high. >> aig long. >> jci long. >> materials, xlv. >> yahoo! the highest since february. >> that's it for us. follow me on twitter. scott walker on cnbc. snow halftime is over. the second half of your trading day begins now. >> now, to not a tri-athlete. welcome, everybody. a major refinery fire in california could very well have major impact on what you pay at the pump the next time you fill her up. check out gasoline. it is up big today and we will hit the nymex in 30 seconds. this is a five year chart of -- no, not the dow yet. since the march lows, prices doubling. markets nearing a 4 1/2 year high. why are so many people feeling

queasy about equities? andrew ross sorkin has answers coming up. first to sue. >> a pretty positive day. up 93 points on the dow jones industrial average and some internals look pretty good. we will begin with gas prices and the huge refinery fire overnight that may be pushing them higher. it happened at one of the largest refinery, chevron's richmond refinery northeast of san francisco. it wasn't extinguished until this morning. dozen os of people went to the hospital complaining of breathing problems. no word what sparked that fire and luckily, nobody was killed on that incident. that fire impacting trading on gasolin gasoline. >> it was a very key unit or gasoline processing, talking about a refinery the third largest refinery in california

and makes up about 15% of the gasoline refineries use. this is a big deal here, particularly for california. on the stock market, we're looking at prices up 10% just since yesterday. it had a significant and powerful impact in the local market. it will translate into a powerful impact at the pump as well. we're already looking at g gasoline futures at a three month high today and seeing prices rise across the board. in california market statewide, the national average at the pump is $3.86 a gallon, already higher than the national average of $3.63, higher than a year ago. we could across the country see the lowest prices we're paying for the year right now. it will go up from here. back to you. >> thank you very much, sharon. we appreciate it. we will continue to follow that story. brian join us now with a mark

flash on the day. >> take a look at tesoro, a lot has to do with that fire in california. tesoro is very focused on the west coast and they could benefit if you want to look at it that way, with this accident with chevron, the stock up 25% in the last week. and to housing, home prices are slowly rising but rents are up, too. you often don't see that in tandem. but does it mean we're heading possibly heading into bulb popping territory for rentals? >> it's certainly a concern. you have to ask where's the tipping point? we already know it's cheaper to buy in some markets yet prices rise even as homes recover. look at two reports. the first is june reading on home prices up 2.5% from a year ago according to corelogic.

prices are up 2.3% annually. although some analysts warn they were expecting to see stronger gains in june but up is up. apartments and single family are up 5.3% annually and rents are up in 24 out of the top 25 markets. some spots are seeing double digit gains, asking rents up 12% in san francisco, up over 11% in miami and 10% in denver, seattle and boston. with so many investors flocking to the distress market to buy these homes and put them up for rent and reap those rental rewards, you have to wonder how high those rents will get before we start to see the sea change but investors say they are not worried. more on the blog. the chief economist will be on "street signs" coming up in the next hour. >> look forward to that. thank you. breaking news from the bond

pits. $33 million just went off the boards and rick santelli is tracking the action. hi, how did we do? >> forget the y and the m, we'll do the c. this one gets a hook. an average grade. 32 billion, as sue pointed out. 10 auction average, this one was 3.2350i6 1. indirects, 35% average, 29.7 on this one. the yield came out a .37. the wi market was on its highs of the day. 36 1/2 bid offered at 36. you can see it priced outside at 37. i see average no matter what vantage point i look into this action, why means tomorrow we have 24 billion tens and maybe we will grab that a on ymca. back to you. >> thank you. >> let's talk about what's driving the markets and

retailers are basically throwing up their hands and simply staying out of the market. ross sorkin wrote about it in today's "new york times." andrew, you suggest i agree 100%, it is not merely the machines and trading gtches and nightc capitals of the worl that has anything to do with thin, it has a lot more to do with results. >> i worry we conflated over the past couple of years all these computer algo issues related to the flash crash, the facebook ipo that wept wront wrong in te the technical glitch, not what happened to the price. and finally this capital issue. that's not the problem. the problem $170 billion has left the mutual fund market because people don't think they're making money anymore because if you invested 10 years ago in 2000, more than 10 years ago now in 2000, you don't have any more money to show for it.

