off-site locations but not all the records are moved there. >> we have made the case for cloud computing. >> we have. >> "closing bell" is next. today on the cholosing -- w look at the odds of another bull run in the stock market and apple hits $500 a share, is there still time to get into the tech giant, what investors need to know, straight ahead. live from the new york stock exchange, this is the final and most important hour of the trading day. >> hi everybody, and welcome to "closing bell" >> welcome aboard. >> good to be here. >> in the markets, stocks kick ingredie ing off the week on a high note.

aus tearity measures were given the go ahead in greece and now they have to implement it. it could be poised to close, nasdaq, at the highest level since last educate. meantime, president obama unveiled a $3.8 trillion budget proposal that raises taxes on the rich and calls for aggressive spending to boost economic growth. we will look at the hurdles facing the spending plan later on in the program. with jeffy zients, we will ask mr. zients to explain the white house plans to cut the deficit by $4 trillion over the next decade. >> i look forward to that very much. the dow has a gain of 83 point on the session and the nasdaq is on the plus side of 28 points,

2932.31 and the s&p 500 is trading up 15 points. mary thompson, minus the hoodie footy. private joke. >> minus the hoodie footy forever. >> the day you are in a hoodie footy. >> we are looking forward to -- sglp wh >> what is going on? >> wed a nice day today. the markets are close to the highs of the day, interesting you should note that the s&p 500 is hitting an area of resistance, it's been in a channel lately so investors are wanting to see if it can break through. we have seen strength throughout the day and industrials made a late day surge led by a couple of different companies. as we head toward the closing

bell, industrial stocks among the better performers. some talks, or reports that the company is looking to sell some of the flow and control businesses. something that could raise $3.5 billion, so the dow getting a lift there. a couple other stocks, amerisourcebergen, cfo stepping down, he is being replaced by t t thecomp tro lcht lor and debolt, their results provided a positive forecast for the year ahead. rail roads, most of them were weaker today, because we had genese event and wyominwyoming,

natural gas has been low, so it's put pressure on the other rail cars >> and freight car america was down as well. >> that was cut to a sell, i cannot remember the name of the firm. it was not a major firm. it was not one of the big banks. it was can cut to sell by one analyst that follows it. that is why it's under pressure today. but market is doing well. we will see what happens the rest of the week, because they react to the headlines right now. all is well. >> thanks, mary. >> sure. >> let's get to breaking down today's movers and shakers. >> the big question is can the deal in greece be enough to ignite confidence in investors and push the rally forward, all the industries are trading in the green. financials continues to be a bright spot and banking stocks sensitive to news and

developments out of europe, two stocks, bank of america and jpmorgan, bank of america up better than 48% year-to-date. switching to form a stock, that is pfizer, they have new uses for their targeted cancer drugs. stock up 1.5%. switch to tech. google's addition of the phone industry, that is driving their share higher. a price target for sarah lee of up to $24. and lastly, it's a historic day, apple hitting an all-time high, and berth a will have interesting data on apple and make sure to watch out for that those are the stock movers. back to you. >> you may have seen the graphic a moment ago that they halted trading at the group in oil, what is that about? >> it's not just oil futures,

it's heating oil, and gas oil as well. traders that are left on the floor are in panic mode, some of them have positions on and are unable to get out of them. what the cne group is saying, they were halted due to a technical glitch and they are trying figure out what is the cause of the glitch, the factory mains that all day and session orders, will be cancelled. they will settle prices based on the trading floor information, they are doing it old school way, they have to do the paper trades and figure out what the settlements are, and they have been delayed as a result. they are looking for, and they are hoping that they will have globe x trading at 3:15 eastern time, so that is what they are hoping to do with globe x, you all day and session orders for today's dates will be cancelled and all good til cancelled orders that were acknowledged

