have a long lasting career. and let's say the career of a tennis player goes up to about 31 or 32 years old. but now a days, the por is more physical, more injuries, change of surfaces, and all of these things that can affect your condition. it's very difficult to stay healthy and endure, but that's something that i'm really looking forward to -- having a long career and many more major titles. >> the nbc sports channel, check it out tonight if you can, thanks for watching. >> see you monday. hi, everybody. good afternoon, welcome to "closing bell." i'm maria bartiromo. stocks on track to wrap up the week on a good note. >> you won't believe what got

them in a good mood, more signs of a bailout. a letter from bernanke to a member of congress surfaced that shows there was more room for the central bank to help prop up the economy. so the dow turning things around after that letter came to light. up 77 points right now. the nasdaq also turning things around. now up 15 points at 3068. the s&p briefly traded below 1400 this morning, but now up seven points. >> it's another example of how they have been hanging on there. what if the fed does not act in accept? we're waking for jackson hole for any clues from bernanke. >> meetings and all kinds of things going on, we have michael ryan, michael pento, and of course, our own rick santelli.

keith, are we obsessing too much on the fed right now? >> yes, i think so. >> maria thinks so. >> the response from this one letter tells how much information will move this market. it's us septemberble to a little news right now. if the fed disappoints at all there's a lot of discounting in prices for fed action. >> haven't they telegraphed this so perfectly that they will move if the economy doesn't pick up, but you look at the data and things seem to be picking up. what's your bet here michael pento? >> i think it suffered from schizophrenia. i don't really see the data being that great. the cap excomponent of durable goods was gown four out of five months. the unemployment rate went from 8.1% and rising to 8 pbt --

8.3%. there will be some adulterated version. and we have to worry about the war between israel and iran and political paralysis in washington. >> the members of the fed makes the case against more qe, they're point was we're not in crisis mode. things are not great, but we're not in crisis mode. is that a reason for the fed not to act right now. >> they're being pre-emptive here. the last thing you want is confirmation that the economy is sliding into a recession. you can talk about all these people, but the one vote that counts is bernankes. no one is paying attention to

the date of the letter. it has a time stamp of august 22nd, and it comes from the chairman. they will hesitate and act, and they will -- we have another important data release. >> what are they going to do? what kind of quantitative easing will they do? have an unlimited form of qe until they reach 7% unemployment rate? i mean we need to get specifics from the federal reserve. >> you know you will not get specifics from them until they do it. >> they said there will be specific targets to be met. and you have confirmation of that from the chicago fed today. they say we'll keep pricks x number of dollars. every time they continue to depreciate the currency, it

rises, not falls. >> this is a week where they were fallening. >> right now for a 168 yield, we closed at 181 last week, so we're 13 basis points down. here is the real issue. what bugged a lot of traders here you just brought up. targeting a certain level of nom than in gdp or of unemployment. the problem is if it has very little impact in those areas, it just goes from the ridiculous to the sublime. we're going to do this forever? these programs started in a crisis mode, and i see 1336 to you in the dow, does that sound like crisis to you? >> how much of is that because they promised to have an open ended qe -- i would have agreed with you until the minutes were

read. when they were read and we closed down 30 on the day. >> that was one day. he said significant and substantial reduction in unemployment and improvement in the economy. what happens if their actions actuallyly make things worse which happens to be the truth. >> that would be the worst scenario of all for sure. >> michael ryan, what do you want to do for allocating capital in the face of all of this? >> do i think there's a problem? absolutely. we're going to be relatively flat in terms of going into the fmoc meeting. we want to, while we're neutral in equity markets, we want to take bets. we want to have a preference for cyclicals, and we think that small caps have a better opportunity as well. >> keith, what about you, we're at multimonth highs, is now not

the time to get aggressive or what? >> with the stock market trading near the 52 week high, we're looking at an environment you want to take the chips off of the table. we're taking chips off of the channel and selling into rallies at this point. >> that means selling into sevens move. >> thank you, everybody. we appreciate it, see you soon. 50 minutes before the closing bell sounds for the day. up 75 on the dow industrial right now. >> we're all anxious for the weekend, but stick around for this friday edition of "closing bell." coming up, facebooking the facts. was morgan stanley's big investment in the best interest of it's clients.

