let's check back now with sandra smith of the fox business network who is watching it all.oments away from the stock markets opening in asia where they are expected to see heavy selling after the s&p down grade. in fact we are seeing markets plunge here. the dow, s&p and nasdaq futures all plunging by more than 20% right now. indicating we will see a lower open when they open tomorrow morning. dow is down 245 points. off the lows of the session we had been down at much as 300 points but still significantly lower. and not just stocks plunging, oil also plunging on the debt downgrade, signaling there's lots of concerns what this will do to the economic recovery. oil slipping about 2 1/2 bucks. and gold is up nearly $40 hitting new record highs. $16,898 an ounce. >> as you said, these things could spring back. in the meantime hang on it will be a bumpy ride. thank you. >> thank you. >> tonight 9:00 p.m. eastern, fox business network special live coverage monitoring the potential fallout from the u.s. credit downgrade. there is a two hour special. also we will air live right he

sandra smith and liz of fox business still with us.enior vice president and director of credit analysis for herbert j. sims and company. i want to ask you what is going on in the markets right now. are you seeing any big changes oil, gold? >> in the last few minutes we saw the selloff worsen a little bit. still not near the lows of the overnight session. we have been down as much as 300 points. we have lost about 30 points in the dow futures since we opened this show. as you can see that's just under a 2 percent drop there. nasdaq down 40 points s&p 500 down. oil is down 2 and a half dollars. we continue to see the flight to safety big buying in gold. we are $8 shy of hitting $1,700 and now we are up more than 40 bucks there. big buying in the precious meta metals. >> dick lar ken want to go to you right now. worked at s&p for a long time. treasury secretary saying s&p has terrible judgment incapable of managing the country's finances. >> s&p does a good job. people over there have an awful lot of integrity. >> is this a political move

sandra smith, thanks.s getting ready for the next round in the battle over raising the nation's debt limit. leaders of both parties have two weeks now to choose these members of this so-called maybe constitutional super committee to recommend the next round of spending cuts. in a new "u.s.a. today" gallup poll more than 40% of americans say they think the debt deal will make the economy worse. look at this. just 17% say they will make it better. but, unlike other washington commissions, officials say this super committee will get action one way or the other. mike emanuel our man on capitol hill. what did doo we know about how this committee is going to work, mike. >> shep, great focussen othe types of lawmakers' pick. the top lawmakers on capitol hill will select three people each. six republicans, six democrats. they need to, by thanksgiving, find about $1.5 trillion in savings. for more on the super committee, take a listen. >> it's extremely important that i pick people who are willing to make hard choi

let's ask about that and bring in our fox business network anchor, charlie s gasparino, and sandra smith. sandra, before we get to politics, what about today, what are you seeing that's going to happen on the market? >> reporter: well, as we watch the dow open right now, alisyn, we are opening to the upside, we are up about 84 points right now. keep in mind, where we are right now, we're in unprecedented territory. the last four trading sessions, all the trading days this week, alisyn, we've had moves up over 400 points on each of those trading days, either 400 points to the downside or to the upside. we've never seen this in history. in fact, alisyn, the past eight trading sessions we've moved in a different direction every single date. these are unprecedented markets now, nobody knows what to call at this point, but we are up for a second day. everybody is looking for a trend from these trading floors. alisyn: charlie, crazy, right, the 400-point fluctuations, four days in a row. what to make of it? >> it's interesting, people on wall street take this and they just move along. wall str

sandra smith is live a the chicago mercantile exchange. sandra, what's going on there? right now we're watching prices charging higher. even above 87. now we're staring $90 a barrel straight in the face, up 1.57 up on the day, just at about 88.50 a barrel, so we're starting to talk about # \on/zero dollars a barrel yet again. what's pushing prices higher today? well, there are some reports on the economy that investors are choosing to look at the positive. we got the price index of 20 u.s. cities that did show a drop, but it was just a .1% drop, and that indicated that there may be some stabilization in the u.s. housing market and that has some bullishness in oil prices. when the perception is that the economy is improving, we do see buyers in oil. so that's what's pushing prices higher today. where do we stand as of now? we're up 18 percent as far as oil prices are concerned, over just the past few weeks, and analysts say right now that oil prices are likely to continue higher, gregg. gregg: and that cannot be good for consumers. sandra smith, thank you very much. >>>

