it has a 5 car garage, and it's based on one of the all-time favorite tv shows. >> live long and prosper. have a great weekend, everybody. >> "closing bell" is coming up next, have a great weekend. hi, everybody, good afternoon, welcome to the "closing bell," happy friday to you, we're at the new york stock market, and we're having a rally. >> we should have just went in today and forget the other four days of the week right? the s&p remain on track to close at a three-month high, how about that. wiping out all of the losses.

who knows what's going to happen this final hour of trade. up 228 points on the dow now at 13,107 look at the day the nasdaq has had. and the s&p 500 index also with a very health 2% gain or 27 points. >> and the big story we continue to follow this afternoon is knight capital, it's up sharply on news that they have a line of credit and will be able to operate. now the stock is still down better than 06% following that trading glitch, but look at this today. >> let's get to the markets right now, shall we? yes, we have stephanie link joining us, steve least man, and

rick santelli, who is crediting this rally on the president's economic policy, is that right? >> that's what it says here. >> wait here -- >> i said i'm just glad you're a thousand miles from us when we read that. >> the greatest private economy on the planet despite bad policy and with a lot of liquidity in the world. i think when you bring the president into is i think companies responsible for the dow, the president is responsible for the fact that we have 1.5% gdp, it's up to you to reconcile those two. >> steve leisman, i guess the fed glad is didn't do anything on wednesday. at best it would see alarmist

and if worst they would seem like idiots. >> i don't know about that. i idiots might be a strong word and i don't use strong words, bill. i think it's still an open question. my best call is these are not numbers that should push the fed toward quantitative easing. people may think of it too lightly. it's a major step for a federal reserve or central bank to do it. the evidence should be overwhelming. you have had a slow tick up of the unemployment rate. i think the u 6 is something that informs the fed, and it's significant, but payrolls have bounced back and we know we have been through a period of extraordinary seasonal ti and the better prudence there is the weight. >> qe is quantitative easing.

q 6 is the new car from jaguar. >> yes, you were all about the jobs and a handful of other economic data, what do you say about the rally? >> i think the data today was good enough. jobs are not where we need them to be, but if you combine the pmi, better chain store sales, the housing data we got, i think you're muddling along at 1% to 2%, and if draghi is serious about a program -- >> i want to stop stephanie for a second, two weeks ago she could not have put that sentence together or three or four positive things out there, the game has changed now. it was a smack down for the shorts in the market because there was no other response. >> there was no long term

commitments, let's face it -- >> i'm just saying, yeah, we're talking recession, and we're thinking 1% at best, now i think you have a couple data points you can get excited about. 1% or 2% is nothing to get too excited about. stocks got really cheap. >> so now what? >> i think this rally is happening for reasons other than the economic data we're seeing today. there's hedge fund discussions that europe may be getting ready to leverage a fund to bail out the likes of spain. they fell today indicating there may be serious steps by the ecb. i would say given the size of the move in the employment numbers, greater than expected, but when you look at all of the other data in the report, it wasn't a strong enough report to suggest that we get a 250 point

rally. i think the ecb will act and the fed will do something. >> i think there's been a rethink too of what draghi said yesterday. there's a lot of journalist and traders ready to push the disappointment button. and if you think about it it's not today, it's not tomorrow, but if draghi follows through, you have the possibility of a serious act by the european central bank in the event that one of them ask for funds. we know that larry's bank was down there, he was down there on the trading floor telling people to buy the downdraft from the draghi comments. >> and steve, the jobs numbers certainly did not warrant such a move, so i think there has to be something else out there. >> don't you think that europe had something to do with that? >> can i show you a chart, i brought along my favorite chart of the week, have it in the

back, it's the douj industrial and the spanish two year, it's almost a perfect invest relationship, take a look. how about that? >> steve, i think that's fascinating, but i think everybody is making a technical error especially when you pull one guy off the trading floor. i like your chart, but here is the question, the secondary market and the two year of spain has been dominated. i would be remiss to draw conclusions until you go to a primary auction, and then who will buy it? >> i think rick is -- the source is somebody who would know how this stuff works and what the activities are like in europe right now as they prepare to find ways to leverage or increase the size of this bailout fund in order to take a

step. it wouldn't be a single trader off the floor to make a comment like this. >> a very simple point is the sensitivity of u.s. stocks, not the u.s. economic data, but to what happens to interest rates in europe. >> and you have a lot of money on the sidelines and people chasing for poor performance. >> and a oversold position, let's throw that on. >> yeah, and when anything goes the other way -- i want to make one more point, there will be stuff next week like spanish press conference scheduled in two hours for aid. just be very careful next week, there will be a lot of stuff, bernanke out talking -- >> thanks, everybody.

