week. >> just real quick, we have to squeeze in apple. we'd be negligent if we didn't. it's at a record high today. 696 earlier today. look at that. 694. everything's fine. enjoy your weekend. hi, everybody. welcome to the "closing bell." we enter the final stretch. i'm maria bartiromo at the new york stock exchange. the rally has lost some steam. >> good to see you, maria. i'm scott walker in for bill griffeth today. apple is up sharply after it began taking preorders today for the new iphone 5. that's adding to today's positive vibe on the street. even facebook is up, with the stock now rallying more than 15% this week alone. take a look at where we stand right now, one hour to go in this week on wall street.

dow jones industrial average has been all over the place, but we are rising yet again. nasdaq playing along today as well. a gain of better than 1%. take a look at the s&p 500 which is higher today. let's take a closer look at today's rally. why investors seem to like the latest move by ben bernanke. john riding is not so convinced. he calls the move misguided and says the risks may outweigh the rewards. >> let's ask today's panel if they agree. joining us is paul christopher of wells fargo advisers, karen karen, and our own rick santelli. talk to us a bit about this. >> i'm not saying it's bad for the markets. we're getting a sugar rush. for the economy, it hurts savers. it hurts seniors. after qe-2, we saw a big commodity price increase, which

squeezed earners as well because wages didn't go up, but inflation did. i'm very worried that this is actually going to hurt a whole bunch of people. on the borrowing side, even if rates come down and treasury yields have gone up since qe-3, on the borrowing side, people can't get the mortgages who need them. it doesn't matter what rate that mortgage is at. you get more bang for your buck focusing on who can get mortgages, changing the bank regulations, than doing monetary policy. >> rick, we've seen rates back up. i'm just wondering what the talk is down on the floor there, if the biggest question now is whether we're about to see a tremendous rotation out of treasuries, into the stock market, and if you get the ten-year approaching even closer to 2%, if not over it. >> well, you know, it gets to be a dicey proposition. we're up about 26 basis points for the week on a 30-year bond. about 20 for a ten-year note. indeed, we all know it's been a one-direction market.

you know, selling brings in selling. as much as the fed thinks they can control interest rates, i don't know that the market should be underestimated. i like that word misguided, john riding. i've always been a big fan of yours, but these are smart guys. the definition of misguided is, like, faulty reasoning. i don't know that they have faulty reasoning. i just don't think anything you described is a positive for main street, but yet they say these programs are for main street. that's misstated mission statement. i think they're completely guided, but they're not really out to help main street. >> let's talk about what you do then in this environment. paul christopher, how do you invest? do you think this rally continues? does it have further legs next week? >> a sugar rush can last a few days, maybe a week. we don't think the fed really intended this for just a sugar rush. they're really looking to keep people invested. they're looking to keep people optimistic in the face of big

uncertainties upcoming. we think the fed is trying to do this to balance things out. >> kevin, so the market is up. market was up big yesterday. it's surging a little bit today. what are you doing as a market strategist? >> earlier this week, we recommended an increase to small cap exposure, not so much because of just what the fed announced, but because we think that the decay in fundamentals that we saw going into this week was largely played out and that we expected a pickup over the next six months. add to that what the ecb did last week and this, which is a very big, open-ended policy of reflation, suggests to us that the fed is very committed to continuing their support in terms of monetary policy, and our expectation will be that this will have some legs carrying on into early next year. so we want to be a little more bullish as a result of all these factors. >> let me switch gears and ask about the change in the dow components. we're going to see united health care soon to take the place of kraft on the big board.

the only insurance stock with a health care focus. does this say anything about sector, the visibility of health care? obviously this has been a hot sector this year. >> well, it's a obviously a big sector. there's -- i think this -- i can't speak to this change of these two components, but i would say overall it's been a sector that's been overlooked for quite a while. valuations have become compressed. we maintain a fairly sanguine outlook on health care going forward from here, and we have a good deal of health care exposure in the portfolios we manage. >> what are you expecting the impact to be? what usually happens to a stock when it enters the dow? you have money managers. if they make the dow jones industrial average, they'll be forced to buy it. is that more liquidity? stock goes up? >> yes, when you look at the proliferation of things like exchange rated funds, the trillions of dollars that are now indexed, these changes are becoming increasingly important, but they play out very quickly.

