melissa: some are giving credit to the fed. [closing bell ringing] there is the closing bell on wall street. the dow posting biggest intraday point gain in seven years. markets now soaring as the closing bell sounds on wall street. take a look where the final averages ending the day. ashley: wow. melissa: we tacked on 20 points when the bells were ringing. 72 points on the s&p. ashley: nice rally. melissa: 4.2% there on the nasdaq. you can see crude and gold trading lower. list mcdonald, has today's biggest stock movers. first straight to the floor of new york stock exchange. nicole petallides is standing by, what a day, nicole. >> what a day, melissa. traders said big, big factor, whether or not we could hold gains. remember yesterday we gained over 400 points. we fav it back at the close to finish down 200. today we go down in history as

third biggest point gain ever. we saw a slew of names moving to the green. lots of leaders, amazon, google, netflix. dow components moving to the green for the week. apple, nike, intel, just to name a few. as we go into the close feels pretty good after six days of selling. 1900 points lost on dow jones industrial average. felt a little better. the question is, what happens over next few days? traders while they expect more volatility, they're breathing at least for today. and, 1926 was a level that steven guilfoyle wanted to close above. we closed at 1940. he said next leg up is it 1944. made him feel a little better. melissa: nicole, thank you so much. ashley, liz, how are some of the widely-held stocks faring at close today? >> nicole hit tech leaders. they were certainly leading into

the rally of last hour of trading. gains were picking up momentum there. that intraday, you know, tailspin we saw last two days. haven't seen it today. we're popping nicely. stocks that wall street is talking about right now, jpmorgan chase and citigroup. those stocks rose sweetly up more than 4% in some cases. they're also talking about citigroup saying that, you know what? chip-makers too much in correction territory. increase exposure to chip-makers. talking decks -- texas instruments and broadcom and nvidia. barclays cut-rating on grubhub. that is the internet food delivery company. barclays is saying way too much competition for grubhub. so that's a problem for them. we're talking about google. google getting nice upgrade from goldman sachs as well. tech leaders are really helping the rally into the close. back to you. ashley: thank you very much, liz macdonald thank you. melissa: markets finally inding

the day in the green, the first time since last monday. look at brutal losses we accrued before today. a week ago we were down more than 162 points on thursday. we kicked off 25points friday, you remember that was rough, 538 points. let's bring in my panel. kimberly foss, scott wren, wells fargo senior global equity strategist. thanks to both of you joining us. kimberly, what is behind today's rally? is it comments from the fed? >> i think it could be part of the comments from the fed. i also think china cutting rates yesterday. that is a little bit positive. but mostly, if you like roller coasters you must have liked last few days. but i think it is a little bit nauseating for investors but very good to see solid numbers today. that is a real good sign. we've been buying last couple days. melissa: really? what have you been buying? >> we just, we're buyers of entire market. so, we have been micro

rebalancing into small cap and large cap as well. adding a little bit of emerging markets just a tad. melissa: scott, what do you think is the main driver today behind this rally? >> melissa, i think it's a beginning only of a realization that the growth fears in china are probably overdone. and that the fed is probably not, i certainly don't think they're going to hike in september. so it was combination of both. but believe me, we're not going straight up from here. after a dramatic fall like we had, thursday, friday, monday, it will take a little bit to form a bottom but i think that's what we're doing. melissa: you think market is overestimating the slowdown in china. why do you think that? >> i do. melissa: why? >> based on work our investments international team is doing they have 6.8% gdp estimate. government is at 7%. they think we'll see some stabilization in there, call it six 1/2 to 7%. if that is the case, melissa, and you look out at the eurozone

which is going to do better, you look at japan which is going to do better, look at u.s. which is moving forward modestly but dependably i think, those fundamentals are good. i don't think it warrants selloff. melissa: kim, i don't know, that whole characterization has me a little bit thrown. i don't see china going 7%. i don't feel like europe is getting better. i don't think u.s. is as strong as scott thinks. what do you think about what he had to say? >> kind of agree with you, melissa. china is a black box. we don't know. is a communist country. it is closed market. we have no idea what they're saying. i don't know if all the experts together have any idea. why we have so much trepidation and uncertainty in the markets. our country is obviously growing but slow and steady kind of wins the race. this is all dependent what happens with china because you know if china throw as wretch in here and does, it is going to be