>> i wish we could bottle this feeling, it's a friday. >> yes, and we have a market holding on to triple digit gains even though it's off of the highest levels. coming up, working it, the jobs report almost doubles expectations and we have it covered from every available position. do the circumstances behind the multimillion dollar trading glitch need a more public response from the wall street watchdog? [ male announcer ] at scottrade,

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welcome pack, if you're just joining us, coming in to see how

wall street is doing for the day. the better than expected jobs number out this morning. this rally today wiping out the losses from the week so far the dow up 230 points. at the peak of the day it was up 254. the s&p is up 27. >> another area seeing improvement is the auto sector. they were up almost 10% from the year earlier. >> is the pace of job creation enough to keep the recovery going in let's ask bob lutz, he has seen all sorts of economies and recoveries, what do you make of these numbers and where we stand right now, robert? >> i wasn't surprised by the numbers, i think we're in a recovery. consumer confidence is up, the job less numbers that you described are better than expected, and i think there's a

degree of optimism out there and i see, especially in the automobile industry that we have continuing economic recovery and we're going to see job growth in the automobile industry. >> the one sticking point that keeps coming up is the pace of job growth should be a lot stronger in a typical recovery. so in your view, what is holding things back? >> give me your question again, you were a little garbled. >> most people will say it's not the place we really should be in a typical recovery. >> i agree with you and i'm a great believer in business confidence and i think until we have a change of administration, there will not be, among businesses large and small, that sense of being in a friendly environment, an environment in which you feel confidence about

investing, and when you hear this talk about class warfare, and i think it keeps people from making investments and hiring people. right now if i were a business i would not be hiring anybody until after november? >> why? because of tax rates and spending? >> why wouldn't you be hiring, because you're not sure about tax rates or what? >> yeah, i wouldn't be sure, i'm among those many, many, many businessmen hoping for a change in administration getting mitt romney in, and i think if i were facing another four years of a democratic administration that is hostile to business, people who make a lot of money, and hire other people, i would hold back right now. i would see which way this is

coming out. >> i want to ask you about that, you were throwing your support behind mitt romney even though he famously came out against the bailout of detroit in 2008. and let's face it, it was the obama administration that helped bail out detroit. i'm a little confused why bob lutz would go for mitt romney and not barack obama. >> okay, so that was one good thing, george bush would have saved the automobile industry too. he went from let them go broke, to saying i wasn't against the bailout, i was against a government bailout, and his final position is the government bailout was the right thing to do in fact i told obama he had better do it, so the last position i can agree with. >> so what do you think in terms of looking at lott candidates

policies, what's the most striking difference in what will move the needle, what do we need to see in terms of really getting us out of this rut? >> i think what we need to see is a visible statement of either administration that the administration is not anti-business. it doesn't favor state run initiatives verses private initiatives, it has faith in the private enterprise economy, it believes in capitalism and it doesn't want to punish those that succeed. look at all of the talk about mitt romney's personal wealth that he didn't inherit, he did good things, and he is painted as the enmy of the people because he made a lot of money. as long as that talk comes from an administration or the democratic party it scares people, it scares me. >> yeah. good to see you, bob.

>> thank you so much. heading to the close, about 45 minutes left, the dow holding steady right now. the nasdaq is the stand out today with a 2.25% gain right now. >> do you put money to work in this market or say on the sidelines. we'll look at the s&p index and if this is a break out with more room to run. >> also, why should taxpayers be asked to pay more money to the government when the irs cannot crack down on the tens of billions of dollars in fraud lant tax refunds. >> and forget the million dollar smile, is this the first $100 million smile. next generation of investing technology is now within your grasp with the e-trade 360 investing dashboard. e-trade 360 is the world's first investing homepage that shows you where all your investments are and what they're doing with free streaming quotes, news, analysis

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. certainly the technology sector has been one of the real stars of this rally today. bertha coombs has the details on that. >> yes, facebook a winner today, the stock set to close up for the first time in seven sessions, and nasdaq today in a regulatory filing says it's still feeling the fallout from the may 18th debut. the company says itself expensions will exceed $62 million in settlements to pay back firms in that glitchy ipo.

