working. the city could be home to 50 different businesses and give jobs to as many as 5,000 women. interesting stuff. thanks for watching "street signs," "closing bell" is next. >> welcome to the "closing bell," i'm in for maria bartiromo, she is back tomorrow. don't worry. gains here into the close. >> welcome back from london, i'm bill griffeth, investors today shows a spike in retail sales. the dow has been trading in a narrow range today. we're going to show you the major averages right now as we go into the final hour of trade with a decent gain here on light volume. volume is a little heavier than yesterday. up 27 points on the dow right now. the nasdaq up 3.5 points. and the s&p is up three points

at 1407. looking past today, we're wondering what investors will be latching on to as we look ahead to more data on inflation, housing, jobs, a lot to come here. >> a lot in the closing bell exchange. we have re beck ta paterson, and our own rick santelli, good to have you all. we're only 200 points away from a 52-week high. i've been out of town -- on a good day, that could happen tomorrow. are there any head wins, feel, that you're worried about that could stop this market? >> i think it's still the same head winds we have been facing and that's washington get business clarity on what it will cost for health care, taxes, rules and regulations. excludeing that, companies are in very good shape, the market

is in good shape. if you look at a historical standpoint, or a price cash flow basis, the market has between 2,000 and 5,000 points to go. it's not going to do it in the short run unless we get clarity out of washington. >> sandy, why are we still seeing good progress here? slow steady progress in the stock market? >> that's exactly right, we're basically muddling through stuff. today is a perfect template of that, we got mixed news today, good news for home depot, but we got a negative print out. last week it was china exports we were concerned about, but we got a good jobs report. that leads us to think that the muddle through is the more likely one. i don't think straight up 2,000 or 5,000 points because we're muddling through.

on the other hand, we think at this point in time you want to be overweight equities, you want to be in the big cap names, but you don't want to ignore the cyclicals. they have been left in the big cap dust for the last four or five days. >> what do you think of the market at this point? >> we don't have a lot to chew on, housing claiming and data, but we have bernanke speaking, draghi speaking from the european central bank. >> do you think he will say something? >> i'm nervous about that. the market is hoping. part of this rally has to do with hope that the ecb and the fed will give more stimulus, and with this rally and better data the risks are growing that they don't and then we get disappointment and we pull back short term. >> rick, when i left on vacation, the yield in the ten year was in the upper 140s, now we're up nearly 30 basis points.

is it finally worried about inflation or relaxes about the kwi right now? >> i think it's that and more. when we look at what we gauge europe on, it's things like auctions in grease, auctions in spain, but what we really find from those auctions is that there is pretty much a rigged set of buyers, so i don't think we get any real awareness out. so i think the main driver will be as we get doses of movement and honesty or lack there of from europe. and as far as the home field, i think interest rates moving up at this quick pace from the record low 138 to close to 175, it's a big deal. >> i'm laughing because it was nose bleed levels at one point.

you're light on treasuries, is this why? >> that's exactly the point, michelle. it's taken us a long time to see this happen, but the handle has been coming up on treasuries, and you're losing principal value when that happens, we're looking for all the right prices for yield. it will include corporate investment grade, but you definitely want to be treasury light on this. >> kneel, what would you be buying right now. muddling along as you said, but as we do so, what are we buying here? >> you just don't buy a individual sector or stock. you go with a strategy and one of the strategies that seems to be working out there, bill, is the dow where you buy the ten highest yielding dow jones stocks and you hold them for a year. you're talking about a yield of 3.68 or 3.7% yield today even

though the ten year treasury at 1.75, that's double what you can get of real high quality revenue producing and profit producing companies. >> neil, you have 25% of your fund in one year treasuries, are you nervous about that? >> i'm not getting any yield, and that is the problem. most investors are going over to fixed income, and that's scary for me. it will be a double whammy. >> okay, we have to go, breaking news here. >> thanks, guys. >> we have to go, sorry, we had to be the bad guys and stop the conversation at this point. let's get to the this story on standard chartered reaching that deal with regulators over allegations that it hid billions in illegal funds with iran. kayla tausche has the latest.

