this isnightly business report" with sue herera and bill griffeth. ten years later, investing is aot differe today than it was during the financial crisis, but risk still exists and there are ways to spot it. network drama. one of th most powerful network media are out of the taking a detour. ford stock is at a multi-year low and the plan to reinvent the automaker remains a mystery. those stories and more tonight on "nightly business report" for monday, september 10th. goo evenineveryone, and welcome. bill griffeth is o tonight. it was a dreary, rainy monday on

wall street a today'srading session pretty much felt the same. stocks started higher, then thel drifteer and meandered between gains and losses. in the end00 the s&p and the nasdaq snapped their four-day losing streaks. the dow jones industrial average, fhowever,l 59 points to 25,857. the nasdaq was up 21 and the s&p 500 added 5. this wk also mar the ten-year anniversary of the financial crisis. mike santoli takes us back a decade to remind us thaadeven if youhe stomach to buy stocks then, the road back was very bumpy. >> even before lman brothers collapsed and before the full financial crisis and bailouts unfolded, stocks were already in a bear market. by the friday before lehman' failure ten years ago this week, the s&p 500 had fallen more than 20% in just under a year. bank stocks were cut in half and a recession was underway. in other words, it was a time when disciplined long-term investors might consider

investing more in stocks on the idea that they alrea rlected plenty of bad news. as it turns out, this idea would have been sou but the timing awful. the s&p since the eve of's lehmankruptcy is up 130% or an average of 11% a year including dividends. that performance is right in line with the market's historical rate of return over the past century, so in this sense after a decade an investor wasot penalized for buying stocks on the precipice of a global panic, but this move was afterwards. a long while the s&p gave way after lehman fell ultimately losing another 40% over the next six months into march of 2000 fine. even once the market had bottomed the w recovery fitful and anxious. evenhe three years laterroad stock market had not fully returned to pre-lehman levels and the european debt scare planned to cause a dt collapse. it took an extraordinairy effor by governments to support the market since 2008. ong the lessof this

experience, over the span of a decade or more the market adually bales out timing by investors but that doesn't mean it's easy or comfortable along the way. fo "nightly business report," i'm mike santoli. now if yo compare 2008 to 2018, a lot has changed for esvestors when it c to trading stocks. bob pisani looks at just how different things really are. >> ten years after the lehman bankruptcy and the heightf the financial crisis, the stock market is a very different creature than it was i 2008. there are a few ways this place has profoundly changed. first, the ipo market shrank the drop in the markets and the regulatory rules created und the tdodd-frank made tougher for companies to go public. low rates made it easier for private equity to raise capital and keep companies private. second, there are far fewer publicly traded companies than there were ten years ago. fewer ipos, more mna and more companies going out of business

have led to a big drop ierthe nu of public companies. the number of publicly listed stocks fell dramatically from roughly 7,000 in 1998 to 5,000 in 2004 and it droppedgain after the financial crisis. the wilshire 5,000 has only about 3400 stocks in it. that's less than half the number there were in 1998. third important point, sort of the death of volatility. eentral banks helped create the greatest trade of post crisis era. go long equities and short volatility. bet things would be calm keeping or longxcessively low periods of time helped create abnormally low volatility punctuated by short bursts of panic. fourth and most important was the crisi sped up the transition for ndexing and the rise of f, exchange traded funds. the etfs started before 2008 but it fit the investing post crisis psychology very well.

many investors came to believe that by not takingndividual stock risks and using etfs, they might be able to reduce their risks. at's debatable. we know the etf trend started pre-2008 but it accelerated after the crisis. for "nightly business report" i'm bob pisani at the new york stock exchange. the ongoing concern is the potential for another crisis. former fed chair ben bernankeot and t geithner and henry paulsen have written an op ed. all said that in some respects reforms have helped the market become more prepared for the next crisis, but the three also say that congress took away some critical tools used by regulators in times of crisis and they are urging lawmakers to bring them back. this morning former federal reserve officer daniel cerulo says he thinks the financial system is muchafer today than it was. >> largest financial institutions, they're obviously

substantially safer than they were 10, 12 years ago. capital levels are up. their funding is much more stable than it was. their risk management is immeasurably better than it was. those gains, though, of course are not locked in for eternity. it requires vigilance on the part of the regulators and supervisors. he oversaw regulation of the financial reserve until last year. soow have things changed? have they gotten better for investors since the financialea crisis ten yrs ago? what can you do now to protect yourself against a future crisis. chris zacarelli is with aliance. >> thanks for having me here. >> what do you think arehe biggest changes that have s de the markfer for investors? >> well, for me, if you look at what the financial system has

