with more of this breaking news we head over to adam shapiro in the newsroom. reporter: it is a huge case. that is what everyone is on edge waiting for this. members of the jury, nine people are going to have to rule on these patent issues raised by apple and samsung. apple choosing sam's honor of stealing things and patent infringement in regards to the galaxy device and some of their tablet devices and mobile phones that they have introduced on the market. they say they are stealing from the ipad an apple iphone. samsung on the other hand, countersuing saying that apple took our patterns and infringed upon those with the technology that allows you to send information over the internet. during the trial, they are over the airwaves, rather, they actually presented devices that dated back to 2005. if you have an apple device, you're probably familiar with the pinching the you can do on the glass screen, sam something to do that back in 2005. this is a big case and we are waiting for the verdict. seven men and two women saying they have reached a verdict. it coul

sandra smith and adam shapiro and peter barnes from d.c.dra, key to watch. >> hewlett-packard out after the bell. right now the average estimate analysts, 98 cents a share on revenue of $31 billion. this stock has lost a quarter of its value this year. facing largest loss in history. although that is expected because it is absorbing massive charges, tied to one of the ill-fated acquisitions. that was back in 2008. electronic data systems that is all going to be in this release tomorrow. this is closely watched earnings report from hewlett-packard. david: adam, if you want want a clear read on economy you have to get a read on housing. we have one of those key indicators coming out tomorrow. >> that's right. zillow said we had hit bomb. suite we'll get the national association of realtors getting home sales for august. we expect to 3.3 increase to annual rate of 4.5 million. keep in mind last month we were dispointed by the figure. it missed expectations. but people seem to be finally bullish on housing. look at the s&p 500's homebuilder etf

we have breaking news with adam shapiro on bank of america. head, adam. >> bank of america's wealth management arm will host a conference call with john paulson and financial advisors are telling "the wall street journal" also it will be through merrill and u.s. trust advisors on the call. now bank of america says it has no plans to ends its relationship with john paulson or withdraw from its funds. you recall last week, david, citi pulled 410 out of paulson's advantage plus fund which ended down, what was it over 50%, 2011. and the advantage fund is down roughly 36% this year. so having some trouble with the funds but again bank of america has no plans it says to end the relationship with them or the withdraw money. david: adam shapiro thank you very much. tracy. tracy: apple taking a one billion dollar bite out of samsung as a jury rules against the core reason company in korean dispute. one says apple may have a secret motive in choosing the opponent. malware is on the rise and new more creative threats are hitting computer users. how can yo

adam shapiro is ready to break in which hewlett-packard earnings as soon as they come out. let us start with allen at the cme. i want to go first to the comments of the fed. of course this is a look in the rearview mirror. this is three weeks ago. says the mats of the fed report we have had more than positive news on the jobs report and also retail sales. so are those knows valuable or not? >> not so much. look at the price action and the fact is that we have had a bit of a breather after making, you know, post 2008 highs, the trend is still fallen. nine consecutive days above 1400. we held today in their back in the high-end of the range. we only had a ten-point range. the market needs some profit-taking before it can get additional gas to push higher, but i am still positive. rather presumptuous to pick a top in the market after making the 4-year highs yesterday. liz: let's bring in power because i'm dying to know his thoughts on this. he looks at a lot of stock. he is a portfolio manager and director of growth. when you see what was just said, we had a pretty decent hist

adam shapiro has more on this developing story. >> the test themselves were not a positive.ginal study did not meet their primary endpoint, but we were encouraged by the data that continues to show a slowing of cognitive decline and alzheimer's patient. no other drug makers are pursuing some type of pharmaceutical that would help people who have alzheimer's. eli lilly seems to have found something that willful the cognitive decline. we talk about coming alzheimer's patients, we want to know how many people we are talking about the united states and the potential if a drug that have some kind of positive benefit, 5.2 million people in the u.s. today. by 2050 between 11,000,016,000,000. eli lilly, it is a setback, but it is a setback with silver lining. it does slow cognitive decline. dagen: think you, adam. good to see you. adam shapiro we were together most of the morning. the very latest on drought stricken mississippi. the coast guard saying that ship traffic is moving. douglas holtz aiken is back. bernanke, should he go? doug joins us next. ♪ >> he killed one person at be

