sky diver showing up the new google glass tole. the technology is a few years off for consumers, but people were giveen a chance to preorder. >> thanks for watching "street signs," everybody. "closing bell" coming up next, don't go anywhere. hi everybody, good afternoon, welcome to the "closing bell" on this busy afternoon, i'm maria bartiromo coming from you from the colorado idea's festival talking about a host of finishes and the health care ruling getting a lot of attention. >> that is for sure. the supreme court upheld the president's law, and it unleashed a waive of divided opinions that we will cover from all angels. stocks continue to go lower

today led for the most part by the financials. the losses on the back of renewed concerns about the size of jpmorgan's trading losses and signs that leaders are meeting in brussels for their two-day summit. we're getting news out of that that we will get to. here is what we have, a sell off this morning, sideways the rest of the day. the down is down off the lows. the nasdaq at this hour is down almost 2% off the lows down 53 points at 5822. obviously technology is heading lower as well today, and the hb is down over a point at this hour. >> bill, a host of headlines making the rounds today. dominated, the high court upheld the mandate as a tax. this was really unexpected

saying the government may impose tax penalties on people that do not have health insurance. today the candidates weighed in. >> the highest court in the land is now struggling. we will continue to sbreimpleme this law, and we will work to improve on it when we can. but what country can't afford to do is refight the battles of ten years ago or go back to the way things were. >> i disagree with the supreme courts decision and with the dissent. what court did not do on it's last day in session,ly do on my first day if elected president of the united states. and that is, i will act to repeal obamacare. >> we are watching that, plus the decline in bank stocks after the "new york times" said the jpmorgan trading loss may reach as much as $9 billion.

but kate kelly reported it would more likely be in the $4 billion to $6 billion range. we have john with us, sheryl joins us as well, maria. >> and also with us is christ of u.s. trust, he joins me here, the chief investment officer, and dan genter. john, on health care, this was a legal victory for democrats in the white house, are there worries that the decision will energize the republican base even more already. you heard what machinery said, this will be his main focus going into the election. >> there is concern about that. sometimes the substantive victory and the political impact go in different directions. this is a huge priority for decades for democrats. president obama thinks it will help millions achieve health care, cut costs over the long

run, but on the politics, this allows machinery to continue making the argument that this is something that we can afford with the new argument added to that that john roberts said the even though many few americans are expectedbe ifor me to be a blon blanket on the party, but we have the election, we have significant medicare reimbursement hurdles to get through between now and then, sequestration, a deficit reduction act, the collapse of the stock prices last year. so i'm a bit concerned, and i would say we have seen the rise, let's temper it and take profits off and put @ into the health plan group. quite frankly the hospital stocks are up because we think we will get more volume in 2013, who will provide you with that volume?

you can't have it both ways. >> that's a great point. let me get your take on this. chris, you have an upper earning, the higher earning audience there, you're the chief investment officer, when you look at investing whether it's health care or the $9 billion speculation on the jpmorgan loss, thousand do you want to the be invested. >> it's a boring course for cash flow, but if you look at any sector, health care, financials, industrials, or technology, it has to have an element of valuation in there, but also cash flow production. when rates are this low, europe is going through a big mess, and we have these issues in the united states. go for cash flow, be paid to wait -- >> what about jpmorgan? >> from the financial sector, it's one of the biggest things we have seen over the next four or five years. it's all about the improved

health of the u.s. banking sector and how far and wide, ahead of the pack it is, with the competitors. >> so it's still doing relatively well? >> yes. >> what about the bank stock that's are weak today. is it about jpmorgan, what's going on in europe, and would you buy them at the lower levels here? >> you're seeing a continued bifurcation. they're going to be vulnerable to risk because of legislation, legislating out in the distance, and we may see that large banks will be the new utilities. they're going to be slow, they'll grow based on deposit. on the other hand, you will have the regionals and the super regionals. they're going to be attractive. if we look specifically at

jpmorgan, we're in the camp that we'll see a more of $4 billion to $6 billion. and the market has taken the company down since this request news came out, it's down $6 billion today. the fact is that 35 with a 3.5% yield, this is an attractive buy. >> folks, thank you all, appreciate your thoughts on this important topic, we're getting more back to the situation on the supreme court ruling as well. hospital stocks have been surging following the supreme court's decision. courtney reagan has all of the action. >> yes, many were surprised by the supreme court's decision to uphold the health care mandate, and others were prepared. the broader market down just about 1%, health care just about in line with that, making up about 11.5% of the s&p 500 and

