a study out of australia show that men use navigation more than women. they use it compared to just half of the women surveyed. you can read the entire story on phil lebeau blog. "closing bell" is coming up next, see you tomorrow. i have never seen a woman in road rage, ever. >> i have, absolutely. full of a car of kids and dogs and things like that. welcome to "closing bell." i'm filling in today for maria bartiromo. she will be back tomorrow. >> the fed will issue their latest policy statement tomorrow, and investors not taking any chances ahead of

that, taking this wait and see mode. most of wall street not expecting any major fed action, but the bulls could get a rude awakening if bernanke and company don't often any more clues. investors are a bit jittery today despite positive economic data. look at the zigzags. that is an indecisive moment right now. the market is down, and the chart show it's positive, and the s&p down 3.6 points. will they or won't they. that is the question investors are requesting about the fed's next move right now. they made their guess, so now it's all about if they will live up to those expectations.

>> that's right, some think the fed could surprise investors, and others say the more the fed does, the more long-term damage to the economy. they join us now it steve leisman and rick santelli. why do you think the fed might surprise? a lot of people are pushing out to september. why do you think they will not wait? >> i think it's logical for september, but i think if they wait until that close shot election, it might be cast as being too political. there is a decent chance you will get a policy statement tomorrow. >> i know you and rain/snow mix santelli are of the same mind, what do you think they will talk about tomorrow? >> i'm sure they will do something, but i think mario last week made bernanke relevant this week.

the fed is now in the background. anything the fed does is tinkering, it does nothing to help the economy. >> is there any wiggle room for the ecb at this point? >> they gave us verbal intervention last week. on thursday they will have to add some meat to those comments and tell us what they're doing. it's all on that and they think less so. >> they say the fed is irrelevant, what do you think? >> to me, the whole week is back wards. i want to know what u.s. jobs is, what ecb will do and what fed will do in that order. i think the ecb is the mor important actor, but in the absence of ecb action, there is still an argument for the fed to lean against or to fight what the ecb is not doing.

>> rick santelli, how do you read the markets? >> let's just proceed this way, say we get a 480,000, or minus, all of a sudden a lot of central bankers activity either becomes old news or not nearly as important. i totally agree with steve when he used the word actor for the ecb. he moved markets, but i don't know how he will deliver on what he said last week. >> what do you think they would try to do to back up the discussion from last week? >> i think he will give color to the talk in what they boo in the primary market, and the ecb will compliment they by buying mondays -- and this is all about buying time. it's dealing with the symptoms

of the problem. that being too much debt rather than the crux of the problem, too much debt. >> ideally, jeff, what would you like to see the fed do? >> i think they have a lot of tricks. they could quit paying interest on money. they could extend operation twist, make gleanings towards a qe 3. i think there's a lot of things they could do. i think street expectations are pretty high, and if they don't make a policy statement they could see disappointment. >> i want to show you what the treat expectations are. jeff is absolutely right, there are high expectations, not as high as they have been there. you see 78% are now looking for qe in the next 12 months, and that's not as high as it was ahead of qe 2. so there is a little bit of

wiggle room, and that comes quickly to the next, john. you'll see that 56% are expecting it in september rather than the meeting this week. it could come this week, but that's not the majority opinion. >> not at this point. >> gentleman, thank you all, talk to you later. >> so facebook stock remains in free fall hitting a new low again today. bert bertha has details. >> yes, the nasdaq 100 up because of apple, if you look for the month, we have the big caps, the dow, s&p, all up better than 1% for the month, and the small caps have been the big drag. and we're also seeing a big pull back in terms of profit taking

when it comes to energy which surged over the last few days and today their taking that back. looking at the worst performing sector today is the health insurance. hew man in a hitting a new low and lowering guidance sighting higher medicaid costs. that's having an impact across the sector, including for etna. you will want to tune in during "closing bell" for mark's thoughts on cost trends. moving along that facebook, for when we will see a bottom, little a low. ups says on the facebook ipo they lost 350 million, nearly half of their profits, just as maria had reported. she'll have a update on that this afternoon, and ups will not take that nasdaq settlement. finally, take a look at apple,

it has been quite a roller coaster month for apple. it's on pace for 4.7% gain this month to close out above $600 with that announcement that we may see or look at the new iphone in september. >> and there is talk they may split the stock. >> that too. we'll talk about that later, bertha, thank you. i noticed that someone else is higher right now. >> yeah, dun and broadstreet is up 7% right now. the "wall street journal" has reported they will explore the sale of the firm. the company saying there is no guarantee the sale will take place, but they're now up 13%. >> the market is weighing in with the positive.