contagion effect on our markets, feds will not make a move. we need to raise rates just incrementally so we can get pressure cooker, take the pressure off the markets with that pressure cooker. raising rates a quarter point, would love to see that this year melissa: it i be interesting too see. ashley, over to you. ashley: we have veronica daguerre with "wall street journal." thanks for you being here today. for the market, what a difference 24 hours makes. james, let me ask you, somebody saying in the earlier in the day, dead-cat bounce, doesn't have any legs. seems pretty convinces. what do you say. >> previous guest hits on few of things. takes a village to raise a kid. china central bank putting in serious money, 20 plus billion. very good u.s. economic and

durable goods exceeding expectations. let's not forget home prices up. don't forget tuesday's consumer confidence up. then dudley making comments. i wish the market didn't have to rely on those comments. i prefer to look at lockhart saying maybe time to move rates. good u.s. numbers and fed, that is impressive. ashley: david, where do you go from here? >> i would clearly agree with the prior guest. it is not off to the races. we're down 11% in six days on the dow. which were so oversold we were due for a bounce. history shows corrections of 10 percent or more take months to work out. however there is value out there. i took heart there are number of stock buybacks. people didn't play enough importance on per shea to buy cabot international. they're buying value in most beaten down area. that gives investors comfort. ashley: talk to you about the

fed. they're out in jackson hole. we heard from bill dudley. apparently if you believe charlie gasparino calls this whole perversion of markets caused by fed, suggesting there is not as compelling reason to raise rates in september. what is the fed's thinking right now? >> that is a really good question. that is the trillion dollar question. those little nugget we'll get out of jackson hole in the coming days are going to be gold to some investors. i think there is a lot less people who are thinking they will raise in september but who knows. we're not really sure at this point. there is a lot of uncertainty. a day like today and day like monday leaves average investor in such a confused state. they're not sure what to do. ashley: yeah. >> all they see is this volatility. guess what? they will see more and more volatility. that is not going away. that is what will stay for certain. >> let me ask scott that question, thanks for sticking around, scott, about dudley and what the fed had to say today. can the fed raise rates in september? i feel like they want to but can

they with all volatility in the markets? >> ashley i think it is bad idea for the fed to race rates in september. for one thing the market is not prepped for it. when you haven't raised rates in 10 years you need to spell it out way in advance. higher probability is december. certainly they could wait until 2016. i don't think there is any rush to raise rates but janet yellen has told us over and over and over they are going to raise rates this year. i think it will be at the december meeting. but really september, there is not nearly enough time with all the turmoil that is going on right now for the fed to properly prep the market. if they're going to do it in december, really, jackson hole, they ought to start prepping market now for that. ashley: kim, what do you think? should they just bite the bullet? we've been talking about it for so long. >> yeah, we've been talking about it forever. i think that the problem is the volatility in the world markets as other guests have commented is same thing. i don't think feds will raise

rates in september. i hope that they would but i think they will do it more towards the end of the year. ashley: interesting. all right. james, what are you telling your client right now in this kind of environment? >> sure. think we're actually seeing correlation among stocks now is starting to i think, starting to wane. what i mean by that, u.s. markets, u.s.-centric companies, domestic companies i think will fare very well or better than multinationals. companies depending on china and middle class in china. tough thing to call. china is suffering right now. strong dollar and big exporters that's a problem. domestic companies, u.s. housing, domestic airlines, domestic financials, we think domestic plays, forget china of the those are better places to be. ashley: david, good buying opportunity? >> absolutely. longer the focus is -- as long as focus is longer term. if you're looking for good long term values stay, with improving

economy, low interest rates, we think this is the time to pick up bargains. ashley: veronica, i will go back to the fed on you. do they raise rates in september or wait to december or go to march of next year which barclays made that statement earlier? >> i think they will wait. we'll see what happens. probably this year. ashley: talking about it forever. i get that feeling. melissa, over to you. melissa: oil not keeping up with the rally. prices falling after surprise drop in gasoline demand. trader todd horowitz at cme with latest on this one. todd, wow. look at that. 38.95 on front month. talk to me about oil today. >> oil, you know what? they decided that they want to go back in equities. they have been punishing oil for quite a while here. i think part of it is overall economy. part of it's china. we're getting down to level here, melissa, you know what? at some point we're going to bounce. unless we're going to stop driving, unless we're going to stop heating and stop doing everything, oil is at a stage to

