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we have seen a lot of volatility in the last hour of trade. do not rule out, folks a late-day come back. >> we'll keep an eye on that. setting lows now. yahoo!'s website a major face-lift today. latest move by the ceo marisa mayor. when will small moves turn into i big pay-off? that coming up shortly. >> jpmorgan chase jamie dimon under fire for investors who want to strip him of chairmanship and install

independent chairman. the man leading the charge, new york city comptroller john lear. >> how things are doing midday when the minutes of the fed's recent meeting eyeing the punch bowl. that spooked the market. the selling is intensifying when commod dids have been down sharply. dow down 76 the low of the special. down to 13,959. the nasdaq down over a percent, about 35 points at 3178. that was a 12-year high yesterday. and the s&p is back below 1525, a number a lot of traders keeping an eye on. down 14 points at 1516. will we see long-await all-time highs later this week? he asks. where did that come from. today's closing bell exchange, my old friend, kenny, and bob pisani joining us as well.

frank, you're a big technical analyst and watched the charts and worried about market going higher as a lot of people. is this the beginning of a sell-off here, do you think? >> bell, actually i think your question is extremely well-timed. if you look at the s&p over the last few months, we've traced out a large rising wedge formation which is a five-wave structure, and that's a bearish distribution pattern. now over last few days, we've seen another one of those form on just the hourly chart. s&p looks like it completed the fifth wave this morning. and i think we're starting to set up here for an important correction. 1485 is initial support for the s&p 500. >> all right. that looks like where we'll probably start down towards. but i think ultimately the equity market, so-called risk on trade, is late in the fame.

we're getting very close to the beginning of a 10% correction, maybe 1400 on the s&p. >> okay. >> mandy? >> kenny, do you think from a fundamental point of view, we heard from frank who thinks we could be on the verge technically speaking of 10% or so correction. fundamentals say that as well? >> i think 10% is probably too big, right? >> looking at 1490. every time the market tries to back off there's plenty of buying demand, interest. the markets had every reason to back off over the last month and it has not every time they tried they've rallied forward. today we broke through 15, the fed comes out, some reason to take money off the table. no reason to panic at all. but i do think 1490s the next spot. >> before the fed minutes we've been talking about the big decline in the commodities today ahead of that. >> yeah. i think there are a couple of

things going. . first, caterpillar sales numbers very disappointing and that's a big global indicator of demand. number two, we also had the chinese overnight announce they're trying to slow down the frothy property market. anytime the chinese try to slow down anything, whether bank loans or property market, that weighs on the global market. today we saw sorts of technical things violated with the gld, with gold in particular, right near there, and a lot of sell stops hit in gold. big, big volume in gold etfs. >> watching the nasdaq composite, down by over 1%, what are people saying what's happening on techs today? >> perhaps a bit 0 a correction in the tech space. no surprise or secret we've seen technology as somewhat of a disappointment for the market underperforming financials, health care, consumer staples. yesterday we did see a big move in the nasdaq closing above 3200. key resistance level for the

nasdaq. even on the fundamental side you have analysts saying we've had better than expected earnings in tech, valuations have come down because of the sell-off we've seen in the sector, stocks are perhaps relatively cheap and mo so overall there is some bullish sentiment when it comes today. >> you think a 10% correction is coming so where are you going to put the money to work? >> you want to move up the quality spectrum and the bond market. high grade has had a big decline. a big pullback over the last few months, sort of in line with what we've seen in treasuries. if you look at the ten-year treasury at 2:02 right now. watch 195 in the short term. if that yield dips below 195, we're probably going to rally in

bonds towards 180 on the ten-year yield and ultimately we'll get to 155, but the high quality corporate bonds are really the place to be. you can get some nice yields, and it's a good time to collect rent. earn a nice income stream and not take so much risk. i think we're shifting towards risk off. >> i would really like to know whether or not, kenny, march is going to be a little bit more tricky for the market. when you think about it, right, kind of put fiscal cliff to the back burner. don't talk about that anymore. we've been in this lull period with nothing really to worry except maybe today with the minutes, but nonetheless come march, sequester is going to be front and center. is this a time to worry? >> well, listen. it's been a time for worry all along? you just can't wait until february 28th to begin to worry. it's been a conversation that's been happening all month and actually if the worry is going to come, it's going to come. the cuts are supposed to take effect. if you're going to worry, you're going to worry this week into next week. again, the market is tired of this game.

