don't have time for this, we got to close the show out, right? >> absolutely. thanks, everybody, do stay tuned for the closing bell, see you tomorrow, same time. today on "the closing bell," bulls out of gas? is the recent rally finally losing steam? find out if now is the time to start getting defensive once again. plus, we will zero in on some cash-rich companies that maybe worth betting on in the face of uncertainty. and pipeline plays, am lynn ceo talks about his company's new diabetes drug and why it could give profits a shot in the arm. live from the new york stock exchange this is the final and most important hour of the trading day. we do welcome to you "closing bell" for this monday, i'm bill griffin at the new york stock exchange hospital. is back? >> hi, good to see you, i'm

maria bartiromo, a good rally under way. low, 130 on the dow. the market late-day push into the home stretch after falling by as many as 130 points earlier, the dow industrials now recovered much of the losses as we approach this final stretch. earlier today, we saw the market take a hit as euro zone leaders continue to spar over a fix to greece's debt problems a bond payment coming up in march. since then, the market recovering the losses due to gains in technology. strength today in the blue chip technology names such as microsoft and apple providing support to the blue chips. in the program, how you should plan your investments as stocks wrap up the first trading a morton of the year with gains, got a market down about 20 points, bill. >> yeah, look at this chart here, the dow dug itself a hole, first thing this morning, down 130, as you mentioned, crawling out ever since, almost turned positive the last half hour, not quite. now down 22 points, 12,638.

nasdaq closer, down 5 points, 2811. the s & p, talk about, this the critical level on the s & p to watch is 1300 for some technicians. 1,311 now, down about 4 points. going to look what the traders are talking about today. mary thompson has been our eye on the floor of the new york stock exchange. >> more recently talking about what you were talking about, maria, receipt bound we are seeing here late in the day led by tech and telecom, the volume isn't great, throw things at it, seems to come back. let's take a quick look at the dow leaders now. ibm, microsoft, merck, at&t and verizon. at&t and verizon the poorer performers during last week. earlier today, we did see the s & p bounce off that 1300 level, the low of the day for the s & p 500, a critical level. then we had good news on the dallas fed survey, helped to bolster the markets and up and away since then. one thing to note, the s & p, we

approach the end of january that being tomorrow, of course, if the s & p during the month of january has a gain of 4% or more, typically, since 1950, you have seen the s & p have a double-digit gain for the year. if, again, the s & p closes above 4% for the month of january, the exception to that, 1987, of course, up only 2% and change. of course, the big story earlier today was concerns about a lack of a greek debt deal. as a result, we continue to see weakness in the european banks. they have been down throughout the day. the u.s. banks, too, are lower, although some of them have come off their lows of the day, most notably, morgan stan labor day jp morga-- morgan stanley and jpmorgan. a reorganization in the investment bank, no one losing their jobs but a shakeup there as the investment bank had two straight quarterly losses.

we head toward the closing bell, the dow off the lows, 25. >> watch the january effect. brian shackman at the cnbc stock exchange. >> welcome back. drill down more within the dow. take a look at the heat map here earthquake the whole top level in the green, far different picture than at 9:30 a.m. eastern time today. four stock stories in particular in terms of what's been moving. i want to start with procter & gamble. two down rates today, ubs hash citing the company's corporate culture as a drag. that down 1.5%. cisco, rbc increasing estimates, rebound in north america. bowing, one of two companies, lockheed martin, the other, invited to bid on south korea's fighter pilot project, as 7.5 billion deal that stock down half a percent.

exxonmobil selling a refining operation for $4 billion. u.s. airways report that delta might make a move on it as well as amr, looking at reportedly. that is up 4.5%. kellogg down half a percent. jpmorgan downgrading it from overweight to neutral, disappointing earnings not for two quarters, not for two months but two years. the prying target down from 62 to 48. then nike up 1.5%, touching another all-time high today, finally staples down 4.75%ful now a sell at goldman sachs. bill, back to you. >> thank you, brian. stocks rebounding as we head into the close here. in today's closing bell exchange, senior economics reporter steve liesman is in philadelphia, mysteriously and mandy drury is back at headquarters as well. steve, we have had new data on the state of borrowing and lending and all, looked rather encouraging, didn't it? >> i think the market play is got an small pop from that bill, the market already on the way

