union and greece hang in the balance. they take a vote on alexis tsipras's proposal. is surprising concern to anyone has his own cyber security. matt: surprising downsizing is taking place in greenwich where mansion owners are downsizing to condos, but they are still mansion size condos. good afternoon, i matt miller here was scarlet fu. janet yellen finished speaking not so long ago. we take a look at how equities are performing, it's been a bit of a relief rally all day long. europe kept its biggest two-day gain since 2011.

chinese stocks extended their gains as well. the shanghai up 11% in two days. we are seeing a risk on markets. treasury booms are lower, the europe gaining because optimism ahead of the greek parliament voting on the proposal by alexis tsipras, the same as what he rejected from creditors. matt: even more austerity in the proposal he put forth to the parliaments, and it was roundly rejected just for five days ago. it will be interesting to see. scarlet: now the referendum behind him. of greece voted note austerity. he's now going to put austerity in front of parliament asked them to vote on it. he's going to ask parliament to vote contrary to what the people of the country voted. scarlet: although he has a mandate. that's his interpretation. matt: he can do exactly what they don't want to do. some of the other top stories.

scarlet: janet yellen says she is still expecting to raise interest rates this year. speaking earlier at an event in cleveland that was seen live on bloomberg, she repeated that the subsequent pace of increases will be gradual. indicatorsn: other generally corroborate the view that while the labor market is improved, it still has not fully recovered. for example, the rate at which employees quit their jobs for other opportunities has tended to go up in the strong economy. since more workers voluntarily leave their jobs when they have greater confidence to back their ability to find new ones, and when firms are competing more actively for new hires. yellen is moving the fed cautiously towards its first interest increase in decades as she faces conflicting pressures at home and abroad. matt: the greek prime minister

has a new challenge of this hour. he is to sell his plan to parliament. his economic reforms were praised by france and judged as inadequate by little of the waning. the greek parliament is debating the package is spending cuts and tax hikes today. germany is holding off. as for the u.s., secretary jack lew is cautiously optimistic. >> it would be in everyone's interest to get this resolved. that's why think there's a reason for some help. i can't sit here with my usual buoyant optimism and say this is going to get worked out. it's going to be a long slog through the next few days. the final word were come from eurozone leaders, holding a summit on sunday, complete with a ton of emergency meetings. scarlet: history is made this morning in south carolina. [applause] [cheers] those cheers tell the

story. the confederate flag was removed from south carolina's state capital in charleston earlier today. the state legislature voted to take the rebel flag down after black church members were murdered. the flag will now go to a museum. he shouldor says never have been allowed to buy the gun he used in a crime it. he obtained because of paperwork delays. fbi examiner conducting a background check for the hang handgun purchase didn't have all the documents before the transaction went through. matt: talks on iran's nuclear program are going into overtime yet again. diplomats meeting in vienna missed another deadline today, this was their last chance to come up with an agreement that would qualify for a 30 day review in congress. any deal would be subject to two months of scrutiny in washington. negotiators are arguing about a number of issues, including the u.n. arms embargo on iran. i think the point here is that the u.s. seems determined to get

a deal at any price great now we have to convince them that we would actually walk away, although walking away would be catastrophic. scarlet: the deadline has been pushed again. it's not like there's payment due. matt: we can negotiate forever. scarlet: john kerry is having an extended stay in vienna. he has been locked in the current round of iranian nuclear talks longer than any other top negotiator has devoted in more than four decades. his trip to austria now the 15th day, the longest extended-stay outside the u.s. for secretary of state cents 1983. onry kissinger spent 34 days a middle east peace trip in 1974. matt: bloomberg news reports the u.s. is bringing cases against deutsche bank employees. charges could come before the end of the year. the department of justice is said to be investigating at least five former traders for

rigging the u.s. dollar version of the industry benchmark. the charges would be the first against traders from the german lender in connection with the london interbank offered rate. pope francis needed a place to change close yesterday before saying mass for hundreds of thousands of people in santa cruz, bolivia. he ended up at a burger king. the restaurant was closed to customers at the time so the pope leaved it was a suitable occasion to change. the fast food chain did not miss a public relations opportunity and posted the news on its facebook page. the process for making the restaurant his robing room. the worldier today lost another hollywood legend. nothing is men, written in less they write it. film roles were few that omar sharif couldn't play, whether was a tribal leader in lawrence of arabia with a lovesick russian doctors of auto.

