all all right. welcome back. that's holiday shortened trading day is coming to an end, as you see. the "closing bell" ends on the other side of this break. have a great holiday, everyone. see you back on the other side of the holiday. let's send it to bill and maria. >> hi, everybody. it is 1:00 on wall street in washington. do you know where your money is? welcome to the special edition of the "closing bell." i'm maria bart to roirombartiro. i have a special interview coming up in a hoemoment. meanwhile, we're ending a holiday shortened day on the upside. >> we are. stocks are wrapping up, the shortened trading session on a high note, markets closed for tomorrow. investors will then be watching for a flurry of economic data, later in the week, including the latest on chain store sales and

friday's very very important jobs report for the month of june. we will get you set up for all of that later on in the program, maria. >> meanwhile, big day in news. barcl barclays top stepping down amidst a scandal in involving barclays and other banks and we will wait to see what he has to say before a panel tomorrow. we're asking if this is the tip of the iceberg. former chairman dick grasso will weigh in on that in a few minutes and market structure. >> we have coverage on that tomorrow in england on cnbc. first, here's how we're settling out on the high of the session at dow, 72 points at 12,943, s&p up 8 points today and good for the nasdaq and major averages, a gain of 25 points at 2976. it may have been a shortened trading session but the bulls will take this, right?

>> absolutely. let's get more on the mood as we approach this holiday shortened week. we have friday jobs numbers. let me kick this off with you, ryan. what do you think is going on ahead of the jobs numbers? what would you be focusing on given the rest of the week and uncertain uncertainty with the holiday. >> we're focusing on europe and bond yields, both for spain and italy, looking for c drks srds' default swap and u.s. economic data. the whole focus is on non-farm payrolls coming up friday. the ism report came out yesterday, quite weak. we'll see if there's weakness in the non-farm friday. >> there is some talk we will probably see in the central european cutting rates on thursday. we have that to look for as well. >> that was the chatter among the traders and focusing on that along with the jobless numbers. coming into today's session,

there were concerns there could be added weakness. what we saw instead was a little bit of short-covering going into the holiday as well as the ecb rate cut whether it will be on investors' minds when they return to work thursday. >> when we spoke with christine le garredd a few moments ago sa what was more important was the ecbe spanding asset program. and recovery points for the european debt crisis there. we'll see if in fact it's a rate cut we get thursday, asset purchase expansion or both. >> the markets are taking -- it was one of those perverse thoughts yesterday, ryan, maybe you can address that as well. the ism number was so week, traders were taking comfort knowing our fed might be stepping in sooner rather than later with an action of their own, whether qe-3 or whatever.

it's clear these markets are looking to the central banks for help, aren't they? >> most definitely. it increases the possibility we could see further stimulus and quantitative easing program. we've been long-held believers we would not see a qe-3 with the caveat we will only see a qe-3 if we see a major market sell-off or continued deterioration in data. we have seen deterioration in data with the report and we will see about non-farm payroll. if we get a market pullback, it definitely increases propability of more monetary stimulus. >> i want to note hopes for that stimulus was one of the factors at play today because risk on-trade was at gain today and we saw materials the big winner and change of leadership in the past couple of sessions. >> treasury yield going lower. thank you. this growing scandal

following interest fixing. the ceo, bob diamond resigned a few moments ago and not nearly ends this story as well. in london, with the latest. >> the news came at just about 7 tle7:30 a.m. local time, 2:30 i new york. barclay's bob diamond stepping down, the latest to leave in the libor rate fixing investigation. he will be appearing here in london before the treasury select committee tomorrow. there are many questions likely put to him and on the public's mind still. mainly, what did barclays know about these practices when they reportedly occurred? what did regulators know? barclays flagged some to regulators itself and what other banks may be involved. when talking about setting libor a global benchmark, barclays was involved and two others are

