he is portfolio manager at eaton vance management. he joins us from boston. lew, welcome to nightly business report. >> thank you. >> tom: let me ask you, is this sell-off we've seen here in the month of june any different than others we've seen in what otherwise has been a two-crer plus stock market rally? >> it really feels very similar to where we were in the spring of 2010. you had the european debt crisis rear its ugly head, similar to where we are now. you had the end of-- or the potential end of the fed's quantitative easing program a year or so ago, similar to where we are now. and you also had energy and commodity prices spiking at the same time which were having an impact on economic growth. so all those things are still in place or have kind of come back into place right now, it is causing a little bit of fear in investor's minds. >> susie: so with that in mind, those trio of concerns, how do you rank those in terms of the biggest uncertainty for investors? >> well, i think in the short run the end of the quantitative easing program, i think is a h

the way that intel does on theed a vanced ---ed a vanced chips. that did the trick. more development is needed before it's commercialized. >> this is one piece of what would be a system for generating solar-based fuels. >> it appears we'll be able to pump solar energy to fuel tankses. isn't that a gas? with the next step in energy, richard hart, abc7 news. >>> 6:25. still ahead at 6:30 -- union city police investigate a crime hot spot in their city. last night's violence there makes three incidents in less than a year. >> and flooded north dakota city looks to recovery from unstoppable natural disaster. >> the u.s. supreme court will issue a decision today on who can buy violent video games. california state law says minors shouldn't be allowed to. but what about the first amendment? the issue straight ahead. >> a good news, bad news. bad news, flight arrival delays in sfo. good news, 20 minutes. that's not too bad. all right. the only one across the country, but more will develop and the flight tracker will have them. abññ/ñ/ññññ/ñ/ñ/ñ/ñ/ñ/ñ/ñ/ñ/ñ/ñú i have fallen i

lew piantedosi of eaton vance management is our market monitor. he thinks market volatility presents opportunities for long- term equity holders. speaking of investment strategies, what's the best way to build an index fund: by the size of the company or the financial performance? we look at two popular strategies, their rewards and their risks. >> suzanne: ford's revving up production of electric and hybrid vehicles, tripling its annual output to more than 100,000 units over the next two years. the automaker eventually wants to put electric technology in a quarter of its cars and trucks. one of the first off the assembly line is a modern hybrid only take on the minivan. it's due in u.s. showrooms next year. and ford's electric plans will mean more than 200 green tech jobs for michigan. >> tom: avaya filed for a $1 billion initial public offering late today. the maker of phones and telecom gear is the latest tech firm to tap into a resurgent i.p.o. market. the offering values avaya at over $5 billion. while it's business has suffered from weak tel

it's my pleasured to a vance before this body my seventh budget on behalf of all of our dedicated staff, particularly allison mcgee and katherine mcgwire who are here that had a lot to do with directing and preparing a very thoughtful and responsive budget. but most importantly, i am here on behalf of the youth and families who rely upon the work otojuvenile probation -- of the juvenile probation department. i have a presentation and i have provided folks with copies of the power point but i'm going to proceed with this. the work of the juvenile probation department essentially is designed to hold youth accountable while facilitating opportunity for them to develop pro-social competencies that ensure long-term safety and identify and utilize the lease restrictive placements and quite honestly, the least expensive placements and interventions that do not comprise public safety and produce positive outcomes. the contribute to the overall quality of life for san francisco residents in the sound framework of public safety as outlined in the welfare and institutions code. i tell you, let's t

i'm jim vance. >> i'm wendy rieger. doreen gentzler is on assi assignment. >>> virginia congressman eric cantor a

winning their first match since the second of coach brutal it classes are up tonight after beating two vance one nil. gulf now where no line is rory mcilroy is closing in on a maiden major title as he takes an eight shot lead over white yang into the final round of the u.s. open the twenty two year old shot sixty eight to place the tournament's best ever fifty four hole total of one hundred ninety nine and become the first man to reach fourteen on the par in its internal revenue history it started the day with a six shot lead and safe part is third hole with this death shot for hitting four birdies south korea's former p.g.a. champion yang a second on his shots of the day with this approach at the sixteenth. just a shot behind him on jason day robert got to go and the u.s. would be carded a blistering sixty five and was in great form with his audience too but it was mcenroe with an eight stroke lead ahead of sunday's play twice the size of the lead to glue on the last day at masters two months ago. and i know what i need to do tomorrow you know gusta. you know it was there was all a little b