the actor died in cairo of a heart attack after a long battle with alzheimer's disease. the egyptian born actor was nominated for an auctor -- an oscar for lawrence of arabia. his movie career spanned more than a half-century and he was also one of the world's best contract bridge players, there's even an iphone app that you can play bridge with omar. he was 83 years old. those he or top stories come or at least some of them we are following at this hour. scarlet: greece's governing party is trying to rally support for the proposal put forth by prime minister lexus tsipras -- alexis tsipras. matt: a live shot of what the greek people think of the proposal put forth. it's interesting that they voted against this kind of proposal -- scarlet: against austerity. matt: and then tsipras comes forward with a package that

seems even more austere. joining us from athens is negroes. -- nikos.u think abou >> we are at the end game. the greek prime minister alexis has to sell austerity measures that the greek people rejected only a week ago. only a few days after he told him to reject it, the truth is he is between a rock and a hard place. chanceekend is his last to secure an emergency loan from the euro area. this will avert economic collapse and perhaps an exit from the block. secure the backing of the position about this

pro-european party for this. most of the lawmakers of his own party, there may be some defections, but most probably not enough to leave the government to lose its parliamentary majority. and his what is tsipras deputies doing in terms of lobbying support for this package? >> he says that his mandate was to negotiate a deal for greece. that's a out of the euro area. the vast majority of the greek population says they want to remain in the euro area, even if this comes at the price of more austerity measures. set ofitted a commitments to the euro area yesterday, which are being assessed by the national monetary fund and the european commission, the european central bank as we speak.

expect the conclusion of this assessment by tomorrow. if a creditor agrees, then greece will get the bailout from the euro area of at least $60 billion. which will be enough to keep it afloat until the next crisis. how would the people of greece going to react? happy to get this package of measures they voted against or are they going to be unhappy with this? >> no one is happy with this. the people more or less know that there are no easy choices for their prime minister at this stage. banks are shut, draconian capital controls are in place, and if greece doesn't secure another emergency loan, the european central bank maple the plug of greek lenders as

early as next week. this would mean the country will lose its entire financial system overnight. it would be a catastrophe. promisee, mr. tsipras people they could keep the money in the euro area without implement austerity measures. measures start being informative, he would pay the political price for this. he also promised them he would reopen the banks last tuesday. i think he made a number of promises he wasn't able to keep area thank you for joining us. that are bureau chief in athens. fed chair janet yellen just finished "you where she maintained her outlook on raising rates this year. but warned of unexpected headwinds. the progress towards employment and inflation goals is more rapid than expected. it may be appropriate to remove monetary policy accommodations more quickly.

progress towards our goals is slower than anticipated , then the committee may move more slowly in normalizing policy. scarlet: her appearance comes ahead of her semiannual testimony on capitol hill next week. joining us is the head of u.s. economics at renaissance macro research. we were just talking about greece. we need to start there. what is notable as what was absent in her speech. a couple of expressions of worries about international involvements, nothing serious. why is the fed downplaying overseas risk? >> the u.s. labor market is continuing to plow through international developments. some point if the labor market continues to do what it has been doing, which is steady job growth annexes of 200,000, you are going to have to wake up and say it may be these downside risks shouldn't be penciled into the baseline outlook. an interesting example is 1998. then like now, unemployment was low, payrolls are rising at a

good rate. then like now, inflation was low and then like now, asia was in a financial crisis. there were concerns around the global economy and went to the fed do? they actually ease it during that time. the labor market was still tightening, no change in the united states. an awesomely, the fed had to raise rates 175 basis points from may 1999 to may 2000. i think policymakers should learn from past mistakes. my sense is that the balance of risks are shifting. a shifting. i think the cost of leaving rates of the euro here are rising relative to the benefits. matt: she doesn't seem to think we are at full employment. she has a problem with labor to participation, she has a problem with wage growth. what do you think? how do you think differently than she does?

