carol: from bloomberg world headquarters in new york, i am carol massar come in for betty liu. stocks rallying on the study, poised to close in the green for the fourth straight week. energy and financials are the best performers as investors buy into the idea of more stimulus for the eurozone. tony crescenzi discusses whether improved communication from china and the european central bank will lead to calm in the financial market. yahoo! ceo marissa mayer speaking to charlie rose as activists and investors to go pressure and a potential sale looms. what is her future of the company? marissa: there are some things we probably did too quickly, some things we probably did too slowly and not enough. but i think that we learned from all that and we are constantly getting better. carol: we are one hour from the

close of trading for the day and we could let's go to the markets desk and check in with our own julie hyman. it is a real rally. we were talking about this delayed reaction to the ecb. mario draghi said there would be no interest rate cuts and investors were confused. they seem to result of confusion today. europe and thein u.s. rallying through the session and hovering near the highs. it has not been a super-volatile session. we see a steady uptrend here. stocks are continuing their winning streak. fourth week in a row we see stocks higher. you see the s&p 500 on a one-week basis. three quarters of 1% is enough to continue the street. one investor we're hearing from his someone who is already bullish on the stock. he has the highest target of the strategists we survey for the s&p for the year-end.

one of the things he is looking at, if you take a look at bloomberg, is high-yield. this is the bank of america-merrill lynch u.s. high-yield index in white. s&p 500 total return index in blue. what he condenses the prior four contends is the prior four or five --what he contends is the prior 45 times, stocks of rally. a week year for higher yields last year he thinks that is one of the positive signals this year. again, he is quite bullish already and there is a lot of debate about where stocks are going to go this year. carol: speaking of bullish come what is leading the way today? julie: once again, energy stocks are doing the best in percentage terms and financials, neck and at this point. they have been getting steadily on the idea that it will be positive for the financial sector in particular.

bond yields going higher. that is tended to be positive for financials as well. pretty broad-based rally with the exception of the defensive group, utilities, and consumer staples. on the energy front there are these stocks we have been watching closely that are relatively heavily shorted. devon on the rise today, southwestern, we have seen some gains. you can see the oil is up 1.7% today. looking at other assets i want to mention, gold is trading lower to the euro is lower today. this would be a more logical reaction to all of that stimulus. the 10-year yield going up to 1.98%. carol: bureaucarol: catching up with what the ecb did yesterday. thank you so much, julie hyman. let's get a check of the headlines. mark crumpton has more from the new stuff. mark: mourners are remembering

nancy reagan has a transformative first lady, fierce protector of the late president's legacy and a woman who loved her husband beyond measure. livere looking at a picture from the reagan presidential library in simi valley, california. jr. reagan's son ron, among those giving eulogies. the former first lady died last weekend at age 94. she is being praised for how she dealt with the long goodbye, how she became the major taker to president reagan during a 10-year battle with baltimore's disease that claimed his life. mrs. reagan will be -- alzheimer's disease that claimed his life. mrs. reagan will be buried alongside her husband later today. marco rubio is telling supporters in ohio that the best way to beat donald trump is to vote for ohio governor john kasich. senator rubio: john kasich has a better chance of winning ohio than i do and if that gives

us the best chance of stopping donald trump, that is what they will do. kasich's spokesperson says that he will win ohio without senator rubio's help "justice he will lose florida without our help." enda kenny lost a bit in parliament for a new term, throwing island into political limbo. still, no rival is likely to gain a majority so kenny is still favored to eventually be reelected. apple is looking for a one-week delay in filing its response to the u.s. justice department stemming from a brooklyn case dealing with unlocking a drug dealer's iphone. the company says the country's serial case in california -- introversial case california should be argued before apple files the brief in

