melissa: he's at the center of the action this is tom farley, the president of the new york stock exchange and tom it's great to see you again. you have a birds eye view from down on the floor and i'm not asking to predict what's coming but certainly you can feel the vibe. do you think this volatility is here to stay for a while what does it feel like? >> great to be with you again melissa. dare i say it was a pretty normal day. volatility came in a little bit today, industry volumes were more typical than the trading last week, you know, it was a good day in the market prize wise but from my perspective even better because it felt like a normal day. melissa: what if the last almost two weeks were like that? >> you know, i've anyone who will ask i've been saying the same message which is markets go up, markets go down, that's what they do investors should make long term decisions not day by day decisions based on what they're seeing on tv or the particular movements in the stock market for that day and that panned out last week. if you looked and you held through what was it on monday, the

bust before they still have a floor operation they still have people on the floor i spoke with tom farley the president and they're going to keep that contingent of actual floor traders they think having floor traders actually makes trade more efficient a particularly at bottle times the opening of the markets in the closing of the markets but ninety plus percent of trades take place electronically and you know people there are times when they trade at four hundred to five hundred times per second this is just crazy right it's crazy a lot of time. goes on here at the nasdaq and you know it's actually a good thing it is names in the whole world and of course the first one in the new york stock exchange which is and i'm going to be down around there tomorrow and around here in times square for the child as our first one thank you so much for joining us great to see you in person again once. more with bone but they are. i. and we've come off of times square and we're in the archie america studio just a few blocks away and we are joined by gary de wall of cat mutual law firm he as i said earl

. >> reporter: president of the new york stock exchange tom farley is trying to put things in perspective. >> this wasn't one of the top 25 down days in the history of the dow jones, so i want to make sure anybody-- investors as you describe, or professional investors in the market-- make prude decision free of anxiety. >> reporter: is it a good time for somebody, let's say, in kate's position? >> it's better than last week. >> reporter: would you be open-- would you be open to investing in a dip in the market? >> absolutely. let's talk. ( laughter ) >> reporter: she's a buyer. experts warn we could see more wild days ahead as investors gauge what actions the federal reserve may take regarding interest rates. a strong economy and growing wages are a good thing, but they could also trigger inflation, something the fed wants to keep in check by raising rates. jeff. >> glor: bianna golodryga. thanks very much. president trump warned today there could be another government shutdown if congress does not crack down on illegal immigration. the next deadline for funding the government is thursday

tom farley, really, really accentuating the fact this was smooth and orderly. are you worried about over 1000 point drop? he said, no comment. traders what they're thinking tomorrow, david and melissa, they're really feeling okay with this they wanted to see some capitulation. they wanted that selloff, that big selloff they have been waiting for this. was pretty amazing because at 3:00, we were down 762 points. by 3:11, 1600 points basically. that was a really big move in ten minutes. last thing i will tell you, one trader brought to my attention that over at isi, they were saying it was, did have some lates to a "flash crash" which is the phenomenon, electronic markets moving in and seeing withdrawal of stocks. whatever it was, there was program selling. you have treasury yields that have been high and markets under pressure. one trader said, look, nicole, not the three days of selling. it is 400 days of gains that were really a phenomenon. we have been running up since the election. last but not least, people i knew, buying right at the bottom, shaking but bu

. >> president of the new york stock exchange, tom farley is trying to put things into perspective. >asn't one of the top 25 down days percentage terms in history of the dow jones. i want to make sure anybody, investors as you describe, professional investors in the market make prudent decisions free of exceptional anxiety. >> so is this a good time for somebody let's say, in, in kate's position? >> better than last week. >> would you be open, would you be open to investing in the dip in the market? >> absolutely. let's talk. >> experts warn, we could see more wild days ahead as investors gauge what actions the federal reserve may have take regarding interest rates. a strong economy, and growing wages are a good thing. but they could also trigger inflation. something the fed wants to keep in check, by raising rates. >>> it was a picture perfect liftoff at cape canaveral for the spacex falcon heavy rocket, the biggest rocket flying these days. the only one that is reusablreu. manuel bojorquez reports. >> the falcon heavy, the most powerful rocket in the world, lifted off. and streaked

the president of the new york stock exchange, tom farley. >> everyone is asking, what exactly happened you're watching the systems. tell us how they run. >> was it a fat finger >> it's an extraordinary day we don't have a lot of days like this, as you know. when we have these days, and they do happen, we just make sure the systems are working smoothly the good news about today is it has been remarkably smooth we haven't had on the new york stock exchange we haven't had a single luld. >> stock down -- >> a stock that moved in such a disorderly process that we had to limit it. we did get close to a marketwide circuit breaker. >> that is 7%. >> we were down by 5%. we practiced for this. we're aware these can happen and the industry is prepared for it. turns out we will likely not hit it because we just have a minute to go and we're not particularly close. >> to bill's point, there were concerns there was a fat finger, maybe someone put in a ridiculously large sell order by accident nothing like that? >> i think there will be time to look back and see exactly what happened i just look at t

