will cost you more in texas. >> the risk of audits this year are smaller due to smaller staff. >> i'm not sure if that's a silver lining. >> if you're afraid of being audited. welcome to the "closing bell." i'm michelle caruso cabrera in for maria bartiromo. >> and i'm bill griffeth. a dip this spanish borrowing costs and the dow is up nearly 200 points. also adding to the optimism, upbeat comments on citigroup by the latest earnings report.

we're expecting a trifecta of big technology earnings when the bell rings in an hour. ibm, intel, and yahoo! all report after the bell. that's still to come on the "closing bell." >> first, let's take a look at where we stand with less than an hour to go in the trading day. the dow is higher 195 points. we've been up 200 but still we'll take it. 13,116 in a very, very broad rally. the nasdaq is higher by more than 60 points. a gain of more than 2%. s&p 300 with a gain of 1.5%. 1391. holy canoli. >> shares helping to fuel this rally today after meredith whitney held that with an outperform. here's what she said a month ago

right here on "closing bell." >> citi hasn't been investable in 40 years. >> what would it take you to invest in citi? >> a new brand. >> apparently they are getting one. >> a new brain. >> here's more from citi with mary thompson. mary, they have a new brain? >> that's a great call. it makes me small every time i hear it. in a note to clients, she said that the company's improving metrics as well as the low valuation makes it unlikely we're going to see any significant share price depreciations. so a couple reasons for the upgrade. but you have to keep an eye on expense and that's been a problem for citi. whitney is calling citi shareholders with another big expense.

that being compensation. 55% of citi's shareholders rejected the company's executive pay plan for 2011. outgoing chairman dick parsons saying that the concern was what was used to determine that pay and going forward the board is going to talk with the investors to address those concerns -- to address the concerns that they had about last year's pay plan, a pay plan that gave ceo vikram pandit a total compensation of $14.1 million. it was the first year in two that pandit's salary was more than $1 a year. also about the performance of a company, here a number of investors got up and displayed their displeasure down 80% since the financial crisis, a time when it was teetering on the

brink of failure. citi has made progress since then and has yet to progress si significantly. back to you. >> thank you very much, mary thompson. let's talk more about today's rally, the financials, and how the events in europe are influencing or not actually influencing investor sentiment in today's "closing bell" exchange. bill? >> back at headquarters, it's kate kelly and simon hobbs. kate, i don't know about you, but it's been under the microsoft for four years now and the economy is getting better. >> well, yes. and some of these firms are quite good at beating expectations. i can hardly remember the last time goldman didn't. they tend to be good on that score and deliver the upside surprise. but, yeah, i think the theme here, if there is one, financials are looking a little better but not blowing anybody's socks off. we are seeing a first quarter better than the fourth. >> they were on life support for

a while. >> absolutely. but let's remember the fourth quarter tends to be weak relative to the first quarter. so it's not a total surprise that a number of these banks have shown strength in trading. citigroup, still despite meredi meredith whitney making a modest upgrade of her perception of the stock after her muni call, citi still has some strength in the m muni area. there are signs of life. but as david said today, they are very cautious. the consumer confidence is very fragile. >> we talked about this before with meredith whitney. >> right. fixed income doing well, the regional banks don't have big trading operations. they don't necessarily have the mortgage operations that wells fargo has, for example. while i'm glad to hear that they

are doing well, i'm more concerned about how the region is doing because we're hearing that loan growth is still very anemic. that's my concern here. look, there are three reasons that the market is up today. european markets ended on their highs. we saw the spanish debt auctions okay but not great. >> worst than last month but not great. >> twice the yield. so it wasn't cheap. nobody seemed to focus on that. bid to cover was really good. second, the chairman finance minister said spain doesn't need an auction. so you see all of the european markets at the high. then we got apple. apple goes over $600. apple in three days has gone from $605 on monday morning to $578 yesterday to $607 today. a complete round trip. >> amazing volatility for a stock that large. >> in a couple of days here essentially. then, again, don't yell at the markets. i always have this thing but it does make you want to scream at some point.