brooklyn. the california case is scheduled to be argued three. apple says there should be "a full airing of the related issues." global news 24 hours a day powered by our 2400 journalist in more than 100 news bureaus around the world. i am mark crumpton. carol, back to you. carol: the concerns that while global markets at the beginning of year are starting to wane. points out,guest china is now communicating its foreign-exchange policy more clearly and you have oil prices stabilizing. tony crescenzi is a market strategist and portfolio manager at pimco and he joins us from newport beach, california. hey, tony, good to have you here. you feel like things are starting to come down and make more sense. tony: you listed the trifecta of positive news on very big macro factors. china communicating better its policies, meaning on the foreign-exchange rate, many market participants didn't know

the depths of the moves that wanted in terms of the , thisn-exchange movement beat or even the direction. that has been communicated better of late particularly by the pboc. jobless claims, for example, the lowest of the past 43 years, -- third lowest of the past 43 years. and the three points are all in the past year, suggesting strengthen the market best strength in the labor market. -- suggesting strength in the labor market. it does seem that the recession talk was quite premature. finally with oil, which royal markets in part because of the high inclusion of energy price names in the high-yield indexes, etc., it has stabilized, of course, with a big move them $26 a barrel to $38 now. combine that with the evidence, further evidence, but cease-fire thehe global currency war,

markets are feeling a lot better and this evidence comes from the ecb and its actions to give it away from interest rates towards credit easing. we may get more this next week on tuesday from the bank of japan, which might indicate perhaps a signal that further decrease in interest rates may not be in the offing. finally, the fed, simply by not moving, with contribute to the idea that the global currency war, there is a cease-fire. carol: tony, got to ask you, because when you go back to last august when the volatility started, and then it started again back in january, is this just a brief respite, or do you really think everybody's getting their act together? tony: well, you are right. there are big issues that will certainly be with the world for ande a long time in the -- the financial markets will have to grapple with them. there remains a high amount of indebtedness. there is more debt in the world

than there was before the financial crisis. secondly, the world is not solved this aggregate demand problem. we don't see meaningful action to promote economic growth. finally, there are still questioned marks despite the rally in markets in the last date over the efficacy of central banks. it is very important for investors to making prudence with respect to their portfolio construction to guard against these risks as they go forward, especially as we think about united states and during the eight-year of economic expansion in june. prudence and portfolio construction in terms of security selection, credit analysis, is going to be very vital. this is my concern, and it sounds like it is yours, too -- you have these global central bankers doing what lawmakers should be doing in terms of policy action. at some point we will have to pay the piper. does that happen this year, in your view? think central banks will be able to keep the game going but as you said, they cannot in the end promote economic growth.

think of the interstate highway system in the united states, created in the 1950's by president eisenhower. still with us today, of course. we are riding those roads -- carol: crossing our fingers at times as we do so because it can be shaky. tony: it can be. there are numerous other examples, of course, where government has helped to promote economic growth. the federal reserve, european central bank, bank of japan, cannot build a single road or bridge, etc., etc. it goes up on that sort of infrastructure -- goes beyond that sort of infrastructure. there is a lot more wood to chop and policymakers start to get it as they realized central banks are exhausting their tools and hopefully in the next round of elections and globally there will be an effort to move in that direction. there is still a lot of question marks, of course, not about that. you guys have to put money to work and have to make decisions even and a world where

there is a lot of big macro questions out there. what do you suggest to investors when you look at sovereign debt, corporate debt, high yields, which all of a sudden is coming back? tony: u.s. treasury market yields won't be moving meaningfully but they will rise a little bit because we are expecting the federal reserve to implement at least one interest rate hike and probably 2, given the stability and financial conditions of late. slight and awaits to portfolio duration should be warranted. driesexpect the yields rise much. consider the yield difference between the u.s. treasury near 2% and the 10-year german bund -- about 125 basis points, about as high as it gets. that will be a limiting force in terms of yield movement. that along with the secular issues that i mentioned earlier. you might want to consider trading the range, so to speak. we like high-quality bonds and investment-grade arena. we count the idea that you can achieve equity-like returns with one quarter to one third of interest-rate volatility. look to europe and even the bank

