appliances. we've seen demand with the stock up 5%. [closing bell ringing] david: we'll leave on an up note, liz. liz: i will take an up note. bells ring on wall street. it is red on the screen, but nowhere near as bad as it looked about an hour and nine minutes ago. we had the dow down 104. the nasdaq was down 47. as numbers settle here. dow down about 37 points. nasdaq and s&p down a couple points. russell getting hurt by a quarter of a percentage point after history is made. after quite some time of billions in bond purchases, the fed ends so-called quantitative easing, a term that two years ago not a lot of people understood but let's get to it. "after the bell" and the future starts right now. liz: let's get to the action. yield shares christian magoo is

here. now is good time to invest in all countries russia? todd horowitz from the cme. equities started to fall pretty dramatically. came back but the dollar showed some muscle and gold completely swooned. what was it like in the pits when the fed did what everybody knew it would do, end qe? >> hi liz, hi david. as you look at overall action it, was probably pretty bullish. i'm a bear and still bearish on the market but today's tape action was very bullish. initial panic selloff really wasn't a panic. vix never really participated in the movement down. then what you had, don't forget two weeks ago today, we were down at 1812 in the s&p. we're back to 1980. you will get a little bit of profit-taking. fed did exactly what they said they would do. they ended qe and left a note if they're needed they will be there with paper and ink to print more money. for right now the program is over. the actual action is fairly

bullish. they could not break the market and there was no reason to really break the market other than to take a little profit today. david: remember, ladies and gentlemen, you're listening to a big bear. todd wouldn't mind me saying so. if a bear says it's a bullish market you can bet it is bullish. christian, the one thing, the fed is still holding on the portfolio of bond. yet, they're not increasing it, at least for now. they have a huge portfolio, 4 1/2 trillion dollars worth of bonds they will continue to hold, roll over. it is 20% of our gdp. historically the fed has had portfolio of 5% of gdp. is there any downside to the fed having such a big portfolio long term? >> well, definitely what the fed does going forward is going to impact markets, meaning will they just let the bond purchases roll off the balance sheet? or will they do it at graduated level? we'll have to keep an eye on that, over $4 trillion of securities because it could impact market prices especially

interest rates. david: how? how? >> if they decide to stop doing any type of rollover on the securities and letting them mature to go to the open market, now everyone has a chance to fill the shoes of the fed. will that demand be there? i think it actually will because we have intense demand for income in today's low interest rate environment. david: that's true. liz: does that mean, christian, with the very strong demand for income or wait until things settle down and pay me while that happens, that those dividend-paying stocks are ones that may very well do much better for people's port folks? >> yeah, i think dividend stocks continue to a attractive buying opportunity. dividend stocks growing dividends are probably more attractive. growth of dividend tends to fare wetter. liz: how do you find those names? what do you look for? >> so i think, basically are looking at their dividend increases historically. there is several etfs that play that one. vanguard dividend and

appreciation etf, vig. it is an index of companies growing their dividend consistently over time. david: by the way, kim, i haven't introduced her fully, kimberly foss, we're dying to get you. we didn't know whether we get the connection. we did. thankfully you're with us. you really called it, you said ending qe or new bond purchases will beegood for the market. you wrote that down before we saw that the market did not tumble like a lot of people thought it was. we even have todd horowitz saying it was a bullish response to what the fed -- how did you know that was going to happen? >> well, i got my crystal ball back from the fed. no, just kidding. david: it worked. >> it worked. hey, i don't know. you can't predict what is going to happen in the future but the great news is that they did quit the quantitative easing and, this is a good move for the market, i think going forward. it allows the government to get out of the way and free markets

to do what they're supposed to which is create wealth for investors long term. it is a bit of volatility, it will be there, guys. remember the little saying that something happens? volatility happens and it will stay there. so investors should get really used to this and be able to condition their portfolios to be able to profit from it in the long run. i have a little acronym you guys, called dare. diversify, diversification is your friend. asset allocation, make sure whatever you have in stock market and bonds, ability to stay in the market all times, rebalance the portfolio as volatility happens and at least once a year. then evaluate, where are you in your life cycle? do you want growth? do you want income? all that comes into the play of the portfolio. liz: in the end, i think this is important, todd, kimberly is right on the money, longer term investing will eventually pay off. over time since 1930 the stock market returned anywhere again, this is average of nine to 13%.

