leading again. you have the industrials and the discretionaries and the commodity stocks are doing well. the dollar strength would work against the market and the dollar index with a basket of currencies and strong today. it's weak for a long time. it's up on a day when the stock market is up. maybe that trend will not be as strong. the global economy is strengthening as a leader and that would be a positive for the dollar and stocks as well. that's the action that you are getting. people are looking for changes and this is one of the little things. it's a little early, but the u.s. has not raised interest rates and won't until early next year. this strength has a lot of people talking with the stock market up. cyclicals, look at the rrlts and how strong they have been.

there early signs and analyst chatter all this week. auto production may be increasing and that would be a positive for the railroad companies. we are seeing shipments increase a little bit. a modest increase as well. >> rick santelli, what is the market expecting in terms of interest rates and hikes and when. do you believe it? >> i'm not going to look at the marks and tell them the fed will expect you to do something at a date in the future, but what the markets are telling you is that data we received is pushing rates to a rate that could imply a market allocation to some extent. one day doesn't break that trend. bob is right. in terms of the treasuries, quite obvious. if you look at the guilt, the

10-year in the uk, maybe they are worse than we are. the tenure is unchanged and ours is up 40 basis points this week. i normally would have said earlier, short maturities tied to the fed led the way. higher in and it's true. if you step back, 10 year minus two-year on the week has steepened and all rates are going up and the tens are still going up faster. >> i know, by the way, that the increase in the rates is something that our next segment focuses on. one of the traders is honed in on that. what about you? is it as strong as we see at the big board? >> so poetic, i can't resist, but maybe you can say investors are looking ahead to what? a turn around in 2010. that's where we are sitting. they are not paying retail, but they are paying for retail. you talked about it earlier.

look at the slew of retail stocks that are rallying and in particular you mentioned it earlier. crocks at a new interday high and the company saying they will return to profitability. hanson's shares of juice. the share gains for this stuff. this is the monster energy drink and way too much caffeine for me. i will stick with my iced grandee skim one splenda no whip mocha for starbucks which is getting a 4% jolt. >> so much energy he doesn't need to get one of those. thanks to all three of you. let's talk about this from a more specific trading perspective. traders are looking at the rally. do they believe or not. in the service, services and bob dasani is with us. 

history dictates that they lure everybody in. given the euphoria that i am seeing, i am starting to get concerned. there is a few flags. over the last week, insiders have sold over the last week. that's not a short interest. it declined 72% led by 90% in  energy, materials and  financials. that's a contrarian indicator. this is not a strong ral fe it' recovering that is taking place the index that we continue to watch when which encompasses 22 of the companies that took bailout money, it jumped 35% over the last week. investors are changing to junk

and that has us concerned here. >> what's your reaction to the concerns? >> i still think it's a bull q market. i don't think it's the bear market rally. even within the confines, we are due for a pull back. we get to the number and the market is giddy. it's never as bad or good as we think it is. we think everything is perfect and smashing out of the recession. there is so much unused capacity and excess, it has to be chewed up in the economy before we make real gains. i still like things that consumers have. it's jim's wife. that has their own sets of problems. one positive would be that there plenty of room to not move quickly.

>> when you talk about excess capacity, they are way down in the retail space and there may be excess in the metals area, but not as much as people think. i'm not sure the excess there is. let me address this point. we were over two weeks ago. you know that. you are a technical watcher like i am. the shorts came in and said we are overbought. for five days we tried to crack and break the market. you can see them selling off and they got killed. it didn't work and it's not working right now. i think that the bulls have the rhetorical upper hand and there was a floor under the market. even if we get a difference, that's a change in mentality. >> per there is a lot of talk

and you see treasury yields and money coming out. that becomes a concern. the crude oil will start impacting a lot of companies. we have seen 450 to 500 companies hospital so far this season. oust all of them, only one sector is registering growth and that's health care. no other sector registering growth. >> bottom line, david, only health care? >> that's the only one i am  seeing that is registering  growth. everything else is due to inventory restocking and not necessarily the consumer demand i don't think we have seen that consumer demand coming back. a lot is because the inventorie were deplete and starting to  build. at the end of the day, investor are chasing. fannie and freddie are going.