it's law that just makes sense. ♪ >> i'm adam shapiro with your fox business brief.gressional budget office warned that the country could go into recession if lawmakers allowed to go up office -- of of fiscal cliff. spending cuts and tax hikes set to start next year will do more harm to the economy than originally predicted. the cbo also says failure to avoid a fiscal cliff will cause gross domestic production to shrink half a percent and eliminate the 2,000 jobs. the multibillion-dollar patent trial between apple and samsung is now on the hands of a california jury. been in a heated battle in which apple accused samsung of violating numerous patents. negotiations on a new collective bargaining a renter in the national hockey league and the union representatives were called off for today. no reason was given for the sudden cancellation. doctors his will to resume thursday. the current agreement expires september 15th. we continue our "countdown to the closing bell" with a hockey fan liz claman. liz: yes, i am. when we need to talk about hitting a brand new high. nico

our adam shapiro has the details. dennis, it is another in a long list of banks settling over the mortgage-backed security issues that were issued during the financial crisis and before. this one, a $25 million settlement between citigroup incorporated as well as two parties in the case. this would be the ann arbor employees retirement system and the greater kansas city laborers pension fund. they said in the case they were misled about the quality of mortgage-backed securities they purchased just before the u.s. housing market took a tank in 2008. now, citigroup was part of a settlement unrelated to this, with deutsche bank. they paid a combined 165 million. that was a settlement with national credit union over the rules and underwriting mortgage-backed securities. bank of america has settled its merrill lynch unit. 315 million for lawsuits brought by 18 different kinds of pension funds over mortgage-backed securities. this is the latest. $25 million settlement. the face value of the fund involved, the mortgage-backe

let's get to adam shapiro. >> their stock is down roughly 21%. part of it is a miss on revenue.hey're going to restructuring cloud delivery. in connection with that restructuring they're also lowering their guidance going forward. ashley: they also had very high exposure to europe which wfk is also hurt them. thank you very much have, adam. time for a look at today's market drivers. all major indices closing in the red. the dow ended down the 4th day in a row, the longest losing streak in three weeks. new home sales rose 3.6% in july. this match ad two-year high hit back in may. the commerce department reporting sales of new homes reaching 372 over the past year. sales have jumped 25%. >>> fixed mortgage rates moved higher last week for the fourth week in a row. the average 30-year still low, rose to the 3.66% from 3.62% the prior week. >>> july new home sales we mentioned. 3.6% increase from june, 7,000 higher than analysts expected. could the market have finally bottomed out. liz: how many times have we asked that question? ashley: a lot. liz: is it true? joining us in a fox b

let's go to adam shapiro now with the details. >> a little less controversial than what you went throughut the mississippi refer is -- river is open according to jeff flock. the coast guard are opening channels to two northbound vessels in the area where he is right now. they will overnight allow southbound vessels to transit throughout the evening to try to reduce the numbers of vessels which are heading south. the river is once again open. sandra: very importa. thank you very much for bringing that to us, adam shapiro. >>> climb in existing homes sales gives fresh hope a housing recovery is at the door but a top real estate expert says it is too early to roll out the welcome mat. he is here to explain. that's next. >>> only in california can a two-word mistake cost half a billion dollars. how a simple error may hang $548 in new silicon taxes out to dry. do you ever have too much money? ♪ . ♪ . sandra: existing home sales out today and the numbers are up slightly from a month earlier. plus they are up more than 10% from a year ago? that is today's headline but housing data in general ha

