people so full of life and so full of kindness. people who ran the race. who persevered. people of great faith. families of the fallen, the nation shares in your grief. our pain cuts that much deeper because it happened in a church. the church is and always has been the center of african-american life. [applause] own in a tooll our often hostile world, sanctuary from so many hardships. over the course of centuries,

black churches served as hush harbors were slaves could worsh ip in safety, praise houses where their free descendents could gather and shout hallelujah, rest stops for the weary along the railroad, bonkers for the foot soldiers -- soldiers ofthe foot the civil rights movement. they had been and continue to be community centers where we organize for jobs and justice, places of scholarship and networking, places where children are loved and fed and kept out of harm's way and told that they are beautiful and smart and taught that they matter. church.what happens in [applause]

that is what the black church means, our beating heart. the place where our dignity as a people is inviolate. there is no better example of this tradition than mother , a church built i -- by blacks seeking liberty, burned to the ground because it's founders sought to end slavery, only to rise up again, a phoenix from these ashes. there were laws banning all black church gatherings. services happened here anyway in defiance of unjust laws. when there was a righteous ,ovement to dismantle jim crow

dr. martin luther king jr. preached from its pulpit and marches began from its steps. church. place, this acks, not justl for christians, but for every american who cares about the steady expansion of human rights and human dignity in this country, a foundation stone for liberty and justice for all. that is what the church meant.

we do not know whether the killer of reverend pinckney and eight others knew all of this surely fencede the meaning of his violent act. it was an act the true on a long astory of -- that drew on long history of bombs and arson and shots fired at churches, not random, but as a means of control. and oppress.orize an act that he imagined would recrimination, violence and suspicion, and act

that he presumed would deepen divisions that traced back to our nation's original sin. god works in mysterious ways. [applause] god has different ideas. he did not know he was being used by god. blinded by hatred, the alleged killer could not see the grace surrounding reverend pinckney and that bible study group. as light of love that shone

they opened the church doors and invited a stranger to join in their prayer circle. the alleged killer could never have anticipated the way the families of the fallen would respond when they saw him in court in the midst of unspeakable grief with words of forgiveness. he couldn't imagine that. [applause] the alleged killer cannot imagine how the city of charleston under the good and ,ise leadership of the mayor how the state of south carolina, how the united states of america would respond, not merely with revulsion at his evil act, but with bighearted generosity and more importantly, with a

thoughtful introspection and self-examination that we so rarely see in public life. blinded by hatred, he failed to comprehend what reverend pinckney so well understood. the power of god's grace. [applause] for a week i have been reflecting on this idea of grace. the grace for the families who lost loved ones, the grace of reverend pinckney would speak

about in his sermons, the grace described in one of my favorite hymnals, the one we all know, "amazing grace." how sweet the sound. that saved a wretch like me. i once was lost. but now i'm found. blind, but now i'm free. ♪ according to the christian earned.n, grace is not merited.not

deserve. something we is the free and benevolent favor of god. as manifested in the salvation d the bestowal of blessings. as a nation out of this terrible tragedy. god has visited grace upon us. us to see where we have been blind. he has given us the chance where we have been lost to find our best selves.

we may not have earned it, this grace, with our rancor and complacency and shortsightedness and fear of each other, but we got it all the same. he gave it to us anyway. he has once more given us grace. but it is up to us now to make the most of it, to receive it with gratitude and to prove ourselves worthy of this gift. long we were blind to the pain of the confederate flag stirred into many of our citizens. [applause] it is true a flag did not cause these murders, but as people from all walks of life,

republicans and democrats now acknowledge, including governor haley, whose recent eloquence on the subject is worthy of praise -- [applause] -- as we all have to ignore knowledge, the flag is always represented more than just ancestral pride. for many, that flag was a reminder of systemic oppression. and racial subjugation.

we see that now. removing the flag from the state capital would not be an act of political correctness. it would not be an insult to the valor of confederate soldiers. it would simply be annexed knowledge meant -- an acknowledgement for the cause for which they fought, the cause of slavery, was wrong. [applause] afterposition of jim crow the civil war, the resistance to civil rights for all people was

wrong. they would be one step in an honest accounting of america's history, a modest but meaningful balm for so many unhealed wounds. it would be an expression of the amazing changes that have transformed this state and this for the better because of the work of so many people of goodwill, people of all races striving to form a more perfect union. by taking down that flag, we express god's grace. [applause] wants us tok god

stop there. for too long we have been blind to the way past injustices continue to shake the present. perhaps we see that now. perhaps this tragedy causes us to ask some tough questions about how we can permit so many of our children to languish in , or attend dilapidated schools or grow up without prospects for a job or career. perhaps it causes us to examine what we are doing to cause some of our children to hate. perhaps it softens hearts towards those lost young man,

