higher. stocks as i mentioned just off their lows of the session. melissa francis is here. she is going to continue to follow all relevant headlines. "money" starts now. melissa? melissa: absolutely, we have breaking news as you know. malaysian airline passenger plane crashing down in ukraine. there are indications it may have been shot down. a ukrainian government advisor claiming the flight was flying at 33,000 feet when it was shot down by militants and crashed near a strong hold of the pro-russian rebels in eastern ukraine. malaysia airlines confirming it lost contact with flight 17 and that the plain's last known position was over ukrainian airspace. the jet is a boeing 777. it was flying from amsterdam to kuala lumpur with 295 people on board. but now ukrainian pro-russian rib bells deny shooting the airliner, instead blaming

ukrainian armed forces. markets, focus of this show, seem to be regaining their composure you see there the market dropped to 90 points at its worst levels. the oil is back to 103 doll per barrel on the front month contract -- $103. the vix is spiking most since february, still near historic lows we should note. president obama is expected to speak shortly. we'll bring you as soon as it happens. right now we want to go to colonel oliver north with me on the phone. colonel, thank you for joining us. give me your take on this situation. >> melissa, one of the things that did happen earlier this morning there was a russian separatist commander before we knee that the malaysian airliner was missing bragged the fact they shot down a ukrainian su-27 which is a transport aircraft, very common in the inventory of most of former soviet bloc countries. we also know that the buk

surface-to-air missile system is a sophisticated mid-range missile system t was in both the hands of ukrainians and of course russians. more modern version is available to the russians. once somebody determines what it is that brought the airplane down, if it indeed was one of those missiles they still won't know for certain which side brought it down. we know that vladmir putin expressed his condolences to the prime minister in malaysia. this is the second malaysian aircraft to be lost this year. he also know that putin is undoubtedly giving guidance to his troops in the field. he has spetsnaz forces. he has russian army irregulars, he has reservists they called up and sent across the border who in many cases originated in ukraine but are russian nationals and they are all engaged in this russian separatist movement in eastern ukraine which is where this aircraft went down. so expect putin is going to

blame the ukrainians. it will take days to discern who exactly fired this, unless somebody comes forward with more visuals than we've got today, or our own intelligence services can confirm a lock-on of this aircraft's, surface-to-air missile system and carnival date it actually came from the russian separatists or russian side and i wouldn't dismiss russia either. or whether it was ukrainians. bottom line, the europeans are undoubtedly going to take a stronger stance on sanctions, if indeed it es shown that it was russians or russian subpoena rate of it is. the thing that distresses all of us, any knowledge at all of commercial aviation, is that there's not been apparently a notice to airmen issued by the international aviation authorities in geneva saying avoid this area all together. melissa: that is the most surprising part. that is the question everyone is asking. the faa had told commercial airliners in the u.s. to avoid the area. >> right.

melissa: back in april. you have to wonder why would commercial airliners be flying over what is right now a war zone? that is shocking right? i give you last word real quick. go ahead. >> those aircraft have long enough legs they didn't have to. they save money taking more direct route. that is long a commercial air route for that part of the world taking off from netherlands going to kuala lumpur. melissa: colonel oliver north. we appreciate it. let's look at market reaction. we'll bring in energy trader phil flynn. fox news contributor. he is also on with very nicole petallides on the floor of the new york stock exchange. phil what is the reaction right now? >> we had initial knee-jerk reaction when headlines first came across. everything you think about when you think about you ukraine, you think about wheat, you think about palladium. those markets acted dramatically. when you look at big picture you have to look at gold and oil. oil is back above $103 a barrel

in the front end of the curve right now. we saw a dramatic reaction in this market. now you have to remember, melissa, when we look at gold, and we look at oil, there was already a risk premium building back into this market early this morning. people were buying because they were concerned about some kind of reaction to the e.u. sanctions, the u.s. sanctions on russia. because of the ukrainian situation. nobody expected this type of reaction. but we did see kind of a major move. the market pulled back a little bit, melissa. then in the euro-dollar pit we saw surge of orders, options orders coming in massive quantities. that is risk aversion. people are a little bit nervous to see what happens next. melissa: phil, thank you so much. let me go over to nicole. talk to me about traders and what they're watching on floor. >> it is interesting, i will take phil's word nervous. that is the feeling on wall street. some used opportunity to sell on the way down. others use it as great buying