will remain working. so a lot of traders calling me are saying those trading on desks and floor are not sure what they will be able to execute. and there's a big of a panic right now for those trading energy at the moment. >> technology is wonderful until it's not. >> exactly. exactly sure. >> keep us you updated. meantime, treasury prices lower. investor optimism on the european debt crisis. rick has more. >> you nailed it. they are just ever so slightly higher yield in price, but if you blur your eyes a bit, they are highly unchanged. look at the two day chart of 10s and 30s, there was a lot of volatilitity on the 30 year bond, indeed, if you want to look at positive pricing. look at an lqd, corporate supply

could be headed for the biggest february ever if it stays on this pace that, is reflected in this chart of the lqd that, is reflecting price of corporates, and it resumed its up side, and historic highs about a week ago. >> stay right there, we will add oil to your water here. we will talk about what is driving the market here with greece, it says going to the back burner, i do not believe that. i digress, we will add our senior economic reporter. steve, what do you make of the -- >> reporter: hold on, i want to be clear of my position. >> yeah i was going to say, why don't you guess that. >> or the vinegar of whatever it is. >> what do you make of the administration's budget, the economy assumptions in there and where we stand in the economy right now some >> i'm reading there are questions about the outlying years and the growth

assumptions, so i'm going to hold off on reporting on that. you believely t lly -- usually game that used to be played has not been played in many years, so i'm trying figure out the years in the decade that are questionable. it's not as much a economic document as a political one. i'm not adding anything here to what has been said all day long, it's not a document that we can run a country or figure out the debt problems with and that goes for both side offis of the i'la. >> that is why the markets are responding the way they are? taking it in stride? >> the market not care much, because it's a lockups you go with congress. as you get closer to the republican candidate, maybe the markets will pay more attention, in greece, we are in a classic greece trap, in my opinion.

i don't know if it's a good thing. the issue is after all this is over, and sure, held rothey wer probably get a check to make their payment, but what does that leave for other countries. it's important, all the banks think that french banks are holding a bunch of old seasoned securities for many of those countries. >> indeed, before we go, what do we learn from the economy this week? >> it's an important and interesting week for the economy, we will get a last piece of data, tomorrow, business inventories for december and that will help us figure out the growth numbers. there's week ahead. i'll be reporting on nfib and retail sale s for zajanuary, a business inventories, some are looking for upwards of over 3% and we get housing data, the fed

minutes, to know how close they are to additional easing and we get into rick a's favorite part, the inflation for the month. look at the g dcht p numbers, we are at 2.8 and now we are looking at 3.2, 3.4 on the revision and we are looking on whether or not the first half had has a step down that many were looking for or whether or not that january retail sales number. there we go, january retail sales number say the economy may have been stronger. with the caveat, greece and the payroll tax cut. if that runs out that will change growth forecasts for the quarter. >> thank you both. >> we have a bit to go before the closing bell, certainly. markets holding on to their advance. the dow is up 77, and nasdaq is up about 26. >> we will talk about apple, the

stock, you know, it's up 150% over the last two years, have the stocks come too far too fast, or is it a bargain? >> and trade the close, we will break down whether the big rally in tech is showing any sign office a slow down. >> we will talk with acting omb director jeffrey zients and talk to him about how the stra administration plans to cut the deficit. >> there are stocks that out performed apple. yes there are some. on the list, motorola mobility and google. [ male announcer ] the draw of the past is a powerful thing. but we couldn't simply repeat history. we had to create it. introducing the 2013 lexus gs, with leading-edge safety technology,

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>>. welcome back, apparently they fixed the glitch, let's go sharon for an you update. >> yes, the trading just began at 3:15 eastern time as the group indicated. we are looking at oil prices

that are up about $2 from yesterday's settlement price, we do not have the settlement price for this session. we are seeing trading that has review -- resumed here. it is working at the moment, and we are looking at prices of $2.08 and 1.75 a barrel. >> thanks sharon. less than 45 minutes to go, time for a market stat check tot dow. they are all at new session highs after the greek parliament avoided default, the process continues. do i sound skeptical? >> not at all. >> the dow on the way to a fourth winning session, up 79 points at the high it was up 87. the leaders among dow, bank of