so i would expect that this change, as it relates to this change, to play out fairly quickly in terms of their relative valuations in the marketplace. >> rick, let me push back one second. part of your commentary a second ago is that the fed policy was not intended for main street. i mean, at the end of the day, the fed is doing what it is doing because it hopes that it spurs hiring on main street. yeah? >> well, listen, unless you're completely given a jab to all the ivy league, best elite education in the world that they've all attended, i just can't believe they're doing a program that's hugely flawed. i think they're not really telling us who they want to benefit for the program. is it the treasury, to keep rates low and to finance the biggest debt ever on the planet? is it for banks? usually, you know, if you talk to a shoe maker, she's going to talk about shoes. talk to a mechanic, he's going to talk about engines. central bankers are protecting

bankers. >> rick, i have to disagree on this one, though. bernanke is very concerned about the unemployed and the long-term unemployed. he just has the wrong model. i think these are people who really wanting to help main street. they just have got the wrong model. >> but john, you know, i think that their heart's all in the right place too. i just can't believe that they don't see the same things you're just discussing. i can't believe all these smart men in the room can't see that there's no independent research that correlates any significant, lasting, better employment scene based on what they're doing. i don't think it's fair to call them dumb. >> why would that even be part of mandate, then, rick, if it

has no impact on an essential part of the fed's mandate? >> how do you continue these programs unless you say they're working? what is he going to do, say we're going to do qe-3, and it hasn't worked, and it isn't for main street. >> who's to say things wouldn't be worse? >> 1.7 gdp, 43 consecutive months over 8%. does that sound like it's working to you? >> what would it be if they weren't there, rick? >> pardon? >> what would it be if they weren't there at all, rick? >> oh, you know what, i'm not going to even play that game. when you're not successful in an endeavor, it's always easy to say, well, it would have been better. jobs saved or created is not a category on the bls website. it's made up. >> i just want to say one thing. i think rick is fundamentally right. the fed is looking to make sure that people feel that there's a reason for prices to head higher tomorrow. if they lose control of inflation expectations, they know the game is over, and

that's why they're focusing their direction the way they are in terms of where they are today. >> people sense that. people walking around see all the news and see these bright spots. they don't feel good about the economy. >> yep, yep. you're right. >> they know they lose the game if folks think that next month the price of their house and the price of the stock market is going to be lower than it is today. the fed knows they lose the game. they don't want to lose control of inflationary expectations. they know that's all they can control. >> i think rick really is complaining that we don't see fiscal policy. >> i'm not complaining. i'm stating facts, maria bartiromo. >> thank you, rick santelli. you're the best. we'll see you soon, gentlemen. thanks very much for joining us. so what happens to a stock when it enters the dow industrials? will united health care get a boost long term? bob joins us now. >> it's one of the great wall street chestnuts. stock goes into the dow, it does terribly afterward. it's not really true.

although, there are a few recent examples. look at bank of america. february 2008, bank of america replaces altria. ouch, that was a bad one. it's not in the dow anymore. bank of america is down about 75%. there are other switches that were really good. kraft came in and replaced aig in september of 2008. since then, aig, well, it's been down 46%. kraft has been a great performer. look at that stock. that's up about 15% since then. travelers is another one. they came in and replaced citigroup. that was in the height of the crisis, june 2009. that, too, has helped the dow. travelers up more than 56% since then. citigroup hasn't really done anything. finally, another recent one that did well. chevron replaced honeywell. that was in february 2008. chevron has been a great performer. it's at a historic high. honeywell has done all right, up

about 10%. it's really 50/50. i don't think there's a curse of the dow. back to you. >> all right, bob. thanks so much. >> that was an uneventful first block. >> yeah. >> rick. >> what's next? >> all right. we have 50 minutes to go before we close up the week an wall street. dow jones industrial is up 36 points. nasdaq up about 1%. s&p looks like it's ahead by about a third of a percent. >> stick around. we have a lot more ahead on this busy friday edition of the "closing bell." coming up, reforming the fed. house financial services subcommittee chairman scott garret wants the central bank to stop trying to fix the economy, but can a deadlocked congress do a better job? we'll ask him straight ahead. plus, the romney effect. everyone assumes a gop win in november means a boom for wall street. what if the opposite were true? find out why a little later. and here we come. nintendo set to unveil the new