done since that time, is gotten a lot safer. the banks have a lot bigger capital buffers which t meansy have more cash on hand to withstand the next crisis. the federal reserve and other federal banks have gotten more interest in what's happeni in financial markets. in facts, they run stress tests annuo make sure they can simulate what happened ten years ago, if it happened again banks could make it through that crisis. those three things really helped to improve the stability of the financial system and should mak the system safer for investors. >> you know, every crisis different. they never repeat. they're never exactly the same. it would be easy t protect yourself against them if they were, but they're not. bloomberg, for instance, this morning posed the question whether or not is the next bubble to burst in the next crisis. so as an individual investor, are there t some basicngs you can put in place to safeguard your portfolio against a looming crisis that you may not be able to recognize immediately?

>> yes, absolutely. i mean, one of the best ways to protectourself as an investor is to be diversified. make sure you don't have all of your money in the stock market, you want to have a nice mix of stocks and bonds. you want to make sure the stocks you are invested in are balanced across large cap equities, midcap equities, small cap equities. you want to look at foreign stocks as well. that will hold up better under a number of different scenarios and it will make sure you'r protected. you can really help you. >> do you think the onset of the popularity ofetfs to bob thati's point earlier, has made the market safer? are investors safer using etfs and individual stocks or are they basically a proxy for individual stocks? >> i thi etfs are an interesting development and clearly i think what you've done is you've transferred one type of risk for another.

so forl any individ investor, the fact that they don't have a maller number of stocks and they're more diversified in terms of their etfs probably will help each individual but in theou aggregate still have just as much money in the stock market if not more to the you have the small sense of security that etfs will protect you and tarket goes down 30 to 40%. it doesn't matter whether you have indivual equities or etfs, you will experience losses and that can t drive people sell and create the same kind of financial panics we've the past. >> hopefully we won't be talking about a crisis any time soon. chris, thank you for your advice. withependent advisor alliance. the leading man at cbs is out. les moonves resigned from the ermpany. this aore allegations of sexual misconduct the stocks fell in trading today as investors wonder about the future of the tiffany network. jane wells is in los angeles

tonight. i'm very hands on. it's the end of the era. les moonves was at the top of his game. the highest paid ceo in media leading the number one network in america and here explaining his managemenstyle. >> i've been an employee. i know what it feels like to be an ployee. >> but it was the stories of former employees going back decades which brought moonves down. he was already negotiating an exitor package potentially $140 million after a "new yorker" story six weeks ago told tales of sexual harassment, assault, retaliation. after a second story on sunday, negotiations turned into an immediate departure. moonves leaves without any severance pending the outcomes of two outside investigations into his conduct though "forbes" lists his current net worth as 7 million.

the clear winner is sherry re tone which owns most of cbs and viacom. she had been battling with moonves over whether to merge the companies. she wanted to and he didn't. cbs and national amusements ended up suing each other. th lawsuits go away and redstone will hold off any plans to merge for at least two years unless the new board at cbs decides the sale or merger would benefit the company and, oh, yeah, also new, half the board has been replaced with outsiders, with media veterans like dick parsons and nearly half the members are now >> this is really hard. this is. it's really hard for everybody at necbs . >> on cbs news anchor norah o'donnell found h self in th same position she was in ten months ago when co-host charlie rose was fired. >> women canno achieve equality until there is a reckoning and a taking of responsibility. >> moonv denies h forced himself on anyone and that the llegations are, quote, inconsistent with who i am.

