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you can keep your own doctor and hospital that accepts medicare, get help paying for what medicare doesn't... and save up to thousands of dollars. call this toll-free number now. if you are just joining us, breaking news there. take a look at the numbers here. in the red. new york stock exchange down 512 points. just a bit of perspective. the preliminary loss -- it is now officially 512.76, the ninth biggest loss ever for the dow industrials. keep that in mind as we continue forward. the asian markets, australian, they open 8:00 eastern, as an indicator to what could happen on wall street come tomorrow. i have teddy weisberg standing by. he's been trading stocks on the floor there in new york for 43 years. teddy, let's talk about jobs.

we know that unemploy steadily rising. and that number that we get at 8:30 tomorrow eastern will absolutely affect the numbers we see on the big board. >> well, i think so. well, what we would all look to see, not so much because it helps the stock market, but because it helps the folks that need jobs, we would like to see a positive job number and positive number that basically comes in well above guest estimates, if you will. unfortunately nobody has a crystal ball, and we'll just have to wait and see. we had an adp number earlier in the week that showed relatively positive gains, but there's not necessarily a connection between

the adp number and the number out of washington. the big risk is that the number comes in below expectations, if not dramatically below expectations. that clearly will add, at least for the beginning of the trading day, should a add some negative fuel to the fire we experienced today. >> teddy, are you a father? do you have children? >> i sure do. and i have grandchildren. both my -- >> and grandchildren as well. so what do you tell -- when your son or daughter calls you up and says, dad, what do i do with mea investments? i want you to give me the advice you would give your children. >> they don't have to call me, they work with me. we all work together. but they don't really have to ask. all i have to do is look at their faces, and i feel their pain, but tlef to look at my

face and they can feel my pain. the reality is this is just part of the business. clearly we suffer along with our clients. we feel our clients' pain as well as our own. we've been here before. wall street is the only business in the world when they hold a fire sale, nobody seems to want to come. the fact is for those folks who do their homework, these kind of sell jobs, as painful and as dramatic as they are, when you feel the pain in the pit of your stomach, perhaps the proper thing to do is not to sell, but put a toe in the water and put money to work. because over a period of time, most folks that have that ability to be a contrarian usually end up the winners, teddy weisberg, the voice of calm. we should listen to him. he knows a thing or two. teddy, nice to meet you here live on television, and let's go

town to wolf blitzer, who certainly has been watching the numbers today as well. what a day. >> we'll be all over the story. fareeda kariya, he's really smart on these issues, erin burnett, she spent a lot of time watching wall street, she's going to be joining us. we also have a lot of news on the other breaking news that we're following, an apparent deal on the faa work stoppage, if you will. ray lahood will be here in the situation room. but this 500-plus point drop in the stock market, that's a huge story. it affects so 78 people out there. remember, this is not just today. it's been going on for 8 of the last 9 sessions on wall street, dropped more than 1,000 points, 10%, that's huge.

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just about an hour ago, now the dow took a nose dive, closing at 512 points. if you have cnnmoney.com open, here's the headline -- worst day since the financial crisis. poppy, i know you have kept an eye on the blue chip stocks. before we do that, government bonds, that's where a lot of people put their money. they think it's the safe bet. how did they fare today? >> it's so interesting. treasuries is one of our top

stories. the price of government bonds, what you basically pay the government to hold your money, because you think it's a safe place to hold your money, they shot up. the price shot up. what's interesting here, brooke is that the yield, what they pay out, felt significantly. just to give you a sense, if you look at a ten-year yield, bond, long-term savings, 2.45%, down significantly in the last two weeks. today you saw the two-year treasury bond, the two-year note fall to a record low. a quarter of at percent returns. this is what's so fascinating. if you look at the demand for quick money, if you look at the demand -- the payoff on a short-term bond on a one-month treasury bill, it was actually negative. means investors were willing to pay the government money to hold their money. that's very interesting. this is called a flight to safety on wall street. people were jumping into whatever they thought was safe,

not yielding a lot of money, as investors jumped out of the stock market, as it played out all day on wall street. people were jumping into the government savings bonds. you brought up a good point, how did the blue-chip companies do? the reason you care about these, these are the big companies in your pension plans -- >> a lot of people own apple, goalle, exxon, ge, how did they do? >> general electric down 5.7% for the day. the world's biggest oil company, exxon mobil, down 5 march for the gay. google, technology leader, down 4% for the day. and if you look at alcoa, the biggest losers on the dow industrials, down 9.2%, a company that spans the gamut,

it's a good indicator of overall demand. no matter where your money was today in the stock market, you lost money. now, do not go and sell those stocks. if you've been sitting in them, do not make any major actions. this is not the time to jump out. the market may fall tomorrow, as you know, we have that big jobs report, but investor panic, it's not the time to jump out. as traders having telling me and you all day, this is time to put your money to work in companies you believe in. but it is thursday, not friday. we are heading into the most critical day of the month could likely be tomorrow. we get the july jobs report. the opening bell at 9:30. that will determine the direction. foreign markets down significantly, about 4%, whether it's the uk or broader europe,

stocks closing flat in asia, but just three hours from now, those markets will open. >> let's just remind everyone, that big screen, and i have my computer open to c -- cnnmoney.com. alison, final thoughts as we look at this day and the dow so far in the red. >> and we take a big sigh of relief that the day is over. let me leave you with a positive note. if we get an upside surprise, we could see stocks rally back. i'll leave you with that thought, brooke. >> we want to leave with something positive. teddy was saying was saying we don't want to connect these numbers to