thanks for being part of "the real story." here's shep. >> we watched the dow jones industrial average plummet more than a thousand points this morning. before an incredible turn-around. so, what in the world are you supposed to do with your money? and what in the world is going to happen in the final hour of trading? i'll ask the financial professionals as we track the final hour with team fox coverage. >> first degree murder charges for man accused of killing a state trooper who stopped to help him. what we know about the suspects and the good samaritans who took him down. the cheating web site, ashley madison, goes on the offensive. off ifing a big reward to anybody who can help find the hackers who exposed its users. the owners may want to save their cash because lawyers are hitting the company with a big lawsuit for more than half a billion dollars. kennedy is here with more. let's get to it.

>> i told the news team just about an hour and a half ago, this last hour should be about a celebration. after all, look what we recovered on this day. history all over the place. celebration? hold off on that. in the next hour, one hour to go on wall street. this is already a day for the history books twice over. we'll be watching closely to see how it all finishes. it does not look good and what means for us. today brought the biggest point drop in dow jones industrial average history and the biggest point recovery as well, i'm talking in session. by mid-day today the dow climbed 985 points from the session low. didn't last long, of course, a live look at the big board shows you we could make history again, we're 100 points a. from the biggest one-day point drop in the history of the united

states. starting seconds after the market open, the first two minutes were unthinkable, and the fox business network stuart varney gave us the play-by-play. >> i have to go to in the new york stock exchange floor. we're down a thousand points elm the biggest drop seen for the dow jones industrial average. can we bring up the volume? i'm hearing a lot of shouting and screaming. i'm not implying there's panic but i am immying there's high excitement and high anxiety on the exchange as the dow drops 960 points. >> eventually went down something like 1,080. analysts blamed the drop on the slowdown in china's economy. that country has the world's second biggest economy and the computer market here took our stacks into the tank. analyst says an overreaction maybe. but the story from much of this afternoon has been a remarkable recovery. analysts si at the low point this morning bargain hunters

bought stocks when they were cheap and they were. so after a nail-biting first few minute with anybody with a 401(k). wall street crawled out of the gutter nicely until like an hour ago, and now we're on track, and we could reach, the lowest one-day point close in the history of the market, and it is fox's top stepand the fox business network, adam shapiro is live from fox business network's headquarters. nobody has seen anything like this. what happened with the rebound and what is happening now? >> we are as we go into the last hour of trading accelerating back down, and the dow is down 645 points. part of what is going on is the people who made money during the rebound are now getting out, the day traders. the question is what do people with 401(k)s and mule to all fund -- mutual funds do. you do nothing. you ride this out, if you're under 60. the best thing to do is -- it is panic are. when you see this volatility and

huge volumes on the exchange today you ride this out and you do nothing or you'll get burned. >> i know a lot of it was computer trading. this thing that happens the last two hours of the session, that's the most important. >> it is. on friday we were muddling along, down, and then picked up that last 45 minutes of trading on friday sent us right over the top and we were down 55. then today you could see that again. disney stock hit a low and then jumped up. apple hate 2-week low and then jumped up. now the people who made quick profits, hedge funds, they're getting their profits now and you'll see the downside accelerate heading towards the close. >> we'll watch closely. thank you. with us now is liz anne saunders-senior vice-president and chief investment strategist for a charles schwab. she analyzes and enters the economy and markets.

also shares swab investment strategy counselor. an hour and a half ago we're off like 150 on the day, and i can wait to ask you about this remarkable turn-around. how do we make sense of what is happening now? >> well, the first thing i want to do is -- i don't by any means want to diminish the pain that a day like today inflicts on investors, and how much angst it causes. we have to be very careful about the headlines and the reporting around point drops, and as as sensational as they are and you want to grab people with headlines -- idon't have to grab them. 1,080 points does it for me nicely. >> but using the terms like crash and not putting things in percentage terms. a thousand points is the biggest drop in point terms but the crash, as a for instance, like 1987, it was a 23% drop in one day. were that to happen on a day like today you would be talking

