this is "nightly business report" with tyler mathisen and susie gharib. funded in part by -- thestreet.com and action alerts plus. where jim cramer and stephanie lee share their market insight. you can learn more at thestreet.com/npr. two big moves by two of the world's most prominent central banks in europe and china triggered a stock market rally across the globe and sent investors looking for new places to put their money. two big events are happening next week that could determine whether oil prices continue to slide. and one big hearing where senators accuse the federal reserve bank of new york of being too cozy with the banks it regulates. all that and more tonight on

"nightly business report" for friday, november 21s good evening, everyone. and welcome. soucie has the night off. the major averages just wrapped up their fifth week in a row of gains and there were more record closing highs for the dow and the s&p 500 today thanks to major move the ls moves by two. the people's bank of china cut benchmark interest rates for the first time in two years looking to combat slowing economic growth. then european central bank president mario draghi promised to use whatever means necessary, even buying up sovereign bonds, to boost that region's struggling economy. and with that, investors plowed into stocks in asia, in europe, and right here in the u.s. that sent major averages surging right out of the open before they lost a little bit of steam later in the session. nevertheless, at the close, the dow was up 91 points, record high, closing above 17,800 for the first time. the nasdaq up 11 and the s&p

tallied a ten-point gain. for the week with the dow it was up 1%. the nasdaq up half a percent, and the s&p up 1.1%. steve liesman has more now on the market-moving actions by some of the world's big central banks and what's next for our own federal reserve. >> reporter: central bank developments in europe and china highlight not just the difference in economic weakness overseas and strength in the u.s. but also the increasing divergence in interest rate policies. while the european central bank considers greater quantitative ease, the fed just ended its qe program. while the people's bank of china cuts rates, there's wide agreement that the fed's next move is to raise them. but the fed is carefully watching these overseas moves. it even debated at its october meeting whether to say in its policy statement that foreign weakness raised the risks for the u.s. economy. but will it keep them from hiking? >> if things fall hard enough in europe as an example, then yes, i think it could actually

attenuate the cycling in the united states. but we're talking about a backdrop that would have to have deteriorated in a material way. >> reporter: others have already changed their views. citi moved ahead its first forecast for the rate hike of december 2015 with from september. and a money manager said foreign weakness and central bank easing is going to make the fed wary about moving too quickly. >> i think the fed recognizes that the risk of tightening too soon and ending up back in the ditch is much harsher than waiting too long and having to fight perhaps growth or inflation down the line. i think they would rather err on the side of too much ease and then, you know, ratchet back than to tighten too soon and really run out of ammunition. >> reporter: all that global easing he says is good for equities, but there are challenges. the dollar has strengthened against the euro as vost come to believe the fed will tighten, that is raise rate raitts, and the ecb will ease further. it's a challenge to u.s.er, porters and pushes down on

inflation by making foreign imports cheaper in the u.s. most likely the fed will watch to see if these actions by other central banks help their economies grow. if they do, the fed will stay the course and hike rates next summer. but if global weakness undermines the u.s. economy and if deflation overseas washing up on these shores, then the fed could well hold off and stay at zero for a bit longer. for "nightly business report," i'm steve liesman. tonight's "market monitor" joins us to talk more about what europe and china's central bank moves will mean for the u.s. as well as his stock picks. he's eric ristoven with russell investments. good as always to have you here. do you think what china is doing and what mario draghi proposes to do are the tonic that those two economies need to get them moving in the direction that the central bank seemed to want them to? >> yeah, ultimately, yes, we think these are going to be successful moves. i mean, in china's case, obviously intentionally slowing their economy, but more

specifically they're trying to adjust the composition of their economy. they're trying to slow the investment part on housing principally while actually making sure that the other part of their economy, particularly the consumption part of the economy, grows. if lowering interest rates internally within the country helps, probably also helps making their currency a little cheaper versus the yen. in europe, draghi is really continuing to communicate with maybe a little more urgency and he's worried that the inflation rate is too low, so he's talking about doing as much as he can as fast as he can to raise inflation and to raise inflationary expectations. this is in addition to the trillion dollars almost of euro stimulus that he's already started to put in the system in the summer and the fall. we think ultimately those will be successful in raising the inflation expectation and therefore the growth rate in europe. >> is draghi really walking the walk in addition to talking the talk it? sounds like there's a lot of wind-up and not as much pitch here. >> yeah, certainly. he's been winding up for quite some time on this.

