A CNBC reporter since 1990, Bob Pisani has reported on Wall Street and the stock market from the floor of the New York Stock Exchange for more than a decade. Pisani covered the real estate market for CNBC from 1990-1995, then moved on to cover corporate management issues before moving to the New York Stock Exchange in 1997.
He was nominated twice for a "CableACE Award"—in 1993 and 1995.
Prior to joining CNBC, Pisani co-authored "Investing in Land: How to Be a Successful Developer." He and his father taught a course in real estate development at the Wharton School of Business at the University of Pennsylvania from 1987-1992. Pisani learned the real estate business from his father, Ralph Pisani, a retired real estate developer.
Follow Bob Pisani on Twitter @BobPisani.
Risk aversion is definitely back today. You can see it in the dollar/yen, where the yen has really strengthened today. The AIG news (down 8 percent) told us that a lot of the bad news is still not priced in. Big momentum stocks like Visa, Mastercard, Nucor, US Steel, Anadarko, Apache, Bidu, Apple, and Google all saw profit-taking today. But here's the big problem: oil closing up five straight days, closing at a new high.
The AIG damage is limited, and that is good news: other P&C insurers are not showing any serious declines; financials in modest rally; the VIX is already dropping. The biggest factor: the Citi conference call, with Pandit and CFO Crittenden, appears to have gone well. Here are a few headlines...
Asian and European markets, as well as U.S. futures, weaker on the AIG news. Dollar stronger. For the moment, the risk aversion trade (long bonds, short financials) is back on. Oil at new high not helping. Also: Circuit City is allowing Blockbuster and Carl Icahn to conduct due diligence.
As expected, the ECB and the Bank of England left interest rates unchanged; the ECB at 4.0 percent. Futures dipped a bit at 8:50 am ET as Mr. Trichet began talking, giving his usual speech on the importance of combating inflation.
At the lows for the day. We have some problems: 1) The dollar is up, but oil will not go down; 2) President Bush was throwing rhetoric around, claiming the housing bill is a bailout of speculators, and hinting he might veto it (homebuilding stocks, along with the market, promptly dropped);
S&P 500 ends at a historic high as stocks stage slow, steady climb higher.
I'm increasingly warming to the idea of a synchronized but low-key global recovery in 2014.
Stocks market stages unexpected reaction after November Jobs Report comes in stronger than expected.
The nonfarm data 'thread the needle' perfectly: strong, yet not too strong.
Investors won't be bothered by a Fed taper even if it starts this month, JPM's chief U.S. equity strategist tells CNBC.
Traders expect to see a fairly merry market clear on through December now that the November jobs report is out of the way.
The stock of a beauty retailer Ulta shed more than 20 percent on Friday.