances become, or let's state it the other way, the stronger donald trump rose in the polls, the weaker the mexican peso would get. this would be perhaps the most pure play market out there if you wanted to play the u.s. election. >> you look at the intraday and etf that tracks the bond market, we see a bid for bonds as we saw the headlines cross. this is something we're watching, a market impact on the political headlines today. coming up next, more on the big move lower in the market following news the fbi is probing clinton's e-mails. the dow is now negative. we're headed to the floor of the new york stock exchange next. when a moment turns romantic, why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines,

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welcome back. let's look at the dow here. now in negative territory, just barely down by three points. we had been up by as much as 72 points or so prior to the news breaking that the fbi is probing new hillary clinton e-mails. bob pisani on the floor of the new york stock exchange. across asset classes, and bonds, as well as the dollar. >> if you look at the s&p, we were about 2140 just prior to 1:00. we dropped about 14 points or so down to 2126 or so. rebounded a little bit four or five points here. close to break even for the day.

you were discussing the impact of hillary clinton and issues around pharmaceutical drugs and biotech. if you look at pjp, not a big reaction overall here, but you can see off of the lows, since that announcement came, this has been a very, very tough group overall. if you look at what is going on this month, there you see, that's down about 6%, 7% on the month. that's on concerns of increased regulatory scrutiny should hillary clinton become president. so there is one sector you can very clearly see the impact on the stock market. and about a potential hillary clinton victory. but you're right, right across the board, look at technology stocks, we saw a general drop right across the board. s&p 500 technology index. notable drop there. same thing with industrials. fairly broad to sort of -- this is what you call lightening up here, you take down exposure

across the board here, and, again, still remember, we're positive for the day on some of the big sectors, but clearly an impact. back to you. >> robert, thank you very much. let's bring in cnbc contributor ron insana and john canali. john, ron, bonbon, how are you? >> great. >> what is all this deal-making say to you about the state or the spirit of investors? >> if you talk about mergers and acquisitions, i think a lot of this is anticipatory. this moment's headlines notwithstanding. some of this may try to get in before there is a noted change in the composition of government. if you want to try to sneak something through, this would be the time to launch the process if the democrats were to run the table and get the white house -- the senate and the house, there could be a difficult -- more difficult m&a environment down the road. >> the market reaction today shows -- >> the opposite. concerns if you will that these

latest revelations about new e-mails could turn the campaign into -- >> rediscounting. look at the charts since 1:00 when we came on and broke the news or the news broke. it has gone down. is this -- the flurry of deals from at&t to the qualcomm one yesterday to others, does it speak to you what it speaks to ron about or is it trying to get in while financing is still so cheap? >> i think it is a little bit of both. i think there is -- there is a third way here, which would be that corporate managements are seeing beyond the election, we have all been hyperfocused on november 8th, but corporate management has to look into next quarter and next year and next decade and perhaps some of the mergers are taken at long view. a couple of the mergers that we have seen have been in sectors that sort of have been artificially beaten up. health care is an example. the oil sector is another example where they're making

acquisitions on assets that are distressed or depressed. there is also a change coming at the fed as well. rates will start to go up and that would make deals going forward more expensive. >> people are trying to buy growth. >> decelerating in telecom, looking for -- as we already know, other means. >> to transform companies and certainly qualcomm doing the same thing there. >> and switching -- qualcomm when it started was the cdma provider of chips for hand sets back when we called phones hand sets and that business is slowing, but automotive is speeding up. >> you have an interesting little factlet that talks about today being a very propitious day as history says it leads to a very nice five-day run for the market. explain. >> it does. i can't take full credit for this. this is from my colleague ryan dedric. but ryan tells us that the next five days are the strongest five days of the year. so it is up 1.7% on average, why

today, actually, is the best day of the year, historically. october 28th. that's probably more random than anything else, but you have to remember, october, end of october, is the end of selling and going away. >> end of october leads to the beginning of november. >> yes. >> it used to be the end of the mutual fund year as well. there was -- >> and santa claus rally as well. >> speaking of cycles. >> that's a little early. >> speaking of cycles, john, you see the reaction in the markets today and this news related to possibly -- this new fbi reopening, however they are phrasing it at this point, related to hillary clinton's e-mails and the sell-off that happens, what do you think? does the market put too much credence no whatinto what a pre can and cannot do or is this a justified move? >> if you look at the long scope

of history, back to 1900, and look at a chart of the s&p 500 or the dow, it generally goes up and we had democrats and republicans and conservatives and liberals and markets generally will go up and down based on the earnings of the companies and the market. the president does have a say, of course. the president can nudge one way or the other or set an overall tone and have an impact in sectors, health care and trade and financials and those kind of sectors will be really impacted by who wins on november 8th. but broadly speaking, the president might have a minor impact here, but, you know, i think i can speak for most of us saying that we really can't wait until november 8th. >> is the market clearly until today has been discounting a hillary clinton victory. and if you look at the research from net davis, goes back to 1900, it is the composition of government that really impacts the way the market behaves. so since 1900 or so, if you have

a democratic president and a republican congress, the returns on average have been 10% so that's theodore roosevelt, that's bill clinton, that's barack obama, reagan was the other who had a big gain during his presidency. and the composition of congress, those gains, democratic president, republican congress, are twice the gains of any other combination. i think the market knows that. some of it has been propitious timing, some policy driven, but that is a reality, you know, you look back. >> ron, john, thank you. have a good weekend. >> you too. >> coming up next, some individual stock movers, mr. good bar having a good day. one tire maker is hitting the skids, not cable, unless you have good puns. the good, the bad and the ugly when we return. ♪ i got it, dad. ow! ♪

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welcome back to "power lunch." hersh hershey's up big, 6.5%, following an earnings beat, the company pointing ing tto stran candy, mint and gum categories. now to the bad, good year tire, the stock off more than 9%, ugly day for novo nor disk, slashing growth forecasts, citing a tough u.s. market. that stock lower by 13%. tyler? >> all righty. first, it is full throttle for

royal caribbean stock today. solid earnings making it one of the top performers in the s&p. we have an exclusive interview with the company's ceo, richard fain. and more on this turn lower in the market in light of new headlines about the fbi's investigation of hillary clinton's e-mail server. important than your health. or the freedom to choose what doctor you want to see. so if you have medicare parts a and b,