opportunity, calling clients saying buy on dips. others say you know what? it is just a blip. we'll wait and see. that being said the market action here is now, a couple of factors moving in here. we set a record early this morning. we were up 13 points. we set an all-time record. we were down 93 points at our lowest point. look what is happening over the last half hour or so. of the st. louis fed, james bullard, made some comments pertaining to what we've been seeing in the economy improving and yet the fed hasn't normalized just yet, which implies, he is not a voting member, that brings us right back to the fed and they should raise rates sooner and like. that may be the latest leg down. the market started to recover with those kinds of comments. melissa: absolutely, down almost 08 now. thank you so much. i want to bring in our panel. fox business's own tom sullivan. we have charlie gasparino as well. "wall street journal's" simon constable. i think it is going to be harder and harder for markets to ignore the hot spots around the world

which are flaring up. everywhere we look there is a conflict going on now. this adds something very serious on top of it. go ahead. >> that's part of the problem. everywhere we look. so it is not like it is the exception almost. it is getting to the point where which hot spot do you want to try and focus on? and this does obviously put us beyond what any others, it appeals. but at this point -- appeals. >> how long is the market able to ignore what is going on around the world. >> at "wall street journal" joke, world ends, interest rates stay stable. this is a war going on here. that is a big story. the markets though are different and i think for the average investor, this should not be taken, in of itself as a reason to start blowing out your stocks

or change your portfolio. this will happen. the world is a dangerous place. equity traders hit buy and sell buttons on headlines. melissa: yeah. >> long-term investor should not care, long-term investor should be ignoring this and unless one thing changes. this is one thing. if president obama freezes all russian assets. way they go after russia where we talk on the past, freeze russian earnings where bank earnings will impact, then markets start to crater. melissa: we were talking about a step up in sanctions on russia. >> he will not do it. melissa: what do you think? >> i think that may be a factor but bigger factor but if any resources are interrupted. supply of resources like natural gas, like oil, like things we're talking about corn, wheat, palladium, things like that are interrupted that affects the world stage. they will notice. >> we might have to produce more of that. >> some european airlines, this is fascinating thing, look at the radar a, a lot of analysts saying what were they doing

flying over the hot spots? there are all kinds of -- fastest way, cheapest way not to burn more fuel. >> remember one thing, russian economy is based on one thing, petrodollars. they're waiting for that to keep going. melissa: we're waiting for president come to speak. president obama originally scheduled to travel there he is supposed to make remarks on infrastructure. we'll monitor any comments on the situation in ukraine and keeping close on eye on. meantime we squeeze in a quick break. we're not squeezing in a quick break. do you expect the president to say something about this. >> oh, absolutely. he is. the question and to charlie's point about the fact how much, what is he growing to do? yesterday he just announced more sanctions and nobody blinked. >> because all these sanctions are like sort of marginal, sort of things that really don't affect the russian economy. here's what. i think he will say something. i think he will say something very benign. i think he will not go for the

full monty on sanctions. i think this is pretty clear, this guy does not want to do that. our economy is very fragile. i just don't think he wants to upset the global economy, global economic applecart as bad as things are. >> he has -- melissa: benign comment into a big speech on infrastructure? >> you've seen him do that before. >> i think it would be wise not to really go for the full monty at this stage. we don't know a lot of things. we don't know what we don't know to misquote somebody. that is a big thing. you don't want to start a third world war when you don't know facts. >> starting world war, talking about owner russ sanctions that might put them in their place and force them to capitulate. melissa: okay. here's the president. let's listen in. >> everybody please have a seat, please have a seat. it is wonderful to be back in delaware. before i begin, obviously the world is watching reports of a downed passenger jet near the russian-ukraine border and it

looks like may be a terrible tragedy. right now we're working to determine whether there were american citizens on board. that is our first priority. and i have directed my national security team to stay in close contact with the ukrainian government. the united states will offer any assistance we can to help determine what happened and why. and as a country, our thoughts and prayers are with all the families of the passengers wherever they call home. i want to thank jeremy for that introduction. give jeremy a big round of applause. [applause] it is great to be in the state that gave us joe biden. [cheers and applause] we've got -- melissa: apparently that was it. we'll keep monitoring here.