nine to 11%. some years it was way worse, some years it was way better. but stocks as they look today, we have the s&p about 80% of companies beat that have already given their earnings. 60% beat on revenue. you can't fudge that. i mean unless you do a little financial engineering but companies are not doing that poorly right now. >> they are building cash on their balance sheets. i'm concerned about the real growth but your point of investing, investors should always stay in the market. if you're investing with money you can afford not needing to fix the house or pay the mortgage with, you should never get out of the market, let that compound. over history of the market returns 9% year-over-year. you can stay in, as your guest said, dividend-paying stocks. let money come in and compound to keep growing. as a trader from my perspective, there are things i look at that are better. overall the real picture the fed has not walked away. the fed stopped purchasing, what

they said they would be willing to come back in if needed. if needed is enough with considerable time to keep the market up here. as the tape looked fairly bullish today. i'm not turning into a bull. i will keep my long-term investments but looking for a place to get short because i still think there is a lot of problems here and i think it will be a very rough christmas. david: christian, is there anything you're short on in this market right now? >> no, there isn't anything i'm short on specifically, dave. david: so what are you long on? what do you like specifically? i know you go for etfs rather than single stocks. >> yeah, i think there is some interesting ideas. very big contrarian idea is look at russia right now. david: of all places, christian, why russia. >> hard to stomach with geopolitical issues with oil prices falling which is important to russia but at a five-year low, david. i think when you see things at fairly long-term lows in a market like this, time to take a look at it.

rsx, the etf is off 25% year-to-date and trading at five-year lows when close to setting new highs here in the u.s. and other developed markets. liz: kimberly, what are your best ideas at the moment, your favorite moves right now knowing eventually the fed will tighten interest rates? >> well, one you want to keep duration of your bonds in the portfolio very short. don't get stuck into the investment pornography of getting higher yielding bonds in portfolio because higher yielding bonds act very much like equities. we like micro rebalancing and of course we're long-term investors, invested fully but bpu, vanguard, vpu, pay as nice 3.4% dividend. it is utility. we like that, we like the drip in the portfolio. we also like value, at&t and chevron. at&t has 5.2% dividend. chevron has got a 3.5%, largest energy and gas company in the world. and it is good growth.

liz: there is your chevron play. david: kimberly did you use the phrase investment pornography? i don't think i heard that before. >> yes i did. david: coined a term here on fbn. thank you very much. liz: we'll put all the picks up on facebook.com/afterthebell. kimberly foss, christian magoon. and todd horowitz. david: thanks, folks. liz: the fed ends its bond-buying program and turns attention to the timing of that first rate hike but is there something that could force the fed to tear up its plans? david: we'll talk to jon hilsenrath about all this. also, uber, works on very simple principle, more demand and less cars mean pricier rides. could wireless phone industry be next to adapt to this model? liz: plus do $3 for gasoline carry risks as well as rewards? are people giving up on the american dream of homeownership? and consumers in love with super mario all over again?

or even "grand theft auto"? all that and much more with our superstar panel just ahead. ♪

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david: credit card giant visa reporting earnings just moments ago. liz: nicole petallides has numbers from the floor of new york stock exchange. nicole. >> liz and dave, we have a nice number out of visa for the fourth quarter. posted earnings per share and revenue beat the street. earnings per share $2.18 versus estimates of 2.10. revenue 3.32 billion versus estimates of 3.19 billion.

in addition to beating both on top and bottom line, also announcing share repurchase program at $5 billion. what is interesting about the total transactions for the fourth quarter, for those three months, compiled, $11.9 billion in total transactions. that was a gain of 9% month over month. so we are seeing visa's stock in the after-hours up nearly 4%. back to you. david: thanks, nicole. liz: federal reserve, yes, you know by now, said it would stop its long-running bond-buying program, ending a historic experience that is really never been done before. well now, the attention turns to the first rate hike. david: with us now the man who knows the fed better than anyone out there, jon hilsenrath, "wall street journal" editor and fox business contributor. jon, good to talk to you. >> sorry i couldn't be there in front of you. david: that's all right. we have a lot of figures and facts we want to throw up on the screen. i will start with one right now which for me is kind of scary.

for a lot of economists looking at this is scary. it is the fed's balance sheet. let's put that up on the screen because the liabilities, $4.43 billion, the capital only $56 billion. that is leverage of about 79 to 1, jon. it is, now i know the fed is not like any other bank. they wouldn't exist with those kind of figures. they can print their own money, et cetera. >> exactly. david: but the fed's balance sheet has historically been about 5% of gdp. it is now 20% of gdp and apparently they will keep it this high at least for a while. they will roll over a lot of bond they have instead of dim americaning the portfolio. isn't there downside risk to that? >> so i will throw a couple figures at you. you know, ever since the fed launched this qe3 program, you know, we've all been worried that they're going to debase the dollar or cause inflation or, can -- >> interest rates would pop up.