being investigated worldwide. and puts pressure on other banks. barclays, bob diamond the most high profile resignation so far. there's a sense, there's still much more to come. back to you guys. >> thank you so much. this scandal, another black eye for wall street and the banks. it certainly is not inspiring trust for the retail investor as some indicate. now, to richard grasso, former ceo at the new york stock exchange. great to see you and spending time with us. >> it's great to see you and early happy birthday to the greatest country civilization has ever known. >> cheers to that. it seems like it is one thing after another for the financials. what's your take on all of this? you have jpmorgan on the hot seat, barclays with this interest rate fixing scandal. how are the banks and wall street going to earn back trust and what's your take on this whole developing story out of barclays? >> i think first and most

importantly, the way the financial institutions mutt earn the trust and confidence of the consumer back is by doing what they do for consumers, delivering a product that's consistent, has, if you will, as its common ingredient, integrity. putting the customer first is good for business. i think the financial institutions understand that, maria. there's been very heavy body blows experienced by the public, when you look what happened in the mortgage market, look at the crash in '08. look at the flash crash, look what's happening here now. certain, not to minimize its contribution, just when the public was ready to jump back in, we have the most visible ipo in the last two decades absolutely fall on its face in the form of facebook. it's been a real tough time for consumers who want to get back into the market and yet there are compelling reasons to be in the risk trade now, because the

alternative is a return of zero. >> let me ask you about market structure and really about oversight here. bob diamond says the moves that his bank made with regard to libor were done with regulators' knowledge. is this evidence the system is broken? will it be more fuel for more regulation. we keep pointing the finger at the executives and banks. i'm not saying that's not appropriate. we have regulators asleep at the wheel here. >> you learn the lesson, you can never blame it on the regulator, but you can never look away from the reality that the regulators are intimately involved in these financial institutions. i would not be surprised if we learn, as this investigation goes forward, that regulators were on site, as they were here in america during the '08 meltdown and during some of the periods we're talking about, in terms of claiming jpmorgan.

you don't blame it on the regulators. what is more important from a public confidence point of view, is for the regulators not to exercise the strategy of ready-fire-aim. people are talking about bob diamond's resignation. if bob diamond resigned today, i have a bridge here that connects manhattan with brooklyn i'm here to sell to you. he was made to walk the plank before anyone ever concluded bob diamond did anything inappropriate. you look at what's happening in terms of the examination of derivatives trading under jpmorgan. people took jamie dimon, who is clearly the best ceo in financial services, and took him from hero to goat in about two weeks. we have to stop doing this. people should pay the price. they should walk the plank, if they've done something wrong. no one has yet said bob i diamo did anything wrong. certainly, when you look at

jpmorgan and any incredible record that jamie has assembled, you cannot look at this one series of derivative trades and say an entire career is up in smoke. it's nonsense. i think we have to stop doing it. >> we haven't really seen the kind of scrutiny on jon corzine at mf global. that's for another conversation. >> that's for a political conversation. >> let me get one final question, a different topic. you mentioned facebook. there's been conflicting reports this week facebook is still considering switching exchanges from the nasdaq to the new york stock exchange. as former ceo of the big board, would such a switch benefit facebook? if you're nasdaq, what do you do to prevent this from happening? what a foul-up that ipo was from the open. >> it was not just a full-up, but a terrible disappointment to consumers across all markets and all products.

we have the gm ipo, which went flawlessly at the new york stock exchange. your would have thought nasdaq would have taken that as a case study and used the methodology that produced an absolutely seamless gm introduction in the market in the facebook introduction. they didn't. they wanted to do it their own way. and in failing, they not only hurt facebook, they hurt the entire market structure. i could never understand why facebook wanted to go to nasdaq in the first place. you would expect that from me. i'm a home team rooter. the reality is at this junketture, facebook should consider with they want go to the new york stock exchange, the same way general motors announced it's reexamining going back to advertising on facebook. if you made a bad mistake, you cure the problem by doing something different. that's what they can do now. >> we'll see about that. really, an interesting