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welcome back. the federal reserve's latest move coming less than two months before the presidential election. that is sparking sharp attacks from republicans like congressman scott garrett. >> the new jersey republican calling the latest round of bond buying, quote, radical and unprecedented. he joins now exclusively to make his case. congressman garrett is also vice chairman of the house budget committee. good to have you on the program. >> good to be with you. thank you so much. >> radical? that's a little bit strong, isn't it? >> well, radical, unprecedented, never done before. how about any of those adjectives? others have already pointed out the fact that the actions of the fed, in this case, are unprecedented. we have seen the scope or timelines or tie-in with the labor market as the fed has done in this situation.

so whether you want to call it any one of those adjectives,ic it's fitting and applies. >> what do you say to the fact that ben bernanke said the economy needs this to continue to recover? that without it we'll see a recession. >> well, i think that's questionable. first of all, some of his interpretations on this. as part of your lead-in to this program, i was listening to, it was saying, is this the responsibility of the fed in this situation, or is this the responsibility of congress? i would advocate in the fiscal poll sis he seems to be taking, this falls into the confines of the areas the congress should be looking at. the fed should be going backwards. >> maybe mr. bernanke wouldn't have to do anything with respect, sir, if you and your colleagues could actually do something on the fiscal cliff side. >> absolutely. and i agree with you, no end. we would love to do some things on that side and a host of others. >> why aren't you doing anything about it? >> you well know that i'm

standing here on the house side, but over there is the senate side. the senate is where all good bills go to die. so whether it's a budget that hasn't been passed for 3 1/2 years or -- >> no, no, no. come on. you had simpson-bowles. paul ryan voted against simpson-bowles. would you have voted for or against it? >> i would have voted against simpson-bowles. why? because simpson-bowles did not take the breadth of all the issues out there. paul is an expert in the area of entitlement reform and pointing the finger at where we really need to look at in order to bring our fiscal house in order. simpson-bowles didn't really want to get into all that. they wanted to look at some of the other tax sides of the equation. for some reason -- >> yeah, but scott makes a good point. what is it going to take to get some unity so you could actually make a decision and come together on this stuff? i mean, you've got the unemployment story worsening. you have people's living hanging

in the balance. you go away for five weeks. you come back, no discussion on the fiscal cliff, then you're pointing the finger at ben bernanke. give me a break. what are you going to do to actually move the needle in this economy? >> give you a break? look at what the fed has done in this situation. the fed -- you negotiation know floor last night was managing the vote for the sequester bill. next to me was allen west. he used this term, which i'm not familiar with, but i probably should be. he says in the military when something goes wrong, they conduct what is called a stand down. basically what that means, he excomplae explained, they step back and say, look what we did, and see whether we made mistakes here before we advance further. i suggest the fed should do its own stand down. they did qe-1. they did qe-2. we saw the results of that, not what they said it would be. they're so quick at pointing the

finger. maybe they should do a stand down for a second. >> what about your stand down? let me ask you this, congressman. what are you willing to give on? okay. how are you going to come together with your colleagues in the senate to actually get something achieved so that you can move the needle on job creation? what are you willing to move on? >> let me give you an example. back when the budget control act passed, we set up that super committee. they were charged with addressing these issues. the republicans asked, when are you ever going to get off the mark on raising taxes, if the democrats would get off the mark on entitlement reform? do you remember what happened there? i'm sure you do. republicans on that committee said, okay. we will put that issue aside. we will agree to raising taxes, actually. members of the committee said that. if the other side of the aisle would come with a plan. here we are in september.

that was back 11 months ago. the democrats to this day have not come to that table or any table with a plan. >> it makes no sense. we all know. i mean, the average american at this point knows we cannot afford the promises that we've made. >> well, the average american may know that, but what you need to do next is interview harry reid. he obviously doesn't know that. he has said on the floor publicly we don't need to look at these entitlement programs today. he said spending is fine. he said we can look at them 20 years from now. you're right. the average american knows we have a problem. the senate president doesn't recognize that. members of the house democrat caucus don't realize that. maybe we need the average american to start talking to some of these people in the senate. >> congressman, you think we'll see a recession in 2013? >> i'm not good at defining the future, otherwise i would be making more money in the market, i guess. i would say we can avoid that if we have success in about 50 days from now on november 6th if we

get romney and my friend paul ryan over as vp. we can then turn things around in this country in a more positive sense. >> all right, congressman. good to have you on the program. we appreciate it. thanks for going through the issues. we're in the final stretch. it's very frustrating we can't really see anything done. they're both digging in. we're in the final stretch of trading. we're off the best levels of the day. about 30 points on the industrial average. >> commodity prices got a huge post-fed lift. how high with oil and gold prices soar due to the new round of bond buying? that trade is next. and as oil goes, so do gas prices. we'll look at that possible unintended consequence coming up. and the u.s. embassy in tunisia set on fire by anti-u.s. protesters amid more violence across the middle east. now the white house pressuring google's youtube to review the controversial film sparking those riots. details of that very

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welcome back. oil was pushing $100 a barrel earlier before falling back a bit. here are the details with sharon. >> we got comments from the chief economist at international energy agency who said, hey, these high prices run bearable for consumers. that led a lot of traders and analysts to think we may see a

draw from the strategic patrolling reserve, which may drop prices. we are still looking at prices that are quite high and the geo political premium that is pushing up prices. a lot for traders to watch over the weekend. we could see a lot of action sunday night in the electronics session. back to you. >> all right, sharon. thank you so much. we're losing a good size of this rally here. the dow industrial is up just seven points, having given up much of the earlier rally today. the market, of course, the story of the week. in addition to stocks, the story has been gold and oil, both getting a huge boost from the federal reserve's moves. if you had to buy one, which would it be? we do talking numbers right now on the technical side of things. robert slimer is with me. gentlemen, good to have you. thank you so much for joining us. allen, look for us in terms of the fundamental perspective. if you had to look at a

fundamental story, oil and gold, what's the better story? >> i like both trends. if you look at crude oil, it's already had a huge move. fundamentally, it's set up for price shock potential at any time. anything that happens around the world. i think gold offers better value from a reward to risk level. gold is only up 10%. yes, it's rallied 10% in a month, but there are a lot of things that can be very supportive. number one, we're just at the beginning of the indian wedding season. india is the largest buyer of bullion in the world. that can add value. if you look at the dollar, the dollar unwinding is going to take a lot of funds flowing out of the dollar. what we're going to see here is reflation. reflation, not inflation. reflation of assets. gold is a good asset right now. >> you like both fundamental stories. rob, let's look at these charts here. >> we like both stories as well. we'll take the other side of the coin on that one. we think gold has had a pretty

good run backed around that 1800 level. we think that oil can play catch up. it's always the last to move in the late inflation trades. that's where we want to go. we look at the oil chart. we think there's still more room. we think it can get up to that 140 level. 110, 114 over here. that's where we think it's going. if we had to pick one of the two, we think oil is a lagger. >> so oil plays catch up. if you had to buy the stocks that are most exposed to these two markets, what stocks do you like? >> there's a long list of them, but if we had to pick one for just the general investor, we think chevron remains a very good long-term profile. here's the deal. as oil has gone sideways over the last two years since 2011, chevron's already broken out to the upside. performance is starting to build. still looks like a solid chart. >> we'll leave it there. thank you so much. good to have you. over to you, scott. >> thanks so much. as maria was saying, the dow is losing steam here. we have about a 19-point gain now with 30 minutes to go. who exactly is getting helped by what the fed did yesterday?

you may be surprised by the answer. here's a hint. our wealth reporter robert frank is on the case. plus, here's a contrary yan view. the markets will tank if mitt romney becomes president. one top wall street analyst thinks so. he'll explain why next. and just how badly do people want the new iphone? this video of a car driving into and robbing an apple store sums it all up. we dive into the iphone frenzy later on the "closing bell." tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total control because i can trade tdd#: 1-800-345-2550 directly online in 12 markets in their local currencies.

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let's go back to brian now at headquarters with news on the u.s. and its credit rating, brian. >> yeah, people wondering why we've lost a little altitude in the markets. egan jones taking the u.s. credit rating to aa to aa-negative. the first line of the note sums it up. the fed's qe-3 will stoke the stock market but will hurt the u.s. economy and by extension credit quality. that note seems to be moving the market at present. back it you. >> all right. thank you so much. we'll keep watching this. i think that there's a great -- i just want to read you something, scott. i just heard from rich peterson.

since qe-2 began on november 2nd, 2010, the value of all u.s. equities has risen $3.22 trillion. the five top stocks represent 19% of that gain. what's number one? >> apple. >> that one is easy. exxonmobil, chevron, general electric, ibm. that's the list in terms of the the gain since qe-2 has begun. >> now with egan jones and the credit rating, now you have the debate as to whether qe-3 or fed activity is bad in general. this is directly related to the fed. >> they're downgrading because of the fed. so who's being helped financially from the federal reserve's latest action to support the economy. robert frank breaks it down for us right now. robert. >> thanks, maria.

the bank of england recently put out a report that qe in england has added nearly $1 trillion to their stock market, but 40% of those gains went to the wealthiest 5% in britain. it makes sense that qe in england mainly benefitted the british wealthy. the question is whether we'll have the same result here in the u.s. with bernanke's move yesterday, will it be a gift for the rich or a bailout for the broader economy? the top 5% of americans own 60% of all financial assets. they own more than 80% of the stocks. so far the fed's actions have helped stock markets but not homes or jobs. that's why the wealthy recovered much of their wealth while the rest of america is still struggling. bernanke says while focusing on mortgages, he's helping housing. but here many americans aren't able to get loans.

i doubt many americans are going to get a good deal. donald trump said it well on your show yesterday. he said this may help guys like me, but it i don't know about the broader economy. >> what about savers? aren't the wealthy hit by low savings rates from qe as well? >> a little bit. 13% of the portfolio of most millionaires is cash. that's going to be tough for the cash holdings getting return. 85% of their portfolio, most of it is stocks and financial assets. it will be a much bigger gain for them than the loss in the savings rate. >> all right, robert. great reporting as always. we'll keep watching. robert frank with us on the wealth effect. scott. >> stocks are enjoying the effect of mr. bernanke's moves. investors enjoying another day of gains across the board. if our next guest is right, that may all change if mitt romney wins the election. >> brian gardner says if romney wins, he'll likely replace bernanke and that would trigger a selloff. also with brian along with

reaction is former hewlett packard ceo carly fiorina. >> i think the stats you just cited proved my fite. the fed has been fueling the economy over the last three years. it's not obama policies, obama administration policies, per se. it's monetary policy. the romney campaign has made it very clear they would like to replace ben bernanke. i think the market reaction would be a romney presidency equals a withdrawal of monetary accommodation. i think the market would react negatively to that. there's a lot of good things coming out of the romney campaign. this would offset it. >> carly, what's your reaction? >> the stock market right now is completely disconnected from economic reality. we're going into a simultaneous global economic slowdown. yes, the stock market has been

helped because by ben bernanke's actions, equities become about the only place you can make any money. i think what romney will deliver is economic policies that begin to lift the u.s. economy. over time, that's what we need. in the short run, i think the market is going to have to come back down to earth sooner or later because the second half economic picture is actually much worse than the first half economic picture was, and that was pretty bad. >> brian, the only policy that really matters shortly after mitt romney or barack obama is re-elected as president is the fiscal cliff, right? >> yes. that will dominate -- that will be one of the dominating factors in the market post-election. you can go through the six different scenarios of how the election may turn out and what it means for the fiscal cliff. my message is very simple. the fiscal cliff will be averted because it has to be averted. because no side is going to allow the country to go into a 4

percentage point drop in gdp geen into recession. that's not going to happen. the mark will react negatively. it will be a very volatile two months after the election between november and year end. >> carly, when you look at what the stock market's doing, we're at multiyear highs, 4 1/2 year high for the s&p. fed acted yesterday. market was off to the races. is the market masking or not telling the whole story about what's really happening in the economy? we know the economy is obviously not doing well. >> that's why i said i think the market right now is very diskeked from economic reality. you have real wages declining. you have the highest poverty rates in 70 years. you have the lowest small business creation rate in 40 years. ben bernanke made a statement, well, if the value of people's homes rises, they're going to spend more. i don't think that's how consumers think. i think they think about their income is coming in monthly. that income is going down or

they're on unemployment benefits. they're feeling insecure. yes, i think we have a disconnect here. we're in now, i think, a global simultaneous economic slowdown. europe in recession. china clearly cooling off more rapidly than anyone had guessed. sooner or later the market's going to have to deal with that reality, i think. >> brian, real quick, what happens to the economy if obama gets re-elected? >> i think it just sputters along as it has been for the last 2 1/2, 3 years. i see very little upside. i think yesterday's announcement could add a couple of basis points to gdp. clearly the fed has taken a different tact now as opposed to before. i don't see any great benefit to the economy if the president is re-elected. >> thank you, brian. thanks, carly. see you soon. >> seand still ahead, the dow creeping towards its all-time high. does this rally have legs, or is now the time to take some profits? >> after the bell, somebody here

saying that the fed's latest move to keep rates low won't help the housing market. and the white house asking google's youtube to consider removing the video that sparked the violence throughout the middle east. how is google reacting to that? that story is coming up. [ male announcer ] it's simple physics... a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis symptoms. but if you have arthritis, staying active can be difficult.

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stocks losing steam into the close after the megarally yesterday following the fed's big move. bob is following all the action from the floor. interesting day, interesting week. >> two to one advancing in declining stocks. we had three to one earlier. we're losing altitude. dow was up over 100 points. now about 30 points. it's still a bit of more risk on than risk off, clearly. look at individual sectors. materials, energy, technology all on the upside. the s&p up. back to you. >> all right, bob. thanks so much. the equity rally stalling just a bit today. we're holding the gains from yesterday. dow is inching closer to its all-time intraday high. 14,198. that's the number to watch. right now we're about 600 points

away. >> but can these gains last? with us today, quincey crosby. ladies, always great to see you. stephanie, what's your take? >> i'm actually pretty impressed that we're even up at all today on top of yesterday's 1% gain, on top of the 13% rally we've had from the june low. i would say that expectations were high headed into yesterday. i was happy to see that the fed did do something very aggressive. i was very surprised by it. i didn't necessarily think they had to, but they basically are signaling they mean business. they're focusing on the mbs market. that means that housing will continue to recover. i think that's a really big important part of the story of the economy here in the united states. >> quincy, what areas of the market are going to continue rising, assuming you believe the stock market goes higher? >> i think you're going to see the cyclical sectors, the ones that were neglected by the defensive sectors. if you think this is going to

move higher, you're already moving into the industrials, the materials, and energy and tech. and financials as well. >> you think this has legs? what do you think the rest of the year looks like in terms of this market? >> this is not straight up. i think one of the reasons you see gains locked in today is who wants the spend the weekend worrying about what's going on in the middle east? there are going to be issues that pull this market back, but i think that you've got a bottom for the market, and you're going to see it grind higher every time there's a pullback. >> stephanie, you told me yesterday immediately following the fed decision when you were sitting next to me on "halftime," buy the financials head over fist. >> yeah, and we actually added to the stock i picked. we have been bullish on the banks for a while, as you know. a lot of it is housing. a lot of it is also that these companies have much stronger balance sheets. their capital ratios are very, very strong. actually, we're seeing decent cni lending and also some consumer lending. all is not perfect, certainly. i do think that these stocks

that are trading below their tangible book value offer good value. again, i'm impressed it's the mbs focus of the fed, which supports housing going forward. >> what happened to all the reasons not to own the financials? too heavy regulatory burden? these guys want to treat these companies like utilities? they're not going to be able to make the money they did in the past? rates are hurting things? we had a long list of reasons. all the sudden the mentality changes. >> i think there's more confidence in the earnings power. that's how you value these stocks. the earnings power is coming from a little bit better loan growth, a little better housing a little bit better u.s. economy. certainly not great, but 2% gdp. certainly better than a recession. you add it all up and look at the companies still trading as a cig kasignificant discount. >> all right, ladies. enjoy the weekend. >> all right. we have about 15 minutes to go

here before we ring the bell to end this week on wall street. we're holding on to gains. not certainly what we saw earlier in the day, but we're looking at 20 points on the dow. >> i'll take it on the heels of yesterday's big rally. a police call about face for one of wall street's biggest names. >> i backed obama in the last election. i want to back romney in this election. it's all about the economy. >> former morgan stanley ceo john mack among the high-profile guests attending a fundraiser for mitt romney in new york today. more of who was there and what they were saying. next up, back in a moment. we're still months away from falling off the fiscal cliff too, but a new survey shows how much of an impact it's already having on the unemployment picture, and it's not good. details are coming up. at usaa, we believe honor is not

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welcome back. some of the biggest names on wall street attending a big fundraiser for republican candidate mitt romney today. for some, that's a reversal of support from four years ago when

they backed president obama. mary thompson joins us with the highlights. >> hey, maria. romney wowing the crowd this morning. that according to some of the attendees who spoke to cnbc. among those paying $2500 a head to hear the republican presidential candidate speak today, former sec chairman richard breeden. >> i think people were very enthusiastic. >> those in the audience saying romney touched on foreign policy and defense in his speech, but the focus was his five-point plan to get the economy going again, the reason john mack is backing romney. >> he's smart. he's accomplished. i backed obama the last election. i want to back mr. romney this election. it's all about the economy. >> romney's message welcomed by some bold-faced business names in attendance today.

outside, though, a different take on the republican nominee from a handful of occupy wall streeters. they say romney will mean less job security for the country. >> i don't think we need a ceo who made his money destroying businesses in charge of the country. >> talking about money romney not only raised $4 million today, he raised $3.25 million yesterday on a fund raiser in long island. >> all right, meredith. thanks so much. >> i just want to mention there was $1.1 billion in sell and balances at the close here. that's why you have this market coming off the highs going into the close. >> about 8 1/2 minutes to go. 24.5 points. certainly nowhere near where we were. at least 80-plus to the upside. well, before we move on, we have

to mention maria's latest role on the big screen in the new movie out today featuring a star-studded cast, including richard gear, susan serandon. >> i interviewed richard gere. really fun. >> let's have a look at the trailer. >> m-o-n-e-y. >> he does not get to walk just because he's on cnbc. >> there you go. that's all right. better a little than none. >> that was the trailer. it's exciting. actually, i have to say this movie was really good. i enjoyed it tremendously. it's a different take on a wall street-type film. it's not about the financial crisis. it's just about this one, you know, mega guy, richard gere, who is -- you really root for

him to win, even though you sort of secretly hate him. it's a good film. >> maybe we need to make room on the mantle for some hardware next year. what do you think? >> i think it's great. >> we're back with the closing countdown. >> stay with us. it's a friday, folks. after the bell, game on. get an exclusive first-hand look at nintendo's gaming system. and did you catch this video of these thieves trying to rob an apple store? guess some people just can't wait to get their hands on the iphone 5. details on that coming up. up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again.

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and we'll throw in up to $600 when you open an account. all right. welcome back to the "closing bell." it's time for the closing count down. of course joined by maria, quincy crosby, and matt. what an interesting week it's been. the dow is only 600 points away from an all-time high. >> a lot of momentum in this market. someone made a good point in that there are big pools of money that will chase the market. that's why he felt this market keeps going higher. you've got to be impressed by the way this market trade, even if the face of, you know, tough

economic data. >> matt, did the fed change the game now between now and the rest of the year with that pretty big move yesterday? >> absolutely. as maria alluded to, with the pool of money that's going to have to be invested to make some kind of return to make your investor happy through the end of the year. >> what happened at the end of day? there was $1 billion of stock for sale. we're closing off of the highs. >> it was also a rating cut by egan jones i saw. people are going to take money off the table. here's a new one, apple. it's hitting an all-time high. when are people going to take money off the table in that withone? it's a certain time. it's a good time to make money off. >> arebuyer or seller, quincy? >> believe it or not, we'll start buying the defensives again as thaz start selling out of those. we want to be in the market, you

can't afford not to be in it. >> i'm going to step away, get ready for the next hour. have a good weekend. >> so you think, quincy, we get some kind of pullback and you use it as a buying opportunity? >> yes, you're going to because not only do you have the fed underpinning this, you've got mario draghi, you have the chinese. you're not going to fight every central bank in the world, but you also have window dressing. you have the end of the quarter, but then if you don't make it at the end of the quarter, the fourth quarter, that's the time you've got to do window dressing to the millionth power. it always happens every year. >> matt, who's to say we get a pullback? if the feds acted, certainly a good feeling in the market right now. you have central bank activity on both sides of the atlantic. you know, in many regards over in china as well. >> maybe people, you know, throw in the towel politically. they say, is this all a political stunt? this is a question that's going to be answered as we go forward here. i don't necessarily -- what i'd like to see is them throw in

money at this market. this is perfect for us. however, one thing to look at today is the up volume verse the down volume. the dow being up 20 points isn't much of an indicator on the broader market. >> also, you know f you get a tremendous rotation out of treasuries into stocks, you've already seen rates back up. the ten-year is 183, 4, 5, or whatever it sits out now. that could be another huge catalyst to lift the stock market, couldn't it? >> well, one of the things that it does, it helps to confirm the small and mid-size rally that you see. you always want to see those yields move higher. they're going to have to be burnt before they move. >> the interesting thing, it's apple. i know you mentioned it. what a week with the the iphone 5. seemingly living up to expectations. let's not forget facebook, right? zuckerberg, by many accounts, delivering this week as well. that stock has had a tremendous week. you had the market