home builders are up 8%. it's the amount of action coming on. the euphoria and i tend to think we will have a pull back. >> if we go and are in the fourth quarter and there is no sign of any sales up tick, i will be in your camp. right now the economic data is showing improvement and going in the right direction. >> thanks very much to all three of you. we will remember this and continue it when that time comes. obviously i'm sure many times in the interim. next, the s&p as we have been noting is 50% of the march 9th lows. that's what makes people like this nervous. we will talk to the comptroller of new york and jim cramer. the lowest jobless rates in the nation. want a hint? the state's official beverage is milk. 1 and inseparable and the fruit is a choke cherry.

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>> 52-week highs you see across the board. we are still prelehman a year ago. that means something. there others. we will share them with you. the national rate is 9.4%.

one state has the national average beat. we believe it is the lowest. 4.2%. north dakota. the state is home to the lowest unemployment rate and a budget surplus. the third term governor and personal income. diversified the state's economy and we appreciate you taking the time to be with us. in a nut shell, how have you kept the rate so low? >> thanks for inviting me. we are aggressive with economic development and we worked hard to diversify the economy and leading sectors and agriculture and energy held up well. we cut taxes and built a good business climate. the other thing is we really didn't have the excesses that other parts of the country had.

the subprime lending and people taking on too much debt. they all help. >> when you look at where the state is headed, are you seeing a bounce or real growth? >> no question this national recession, the international recession really is a strong head wind and we are feeling it. the particular manufacturing companies, there is a real drag there on the economy. we are feeling that. we had layoffs at some of our companies and bobcat this week. we continue to be very, very aggressive, but we are not feeling any bounce yet. we are feeling a drag from the national economy and at the same time we're working hard in economic developments to find areas where we can expand and grow. >> one area that sticks out is if you had a push in alternative energy across the board.

are you getting and do you feel that the -- >> that's one of the targeted industries for growth and traditional sources of energy like oil and gas and clean coal through renewable energies and biodiesel and one of the things they need is a comprehensive energy policy to help us build all the energy sources domestically. that's something that we do need help on from the federal government. >> is that impacting investments or perhaps holding it back? we hear the investments and money from batteries or the labor secretary said a half billion for training and green jobs. if you don't know where to put it, you won't be able to deploy it. >> that's right.

one of the things we have done in north dakota is developed a policy in north dakota. that enables companies to move forward and make the investments and hundreds of millions of dollars investments in new plans and new technologies am we need that approach at the federal level so instead of freezing the investments on the sideline, companies can get out and deploy the technologies and make these investments in producing more energy domestically. one other thing stuck out. there were lots of things like that that sparked curiosity. when we talked about employment, you have the second biggest kauchls for microsoft in fargo. >> we do. >> we keep seeing in the market the surge in tech stocks on the ground. does that hold out? >> microsoft and fargo is a large operation and about 1700

people have been ex-panning and added a third building to their campus and added to their employment. that slowed things down and helped them to build that good business climate and workforce training and things that go into helping them expand and grow. they have to compete nationally and internationally. for all of us, not only here, but around the country. we are have to make sure we get our companies in position to compete. to compete in a global high tech economy. >> thank you very much. we appreciate you taking the time and come back soon. >> appreciate it. >> you heard the governor talk about the stability. where is their hiring. good to have both of you with us. let's start with you since you

are dealing with who is hiring and who is not every single day. who is hiring? >> i think we have to put this in perspective. there is hiring going on, but it's selective. the numbers that came out this morning are showing we are reducing the workforce. when you look at what's hiring, the companies are being selective and hiring what they need. it's still health care, but the decline with hiring going on in there. we are seeing serfs hiring and bringing back the people, particularly in the mortgage area and others let go. >> do you think our labor market is technically still getting worse. let's be honest on the payrolls. is it too early to say that we will keep moving closer and closer to zero? >> the trend looks like it's going to zero and put in perspective that we need about