1% of them are health insurance companies. most are pharma. health insurance are seen as the net oners. hca warnings. now that americans will be required to hold insurance, hospital names will have to write down fewer losses than before, and come yum expected to increase with more patients able to go to the hospitals. after bouncing around on the details of the decision, we have to digest to figure out what it meant. health insurers are selling off. some will have very costly pre-existing medical conditions. medical companies are seeing a nice bounce. you can see names like wellcare held up, but the new medical

device makers like boston sign testifyic will face a 2.3% excise tax. you see some of them are down, boston scientific down. >> we're going into the close in this final hour of trade, and so far markets are coming off the lows. at the low is was down almost 180 points and we're down 125 right now. >> busy afternoon, don't go away, we have a lot more ahead on this edition of "closing bell." >> one of the biggest inflation hawks, richard fisher explains why the central bank's latest moves may be doing more harm than good. and how will health insurance companies will required to hold up the law. and then donald trump.

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>> welcome welcome back, a little over 45 minutes left in the trading session here. if you're just joining us, here is the market and how it's trading today. they fell further after the supreme court's decision on health care was released around 10:00 a.m. eastern. and there was concerned about the debt crisis as the eu summit starts today. now the low is down at it's low a 180 point decline. technology and financials posting the biggest amount of red ink today. the jpmorgan slumping by itself

after reports that losses from the botched trade could reach $9 billion. but kate kelly reported it's likely to be between $4 billion and $6 billion. >> yes, bill, we're doing special coverage from the aspen festival, the federal reserve expanded operation twist. richard fisher says it's having a minor effect on the economy and may be doing more harm than good. richard fisher joins me right now to talk about that and more. it's good to have you on the program. >> thank you. >> thank you for joining us. i want to start with the health care legislation. it was a surprise for many people. what's your take on the implications of this decision? >> i have been making the foling point, monetary policy is known by the rest of america and by the decision makers that do great jobs. we have really poured on the

gas. what is not known is all of the cost factors going into how you hire, when you hire, and who you hire. so this is a cost factor. i don't think it's eliminating the uncertainty, it will depend on what happens with the election, but there's a little more certainty put out there, and it is a decision made by the highest court in the land, and it can be changed under other leadership. so it's not the amount of fuel in the gas tank, as i say, it's who will step on the accelerator, and how to do it. >> i want to get to that, because i know your opinions about all of the stimulus coming out of the fed, and you come at this from a business standpoint, you used to manage money, you're a business guy. >> that's my draw back. >> talk to us about the implication, you said operation twist is having a minor effect,

it could be doing more harm than good. what are the implications of all of this fed stimulus all over the place. >> i'm not worried about inflation right now. what motivated women and men to ire others. we have an unemployment problem right now in the united states. if you look at my drix, itistris 96 picket of the output. we're seeing incredible unemployment. we have seen it year after year for some 25 years now. so we're a proviz, less regulatory environment. so with the sage interest rates and mortgage rates. it affects all of the country. why are we outperforming. i think the answer is we have a more attractive tax regulatory, and spending environment in texas. if you take that and gear that up to the united states, where federal taxes are so critical,

federal regulations are so impactful, i think that is what's holding us back. >> is it fair to say now with this new ruling on health care that we're looking at this as a tax, not as a penalty, mitt romney making the point earlier that middle class americans are going to face higher taxes, does that depress the economy even further as we look out the next six months to a couple years. >> i'm not going to comment on that candidate or the president, but this is the thing, we will learn more about this, if it adds to the cost of doing business, then it is a tax. i think it was decided on that basis. this is all new news that needs to be digested. here is the point. businesses need greater clarity. i'm a businessman, that's where i came from. i'm used to making decisions under conditions of uncertainty.

and now worrying about so many things, if china will grow f faster, we're clueless what it will be like. >> why haven't we seen more discussion about that in your view. >> nobody listens to me. >> i'm saying things like why is it all on the fed, why do we look at the fed, where are the federal policies, tax policy, energy policy, why are we not hearing that discussion given the fact that we're approaching this fiscal cliff and all of the taxes will expire. >> you've been really good at this. i have been rude the way i describe it. chairman bernanke has been very good on this issue as well. he said that there's no way monetary policy can substitute for what happens on the fiscal side. decisions have to be made that