tens and tens of thousands caught up in the criminal justice system, and lead us to make sure that system is not affected with bias, that we embrace changes in how we train and equip our police so that the bonds of trust between law enforcement and the communities they serve make us all safer and .ore secure maybe we now realize the way racial bias can affect us even when we don't realize it. so that we are guarding against not just racial slurs, but also guarding against the subtle impulse to call johnny back for a job interview but not jamal. [applause]

so that we search our hearts when we consider laws to make it harder for some of our fellow citizens to vote. by recognizing our common humanity, by treating every child is important, regardless of the color of their skin or the station into which they were born, and to do what is necessary to make opportunity real for every american. by doing that we express god's grace. [applause]

long we have been blind that gunique mayhem violence inflicts upon this nation. sporadically our eyes are opened . when eight of our brothers and sisters are cut down in a church theater, 12 in a movie 26 in an elementary school. but i hope we also see that 30 precious lives cut short by gun violence in this country every single day. the countless more whose lives

are forever changed, the crippled, the children traumatized and fearful every day as they walked to school. the husband who will never feel his wife's warm touch. the entire communities whose grief overflows every time they have to watch what happens to place.ppen to some other americans,jority of and the majority of gun owners, want to do something about this. we see that now. i'm convinced that by acknowledging the pain and loss of others, even as we respect the traditions and ways of life that make up this beloved country, by making the moral choice to change, we express god's grace.

[applause] we don't earn grace. we're all sinners. it.on't deserve but god gives it to us anyway. and we choose how to receive it. it is our decision how to honor it. none of us can or should expect a transformation in race relations overnight. every time something like this happens, somebody says we have to have a conversation about race. we talk a lot about race. shortcut.o we don't need more talk.

[applause] none of us should believe that a handful of gun safety measures will prevent every tragedy. it will not. people of goodwill will continue the debate, the merits of various policies, as our democracy requires. there is a big raucous place is, and there are good people on both sides of those debates. whatever solution we find will necessarily be incomplete. it would be a betrayal of everything reverend pinckney , if weor, i believe allowed ourselves to slip into a comfortable silence again. [applause]

once the eulogies have been delivered, once the tv cameras move on, to go back to business , that is what we so often do. to avoid uncomfortable truths that still affect our society. to settle for symbolic justice without following up with the hard work of more lasting change. that's how we lose our way again. root -- reputation of the forgiveness expressed by those families if we merely slipped in old habits whereby those who disagree with us are not merely wrong but bad, where we shout instead of listening,

where we barricade ourselves behind preconceived notions or well practiced cynicism. reverend pinckney once said, across the south we have a deep appreciation of history. we have not always had a deep appreciation of each other's history. [applause] what is true in the south is true for america. clem understood that justice grows out of recognition. recognition of ourselves and each other, that my liberty depends on you being free too. that history can't be a sword to justify injustice, or a shield

against progress. it must be a manual for how to avoid repeating the mistakes of the past, how to break the cycle , a roadway towards a better world. of gracehat the path involves an open mind. the more importantly, an open heart. -- but more importantly, an open heart. that more than any particular policy or analysis is what is called upon right now, i think. a friend of mine, the writer marilyn robinson, calls the reservoir of goodness beyond and that we areer kind

able to do each other in the reservoirause, that of goodness. if we can find that grace, anything is possible. if we can tap that grace, everything can change. amazing grace. grace. amazing grace the sound

that saved a wretch mee once was lost but now i'm found was blind now i see ♪ found thatnckney grace.

cynthia hurd found that grace. susie jackson found that grace. ethel lance found that grace. depayne middleton-doctor found that grace. tywanza sanders found that grace. daniel simmons found that grace. sharonda singleton found that grace. grace.ompson found that through the example of their love, they have now passed it onto to us. may we find ourselves worthy of that precious and extorted a gift asextraordinary long as our lives and your. may grace now leave them home. may god continue to shed his grace on the united states of america.