development. a real question as to whether they will consider ny -- always a pleasure to have you on the program. >> this $40 million that nasdaq is talking about compensating brokers, i think that's -- that adds insult to injury. the financial loss are enormous, but the loss of public confidence engendered by this, i think the most royal of screw-ups we've ever seen in the opening of an ipo, deserves a hell of a lot more than what they're suggesting. >> certainly, the numbers seem paltry when you look at some of the loss related to facebook. dick, have a great fourth of july. love talking to you and see you soon. >> i look forward to it. happy birthday, america. tomorrow, don't miss our special coverage of bob diamond's testimony before parliament. begins tomorrow 8:30 p.m. eastern, live on cnbc. stay tuned, we have a lot more to come on this barclays fallout. >> dick grasso, what a great

guy? did bob diamond have to resign? we will have an exclusive report you will want to hear details on. plus -- >> i'm not in a negotiations or renegotiations mood at all. >> that's imf managing director, christi christine lagarde. don't miss my interview coming up right here. accolade overdrive.

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welcome back. sound like barclays ceo, bob diamond was face battingle for his job. in two letters he said he was disappointed about the rate fixing scandal despite signs he and other senior management were involved. >> that letter to reassure employees only turned out to anger them and some even began plotting to force diamond to step down, which he ended up doing anyway. our senior editor, john carney, learned more about that. what was happening in the u.s. >> when he released the letter, which proclaimed multiple time, i love barclays and his commitment to stay on board and right the ship. i think he meant to strengthen his position at the bank and reassure the employees and had

the exact opposite effect. some read it and laughed. one investor said he sounded like a guy desperately trying to get his girlfriend not to break up with him. others actually freaked-out. they thought, this guy doesn't realize how serious this is. we've got to do something to get him out. they started to have meetings yesterday. they were very concerned. remember, these are a lot of the barclays employees are formerly man brothers employees. barclays took it over. these guys have been -- gone overboard with a troubled ceo before, didn't want to do it again, started to figure out, who do we know in lond london -- these are all the new york guys thinking who do we know in london we can get to take our side and get rid of this guy's joke, this is going to be another independence day, we will overthrow the brits. >> what do you think -- for bob diamond to step down and followed by the coo, i'm

wondering what kind of hard evidence they must have on these guys linking them to knowing about this scandal. i recognize there was lots of public pressure, the brit, the establishment wanted him out in the uk. in new york, there was also a plot to get him ousted. what do you think there is out there that he has evidence he knew this was going on? >> the people i talked to, there wasn't so much evidence that he knew but barclays is fighting back against these accusations. you can't really have one of your largest banks fighting with the bank regulators very publicly. the message went from the regulators, you have to go and those in new york stood down. there could have been a bloodbath and that seems to have been avoided. >> thank you. this story is not over yet. don't forget, we have special coverage of bob diamond's testimony before parliament

beginning tomorrow morning at 8:30 a.m. eastern time on cnbc. meredith whitney just downgrad downgraded jpmorgan to a hold rating. she's on the phone. the stock did move on the down grade. thanks for calling in. >> sure. >> tell us about this down grade for jpmorgan and what's your sense of the down grade today? >> the down grade had been a long time coming. it wasn't when they announced it and $2 billion down and the stock has rallied 17% trading a little above tangible book. we decided, before the holiday weekend, in light of this libor event, i think is going to get a lot bigger, to cash in chips now, this was the only large bank cap stock we had recommended. so now, it's more in line with our negative stance on the group. i would have to say now i think

more than the last couple of years, there's even more reason to be particularly concerned about these large cap banks. >> meredith, clear something up for me. i heard when you first announced your down grade, the price target was $45. is that correct? that's higher than where it's trading now. it was $37 the last i saw. >> it's reflective what we think will be 12 months on book value. we don't think there will be incredible appreciation in book value. they're not even earning their cost of capital. in light of what happened with this proprietary lost -- loss, who knows what it will be next week. the banks are struggling to earn cost of capital, which means they're not growing capital. we tried to be fair here. jpmorgan is certainly not the worst of the litter but sandwiched between wells fargo and city and bank america and