yeah. >> you owe me coffee. melissa: owe you coffee. he says thoughts and prayers are with the families and immediately segues i want to thank my sponsors here. >> this is part of his gameplan, listen, our economy is hanging on a thread. what do we got going? we have stock market. we have very meager job growth. to destroy that through sanctions when you have an election coming up would be politically very damaging. that doesn't mean you shouldn't do it. i'm just telling he is not going to do it. >> i'm just surprised, simon, you're right, we don't know what we don't know but looking like -- >> we don't know what? >> we know pretty much what the scenario is. for the president to kind of cash alley come out, oh by the way the weather is nice? >> tom, with all due respect we know that the russians created this situation. >> absolutely they did. >> the ukrainians shot that out of the air by accident? >> they didn't have the pea shooter. they had a russian missile. >> i'm telling you that they

created situation. it wasn't the appropriate response but it is typical of what he does. >> to go back to tom's point we don't know who did this and we don't know why, who did it did it whether it was a mistake or not. if someone says, hey, we thought we were shooting at something else happens in war zones. >> it doesn't matter. >> it does matter. >> it doesn't. vladmir putin, no it doesn't. >> absolutely wrong, charlie. you're wrong. >> vladmir putin started a war in a country. that was, if this is an accident, he started the war which caused the accident. he created the instability in ukraine. it doesn't matter. it does not matter because he started a war! >> things happen when -- >> this stuff happens in war. >> he started. that outrageous. you think ukrainians want russian troops in their backyard. >> we went to war in iraq talking about false allegations. >> we're talking about sanctions. >> you're wrong, charlie, for once you're wrong.

>> i'm wrong vladmir putin didn't start the war. >> you're just wrong. >> you can't shoot an airliner down without a military missile. somebody made that military missile. i'm betting a large lunch at drive upup it was russian missile. >> who cares. vladmir putin start ad war in that country. we can either crank up the sanctions or not. if we crank up the sanctions, it will hurt our economy and hurt our markets. if we don't, this, just get used to this and market coming back for the next year. melissa: i don't think you can shoot down a commercial airliner without being repercussionings around the world no. >> you don't think so? okay. melissa: we don't know who did it. >> we don't know, charlie, don't know who did it. >> come on, you know they did it. it doesn't matter. >> you have the wrong person? do you really, ukrainians. >> you can't be this dumb. they started. >> don't call me names. >> it is dumb.

they start ad war. stuff happens in wars. the other side, in a mixed up situation that vladmir putin started. think about that. >> if russian separatists did not do it, who did. >> ukrainians? you doesn't know. all i'm saying you don't know. you don't know. >> why ukrainians trying to fight in the area? why are they trying to fight? >> you don't know. >> the reports are -- >> why ukrainians even at war? >> you don't know who did it. >> why are the ukrainians at war. >> it is not relevant. >> it is not irrelevant. russian invaded -- >> fault of people -- >> vladmir putin is -- >> russia invaded ukraine. in a war, stuff sometimes happens. almost doesn't matter. russia will not stop. this will not end. they will be more than that. unless we do something. and what we can do is militarily which is off the table or we can crank up sanctions. >> any war crime committed by anyone in that space now is vladmir putin's fault according

to you? >> you really think ukrainians wanted to blow up malaysian airline? >> i don't think anyone did. >> maybe it is examined. accidents are not war crimes. >> you said it didn't matter. be consistent. you said it didn't matter. you said it didn't matter. you said it didn't matter. >> so if an american forces in germany, during world war ii accidentally shoot somebody that shouldn't have been shot that has -- >> you said it didn't matter. >> doesn't have with adolf hitler starting war you're saying? >> you say it wasn't a crime. >> i'm saying -- >> you said it didn't matter. >> this whole thing started because vladmir putin invaded, invaded ukraine. north being consistent. >> you don't know what you're talking about. >> i do. >> vladmir putin started so what? okay. there you go. melissa: tom, you want too get in there. >> we ratcheted up sanctions till putin came out this morning you know what, you ratchet up the sanctions you will hurt american companies. >> that is the problem.