america, up 2.5%. you have jpmorgan chase, and pfizer and united tech with gains. >> bill, as you know, apple hits an all time record after crossing the $500 mark for the first time today. they have been riding high after posting blow out earnings last month after strong demand for the ipod and ipad, is the stock still cheap enough at $500 for you to get in. let's ask a research analyst and senior equity analyst. apple did cross the $500 mark, but everyone we talk to is bullish to stock, how about you, is it too late to buy? >> no, there's plenty of room to go, if you look at apple's main two products, ipods and ipads, both have strong possibilities,

just compare it to blackberry. about 175 countries and 600 carries, so there's a lot of room for them to expand. if you look at ipads, we will have a new one soon and competition is not catching up. both categories will keep going, if you look at it by the end of the year, they will be doing at $50 ear share in earnings, so attractive. >> your price target is $635 on the stock? >> yes, and next year's eps could be closer to $60 and that could getz us closer to the target. >> do you agree there's time to get in and now that they have so much catch on their balance sheets, should they pay a dividend? >> yes, plenty of up side from here, they have great products coming out that will continue to drive the customer part of this. now with the cash question, i think they finally hit the point

where they are going have to address that more satisfactorily for investors. nearly $100 billion in cash is a lot. how big of a safety net do you need to have. >> so, let me clear on that, you think it's a one time dividend or a recurring dividend? >> i think the form and timing are up in the air at this point. i think they will do something to start signaling they do not need to keep accumulating. it could be either. >> apple has also several legal battles that it is fighting against google among others and there's the samsung legal battle. give me your take on that, how those lawsuits are likely, if at all to effect the stock or the tech space? >> are yeah, you know, the space is evolving fast, a lot of companies will fight for intellectual property. that is what we are seeing, massive growths, that will happen.

eventually there will be less with patents and money will change hands but it will not impact the whole sector a lot. we will see them compete aggressively and we will see apple maintain the lead. >> thanks gentlemen, appreciate it. you know the only thing that worries me? is that everyone is bullish, >> and nobody splits a stock anymore. $500, what happened to stock splits. >> that is right they tonight. the dow up near 80 points. >> you'll talk numbers specifically on trade and the best way to play a global economic recovery is to best on beaten down shipping stocks and banks have been on a role this year, but are you better off on betting to big banks or regionals right now. as we go to the break, here are how some of the big banks have been trading. back after this.

welcome back less than an hour of trading to go as investors gauge the prospects of a global recovery, the investors looking at the transportation sector, is there a break out coming there. let's see what the charts have to say as we talk to carter. he is chief market transition.

they are among the most economically sensitive out there. >> and the thing to watch, dow indicator, how the transports do relative to the industrials. i think that one technique that is effective is to find a subset that lagged and play it for catfor catchup. rails have been strong, but a group that lagged is shipping stocks. first chart that we have juxtaposes the average to the shipping index. you see the change. you see the base points over a two year period. one way to then, you know, sort of get involved here is to try to play transports by those that have lagged by shippers. >> are there shippers that you like or should you buy the group? >> there are groups that i like

but the baltic index is at an all time low. so the cost of leasing a boat is going down to record lows the stocks themselves are actually starting to come up off the bottom and there are two that looked good among others, but dry ships is one, and if you look at the chart, it shows that a well established down trend, 7-2, and then we are breaking above the downturn, an important development, stock leading the the way, while shipping rates stay down. another one, genco, 25-5 and here too, you see the down trend and moving above the down trend, there's wisdom in price. the prices of these shippers and many others are starting to move up while the shipping rates are at lows. >> what you are acknowledging is that there's strength in the key sector, you are trying to find the bargains. again, everything else is

robust, the package haolleaul e jb hunt, truckers are at highs. so it's a way to play a theme and look for lagging, only after it started, getting a price action in these names now. >> cater wort, good stuff. thank you for joining us. >> right now, we have 35 minutes before the closing bell, the dow is up 81 points on the trading session and nasdaq is up by 27. coming up, professor jeffrey will weigh in and here is a look at how the s&p heat map is shaping you up. there's a lot of green on the board. back in a moment. 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 tdd# 1-800-345-2550 to trade your way.

