That bell marks the end of regulation.

Argan ringing the closing bell at the New York Stock Exchange.

Continium Therapeutics doing the honors at the NASDAQ and a massive rebound rally losing steam midday,

really falling off in the last hour with major averages giving up a 4% rally, closing in the red.

The S&P 500 looks like it closed below 5,000, trading in about a 6%

range throughout the day. That is the score caught on Wall Street, but winters stay late. Welcome

to closing about overtime. I am John Ford. Morgan Brennan is on assignment. Coming up this hour,

former Council of Economic Advisors President Jason Furman on the impact of tariffs and why he says

even a best case outcome some are hoping for isn't that great. Plus Apple closing sharply lower

again slammed by China tariff fears. Noted analyst Craig Moffitt, downgraded the stock to sell

on January 7th, but is now the time to buy after this latest plunge.

Moffitt's going to join me to discuss, but let's get straight to today's wild market action.

Joining me now is Stephanie Link, Hightower chief investment strategist and CNBC contributor,

and Paul Hickey, Bespoke Investment Group co-founder, along with CNBC's own Aymond Javers,

with the latest on what the White House is saying about these tariffs.

Guys, good afternoon.

Stephanie is a 100% plus tariff for China priced into the market at today's close.

I think we're getting close, but it's still just so many unknowns, to be honest with you, John. And I think that the expectations are, though, getting lower and

lower every day. And what I'm trying to do is think a little bit longer term and trying to find

some really good quality companies that

have had huge declines. The market is down 20% from its highs, but there are stocks out there,

number one, number two companies in their respective industries that are down 25, 35, 40%.

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