look, he's got a very difficult political process. he's got to effectively bring the germans along. there's -- you know, the germans will point out there's a legality issue as it relates to full-blown quantitative easing where the ecb would buy sovereign debt. he's trying to create the conditions so that the necessity to do qe kind of, you know, is the mother of invention in terms of actually being able to get the germans to implement it. if he need to get, there i think he's actually going to be successful. it's not clear he's going to have to go to full-blown quantitative easing however. >> let's move on to a couple of your stock picks. i know you see the u.s., as keith jackson used to see, as the bell cow of the global economy. let's start with your reasoning behind financials. you like pnc and your second is also a financial. why financials generally? >> financials and specifically financials banks. we think the u.s. economy is continuing to expand. we think employment is such and the economic activity that we've

seen and the improvement in employment and economic activity is going to continue to cause greater and greater loan demand. we're really basically looking at banks as kind of a fundamental play in terms of dewe think the earnings are going to be accretive because there will be more loan activity because of a better economy. and sit banciti bank is cheap. >> that is your second choice. it is relatively low priced, but it's kind of low priced for aen, isn't it, eric? >> yeah, well, it has lots of reasonsits price historically has been low, and those are fading into history, and we think their business, their ongoing operating business, will be enough to drive value. pnc is a super regional that's been well positioned throughout the cycle. a little more expensive but probably a safer bet for future performance. >> your third choice is live people. i'm not familiar with it. tell me about it. >> yeah. live person is -- it's actually an an interactive client

engagement. they sell software. if you've ever been on a website and a little bubble comes up and says, do you need some help, you haven't done anything in a while, do you have a question for me, that's probably using the live person software. we think, one, they're well positioned within the segment. we like software in general, but in particular we like them because they're well positioned. the other thing is they're a potential takeover target. and finally, they should be able to benefit from what we think is going to be a continue wags increasing cap ex expenditures. >> we appreciate you being with us. have a great weekend. >> you too. well, today's efforts to boost the economies in china and europe also lifted the price of crude oil. west texas intermediate settled 66 cents higher at $76.51 a barrel. benchmark crude rose more than a dollar closing at $80.36 a

barrel, wrapping up its biggest weekly gain since june. even though oil prices have tumbled 30 cents since their the summer weeks, a couple of events next week could rat it will oil markets and oil prices. our jackie deangelis has the details. >> reporter: the free first of all in oil contained for the time being but next week could be a game changer. monday's the self-imposed deadline for talks over iran's nuclear program. traders eyeing the date as a potential catalyst because it could open the door for sanctions on iran to be lifted, which would flood the market with iranian oil. if that were to happen, prices could fall further from here. >> if iranian oil comes back onto the market, conventional wisdom does say that we will work our way lower. >> reporter: and thursday, thanksgiving in the u.s. but a highly anticipated opec meeting in vienna. up till now, expectations were that opec would not announce any production cuts, but sentiment is shifting and there is talk in the market that opec might reduce output by 500,000 barrels

per day to boost prices or at least stem steeper declines. >> well, the consensus seems to be that opec will not cut production thursday. i'd be very surprised if they didn't. >> reporter: if opec were to reduce its output, 500,000 barrels per day isn't that significant when you consider the cartel's production is 30 million barrels per day. however, it does indicate that certain members like venezuela are starting to pressure the middle eastern members to cut prices before they fall too far too fast. right now it seems the market is in a wait-and-see mode, traders not wanting to position themselves ahead of these big events, but next week could be key in determining oil's price direction for the foreseeable future. for "nightly business report," i'm jackie deangelis. on to washington now and day two of senate hearings over allegations that some of wall stre street's biggest investment banks manipulated prices and unfairly traded commodities like aluminum. the central bank's point person

for bank regulation said the fed would broaden its review of gaps in oversight of physical commodity operations in the u.s. >> one of the things that we have been thinking about in general although now specifically in the commodities context as well is how to assure that there are robust enforcement and compliance mechanisms within firms. >> in written testimony, he also promised new fed rules overseeing commodities trading by banks in the first quarter of next year. at a separate senate hearing, lawmakers blasted the president of the new york federal reserve bank as they probed whether regulators are too close to the institutions they're supposed to be overseeing. hampton pearson reports from washington. >> reporter: no republicans showed up far senate hearing focused on the fed's oversight of wall street's biggest bank, but that didn't stop democrats from putting new york fed president william dudley on the hot seat. >> are you holding up a mirror

to your own behavior when you say that no one should question your motives or what you're trying to accomplish? >> the culture starts at the top, and the perception is that you essentially were hired by the people you're regulating. i think that cultural message goes -- permeates throughout the entire organization. >> i think the bank culture needs to be improved significantly. i think there's a number of things that we can do in that space to improve incentives to get the behavior that we absolutely require from the banking industry. >> reporter: at the heart of the latest firestorm, allegations of federal reserve bank of new york went easy on goldman sachs in reviewing a deal goldman was pursuing with a spanish bank. adding drama to the day, a former fed employee sat saz a spectator in the hearing room. miss se guerra, who's engaged in a lawsuit over her dismissal from the fed, came in the media

