steve grasso's levels have held up. he'll talk about them in a bit. 1970 has been a bit of a pivot point. yeah, we traded through it. but you saw what happened when we traded back through it on the down side. today's job numbers very interesting. if you just look at the unemployment rate, that's what the fed looks at, right? 5.1%. everything seems to be in terms of what they're looking for, right at their goalposts, right at their goal line. yet you're in an environment where interest rates continue to go down. again, very concerning to me. i think it means deflationary pressures. i think there will be more pressure on the stock market. 1820 in the s&p to me is right in the crosshairs. >> i actually think the interesting thing over the last two days and particularly today is europe. i mean, look at what happened. the ecb came out, they said we're going to do more quantitative easing or open the door for that. and that worked for about a day. and the dax just fell off a cliff. the u.s. fell behind it. and to me that's a

traders are tim seymour, steve grasso, brian kelly and goid. tonight the best smartphone on the market for apple, the stock still closed lower. we'll tell you what that has investors so nervous. and xi jinping and president obama having a meeting in washington today. we have the four stocks that are telling the real story of what is going on in the chinese economy. but first to the story that could have serious implications for stocks. the biotech bear market. falling into bear market territory and at one point the shares have the worst day in four years on record volume and falling below the flash crash close. so guy, is this a broader problem for the market. >> it is a big problem for the biotech market. ibb trades down 5% and tim talked about 285 being a left on last night's low and then i think you have something that favored kyle bass in the after market. hillary clinton's remarks this week. all point to these things continuing to go lower. people are selling the etf which drives the stocks down. you can't buy these until they start to rep

gina adams, steve grasso and mr. rick santelli. >> twitter shares are gaining ground today as its board meets to discuss the ceo search. julia boorstin has the latest developments. >> twitter's board meeting today, the stakes couldn't be higher. shares are down over 40% over the past 12 months. the board is under pressure to name a new leader that will reassure investors to add new users without alienating its core but stagnating user base. after so much management upheaval, the board is evaluating external and internal candidates to make sure they make the right choice. jack dorsey is the top contender. the board is grappling with his running another company square. adam bain had great success. outside twitter, sources tell me the company's recruiting firm spencer stewart has been reaching out to a wide range of executives. the board does remain cautious, doesn't want to make the wrong call. there is no doubt they are under pressure because the clock is ticking. >> are we expecting to hear within this next couple of

bring in steve grasso of stewart frankel. what is the number one thing you're watching?he sell-off doesn't feel as panicky as some of the ones we saw last week. >> probably one of the biggest problems from the sell-offs, we all get a little bit numb when you see the market off by a couple of hundred points or 20, 30, 40 handles in the s&p. we're all get a little hypnotize by the sell-offs, i believe we're technically challenged and i think we have to test the lower levels than we did last week this is around a bounce level if you're a day trader, you probably look to buy some names right now. >> thank you for the tip, steve grasso at the s&p declines 2%. from airlines to autos, big headlines in the transportation sector, dom chu with a look at the transport today. >> big focus. american airlines, delta upgraded to a buy. the firm cited attractive valuations and positive impact of lower energy prices on the profit line. if you stick with the transports, august sales for aums, showing that that car and truck makers are soaring. ford and chrysler seeing boosts in sales. for

down at the new york stock exchange, steve grasso, director with stewart frankel. onomics reporter steve liesman is at the center of the action down in the nation's capital. an all-star line-up with us today for a game plan that looks like this.

as steve grasso pointed out, we've been rangebound.e still in a trading range here. >> it's true. this has been the story for all of 2015 for the markets. as we await that fed rate hike. >> thanks, mary. we go out a strong start to this week after labor day. good to be back. let's get to the second hour of the "closing bell" and think about what apple will introduce tomorrow. stay tuned to the second hour of "closing bell" with kelly evans. see you tomorrow. >>> thank you to "closing bell." it is a strong one. dow up about 388 points here. responding to some strong overseas gains. it's 2.5% on the dot, that gain for the s&p 500 adding 48 points. the nasdaq up 2.7% and change. up 128 points. back above 4800 now. welcome to all of you. mike, people want to know is this rally based on suddenly fundamentals look okay again or because china intervened and quelled concerns for the time being? >> fundamentals being okay helps. i think it's much more about relief we got through five days when the u.s. and china were not open on the same day. i