up, 2:00 we reported those results from the fed's january senior loan officer survey showing demand rising for commercial and industrial loans and one headline that caught attention, demand from small businesses was the highest since 2005. even had demand for all consumer lopes turned positive for the first time since '05. good stuff there, something we have been waiting to see in this recovery here, bill, but haven't seen too much, which is loan demand. of course, a reversal of the prior quarter but we will see if this continues, if it does, a good sign. >> mandy, we are watching the other side of the popped as well, the eu summit officially agreed to the creation of that permanent rescue fund. that seemed to help markets at the same time. >> absolutely. obviously, a case of who is wagging who follow europe, europe follows asia, asia follows us, overnight, negative head winds, the shanghai

composite to the downside because there was no rate cut, people were hoping with some kind of stimulus coming from china and of course this ongoing issue in europe what we like to call a street signs euro-sis, in the waiting mode, scared what the next headline will be, whether it is greece, whether it is portugal, always something coming out of there to steve's point about the fed survey that came out at the top of the 2:00, the start of "street signs," we did seem to continue to come off those lows on the back of those fed survey results. so, a nice little lift there at the beginning of our show. >> maria, i know later this hour, we are going to talk more about what you saw and heard while you were in calf voce, but i can imagine the eu was very much in everybody's mind, trying to deal with greece right now. >> absolutely, bill. that was the wildcard, if you will, certainly the wildcard for the global economy right now. got my calf voce download coming up, want to share with you some of the information flow i was able to get. certainly, as we approach march 22nd, the date to remember, the

date that greece has the payout due, interest rate payments, we will see about that, because if we see a default, that may very well create dislocation in this market because people are going to start wondering about the credibility of the other euro zone bonds out there. that is to watch. >> steve, how insulate do you feel fed officials think is going on with the negotiations with greece right now? >> i think they feel like some progress has been made and banks have done a good -- made progress in insulating themselves but i don't think they are under any illusions that a major financial event in europe is something that's gonna not affect the united states in a significant way and to the extent they are keeping their powder dry with not doing additional quantitative easing, i think that maybe part of the were they are waiting in case that european shoe should fall and fall hard on the u.s. financial system. >> maria -- commenting on the low volume again, new york stock exchange. man dirk the case here, nobody wants to go too far out on the

risk scale until we get a clearer indication what's going on in europe. >> you are absolutely right. this low volume is a real problem and so many people who are sitting on the slinds saying i will take a real wait and see on this one. i will tell where you there does seem to be volume picking up, in the emerging markets. remember how a lot of them suffered a near-death experience the course of last year. you look at some of the performances the past week, the likes of eup the, of hung gary, of russia, of argentina, it really feels as if 2012 is shaping up to be a better year for the emerging markets, while we seem to be suffering low volume here, a lot of people are look over the other side of the pond. >> very good. steve, thank you. mandy, good to have you back. welcome back. talk to you later. the final stretch, 50 minutes until the closing bell sounds on wall street, the market well off the low, down 22 points. as i say, bill, let's get this party started. >> yes, she does say that a lot. facebook, did you hear, they are going to file? >> wednesday, i think. >> made headlines but should

investors be buying shares of other internet stocks instead right now? our trade coming up in a moment. how about these screens when you want to look for a stock to buy. no debt, tons of cash on the balance sheet and all the stocks are down sharply over the last year. we have got the names of these cheap cash cows coming up in the program. >> one of our favorite segments is back. after the bell, the third time is the charm for am lynn's diabetes drug rejected twice by the fda. ceo dan bradbury tells us how much revenue the new drug to bring to his company coming up. >> here is how things are shaping up as we approach this final stretch. you are watching "the closing bell" on cnbc, first in business worldwide. back in action. . but why energy? we've got over 100 years worth. is it safe to get it? but what, so we should go broke with imports? look, i'm just saying. well, energy creates jobs. [announcer:] at conocophillips,

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facebook expected to file for ipo this week.