>> standardchartered setting with the new york department of financial services. it's the largest fine by a single regulator by breeched sanctions. they reached an agreement that the transactions in breech of u.s. clearing law totalled $250 billion. that's a fig that the bank had previously contested. there are also regulatory implications here. a state monitor will be implanted there for two years and on a permanent basis they must bulk up risk management where it clears up $200 billion daily. it has been a multiyear investigation, one brought to the feds by the bank itself in january of 2010 according to a person familiar with the matter, and a coordinated settlement had been the ideal joust come. last week's charges beat any deal reached among federal

regulators like the treasury, and the department of justice. any deal there is still outstanding and according to my sources not imminent. they helped spear ahead in similar charges in recent years. it's idea federal regulators and we're waiting to see what rest of the story is. >> so storm, when we see the stoke open in europe, i expect it will go higher because they did not lose the banking license? >> no, and if they did it never has the new york state banking license been under question. the fact that they were able to avoid a hearing tomorrow that would suspend that losts, and it's no small potatoes there. >> and we have what promises to be a vigorous debate coming up

on this. heading toward the close request 50 minutes left in the trading day. >> more ahead on this big edition of "closing bell." coming up, waxes poetic. henry waxman has criticisms fb paul rooipyan's voting history the house. and dried fruit, anyone? walter rob weighs in on how this year's historic drought is affecting food prices and the company's bottom line. that's all ahead. ♪ [ male announcer ] aggressive styling. a more fuel-efficient turbocharged engine. and a completely redesigned interior. the 2012 c-class with over 2,000 refinements.

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welcome back, breaking news in this market flash with bryan shactman. >> yes, we find out from the fcc what hedge funds are investing

in. this one for moore capital. they added 6 million shares of chesapeake energy, and bank of america redutying their position from 7.5 million, and they dissolved their stake in jpmorgan choice which was 6.5 million shares. >> thank you, bryan. henny raxman is the ranking member of the house energy committee, and representative waxman has not wasted any time taking came at paul ryan's budget and it's budget on funding clean energy programs. he detailed his concerns in this memo to the house energy committee. >> and he joins us now from his own state of capital, good to have you here, you say the ryan

program would starve green energy programs, and they're saying that's the point. they cost taxpayers half a billion dollars in the case of solindra, isn't this one area the government can spend less and let the private sector pony up. >> they will not pony up unless we have things like loan guarantees. but the department of energy's efforts to move in the direction of a cleaner number portfolio is wiped out by the appropriated programs. that means cuts in sow lalar, w and geothermal. and while he is eliminating the government efforts to produce clean energy, he still puts forward a $40 billion tax cut

for the oil companies, and these companies are making record profits. it's the wrong direction on energy policy. >> i don't want to put too fine of a point on it, congressman, but he is not specific in where he would allocate the $50% in cuts. it's a starting point. it would not be that draconian, once all is said and done, and you have to admit you need some cuts issue here. why not give some of the funding for clean energy right now. >> how would you like it if there was a 50% cut in your salary and you can put in the details? if you take the clean energy programs and cut 50% out of it, you're cutting new jobs. >> taxpayers are not funding my salary, and i get it the old not in my backyard, we admit there

is a problem with the deficit in this country, but no one is willing to pony up and accept some of the pain that comes with making spending cuts. we'll have a better economy we we develop other alternatives to oil, less dependent on oil and countries shipping it and we'll be competing around the world. >> you don't think the private sector would do it -- i looked in 2009, the government subsidized clean energy, $44 billion worth. that works out to jobs that cost $ 200,000 each. is that a good way to spend taxpayer money? >> it cost more to get lower costs, it's hard for -- wait a second. for decades, we've been giving tax breaks to oil companies. why spend $40 billion over the

next decade for oil companies that are a mature industry. >> okay, maybe no subsidies should exist, when it comes to cost for kilowatt, it's extremely expensive, and who bears the burden of the costs? the poor. are you willing to do that? >> it's more expensive until you get the government to help and it can compete with coal and oil. that's why you need government support otherwise the new industries will be unsustainable, and then we'll only have coal and only, and those people will be in control of everything and our planet will be adversely affected. >> let me ask you about ethanol, the incredible rise in the price

of corn that has been exacerbated by the drought -- would you be in favor of suspending the ethanol mandate to relieve prices on corn. >> i think so, it was a special interest deal for the corn growers and it was not chosen because it was the post option, it was a special interest group. we need to broaden our portfolio of supplies for energy needs, and not just continue to look at oil, coal, and ethanol as the only alternative for our consumption to be reduced. we will have lower mie land for cars. that really makes a difference, and that's part of a program that the ryan budget would eliminate. >> thank you for being with us, sir. >> we have roughly 20 minutes

before the bell. the do you is up only 6 points. the nasdaq is higher -- no, it's lower now by two points. >> yes, we're losing altitude. target set to report tomorrow morning, should you take aim? the former top economic official under none other than than president ronald reagan is calling paul ryan's budget a fairy tail. ♪ ♪ ♪ ♪

