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American Morning
Minding Your Business: Dow 10,000 Today?
Aired December 09, 2003 - 07:49 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: Will today be the day we see the Dow top 10,000?
With that, plus how retailers are feeling after that weekend snowstorm, Andy Serwer checks in, the first check of the business world today, "Minding Your Business."
What do you think? Is today the day?
ANDY SERWER, "FORTUNE" MAGAZINE: Well, no guarantees, Bill. The magic number is 34.73 -- that's how many points the Dow has to climb before we hit 10000. The last hit on May 24, 2002, largely symbolic, of course, still nice see.
Let's check out and see how we did yesterday, a bang-up job as far as the indexes went yesterday. You can see the Dow was up over 100 points, a triple-digit day, that's over 1 percent.
Hard to sort of read through the tea leaves and see what happened, just some optimism about the economy. We've got a fed meeting today at 2:15. People are going to be watching that closely to see how the Federal Reserve is reading the economy. They're not going to change interest rates, trust me on this.
Costco and Texas Instruments coming out after the close and this morning with some positive news that could make the market go -- move to the upside. So we may get it.
HEMMER: So, we'll watch the language from the fed.
SERWER: Yes.
HEMMER: Meanwhile, the snowstorm did what to retail sales?
SERWER: Well, you know, we were talking yesterday that it didn't really hurt so much. Now, today, we have a new reading that there was damage because of the heavy snow -- not a big surprise there. It says that sales were down about 3.3 percent last week -- not huge. That's hard to get out to the mall. That's tough.
HEMMER: Oh, yes.
SERWER: I mean, you're shoveling and you just give up. You just go back inside. You go back inside and you watch TV and you watch the Home Shopping Network. And here's the thing. OK, Saturday, December 6th, the Home Shopping Network had its biggest day ever by far. HEMMER: Really?
SERWER: Thirty million dollars of sales on that snowy, snowy day. The biggest day before that previously was $16 million the year before. So, you can see how big that is.
So, even though you had some problems with the snow, people were shopping online and home shopping, so it makes up for it.
HEMMER: We got it. Turn on the TV or fire up the laptop.
SERWER: Yes.
HEMMER: Thank you, Andy.
SERWER: All right.
HEMMER: Talk to you later.
SERWER: See you.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Aired December 9, 2003 - 07:49 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: Will today be the day we see the Dow top 10,000?
With that, plus how retailers are feeling after that weekend snowstorm, Andy Serwer checks in, the first check of the business world today, "Minding Your Business."
What do you think? Is today the day?
ANDY SERWER, "FORTUNE" MAGAZINE: Well, no guarantees, Bill. The magic number is 34.73 -- that's how many points the Dow has to climb before we hit 10000. The last hit on May 24, 2002, largely symbolic, of course, still nice see.
Let's check out and see how we did yesterday, a bang-up job as far as the indexes went yesterday. You can see the Dow was up over 100 points, a triple-digit day, that's over 1 percent.
Hard to sort of read through the tea leaves and see what happened, just some optimism about the economy. We've got a fed meeting today at 2:15. People are going to be watching that closely to see how the Federal Reserve is reading the economy. They're not going to change interest rates, trust me on this.
Costco and Texas Instruments coming out after the close and this morning with some positive news that could make the market go -- move to the upside. So we may get it.
HEMMER: So, we'll watch the language from the fed.
SERWER: Yes.
HEMMER: Meanwhile, the snowstorm did what to retail sales?
SERWER: Well, you know, we were talking yesterday that it didn't really hurt so much. Now, today, we have a new reading that there was damage because of the heavy snow -- not a big surprise there. It says that sales were down about 3.3 percent last week -- not huge. That's hard to get out to the mall. That's tough.
HEMMER: Oh, yes.
SERWER: I mean, you're shoveling and you just give up. You just go back inside. You go back inside and you watch TV and you watch the Home Shopping Network. And here's the thing. OK, Saturday, December 6th, the Home Shopping Network had its biggest day ever by far. HEMMER: Really?
SERWER: Thirty million dollars of sales on that snowy, snowy day. The biggest day before that previously was $16 million the year before. So, you can see how big that is.
So, even though you had some problems with the snow, people were shopping online and home shopping, so it makes up for it.
HEMMER: We got it. Turn on the TV or fire up the laptop.
SERWER: Yes.
HEMMER: Thank you, Andy.
SERWER: All right.
HEMMER: Talk to you later.
SERWER: See you.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