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>> welcome back to the "closing bell," we have less than a half an hour before the closing bell t dow recouping all the losses from friday, now up 81 points the only sector not participating is the utilities sector, that has been under

pressure throughout the trading session, in the red now and for the year, even though it was the best performing sector in 2011, a different story so par in 2012. it's down 3.7%, the only other sector showing a loss this career, telecom, we want to talk about monster worldwide, they are concerned about increased competition from the likes of linkedin, the competition risk is increasing and the has lost 70% of its value since last year. back to you. >> the energy complex at the nymex has been trading again. we have an update on that and you have a trader that is wanting to vent? >> that is right. i'm with peter donovan, a floor broker here with vantage trading, it was a panic situation around the close here, what happened and how were you able to move around the halt?

>> it was a little surprising, sharon, the market primarily trades electronically and around 2:00 we were having problems, but 2:23 they announced that they would settle the announcements to futures' trades in the pits. >> that is where you worked for a long time. we do not usually see that happen that way. >> it's good to have a back up system like the pit here, for years and years all the trading was done in the pits so the system is efficient the, but on very short notice, guys were not prepared for it as well as they may have been. we had technical glitches in the past and they get fixed normally in a mat ter of minutes, and it was a bit longer unanimo eer th. so they made the call. >> was it harder for the products to settle?

because there's not as many paper trades in heating oil and gasoline as crude oil, even they are reviewsed sharply than what we have seen in past years. >> yes, the volumes were settled on much less volume than is usually the case. the guys that settled the market are professionals. they good a good feel for where the market is trading and even though trade has not occurred, there's a lot of bids and offers. you can get a feel for where the market should be and i'm sure it settled close to where it ought to be. >> and what about folks that could not trade in futures, do you think there was an increased volume in the uso and oil event -- and oil etfes? >> when something like that happen happens if you have a position on, we need to hedge our positions whether you use uso or etf or whatever, guys are

interested in settling the market. overall, it's up and running now, it should not have been that big of a deal and it was handled well. >> oil is up $2 right now, we are above $100 a barrel at the end of a session that was a little unusual for a trading day. >> heaven forbid that human beings have to do trading when computers can't. >> we begin our market segment with a reminder that the dow has never traded at or above the 15,000 level, the closing peak was back in 2007, when it settled at 14,154. the science proefr jury roomy

seei -- jermey seeing feels it could be over 15,000 next year. >> sit possible to be over 15 k? we have our guests here. welcome gentlemen. >> thank you. >> dow 15,000? anyone? >> a good chance. historically averages gain about 7% a year. it's within the possibilities. the market you belieusually giv average. >> there's so much money on the sidelines and that is the money that will come back in and push us to dow 15,000 and the financials are starting to kick in as well. so you are getting traditional leadership in the market, you buy it? >> you can go a step further and say we came out of a bear market in october of last year, because

whether you look global at the developed markets emerging and here in the u.s., mid and small cap stocks. so if we are in a new bull market type of environment and average 32% advance would only bring us within 6% points of that 15,000 level by october of 20 2012. >> you could say that, but are you saying that? >> no, i'm not. there's a target of 1400 and you can do the math on the dow, basically 11% gain this year. >> does it spook you, ed, when you see a cover like that? you never want to be the guy that they think will be the heisman trophy winner. what about media being bullish? >> there's a tremendous amount of pessimism every day though. at the end of the day, it's the