about 4,500 dow point. >> and in 2008, the day after the u.s. house said no to a $700 bailout bill, we drop. we're at 3-1/2 now. we add 3 1/2 to friday and thursday and people are flipping out and i'm asking you, person who has money and wants to do something with it, what do they do now? >> on a day like today, don't do anything. the point you made is an absolutely valid one. you're dealing with the mechanics of the market that are tricky for individual investors. money moving around is measured in nanoseconds and these swings are not all that different from we saw in the now so-called flash crash in 20 and it is very treacherous, particular live you're driving your decisions based on emotion to react on a day like today. we have to go on the assumption that over some reasonably long period of time, even in the

medium term there will be a connection between fundamentals and stock prices. we're in a correction right now. we hilt the levels on friday's close, at least for the dow and nasdaq, correction defined as a 10% drop or more. we're probably there on the s&p 500 as well. that's actually not abnormal. what has been abnormal is how far we went since the last correction, which is over 1,000 trading days in 2011. so this is a healthy part of the process. i don't know when we hit bottom here. i don't think it's here yet but to react on a day like today doesn't tend to serve investment portfolios well in medium to lock term. >> ever seen a seven year bull run like this? >> we have had what we call secular bull markets, long-term marks a have gone on decades. the secular bull mart in 1982 to 2,000, longer period of time without a 10% correction. so, this is not unprecedented. but it is still abnormal.

the span of time we went without a 10% correction. by the way, over the long history of the stock market 10% or more corrections on average happen once a year. so yes, it was unique but not unprecedented. >> and it's not over. liz ann saunders from charl swab, great of you to join us from connecticut. more markets in just a moment. we have terrible breaking news, live picture in new york city, queens is the borough, a bus has crashed right into a building. and has torn part of that building to pieces as you can see. a local media are reporting -- theser pictures from wnyw. what what' new yorkers watch. and their helicopter pilot is talking to the local station ass we do not have a clear picture of exactly what had happens. aside from the crash. we don't know about the people. the bus is one of those casino buses that takes people to and from the racetrack and the casino. there's one in the borough of queens and that's where this was going, either from or to.

dozens of firefighters on scene and producers has been watching as they take injured away on stretchers. a casino bus crashed into a building in queens. there's a lot of damage, damage to another vehicle. clearly horrible damage to a building, and we'll have muff more on that in a moisture. the president of france giving his anything are top honor to the heroes took down a would-be terrorist on a train. the ceremony comping a day after the men described how they stopped the attacker. >> alek came up and grabbed the gun out of his hand while i put him in a chokehold, all three of us started punching him while he is in the milled. >> what we learned about the heroes from america and the gunman who they confronted. that is coming up. we're continuing to watch the dow and will thrghout the afternoon. the dow down three points, 2% on the session. 527 points. the finish is what matters and we'll track it with team fox coverage throughout the hour. we're glad you're in.

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continuing coverage of breaking news out of queens, new york, live picture here. the local network news affiliate, abc7 in new york, says seven people have been hurt as a bus crashed into a building in queens. 63rd avenue it is, and in rego park. happened just about 40 minutes ago. the victims have been taken to hospitals, according to abc 7, and more on this as it comes in.

a bad bus crash in new york city. continuing to follow the turmoil in the market and if a like on the corn over wall and broad. we're off 615 points. 3.7% at least for the moment. whether this is indicative of the next 47 minutes, unknown. we'll watch it. joining us frow is dan rump. >> it's a bad day. we're doing loot bert than we were this morning as you saw the dow fell more than a thousand points shortly after the open. so we're bouncing back hard. but actually giving back a lot of the gains in the last 20 minutes or so. >> fundamentals are good. >> that's the thing. the fundmental nets u.s. are quite good. the economy is growing at an okay pace. interest rates are still low. so things are good here. things are good in europe. things nor got in china, not good in the emerging markets and that's what people are latching on to here. >> i was wondering as i watch