it's been a -- it's felt like a lousy market. that's not to suggest that people shouldn't be in the market. right about now it feels like you probably should because everybody isn't. i feel there's a large residual and some people feeling the markets are rigged against them which is different than the computer issue and has a lot more to do with insider trading and the feeling you can only be a professional to make money. >> kenny came up and said, i am fired up about this, andrew. he joins us. welcome, kenny. you have been doing this a long time and andrew has been doing this a long time. it isn't just the machines. we had the discussion after the 1987 crash talking about program trading. this issue has been around a long time but the pessimism by the individual investor hasn't been around a long time. >> i think you hit the nail on

the head. look at these baby boomers, you and i are both there, a whole group of people that spent years accumulating wealth, 50% got washed away in '07-'08 and '09 and don't have that much time left to work or compound and not going to risk it and pull out. you have a generation of kids behind that, the children of baby boomers who watched what happened. my own daughters themselves, a 25 and 22-year-old say to me, dad, why should we put our money in the market versus alternative assets because they see what's going on. not necessarily having that conversation with them, it's their observation which is exactly the point andrew makes in his piece. >> can i come back to andrew if i might? so much of the results you get depend on when you buy and when you sell. >> absolutely. >> we began the hour pointing out over the past four years, you would have doubled your money from the march low. what we've had is two really mauling bear markets in the past

decade. one of the findings in your article, interesting to me a lot of young people feel the market is rigged against them apart from anything else. >> there was an amazing survey done, 878 high school students. 75% of them said they agreed with the statement that they believe that the system was rigged by greedy bankers. that unto itself is a problem. forget about the algos, forget about the computers, i should say, are not helping the cause either. in the larger scheme of things, that is something that we have to figure out what to do about. that's something that is going to take a very long time to get that trust back. >> andrew, you know something, the industry, i hate to s this because i'm in the industry like you, they've almost done it to themselves every time you turn around. mf global, bernie madeoff, shame on the industry for doing it to themselves and causing this

negative mood out there. >> what do they do? >> i agree with you. the question you just asked is the question. what does the industry do? when does it change? my greatest worry on the answer to that it only changes when the market goes up. my worry is people won't be on the train and they'll get on the train when they probably should be getting off the train. >> as usual, the retail investor always jumps in right at the top when it just falls over. >> that's my anxiety. if people were making money in the market, even if it was rigged, i think they'd probably feel better. >> thank you. i'll see you later about the market up 90 points. would you say you are fleeing stocks? go to yahoo!.com to vote. how do you play stocks nearing a 4 1/2 year high, right in context, you have to have

some privileges on this. what do i do with equities at a 4 1/2 year high? >> 4 1/2 year high is a big deal. that headline posts and supposedly draws money in from the sidelines in the wake of night capital headlines and flashing being revisits, i don't know they have the importance they had a long time ago but some importance. the market looks good, looks like it could trade up . people are taking shorts off, overwhelming in euros and hitting the button to cover positions. i like the market. i don't love it but i like it. >> what you buy, the price you pay and when you sell, that's what matters here. >> no doubt. >> mice proper important than either of those values, sue. >> indeed. summer isn't high volume as well and that skews the market as

well. >> pfizer and johnson & johnson are dropping studies of an alzheimer's drug. it wasn't working. foopfizer down a half a percentd johnson down .70. >> the phase three study of the asl's drug, bapi did not show results. it it's a 3 to $400 million charge this quarter. the st. was somewhat doubtful bapi would not reveal good results. they said there was a less than 5% chance of success and never added a bapi to their financial models. this view does not impact goldman's fundamental view of them. and j.j. lily says its alzheimer's drug will succeed.

disney set to report this afternoon. shares are up. look at this. 41% over the last year. julia boorstin, live in l.a. with the numbers. >> secret heroes and sports should help disney delivery big numbers on the strength of "the avengers." analysts expect fiscal earnings per share to grow 93 centre on 6% higher revenue of $11.3 billion. gains coming from media networks, espn and the real boost is likely from the movie studio thanks to a $1.5 billion worldwide box office for avengers and we'll see if they will have "cars land" boost market attendance. >> thank you very much, julia. later, can you trust twitter?

there have been several high profile problems in the past few days including one account holder accused of trying to manipulate the oil market. in light of trading with iran, is it working and what happens to stop iran from making nuclear weapons. and tuesday, led by home depot up about .8 of a percent. follow us on twitter. our handle is@powerlump. find out what's coming up. @"power lunch" on twitter.

