dagen: i have a lot that i cannot talk about on the air. i am dagen mcdowell. what this scott minor think. he is here. the coast guard telling fox business ship traffic is now moving along the mississippi river. we have pictures of just about the water water levels are among that river. breaking news in new york city. a deadly shooting outside the empire state building. a press conference starting right now. of course, it is the top of the hour. stocks now and every 15 minutes. lauren: big winner today.

as you can see, it is up 2.5%. the volume is pretty big. that is news for eli lily. as for the overall market, it returned to positive territory here. they could possibly break before the four-day losing streak we have had. about ten points away right now. up arrow for all major, all three major averages. dagen: is the gold standard coming back? a gold commission will be put together as part of the party policy. let me ask scott minerd what he thinks about all of this. first off, scott, is from a practical perspective, there is not enough gold in the world at this point is there to back all of the currently out there? >> no.

its current price around $1600 an ounce, there is not. dagen: how do you put the genie back in the bottle? it was completely abolished by the u.s. in 1971. >> i think going back to the gold standard is not very practical. i think the republican party willingness to have a part of the practicum -- i do not see a practical way to getting back to the gold standard. they will not want to give it up. dagen: scott, looking at the federal reserves balance sheet and the amount of money it has printed and put out there in the world in recent years, what

worries you about the way that their portfolio looks today? >> well, you know, dagen, as we have accumulated more and more pressure securities, the whole basis for believing that the fed can maintain price stability and not have runaway inflation is the theory it can limit the amount of supply of money. the prices of the assets on the fed's balance sheet paul to the point where he does not have enough asset in market value to sell, to reduce the money supply, then eventually we could lose control of the money supply and the u.s. treasury would be in a position where potentially could not finance itself. we could potentially go down the road of the worst case scenario. hyperinflation or dramatically changing our system with capital controls and controls on capital flows. dagen: scott, what are the

chances of that happening, though, really? because the federal reserve, as long as they do not sell, that will help keep interest rates and check, will it not? >> it will as long as inflation does not become a problem. dagen, as you are well aware and most of your listeners are well aware, the amount of money that has been created over the last five years, during the course of the crisis, has resulted in almost a tripling of the fed balance sheet. and now on the eve of jackson hole, we are discussing the possibility of another round of purchases. once inflation starts to pick up, the federal reserve has to sell assets to reduce the size of its balance sheet. if the market value of those assets go down far enough, they

will not be enough assets to sell. dagen: one final thing, scott, you said short treasuries, that you would short sale here. scott, do you think we are now at the beginning of a long protracted increase of interest rates and yields? >> you know, dagen, it is always hard to predict the exact bottom. i do believe if you were to sell treasuries today, you would have a profit on them within the next five years. i think we are at the early phases of a bear market. dagen: it has been a 30 year bull market for bonds. it has to end eventually. [laughter] >> even the internet bubble finally ended. dagen: exactly. and so did the housing bubble. badly. scott, good to see you. i will rub my genie bottle for

your dodgers. follow scott on twitter. he needs some followers. he is an incredibly brilliant man. now you have to deliver, scott. dennis: i will see you at the dodgers game. dagen: okay. i will show up. we have some breaking news to bring it out of new york city. we are waiting for a press conference to begin by mayor bloomberg and police commissioner ray kelly about that deadly shooting that happened outside the empire state building. at least two people are dead, one is said to be the gunman in the shooting. police officials telling fox news that the gunman was shot and killed at the scene. they also say the shooting at the famed empire state building stemmed from a workplace dispute. mayor bloomberg is expected to

hold a news conference along with police commissioner ray kelly. we are following the developments coming from the scene, from that news conference when it starts. we will bring you up-to-date on any breaking news as we get it. meantime, the coast guard working to clear up the backup on the mississippi river. these are exclusive pictures of the shoreline showed to us yesterday by the governor of mississippi. it has been improving, but moving slowly along the drought stricken river. as of 9:00 a.m. eastern time, only 13 vessels were in q to move southbound. over 100 vessels have been stranded in this area for the past couple days. here, the army corps of engineers, continued to improve navigation. we are looking at information shared to us by nasa. we are looking at the

mississippi from last year compared to this year. we will keep you posted on any new developments along the mighty mississippi as they happen. coming up in the next hour, cheryl and dennis, while i was governor terry branstad as things get worse for that state. when asked what message they would send to the federal government right now -- let me bring in monica crowley and author of the "what the bleep just happened." you look at the big hole, there is a statistical tie. >> it is not just the fox news poll that shows that most americans want government to leave them alone. get out of my way.

tax me less. reduce the size of government. gallup has been pulling on this for the past couple years. literally over the last couple years, gallup's number on the question have been the highest they have ever been. government is doing too much that should be left to business and individuals. dagen: i have no basis for this, it feels like when you ask the people do want the government out of your life, they say yes. but then when it involves taking away something that they get from the federal government or even reducing it, you have people getting help, when you dig down and say we will cut back on all of these handouts, even tax deductions, you start talking about taking people's mortgage deductions away, they

go bananas. >> when you say should the government be smaller and less intrusive in your life, you get the american pioneering spirit say, yes, leave us alone. when you start talking about the goodies that the government has given away, like medicare, medicaid, social security, all the things that so many americans, if not every american relies on at some point in their life, if you talk about the goodies, people start to freak out a little bit. [ talking over each other ] dagen: there has been a growing expansion of government. >> that is right. from both sides. mostly it has been that democrats. enough republicans have gone a long this path, the government and big spending to not we at the point of a day away from hitting $16 billion in the terms of national debt.

dagen: there are long-term interest rates that are still near historic lows. do you think it will take a true financial crisis of runaway inflation, skyrocketing interest rates, to wake americans public up? >> it almost always takes a crisis. you are talking about to really wake people up. at some point the loss of economics look again. you cannot keep going with these socialist policies. we have all the warning signs in front of us. what i think governor romney and paul ryan have done is make the case to the american people that this is the most preventable crisis that we have ever seen. we can stop it. it will require some pain, but imagine the pain coming down the pipe later if we do not do it now. dagen: well said.

monica, terrific to see. have a great weekend. monica crowley. tampa bracing for two storms. all the republicans coming to town and a possible hurricane. and romney ready to roll without bernanke. he would not get another round with romney if he is elected. first, take a look at oil today. ♪ you see us, at the start of the day. on the company phone list that's a few names longer. you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy.

lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank.