fundamentals that matter. last year, we had strong earnings growth and no gain in the indexes. but still if you add up last year and this year, you are looking at a gain in the 15% range. i think it's possible. >> what will take us there? >> again, it's two things, first is we have to reduce the fear of course so over the last few months, i think the ecbs action reduced the fear. >> for give me, what sectors? >> we tend to over weight stocks compared to bonds, and so we are over weight riskier assets in general. a lot of things go wrong. but we are over weight that part of our portfolios. >> what about the risk of staying out of the markets right now? the risks, greece or harder landing in china then they seem to be engineering, but you miss

the move, the average investor and what areas do you think would provide a good return without a lot of risk? >> they say that fear and greed drives the market. it's fear, fear of losing to way down and fear of losing out on the way up. if you do not want to take the high risk, cyclical trade, what you can do is focus on the stocks that have long track records of increasing their dividends to investors like the s&p 500 dividend, which has traded as an etf, sdy is the sicker symbol, so there you get a dividend above 3%, and not volatility. >> it's also make a coincidence, the amount of time that the feds will keep rates low. they say until the end of 2014. well, that is two your

prosecut years from -- two years from now. how much does that play into it? >> the action of the ecb and the fed has made an impact on the economy and the stock market. when the fed starts to raise rates again, that does not necessarily have to be a disaster for the stock market, as long as they are able to contain ininflation and the economy. they will not raise them at big times. >> right, and they will raise them when the economy is doing well. >> thank you for being with us. ed i'll see on you the closing count down coming up in 20 minutes. right now as we head toward s the close, the dow is up 70. get ready to do trade the close. acting omb director, jeffrey zients is talking about the president's budget and why it calls for a more than doubling

dividend of the tax rate for some americans. here is how the dow is shaping up. we are up 70 points on the dow.

big day at the nasdaq, genron leading, up 2.5%. as it's raised their out look for their ilia, that is the aging blindness drug that they have. and expedia which is up 84% and

now, apple is only up 42%, but of course, we are watching to see if tit closes above $500 today but the bigger milestone could be when it hits $500 billion market cap. and believe it or not, analysts say it could be the cheapest $500 billion tech stock ever. >> it's not what it used to be. >> not at these multiples. >> thank you, see you later. 17 minutes left. time for a stat, check the comp osite, the volatility index is ba back below 20. the yellow flag, no longer being

waived by the fear indicator. sue? >> at least not today, anyway. thanks bill. markets are continuing to climb higher as bill mentioned and our next guest, he is keeping an eye on the piigs yield for indicate ors of where we could be headed next. good to see you warren. yields have dropped a bit and people seem to think there's a sigh of relief about greece and i have my doubts. >> we are all keeping an eye on europe at all times, we are looking for an indication that the risk level will rise again, so the yield on piigs countries are some is place to look at. and then you can get an indication of the risk level, you take that is and if they are dropping, you come over here and apply the positive news to our market and get the rallies like we have been seeing. carries over from europe to

here. >> you think that apple is one of the reasons that the market is pushing higher. >> yes, the stock has been acting tremendously well. it's best all all breeds right now, so much money is being funneled in there and that is bringing the teches up and bringing up the nasdaq with it. >> is it enough to get the investor to put greece, ireland, spain, portugal to the side, does it minimize the impact of the crisis in the investor's mind? >> it's too early to say that. we have had a tremendous run up by teches and we are getting into levels on the s&p, a level that is tough to break through, so, you know, if i'm sit tting there holding money, i may take money off the table can and be prepared to put it back in, the trend is upward, but have you had to look for the mine fields. >> bill? >> sue, we are heading toward

the close with 15 minutes to go, starting to lose altitude, with the dow up 67 points. when we come back, we will be wrapping up the under the radar stocks. >> that is right, not just apple making big moves, there's under the radar stocks making moves. >> the average man or woman on the street took it for what it was. and i'm surprised that people are supposed to be intelligent have interpreted it otherwise. i think we ought to be personally responsible. i think. i think there's only so many people that can take care of themselves and other people and this rest of the people, they are useful in terms of compost for their whole planet. welc