we have about 50 minutes before the closing bell. the dow jones has traded down about 36 points, and the nasdaq is down about 2 points on the trading day. >> don't go anywhere, "closing bell" is just getting started. >> narrator: coming up, president obama says he's spending an inordinate amount of time urging leaders to get their fiscal houses in order. is this time well spent? talk about hitting the nail on the head. >> cnbc learned that ubs has a big problem with facebook. it could be as high as $350 million. maria broke the story here first and now she has more details on ubs's massive loss in the facebook ipo fiasco.

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the dow is down about 38 points on the trading session, it's a wait and see attitude on wall street today, will they get what they want from the fed? bob pisani is here with more. >> we rallied last week off of multiyear lows off of the expectation there would be a fabulous statement from the ecb. mr. draghi said he would do anything to help. they'll put that to the test. they're going to have one large bond buying program and some say it has to be a trillion euros. it's the last trading day of the

month, sue, and we're kind of in the middle. global indices up. and brazil that had a tough time lately that is tied to commodity prices did fairly whel, china had a 3 1/2 year low. >> last night, president obama said at a fundraiser last night in new york that he is spending an enormous amount of time trying to work with them, and tim geithner is spending a lot of time working with them to recognize the sooner they sake some decisive action, the better off we will be. >> but our next guest wondering why we're spending so much time on europe which is out of our hands. and allowing our debt crisis to

get worse. you can make the case that what happens on other shores effects us here, so make your case. >> i want the president so stop being mother teresa. you can't have an equal discussion on bended knee when you're trying to look someone in the eye. they're not listening in europe and germany. spend your time in the united states, we're the masters of ba bailouts, let them come to us. >> they have a problem, they just don't want to hear anybody else's solution. they can't agree with themselves right now. >> i think they think that i can go out and do good for china. they will double from 2008 to

about 400 million people. they can sell all of these wonderful finely crafted products and manufacturing. i don't think they have it yet. >> stan, what are you thinking, are they prioritizing correctly at the white house? >> clearly it's both, but let's remember that the euro zone is the world's largest economy. europe is the biggest trading partner for the u.s. one of the ways to get out is to get the situation in europe dealt with. not only that, the european situation is far more eminently -- a resolution is far more eminently needed, and the fiscal clief is five months away. >> nathan, couldn't you argue that the international banking system is what it is, for better or worse, if europe does not

solve it's problem in a goo amount of time? >> it could, i'm not saying it won't. but until their ready to listen, what i have to say, i can talk until i'm blue in the face. we should be figuring out okay, if there is a deal on the books, if the democrats allow for cuts in their programs and republicans will allow for some cuts or raising of taxes, then the fiction is already in, let's go into figuring out what do we need to do to get corporations to take some of the $2 trillion and get it moving. do what you do while you can. i don't want to twiddle my thumbs. >> and that's what we're seeing, aren't we? you're putting it out until december because that's when the fiscal cliff would kick in, but in the meantime the economy is stalling waiting to get

resolution on this. >> impact exactly right, but if you listened to bob pisani's report, you heard the impact on europe. they're more likely to invest more of their cash if the european situation gets settled, and i have to disagree here, i don't think the president is sitting on his thumbs or we should sit back and wait to decide we're an important player and have the ability to help them come to resolution in the situation. >> what could we do for them that they're not doing for themselves? >> well, at the very least, putting the power of persuasion of the united states and it's economy is pretty substantial. let's not forget that we are, you know one of the biggest economies in the world, we are the safe save haven where money is going. >> isn't that what tim geithner is doing right now? >> he needs to go home, let them

come to us. i'll believe they're serious when a german finance minister comes here and says what do we do? people just are not seeing the elephant in the room. >>ly not sit here as a business person, taxpayer, an consumer in the u.s., if going over there will help settle the situation sooner, then i'll help pay for the plane to get him there. >> all right, gentleman, good to see you both. >> appreciate it. not going to resolve it right now unfortunately and months to go before the fiscal cliff. headed toward the close, 40 minutes left here, the dow is drifting lower here. >> it may be making news today, but you knew all about ubs's big facebook loss more than a month ago if you were watching right here on cnbc. >> ubs has a big problem with facebook, they're sitting on

losses as high as $350 million. >> coming up, maria is getting new information on that debacle, and even though she is on vacation, she's dropping by to give us the news. uh, i'm in a timeout because apparently riding the dog like it's a small horse is frowned upon in this establishment! luckily though, ya know, i conceal this bad boy underneath my blanket just so i can get on e-trade. check my investment portfolio, research stocks... wait, why are you taking... oh, i see...solitary. just a man and his thoughts.