i'm jim vance. >> and i'm doreen gentzler.ew york congressman anthony weiner's tearful apology and press conference came just hours before one of six women he had inappropriate contact with over the internet went on a network news program to tell her story. in the hours since his apology, house minority leader nancy pelosi has asked for an ethics investigation of weiner's conduct while many are calling for the congressman's outright resignation. that is something the congressman has said emphatically he will not do. here's nbc's kelly o'donnell. >> reporter: wiping back tears, an emotional anthony weiner admits he lied. >> i have made terrible mistakes. i've heard the people i care about the most and i'm deeply sorry. >> reporter: the new york democrat tried to unwind days of controversy. >> i've exchanged messages and photos of an explicit nature with about six women over the last three years. >> reporter: he said he sents messages and photos using facebook and twitter. the congressman appears shirtless and acknowledged more

wozniak he takes on them and he gets a book of a while syrian and fearless williams will play mario vance and the answer down appear on cover respectively. another russian not a picture of a takes on the informed belorussian victorious side and seated fourth while surprise package senior pair of walk will be aiming to reach their first ever grand slam quarters at the expense of the euro project. on the men's side maaco usually in fact the only russian remaining could be leaving soon as he faces six champion and wimbledon favorites roger federer the usual suspects and the dull djokovic and murray also in action on this busy monday. as are the other eight contenders including phillips and a lot of doubt and in the previous round he has a good chance to move further in the draw on the lowly ranked a local school but standing to wait. now russian golf has a familiar name with a former tennis star dominating on the points in grains x. world number one and two time grand slam champion. has been crowned russia's golf channel. and for the next year at least got to look up and to national champion

watching for next week: our friday "market monitor" is lew piantedosi, lead portfolio manager at eaton vance management. the world bank updates its global economic outlook, and we'll get a snapshot of economic activity around the country from the federal reserve's beige book report. monday, it's tech times two! apple and microsoft both unveil new products. >> susie: the nation's high unemployment rate is taking a toll on wal-mart. the world's biggest retailer is seeing what it calls a "paycheck cycle." that's where people stock up on pay day and spend less on other days. wal-mart's c.e.o. says the phenomenon is more pronounced than ever. separately, wal-mart announced a $15 billion stock buyback. with the company's stock price in a rut, it's been returning excess cash to shareholders in share repurchases. >> tom: the details surrounding the federal reserve's rescue of bear stearns in the spring of 2008 will remain sealed. a federal appellate court ruled today the central bank's board of governors does not have to release those records. a former f.d.i.c. official had sued to make them public.

caroline wozniacki may be world number one but the dane has never vance passed the last sixteen stage of the all england club twenty roll reaching out stage again by appealing to a doctor but this time round thanks. to the men's side of things for russia's sole remaining representative is still going strong. putting his place in the last sixteen after beating grow in four sets it's roger federer next for him six time wimbledon champion himself federer continuing the competition the twenty nine year old into the fourth round of the sweeping. up david nalbandian for sixty six for tennis great team that removed cricket legend such intent goal for enjoying another clinical display by the swiss maestro. problems for the pending champion rafael nadal either the world number one meeting to try for one of these lower to go into the side and set seven six seven six. so that mentally. all my points with the first serve play in the second. i have a chance i want to play with so. well over two novak djokovic show had a much tougher time joining the other choccies and fourth round options cypriot

surrogate book but the doctor insists his results are not just based on modern techniques plenty vance's can be found in the past. and alternative medicine. but then i have international peyton's for rehabilitation methods except i'm going you can be closer to go back to traditional medicine and nature in treatment with credits of eighty culture this method has been forgotten but i like yours and all my patients like legs of us left iran could understand why but use my methods of traditional medicine joey and propose sort of the garden's of doping controls with the world and european championships and they were clean. herdsman may be celebrating his sixty the birthday this year but he's no immediate plans to retire his only plans are to lead russia to more gold next summer andrew farmer r.t. . what a legacy you leave behind what is all your sports for now i'll see some. wealthy british science. is not on. the. markets why not. find out what's really happening to the global economy in the kinds of reports on our t.v. . download the official. killed on the phone the i pod touch from the so