the business network like everyone else, are we -- is the market saying something about the fundamentals that the people aren't say or do we not know everything we need to know about china or some combination? >> i think it's a combination. there's a lot of worry that china is a bit of a black box the underlying economy in china is in bad shape. china is the number two economy in the world so people are trying to handicap what is going on. the backdrop is corporate profit growth hit the skids. so yaw have a stock market at lofty evaluations for a while, very expensive, and no growth in profit. so the come bin mission of un -- combination of uncertainty is causing nervousness. >> we leave the technicalities of this to our friend tet "wall street journal." every knows the fed has pumped money into the and is then quantitative easing and now can there be more? is there anything else in that

toolbox that everybody talks about from the feds? >> well, there's fewer things for sure. s' rates are already at zero. of course the thing that the fed could continue doing that is still in the toolbox is do nothing. the next fed meeting is next month, and a couple weeks ago the consensus on the ground was that the fed is definitely raising rates. this is going to be it. that's totally shifted in the last couple of weeks. less certainty whether or not the fed will act and whether the fed even really wants to act with the market in turmoil. >> all 30 industrials in the red. that means every dow component is underrather, -- underwater, there is a leader and is apple's -- is that a sign of things to come. >> apple was cull lay really weird stock today. this stock just cratered in to n the morning, down 12%, and now rolled over once again and that one has people really nervous. ford stock this morning, ford

motor, fell 25% in the first five minutes. >> that screamed china to me. so did apple. >> a lot of exposure to china from ford. all the technology stocks are very heavily exposed to china. and then you saw the real big rally in the stocks mid-day and they've given a lot of that back. so that is people trying to furring out where should these things be trading at. >> the computers started this is the morning. >> yes. no doubt about it. computers are a huge part of the market today, an overwhelming part of the market. one being thing going on this morning, it's the middle of summer so there's not a lot of people working in the stock market, so you had a messy open, you had a lot of people who weren't working, a lot of bad liquidity on the floor and that explains a lot of the turbulence you had today. so that was a big thing. >> how do you feel about the next 44 minutes? >> i would be pretty nervous for sure. i'd love to meet the folks who

bought the dow when it was down a thousand points but i'd feel a little less cheerful about things now. >> or who got apple at 92. somebody did. i doubt if it's a regular person. >> no doubt about it. the next 45 minutes is anybody's guess at this point. i think a lot of people are really sort of taken aback by the moves today. >> we're seeing what is happening. what it means is another thing. >> we'll have coverage throughout the hour. we're hear from the three americans who tackled a gunman on a train overseas. more on that. we're waiting for new information out of new york city. the bur borough of queens. thinking about what to avoid,

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the americans who tend take down a gunman on a crowded high-speed train gave a lesson in courage. a got from the french president who gave the men the legion of honor, france's highest award. [applause] >> the three americans say they heard a shot inside the train on friday. spotted the gunman with an ak-47 strapped to his chest. they say they knew he had two options. do something or die. the americans say they charged that gunman, tackled him, put him in a chokehold and great the crap out of him, frankly. they say he kept pull ought more weapons, left and right. >> pulled out a handgun. took out a box cutter, started standing at -- stabbing at me with that. we let go. all three of us started punching him while he is in the middle of us, and then i was able to grab him again and choke him

unconscious while alek was hitting him in the head with the pistol or rifle. >> am lech -- alek on the left here, he was traveling across europe with two bodies. investigators say other passengers did jump in to help, including this british businessman, he received he legion of honor today as well. the pentagon set to announce additional awards for the two u.s. service members. we'll bring you details. one of the americans pulled out his phone and recorded the aftermath. seen this? the gun minimum on the ground, hands tied behind his back. blood staining a window and a table. the train had just crossed the border from belgium into france help is identified as 26-year-old moroccan man. police are questioning him. you can imagine. lea gabrielle has more. what are we learning about the gunman? >> his attorney says he is're,