>> are don't we carpet bomb everybody,. >> carpet bomb be. you're so -- dumb. i can't believe i'm hearing this. think about it. of you have an most aggressivemation, one of the most aggressive nations oner invading another country we're supposed to say maybe someone else's fault he has his troops in there and confused situation you. >> don't know. >> you're willing give dictator benefit of the doubt. >> nobody fights war like yours. >> calling for sanctions. >> despite all your arguments i think most fascinating part out of all this was, the president came out. this is a big deal. no matter how you want to blame or who you want to blame and he gave it nothing. he gave it, barely wasn't even a headline. melissa: thoughts and prayers with the family. thanks for having us here today. had to feel incredibly appropriate to 295 families on the plane. >> he doesn't want to start world war iii according to

simon. melissa: let's bring senior navy analyst at institute for study of war. what is your take? >> thank you. pleasure to be with you. there are three things which have to look at here. the possibility that the russians shot it down or ukrainian military or russian separatist its in ukraine of the overwhelming probability at this time although not conclusive it was russian separatists that shot it down. second point i would like to make is, this is not at all unprecedented. 1982 i believe it was russian air force shot down core reann airlines. korean airlines. in 1988 the united states inadvertently shot down airbus coming out of abbas, in persian gulf. people target wrong aircraft. i don't think it was deliberate act in the sense they were shootings down a civilian aircraft. melissa: what do you think is the appropriate response from the united states? >> well the first thing is has to be full-scale effort by the united states intelligence community to come up with their best analysis what happened.

if the ukrainian government allows us full access to the crash site, the federal aaviation administration in the united states has the best accident reconstruction team in the world. we can go there in fairly quick amount of time we can say what happened whether surface-to-air missile, what type much missile it was. based on geometry you can say where the missile was shot from. i'm almost positive the u.s. intelligence community has good radar tracks what happened over there we're watching it fairly closely. i think the u.s. government should be able to say, publicly within 4to 72 hours, what our best analysis of the situation is. >> do you believe it was accident, that a commercial airline was targeted? >> i do believe it was accident. there is no upside for anybody shooting commercial aircraft out of the sky. it was deliberately targeted attack in the they were shooting what they thought was military aircraft. we had an aircraft shot down monday. another one wednesday. there is aircraft getting shot down over there, not to be

crass. that's what happens in a war but, i don't think whoever shot it down knew that this was civilian aircraft. it was a case of mistaken identity. melissa: chris, surprising to you there was commercial aircraft going over a war zone. >> that's a big problem to me, even if there wasn't a notice to airmen issued, just basic common sense says you shouldn't fly aircraft over open war zone. monday we had an aircraft shot down. wednesday we had aircraft shot down. putin pilot will not wait for bureaucracy to tell him what to or not do. faa issued warning to american airlines in april. they shouldn't fly over this when they know aircraft are getting shot down right and left over there. melissa: the latest on malaysian airline plane. more coverage ahead. don't go away. we'll be right back.

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melissa: we have breaking news now as we continue to cover that downed malaysian airlines flight 11, a boeing 777, down over ukraine. the president a short time ago not saying very much about the situation at all. let's go to peter barnes right now. he is in washington with more on the response from the obama administration. peter? >> well, that's right, melissa. listen, this is, the focus of the world's attention right now. so the president up in wilmington, delaware, to talk about infrastructure spending, speaking at the port of wilmington but, discussing the downed malaysian plane in ukraine right off the top. here is what he said. >> watching reports of a downed passenger jet near the russia-ukraine border. and it looks like it may be a terrible tragedy. right now we're working to determine whether there were american citizens on board.

that is our first priority. and i have directed my national security team to stay in close contact with the ukrainian government. the united states will offer any assistance we can to help determine what happened and why. and as a country our thoughts and prayers are with all the families of the passengers, wherever they call home. >> the state department spokesperson jen psaki was asked directly by reporters at her daily briefing today about reports that americans may have been on this flight. obviously that's speculation at this point. she said she had, could not confirm any details but had seen the same reports. separately the white house confirming that earlier today before the president went to wilmington, melissa, he and russian president putin talked by phone about the new sanctions that the united states levied on russia yesterday as a result of the situation in the ukraine. and both, statement from the