provisions of the war powers resolution one of them affirms that the president must get authority to vance unless there's an attack on the u.s. and its armed forces another one firms that u.s. forces must be withdrawn in the absence of an attack if there is no congressional aggression authorization within sixty days and that provision has expired and it's not true you know there are some there is. a kind of misdirection that happens with saying oh well you know presidents have not except that the worst our war powers resolution is constitutional there are multiple provisions and they're separable so if one provision is unconstitutional or arguably unconstitutional that doesn't mean that every provision is unconstitutional and in particular the sixty day provision which has not been defined in the past is good u.s. law there was a nine hundred eighty justice department memorandum that said this is constitutional and no president no executive since one thousand nine hundred has ever reputed. that memorandum so that's good law. people make all kinds of arguments of course and say well you kno

pushing rebel forces further from the northern town of sugar after taking full control of the area vance's sent another wave of civilians fleeing towards the turkish border according to human rights groups at least fourteen hundred people have been killed since the beginning of the crackdown in mid march and some ten thousand meanwhile britain france are pushing for a draft u.n. resolution but russia and china who oppose any attempts to intervene in the syrian conflict have said they won't back the move investigative journalist says the u.s. is using the opportunity to weaken the regime. well it appears that both russia and china are going to show that there will be no u.n. security council resolution but even i think even if even if one would have been passed i don't think would have much credibility you see but the problem is is that the those who support the syrian regime and the syrian government can point to. a very simple fact that is there be many un resolutions for the middle east and they've always been ignored when they apply to israel's and also other people say well yes today i

and when we asked the ratings board association just who these people are, president patricia vance wouldn't tell us. shouldn't that be revealed in some ways so that the public can get a better understanding of who these people are and make sure that their kids are playing games that are age appropriate for them? >> look, our... the point of keeping our raters' identities anonymous is to keep them from... away from outside pressures, whether it's from industry, whether it's from consumer advocacy groups, whether it's from the press. >> reporter: the gaming industry is asking retailers to voluntarily agree not to sell "m" rated games to minors. daniel sieberg, cbs news, new york. >> pelley: we wondered how big video games have become in entertainment. have a look at this. music sales in this country totaled $6.9 billion a year. movies take in $10.6 billion at the box office and video game sales total $23 billion, more than movies and music combined. in chicago today, the jury said guilty 17 times as the former illinois governor rod blagojevich was convicted of attempted extortion, bribery, co

will you go on the internet you already revealing everything about your so much as it is becoming vance way with using you all for. the love has just one piece of advice if you do buy a smaller phone make sure you don't let anyone else get hold of it either and never see moscow. now you can always find more on all the stories we're covering on our website dot com it's always ready for you twenty four seven let's check out some of the items that are waiting for you there right now the hard labor instead of life in prison and russian lawmakers have come up with a punishment for serious crimes to replace the death penalty and find out how the initiative has been received. plus george w. bush alongside hitler discover who else made it to the list of the worst people of all time published in an american school the. download the official policy of placation q i phone on called touch from the i choose ops to. life on the go. video on demand r.t.s. my blog comes an r.s.s. feeds now in the palm of your. question on. a live not only next to the border of the grounds of the media. but also on the

and sergei bubka but the doctor insists his results are not just based on modern techniques plenty vance's can be found in the past and alternative medicine you know about them i have international peyton's for a habitation methods except going you can be closer to got traditional medicine in nature including treatment with products of a.p. culture this method has been forgotten but i like kids and all my patients like legs of us lesser rank of anderson by using my methods of traditional medicine throw jelly and propose i've been to thousands of doping control some of them at world and european championships and they were clean. herdsman maybe celebrating his sixty third birthday this year but he's no immediate plans to retire his only plans are to lead russia to more gold next summer andrew farmer r.t. . that was this for jamie again a few hours time and coming up right now is the weather stay with us. in the czech republic auntie's available in a hotel assayas central hotel premier and the nissan most regal to full stop aida i'm a taste in bosnia and herzegovina available in. me and bit