>> and looks to some observers like we are doing pretty well. likea debate i someone john williams of the san francisco fed and someone like charlie edmonds of us auto -- the chicago fed. i think yellen fall somewhere in the middle. is reallye debate over one rate hike or to rate hikes this year. i think she probably wasn't too. data continues to improve as it has been since the middle of may, then she can adjust that assumption and bring forward it to september. where do we see things differently? i think labor force participation is going to stay flat demographics continue to go to downward pressure. we have some rebounds and people coming back in. growth will move from tentative until the end of the third quarter. scarlet: does that show up in third-quarter earnings or other

areas? >> average hourly earnings has been depressed for some time now. as the outlier. if we take a look at all the labor market indicators, there is still compensation for our. something from the atlanta fed median hourly wage growth. this is all pointing to something. timeis also happening at a when productivity growth is pretty weak in the united states. yellen made that point at the end of her speech, in passing. if compensation is rising close to 3%, then productivity has one, maybe less, that tells me that companies are likely to raise selling prices over the next several months to defend those margins. that's going to boost up inflation. matt: it would seem the stronger dollar is in more serious threat. do you think she is thinking look, 18 central banks around the world are still in some sort of quantitative easing phase. i'm raising rates. all the capital is going to rush

to the stronger -- the higher rates. >> the fed has been saying that for a while. they're your head outlook at the end of last year they basically said that one of the ways that central banks globally would be responding to the decline in oil prices would be more monetary policy. because of lower inflation. that's what we have seen. at the same time, they were still guiding for rate hikes fisher. i think most of the increase in the dollar has been fully appropriate. i think you can make an argument that some of the increase from january to march was probably a bit overdone because the economy wasn't looking too good at that point. i think going forward, we're probably going to be talking about the dollar more as a reflection of good growth here in the united states as opposed to some sort of shock, which is why they are treating it in march. scarlet: we will wait to see if we get growth in the sales numbers. thank you. ahead of u.s. economics at macro research. matt: still ahead on "bloomberg

market day," airline stocks are rising. stay with us. ♪

matt: welcome back. i'm matt miller here with scarlet fu. scarlet: with gets julie hyman with a look at the markets. less than two hours and really close things out for the week. it was a volatile week. alie: it looks like we end on high note. hospitality stocks do well today as they are near the highs of the session. they will have their highs at

least in a months time. i want to take a look at royal caribbean, one of the best performers in the s&p 500 today. the cruise line operator up 4.5%, the analyst saying the company may come out and raise its guidance. analysts have been doing price checks, checks of advertising. they see the advertising rising growth has accelerated since rule caribbean last provided guidance for certain and pricing in april. they are optimistic there could be an increase there. we are also seeing the shares of airlines rise. american airlines is bleeding them, that company cut its capacity growth forecast for domestic air flights for the full year to 1% to 2%. it had been 2% to 3%. why does this matter? if there is capacity constraint, it might mean american has pricing power. there has been concerns that airlines would start to grow capacity more. the other airlines were on the rise as well today on optimism that they perhaps will be more

constrained with that capacity growth. alaska air came out with updated numbers. among them, the company said its costs were improving and it talked about the cost per gallon it pays for fuel in the second quarter. george ferguson a bloomberg intelligence telling me that it was a positive number for alaska. but remember, the airlines and had a really rough run. take a look at the bloomberg terminal, this is the bloomberg u.s. airline index. who is reaching a high back in january. and then pull back, although as you can see, and very volatile fashion, by 24%. airlines entered a bear market before a little bit of a rebound we saw today. that is the perspective here. also helping today and definitely worth remarking on is the decline we are seeing in oil prices, the international energy agency says we continue to see oil under pressure, it looks like oil perhaps turned around in the past few moments. perhaps as we head to the commodities close. still no games.

julie: we were looking at six of the past five sessions lower for oil. i'm guessing that has not changed by this now little bit of a bump. matt: we were up above $53 this morning, oil has come down a dollar since then. and keep in mind, another strike against the airlines, if you are looking at it from an investor perspective is that they are still under investigation for alleged collusion. regarding capacity, which you reference. if one of them is going to reduce capacity, hopefully they will talk to the others. thank you, julie hyman. let's talk about the tickertape parade. scarlet: this is lower manhattan, with confetti and lots of fans out there. the u.s. women's soccer team that won the world cup, team members were on the floats, on the canyon of heroes. this is all downtown manhattan on broadway, where we always honor legends.

matt: the canyon of heroes. this apparently became -- i've been listening to david euro talk about this all day long. apparently the first tickertape parade was when the statue of liberty was given to us as a gift by the french. obviously. big aroundot really world war ii. i have always been big here in new york for new york teams. we hold tickertape parades even their -- even though there are no tickertape's. ever wonderees come members joe dimaggio going through the tickertape parade. now we are holding them for women. i bet those women will find themselves included in a new ad that highlights women in history. they are developing women on the map, which alerts users to when they are close to a spot where a woman achieve something famous in history. it sends you an alert over your phone. so far the group has built a library of 119 achievements by women in 30 countries.