make some sort of a bounce. we see oil in what we call cotango, higher prices go farther out. at some point we'll get a bounce here. for some reason every time money comes out of the markets it has not gone into commodities and or not going into bonds. like evaporating going back into the equities. we're putting a lot of pressure on the oil market here. at some point you find a nice place to bounce whether here at 3835. melissa: you looking for reason, what traders are looking at are shipments to china. they're not seeing a lot of support from the world's largest consumer of energy for up tiles. this has to be -- types. this has to be report card on china, no? >> i think china is in a lot of trouble. i think what you're he really seeing here is artificial move from china where, you've seen it happen in soybeans. i no we're talking about oil. we've seen it in grain markets where they take a lot of grain. unless they do lose a big part

of population and unless they stop driving and stop using this is more of overdecision against china. china's got tremendous troubles. the fed has created tremendous troubles along with the people's republic bank of china of the this whole thing has become a disaster designed by the fed because they can't step up and say you know what? cut the bleeding and raise rates. let liquidity flow back in the system. you're seeing a lot of trouble here because of that. this is a problem been caused by the fed and china and global economy. that is pushing prices of oil down. and taking away lack of real demand for oil, but again, unless we're going to stop using it, we're going to see i think higher prices here eventually. melissa: these are repercussions what etf been sewing so long coming home to roost. todd, thank you so much. ashley: look at the dow ending up 619 points, posting its third biggest point gain ever. also by the way, snapping a six-day losing streak.

take a look once again, we saw big moves in final hour of trading. melissa: wow. ashley: almost complete opposite what we saw yesterday when we finished down 200 point. melissa: stock market volatility is putting the pressure on janet yellen and the federal reserve. is a september rate hike off the table? the debate, charlie gasparino sass, not so fast. it is too early for any talk of delay. but harry dent, author of the great crash ahead, very optimistic title there, says a rate hike this year is not happening. charlie gasparino, make your case. >> well, you know, i'm not exactly saying it is not happening. i'm saying it should happen. i will tell you this. once again this is market addicted to heroin of cheap money. think about how absurd it is. we're all sitting here talking about buying stocks, doing this, i hear all the great analysts get involved in the market, look for this stock, that stock. only thing telling them to do this as opposed to what they said yesterday the fact that

bill dudley came out said, maybe we shouldn't raise rates this year. think about, we're not even talking about raising rates to 1% on fed funds. we're talking about 25, possible basis-point move on fed funds rate. shows you this is sick, as i said it before, perverted market and you know, i cover business journalism, i cover financial journalism for a long time, after a while get sick of listening to traders talking about what to buy a day after they told us what to sell. melissa: harry dent, they're out there sorting through every word that bill dudley said to try to figure out what will happen and trading based on that. does that make sense? what do you think is going to happen? >> i don't listen to them. i said from beginning. year the fed will not raise rates this year because the markets would have props in the second half of 2015. economy would. we're seeing major global peaks. first germany and the dax. then china, china is down 42% in just the last two months.

that is a bubble bursting. they're the epicenter of this global financial crisis like u.s. was with subprime crisis in 2008. now the u.s. is peaking. this is not correction. it is beginning of a crash, that take maybe a year-and-a-half to play out. dow could go to 6,000 or lower. each bubble takes us to higher highs and each crash to lower lows. watch china. it continues to go down despite its government, china's government putting hundreds of billions of dollars of bonds to buy their own market. >> that is really -- i don't ascribe to mr. dent's everything about his doom and gloom but make asfa nominal point here. chinese government is engaging in intervention on -- >> unbelievable. >> this makes -- melissa: not even intervention. this is puppeteering. >> this is 2008 on massive amounts of steroids. i mean, stallone times 50,000. stallone, arnold, and you know, top mma fighter times 50,000 is,

what china is doing. and it is very scary. and hire's the scary part. the market traded up today very strongly at the end because of what the speculation, and sentiment was that we wouldn't raise rates 25 basis points. this is a sick, sick market. can't tell you it is going down. i don't know. i just know it is perverted. >> this is what bill dudley says different from what the two of you were saying earlier, one of his quotes. he says what we're seeing right now is not a u.s. problem this is not the financial crisis. a lot of what that means, not domino effect and interdependence, banks are better capitalized. these are arguments that we're not in the same situation we were. >> this is a man never run a business and don't know anything about the economy. >> how do you know about the sex part? stop him right there. >> iron ore prices down 70%! china is not growing at 7%. it is imploding and its bubble