adam shapiro has the details. >> one of those cases where test results didn't work out the way you want to. they failed to end offering optimism. you can see from the board that he lied lily was trading up for about the day. this is what the ceo had to say. the drugs that did not meet primary end points but encouraged by the data that appeared to show a slowing of cognitive decline. for the first time there is a drug which in the study shows patients with mild forms of alzheimer's are slowing of the cognitive decline. not a cure. doesn't stop it and this was positive data with people with a mild form of it. people with alzheimer's today, $6.7 million in a few years, and eleven million with alzheimer's by 2015. those are things driving all this. [talking over each other] liz: looking to diversify? are you nervous about one thing? brand new funds investing in things like fine art and fancy cars? we are showing it to you coming up. dave: tropical storm isaac heading to the u.s. threatening next week's republican national convention. will it veer far enough to the west to stay away? if that

adam shapiro, let me go to you first, with the kind of nuts and bolts of what this ruling means. am: well what it means is that you and i in the short-term are going to pay potentially more for an a smart phone if it is not an apple product because a lot of these companies which make phones that operate the android system or operate on systems similar to samsung that will wind up paying licensing fees that if samsung paid the licensing fees when appleet with them a few years back would have been about 500 million as opposed to the 1 billion that they now have to follow through with the jury's recommendation as to how much they are going to be paid. ashley: all right. let's go out to a securities analyst in san francisco. alex, what does this do for apple's bottom line? >> well, it's a clear positive for apple right now. it's a little bit premature to say how much of a boost they will get out of this. there's obviously going to be an appeal from samsung we still need to wait on the mag any tut of -- magnitude of the injunction. work arounds are in place for sam son -- samsung and o

"money" with adam shapiro is next. >> i'm adam shapiro in for melissa francis. here's what's "money" tonight. gas prices in the eye of the storm as a result of isaac. prices at the pump, surge as much as 14 cents overnight and now are on the verge of smashing a labor day record. how much more severe will the shockwaves get for the oil and gas industry? we get reaction from energy titan t. boone pickens. plus hours to go until paul ryan highly anticipated gop convention speech. the vice-presidential nominee will make his case for controversial budget reform to an audience of tens of millions. what should he say to win the hearts and minds of undecided voters? i'll ask wisconsin senator ron johnson. >>> chipolte caught red-handed. fast-food favorite found to be rounding up checks at locations across the country. customers may feel cheated but there may have been a legitimate business reason to do it. either way we've got the details on how it is impacting chipolte's bottom line. even when they say it's not it is always about "money" adam: been a busy day and it's

adam shapiro, and thank you so much. in touch. >> social media, are you one of those that just has to tell your friends what you're eating for breakfast? documenting the smallest details in your life? it all must come to an end some day. after all, you can send messages from the grave until now. yes, there is an application for that. facebook now has an application called if i die, or you can send private messages and even e-mails to friends and loved ones sent after you have passed away. i know people who died suddenly would like to have the chance to say those things that they always meant to say to somebody that they love. but personally, i think it is creepy. the next day you get an e-mail from them the day after they pass away. there is a reason why we spent a finite time on earth. death is one of the mysteries of life. i thought it wouldgr

i'm shape adam shapiro. before we do the spare change segment.recap where we've been. roughly five hours mitt romney is expected to address 40 million people nationwide as she -- he accepts the nomination for the republican party to come their candidate for president. last night we herd from paul ryan. joining us two guests that will look familiar to you from fox business. first of all, tara dowdell, democratic party strategist? what is the title. >> you can refer to me as democratic strategist. adam: democratic strategist. david asman, everybody knows one of the anchors at fox business. the stauget was stage was set by paul ryan on the left, democratic side there was great criticism about the speech. >> i will say this to paul ryan's credit he gave a crowd pleasing speech. clearly had the audience on their feet at the very end of the speech. it was a rousing speech from a style perspective. he had humor. he hit all the marks but on a substance perspective it was filled with falsehoods, misinformation. fact checkers had a tough time going through