kremlin and white house mentioned that during the call, president putin noted early reports of a downed passenger jet near the russia-ukraine border. melissa. melissa: thank you so much for that report. tom sullivan is back with us. we have jack hough from "barron's" and simon constable here from the "wall street journal" we're a business show. let's talk for a second about malaysian airlines. it is amazing to me that we are talking about them again. >> state-owned. melissa: we're saying here they are flying over an area that is a war zone, when the faa had said back in april not to fly in this area. >> it, it is a state-owned airline so there is, for the country to worry about. melissa: right. >> as far as their aircraft and everything else. but, i looked at radar map right after i heard the reports about this and there were planes from all over the world flying over ukraine. if you're an airline, the most expensive thing you've got is fuel and so that is, if that is

the most direct route, there were planes all over the place from every country hither and yon, not u.s. aeroflot was over there. swissair was over there. there were a number of them flying over ukraine right after this happened, which says they're taking a sort cut. they are taking a chance. >> enormous country. really is a big, it is a big area. this is not like trying to go around belgium. it's big you. >> save money not going around it. >> you expect that. >> we have a pretty dicey recovery in europe. economic recovery. some airlines are operating at fairly thin profit margins. going to be some real transitions that will have to be made and it will be higher costs for these folks. >> i know we're a business network but i'm still absolutely blown away by the lack of sternness about the president on this and -- melissa: even reaction -- >> i'm not willing to push the launch button but for heavens sakes, be a little less casual

about this. melissa: are you talking about in his demeanor when he took the stage. we watched him in dell bear. he almost shrugged off the incident. he said quickly, thoughts and prayers and serious situation and quickly to smile and applause. i want to thank you folks for having me. >> if you go back and listen, he is watching reports. is he getting his news from us? that is nice, mr. president. don't you think you get it from security people. >> we're sort of spilled the tea. like i've been on the phone with president putin told me. i've been talking about this i know i keeping you informed and doing a thorough investigation. wasn't like that. melissa: in terms of tone. fox news's amy kellogg is in london. she has the latest from there. amy, what is the latest from where you are? >> melissa of course people are talking about malaysian airlines and the tragedy being just, a second one in very close proximity. to the recent one but the other, the other reason this is such a

dramatic story for viewers that for the most part the ukraine-russia conflict has remained in that very area. it hasn't affected people from outside countries. it hasn't spilled over so to speak. if in fact it does prove the plane was shot down, really ups the ante in that conflict as well. what we know now is that no one is claiming responsibility for what happened. investigations have been launched. the separate rate of it is rebels in eastern ukraine have denied any responsibility saying they don't even have the sort of launcher that, buk launcher supposedly was used or is speculated to have been used in this supposed attack. it was interesting though because very early on, right after the crash happened, one of the top rebel leaders in eastern ukraine did say that they had shot down an antonov plane, a cargo plane which could have been something confused with this plane of the that tweet, which was put out on social media has since been deleted.

president obama has said right now his priority is trying to determine whether or not americans were on that plane, that took off, the mh17 taking off from amsterdam midday, today, crashing on the russia-ukraine border. there have been reports of americans on board but that has not been confirmed. bodies apparently are scattered over the scene of the crash. smoke has been in the air ever since. it is huge tragedy. 289 people on board. it was headed for kuala lumpur. again a malaysian airlines flight that crashed in eastern ukraine, very close to the russian border. questions remaining also about why malaysian airlines took that path over a conflict zone. people will be asking that question at some point. the rebels have said that they largely control that area. if they find the black box they will hand it over to russia. russia for now not commenting on the begin. this comes after separatist rebels, according to

the ukrainian government have shot down two different planes in the last week in that very area. so also comes on the day after the u.s. slapped its most biting sanctions on russia for its involvement in this conflict. so the timing is interesting. the events preceding this are quite relevant as we look at the big picture and this investigation begins into a plane crash that happened just a few hours ago. melissa. melissa: amy, thank you so much for your reporting. we appreciate it. next, a former navy seals account of the events unfolding now in ukraine. we'll be right back. friday night, buddy.