>> announcer: meet jill. she thought she'd feel better after seeing her doctor. and she might have, if not for kari, the identity thief who stole jill's social security number to open credit cards, destroying jill's credit and her dream of retirement. now meet amanda. with a swipe of her debit card, she bought some gas... and an all-expense-paitrip to hawaii for ben. ben is the intity thief who used a device called a skimmer to steal her formation from her card to open a fraudulent account. every year millions of americans just like you learn that a little personal information in the wrong hands could wreak havoc on your life. this is identity theft, and no one helps stop it better than lifelock. lifelock offers the most comprehensive identity theft protection available. ordinary credit monitoring services tell you after your identity has been stolen; they may take 30 days to alert you! too late for amanda. with lifelock's 24/7 proactive

protection, jill would have been alerted as soon as they noticed an attack in their network, before it was too late. and lifelock's bank account takeover alerts would have notified amanda in time to help protect her money. lifelock guards your social security number, your money, your credit, even the equity in your home. while identity theft can't be completely stopped, no one protects you better than lifelock. and lifelock stands behind that, with the power of their $1 million service guarantee. you have so much to protect, and nothing to lose when you call lifelock right now and try 60 days of identity theft protection risk-free. 60 days risk-free! use promo code: onguard. order now, and get this document shredder, a $29 value, free! call or go online now. [♪...]

>> i am lord simonetti on the floor of the new york stock exchange. i am watching financials. topping the list is american express. coming in at number two is discovered. the financials, overall, are down. we have a nice 69-point gain for the dow jones industrial average. it looks like we will round out a down week on and up no. that is the good news. i will send it back to you.

dagen: it is time to make some money with charles payne. he always leaves me shaking my head. i have no idea what it is. a dirty fingernail stock. [laughter] charles: the foundation of this country. dagen: at least you then it set a dirty toenail stock. [laughter] charles: this is one of these little independent oil and gas company. it kind of hearts back to the era of those wild headers. the stock has done. well. the problem for the company has been execution. execution just inconsistent. the potential is huge. they are in north dakota. they have some amazing things going on. the stock is gaining momentum.

you can see it on the chair. a true breakout. i think the stock, if they ever get the execution together, i think the stock can go a lot further, dagen. they will make a lot of money. dagen: it is down there right with utilities in terms of your s&p sectors. charles, do you like energy broadly speaking? charles: some other refining markets never seem to be well. i love things associated with fracking and natural gas. i also like these master limited partnerships. dagen: thank you, sir. dirty fingernail stock. [laughter] get out of here.

we will bring you the latest on that deadly shootings outside of the empire state building next. and life without big bed, mr. romney says this is it for the fed chief if he beats obama in november. why is the euro at a buck 25 plus? i think the federal reserve can answer that. ♪ [ male announcer ] if you believe the mayan calendar, on december 21st polar shifts will reverse the earth's gravitational pull and hurtle us all into space. which would render retirement planning unnecessary. but say the sun rises on december 22nd, and you still need to retire. td ameritrade's investment consultants

can help you build a plan that fits your life. we'll even throw in up to $600 when you open a new account or roll over an old 401(k). so who's in control now, mayans? wone is for a clean,account owedomestic energy future). that puts us in control. our abundant natural gas is already saving us money, producing cleaner electricity, putting us to work here in america and supporting wind and solar. though all energy development comes with some risk, we're committed to safely and responsibly producing natural gas. it's not a dream. america's natural gas... putting us in control of our energy future, now. questions. when you're caring for a loved one with alzheimer's, not a day goes by that you don't have them. questions about treatment where to go for extra help, how to live better with the

disease. so many questions, where do you start? alzheimers.gov. the answers start here.

♪ >> @23 minutes past the hour i am patty brown with your fox news minute. two people are dead following a shooting at the empire state building in new york this morning. the gunman was a disgruntled employee who was recently fired from his job. eight other people were hurt. a judge in norway has sentenced a man who killed 37 people and a twin terror attack. he was deemed sane to be child. why lance armstrong should be stripped of his seven tour de

france titles and banned from professional cycling. the band stems from allegations he used performance enhancing drugs. he has chosen to drop any further challenge. those are your news headlines on fox business network. dagen: thank you so much. some news to bring you coming out of europe. breaking news, in fact. the bank is considering setting yield band targets under a new bond buying program. this is being reported by reuters. the ecb was trying to cap the yield on sovereign debt in spain and italy. this is all trying to write the financial problems, runaway financial problems, and europe. let's go to lauren simonetti. lauren: we saw the markets spiked to session highs. 13,142. we are here with mr. willis.

what exactly is the target? >> the belief is that the ecb will attempt to put a cap limit on how high they will let the bond price. the market sells off when spain had 7%. the idea is to keep that at a certain level which would require buying bonds. lauren: and absolutely move the market. >> absolutely. all they did was flash the idea of a bazooka. we have not seen it yet. most professional traders are looking to short this market. this caught them. i do not think we will stay here. lauren: thank you, mr. willis. we knew about this. here we go. we are at the highs of the session because of another news report that says this could happen. back to you before thank you so

much, lauren. shares of eli lily are up. adam shapiro has more on this developing story. >> the test themselves were not a positive. the original study did not meet their primary endpoint, but we were encouraged by the data that continues to show a slowing of cognitive decline and alzheimer's patient. no other drug makers are pursuing some type of pharmaceutical that would help people who have alzheimer's. eli lilly seems to have found something that willful the cognitive decline. we talk about coming alzheimer's

patients, we want to know how many people we are talking about the united states and the potential if a drug that have some kind of positive benefit, 5.2 million people in the u.s. today. by 2050 between 11,000,016,000,000. eli lilly, it is a setback, but it is a setback with silver lining. it does slow cognitive decline. dagen: think you, adam. good to see you. adam shapiro we were together most of the morning. the very latest on drought stricken mississippi. the coast guard saying that ship traffic is moving. douglas holtz aiken is back. bernanke, should he go? doug joins us next. ♪