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hi, everybody. i'm sue herera. here is your cnbc news update for this hour. trustee liquidating the assets has reached a settlement with the family of late beverly hills money manager stanley chase. the deal provides more than $277 million for victims of the ponzi scheme. this brings total recoveries for the victims to more than $11.4 billion. uber's lost an employment rights case in wales. two drivers backed by the giant gmb trade union sued uber seeking vacation pay, a minimum wage and breaks. the ruling could affect thousands of uber drivers across the uk. speaking of the uk, the oldest hotel in england's gone up in

flames. more than 100 firefighters are tackling the blaze at the royal clarence in exeter in the southwest of the country. the fire is thought to have started in an art gallery and then spread to the hotel, which incidentally has been around for almost 300 years. and a 39-year-old elephant in eastern japan has given birth to a calf. there is a look at the little guy. asha is the oldest elephant to give birth in japan. already trying a little bit of a baby elephant walk. asha looks like she's feeling okay. that's the news update at this hour. back to you. >> just 200 pounds, no big deal. >> yeah, little one. underweight, yeah. >> sue, thank you. >> sure. check of the markets here. we saw a big homove in the equi market. the headlines broke that the fbi is investigating new hillary clinton e-mails. this is the dip when it happened. you see that at 1:00.

also we saw pronounced move in the currency markets with the u.s. dollar hitting at 11 day high versus the mexican peso. eamon javers will join us in moments with more on this developing story. >> let's show you if there was a reaction in the bond market as well. rick santelli, did we see a move in the yield curve? >> absolutely. now, here is the thing, we all have to be as objective as we can. little after top of the hour, when the news broke, you can look at the intraday ten, you see yields broke down a bit. we're not talking 15 basis points, we're talking about four or five basis points and on two-year note, a couple of basis points and yields have been moving higher. so it is a friday, and all this adds up, but definitely a move. there is no doubt, i don't mean to infringe on bob pisani's territory, but the equity markets, much more pronounced, even though also objective we're only down a handful of points in

each. but well off the high levels. this gives us in my opinion one of the first real moves that i can point to and say this has something to do with politics. all the rest has been more in the eye of the beholder. foreign exchange as well. you nailed it. big reaction there, now we'll let eamon talk about the peso. but just stand alone dollar index, look at the intraday, a move there, how important will this move be? every move can be important if you look at one week chart, what is notable over the last four or five trading days is the close above 98.63, where the dollar index closed last year. it was up on the year, hasn't been there since february. now, as you look autopsy the boa -- up at the board, this could be the first move below last year's closing level. that indeed would be significant. tyler, back to you. >> rick, thank you very much. smooth saling for shares of roig

caribbean, up more than 9%. one of the best days in years. the company's earnings beat and one of the top performing stocks in the s&p today as you see it moving up 9.25%. joining us for a "power lunch" exclusive is peter fain. i think in addition to the very nice results that you had, what seems to be impressing investors today is your optimism about 2017 and your confidence that you're going to be able to meet your profit targets. talk about that. >> well, it is a very simple story. we had a simple strategy, and i think what our results today showed is that our people are executing against that strategy very well. so that served us well so far this year. our forward bookings in the fourth quarter this year. as you point out, everybody was really appreciative of the comments we made looking into

next year, which are showing a very strong result next year as well. >> almost a doubling of eps according to one article that i just am taking a look at. you describe a simple strategy. what is it? >> we said we have this double-double program, our goal is to double our eps in the three-year period and to get to double digit roic. and next year is our target year. we're on track to make that. and the strategy has been to improve our revenues, keep our costs under control and moderate growth. those three thins wh things giv good result. that simple. >> is zika behind you? >> i think everybody needs to be conscious of it. so far we have seen very little impact from it. and i think that's good. i think that shows that people are not responding to hysteria, but are looking at it in a very measured way. >> richard, it is melissa here.

i want to ask you about this jpmorgan downgrad sector that happened a few days ago. one of the reasons behind that downgrade was jpmorgan's forecast of gdp for developed and emerging markets around the world. you look around the world, clearly north america has been, you expect to be strong, but what are some of the spots around the globe that might concern you or you say, we're looking very closely at those areas. >> you're right. they did take more of a global approach, but our approach has been we think that we have a product that appeals to people in so many countries. and china is one, australia is another, europe we have been doing fairly well at. so our approach is if we continue to offer an outstanding product, people will come. and our guest satisfaction rates are at record levels in our 45 year history.

and just as important, our employee engagement rates are at a record high. and if our employees are happy, they make our guests happy, and that gets to our bod line. >> happy guests are important. is the election making people unhappy or happy? are you seeing any impact on your business from the u.s. election? >> no, i don't know any impact that we had so far, but i think everybody deserves a holiday. and what better way than to get on a ship and go for a sail. >> i think a lot of people will feel that way november th. >> i can't wait to do that. >> anything leaving november 9th from new york? one way, far. richard, have we hit peak size for ships for cruise ships or are they going to get even bigger than they are? you have the biggest one on earth, but -- >> we do, we have the biggest, the baddest and i have to say the sexiest, yes, we do. >> big bar, bad and sexy, that' that they say about you. >> tell me you're talking about

boats. >> are they going to get bigger than they are today? >> i frankly, when we built what was then the largest size ships some ten years ago, i thought that we had reached the pinnacle. >> we're looking at bumper cars on one -- >> that's the inside a ship. >> i did that. on a ship in china? >> really? >> yes, you did. marvelous, people are enjoying it. it is the larger ships that have such great opportunity for things to do. you look at pictures of them now. and that's what makes us successful. so i don't know whether they'll get bigger. we keep trying to move the needle, our mantra is continuous improvement. and we have the newest and the biggest coming out here in the states in two weeks time. and that's the harmony -- >> michelle asked about any impact of the u.s. elections. did you see or have you seen any impact from the british market as a result of brexit? are brits still booking at the same pace that they did?

>> we did actually see a big impact from brexit, not so much in the change of the buying habits, but the pound has simply dropped 30% over the last two years. and that is really hurting us. so part of the reason i think people were so pleased at our results is that we have been facing that very strong pound, the pound is our second biggest currency after the u.s. dollar, and we still -- >> did you raise prices for the uk customers to make up for that? >> we are. the result is fewer british customers. we had to shift our customer mix and that's part of the beauty of our business is when things happen in one place, we're able to shift around and go somewhere else. >> all right, richard, thank you. richard fain, good to see you. >> thank you. >> live to donald trump speaking in manchester, new hampshire. let's see if he says anything related to the new investigation we're hearing from the fbi about clinton's e-mails.