is bursting. anybody thinks that china, fastest growing economy in history could have its bubble burst and not affect the united states has to be crazy of the just alone, oil prices down to below $40 is going to kill frackers. that is 300 billion in debt default. melissa: charlie gasparino, voice of reason. i never thought i would say that. >> i will just say, i can't vouch for the fact that bill dudley has never had sex before. melissa: let's not delve there. >> what i would say is this, on his comment, every crisis is different. let's be clear. melissa: right. >> 2008 was very systemic banking crisis. 1998 when long-term capital there was systemic nature to that. not as bad as 2008. a lot of currency crisis, mexican peso crisis in '94. these are all bad. when you have biggest economy, this is where i start to agree with mr. dent. maybe not with his doom and gloom but when you have the biggest economy in the world imploding i don't care, one of the biggest economies, maybe

second biggest, depend how you measure it by the way you have to think there is systemic effect to that i don't know what that is going to be. melissa: okay. >> i just know this, markets are not supposed to rally 600 points because some economic bureaucrat comes out says we'll not raise rates 25 basis points. melissa: okay. >> they're in never-never land here. melissa: on that happy note since we terrified audience i let you go. >> never have me on again, is that what you're saying? never be on again? melissa: you're coming right back. don't go anywhere, charlie. want to tell viewers about newest, author of the demographic cliff, is that right, harry dent? >> yes. melissa: or charles lay gas? harry dent. >> demographic cliff updated in paper back. melissa: thank you very much, ashley. ashley: a little disturbing in middle of that. that was very interesting. market rally in staying power, behind surge in final moments of trading. very latest on heartbreaking story out of virginia, two

journnan alists dead after former co-worker guns them down on live television.

test test. test test. test test. test test. you both have a

perfect driving record. >>perfect. no tickets. no accidents... >>that is until one of you clips a food truck, ruining your perfect record. >>yup... now, you would think your insurance company would cut you some slack, right? >>no. your insurance rates go through the roof. your perfect record doesn't get you anything. >>anything. perfect! for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. and if you do have an accident, our claim centers are available to assist you 24/7. for a free quote, call liberty mutual at switch to liberty mutual and

you could save up to $509 call today at see car insurance in a whole new light. liberty mutual insurance. melissa: you are making money today in your 401(k) or 529, whatever you got. dow snapping six-day losing streak. go to liz claman on floor of new york stock exchange, with more from the floor. another wild ride in your hour, liz claman. people can not afford to miss it. >> this may stun you, melissa but i'm standing next to guy mildly disappointed with today's, even though we skyrocketed in final hours of trading. steven guilfoyle, what do you find disappointing about this? >> let's not get crazy, lowest high for the s&p 500 and dow jones industrial average.

it was also lowest volume. i made calls. there was big short squeeze. there was some institutional participation. a lot of guys did not participate. there was not conviction you might hope for. >> when you say institutional, just to clarify, the large, fidelities of the world, large trades, guy again tick institutions making huge moves? >> not to name any names but yes. >> what happens tomorrow? do you get a sense we'll see follow-through from a big bullish move today? >> i think move was bullish enough we might be in different range than last night. i don't know if we'll test level such as that. anytime soon. i'm not convince everything is gummy bears and rose. >> that is good warning sign. because we've seen such unbelievable moves over the past couple days. i don't need to remind you guys, we fell 1089 points at one time for the dow jones industrials. you said to me that you had never seen anything like that in your 28, 30 years down there. >> no, i have never seen

anything like that and never seen anything like last night's close and today. these are very unusual times and unusual moves in equity. >> commodities continue to languish here to move lower. oil moving lower by 46 cents, in the after-market session. gold down $15.50. we had heard from jimmy rogers on marketwatch.com. he said don't rule out a real bullish move in commodities because they are so low. do you see any moves like that? >> i have not yet. but you know what? i respect that opinion. i wouldn't say it is not possible. it is certainly possible. but we're going to need more demand out of asia for that. >> are you ready for tomorrow? >> i'm always ready. >> got to drink red bull on floor of new york stock exchange, guys. it has been three wild sessions. >> without question, liz. thank you so much. ashley. ashley: let's head back to the cme and trader alan knuckman of bullseye options. dramatic reversal on wall street today, alan. steven guilfoyle, the trader talking to liz claman, said he