150,000 jobs to create a for the momentum in the labor market. we have a ways to go. i would say when we look at 2009, i think it's still kind of getting us back to ground zero and 2010 gets job creation and not just the destruction happening now. >> jim, one thing stuck out from an interview and an economist up with steve leesman at the fishing expedition. they said we have to create 15 million jobs over five years to make up for what we lost. population growth and people graduating school and coming into the workforce. it sounds daunting. do you think that we can do that or will we have a very much jobless recovery? >> it's going to be difficult to do. that is the number that you probably need. i wouldn't quibble with 15 million jobs over five years or so. the biggest problem we will have is everybody is saying all day and all week is that a lot of

this recovery will come from stimulus and come for example federal reserve and zero interest rate policy. we can quibble when that will be, but can probably say it will come in the fixture five years. we will need to see the economy create jobs and create gdp and move forward without zero money and without $4500 to buy cars. only then we can say it has the ability to create jobs. >> and jeff, when you look at where jobs are coming from, we keep identifying that alternative energy will be a place where the jobs come from. are you seeing expansion or hiring there? >> no. the reason i say that is there is hiring there and i can go to specific examples, but the real issue is there hundreds of thousands of jobs being hired there. the answer is no. that's further out. the right thing to do. what it's doing is building a

pipeline of where jobs would go. we need to fill the chasm of what is happening now. in order to do that, we have to get the consumer back in the game. without demands for productions and serfs, it falls flachlt it's a simple equation. >> before we go, jim e-mailed me this morning and this is great. let's do it on a "meet the press" style. put up a full screen of what the period said. he are losing jobs at half the rate of the beginning of the year. this was a speech last night. today as jim pointed out, the first couple of lines of the labor report, the average monthly job loss was about half the average decline for november through april. i know you are being tongue in cheek, jim, but they said they didn't share them with the president. it's not the end of the world if they did. those were interesting choices. >> it is an interesting choice. the words didn't appear with any other press release except the we didn't have.

they blurted out the numbers. he blurted it out as labor secretary. it happens and i can understand it. they have 30 other days. don't use it that day. >> that are sounds like good advice. hopefully they will heed it. thanks to both. just ahead, new york city's money man comptroller talks about whether the rally on wall street and the talk of big bonuses at the bank will help the city's budget whether and whether wall street is out of the woods. cash for clunkers has been a shot in the arm and also another beaten down industry. we will explain which 1 and why it matters so much. we'll be right back. (announcer) this is nine generations

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gain. 25% on earnings and a very important story here that could matter for many other companies, not just cbs. we have that important in the hour linked to cash for clunkers. president obama in the meantime today said it's just the beginning of a victory lap today. >> today we are pointed in the right direction. we are losing jobs at less than half the rate we were when i took office. we pulled the financial system back from the brink. >> does the obama team deserve credit for pulling the markets back from the brink or not? we have an economist with the economic policy institute and a director under george w. bush. let's start with you. yesterday in a speech, they laid out the numbers well. she said if you look at the growth we had last quarter before we add the recent improvements, we were only down

