Bob Powell, MarketWatch, on Retirement Planning

Welcome back into the financial exchange this is chuck is not a filling in all week. For -- Armstrong and looking at the market right now June it looks like we've had a little bit of movement. Not in the right direction and the last couple minutes what's going on in the market. Right down CN a lot or read across the board shock it of the doubt my goodness. It's now 52 points OK the S and -- now for NASDAQ down five points tenured US treasuries down slightly. The one point 623 inning you've got gold on eleven dollars standing at 1593 what the heck is gone on ethnic please let us now. Well it looks like again you know this is all happened. Pretty quickly and in particular is looking at those two numbers ISM index that came out at 10 o'clock as well as construction spending. Both of those do -- of come out and been a little disappointing so -- that's really what we've seen over the last couple minutes. But help us make a little sense over what's been going on over the last couple days and also we have. Coming up in the next week or so we're gonna bring in Steve Russell -- from the Wall Street Journal and Steve how are you doing today. I'm doing well thanks so much for having me. Already so let's let's try to start from the beginning years so looking back on on Friday. A big day we had the Dow up over 275. Points what was the big reason behind all of that surge. -- you know it really stemmed from what happened in over in Europe they have a big European. The European Union summit basically a meeting -- Many of the big European leaders and so. They came to actually they came to us observers solution that actually seemed to please investors looked like. They're going to be taking steps to words -- let's examine their banks providing. These these going to be providing loans. And so it's seems that it's been that great now they are moving in the right direction because there are very hazy and sketchy at the moment but. They outlined a plan. For some sort of physical unity that with the hopes that something could actually come together. By the end of the end of the year and into next year and so. In the outlined planned. -- you know -- it -- -- some -- some investors off guard you know we've seen these meetings time and again throughout the years. And has been a lot of rhetoric and a lot of talk and not much action that was seen Blake on Friday. There's actually just a little bit more are substantial. Some special people that came from it. More than that and that typically is and so that in and of itself was enough to -- huge rally on the. And so. So so. That was the bright spot that and the second quarter now fast forward to today and backed O'Donnell. Little bit again not a huge move although it'll stocks were hovering around the flat line before the manufacturing report that you mentioned. We got this report came out and it's kinda spooked some people because -- headline figure. Came minutes 49 point seven so what that means is especially. The way people view this manufacturing report is that if he. The level that these kind of line in the sand between an expanding manufacturing. Sector and and a contracting manufacturing sector and so. To get a number like 49 point seven. That just shows that manufacturing is now it -- without slowing down in the country. -- -- There's clearly not a good sign though. It seemed to be smoking some people don't haven't really. -- that we haven't really checked out all the details of this report get sometimes. About that it -- detailed look a little better a little worse than the headline number but for now things like this headline numbers is that we took some books and so. That he could go down but from the three point. Using some of the big. Player of the manufacturing sectors such as DuPont which is GE caterpillar leaning on the way down for the now so. Again that it's still. You know conservative for the private and it's been nearly as much as the gains at least on Friday. But again no EU want a piece of follow -- if there's such a big day and so that these the market give back -- not the facilities such a good side. And it in particular Steve when we look at the manufacturing sector that's been one of the few bright spots in the US economy over the last couple of years so. Does it does it say anything about the economy that some that a sector that's really been driving -- what limited recovery we've had is now struggling. Yeah yeah I mean that is absolutely and -- point because a lot of people have worried about you know. The actual future trajectory of the US economic recovery in manufacturing has been one of the few bright spots than. Over the last few months he CNET activities and has had -- -- that excellence -- that this could be predictor of what's to come for the economy. I think even with this number is still too early to predict whether. The US is gonna go into another recession or not I don't know that that's a syndicate and certainly accurate those put those fears the -- -- being talked about rate now. I get -- again a few months and -- you -- for a split their bet that it would that nobody that that you're right that -- kind of been one of those areas of the economy that has done. Better than expected now to see it kind of the you pull back a little bit not that. They're really great sign and it comes ahead of you know another key monthly jobs report. That Friday when you know labored. The labor market has certainly struggled of late sort of the year and it. I don't want to -- were booming but we're getting 200000 plus jobs growth on a monthly basis for the first two months of the year and people were expecting those kind of numbers to continue. And that's certainly has not happened and we've had them three straight months of lackluster numbers. And so that that the trend is definitely there and expectations are low. For what's to come on Friday. And that certainly doesn't brighten anyone's Britain anyone's -- heading into Friday. Definitely not let's let's take a quick detour back to Europe for a second because you know obviously we have the big day on Friday but. For some reason I didn't find myself jumping up and down over what was going on in Europe. Just because I feel like we've seen this story before you know I feel like you know we always gets the port where. Something happens and -- and we say okay great everything solved now we've taken care of it and then. 234 weeks later we're sitting there going well that's summit didn't actually do everything that it was supposed to use or right back in the same situation and I know that. Looking at a report that we've seen. We've we've -- option traders are are pretty bearish on the eurozone through two when he thirteen so. Is this really a true resolution there's still a lot of fear out there in terms of what can happen. Over across the pond if you will. Oh actually this -- -- -- fear about what can happen over in Europe and and and one day's move doesn't doesn't necessarily signal it never signals that. Anything totally solved. I think it's a great place just weeks thing in the options market but still people have been -- continue to be. Bearish on Europe for quite some time don't know that we're seeing that changed I have to keep in mind too that you know these are the summer months than. Anyone they move. You know hey if he typically or it could come on -- like sign and so. You know Leo have to consider that especially this week with the fourth of July covered in the middle of the week is that any sort of moved at least the it could be exacerbated by the fact that there's just blow to a -- -- about -- so. You know you're right when you say you know. Not to get solved there's still. Few -- out there and then there's been twenty some odd summit the last three years. That have produced you don't get different results one way or the other but you know -- seems like it's any knee jerk reaction tends to get picked apart. In the markets and you're right you know -- -- Yes the one they've moved it -- expects its markets -- will be higher from here 234 weeks. Out that that would signal that are ideal people are actually turning it a little bit more optimistic about what was actually done at this summit but it it's not. You know the -- those that you know nothing. Really substantial actually. -- and hopefully that's not the case but. Again will kinda have to wait and see exactly what goes on over near Steve thank you again for coming all this give a great fourth of July coming up in the middle of the week are. Short great thanks -- -- are able that was Steve Russell coming for -- Bloomberg rather from the Wall Street Journal.