the fox business network's adam shapiro is live outside the main post office here in new york city. adam, what is this payment that the post office apparently is not going to be able to make? >> well, this is a a .5 billion-dollar prepayment for retiree health benefits for people who haven't yet retired. back in 2006, congress changed the law requiring the post office going forward to make these pre-payments. they are going to default tonight at midnight on the a.a billion as well as the a $.6 billion payment in september, shepard. >> shepard: if i default on my payment, i get my electricity cut off or whatever. what happens to the post office? >> well, in this case, nothing because these are moneys that won't be drawn upon for several years. the real threat to the post office is what you touched upon, the operating losses. they are expecting to run out of money. the money they use to pay salaries. the money they use to pay for gasoline to keep the fleet of postal vehicles running. they run out of money in october. there is no plan in place, at least from congress, to help continue f

adam shapiro with the details. adam?uld probably start calling the federal reserve chairman ben bernanke captain obvious. he says all the time, we stand ready to help as needed. hear is the thing that is driving markets from his speech. he talked about the threats from the eurozone but it was about unemployment in the united states. traders and investors listening to this part. when he said taking into account uncertainties and limits of policy tools, federal reserve will provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions. he went on to say, that unless the economy begins to grow more quickly than it has more recently, unemployment rate will likely remain far above levels consistent with maximum sustainable employment. investors, traders take that to mean we stand ready perhaps more soon than that not to start qe. no clear signal that would happen. the federal reserve chairman as always talking about the fact that europe could be

adam shapiro with very latest. adam? >> this has to do with the kind of lesson you get when a study doesn't succeed for the reasons you want it to succeed but you learn something in the process. this of course does have to do with eli lilly's alzheimer's drug. what they found for people with advanced stages and medium stages of alzheimer's there was no benefit to taking this medication but in a company press release they actually said that for people in a mild form of alzheimer's, it did slow, it slowed the cognitive decline of those people. now, that's important pause no drug to date has ever been able to at least be shown to slow the cognitive decline of the millions of people who suffer with always himesers. right now, 2012, 5.2 million. by 202011, 6.7 million. 2050, 11 million to 16 million. this is positive news in the sense that eli lilly stumbled upon something they think is worth pursuing. you see that reflected in the investors driving up the stock price. this is what the ceo said. this is from the press release

. >> i am adam shapiro. check out how some companies report after the bell. had of the reports shares down for the year from dell on revenue of 14.6 billion. boosters should watch for full year guidance. and michael dell, but said he is on the prowl for future takeover. for up-to-the-minute coverage check out after the bell starting at 4:00 p.m. eastern. we continue "countdown to the closing bell" with liz claman. liz: shares of xm radio with a multi-year high. nicole petallides at new york stock exchange. >> they didn't have to much hope but look at the long-term chart they move to the four year high because they confirm it use new debt. it is all about dollars and cents. look at thompson goes out for disappoints because it used to trade with 10 days. liz: that and crumbs. the cupcake company. or buffett and berkshire hathaway makes a move under the new bond credit default swaps market. >> there is so much debate but the sec filing says berkshire hathaway sold the insurance that pays out on the new bond coming out of illinois florida, california and texas. t

. >> i'm adam shapiro with your fox business brief. knight capital group accepted nasdaq's latest compensation plan, $62 million for the losses included on facebook's wall street debut. several companies including knight said they lost more than $500 million on the ipo because of the exchange's technical glitches. >>> carlyle group is buying dupont's car paint unit for $5 billion. the private equity firm is trying to boost growth in emerging markets specifically china and brazil. >>> british police arrested former top lawyer at former "news of the world" newspaper on suspicion of conspiring to accept communication. tom crone was brought in for questioning in the ongoing investigation into phone-hacking involving "news of the world". "news of the world" was owned by news corporation, a parent of the fox business network. that's the latest from fox business, giving you the power to prosper nicole: isaac is moving north after drenching the gulf coast and new orleans. rick reichmuth is in the fox business weather center. give us a look, ri

. >> i'm adam shapiro with your fox business brief.opean central bankhead mario draghi will miss the annual conference of central bankers later this week in jackson hole, wyoming. draghi's decision not to attend comes as the ecb prepares for a key meeting of its own on september sixth where it will continue would, on plans to lower borrowing costs for the struggling governments in the eurozone. >>> the obama administration is announcing new fuel mileage standards that aim to double gas mileage over the next 13 years. the president reached a deal with automakers for new fleets of cars and trucks to average 55 miles per gallon by 2025. it will raise car prices but the obama administration says it will be offset by savings at the pump the. >>> stocks drift between gains and losses following mixed reports on the u.s. economy. the dow is down three points. that's the latest from the fox business, giving you the power to prosper . . >> we're dealing with a big storm and there could be significant flooding and other damage across a large area

