with bill griffith and sue herera.f se a wild day ends with sharp declines as trade fears are rekindled and tech stocks umble. >>> bigblues, big bet. ibm makes its largest acquisition ever, but will its purchase of red hat transform this american tech icon? >>> no way out. why businesses caught in the trade war with china are out of luck when it comes to getting an exemptesn. those stond much more tonight on "nightly business report" tonit, monday,ctober 29th. >> we bid you good evening, everybody. and welcome. wall street went through yet another head-spinning trading day t start this week. at the open this morning, the dow rallied me than 300 points, just when it looked like stocks might continue higher, oe momentum started turn. and not long after the market's gains completely disappeared, thanks to a report that the white house is preparing for the possibility of more tariffs on all remaining chinese imports. the selloff was so steep, at one pot this afternoon, that all of the major indexes briefly fell into corcti

pay increases have been eaten up by the inflation that you were just talking about with bill griffith. most of the benefits went to the top people in the middle-income spectrum according to analysis of the tax bill are going to get about $18 a week. that's not moving the number elect electraly. even though nobody in congress has any idea what he's talking about. >> the president -- let's just talk about the deficit. the treasury department has the deficit's $779 billion. it's projected to hit $1 trillion in 2020. the only way to offset that as a result of tax cuts would be if the amazing growth that the president talks about that would be unleashed were to happen. how do we evaluate that? >> well, there's no prospect that that's going to happen. every single forecaster evaluating the bill when it was being considered by the congress said it was going to lose money, increase the deficit, over the long one. only the trump administration, the president himself, the treasury secretary, gary cohn, was saying no, the economy's going to grow. we're not going to lose money. they are, in fact,

'm >> bill griffith. have a great weekend. see you monday. >> this is "bbc world news america." tion is of this presen made possible by the freeman foundation, and kovler foundation, pursuing solutions for america'sgl ted needs. >> how do we shape our tomorrow? it starts with a vision. we see its ideal form in ourgi mind, and thenn to chisel. we strip away everything that stands in the way to reveal new possibilities. at purepoint financial, we have

. >>> bill griffith has more on this surprise shakeup. >> reporter: the ceo, larry cult, may be new,facing a lot of familiar problems, like jack welch and jeff immelt before him, john flannery was a company veteran spending 30 years at ge, but his 13-month run saw ge stock decline by half. kulp is the first outside tore take over ge in his 126 d-year history. he ran daniher for 14 years, and with him in charge the stock gained more than 460%, more than four times the s&p's 105% gain over the same period even with ge's poor performance this year, it's a stunning and unexpected move. >> the people who are there are some of the best people in the world in engineering, science and math this is a jolt to them now. they'll need to be feeling that they're valued, really valued, and that they won't be taken advantage of for quick decisions. >> quick decisions may be in order. today's move comes with news that ge is also taking a $23 billion writedown in its power unit, a division that includes alstom, acquired by immelt in 2015 a move that backfired as global demand for power generation fell

. >>> this is nightly business report with bill griffith and sue herera. >> what a week. a dramatic sell off. what happens next and what money moves should you consider making? >>> big bank earnings. results are in. it is what they are saying about the economy, interest rates and trade that is getting all the attention. >>> the new subprime, no down payment, low interest loans. sound familiar? they are back and they have the support of a major bank. those stories and much more tonight on "nightly business report" for friday, october

with bill griffith and sue herera. >> selloff. wild day ends with sharp declines as trade fears are rekindled and tech stocks tumble. >>> big blues, big bet. ibm makes its largest acquisition ever, but will its purchase of red hat transform this american tech icon? >>> no way out. why businesses caught in the trade war with china are out of luck when it comes to getting an exemption. those stories and much more tonight on "nightly business report" tonight, monday, october 29th. >> we bid you good evening, everybody. and welcome. wall street went through yet another head-spinning trading day to starthi

ford, gm, stanley, black and decker among the list of companies hitting new two-week lows >> i'm bill griffith here's what else is happening at this hour. contessa highlighted the ford shares ford sales in china dropped 43% in september compared to the same time last year. this is the third straight month of sales declines we've seen in china overall. sears may be close to filing for bankruptcy this weekend. sources telling cnbc that the struggling department store is close to a financing deal to stay alive until christmas they have a major debt payment due on monday. so we're expecting that bankruptcy filing over the weekend. and just how important is a brexit deal? well, very the uk government is now warning brits that they could lose access to netflix and spotify if there is no deal on brexit that's what you call first world problems, dom. >> that's right, bill. we've got a lot more of those problems starting to build, perhaps. today's big rally more than 400 points as contessa pointed out on the dow almost wiped out bob pisani on the floor at the new york stock exchange. it wasn't until th