capital, which i've gotten beaten up. there are numerous reasons for that. but there is movement back towards them and we think for good reason. we think certain banks in europe will be building the capital and making the higher yield instruments quite attractive. but consider them in terms of volatility like the high-yield market in terms of movement, and with respect to high-yield scum it has been priced for the id of recession, which we think -- as i said earlier, not much higher than normal, 15-20% range. there is some value in that arena. carol: we have to leave it on that note. good to get your thoughts. tony crescenzi, market strategist and portfolio manager at info, joining us from newport beach, california. joining us in the next 20 minutes of "bloomberg markets," is it the next big trend in the crude business? companies are building their own private ports and keeping the revenue from everything, from the zip lining to boat rentals. willie fly with customers? and we have a trade involving goldman sachs pit shares in the

bank have gained 2.4% over the past two days. and as we had to break, a look at the s&p financials in a this year. down about 6% from well off its low. financials trying to make their way back. ♪

carol: this is "bloomberg markets." i am carol massar. let's get a check on where the markets stand this hour, beginning with the s&p 500. so the session -- near the highs of the session, 2019. dow jones industrial average come up 203 points at this hour. and let's also get to the nasdaq. 1.6% is the percentage gain. nasdaq at 4736.

time for the bloomberg business flash, a look at the biggest business stores in his right now. shares of greenberg partners are higher today after they announced a sales dan and fourth-quarter profits that beat estimates. it is another bright spot for the chairman, whose main hedge fund was up more than 3% this year through february after slumping 20% in 2015. global sales falling a little more than 1% with volkswagen still being heard by the diesel emissions scandal. sales were higher in europe but he was not enough to offset declines in europe, china -- offset the kinds in china, u.s., and south america. a software, he has been testing autonomous vehicles on the streets of san francisco. the 40-person firm was founded just three years ago. the purchase price not disclosed. that is your business flash update.

drinks, the tinny beat of the caribbean island steel drums -- you know what we are talking but could welcome to the island paradise brought you by carnival cruise ships. they are spending the time to buy their own private ports and islands in the caribbean and bahamas. you will not have to run any elbows or give any greenbacks to locals. here with more is chris palmeri, who wrote this story. tell me what is going on here. spending in some cases hundreds of millions of dollars to build these private destinations. it is a good deal for them because they capture the lion share of the revenue from the alcohol sales, zip lines in some cases. and it gets a lot of customers what they want and a lot of people don't want to go exploring. cargond up in a port with ships and beggars and crime in some cases. this gives them, as one executive told me, the caribbean that they imagine. i find it fascinating

because it gives people isolated and the reason the carnivals and cruise lines were going into the areas is to help the local economy. is there some of that as well? there is a head tax that the local governments get. thehey are taking life and existing port, the local merchants and the restaurants and the retailers might get cut out. carol: i have seen the carnival cruise lines port. it is huge. is this something customers want, chris? chris: yeah, building the largest one of these, private islands, $200 million. it is hard to believe they would be spending this kind of money of customers warrant checking off those comment cards saying, yes, this is what we want. carol: interesting. talk to us about the amount of money being spent by these guys. chris: $85 million in the recent carnival one. there is an eco-friendly one

that is going to have the ewing area and features focus on the wildlife. they are experimenting with different trends of what people want. a private beach with butler service, going really high-end. there is a lot of activities to do once you go off the boat. about i asked you earlier the economic deals that these cruise lines have at these ports in order to build these and i assume they are helping at the local economy. i'm curious what effect it is having an any kind of pushback they are getting from local economies, caribbean island economies. chris: carnival is trying to build one in the bahamas that would take passengers away from freeport, the current stop. .here is some pushback locally it is not like you are completely immune from the local troubles. in january while caribbean had to divert one of its ships from a private port in haiti because

there were folks protesting a presidential election and small boats all around. you have to deal with the local troubles. carol: bottom line, though, this is in a trend that is going to change anytime soon. chris: no, the first one was in 1977 so this has been going on and will continue. carol: great read, thank you so much. chris palmeri from our los angeles bureau joining us there. still ahead on "bloomberg markets," people checking on the options market. let's get a check on some of the top gainers in the trading session. energy companies dominate the list and crude has moved up. southwestern, anadarko, devon energy, some of your out performers. ♪