that debate is straight ahead. and an embarrassment of riches. are the nation's mega wealthy turning down their ways? and all that gritters, the gop making noise about returning to the gold standard. congressman ron paul advocated it for years. how close are we? we'll know later in the program. [ male announcer ] whether it's kevin's smartphone... mom's smartphone... dad's tablet... or lauren's smartphone... at&t has a plan built to help make families' lives easier. introducing at&t mobile share. one plan lets you share data on up to 10 devices with unlimited talk and text. add a tablet for only $10 per month. the more data you share, the more you save. at&t.

welcome back, about 50 minutes left in the trading session. time for a quick stat check. stocks reversed course this morning on news that the european central back is considering steps to contain the debt crisis. that's about more possibilities of fed intervention and the economy and the markets down the road and you see what the market

has done today. just off the highs of the session at 13135, and it is on course, though, to snap this six week winning streak on a week over week basis. here is a look at some of today's leading sectors. telecom, health care, and consumer discretionary all pushing higher so far this friday. coincidence or not, we're looking at this one development here. turns out the lead under writer in facebook, morgan stanley, also placed huge portions of facebook stock in it's own proprietary mutual funds. eight of the nine top funds that hold facebook are run by morgan stanley's arm. >> so was there pressure to buy this with investors now being

hurt because of that. but we have chris wayland and jay witter. >> this is just a coincidence. no are no other firms, only the maggers at morgan standly decided to buy the stock, i believe that, don't you, maria? >> they had so much facebook hairs, i'm sure there was encouragement. we all know what firm and analyst and everybody thought of this company. we know just from where they priced the stock. >> jay, why aren't you concerned about this? >> i'm not concerned because if mutual funds affiliated with an under writer will try to prop up a stock or an ipo price,

facebook is the wrong stock to do it with. a stipkal ipo might have 50 million shares outstanding. if you buy 2 million shares, that's 10% of the public float, and that could affect the price. with facebook they have 2.7 billion shares outstanding. buying two million shares is just such a tiny fraction, it's ridiculous. >> but what about from the standpoint of those holders of those funds that wake up and find they have all of these shares of facebook. for them, the fiscal responsibility of the manager is to make money for their managers, is facebook the best investment they could might ragts now, jay? >> until the middle of may it was, but since then, obviously,

it's been quite disappointing. i think that part of what's possibly going on here is if you look at some of the morgan stanley funds, like the growth focus fund, they only hold about 35 separate stocks in their $1.6 billion portfolio. every stock they hol they have a big position in it. in fact, with amazon, apple, and google they have even bigger positions. >> it's true maybe they didn't necessarily want a disproportionate amount of stock, but you can't have it both ways, right? every time you have a big deal, you want an allocation. here they get the allocation and this is the way to get it. there are other companies they got big allocations from individuals, so i'm saying you can't have it both ways. >> you know what this story

makes me think of? this was a weak deal in my opinion. maria and i talked about this on the air. you look at this and you say where is the rest of the street. nobody else wanted to hold this stock. it does look kind of fishy to me and i agree with the professor, i think it's right. still, i think this is a deal that was just an abortion from day one. morgan assistantly made a mistake pricing it and they tried to stop the retail component with a deal that the institutionals and the others didn't want, i think that confirm that's perspective. >> lots of speculation. >> it certainly is unusual. it certainly is unusual that so many morgan stanley funds have such big positions, but portfolio managers talk to each other, and it was just a few

months ago. lots of people were saying really good things about facebook. >> but the talk going into the deal was not good. when i was talking to financial advisors at morgan stanley, they didn't want any part of this, and this separate unit of people acting, seemingly they all made the same decision, it's quick remarketable, isn't it? >> thanks, guys. >> heading toward the close here, we have about 44 minutes left in the market. coming up again, up 83 points on the dow industrials. gold is shines lately up 8%. we'll check out the trade next. >> plus, just call ron paul gold member. >> i love gold. the look of it. >> will republicans bring a return to the gold standard on

their platform. could it happen? should it happen? ron paul here on one of his favorite topics. [ female announcer ] need help keeping your digestive balance?

