french bond yields are at record lows, suggesting investors see the country as a safehaven. erika miller, "n.b.r.," new york. >> tom: still ahead, by the end of the month the supreme court will rule on the health care reform law. how should investors approach health insurance stocks? that's in tonight's word on the street. "nightly business report" is brought to you by: captioning sponsored by wpbt >> susie: a day of losses on wall street today. as we reported earlier, a lot of disappointment about that european rescue package. also investors are worried about greece. elections on sunday could determine whether or not greece will leave the eurozone. all of the major stock averages were down by 1% or more. the dow tumbled 140 points, reversing a gain earlier in the day. the nasdaq lost almost 49 and the s&p fell 16.5 points. andrew goldberg, global market strategist at jpmorgan. andrew, hi, welcome. are investors overreacting to this news or are the fears justified about the debt crisis in europe? >> well, invest hes aren't necessarily overreacting, susie. part of the problem

>> well, the interest rates are quite low and they're being pushed down more by safehaven flows and other tack factors. i think we can lower interest rates more, but beyond that, operation twist and asset purchases work also through other channels, in particular by acquiring securities in the market and bringing them on to the fed's balance sheet we induce investors to move into substantive securities. for example, an investor who sells a treasury security to the fed may end up buying a corporate bond instead. the effect will be to lower corporate bond rates and corporate spreads. or, a bank may, having sold its treasury securities may decide to make a loan instead. so it's not just the effect on the long-term interest rate. but there's a broader set of effects that feed through other asset prices, other interest rates, other spreads an provide a broader ease in financial conditions which is supportive to the economy. >> thank you. jeff kearns from bloomberg news. given the projections today going out to 14, seeing unemployment almost where it is now for another two years, can you look pa

in addition, we're benefiting from the uncertainty in europe and, therefore, we are a temporary safehavene're going to need to put our finances in order if we want to combat inflation over time, if we want to moderate interest rates over time. my personal view is, we need some targeted investments in the short term, coupled with a real structural reform program at the same time. you need to do both in order to have a prudent path forward. >> steve? >> i don't disagree with you guys in part anyway. i think we have to get our fiscal house in order. i think we have to restructure how we spend our money and make it productive. our congress is gridlocked. nothing is happening. the fed -- >> nothing. >> the fed is the only game in town and i think that what it's doing to try to keep our economy going is the right thing. i share your concern about inflation, senator, and i'm counting on the fed and ben bernanke who i think is a fine individual to find the moment when to start to move in the other direction and sell these bonds and, you know, let it -- >> he's got to be looking at the fact that n