do not push us into a recession once again but solve long-term problems. and it has been a problem for decades and longer. and they declare programs, spend our money, and don't figure out how to pay. that has to stop. there's no way on earth that we can substitute for that. we saw it in argentina, and the republic, and china, if you're a hawk or dove, we cannot substitute what's needed on the fiscal side. >> when would you expect, realisticly? >> we have money coming from ever where, treasuries are very low. when the economy picks up, i would imagine money would be priced more richly, that's good, and then we will have to figure

out what to do with our balance sheet. so, it will happen when we have stronger economic growth. >> so in 2014 is when the fed said rates will stay at lower levels? >> yeah, we'll see what develops. >> i was not in favor as you know. >> how bad is europe right now? >> obviously in spain you have unemployment rates like we did in the great depression of the united states. with youth, way over the top. they're going to have to wrestle through the issues. they don't have a central bank with the franchise that we have. they're working very hard, but i think the germans are right that you can't just rely on monetary policy, you need your fiscal act together. >> nice to have you on the program. tomorrow, don't miss my one on one interview with former federal reserve chairman alan

greenspan. that's tomorrow right here on "closing bell." bill, negative market but off of the lows right now. >> down 128 now, we were down 180. the nasdaq suffered the most today. and rupert murdoch selling half of his company? >> the more i study it, the more enthusiastic i am about it. >> well look at the numbers and the charts coming up, we he will speak to the ceo of etna and signa. tweet us an we'll get to your responses coming up, stay tuned. ♪

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welcome back, about 35 minutes left of the trading session today. shares of news corp have been trading higher after the company announced it would split into two separate companies.

an entertainment based and news based company, and shares have gone higher. david faber was in a very rare live interview with rupert murdoch where he said that he thinks shares will go higher. >> we said look, we have two companies, we'll create value, and run better companies. >> so, should you be getting into news corp at this time. we'll be talking to rich ross, and on the fundamentals it's allen goud. does this increase the value, do you like the shares here? >> yes, it definitely unlocks value. it doesn't change the fundamental values. we have an elimination of the

murdoch discount. there is nothing more stockholder friendly. they have been begging for the company spinoff. >> what's the chart look like? >> we think this is a classic example of where a fundamental catalyst unlocks a bullish technical set up. let's break it down. coming into the week, we were in a regulartively strong position challenging resistance. we held the 200 moving day average, and a textbook held and shoulders continuation pattern. boom. we get that catalyst. the stock breaks out to a fresh fo four-and-a-half year high. we're a buyer, we think the stock trade is $25 and retest that old high.

>> we want to buy this break out, we see a $25 upside target. >> allen, a how much could it go? >> we have had a $25 value on it for awhile. it's trading a discount to the market on a calendar basis. this company is growing quite rapidly and it is a premium to the market. >> timing is everything and just as they announce it, the stock is moving higher. bill, thank you, in the final stretch, a market down 128 points on the dow industrials. we're just about 30 minutes until the market closes. we will talk to mark bertonille next.

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welcome back, live today from aspen, the stock market well off the lows of the average as we approach this final stretch. we're joined with the details on the action. >> that might be the only good news. the dow now down 107 points. we have been talking about the health care stocks, the dow jones industrial average where the ibm is the biggest contributor to the dow's decline. united tech also down on that. and jpmorgan. the loss for the trading debacle could be close to $3 4 billion

to $6 billion. and citi was in a probe into manipulation of that interest rate, we're anticipating a statement from citi in the near future. we also want to point out that wti, west texas intermediate is down 24% for the second quarter with one trading day to go. that would be the poorest quarterly performance since the last quarter of 2008. guys, back to you. >> thank you, mary. health care stocks trading about three to four times their daily volume today on the supreme court's health care law decision. health insurers taking a hit today. here is a look at some of the health insurers. >> and that includes our next guest, aetna, who was down a few

percent today. joining us, mark bertolini is back with us, mark, welcome back. >> good to see you. >> i vfsing thwas having this d other day. if they uphold the mandate, that would be good for insurers because you would have a captive audience that has to use your product, because because of competition, it might hurt your margins, how do you read this ruling from the supreme court and the impact on your business? >> our read is it's largely irrelevant to th strategy as an organization. we have to get the cost of health care more affordable and more simple, so when the exchanging do come out, one of the relevant and important products for consumers to buy. >> wait a second. you can say it really doesn't change the direction of the company, right, mark?