tens of thousands of shares trade hands every wednesday on the second market some, what's gonna happen to the private market once facebook files for public registration? kayla tausche is on that story. >> will be business as usual, the interesting thing about second market having that auction every wednesday is if "the wall street journal" is correct and facebook files for ipo on wednesday, what happens to that auction, 70,000 and 100,000 private shares are traded, i'm told at least for this week it is not going to be derailed, even though what what may happen, investors trading the shares may take the numbers in facebook's s 1 and use them in their calculations for what the shares are actually worth on the private market, bill. >> how does that work? the shares run up on the private market. how much pressure does that put on the company's ipo valuation then? >> there are two sides to every story, facebook could ultimately argue that, hey, there has been

tringd the private market for several years now. we have been able to see the valuation go up and go down, facebook was implied for shares as much as 140 to 160 billion dollars in previous market manipulations of this trade. there will be some expectation to trade on a premium to what the private market trades have been, given a incentive to investors, employees, people this trade for a long time to have some upside and to stay in those shares. if you look at the per share basis, they have been trading anywhere between $30 and $34 a share in the last several months. he last iterations of that trade. >> kayla tausche, thanks, wait for the filing if it comes wednesday. com score giving cnbc the first look at the latest advertising data today. facebook dominates the display ad business.

according to com score, facebook delivered 28% of all display ads last year, up from 21% in 2010. yahoo! second at a distant second, actually, just 11% of the display advertising market. even further behind, microsoft and google, which have market shares of 4.5 and 3.5 respectively. interesting numbers, facebook dominates. the company putting the spotlight on technology stocks the company reportedly will file on wednesday of this week for an initial public offering. overall fourth quarter earnings for big giants of the internet come in strong but our next guest says facebook could be a litmus test for other internet stocks and how to invest in them? talking about that with larry half verty, associate manager. good to see you. >> hi, maria. >> talk about the value of facebook, see probably this week the papers it will file to go public, probably on wednesday. what is your expectation of the company?

>> we see the numbers, maria, going to be trading you between 50 and 70 times, trailing pretext operating cash flow. that is a pretty high valuation. amazon currently is around 35 times google 11 times, ebay 10 times and am, believe it or not, under eight times it is trading about eight times plus the cash flow of apple. >> would you put money to work in facebook? >> well, i think you have two things, one, what i call the coercive buying, big indianapolis institutions and growth investors that more or less have to be involved in this, a growth investors, how can you be not involved, index funds that are going to have to be involved. just the presence of those two people and big institutions like fidelity and black rock, they are going to get allocation of the shares and some portfolio manager in there is going to want to fill the allocation on

the first trade after ipo. this is going to be a very, very successful deal no doubt in my mind, going to go to a premium, the question is what happens after it goes to a premium? a 70 multiple, there's an awful lot of growth built in. the way i run my valuation models, aid almost have to have the operating cash flow of this company grow 80 to 100% to have the numbers persist over time. and in this particular cycle, you ever seep a number of these new generation internet companies, such as groupon, linked done in and zing ga not be able to sustain after market trading once they opened. i think that will be the case with facebook. >> that is the bottom line, isn't it? we are already seeing this anticipation that it is $100 billion company once it goes public, i get what you're saying. let's talk about the trends, how you want to really value these

companies. for example, advertising, signal where the money will be flowing in the internet stock sector, new data out today on display ads, facebook dominated. what are the most important metrics we need to be looking at in terms of what's behind that valuation? >> the metrics simple, someone revenue growth and the second is conversion of the incental revenue to operating cash flow. if you look at the mold, apple grew 80, 90%, more importantly, apple gives you stuff it doesn't zap bit, it converted 45%, i believe, of the incental revenue to cash flow. just a phenomenal business performance. google didn't do as well, their incremental con version is 20%. have to see from fast book how fast they are converting the incremental revenue and how fast

the incremental revenue is growing and going to need a couple quarters to get there meanwhile, i think there are a number of company, some which i mentioned, dramatically undervalued. here is yahoo! with all its problems, it has got a lot of problems, i think it needs to get a new stock symbol, but in any regard, they have a billion four of cash flow collecting this 11% display share and the company is basically the market values the cash flow at nothing. >> we will see about that keep watching yahoo! for sure. larry, thank you. larry half verty joining us live on the internet stocks. 40 minutes to go market really trying to come back, the dow down 14 points, it was down 131 at one time. when we come back, exxon mob al big highlight on the earnings calendar to we will tell you about it today. we are going to preview the numbers and check out whether or not this one is worth your time. we will break down the charts, talking numbers on exxon. later, the trade of the rest of the integrated oil space with