. ♪ >> i am adam shapiro with their fox business brief.nue to call their way on wall street with the blue chip on their longest streak in three weeks. jobless claims, the federal reserve will provide swift stimulus action. right now the dow is down 123 points. qantas airways has canceled it $8.5 billion order for boeing b- after reporting its annual loss. it's the largest cancellation for the 787 program. following lengthy delays to roll out the fuel efficient aircraft. fixed mortgage rates climb. according to freddie mac, the average rate on a 30 year mortgage is now 3.66%. that is the latest from the fox business network. giving you the power to prosper. ♪ ashley: let's take a look at stocks for you. the dow is off 120 points. also looking at oil. oil down a buck 22 at $96. we've seen oil come down and seeing red across the board. nasdaq off 3 --/4 of a percent. lori: peter barnes interview with governor mitt romney and would replace ben bernanke and thinks qe3 would not be effective. ashley: qe3, forget it. lori: good chance that is aff

adam shapiro is there live from pebble beach, california. adam?> reporter: i'm joined, jenna, by david gooding. he is owner of gooding & company, one of the premier auction houses in the country. they are auctioning a car with international attention. this mercedes behind me. this car is getting so much attention, david, why? >> well it is one of the most important mercedes ever offered at auction. it is a 1936 car. we expect it to break a world record this weekend. >> reporter: could make 10 to 16 million. another car getting a attention. american classic. this car movie lovers will like to see. clark gable's duisenberg. how did you get your hands on this? >> it is a car we've been chasing this for years. owned by a collector out of the northeast. beautifully restored. duisenberg was one of the most extravagant and important cars of the era. and carol lombard and clark gable drove this car from hollywood up to vancouver. they used to love the watch the horse races. and he, gable had this car custom designed to his specifications. all these wild e

. >> i'm adam shapiro with your fox business brief.rading is light for a third straight day ahead of federal reserve chairman ben bernanke's comments friday from the central bank's jackson hole, wyoming symposium. >>> state of illinois gets a rating downgrade from standard & poor's. it reflects the state's pension funding levels and lack of true reform. illinois was hit with a negative outlook because the potential for further pension erosion and risk of future budget performance. >>> wal-mart is offering relief at gas pump. the retailer offers a promotion 15 cents a gallon purchase for shoppers using the wal-mart card. the discount will be available through christmas eve at murphy usa and wal-mart supercenter gas stations. the dow is up 31 points. that's the latest from the fox business, giving you the power to prosper. nicole: we've been talking so much about slow-moving hurricane isaac and it continues to pummel new orleans of the with more on that and all the latest news from there, where is it going to go next? let's talk to our m

adam shapiro of the fox business network breaks down the numbers for us next. jon: "happening now", we're taking the look at the impact of vice-presidential candidates are having on the race for the white house. vice president joe biden and congressman paul ryan both receiving sort of a lukewarm reaction according to the most recent "washington post/abc news poll". it finds 4% of those asked have a favorable impression of vice president biden. 43% say unfavorable. same poll finds 41% of those asked have a favorable impression of congressman ryan. 37% answered unfavorable. talk about it with the editor-in-chief of think progress.org. he is vice president of communications for the center for american progress and worked for hillary clinton during the 2008 campaign. matthew continent at this is editor of the "washington free beacon" and a contributing editor for "the weekly standard." welcome to both of you. it is kind of a wash on both candidates. their numbers, judd, pretty equal in terms of favorable or unfavorable. is either one these men going to drive voters

thank you very much, adam shapiro. hollywood must be horrified.ster office. a documentary pulled off a shocker. if placed in the top ten. the documentary took an even more than the number one film of the weekend "expendables to." the expendables topping box office so mostly returning films in the lead. take a look at what came in at number eight. the obama bashing documentary 2016 obama's america ranked in $6.2 million as sony's new flick premium rush. the obama documentary taking in 5.7. we may not have that. they took away the soundbite. it says obama. coming up lori rothman and nicole petallides have more on isaac et al. got a good hit once it hits our shores. ♪ dennis: you can pay me now or you can pay me later. that was an old car part had. that is a lesson samsung got from apple. now i will turn it over to lori rothman and a special guest. lori: we a

rick: adam shapiro live from new york city. adam, thanks.: new reaction to the latest report on "fast and furious". the weapons from the botched gun tracking operation ended up in hands of drug cartels. some of them used in deadly crimes including the murder of one of our border agents. republican lawmakers in the first of three reports blaming the operation on five members of the bureau of alcohol, tobacco and firearms or atf as we refer to it. now as we're waiting for the final reports, and an additional two, the justice department is responding to the first one. that's why we have today with us republican senator charles grassley of iowa, ranking member of the senate judiciary committee and one of the report's authors. nice to have you with us today. >> thank you very much, jenna. jenna: the justice department has this to say about your report. they say it reeights many distortions and now debunked conspiracy theories. what is your reaction to that? >> my reaction is when they were asked why they were doing this investigation they didn't

i'm adam shapiro and this is your fox business earnings preview. pandora are down slightly. shares of pandora down more than 20% over the past 52 weeks. analysts are expecting a loss of $0.03 per share and revenue about $100 million for the quarter. here are a few key elements in list look for in the afternoons report. 92% jump last quarter so that'll be a telling number again this quarter. analysts want to see strong listener hours on mobile devices. mobile listening jumped to 70% of total listening hours in the last quarter. analysts say the all-important ad revenue number is crucial. last quarter jumped 62%. some analysts are worried about the cash levels so be sure to watch for that number and don't miss pandora's president and ceo following the earnings release here on "countdown to the closing bell" on the fox business network. we will continue our "countdown to the closing bell" with cheryl casone. cheryl: adam, thank you very much. leadership changes at the nation's second largest health insurance company boosting the stock today. let's go

adam shapiro, and thank you so much.h. >> social media, are you one of those that just has to tell your friends what you're eating for breakfast? documenting the smallest details in your life? it all must come to an end some day. after all, you can send messages from the grave until now. yes, there is an application for that. facebook now has an application called if i die, or you can send private messages and even e-mails to friends and loved ones sent after you have passed away. i know people who died suddenly would like to have the chance to say those things that they always meant to say to somebody that they love. but personally, i think it is creepy. the next day you get an e-mail from them the day after they pass away. there is a reason why we spent a finite time on earth. death is one of the mysteries of life. i thought it would be great to send and receive e-mails from

. ♪ >> i'm adam shapiro with your fox business brief. bear stearns and mostly continues late into the trading. after reports of economic confidence in the hit a 3-year low. of sessions, the dow is still down 72 points. capital group accepted the nasdaq as compensation plan, 602 million for the losses incurred on facebook wall street debut. several companies, including night said they lost more than $500 million on the ipo because of the exchange technical problems. in other cells in the united states are expected to climb 20% in august last year he led by a sharp increase from japanese automakers. according to evidence the online automotive emission provider estimates a a over 1 million new cars will be sold this month. that 12% increase from july, roughly 1 million. continue our "countdown to the closing bell" with a teenine. cheryl: do co-ceo have reportedly been conducting conversations about a range of intellectual property matters. let's go to laura for more. >> reporter: according to reuters they had been in talks, had a phone

. >> i am adam shapiro.is another tough day for the market as expectations for stimulus action from the federal reserve begin to fade. the dallas on track for its largest losing streak in three weeks and the dow is down 170s. general motors will in this $220 million in the 2 ohio factories to build the next generation chevy crew. the automakers as the investment will help secure 5,000 jobs. the new model is gm's second best selling car will get better gas mileage than the version currently on the market. chevron's richmond refinery and operate at reduced capacity everybody erupted there earlier this month. the enemy in some early shutdown. it ranks as california's second largest refinery when running at full capacity. we continue count down to the closing bell lauren simonetti at the stock exchange. >> rising for the third time in four months. we will show you 5 talks -- five stocks rallying today. one of them is reaching the highest level in five years. and you have fiberglass filling buckets and mohawk ind

adam shapiro, thank you for the reporting. thanks for being with us. yeah, i'll apologize to him later. good night from new york. neil: wrapping up this week, can you update me on what happened to us? welcome, everybody. i guess happy friday. i'm worried, very worried. i guess it hit me earlier this morning when i was watching a wrap up of the falling agency markets and the reporter said something that floored me. listen to this. >> well, it was the end of the week where the markets have been wishing and hoping that we were going to get some stimulus measures from somewhere. neil: she's right about that, but think about that. markets that used to bore government intervention are craving it and depressed because they are not getting it. that's weird and scary. it was scary because i was brought up that private enterprise is just that, private. it thrives when government is out of the way, not the other way around. not now. lately, it's not been happening for yearings, not since we bailed out banks base of their own greed and stupidity, set the wheels in

adam shapiro, thank you for the reporting. thanks for being with us. we will see you next week. lou: good evening, everybody. the rnc and 72 days until election day. the nominee has moved to the attack. clearly invigorated and focused. economic and energy policy and on the pages of "the wall street journal", writing an op-ed that reveals more of the economy. in that article, governor romney and his experience with bain capital. the subject of countless attacks. it is in fact an immense advantage for anyone who is sitting in the oval office. they also helped me as governor of massachusetts. during the budget deficit into a surplus in reducing unemployment at 4.7%. the lessons from that time would help fix our economy, create jobs and get things done. governor romney not only doing so, but cheerfully claiming it's superior to obamacare. the republican nominee telling local press that my health care plan that i put in place in my state, it has everyone insured. but we didn't go out and raise taxes on people. we did not have an elected board to tell people what kind of health care t

for more let's go to adam shapiro from the fox business network. any relief in sight here, adam?t in the near term, jon. we interviewed t. boone pickens, the oil tie -- tycoon, and he expects gas prices to fall back next week, but gasbuddy was saying two weeks if not longer. it's not just isaac, we have about a billion barrels of oil that were pulled out of refinery production, and they still haven't gotten those going, but there are problems with some refineries in the midwest, and that's one of the reasons prices have gone up and are going to stay up. jon: we've also heard, i guess, in recent days the white house has been talking about possibly tapping the u.s. strategic oil reserve, what's happening there? >> reporter: well, the white house says that still remains a possibility, but they haven't commented on whether they're actually going to do it. right now the oil production in the gulf is ramping back up. in fact, as you were coming to me, bp announced that they are going to start restaffing their platforms. but those platforms still are offline over the next 2-3 days. they

tonight we are joined by fox's very own adam shapiro and monica crowley. my girl.dicated people to the test. the new lebron james basketball sneaker. they can't raise the prices. five to 10%. personal, before we even talk about the rise in sales, monica, you could argue, you could potentially pay more for she was. >> and apparently there is a market for this. there is a is a celebrity endorsed come in especially high and sneakers particular sneaker has electronic functions and there is even a big market for this. but if you are a parent and a child come soon said i want 315-dollar nikes, i don't think that's happening. >> timeout, timeout. don't some shoes that women wear -- don't a lot of them cost in the 300 to 500-dollar range? gerri: tracy: here's the difference. the problem with these sneakers is that many are buying them and they are not wearing them. there will be grown men buying the shoes as well. >> but then they will be humanly it on the basketball court. >> there is a big secondary market for this as collectibles. the 315-dollar turnaround on ebay. >> l

. >> i'm adam shapiro in for melissa francis. here's what's "money" tonight. oil's dire straits. local economy depends on protecting the strait of hormuz, a herculean security task that rests on the shoulders of the u.s. navy's fifth fleet. what does it take to safeguard one of the world's most critical oil passages. melissa francis is live in bahrain with a special report and the answer to that question. >>> plus mideast tensions spike on new revelations iran is rapidly moving ahead with its nuclear program. have the odds of a u.s. navy attack soared with it. how will that impact oil prices? we'll get insight from former u.s. ambassadors to iraq, james jeffreys. >>> ben bernanke levels investors empty-handed announcing no new stimulus plan during his jackson hole speech but they expect they will do something big. will they act before the investment crisis enact as new inferno. we'll ask one of the biggestest players in local finance. he is live from jackson hole. even when they say it's not it is always about money adam: and a good afternoon to you. let's look at the day's marke

. >> i'm adam shapiro with your fox business brief.he markets drifted between gains and losses following mixed reports on the u.s. economy. the at closing bell the dow finished 21 points lower. >>> the finance ministers of the g7 are urging oil producing countries to boost out put to meet demand. the group says they are monitoring the situation in the oil markets and they will ask the international energy agency release inventories if needed. they say the current rise in price was due to geopolitical concerns and certain supply disruptions. >>> general motors is putting the brakes on the plant where its chevy volt is manufactured. the michigan facility will close for four weeks starting the middle of september. the automakers says the temporary production halt is being made in an effort to match supply with demand. that's the latest from the fox business network, giving you the power to prosper. . . tracy: the republican national convention in full force today. david: yeah. rules are already being made. the roll call to officially name

. >> i'm adam shapiro with your fox business brief. now the dow is up roughly 79 points. oil prices also in rally mode snap in two straight days of losses. crude up 2% on the day an in a $96.47 per barrel. on the new york mercantile exchange. although oil rose 9% of the month of august. today being the friday before labor day millions of people addicted to hit the roadways, but there is some bad news for drivers. gasoline prices hit record levels nation high for according to the daily fuel gauge national average for a gallon of regular gas is now $3.82. prices up $0.30 for the month marking the largest increase in the month of august 102005. we continue our "countdown to the closing bell" with lauren simonetti at the floor of the new york stock exchange. you're up first. lauren: thank you, adam. the top performer on the cme is silver, a big sleeper of the month rising 13%, rising on a weaker dollar anticipation for further quietude of easing. it was again a top performer today and for the month of oil topping out your best performers. your worst performers happen to be th

adam: i'm adam shapiro with your fox business brief.ation announced new fuel mileage standards aimed to double gas mileage. those changes will raise new car prices, but the obama administration says that will be offset by savings at the pump. but drivers may take a big hit to the wallet from hurricane isaac when they go to the pump. 93% of daily u.s. oil production in the gulf of mexico has been shut down ahead of the hurricane. according to triple a, the national average for a gallon of regular gasoline is $3.75. the devastating drought that plagues u.s. farmlands will likely cost more than 13 billion dollars in crop insurance lawsuits. the total loss could reach as much as 20 billion. we continue our countdown to the closing bell with cheryl casone. cheryl: and we have got team coverage monitoring hurricane isaac from all angles. fox news meteorologist janice dean is tracking isaac's path from the fox business weather center. jeff flock is on the ground for us once again, gulf port, mississippi, and we have lauren simonetti on the flo

. >> i am adam shapiro. the train derailment west a baltimore causing problems for verizon.rs are having trouble completing long distance calls. they say they don't know how many customers are affected. it will provide a further update at 5:00 p.m. eastern. more americans keeping up with their car payments according to transunion delinquent late -- payments at least 60 days late have dropped. the bears made their way to wall street. this is the latest from fox business, giving you the power to prosper. >> crude-oil futures gaining $96.68 a barrel that is of three months i hoping the eurozone will get back together. out good luck. jeff flock is in the midwest the most active shipping lane is at a standstill stranding over 100 barges. jeff flock is at bettendorf, iowa. this is not good news at. >> south of us they had it opened up but now not deep enough. how many years have you spend on the river? >> 40 years. >> you are stopped dead. >> no way around it. no bypass 42 were. if the river is closed we wait. >> how much it is shipped this is not even mighty. it gets wide down so