but at the end of the day, you're talking about 30 more people being insured, millions more part-time owe have to insure, doesn't have in fact change the direction, or at least make you look at how to alter things going forward? you can't say this will not impact how you operate? >> we have been working on this strategy for two years since the bill was implemented. this stuff doesn't happen in six months. we have been working on it for the last two years, and the direction has been to be compliant with the law but take advantage of the opportunities the law presents. so this decision doesn't change anything for us based on where we were going the last few years. >> with the competition from these exchanges, will that put pressure on premiums? will there be a competition for the business that comes as a result of this? >> i think there will be, but it will require us to have a more

affordable product. a simpler and easier to understand product, and whoever can make that happen first and best will have an advantage in the marketplace under exchanges. the exchanges will still offer our products. >> we know that you've got to figure out a way to have more affordable products for these 30 or 49 whatever number you want to go with, additional people that are going to be ensured. how do you get costs out of the business and make it more affordable for folks? >> 80 to 85% is driven but the underlying cost. the age old negotiation, for mutually destruction will not work. so we have to bet r align our interests with those other providers and join them in being in the business of providing a

more affordable higher quality mark. >> the hospital stocks are higher today, it would seem the market is suggesting it would be good for them. it will be an increase in business, and maybe they will have some pricing power going into this. >> what's happened is the affordable care act created a action forcing event that requires us and the provider community to function differently in providing the american public with a different product. it has driven us to places where we would not have expected two years ago, and has been positive in the development of relationships between buyers and payers. >> let me get your take on the expense side of this, mark. you have investors watching that want to figure out what expense side of the business will look like once this is really implemented. what would you expect your

increases to be? >> i think that's the big issue that we need to face and work out. this bill was not written well, and as a result, we have a number of things that will drive up premiums more significantly than the average cost of health care. the minimum benefit plans that we design, 50% of the american public has a plan designed today that's lower than that, the rating change from seven bands to three bands will require younger healthier people to pay more, and we have taxes on the device manufacturers and on the industry that will get through pricing for consumers. so until we get other under lies costs out of the system, the effect wills be higher premiums in 2014 and 2015. >> thank you for joining us. it's an important day for your industry, and maria, look at this market. >> what a come back.

>> it has come back big time, down just 53 points. moments ago it was down over 100, and before that down 177. so we're going to follow this with 20 minutes left, maria. >> we'll look at what's leading this come back with the market cutting the losses in half, is this creating a healthy eyeing opportunity? >> and research in motion shares have been anything but healthy this year, can the blackberry maker show signs of life? an earnings report after the bell. stay tuned. tive... ...which helped students and teachers get better results in ap courses. together, they raised ap test scores 138%. just imagine our potential... ...if the other states joined them. let's raise our scores. let's invest in our teachers and inspire our students. let's solve this.

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we we want to look at the market here and look at this huge come back. the town is down 46 points right now, well off the lows. it's down 46 points after being down 180 points at it's worse. the nasdaq also seeing a huge rebound. getting a few e-mails what is going on, doug cass is telling me merkel is cancelling the

european conference scheduled for tonight. the good news is the europeans might be working on something else. that seemed to have been looked at positively and that phone call is being cancelled. also, jpmorgan cutting it's loss in half on the speculation that the loss could have been as high at $9 billion. that is happening the dow jones recover here. the market at it's worse was down 180 points. let's look at what is moving the nasdaq in technology come back as well. >> hey, the tech is under pressure here, and we're watching some of the bigger names, we saw a downgrade from jpmorgan, it was price target cuts on 12 u.s. companies, apple, dell, and hp under pressure. weak it ending in europe, middle

east, and africa coupled with uncertainty over china. also emc and netapp getting cuts. they are going to overcomele macro issues, also seagate and western digital lower today, hutchenson warning on shipments, so this is raising issues and concerns over demand. maria back to you. >> thank you so much, let's talk more about the late-day rebound on wall street. joining me understand again is christ from u.s. trust, and steven galliger, there has been so much fear, you think that's the wrong move? >> yes, at this point. everything that we point to and it's hard to separate what we're all going through and how town vest. but if you separate what's going on in the public sector,

governments, and the private sector, you look at the private sector and you say wow, record setting profits, people in other countries buying our stuff, and that's pushing the profit cycle up. so if you think about that, even though all of this doom and gloom is out there, from a public perspective, we will have to fix that. it's pushing it way up and tells you what to do. that means the bond fund close that we have seen in the last five years is $1 trillion, and negative $500 billion in equity fund close. >> even though you're looking for a rocky summer for this market, you said earlier you think we could see another several down days in the market, three years out you're very bullish? >> no question about it. it's a policy driveen

