cnbc's amanda drury is here to help us with the trade as china, the world's growth engine, begins to show signs of sputtering. back in a moment. ♪e helping people save money on car insurance. gecko: aw thank you, sir. boss: but i think there are a few other things you can say about what a reliable company geico is. gecko: right. uh, well maybe how geico's the third-largest car insurance company in america? nice tidbit there. boss: exactly. and i've been thinking,

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cnbc asia's amanda drury joins us on set to help us with this trade. so, is it true, can the u.s.ecover without china in any way? >> well, i think it's going to be very hard for you boys to get a grip on this, but actually, all roads do not lead to wall street. increasingly, yes -- >> what is that? i can't believe what i'm hearing! >> she speaks in tongues. >> i'm speaking australian. anyway, let me explain it in english. increasingly, it seems as if all roads are leading to and from shanghai, because obviously, economic power is gradually also shifting over to the east, and the crisis has sped this up, right? people are now arguing, if you look over the last two years, the shanghai market has actually been quite a reliable global indicator, a leading indicator as to what's going to happen with worldwide stocks. >> stock market as opposed to the economy. >> absolutely. stock market. >> even though it's an immature market that doesn't have a lot of the efficiencies -- >> even though it's an immature market that doesn't quite function exactly the same way as say the market here. for

so, we've got cnbc asia's amanda drury back with us tonight. she's at headquarters now. >> i've been working with things and basically the bottom line is it's difficult to tell what shanghai is going to do. number one, we do not have the same kind of indications to the traders' futures to the extent we do here in the u.s. number two, you hit the nail on the head when you say the chinese market is not as mature as the one you've got here in the united states or in other countries. and this you know is sentiment driven, very volatile. and basically driven by retail investors who are very sentimental, who very quickly pull out. they're going to lose their money. because, remember, they have been burned before. a lot of people, students, moms, dads, grandpas, lost their life savings in the stock market. they've been burned. they won't risk it again. >> you bring up a great point. it's a socially entwined market, do you get the sense that people are going to think that the government is rigging this market? it's an accusation. i don't think they're doing that. what i would say

first up, cnbc's amanda drury joins us with the rundo

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. >>> i'm amanda drury with your cnbc market wrap. stocks posting gains on wall street today.dow up 70 points. the s&p 500 up ten and the nasdaq gaining 19 points. >>> the labor department says the number of first-time claims for unemployment benefits rose unexpectedly last week by 15,000 to 576,000. no now, with so many americans out of work, mortgage delinquencies hit record numbers in the second quarter. more than 13% of american homeowners were with a mortgage either behind on their payments or in a state of foreclosure. >>> elsewhere oil prices fell after briefly preareaching a seven-week high. they settled at just over $72 a barrel. j.d. power predicts auto sales will reach over 1 million this year. that's it for cnbc for now. we're first in business worldwide. back to you at msnbc. >>> the scene in tripoli, libya, has been as disturbing and infuriating as so many americans feared it would be today. you're looking at a picture of abdel al megrahi, the only man convicted of the an pam 103 flight bombing. he was released last night by a scottish justice official on humanit

announcer: call today to schedule a free investment check-up, >>> i'm amanda drury with your cnbc mark wrap. stocks rebounded today after a shaky start. the dow jones industrials finished 61 points. the s&p added almost 7 and the nasdaq gained nearly 13 points. a surprise drop in inventory sent oil prices soaring more than 5%. more than 4% higher at $72.23 a barrel. druck manufacturer merck was today's top gainer after a court upheld a patent on singulair. and shares in swiss bank ubs fell almost 3% after it agreed to hand over details on more than 4,000 secret accounts to u.s. authorities. tree trying to determine how much of the $18 billion in those accounts is the result of evading u.s. taxes. that's it from cnbc, first in business worldwide. now back to "hardball." >> january 20th, and i want to know, why are you people ignoring his struggle? >> lower your taxes. >> how dare you? >> no more lies. no more lies. >> what are you going to do to restore this country back to what our founders created according to the constitution? >> i'm not a lobbyist with all kind of money to stuff in

. >>> i'm amanda drury with your cnbc market wrap. the housing front and the fed's positive outlook on the economy helping put stocks higher today. the dow up 155. the s&p 500 up 18 and the nasdaq gaining by 31. >>> oil inching higher. the price of crude settling just off this year's high of $74.72 a barrel. >>> and good news in the housing sector. the national association of realtors say sales of existing homes soared in july by the largest monthly increase in at least ten years. sales jumped 7.3% beating expectations. >>> and credit card users seem to be taking control of their finances. the charge on u.s. credit card fell from june's record high. that's it from cnbc, first in business worldwide. back to you at msnbc. >>> welcome back. i'm alex witt live here in new york. >> and i'm david shuster live in washington. alex, the big picture right now, there's an international manhunt for a reality television star accused of murdering his ex-wife who was a model. ryan jenkins appeared on the vh1 show "megan wants a millionaire." authori