♪ reporter: that was president barack obama delivering a rather extraordinary eulogy and speech in honor of all the fallen in charleston, but in particular of clementa pinckney, the senior pastor at emmanuel ema church. president obama they're playing partly preacher, partly collocation, ranging from personal references of pastor pinckney to explicitly political discussions around gun control, spending a lot of this speech, this eulogy talking in a very forthright way about race in the country's racial history, giving a speech that we have not heard much from him outside of the campaign trail. moreonal, powerful,

forthrightly addressing questions of race than i would say in any speech he has given since his more famous race speech in 2008 during the presidential campaign, "a more perfect union" for march of 2008. i want to bring in phil mattingly from washington, d.c. you have covered this president for quite some time. curious as to what struck you about the president's eulogy. if six and aas half years in the white house were all building up to this speech when he came to the issue of race. i think you have seen in the second term a president who is more willing to address this issue, starting with trayvon martin when he came out to the press room and was willing to give off-the-cuff remarks for 35 minutes, things he was not willing to touch in his first term. it has progressed over the years. the speech in selma was extraordinarily powerful. that all led to this and his ability to weave the personal

stories, a blunt discussion on race, but also willingness to address policy issues that political leaders generally do not want to touch. he did it in subtle but very effective ways. we are talking about voting rights, job discrimination, the confederate flag, gun violence, the criminal justice system weaved into a very short section of that lengthy speech. it was powerful. there's no doubt about it, john. john: you do not get to hear a president sing very often. president obama leading some at0 people at the td arena the college of charleston, which is where this event took lays, leading 5000 at the end of this in singing "amazing grace," the spiritual he invoked earlier in the speech in discussing the concept of grace, and a very powerful section of the speech where he talked about what the shooter's motives were in the extent to which the shooter was blinded by hatred, was hoping to incite division, violence,

further violence after the violence he inflicted on those parishioners, and yet the response utterly the contrary to what he was hoping to achieve. the contrary to what he was hoping to achieve. grace of theut the congregants, the grace of the families of the victim in addressing the alleged shooter in his arraignment last week. he talked about the grace of pastor pinckney. again, president obama has been d talking unrestraine about race in this term than in his first term, but i have not spiritualpeak in such tones -- granted this was a eulogy, not a purely political veryh, but he seemed comfortable talking about the church, is favorite hymnal, not the things he has typically trafficked and very much over the course of his presidency.

he felt right at home with those rhetorical tropes. he is able to acclimate to his surroundings. what you have seen over the last couple of years, he has given remarks at the graduation of a lakh university in the south carol -- in south carolina. it is the same kind of tone. he can shift into the moment. shift into his surroundings. that is positive for a politician. ,hen you speak to his aides this is something that comes from him. this is not a for side. something that is comfortable for him. -- this is not a facade. these are not remarks he is making because they sound good or make a good sound bite. i think these are remarks he genuinely believes. we just have not seen it a lot

over the last couple of years. let me ask you a question as a washingtonian, as someone who covers the doings of the obama, it bigdent defeat after sandy hook where he and joe biden pressed to get some relatively modest new gun control legislation passed. he failed at that. he raised that again in this speech and said, we cannot just accept this is how america is now. we need to do something. do you anticipate an actual new legislative push on the part of the white house or democrats or do you feel, although the president spoke powerfully about it, there is no appetite for that on the part of this white house, to go back and face that battle in the stars of the previous battle again? i think the president's remarks in the immediate aftermath in the press room about 18 hours after the shooting in charleston, where he criticized the u.s. for not

taking control of it or doing something about it, and he said, i say all of this understanding the politics of the moment just do not allow this to happen. that is more the reality than what you have seen in the last week or two. he has been trying to walk back his own statement, saying the white house is not giving up, the politics do not matter, they will still make a big push. but this is not something the white house has enough capital to make a move on on capitol hill. with republican majorities in the house and the senate. while the democrats they they will try to push amendment related to background checks, something akin to the manchin -toomey bill, but there is not a legislative path forward no matter how powerfully the president speaks. john: no doubt about it there are daunting obstacles, but this event has proven to be more galvanizing and transformative on a number of fronts, including

the confederate flag. i cannot help it share your skepticism at the same time, but no one knows where we are and what the power of one event can be. phil mattingly, thank you. we will have more about president obama's eulogy tonight on "with all due respect. butts willd calvin join us in the studio. and we will be joined by david boies. scarlet, back to you. john heilemann and phil mattingly recapping president obama's remarks at a moving ceremony for reveling commented pinckney. we have more of the bloomberg market day coming up with alex deal. -- alix steel.