was a little disappointed. he didn't see conviction. volume was low and said a lot of this was short-covering. how real was this rally in your mind? >> i agree with him on one thing for sure, that we need to see some positive follow through. you get the bounce, you need buying step up and follow through. we're within striking distance of last friday's lows. if we can do that, obviously we'll be unchanged on the week. but if you step back to look at big perspective. we talking about big moves in points we've seen and a lot of volatility. tough look at this in percentage terms. prices are a lot higher than they have been in the last few years. in percentage terms we're seeing major swings. but s&p is approaching, where, on last year, down 3% and nasdaq is actually positive in the last 52 weeks. so, in perspective we've given up gains and that is really what this is. positive situation. we broke to the downside. ashley: very quickly where do we go from here? a lot of volatility? seeing dramatic swings downward again?

>> i think you might test lows to shake it up. that is typically how these things end. we tested it yesterday but did not take out extreme opening low gap down. if that can hold and get positive on the week that can be a base to be built. ashley: alan, thank you very much for joining us. we appreciate night okay. ashley: be fearful when others are greedy and greedy when others are fearful. we're putting warren buffett's investing words of wisdom to work with seven oversold stocks ready for a pop. melissa: billionaire owner of the dallas mavericks mark cuban said it is hard for anyone to make money in these markets. what he says is the real danger to investors. ♪

: can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive? ♪ ♪ .

but hurry, offers end august 31st. share your summer moments in your mercedes-benz with us.

. melissa: big relief rally on wall street. stocks breaking a six-session losing streak, that erased more than $2 trillion in value from the u.s. market, and investors struggled to digest it all. savvy investors getting off the sidelines to snap up quality stocks at deep discounts. the our panel is back with the names to consider, kimberly foss, and david, and i like all of your lists. kimberly, i start with you, google, gilead and disney. why did you pick those and which is your favorite? >> well, you know we're broad-based investors and have

everything in the portfolio, melissa. google is one of my personal favorites too for a long time. i bought it in 2009, in march, so back down there for my son's roth ira and off the highs today. goldman sachs just upgraded them. they're going to split the operations into google proper, making more efficiencies in operations and transparency, ultimately higher, i believe. melissa: jim, you have two of my favorites, disney, exxon and jetblue. disney is so beaten down and paid what turned out to be a bargain for the "star wars" franchise, that is absolutely exploding the revenue there. and exxono beaten down, they're never going to go away. i love your choices. >> when asked, too beaten down disney and a lot of the media companies. particularly with the issue of espn.

world wants great content, disney had it, i tried to buy miles for tomorrowland, couldn't find it. characters are impeccable, studio is doing well, theme parks and exxon, they raised the dividends, i think they're a great dividend player, the stock is down 27 or so percent, a little less today because of the bounceback but this is a company that has the money and the cash to continue to pay the dividends. melissa: david, have you exxon in there as well, not a coincidence? >> absolutely. buy when people are fearful, sell when greedy, people are fearful of the energy area but want to look for companies that are survivors, they have low debt, geographically unparalleled breach, and operationwise, upstream, downstream, chemicals, everything, at the same time, it can honor dividend. melissa: walmart, that's an interesting one because walmart, they said in most

recent quarter they raised salaries for people or hourly wages and that's weighing on them. they're the subject of so much controversy, you still like walmart. >> for great reasons, i love a bargain, down 30% from january. second, we know what's going on in china, one of the largest importers to benefit from the lower import costs. third, the situation you just cited. it's true, they're paying more to employees buts not a dead loss, certainly going to get slightly better employees than if they had not raised the wages and positive pr, and the company, the largest retailer on the globe, when the going gets tough, go for the largest, biggest. melissa: yeah, and you picked diageo, people always need alcohol. when you go home, it's let's celebrate or drown our sorrows. >> absolutely. you are going to use the product for bull or bear market. diageo has 25% of the top liquor brands.