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welcome back to the closing bell. i'm sharon epperson at the nymex. gold prices held pretty firm, down only a couple of dollars or so, above that 1725 level. barclays says closing above, we

could see an upside momentum pushed toward the 1765 level a lot of traders were watching gold and trading gold in euros today because that broke above a key trend line as well and we will continue to watch that push in gold prices, up about 8 to 10% so far this month. that fomc statement helping gold prices as well concern in europe causing safe haven buying, a lot of loans get nothing the gold market at the beginning of this year. back to you guys. >> all right, thank you, sharon. the final stretch, 35 minutes to go, today's trading session a quick market stat check on the dow industrials now, down 11 points. look at this, major averages erasion the bulk of their losses, despite lingering concern about the debt crisis in europe, another important meeting happening there today. dow 11, had been 141 points at the session low. 10 a.m. this morning as you can see by the intraday chart. coming back, approach the close. look at the winners and losers

on the dow. microsoft up 1%. verizon the winners here. bank of america downgraded today, procter & gamble under selling pressure. bill? ry ya, less than an hour in trading to go traders watching exxon mobile, world's second largest company by market cap. can you name number one? it is -- exxon set to report earnings before the bell tomorrow, making this hour your last chance to get ahead of it if you want to buy or sell shares of that. should you see what the charts say, we start talking numbers, the technical side, carter wirth, onlien i'm her and the other side, analyst who covers for raymond james. >> the authority of the 85 level, a year ago in february, the stock 85, after the bad summer, come back to 85. the further and further you probe a level, the more likely that you exceed that level so planning exxon for a breakout at

85, a ten buck move to 95. >> you are concerned about exxon's exposure to natural gas which has tanked recently, hasn't it? >> north american natural gas is the problem and exxon, unfortunately, just a very bad move two years ago by buying one of the largest domestic gas producers. right now, north american gas almost 15% of the company's total production. that is unfortunately a real drag on its profitability. >> carter, let's look at conoco phillips. they reported last week. what it is does it look like? >> this is a laggard, quite the opposite. it is weakness that makes it attractive. so, going here with a move out of a period of consolidation, trading at 68, ultimately 75 all over t >> pavel, give must the bottom line on this sector, do you like the integrated space now? >> it really depends on how much risk aversion the market wants

to pursue. last year, they were the best performing segment of the energy complex this year, a much more kind of pro-risk mood in the market, they have lagged a little bit by, look, if european concerns come to the forefront again, then i would expect these guys to be back in vogue. >> all right. wait and see what happens. good to sue both. thanks for joining us today. we have 30 minutes until the closing bell sounds for a monday, dow trying to avoid closing low the fifth time in six sessions. down just ten points from a 130-point selloff. our next guest believes the pull back could be the beginning of a correction. look at the standout performers in today's trading session. you are watching "the closing bell" on cnbc. wither back in two minutes' time. tdd# 1-800-345-2550 i'm a serious trader. tdd# 1-800-345-2550 so, i want to trade at a place that really gets who i am tdd# 1-800-345-2550 and what i need. tdd# 1-800-345-2550 and still gives me a great price. tdd# 1-800-345-2550 at charles schwab, you get everything you need

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welcome back to "the closing bell", i'm mary thompson. the new york stock exchange seeing a big come back, the dows the low of the day 131 points,

right now, down only five what's led the charge? rebound in tech and telecom, also materials moved to the plus side thanks to strength we are seeing today in international paper, du pont as well as monsanto and vulcan materials contributing to the rise in materials. quickly, gannett is a loser today. the newspaper company reporting results in line with expectations on the earning side and revenue ahead of expectations and revenue in line but investors remain concern about the newspaper operations at the publisher of "usa today" it is lower in today's session. the dow only three points lower. guys, back to you. >> thank you very much. the annual world economic forum conducted last weekend, snowy calf voce, switzerland, you made your annual pilgrim imagine there. the last few very interesting, critical because of all the debt issues facing the eu and now primarily the problems that they are having prying to reconcile greek's debt problem now. i'm curious your takeaway what

you heard and saw last week? >> a couple of takeaways, absolutely right, bill you can the euro zone issue, topic a across the board in calf voce, seems to be the big wildcard there. not sure,place out you that, will impact the global economy, europe a major trading partner for the u.s. as well as the emerging market. that is a wildcard. greece the critical part of the euro zone issue. greece has a bond payment dumar much 22nd. we see that turn into a default, could be a market dislocation given the fact that invest letters start to worry about the cred of the other euro zone bonds. here is what the german finance minister told me about greece, they are hoping that there's no default, but can't categorically say no default. >> we are prepared but we are wanting to avoid a greece default and optimistic we can afford. >> you can't categorically say greece will not default? >> i can't say that that would