>> simon, bob took your whole dissertation on europe. would you like to add to that? but to understand where we have come from and the technical damage that has been done, if there was -- for the euro zone, it's the dow jones stock 50. it's the blue chips within the euro zone. and if you look at how they have performed with today's gain over the last month, they are down, there you go, over 9% whereas the dow industrials is down just the best part of 1%. so you're below the 200 day moving average, the 100 day moving average. if you look be, for example, at what has happened in spain, given the gains that we've had today, the spanish market is down 14% so far this year and it's only about -- it's only about 8% off its 2009 closing

high. so we have broken down very, very badly in europe. i think the assessment that you got from bob is quite correct. this was a very short-term auction in spain today. the big test comes on thursday. the other big test, guys, which is really interesting, we spend a lot of time mapping what is happening at the beginning of this year and the year before. if you don't get a deal on more funds for europe from the imf by the end of the week, america won't be involved but from the other guys, the bricks, that might pattern back to what happened in may of 2010 when we didn't get a resolution of the european union spring summit on extra funds in that case for greece. this time it's for spain. and then perhaps we can lose confidence as we did at that time of year as well. >> you know what, you guys, two things to chime in on europe real quickly. david was asked about gold in europe today. he said we're seeing positive signs, including the restructuring in greece, which we feel better having that data point on the ror rise zon. at the same point, credit is

being lost. i don't know if you lost credibility last year. >> it's not a unique idea, kate, is the thing. >> it's what they do. >> but the timing of it is interesting, isn't it? >> i hear the point that kate made earlier about the amount of money that goldman is keeping on the sidelines is even more powerful given what they are able to see as a market maker and presumably they are allowing to go short. >> all right. once again, we're asking, what does goldman know that we don't? >> thank you all. see you later. >> speaking of credit, stocks may be having the why aren't treasuries falling off more sharply considering the huge rally in stocks? it's usually the relationship that you see. rick santelli is at the cme in chicago. rickster? >> it's unbelievable. if you look at the train day of 10s, from 6:00 eastern a.m. on,

we've been in a two day base point range. 199 to 201 in a ten-year. if you look at a two-day chart, we're around 196. still a narrow range. one of the analogies on the ground is, it's going fast but it's really limited. a lot of high-frequency perception. i think they are actually focusing more on domestic where i think the ex quit tea market is focusing on spain. and that better news is in air quotations. >> we're heading towards the close here. we have a lot to get to in the next hour and 15 minutes. right now the dow is holding near the high. up 195 points right now.

>> how is td ameritrade dealing with the low volume trading environment? the ceo of tb ameritrade and the bottom line. apple is off the worst time high after the first losing treek in thrstreak in three yea. >> we want to know, what would you rather own? a new $600 ipad or one share of apple? tweet your response to @cnbcclosingbell. and then a trifecta of technology earnings. get ready for instant analysis and reaction with results from intel, ibm and yahoo!. and look at that sea of green. we look at the 1.5% rally in that broad, broad index. we'll be right back. great shot.

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through mercedes-benz financial services. through mercedes-benz when we got married. i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we go into this next phase, you know, a big part of it for us is that there isn't anything on the schedule.

welcome back. 45 minutes left in the session and we have strength in technology, materials, and energy sector. technology higher by more than 2%. energy higher by more than 1 2/3%. the industrials are higher by nearly 200 points. the nasdaq higher by 60 and the s&p 500 higher by more than 21. you can see the biggest technology gainers, including first solar, that very controversial stock, apple. look right there. $607 a share. higher by more than 4%. we have shaken off all of the selloff. here is the intraday of the industrials. we were strong out of the gate. never looked back. let's see if we can go back to the 200 level.

it adds it to the fact that we have triple digit moves nearly continuously over the last week. bill? >> michelle, thank you. meanwhile, shares of td ameritrade are down after an otherwise big up day. the number one discount broker feeling the pinch of low volume trading environment that we've been talking about. profits for the second quarter fell by 20%. the average number of daily transactions down by over 50,000 trades from a year ago. and commissions and fees declined by over $45 million and while clients added over $10 billion in net new assets, over 40% of the company's annual revenue came from trading fees and from commissions. joining us, we're pleased to welcome back ceo fred. welcome back. >> nice to see you, bill.