in the meantime look at apple, part of the reason that tech is stronger and stronger here for the week. the apple samsung trial continues, and apple may have to hand over data on customer surveys. john forbes said in court one of the things they look for is lust factor. follow john ford on twitter to get realtime updates. thank you, it is huge market day, 222 points higher for the dow jones on the heels of the better than expected jobs report we got this morning. is this sustainable into next week? we want to look if more big moves are on the horizon for next week and beyond. we're zeroing in on the s&p spider intest. we have the managing partner of

belle point alternatives and joshua browne, vice president at fusion analytics. thank you for joining us, josh, can you trust this rally? >> if you're long stocks there's nothing to dislike, but we're getting to key technical levels. i don't know if anything changed from yesterday to today. they're looking at mario draghi's statements saying maybe this is a good thing, looking at the jobs created, no double dip recession, this is more about sentiment than fundamentals changing. so i think for right now we'll take it. >> fundamentals are the same even though we got one noont looks better on the job's front, what is it look like to you? >> josh makes apell comg argument, but the charts are very important right now. the spiders came down after making a high at 142 in early

june. right here at 127.50. now we're in a channel and making higher highs and higher lows. with all of this going on in europe and draghi, it's important to go to the charts because it will keep you in the trade because we think the spiders and the market will continue as long as it holds this channel. if it continues we'll see year-end highs about 144. >> so that tight trading range will continue to the upside. >> yes, you talk to people and people think the market is all over the place, and it is, but that's why you have to go back to the charts to see that it is in a upward trend. >> you know, that's really a big question, and i think there are a couple things on the horizon that people should focus on. obviously the election and we know that's typically good for stocks, but right now it doesn't look like a change in control is at hand especially if jobs get

better next month. we have whatever will happen with the german decision about borrowing directly from the ecb, the new apple product lines, a lot of mixed currents, people will take these things both ways. i think a decisive move by the fed would allow us to take on new highs. whether or not that is good for the different discussion. >> heading to the last half hour here with the do you up 222 points. and the nasdaq with a gain of 63. coming up, the ceo of a company defends the machine in the man verses machine debate. and mary shapiro has been on vacation during this crisis. she weighed in today, but does she need more face time? tdd#: 1-800-345-2550 when i'm trading, i'm totally focused.

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check out these markets here as we approach this final stretch. the dow jones industrial average up. we're now up 216 points. still 1.66% higher. technology the leader today. and the s&p 500 along with really the industrials, energy and tech, leading to a 26 point move. that's almost 2%, and with this gain we're wiping out all of the losses for the entire week. knight capital got a line of credit this morning, some of the big clients said they would be routing orders through them again. they're skill down 60%. we have all of the angels for you, mary thompson is outside the head quarters, bob pisani is the resident expert on the man

verses someone debate, and let's start with kayla tausche with the details. >> knight said they received a line of credit, but not who it's from and what it's for. jpmorgan which is said to have pulled knight's credit is not behind this current deal. any credit line is good news for the firm since they need financing and it need it's in two parts. it needed a line of credit for regulatory capital. tdameritrade will do orders through them again. the money is due monday when the trade settles for $440 million. so can knight get the cash? it's likely easier to get a buyout.

right now bidders for knight for parts and the whole of the company are circling as it approaches this key deadline. while strategic parties have expressed interest, a deal with private equity could be more feasible. but either way, auctionstivi activity is bullish. big blocks of knight shows that the firm will survive. we'll answer that question shortly but for now it seems like people are still betting on knight. >> thank you kayla, the mood of course has been pretty somber the last couple days, but what is the mood at knight capital? mary thompson is there, probably better today than yesterday. >> reporter: certainly. when we were here early, employees were keeping it pretty close to the vest. there were signs at launch time that things were looking up. one employee came out for lunch

and we asked if there was any cheers in the office when news of the credit line crossed the wires and he said yeah, obviously, but coming into work this morning it was a different story. they were stone faced and walked right past us. one woman was visibly distraught, she told cnbc to get a life and wanted us to know that knight was a great firm. the atmosphere in the office had been weird, but he expressed confidence they would find a way to survive. that was echoed by a number of other employees. that was in question following wednesday's trading glitch. it resulted in hundreds of millions of dollars lost to shareholders. and now thomas joyce having a meeting about covering that loss. they have a bandage but not a

cure for all of their woes right now. >> mary, thank you. and the blame being placed on the shoulders of the software being used by the firm. is it the problem or the people programming the software and overseeing it? >> we have the ceo of a company called broad way technology, they make the software used for trading. and also with us is bob pisani. so tyler, you're obviously on the side of the machine, right? >> yes, definitely. >> how do we assign the blame -- who gets the blame for this run away computer that just let these trades go on for so long on wednesday morning? >> i think that's part of the issue is that we act surprised this happens and we look for it to be a blame game. we have to recognize that these systems in electronic trading is