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and businesses lead the world. the new new york works for business. find out how it can work for yours at thenewny.com. oil prices today pulled back a bit on speculation the fed will not release new steps to support the economy tomorrow. they're handicapping this every

which way. sharon epperson has more. >> yes, they were pulling back. now, we're looking at oil prices here in the electronic session near the lows of the day, below $88 a barrel. and below the 104 mark for brent crude. that's really not what traders are paying attention to. they're looking at what central banks around the globe are planning to do and will continue to do. we have seen it, and we have seen in the last month the biggest one month gain we have seen since april, back to you guys. >> thank you very much. meantime, shares of ubs down sharply today, being punished for announcing that loss related to the facebook ipo debacle.

the loss was the result of what happened with facebook on ipo day. then you already knew that. it's the story maria bartiromo broke more than a month ago, remember? >> we have breaking news now on facebook, maria bartiromo is here with the story. >> cnbc learned that ubs has a big problem with facebook. they are sitting on losses as high as $350 million. the firm is preparing league action against nasdaq as a result of these actions. it has to do with the failure to get confirmations and executions from that facebook trade. >> that's what we call, in the trade, nailing the story. good job, maria. she'll be checking in with more on that story. is this stock being unfairly

punished as a result of this announcement and whatever legal action may come after this. joining me today is mark newton, the chief technical analyst, and erin davis, erin, what do you think, is the market overreacting? what is the outlook for ups right now. >> thank you, bill, do i think the loss is a big embarrassment for ubs. while ubs is right to point out that it's due to nasdaq's operational failures, we didn't see this loss from any other major investment bank. i think that ubs's explanation that it didn't get confirmations on time, that it kept pushing the buy button, it makes them look amateurish. >> a lot of people looking amateurish that day. what is the silloff due to the chart, what do you you think of

the stock right now. >> the stock started to strend down in march. . since then, the stock has been lower with a trend of lower highing and lower lows. although it's gotten down, technically it's tough to argue that a real low is in. if you go to a longer term perspective, the stock is down 80% from it's lows, it's important to point out that today will mark a new monthly closing low, really since 2009, although the stock seems oversold, it's tough to pick a low. and the stock is not showing sufficient technical evidence. >> and it's recovering from the debacle of the 2008 decline. >> yes, it trended up from '02 to '07. it's very difficult to

overweight until you see some signs and signs of strength. >> thank you for joining us. maria will join us in a little while in the next hour of the "closing bell" with more news about the facebook related loss on ubs, are they liking to get that $350 million back, that's something we'll look at. >> right now the dow jones down about 30 points, the nasdaq is fairing better, it's almost in the green right now. so, why are the wealthy paralyzed when it comes to spending and investing their money? more specifically robert frank has that story, and then we'll ask the ceo of coach if all of that uncertainty is hurting it's bottom line. the ceo joins us in an exclusive interview. and a huge story. india's electrical grid collapsing and leaving more than

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ubs may have lost more than $350 million dollars on the facebook ipo debacle, but it's also impacted by wealthy clients sitting on the side loouns because of the fiscal cliff and the debt crisis in europe. robert frank joins us with more, and they seem to be paralyzed in essence, right? >> yes, in the earnings call this morning it said that the wealthy clients are paralyzed with fear. it may sound like a ubs problem, but it's a big threat to our recovery and it spreads well beyond private banking. a recent survey show that the pessimism is the highest it's been in nine months.

the wealthy are not putting money into stocks, and this matters because they make up more than two thirds of the retail investing market. michigan's consumer sentiment index shows it's dropped more than 20%. the top two-thirds accounts for the outlays. coach is down more than 15% today. tiffany's is following in sympathy. when we talk to lou frankfurt later, how will they get through the wall of wealth. what can you do to get them back in the stores? >> joins us here at the new york stock exchange, we have the ceo

of coach. >> it's the worst -- you had your worst one day performance since 2008 right now. are you being unfairly punished by the markets? >> we're not surprised that the market took us down even though we had an excellent quarter. our bottom line was up more than 25%. the reason is two-fold. first, what we reported was lower same store sales in the united states. 1.7% increase. >> exactly, that decline in growth from the prior quarter was entirely due to a change in our promotional practices. >> you eliminated you upons for a time. you didn't think you needed those, but then you brought them back in june. >> well, it was a decline in the level of forecast to coach stores as well as overall factor