>> the economy got better. we had a pretty good quarter in the first quarter. trading declined as much as it did. what's your view of that? why we saw fewer people in the markets even as the economy got better. >> well, we saw people definitely interested in the market. we've had the best trends that we've had in two years and they continue to log in but they are very cautious. we look at the reh channel, they've moved into the market with momentum. although there's not much volatility. you can see that in the mutual funds flow and equity. >> there's something of a zero sum gain and it's the low volatility that brings the longer term investors in. i'm not going to ask you to pick what you'd rather have but the

low volatility hurt you to some degree, didn't it? >> yeah. exactly. the best part is the conviction and moving and volatility along the way. that's the perfect market for us. >> also with the fed and low rates, that's for the foreseeable future. you have to learn how to grow your company to some degree. how do you do that, then? >> well, we remain focused on the control and gather $10.8 billion of net new assets. it's 11% mechanic growth rate. year to date and what we hope

will be the fourth consecutive year. you focus on those things. you keep the balance sheets strong, credit rating upgraded again in the quarter, third one since the crisis, and you keep returning capital to shareholders through dividends and buybacks and we've been doing all of those things. >> what outlook do you have? do you expect volatility to come back? and what's your outlook for the economy here in the u.s. as well? >> well, make a lot of money there and i think on the economy, we've been saying for a while it was a pretty severe recession with the financial crisis. they tend to take longer period of time for us to come back. there are still uncertainties in europe and our view of the world is that we're going to continue to see a long, slow economy. >> our markets go back and forth. sometimes they are obsessed with

the european crisis, the debt situation and sometimes they ignore the trade on fundamentals here. are you concerned about europe and the impact on its economy here? >> not right now. i think what the ecb has done has stabilized the banking sector and avoided a liquidity crisis which i think was really, really important. that doesn't solve any of the problems in europe and they are still working through that. if you have a theory right now about europe, there's a lot of noise around spain and that's a big country, if spain has further troubles and i think that will affect everybody. >> always good to see you, fred. appreciate it. >> thank you. >> by the way, more evidence that the economic signs of life? richard davis breaks that down with you at 4:30 p.m. eastern time. >> the dow jones industrial average is sharply higher. nasdaq higher by 59 points.

up next, the intel earnings trade. should you buy the stock ahead of the results or sell it? what should you do? breaking that down in talking numbers. >> intel is not the only name. look at your screen. we have investor reaction to ibm and yahoo! at 4:00 p.m. and look at all of the green do dow components. >> all of them. yeah. zap. it's our fastest and easiest way to get you into your car. it's just another way you'll be traveling at the speed of hertz.

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welcome back. i'm sharon epperson at the nymex. driving up the oil had a lot of the traders up in arms and the cme group has weighed in as well saying that they agree that manipulation is detrimental to markets but caution against mistakenly categorizing speculation as a form of manipulation. the cme group saying that obama's proposal to use marginal requirements is exchanges, they say, in the best position to monitor volatility and meanwhile we are looking at prices that do not have much reaction. still trading above $104 a barrel. back to you. >> definitely a risk-on day, sharon. thank you. after the bell, you only have 36 minutes to trade it ahead of the numbers. should you do so? let's start talking numbers. we're going to look at both the

fundamentals and the technicals. joining us on the technicals is u.s. market technical strategist and on the fundamentals, covering the name for nomorah. robert, let's start with you. what do the numbers say about intel? >> if you look at the long-term chart for intel, lots of these stocks are breaking out of five-year trading averages. intel is a laggard. that's a very born longer term positive. the stock was headed higher and a target between 29.5. >> so nearly positive? >> positive in the near term. >> i hear a lot of talk about windows 8.