welcome back. we're looking at vitamin shoppe. up 50%. get this, their comps were much better than expected and showed margin expansion. the most important thing, they expect that margin expansion to continue. i'm north of 40 now and might have to go there to get me some supplements or something. >> never, brian. thank you very much. all right. take a look at shares of standard charter, the latest british financial institution in hot water for doing business

with iran. the stock got crushed in london, down 17%, a loss of 241.50. this morning, squawkbox europe shared with this man from commodities management, a swiss firm with offices in london. >> why is it always a swiss banker or german banker doing all these evil things around the world, libor and money laundering. there's never an american bank involved because they're all in the pocket of the american banking lobby. american authorities never go after an american bank, try to get somebody aboard. >> we asked mr. cory gone to come on "power lunch." so far, he hasn't returned our calls and e-mails but we will keep trying. and an iran expert at the iran corporation. let's talk about the broader issue whether the west eplans t cut off funding is working or in

view of the latest incidents, is working or not? >> yes. the u.s. policy has been efctive. we have seen a lot of financial banks and financial institutions cut off relations with iran and iran's economy is suffering because of this. there are holes in the regime and these holes have to be filled. there are exceptions to the rule, as we've seen with the recent case. overall, yes, policy on angsting iran has been effective. >> how would you change any of this right now? could we toughen up the restrictions to make it more difficult for institutions who do go around those rules and able to make sizable profits by doing that? >> i think recent legislation by congress has closed some loopholes by targeting s subsidiaries.

the question is whether specific iranian partners, specifically chinese institutions and companies will comply with the international sanctions. there's been some resistance from china regarding sanctions against iran. china is really one of the big holdouts right now. depends on pressure against chin china. >> given that, if china is the big threat, obviously it has a large amount of clout and cash, it begs the question how much politics will be involved in this and another nation like a china or others will be. how big a threat is that? >> china is iran's biggest commercial partner right now, biggest purchaser of oil. there have been indications chinese companies are slowing down investments in iran. freezing cooperation with iran. there have been some signs of success from china as well.

>> is that because of political pressure from the u.s. or elsewhere? >> pressure from the u.s. government specifically. china received a waiver on the sanctions because there was substantial reduction of iranian oil. the chinese reduced their purchase. we'll have to see in the next few months if that will be the case. the chinese are also feeling the heat. not as if they haven't done anything on sanctions. >> nice to see you again. i'm sure this story will continue and we will continue to talk with you. >> thanks. to olympics now and the battleground district in a key battleground state, the ohio district just redistributed, pitting two incumbent members of congress against each other. how do they feel about congress in ohio's 16th, john harwood is there live. >> reporter: hi. don't be fooled by this serene summer backdrop behind me. voters in ohio are not happy not with the presidential candidates, obama and romney

fiercely contesting the state or with congress they see not getting the job done. >> i just don't think they can compromise. they can't work together. they've got all the lobbyists in their back pocket. they get elected and they have to pay back their -- their bennies that they got from getting elected. we elect them but they don't listen to us. >> fresh faces are always a good thing, if you're there only to back the people that have put you in there and not to do what's best for the country overall and unite us all, i think it is a very good thing to have new people on the scene. >> but this is a district where it's impossible to have new people on the scene because it pits two incumbents, republican jim renecy and democrat rene sutton. both trying to make arguments to the voters. republican drying to blame the democratic senate and the

democrat the house. take a listen. >> jim renacci supports a 20% national sales tax. what do you think? >> now, that's a bad idea. >> no, no, no. it doesn't need to be that high. >> i don't think that's a good idea. >> i would be totally disgusted. >> everybody struggling with gas. >> have a job, you're struggling or not, you're struggling. >> it's hard enough to buy food. >> this is congresswoman sutton, shed a president obama spend billions of tax dollars on their special friends and refuse to pass a budget. they endanger our future with mountains of debt. now, sutton and obama want to raise taxes on ohio's small businesses. >> sad to say, that's the soundtrack of a very sour electorate and the election season all the way to november. not likely to get better, sue.