if you want to nominate someone on events, you can write a 300 word essay, pitch essentially to this group and want to gets approved, they will put it on the app. matt: they did hold tickertape parade for a millionaire heart. -- amelia ehrhardt. we take a quick break. i will stay for one for section, stay with us. ♪

scarlet: we're going to talk about so much more, but you talk too much. matt: i'm excited about the airlines. in a millionaire heart. -- and a millionaire heart. scarlet: we are back with more later. ♪

scarlet: welcome back to the bloomberg market day. the head of the government

agency at the center of that massive hack attack as stepped down. members of congress have been calling on president obama to fire her and she quit instead. stole personal data for more than 22 million people. a chinese equity funds saw a record influx last week despite the bear market that went down almost $4 trillion of the stock market value. if report from bank of america says the $13 million floated a chinese equity funds in the week ending july 8 great catalyst are not entirely sure what is behind the big move, but most of the money went into local chinese investors. takata is passing on a request to create a compensation fund for victims of defective airbags.

at least eight deaths and more than 100 injuries have been linked the faulty airbags. high-profile -- espn is losing subscribers at high-profile personalities are paying the price. more than 3 million people dropped espn in the last year. it is parting ways with keith olbermann. they also dropped l simmons. they have been forced to pay more for the right to broadcast sports. going back to greece, as we go to the weekend, the government there has submitted a bailout proposal and france says the offer is serious and credible. itsany has with all judgment. former us as the economic adviser will have presidents.

we asked if jean-claude juncker will throw his support behind this proposal. >> i think that greece is basic really -- has a sick we accepted most of the creditors demand to be big difference with what was on the table before the referendum, is this is for a deal offering more money, and secondly the discussion of debt relief has gone mainstream. government, french the european council president, all of them are saying that debt relief as necessary. a lot of people are trying to figure out exactly why what has transpired over the past two

weeks played out the way it did. why did the greeks take the eu proposal to a referendum to get a no vote only to go back with the same proposal? did they want to buy time to get the side of debt restructuring as critical? >> you will have to ask the greek government why they decided to call the referendum. my sources in greece say at the time there was not a majority within the prime minister's previous bailout proposal, and therefore politics forced him to do so. at the same time i think the greeks expected that it would strengthen the negotiating position. what you saw was the creditors doubling down on their hard-line either youd saying accept our terms or it is grex it. this time the greeks believed

that threat. the question now is have they done enough? the situation has deteriorated, and that will give a justification for the germans and others to demand still more tax hikes and spending cuts would -- which will exacerbate the situation. and they want to impose a political price on the prime minister for putting them through the referendum wringer. erik: fare is this chart comparing what is going on in greece as to the great depression in the united states. is there a lot of underground economy that is understated in those figures? extent of thethe suffering greece is massive. it might not be immediately

apparent in essence or the more prosperous parts, but the suffering is very real. unemployed, hospital is running short of medicine, it is certainly extreme suffering. the difference of the great depression, they have a welfare depend uponamilies a single pension, so there has not been the starving that we saw during the great depression scarlet: that was a visiting former economic adviser to the european commission. coming up on the bloomberg architect, some of heaviest tenures and finance are in rocky tains for a summit. ♪

welcome back to the bloomberg market day. the department of agriculture believes -- releases its crop report today and in the markets. traders were surprised. joining me now with some analysis is alan in washington dc. when i hear crop report, i think back to trading places. buts not quite like that, people were taken by surprise by the latest forecast. >> it can be more like that then you think. those guys inspired generation of chicago traders to go into the business the game of trying to game the world agriculture supply and demand report remains alive and well.

marginally there is strong security on that, so the markets can be surprised if things like today's corn prices. you saw world inventory go down more than analysts were expecting, and that pushed corn prices to their highest in more than a year. the market is tightening a little bit. op estimate was also pushed it down. these markets are coming back into alignment. scarlet: there was a supply issue, but there is also demand, and that is a big heart of the story. >> it is. the u.s. has had stronger exports, tied to what was going on in wheat. we saw an estimate for wheat where the inventories rejected in 2016 were higher than any of the analysts that bloomberg surveyed. corn was becoming relatively cheaper for wheat in china. farmers are starting to feed corn to their livestock instead of wheat, creating a demand for corn.