>> i think it will be positive for intel. i think it will stall ahead of the launch. with windows 8 you've got added features like touch so it's not just a software upgrade. it's also a hardware upgrade. it begs the question why would you buy a laptop ahead of the windows 8 launch? and i think that's something intel may have to face. >> okay. bottom line, what do you think when it comes to stock? >> i think the expectations are too high going into earnings. they are looking for 5% for june. if we look at pc demand, it looks pretty weak. demand was up 1%. at the same time, apple shipped about three million ipads in the first weekend of taunc it feels like it's eating into intel's hide a bit. >> on the fundamentals, we have

a negative. do you know who will -- the cfo is coming on later today. we'll have stacy smith on. he's going to be a first on cnbc. bill is going to chat with him right after the close to talk about the earnings release. be sure to watch that at 4:15 eastern time. gentlemen, thanks for coming in. >> thank you. >> bill? >> we'll watch very carefully when those numbers come in. the dow holding on to a gain of 196 points. see if we can hang on to that as we head towards the close. and then we get on the markets, policy, positioning, and profits. the three 3's that have been the major drivers on the risk of on trade. while the tail winds may be slowing down right now. plus, should investors take a bite out of apple now that it's well off its highs? we have two different opinions on apple coming up. and we want to know what you would rather own. a new $600 ipad or one share of apple. tweet your response

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welcome back. bob pisani on the floor of the new york stock exchange. apple has gon from 605578 to 609. notice accenturs is strong. ibm after the bell, we're expected to hear similar things from them. up 12% over the year. guys, back to you. >> we're all in the interest of accountability. back in november, neil hen see was here on "closing bell" at the new york stock exchange and picked three stocks at that time. >> uh-oh. >> he's nervous. >> but he shouldn't be. they were ross stores, dominos,

and family dollars. since then, ross is up nearly 40%. so exhale, neil. domino's is up 12% and family dollar is up more than 11%. good call. >> what is he going to do now? >> he's joining us. so is kate moore, senior global strategist. congratulations on a great call on the retailers, neil. >> well, thank you. >> what do you do now when you have such a strong move here and do you believe this rally today? >> well, i believe the rally today. we've been saying it's a good rally because corporations are taking a tremendous amount of money and have been since 2008, '09, '10, '11. it's just that the market is not convinced that they are going to go higher. >> so the pes were compressed, now suddenly -- >> if you look at corporate earnings, we're at an all time

high of two trillion. we're looking for higher earnings this season but in the reality situation you don't need higher earnings. we're just in a very slow economy. the cash flow on earnings is awesome. >> kate, you're a little more cautious. we talked about the three p's that you're looking at, policy, positioning and profits. you feel that those are starting to soften, right? >> well, actually, a new data point this morning, monthly global fund survey was collected and of the asset managers that we survey, the cash levels rose across the board and equity allocations dropped and we saw much more cautious behavior. neil was touching on this. there's a lack of belief, i

believe, by the investor base that a rally can continue. >> yeah, we had a very good first quarter and then pigs get slaughtered, right? >> that's right. because everyone is not in the market is actually constructive. it flashed a contrarian buy signal. >> that actually makes a lot of sense. people get nervous and there is cash on the side line. so what do you do? >> you've got to make money for your clients and you're buying stocks here. directv, dollar store is on that, right? >> we've been talking about a dividend play for a long time. what is holding this market together and why it's going to go higher is because when you start talking about yield, you're talking about comparative versus t-bills.

it has 118. you can look at directv. they don't pay a dividend you can let it continue to run. it's going to be earnings. the biggest thing is corporations are nervous about is the tax situation and what health care is going to cost. >> kate, your best idea as we head out here? >> our best ideas are to stay in companies that yield, that have a nice dividend yield as well and also to stay with companies that access scarce global growth. even though people have been very fearful about china and our expectation is that it's behind us. >> that would be great news for u.s. stocks? >> it would be very good news

for lots of global equities. >> thank you both. kate, i'll see you on the countdown and neil, we'll see you after the "closing bell" rings as well. dow jones up 198 points and the nasdaq is higher by 61 points. apple rallied again today but it's still down 4% from where it was prior to this five-day selloff. our next guest says investors should take profits and sell that stock before it plunges again. that bearish call is coming up. would you rather own a $600 ipad or one share of apple? tweet your response to @krnsclosingbell. technology earnings extravaganza. our team is standing by to extract the numbers as soon as they are released. as we head to the break, here's how the sectors are trading. not surprising. a broad base rally every single one of them in positive territory.

all of them higher by almost 1%. >> announcer: but, first, before we go to break, the dividend. which stock has shot up the most so far this year? cabela's, shutterfly, or u.s. airways? the dividends pays off after the break. it's guaranteed to grow grass anywhere, even if you miss a day of watering. [ scott ] seed your lawn. seed it!