>> unfortunate, indeed. thank you, john, very much. behind the wheel now, takes us back in time to subprime. remember that? concerns all those great car sales numbers are actually being fueled by subprime autoloans. phil is live with how many are being handed out and what it means for detroit. >> hi, sue. tracking for the second quarter. look at these numbers. it sheds light whether we're seeing more subprime loans being written. the fact is we're not. look at delinquency rate, repossession rate year-over-year, down 27.9%. are we seeing more subprime loans being written? overall the number is going up but percentage of subprime auto loans dropped in the second quarter. 19% of all auto loans are subprime or deep subprime, people with country scores under 620 and charge offs, that

basically washed off, they're not going to get this money back, the amount of charge offs has also dropped by more than $1,000. you will hear a lot of talk about these automakers should not be writing more subprime loans. this is a pretty healthy market. we're not seeing anything unusual. the number of subprime loans being written actually declining. >> good news. thank you very much. a quick break, we're up almost 100 points on the dow jones industrial average. time to do analysis. several big calls on chip pootl. and hewlett-packard. most are in the green with the exception of walmart, down a fraction. back in a minute. people with a machine. what ?

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chipotle has hit a growth wall. they missed some comps over the past month, down about 20%. there, you see it. it had been up about $400 a share. >> why couldn't you have said something like $320. that represents reality, 8% gain. we're talking about a 50% gain. i like chipotle. she sites a consumer recovery. all consumer recoveries are not equal. this is high end to pay $7 for rice and beans. that seems like a bad trade. i like chipotle but don't like a $450 price target. >> a sell on hewlett-packard. hp has suffered from ceo turnover and shares have suffers more than 40%. >> this is the kind of call that makes traders crazy. where were you six months ago when it was hitting $30.

this seems like after the fact. hp and del were killed because of the association with hp. >> i think he initiated this call. he wasn't there six months ago. let's move upgrading coach to buy from hold to save, the stocks provide an investor with an attractive entry point. love the bags and the wallets. >> i do, too. so does my life. the thing i don't like about it. it is a play on china, coach, young brands heavily associated with china. she could feel big on what she sites but if we have big mac cr crow -- macro winds economically, i wouldn't buy it. gold after two days of gains, we saw it yesterday close above the level we saw and today

down about 1612. keep in mind, we're seeing a number of analysts on wall street decreasing their price forecast in 2012. we're now probably going to see an average price of $1685 for the year, down from $1750, that was what the earl ye forecast was for 2012. is the dollars gain really holding the gold price bag and making it unable to repeat what it did in september of 2011. that is reach $1900 an ounce. we're seeing quite a bit of volatility that will continue with the ongoing economic crisis and copper seeing gains today along with equities and oil. the wti price just crossed $94 a barrel. >> thank you very much. we are incidentally, in the neighborhood of 4 1/2 year highs on the dow. we will go live to the nysc floor when we come back.

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welcome back to power lu"po

lunc lunch". we're up 95 points on the dow average. bob joins us with the latest. >> we're up 5% from the highest on the s&p 500. traders don't like it. a lot of shorts still out there. even the general public have a hard time believing the market is up this year. we're getting sector rotations, energy, industrials, materials, growth cyclical companies. what's been selling a little bit recently is the cyclicals, stocks less cyclical, dividend players, more defensive names. telecon communities and cyclicals on the downside. this is the five year anniversary of the s&p 500 down grade. one year ago on the 5th, they did it when the market opened on the 8th. s&p dropped 80 points and since then up almost 83 s&p points.

>> how can we forget that day. thank you very much. it may be the most hated rally we've seen for a long time but we broke up above 1400 in the s&p. >> we did. now, it's more technical. 1400 was representing resistance. we tested it a couple times over the last couple of days and we actually broke through fairly decisively on the sep. that kicks in the momentum, algo programs and short squeeze and momentum breeds momentum. you wouldn't be surprised to see us test 1425, representing the highs in april and wouldn't be out of the question. >> what's worrisome, the retail investor sitting at home has already missed a significant portion of this move. >> that's interesting when you talk about that. is the retail investor completely out of the market or is he participating in the rally? in your retirement portfolio or

mine, i'm not 100% in equities, i'm in equities and don't feel like i'm participating but when is it the time to jump back in but not right now. >> you don't think it is? >> i think we will test higher and then come back in. i'm willing to wait. can we talk about the lobster prima vera? >> lobster primo vera. i'll fill them in at the end. m bertha coombs joins me, we never get to eat and kenny brings me lob ser primovera. >> cisco, up 3% on a month month high. amazon moving higher on the social gaming front. not hurting zynga but facebook av being up three days in a row, pulling back. and the chip investors saying it looks more attractive.