be a major disaster and i think -- i'm convinced we can avoid greece default and we are working for this. >> but not all negative there are positives you took away, right? >> there is. march 22nd, die watch on greece, positives, spoke to the ceos of rio at this point toe, barrett gold, due pop the, ellen coleman, mining continues to be hot there is demand coming from around the world, technology also very strong that has been the winner in 2012, still see money probably moving into technology and mining companies because of the strength in emerging markets. u.s., a lot of positive comment about the beginnings of an improvement, latin america, very strong, a lot of domestic demand going on, markets seeing domestic demands, the hotspots, global leadership change, my favorite, bill you can isn't it interesting to note in 2012 see a new president in china, a new president in russia, if anyone wants it, putin is going to get t. >> got to fight for it more than he has had to. >> true. very -- a great point. and we could also see leadership

change in france, election coming up the next couple of months for sarkozy and the u.s. leadership change happening throughout the world this year, something to watch. >> a year divisible by four. we will keep an eye on that. >> off the lows, market, industrial downs down 12 points, down 130 points earlier, one of our next guests see this as a site u.s. market is vulnerable to a correction s it time to dig in and get defensive? >> here to weigh in david wright, co-manager of the sierra core retirement fund and joe quinn land, chief market strategist at u.s. trust. raise your hand. who is looking for that correction? why? >> first of all, we have come quite a way in the last 90 days and measures in the stretch but a seasonal thing, looking at the downside of the cycle starting last week. >> do you agree? >> the he was and flows, beyond the pull backs and good quality stocks, information technology, we are buyers but tepidly. >> lack of volatility in the

last few weeks, everybody keeps waiting for that come back again. are we just -- did we get use to an excessive volatility and expect the norm? >> maybe a holiday, maria talking about greece, the payment in match, the close we are we get that tink point, see volatility come back, and/or numbers softer out of the u.s. or china, hasn't gone away, right around the corner. >> i want to talk about the banks here the european banks are not done deleff rancing, need to raise capital, one of the points to make in terms of the euro zone. would you put money into the banking zone, u.s. banks have seen big gains, 2012, european banks under pressure? >> neutral on the financials, maria, regulatory backdrop, the earnings and the credit risk in and around europe, not going to play that sector just yet. >> what sector do you want to play? technology? >> technology, industrials, mining companies tying to industrials, commodities, any pull back there we are buyers. >> you agree with that? >> we think bonds will outperform stocks the first half of the year and we would be

looking at really cutting back on equity exposure right now and looking even at the muni market which has a bit more to go but also high yield bonds, surrogate for equities. >> you think yield does go lower from here? >> yes, we think you will be surprised with record yields at one duration throughout the other. >> if yields are going to go lower, you have got to hunt for yield within credit, means you got go with high yield and what? >> not necessarily. we managed total return, which is the company style and the mutual fund world by the way, absolutely turn. so, if you have a bond or dead instrument at 2% that moves in the environment at 1.7, you make a lot of money with a rise in value. >> so many people were talking about the dividend play from 20072011. is that still valid here? utilities have gotten slammed the beginning of this year so far and a lot of those companies that do pay the higher dividends haven't looked quite as attractive for some reason? >> not yet, bill, in january, but we think pull back,

utilities a good place to put money to work, defensively you get div depends. dividend yielders in the industrials, pharmaceuticals, still very much in play. >> somebody said to met other date, it is a crowded trade. so what? still getting the dividends. getting paid. >> everybody can stand around and wait for that dividend check every quarter. thank you, so good see you. david, see you on theminutes, t. we are getting the bullish take from two money man jurors she see tremendous value you want to find the value in this market. yet get ready to trade the close, show why investors should be paying very close attention to what's going on in the bond market. that is straight ahead. we take a break, look at the refresh your market. bill and i come back, right after this.