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[ male announcer ] ...forbusiness.com. ♪ ha ha! oil prices deflated by the second session. >> it's all about oil's 200 day moving average. that number is 9674. we were able to breakthrough that number and close on

wednesday, but we have not been able to hold there. of course we saw some profit taking lower today. there are some concerns out there about tropical storm isaac and supply disruption in the gulf, but traders are telling me they're talking a cautious approach into the weekend. they don't want to be short, but they don't want to overreact. never say never and telling stories about katrina. we're going to see how it develops. >> we're in the final stretch here, less than an hour to go in the trading session and the trading week. gold off of the highs right now return to the gold standard could be discussioned at the convention next week. let's talk numbers at the technical and fundamental side of things. abigail doolittle is with me. thank you both for joining us. ab gain, let me kick it off with

you. >> when you look at the chart, gold is about to take a huge brake to the upside or downside. fonl for that is this triangle. unless gold can breakthrough this trend line. it's likely to really have this pattern down right around 1530 or so, which seems amazing, but gold as done this before. we see it right here, a powerful pattern, and it looks like could go could do that again. >> you want to sell into it right here? >> i think you want to be sideways, in these ties of the federal reserve, you should see the upside break out, but wait

for confirmation. >> peter, weigh in here, you're a gold bug, are you still buying it? >> absolutely. first of all i don't know how you can look at a chart and not want to buy it, but especially given the technical action of the last few days. i think it's a great buy here. i have been buying for about a dozen years, and i don't know if your other guest has bought any gold, but the fundamentals i think are phenomenal for gold. they maybe have not been better. if you think about the dynamics, we're printing all of this money, the japanese are printing yen and steriling, but the cost of mining is going down. they're printing all of this money? what would you rather own? >> listen, how much higher do you think it goes, peter, real quick? >> there's no ceiling, there's no element to what they will

print. i think it will be several thousand dollars an ounce, over $5,000 and we'll go back on a gold standard not because the politicians want it but because the public demands it. we'll have a sovereign debt crisis. we need a gold standard, the mistake was going off of it in 1971. that's why we're mired in debt. >> listen up when we have ron paul on the show. >> you were right, she has never bought gold. >> thank you, we'll see you soon. coming up, ron paul will make progress in his push to get to the gold standard. it looks like he will be on the republican platform talking about that gold standard. >> no ceiling on the price of gold. we want to give you a update on this terribly tragic story out of new york city. by now you have probably heard, a man laid off from his job last

year came back and murdered his former supervisor this morning about a block away from the empire state building and then a gun fight ensued and several people were injured. ron allen is at the scene with the latest details, ron? we just, all right, we just lost that shot. we're going to try to get that back. it would appear according to mayor bloomberg of new york, and ray kelly that the nine people who were injured in that tragedy all will survive. they're expected to make it just fine. we'll have more on that as we get ron allen back on the line. the dow continues to move higher, the highs of the session right now, a gain of 96 points as we head toward the closing bell. are wealthy people pulling back on their spending to avoid backlash in this tough economy?