spotlight when she released secret recordings of fed meetings that appear to show the central bank is a lax regulator. >> we've got on tape higher-ups at the new york fed calling off the regulators. >> there are 46 hours of tapes. there was about ten minutes of those tapes that were released. >> reporter: the new york fed president denied the central bank has serious cultural problems, but he did say it can always improve how it oversees the nation's biggest banks. for "nightly business report," hymn hampton pearson. also in washington, harsh words from speaker of the house john boehner one day after president obama noungsed he was extending protections against deportation for upwards of 5 million undocumented immigrants currently in the u.s. >> with this action, the president has chosen to deliberately sabotage any chance of enacting bipartisan reforms that he claims to seek. and as i told the president yesterday, he's damaging the

presidency itself. >> in response to the president's executive order, boehner says republicans are considering filing a lawsuit or may try to block funding for the president's policies or may even pass immigration measures of their own. and house republicans did file a lawsuit today. this one trying to cut it will president's signature legislation the affordable care act. the suit sites the acts administrated the health and human services department and the treasury for delaying the implementation of the ploir mandate when was supposed to go into effect this year as well as the funding given to insurance companies to subsidize health care enrollees. still ahead, will this early winter turn into a business boom for the ski industry? we'll hit the slopes next.

a new stock began trading on the nasdaq today. it operates 13 ski resorts in the northeast and midwest including mt. snow up in vermont and snow creek in missouri. now, after pricing at $9 a share last night, things did go downhill pretty fast. shares which trade under the sticker symbol skis, clever, in their first day down 5.5%. if that's got you thinking about hitting the slopes, you are in luck because the ski season officially opened for business nationwide today. what can the industry expect this winter? our morgan brennan has more from hunter mountain in upstate new york.

>> reporter: it's that time of year again, the start of ski season. thanks to the cold snap stretch across much of the country, ski resorts are kicking off their seasons earlier. before thanksgiving for the first time opening in five years. and conditions in the rocky mountain west have operators optimistic about business. >> we've got tremendous natural snow in colorado and have had for the last couple weeks and we're looking at more snow for tahoe, utah, all for the next week. >> reporter: weather is the single biggest factor for ski resorts. the reason profits have shrunk for some companies despite higher ticket prices. companies have been investing in more snow guns to minimize the impact of volatile weather. but making snow is a costly process, and it requires water. the national ski arias association says visitor numbers modestly declined last year to 56.5 million thanks largely to the lack of precipitation in the pacific west. the ongoing drought in california could further that trend this year. but analysts say companies like

zale and intrawest resorts are finding creative ways to lure customer, for example, pushing season passes before winter begin ps. >> that's the big trend, get people to commit to skiing earlier in the season, and effectively once you lock them in, they're more likely to ski a number of incremental days throughout the season. it's really a move the get people to book earlier and ultimately they'll ski more often. >> reporter: and spend more. last winter americans spent a record $3.6 billion on ski equipment, apparel, and accessories. and snow sports industries america projects similar sales this season. but whatever this winter brings, one thing is certain, and that's the ski industry remains healthy. but days like this, it's easy to see why. for "nightly business report," i'm morgan brennan in hunter, new york. dow chemical dodged a bullet, settling a debate with an activist, and that is where we begin tonight's "market focus." the specialty chemicals maker has agreed to add four new

members to its board of directors after pressure from dan lobe's hedge fund and avoids a proxy battle in so doing. dow and third point have entered a standstill agreement. neither will criticize the firm for one year. shares popped 2.5% today. lobe also came out on top and despite what sotheby's, the ceo of the auction house, will step down by mutual agreement with the company's board, but he will remain in the job until a successor is found. this after the activist dan lobe and others joined sotheby's board. shares were almost 7% higher closing at $41.93 today. foot locker's third-quarter sales and earnings has surpassed wall street consensus, but investors didn't seem too impressed. the ceo of the athletic gear company is stepping down on december 1, and that could be rattling investors since it comes during the holiday shopping season. shares closed more than 4%. and incorporated, the parent

of anntaylor, posted sales that missed estimates and warned it would log its first comparable stores sales decline in ten quarters. its earnings did manage, however, to top estimates. company partly blamed product shipment delays out of west coast ports for its weak sales. shares fell slightly to $38.23. and aetna is hiking its quarterly dividend. the payout will be 11% higher, up to 25 cents a share now. the insurer is also setting aside an additional billion dollars to buy back shares. shares up more than 50 cents today to $86.36. well, cancer is among the leading causes of death in children. but most drug companies don't make medications designed to treat kids. one mother who suffered a terrible loss is looking to change that. here's the story. >> reporter: nancy goodman's son jacob was 8 1/2 when he started getting debilitating headaches. >> he ended up being diagnosed