>> david: right. >> so the dollar according to my calculations are 7%. inflation unchanged at 1 1/2%. you look at yields on interest rates, on 10-year treasury notes, they haven't really moved. david: that's true. >> so. the other one is go. gold is down from $1700 an ounce. david: down another $20. huge drop today. you're right on the numbers. there is risk, is there not, holding it that high for this long? >> their argument if they see the economy overheating, they will start to unwind the thing and start pushing interest rates up. so they say they have got it under control. they have been wrong before. we thought they had the economy under control in the 2000s. but this is their argument. liz: overheating. that is an overstatement. we're not overheating right now. we're looking little better.

jon, while david is interested in the balance sheet i'm really interested in what how much you think the fed will initially tighten rates? i talked to a lot of economists, some say maybe quarter of a percentage point. i am thinking they will go way lower than that and go way more slowly than that right? >> i think you're right they will go very slowly. they have been saying in the policy statement that, when they do start raising rates, they're going to do it very gradually of the they actually don't expect them to go up as much as they have in past cycles. they think that in normal times, maybe the economy can bear a 4% short-term interest rate. they have been saying in their statement they don't think it is even getting to that in the next three or four years. so we are looking at continued period of very low rates once they start raising them. david: the one dissenter today, jon, the biggest dove on committee. kocherlakota. >> kocherlakota. david: thank you.

let you do it from now on. but he was the biggest dove. he was the dissenter because he thought this was too hawkish of a statement. of course richard fisher and plosser went along with the majority. are we, does this signal any kind of shift in the fed that maybe now the hawks are getting the upper hand? >> i think that is really interesting and i'm glad you pointed that out. it is interesting for a couple reasons. one is, you know, it tells us a little bit, a little something about janet yellen because, yellen was seen as uber dove when she took this job. she had kocherlakota dissent against her a couple of times and a couple of hawks dissenting against her. what we see yellen as fed chairwoman trying to strike a balance but willing to upset not only hawks but doves. that is one thing interesting. i was talking with my colleagues earlier, you don't have to read the fed statements anymore.

go to the last paragraph to see who dissented. if a dove dissented, all right it was a little hawkish. if a bunch of hawks dissented you know it was a little dovish and. david: there is your formula. liz: read jon hilsenrath in the "wall street journal." david: of course. liz: jon pointed out the better assessment of the labor market really solidified the story. jon hilsenrath, thank you very much. david: thanks, jon. we want to know what you think about this. could the fed be forced to go back to more bond buying? send us a message on facebook or tweet us @fbnatb. we want to know what you think. your answers coming up. liz: nintendo, ea, electronic arts, blowing away analyst expectations with terrific earnings this quarter. these gains are not cheap. is now the time to play videogame stocks? what does it say about the consumer health and mind set? stay tuned to hear what our experts have to say. david: ride sharing service

uber, becoming synonymous with the man with pricing but could the model also make wireless connections cheaper and more efficient? interesting. liz: one stock received 13 analyst buy ratings today alone. with an average price target of over 170 -- david: which one? liz: david, you have to be patient. we'll tell you who next, just today. of ♪ (vo) you are a business pro. solver of the slice.

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david: we've all been there, you have four bars of service but for some reason it takes forever to view the email or download attachment. our next guest joins us with

what he believes to the solution to poor wireless connectivity. the uber-ization of wireless activity. he said let's uberrize the whole economist. we used to both work at "wall street journal." not exactly the same time. but you split off to form this company. before we talk specifically about connectivity. what do you mean about uberrization of whole economy. >> what i mean, demand-based pricing. one thing uber is famous for, surge pricing. if there are at love demand for cars in a particular area, they put up a price, warn you this ride will cost more than usual. david: when there is slack time you pay less? >> right. lets them add drivers where they need most and suppress demand to give you option to get there instead of standing there on the corner in the rain hailing a cab which is something all new yorkers -- david: with more competitors good for the consumer. that means overall prices come down and service probably improves a little. >> right.