[music] >> sandra smith in the fox business newsroom. >> if is not the night for 1700 in gold just $5way from the $1,700 mark. oil heavy trading down near 2 and a half dollar loss there. $84 a barrel. investors continue to sell out of the oil markets. >> we are back with our political panel looking at the wake of the s&p downgrade. i want to ask you about this question wer getting closer and closer to the presidential election. won't it make it more difficult to find common ground? >> i think it will be difficult to find common ground. republican primary voters are opposed to the president. >> the president you heard is playing the blame game. he doesn't have a plan and he is more interested in one up man ship than he is getting it done. this is coming from a former clinton advisor. >> i wish as someone in the white house working for a balanced budget 95-96>> you think it's bad now wait 13 months. >> a third of the senate and you got the presidency. let's go back to 88. george bush said read my lips no new taxes. he went back on his pledge and he didn't re-elected. now the republicans

joining me with reaction from the fox business network sandra smith is back. she's been out.us or something? >> i'm back, i'm back. >> sean: and former mccain advisor and author of "the sext thriller," nicole wallace is here. >> it's not really a sex thriller. >> sean: you keep saying that. it's about the first female president whose husband has an affair -- >> affair with a reporter. >> sean: that's a sex thriller. this is like liberals, liberals don't want to be called liberals. we have plenty of liberals on the program -- >> if i had written a sex thriller, i'd be proud of it. >> sean: it's about the first dude having an affair. >> the first dude is a philanderer. she has clarity of vision like margaret thatcher. >> sean: should have married her. let's talk about the name-calling. oh, we have one other. joe biden to gabby giffords. woman got shot in the head. it was a great moment when she showed up the other day. the crack head club? this is how we refer to gabby giffords? >> it's unfortunate he would characterize her in that way when she makes a great comeback, looks str

sean: joining me with analysis of all of this kirsten powers and from the fox business network, sandra smithback. you are not going to like what i have to say. we disagree politically here if you look at the u.k. and comments being made by people about the rich, class warfare, taxes, all of this stuff. if you look at greece, spain, portugal and other parts of europe, i say this is in part, a result of failed liberal policies. in other words, a welfare state out of control, promises that can't be fulfilled. this is what happens. i would argue if america keeps on this path, this violence we see on the screen, we are going to see here. >> i think it is possible we will see this kind of violence in the united states, it will be much worse because these ki weapons. i think it is a result of inequality between rich and poor. it is not about social welfare. it is about the fact the u.k. and the united states have this astronomical difference between the rich and the poor. when you have that kind of difference, this is the kind of stuff -- >> we should spread that wealth, et cetera, it set . with wi

. >> sean: monica crowley and sandra smith. is the president calling himself unpatriotic? using his words and definition i would never suggest such a thing. >> amazing four trillion spent in eight years under president bush was according to then candidate obama, unpatriotic. adding four trillion in 2 1/2 short years unbarack obama is fine. his criticism of bush's spending was because bush was spending on things that obama disagreed with like iraq, afghanistan the wars. when obama is spending on his priorities like obamacare, stimulus and the things we know have failed, that's fine. >> sean: i thought in the age of obama civility, i'm sure he was leading by example the whole time, right sandra? i'm thinking if i said that about him, now, and i call the president unpatriotic, which i wouldn't do, what would happen? monica crowley said -- >> you would be demonized. >> sean: i would be ex-correlated. -- i would be excoriated. >> anybody who looks at these numbers the debt was 10.6 trillion when he took office, 14.6 trillion today. he called it patriotic then. he spent at a fas

here with us co-host of the five monica crowley is back from the fox business network, sandra smith is here. good to see you. most americans, you are going on a tour meeting americans. the imagery, riding around in your bus made in canada or refitted in canada. then he goes off to martha's vineyard to hang out with rich learjet limousine liberals. >> it is the lack of urgency we continue to see. he's giving a sense of urgency but not acting on any of it. i was referencing the fact that fox business, we work around the clock 5 a.m. to 11 p.m., everyday people are worried about their money, jobs w what is happening in washington. where is the president going? on vacation on a bus tour, campaigning. there's no urgency coming from the president that is what is so disturbing. >> sean: donald trump said this to me today, he goes i don't know anybody that takes as much vacation. i wish i had that much vacation. i don't, nobody does. >> it is mid august, 2 1/2 years into this man's presidency. just coming off his one nation under the bus tour. he claims this is a -- >> sean: you are very good.

sandra smith, fox business. jon: the concerns spread all overt world, yesterday's massive sell off on wall street weighing on stocks overseas. asian markets suffering huge losses and europe showing mixed results right now. greg burke is live for us in rome keeping an eye on the situation, greg. >> reporter: that's right. asia just got battered overnight. right now europe it's sort of a a mixed bag, it's like getting beaten by the yankees by a couple of runs. it certainly could have been a a lot worse. above all europe is just nervous, you know, the traders here talking about how bad it could be. there was such a scare yesterday that today turned out to be relatively good, you know, fear of what could have been a major crash coming along and perhaps it was major for some people, but not catastrophic overall, though yesterday was catastrophic in a certain sense. if you look at automakers in europe, fiat was down 11% yesterday. they have made some come back today. the european central bank continues to try and help