none of the vance--eave vents are over at this time, so a lease deal will go back and forth and do the e-mails that have been a hit. >> we started with simon, yes the vancouver fans may have got a little bit carried away after their loss, but isn't passion what makes a great sports fan? >> i could not agree with you more, these are drunken hooligans that have a miserable lives, who uses a sporting event to... >> knocked over trash cans, crashed cars. >> of 95 percent of the people that were doing the stupid stuff were not even at the game. >> they were probably just watching. >> exactly, watching in drinking and then they go outside and pull this off. so silent thought they were real sports fans? >> he thought they were passionate, so i clearly see that we both disagree with simon. >> that was to bit, i say this all the time if you are a real sports fan yes, you feel that your team lost, but to destroy someone's property, that the end of my speech. what is up why do people always talk about labraun james? >> this guy is fantastic, he is been in the league for 13 years, he is a wonderfu

i'm jim vance. >> i'm doreen gentzler. congressman wiener apologized today and refused to resign.alse claims that someone had hacked into his twieter account more than a week ago. elaine reyes joins us in the newsroom with more on this developing story. >> the hastily-called news conference follows nowly released photos published by biggovernment.com. we have not independently verified the picture, but one shows the congressman with a cat along with a racy headline. anthony wiener called the actions a regrettable mistake. >> at the outset i would like to make it clear that i've made terrible mistake that have hurt the people i care about the most and i am deeply sorry. i have not been honest with myself, my family, my constituent, my friends and supporters and the media. last friday night i tweeted a photograph of mf

inned a vance of this public announcement. the allegations are very serious.ke them seriously. we're looking into them. >> china denied it supports hacking. the f.b.i. cyber division and san francisco field office are investigating. >>> hackers hit the sony network system again for the second time since april. hackers broke in a sony data base. this time it's the one used by sonypictures.com. hackers got access about unencrypted passwords and personal information for 1 million customers. in april, they got in the playstation network and the information of 77 million users was breached. >>> two more bay area start-ups are planning to go public. groupon filed papers for initial public offering and pandora set the opening share price. they hope to raise $123 million in the ipo. pandora expects to sell the stock in $7 to $9 range. groupon took a step toward selling stock on wall street filing papers with the securities and exchange commission. groupon grew 22,000% last year. it's matched the growth rate in first quarter of this yea year. >>> customer of apple ipho

thanks, vance. >> i'm helping you out. >> oh, goodness. >>> coming up, security at the u.s. open golf tournament may feel more like security at the airport. >>> a woman at a bar and behavior that was decidedly not ladylike. >> cemetery markers for loved ones lost or were stolen for profit and now someone is being held responsible. >>> i'm julie carey. in the wake of last week's fatal bus crash on i-95, the spotlight is on inspections and safety. but law enforcement officials say there are too many loopholes. the story coming up. >>> coming up in sports, tiger woods decides he will not play in next week's u.s. open. also, why nationals prospect bryce harper was in an affectionate mood on the baseball diamond last night. and how this hit in hi. hi. i just got my car insurance bill, and, uh, wow! i really need to shop for a better rate. any thoughts? well, i can do two things. first, we'll show you our progressive direct rates and rates from our competitors. people who switch save an average of over $500 a year. very cool! oh, and the second thing? it's origami. you just blew m

. >> a few atoms thick, the way intel does on theed a vanced trick. that did the trick. more development is needed before this is commercialized. >> this is just one piece of what would be a system for generating solar-based fuel. >> but it appears that we will be able to pump solar energy directly in to fuel tankses. isn't that a gas? with the next step in energy, richard hart, abc7 news. >> prototype aircraft powered sewly by the sun -- s oley by the sun made the air flight. it's on the wings that generate 40 horsepowers, the pow they're most scooters use. in the flight, it took five hours to travel from brussels to paris. another 11 hours circling over the airport waiting for wind conditions to settle down to safely land. >> i hope clouds don't come in. it could pose a problem. 40 horsepower, managed to fly that plane. >> i know. you were asking about souvenirs, take your pick. in different colors. >> wow! >> nice! >> how did we know? >> i expect you to sport these sometime this week. >> it goes with what you're wearing. >> one on top. >> no time right now. we have we

during 1979-1980, he was a speech writer for secretary of state cyrus vance. he lives in northern virginia with his wife and two children. please join me in welcoming mr. terzian to the roosevelt reading festival. [applause] >> thank you, herman. and good morning, and i'm honored and delighted to be here. i -- at the roosevelt reading festival. i don't live around here, so i don't get to visit the roosevelt library very often, but every time i do and every time i visit the house i'm always reminded of henry morgan thaw who was fdr's neighbor here in duchess county and probably knew him as much as anyone and said that roosevelt had a thickly-forested interior which meant that roosevelt was a very rather enigmatic, um, distant, almost secretive man in many ways. but i've always felt that when you visit the house, especially, and walk around and look at it, you get as close as you'll ever get to appreciating franklin roosevelt as a human being and where he came from and what he was and how he became what he did become. and i'm delighted to be here, too, at the ro

rogers and with jim schlesinger at the defense department and that brzezinski has troubled with cy vance and that george schultz and caspar weinberger had difficulties. it was carried on in the press as though it were the clashes of personalities and it really wasn't. it was substantive. there were different views, different perspectives. >> rose: now that you've brought that up-- and you're right-- >> and the press likes to make flesh and blood around it. >> rose: so define for me the differences in views of donald rumsfeld and col powell about iraq. who prevailed? >> well, i... as we talk about in the book at some length, i felt we should be in and not make a career out of it. >> rose: you thought go in there, do the job and get out. >> exactly. >> rose: leave a very small force. >> i never... the force size was the commanders' decisions. but at i wanted to do was not to be seen as an occupying force for a long period. and tory to transfer responsibility to responsible iraqis as quickly as possible. and the state department and, indeed, the national security council and certainly the c

vance farther west in brega, doctors said at least 23 rebels were killed in a government ambush. in afghanistan, two nato troops were killed in insurgent attacks over the weekend. both attacks happened in the south on sunday, but nato officials did not release the soldiers' nationalities. 26 nato troops have been killed in afghanistan this month. fire officials in arizona reported today wildfires raging in the east of the state are now 10% contained. the blaze covers more than 700 square miles, and has destroyed 30 homes and cabins since igniting in late may. but along the new mexico state line, fire crews reported they are making good progress. the 7,000 residents of two towns, eagar and springerville, were allowed to go home after officials lifted evacuation orders yesterday. the missouri river breached two levees in northwest missouri today, sending torrents of water across farmland in both missouri and neighboring iowa. an army corp of engineers official said one breach was 50 feet wide, and happened in a matter of minutes. the missouri and mississippi rivers have reached rec

familiar with the arab world and the uprisings which have presented them with unique opportunity to of vance and realize their aspirations for equality, freedom of expression, association, as well as political, economic, and legal -- and legal reform. we're here this afternoon to also explorer whether the largely protest on the part of the people of egypt, yemen, bahrain, and syria and the violent reaction by autocratic regimes have changed the ways that arabs are used by the global community and by extension change the perspective of arab-americans in the united states. let us not forget that there are contemporary american history, arabs have routinely been the target, and fortunately so, of animas, discrimination, and stereotypes because of events that take place in the middle east as well as on u.s. soil. even when the events have nothing to do with arab- americans, the community and its members fall under suspicion. no one will forget the aftermath of suspicion following the horrific events of 9/11, which still linger. i pose a question to our distinguished panel -- how do the events in

ronald reagan offered some particular leadership lessons for those of us here today who seek to a vancesinciples of freedom in a new century. -- advance his principles of freedom in this century. i would like to go through five points. first, ronald reagan loved america. as americans, all of us felt it. it was like a frank capra movie. it was almost a romance. sometimes because of that love for america, he may have overlooked some of our weaknesses. sometimes he may have given us a little more credit than we perhaps deserved, but that love expressed through his leadership prompted this country to strive and accomplish much more together than we probably never thought we could have done. ronald reagan often said this. he did not speak to us in terms of masses, classes, or groups. he spoke to individuals, families, and communities. he knew that was what made america america. second, ronald reagan held steadfastly to strong principles in every situation he confronted. he was a true conviction politician. he spoke and thought in declared the sentences. among them, freedom is a fragile thing

granted they're face to ideas which i will call the morgue vance artificial pancreas guidance is using some of the information that the clinical panel's recommendation by jdf submitted. is a three phased approach and the idea would be to understand the device and the clinic and then transition into a more realistic version of home life, except under mitigation or supervision such as the diabetes can. i'm sure most of these people here up into a diabetes camp echo is that correct? thank you. i like you too. and then the last would be the transition, from the transition study to the outpatient and certainly that is the recommendation associated with some of the jdrf recommendations as well as most of the medical community. it is still under development and we will be finalizing finalizing that and you will see the publication december of this here. >> dr. rodgers what is the role in supporting the fda in this process? how do you foresee the role, nih's world changing in the current month and will you be facilitating the transition to clinical trials with the translational research? >> ye