7 of the top 20 in particular. you cannot duplicate a johnny walker, you cannot duplicate a guinness. when people say buy american because they are the best companies, diageo based in london is an excellent company, down 25% in the last year. melissa: kimberly, the question is what is cheap? i was talking to wilbur rors yesterday on the show, he had a list of things he wanted to get and had his price he was going to strike at and they didn't hit it. in the face of stocks dropping and dropping and dropping, he didn't feel they were cheap enough to execute. he wouldn't tell us what they were, because he's going to snap them up, but do you feel like things are cheap? >> i think that when you have the s&p, the markets pulling back 12% in the last two days, these are buying opportunities. this is where you need to add into the portfolio. last night my neighbor stopped me and said i have a lot of money sitting on the sidelines and have five years, should i

put it all in? i said i don't know if this is the bottom or not. when you are off 12%, take a portion of, that a third of that and buy in. this is how wealth is created and made. i would not sit there on the sidelines and try and wait and bottom pick, that's really hard to do. you and i both know that. melissa: it's true, it the same thing, i can't tell you how many people have asked me, stopped me, e-mailed me and said should i get involved? buy my favorites? that tells what you sentiment is like. people aren't as scared, they're thinking i missed and now maybe there's an opportunity. thank you to all three of you, ashley. ashley: thank you, the federal reserve's annual summit kicking off tomorrow in wyoming. the central bank is expected to confront the stock market and looming rate hike decisions, fed chair janet yellen is not going to be there. but our peter barnes is, he's hang glided into the rockies and some of wall street

crediting new york fed's comments for reviving the rally. certainly our own charlie gasparino, what do you say? >> reporter: yeah, yeah, i might agree with that, ash, and bill dudley is not attending this year, he's taking a break, he did make comments this morning, not surprisingly to try to get his two cents in for the discussion, even though before it gets under way tomorrow, and he said that with all the events overseas in china and the volatile stock markets it makes it less compelling that the fed might make its first move to move interest rates since the evened the financial crisis had its september meeting next month, but we'll also be hearing from other fed bank presidents who are coming out here and watching to see if they coalesce around that sentiment, expressed by bill dudley today. the interviews start tomorrow. we have one with esther george of the kansas city fed, the host of the conference.

there will be other fed bank presidents speak as well. and saturday, hearing from the vice chair of the federal reserve board, stanley fisher, who often does not deviate from the views of fed chair janet yellen, and we'll see if he comes in behind dudley's comments today with similar comments, ashley? ashley: we'll all be listening very intently. peter barnes in jackson hole, wyoming, look forward to your reports. >> okay, thanks. melissa: a roller-coaster ride for global markets and investors are holding tight for the next unexpected turn. our parnl is coming in. new details unfolding on the shocking on-air murder of two journalists in virginia. the suspected gunman's motive. we'll have more on that next.

. melissa: new reports from that incredible tragedy out of virginia today where a reporter and a cameraman were shot and killed during a live television broadcast.

the alleged gunman, a former disgruntled employee of the local station. joining me, david lee miller with the latest on the story. david? >> reporter: authorities are trying to learn as much as they can, more information about 41-year-old vester lee flanagan, known to tv viewers in roanoke, virginia and other cities in the u.s. as a reporter as bryce williams. authorities say he took his own life. investigators say williams not only shot and killed two former colleagues from tv station wdbj live on the air during an interview, recorded the horrific attack on his cell phone and post it on facebook. fatally shot were alison parker and adam ward, shot in the back of the head and in stabile condition vicki gardner who was being interviewed at the time. viewers heard eight shots and the camera fell to the ground capturing a glimpse of the shooter. off-camera a woman could be

heard saying and i quote,o, my god. a virginia state trooper spotted williams' car, listen. >> the suspect vehicle did not stop. eventually he did wreck the vehicle on the left-hand side of the road. i exit my vehicle with several other troopers and we approached the vehicle. >> what did you find? >> a gentleman appeared to be suffering from a self-inflicted gunshot wound. >> reporter: those who knew williams say he was a disgruntled employee, he was fired at 2013. they accused parker of -- he accused parker of making racist remarks and compounding this tragedy, ward's fiancee was watching live in the control room on what was to be her last day of work before starting a new job. parker, dating the main anchor was more than an employee. parker's family issued a short

statement and said and i, quote -- both victims, melissa, hailed from the roanoke area, so at this hour, the entire community is in mourning. melissa. melissa: just horrible, what a story. ashley? ashley: let's get back to the markets. certainly not easy being green. the dow has rallied to end the six-day losing streak, closing over 600 points to the good for its third biggest point gain ever. a big turnaround from yesterday's late day sell-off. billionaire investor mark cuban says it's hard for anyone to make money in the market these days and blaming high-frequency trading for the wild swings we've been seeing. deirdre bolton, you spoke with the big guy, cuban, during your