>> thank you very much. we love new hampshire. i can tell you that. i need to open with a very critical breaking news announcement. the fbi has just sent a letter to congress informing them that they have discovered new e-mail s pertaining to the former secretary of state hillary clinton's investigation.

and they are reopening the case into her criminal and illegal conduct that threatens the security of the united states of america. hillary clinton's corruption is on a scale we have never seen before. we must not let her take her criminal scheme into the oval office. i have great respect for the

fact that the fbi and the department of justice are now willing to have the courage to wri right the horrible mistake that they made. this was a grave miscarriage of justice that the american people fully understood. and it is everybody's hope that it is about to be corrected. so that is a big announcement that i heard ten minutes ago. and i guess obviously most of you folks have heard about. and in all fairness for all of the people that have suffered, for doing so much less,

including just recently four star general james cartwright, general petraeus, and many others, perhaps finally justice will be done. with that being said, the rest of my speech is going to be so boring. should i even make the speech? we will talk about borders. right. we will talk about trade. we'll bring back our jobs. we'll strengthen our military. and let's get going. okay?

i want to thank general flynn. great general. i want to thank you for being here, general. thank you very much. just before general flynn was going up, we heard this news. i said, general, get up there and keep them busy. let's -- we want to digest what just happened here. thank you, general. >> that is donald trump speaking in manchester, new hampshire, in light of the ongoing now fbi investigation into hillary clinton's e-mails. eamon javers brought us the news of a letter written by fbi director comey to the various congressional committees in front of which he testified earlier this year, that letter saying that there is new information and to learn more let's go to eamon javers. >> yeah, tyler, you heard donald trump there talking about reopening the investigation. as a technical and perhaps semantic matter, that's not what comey says in this letter. he does not use the term

reopening the investigation in the letter. what he does say in the letter to members of congress on capitol hill is that the fbi has received -- has learned of the existence of e-mails that appear to be pertinent to the investigation, and says i'm writing to inform you the investigative team briefed me on this yesterday, and i agreed that the fbi should take appropriate investigative steps designed to allow investigators to review the e-mails to determine whether they contain classified information. so that is the key to this. comey clearly here moving in real time to react to something that the fbi has just obtained that we don't know what it is just now. i've been making a number of phone calls over the past half hour since this news broke and i can tell you that the fbi is giving no comment beyond this letter right now. we also have been talking to people on capitol hill who say that they were dumbfounded to get this news today. they were not expecting this and they suspect that comey would not have sent it unless he felt very strongly that it needed to be sent in order to revise his

previous testimony. i can tell you that in talking to a source familiar with the investigation, that this is happening very much in real time. this information i'm told developed very quickly but it could take a couple of days to answer any questions related to what is in these e-mails and what it means in terms of the investigation into classified material for hillary clinton. and there is no indication at this point that those questions are answerable before the election. so that's a key point for voters to bear in mind. i'm also not getting the sense here in talking to people around town that this is necessarily related to the wikileaks fancy bear russian hacking of high ranking political official e-mails here in washington. that was one speculation immediately when this news broke, perhaps those two things had something to do with each other. i'm not getting the sense that that is the case, tyler, based on the folks i'm talking to in washington right now. this is a very fast moving story and caught a lot of people by

surprise here. >> fast moving and say what you will about mr. trump, he is also fast moving reacting right at the top of his remarks, up there in manchester, new hampshire, to this new headline. also speaker paul ryan just out renewing his call that the director of national intelligence suspend all classified briefings. this according to reuters, suspend the briefings to hillary clinton. the decision long overdue says the speaker is the result of her reckless use of an e-mail server. on it goes. there is the paul ryan statement just out as well. we expect to hear by the way from hillary clinton in the next 30 minutes or so. she is out in the contested state of iowa today. we'll take a quick break. up next, more reaction from a former federal prosecutor. "power lunch" returns after this.

live picture, cedar rapids, iowa. that's hillary clinton's plane on the tarmac there, expecting her to emerge from that plane as she goes to a campaign event in the contested state of iowa. particularly interested in what she has to say today, the headline we're showing you on the screen, the fbi probing newly found clinton e-mails. this being confirmed by the director of the fbi in a letter that he has written to congressional committees. let's bring in now former federal prosecutor joseph digenova. good to have you here, sir. >> good to be with you. >> have you been able to read this letter, do you know any

details here? what do you make of it? >> well, the only conclusion you can reach for me, i'm a former united states attorney and former special prosecutor. this throws into question the thoroughness of the original fbi investigation. how do you do what the fbi director said they did, which was conduct this thorough wide ranging investigation and then come to this point after you close the case and say there is more evidence? this really shows that comey engaged in a rush to judgment for purposeful reasons, unrelated to law enforcement. he continues to embarrass the fbi. that's why the people in the bureau call him a dirty cop. >> so how does the administration take care of this in terms of how they perceive to investigate -- i would think about director comey can't be the same guy to head the next investigation, this next leg.

>> well, listen, this administration through the president, the attorney general, and the fbi director have so politically corrupted federal law enforcement that there is nothing that they can do at this point to have any credibility whatsoever. they're the ones that messed this up. they're the ones that threw politics into a federal criminal investigation and now lo and behold, they discover new evidence. this is at a point where congress should put a resolution in of no confidence in the fbi director. >> i'm looking at this letter, and help me understand the legalese here. james comey says, dear chairman, previous testimony, i refer to the fact that we had completed the investigation. due to recent developments, i am writing to supplement my previous testimony. supplement my previous testimony, are we to say that that means that investigation is no longer complete, what should we read into those two sentences? is there anything legally binding that he would have put

it in those terms? >> the fbi director is parsing words purposefully so as not to embarrass himself. notice he doesn't say he's reopening the investigation. if he isn't reopening it, what the hell is he doing? this is another example of why comey is not fit to be the fbi director. he's -- his testimony is now incomplete. this is not about his testimony. it is about the evidence in the case. >> so speaking of the evidence in the okay he said, so, in connection with an unrelated case, we have learned of the existence of e-mails that appear to be pertinent to that previous -- he doesn't say previous, to the investigation. to i'm writing you to let you know the investigative team briefed me yesterday and i agree we should take appropriate investigative steps designed to allow investigators to review these e-mails to determine whether they contain classified information. >> yeah. well, that's, of course, a serious thing for him to do. he doesn't have any choice.