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. groupon plunging to a new low. brian shactman is following it. >> yes, a few key things to keep in mind here, people concept able about groupon, and slowing down about a year and a half ago. they had 97% growth and now they're down to about 2%. it's just fascinating to think that google wanted to take groupon out for about $6 billion. so 2006 and a half percent on tremendous volume. back to you. >> we were looking at that yesterday in our talking numbers segment, and that -- the prediction was that it would be going sharply lower. that is getting higher ahead of the retailers earnings and it

will be out before the bell tomorrow. should investors buy into this high flier or is it high time to take some profits. we're talking numbers today. it's rich ross, and on the fundamentals side is joe feldman, and joe, what do you expect to see form morning. >> we're looking for an eps of $1.03. >> rich? >> it's a great looking toward, a great looking company. let's take a look at the kpart and i will break it down for you. i brought with me a weekly chart of target to highlight how significant thections are in this stoc the defining feature of the chart is this well defines multi-year trading range. in the context, we see a

textbook cup and handle pattern. this is a continuation pattern. in july we get a break out to a fresh five year high. stocks are consolidating that break out. we think you want to by it on the break out, on the consolidati consolidation, they should provide a fundamental catalyst, we're a buyer of target. >> joe, you think the earnings will confirm what has been very bullish for this stock, would you by it? >> we would, i think with all of the catalyst and canada and the possible sale of the credit card business. i think it's going to be a winner for the next 12-18 months. >> would you have a price target to the upside? >> we have an outside price target. what's great is 65, it gets to $75 for a measured upside

target, that's a nice upside from current levels. >> it would be, good to see you both, thank you for talking numbers, and speaking of retail, don't miss jim cramer's interview with saks ceo. >> 35 minutes to go before the "closing bell," will question netically modified seeds save crops from more droughts, and keep your grocery bill from spiking. how it is impacting the price of foods? will they have to raise prices? tdd#: 1-800-345-2550 when i'm trading, i'm so into it, tdd#: 1-800-345-2550 hours can go by before i realize tdd#: 1-800-345-2550 that i haven't even looked away from my screen. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that kind of focus...

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so for folks searching for a bull market catalyst, listen to our next guest. they believe markets will be propelled by year end. >> he says there is a bubble on the horizon. it's about to burst and it would ignite a rally. we have steve with us now, and bob pisani is going to join us. aaron gibbs is coming along. you think there is a bubble of cash. explain the fair you that owe see happening. >> i think a lot of investors are looking to identify bubbles, and we think we identified one. catch and corporate balance

sheets have grown. it's a 50% increase liveen by unsurgeon tily corporations. they have cut that cap back. >> so we have been talking about this for so long, so much cash on the balance sheet, nobody is doing anything with it, you're not the first person, when? >> we have retail sales today were good, the employment numbers are stabilizing, housing is improving, we saw home depot today. i think rates are down also for the last couple years. so if you have catch on your false sheet. i think the catalyst will be a spending fire that occurs as you see a pick up, share buy backs, you're starting to see that now -- >> but why now? >> because investor sentiment, markets up 12% year to date. after of the return has been the last month. i think corporate finance

departments are getting nervous. . >> we're waiting for the fed, and what ber nak key will say as the end of the month and if there is quantitative easing, there is potential catalyst. >> yes, i guess the problem i have here is since when is this an indicator of doom and gloom. i have never seen higher levels of cash -- >> he's saying it's a good thing that will be unleashed. >> i think that potentially, absolutely, i miss under his point then, i agree with him. >> you're supposed to take the other side. it represents people that potentially will bring among back into thesystem. it's been extremely low. the balance sheet of corporate america has never been in better shape. if we can get past the fiscal cliff and past the collections and see some stability in europe -- that's the number one issue, then you will see more --

>> the metaphor, bubble, sounds positive, but you're using it in a positive way, right? >> i know, erin, you have been defensive in this market. do you buy into steve's market that all of this cash has to be put to work at some point, and when the glood gates open, -- f gates open it will be good. >> no, with only 41% of the companies beating revenue forecast, we think they're eating into their cash reserves. we're advising people to be a little more defensive about their picks right now. >> if you're a corporation and you're worried about your

margins at peak levels. you keep margins higher and you use less labor, i think at the very least, the use of cash on the balance sheets will keep margins higher. >> so what do you do then as a result? >> i was thinking about this on the way over, i think you want to sell bonds right now. >> treasuries, corporates, or both? >> probably mid-seven year corporations. people will want to take their gains and bond portfolios this year and not next. >> erin, you would go for those bonds, wouldn't you? >> exactly we want nice stable stocks, dividend yields, and the high quality stocks, we believe in getting your income from the dividend paying stocks. >> capital investments where corporate america should be