carol: this is "bloomberg markets." i am carol massar. we are near the close of trading could stocks trying to extend their weekly winning streak of 4, which would be the longest since november. julie hyman is standing by with

how the options market is trading on all this action. julie: thank you, carol. is scott bauer, senior market strategist at trading advantage come out in chicago. scott, it has been this interesting day today, the delayed reaction to the ecb yesterday. what are you seeing in the options market that is giving you clues as to what happens next? for example, in terms of looking ahead to next week's fed meeting, boj, etc.? scott: you know, it is very quiet, like you said, very, very quiet, and is delayed reaction from the ecb remarks kind of caught everybody off guard. in terms of option paper, there is not a lot that i am noticing one way or the other outside of seeing the vix trade under 17 again. you know, earlier this week we saw a couple rallies but the vix stayed elevated in the 17 and 18 handle. finally back up under 17 again, which tells me that maybe the market is now expecting a continued grind higher here

because any sort of continued grind higher and the vix will continue to go down. going into a weekend and a big election next tuesday, a lot of primaries next tuesday, and we have the fed. a lot of complacency going on right now. carol julie: curious there. guy x futures curve, is that indicating future complacency? scott: it really is. you look out 2 weeks, 4 weeks or so, there's not much there. the near-term we will be fairly range bound with anything biased to the upside. julie: interesting. one of the groups that is doing quite well today is financials. as we've seen the rates go up, whether you are looking at the 10-year in the u.s., some of the rates of sovereigns over in europe, that has seemed to benefit the financials. your trade today's on a financial stock as well. not a bank per se, but goldman sachs kid you are not, however, as positive that a put spread

you are putting on here. why are you not looking for website? -- for more upside? scott: i'm quite the contrary and at least in the short run here. the stock has been making lower highs, lower lows, and is not rallied as much is it technically should have, given the last couple of days in the marketplace. it is up a few dollars today, 147.5 areaea of the where it bounce off or so, i think we are reaching that probably early next week unless in thea monumental rally overall marketplace. but again, given the lower highs , lower lows, i am near-term bearish. what i'm looking to do, julie, is by the put spread up to the equal expiration. about a month away from now, the 140 put spread. i can do that for slightly under one dollar, the $.90, $.95 range. i see goldman sachs in the next few weeks here trying to test that 142 or so level that it had

just recently. what i like about the spread most is i am paying a dollar, less than a dollar. that is my maximum risk here. if goldman doesn't doing anything or it goes up, that is my max risk. if the spread does max out at five dollars i could make four dollars -- from the technical standpoint, goldman actually looks very bearish, and this is quite contrary, like you said, two of the financials are doing today and also, yesterday there were big call buyers in goldman sachs, april called buyers. i look at that and try to take advantage of what the best option the market gives to me. julie: scott bauer come have a great weekend could we will be watching goldman sachs in the coming weeks. ♪

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more. : president obama at a tech festival in austin, texas. the first sitting u.s. president to attend. he is participating in a conversation with the ceo of the texas tribune. later today, he is scheduled to headline a fundraiser in austin. former republican candidate ben carson is throwing support to front runner donald trump, speaking in florida today, he called him an intelligent man who cares about the united states. carson also said that the two are -- over their past disputes. carson dropped out of the race after disappointing results after super tuesday. thatfficer bergdahl says attacksrump the tax == --

are preventing him from getting a fair trial. he walked off a base in afghanistan in 2009 and was held by the taliban for five years. he was released after a controversial prisoner swap when -- wtith five detainees. and the cleveland browns have released johnny manziel. he started for just eight games and last year had a lengthy stay in rehab. his future is uncertain in the nfl. he could face criminal charges in texas in connection with a .omestic violence incident global news, 24 hours a day, powered by our 2400 journalists in more than 150 news boroughs -- euros around the world. carol: stocks are at session highs. abigail doolittle is live with the latest. talk about today's trades.