1%. she said it would have been or could have been as much as 3% or 4%. is it to say they pulled us back? >> absolutely. that 1% drop in gdp in the second quarter is not good news except when you compare it to the when we declined that over a 6% rate. the consensus estimates are that luckily the stimulus package earned us roughly 3% at an annualized rate of gdp in the second quarter and if you used regular assumptions between gdp and jobs impact that, translates into around a quarter of a million jobs. in other words, the stimulus package right now is gaining us between 200 and 250,000 jobs every month. it's not filling in the hole we need, we are still losing jobs, but it wasn't big enough to fix the whole thing. we would have lost a half

million jobs in july and only lost a quarter of a million and that's good news. >> i know that there is all kinds of discussions some have over whether the stimulus is formed differently or not, but do you think heidi has a fair point that if it weren't for the stimulus it could have been twice as bad? >> no one really knows what would happen if we didn't have the stimulus and there policies that are helping. i don't think that the stimulus is one of them. the t.a.r.p. and the stress test and the low interest rates from the fed and all the fed facilities are clearly helping. i think the financial markets are in a stronger position than six months ago. i think the fiscal stimulus will help, probably beginning the this year and definitely next year, but we haven't had enough cash flowing into the economy for anyone to be taking credit for hundreds of thousands of jobs being created. you have to remember when cash flows from a federal government to a state, it doesn't mean they

are creating new jobs. >> isn't it fair to say thing for the automobile stabilizers that obviously you can't give anyone credit for, but you can give him credit for the money that went for the police and teacher jobs, right? >> the money flows from the fed to the states and the state legislatures have to act and they have to outlay the cash. multiple lags between when it shows up on the books versus when it shows up into a salary in someone's pocket. >> heidi, i don't want to get in an argument over what happened last month or what the impact would have been, but to keith's point, do you think we will get a lot more going forward? we will get $100 billion according to the speech i read yesterday every quarter for five quarters. >> that's right. we have spent 14% so far of this $787 billion package, $113 billion.

that give us this huge jobs boost, but there is more to come, we have 86% left of that stimulus package that will give us and will be outlaid over this year and next year and after that that will give us a boost as we tried to enter into this rocky recovery. that is good news that we still have a lot of this ahead of us. >> would you agree with that that over the next five quarters, i guess in a sense, is it sort of seeing exponential impact? it seems like what heidi is saying. >> i would say it will ramp up overtime, especially and next year. that's when the big bangs and stimulus comes. >> do we need the rest of it or can we -- i'm not saying is it possible. >> political possibilities aside, we need all of this and more. the stimulus package was only ever expected to create between

three and four million jobs. we were down over twice that in march in the number of jobs. it was never big enough to fill in the hole we have. we will need more. it doesn't have to come in a big chunk like the last one. we do separate packages and shoring up balance sheets and extending unemployment insurance, but more definitely needs to be done. >> do you think we need more or what we have put in the system or do you think weeb can pull it back? >> i don't think we can pull it back and i wish it had been done more efficiently and faster. we will be getting a bigger proportion of the bang right now rather than having to wait 6 to nine months. >> thanks so much to both of you. heidi and keith. next, jim cramer is riding the rally and has been a believer and has a few specific names. one he thinks is literally on fire.

and cash for clunkers is boosting the car makers and all the people that make things that go into cars, but another sector is getting a boost too and it couldn't come at a better time for us. we will be back.

hey, jim. >> thank you for the coffee this morning. >> you're welcome. as you know, we have something special planned for the stock trading coming up. that's all we will say. you didn't know anything coming up. that really is terrific. >> you know you can talk about pull backs and things like that. >> it's the 402 cannon ball to the half sons requires you to be able to leave at least 315 from downtown to make it. the bulls because they are up might leave town, giving the bears a chance to market at the belt. >> they're get more bearish. >> the cannon ball requires people to be able to let the bears be able to mark their position.

we will stay close. >> and i'm going to wash that. >> we were only up 156. it could be people leaving. >> it's a hard break if you want to catch that train. >> let's get to a bunch of names. i want to start with one of the most active names this entire week. a name that is loathed the by many for whatever reason. a name that is making a lot of money for you and me and every other american. citigroup. >> my e-mails are running 90-10 against this game and for every one positive e-mail, i'm getting nine negative. here's what i have to say. the objection is that she will fire is not going to happen. as long as the stock is moving up. they can't get people to come. now please. there is no lehman and bear. they will go to ubs. it is not personnel.