he's sitting atop a bomb which is what is going on inside the -- which is complete lack of confidence that the fbi agents and former fbi agents have in him. given his previous track record, he will complete this investigation in a matter of days. and maintain that there is nothing there. i really don't know how he continues to serve with any credibility whatsoever. after that news conference that he held, where he announced to the world she had violated the law but there wasn't a case there. and now says there is more evidence after claiming that it was one of the most thorough investigations in history, this is laughable. this is absolutely laughable for the -- this is not your mother's fbi. >> i think i can anticipate your answer here, mr. digenova, is there any possibility in your mind that things really are the way he says they are, that there actually new evidence that he didn't know about three months ago? >> i have no doubt that there is

new evidence that he didn't know about. i absolutely have no doubt that there is new evidence. that begs the question, why didn't he know about it? he says this information comes from another investigation. if that's the case, that means it is one he was conducting. >> but is it -- in your view, is it possible that that evidence just did not surface until recently? it wasn't known about? isn't that a possibility? >> you know what, of course it is a possibility. but then you have to ask yourself the question, why was there such a rush to judgment. you tell me that federal investigators on another case come across e-mails concerning hillary clinton's use of classified information and the bureau doesn't know about it until the last 48 hours. i have to tell you something, i've been a senior justice department official. this is an example of the incompetence in this investigation.

this investigation ended for one reason. james comey didn't want to be known as the person who recommended the prosecution of the first female president of a major political party for president. he used the political yardstick instead of a federal investigative yardstick and in the course of doing that, he politically corrupted federal law enforcement, and he should be ashamed of himself. >> well, mr. digenova, we never know what you're thinking when you come on. you lack clarity, just sometimes. good to have you on. thank you for joining us with last minute on this breaking news. >> you think james comey will answer any of your questions, the answer will be he will not. >> if we get him to call in, we'll try. >> good luck, guys. good luck. >> we're showing you the chart of the vix and intraday. you see the leg higher that the vix took right at 1:00 p.m. when this news broke. it is now up by 12%. still low. but off the levels we have seen before. now at 17. we saw a big reaction in the dollar index, which has turned lower. we saw big gains in the euro.

in terms of the currencies of our neighbors to the north and the south, they're both sharply lower on the back of all of this. >> more on this big market move lower. we expect to hear from hillary clinton, she will be live in iowa shortly. "power lunch" will be right back. ♪ there's a lot of places you never want to see "$7.95." [ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be.

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same live picture from cedar rapids, iowa, as we await secretary of state hillary clinton to emerge from the plane as she awaits -- >> you can only wonder what the conversation is and why she has taken a long as she has to come out. i'd like to be in that tube now. >> she's getting ready to speak at a campaign event in the contested state of iowa. news breaking, just in the last hour, that the fbi is investigating more hillary clinton e-mails. eamon javers is here with the details. >> this dramatic disclosure by the director of the fbi within the past hour is roiling the presidential campaign in the final days now as we head toward election day in november. here is what the director of the fbi sent in his letter to capitol hill, explaining that the fbi found new e-mails that potentially are related to the

investigation into hillary clinton and possible abuse of classified information. the director of the fbi writing, in connection with an unrelated case, the fbi has learned of the existence of e-mails that appear to be pertinent to the investigation. i am writing to inform you that the investigative team briefed me on this yesterday and i agreed that the fbi should take appropriate investigative steps designed to allow investigators to review the e-mails to determine whether they contain classified information as well as to assess their importance to our investigation. note what it doesn't say, it doesn't say the fbi is reopening this investigation and the reason for that is because this investigation was never administratively closed. so the -- though the fbi director had testified that they had completed the investigation as a procedural matter in house at the fbi, the investigation into hillary clinton was never administratively closed. that's why they're not saying they're reopening this investigation right now because officially it had been ongoing

for some time. i can tell you in talking to people on capitol hill who received this letter, they were completely surprised by it. they were not expecting any new developments in this. they have no idea where it comes from. and in talking to a source familiar with the investigation, i can also tell you just over the past half hour or so that this is happening in real time. this decision by director comey was made very quickly. he is responding to new information that he has just gotten, the decision to put out this letter made very quickly and so there is not a sense right now that people will have an answer to just what is in these e-mails, how significant it is, before the election. that's an important question for american voters who want to know what is this mystery batch of e-mails all about. and if it is significant. >> on that note, any evidence or lack thereof whether this is connected to the wikileaks and all of the e-mails that have been coming out. there are so many e-mail stories related to the clintons. >> i have asked that question in a number of phone calls around

washington just within the past few minutes. and i can tell you i am not getting the sense that whatever this new batch of e-mail is is related to wikileaks and the russian hacking. this appears to be a separate thing. that's an initial assessment by me, really, based on the sources that i'm talking to, it does not appear this is related to fancy bear, the russians or wikileaks. what comey says in this letter is this is in connection with an unrelated case. so the question is what else was the fbi investigating here that would have led them to hillary clinton e-mails. were they investigating somebody else possibly who was receiving e-mails from hillary clinton. where they looking into e-mail servers in some other investigation where these e-mails had landed? all of that unknown at this point. it is not clear when we'll get an answer to that. as you saw the remarks from donald trump as we were watching hillary clinton's campaign plane right now, hillary clinton and her team are going to have to decide what to do about this and

what to say about this. there are reporters waiting at the base of that staircase to shout questions at hillary clinton about this. she's going to have to have something formulated by the time she gets to the bottom of the staircase, what she wants to say, how she wants to say it, does she want to answer questions at all or go into the motorcade and go on with her campaign day? a challenging moment right now for the hillary clinton campaign and we saw donald trump take advantage, capitalize immediately at the top of his remarks on the campaign trail today. >> absolutely. i think you can contrast the speed with which mr. trump reacted there in manchester, new hampshire, with the time it seems to be taking for mrs. clinton to gather her affairs together and come down those stairs and face what will clearly be some pointed questions from reporter and others about this new news. get back to the phones and keep us posted if you find out anything new about this so-called unrelated case that now seems very related indeed.