you have option getting what you want when you want it. david: now how does this relate to wireless connectivity? >> we developed technology to allow dynamic pricing of wireless capacity on networks so that if there's a surge again, anybody who has tried to download something in midtown at rush hour knows that, as you said you could have all the bars you want and nothing happens but if you could add capacity dynamically by paying a premium to get in that connection to make sure you get the download if it is really critical or, you know, it is worth it to you, then you don't have those bottlenecks, right? you have capacity added on demand and when you needed it and where you needed it. david: what does rivada do specifically? does it work with cable companies or providers? how exactly does it work to use the surge pricing? >> the idea is to create a wholesale market for wireless connectivity. so carriers, other people, apple, etflix, google, whoever wants to provide wireless

connectivity to their customers could buy in that capacity in real time and sometimes it is going to be expensive. other times it will be 4:00 in the morning it will be cheap. maybe a company streams video wants to preup load videos to their customers at time it is cheapest so they don't have to pay the carriers -- david: technologically is all this doable? >> we have the technology. now we have to build the marketplace. david: as we've seen with uber and strikes by taxi services all over the world who don't like it, when you shake things up like this, particularly on pricing, particularly things people become accustomed to like they are with their connectivity, there are vested interest interest don't like it. >> absolutely. david: are there people fighting this. >> there are people who are nervous about it. carriers like their model and comfortable with their way of doing business. i'm not say they're jumping up and down to do this, fundamentally this is good because they own billions of

dollars worth of wireless spectrum because this will help them use their own assets more efficiently and efence tiffly. david: one person i was surprised for this, the head of the fcc. regulators like stuff that is easier to control. this is a little difficult to control surge pricing because you never know minute to minute what it will be right? >> right. david: he liked it. tom wheeler. >> i don't want to speak for the head of the fcc he made encouraging noises including in "the wall street journal" in a piece a while back but the fcc is fundamentally looking out for consumers and this is a pro-consumer thing. it reduces ability of carriers to act as gatekeepers of internet which is something the fcc very much likes. david: they gave me a rap wrap but are you doing an ipo anytime soon. >> don't rule anything out. david: brian carney. thank you. liz, over to you. liz: david, applications to buy homes hitting the lowest level since february. what is behind that drop? are fewer consumers interested

in the american dream of homeownership? or is the market simply too expensive, is it too tough to get a mortgage? while $3 gasoline prices has huge benefits for consumers but does it carry risks for the economy? our panel debates it next. ♪

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still near multi-month lows. some say low oil prices are great for the economy but others say, not entirely all good news. -@bring in our all-star panel. fox business's cheryl casone, mark newton from greywolf execution partners and greg zuckerman, "wall street journal" writer and author of book, frackers, the story of new billionaire wildcatters. greg, throw it to you first. honestly who would have thought with war in the middle east and countries like syria and what happened with israel and gaza strip, on top of the fact that iran is a threat we see mere $82 a barrel? how could that be bad news at all? >> years ago it would be tremendous news for the united states. today it is good news. not as good as it used to be because the industry is so big, energy industry is so big for us and important for us in the united states. it is 1% of the 2 or 3% of the gdp over the last few quarters

and so those guys will be hurt. they won't be crippled. we will continue to produce. we're producing nine million barrels a day up from five million, a real revolution. it will continue but not pays if we get 75, $70 a barrel oil. liz: half the world is laughing, half the world is crying. stick with the people who are laughing, absolutely thrilled. cheryl, i believe market watch did interesting assessment how much money the american family will save at gasoline with gorgeous prices near flat $3 a gallon. about $720 per family. >> this s your stimulus. forget the fed. we've now got lower gas prices. this will help families and businesses keep their costs down. ups, thank you very much. all these companies will be thrilled to havv lower costs for energy. so i think that if you're going to say is it better, good for the economy right now, having lower oil prices, i do think they're here to stay, i don't think we go anywhere above the $95 mark next couple years. i talk to oil analysts that told me this. overall i believe a win for u.s.