tom farley is joining us yesterday to talk about the close, how did the open look >> i saw major iswapping other than the additional media here, it feels like any other morning. >> we saw the enormous opening down a thousand points and some delays in stocks you made some changes and the way the mark opens and things have gone very smoothly, tell us about those changes and what you are doing? >> we made a lot of changes, we had several volatile days. you mentioned august and brexit and june of '16 and the trump election and the last time i remember of over night selection of volatile today. it is worth taking a breath back and acknowledging the dow is up 40% since that night unemployment is down by 1% gdp is up by 1%. so, a moment of volatility like this is to be expected and as a group we need to take a deep breath and realize that we'll be okay things are okay at this moment >> going to the open, a lot of people had been concerned about the ability the market handled big sudden moves you made some changes after august 20th when there was some delays in the open to make sure there is a qui

i want to bounce that off of tom farley. he's the president of the new york stock exchange. happy to have him. welcome to you. >> good afternoon, neil. a better afternoon. up 500 points on the dow. >> neil: it does make a psychological difference. i talked to some bears and they say the problem is not the fundamentals or with what the exchanges are doing, it has to do with the fact that we have more exotic products than underlying stocks. more mutual funds and special flavors, you know, you could trade off volatility than underlying stocks. that's a prescription for trouble. what do you say? >> you referenced a lot there. you started with the fundamentals. the last overnight that i can remember was the election night. we all need to take a deep breath and realized the dow is up 40% since that night. gdp is up. everything is going well. despite this volatility, we'll be okay. with respect to the products, we have the securities here listed on the stocks exchange. we have etfs that have allowed retailers to have a sophisticated risk management tools. and then we have the vix.

notice, i don't see new york stock exchange president tom farley up at the podium. i'm getting he's closely watching market technicals. i want to bring in my colleague and friend dom chu of cnbc. here we are, market down 525. >> we saw a lot of that selling pressure pick up yesterday, going into the closing bell. i remember being on set with us, the end of the 2:00 hour, the last hour of trading, and watching hundreds slide off the dow during that time. a lot of this is borne because of a number of different factors in the marketplace. we do have this idea that rising interest rates are part of the story. there's also a market commentary floating around right now. for those traders and investors, who are trying to profit off a stock market with no val tilt, that when that volatility did return, a lot of them did get hit very hard. much of the sell-off has been exacerbated by those factors. that's the reason the sell-off is carrying over into this morning's trading as well. >> 500, 600 points again. while we're trying to tell people, stay the course, slow and steady.

. >>> meantime, nyse president tom farley telling me, regardless what you think of the streams that a lot of people pounced on today, we're back, we're back, they forget what happened yesterday. what's real? >> yeah i do, i do. the psychological aspect of investing and trading is real. one of the reasons i'm coming on with you, there has been a good deal of anxiety, maybe borderline hysteria over last couple days. the last thing i want to see is see people make decisions about their portfolio, about their retirement. savings because of panic. again, the markets are behaving appropriately. the decisions to buy or sell at the portfolio should in most cases be made with a many years horizon, not a many days horizon. neil: his way of saying just stay calm. which have "barron's" senior editor jack hough and erin gibbs. we keep with you, up and down, markets, keep calm, good rule of calm. head of new york city would have vested interest in -- what do you make of idea, cooler heads prevail, you will do fine? >> we don't have to look that far back in history, staying within the market within

no in fact, i made a big point of bringing tom farley on at the close saying are we having any problemse said we weren't having any problems at all. markets were plain vanilla etfs operating normally we had the big problem on august 20th when the markets moved down there was a little bit of delays in the open. we did have some problems with the etfs at the time a lot has been addressed there have been changes in the market structure i don't have any concerns. i have some concerns about the volatility products that are out there. when you have a product that is leveraged to the vix or to volatility and when it says when you go down -- when volatility goes down 10% you make 10% vo la till the goes up 10% you lose 10% on a day when volatility went up 100%, do you lose 100% that's an issue. those fringe products can be a little disruptive in the market. as for plain vanilla etfs, the market is working fantastically right now. >> that's good news. etns are different than etfs. >> zblaert a lot of people got confused thinking they were buying an etf. now they've lost their money it's a lesson

stuart: tom farley, i know you're busy and appreciate you being with us. >> my pleasure, thanks for coveringclosely, stuart. stuart: sure thing. now let's get back to what we've seen in the last 39, 40 minutes. again, open down 550, then 330, now up just 98 points, it's volatility, you can expect these wild swings as the market tries to establish what's the right price for a stock in the minds of a couple of million investors? todd horowitz with us and shah gilani still with us. what about a bargain hunting session. shah gilani, do you see bargains right now at the prices that are current? >> there are a lot of stocks that i like down here, i think we have lower to go, stuart, i'm not anxious to jump in and start buying now. this volatility in the morning is a perfect example, when you see the market down 550 and up 300 and swings down and up 250. it's not a time to take risks, see where it false out. if the market ends higher and continues to go higher and i have to buy higher prices than yesterday or this morning, that's fine with me, fundamentally i want to buy stocks going higher. i like