donald trump weighing in moments ago about the fbi probe. >> i have great respect for the fact that the fbi and the department of justice are now willing to have the courage to right the horrible mistake that they made. this was a grave miscarriage of justice that the american people fully understood. and it is everybody's hope that it is about to be corrected. >> all right. when the news crossed, just about 1:00 p.m. eastern time, we did see the markets drop. some notable reactions happened in the financials if we can pull up an intraday on the financials there, close to session lows right now. the thought of perhaps increased

regulation under a clinton administration hurting this particular group of stocks. why are the markets so unsettled by this latest news. steve liesman joins us now with his thoughts. >> there are two studies out there that predict what would happen to markets with a trump victory and/or a clinton victory. and both of them are negative when it comes to a trump victory. markets appear to be reacting as if there is an increased chance of a market -- trump victory. one of the papers says, quote, we estimate basically that if trump wins, it would reduce the value of the s&p 500, the uk and asian stock markets by 10% to 15% would reduce the oil price by $4, would lead to a 25% decline in the mexican peso and significantly increase expected future stock market volatility. this a paper by justin woffords from michigan. >> we'll interrupt you one

second to tell our viewers that hillary clinton is descending the staircase. let's see -- >> a shouted question. no answer. a door closes as she heads to a rally in iowa. and there we fade to black. >> steve, back to steve, steve, i see these stud dwlies you mentioned. i thought you would bring up the stuff you've done related to market participants and why they're leaning towards preferring hillary clinton and if it doesn't look like she'll win, that would be a stock market negative as well. don't we have our own proprietary studies as well? >> it should be -- a lot of our cnbc fed survey data shows the market is looking for a clinton victory, especially when it comes to stocks. i think it has to do with stability, but also the papers that i'm citing also think that the market sees better growth, maybe because it is the trader immigration policies, what is also interesting about this, michelle, how this recent study

by woffords a-- markets have risen on the news that republicans win elections and fallen when democrats win. so that's very different this time around. especially with donald trump predicting a dleecline in the ct of capital. this person was asking me about my thoughts about the chances for a trump victory. because she was out there, essentially, buying out of the money hedges to hedge against that possibility pointing out that it was cheap. i want to look now at the mexican peso. and if you have the vix, the studies predict a decline in the peso, and i think that's pretty much what you got and i'm most interested in the vix because i think one -- there is the peso right there declining in value against the dollar in a sharp way. if you have the vix, how good are they in the back there? you can see the volatility goes

up. but that tells you -- what that tells you guys is all of a sudden, the cost of hedging a trump victory has just gotten more expensive, the time to do this was two nights ago at the dinner a was at when again all of the polls were pointing toward the clinton victory. what i want to tell you is the study i've been talking about, it is an event study that looks at how the markets reacted to the perceived victory by hillary clinton in the first debate and then how the markets reacted to the release of the tape on october 5th. there is that chart there. you can see the chance of a clinton victory tracking the rise in the s&p that very evening. in a minute by minute way. >> yep. >> the one thing i would say, steve, is, you know, we had on the chief investment officer for aig one morning on "squawk box" who said i never in my right mind imagined that the way to prepare for brexit was to go

long stocks. in other words, an unpredictable outcome, everybody thought it would be horrendous and then all of the opposite things happened. so often what is so certain in the markets doesn't seem so certain after all. >> if i could just -- the only thing that is true about a prediction of the future is what people are predicting now about the future. so just be very careful with that. what they're assessing is the market's view of what will happen and where they're priced right now. the macro economic advisers paper says a 4% upside with a clinton victory, 7% downside, and you don't know how much of that is already priced in. >> steve liesman, thank you very much. let's bring in democratic economic adviser austin gho ghoulbee. let me ask your reaction to this latest news out of the fbi, the

letter from director comey to congress. it couldn't have happened on a worse day, a day where presumably the clinton campaign was feeling pretty good about the economic numbers that came out this morning, 2.9% growth. that plays into the clinton narrative that things aren't as bad as trump would have you believe. >> yeah. i can think of 100 worse days. if you're saying it couldn't be a worse -- i think it could definitely be a worse day. hard to know what to make of this, does that mean that they found 100 e-mails in a different account or is there something that is in essence that they're reopening the case. i'm an economist, i'm not an expert on e-mails or on the legal aspects. >> the surprise is what we thought was in the rear view mirror is not. >> maybe. but, you know, what i would say is if you were the secretary of state, for the -- as long as she was there, the actual top secret business of the united states, she probably sent 40,000 or more

truly classified top secret e-mails. the fact that we're arguing over whether there are 17 of them that were on this server make totally clear that the true top classified business of the united states was not being done on this server. so that's why i found this whole subject of this to be a little bit of a -- >> you hear that, right? no big deal. >> well, you know, i'm an old friend of austin's, we have been e-mailing since he was in grad school. the one thing i can say is is that this comes at a bad time in the campaign, a bad time for the clinton campaign. we had bad news break sometimes too. i can't imagine how difficult it is for them, but especially this, i think there is the perception around the country that mr. comey didn't really pursue the investigation in a way that was honorable because he was being partisan.

i'm not sure that's true. i think that perception is there, and so what it means is that if the guy who is in the tank for them reopens the investigation or, you know, i guess reopen isn't quite the right word, but reopens the investigation, then there must be something there is what people will think. so if i were mrs. clinton, what i with do if i were on that campaign now, i would say we need to tell him to release everything he's got and show it to the public if you think you're innocent. otherwise the public will assume the worst. >> they already did that. she asked long ago, i think the part that will be complicated here is the clintons have been saying all along, release the s so everyone can see everything in them. but they're not allowed on the state department or the fbi part. i think there will be -- >> she needs to get him to clarify what the new information is to the american people before the election. and that -- >> it is very murky. to your point, kevin, it really is murky. unrelated case that is not

specified, it is unclear where this new evidence came from, what case it is related to, or what the level of classification are there.nvolved in in any of but it really does sort of change the spin on the day's news, don't you think? >> look, we're talking about this, instead of about the economy. i think it does change the span if showed some response