a search for a new ceo is o as coo joe ianello steps into the job at lst for now. 11 months after the me too hashtag was key eigcreated,he f ce of a fortune 500 company has fallen. jane wells, los angeles. the man who ushered in a new era for the chinese internet indust is steppingback. jack ma who turned alibaba into one of the world's bigiest comp will resign as chairman in a year. that sent ter stock low in trading today.oo eunicen has more tonight from beijing. >> aeporter: jack ma chose special day to unveil his succession plan. it54 his th birthday and it's teacher's day in china, so ople on social media have been congratulating teacher ma and sayi he chose thi day because he wants to return to life as a teacher. alibaba will have a new chairman

one year from today. ma will stay on during the transition and he'll finish his term as an alibaba board member until the agm in2020. he will hand the reins to ceo daniel zhang and he joined them in 2007. he has several different hats. he is the fceo taubau and he was coo. a heo been credited with making alibaba's single day shopping festival the big bonanza it is today. in his letter to shareholders, customers and others, ma praised zhang and said he holds dear alibaba's mission. the big question is what is alibaba without jack ma. ma is the visionary ofal aba. he's a big think guy. he's the elder states man of the company but also the entire chinese tech scene.e analysts h been describing zhang as a solid manager,

cautious and doesn't want the limelight. he has big shoes to fill. ma addressed that question in hisetter saying the o thing i can promise everyone is this, alibaba was never about jack ma but jack ma will forever belong to alibaba. for "nightly business report," i'm eunice yoon in beijing. it is time to tak a look at some of today's upgrades and downgrades. dow component united health was downgraded toro neutral buy at citi. the analyst cites concerns about the commercial risk market and sees limited up side to estimates. the price target is $288. stock fell 3% to $259.73. darden was downgraded to neutral from outperform at bayer. it says it may be overen ed in the short term. the price target is $120. the stock fell a fraction to $118.68. foo w locker upgraded

from outperform to market perform. there are fewer headwinds in europe. the price target is $58. the stock rose to $49.09. still ahead, looking forb t a startup? there are a few things that you need to know. ouse republica released their plans for a second round of tax cuts. the legislation propose by the house ways and means committee would make the lower individl rates permanent, eliminate the maximum age forome contributions to retirement

accounts and allow for new business writeoff. airlines are waiving change fees as hurricanes florence threatens to hit. it is strengthening. it looks increasingly likely it should make landfall along the mid-atentic coast. governor of south carolina has ordered more than 1 million residents to evacuate. the governor of maryland hascl ed a state of emergency. southwest has waived fees and other carriers are expected to follow. insurance stocks were lower, especially those with exposure to north and south carolina. volvo is dropping its ipo plans at least for now. th automaker's parent company, guile, is blaming global trade tensions in a downturn on stocks. volvo and the chinese parent have been discussing an offering to value the amount to 16 and $30 billion. ford shares are languishing near a nine-year low.

that is partly due to the ingrowing uncer surrounding the tomaker's future. phil lebeau has more on the questions swirling around ford. >> reporter: f more than a century, ford has reinvested itself. now ceo jke htt is trying to do it again but his gamemystery >> the real question is is there more going on behind the scenes and under the surface than is apparent in the quarterly earnings. >> reporter: ford is still profitable thanks largely to the f series pickup truck, the best selling vehicle in the u.s. on pace to have a record year, but ford is also struggling to grow profits in europe. sales in china are down and it't ing heavily to develop self-drivingvehicles. for more than a year hackett has talked about restructuring ford and the company plans to spend $11 billion to become leaner and more financially fit. many expect ford to cut thousands of jobs, but exactly how many and where remains anyone's guess.

>> market has weakened and y ne an outsider to come in and shake things up. the questions we have over aye ar now with mr. hackett, is he the right one to do. it >> he sold lines like jaguar and shutting down the mercury line and focusing on growing the forr d. that brand still has plenty of cache, especially when it comes to bg trucks. but in other parts of the eveloping ike electric cars or self-driving alhicles, ford is viewed by many onstreet to be struggling. changing that perception will depend on jim hackett's progm. phil lebeau, "nightly business report," chicago. weight watchers i bulking up. that's where we begin tonight's market focus. the company is being added to the s&p midcap nd400 starting next tuesday. it will replace klx which is being acquired by boeing. its inclusion sent it u4% to

$69.57. shares of accorda tanked after it lost a patent appeal. it invalidated four patents for the multiple sclerosis they lost a quarter of their value closing at $20.80. snap's chief strategy officer is stepping down. following a controversial apphi redesign led to a drop in users. snap is the parent company of snap ch snap fell 2% to $9.74. shares also hit a 52-week low during the y. and sonos came out with the first earnings report as abl company, and it was not music to investor's ears. the maker of smart speakers for the home lost 45 cents a thshar. 's about double what wall street was expecting. revenue was in line withte esti but down 6% from a year ago. sonos went public lt month a