part of our world. high frequency trading is part of the industry now and we need to start looking at failures as something that's going to happen. we don't have decades to test them. failures are part of our world. we nook to look at system risk as being on par with market risk and credit risk and putting in the same protections that we put in for other kinds of risks. >> it seems, bob, that we have had an increase in these losses. it's not business as usual. what's happened recently that's different than just a few years ago. is it just faster, are markets too fast? >> i think the systems are just really complicated. there are many more systems now than there were a few years ago. we have 18 different stock exchanges, many more added in just the last year or two, and that created increasing levels

of complexity. we talk about a systems risk officer, perhaps. maybe we need another level of people out there responsible for making sure these systems work and report to the officer. how do you institutionalize this and get less failures? >> i think you're exactly right, bob. the problem is that we're not looking at -- you just nailed it. there's way more system complexity in the world than there was a couple years ago and it's going to get more complex, it's not going anywhere. we need checks in place run by different groups than that are building the technology. having a group that is responsible were putting in checks, if a system is supposed to send 1,000 in a second and it sends 10,000, another system can

detect that. >> when will companies not want to reveal it past it's proprietary. >> that's true, but there is a degree of showing your hand -- first off the first level risk can be done with the firm. in the railroad industry you have a dead man's switch if a person doesn't hit a switch after a period of time, the train stops. are people watching my risk? is my trade going out of control? there are things we can put inside the firms that will help. >> we should have this problem, it's a good point. tyler might be able to build a better systems risk management into his machines, his software than a competitor and they will flock to him, he has less errors and trading failures.

>> should the fcc be doing more? mary shapiro has been looking at it, what should be done? >> i think the whole industry needs to look at it. they can have parameters that orders have to fit within not just price moving parameters, volume parameters, number of orders per second. i think the regulators can look at it as well, perhaps regulating more. i think we can look at it as a systematic approach, let's not pretend it won't happen again. >> tyler, thanks for joining us today, appreciate it, bob, we'll see you later, thanks. >> meanwhile, let's -- we're going to get a market flash, the nasdaq says it expects significant new expenses over the facebook ipo.

we have more on that. >> yes, they set aside money to pay back firms that were harmed by that facebook ipo debacle, they said it is the subject of eight losses by investors and one by trading firms. nasdaq says these lawsuits are without merit. that's the latest, back to you maria. >> thank you, 18 minutes until the market closes if i the day and the week. >> i think i saw where the dow needed to be up 210 points to erase the losses of the week. we're below that right now at 193. coming up after the bell, is the health care reform law for the dogs? we'll here from one small business owner of a doggy day care who says the new health care law may prevent him from opening more locations and hiring hundreds of more workers.

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the dow up roughly 200 points today on the backs of the jobs numbers and europe mash a little as well.

the dow will have wiped out all of this weeks losses if it's above 209. >> it's a tough week, some people were hoping for poor unemployment data to help nudge the fed. should we bet on the fed or the fundamentals of the economy? we have two guests with us now, great to see you thank you for joining us. anthony, what's your take on the jobs report and whether or not this slows down the fed in terms of more stimulus. >> this is the good report, the economy is doing better, more job creation, but it gives a little political cover for the fed to do something if they feel the fundamentals are weak enough. >> do you feel they are? >> i think we might be able to go on our own, but if europe deteriorates, then i think europe has to step in. >> david, a crazy week, declines until today, pry going to -- at least we will finish neutral for

the week. >> i think you framed it beautifully at the top of this segment. ie is policy going to be the key driver or is fundamentals. we still believe that profits in the second half will continue to deteriorate. margin pressures, lower interest rates, oil, and the dollar, all of those combining and slowing down in europe. but anthony just said we think the fed, the household numbers, the household was down 195,000, so that is often indicative of the fact that these were seasonal and special, and that this will reverse for the month of august. you have to be very, very careful this is not a one shot fireworks deal, bill. >> you think it is? >> yes, the policy, you the september 11th and 12th that is

a two day meeting. at the end of this month, friday, august 31st, into september, there is at meeting that will be important because you have all of the major central bankers in the world. swiss national bank and so forth and so on. >> that brings up the question about mario draghi. he set up such high expectations last week about his comments of what it would take to preserve the euro. >> i don't think his actions were zippo. he said he would do whatever it takes. he never said he would do whatever it takes in the next 30 seconds. i think they're getting ready for something that is larger and the markets will be satisfied. >> so how do you want to invest? >> we would stay with the large cap growth companies with the market up 5% this year.