as well. kevin, i mean, do you think that if hillary -- this is suggesting that if hillary clinton loses, extrapolating here, it would be negative for the market, at least that the market had discounted in a win for her, and now perhaps not. but what do you make of that, that reaction in the marketplace? >> steve liesman did a great job of summarizing the latest research on this, justin woffords has a new paper out showing there was a positive

market reaction. this is the opposite. the president obama's future tended to be negatively correlated with the market. it was all happening at once. it is the opposite of what we're seeing here. i think that has to be because people are very unsure about what a president trump would actually do. so he's got some pretty strong anti-trade rhetoric, is that rhetoric going to turn into action that causes a big increase in tariffs, reduction in trade. if he does that, that's going to be very bad for the economy. if as has happened very often in political history, as long as i can remember, democrats are out there bashing free trade because that's what the unions want them to do. they go to the white house and say, look, president obama is trying to pass tpp after he was anti-trade guy in the 2008 election. the question is, is trump going to be like that? i think if he is like that, the

economy -- >> the market says he's telling the truth. >> they're worried he's telling the truth. they're worried. >> they're worried that a guy who says he wants to start three big trade wars, nuclearize saudi arabia, and deport 16 million people, that that might be bad for business, and that's why they're not going to react badly when -- >> we have to leave it there. kevin and austin, thank you very much for going with the news flow today. we thought we would talk about something more benign like gdp, but no. headlines got us today. >> new information from nbc news pete williams working on this case as well. what pete is reporting is that officials familiar with the letters sent by director -- fbi director comey say there doesn't appear anyone intentionally withheld evidence or e-mails in the hillary clinton investigation, they found that the new e-mails after coming across a device in the course of an unrelated investigation.

and looking at that device, that's what led them to the new e-mails, he also reported what i suggested on the air a few moments ago this is not coming out through russian hacking and not the podesta e-mail leaks and unrelated case is unknown at this time. the key here from pete williams at nbc is that officials have come across a device in the course of an unrelated investigation. and that that device is now being exploited to figure out what is on it and what those e-mails might say. so a couple of thoughts that leads you to. one, they're investigating somebody who was apparently receiving e-mails that were related to this investigation, so that's an interesting question. who is that somebody. who was the owner of this device that is being investigated. or has information on it that is relevant to this investigation. and then what are they going to find on that device? not clear from my conversation with sources how quickly they can exploit this and whether we'll know any answers before election day. >> there is no indication, is

there, that this has anything to do with the nsa guy who was arrested about 2 1/2 weeks ago with a lot of devices. is that a possibility here? am i just -- >> that's a very good possibility. your mind stretches to all of the known universe of active investigations. and that certainly is one. but not clear why that person necessarily would have had hillary clinton related materials. >> on his devices at nsa. >> stranger things have happened. and you can't say as of right now which device this is or who was the owner of the device and what led them to that device. but that is what triggered this. my understanding is that once that was discovered, the implications of it were known, the fbi director comey moved quickly to issue this letter to capitol hill to alert them to the fact that they were going to continue to investigate, even though he had suggested that the investigation was completed, it was never formally

administratively closed. that's why we can't refer to this as a reopening of an investigation, because it was ongoing. clearly comey has an interest in not allowing any of this stuff to come out after the election because it would look like comey and the fbi were hiding the ball, so to speak, on some kind of investigation into hillary clinton. >> thank you. >> you bet. >> more on this big market moving story throughout the show here. the fbi investigating new hillary clinton e-mails. we are expecting to hear from hillary clinton herself. she's expected to speak live in iowa at this rally. cedar rapids. "power lunch" will be right back. ♪

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news broke at 1:00 p.m. eastern time that the fbi is, in fact, investigating e-mails that were found in a device that was discovered in the course of an unrelated investigation. you see the dow dipping into the red right at 1:00. look at in terms of the flight for safety, interesting we have initial reaction in the bond market, buyers in the bond market and a sell-off because we think about it, increased likelihood of a trump win not good for the democrats if that's what is perceived. back to premium levels, look at the vix, that spiked, looking

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welcome back to "power lunch." more on the fbi's investigation

into hillary clinton's e-mails. on the cnbc news line, doug byrnes, former federal prosecutor. welcome. abo good to have you with us. what do you make of this and are you as skeptical as our prior guest, also a former federal prosecute, joseph digenova is, that this could be just a question of new evidence surfacing in an unrelated investigation? >> yeah, well, i know joe and have a lot of respect for him. the reality is that, you know, look, you have to break this down to legal discussion and political discussion. for lawyers, like joe and i, who are in the trenches of federal criminal law and in my case for more than 30 year and his case similarly, from a legal standpoint, a number of things we must point out which, a, 11 days is not any type of significant amount of time in a federal criminal investigation. so we go 18 months, two years at the drop of the hat. that makes it very frustrating to discuss. now, the fbi letter which i have in front of me on my computer,

you know it worded very carefully and what you see unfortunately back to politics is you see hysterical spins, worthy of a professional tennis match, one side will say this is clearly reopening the investigation, and so forth, and then the other side will say, no, if you look at it carefully some new information has developed and all they're doing is taking a look at it. i'll leave it to the spin meisters to do that. legally it appears to me to be a pretty significant development, just in the sense that the director of the fbi is saying that, look, we found some new information and now i'm going to quote, i agree that the fbi should take appropriate investigative steps and then he says, this is interesting, as well as to assess their importance to our investigation. my first inquiry is what do you mean to our investigation, i thought you said the investigation was closed. so, you know, i think the fairest most reasonable interpretation is on some level they're reopening it. i'm sure you sense the

frustration in my voice. and the reason i'm saying that is, again, i'm a lawyer, former lawyer, you don't judge cases, you have to develop the evidence, develop them on a appropriate timetable to have this issued 11 days before an election is actually quite troubling. >> if we can back up to the completed versus the closed investigation, eamon javers has been on and said, actually, reporting indicates they never officially closed the investigation technically, it is not a reopening. he just completed the investigation. >> yeah, but that -- i'm sorry to interrupt, that is, again, just going into your incredible word parsing. first of all, the director of the fbi, called the press conference, said, we're not charging this person with a crime, okay. first of all, you know, again, these aren't secrets.