>> he killed one person at between 9 other people were shot and some may have been shot accidentally by police officers who responded immediately and while confronting the suspect and fatally shooting him. there may have been other victims as well. all of those are not seriously wounded and there's no expectation that any of them will do anything other than recover quickly. dagen: the mayor of new york city a short while ago talking about that shooting in the heart of manhattan. in and around the empire state building. that press conference with the police commissioner ray kelly is still going on but here's what we found out in the beginning moment of that press conference. the gunman's name is jeffrey

johnson. he is 53 years of age. he was killed. he killed one other person. two dan and nine injured. jeffrey johnson was a disgruntled employee who had been let go by company that makes women's accessories and he killed one person, the victim said charles: 1 years old. the shooter jeffrey johnson was 53 years old. nine other people injured. the scene is much more under control than it was earlier. you can see the pictures in midtown. it is a scene of what seems to be controlled chaos on any given day when things are going about normally. this morning it was the scene of violence and shooting in new york city. two debt and nine injured. more on that breaking news out of europe that the european central bank is considering setting a yield than target under its new bond buying program. let's go to lauren simonetti for

what this means. >> we were talking about this earlier. two minutes ago that is when the european markets closed and received this news report about the ecb bringing down bond yields routes >> this was discredited by german finance ministers almost immediately. now europe is closed so we have to wait to see a angela merkel and the rest are on their way to jackson hole or they're already if they will have any comment but the market has moved on rumors like this. there's nobody home today. it is a friday and august. only 1 fifty million shares of stock so somebody sneezes in europe it will move us. >> that is the story for you. we will continue to follow it and it has been a slow month for

stocks. a move up in the month of august and september we have the ecb meeting and we'll get some volume. dagen: and of course the federal reserve chairman speaks next week and mitt romney tells fox business in an exclusive interview that more stimulus from the federal reserve wouldn't help the economy and he set a lot more to peter barnes. peter: we got those fed minutes from the fomc meeting three weeks ago and the minutes made clear that the fomc is seriously considering another round of monetary easing including another round of quantitative the easing. mitt romney said don't. >> i don't think qe2 was terribly effective. i think another fed stimulus is not going to help this economy. that is the wrong way to go. also sees the kind of potential for inflation down the road that

would be value damage harmful to the value of the dollar and the stability are nation needs. peter: after our interview later in the evening mitt romney made news at a fund-raiser in minnesota where he told donors, quote, big business is doing fine in many places. those comments a coup of similar comments by president obama that romney criticized. the president said in june the private sector is doing fine. of the fund-raiser last night romney said big companies get the loans they need and deal with regulation and, quote, they know how to find ways to get through the tax code. i am going to be a champion -- i am going to champion small business. dagen: you did mr. romney had in mind to replace ben bernanke? do you know? >> i asked him about that. he doesn't want ben bernanke to stay so i asked one about glenn hubbard from columbia who had

suggested romney reconsider keeping ben bernanke and romney said i haven't thought about who i would put in at the fed but glenn hubbard is a good advisor and so is the economist at harvard university who is one of his economic advisers. maybe he was setting up some trial balloon names. dagen: terrific work. thanks for everything. peter barnes in washington. with us right now as douglas holtz-eakin, former congressional budget office director who works in the white house and joins us from washington d.c.. good to see you. federal reserve -- a new chief. what he really be -- maybe it would be a woman. would it be any different than what ben bernanke has done?

>> the big calls have been qe2, operation twist and the promise of further quantitative easing. those are judgment calls where the profession has been divided. no one questions ben bernanke's expertise or motives. many people disagree with the policies that have been done so you could expect under a new federal reserve chairman to see those calls go another direction and less of the very aggressive fed action we have seen in recent years. dagen: because the federal reserve -- whether you're admitted or not is highly politicized in a way that because if unemployment is north of 8% or we are in the middle of a financial crisis the fed even if not told directly is expected to do something. with anybody in the past have been doing anything different than what we saw? do you see what i am saying? >> they have been under tremendous pressure and in part they are under pressure because

the administration and congress have dropped the ball in providing effective fiscal policy. we face this fiscal cliff at the end of the year which is a big threat to economic growth at the moment. in those circumstances i think any profession will say we have got to do something. something is better than nothing. there are policies they could have taken in terms of paying interest rate or reserves versus quantitative easing and you would see a different style. dagen: do you think would congress change its ways if we had a new head of the federal reserve and the head barring anything unexpected we would have a new head of the fed come january february of next year could be fed force congress to get attacked together? if the fed said we won't keep interest rates as low as we possibly can, interest rates start going up, with that force

the hand of lawmakers and make them get on the stick and cut the debt? >> i think if you had a new fed chairman you would have during the confirmation process the opportunity to be politicized the fed. one would have to sign off on a new chairman and at that point the new chairman could make the case there is very little the fed could do. in conducting monetary policy going forward the fed is not going to step in and rescue the economy and congress needs to move and that would be a good signal to send and hopefully spur some action. we simply cannot continue down the path we are currently headed in the short term with the fiscal cliff, guarantee for recession or in the long term with the explosion on entitlements side a threat to the stability of the economy. dagen: we're shouting into the wind. nobody hears it. >> is like groundhog day. we say the same things the there has not been any change. dagen: it will change.

don't know when. great to see you. have a great weekend. european markets are closing right now. ashley webster will have the latest for us and take a look at the treasury markets. what are you doing today? you see a turnaround in the markets here and change on the ten year treasury. 1.68% but not high enough to get congress to do anything about cutting our indebted ways.

lori: i am lori rothman. reversal on wall street. stocks climbing off of the downward trend that kicked off the trading day and the week in general. the dow is up 70 points. shares plunging after the software company reported disappointing second quarter results and cut third quarter sales forecasts and announced plans to cut jobs grappling with the man in the u.s. and central europe. durable-goods rose 4.6% in july below expectations and marked the largest gain since september but a few x of the transportation and factory orders they fell 0.4% fallen well below the 1/2% gain forecast. durable-goods them meant to last three years along. that is the latest from the fox business network giving you the power to prosper.

fidelity's etf market tracker shows you the big picture on how different asset classes are performing, and it lets you go in for a closer look at areas within a class or sector that may be bucking a larger trend. i'm stephen hett of fidelity investments. the etf market tracker is one more innovative reason serious investors are choosing fidelity. get 200 free trades today and explore your next investing idea.

