>> i think paul's comment over at morningstar are right. really, the cumulative effect of a number of things, really weak consumption numbers early in the week followed by very lackluster labor numbers this morning and, of course, that's all with the backdrop of a very volatile and dangerous european equity market where they don't seem to be able to come up with some policy responses to stem the bleeding, so it's very much the aggregate effect weighing on the stock market. >> tom: you lived through the stock bubble and the flash crash. was this orderly or did you sense a throw in the towel? >> no, it was orderly, reflected both in stocks and bonds, the orderliness of both buying and selling. the breadth and volume as you point out at the top of the show absolutely massive, almost three times the average volume for 2011 which leads us to believe that we didn't see a lot of volume on the way up but people who have been in were definitely exiting and we think they were exiting ahead of tomorrow's unemployment number. >> tom: with that in mind,

>> i think paul's comment over at morningstar are right. really, the cumulative effect of a number of things, really weak consumption numbers early in the week followed by very lackluster labor numbers this morning and, of course, that's all with the backdrop of a very volatile and dangerous european equity market where they don't seem to be able to come up with some policy responses to stem the bleeding, so it's very much the aggregate effect weighing on the stock market. >> tom: you lived through the stock bubble and the flash crash. was this orderly or did you sense a throw in the towel? >> no, it was orderly, reflected both in stocks and bonds, the orderliness of both buying and selling. the breadth and volume as you point out at the top of the show absolutely massive, almost three times the average volume for 2011 which leads us to believe that we didn't see a lot of volume on the way up but people who have been in were definitely exiting and we think they were exiting ahead of tomorrow's unemployment number. >> tom: with that in mind,

banks have little direct exposure to greece, portugal and spain, but as morningstar's jim sinegal explains, there could be serious indirect effects. >> if the european financial system gets into a lot of trouble, it's an enormous problem for the european economy. the european economy is a major part of the world economy. >> reporter: sinegal says it may take years for bank earnings to improve substantially, but that doesn't necessarily mean investors should avoid the stocks. >> we think the high quality banks-- banks like u.s. bank, pnc, banks like j.p. morgan-- they are all very high quality banks. they are trading at single-digit multiples on current earnings. basically, if anything goes right for those banks, we think we're going to see the stock prices appreciate. >> reporter: and any improvement in financial stocks would not just be good for those firms; it would also be a positive sign for the u.s. economy and the overall stock market. erika miller, "nightly business report," new york. >> susie: a milestone for apple today-- for a moment, it was the world's most valuable public compa

ambassador morningstar was along, we've been pushing. the prime minister went to aser buy january since then, i have -- to azerbaijian and i haven't heard the results of that. we're hoping in the next month there'll be an agreement by the concerns, the companies concerned to fill the pipeline, come to terms on traffic fees and those technical issues. we're working on it. we're hoping. on missile defense, turkey did support, of course, the state -- nato state at lisbon, they support the nato effort to have a phase adaptive approach to radar system. we've moved beyond that generality to have detailed technical discussions and legal discussions with the government of turkey. we're hoping, not fully, they want to understand what this will mean for turkey in all its technical, political, legal, and security aspects how it will make turkey more secure as well as the rest of nato. and we believe we're addressing those questions in full and substantive detail. we hope that the turkish government will feel it has enough information to make a deci

. >> morningstar airline analyst lucos estimates the storm could cost airlines up to 110 million in what has been an expensive year. >> this is the third major shut down in the airline industry over the past nine months. so it almost happens once a quarter. there is an early storm in december. the one in january and now this. going all the way back to 2010 there was the volcanic ash in up. >>. so it is something the airlines always have to deal with. >> reporter: flooding also forced amtrak to halt passenger traffic on two-thirds of its 25 east coast lines today. meanwhile, freight haulers also stymied by the storm. fedex diverted planes to hubs in indianapolis and memphis. while the company is flying today, it says washed out roads and bridges are causing delivery delays that could last for much of the week. while trucking company yrc says it's operating throughout the affected areas, many of its customers closed their businesses, so delivers to them will be delayed. economists haven't yet estimated how much the storm could cost the transportation industry. but they think it will deal a

ambassador morningstar was a long. we have been pushing since then. i have not had a readout of the discussion but i know he was intending to talk about this issue. the key is getting gas to fill whatever pipeline will come down. that is the next step. we hope next month there will be an agreement to some of these concerns to fill the pipeline and transit fees. we are working on it and hoping. on missile defense turkey did support the nato effort for the radar system well beyond the generality for detailed technical discussions and legal discussions with the government of turkey. we hope they understand what this will mean to turkey and all its technical, political and security aspects to make turkey more secure as well as the rest of nato and we believe we are addressing those questions in substantive detail. we hope the british government will say there is enough information to make a decision very soon. >> senator mendez. >> congratulations to both of you. ambassador ricciardone, i enjoyed our last conversation. some items have developed since we s

ambassador morningstar was along a letter with resume he'll. we've been pushing the prime minister he went on to azerbaijan. i have not had a readout of his discussions there, but i know he was intending to talk about this issue. the key of course is getting gas from the caspian to fill whatever pipeline is going to come down there. that's the next step for open within the next month an agreement by the concerns -- the companies concerned to fill the pipeline and come to terms and transit fees. we are seized with that, we're working on it, we're hoping. i missile defense, turkey did support of course been made a statement at lisbon and the nato effort to have a face adaptive pro-choice system. we've moved well beyond the generality to it detailed technical discussions and legal discussions with the government of turkey. were hoping naturally so they want to understand what this will mean for turkey in all of it's technical, political, legal and certainly security aspects will make turkey more secure as well as the rest of nato and we believe we

ambassador morningstar was all along. he also -- she also raised it with president i have not had a -- abdullah gul. i have not had a chance to discuss this issue -- a readout from this issue. we are hoping there will be an agreement in the next month on the company's concern to fill a pipeline, come to terms on transit fees, and all of those technical issues. we are working on it, and we are hoping to get on missile defense, turkey did support the nato statement in lisbon. if we have moved well beyond generalities to have detailed, technical discussions, and legal discussions with the government of turkey. we are hoping they want to understand, naturally, what this means for turkey, in all of its technical, political, legal, and certainly security aspects -- how will admit turkey more secure? we believe we are addressing those questions in full, and substantive detail. we hope the turkish government feels they have enough information to make a decision very soon i will be racing back to try to find out more. -- very soon