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lines passenger plane crashing down in ukraine. there are indications it may have been shot down. et ainian and government adviser 33,000 feet when it was shot

down by militants and crashed near a stronghold of russian rebels in eastern ukraine. malaysia airlines confirming it lost contact with flight 17, the plane's last known position was over ukrainian airspace. the jet is a boeing triple 7 flying from amsterdam to kuala lumpur with 250 people on board. the hunt for the black box is on. let's go to adam shapiro was new breaking developments. adam: the black box, the news agency out of russia says the black box has been found and it was discovered by forces that would be friendly with moscow, that it will be actually sent to moscow but according to pro russian separatists in eastern ukraine they have found a black box, the flight recorder of malaysian airlines flight 17 and they intend to turn it over to authorities in moscow. melissa: thank you for that.

former navy seal jonathan gilliam for joining us on the phone. what do you think of the latest development? how essentials is the black box in this situation? >> it is essential to get the data from where the plane was, of why the plane was there which is very interesting why this plane was flying over an area that is basically a war zone but i don't think you will give any details about who shot it down. i think that is going to be very interesting when someone comes forward and says we shot it down and was an accident, that is going to put things to rest but in this crazy conflict that is going on over is there i don't know if they knew it was an airliner that was flying over but it would be -- for one side to shoot it down and blame it on the other side. if the plane was a 30,000 feet i suspect the plane was just flying over an area it shouldn't

have been and someone shot it down thinking it was a plane from the opposite side. melissa: the rebels immediate response was to ninth -- deny they were involved. is that what you would expect? >> yes. the rebels are not an actual country. they don't have countries sponsoring them necessarily. denying everything is typically the first thing you will see from them especially if they did it accidentally and put it off on russia. we will figure that out pretty quickly. things like that, if i am hearing the report correctly where was shot down is a rebel area, so it will be interesting to see. way more telling than the black box. melissa: what type of weapon is necessary to make this happen and who would have that? >> surface-to-air missiles are very common now and russia definitely has them and i am

sure the rebels if they have been really supported by the ukrainian government, would have those as well. this is something that is very important for people to realize. what is happening on the national security doesn't doesn't have a bigger effect on the united states. it does show a good example what happens when the united states has diplomacy without any force. we put sanctions on but obviously that is not stopping anything, now there are 300 people that are dead. this should hit home because it is a good example of surface-to-air missiles if there snuck in if this was a shoulder fired weapon can take down a plane. this could have been a weapon that was shot from a vehicle or mechanized vehicles of some kind but it could also have been a shoulder fired weapon. melissa: thank you so much. appreciate your time. picking up steam, we are back

near session lows on the dow, a quick check on the markets, let's go to larry chauffeur of the cme, we are sliding again. what is going on? >> the somber mood is adding fuel to the fire of sentiment. the market is jittery. doesn't seem like it but this has been going on since the third of july with the events going on with russia adding to the sentiment that is very negative, very somber behind me, we i seeing wheat up 2.5%. and quiet behind me, people are very jittery. dierdre: what i traders watching for the rest of the day? are they stuck looking at the headlines until we see the clothes? >> they are, looking at the s&p in particular, 1967, a 20 day moving average. 1959 would be the lows we made on the tenth. it is not always a technical market but that is all people

have to grab hold of. why in the world are we up like this? >> thank you so much. we are going to squeeze in a quick break and we will be back with more coverage.

melissa: i am melissa frances with your fox business brief. the u.s. is ramping up sanctions against russia by targeting big banks and energy companies.

more individuals have been blacklisted. president obama says he wants russia to do more in stopping the flow of fighters across the borders ukraine. the number of people filing for jobless benefits has unexpectedly fallen to its lowest level in two months. claims for the week ending july 12th to 2,000. analysts expected an increase of 5,000. ali baba is waiting to launch its ipo until after the labor day holiday, it was originally suggested that the offer could come this summer. report said the company is holding down for the right time in from market. that is the latest from the fox business network giving you the power to prosper.

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doing now? we heard from them earlier. he is in delaware giving a speech and infrastructure as you just heard from peter barnes, vice president joe biden reaching out to the ukrainian president, which we doing right now? >> the first priority should have the u.s. intelligence community and department of defense conduct a full spectrum analysis of all available information to give the american public an idea what actually happened. we know the aircraft was shot down and the overwhelming probability was russian separatists that did that. we won't know that until we get access from the debris field. the worst news in the aftermath of this unfortunate incident is the debris field came down entirely within rebel controlled territory in eastern ukraine. apparently they already recovered the black box and send it to the russians leave the russians take the black box and don't give the faa access to and we will never have a clear picture of what happened. we could have external rate our