abigail: we are in rally mode. the index has been climbing, because of this move, this is allowing the index to move higher on the week, by about .5% . this is the first winning streak since october of last year. one surprise, the lack of any real big percentage movers. we look at the biggest losers in the nasdaq, this was down to a little more than 5% on the week, not a huge move. this all news that the company could be heard on the new way that medicare part b could be reimbursed. rebound inn a nice biotech, showing that investors are not too concerned about that yet it is unlikely to way too much on the already bad biotech bear market. is netflix,eron down a little bit more than 5% after research issued comments on the company. analysts are showing that the

subscribers from this year with aggressive -- look aggressive. any bigamist here would be beerialist -- bigg miss would material for them. carol: one of the highfliers of 2015 from last year. you mention that we are less likely to see a gain fourth week in a row -- that we are likely to see a gain fourth week in a row, what is lending to that? abigail: -- had a very big estimates, really boosting the nasdaq was big tech, including cisco, microsoft intel and google. we could see a rebound there in big tech after all of the weakness of this year. carol: thank you. names,g with the tech sentiments not improving for last year's winners.

this is the highest level against the s&p 500 since august, so why is this year so much higher for the nasdaq. is joe, great story. talk to us about the market indicators that are telling you what is going on with tech versus the broader market. guest: you said that this is at a six year high. it is notable because this has only been at this level twice since it started in 2009. carol: that is why it stands out. guest: yes, and you wonder what is the cause 30 break down the momentum trade that we have seen. it is where you take the stocks that have already done well and you continue to buy them. when risk is on and people are feeling confident, this is a good strategy. but when there is something going on with the market, this become shaky. and then they sell those

momentum names, by extension these technology names in the nasdaq 100. carol: some of these out performers last year, big out performers in fact, some of these names, why is this the case? guest: you see people wanting to get defensive, they want to have exposure to these stocks. when i happens, they look for value stocks, ones that have a price that can go down. of the nasdaq 100 is considerably more than s&p 500, said they do not want to buy more expensive stocks if they are uncertain. they want to go bottom feeding and pick the winners from the bottom. carol: overall, if you look at the market in general, that has slowed down tremendously. i have talked to those who say they are not allocating money to that and it has been a real change when it comes to some of these tech names. guest: and if you look at the top three biggest stocks in the nasdaq 100, apple, amazon, those

stocks are down at least three times more than the s&p this year. amazon is down, it was up over 100% last year. that is a good microcosm of what is happening with the momentum. carol: and considering the runs we saw in those bank stocks. guest: i would not count them out. they could catch fire again and when people feel better about the market, they might pick those up, those risky names. if you look at the fundamentals of those companies, there is a good reason that they are winners in the bull market. you can focus on the attributes and fundamentals and they could really catch again. carol: are these indicators reliable if you talk about history? guest: you see that. august last time, with meant that coincided with when we had the big 11% correction in the s&p. so it has been an indicator in the past. carol: we are trying to figure out what is going on.

thank you so much. check that story out on bloomberg.com. yahoo! shares up today as the company makes a series of moves, including the game sites closing. pressure is on and their ceo was battling as the companies turnaround failed to take hold. she had an hour-long conversation. she said that she would like to still be ceo of the company, even if somebody buys it. and about the stakes in alibaba. boughtstake that we alibaba for, it was low at the time. it has really multiplied to a tremendous return. so given that, there is a large tax liability on that, so you can see that there are various ways to address it. it is tied closely to the value

of alibaba over all. not just as a trading company. basically, the thought is there is more tax liability introduced by spinning out alibaba, then there is from a reverse spin. the company we built to operate yahoo!, it is smaller and a lower tax liability. >> is there pressure on you? >> we see criticisms and challenges. my view is, i think that having lots of different the point on the issue is helpful. we take all of that input seriously, we engage with them. we engage with all shareholders and we integrate that to the best of our ability. to help find the right path forward. charlie: if you look back to the last 3-4 years, was there a big bet you wish you had made? >> we made some big bet, mobile was a big bet.

we fired 500 people. we bought different companies to really popular the talent. charlie: $82 billion acquisition -- and a $2 billion acquisition? >> yes. and we were building yahoo! sports, all of those different mobile applications. so we were taking what was a scattered framework of mobile applications, now we have 81 of , and a seven or eight are very strong. beme, while it may not material, tumbler is a terrific network. the team we have there is exceptional and we have a great path forward in terms of what we can do, how we can help grow that community of creators while providing great opportunity for brands and advertisers. charlie: why was it necessary to reduce them, to ride down some

of the value of that? >> the host of accounting rules that come into play, part of that is that the market is not that, look at it. so we are trying to find the market cap of operating, it becomes attractive. and at some point there is only so much left. if you have a book value that exceeds the market value, you need to do a write down. surely: yahoo! -- charlie: yahoo! is a company that people have affection for and they want to see it succeed. but what have you learned, not about specific things, but in a sense about coming into a place like this? what has been a learning experience for you? >> again, i think what is great, i get to learn every day. it has been amazing. i love design and getting to work with the team at yahoo! to design what our future should look like, how the company

works, it has been incredible. wouldthink that, if i take one lesson away, i think that pacing and time is really important. i think that there is probably something we did too quickly, and things we did too slowly. and not enough. but i think that we learned from all of that and we are getting better. carol: for the full interview with the ceo of yahoo!, tune into charlie rose tonight at 7 p.m. and 10 about p.m. -- 10:00 p.m. on bloomberg. of the head, negative growth -- of the head, negative growth in europe. and keep in mind, 10 year yields are climbing into treasuries are posting in decline. ♪

♪ carol: this is "bloomberg markets", and a quick check on the markets. you can take that we are pretty much at our highs of the session, one .25% higher on the dow jones average. and check out the s&p 500, 20-20. that is good for a gain of 1.6%. also looking at sector winners. crude oil is up. financial materials also among the winners. 1.8% up. energy, of -- up. and financials showing about the 2.6% gain. it is time for business flash. talks resumed between negotiators pertinent --

negotiations -- negotiators trying to prevent a strike for the third-largest commuter railroad and u.s.. wages and the cost that employees contribute for health benefits, those were talking points. and intel looking to sell assets that could be worth $1 billion. the company is working with ubs group to work with buyers for the assets. the portfolio is made up of companies across the world and housed within intel. and jeff kings picking up the tab -- draft kings picking up the tab for a company that it probably shut down -- abruptly shut down. as for the $100,000 fantasy pledge for charities, jeff kings -- draft kings will pay that as well. ♪

carol: that is your business flash update. sentiment on africa's economic conditions may be mixed, there is a view shared by industry and government. we travel to south africa for the bloomberg economic summit. leaders and executives from the continent and beyond discussed opportunities and challenges of doing business in africa. the best practices for operating in the region, as well as the global partnership that has accelerated growth. >> the acknowledgment that we need to do things differently. we need to move a lot faster. appellations are growing. in the young are excited economy. and the opportunity to grow the economy is here. in particular, the government, our own governments are beginning to accept that we need to turn the corner. they are looking at the past and continuing to blame -- that is

old stuff. the new generation wants a growing economy. >> africa is increasingly stable. it is increasingly democratic, and increasingly willing to work with the private sector and do the things necessary to create a good business environment. >> we are here to help country by country, developing datasets they need to make an argument for foreign investment, to help them create the capital market infrastructure and technology to build the capital markets. and to basically facilitate greater visibility through our bloomberg news team, writing stories about the leadership and the economic challenges and opportunities that exist on the african continent. >> over the past 55 years, sub-saharan africa has grown their population at a faster rate than the world. how important are the

demographics to the into -- to the growth story of africa? generally speaking, this is enormous. you look at doubling the population from now until 2050, this is a very exciting market. carol: do not miss the africa opportunity, the special report airing all weekend, starting at 6:00 a.m. new york time. minutes away from the close of the day and the week. we will get a look at the s&p 500 on track for its fourth straight week of gains. you can see that average is nearing time. you are listening to bloomberg markets. ♪