that's probably appropriate. >> how bad can this get? jpmorgan talking to shareholders next week, now facing another investigation for the energy division there. you have this barclays-libor scandal. you say other banks could be involved. tell us how bad this could be and what mine by that, how bad this gets. do you think the jpmorgan loss could be as high as $9 billion? what's your take on how high that trading loss becomes? >> it's certainly larger than the $2 million last month. i heard as high as 8 and rumor circulating closer to 5. certainly larger than $2 billion. you have to see what these companies really earn. i think that's the most disturbing part of next week's results and for the group in general. the fundamentals for the group are so bad not only in flat

yield curve environment, investment environment, that is screaming for head count reductions and downsizing. the fundamentals are louse. i with respect to the libor scandal, it's really bad. the financial system globally is predicated on a faith-based system. if you have banks manipulating rates on which so much financial activity is based upon, it really gets to the core of how much faith do you have in the system. the regulators are going to be and should be all over this. i know the legal community is concerned about this. i think it will be a very very big deal for the industry. >> all right. we're waiting on the living wills information that should be out about 2:00 p.m. eastern today. do you think they have any flexibility in terms of selling assets, real quick on living wills, what are you expecting? >> some banks have more flexibility than others and city

bought so much so expensively, it doesn't have a lot of gains to reap from selling its assets. there are other institutions that have a lot more to sell. each bank is really on an individual case by case basis. >> all right. we'll leave it there. meredith, great to talk to you. thanks for calling in on this down greyed. have a happy fourth of july. >> you, too. >> meredith whitney. an increase in auto sales but is it enough the others will lower their sales expectations. another round of discounting. so much for the company's new pricing strategy, kirk greenberg will be here on ceo, ron johnson's new plan or if he has one anymore for jc penney. talking about the looming fiscal cliff, whether it could send the economy into chaos if the situation is not resolved before the end of the year. the two risks of fiscal

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it makes me feel good about my car. i absolutely love my chevy volt. ♪ welcome back. general motors is reportedly talking with facebook about resuming ads on the social networking site. remember, it was an embarrassment just before its initial public offering, gm said it would stop advertising on the

site because it felt paid ads had little impact on purchasers. facebook is talking with gm giving them better data how it can turn into. gm spent $10 million on paid ads with facebook last year. >> without or with facebook advertising, auto sales accelerated last month. phil lebeau has numbers. good news to tell us about it. >> the reaction of people who invest in auto stocks was immediate. look at general motors. at one point up more than a buck and a half. today, still up abuck. clearly the leader in auto stocks. you look at june auto sales, all the automakers reported better results than expected for june. down compared to may, better than expected for june than june of last year. what was driving slightly better

results. there's still a pent-up demand out there, little bit of improvement in terms of incentives, another factor that brought more people into showrooms. the key here, look at this chart. we will show you the monthly auto sales data. if you look at the end of it, you will see a dip in the monthly sales pace. that's the concern. will we see auto sales at least $14 million. we get the number today. if rear at we're at 14, 14.1, we and won't see a sales adjustment and that's what everybody is keying in at this point. >> thank you. phil lebeau. coming up, the future at euro. are they kicking the can down the road when it comes to their solution on the debt crisis? >> you better enjoy the fourth of july holiday tomorrow. it will be back to work on wall street for thursday. a fast and furious end of the week on the data front. the big jobs number looms. a preview what to expect.

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just tuning in, the markets have closed early for the holiday tomorrow. sharon is with the nymex with details. sharon. >> the final trades have just come in the gold pit. before the traders leave for the holiday, we do have prices near the high end of the range, above $16.20 an ounce for goal, up about $24. of course, the fact we may see some type of policy easing, something from the ecb, perhaps in the form of a rate cut, that is what traders are watching and helped propel the markets higher as well. oil leading the charge and in the oil market beyond what we're perhaps going to see from the ecb, we're also hearing increased rhetoric coming out of iran about what they may do. that is something that has really told oil traders they could not be short ahead of this holiday weekend. we do have break through prices above $100 a barrel and nymex crude that could inch up before