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markets continue higher here, up almost 100 points. >> volume not really here again. >> but you can still make and lose money on low volume. >> we have a headline for you, the rich are not spending as much as they used to. that might not be much of a shocker, the reason -- the reason behind is this pull back could be the headline right now. >> they have put a target on the backs of the wealthy, and there's new evidence that all of

that anti-wealth rhetoric makes them less likely to open their wall lets. joining us now to talk more about is it stacey helthly. and robert frank. >> the reaction of the world's populous to the wealthy is like a global lynching. they're getting jailed if they're wealthy, a 75% tax in france. in italy, people that drive fer rar ferraris are stopped and getting their taxes checked. people like coach and tiffany, these stocks are getting hit as it becomes less attractive to buy a status symbol for a

consumer product. >> this is the kind of economy that you will not see conspicuous consumption anyway, but this is the extreme, isn't it. >> yes, i think it's a bigger problem in economies where taxation was a problem. the first indicator for us was spending on luxury private jets. we're seeing more of the same now. >> why do more millionaires and billionaires feel like scapegoats? >> it's hard when 1% has entered in, suddenly, they're starting to e feel like victims. >> and robert, we have to go to the next level then. if they're not spending or investing, what does that do to the economy? >> this has real ramifications. the top 5% of consumers in this country account for 30% of

spending. the top 1% of investors own more than half of the stocks. so they're afraid if they're putting money in cash, they don't want to spent or be out there, that is affecting these stocks, the consumer recovery and the broader market. and i think it will just get worse. they will start to die down and feel more comfortable. >> you're seeing companies sit on their cash, unwilling to spend money until they feel they're not a target? >> absolutely, the balance sheets of the wealthy, they're now holding more cash than any point in recent history. so that's proof that this is a real concrete result of this public pretty sitand fear of taxation and uncertainty. >> is there an all clear signal for them? they are waiting for signs the

economy is going up in a sustained way so they can put the cash to wosh. what about the wealthy who feel victimized a lot >> certainly the election is a big thing in the united states. once the election is passed people will feel differently no matter what the outcome is. they're willing to make some sacrifices but not in some things. if you're a wine lover and it's a necessity, you might spend the same on wine, less on yachts. they don't stop spending entirely. >> you're the one that's going to smile about that -- >> we're not sure we buy this whole notion. >> it's hard to feel sorry for millionaires and billionaires. spend less on your yacht, i understand there are targets on their backs and i agree with that, but i don't -- i think they're okay. >> where it really comes down, especially on staxation, that's where people really feel the pinch, and i think your point is

well taken that the uncertainty about this fiscal cliff, not knowing what tax levels will be, that can create that uncertainty that we're talking about right now, don't you? >> i totally ingreed. changes in inheritance laws and things in the air right now matter as much as anything else. we really have to wait to see how the other shoe drops. >> that's when we'll see a loosening up of money any. thank you so much, we appreciate your time today. thanks. we're in the final stretch of trading for the week and the market is up about 95 points on the dow. >> yes, maria. >> you're killing me. >> even with the rally today, the dow and s&p set to snap their six week winning. we'll take you into the final moments in a few minutes as well. >> and ron paul has been calling

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zlrchlgtsz just before the break, we asked which stock has advanced the most this year? wracker barrel, denny's? >> thanks to apple, the nasdaq is almost back in the green due to a rare downgrade stock recovering towards the end of the week. the drop in shares was an attractive opportunity. we're seeing movement in the pharma or movement base. zola failed to meet the studies

goals, but the studies showed slowing of cognitive decline. they are up better than 2.8%. >> thank you. u.s. stocks are up for today, but for the week, they're on track to finish in the redd. the nasdaq still too close to call. >> bob pisani, characterize the week for us. >> markets cannot decide on if the central bangers are going to be convincing enough to move the market. i hearing aid to say it that mario draghi is more important than ben bernanke. >> can you make a call on how to allocate capital with all the unknowns out there? >> we basically have tiaken a

little out of cash. president -- >> you took out of cash? >> yeah, put more to work, a little into european equities believe it or not, they've been beaten down so far. we've hadded a touch more back there. let me just say one other thing. i hope michelle obama is watching because she would skill for your arms today, maria. >> let me ask you about the fiscal cliff. >> we're going everywhere today aren't. >> we thank you very much, this is an issue you've been writing about in terms of the second half challenges. talk to us about that. >> we believe the economy is slowing in the u.s. the numbers you're going to see for europe. germany we think is slipping into recession. we think the mighty juggernaut