. >>> i'm amanda drury with your cnbc market wrap. the dow down 186 points.nvestors become more cautious about the pace of global economic recovery, the price of oil continues to drop. crude dropped more than 1% today to close at $66.75 a barrel. >>> well, a glimmer of hope for the housing sector though. the national association of home builders says confidence among home builders rose one point to 18%. that's the highest level in more than a year. >>> but disappointing news for airliners. an industry trade group for u.s. airlines expects the number of passengers to drop 3.5% over the labor day holiday compared to last year. the air transport association says consumers remain reluctant to spend because of the recession. that's it from cnbc for now. first in business worldwide. back to you. >>> welcome back. i'm monica novotny live in new york. >> and i'm david shuster live in washington. and, monica, in the big picture, the 2009 atlantic storm season is in full gear with the first hurricane of the season, hurricane bill. it's packing 90-mile-per-hour winds an

. >>> i'm amanda drury with your cnbc market wrap.omic data and strong rebound in the chinese markets. the dow added almost 71 points. the s&p 500 up nearly 11. and the nasdaq gaining 20 points. >>> stocks opened lower on a surprise bump in new jobless claims. and more people unemployed means more late payments. mortgage delinquencies hit a new record high in the second quarter. >>> but investors liked the report from the philadelphia fed. it said recent manufacturing activity jumped more than 11 points in july. >>> and cash for clunkers is calling it quits. the department of transportation says it will end the popular trade-in program at 8:00 p.m. eastern time monday night. dealers have already made rebate deals worth $2 billion. that leaves only about $1 billion more in funding in the tank. >>> that's it from cnbc, first n in business worldwide. now back to "hardball." >>> welcome back to "hardball." here is the boston globe's banner headline this morning. quote, kennedy looking ahead urges that senate seat be filled quickly. the se

cnbc asia's amanda drury is with us. she's here this week at cnbc global headquarters with her take. mandy, great to see you. we're fortunate to have you this week. can you give us a sense of what it looks like on the ground right now? >> it's really interesting because i remember only about six weeks ago when the market in china was up about 90% year to date. in fact, the best-performing index around the world year to date. a lot of people were saying, you know, it really feels like the heady, frenzied bubble days back in 2007, when everybody was wanting to get on the bandwagon and throw their money into the stock market regardless of what the valuation was and what the fundamentals of the market were. massive liquidity-driven asset inflation-driven kind of rally. and everyone was wanting to get on board. now we're seeing a minicorrection, maria, and a lot of people are trying to work out is this the start of a bigger correction to come? is the bubble bursting? what does it mean for the rest of the world? and of course

. >>> i'm amanda drury with your cnbc market wrap. stocks surged to new highs on positive comments from the fed. the dow is up about 156 points. the s&p 500 gaining 31 to finish the week back above the 2,000 mark and the nasdaq adding 18. existing home sales surged more than 7% in july, the fastest sales pace in more than two years. and the largest monthly gain on record. >>> and at the fed annual conference in wyoming, chairman ben beren in ki said economic activity appears to be leveling out. he said prospects are good for a return to growth in the near future. >>> and "the wall street journal" says dow jones is putting its index business up for sale. no word yet on the asking price. news corp purchased them in 2007 for $2.5 billion. that's it for cnbc, first in business worldwide. now back to "hardball." >>> welcome back to "hardball." charles cook, who studies elections and makes predictions sometimes based on history, said the situation for this president has gotten completely out of control. the president and the congressional d