. >> to avoid the real possibility of collective military irrel vance, must examine. in procurement, in training, and logistics, in sustainment. while it is clear nato members should do more to pool military assets, such smart defense initiatives are not a panacea. in the final analysis there is no substitute for nations providing the resources necessary to have the military capability the alliance needs when faced with a security challenge. ultimately, nations must be responsible for their fair share of the common defense. host: again, as far as the defense secretary goes, we're asking you if it's time for the u.s. to reconsider its efforts to the nato mission. the numbers are on the bottom of your screen. twitter and e-mail as well. there's a graph this morning that shows sfars the financial commitments that nato countries make, according to the treaty's nato countries are supposed to contribute at least 2% of their gdp on defense efforts. this chart showing that bell swrum, spain, denmark, germany, italy, the netherlandses and poland are under that 2% mark. france

vance, allow me to share with you today, you and rick. 150 years since the civil war. 40 years since the drug war. and we are still targeted. targeted for negative action, but never targeted for affirmative action. being black in america is an expensive proposition. chances are a high infant mortality rate, further life expectancy and much in between. the war on drugs has not failed to keep it's purpose. it's politically inspired to arrive at a given conclusion. the war on drugs has failed to stop drugs. it has not failed to stop profit. is it has not failed to stop political disenfranchisement or the disopportunity of people. why not focus so much on public policy? i learned early on we live in our faith. we live under the law. people of faith must fight for just law. many of us are stuck on faith and live within the limits of unjust law. if we had faith, much prayer, and slavery time. but until the 13th amendment was passed. >> uh-huh. >> we could not walk away from the plantation. >> you said it right. >> we had faith in some alabama. but august 6th, we didn't have the right to vo

granted they're face to ideas which i will call the morgue vance artificial pancreas guidance is using some of the information that the clinical panel's recommendation by jdf submitted. is a three phased approach and the idea would be to understand the device and the clinic and then transition into a more realistic version of home life, except under mitigation or supervision such as the diabetes can. i'm sure most of these people here up into a diabetes camp echo is that correct? thank you. i like you too. and then the last would be the transition, from the transition study to the outpatient and certainly that is the recommendation associated with some of the jdrf recommendations as well as most of the medical community. it is still under development and we will be finalizing finalizing that and you will see the publication december of this here. >> dr. rodgers what is the role in supporting the fda in this process? how do you foresee the role, nih's world changing in the current month and will you be facilitating the transition to clinical trials with the translational research? >> ye

granted they're face to ideas which i will call the morgue vance artificial pancreas guidance is using some of the information that the clinical panel's recommendation by jdf submitted. is a three phased approach and the idea would be to understand the device and the clinic and then transition into a more realistic version of home life, except under mitigation or supervision such as the diabetes can. i'm sure most of these people here up into a diabetes camp echo is that correct? thank you. i like you too. and then the last would be the transition, from the transition study to the outpatient and certainly that is the recommendation associated with some of the jdrf recommendations as well as most of the medical community. it is still under development and we will be finalizing finalizing that and you will see the publication december of this here. >> dr. rodgers what is the role in supporting the fda in this process? how do you foresee the role, nih's world changing in the current month and will you be facilitating the transition to clinical trials with the translational research? >> ye

i thought it was interesting the benchmark they were using let the market do vance of a smaller finance company which clearly has no government support whatsoever, and the market demand 15% capital report in its. so i think the 10% actually is moderate by all the -- we have looked at. would also add that this is going to go out for comment. whatever they number they agree to it will explain the numbers between the analytics. >> how are your metrics different from the occ's? >> i don't know. i haven't had a chance, i really haven't seen. apparently occ is done independent analysis that i have not seen and i would welcome looking at it. i think perhaps he is looking at historical numbers but historically i think there is probably a case the financial system is not have sufficient capital and this is why we continue to have these cycles of, very severe one recently. also if you are looking at at risk-weighted assets unfortunately for all the subjectivity and capital levels based on how a bank is -- is assets so i don't know if the analytical and their penning is for his views and i would b