valuations are pretty good. the russell 2000 index, on the outside, like broad soft, a lot of shorts getting surprise there on a deal to get some funding for its tv testing from the bill and melinda gates foundation and wireless is suffering after disappointing earnings. >> steve liesman has done it again, scored an exclusive with another bank president. this time, eric rosenberg in boston. steve is in boston and seems like the is all in on more fed action. >> he wants open kwquantitative easing comparable to the qe-1 and qe-2. after we got done with the live portion of the interview, i sat down and we taped a little bit

more. i want to bring you this now for the first time. eric rosen gren, talking about what he would tdo to target mor qes. >> i want to focus on are the labor markets improving and nominal ge increasing, we should see it increasing not as a ceiling but a floor. we should do more to get the labor market doing. i would do those to get those kind of economic outcomes. >> you've also spoken about cutting the excess on interest rate reserves. what about money markets? >> we're paying 25 basis points at a time 20 month treasuries are trading 8 or nine basis points. we seem to be paying people too much to hold the reserve. europe reduced their deposit rate down to zero. i'm not advocating to drop it to zero right away but gradually

decrease the excess on interest reserves. no reason to pay the high rate we're currently paying. >> some people would be saying by acting now, the federal reserve would be effectively baling out the fiscal side. >> yoi don't think we can completely bail out shocks from europe or fiscal policy. doesn't look like we will do anything on fiscal policy or a lot done in europe over the next two quarters. >> that's the key why rosengren wants to act now. doesn't look like there will be anything done soon. he says he doesn't want it broug brought -- does want it brought down to zero right away. not sure he wants it negative. this guy is one activist president. today, in our yahoo! poll,

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california town mortgaging its future. loan sharks would be envious of these rates. could this happen elsewhere? do join us top of the hour for "street signs." >> see you, too. thank thanks. >> british leaders sold the olympics on the basis it would increase economics for london. >> reporter: thousands of tourists have descended on london for the olympic games and supposed to give a big boost for retailers. mostly we're hearing complaints and not the cash register ringing. there are sales on one of the biggest shopping streets in the city. the retailers are saying the locals have left town and the this wrongs of tours expected haven't showed up. they're out here at the maolymp park.

one of the ceo on a conference call said so far the olympics had hurt sales, not hurt. still in this midst of this, from the london chamber of commerce said in the end, the predicted sales numbers will come through. >> the survey estimates an extra 200 million pounds just for high street shops. and an extra 100 or so with rega regards to supermarkets, health centers, travel and other areas. so there is a short term boost. >> in total a little more than 300 million pounds, roughly equals about a half a billion dollars. a company involved in monitoring traffic during the games told us for the most part, travel was not nearly as bad in certain parts of london, once again because so many people had left town or were working from home during the games. an economic research company

here in the uk estimate from 2005, to 2007, a 12 year period, london and the uk should see a 16 billion pound boost to the economy as a result from hosting the games. that's a combination of construction, tourism, direct investment, regeneration of the areas in east london where the park is. that works out to a little more than a billion per year in a country 2.2 trillion. a professor said most of the studies are poppycock because they don't focus on sales lost due to disruption or shifts inhabit that happen when a big event comes to home. >> when chicago hosted the nato summit in may, did delegates spend it in chicago, yes, but downtown chicago was a ghost town. because of the security perimeter nobody else could get in and everybody else took a

financial bath and the same thing holds for olympic games. >> we interviewed the uk representative of the european parliament. he said, okay, maybe it won't be so good for london, bottom line, great for the city and the image. he says people in london have come together in an optimistic way he hasn't seen in decades. maybe not just economic impact, a lot of good will. >> thank you very much. google searches for gymnastics classes have increased 230% over the last few days. here to tell you which other olympic brands and topics are top i topping. we have an exclusive with google executive. google searches for volleyball lessons way up, and ryan lochte up 13%. you have to figure this will