the close. we will have electronic trading throughout this session, and resume tomorrow at 6:00. back to you. >> what a busy day, sharon. thanks so much. fix the fiscal cliff in america and in europe, in no mood to deal with greece. that is some of the comments that came out of my interview with international monetary head, christine le garrde. >> investments straight from the sm into the banks avoids the circuit sovereign and as a result it does not impact on the sovereign debt level of that sovereign, which is what the spaniards were so concerned about, number one. number two, it goes directly to the bank. they're going to decide how it's

organized and whether the sm holds shares, any other instruments that would be convertible into the capital of banks depending on the status of banks. wilt have a multiplier effect. it will consolidate the banks, help them to lend appropriately to the real economy. it's what the esm should be doing with its money. 500 billion euros or will have at the end of the process. it should use the multiplier effect that is highest. clearly, banks can't produce a good enough multiplier effect. >> do you worry this removes pressure on governments to carry out the economic policies, the austerity that they need to, as the bra varian prime minister has argued against this approach? >> i don't think so. there is a clear understanding in all european, particularly the euro zone authorities, that they have to be extremely vigilant on their fiscal ma

policies and growth policies, accommodating both short term sensible contractions, consideration, rather, and longer term anchoring of their determination to keep the deficit down and reduce their debts. not to forget that you have quite a few countries in the euro zone that are on the program with the imf. which are therefore under very strict control about what they do in terms of fiscal policy. >> among them, greece. >> greece island, portugal. >> today, we have greece's new government saying it will present alarming data on the recession, on the unemployment numbers, to international debt inspectors in a bid to renegotiate the terms. are you poised to renegotiate the terms for greece? >> i'm not in a negotiations or renegotiations mood at all. we are in a fact-finding mood. i'm sure they will have

excellent numbers to show in various directions. i'm very interested in seeing what has been done in the last few months, in terms of complying with the program. >> in terms of the program and really the plan to direct bailout money towards the banks, this plan hinges on creation of a new institution, fdic type regulator. what will that look like? when are you expecting such an institution to be in place? >> the european leaders have asked that the institution be in place before the end of 2012. so there is not a lot of time for them to put it together. the good news is that they are used to working together, because the -- i think out of the 17 central institutions, 14 are already working in an superforsy function. they work together and know each other and have added authority and the circle is enlarged to

17. it has to be put in place rapidly. its authority needs to be defined quickly. what's clear to me, the imf, it should have binding authority over the national supervisors. >> what more needs to be done? it seems the solutions are coming slowly, of course, i recognize these things take time. i want to talk to you about the ecb but in terms of known going towards the banks, what else needs to be done in terms of creating that confidence you've been talking about so much to stabili stabilize markets? >> direct involvement from esm to the banks, under way, banking union, clearly their target. it's not enough. we think fiscal union is the next step they need to explore. one step at a time process is annoying, it's disconcerting. we would like more to happen more quickly because that's the spirit of the time, to move fast

and absorb and digest before we have even swallowed. but that has the way europe is billed and done all the time. if they do that banking union before year-end and if the next step is to put in place fiscal union, which at the end of the day should give rise to common fiscal policy, agreed upon objectives, maybe one day one single debt agency for the whole of the euro zone, maybe one of these days, one single minister of finance for the whole of the euro zone, well, that would be -- that would be terrific. it's not going to happen overnight. it would clearly take that monetary union towards a much more united territory. >> and one of the biggest risks for countries like spain and italy are the escalating costs, in terms of borrowing costs. is there a role the imf can play in terms of being a policeman,

in terms of keeping rates at a practical level. i recognize these are markets and you laugh because you know -- >> i wish. i wish i could do that. >> yes. how do you keep lower rates fast enough to avoid this negative spiral that keeps happening and do you really expect spain to get 7 and 8 in terms of borrowing costs and expect change? >> it's a borrowing issue. to way to encourage rates go down, restore confidence so investors are pleased and happy with the risk they are taking when they buy a 10 years bond on any country. central banks can play a role. obviously, the ecb did play a role during a period of time, not just through the long term refinancing scheme but also the s&p. it has helped. the beauty of the ecb is it does things without announcing them. i'm not suggesting that i could