homeless and was only trying to rob the train because he was hungry. the attorney says he was dump founded he is being accused of terrorism this is a picture of him. named abibleel~khazzani. he is -- they say he may have spent anytime syria in 20. she had an arsenal of weapons including an automatic pistol, loaded magazines and the box cutter. his attorney says he actually found a bag containing the weapons prior to boarding the train. one american said it's fortunate that he wasn't adept at using them. take a listen. >> he clearly had no firearms training whatsoever, and, yes, if he knew what he was doing or even just got lucky and did the right thing, he would have been able to operate through all eight of those magazines and we have all been in trouble and

went be here today. >> el~khazzani is being held outside paris and authorities have two days to charge him or let him go. >> i heard the american heroes say how after the one shot, something very basic happened to the gun, he didn't have any idea what he was doing and they charged just at that moment. what else? >> airman spencer stone says he was sleeping when this went down. he woke up and noticed the suspect. listen to the americans. >> never said a word. he just basically came in, and when he entered the car, we saw himcocking the ak-47 so it was either do something or die. >> i didn't have much state of awareness. we just kind of acted. there wasn't much thinking going on. >> airman stone is seen here. he has his arm in a sling. he is being credited with gaving

life-saving first aid to a friend american citizen who was shot. that wounded man's wife says he was one hover the first to intervene and one of the heros in the story. it's an amazing story of brave by and americans they suspect were was ready to fight to the expend so were they. >> islamic state fighters destroy a temp until palmyra and the united nations is calls a war crime. a witness says all that is left is a pile of rocks, nothing more. analysts say most of. thele dates to the second century -- temple dates to the second century. they could be trying to sell the -- historians say its served as a crossroads between the roman and chinese empires. the united nations calls this new bombing an immense loss for the syrian people.

and for humanity. continuing coverage. breaking news, number city, the bush crash is a very bad one. wnyw fox 5 the new york says a number of injuries is higher than previously reported. wnyw reporting 17 people hurt. we know from the authorities the nypd are reporting directly no injures are life-threatening. the report we're getting right now from the nypd is all of the injuries are minor. thank goodness. we don't know what happened to anybody in the vehicle on the right there or in the building on he left. the closing bell on wall street is just 33-1/2 minutes away and who knows what it's going to find? we're off more than 4% on the session and that's not to mention last thursday and friday. 401(k)'s have taken a beating. well speak with a forbes magazine columnestist how trouble in china is hut are or retirement plans and word

vice-president joe bide bride is seriously considering running for president. what would president obama do if his current vp runs against his former secretary of state? we are live at d.c. on a day for the history books in under city.

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more headlines. indycar driver justin wilson in a coma now after a crash at pocono raceway in pennsylvania. another driver cullly crashed yesterday and debris flew off that car and hit wilson in the head. slow mow here. the other driver walked away from that crash. a road collapsed in tennessee, swallowed up a police car. happened yesterday south of nashville after heavy rains flooded a stream there and under the road, officials say it could take months to repair the damage. a judge says empire star terrence howard signed a divorce settlement with his second life

because she threatened to release recordings of him having phone sex with other women and video of him dancing naked. the judge just threw out the agreement so they have to negotiate a new one. they're still divorced. the news continues next.

continuous coverage the unprecedented chaos on wall street today topping the news now at the bottom of the hour. what all of this means for our retirement and 401(k)s, the closing bells 28 minutes away, and if righting now is any indication we don't have any idea what will happen. the dow is up 680 points and 4.14%. earlier it had it biggest rise, point rise-ever in a single day, after the biggest point drop in a single day. the dow plunged more than 1,000 points win just minutes of the opening bell. anallies are blaming the mess in china and concerns of its economy, which is the second large nest all the world. -- largest in all the world.