environment. they will have to hang in there. policy will outweigh everything good or bad, as we go into the next three years, it will be about what did the united states do. b biosimlars. >> steven, we're back to a position where european headlines can move this market. we're just getting a sense that they can move the market. the market was down 170 and now just 42 points. a headline driven market. >> that's a lot of maybes you put in there. >> we have all seen this movie before. >> i was going to say something like that. we're not going to get any major new development tonight or tomorrow morning. i think we will get more in terms of long-term potential. short-term patches to keep the system together. long term solutions say no, it

can't happen. voters have to approve it, there is no short term fix, they know it. >> would you invest in this market anticipating that they eventually will get their act together assuming that our fundamentals remain where they are? >> yes, and i think your previous guest is saying a similar concept. you have a potential to buy at cheaper levels than today. it's a market timing issue. there's not a lot that happened in terms of positive developments, and we're still exposed to vulnerable negative news. so investors are looking for cheaper levels to come in, but by the end of the summer we want to be in for the long term. some of our fears will dissipate in the fall. >> i want to zero in on this massive come back here. the dow joins down just 28

points. chris, we know that angela merkel cancelled this conference call tonight, you think it's a lot to do. >> yes, the big fear of the market was not the health care, it seems the last few times they cancelled, a big term fix came out. it feels like that's the fix, should not have to speculate on it, we know the ecb has to get in there as a bridge. the long-term fix will take time. if they announce what the components of a long term fix are -- >> thank you. >> they may not call it that, but yes. >> we'll leave it there. thank you. >> coming up in a few minutes, the dow down just 29 points as we head towards the close here. >> we'll be back with more on

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>> welcome back, we're in the final stretch. the market well off the lows. it was down 180 points. that cancellation of that conference call by ann la merkel in germany is creating speculation here. we'll see about it later in the week and next week. >> while you were traveling yesterday we were talking about this, the market rallied yesterday going into the eu summit just as it did going into the greek elections. it would seem counter intuitive, but they were right the the greek elections, with the government's relationship, and perhaps maybe the market got it

right again yesterday hoping that maybe something of substance comes out of the eu summit. you never know, but at any rate, this is clearly what is moving the market right now as they sense that maybe something will come out of the summit after all, maria. >> let's not forget that we're also at the end of the quarter, the end of the first half, you will see a lot of different allocations. we now have more clarity on health care going into the second half. i would also say you want to be aware of just the, sort of, the portfolio management of the end of a quarter that also creating some differences here, that could be part of this. >> there are a number of reasons why, but the easiest answer is there are more buyers than sellers. you will not believe, maria, who is ringing the closing bell

today. we have the biggest crowd every around our set because of who is ringing the closing well, so stick around for that. getting oil prices, we'll talk with march vvin odum, he i guest at 4:40 p.m. stay with us on "closing bell." r and kept turning the page, this is the next chapter for the rx and lexus. this is the pursuit of perfection. recently, students from 31 countries took part in a science test. the top academic performers surprised some people.

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coming up, i moved away from the usual spot for the countdown because there are too many people over there because of who is ringing the closing bell. let's see the market now, we have had a come back because they may be making progress at the summit. we have come off the low right now to 12448. now we're down just 25 points at

12602, and then the ten-year yield was moving lower. it's still lower, but off the lows now. alen, we have seen this movie before, maybe we are getting progress out of brussels, but this is a dramatic move in the market. >> yes, we had 19 of these conferences before. this really moved the market. tomorrow is the last day of the month. next month a new earnings season and a lot of earnings coming out, the multinationals, we need those -- >> what do you think the impact will be tomorrow? it's a lot of things that will happen right now, but what is the impact on the market tomorrow? >> sure, it will be a big impact. a big technical mark. tomorrow we have weekly options expire. you could see a nice little pop

here. next week is short with the holiday. >> steven, you said you. >> lesley: would be willing to buy this market if they could get their act together. what would you buy here? what sector did you like? >> i liked energy and industrials. some of the global cyclical plays are better once our fears dissipate. i don't think we're going to get great news, but once some of our fears start to dissolve, we will see a more constructive environment. >> what about the financials would you buy those? >> yes, everything has a buyer at some point. i think it's more of a regulation story when you get into the financials. it's not as easy as a play, and you have to be a lot more puck and choose among your financials. >> thank you, gentleman, that will do it for this first hour of the "closing bell" with the

dow up sharply from the close. look who is ringing the closing bell.