i was an assistant u.s. attorney. i made that decision, not the agency. they came to me, they presented their case and i would decide whether we were going forward or not. this got muddied up beyond, beyond, beyond, because of the very regrettable meeting with my former colleague loretta lynch. just, again, politics just took everything over, and everything ran amok. the reality is, when the director of the fbi most respectfully says we're not charging somebody with a crime, that investigation is pretty much over. >> completed or closed is irrelevant, in other words. >> is there any -- let me ask you two questions, first, is what should mr. comey do with this evidence? should he release all of the e-mails that he's got just in the interest of transparency, number one. number two, can this -- is there any possibility that it will be cleared up in 11 days? >> okay, those are phenomenal questions. first of all, will not be cleared up in 11 days.

can't be by definition. that's number one. number two, the other question, quite hard to ans, wanswer, in political maelstrom, you want that. in a regular criminal investigation, no way in a million years that the investigative agency will release to anybody the interm evidence that they're looking at. so how do you -- sorry, dropped the phone, how do you bridge the gap between these two is hopeless. the legal, no way investigators would or should or could release evidence they're looking at in an ongoing investigation. but this is completely unchartered waters because we're 11 days from an election. >> not to mention the fact that these may well bear upon national security interests and be confident and protected. >> could be classified. >> absolutely. that's another huge point of this investigation, which is, you know, you remember the issue with the lawyers, people were raising flags, well, why do the lawyers have the ability to look

at the information? we had separate rooms, you know, under three locks and key and so on and so forth. again, this is a hopelessly convoluted politics and law scenario. it is very, very unfortunate on many levels. >> what about the sense, doug, that some people have that director comey is in the bag for the administration and clinton? >> well, it is interesting, because on some levels, i think you might find this interesting, you know, those who went a little too far with the rhetoric, which was the republican fbi director said that there was absolutely no basis to go forward, i think that's stuck in his crawl to a great extent. you know, when he heard that type of thing. i think that, you know, jim comey as you heard has an outstanding reputation, u.s. attorney, in manhattan, deputy attorney general of the united states, a position my late father held in the second reagan

term, and so the point is, you know, now he's being vilified as somebody as you put it so well, in the bag, you know, it is completely corrupt and it is extremely difficult for him. am i saying that's why he did this today? no, i'm not. but i'm saying that, you know, he's trying to be fair one way or the other. >> can i bring you slightly off topic. talking about e-mails. reading all these e-mails from podesta's e-mail in box and looking at all this stuff related to the clinton foundation and there has been a lot of complaints in new york, geez, why does the attorney general go after the trump foundation and yet we haven't seen anything related to the clinton foundation. have you been pouring over those e-mails, and is there anything in there that suggests you would take a look at something if you have the power to do so? >> my take on that, kind of glad you asked me that, it is three separate discussions. everybody is mixing apples, oranges and pears. let's break it down. one is criminal liability, and then civil liability and ethical

breaches. and i think if you look at it that way, i think from a straight criminal law standpoint, while people are very quick to throw around the term quid pro quo very glibly -- >> or pay to play. >> it is a complicated legal term. but it is reasonable to say at this point you haven't developed concrete evidence of criminality. people are way too glib. but it could be there because if you look at some of the raytheon information, the other information which was the irs ubs matter that was very, very important, it is something to look at. as far as ethics, the appearances of impropriety, the conflicts of interest, those are serious questions. >> doug, thank you very much. >> my pleasure. >> thank you for being here. thank you. >> we have a news alert on the oil market which closed moments ago. bertha cooms is at the nymex. you're also watching the price of gold. >> yes, we did see oil move lower with the rest of the market.

but then an additional headline. opec as you know, the technical bureaucrats are meeting today at a two-day meeting in vienna, trying to get to the details of that agreement to produce some sort of cut. headlines from dow jones sources saying iran and iraq were saying that they disputed the numbers that they were talking about. and that meeting was at an impasse but ongoing. it continues into tomorrow. meantime, look at gold, that was part of the reaction to those headlines on the fbi probe into hillary clinton. and as the market went down, the dollar went down, gold closing up and moving up near the highs of the session this afternoon. back to you. sing girl, come on. ♪[ singing ]♪ sorry, ariana you gotta go. seriously? verizon limits me and i gotta get home. you're gonna choose navigation over me?

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this is the new comfort food. and it starts with foster farms simply raised chicken. california grown with no antibiotics ever. let's get comfortable with our food again. any reaction to the fbi investigation? have you been in touch with the fbi? secretary clinton, any reaction to the fbi reopening the investigation? >> no reaction as you can see to the big breaking news in the past hour that the fbi is investigating new hillary clinton e-mails. we're expecting to hear from

hillary clinton, she's in cedar rapids, iowa, that's where that picture was from. this is a live shot of a rally that is about to happen. we're going to hear her speech and listen to it as soon as she begins. mane time, the markets are moving on this big news. we're off the session lows but still notable moves, seema mody is here with more. >> we have been taking a look at the moves in currencies and equities on these latest headlines from the fbi. also, want to point out two other charts, predicted, it is a platform used to predict the outcome of political and financial events, showing the trump contract is up almost 32% today, on the prospect of the republican candidate winning the presidential election, while clinton's contract has fallen by around 12% on the headlines that the fbi is looking further into the democratic candidate's e-mails. all this happening about 11 days before the election. >> can we look at that one again to make sure i understand this?

so now you pay -- you bet in pennies for every dollar you could win. it is now seven cents more expensive to bet that donald trump will win and it is now ten cents cheaper to bet that clinton would win. used to be 82, now 72. >> seema, thank you. let's bring in art cashin. i know you're looking at the s&p 500, we're at 2127, 2128 and you say a close below 2130 could be critical. >> jeff gund lack said he was looking for a negative signal that would be two closes of the s&p below 2130. we already had one several days ago. and when this news broke and people started repricing the election risk, we dipped all the way down to 2119. they're trying to come back here.

but critical if they close below 2130 and secondly if we get another wave of selling, look for the area around 2114, which is a low we reached about two weeks ago. >> fairly tranquil session until 1:00 when the news broke. i'm wondering, you know, what is the color on the floor in terms of the volume and why we're seeing this increase in volatility. is it simply a low volume friday and so we're seeing the moves magnified a little bit. we're pretty much back to the pre-clinton e-mail investigation levels now. >> the markets are relatively thin for a friday. and they were just kind of cruising along, even the market on close indications were not very big. so you see some real volatility here. but you're going to see a bit of a battle around that 2130 area as teams on both sides try and pull them back and forth. so i would watch for that.

one of your earlier guests said it is unlikely that they can do a full investigation in 11 days, but that's going to make the weekend very important. the talk shows will be all about this. and the market and the traders will be watching that. >> you got to imagine it is going to be wall to wall coverage over the weekend and monday should be an interesting session. art, thanks so much. >> lawmakers weighing in on the clinton e-mails, republican congressman jim jordan of ohio joins us, he sits now on the house oversight and judiciary committee, coming up right after this break.