of germany is sinking. we think the financial stocks are not going to be as big as the rest of the consensus, but for those two reasons, financials, consumer discretionary, we think the profits will be down next year, and that's why we would use this on the equity side in the u.s. and pull back. be careful and pay attention. >>top line growth in china is down to 10%. they were doing 20% last year. shanghai is at a three year low. >> and the baltic dry shipping index, coal, grain, and iron ore is down 21% in the month of august, and down 59% for the year. >> can the chinese sports get the money to provide the

stimulus they need. everybody is waiting for this great plan, but the local governments don't have much. >> and bob, it went into real estate last time. the top guys, the central committee, they will change transition in october of this year. so you don't want in on a bad note. therefore they'll have a little stimulus, and we're expecting 8%. a few months ago we were at 9%. >> i think one of the headlines of what you just said is that we're looking at earning goesing to be down. >> earning wills be the big call of the market. >> 103 -- >> this is more evidence to me that estimates are too high. >> are are you on earnings? >> we're at 98. that's $20 below the consensus. >> that's right. >> let me translate.

>> they're always high, but you're probably the low guy on the street. >> yes, bob. >> when you take all together the earnings of the s&p 500, you think for a quarter they'll earn less than $100 per share? it will be $98 collectively? >> yeah, the consensus is about $103 right now. stay with consumer staples, tech companies, they've had a roaring year. forget apple, oracle is up 24. you take some of the great big giant companies in the tech space. we believe they are places you can still get this exposure to the international growth that is still alive. >> what happens with spain and italy and i'll tell you what's going to happen with the stock market. i ahead to keep bringing that up, but -- >> the big number is 638.

june first it was 760. >> you have 42% bulls on the latest investor survey. >> meantime, bob pisani, your market rally that nobody loves, the market up 105 points right now. >> this was a rally on a letter that mr. bernanke sends to representative issa where he patched together press releases and said here is what's going on. he reiterated fed policy. i didn't see anything in that letter that was particularly interesting to me, and we did move the market. what can i say, it's a thin trading day in august. >> patched together press releases when i was writing papers and yale and it didn't help me at all. >> ben bernanke should call you. >> have a fantastic weekend,

thank you, we'll see you soon. >> going toward the close and we are rallying right now with the dow at the highs of the session. >> and ron paul will join us shortly. >> it's been one year since tim cooke became apple's ceo. that stock is up 80%. but will he look as smart on his second anniversary? we'll talk about tim cooke later on the "closing bell" mom's smar. dad's tablet... or lauren's smartphone... at&t has a plan built to help make families' lives easier. introducing at&t mobile share. one plan lets you share data on up to 10 devices with unlimited talk and text. add a tablet for only $10 per month. the more data you share, the more you save. at&t.

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. welcome back as we head toward the close here. this market just does not want to give up. this unloved rally for stocks in the united states still moving higher. we're sitting now at the highs of the day, setting a new benchmark off of the gain a moment ago on the dow. >> money moving into banks and telecoms. companies are down, gold prices are up, and you have a big showing in the gold hear. they're doing well, a number of larger drug companies, and retail seeing a good side. >> this is a week when the safe

haven plays did very well. we'll talk about it with ron paul next hour, but we're getting a burst of risk on trading, and i think this market senses that we're going to see more fed action sooner rather than later. >> yes, you can't fight the fed. the fed, the ecb, the chinese central bank, and you do not want to get in front of that train. >> we're getting closer to -- i don't want to call it a resolution, but minor progress in their dealings with spain. you also had angela merkel meeting with greece today and they want grease to remain in the euro zone. the rhetoric we got is really calming down, and they're having negotiations on frinding ways to