prompt the ecb to do such things. it's one of the tools that they have available. >> the ecb meeting this week. what would be more effective? lowering interest rates or expanding their asset program, their asset purchase program? what would you like to see happen on thursday? sn>> what they're generally voc about is the interest rate modification. that is talked about. we believe at the imf that the ecb has room available in terms of traditional monetary policy and could possibly use it. we're not sure this is the best channel at the moment, because, you know, the -- germany does not need lowering of the interest rates set by the ecb but italy and spain do. so you can't associate when you do that kind of -- when you use that kind of monetary policy instrument. on the other hand, the asset purchase program is much more selective and can be used in a more judicious way. >> it sounds like if you're really targeting a real solution

here, the asset purchase program expansion would be the way to go. >> it's more selective. >> it's quite extraordinary, actually, given what's going on in europe, that the u.s. leadership has not been more vocal talking about the fiscal cliff. i don't think people are expecting an agreement on the fiscal cliff where the tax cuts expire and spending programs expire. i don't think they're expecting an agreement by the election which leaves us one month by the end of the year for these things to reverse. >> it would be ideal if an agreement could be reached, even for a set of temporary measures, not for longer term, not substance or extension. it would remove that uncertainty. it would consolidate confidence, which is so necessary. i suppose most players, because of the difficult to cooperate, let's call it that way, assume that there will be a few tricks used by the treasury -- not tricks, but tools used

legitima legitimately to push off into early 2013, the critical time, so that the country's past the election and more serious things perhaps can be decided. but from our point of view, removing uncertainty as early as possible, so that the threat is removed, would be fantastic. >> it seems that you agree with those who say, look, it's not all on the central bank. we need fiscal change in terms of really making a dent in terms of what's happening in the world today. >> yeah. a lot has been done in terms of monetary policy and well done. i'm sure chairman bernanke might have a few tools he can use but he has used a lot of it. i'm not surprised he's turning to the policy authorities, the policymakers to say, well, you know, over to you now, what is happening? >> do you worry that what's happening for the european banks is going to be impacting the u.s. banks negatively? and how important is that redirection of capital going

into the european banks? does that avoid perhaps an acceleration of the crisis in the u.s. and the u.s. banking impacts? >> i think a lot of what we call system actually institutions, banks nationally have taken steps to reduce exposure. that is clear. a lot of funds coming from the u.s. have been withdrawn and sort of taken back home, if you will. that exposure to save the euro zone has significantly decreased over time. what is happening say in the uk at the moment with this business practices that are not appropriate, that, i think, should be a clear signal to all supervising authorities all over the world to be maybe a little bit more intrusive and more

inquisitive in the way they're supervised. that's a clear signal things are happening despite the good will and despite the efforts and despite the quality of supervisors and central bankers and have no doubt mervin king is doing a terrific job, but, still, things are happening that should not happen. >> to say the least. great interview, maria, with a woman level headed and in a great position to do something about it. iss >> she really is. >> > we'll look at banking and living wills, they're set to release. full details at the top of the hour. >> they're coming at 2:00 p.m. eastern. surprise, jc penney is having a new sale. i thought the new croew ceo sai don't do sales. herb greenberg whether this is a change of strategy or if they have a strategy anymore. plus, if you think it's okay go to the beach tomorrow, think again, two of the streets market

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for everyday low prices. herb greenberg has been behind johnson's leadership and predicted this was the second coming. >> i made a prediction. >> he was a genius at apple and created the retail system they have in place now. >> and target before that. >> i have to go back and see what i didn't see all the retail may of vens did see in this. i think maybe johnson had this aura around him from apple, almost a legend in his own mind. as he came in, he thought he could rip up the retail model and make it happen. if you read the steve job's book, you end up seeing the role steve jobs played at the apple store was so significant in terms of the nuanced things you would never think that really had an impact. nothing happened at apple without steve jobs. >> we're still very early in the game here. you also have to give ron johnson credit for cutting his