putting all of this money right now. there's a lot of room for capital investment. >> thank you, all, nice to see you, thanks for joins us today. do you feel the energy? i don't know if you can feel it at home, but -- >> let's just say we have real celebrities coming to ring the closing belling. >> there's a lot of anticipation for who is showing up. >> wheen while, the major average is heading lower here. a gain of about 1 point. >> nasdaq lower by five. food prices are spiking, will whole foods will forced to raise prices too? we'll talk to the co-ceo, next. >> and more on standard chartered. reaching that settlement over charges that it hid illegal deals with iran for ten years. somebody here is furious and wants to know why the united states government is settling with a bank that may have done business with terrorists.

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just before the break, we asked which company's stock is underperforming this year? now the payoff. abercrombie, which wiped out about 30% of it's value year to date. >> all right, markets have been moving lower here, we had a decent gain, about a 55 point spread for the dow jones industrial average for much of this day, and we're heading lower again now for all of the major averages as you see here with about 20 minutes left. seven on the down, same thing on the nasdaq and the s&p. can you show who is behind us? we have the fab five. there they are, gabby douglas, jordyn weaver and the whole

gang. >> it was so exciting, they were on the today show next day, there are corn flakes boxes all over because they're on the box. don't they look great? >> they do, i don't recognize them in street clothes though. >> and the crowds are unbelievable, they're truly celebrities. >> and let me say, gabby's hair looks terrific. >> she ate an egg mcmuffin to celebrate. we look forward to them ringing the closing bell. meanwhile, a couple blocks from here, the price of oil moving higher, bertha coombs where it's quiter i imagine has the details. >> yeah, i thought her hair looked perfect as she was

perfect in the all around. snapping a three session losing street. for oil traders, this was goldilocks data. it was not enough to put out the flame for stimulus coming. take a look at grains, we saw easing coming. that rain has profit taking when it comes to corn and soy beans, and waet getting hit harder as they hit a second round, the second time within a week, back to you. >> the drought is being felt everywhere, not just on the farm. consumers may want to prepare for sticker shock. we're talking prices from wheaties, chocolate milk, and steak as they will try to push costs on to the shopper.

>> yes. we have the co-ceo of whole foods, and walter, you call this period humbling, describe how difficult it has been. you're quality with higher prices and lower consumer demand, right? >> not the last couple years, we've been doing pretty well, the period i was referring to was 2008 and 2009. we have been performing extremely well the last few years and accelerating our growth into the new year. >> do you have pricing power right now? are you able to raise prices without killing consumer demand? >> for the last months, it's disinflationary. it's with the recent news, we are seeing inflation 2% through the end of the year and moving up through 2013. >> how is the drought affecting your input costs, and does that mean you have to pass on those costs to the consumer?

>> ultimately it will if it does. i don't think affects us in the near term because we have great contracts in place, and because there is a lag time of six to nine months between when they come at the farm and when they land with the consumer goods. i think you're going to see a move upward in inflation. but by think it's manageable at this point from everything i see. >> you have a rather aggressive growth plan in place, an increasing number of store that's you would like to open, even in this economic environment. i know you're doing well, but the rest of the economy is stuff right now, are you planning to scale that back, or is it still stay the course. >> no, we're staying the course and moving ahead. i recognize the macro environment is stuff out there and some companies are having a harder time, but we're moving ahead aggressively, we're accelerating 33 to 38 stores. so we're betting that demand for

fresh, healthy foods is larger than the current economic cycle. >> so what kind of guidance are you providing right now? what is your outlook for your industry and your company specifically right now? >> well, our guidance is, again, the store growth you mentioned in terms of accelerating our square footage growth into the high single digits. for next year we just dave preliminary guidance from 6% to 6.5%. we're thriving right now, we created 7,000 jobs last year, expect to create 8,000 next year and we're just pushing full steam ahead. >> i was reading that you donating to president obama, are you still donating to him in this election cycle? and i have to think that your co-ceo, a well known arch libertarian, do you talk politics at all, and full

disclosure, he wrote the opener for my book, i can't imagine you talk politics, do you? >> we love to, but we are talking grocery today, and we're building the healthiest company we possibly can. >> not going there. >> not going there. >> okay, let's talk about something effecting the economy, that is the fiscal cliff that congress is not able to solve before election day, how does it affect your business, the possibility of the tax cuts going away and spending cuts coming in place? >> those are uncertainties that's hard to tell how they will play out. they'll probably run it out and make a compromise. given that we still have to make decisions and we positioned ourselves in more kags to probably ourselves. we still have a believe in the growth of our business and we're putting dour chips down and or moral is strong, growth is