geri willis is here with mow. don't know. what do you expect? >> this is so volatile. let me show you hoyt started toy. what happened has night, big sell off in asia. the hong kong down 5.2%. the nikei in japan, down 4.6%. this is the mess that got our markets started down and nobody thought we would see what we saw this morning when just moments after the open, a 1,089 appoints points five minutes in. all of us were shocked. so, lots of confusion. people super worried. financial people out there telling their clients, don't panic. you can't catch a falling knife. that's what people try to do. the then you get hurt. td ameritrade had problems with trading, flamed on social media, saying we saw significant

increasing trading volumes but our client trades were being executed. we experienced -- they had trouble getting people logged in. two front doors. some of the folks were using the wrong one but that is what happened on a day like today. >> crazy volume last week, especially this part of the summertime. >> it's late august, you expect nothing to happen. >> a lot of phone calls to martha's vineyard over the weekend. >> hamptons. >> gordon is their talk about the china mess, the author of "the coming collapse of china. lived and work in china and hong kong for 20 years, a foreign affairs and economy columnist riding for forbes. do we know what is happening in china? >> nobody knows but the one thing we can say is the economy is not growing at the 7.0% that beijing claims. maybe not even the 2.2% that people in china are privately talking about. this could be an economy that if

it's not there now, in a month or two could be at zero. >> zero. >> i think so. you start looking at the underlying numbers and the behavior of beijing is not consistent with 7% growth. like the devaluation, all the stimulus. the governments don't do this when they have a strong economy. >> we watched it in awe as millions and hundreds of millions of people moved from one economy to another, from living on the land with their family as they had for centuries to this new city environment with empty cities and no place to investment money. little people investing big money they borrowed in the stock market and now you look at it and wonder, have they just killed it all? >> they probably have attempt government has done to bring up the stock markets, it has gone in and started to buy stock. they're the only buyers these days. and so you have the government buying and everybody else trying to get out.

$800 billion perhaps has left china in the last year. 520 billion according to another account. and any event it's a lot of money and also coming into the united states, which is good for news one sense but it's not good for u.s. exporters. >> if you're the communist government, you're worried about what the people are going to do. >> certainly. and in shanghai, you had a mob which detained the head of a metals exchange nice were upset what he had donement they turned him over to at the police. we have had investors in china on the streets riot because they believe that the government should be standing behind the stock market, and today the government is the stock market. this is a bad story for china. >> earlier geri, the places -- businesses you think would be horribly affected by downturn in china, apple for one, had these huge selloffs at the beginning of the day, and then -- >> and then. >> and then enormous buyback and now they're selling again. >> that's just how volatile the market is you. see stocks like apple in

particular that sell a lot into china. our market is not china's market. and somebody made the point today that the s&p has tripled since 2009. we're still only 7% below our high. our all-time high. so we're doing far better than these numbers would tell you. >> gordon, before we go, what is the thing to watch out of china? for everyday americans. >> it's the money coming out of china, because that is the thing that is really saying what the chinese are doing. you go in the streets -- the city of new york, you see people who look like me. they're buying up these apartments and clearly the chinese have made a decision, they have lost confidence in their government, they've lost confidence in their own government. that i think is a defining factor. >> they're certainly turning up the real estate values here in new york city. and don't even ask about london. that's been going on for years. >> those two big condominiums on 57th street, half russian, half chinese is the joke. it's an exaggeration but not much. >> not by much. >> we'll take it.

that's all right. >> i guess. i'm sure the openers of the buildings will take the money. for the rest of us, don't know what it means. geri, thank you. gordon, thank you. to the dow off 3.4% on the session and more than 600 points. you can see it in the bottom of the screen. 550 points now. the turn-around happenses so fast if you don't glance up you would miss a move. one day after police say a gunmancauíqqa statetrain trooper in the hid and killed him, the police found the roommate. the roommate is dead as well. investigators sayert stead when the trooper spotted a pickup trunk on the side in a ditch. a couple of hours west of baton rouge. police say the driver was still inside the truck. but when he came out, he was holding a sawed off shot gun and fired. the the trooper thinking i'm here to help this man, instead shot and killed. the suspect eventually stood over the trooper and said, you're going to die soon. you seek the trooper on the left and the suspect on the right here. cops say the gunman tried to

escape but other drivers wrestled him to the ground. now police say he faces charges, including murder in the first degree. trace gallagher with the breaking news out of los angeles. the roommate now said to be dead. i'm reading the authorities are suspecting homicide there? >> reporter: they are. the reason they went to the roommate's house because when they were interview thing suspect there was an indication there might have been al an altercation with the room roommate was dead and now they're investigating that as a homicide. as for how the truck got in the ditch, the suspect trooper got a -- the trooper got a description about a driver, and the driver was under the influence of something. police say the whole thing was captured on dash cam video which has not been released but they say it shows trooper vincent calmly and professionally telling the driver that help was on the way. that's when police say daigle

opened the truck door and came out with ashotgun and you can see the blast. officer vincent then tried to get back to his patrol car for help but was unable. to police say kevin daigle had numerous duis and other arrests on his record. >> what do you know about the people who tackled the suspect? >> police tell us that man driving by witnessed officer vincent being shot. that man then called his friend to relay the story. la due sped to the scene, underout and statue kev e the suspect stand over the trooper and the wrestled his gun away. then other people were on the scene to help. so loo due use the officer's had a man down.the police know >> drove his jeep up to the scene, he jumped out of it with any disregard to anything that was happening, guns or whatever. he just wanted to get to our trooper. this is a hero right here.

>> la dew didn't say a word at the news conference but his heroics and the others was captured on the unreleased dash camp video. >> we're getting eye wilt reports from the terrible bus crash that happened in the borough o queens. we'll go live. plus updates on the dow as well, getting closer now to 16,000. the dow off something less than 3%. 492 points at this moment. we'll have team fox coverage of the close coming. i'm ready to crack like nobody's watching.

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breaking news of the bush crash in queens. we have the assistant manager of a cigar lounge at the site. >> i saw the driver being taken out of the bus on a backboard with a collar on a stretcher. numerous lacerations on this

face. >> what was it like in the minutes after this happened? >> right after it happened it was kind offed nothing much going on and then the crowd formed and all of a sudden fire trucks came up, and a dozen pieces of fire apparatus there now. the police department emergency services is here, and there's less ambulances here now than earlier. >> this is one of those casino buses. do they come by there often? >> all the time. >> and have there been problems? >> i've never seen problems before, but i will say that people do drive rather fast on this street. >> did you hear how this went down? i know you didn't hear the crash but have your heard how this happened? >> somehow collide with an suv. that's all -- i when it win over and asked and saw the suv underneath part of the bus. and somehow they both collided and went into the side of the building. the building is structurally damaged to an extreme point.

you can see inside the rooms of the building itself. >> what is that building? >> it's part of a row of attached houses, the particular building is the law offices of somebody named john t. landers, and i think he might live there as well but i'm not sure. >> he was on scene across the street. thank you. reporting 17 people injured nypd and ddny saying no injuries life-threatening. >> break news from the pentagon. air for brass talked about the american heroes who stopped the gunman on a train in france on friday. one of the service members is in the air force. listen. >> i'd like to begin with just a few words about airman first class spencer stone. last friday, as you know, evil arrived in the form of a heavily

harmed gunman on a high-speed passenger train in europe. a gunman who brandished an ak-47, hundreds of bullets, a luger pistol and other becomes cutter. what the gunman didn't expect was the confrontation with our very own captain america. and believe it or not, that is what airman stone's friends nicknamed him during air force training. so in a split second, airman stone and specialist alek scar lat to, anthony sadler, and -- businessman, leapt into action, subdued the gunman and saved lives. had it not been for this heroic quartet we would be sit hearing discussing a blood bath. so american airmen bind themselves to a set of core values, integrity first, service were self, and excellence in all we do. airman stone and his friend

personified service before self. no question. their fearlessness, courage, and selflessness should inspire all of us, and thanks to them no one died on the high-speed european train on friday. this morning, french president francois hollande honored them with the french legion of honor, and today, we are pleased to inform you that airman stone's unit will be nominating him for the airman's medal, which is the highest medal for noncombat bravery that we in the air force can bestow. i, along with -- >> the other american service member was national guardsman, likely to receive an award from his own branch of the united states mail at the. american heroes overseas. the markets are set to close in a little more than ten minutes. ten minutes ago the dow was off 4%. two minutes ago the dow was off 2%. now it's moved again maria will be their bring calm to the