dagen: breaking news. europe's market's closing right now. ashley webster. tell me what is going on with these reports about the cap on interest rates by the pcb. ashley: they have moved the markets and the european markets making a come back in late trading as investors head into the weekend wondering if the next week to week will bring as we wait for the next policy meeting at european central bank and a key decision from the german court both of which could have a big impact on the future of the euro zone. let's look of the closing bell. markets down most of the day modestly so but the ftse coming back to the water mark. the cac essentially flat on the day but the dax and frankfurt managing to speak out 1/3% gain. the market started to lose ground after a report that the ec may push back a plan to buy government bonds until a german court rules on a permanent

rescue fund on september 12th. we call the pcb for comment and were told the meeting remains on schedule and a spokeswoman added somewhat angrily that the ec is an independent organization and not dictated to by berlin. some would disagree. another report says the pcb is working on a plan to capture yield of sovereign debt but the bank limit will be kept secret. that move markets higher despite the of confrontation and in berlin today angela merkel meeting with greek prime minister as he goes around the region trying to bide time that greece made little progress in its bid to carry out more time cuts as required for the next round of bailout money. the german leader said berlin one place to keep greece in the euro but will wait for the latest report before making any judgment. and french president francois hollande will be in paris.

very critical as the euro zone tries to sort out its debt crisis. dagen: better food in france than germany. good luck with that. thank you for making sins of all of that. have a great weekend. quarter till. stocks now lined >> caller: minutes. lauren simonetti has more on breaking news about the pcb. >> almost silly. how the market moves on light volume when we hear rumors about what we knew about a week ago coming out of europe. right when european markets closed we saw stocks closed session highs. the biggest gains we have seen all week on this report that the ec will buy bonds on spain and italy and other news with debt problems right now and we are seeing a tremendous uptick in confidence that began in august with such light volume. we are lucky to get three

billion shares trading on the composite. september 6th is the next meeting. we will see what happens. we have to pick up momentum than but we will take the gains we are seeing. first time we're seeing them all week and we are likely going to round out this week lower for all three major averages snapping to the dow and s&p 500. dagen: thank you. here's how the ten year treasury is reacting to this news. unchanged at 1.68% but look at how low it still is. kevin flanagan's bread and butter. the chief fixed-income strategist at morgan stanley. look at that yield. has that been solely driven by the stream of bad news we kept getting out of europe and we do expect that to continue for months to come? >> the primary reason we have been stuck below the 2% threshold does have to do with that safety premium, flight to quality trade and concerns that

you are seeing in europe. in your prior segment you were focusing all on the fed but really the central bank that is going to have the potential to move treasury yields one way or the other in a visible fashion is the ecb. dagen: you heard the news we have been reporting about the pcb setting a target for new bond buying. how do you think that plays out? what form does it take? >> there is obviously where there is smoke there is fire. that is the way i look at it. they are moving down that road. the question is more or less the timing of it and obviously you can't throw a monetary target out because the market's move accordingly and the ec has to purchase the bondss based on the environment. you're going to get something like that and a conditional bond purchase program. now we just wait for the details. the debt and sept. 6 for

october 4th? dagen: in the short term it could be a great deal of volatility out of europe and volatility may be in treasury because you have the ecb meeting. you have the constitutional court's decision out of germany and i am naming three things right there. >> beginning next week with jackson hole the been edging out of the blocks after labor day two weeks shot full of headline events to move the markets. most of them are based on the other side of the atlantic and even though we get a jobs report in the u.s. i think the pcb and german court decision is going to ultimately be the key barometer for rebates. dagen: great to see you. you are welcome back any time. great analysis. tampa bracing for two storms. republicans are taking the town by storm and a possible hurricane. we will take you there live next

but first some winners on the nasdaq today. everyone has goals. take the steps to reach yours, with us with real advice, for real goals. the us bank wealth management advisor can help you. every step of the way. from big steps, to little steps. since 1863 we've helped guide our clients, so they can take the steps to help grow, preserve, and pass along their wealth. so their footsteps can help the next generation find their own path. all of us serving you. us bank

[ man ] excuse me miss. [ gasps ] this fiber one 90 calorie brownie has all the deliciousness you desire. the brownie of your dreams is now deliciously real.

dagen: this makes it official. the u.s. anti-dumping agency stripping lance armstrong of his seven tour de france titles and issuing a lifetime ban from cycling. is expected after lance

armstrong decided drop -- fighting these charges, these accusations by the u.s. aid the a. she called it a witch hunt against the constitution to paraphrase what lance armstrong said but he was just stripped of his seven titles. tropical storm isaac continuing to gain strength in the caribbean with the national hurricane center saying the storm could be upgraded to a hurricane by monday. accu-weather's adrian bayer has the latest. >> is strengthening a little bit. we have already seen it strengthening into a 60 mile per hour tropical storm and already lashing pr bringing heavy rain and flooding does remain a concern as the system continues to move west northwest we will continue to see heavy rain across the caribbean. not only across his spaniel about across cuba. the flooding rain will head into

florida into monday, late sunday or monday time frame. certainly high winds and flooding rains will be moving in. dagen: thank you so much. we are days before the start of the republican national conventions the city of tampa is preparing for the worst as the tropical storm heads for landfall. rick leventhal right behind you you can see the incredible bridge. that is a major concern down there. >> the sunshine skyway bridge if winds top 40 miles an hour will close. isaac may not make a direct hit on tampa and the city hasn't been hit by a major hurricane in 40 years the effect could be felt here inkling the closing of this bridge and three and others not because of structural problems but the high winds the below cars around and the approaches to the bridges are so low they are nearly sea level and will flood because of the storm surge and heavy rains that would come with tropical storm

force winds or hurricane in this area. the bridges our concern and that means other people can't get the convention center and that might include security officers including 3500 police and other officers who might have to stay in their own communities to deal with the impact of the storm. the national guard might be called in. the r n c believe the convention will move forward florida is used to dealing with hurricanes and they are prepared to deal with what ever isaac brings. dagen: be safe. take care. and thank you. rick leventhal of the fox news channel. the drought meantime, talking about rain and hurricanes. the drought of 2012 getting worse for farmers in iowa. governor ted branstad is here. cheryl and dennis will talk to the governor next.