the russell 2,000 maria is up only half of that. your smaller and midcaps have lagged behind. you want this exposure, the exposure to the greater growth in the emerging markets, and you want the big dividend rich paying companies. that's tech, health care and some energy. bell canada is one that we thauked about. find these great dividend paying companies. dividends are key and global growth is key. >> i think i agree with david, those high dividend stocks are exciting but i think there's exciting things out there with the federal reserve very intent on keeping interest rates down for a long time, i think the housing market is returning. the theme is in the cards and certainly going to pay off over the next couple months. >> home builders, mortgage

backed securities, the home depots of the world, just investing in stocks that take advantage of the early beginnings of a housing recovery. >> you can't really make the claim that we have bottomed and here we are off to the races again. this report while better than expected is certainly below the average of where we should be. do you want to be sticking with the economically sensitive names now at such an early stage? >> i think they're still depressed and they're still getting in there. but with regard to whether or not we should get excited, remember you need about 1.4 million jobs created to keep it constant. if you look at the household survey, which has been running faster than the establishment survey, and it's running faster than that. by any metric you choose, we're

making progress. >> buy those five, pfizer, abbott, johnson, pepsi, and coke. >> he is great at cocktail parties too. as we go to the close with 15 minutes left, the dow moving higher again, 220 points. >> overnight super star, gabby douglas, also an overnight mogul. why she just became a very profitable business. you know what i love about this country?

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welcome back, doing towards the close with about ten minutes left and the down up about 222 points. the jobs number today is for me another reinforcement for why i think the fed will be held up for awhile. we're not in crisis mode right now. it's not a perfect number, but we're not in crisis mode at this opponent either. >> my issue is what's to come?

you're looking at the election and you know you a fiscal cliff, layoffs and spending programming going a way and tax cuts, and at that point that is the uncertainly there holding businesses back. we have one month of relief here it looks oak even though it's not at the number it should be at, but what's down the road, ahead of the collection, is keeping businesses unable to put heads on the payroll. >> i think they will solve the fiscal cliff crisis after the election before the end of the year. >> i thought it would be before the election. >> it will solve the problem, it won't be pretty, but we'll see the sausage being made. >> but bill, it is enough time? >> of course it's not enough time. >> you have a month and a quarter before the end of the year. >> it's when congress works,

they just went on hiatis right now, the farm relief bill -- >> and this drought, i just don't understand what's going on in washington. these guys took a vacation and we have all of these issues. >> it's a year divided by four. the election is coming up in november. the bigger issue is with europe and they have a bigger issue to catch at this point. >> a lot of green on the screen, but the market up in the triple digits. >> we're coming back with the closing count down for this friday. >> and it's been a hard days night for knight capital. but maria shapiro was on vacation.

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dow. not necessarily always up. >> the end of the week has been a debate for traders because you don't know what's happening on the weekend. >> yes, in europe or the corporations or whatever. this is what we did this week, look at this, going lower and lower, the fed meetings, the ecb meeting here, and the jobs number came out today and all is well again with the world. >> we'll see if it's sustaining. next week we have more on the economy that could take us back. this euphoria feels good but it feels like a reaction to a oversold market in the last couple weeks. >> i agree and you had that situation with the ten year. everyone was running for cover earlier in the week welcome yields way below 1.5%, and now we're back above that again as they take the risk off trade. it's been -- and how many, nine straight mondays the dow has been down. >> you're just full of fun

facts. >> that's what we do here, we do all of the stats here. we'll see if it's sustain able and we look forward to the next hour of the "closing bell." two more things i want to show you, what happened with the price of oil, very strong today with all of data out and the jobs number out. for the week it's up 1.25%. brent has been very strong lately, in fact the spread has been very strong and growing and today up another 2.6% up above $108 per barrel. gold strong as well, and you know the rest of the story. as we talk about the sectors here, let me bring in our guests here. did it feel to you like this rally was about the job's number or what was going on in europe? that was a very strong reaction. >> it was but i think maria was

spot on. we were so oversold this was a reaction. the last five weeks, this is the first of the month, so a lot of new money in the next few days. >> and because i have been doing so in statistics we were points out that august has been the worst month for the s&p over the last 20 years, huh? so we have that to look forward to this month. >> august tenth, the break up of the soviet union. >> it used to be a quiet month, what happened? >> it means it's plentiful, but it's not been that. you cannot have a better market sustainable unless we solve europe. we can't solve it unless we solve spain. that's what we have to do. over here, bill, it's not just one number, it's got to be consumer confidence and spending

which has been weak as you know. >> swhat do we look forward to that's on the near term here to move these markets? >> it's all about the euro and what goes on in spain. it's going to be a volatile month, you mentioned statistics. we had a 10,000 point interday move. that will drive the market. >> what did you think of bill gross' comment this week? >> he is brilliant, very experienced and astute observer of the scene. the market is on a longer term basis and he's liking at things like the schiller pe. his feeling is grounded in that fact. >> thank you,