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>> announcer: just before the break as part of the dividend we asked which stock has shot up the most so far this year. cabela's, shutterfly, or us airways? u.s. airways has risen 60% year to date. welcome back to "closing bell." i'm courtney reagan at the nasdaq. we have 20 minutes left to go in trade today. first solar announces it will lay off 30% of its employees due to restructuring plan. take a look at shares of decker's. the company is citing valuation

and long demand for the spring line but can't all be positive. starbucks, one of the few laggards and green mountain company one of the leaders. >> courtney, we've got about 20% to go in the trading session. time now for a quick market check. nasdaq composite is back above 3,000 on course for the biggest gain in four months. right now the nasdaq is higher by 59 points. 3,047.59. as it snaps its five-day run in negative territory. the cbo volatility index and goldman sachs, coca-cola, a number of other companies before the bell. vboe volatility index below 23.

it's the biggest water cooler talk. here's that stock again, up nearly 5%. our next two guests made gutsy calls. robert of lewis capital told cnbc last month he felt apple was forming a top. listen. >> what you see here, technically, it's a thrust. it's a blow off top. so basically the most irrational investors, who are chasing apple, climbing into the stock, suddenly a wave of selling appears. >> and i'm sure nobody complained about that to you, robin, i'm sure. and time to go long again.

and the big rally today, you'd rather not see it, right in. >> i think apple always pushing the envelope when the market bounced back and apple had a negative divergence, it could be a good short. you didn't know it was going to get down to 575. it's a good risk reward to the long side and i wasn't expecting to move to 605, 607. i think it's constructive for the market and constructive for the bulls. >> well, when i looked at apple, initially i thought what would be the top of the stock? what would be a level whereby sellers would come in? and that's when apple reaches 5% of the total market capital, the s&p 500. usually mutual funds and insurance institutional investors --

>> so it's a warning flag. and we got there. >> and we got there. so i think what i'm seeing is, what are the catalyst that could bring this blow-up top formation into completion. i see the following patterns or the following risks for apple in the downside. the one thing, of course, is when you compare apple with other formations in the nasdaq, microsoft, qualcomm, oil in 2008 or gold last year, the stock usually comes back to its base in this particular case it's $430 a share. then i look at the risk that could get further trade-off in the stock. >> so you think it's the tax season whereby the debt lying

for contribution is expiring today. the fund flow should come negative. >> it's all coming together for you. i get it. >> are you going to trade this short-term as a stock that is topping in your view? what are you going to do? >> i think it accelerated to the upside. i don't think it was a blow-up top. i think it might have resistance in the ten-day moving average which is around 612 to 614. i'll probably sell some of the longs that i bought today and apple has a lot to prove. if it can go side ways, it can make new highs. anyone called the top in apple hasn't been rewarded in the past decade so in this particular point, it will be premature. >> all right. two different opinions there on the stock. everybody likes to have an opinion on it. thank you both. >> speaking of getting opinions, we've been asking to you tweet us. what would you rather own? a $600 ipad or apple? randy smith tweeted us only one

of them will be worth $1,000 later. that would be a sftock, right? >> yes. >> and why buy one ipad when you could buy 1 share of apple stock and in a few months you sell your share and buy two ipads. >> sharon says, give me the share. won't be obsolete this time next year. >> very practical. >> all right. continue to tweet us. give us your comments. cnbc the "closing bell." >> about 14 minutes left here, just off the highs of the dow. up 198 points. coming up, we'll take the pulse of the banking industry with u.s. bancorp chairman richard davis. that's coming up at 4:30. bill, they are lending more money. >> that's been one of the darlings of the regionals. everybody's higher.

back after this. everything that i've gained in life has been because of the teachers and the education that i had. they're just part of who i am. she convinced me that there was no limit to what we could learn. i don't think i'd be here today had i not had a wonderful science teacher. a teacher can make a huge difference in a child's life. he would never give up on any of us. thank you dr. newfield. you had a big impact on me.