$16 a share. today they actually finished the regular day up 13% to $21.24. that was initially wiped out almost immediately f earnings report that came out after the bell. as we've been reporting,he u.s. job market showed solid growth last month and startups ve played an important role in that growth. while they account for only 2% of totalu.s. employment according to research by the st. louis fed, startups make up a siificant portion of net job creation. so, how can you land a job at a startup? our senior principle finance correspondent sharon eppersoin us with some tips. it's great to see you. >> good to be here. >> all right. so there are a wide variety of startups. you've done all of this research for arus. there certain startups that you should look at rather than others? >> well,he firhing is how you define a startup really depends who's making that definition. sometimes a startup could be around less than a year, maybe up toive years or longer.

i decided to look at linked-in. they p out a report on the best startups to work for. seven years or younger, 50 or more employees, privately held in the u.s. and oneshat hav significant employment engagement. a lot of linked-in users a looking at. the number five company was the company called byrd. electric scooter company. next one is noodle, ai company. also on there you have to have somef e bitcoin craze. that's up21 million and expecting to double its head count. b seekers are interested in that. halo top creamery. the ice cream company which is the number one selling company in grocery stores. no surprise probably to many people that the number one startup to work f according to this year's linked-in port, lyft. with scooters, bicycles, cars

with ride sharing but also in terms of employees offering mental health benefits to many of their employees and having over 3,000. there you go. >> so a lot of folks that i've been talking to, venture capitalists say this is what you want to look for. companies with 100 or more employees means they're off to a good start already. you won't be doing everything for everyone. you might have a littl bit more mentoring and guidance. that's something to keep in mind. >> what qualities, i know it depends on the company, but in general what qualities are they etoking for? how do you that on your resume to get that first interview? >> you want to be self-motivated, you want to be driven, you want to be a multi-tasker, also a team player. you have to work with a lot of different people understand that not all startups are successful and have some tolerance for that. >> sharon epperson. >> my pleasure. coming up, the art of the deal is takg on a whole new meaning in the art world.

as we have eenreporting, the white house has been threatening additnal tariffs on art into theu.s. it could get rattled between th' wo two largest economies. robert frank has the details. >> reporter: the last page of th china summary has new details. paintings, as well as sculptures and any antique10xceeding years. in other words, chinese art and antiques would be subject to a tariff if the next list takes

effect. doesn't matter how old the pieces are or what country you buy them from. so if you are a new york collector and you buy a chinese vase from a london dealer, that ovase would be subject a 25% tariffecause hundreds of years ago it was made inchina. now the u.s. imported about $300 million worth of chinese artwork last year. much of that from europe. galleries, dealers, art houses say the tariff would hurt the u.s. and help china which once dominated the business and will keep all the treasures in their own country. tariffs would shift both back to china and a cause manyrican galleries and dealers to shut down. >> it would have a very severe impact. i'd have to question how i could go forward under those circumstances. we cannot make these things. no one is manufacturing it. it's going to severely harm my ients and me as to try and continue to do what we do. >> soth theeby's and christie'st

a letter saying the vast amount of artwork comes from other countries and putting tariffs on art from chinaould not result in increased demands for american made art. antiquities make up the bulk of the market but demand for work by living chinese artists has soared in recent years. galleries say tariffs would hurt their work. >> absurd. of course, i theuy that gets affected so i know i'm a totally biased person, but it takes ver little analysis to see, you know, how absurd and self-destructive a blunt instrume likeariffs are. >> this is an appreciating asset sot would be like putting a tariff on stocks. >> reporter: this week kicks off asia week in new york with millions of dollars of chinese rk, old and new, being bought and sold. for now the tariffs have actually helped sales with collectors rushing to buynd artists rushing to sell before the tariffs take effect.

that show at the pace gallery, well, it sold out in just 25 minutes. for "nightly business report," i'm robert frank. and before we go, re's a look at the final numbers from wall street. the dow fell 59 points to 25,857. the nasdaq was up 21nd the s&p 500 added 5. and that will do it for "nightly business report" tonight. i'm sue thanks for joining me. have a great evening. we'll see you tomorrow.

>> this is "bbc world ns america." >> funding of this presentation is made possible by the freeman foundation, kovler foundation, pursuing solutions for america's neglected needs, and purepoint financial. >> how do we shape our tomorrow? it starts with a vision. we see its ideal form in our mind, and then we begino chisel. we strip away everything that

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