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am lip very much the stock of the day. i'm bertha comes a. meet the ceo at the next hour to talk about the type two diabetes drug but it is a huge start. as far as the big move for the year, bank of america merrill lynch stays is the nasdaq 100 what it terms the year of the megacaps. it thinks the growth is what is going to push this hire them see a breakout potentially levels around 3,000. right now, it is on track, the highest levels since 2001. led by apple today and in great part this year, but one of the stocks that b of a merrill likes is one of the big dogs of the dow, intel. although has been up it is a high yielding stock there you get a double exposure between the nasdaq 100 and the dog of

the dow high yield. they say intel is one to watch this year. back to you guys at the nyc. >> thank you. didn't finish my thought from the last segment, talked about exxonmobil the second largest company in the world, market capsize who is number one? apple, okay? anyway, where were we? about 18 minutes left in today's session, the time for a quick market stat check on the nasdaq, on pace for the second down day in the last three sessions, right now, down a point of a third of a percent at 28. 70, down 30 points at the session low, look at the fear indicator, the risk off day, so the volatility index is rising, getting close to that 20. >> bill, investors ready for next week's ten and 30-year bond auctions. our next guest is suggesting we keep a close eye on the bond market, says it is time to start shorting the market.

details now from jim. good to see you. >> good to see you, maria. >> why do you want to short the bond market here? >> i think as we get close to 175, we do have a little bit ways to go. it takes sense in front of the supply. really what the fed did last week, gave the green light into the belly of the curve and not the back end. we need to be a little cautious. we just had a 30-year basis point rally in ten-year notes. >> do you think that rally continues? what is it going to be that keeps that move from continuing in the bond market? >> well, still fear out of europe, maria. >> your microphone came off. kufrmts hear me now? >> i can hear you fine. >> yeah. still fear out of europe and essentially, the market is gonna stay focussed with the future forecast. as we know, the forecasts are typically wrong. i think the markets are going to move a lot quicker than the fed.

clearly, we got to be alert to that. >> what about hire rates? they are a 2012 affair or 12013 or even 2014? >> i think a lot of talk now about qe 3. we have to pay attention to that but barring qe 3, i think some time in the middle of the year, we are going to make a top or bought no, ma'am yields. i think once the fed moves to the sidelines, we are done with operation twists, and the fact that the market, maria has got expensive, first time to in the history the core pc year-over-year is identical to the ten-year note at 1.8 and still have negative real rates now. it bears caution. the world is parked in the treasury market right now. we have to be aware of that. >> no doubt about thatment is that interesting, the world is parked in the treasury market and started when the u.s. got downgraded. jim, good to see you, thank you so much. >> thank you, maly ya. >> see you soon. 15 minutes away from the closing bell for the day the market worsening a bit.

545 million shares traded. >> a nudge on volume. we have a sector break down straight ahead. >> amylin pharmaceuticals play is a blockbuster new diabetes drug on its hands after finally whipping fda approval. talk to ceo dan bradbury worried about an increasingly crowded field of diabetes drugs, 4:40 p.m. today. first, how the major currencies have been trading so far today. back after this.

back on the floor of the new york stock exchange, they trade shares of aluminum corporation of china, chalco, ach up there shares crushed after china's biggest aluminum producer warped 2011 profits would tumble more than 50 from the previous year, blame what else, falling aaluminum flies the fourth quarter on the heels of europe's debt crisis, demand has come down so prices have to go with it at this point. also cited, increase production costs from a hike in electricity prices, part of the production manufacturing process. they also cut the price of alumna, i learned something today acre lum nah is a white powder used to make aluminum. late last year, did this for the first time since july 2010, alumna comprised 70% of profits in 2010. chalco has been lagging rivals like alcoa over the past year,

shares losing half their value, chalco, tough times in the aluminum industry now. >> for sure, bill. thank you. technology a major factor behind the comeback in stocks today. tech doing very well all year. brian shackman the cnbc realtime exchange breaking down the winners and losers. >> look at the nasdaq 100, now inch nothing positive territory and mostly positive in the afternoon in the east coast, last couple of hours of trade dipped in the negative 50 minutes, back in positive territory, if you take a look at the s & p 500 at the realtime exchange, get a sense of the weighting of tech, up there second best performer in terms of sectors on the day, along with financials, basically the two most heavily weighed sec terror are out there. in terms of the names leaked the way, talking about big and meg ga cap names. you have dell up 1.5%, apple, another 1%, over 450 a share, qualcomm, third of the upside, microsoft heading toward $30 a share, key level, talked about a

lot with that company, less than 50 crepts away, ibm toward $200 a share, up another 1% on the day financials weakest all day broad based, real estate with cb richard ellis down 4%, credit cards from capital one, bank of america down three, nyse euro next, 2.25, asset manager, t rowe price 2.5%. back to you. >> thank you a quick break, then the closing count down after the short break, dow industrials down 15 points, after bell, they maybe outperforming the mark threat year but we will hear from one asset manager who says financials are still cheap. that on financials, stay with us. take a look at the averages. nine minutes before the closing bell. first in business worldwide. has for common sense. used to be we socked money away and expected it to grow. then the world changed... and the common sense of retirement planning