sandra smith is live on wall street with more. sandra tell us a little bit about the market reaction thus far to this news. >> reporter: jenna, jon it's not good. the markets are royaling right now in light of the credit rating being stripped. they had a chance to adjust to it over the weekend. now a new blow to the markets. fanny mae and freddie mac, their aaa rating has been stripped by s&p. the dow has been plunging triple digits. a 360 point drop we've seen in the dow today. the nasdaq, the s&p 500 dropping even more. more than 3% drops across the board and it's not just the stock market, an even weaker sign about not just the economy but the global economy, oil prices are plunging today. we are now looking at low prices for oil in the $83 range. it's now nearly $3. jenna and jon there is so much uncertainty building in the markets and traders fear that there could be more down grades in the future. jenna: let's talk a little bit about that. eric bolling will talk to us about some of the could mod today des. some thought we wou

panel to help us make sense of this, matt mccall is president of the penn financial group and sandra smith is a reporter on the fox business network. welcome to both of you. sandra, what are we to make of this rally, yesterday, up 429 points and then what futures are saying today? >> you might as well wave goodbye to that rally we saw yesterday, in fact, that over 400-point rally, alisyn, was the tenth biggest point gain we've sneen history, but all indications this morning on the opening bell, alisyn, is we're going to give back most of those gains. in fact stock index futures give us a pretty good idea of how far we're going to drop on the open here and as of just seconds before the opening bell, we were at the lows of the overnight session, down 255 points. fair value. that means we could see over a 200-point drop on the open. alisyn: it's down 137 points as you speak. sandra, matt, what happened yesterday? was this all a result of the fed coming out and saying they were going to keep the key interest rate where it is? >> two things, obviously, one is the fed, we saw after the fed annou

charlie gasparina, sandra smith, charles payne, we only have two hours. vrrroooomm vrroom vrrrooomm vrrroooooooommmmmm mmmm mm. >> steve: all right. it's time for some music. right? here is greyson chance "unfriend you". ♪ i really thought you were the one ♪ ♪ it was over before it begun ♪ it's so hard for me to walk away ♪ ♪ but i know i can't stay ♪ you're beautiful and crazy too ♪ ♪ so it's over ♪ yeah, we're through ♪ so i unfriend you ♪ you're the best i ever knew ♪ 'cause i should have known ♪ right from the start ♪ yeah it's over ♪ i unfriend you ♪ so it's over ♪ ♪ yeah we're through ♪ you're the best i ever knew ♪ so i will unfriend you ♪ 'cause i should have known right from the start ♪ ♪ i'm deleting you right from my heart ♪ ♪ yeah it's over ♪ i'm through ♪ i'll unfriend you ♪ you come on to everybody ♪ yeah everybody all the time ♪ you give up to anybody ♪ what i thought was only mine ♪ oh, owwowo ♪ so it's over ♪ yeah we're through ♪ so imma unfriend you ♪ you're the best i ever knew ♪ so imma unfriend you ♪ 'cause i should have known right f

sandra, in texas. on," christopher smith is our guest pretty talks about the famine in somalia, tensions between sudannd southern sudan. what we're going to show you right now is a part of his interview, and he talks about what he thinks you wind peacekeeping troops and the african union could do to get food to areas of somalia, hard hit by famine. >> are you saying that the u.n. peacekeeping troops and the african union forces should be marching into the south? >> i think that they should be robustly try to negotiate the tranquillity that has been used over and over again. they were used in the run of when many people were risk of dying there. in this to be something that is pushed strongly right now and as far as i know, we may be there but it is not being pushed away that it ought to be. babies and children will die. those who are living by their feet will become refugees either in the country are in kenya. some of them are dying on the way. many are so close to death in emergency camps, the younger or the elderly, that they die soon after entering the camps. host: you can see the entire interview

smith agree was his union president, the democratic party, he says has not delivered. >> forget the rhetoric and talking. okay? let's drop the talking and do something now. >> unions are getting weaker. >> sandra lee says politicians will not stand up for unions if they believe it will cost votes. >> i don't think anyone is feeling such of a job these days. >> in a gathering we asked about the announcement. >> well, i, too, have reservations about the columbian and the agreements. >> both pleasanton congressman and walnut grove congressman answered union support question the same way. >> let's be clear about this. this democrat along with the local delegation here do not support trade agreements. >> he says he's not afraid of losing union support its not my decision making process. >> the democratic leader told us it's the union's decision, she wishes them well. >> and i know focus on jobs is pompblt i wish them well. and looking forward to working with them for job creation. >> and the afl-cio president says union federation will form a political action committee, raising money and give it to candidates of the union's own choosing. you can bet the phrase what have you done for me lately will