>> announcer: meet mary. she loves to shop online with her debit card, and so does bill, an identity thief who stole mary's identity, took over her bank accounts and stole her hard-earned money. now meet jack. after 40 years, he finally saved enough to enjoy retirement. gie, the waitress at jack's favorite diner, is also enjoying his retirement. with just a little information, she's opened up a credit line, draining the equity in jack's home. unfortunately, millions of americans just like you learn all it may take is a little misplaced information to wreak havoc on your life. this is identity theft, and no one helps stop it better than lifelock. see, ordinary credit monitoring

services tell you after your identity has been stolen. they may take 30 days to alert you-- too late for jack. lifelo has the most comprehensive identity theft protection available. if mary had lifelock's bank account alerts, she may have been notified in time to help stop it. if jack had lifelock's 24/7 proactive protection, he could have been alerted by phone or e-mail as soon as they noticed an attack on their network, before it was too late. lifelock has the most comprehensive identity theft protection available, guarding your social security number, your money, your credit, even the equity in your home. while identity theft can't be completely stopped, no one works harder to protect you than lifelock. you even get a $1 million service guarantee. that's security no one can beat. you have so much to protect and nothing to lose when you call lifelock right now and get 60 days of identity theft protection risk free-- that's right, 60 days risk free-- use promo code: notme. order now and get this document shredder to keep sensitive

documents out of the wrong hands-- a $29 value, free. call the number on your screen. [♪...] dagen: it is friday and there has been a did the shooting in

new york city. avalanche armstrong story. there's a storm bearing down on a republican national convention and the ongoing drought. so much news to cover. you have got it all. cheryl: a very busy hour of markets. there's a lot going on today. dennis: i am dennis kneale. cheryl: i am cheryl casone. the national debt kicking up to $16 trillion with congress on vacation. jim fresh link on how that is killing business and hurting stock market performance. dennis: commerce along the drought-stricken mississippi is improving but still moving slowly. as things get worse for farmers in hard-hit iowa governor perry branstad is here with that story. cheryl: turns out most solar retail stores over 30 days old. we are joined by two men who want to stay that.

capt. rocky burns is a second generation fisherman. dennis: up-to-the-minute coverage of the fatal shooting outside the empire state building. two debt and nine injured. right now top of the our breaking news. ben bernanke in a letter to the white house says there is further action by the fed to ease financial conditions and strengthen recovery. here's how markets are reacting. the dow has gone around and up 60 and that is why we go to lauren simonetti on the floor of the stock exchange. >> we were expecting a quiet and slow friday on wall street and it is if you look at volume but the news is phenomenal. we had this letter by the fed chairman. maybe we will see q e 3 after all but we have jackson hole one week today and european markets closed we saw a headline on the pcb intervening in the bond market so this has moved the stock market so for the first time we have green arrows across the board.

the dow and nasdaq and the s&p 500 lower for the first time but up on the day. as you look at the big board everything is up. gold is down which is astonishing considering the nice run the dollar's up as well and the volatility index is down. dennis: thank you. shares of eli lilly near a four year high on reports of success in late stage trials of the experimental alzheimer's drug. adam shapiro has the latest details. >> when failure in one part of the study might lead to success down the road because what they discovered with eli lilly is testing of this drug did not slow the mental or cognitive decline for people who have advanced forms of alzheimer's but what they did discover is patients with a mild case of the disease did see some improvement. its slowed the cognitive decline of those patients and that is a first for any of these. the ceos said they are encouraged by the full data that appears to show slowing of

cognitive decline but this is not about to hit the market any time soon. we intend to discuss the data with regulatory authority to gain insights of potential next steps. if you wonder from investment standpoint what this drug could mean in the united states with a numbers of people who have alzheimer's disease. something like five.two million. will be 6.7 million come 2025 and between eleven million and fifteen million by 2015. there's a need for these medications. other companies have attempted to create plaque blockers and narrow protectors. eli lilly has them on to something in terms of patients with a mild form of the disease. a medication these studies show does not stop but slows the cognitive decline. dennis: adam shapiro. cheryl: i want to point your attention to the markets. the dow at 64 points. breaking news we brought you of the top of the hour these comments and letter to house

panel from ben bernanke taking markets the other direction of 64 points. he says there is scope for further action by the fed to ease financial conditions and strengthen recovery. this is q e 3. this is what we have been talking about. market participants have been several days in the doldrums of august where the markets have gone higher based on the fact that ben bernanke made a comment that potentially you are going to get some kind of easing from the fed. ben bernanke has said it. let's bring in jim frischling. were you surprised by this? >> the fed has been consistently talking about being ready, willing and able to act and unemployment rate and jobs specifically is something they

are preparing -- august 1st may indicate the majority is ready to take more action but the economic data has been more encouraging. not so much that the fed won't act and i think it is not overwhelming prediction but i would say i am in the camp that they are going to act because i still feel they are committed -- cheryl: it is not wrong that the economy we have been seeing some signs of improvement, we got the fed minutes that the same time the data is getting better. how can ben bernanke justify in what he said the house panel how can he justify easing when you get data points on housing showing things are improving? >> housing improving jobs lackluster and not so much. there is disagreement in the fed but the majority is leaning toward easing move. i don't believe qe 3 is going to

be very effective. each stimulus package has lasted longer and have less of an effect and not necessarily doing what i think the fed would like it to do. the rates are incredibly low. it is not a challenge for big companies to borrow and make investments but i still believe the conviction is by showing they are ready, willing and able they will keep rates low and may be companies will invest. cheryl: the fiscal cliff is looming and coming. talking about massive cuts in spending. of the bush tax cuts, tax hikes -- you are not as concerned about that as the other guests we have had on the show. >> we have seen this movie before. we know both sides will accuse the other of being unwilling to negotiate an very difficult and what we're going to have is a resolution and therefore not go

over the fiscal cliff. sane heads will prevail. if we did fall and they let it happen you're talking 4% hit to gdp given where we are with gdp that is a recession. the outcome is so severe it won't happen but that said during the debt ceiling negotiation the stock market fell by 10% because even if we have conviction they're going to reach a compromise it doesn't mean the volatility won't spike in. to investors over the long term or rise in, stay the course. tune out the noise and you will weather the storm. for those with a trading mentality you might take money off the table and look for reentry point because the debate will heat up. cheryl: after the first of the year. thanks for commenting on the breaking news. dennis: barge traffic moving again on the mississippi river. these are pictures of the river at shoreline shared with us yesterday by the governor of mississippi. the coast guard tells fox business that barge traffic is

improving but there are some backups along the river. as of 9:00 only 13 vessels waiting to move south bound through the 11 mile long restricted area in mississippi. martha 100 vessels are stranded for the past couple years. the corps of engineers for dredging the area to improve navigation. these are nasa images along the same stretch of the mississippi last year compared to this year. and as the water dries up. cheryl: coming up in 20 minutes, governor terry branstad will be joining us with the soybean crops in jeopardy in that. we will get the latest numbers. dennis: coming up next we are live outside the empire state building were two people were killed in the area shutdown. cheryl: gas prices now on track to reach their highest ever for

labor day weekend. as we do every day want to take a look at oil. a big piece of it. you do have crude pushing to 100 points. we will be right back. ♪