this is a big international bank and has it gone higher. has it been crazy. absolutely. the government can come out september 10th and that's the date when i think the big institutional guys will come in. right now it's a lot of retail. they did have three billion shares. >> now jim, in terms of retail, it's not perfect. we are at the beginning of a recovery. a lot of people were negative, but you think it is much better than a lot of the headlines. >> when is murdoch going to fire all the negative people like we thought and turn it into fox news so it's fun to read? they had a story before graduation day of my daughter that back to school season would be horrible. can't we wait for the season to be over? they reiterated. jc penny with a monster move. urban outfitters and kohl's.

>> you like these? i wanted you to say it. i will ask to you use your internal editor. remember what you said about kohl's. >> i got a lot of hate mail on that. seers is trading 1-1 with whirlpool. i'm not going there. i had enough problems with the cash for camels thing in murdoch country. this sears is trading 1-1 with the kenmore brnd name whirlpool. i don't know who is shoring this. a ton of stock too high and a ton of stock 2-0. people were shorting sears knowing that the chair woman shapiro is going after people who do naked shortings. i say good luck. you will be in the spin cycle at sears.

i got a good deal on tires a few weeks ago versus costco. >> what are did you get? >> tires. i got tires and michelins for $400. $50 less than costco. >> i ask you to use your editor. i will not ask if that was tire. >> i got two and they threw in the car map and did it in 45 minutes. costco was a 2 1/2 hour wait. they were surly at costco and begging for my business at sears. >> you are looking good and i don't think you will need to buy the pants at kohl's. >> i wish them all the luck in the world. look out because they are shooting the camels. they say you and i don't understand. about shooting mammals from airplanes? this is the code of ethics i don't get? >> the pictures are horrific.

>> we are allowed to kill them because it's a nuisance. we are not allowed to kill mosquitos in the country. i would like them to swap stuff to kill mosquitos, but they are living things. they are allowed to do whatever they want. got love them. no back to school science. >> cash for camels. it's 82 to kill each camel apparently. if you collect 100 a camel, maybe you can save them. >> thank you. >> 6:00 and midnight. an unexpected winner from the cash for clunkers program. julia boorsten is here to explain. >> that's right, erin. automakers among the biggest advertisers and they have a put back and took a toll on the network. cash for clunkers was a real shot in the arm, boosting auto ads and inspiring optimism that they need to recover every

consecutive quarter. the volume of broadcast ads sold is down an estimated 22%, but partly because of networks with holding inventory generating demand and taking advantage in interest later this year. >> you have to be confident that there will be a recovery taking place in the relatively quickly and the dollars will be there. >> morgan stanley upgraded the media about three weeks ago and expectations of an advertising recovery to monitize video content in the digital age. >> i am constructively and optimistic that we are not going to see the devaluing of video content online the way we have with newspaper or news gathering and music as well. >> disney ceo said he is confident people pay for quality content and won't drop in the future. people remaining strong.

all of the media giants have been stream lining models to improve margins, and another point in the favor, earnings in this sector have lag and the street has not taken into account expectations for recovery. >> as julia gives the report on advertising, let's bring in david. it is an industry he knows better than anybody. david, he sees light at the end of the tunnel. car companies advertising for now. do you think it's too early to say that? >> i think that the fact that we hit rock bottom doesn't necessarily mean we are going to see significant growth. in the press release and on the conference call he was saying things that got investors excited about cbs, the stock of which is up roughly 25% today. the idea being that the second half is going to be better than the first half of the year. maybe so.