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we call on the fbi to immediately release all the e-mails pertinent to their reopened investigation. the american people have a right to know. and they have a right to know before election day. >> that was donald trump's running mate, mike pence, weighing in moments ago about the fbi's probe into new hillary clinton e-mails. joining us now on the phone is republican congressman jim jordan of ohio, who sits on the house oversight and judiciary committees. sir, good to have you here. your immediate thoughts on this letter coming from the fbi director james comey.

>> i think it speaks for itself. reopening the investigation. and, remember, what we know, we know that she set up a private e-mail server, private e-mail address, to hide information. when they got caught, they said, we'll decide which ones you get, which one s we kep anep and the destroyed 30,000. when she was in front of the benghazi committee, i asked her, why not allow a neutral third party to come in and examine all of the e-mails so we can decide -- >> sir, aui'm so sorry we're gog to interrupt you. hillary clinton is speaking at her rally in cedar rapids, iowa. >> i am so excited and happy to be back here. i really think of iowa and especially all of the communities that i visited as the place that got my campaign started. and gave me -- gave met chance

as only iowa does to talk with families about all the problems that keep you up at night, and, boy, did i hear a lot about rising prescription drug costs, and the costs of college and student debt. and the epidemic, the quiet epidemic of addiction and mental health issues, the challenge of balancing family and work, all of those conversations in coffee shops and college campuses really put me on the path to understanding what it is your next president should do. and you invited me in to your homes, your businesses, factory floors, so many places where people were working hard and thinking about the kind of future you wanted for yourselves and your families. and so now with just 11 days

left, we've got work to do. i want to thank cyndi garlock for introducing me as she told you she's a retired teacher, she's one of our neighborhood team leaders. she and everyone work iing acro the state are going to make sure we win iowa. >> thus far, listening, hillary clinton has not addressed the new news coming out of the fbi today, they're looking at a new batch of e-mails that have been discovered. let's bring back congressman jordan. you were going through the issues. let me ask you something, though, she highlighted one key issue, i wonder if she's doing it on purpose, 11 days to go. even if the fbi is once again looking at a new batch of e-mails, the chances that we're going to have any clarity about what they're doing before the election is zero to none, right? >> well, i mean, who knows. we don't know what the e-mails are. don't know how long it will take

for them to reach some kind of conclusion and give us a statement on what is there. what we do know is what they said, they're reopening the investigation. now, remember. mr. comey, his press conference in july, went through everything that she had done wrong and then said, yeah, we're not going to prosecute. to go through all that, for us to discover in the last couple of months that five people got immunity dwreagreements and no got prosecuted, three of the five that got immunity agreements took the fifth in front of congress that loretta lynch admitted under oath under question this is the first and only time she said i'll follow the recommendations of the fbi even though we didn't know what the recommendations of the fbi were, you go through that, we're not going to prosecute and now here we are, ten days before an election and says he's going to reopen the case. we don't know what it is. but it sure seems like it must be something pretty darn important for that fact pattern to play out and for them to announce just a week and a half before an election that they're going to re-examine things and

look at the new e-mails. >> what is the next step in terms of what if anything congress does to try to find out what is going on? >> i think you let the fbi do their work. i mean, look, we had hearings, we tried to get to the bottom of this. would have been nice have been secretary clinton would have cooperated a year ago when asked if we had someone else do front end investigation versus what they did that they destroyed e-mails. maybe some of those have been kept and weren't fully disclosed. i think we are at a point you let the investigation play out. >> does this point, congressman, as it seemed to from one of our prior guests who on one hand possibly calling into question the competence and thoroughness of the fbi in the first place in this investigation? >> we have been concerned about the investigation. when have you seen that fact

pattern play? think about one of the guys who got immunity agreement and took the fifth. he was discovered and went on the site and asked how do i get rid of archive e-mail address for mrs. clinton? her e-mail address wouldn't be there. he was asking how to do that. a couple of months ago he was caught trying to delete those requests he posted two years before. when have you seen a fact pattern like that? we were questioning how the investigation was done. i think any american who looked at the fact pattern would be doing that. now we know that something must be so important that the fbi announced to the chairman of the respective committees that they will re-look at this. >> you are telling us and the american people that what we know now is what we will have to know or not know going into this election in 11 days. there is nothing that you and congress can do about that to

help the american people cast their vote? >> i certainly hoped governor pence has indicated that the fbi should make this information public so american people are informed. as much as american people can know we have a big election coming up. it is important that voters go to the poll as completely and thoroughly informed as can be. i think the announcement speaks pretty strongly that something must be there or they wouldn't make this announcement this close to an election. >> thank you for joining us. appreciate it. thanks for calling in we'll be back in two minutes.

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conference with her aides. when asked questions by the press she said nothing, waved and travelled to this rally. >> eamon javers reporting suggests you can eliminate that this is in connection with wiki leaks and additional reporting from nbc news suggesting that there has been a device found in this unrelated investigation that has gotten us to this point where fbi director felt compelled to send a letter to congress to say we have something new to take a look at as part of the never closed investigation though he did call it completed. >> as for the markets a turn around. we have a sharp reversal in markets just at 1:00 when the news broke with the dow dipping into the red. we recovered a lot of that. we are watching key level of 2,130 at the close. a close below that according to

art cashin would be trouble. this is going to be grisz for the political mills. interesting monday ahead for us. >> watch the mexican peso. "closing bell" starts right now. hi everybody welcome to "closing bell." i'm kelly evans at the new york city stock exchange. >> i'm michael santoli in for bill griffith. just in the last two hours the fbi announcing it is investigating new e-mails related to democratic nominee hillary clinton's use of private e-mail server to potentially handle classified information. >> the dow, s&p 500 and nasdaq all lower as soon as the news crossed. we are keeping an eye on markets. the s&p down about 2.5 points. watch the mexic