♪

welcome back to the bloomberg market day. i am alix steel. 15 minutes before the closing bell -- we're looking at docs. the dow is one of the only indices that is a. the nasdaq really weighed down micron in particular of by 28 points. that due to uncertainty, of course about greece. it all happens over the weekend with that saturday deadline. give the happiness to nike and julie hyman is joining me for more. overall and makes today, but you really have to say thank you,

nike, for saving the doubt. julie: exactly, those are the push and pull. let's look again at the major averages to illustrate what alix is talking about. w has been the outperform her. the nasdaq has been the indices.ormer in the byron being affected weakening demand for personal computers. also, the russell 3000 today -- a broad measure of stocks. the russellking at index? today is the russell rebalancing. it does in annual sort of rebalancing of the indices. some stocks go in, some stocks go out. a lot of investors and funds

benchmarked against the russell's indices. makeit makes changes, they changes. usually it happens in the weeks leading up to it. nevertheless you see some volatility and higher volume on the days you get this rebalancing. the index is little changed. chart.y interesting it does not really have to do with the news of the day, but ,ave wilson from bloomberg news and his chart of the day spending onthis is buybacks as a percentage of operating income. bar is see this black 100 -- is above 100. in other words, s&p companies are spending more on buybacks and dividends than they earn an operating profit, which is remarkable. it is reflective of a trend we have seen for the last several years where companies have been so encouraged by activists,

shareholders to return cash to shareholders. i want to look at the 10-year note. we are seeing the highest yield in about two weeks. as of late andta has not been looking better. it has been trending a little bit better. you are seeing rates move higher. as rates move higher, and interesting note from the bank of america merrill lynch looking at fund flows and which assets might be most at risk. we have a chart looking at that from bank of america-merrill lynch, i believe, looking at this dispersion. stick with me here for a second. the bottom, it slows as a percentage of assets since 2009. we have seen the funds further to the night have seen high flows. emerging market debt, investment-grade debt.

the higher up. not seen as much of an unwind. in other words emerging market debt has seen a lot of inflow, but a lot of money has pulled out. according to bank of america -merrill lynch, something like investment-grade debt and mlp's are at risk because we have not seen that pullback. we have not seen that unwind. we have not seen as much inflow the last several years on the part of retail investors that you have seen in may be some of these other vehicles. just another way to look at something we have been talking a lot about recently, which is what happens when rates start going up a little more dramatically? what suffers, what benefits, etc.? alix: what is priced in or not. in the note they mention gold that has already started unwinding. thank you very much, julie hyman. now to look at this hour. it did not take long, but the

folks at ben & jerry's quickly moved to celebrate the supreme court decision legalizing gay marriage. chocolate chip dough, ie cream "i dough." those gals look pretty happy on the cover. will bee of mouse .anning selfie sticks they will also be banned a disney parks in paris in hong kong and yes, disney will be checking bags. and heads up, and harry potter nerds. author jk rowling says a new play will open at london's palace theater about a year from now. it will include an untold part

story.y's i am really excited about this. i will have to fly to london to see it. i did everything harry potter. into ais heading decisive round of talks with finance ministers while the greek people have been protesting austerity measures. the country has little wiggle room to extract concessions from creditors for a last-ditch package to free up a. -- aid. joining me from athens, bloomberg news's tom mackenzie. thank you for joining us at this late hour for you. what is it like on the ground? singler: almost every evening, there have been rallies outside the greek parliament. today we had a good number of organized south, very group. probably 5000, 10,000, depending

which number you look at. these are members of the very left wing part of the communist party who want out of the european union, out of the eurozone, out of the euro. they are obviously not the most influential party in greece, but they do have some clout. and they are making their voices heard. the sentiment in athens is a mixture of resignation among people that something will come forward, but they will have to take more austerity with that. most people wanting to stay in the euro, but really fed up. here, households with what has gone on. and the believe that many people outside greece do not understand how hard life here has been for the last five years. not much hope for the days ahead for the regular greek people. they just want a resolution. it's interesting that you

point out there are some he people in the square. a greek tv paul said that 70% of people want to stay in the euro at any cost, despite austerity. that's right. it is a strange dichotomy people here are stuck with. reason they got elected in february and they thought there was a chance that austerity could be pared back and greece could day in the euro. that is looking very, very difficult. it is looking like alexis tsipras, people are saying it is a 50/50 chance they will take some kind of deal and that will involve austerity measures. businesses have seen revenues fall by 60%. people have seen taxes increase, pensions got. this is a real effect on people here. they are desperate or some kind of hopeful ending to this. a difference make to someone that making a lot of money. what is on the docket this

weekend for athens? what can we expect from protesters? -- alexisthe leaders tsipras does not have much wiggle room as he goes to brussels. the creditors put which does not include this red line for him, restructuring. so, talks tomorrow might go into the night, possibly into sunday. and then we have the june 30 imf payment and looming over this, the banks open on monday. no panic on the streets. people are going about their normal, daily lives. money has come out, but it is certainly no bank run. more protests likely in the days ahead. a sense that if greece is forced to take some deal, will there have to be a referendum or snap elections to deal with that?