flo -- on the floor, you will see

the guys on the floor have been nice enough to put the graphic up there. the volume today is about 2.5 times what it normally is. and it's up sharply today after the company said that it plans to sell up to $12 billion in assets. chesapeake is trying to deal with declining gas prices and a debt load that is twice that of its large rival, exxon mobile. exxon has a market value 27 times that of chesapeake. chesapeake faces a $3.5 billion gap, between cash flow and drilling costs, the funding gap is pegged at $4 billion, and chesapeake said that $2 billion should be coming in over the next few months based on transactions of output in texas and oklahoma. so they are pdisputing some of the gaps. and the stock has still been lagging, krchtnonetheless, up o

heavy volume today. sue? >> thank you very much, bill, they may not be stealing the headlines but there are under the radar stocks that are making big moves today and we will go to round it up. hello? >> hey, sue, let's look at the name making big moves. starting with regeneron, they raised their current sales out look for their new drug. eylea, they have seen the stock up better than 12% on the flip side. look at chelsea theraputics taking a nose dive, stock down better than 37%, also in focus, life science, the company agreed to be taken private. in an $80 million cash stock. and waston pharmaceuticals, they

filed a version for a new drug. it's an important announcement from the firm as it will increase their competition with other players in the birth control market. stock down .3%. >> after the bell, with greece now making progress, are we in for a long-term rally? the potential risks and rewards are at the top of the hour. here is how the major averages are trading as we head into the close, we are first in business worldwide, cnbc. scans the road to reveal potential threats, even helps awaken its driver if he begins to doze. so in the blink of an eye it will have performed more active safety measures than most cars will in a lifetime. introducing the all-new 2012 m-class.

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trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. okay, inside the five-minute mash as we head toward the close here, the focus has been on the nasdaq today as it looks like it will close at another 11-year high, ask we are coming off the young year for the nasdaq and s&p 500, as we settle up today here on the nasdaq, it will be another 11-year high, where were we with the markets, it seems the volatility about greece mha

been in the streets not the market. apple, a little low after the optimism last week, as the europe went lower the tlar wedo went higher. it was a weird day, they had a late day glitch in technology and had to halt trading for a time. there it is, at $100 a barrel, we look at the spread to brent, it's starting to come in now the spread between london's oil contract and our contract here in the united states. don't forget, our gasoline prices are based on londolondon price, wouldn't you know. the yield on the ten-year note, down a basis point now at 1.97%.

i would have sworn on gold that prices would have sharply higher. did you see the piece on 60 minutes about the demand for gold, and and we talk about it in india and overseas where it's a highly valued piece of culture of that, when you think of the magnitude of the demand of gold, i thought it would force it to go higher. with that barron's piece, i figured we would is a bigger rally than this and we didn't. up 68 points. what i do know, ed, we saw a trend that has continued this young year, where sectors like finance were among the strongest. you can see the s&p financials up a percent and the utilities, last year's biggest gainers were among the laggers today. it's clear that the risk appetite in the market is growing here, isn't it?

>> that is what we call the high beta trade t stuff that is most leveraged in the market, did the best. and the high dividend payers and utilitiies staples have been l k lacking. >> when you get the shifts, does that occur at the beginning of of a new trend, are you calling for a continuation of this trend, do you think ? >> i think it will probably last for a while. but we want to be alert, that we could see a reversal late their year. that has to be careful, that kind of volatility will continue. >> is this a signal that our market is more willing to trade on the fundamentals of our economy rather than the fear factor that -- come frg greece last year?

>> it was not until the fear factor started to subside and we have got transaction and we have had a nice run since then. the fundamentals will be carrying us but we have to watch for the big negative events that will come out of europe or china. >> if you like equities you like the higher beta stuff. >> good to see you. thanks for staying. mary thompson, as we enter the close, we have a bigger data week. >> retail sales will have consumer price on friday too. that is important, the industrial production numbers, keeping watch on that. you know, it's interesting, i think what you were saying, i thought coming into it as well. there were a number of factors that you would have thought would have sent the markets higher. it's a seasonable week for the markets.