loss very early on this -- on this everyday low price, which seems not to have worked? >> let's remind everybody, what he came in to do initially, he said, end all this silly nonsense of teasing consumers. >> but it doesn't work. >> you say, i will just charge you the low price period because we have low prices here and it didn't work. >> people want a deal. people always want a deal. they still go to the circulars on sunday and want to feel they're getting something good. one of the big crit dicks is a g guy -- critics of the company is a guy named jan nifen. he's up in greenwich -- up in greenwich, we assume people in california are up in greenwich. glen it glen-gl glen-glenic h, connecticut. he said the thought sales would be up showing this is still not

gaining traction. the question now becomes what does ron johnson bring to the table now for jc penney? what does he bring from his experiences at target and am? >> what you want to believe is he's going to bring this ability to rip up the retail model and start from scratch. he has to be rethinking it himself. does he really know what he will bring, the store in store concept he's already creating. there is indication some suppliers will not be in all stores, only a few hundred stores. i think it's -- look, as anyone would tell you, it's in the early innings, come back three years and talk about it. when you're a public company, you don't get that luxury, especially in this environment and everybody judges you on a quarter to quarter basis. i go to the retail people, i really really think are good. and every one of them don't see it coming. >> it speaks to the fickle

cyclical nature of the retail industry anyway. kohl's was so hot for a while. >> my gosh, can you believe what's happened to kohl's. >> target was hot. it comes and goes. >> and nordstrom has had ups and downs but a little more consistent. you look at this, what will happen? i don't know. i do think, you have to give the guy credit for trying. i hate to count anyone out this soon, but let's just say, my prediction this was going to be one of the hottest retail stores of the year. i guess it was one of the hottest retail stores of the year, just not the way -- >> there's still six months left in the year. he has time. >> i don't think so. >> bill, we're standing by right now for the information on the living wills of the big banks. full coverage coming up. we're expecting that info at 2:00 p.m. eastern a few minutes away. companies with u.s. exposure, safe ports, all

american companies you may want to consider for your portfolio. perfect for america's birthday, right? >> plus, jobs jobs, all eyes on weekly claims out tomorrow, the big jobs report coming friday. june numbers will be out and we will have two of wall street's top strategists telling us how to play them and a look at jpmorgan's earnings next week. back in a moment. with the spark cash card from capital one, sven's home security gets the most rewards of any small business credit card! how does this thing work? oh, i like it! [ garth ] sven's small business earns 2% cash back on every purchase, every day! woo-hoo!!! so that's ten security gators, right? put them on my spark card! why settle for less? testing hot tar... great businesses deserve the most rewards! [ male announcer ] the spark business card from capital one. choose unlimited rewards with 2% cash back or double miles on every purchase, every day! what's in your wallet? here's your invoice.

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welcome back to the "closing bell" on this holiday short day. when the global markets were expanding, the mantra was invest international companies. with so much slowdown in europe, does it pay to have exposure outside the united states. >> it's a whole different look. it doesn't get any more all american than baseball, hot dogs and apple pie on the fourth of july. when it comes to companies with all american earnings in the s&p this year, investors have been piling in. they're generally among the all time high numbers. you silts and altria, and torch

mark and pfizer and devita in health care. when you look at some others overall in terms of how we've done with the overall market, the u.s. has performed better than the global market. up 8.6% for s&p. the cnbc global up just 6%. the all american s&p sectors have kept pace with the overall s&p. s&p chief investment oversea os says the best has come not from utilities but consumer discretionaries, particularly home buyers on fire because of better data out of the housing sector. you get pulte homes up 73% and lennar, up 58% and overall, really outperforming the market. >> thanks so much. we're moments away from getting

the details on bank living wills. that is, what do these firms have in terms of wiggle room? what can they sell to raise capital in event of a firestorm and worsening economy. >> we'll have a special edition of the "closing bell" in just moments, stay tuned. this summer put your family in an exceptionally engineered mercedes-benz now for an exceptional price during the summer event. but hurry, this offer ends july 31st.

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