those prices are down a little bit today. scarlet: what does that mean for food prices if we prices are going to go down because inventories are much bigger than forecast? >> you already see it in grocery stores. i was amazed at the price of macaroni and cheese. you see that reverberated other products. based on a raws material, highways inventories are going to be a moderate effect on food prices. core not as much of a difference, but you will see that in meat prices. ethanol demand is up as well as summer driving season kicks in. that is also supporting the price. scarlet: i want to get into el niño because i hear that it will be a big factor this year. to what extent was that full it into the crop report? >> you are not seeing that quite so much. people are expecting the biggest impact of el niño later. however, we are certainly seeing a lot of what is in the midwest

and that is starting to affect soybean inventories. he saw movement in soybean prices as well because the crop is what. -- wet. end, forin the commodities, you always blame it on the weather. we will stick with commodities as we look at the soybean futures price of about 1/10 of 1% today. i will bring in alix steel, because there is a rate accounts that we can get to. but oil prices have made a turnaround today. week for's recap this a moment. we saw a minimus slide in oil that we have not seen in my. -- an enormous slide in oil that we have not seen him on. months. it was actually up by about five rakes. this is the second increase we have seen from them in two weeks. scarlet: is this a trend? alix: you would wonder.

these are the prolific shale areas. one of them is increasing, two of them decreasing. but nevertheless, this is quite in terms of oil prices being up, you can just focus on a run for that because we are not seen a deal. the deadline will be extended yet again. around pushing back when will get sanction relief, and when they can get oil on the market. that is what the market is looking at right now. scarlet: also looking at a forecast from the energy agency on the demand for oil and we already know it is plentiful. alix: they are looking at massive oversupply, expecting prices to fall even further. for the short term, looking very bearish. is tightening in laces like russia, mexico and the u.s. as it slows to a stance.

looking at shale stagnating, no real production growth in the united states. that feeds in may. decline in russia and mexico. but we are not seeing the bottom yet because while global oil demand was slow, because the americas and asia are the continued growth story here and in china. saidet: i noticed that you production outside of opec countries. what about opec production? failure sticking to the plan of defending market share and increasing output? alix: absolutely. you can see what opec wanted. and i should mean saudi arabia. non-opec has very high cost producing oil and they wanted to knock them right out of this mess. -- out of business.

make roomt going to for iranian production, saudi arabia is not going to cut back thereon intoove the market. they going to have to fight for market share. scarlet: that is why we are not entering these iran nuclear talks so closely. thank you for giving us some insight. in about 15 minutes to take us through the market close. , including acome conversation with the president of the boston fed. ♪

scarlet: many of the world's most financially powerful players are joining the rocky mountains senate in

colorado. we want to get eric rosengren's perspective on janet yellen's latest comments today. she expects to raise interest rates today. in the subsequent pace of increases will be gradual. congress takes it to mean she will hold to rate increases today. special this year. -- this year. welcome to everyone watching on bloomberg television and on the radio. we welcome president rosengren to the program as well. , barring aech saying data surprise, it would be appropriate to raise rates this year. should we assume that the fed's

base case is a rate increase in 2015? beit may appropriate. if you look at the charts week came out with where we for the forecast for where interest rates might be going, all but two of the participants thought that we would be raising rates sometimes toward the end of this year. some differences on when the tightening with the -- would occur. that is conditional on the economy continuing to improve your -- improve. improvement in labor market, that his happened. we are reasonably confident that inflation gets to 2%. that is the dual part of that statement that has not worked out quite as well. >> he made a very good case against raising rates in the spring. theof your points with that big drop in consumer spending is on the first quarter, and that also incurred -- occurred in

regions that were affected by cold weather. retail salesonger in may. september?ping in >> consumptions come in a little bit better in the second quarter, that is good news. part of the weakness we saw in the first quarter, as you are highlighting, is that consumption was week during the first quarter. even though the second quarter looks like it is going to be a little bit better, there should have been some snack back if it -- theref related should have been some snack back if it was weather related. expects that consumption will be reasonably strong over the second half of the year. that would be the kind of condition to continue to improve. >> if they come out where they have been, could you vote for a

rate increase in september given the inflation figures we have now? >> i would want to see what kind of that all we get over the course of the summer. it makes sense to wait until we have to make the decision. the realm of giving calendar guidance. we do need to be data dependent. while the data has been coming in better i think we still have to see what kind of inflationary parcels -- pressures we will be facing into september. >> does it have to get better, or is where we are good enough if you see evidence that it continues? inflation upon 1.2%. that is far from 2%. we need to see evidence that it will move towards the 2% goal. toor markets continue tighten, and we get confidence from that. wages and salaries picking up a little bit more.