[ male announcer ] aggressive styling. a more fuel-efficient turbocharged engine. and a completely redesigned interior. the 2012 c-class with over 2,000 refinements. it's amazing...inside and out. ♪ join mercedes-benz usa on facebook for the best summer sweepstakes.

you have to dig a little. fidelity's etf market tracker shows you the big picture on how different asset classes are performing, and it lets you go in for a closer look at areas within a class or sector that may be bucking a larger trend. i'm stephen hett of fidelity investments. the etf market tracker is one more innovative reason serious investors are choosing fidelity. get 200 free trades today and explore your next investing idea. dennis: coverage of the deadly shooting at the empire state building. fox news reporter david miller

standing by with the latest. >> i can tell you fifth avenue and 34th street just outside the empire state building is completely shut down but we have a better understanding of what took place a few hours ago and it no longer any threat to the public. the mayor and police commissioner held a news conference and said a terrible tragedy has taken place but they added that also taking place were extraordinary acts of terrorism. as for the shooter he was identified as 53-year-old jeffrey johnson of man had in. he was a disgruntled worker of a company identified as hazings in ports located in a separate building near the empire state building at west 30 third street. there was a shooting this morning when johnson opened fire on an employee of the company where he once worked. 5 three times killing of 41-year-old man and then put his 45 caliber handgun in a black bag and proceeded to walk north of fifth avenue.

he was unaware construction worker had witnessed the entire shooting. a construction worker followed him. the same construction worker alerted police at the empire state building to what had happened and that is when the police identified johnson. he reached for his gun. there was issued out. when it was over johnson was debt and nine other people. civilians all wounded. none of those injuries life threatening. at least 14 rounds were fired. the mayor when asked to elaborate about the construction worker was he a hero he said simply he did what he should have done. he saw something and he said something but it is very clear if not for that construction workers is very possible the shooter might have gotten away and/or more people might have died. dennis: thank you very much.

cheryl: right now it is 15 past the hour. we are watching a very active day in the stock market. and ben bernanke on friday, a big shock to a lot of people. >> the letter was written on wednesday but we found out about it today. at the same time our stock market started rising. you have to ask what is bigger? the ecb stepping in to contain the debt crisis or another round of q e in the u.s.? you could say that is the same idea boosting these markets whether artificial not. you could say the ecb has to contain emergency situation and whether we get another round of qe 3 is irrelevant because we are doing okay. the central bank is moving the stock market today. we are to the upside right now but it has been a rough weekend

it is nice to end on a positive note. cheryl: a very active weekend we will get more coming out of europe. we are getting some more breaking news in fox business right now. we are learning that bp is pulling some of its workers from platforms in the gulf because of the approaching hurricane isaac. phil flynn with a fox business contributor coming by at the cme. the talk, surrounded by what is going to happen this weekend with that hurricane. >> we have seen oil prices creep higher and higher very slowly and that is a very dangerous rally because you buy them when you're creeping and so when you're leaving. thunder horse, bp's largest platform in the gulf of mexico. and two million metric btus of gas will be shut down. they have to evacuate almost 300

workers from that rig. it takes time so they have to do it. that will impact oil production today and it will show up in numbers and weeks to come but they are not the only ones taking steps to shut down production. a lot of essential personnel are being evacuated from a lot of the rigs out there. we have religion will and some of the biggest platforms in the gulf banning down the hatches. cheryl: we had a market commentary of oil prices rising. thank you for joining us. appreciate it. dennis: a spike for your portfolio. charles: the fed is more important than the pcb. we are praying that may be ben bernanke has some power. the spicy stuff. chipotle mexican grill. you see this stock?

got hammered. it is under 300 right now. this has been a year of the momentum stocks getting hammered. netflix and research in motion and green mountain coffee. this is different from those stories. these guys were a victim of their own success. the last quarter net income was up 61% but it wasn't enough. sometimes stocks get ahead of themselves and these are the numbers. 12.4, twelve.seven, a string of same-store sales increases year over year. second quarter only eight%. wall street panics and it is oversold. dennis: chipotle has the vantage mcdonald's doesn't. it serve alcohol. charles: also what people like is this organic sort of culture. look at wholefoods. people are paying a premium for this stuff. i don't think the core audience goes away. wall street would get used high single-digit same-store sales and stock goes higher.

cheryl: breaking news. looking at this right now. getting word that shell is preparing to evacuate non-essential workers from some gulf of mexico platforms on the form threat. at this point it won't be an impact on production. there's the stock for you. oil prices be personally feel moments ago finding out bp is shutting wetland gas in the gulf of mexico. that is the largest production platform bp has. all of this as we are watching a massive hurricane isaac fast approaching. we believe it will impact this weekend the gulf of mexico. possibly republican national convention. dennis: 40% of all sea food costs spoils before it hits the market. up next two order for mores with a novel approach to changing

that. >> lance armstrong stripped of his tour de france titles. we will talk about that. as we go to break let's look at the world's currencies. the year is strengthening of the euro and hurting the dollar. we will be right back. tdd#: 1-800-345-2550 you should've seen me today.