malls. traffic slowed, and what we also saw was increased promotional activities everywhere in the factory malls. and what we realized was that we needed to reinstate that blunt instrument which we did very late in the quarter, and our performance improved significantly. the other reason our stock is down is because we tempered our outlook. we have a muted consumer environment and of course the global macro economic trends are not terrific. we still anticipate top line double digit growth, and we believe that the stock will find it's natural level. >> talk to us about the global macro environment because you're in china now, and a lot of people are worried about whether or not china's growth is slowing

down, or will a premium brand like coach is stick attractive to a chinese consumer by historical standards, how much is europe affecting your business? >> first with china, we realized a 16% year on year growth which was the same level of growth we experienced in the entire year. we're in a fortunate position because we're really an accessible luxury brand where our price points are only about 40% of our european competitors. second, we're also at a very early teenage in china. our sales just reached $300 million this past year. we have about 95 locations. we believe even in an economy where growth is slowing to high single digits, middle class spending is growing at a 15 or 20% level. so we feel relatively insulated.

>> your sense is that we saw this softening overall and it suggest we'll see that for awhile this year, correct? >> we believe so. >> fiscal cliff or what happened? we had such a good beginning of the year here. >> there's a lot of factors coming together. consumers are smart, they're quick to respond to changing conditions. our gdp rate of growth, as you know, declined. consumer confidence and sentiment has declined somewhat on the euro debt crisis is looming over us, and we're approaching an election. and there will be headlines that do not help consumer confidence. >> we joked here in the past, is the male consumer going to be a

good growth period for you still right now in a slowing time program, or do y frame or cater to the woman more? >> good question, even in a sluggish economy, our growing our business, we grew our men's business by 100% last year and we're looking to grow more again this year. the women's business is still the significant majority of our sales. so we need to navigate through these waters. >> that's for sure, lou, good to see you, thank you for joining us today. and the coach stock down sharply a long with a lot of the other high-end retailers today. as we go to the close, about 11

minutes left, the dow down about 32 points right now. >> i wasn't wait until wednesday is over because that has been the big bet on wall street. will the fed step in again and if so, what if they don't? we'll talk to a couple top strategist. >> and maria nailed it about the ubs facebook losses more than a month ago before today's company confirmed that. >> the firm is sitting on losses, sources tell me could be as high as $350 million. some ten times more than the $30 million number that is currently being speculated in the market by others. >> so will ubs launch a lawsuit against facebook for the ipo debacle? she'll join us with more developments on the story. [ male announcer ] this is the at&t network.

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participant and essentially a counter party to jpmorgan helping them unwind the trade. here are the metrics. about a quarter of the blue mountain year to date performance has come from these trades which have two parts to them. year today they're up about 2% and it 2.5% of the year. they essentially got involved in two ways. one was an index arbitrage. they had an arbitrage trade that made them about 75 basis points last fall, but more importantly last sprint they helped them unwind their trades by going long corporate risk. and at one point they had about $50 billion in trades. that's collar volume of the trades they had. i want to draw your attention to

the commentary for dismessles and losses, he says their orders of magnitude are bimpt libor is an error of principal. the losses rain from 500 to $800 trillion, sue. certainly an issue there as well. >> indeed. the tech center one of the few bright spots. jackie deangelis has that for us. >> i want to draw your attention to facebook and zynga on a percentage basis. fb down for a third straight day hitting record lows, and zynga filed a class action lawsuit accusing it of failing to

disclose a rapid number in users. take a look at these numbers reporting after the bell, electronic arts, take two interactive, and bmc software. >> thank you, investors ank shutly awaiting clarity from the federal reserve announcement. >> don't think we'll get that. >> took the words right out of my mouth. >> let's let history be our guide. here is the s&p 500 since 2008. we are going to add in some of the qe, up 37%. but then fell 9% once the program ended as you see there. then the second round came in november of 2010. want s&p up 10% that time. most recent, the shift in bonds

and buys called operation twist trying to push long term rates down. >> so how might the markets look 24 hours from now and what happens if the fed does nothing? joining us is steve neiman. i'll start with you, steve, you don't think the fed will do anything, why? >> i think they have greater concerns in europe over the next two months. i think they're waiting to do something and they'll wait until they have to do something due to yields going up in spain and italy. >> things are slowing down, job growth is steady, there's no reason tostep? right now, right? >> i think they will use another tool tomorrow, inflation is low.