show yesterday? >> i sure did, high-frequency trading is exacerbating all of the big moves. about an hour before today's close, there were people saying flip a coin, you remember this, we were up, up, up and finished the day lower. today as you alluded to, it held. here is what mark cuban told me about why the market conditions are different now than ever before. >> there were multiple algorithm that appear to have decided to sell a lot of different elements, lot of different asset classes, which in turn triggered other algorithms and triggered other algorithms and it was a cascading effect. that's the danger when you have algorithm trading and no human intervention. >> he told me anybody who tells you, me, anyone else the direction of the markets is just plain wrong or lying, because no one knows, he has

remained very hedged in the market, he continues to invest in the public markets but also as we know him well in the private markets as well. ashley: deirdre, thank you so much. see you at the top of the hour for "risk & reward." what we've been telling you for a while now, stocks making a comeback in style. what can we expect for tomorrow? our panel will weigh in. plus the caribbean and florida on high alert as tropical storm erika, is closing in, the latest path straight ahead. we live in a world of mobile technology, but it is not the device that is mobile, it is you.

you are looking at can you spot the difference? no? you can't see that? alright, let's take a look. the one on the right just used 1% less fuel than the one on the left. now, to an airline, a 1% difference could save enough fuel to power hundreds of flights around the world. hey, look at that. pyramids. so you see, two things that are exactly the same have never been more different. ge software. get connected. get insights. get optimized. approaching medicare eligibility? you may think you can put off checking out your medicare options until you're sixty-five, but now is a good time to get the ball rolling. keep in mind,

medicare only covers about eighty percent of part b medical costs. the rest is up to you. that's where aarp medicare supplement insurance plans insured by unitedhealthcare insurance company come in. like all standardized medicare supplement insurance plans, they could help pay some of what medicare doesn't, saving you in out-of-pocket medical costs. you've learned that taking informed steps along the way really makes a difference later. that's what it means to go long™. call now and request this free [decision guide]. it's full of information on medicare and the range of aarp medicare supplement plans to choose from based on your needs and budget. all plans like these let you choose any doctor or hospital that accepts medicare patients, and there are no network restrictions. unitedhealthcare insurance company has over thirty years experience and the commitment to roll along with you,

keeping you on course. so call now and discover how an aarp medicare supplement plan could go long™ for you. these are the only medicare supplement insurance plans endorsed by aarp, an organization serving the needs of people 50 and over for generations. plus, nine out of ten plan members surveyed say they would recommend their plan to a friend. remember, medicare doesn't cover everything. the rest is up to you. call now, request your free [decision guide] and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ . melissa: okay, the average investor trying to take advantage of the market sell-off earlier this week, now may be facing some big problems.

liz mcdonald is back with the details. liz? >> bank of new york mellon had a major software glitch on monday where its pricing system for mutual funds and exchange traded funds totally collapsed. bank of new york melon is saying they could not have mosted the net asset values for the funds, they're saying they did get the system back up and running, they're trying to work through the backlog to get the correct prices. bank of new york mellon is the world's largest custody bank. this activity is basically adding to the uncertainty and is not helping investor confidence in the market. we had a lot of problems with etfs on monday in the mayhem, we'll be tracking the story for you. the financial services software provider sunguard was the provider for bny mellon, basing that pricey glitch on the

software provided to it by sunguard. bank of new york mellon saying the system was totally down, they're getting it back up now to get mutual funds and etfs up there correctly. melissa: i think this is the beginning of this, thank you. ashley: another storm brewing in the atlantic. tropical storm erika is heading towards the leeward islands with sustained winds of 40 miles an hour. forecasters are expecting it to gain strength as it sweeps across the caribbean, could be growing into a category 1 hurricane by sunday night when several forecast models expect it to reach the southern tip of florida. i know you're thrilled. melissa: we're supposed to go to the bahamas, right exactly where the third red swirl, is that's my vacation, see the third one down? all right. after many wild swings in the market, what will tomorrow bring? our panel brings predictions. that's coming up.

you pay your auto insurance premium every month on the dot. you're like the poster child for paying on time. and then one day you tap the bumper

of a station wagon. no big deal... until your insurance company jacks up your rates. you freak out. what good is having insurance if you get punished for using it? hey insurance companies, news flash. nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. see car insurance in a whole new light. liberty mutual insurance.