certainly, if things continue to improve, if we start seeing prices started to move up from the fairly low-level we rest, and it may be appropriate to do it sometime this fall. at theour speech today rep mountain summit coming you gave a very significant detail there are risks from greece, and why they could .reate instability in a just as the subprime mortgage market created havoc in the united states in 2008. the china stock market rebounding for the second day in a row. if the worst is over, without remove your concern about going ahead and raising interest rates? >> it would be a positive sign. one of the headwinds right now is that international conditions

are a shock to the u.s. economy. so far that does not look like as going to happen. there has been some good news of the meal last couple of days. hopefully that continues. in acial markets can move relatively short time frame. we need to see that everything is agreed upon this weekend. the solitary positive sign. that would certainly remove one of the headwinds, international shocks are unlikely to be a factor. -- what arehy people not seeing from greece that you're trying to get them to see? >> first up, i think it is very good news that over the last couple of days a looks like there may be an agreement. this is a european decision that they have to make. i did highlight in my talk that greece is a small country. roughly the size of ohio in terms of population. it is the gdp of connecticut. it is relatively small as a country. nonetheless, as you pointed out

during the subprime, one of the conversations is it is a small percentage of the total u.s. economy. we think about financial stability there could be factors that are hard to predict exactly what is going to happen. in the case of greece, one of those ends and sis would be that they are part of a union where the currency is the same for everybody in the euro area. if you were to allow countries to exit, then there is a concern that some of the exchange rate risk that you thought was not present, some of the inflation risk that you thought was not present could all of a sudden become a bigger concern not only for greece but for other countries in the euro area. >> even leaving greece aside from you still have slow growth, low information, and the ecb is easing policy. policy, they are easing in china they are easing policy. how concerned are you that that

is, when you finally moved to raise interest rates, cost a major shift in the dollar value and that will hurt the u.s. economy? >> i think the improving economic data in the united states has been observable. we have certainly highlighted that if the data is coming in it should not be a surprise that it will be appropriate to tighten at some point this year if it continues to approve -- improve. it should be priced into markets already. i would not expect necessarily that we would he a significant financial market reaction. movemento find a big in exchange rates, then that would be a good reason to pause and see whether that is going to be a problem for our inflation forecast. but i do not anticipate that. i expect fact that we have strongly signaled it may be appropriate at the end of this i doto be raising rates, not think it will be a surprise to most investors. >> a strong dollar.

big u.s. multinationals, it has hurt them. about thened are you strong dollar and the possibility that when the fed does start raising rates the dollar goes even stronger? >> it is actually good news in some sense for the strong dollar. the reason we have a strong dollar tie to the previous question. better. economy is doing than most other developed countries. that is a good news story. but does mean that some sectors of the economy may not do as well as they otherwise would it would certainly be better if japan, china, and europe are all growing more quickly than it looks like they are going to. but a byproduct of us growing faster than other people's we may see some exchange rate movement. it is anticipated at this point, so i do not think we will get much of a financial market reaction. >> made the case that it is not when we start raising rates, as much is where we end up and how quickly we get there.

what is your forecast for the interest -- proper interest rate for today's economy? >> where we are. but in terms of where we are going, almost all of the federal reserve speakers of talked about a gradual increase. that reflects the fact that inflation is still quite low. the unemployment rate has come down. it is 5.3%. but certainly, -- >> that was michael mckee and kathleen hays speaking with eric rosengren. you can listen to their conversation on the bloomberg radio plus. caapp.

scarlet: it is an and san francisco, 3 p.m. in new york, and 3:00 a.m. in hong kong. alix: it is the bloomberg market day.

scarlet: good afternoon everyone. a look atant to get the markets this hour. you are looking at a triple digit rally for the dow, up by 233 points. this is a very surprising day, because for two days and low we movingosed below the 20 average. we have to wonder why. technically, we were not looking that good. are looking past the fact that greece and china much of an impact and it is all about turning season. alix: even though earnings revisions have come down over the last few months. scarlet: