that's about a million tacos a day. >> there you go. >> it is taco bell's most successful product launch ever. i thought it would be a bust. thanks for watching, everybody. >> "closing bell" is next. hi and welcome to "closing bell," i'm in for maria bartiromo. the bulls looking to get the last word as stocks rally modestly into the close. >> technology does continue to be a leader, the nasdaq now on track for a fourth straight gain. meantime, wall street not getting a huge lift despite some economic i accessments, it could kill the chance of another fed

easing. a little bit of a rise there, we were up about 140 points. we have been easing since then. a gain of 17 points. nasdaq still positive as we said four days in a row with gaining up 5.5 points right now and the s&p 500 index at this hour is trading higher. the latest beige book survey offered a mostly positive view. they continue to expand, but the pace of growth did slow in several regions of the country. >> let's get reax to that in today's closing bell exchange. we have steve hammers of compass emp funds. you were there when the beige book came out. does that mean we don't get qe

3, or are we still waiting for bernanke so it doesn't matter? >> i think both. we went into the beige book with the do you up, so a marginal negative ri action. i would say you hit the nail on the head here. it was obviouslyly a very negative beige book, and they were momming he would do or say something more. i think we're aware that the expectations have been paired back significantly in terms of blowing a baa zzooka. >> mario draghi, with that op-ed piece, he is telling the germans to back what he calls extraordinary measures, namely bond buying.

what did you make of his piece today? >> that's right, i don't know if it was job owning or begging and pleading his case to the people, but he needs to state his case. we set the stage for the potential for a jurp side surprise based on what's coming up in europe. we see a september 12th constitutional ti warning. it gives invest fors an opportunity to rotate into some of the laggards in europe. >> you're encouraging people to go into europe. >> what about you, dep ra, what are you thinking about? september. this time around, we have so much to watch for in september. >> i look at this market, and i feel like it's a tough love market because we have thrown everything negative at it and nothing sticks. >> why the resilience this

month? >> i think people are tired of the european meeting thing. we have not seen a whole lot of action, a lot of extensions and bailing out. i think everybody is starting to move past that, and the people that do have jobs are starting to spend again, and we saw that beige book, most of those words would be on the positive side. >> debra, what about in september, though. does the teflon market go away? >> i think we could see selling in september. it is traditionally a difficult month. we usually have bad days in october, but overall i think we will end the year on a positive note. if we see that pull back in september, half of the guys out here will get their checkbooks out and start buying stocks. >> why would you wait and stay in this market and be a victim when you have the opportunity to take the profits now?

>> i think you're right, i think we'll see some of that on friday. he will speak and maybe you don't get what you expect. >> and michelle, bob pisani is saying all data about 90% are expecting a rex in september or october. maybe it's a contraryiian. >> oil has gone down because the impact it's having on energy supply will be neglible. >> yes, this morning it was at like 12%. i think hurricane isaac wondered

past or sidestepped some of the energy infrastructure that a lot of people were concerned about, so that is what you've got in terms of reactions. >> by the way, one quick note, i'm being told it's just being downgraded, so that's good news there. >> larry, tell me about you encouraging people to get into stocks. >> it comes down to what's priced in and what's not. there's a lot of good news priced in and a lot of complacency. in europe, we have the opposite. everybody is worried and as a result you see dividend yield that's are higher. you see it's flat for 52 weeks. the s&p up for 52 weeks, and that's a significant difference. the companies have good balance sheets, they're going to get rewarded for taking that risk. >> steve, i'm glad we worked out

your audio difficulties here, where would you put money, in this resilient market in august and the fears ta it will not be so resilient in september, what's your strategy for making money? >> our goal is to be extra cautious. we heard over and over again that we're on a physical cliff. even though volatility is reduced dramatically, we feel it will pick up after the election. so even if we do a qe 3, it will be bad for the market. hedge your downside risk, be diversified, don't over weight europe as mentioned. but be very, very cautious. we expect collegish growth in the u.s. and overseas. >> thank you all, appreciate your comments toot. so, stocks trading another tight range for the market today, the

final trading day, mary thompson has the latest. >> we're having a little mike trouble with mary there. >> i think we're having trouble there, all right. after this, we have about 15 minutes before the "closing bell," the dow jones is higher by nearly 18 points, that can be near the high of the day, sflri? >> nasdaq is higher by a little more than four. >> stick around, you don't want to miss what's still ahead on today's "closing bell." >> coming up, oil's well? the head of the american petroleum institute tells us why mitt romney's energy plan makes more sense for america's current pain at the pump. why one analyst is saying that the beleaguered social media

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isaac has just been down afraided to a tropical storm, it is hitting the gulf coast of louisiana very hard as it makes landfall there. scott cohen is in the thick of themes. scott? >>. >> so, michelle, isaac spent about 24 hours as a hurricane, but try telling that to isaac that it's been downgraded, it's still quite a force and the difference between a hurricane and a tropical storm is not that much, especially at this point. the center of the storm is still -- has still not reached

new orleans. we still have lots more wind and rain to come. a bug stoig story unfolding. plaquemines parish. we have seen them, they have been testing, they are considering breaching the levee intentionally, a step to relieve pressure, but to give them control about where it breeches, but that means a lot more people will be flooded out. again, they're trying to decide whether or not to take that dramatic step of breaching that levee. here in new orleans, the system seems to be holding up. they had a issue with a pump, but they were able to restart it

manually. so isaac is a tropical storm, but it's not over yet. >> that it for sure, scott, take care. despite the complete to the gulf coast, but crude oil prices have been lowered following an little increase. >> looking at the wind and rain there in louisiana. you would not think that perhaps there wasn't much damage off shore, but there wasn't to oil and natural gas rigs off shore. that's why we're looking at oil prices and refined fuels that are down in this session. natural gas is a different sorry there. 72% has been shut in and it may take longer to bridge these rigs back than some people anticipated with the expiration as well. we're looking at a 2% spike there after two days of losses

for nat gas. >> it has sparked a flurry of headlines like this one. but john hoffmeister through cold water on that idea. >> we have plenty of o west texas crude to refine, and it's nothing but a psychological difference. it could be a political ploy. but you know, it's really designed for emergencies. i don't think we're in an emergency situation. >> so you heard him. he said we have enough crude, but will that stop white house actions? >> let's get reaction from a man who knows a thing or two. jack, what do you think? obviously we have enough oil on hand. do we need to tap the spr?

>> the spr has been a debate for some period of time. it should be used only in times of serious emergencies. isaac is a threat to the stability and the infrastructure, but we need to see how this plays out overtime. the stories today are high enough. we've got the ability to get through this, but we have to see how long it lasts, how much water is on the ground, and what the impacts are. >> tell us more about that, you just heard sharon talk about whether or not because the storm is moving so slowly that it will take longer to get them back on track. did you give us information about where things stand? >> there's two dimensions to that. the first is on the production side. 09% plus production has been closed in, so as the storm

lingers, it will stay offline longer. if the storm moves through more quickly we can get that up quicker. you touched on the second dimension that is more important, refinery capacity, and how much of that is shut in, it takes five to eight days to really bring a refinery up, if there is at much rain, it takes a tear amount of tomb to pump out, clear out, dry everything out, and do it in a safe fashion. well we've seen that prices have moderated or gone lower for wti oil or for gag lean. and maybe the impact will be not as bad as feared. is that how you ahead the price response. or how much of it is a threat? >> i think there is two issue there is. i think it's less about the spr,

and more about the anticipation of the veer ti of this storm, isaac. now that we understand it may not have been as veer as it could have been, markets build on expectations. i think there is less consideration giveen to what they might do with sprole, and more for the short term. i think most people are somewhere relieved at this time that it's not as severe as it was expected to be early on when it would have gone to a two or three category storm. >> romney's policy director has been telling reporters that the romney energy plan, when it comes to laeasing, is the most expensive and aggressive ever, and obama is the least aggressive. do you agree? >> romney put on the table a

bold vision for the future. he tied domestic energy production to job creation. we support 9.2 million jobs, and we could create another million jobs in the any objection seven years. there's real potential to produce oil and natural gas, create good paying jobs, and put us on the road to recovery. it's not a short term fix, it's designed to say let's get serious and produce our own energy and put our people to work and raise revenue for government, but make us energy secure as a nation. >> thank you, sir, good to have you. >> tonight, don't miss special coverage of the republican national convention. we're going to hear from paul ryan. we're also going to throw in hurricane coverage as well. that's tonight. >> it will be tropical storm

coverage. we're hopeful that can continue to downgrade through the evening here. the do you up 22 points at this hour. >> apple has not announced an ipad mini. >> yelp shares are higher despite the expiration of their ipo lock up period. can anything bring this hot stock down? >> plus, are you unhappy at work? if so, turns out nearly 60% of americans don't like their job. we'll explore what's behind that number. >> and we love hearing from you. would you choose a new career if you could start all over again? tweet us and we'll show some of your responses later in the program, stay tunesed. today, os lead from a new position of strength.

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symptoms trading in another tight range today. mary thompson is at the realtime exchange, she has the latest. >> it is a very tight range for the dow today. right now the markets off their best levels of the day, still supported by better economic news. and of course, positive data points out of the beige book report today. best reporting sectors were telecom, health care, and

consumer discretionary stocks. these are probably the top three performing sectors that we follow today. and wellpoint is a stand out. they're up 7% on the news that the ceo is stepping down, and seres holders within discretion, let's take a look at oil, we have been talking about that lower after bearish inventory numbers. gasoline down for the second straight session. lastly, dollar index higher on the back of the seent economic news. pushing the yield on the ten year a little higher. >> mary, thank you. meantime, shares of yel p have been surge despite a share of new shares coming to market.

now, yelp's surge stands in contract to other social media stock that's suffered big declines after their lock up period ended. so how do you play yelp? that's what we're talking about today. we have max wolf. what do you make of this, max? is it short covering or what's going on? >> i think we see two things here. a seller's strike and a short squeeze. the company did sell off fairly aggressively, and we didn't see a lot of shares made available. this isn't the story like we have seen on zynga, groupon, or facebook. it's better not to have peter examp chomping at the bit. >> it is an anomaly in the

social media world, what do you make of it? >> it's certainly not a good entry point. the stock is up over 20% today alone. volume is about 7 times the average of the last six months or so. we had a very choppy range. this is today's move that has gotten back about 50% of this whole raung. so for new investors, you don't want to buy it necessarily here, the short interest is really the highest level -- >> this is moving higher? >> yes. >> is this considered a launch pad? >> potentially, but you want to wait for the stock to consolidate before you step in. 18.5 is a better level. heading into a bearish seasonal

month like september, my thinking is it's best to wait until you start pulling back. and these lows are attractive, but current levels are not too attractive. >> so max, would you buy at these levels? >> no, we would be more comfortable around $18 to $19. we think there will be positive buzz around the name as we see the integration. we do think that the integration of their very good mobile app into that space might be something of a catalyst. that being said the evaluation is mighty aggressive, and very aggressive valuations in this space have ended readily in fears rather than cheers at this point. >> the dow jones higher by 22 points. the nasdaq is higher by more than five, and we have 77

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welcome back, sam sung getting back to work after losing a fight with apple. they're unfailing their own phablet. it starts with a ph. >> that's right, when a phone and a tablet love each other, you get a special hug and it's a phablet. >> the original note came out last seas. we got a close look here at the consumer electronic show. it has a 5.5 inch screen, bigger than a phone, and it has a

stylus. dell staled with a streak, and it dropped out, but samsung says they sold 10,000 in the ten months on the market. so that's not the only thing they show. they announced a new phone set to work with the new windows. will this dethrone the iphone? samsung thinks in new galaxy is still they're best selling. investors not liking the stock for facebook since the ipo. shares have been cut in half since the expiration on august 16th. shares have been down 6%, but

despite the head winds, our next guest is bullish. >> yes, victor anthony is here to tell us what gets it there in 18 months. >> two things, one, the optional ti on the platform. i think the company will exchance into e commerce. and secondly, i think historically colorfuls follow eyeballs, and facebook has eyeballs. so i think they're going to get a large share of the advertising budgets -- >> even on the phones that's been the whole issue. can they monetize ads on the phones. >> i think so, i see significant mobilization in 2013, and that's driven by several things. they gave encouraging number

that's show on an annual basis, it's already 5% of total revenues. i see that becoming a bigger part of the mix. >> you didn't just turn bullish, you have been all the way down essentially, sfligt. >> i think i initiated around 27. >> it was worth 38 when it came to market? did they overfries? what did you make of the ipo? >> it was a debacle,ly not comment on what the under writers did, they raised capital for facebook. on that level they did their job. you can argue if they should have raised the offering price -- what about peter teal getting rid of all of that sock. >> i was surprised. as director you have a

responsibility to the shareholders of the company. when you share your stock you're sending a negative cig mall. i don't know what his issues are, respective of that, it was a negative and bad signal. >> do you believe there needs to be changes in investigate in order to achieve the price target you're after? >> i don't think so, i think mark zuk ckerberg is doing a go job. i don't think we need a significant change as far as management. >> is there a lock of vision expressed publicly? doesn't he need to tell the rest of the world? >> i think he is. he's meeting with a lot of investors from what i understand. >> did you say you expect them to now go into online search

like google? >> i do, i see signs of that happening, and i think they will launch a social search platform. i think they can do that because it's supplied by -- >> and you get advertising revenue. >> yes, and they could price it competitively and attract advertisers that way. it's differentiated and it will be backed up by social search results that's not exit ta-- existent on tv. >> very courageous to come on tv and tell everybody about it. >> we have 25 minutes left in the trading education. >> investor vs. been betting big on high yield bonds, sbu there a bubble now?

and 06% of americans are unhappy at work, frankly i'm surprised it's that low. >> i wougt think it would be higher. >> coming up, would you choose a new career if you could start over again? but first, before go to break, the dividend. which company stock has risen the most this year? macy's nortstrom, or walmart? at usaa, we believe honor is not

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just before the break, we asked which company's stock has risen the most this year. now the payoff. macy's, which has advanced about 25% year to date. >> we have certainly been highlighting that friday could be a big day, all eyes focus on

ben bernanke and his speech in wyoming. ahead of that the baig book data did little to motivate investors. >> is it really all about qe 3 and the odds of another bailout. it is all about tried and whether or not they say anything. >> the job less claims are near postrecession flow, and the dat is is coming in better than expected. i think there may not be too much in the way of goodies. >> would we see a sell off on friday then? >> you may see a little sell off, this is very slow trading right now.

we've been telling clients not to make a mountain out of a mole hill. there's a lot of people out, and we'll have to get to september when there is more going on here and people are back from have indication in europe to see what the market is selling us. >> draghi saying he is in the midst of negotiations. he is trying to help the debt laiden companies. >> yeah, that's big news if it gets accomplished. i think people certainly heard these rumors for awhile. i think everybody is aware they're in the middle of a long negotiation process. breaking news would probably cause the market to move, but i think what he's doing is more important and more impactful than the jackson hole summit

right now. >> bob, what are traders telling you about friday? we have seen it and we just wait and wait, are they building it up to too much? >> no, qe 2 1 juiced the stock market, so did qe 2. if you think qe 3 is coming, you can bet it will juice the stock market. they can be more creative and find other ways to do more creative qe 3. >> one of the results that we have seen, paul hickey, has been a lot of interest in high yielding wounds, and there are those that feel that's become a crowded trade. too many people buying too few securiti securities, what do you think?

>> the while the yields are at record lows, you have to keep in mind that you have to look at the price relative to treasuries. and what's driving the bonds and fix fixed incomes to low yields. if you look at the spread, we're about 600 basis points right now. if you consider average a bubble, then you can call it a bubble. >> it's in treasuries, not in high yield. what's -- >> well, what we tell clients is that you have to look to the treasury market for the bubble and not the periphery of high yield. >> i don't think companies are taking advantage of the issue that it could be a lousy company and issue paper at low keep