.

ashley: the dow closed up over 600 points. back to the floor of the new york stock exchange. nicole petallides for what we can expect tomorrow. nicole, what are traders saying? >> they're going to be looking at the overnight trade, and certainly we've seen the foreign countries, china and europe, giving -- playing nice, we've seen liquidity injection in china. rate cuts in china. there is talk of quantitative easing in europe. we'll see if the good news translates into overnight trading and see if we can hold the numbers. some of the traders are looking at key levels that we held today. they like that. one negative point is we didn't surpass yesterday's highs and for the people who do the technical analysis, they didn't like that. it made them worried and less volume too. melissa: what is the number one reason the traders feel the market turned around? was it technical? >> oversold. melissa: oversold! i hate that answer!

>> you know what? after six days of selling, they figured they were buying back, i heard institutional buying, short covering. holding technical levels, but the one thing that seemed to be the most broad-based was after 1900-point loss on the dow jones industrial average, almost 1900-point loss, that they had to buy them back a little bit. melissa: i love the one size fits all cover answers, you know? >> reporter: you know the 90% down days are followed by the buybacks. you know how wall street works. melissa: when i worked on the floor of the nymex, i would say why is it going back up, because eric is buying, eric bolling. back over to you, thanks, nicole. ashley: oversold, what a roller-coaster ride on wall street after six straight days of losses. the markets making a major comeback, 600 points. the question is, what will tomorrow bring?

that's the big question, james frischling, david and veronica dagher back to weigh in. veronica, back to you, what happens overnight in china? are they going to react to this or another blip on the china rad snar. >> we could, we'll see if we see follow through tomorrow morning in the markets. we've got weekly jobless claims tomorrow that may move the needle a little bit. want to see commentary out of china. what are they going to do if the growth is slowing as much as we think it is? are they going to do anything about it? ashley: that's a good question. david, what the heck is going on in china? do we really know? we know they're throwing everything and the kitchen sink to prop the economy up, but you got the sense, certainly on monday, there was a loss of control. ashley: yeah, absolutely, that's the problem, we know that china was overheated, obviously, a bubble, they're trying to deflate it. is it a hard or soft landing,

we thought the chinese government could engineer the soft landing, doubts were raised. in fairness to them, very tricky to figure out what's going on in the own economy. if you were to ask and they say gee, you don't know what's going on? they say what's the fed going to do in december? they turn it around. ashley: to your point, james, what are you looking for tomorrow? >> the one thing for sure is we're going to have a volatile day. if i can tell you which way it's going to go, i like veronica's point and would like to see it being datacentric, whether it is jobless claims, pending home sales and consumer sentiment on friday. there is enough data. i talked at the top of the show about, again, consumer confidence, existing durable goods, housing, a lot of data and i would like to see it be datacentric, there is a volatile day, the ball is up. ashley: the data turns out to be good, durable goods showed

signs of strengthening and business investment, we've had business confidence numbers. the numbers themselves, the housing market, while not going off the charts is chugging along nicely. at what point does the fed say our economy is doing okay, we can handle a 25-basis-point hike. >> that's the question, we have seen nice data. still weak spots. it's going to be a combination of factors. they're watching china, though they're not supposed to be looking at it directly. it's on the radar. i think for the individual investor, the point is to stay the course, if you have a portfolio and investment allocation that's right for you, stay with it, don't watch the day-to-day moves or you're driving yourself crazy. ashley: is that what you're telling your clients, david? >> don't forget to look at what the corporations are doing themselves. we have a trio of retailers finishing up, dollar general, gamestop, let's see what they're doing in terms of

consumer spending and holding up, that will give confidence to investors, mainstream america is doing all right. ashley: we'll see this time tomorrow. james, veronica and david. appreciate it. melissa. melissa: that does it for us, on the day when the market closed up 619 points. here's "risk & reward". >> the bulls are back, a huge rebound in the markets. stocks go nuts, finishing up by 600 points, the third biggest point gain ever. straight to the floor of the new york stock exchange. nicole petallides is there. so nicole, such a big sentiment change at the close from the past six sessions, right? >> i saw your bulls, right? the running of the bulls. look what happened today.