carol: this is "bloomberg closing in 10et minutes. stocks at a session high. julie has a market check. julie: we are near the highs of

the session as we head to close on the week. nasdaq leading at one point a percent today and with gains, the s&p 500 has now gone above the daily average for the first time this year. i have a chart of the bloomberg for you. here we have in purple, this is the moving average, just above that right now. this is the technical level, this is a momentum indicator that some traders watch. we are lower on the year, of 2%rse, but it is less than as we have looked at the declines and of had a big bounce for the major averages, for oil, for risk assets across the board. and it is higher on the week, not a huge again, about 1%, but it is the fourth straight weekly gain. we have not had a streak like that sense last october -- since last october. in terms of what has led during

the week. here you have the groups. utilities have gained the most on the week. this is a group that tends to do better when interest rates fall, but that is not what is happening. of the commodity rebound from a health care is also doing well. it is across the board. oil has had a winning week. it is a weekly winning streak for about four weeks, of 7% -- up 7%. and of nearly 50% from the february 11 low. the euro, even though it declined it little bit today, this is day to reaction of mario draghi's comments, this is still higher on the week. today's declines not doing enough to erase the gains from yesterday. this is not the reaction you would expect after a big stimulus package is announced. and the 10 year yields, they are continuing to sell in treasuries the pushing the yield to 9.8%,

the highest since january. carol: thank you. rallying, treasuries declining for a third straight week. investors see that a rate hike is slightly better. joining us is lisa abramowicz. we have some fast commentary here. talk to us about interest rates. all -- rst of carol: let's talk about what the ecb did, they removed emphasis from interest rates to actual lending. they try to shift the conversation away from the negative deposit rate and tour this idea that banks, we are going to pay you to lend. corporations, we will buy bonds. we will commit to buying. ofs commitment is almost 10% investment grade in europe.

carol: that is enough the end. does that mean that negative rates are going away? lisa: next week we will hear from the bank of japan. that will be telling. will they fund into negative territory further, will they talk about the dropping of rates even lower. there is nothing lower at this point. this is going to be the big question. let's not think that the negative yield environment has gone away. italy sold bonds with negative yields. carol: staggering. note,was just reading a reminding us of all the crazy stuff that is going on, the fed meeting next week. japan not expected to do anything. but they surprised last time and who knows if they will do it again. lisa: and if they will take anything from the ecb. it looks like a stimulus,

compared to the monetary policies. carol: let's talk about the fed. i got this up on the bloomberg terminal, where are we? lisa: people are increasing excitations that the fed will move this year. there is a probability of a hike at the meeting next week, that is -- carol: that is not going to happen. if you look at it over time, the chances of a rate hike coming later in the year has increased and you have a growing number of big investment firms from timko to jpmorgan, you guys are overestimating how likely they are to rate hikes. the data can justify it and the weakness of the dollar recently has been definitely a helper to push that forward. what kind of that job is this? lisa: credit markets are, looking at right now. they are always, getting, but i have heard that this -- the

traders are nervous, because it is unclear what to follow. oil prices are researching, typically credit moves in tandem with oil. 'su do have the ecb announcement that will create distortions. they are rallying people to continue, but we will see how it plays out. carol: ok, lisa thank you. this was our fast commentary section. that will do it for this hour of "bloomberg markets". the market close and "what'd you miss?" is coming your way in a moment. during the break, you will see the averages just a few minutes away from the closing bell. and the highs from the session. ♪

♪ awayet: we are moments from the closing bell. ♪

carol: u.s. stocks rally into the close near session highs, the s&p 500 closing at the highest level this year. scarlet: but the question is, "what'd you miss?" we speak to a chief economist predicting no rate hike and down for the inflation forecast. carol: and emerging-market stocks re: racing losses -- erasing losses while everybody else is running scared. yellen scares -- says they will look at value. scarlet: and we lay out what is at stake for angela merkel. ♪ scarlet: we begin with the market minute, we rally into the close. everybody has second thoughts about yesterday's reaction to package, stimulus where it basically tew