economy. liz: mark, aside from frackers and people in big oil not making profits they had, is there downside we're missing here? >> i think one thing to mention is the fact that europe is going with trades from russia.cted obviously as price of crude is now at these levels, wti and brent, put be pressure on russia, translates into problems for europe which should eventually show some contagion and potentially hurt the u.s. that is the biggest fear i think for the u.s. consumer. this is obviously consumees will benefit. it should be bullish long term reaaly it issamounting to the severe slowing down of the economy that could result from oil being down at these levels which should stem at least initially from europe. liz: i don't want to hear about severe slowing down. tell you what they do with $720 on gasoline, they will turn around and buy super mario an "grand theft auto" and turn around to buy videogames. have you guys seen nintendo and

electronic arts reported strong earnings? nintendo repprted first profit in four years? ea, made analysts looking stupid. they expected 53 cents a share. they got 73 cents. talk business of videogames. these things are not cheap, mark. 63 bucks for madden depending where you buy it. >> absolutely right. look at some stocks. stocks like electronic arts actually quadrupled over lows last couple years.% this is not necessarily a new move getting going and underway. you are entering a seasonal period of the year where retailing in general tends to do well and part of videogame makers should benefit from the boom that typically starts in november and help these stocks. my thinking it is positive through the holidays for these stocks. liz: call of drought, activision, you -- call of duty -- super mario is popular with smaller kids. my son absolutely adores it. should these names be in people's portfolios in advance of christmas season? ea coming oot with "star wars," a lot of names here?

>> if you judge by the zuckerman children, family, you should buying. they are expensive stocks but they send a signal where we're spending entertainment dollar. -@yesterday with bad earnings fm some of the regal and cinema companies. these guys, the game companies doing quite well. we're having a shift as americans where we spend our entertainment dollar. liz: remember, there is glu mobile, king digital of "candy crush," take two interact sieve, zynga. glu is off earlier highs. same with king digital. @mportant to remember they're not all giants of the industry. need to get to u.s. mortgage applications to high home. -@that level dropped to the lowt point since february. what is going on here, cheryl? this is your expertise. this is terrible sign for housing market. >> one of the things we saw in the numbers, there is real slow down in refinancing in particular. jumbo loan, it is about $41,000s and above. that weakness is setting in.

homeowners coming in to keep the mortgage app number high and giving us bullish sentiment overall that is startiig to drift away. interest rates are now above 4% right now. we were kind of treading water for a while with the 30-year. now we're above the 4% level that is hurting that as well. liz: craig, you look how salubrious effect mortgages are so low. i'm wondering is it too hard to get a mortgage? i had a lot of trouble getting a mortgage recently and thanks to first republic, yea, we, somebody took a chance on me but it is very hard. >> yeah it is hard..3 we, too easy for a long time. i'm much more bullish on the housing market long term. there is just so long. junior wants to be home on the couch or in his own room. family formation continues pays. so you're going to have stops and starts here but long term i think it will be strong. >> i am sorry to disagree with you. not with the millenial generation.

they're waiting longer to start families and waiting to buy. until you get first-time buyers i'm not as bullish on housing market as you are. liz: mark newton, better for buyers or sellers quickly. >> 50 basis point jump in rates past couple weeks. a lot of people are on thh sidelines waiting to see what happened. i mention one thing, dodd-frank made it difficult for loan issuance and mortgage brokers to do business this year. if anything that is big stigma suggests it will be tough to get loans for a lot of people out there. take bernanke as a judge along with you, liz. maybe he has to go to first national or first republic like you did. liz: first republic. yes, ben bernanke and i have something in common. we have trouble refi-ing getting mortgages. more from our panel next. will a record holiday shopping season for at least one company push markets back to the all-time highs? will a new app from one fast-food giant help boost sales. david, easier to buy a certain kind of ffst-food. david: yeah, but fast-food is a tough sell these days. five weeks after its trading debut, underwriters of one stock

initiated coverage for the first time and there were 13 buy ratings. can you guess which company it is? also raymond james releasing earnings just moments ago. they beat on both the top and bottom line. coming up more than two million accounts around the world. we'll ask ceo paul reilly about the results and what his clients are saying about the state of the markets. it is a fox business exclusive you don't want to miss. that's coming next. ♪ (receptionist) guerman group.

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, the quiet period for tan lifts at firms involved in the largest ipo, we're talking about alibaba here is officially ended so what are analysts saying? 13 firms given the company a buy, outperform or overweight rating. highest price target goes to pacific crest at $125 while the lowest is morgan stanley at $111. the average price among the 13 analysts? 117.37. keep in mind the stock ended the day at $98.31. by the way one firm giving alibaba neutral rate something3 goldman sachs. they have a $102 price target, not much more than it is right now. alibaba's stock is up more than 5% since its record-breaking $25 billion ipo in september, liz. liz: here's a company that is doing billions in business but they're also known as a bellwether.

ups predicting they will have record holiday shipments. is that a sign americans are much more confident? could it push your markets to new highs? we're back with our panel, cheryl casone, mark newton, greg zuckerman. some of numbers they are predicting are incredible. >> december 22nd, that is the peak day when they get $585 million worth of packages. that is gain of 11% from last year. 11% on volume. obviously more americans are shopping online but other part, businesses truth ups. if you're going to be a business and make sure your customers get sally's new toy for christmas, you trust ups. i think that is a big win for the company overall. liz: mark newton, there is a metric here, six days, they expect they will have six days leading up to the holidays that are better than their best day last year. >> it is encouraging news. i hear they will hire 95,000 temporary workers as opposed to

55,000. that is great news. i'm hopeful my packages get there on time where they need to go and packages are delivered to me as well so that is what i'm hoping. look the bottom line we know the consumer is slowly but surely getting better and those are booed things. some of those might be housing prices going up and some of that is paper money, not real money. unemployment is slowly going down. those are all good things. still stuff to put a lot of faith into the consumer just yet. i'm hopeful for ups and certainly encouraging news to see that we'll have six days that could be boom days and certainly we'll gain also a day ahead of christmas and after thanksgiving as well as full operating day. liz: should mention consumer confidence at seven-year highs. consumer confidence and sentiment those are a bit noisy a the someetimes. that is latest number with a good one. taco bell, very creative company here, right? uuveils a new mobile ordering app. will it be enough to lure more customers through its doors? taco goes technology, greg

zuckerman. what do you think? >> i wonder about those kind of old school customers online now, how thrilled they will be when the youngster comes in and cuts them in line because he made his order. eventually this is where we're all going. millenials like technology. they don't like talking to people. so i guess this is the future. >> oh, my god, we're lazy. god, we're lazy. sit on my couch and order very fattening food and drive in, and walk out, not even walk into the place or stand in line where i could potentially burn calories. sit on my couch to burn it afterwards. liz: i'm waiting for the drone to deliver the taco to my door. those that know me i absolutely love tacos. i tell you something, mark newton, these companies have to be fleet of foot and have to have an app regardless whether it works and annoys other customers. >> it is time saver for consumers and that's plus. it is tough, instead getting five bean burritos you get 12. maybe that is benefit of

ordering on line.% you want to make you are shut food is hot when you pick it up and take it back. >> mark, i don't know, outback will launch an app to find out the wait time at restaurant to show up. that is the app i'm most excited with. liz: i'm there for the kook can berra ribs definitely. thanks to all of you, so outback every saturday night. cheryl casone, mark newton. >> i'm getting hungry here. >> greg knows what i'm talking about with kids. david: outback every night. sound good to me. coming up, raymond james reporting positive earnings later this hour. we're joined by ceo paul reilly in a fox business exclusive. we'll get his take on the financial ector worldwide. up next the number one place in the world where bussnesses are less helped and least hindered by the government. we'll tell you which one coming up. u owned your car for four ars. you named it bd.

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financial ceo. thanks for coming in appreciate it. we do like you here at fbn. you have new offerings of etfs. i got to tell you, i'm an etf guy, i don't have time, inclination or legal ability to trade stocks so i have to look at etfs. you have new commission-free series f etfs. how are the customers taking to that? >> it's a brand new rollout. that is for registered investment advisor channel. we have three differenn types of associations at raymond james. employee independent contractor and registered investment advisor. the goal is to bring products that clients look for at the right cost at the, best cost we can to them. so that is a product that is rolled out. to meet their demand like no-load funds are for the other channels. liz: paul, tell us theehealth of your clients, both mental and i guess financial health? because we're very interested to know, were they active in their phone calls to your people

saying, get me in, get me in? or after a see very, very rock 'n' roll couple of weeks where two weeks ago we were seeing massive volatility, did they get nervous? >> i am really proud, liz, kind of our advisors. when we talk to them during the week of volatility, they said many of them didn't get a lot of calls from the clients. they were reaching out to them to tell them to hold the course, to go through. everyone was expecting a correction. just because it came, it wasn't time to change strategy. to stick to strategy. i think our clients through their advisors did the right thing through this little roller coaster in october, early october. >> ooe of reasons causing volatility is concerns about the fed. they made their decision which is to stop the bond buying at least for now. they may go back to it. they will maintain a huge portfolio. we are in historic period unlike anything we've ever seen.