tdd#: 1-800-345-2550 when the spx crossed above its 50 day moving average, tdd#: 1-800-345-2550 i saw the trend. tdd#: 1-800-345-2550 it looked really strong. tdd#: 1-800-345-50 and i jumped right on it. tdd#: 1-800-345-2550 since i've switched to charles schwab... tdd#: 1-800-345-2550 ...i've been finding opportunities like this tdd#: 1-800-345-2550 a lot more easily. tdd#: 1-800-345-2550 like today, tdd#: 1-800-345-2550 i was using their streetsmart edge trading platform tdd#: 1-800-345-2550 and i saw a double bottom form. tdd#: 1-800-345-2550 so i called one of their trading specialists tdd#: 1-800-345-2550 and i bounced a few ideas off of him. tdd#: 1-800-345-2550 they're always there for me. tdd#: 1-800-345-2550 and i've got tools that let me customize my charts tdd#: 1-800-345-2550 and search for patterns as th happen. tdd#: 1-800-345-2550 plus webinars, live workshopsresearch. tdd#: 1-800-345-2550 whatever i need. tdd#: 1-800-345-2550 so when that double bottom showed up, tdd#: 1-800-345-2550 i was ready to make my move. tdd#: 1-800-345-2550 all for $8.95 a trade. tdd#: 1-800-345-2550 can you believe it? tdd#: 1-800-345-2550 i love it when you talk chart patterns. tdd#: 1-800-345-2550 en an account and trade up to 6 months commission free tdd#: 1-800-345-2550 online equity trading with a $50,000 deposit. tdd#: 1-800-345-2550 call 1-800-284-9850 tdd#: 1-800-345-2550 and a trading specialist will tdd#: 1-800-345-2550 help you get started today. try the #1 gastroenterologist recommended probiotic.

align. align naturally helps maintain digestive balance. ♪ ooh, baby, can i do for you today? ♪ try align today. woman: what do you mean, homeowners insurance doesn't cover floods? [ heart rate increases ] man: a few inches of water caused all this? [ heart rate increases ] woman #2: but i don't even live near the water. what you don't know about flood insurance may shock you -- including the fact that a preferred risk policy starts as low as $129 a year. for an agent, call the number that appears on your screen.

and waiting in line. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com, you can print real u.s. postage for all your letters and packages. it gives you the exact amount of postage you need the instant you need it. can you print only stamps? no. first class. priority mail. certified. international. and the mailman picks it up. i don't leave the shop anymore. [ male announcer ] get a 4-week trial plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again.

>> 20 minutes past the hour your fox news minute. malaid off from his job last year shot and killed a former co-worker before randomly opening fire near the empire state building in manhattan. 53 mac jeffrey johnson was killed. nine others were injured. michael blumberg says some of the victims may have been hit by police bullets. forecasters a tropical storm isaac probably won't the hurricane until monday. it is heading for the southern coast of hispaniola. the five day forecast has the storm shifting west but exact course is hard to pinpoint which means florida and the republican national convention within reach. the anti-dumping agency stripped lance armstrong of this tour de france titles. he used performance enhancing

drugs to do it. armstrong denied the charges but decided not to challenge them. that is your fox news minute. back to you. >> the seafood you buy in retail store is 30 days old because 70% of all the fish caught in the world is processed in china and 50% of the catch goes bad and never make it into stores. we are joined by two seafaring men who want to change that. and the second generation of fishermen so tell us 1-third of the fish is mislabeled intentionally and counterfeit in some ways. how will you fix this? >> we want to eliminate the middleman where ms. labeling occurs and allow people to buy directly from the fishermen. people go and see what is caught in real time and ordered directly from the fishermen and get shift directly to them.

it is 24 hours out of water. >> yesterday in boston opening up. >> shipped directly to the door. >> and captain rocky burns. this would also help individual seasonal fishermen. >> growing up in the fishing industry to see the struggle, in an industry that has been unchanged for 30 years. under the current system fishermen are being paid the same price as they were in 1989 even adjusted for inflation so with skyrocketing fuel prices is increasingly difficult for fishermen to continue to make a living in this industry. >> they sell their fish to the -- keep the prices down and you tell fishermen you guys could get a better price to go through our service so -- >> connecting directly with consumers we can get fishermen

the prices they deserve and consumers the highest quality seafood available with complete transparency of who caught it and where it was caught. >> if it is really the fish they say it is. another benefit. if we can cut down on the waste and stop overfishing. >> we start rewarding fisherman for the quality of the catch we can incentivize with a higher price and they can catch less and make more money. >> what is your cut? >> depends on the catch. >> taking 10% or 2% or have to put me in touch with the local fisherman? >> every fisherman in every region is going to require something different. everyone has different costs. we collaborate and come of with a model for their needs. the end bowl, and -- >> sitting around with 30 days process in china and frozen

twice. fantastic. good luck. martin reid, ceo and captain rocky burns. cheryl: from water to drown out. drought is getting worse in iowa. we will have governor terry branstad live to talk about it. >> different story across the country as tampa and republican convention hunker down for a possible hurricane. live on the scene. look at today's s&p winners.

>> welcome to the four of the new york stock exchange. a great market today. volume is low but moving in the higher direction. talk about the big loser down 15.5% posting profits declined by 9% and cutting staff as well. the knicks and the rangers made it to the playoffs. hitting new 52 week high. also eli lilly with its drug for alzheimer's disease. this subsidiary received approval from what and

pharmaceuticals for one of its drugs. we have had so much news and rumors from europe with central bank interaction. you can see we hit a high of the market at 11:00 and moving back today. dennis: more on the evacuations. bp and shell evacuate in workers from platforms. sing it well evacuate ahead of the storm of show evacuate the nonessential workers. saying it expects no impact on production. >> the drought continues to plague america's heartland. a majority of the state of

iowa is basing historic conditions. on the phone we have governor terry branstad. over nine weeks with below-average rainfall. are conditions getting worse? >> yes. the crop report has 2/3 as four or very poor due to the extreme heat. but we are way below normal with rain. it is too late for the cornyn everyday the soybeans are hurt. >> talk about the soybean crop on average it is 50 bushels now we're down a 20 bushels is that getting worse? now we see a record of pricing. >> both hit record highs

with the price but if we would get some time the rain it would help. we have had some rain. the prospect for the beans is not as bad as corn. but it is skating late. cheryl: what about cost to the state? what type of damage financially? >> >> today 90% of farmers have crop insurance. they will not have the profits as they would have with a decent yield but but there will be protected. and a manufacturing company yesterday that makes corn

planters say orders are up. despite the loss, farmers are optimist. and they are very resilient. we're optimistic about the future to 7a want to get your comment from the governor romney yesterday with the new energy plan he would give control back to the state's federally and for energy production. what do you think of that? >> i think it is good. we should utilize the energy we can produce domestically. unfortunately we are

dependent on foreign oil. of was disappointed when obama rejected the pipeline from canada. mitt romney would reverse that. opening resources domestically is good. look at north dakota. we don't have a lot of government land but in the western states a vast majority is controlled so i am sure governors would appreciate that type of flexibility. cheryl:. cheryl: from iowa we wish you and the farmers the best dennis: from drought to a hurricane we are at tampa outside of the republican convention next week. cheryl: looking inside the nestle's tollhouse cafe. the dow was soaring right

now. it is up 74 points. we will be right back.