when speaking to a lot of executives at the media companies and the sales of advertising in the up front market, the theme has been a lack of visibility. the volume of advertisinging sold in the up front has been a lot less than last year and probably historically small as it ever has been. that leaves inventory for the marks that will take place in the fall. typically scatter and do stand a higher cpm, but none the less it becomes not to use the word less, but it becomes difficult to really give anyone visibility on what the numbers will be for companies that seem to me like cbs that are reliant on advertising. i should point out it was down 13% year over year. that's in terms of the first or second quarter versus '08. >> do you think when you look

across the board, if we were to see an uptick, who is best positioned to benefit from an increase and whether it's local advertising, that's where you see it. what company? >> cbs has gotten hurt the most in local. local has been brutal. news corp or anything with a station. nbc universal and local has been awful. the retail and the recession in general. you would see a rebound there. there is a lot of leverage in the business. none the less that would be one place where cbs would benefit a lot. they are certainly the most dependent on advertising. they don't own cable on viacom or news corp where you have the subscriptions and advertising and therefore not quite as reliant on it. >> david, thank you very much. good weekend. markets on the move. "street signs" has you covered.

then new york was hit hard by the financial sector collapse. the jobless rate doubled in less than a year. the question this poses is a real conunt rum for the market. are we going up or not? we'll be right back. dddddd

financial crisis hit new york workers and the city's coffers particularly hard due to the focus of finance here, and there's been an unemployment rate in the city that hasn't been seen since 1997. but if you look at the latest bonus figures, or at least anticipated bonus figures if things continue as they are now, i think we've got to make sure we're fair on that, wall street appears to be on the mend. what about the city? joining us to give us his outlook for the city is new york city controller william thompson, also obviously democratic candidate for mayor of new york. all right. so where do we stand right now? i mean, it's sort of like everyone keeps hearing things are getting better, but on that bonus point you're not going to know until we get to the end of the year and you really know. >> exactly. and we're not out of the woods

yet. we are still losing jobs in new york city across a number of sectors. we're looking at an unemployment rate that continues to rise in new york. i mean, we didn't think it would rise, that you'd see a 9 1/2% unemployment rate until next year. it's there already. new york city is still sliding in a number of different ways. >> and in terms of the finance sector is it -- i mean, you've got companies like citigroup which are, as cramer says, making money hand over fist, but it's still got its tarp money. it's still got $300 billion in federal loan guarantees. it's not as if you can say these companies are all walking on two feet as if everything's fine. >> exactly. some of them are up and running. some of them are, you know, limping along. and i think that's exactly it. so i don't think that, you know, with your financial services industry here in new york city, you're not out of the woods yet. they still have a ways to go. are we going to see bonuses? great bonus as cross the board in probably not. you'll see them in some place where's they do well and other places not quite as well. >> are you seeing a fundamental shift in how they're paying people to avoid the perception

and use of the word "bonus"? >> i think that's the discussion. i don't think any of the firms want to turn around and say they're paying huge bonuses because then you've got to look at the federal government and you've got to deal with public opinion right now also. >> well, it was the attorney general of the state who said, what is, it 5,000 people, 4,000 or 5,000 people got over a million dollars in bonus last year and that in and of itself caused anxiety. >> i think the biggest place you saw the public reaction, the reaction from the attorney general and others, is places like aig and particularly in some of these units that had helped get aig in problems and they were using, you know, tarp money to stay afloat and then you're paying out million-dollar bonuses. yeah, it affected everybody. a lot of us were angry about that. >> do you think the unemployment rate, then, in new york, and i know you said it's still ticking up, will start to improve by the end of the year? >> the hope is that we bottom by the end of this year. and it is still that hope, that by the end of this year, the beginning of next year you start a slow path back. but i don't think we're looking

at rapid recovery. i think we're looking aat slow growth in the future. >> and i know you've been looking at pension funds. is that something you're still doing? where are you looking right now in terms of allocation changes? >> slowly but surely. we haven't -- it is within similar allocations. you may shift off some of the private equity and look at it a little bit more distressed. so i don't think that you're making major adjustments to allocation. the one thing that has served us well. you look at other pension funds like calpers and others that lost 25%. new york city lost about 17%. so we've done a lot better than public pension funds by not jumping over and changing our asset allocation dramatically. >> and quickly, before you go, you're going to start spending money in september on tvi campaigns against mayor bloomberg. what's the number one thing that you think you've got to win? >> i think that right now people in new york city are tired of mike bloomberg. i think that, you know, having someone out there who will fight the middle class in new york,