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became anything but common. fortunately, td ameritrade's investment consultants can help you build a plan that fits your life. take control by opening a new account or rolling over an old 401(k) today, and we'll throw in up to $600. how's that for common sense? okay, on the five-minute mark, you wanted to get a sense of this market here, take a look at the major averages, the dow down for the fifth time in the last six session and the vix

getting precariously close, back to that level of 20. we made much of the fact when it went below 209 first time in quite a while, but now sort of creeping back up to that level here the fear factor is starting to rear itself up once again and we are going to watch the s & p very carefully. but if you wanted one indicator to get a sense of what the tone was today, look at the yield on the ten-year note. i mean this has been very much a risk off day, as we watch what's going on in europe, the negotiations that drag on about greek debt right now. the yield on that ten-year went down to 1.82% at one time today. the lowest we have seen on a closing basis for the ten year going back to october. we are watching that very carefully at this point. the euro came off of a six-week high against the dollar and then pulled back a little bit, when it was clear we were not going to get a resolution of the greek debt crisis, at least today. gold prices, stronger dollar, gold came off the strongest week of trading in the last three

months. seen gold power higher here once again but now seems to have found a cap at this point. the thing we are watching right now is the s & p 500. as mary thompson pointed out earlier, it traded down, bounced off that 1300 level. for some technicians, a critical level, below that on a closing basis it could lead to lower prices. at least today, we bounced off that and came off those lows and trading above that level right now we are going to close out the month today tomorrow, these are the sectors done the best in the s & p to this point and we have highlighted this before, the materials stocks that were dragged down bet they are year, financials and technology done well, for the financials a lot of the gains were earlier in the month, sort of lagged the last week or so then the industrials. you look at the laggards for this last month or so year-to-date, telecoms at the bottom, utilities, the big surprise, which was so strong last year, just some profit taking came in at that point,

the consumer staples and energy right now. david wright, you are still convinced the dollar is going higher, how do you play that as an investors, if you feel the dollar will continue to strengthen from these levels? >> both etfs and open-end move ul funds that you track the u.s. dollar index, a very clear play. another way to do it i suppose would be to play the inverne to european bonds, most individuals won't do that the dollar looks good. >> david wright, thank you very much. maybe we have something news coming from europe right now. simon hobbs has breaking news for us as we head toward the close. >> yes, bill, appear the summit in brussels is now breaking up but 9, 10:00 local time, nicolas sarkozy has begun his national press conference. he has suggested that there will be a deal with greece on the public sector bond swap. he says within the next few days. angela merkel ultimately has not said that there should be the sort of discipline in greece. she has not backed the idea of a

commissioner going into attens to determine how they conduct themselves. the president of the council has tweeted that 25 member states of 27 in the union will sign the fiscal compact, we also believe that the new, according to reuters, that the new form of the efsf, the esn will come into force in july and indeed, the treaties are imminent on that as well. so, some movement after an extended session at that summit. back to you. l mary torchson, we head toward the close, we are watching the market. you would think -- >> not a lot of movement on that we heard it before. going to be a greek debt deal in a couple of days? >> we have. and could you argue that the market has already moved on this. we were getting a sense of what the eu summit's communique was going to say, but already approved the creation of this permanent bailout fund, that was an hour or two ago. >> that's right. what you could see, maybe the rally that we saw toward the end of the day, seen that in techs

and telecoms, didn't do much, simon came and gave us the latest news. >> now, exxon tomorrow morning, could set the tone for tomorrow as well. >> exxon's earnings, later in the week, we have merck. i think the economic data is the one everyone is keen on fright day jobs report, what they will be watching. mofrnlt end as well. >> and the best per former in the united states so far, much of the gain was earlier in the month, a bounce and then they have lagged here the last week or so. >> tough wonder how much more bounce they actually have in them at this point. people were buying them at the beginning of the year, looked a little cheap, use a play on improving u.s. economy, this is one way do that you think of bank of america, up 26 already the month of jap, tough think there has to be some bull back at some time within the financials people tend to look at the financials, don't move higher, harder for the broader market toes move higher. >> the second hour that is