tom: a referendum would probably take weeks to set up the infrastructure. probably four or five weeks. most people think that is unlikely. -- if alexis tsipras is forced to do a deal with the opposition party to get this deal, he would obviously lose massive support from his own party and that would probably ceiling into his government. he is very reluctant to do that for obvious reasons. there are questions about the legitimacy and the stability of the greek government here and how any deal is put to the greek people if it comes to that. alix: sure, and how quickly the money is released. perspective, that bloomberg news's tom mackenzie live from athens. still ahead, as we head into the closing bell, which tell you why this next few minutes could be crucial. do not miss it. ♪

the close, head into these next few minutes could be crucial ones. there was a new note from the mostrgence fund -- it will certainly be the busiest trading day of the year and half of the trading volume could come in the last five minutes of the session. more on that later. we will talk about how the rebalancing will be affecting indices. now we want to get to julie hyman who is looking at breaking headlines concerning france. julie: that is right, regarding that attack on the plant in france today, that terrorist attack, the owner of the plant, the ceo making comments in the last few moments, in a statement

saying security has been sitessed at the company's worldwide. it is unclear the extent of the damage but other sites are operating normally and it looks like plans are in place to still serve the affected location's customers. horrified way the attack on our facility in france. deepest sympathy to the families of the victim of this unspeakable act." he also shares appreciation for french authorities who reacted, he says, "so quickly to our need." thank you so much, julie, for that update. it has been a wild day for shares of an animal health care company. shares were up, then plunged, and then after a report said

valeant is not interested in buying the company -- drew armstrong explained the background leading to this in healthurge insurance deals. you know well, we have been in this time of drug companies buying each other. sudden, in the last two weeks, we see every single one of the big five looking at, it seems like buying everything outs. we probably will go from the big five down to a big three. we have had this thing with humana floating out there. we think that cigna is probably in play. here we go. you have united. they are the big one. drew: yes. pimm: they remain big no matter what. what about cigna? aboutthere is something

aetna and humana. maybe cigna looks for someone else, do they look at aetna, do they talk to humana about combining in a merger of equals? everybody is in play. pimm: everyone is in play. this is gotta be good news for the investment banking industry. that means a lot of fees. drew: a lot of folks are probably going to make a lot of money on these deals. pimm: are there characteristics that tell you one is going to be a takeover candidate? drew: we look at these huge companies. they are really regional businesses. time they may only be in a dozen or two dozen states. you're not necessarily buying for synergy as much as to be in different markets. pimm: you want to get bigger, you want to scale. through: and with the obamacare subsidies protected by the court yesterday, these companies will .ontinue

you want to be out where these companies are shopping and capture those customers. who is best positioned for medicare payments? let's start there. humana is very popular for that reason. it is a fast-growing program. more americans turning 65. -- medicare advantage is the private sector version. a lot of growth there. it is a big demographic trend helping the industry. pimm: if these deals do indeed get someh, if they sort of anti-monopoly consideration? the things we have been hearing is the first deal probably will be easy. the second deal may not he's so easy, so it is a rush to be first. you do not want the ftc breathing down your neck after the first deal and saying, oh, man, now we have four of these. do we want to go to three? you want to get it done and get it done fast. armstrong was drew

speaking with pimm fox, not betty liu. it could be crucial moments for traders. it could be the busiest trading day of the year. why? russell rebalancing. it only happens once a year. he gets a little crazy. julie, what is index rebalancing for the russell? the stocks gety, moved around in different indexes. if you are in the 2000 now but moved up a lot, it probably will move into the russell 1000. creates a muchit volatility? we do that with the s&p. this only happens once a year. the s&p can do this whenever they want. and you have to buy the shares or sell the shares of the russell 2000 stop and buy a different stock that is moving

into 2000 instead, so there is a lot of trading going on in the last five minutes of the day. what are the qualifications for moving the companies and in and out? julie: there are little indications like the flow, the volume, but essentially you have index00, the large-cap and the 2000 and the small-cap index. alix: we are seeing a little volatility. yes, the s&p is flat. thank you, julie. i appreciate it. up on the bloomberg market day, we have the close. we are looking at a dow of 55 points. thank you, nike for helping the doubt. we will be right back. ♪

moments away from the closing bell. this is the bloomberg market day. i am alix steel.

[bell ringing] you are looking at a mixed market on this friday. the dow jones industrial average s&ping up 64 points, the relatively flat, the s&p the loser, off .5%. nike, 4% of the dow jones industrial average. 13%.t the future orders up boom, doubt, outperform. joe: you saw the flipside, the big loser was tech. russell 2000. this could happen -- joe: it's fun. alix: it is fun.