on sunday afternoon, and monday we went in to see the neurologist. tuesday morning he had emergency brain surgery. >> reporter: nay jeh cob had a blastoma, a rare brain cancer. after hi surgery, his doctors prescribed a renl men of chemotherapy drugs even though they feared it wouldn't work. >> the protocol they suggested was 40 years old. >> reporter: jacob was one about 15,000 kids in the u.s. diagnosed with cancer annually. it's the leading cause of death among children after accidents. yet the number of kids with cancer peals in comparison to that for adults. pediatric cancers represent 1% of all diagnosed according to the american cancer society. with such a disparity in market sizes, nancy came to realize drug companies don't focus on cancer affecting kids. >> we open up the newspaper and learn about all these wonderful advances in science and in treatments for cancer. i was shocked to learn they don't apply to kids. kids don't get access to these

drugs. >> reporter: as the doctors expected, jacob didn't benefit from the drugs they prescribed. he died five years ago at age 10. nancy has since devoted her life to solving the problem that took her son's. she founded a pead yak rit cancer advocacy group and took her fight to washington where she helped pass a law. >> how could i possibly be here on the earth and jacob isn't? you know, i just -- if the world's set up the way it is can't accept jacob, then i need to change the world. >> reporter: drugmakers say they're looking at the issue. companies including genentech and amgen have hired pediatric specialists for ways to apply their pipeline medicines to diseases affecting kids. the advocacy group kids versus cancer helped pass creating the hope act attracting attention from drugmakers. still, nancy says, there's more to be done. for "nightly business report",,

i'm meg turrell. apple and google got their start in a garage. where does the stair of alibaba begin? we'll take you there. walmart is gearing up for big crowds of shoerps on black friday and for protesters too. labor organizers and walmart workers unhappy about low pay, poor working conditions, and little chances to achieve full-time job are planning protests at 1,600 stores across the country next friday. that's of course one of the busiest shopping days of the year. and finally tonight, a look at the small apartment in the

chinese city of hangzhou, where alibaba was born. surprisingly, 15 years later, jack ma's modest flat is still being used to foster inspiration by the company's programmers and product developers, hoping to make the e-commerce giant even gianter. here's more from hangzhou. >> reporter: the garage is the sacred spot where so many technology companies were born. in china, it is this one place. building 16-1, lakeside gardens, hangzhou china, the apartment where jack ma lived with his wife when he started alibaba in 1989. unlike its predecessors in the states, this is no shrine but an active office where jack ma sent his most promising developers and programmers to find inspiration. ma's apartment sits just through this gate off this busy hangzhou street. a few miles from the 54-acre

alibaba headquarters that's home to 14,000 employees. the campus has all the accoutrements of an american tech company -- the gym, the foosball and pool tables, and a state-of-the-art television studio. but given the option of working there, on campus weather all of its trappings, the top-level programmers are happy to be here, in this six-room modestly decorated and dare i say crowded apartment where ma lived 15 years ago. do people like working here in the apartment? >> not -- the headquarters is very nice. it's got a gym, you can play ping-pong, the pool. there's nothing here. i think its owner. >> reporter: chen hong is a product manager for alibaba. so when you are starting a new product at alibaba, it's important people come here to

get inspiration to feel the power. >> yes, yes, yes. yes, yes, yes. >> reporter: he and his team will spend about ten months here working 13 hours a day, seven days a week, eating, napping, working, and channelling their inner jack ma. must be important. >> yes. important project. >> reporter: important indeed. it's no wonder jack ma keeps sending them back. biggest parts of the company were created here. >> started from here. >> reporter: wow. no wonder it's got power. >> yes. yes. chinese say feng shui. >> reporter: it's very good here. okay. maybe i'll stay. jack ma doesn't show up all that often, but there is a message on the wall handwritten by ma in 2008. it roughly translates to this -- "the core of this company is to grow and grow."

>> good feng shui there. well, that is "nightly business report" for tonight. thanks so much for watching us. i'm tyler mathisen. seus susie gharib will be back on monday. hope so to see you next week. "nightly business report" has been funded in part by -- thestreet.com and action alerts plus. where jim cramer and fellow portfolio manager stephanie lee share their investment strategy, stock pick, and market insights. you can learn more that the thestreet.com/nbr.

gwen: the president rolls the dice setting in motion a plan to alter the nations immigration laws and goading republicans into a fight. tonight, on "washington week." >> to those members of congress who question my authority to make our immigration system work better, or question the wisdom of me acting where congress has failed, i have one answer. pass a bill. gwen: the president challenges congress to a duel. >> the people's house will rise to this challenge. we will not stand idle as the president undermines the rule of law in our country and places lives at risk. gwen: high noon. as undocumented immigrants see the possibility of reuniting families, democrats say they will force action. >> we told the president and we're telling him before all these tv cameras, we