alleviate the crisis. if they can pull that off, that will go a long way toward helping the situation out there. >> and i question it. i don't see real solutions on the table. >> don't you find it interesting, the folks at morgan standly smith barney, adam parker. >> he's been very negative. >> they've been negative and right, but now suddenly they're moving into european equities. >> and i don't know that they're doing the banks in injury, but the industrials for sure. yesterday we talked about the ceo of sap. so there are certainly companies on the industrial side that are doing very well and actually not getting as negatively exacted as you expect from this debt crisis. >> there we are with a gain of 107 points right now going out on a strong finish, but we will

now you whether or not the do you and the s&p will finish positive. we've had a six week gain, can that happen for a seven week with this rally at the close. we'll look at that in a moment. >> the renewed push for the gold standard. ron paul is joining me in the next hour, join us for that. up next we'll have the closing countdown. if you are one of the millions of men who have used androgel 1%, there's big news. presenting androgel 1.62%. both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone levels, and...

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about six minutes left in the trading -- this has been a friday, hasn't it? i made the point earlier that this is a week where the safe haven plays have really shown. this was a week for that. the one outliar was the dollar. the euro did better this week and it was a seven week high against the dollar and we'll talk about why. because real stand out this week, two of them, was the ten year yield down, 7%. we loss 15 or 16 basis points

and the price of gold up sharply for the week. and at the same time, the fear indicator also. look at that, up 13% for the gix on the week. this is a couple that i want to key an eye on here. the price of oil flat for the week. tremendous volatilitvolatility,l down for the week. and there is the dow. it looks like we'll finish with a loss for the week for the dow. it will be the first time in six weeks since we've had that and of the sectors and how they're performing for the week. health care the leading sector. that big deal earlier in the week with that aetna purchase. >> financials were volatile this week as well. >> now we'll go into the final week of the summer time, and we'll wonder if they will really

slow down. >> yes, we report economic data next week, but it's vacation week i would say. europe is on vacation and volume will be weak going into the end of week. >> i think it's a relief rally. after seeing bernanke's letter, which like bob said before, obviouslyly investors did, so the market rally after that came out. i think it's a bit of just getting people reallocating and rebalancing their positions. >> what is behind this rally? this market does not want to go down. >> there's still a lot of money to be put to work. we've been talking about light, light volume, but they are starting to get involved and they are on the buy side. most of my clients are getting

more and more -- they're not fully invested, but they're putting cash to work before the election. you know, also, i think in just being in front of the curve for next -- in september, when the fed comes out and serch expecting them to come up with a qe 3. >> god forbid owe get hedge fund managers come back from the beach, long island and elsewhere. and they're up 2 or 3% for the year, the market up for the year, they want to get paid and keep their investors happy, and if you got a nice kick from mer bernanke on friday, mr. draghi on saturday, you could see them come back and say wooks, i'm way too under invested. maybe that's what's behind us, or a drift higher, you could see a stampede. >> we have seen a stampede into gold.

gentleman, have a nice weekend, good to see you, and i will see you, bill, after labor day. >> we have a very busy week next week. good economic data coming out. >> you're going so see on tuesday the case schillor numbers for june. maybe their making a bottom. that's a good data point. another is the personal income and personal consumption. that will be out on thursday as you know. morgan stanley is looking for the personal to be up. one of the things that's driven the market is retail sales. .8% shocked everybody. you will see if that's confirmed by the personal consumption numbers, and friday, mr. bernanke and jackson hole, saturday mr. draghi and jackson

hole. they will be the key day da points for the drivers next week and through the labor day weekend. >> what do you think ben bernanke says -- >> traders are such cynics. >> i'm cynical, and i think he will not say anything knew. i think basically it will be a watered down version of what they're going to say in september. i don't think he will have any impoe tus to do anything. they're not going to come out and make any statements that are market moving. i know that you're looking for something different, i just think -- i won't even -- it's not they don't want to pay attention, but i don't think it will be as significant as people are expecting. >> germany and greece both made slight gestures. grease with flexibility in terms of getting things done and i think those were positive