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continuing coverage. the last eight minutes of the trading day. the dow is off 460-points at this moment. maria anchors morning with marieon ofbn and is live. is this a new normal. >> i don't think it's a new normal. i think there has been such pentup demand for this market to go down. a lot of talk about the economy slowing, the impact of china and the impact of europe. today represented a bit of the washout. people wanted to see the market go down. in fact when we hat volatility when we were down a thousand and then came back and then down 150 points. the traders were saying, i don't want to see it end like this.

that tells me there's going to be more. we need to see a washout. we need actually to stay this market down so people feel that we have got 'this out of its system. >> maria, went down a thousand plus this morning. somebody somewhere lost a lot of money and then somebody else made a lot of money. was that the little guy who lost and the big guy who won. >> not necessary live but that was right. a very -- and when a stock goes down they have to hold the stock and wait, and and a lot of people -- they were selling indiscriminately. you take a company like a services, kkr. stock opened down 40%. closed friday on 19 and opened at 10. then settled out. that was the picture of a lot of stocks out there there was so much fear, they were selling first and thinking later, and

this is vacation time. people are out of the office these last two weeks of the summer, so you don't have the audience you don't have the trading community to be on the other side of trades so that may have accelerated things because you didn't he the liquidity you need. >> china's market on monday, last night our time, that was off 8%, and all of a sudden you see a 1,080 points and you're like, where are we going here? >> absolutely right. it started last week and it started two weeks ago when the chinese devalued the currency. people didn't know what that would mean though truth is that for the longest time, china has been the jewel of the world for corporate america. it has been the place to grow. and now we see that china has gone -- the economy has gone from 11% growth to 6% or 5% growth. it's much stronger growth but when you move from 11% to 5%, that's serious move that is going impact earnings and it's the reason were done reason that corporate earnings in america in

the second quarter were up .04%. they were better than expected bit there is no growth, shepard and that's that the selling is bat. it's about the impact on the u.s. earnings and the u.s. economy. we'll have a window into what will happen when we get the gdp report. might be a good number but then there's the up employment report in the first week of september. these two reports are critical in terms of whether or not the economy can withstand higher interest rates or whether a move off interest rate will sap any traction this recovery has had. >> the average i investor is supposed to -- >> sit this out. always time to reset and look at your poet folio and say, aim exposed to at the right thing? is this story still working? die still want to own this? you don't look at the headlines and have any knee jerk reaction you.

sit this out, wait, let this be done by the trading community and recognize you're invested in the market nor 20 years and one day is not going change the fate of companies or mutual funds that you have invested in for the long term. >> if you watch your money and want the best in analysis known to man, tomorrow morning, the police is morning with maria on our sister network, fox business network. we'll be right back with a nod to this day in history.

on this day in 197 5 queen startled recording bohemian rhapsody. radio executives asked them to trim the six-minute song to make it more radio friendly. the band refused. it rows to the top of the charts and stayed for nine weeks. one most selling rock sons after queen started working on a masterpiece, 40 years ago today. that's a fine way to get out of here on a day like this. still probably three, four

minutes or so before we know the final numbers. but off 579. could have been worse. when news breaks out we'll break in, stuart varney in for cavuto. >> it was not just another manic monday. it was chaotic, eye high anxiety, a huge selloff in the dow industrials today. at one point, it dived more than 1,000 points. that's the largest enter day point drop ever. the dow cutting losses, at the close down 600 points, question, is the worst over? welcome everybody, i'mçx/6"+art varney in for neil cavuto and this is "your world." we're all over this one on what sparked it, trace on how main streetes dealing with, and donald trump how he predicted