. >>> i'm amanda drury with your cnbc market wrap.analysts have been saying the markets are due for a correction and that may be exactly what we're seeing today. all the major markets losing at least 2%. the dow joan industrials down 186 points. the s&p 500 finishing more than 24 points lower and the nasdaq falling more than 54.5 points. >>> financials led the way lower today despite indications that the number of credit card defaults is stabilizing after a sharp climb. a disappointing earnings report from the nation's second largest home improvement retailer was no help. profits at lowe's fell a worse than expected 19% and lowe's shares down more than 10% on the day. >>> investors shrugged off some encouraging data on the manufacturing sector. the new york fed says they're seeing regional growth there for the first time since february of 2007. >>> that's it from cnbc, first in business worldwide. and now back to "hardball." >>> i said when i announced this strategy there will be more difficult days ahead. the insurgency in afghanista

i'm carl quintanilla along with amanda drury.guest host, rich bernstein, former merrill strategist, now cnbc contributor. and jim paulson, wells capital management chief strategist. a lot to talk about with these guys. a couple hours left to do it on a pretty interesting market day ahead. >>> first to mandy with some headlines. >> hi there. let's check in on some top stories. the fdic may need financial help itself. the agency will reveal today just how much is left in it's insurance fund which is running low because there have been so many bank collapses this year. now, if the fdic fund runs out of money it may have to borrow from the treasurepy. something that's only happened once. >>> elsewhere, microoff the is cutting the price of its high-end xbox 360. the new price at 300 bucks. sony recently cut $100 on the playstation 3 video game. >>> luxury home builder toll brothers is expecting a smaller than loss than previouslily expected. cancellation have also dropped. >>> accused fraudster allen stanford will make his first publi

i'm carl quintanilla along with amanda drury as joe and becky get some time off before labor day.e newest member of pimco's bond team, tony and frequent face you guys know jim, usually if the trading pits. a lot to get to. some good dell numbers out last night. personal income and spending is on the way. first headlines with mandy in the control room. >> very concerned about thoe those crustaceans. >>> dell, we'll be watching shares of dell today because the computer maker may provide a boost. quarterly earnings came in above estimates after the bell. indications dell's business is stabilizing and it is doing a better job of defending prices and profit margins. >>> also a day after securing a loan to pay off the ious, california is hoping to raise more money through the unprecedented sale. they will hold a sale of surplus items, we have prison uniforms to office furniture and office xurlts. it hopes to raise a few hundred thousand dollars. >>> apple's iphone is about to go on sale in china. unicom struck a deal with apple. the launch is expected in the final quarter of this year.

amanda drury is here while becky and joe enjoy time off.k armey and the former house majority leader and also today art cashin director of floor operations at ubs. what a treat for us. it's been a good hour. we've got two more to go. the big story is about the fed chairman. >> it's about the fed chairman, indeed. we're at the crossroads the washington and wall street today. at 9:00 a.m. president obama will make a public statement reappointing fed chairman bernanke to a second four-year term. he'll make the announcement from martha's vineyard and bernanke will be joining him. he will say, the man next to me, bernanke, has led the fed through one of the worst financial crisis that this nation and this world has ever faced. he will say that bernanke dealt with the crisis with, in his word, bold action and outside the box thinking. president obama will defend bernanke's actions as steps of necessity, not choice, taken together all of these steps have brought our economy back from the brink. they are the steps that are working. >>> our chief wa

joining us now is cnbc contributor peter navarro and amanda drury. peter, i'll start with you. you know, the market and also as you know, peter is also the author of "always a winner." the market had run pretty far, pretty fast, and china has been extremely aggressive on internal stimulus. does this mean, however, that china's bull market run is over? or is this just a temporary move to sidelines? >> well, look, china fundamentally is an export-driven economy, and nothing has changed. the fiscal stimulus was great, but the export-driven question really is whether the u.s. and europe and the rest of asia are going to recover enough to drive china in the next leg of their recovery. the markets clearly say no. the other problem with the fiscal stimulus is it's created essentially an internal bubble, both in the stock market and in real assets, and there is a lot of concern in china that a lot of money has gone into nonproductive capacity. and so the market's reflecting this now. of it's really a good time both in china and maybe elsewhere to take profits off the table, get the cas

. >>> but first, amanda drury, what is coming up on "the call"?> hey, m and m, >> a big debate regarding ben bernanke's second term. will he continue hes loose monetary policy or start tightening it? as larry kudlow says, helicopter ben or king dollar ben? you know about the budget problems, but a garage sale to pay it off? jane wells tells us about it, and maybe you can go to california and pick up some bargains yourself. all that, and reaction only on "the call." first, "squawk on the street" is back after this break. some people buy a car based on the deal they get. others by the car of their dreams. during the lexus golden opportunity sales event, you can do both. special lease offers now available on the 2009 es 350. but i've still got room for the internet. with my new netbook from at&t. with its built-in 3g network, it's fast and small, so it goes places other laptops can't. i'm bill kurtis, and i've got plenty of room for the internet. and the nation's fastest 3g network. gun it, mick. (announcer) sign up today and get a netbook for $199.9