i think their comments are going to target and talk about the about of buying more mortgage backed securities, cmbs, and mortgages and that should lift the market. >> i don't think they will do anything. in my mind, the reason is because the fed has acted below 1.5% on the u.s. five year break even. pce which the fed looks at is just blow it's target of 2%. so from that standpoint there is a little inflation creeping in, but i don't think it's enough based on the break even expectations for the fed to come in and do much of at pull. >> there was talk that maybe, paul krugman, maybe that will raise expectations. you don't see that happening? >> no, i don't, and i think the fed is in a very difficult spot. you talked about rightfully qe

1, qe 2, and twist. the fed came out with a study pulling out fed days from the markets and it's very impressive how much the fed has to do with the performance of the s&p over the last three years. that said, the market will be up tomorrow, but i think the market will be disappointed. >> it is and that's the question, is it not? how do investors invest against a environment where the expectations of being saved by the fed or the ecb are so high. what do you do? >> i think you buy the names that have blasted. coach is cheap and they will figure they problems out and they're great. china will build 100,000 miles of railroad next year, so there's a lot of reason to buy.

>> volatility elevated in front of the fed. and that sends to train out. i think when it gets cheap enough you buy it. in the next six months the market will be lower than it is now. >> it's a traders market? >> yes. >> good to see you both. >> thanks. >> we have 15 minutes or so before the "closing bell," the nasdaq is trying to pull positive, but it's down four or five points. >> apple back over $600 a share, do you buy that one? and they're talking about a stock split now, why would that pave the way for them to join the dow. >> health care companies staking steps for that. [ female announcer ] e-trade was founded on the simple belief

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all right, stock splits by companies in the s&p have been pretty rare. so far this year there has been only eight splits, and really only a total of about 38 since 2008 which was a difficult time for the market. put that in perspective we saw 32 in 2007 alone. >> now wall street is saying apple may be concerning a stock split that would enable it to be added to the dow. it is a price-weighted average and right now apple is at $600. if it went in, it would overshadow all other stocks in the dow. it begs the question, why isn't apple already in the dow. i mean it is the largest company in the world by market gap, at

over $215 billion. there are five other technology companies in the dow right now, and apple is not one of them. >> you can also argue, and i think this goes to the question you just played, a lot of times the market cannot move higher unless you get participation from apple, so even it is not formally in the average, a lot of people feel it is in the dow jones industrial average, that it has that kind of effect on the way that people invest their money. it apple is doing well, consumers are spending, and the company is healthy. >> and we know they had a dividend in march, and if they split the stock -- and there has been no comment by the way from apple on this story, but it's more evidence this is becoming tim cook's company and nonsteve jobs company. >> and you made this point

yesterday, it has to be tim cook's company. he has to expand it it's two going to be fascinating, wouldn't it? what's next, berkshire hathaway? >> we'll ponder that in a minute. >> and more than half a billion people are without air-conditioning because of a power grid collapse. a expert says it's only a matter of time until america is hit with power outages. with the spark cash card from capital one,

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take control of your portfolio today. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. okay, less than three minutes to the close and it is later than it's ever been, it's already the end of july, b this is the dow, this is a one month chart for the month, up 1%. it's a nice little come back. as for the s&p, a better

performance there. we have the s&p chart, there it is, up 1.3%, a pretty good gain for that month. yields were coming down, the ten year down 1.5% in that same frame. even as that was happening, the price was oil was going up. oil was down, and even as that gains, brent gained even more. look at the spread between the crude companies, it gains 33%. that's incredible. gold, float for the month, up 1% or there abouts. as for sectors, the best performing sectors for the month with a defensive tone to it, kenny, who is putting the finishing touches on this trading day, what are your

expectations for tomorrow and the fed? >> i think tomorrow will be another nonevent, no one is expecting the fed or ben bernanke so say much if anything. i think thursday will be the day and if draghi comes out with anything less than stepper, people will be disappointed. >> could it happen again? >> i think tomorrow we get a rally and every portfolio manager like me looks at the charts and looks at august first of last year. long investors are a little nervous. >> but no fed action tomorrow? >> i think it's not necessarily a disappointment, i think all eyes will be on thursday. yes. but i think on thursday, all eyes will be right on draghi and they'll wait to see what he says. >> lucky him. looks like the dow w