strong, across the board, wall to wall, and you know, we're just optimistic about our future, even though some of these things are definite concerns out there in the larger macro environment. >> thank you for joining us, you're a good sport, too. be sure to watch cnbc all day tomorrow for an unprecedented look at the drought of 2012. get a look at the impact and how it's being felt across all corners of our country. so, i'll bet the political discussions are interesting. >> i bet the board meetings are a lot of fun. 15 minutes before the closing bell. the nasdaq is lower by nine points. >> there's been a hit job on steve job's home in silicon volley. we'll have details straight ahead.

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bryan shactman pops up. they are a possible take over target. then it is pointed out since their drug was approved, the stock is down 23%, so maybe it's getting shorts and locking in a little profit. the one year chart, you would see that it's up over 330% on the year as they had a huge run up on anticipation of this drug. thank you, maybe you heard the story. the silicon valley home of the late steve job's has been robbed. the robber may not have known whose house it was.

no one is immune, and the robber probably thought they were ripping off a multimillion dollar family family. palo alto is leading in rising crimes. the break in happened july 17th. police arrested karemm mcfarlin. he sold what he stole, and think think he had no idea whose home it was. many residents leave doors and windows unlocked. they have a very laid back

atmosphere. >> thank you very much. can you believe all of this? >> we have great crowds, this is the biggest paparazzi set up because of the fab five or the fierce five how we will refer to them down the road. the u.s. women's gymnastics gold winning team. they're up on the podium where they will ring the closing bell. >> the girls are up there on the balcony, and they're taking pictures of the crowd. so we're going back and forth. and you know how good bob pisani is. >> don't they look great? >> they're all here the whole team. a lot of fun here at the new

york stock exchange. they were, i guess they're going to be on leatherman tonight, am i supposed to mention that? >> that would be different -- >> gab but wby was on jay leno. >> i think you're allowed to say that because mcdonald's was a sponsor of the olympics. >> i think these five will be in some commercials. >> i hope so, i hope they make gobs of money. >> that gold medal is worth a lot more than it was in 1996, the last time the women's olympic team won the overall gold medal. >> will they do a big spin? okay, coming up next, we're coming right back with the closing bell. and after the countdown, the fiscal cliff, is it affecting

businesses are on some using it as an excuse? and we will show you this video again and again. you're watching cnbc, first worldwide.

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about four minutes left in the trading session, if you're just joining us, that is the fierce five, however we will be referring to them, the women's u.s. gymnastics team, and they added product placement, going with kellogg's and the corn flakes boxes. theyant a clean shot of all of them is what it is. >> it's tough to do. as we ahead towards the close, we have allen valdez here with me, and one thing that struck sme this rise in the yield of the temperature year treasury even as the euro stays where it is, we have not solves anything,

and the risk on trade is coming back here again, allen, what's going on? >> you know, you're 100% right. if you look at where we are since june, we have 1200 points, straight line, no volume, and it's hard to make a ahead of it. >> some people would say the market is telling you you don't have to be worried about those things anywhere. >> it's all computer program, not investors getting into this market. people are still very nervous that i talk to. >> and steve neiman, the stock market has gone higher, would you buy energy at these prices? >> yes, based on the recent economic data. people are wushing up their numbers quite a bit. i think if we get a little

reflation, bonds will go down. >> you don't agree, do you? >> no. >> so what's wrong with his point of view? >> i think there is too much uncertainty. you saw the vix last year below 14 like yesterday, and then you saw it creep up, and then august, the market came in about 800 points, and we're setting up for the same scenario. >> if you follow the vix, it's gown the last few weeks, we're far away from levels we have seen from when the market is concerns about the future. at some point, when do you think we become complacent? >> i would tell you, one of my colleagues looks at that six indicator, and it was a buy signal, and i do worry about that a little bit, but i also know that our individual

investors have a huge amount of cash watching the stoke go up. they think it's a predictor of a better economy like in the past. >> are they finally at the point where they pull the trigger where now you're no longer worried about losing the principal and you're worried about missing the rally? >> they see bond rates tick up and bond portfolios go down. the retail investor follows the market a little bit. >> are we too complainplacencom? >> we want to give the fierce five their due here as we head toward the close. the dow down, and we honor america's best this time around. >> that's right, kayla maroni, gabby doug