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okay. i'm back on the floor of the new york stock exchange with trade shares of coca-cola. one of the all-american companieses. the ticker is ko and shares have been trading higher after better than expected first-quarter earnings they are seeing higher sales volume in every operating region and they are increasing prices by 3% oversees compared to a year ago. they have pricing power in some parts of the world. also combatting this seven-year decline in the sales of soda. have you noticed those smaller coke cans that they have out there? as demand for powerade drinks

rise. on a 52-week basis, today's gains help to drive the shares up 9% on a 52-week basis here. not a bad year's work. michelle? >> bill, we have ten minutes from the close. the battle between u.s. corporate earnings and debt fear is playing out but boy the earnings are winning. the dow is flirting with only the second 200-point gain this year. thoughts? >> i think it will blow through this 200-point level. >> yeah? >> i think a lot of it is short covering and towards the end of the day we get a huge push to complete whatever orders haven't been executed yet and i think that's what is going to end up happening towards the end of the day. you'll see a fairly significant move on the upside. significant to 25 or 30 points above 200. >> you've got me glued. 198.9. is it going to matter? >> why don't we care about

spain? >> i don't care about spain. >> nobody does. why is it different from a year ago when we were all terrified? >> i think media -- no offense to the media, but media has made a huge deal about this and it's not significant to the u.s. economy and the prices will where you're going towards an all-time high. it will make the market move in a very quick fashion. i don't think spain is that big of an issue. i know a lot of people think it is but i don't. it's more about -- >> i have always wanted to spend my summer in madrid but -- >> it's worth going. >> thanks. we're coming back with the closing countdown. after the bell, cfo stacy smith talks about the weak pc market

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all right. coming up on the four-minute mark for the "closing bell" today, the dow -- listen to this. the nasdaq is poised for the best gain this year with today's rally. and the dow is aiming for the 13,000 level. and it all started right here. the yield we're watching very carefully, the spanish ten-year note, 6% was the boagie level. it's unsustainable, the spanish debt can't pay it and europe stock market was off to the races and so was ours. here's the dow. back above 13,000. this is a classic risk on rally

that we saw today. here we are up 197 points just off the highs of the day at 13,118. with this rally, the dow, s&p, nasdaq are all above their 50-day moving average today. when you get risk on, you take off the risk off assets. that would include the treasuries. back above 2%. they sold the bonds to buy the stocks. they bought the oil market today. crude oil up $130 and the new york oil market is stronger these days than brent market that's good for gasoline markets the vix, the fear indicator goes lower and we are below that $20 level at 18.21. the sectors, everybody was positive today but the strongest of those was the technology.

we have a lot of earnings to get to coming up. the energy, industrials, materials, and the fng ainancia are the strongest. isn't it interesting that the survey you did of those global fund managers raise being cash and profits and we get a rally like we did today? >> we're seeing this positioning get a little more cautious but one interesting part of the survey was that, especially asian fund managers, they were actually very constructive about chinese growth. >> even as their gdp was coming down? >> that's right. they are actually looking for chinese growth to be better 12 months from now than it is today. >> really? >> and that was an interesting part of the survey. i think they might be seeing something on the ground that some of us sitting here in new york may not see. and that's that the chinese story isn't that weak. >> are you inclined to want to look more favorably on china and the equity results?

>> we're not particularly bullish on chinese equities but we're worried still about some of the margin pressure and some of the companies raising wages. >> this is launch pad for another move what have you been looking for sector-wise. >> i think tech is very well owned broadly across the world. particularly u.s. debt. i've been looking for other sectors, particularly industrials, materials, energy. they have pretty decent valuations that will do well from better global growth and all of the majo