that's who i am. and i think that people are looking for somebody in city hall who will present a different direction for new york city. and i think i present that. so i'm confident through september and october before we get to the november election you're going to see a major upset here in new york city for mayor. >> all right. well, thank you very much. we appreciate it. i'm sure we'll see you between now and then. >> absolutely. good seeing you. >> bill thompson, controller of new york. and next, final check of the markets.ad 151 up, higher across the board. tdd#: 1-800-345-2550 i want everything right where i can find it. tdd#: 1-800-345-2550 anything that makes trading easier. tdd#: 1-800-345-2550 i want to be right in the middle of the action-- tdd#: 1-800-345-2550 you know-- i have to see what's going on. tdd#: 1-800-345-2550 and when i pull the trigger... tdd#: 1-800-345-2550 ...i've got to get the best price out there. tdd#: 1-800-345-2550 (announcer) try the new schwab.com tdd#: 1-800-345-2550 for yourself. tdd#: 1-800-345-2550 call 1-888-4schwab tdd#: 1-800-345-2550 or visit schwab.com/trader today. tdd#: 1-800-345-2550 'course a trade doesn't always work out my way. tdd#: 1-800-345-2550 but when it does... tdd#: 1-800-345-2550 ...man... do i love that feeling. i just gave you some at the restaurant. yea i know. i threw them out. they were old so...

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transportation average up 75% from the march bottom. according to dow theory, though, it would need to close above @ú 3,737 today to confirm the bull rally. obviously you see now 3,755. so we are above it. if you want to look at that as some dow theorists do the level to watch if you see any pullback after the 3:15 hamptons departure, jim highlighted, 3,737 is the level you need to watch. have a lovely weekend and i'll see you monday. >> announcer: this is cnbc.com "news now." a strong rally for stocks puts the s&p 500 on track for its highest close in ten months and 50% above its march 9th bear market closing low. twitter says some users may not be able to fully utilize the service following defensive measures taken following yesterday's denial of service attack. and facebook tells me it is working with authorities

following at tack on its site, which slowed or denied service for many users. that's cnbc.com "news now." i'm julia boorstin. a rally under way on wall street. stocks posting solid gains into the home stretch following the latest jobs report. we enter the final, most important hour of the trading day right now. welcome to "the closing bell," everybody. i'm bob pisani down on the floor of the new york stock exchange. we've got a rally, melissa. >> i'm melissa francis in for maria bartiromo at cnbc global headquarters. in the markets right now stocks are getting a lift today following those better than dppd july jobs numbers. also rallying today the dollar as well as commodities. the major indices, take a look right now at how the dow is trading. up triple digits. 150 points. 9,406. the nasdaq also trading to the plus side. having quite a good day. we'll show you that chart. it is up about 1.6% there, 32

points, 2,005. and also the s&p, 1 3/4%. and of course above the 1,000 mark. >> we have talked for the last several weeks that risk is creeping back into the market, or the appetite for risk. but today it's really evident. particularly when you look at the dollar. let's summarize what's going on here. that's the big story. the risk trade being back. so money is moving out of safe havens, meaning bonds, for example, and into risk. specifically into the dollar and into stocks. this is a very important development because normally dollar strength has been negative for stocks recently but if you believe in a global economic recovery and the u.s. might be a leader in that, dollar strength and stock strength at the same time in the situation would make some sense. is there a floor under the stock market? remember the bears' main argument, that is, the market is going to drop in september and october when everybody realizes that we're not going to get any real top line growth. however, the bulls are now saying that any drop in the market is g