down at the new york stock exchange, steve grasso, director with stewart frankel. cnbc senior economics reporter steve liesman is at the center of the action down in the nation's capital. an all-star line-up with us today for a game plan that looks like this. all things fed and the markets. contrarian call. the research note that has wall street talking today. the author is with us live for the hour on how to play the fed no matter what happens. we begin with the countdown to that fed decision on interest rates. less than two hours to go now until the moment of truth for the markets. stocks as you see mostly in a wait and see mode to this point. all that likely to change in just a short while. steve liesman is in d.c. where he will get a question to -- join us with more on what we should all expect. steve, what are you expecting today? >> i think it's also historic when we go into the meeting where they could potentially hike rates. not really knowing. it's a split decision, very close call. let's go back over the arguments that we have. the reasons to go. we're at

. >> time -- >> send your e-mails to steve grasso. >> overnight i know bk is watching china. watching the nikkei. >> hold the 200 day at 345 or say good night. >> b.k.? >> i'm watching tlt despite a stellar auction today, tlt couldn't get out of its way. >> guy? >> the ovx over 50 and commencement move to the downside in oil. that's what i'm watching. >> i'm melissa lee, thanks for >>> my mission is simple. to make you money. i'm going to level the playing field for all investors. there is always bull market somewhere and i promise to help you find it. "mad money" starts now:hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends, i'm trying to make a little money. my job is not only to entertain you but to educate and teach you. so call me. or tweet me @jim cramer. tonight i want to take a step back and talk about the big picture. my ultimate goal on this show is to teach you how to become

and "fast money" trader steve grasso joins us from off the floor.arp run-up right into the close. are you hearing anything about it? >> well, i think you guys touched on it. you know, a lot of the different things. the underbought names are probably being bought or cove d covered. because whenever you see the market spike higher, what do people do? start to short cover. china closed the next two days. without them, where's the lid on the market. >> the strongest sector today was tech. is that significant? >> i don't know, you see apple above 110. a lot of people using this as an excuse to buy a name. they might think could go higher. that's why you're seeing apple up 3%, it's the main driver of the nasdaq. you and i were talking about this before the show. and you said people might actually take the next couple of days with an expectation of stability out of china. actually to sell apple, sell some of the stronger names we haven't had an opportunity to sell. >> that's the way to look at this marketplace. do you sell these bounces? or do you buy into

two sectors in the green at the moment, you heard it from steve grasso, utilities are leading the way again. >> and energy is snm two. boy, they're strange bed follow lows. we have had a come back rally for oil today and that is what sparked this come back in equities as well and there's jeff scott's healthcare sector at the bottom of the heap. >> lagging along with financials. some interesting signals as we wait to hear from the fed chair in a couple of hours. >> facebook's $2 billion acquisition of oculus rift last year is now being put to use. just yesterday the company rolled out this 360 degree video technology. disney and lucas films jumps n the action they are use to go promote their new "star wars" movie the force awakens. you can find it, maybe of you can -- i can't which we will talk about, but it's on facebook today. >> moments ago it was also announced that netflix will be belong the new partners for streaming video to virtual reality. first on cnbc interview from the oculus connect conference we are joined by brendan iribay who is the ceo of oculus. welcome to the program

tim see more, steve grasso, karen finerman and guy adami. apple speeding up efforts to build a car and that has tesla motors slamming the brakes. what has them scared. >>> and some believe the s&p is going to rally 13% by the end of the year. which stocks lead us there. >>> but first price gouging. hillary clinton taking to twitter saying, quote, price gouging like this in the specialty drug market is outrageous. tomorrow i'll lay out a plan to take it on. and that sent shares of the biotech plunging by more than 4%. the sector seeing the worse day of 2015. should we be worried? it doesn't matter if something is done, it is the scare, right? >> so your question is should we be worried and the answer is absolutely. because this is a first of the series -- the rhetoric will continue from here. and this comes on the heels of carl basso and you have the double-whammy into space. and i said at 4:00 i'll say it now. people take the shoot first and ask questions later when it comes to biotech. they say take profits into space. i get it. ibb, i thin