tracks and not only do i assume we do, we don't get the granular detail we need to understand what happened so the intelligence community, putting on a full effort to get the technical data and the u.s. department should be pressing the russians foreign service to give our technical experts access to that information. dierdre: melissa: i want to go back to my panel and that reaction to what he just said. >> they need to do a full study, find out what happened. if it comes out this was a separatist, find out was a deliberate or an accident? what went on? we have to find that out. >> the president said looks like this could be a terrible tragedy. there are a couple ways to take that. melissa: your interpretation was interesting. there has been a tragedy -- >> could be a tragedy in terms of someone trying to do something and did something different. might be too soon to know that but i can't imagine there being

a motive here. i can't imagine this wasn't someone who thought they were following something else. who would want to take this plane out of the sky? melissa: markets react to the news of the malaysia airlines crash. serious stuff. >> the markets are not recovering. they have come off of their lows but we will follow this, the news is very fluid at the moment. we are getting a lot of breaking news. the dow is down 76 points. wasn't much further than this, gold has spiked, closed in the regular session up 17, had been up 22. regardless of all of those issues the issue at hand is the plane crashed and coming up we have in the chair james wolfy who has of course been head of

the cia but also part of the treaty negotiations in the olden days in thes with the soviet union. you need to hear what he has to say. he is very pointed on who he thinks does this. is shouldn't be difficult to find out particularly because of the news you reported that the black box has been located. there are all kinds of interesting news bits coming out. shepard smith on fox news reported that one of the people in charge of the russian militants shortly after this crash traded or put out on social media in the russian form that they had just shot down a ukrainian plane. that has since been deleted but almost as if they were taking credit for it. that has been deleted. important to make sure you get all the right information as it comes through. melissa: we look forward to it, thank you so much and you can sear fact coming out by the minute. germany is responding and we are staying on top of it.

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melissa: we continue covering this breaking news. malaysia airlines passenger plane crashing down in ukraine. indications it may have been shot down. ukrainian government adviser claiming the flag is flying at 33,000 feet when it was shot down by militants and crashed near a stronghold of the pro russian rebels in eastern ukraine. lieutenant-colonel bill cowan joins me now on the phone. takes for joining us. what do you find most surprising about this story so far? >> i am not so surprised and airplane got shot down in that region because the turmoil and attention as you report already a couple military aircraft shot down this week, everybody is pretty tense particularly the

separatists but separatists bombed with sophisticated weapons, it is reasonable to assume they are the ones that did this. we know the russians have been feeding them a lot of weapons. this is a nightmare for vladimir putin to disclaim any knowledge of the separatists have been more sophisticated weaponry when in fact we the united states and our president knows there have been a steady stream of weapons and individuals moving into this area of ukraine and the long-term hope that vladimir putin can take over. melissa: we hear that reports the entire debris field is in the battle zone. we heard a moment ago the vice president has reached out to the president of ukraine saying we want to get involved and do what we can to help discover what happened. what do you think are the odds we get anywhere near this? >> great question. probably pretty slim. those guys are going to want to control the debris field assuming they are responsible and there's always the catch, albeit a little bit slight that it was the ukrainians

themselves, the ukrainian government that taught -- shot the train down -- the plane down the the evidence is in the debris field and if it was ukrainian separatists they will want to control the field and get as much evidence removed from there as they can. melissa: what is the appropriate response? >> i don't know that we will do much of anything. they have significant ones over there, a clear indication of who did it and the most reliable intelligence sources are communications, intercepted. i expect resistance of the separatists are not that sophisticated. we are listening regularly to all the communications between various leaders but even though we may know, they won't say anything. we don't want to give of those methods and i don't think this white house wants to be punching vladimir putin in the face yet. melissa: thank you for your time. we appreciate it. markets as session lows, phil flynn at the cme with more.

we are watching things deteriorated. the dow is sinking down almost 90. >> a lot of risk coming back in and the vix creeping back in and oil down $103 a barrel and these are not normally risk aversion commodities. when we are talking about the ukraine we have a lot of nervousness. back to you. melissa: phil flynn, thanks, more with our panel on this rapidly developing situation, the latest on the malaysian flight crashing in ukraine. we are watching the situation and its impact on your money. don't go anywhere. stamps.com is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage

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