>> i am dennis kneale. the market snaps the downward trend with the start of the day. the europeans interbank may contain costs as investors

optimistic right now. the dow was up 73. bristol-myers squibb will stop work on experimental hepatitis c drug after patient died in testing and eight others hospitalized. hearts and kidneys were the key factors. they're working closely with the fda to monitor patients involved in that study. this is the latest from fox business, giving you the power to prosper.

>> this city of tampa florida prepares for the worst as the republican and a national dimension it could be crash by a tropical storm isaac.

we have the latest. >> it is hard to say where it is headed. it shows heading into the gulf of mexico which is great news for the rnc hoping it does not have a direct hit. but there could be a number of issues including their bridge behind me if the wind tops 40 miles per hour. that happened a few months ago. the flooding affected the approach to this bridge and others. then it be tougher for people to get to the convention. the thought is there will be rain and whether but they hope it is not as bad. but they don't know until it

gets closer how bad it might be. the worst should be here monday. the first day of the convention. cheryl: my next guest took cookies into 100 franchises across the country now looking to expand into the middle east. so you are seeing growth and want to take this further? are you that optimistic? >> query optimistic. -- very of domestic. we have a lot of increase. this is our bread and butter standing globally retake it to the middle east and it has done extremely well. cheryl. cheryl: you had a good

summer with high temperatures. you we're doing well? >> back-to-school, health, peop le go to the mall and they offer them refreshments and beverage. cheryl: you are franchising this? for small business owners. would negative 50,000? >> when i did 50,000 liquidity looking development areas to expand. cheryl: how far and and do see that business expanding? you're concentrating in california as coast or where

is the growth? >> chicago, dallas, florida we have growth opportunities been in california and vancouver and toronto canada cheryl: it is also ice cream and drinks and coffee revenue does well on and coffee. what about you? >> extremely well. we introduced in the beginning and we evolves into specialty drinks are frozen beverages and it does well. cheryl: small business big idea. thank you very much. now it is time with stocks

on the new york stock exchange. >> only three are lower right now. verizon 2% gain. 1% for travelers. there are a lot represented. we're pratt -- pushing back to the highest. list of good day but a summer week for the s&p 500 and dow that was the sixth week winning streak. looking to end it down but perhaps the fed would be positive to the qe3 or the ecb may help out with the bond situation in italy. dennis: some boys when to be a cowboy. the two obama of backing

billionaires' funding the tea party in once to build his replica of of wild west town. 50 buildings, 20,000 square-foot mansion, and his own saloon. located near aspen added disclosed to outsiders. all the friends and family allowed. why competition against david letterman and jay leno could bring big money to abc first, winners and losers. matt. wouldn't it be nice if there was an easier, less-expensive option than using a traditional lawyer? well, legalzoom came up with a better way. we took the best of the old and combined it with modern technology. together you get quality services on your terms, with total customer support.

legalzoom documents have been accepted in all 50 states, and they're backed by a 100% satisfaction guarantee. so go to legalzoom.com today and see for yourself. it's law that just makes sense. take the privileged investing tools of wall street and make them simple, intuitive, and available to all. distill all that data. make information instinctual, visual. introducing trade architect, td ameritrade's empowering web-based trading platform. take control of your portfolio today. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account.

>> a vs. vince johnny carson in may night is the launching pad. but is the market about to get pounded? producing more than stand-up comedy specials each year now setting up shop online. bryan, abc moving jimmy kimmel live will he expand the market or steal viewers? >> hello. thank you for having me here. it is great. in that slot it is a phenomenal move abc. basically jimmy kimmel is a

hardworking canadian and post and with competition it makes it better for everybody. so they will have a hard working committee and so everybody will up their game. dennis: you are a thriving supplier news start to sell things on itunes day repurchase after tv? >> the way the world moves so quickly it will be viewed that is have everybody watches tv if we go to comedy central or itunes being in their bedroom it

will not make much of a difference. for those that get to work with the comedians, there will be a lot of changes. more options and better options. then it will be good for everybody. dennis: tell us about the knit can and special. >> he was a special personal project for myself. we've teamed up with nick we shot some tapes then sold it to showtime then comedy central now anybody to buy

it dvd store, itunes, amazon can watch it. in your bedroom or on a train. for everyone to. dennis: thank you. cheryl: the s&p close to touching the four year high sandra smith has the trade for the day. >> nobody has accused me of being an artist. i have the one return. earlier this mark green line at 1422. the highest lohan it climbed at the four year high. then we saw the sell-off through the week now testing 1400 is the psychological

number. now at 1410. but this time the s&p is much cheaper with a 13 p ratio. under 15 is cheap. i found those stocks. pitney bowes has seven p/e, .net is at nine. 18 harbach at 13h and r block. conocophillips is at seven. a big difference from four years ago. cheryl: very artistic. [laughter] fox business goes courtside why from opening day at the

u.s. open from pushing york. some of the biggest companies of sponsors like american express, panasonic, mercedes , xerox and many more. happening monday on fox business at 8:00 a.m. eastern. dennis: the was closes in on 16 trillion in debt to the issue pays o attention to it? cheryl: one guest thinks we should not worry. it is an interesting take. next.

questions. when you're caring for a loved one

with alzheimer's, not a day goes by that you don't have them. questions about treatment where to go for extra help, how to live better with the disease. so many questions, where do you start? alzheimers.gov. the answers start here.

in the dow was up 80. watching since 4:00 this morning but now the tiny s with of hope. cheryl: