allison kosik, thank you as well. we'll talk this through the next few hours. >>> meanwhile, let's get you caught up on the story out of virginia tech here. following this here, on the virginia tech campus they have officially lift that had alert a couple minutes ago. we're also expecting a news conference from there, from the campus in blacksburg, virginia, right around 3:15 eastern time so just about five minutes from now. police had urged everyone to stay indoors for the majority of the day after a group of kids at a camp on campus reported seeing a man with what might have been a gun. take a look at this picture. this is a composite sketch that the university has recently released based upon the kids' description, report of a man possibly, possibly carrying a gun immediately put the campus on edge. we all remember, i was there covering it back in april of 2007, a gunman killed 32 people on the virginia tech campus before turning the gun on himself. the tragedy prompted an overhaul of the virginia tech campus alert

we begin with allison kosik at the new york stock exchange with a check on the market. allison, it looks like another tough day is shaping up, even though the dip is a lot lower than we have seen, but the day is young? >> stocks are off their lows but they're still in the red. we're watching the dow and if it closes in the red, it's going to be the ninth straight day in a row that the blue chips have lost ground. it's been more than three decades since we have seen this kind of losing streak. investors and everyday americans are worried that this economic recovery is stalling out. this is after we have got an series of reports on how weak the economy is. now we're hearing the r-word being tossed around. traders and economists are saying, you know what? the odds are increasing for another recession. plus moody's has stamped the credit rating with a better outlook. adp reporting that private employers added 114,000 jobs in july, but remember this, adp was way off the mark in june, so investors, they're not putting too much stock in this reading, they really are waiting for

our allison kosik, you can see right there, 258 points down at the dow.here at the exchange on what this all means. >> the selling has definitely picked up steam in the past half hour, the dow now down 259 points, and if you look at the past two weeks, the dow has lost 1,000 points. we're watching the vix, it measures the fear in the marketplace, that is spiking 12.5% right now and we're getting very close to an actual market correction, if we see yet another 1% drop we could be in that correction territory. >> and how would that determination be made? >> we have to hit a certain level on the dow, 12,500 and something points, it's a natural 10% drop. we're getting very close to that, we're more than 8% down. >> any better explanation as to why the big drop again today? i realize there's kind of global fears, it's not just the united states, but it is globally a number of countries that are not doing so well right now. is anyone pontificating any further right now? >> it's a number of things, concerns that the possibility that the european debt crisis coul

allison kosik following the pretty bad news out of wall street right now. dow industrials down 213.you know what this is about? it's just new concerns about the economy that continually keep piling up, chipping away at investor confidence. even if you look at the dow right now, it's 11,682, it's down 215, it's down 1,000 points since june 23. there's a big fear that problems could spread the fear into the bank and investors here at home. we have some lackluster jobless figures, jobless claims falling by only 1,000 last week. it is better than expected, but we're still treading water here, just the general sense of pessimism that's been so prevalent lately, it's making for another day of steep losses on the dow. we haven't seen any economic reports that can shake this pessimism at this point. we'll see what happens tomorrow when we get the government's monthly jobs report. everybody here not really counting on it to put any optimism into the mix, kyra. >> allison, the market has lost ground almost every single day for the last two weeks, so is the fed going to do anything to address

allison kosik joining us from wall street.ed rowlands at the mercantile exchange and leona is covering the markets overseas while brianna keilar is at the white house. let's begin with allison kosik at the new york stock exchange. the markets opened just over 30 minutes ago. we're still in negative territory. >> we are. we watched the dow tumble at the opening bell more than 200 points. it's been bouncing around, you can see it down 183 points. we're off the low. there's movement in other places. i'm watching oil. oil's watching 3% on worries that the economy can slow even more. i'm also watching the vix, the fear index, the soaring 13% and what that measures is nervousness and uncertainty in the markets. listen, some analysts say the market's going to be okay in the long term because the u.s. has a fiscal problem, but listen, we didn't default and what you're seeing here is emotional trading. >> ali velshi, what do you think the biggest concern is going forward, looking beyond today? >> i truly think what happened thursday in

alison kos allison kison kosik is at the n stock machines. how are thing s shaping up righ now?> we're about eight minutes away from opening bell. it looks like we're going to have a higher open because investors are going to be buying up beaten down stock, and beaten down they were. you look at the s&p 500, it lost all its gains for the years, that's something that most of us watch pretty closely because it's the benchmark for our mutual funds and 401(k) investments. then you look at the dow. it fell 6.7% in the past eight sessions. as far as wall street goes, it's going to want to look for more clues on where the economy is headed. et's going to be looking for a report on the service sector. that's where some of 280% of americans get their paycheck. wall street is going to be looking for growth in that report. wall street has its eye on jobs. we've got an adp showing that 114,000 jobs in the private sector were added last month. it's better than expected, but, remember, adp got it way wrong in june so i'm not sure whether wall street is putting much stock in it at this point.

allison kosik, we've been watching the numbers second by second here.started to rise at opening bell. >> they did. >> where are they now? >> they backed off a little bit since the start of the opening bell. it's only been six minutes. we saw the dow go as high as 10. it's up to 87. it's a good start after the week we had last week. this follows in the footsteps of what we've seen in the overseas markets overnight. in the asian, european indices are up across the board. even the vics, that measures fear here on wall street. that's calming down now, down 9%. we took the negative off the table and wall street is focusing on the positive. kyra? >> that's what we want to do, focus on the positive. >>> after a weekend of air, ground and water searches, no sign of a missing 11-year-old new hampshire girl. celina cass hasn't been seen since last tuesday night. she says celina is not the type to run away. he does fear that she has been kidnapped. >>> a teenager is dead and three other people wounded after a shooting near george clinton concert in cleveland. poli

and from the new york stock exchange, allison kosik. looks like investors are still pretty nervous.ight now? >> reporter: they really are. we saw that nice pop, the bulls took charge right after word of this debt deal pending on capitol hill. then we saw the gains fizzle out on a much weaker-than-expected manufacturing reading. manufacturing practically didn't even grow last month. investors are relieved about this debt deal. but there are these other very strong signs showing weakness in the overall economy. that's really what's weighing on the markets today. >> what are you expecting? a possible rebound here? do you think investors need to brace for a long-term hit? >> reporter: you know what? they would probably take a full-on default. it doesn't look like that's going to happen. but there are other seshgctors the economy that need to improve. the jobs market, the housing sector, those areas are stagnant in the economy. if you really want to see a rally that sticks first, those areas are going to have to improve. we're going to get an indication of jobs, that comes this friday wh

. >> alison kosik is at the new york stock exchange, poppy harlow at cnn money.com and jim in london. allisonith you, are investors happy with the labor report or not or is that ancient history by now? >> i think it's kind of ancient history. what you're seeing is a stock market really reacting to each and every headline that comes out. we saw the dow rally 172 points when we got the good news on the jobs from the and then saw it tank when we got the unsubstantiate worries standard & poor's, big credit agencies may downgrade u.s. credit rating after closing bell. we cop conn actedsome and p, they have no comment. we saw another rally, up 103 points we heard the ecb, the equivalent of the fed, could step in and buy debt of italy and spain. now we are in rally mode and having whiplash. i brought in teddy weisberg, the president of seaport securities. what kind of day is this? we are really being swung back and forth? >> it is an absolutely crazy day, obviously. but it is an interesting day. and i find it -- you know, we have seen days -- i have been here almost 43 years, so i have seen days lik