i understand they had a portfolio like this during parts of the depression. i'm wondering, are you concerned that we're still not really getting back to normal in terms of what the fed does? >> well you know, you don't know how the patient will do until you take them off of life-support. i personally wasn't a fan of qe3. i think at some point the economy has to get back on its own. you don't know as long as you have stimulus how it is really doing. even the announcement there wasn't a lot of reaction to the marketplace as they have cut back to, qe in this round. and hopefully we're not going back for the fourth round. i think it is actually good for markets. you want the economy to turn to a free market economy again. hopefully this is the first step and you look at the long-term rates. they haven't really moved a lot. seems like people are holding course. hopefully we'll market determine versus the government determining what the rates should be. liz: the market determined

raymond james stock is a pretty good buy. you're a two off the annual high and well off the annual low. one of the metrics that jumped out at me, q4 private client group revenues, 861 million, up 16% year-over-year? what is driving your business whether you look at fixed income? tell us what the real rocket fuel is underneath raymond james. >> well, firss of the private client group has done great. i always say the credit belongs to advisors that have chosen to stay with us. that is really drives our businesses is our low turnover and relationship with our advisors and very strong recruiting this was our second best recruiting year to 09 when the market was a mess.3 we had a lot of people flock to us. that is driving it. when you look overall, amazing year for uss i'm proud of our folks. we had record net revenue in all four segments.

record profits in three of the four segments. the only one that doesn't hit a record because of bank because of compressing business margins but second record year. i'm proud of the firm that everyone really produced in a tough market. we think because stock markets are up that it is great for everybody. it is great for the private client group and asset management and but it hasn't been an easy year for fixed% income and they performed very, very well. as interest rates compressed it hasn't been easy on lending side of the bank and they performed very well. so it's a team evident. liz: great leadership from you, paul. thank you foo joining us exclusively. paul reilly of raymond james. david: wonderful to see you again, thank you. >> thank you. david: world banks doing business report just out. up next we tell you which country came in first and and which are not so friendly for businesses. >> tomorrow's trades today. mark newton back with the number one thing you need to watch tomorrow that could move your

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liz: we asked you earlier if you think the fed could be forced back into quantitative easing? lisa says if the fourth quarter retail sales are a disaster we will see q4. david: mark says if they say they're stopping it because of the job market then i think it will be back. i don't trust this economy at all. liz: time for the number one thing to watch. let's bring back mark newton, greywolf execution partners. tomorrow's trade today, what do we need to watch? >> i think barclays high yield etf is increasingly important for investors to watch. when thhs starts to sell off and spread between high yield and investment grade starts to widen equities often follow. that is important. it has rallied last couple weeks. last couple days we started to stall out. that is what i'm watching with small caps and everything else. treasury yield against dollar.

jnk, whaa are the high yields doing. that is increasingly important. david: to put a fine point on it, jnk, junk bond so to speak and look at more corporate bond and the larger that spread is the more trouble you have in the market? that's correct. most times prior to a pullback in stocks you tend to see a very big widening out in the spread between jnk and lqd, which is investment grade. so that is something i try to watch all the time to see how young bond in general, how investment grade credit is reacting versus high yield. liz: you have to give props to at least market sentiment -@brought us back from the dow being down 104 points to barely double digits. >> no, that's true. that is short term in nature. one thing is interesting, hawkish testimony today led doll you are up subssantially against the yen and treasury yields were up. hard to put faith how far down the market could say with both of those being up. next couple days could be interesting. the dow has been up 1200 points in 10 trading days. david: i have to ask about gold,

gold was back down close to the 11 handle today. where do you think it goes from here? >> next four or five days i think gold goes lower. i think it is early. david: thank you. >> mark newton of grey wolf, thank you so much. david: we have a busy rest of the evening. >> hello, everybody, i'm gerri willis. anti-obamacare sentiment sweeping the senate races throughout the country. that isn't the only thing democrats have to worry about for the midterm elections. reliance onioning voters is in he jeopardy. new poll from heart spread university that millenial voters are up for grabs. fox business's rich edson in the d.c. bureau with details. rich. >> harvard's university of institute of politics said the results show 18 to 2010 fer 29-year-old as. they say favor democrats controlling congress. 43% saying republicans. among those saying they definitely plan to vote this