rates. high yield is certainly less attractive than it has been in the past few years, but it's not nearly as overvalued as the other income sourced asset classes out there. >> you wouldn't buy high dividend plays, you feel that's crowded, don't you? >> yes, it became not only an interesting strategy for a flat market, but it became a product. and the try is pushing it hard. they're manufacturing new high dividend paying projects. it's kind of artificial, and you look at utilities and tell comes, and reits, and they're way overvalued. >> bob, you covered the etf market and you have seen a lot of interest. >> yes, the thing about the high yield bond market is it's not a bond fun. they act like stock funds. investors are throwing money

into the bond funds and getting exclosure through stock like instruments and they're around under exposed to stocks. >> you would still buy the bonds, yes? >> they have good income compared to treasuries. we're more bullish on the market overall and not focussing on defensive high yielding stocks. we're looking at what we call triple plays. they have guidance into the future. those stocks are at low relative valuations. >> thank you, we have about 13 minutes before the closing bell. >> as we mentioned, mario draghi urging the germans to back his

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welcome back, we noticed retail stocks are popping right now and we have a market flash on that. >> the federal reserve talking about resail being better last month, and we have retail sales tomorrow and the rth for the fourth straight day hitting a new 52-week high. tjx out to a fresh high today. also joseph a. banks, and amazon also at a fresh all time high for the likes of everybody like

me who buy everything, including by kitchen sink on amazon. >> mario draghi skipping the federal reserve meeting in jackson hole to focus on fixing problems. >> he has an op-ed piece, and i think it's the speech he was going to give on saturday. he is sending a clear message that germany needs to get behind a bond buying program. here is the line getting all of the attention. it should be understood that fulfilling our mandate sometimes requires us to go beyond standard monetary policy, and this is exceptional measures. >> this is a signal hay may do something.

there is some ellipses there where we cut out some of the quote. why he thinks he has the right to do this. he says monetary policy should be the same across europe. you would not have different interest rates in georgia and north dakota. >> and i urge everybody to read this. he really lays out his view of the landscape. he does not feel that to preserve the monetary union you do not need integration, and so you don't need sovereign ity. there needs to be a coordinated effort, and everybody needs to live within their means. you don't need this close integration that would lose

soverei sovereignty of some of these countries. they have to be there. >> he says it's going to take time. we're going to take a break here with the closing countdown for this country. if you love your job, you're in the minority. >> we're in the minority. >> if you could start over again, would you choose a new career? tweet us your thoughts? we'll get to your responses. expression of power...e te control. [ engine revs ] during the golden opportunity sales event, get great values on some of our newest models. this is the pursuit of perfection.

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trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. okay, we're inside the four minute mark as we head towards the close of trade hear. we're at a point now with everybody on vacation, you don't want to read too much into market response in many cases, but it is interesting to see how the markets response. direction, with mario draghi's piece, they are in intense negotiations. you might think the euro would

go higher hoping that he can convince the german's to go along with a bond buying program. but no, it didn't happen. anyway, we're down on that. that initially pushed our stock market lower. we'll show you the response of the dow today where initially we were lower on the open. then you get this little pop here, the gdp number that came out better than kpted and we were up until the beige book came out. then they sold. yield on the ten year, don't real much into that. the five year auction went about as expected and tomorrow they off some more. the price of oil, what's the impact isaac may have on supplies in the gulf region. right now the anticipation is it won't have much impact, but there is inventory data out

expecting a higher build. anyway, oil today down to $95.05. same thing here for the price of gold, gdp better than expected. so the price of gold goes lower tide, down $11.50 rat 1658. a defensive feel to the sectors and they're gains today. the best performing is the telecom. you have some of the risk on trades with financials in the number five position there. matt, what do you make of all that's going on right now? draghi is negotiating, bernanke getting ready to speak, are we expecting too much right now? >> we are, the more government intervention we have, the market gets weaker and weaker. we didn't have much in the early

part of july and august and we had a nice run up. it's getting tight, and we're expecting a lot out of these guys? >> gdp is nothing to write home about, it's still well below capacity, and the beige book shows signs of growth there as well. am i reading so much into that? >> you probably are, the fed forecasted most of this stuff, it's not going to play into what they're thinking about. maybe it's been totally discounted. i don't know. you do see a lot of volatility in the headlines. we'll go through that tomorrow. >> thank you. >> for that reason you can't read too much into. that's the first hour of "closing bell," and stay tuned, we have earnings