happ happen. >> absolutely. if you look back, this is one of the biggest games in olympic history for digital from a user privilege and advertiser privilege. as a user, it's important to recognize this is the first year you're able to watch the games in live stream on n nbcolympics.com in the u.s. and youtube is live streaming the games across the world in 64 countries. >> we're looking at one of the ads that have really popped, for chobani yogurt in new york, a wonderful little town. they're not the only ones that have down well and pierced the web searches. >> chobani is up 50% in the last 30 days and prosecutor & gamble and visa up by 30% as well. the point is advertisers are spending a tremendous amount of

money to sponsor the olympics and bottom line, they're finding ways to leverage this in digital. in many cases youtube is the centerpiece and google is the centerpiece of the olympics. >> brand lochte is up 100%. which others have found their semifinals rise in search patterns? >> while lochte is up 1300%. michael phelps ruled the pool. up only 19% since friday so ryan got him beat there, but still number one. gabby douglas and missy franklin. >> love to be gabby douglas' agent this week. a nice place to be. there she is with that gold in the all around individual champ. didn't do so well last night or yesterday on the uneven bars. one of the things that really stood out to me, the top 10

sports search ed from 1725 to here in the united states was -- >> football. >> football. of course, it was football. >> people still love the nfl. they're getting ready. training camp has started. it's pretty clear what the national sport is of the united states. however, amazingly, women's swimming up double-digits versus what happened four years ago in beijing. >> fantastic. thanks very much. we really appreciate you being with us, john. >> thank you. >> sue. >> we are ready for some football time. coming up on "power lunch" with just 90 days to the election, president obama calls mitt romney's tax plan robin hood in reverse. we'll discuss this political divide next.

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power rundown time, joining us to talk about the day, bob pisani and jane wells. social media and who is responsible. a rumor on twitter may have

moved the oil market yesterday and now the nypd wants to know who is tweeting about another colorado-style theater shooting. i guess the question is how do you regulate or can you regulate social media. miss jane, what do you think? >> i think you better be careful with this. i like toaire err on the side e f free flow of information. twitter shut down this guy. and if the judge agrees with the police, they'll issue a subpoena. >> if you're spreading false information to enrich yourself on trading stocks, that's illegal. you can get arrested about that. i don't know about shutting down the account but that person certainly should be held liable. . >> next up, president obama slam s presidential candidate's tax plan calling it romneyhood, taking money from one class and

gives it to the rich. another form of class warfare. >> i thought that was a funny line, made me laugh. then call him the sheriff of nottingham or nothing ham, based on the economy. not what i think necessarily but how you fight it. >> it is. the democrats have been using this reverse robin hood line for decades. check out the history of that phrase on cnbc.com. liked it. michelle told us businesses aren't sees the promises promised. are they worth it from a monetary standpoint for the olympics? >> i call these opposite games. while london may lose money, you see the empty seats. nbc for all the complaints of empty seats and marquee events when i'm in bed, they're working. >> and record ad sales. >> the londoners are gone. part of the problem. the hotel occupancy rates are 80 to 85%.

there are people there for sure. maybe we should have the queen's jubilee every august. that worked. when we come back, we'll update you on the market. it's like, ah, it's part of me. it's me again. now that i'm retiring they all have plans for me. i'm excited. this is new york state. we built the first railway, the first trade route to the west, the greatest empires. then, some said, we lost our edge. well today, there's a new new york state. one that's working to attract businesses and create jobs. a place where innovation meets determination...

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by helping provide greener, more sustainable solutions from the olympic village to the stadium. solutionism. the new optimism.™ ♪ this dream solutionism. the new optimism.™ it's something you're born with. and inspires the things you choose to do. you do what you do... because it matters. at hp we don't just believe in the power of technology. we believe in the power of people when technology works for you. to dream. to create. to work. if you're going to do something. make it matter. welcome back to "power

lunch." brian shactman at the market. shares of boeing up more than 2% today. they had a great year in terms of orders. they're taking advantage by raising list prices by 5.5%. as we reported on this for years, that's not actually what companies pay for those jets but we never get those numbers. >> thank you. that is right. decent market day despite the fact crude is up 2.5%. dow up 93 points. an s&p above the 1400 mark, up about 11.5 points, nasdaq up 35 points, one of the percentage winners on the gain. ty, over to you. not too many winners after the bell but one later in the week. >> i'm not huge on putting big bets on companies before earnings because it smacks of gambling. occasionally, it looks attractive. and kind of broken out of a