we have jim lowell and steve grasso from stewart frankel and our own rick santelli. steve, i mean, pretty quiet day today, what's the catalyst here we're waiting for? lot of people are starting to sniff maybe a bottom in biotech, some have been setting up for a bottom in energy, is that the game we're playing right now? >> i don't know if you could talk about any bottoms anywhere. the overall macro market really needs to make a significant bottom before any of those players in the sectors are worth investing in. 186 is the recent low in the s&p cash, flirted with it today, on the day's lows. the market has to show stability, which china closed the end of the week into next week you maybe get a reprieve. month end pension fund rebalancing, goldman put out a number of $27 billion that has to be invested or put back into equities because of their underperformance recently, so maybe you get a little bit of a bid, but you know where i've been, negative on the market. i think we go much lower from here, but it's not a one-day event. >> how about you, jim? are you as nervous

marketsite overlooking times square i'm melissa pleep your traders on the decemberric tim seymour, steve grasso, brian kelly and dan nathan. tonight on "fast" netflix's rough week. the stock has dropped more than 10% since monday as the competition among the streaming heavyweights heats up. but is the real challenger now coming from hulu? we've got a special report. plus the man who called the collapse in gold is back again, and this time he's gotten an even bigger prediction for oil. we'll tell you where he sees the volatile crude trading heading next. but first to the rally we saw today stocks closing sharply higher recovering from the worst start to september in 13 years. the nasdaq officially out of correction territory. are stocks finding a floor or do we have another leg to go? what did we like and what did we not like about today's rally, grasso? >> well, i feel that with china closed you really can't make an assessment. over the next couple of days china's going to be offline so to speak. so if you've had the major catalysts in my opinion, which has been china that took the market down,

traders on the desk are steve grasso, david seaburg, brian kelly and guy adami.ing sector that could rally if the fed hikes rates. ceo tim cook in the spotlight next week for apple's big event. one analyst says he's about to do something he promised he'd never do. we'll explain this later this hour. but we start off with our top story tonight, that is the stock market getting slammed again. the dow and s&p closing back in correction territory. the dow losing about 270 points. all three indices down about 3% for the week. if we are to take solace, though, in today's action, guy adami, it would be that we finish well off of our session lows. >> what, about ten s&p handles or so.

also with us steve grasso from stewart frankel at post 9 here at the new york stock exchange. and rick santelli is in chicago as well. steve, i'm going to start with you. we've got the fed meeting, the announcement tomorrow. we've got expiration on friday. we've got the oil move here. is that what's all contributing to this rally in equities or is there something else going on do you think? >> i think you hit it on the head. i think a lot of this is preloaded, bill. a lot of people have to square up their books. we've harnl sell-off in just a handful of days and guys got short off of that and now you see guys covering ahead of that expiration, ahead of the fed. why would they expose themselves to extreme volatility on friday or the day of? because you get a lot of these whiplash markets going forward. i think guys are forced to cover and guys that want to resort this market, this is a level of resistance here right up to 2,000 in the s&p cash where you really want to lay back into them. if you believe that the market is going down, which a lot of people still do. >> meantime, t

tim see more, steve grasso, karen finerman and guy adami.orts to build a car and that has tesla motors slamming the brakes. what has them scared. >>> and some believe the s&p is going to rally 13% by the end of the year. which stocks lead us there. >>> but first price gouging. hillary clinton taking to twitter saying, quote, price gouging like this in the specialty drug market is outrageous. tomorrow i'll lay out a plan

traders are tim seymour, steve grasso, brian kelly and goid.e market for apple, the stock still closed lower. we'll tell you what that has investors so nervous. and xi jinping and president obama having a meeting in washington today. we have the four stocks that are telling the real story of what is going on in the chinese economy. but first to the story that could have serious implications for stocks. the biotech bear market. fallin