it takes it right to the edge and the politicians play this game in the 11th however coming through with a deal and patting themselves on the back and telling everybody how great they are and the market rallies ahead. >> i'm a little worried about it. >> i'm worried about it, kenny, and the reason i'm worried for six weeks the word sequester has been off the front page and fiscal cliff has been delegated to the dust bin of history and the markets have done great. >> right. >> now we'll spend the whole month of march wondering whether the government is going to get shut down on march 27th. if you don't think that's an issue eventually for stocks, you're kidding yourself. >> good point. we've got to leave it there. the nasdaq is now down by 1.2%. of course, we're going right to the end of trade here. we've got about 50 minutes to go. bill? >> yeah. this should be a very interesting hour. >> yeah. this could tell what will happen the rest of the week. yahoo! revamping its home page and what investors want to know is when will ceo marisa meyer's

moves pay off? >> and also rivals macy's and j.c. penney going head to head today, and it's all about martha stewart. find out why and which is a good thing for your portfolio. >> and then tesla's model-1, phil lebeau's road trip yesterday but can the electric car-maker charge up today's earnings report? we'll have instant analysis coming up on the "closing bell." stay tuned. ♪ ♪ [ male announcer ] it was designed to escape the ordinary. it feels like it can escape gravity. ♪ the 2013 c-class coupe.

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easier than actually going to the bank. mobile check deposit. easier banking. standard at citibank. yahoo! today unveiling a new redesign of its home page linking users to its facebook pages and also filtering stories based on likes. it's just the latest change of the new yahoo! ceo marisa meyer who was tinkered with the e-mail and photo-sharing service. when does it pay off for the company? we'll ask our guests. we'd also like to point that cnbc and yahoo! do have a business alliance to share and co-produce editorial comment. we've got that disclosure out of the way. jeff, you think marisa is clicking on all cylinders. what is she doing right, and how

are those moves evident? >> well, we have seen new ceos move into other companies in the tech space that sometimes have had some uneasy footing, taking a look at, you know, r.i.m. where somebody got ahead themselves and promised more than they could deliver. here's somebody who really knows the business. she is the first ceo, a company that's 22, 23 years old. they have had seven, eight ceos going up and back between entertainment, media, technology. she does it all and this is the right space to introduce the major reshaping. she first had a taking hold process and tried to figure out what does she know and not know? watched who reacted to some of her early less but consequential and early symbolic moves and now this big reshaping. it's the brilliant right timing. it's already paying off. >> ben, she's got to turn this thing around obviously and said on the "today" show that what she wants to do is embrace the prevailing paradigm of the

internet. in other words she's going to copy facebook here in many ways so she's not thinking outside the box but will copy the box. will that please wall street, do you think? >> i think right now the reality is that the perception going on here that she's doing the right thing. she's just gotten there and is starting to put her inprint on things but that perception has been very positive for the stock and the way shareholders are seeing about it. even before she really would make these changes, so right now things are going in the right direction. now we'll have to see if she can execute. >> ben, where do you see the stock going? currently sitting just above 21 bucks. >> right now we have a $23 target but the reality is there may be two different dynamics going on. one the age asset will be a factor and then the core business which is what marisa can impact and there, the momentum is in the right direction, but there she's started to put her inpreempt on

what she's going to do on the yahoo! site and the core business itself. >> what's the critical interest she's got to address to get this ship turned around, do you think? >> she's giving them a sense of direction. it's what she already provided. i said a minute ago they are 22 years old. i think they are actually only 17. the instability they have had of eight leaders over this time, as you count them, have created a lot of confusion in here, and they have had false starts with their leaders. some consistency of direction matters. when you take a look, as ben said as the impression, computer science and symbolic expert, she did so much for the original search algorithms for google as well as the clean aesthetics for the news and google look, she's not stealing from anybody, she created elsewhere and is creating here but she maris the internet marketing and image of media together with the undercurrent of technology. i think there's a lot of enthusiasm, and here we are, a $5 billion company. up 34% the last quarter.

we've seen that their traffic is up 9%, 10% just last month alone. i think it's paying off. momentum with perception but there's reality that's coming with it. >> some of that is true but the really need to start to drive revenues. revenues flat for a number of years now, and they need to pick up both on display and search. those are going to be very challenging. >> absolutely. >> higher quality advertising. i think the moving twitter feed is bringing them a much more sense of excitement, energy and the customization that she's bringing in will i think allow the display advertising to display more effectively. >> not talking about whether or not yahoo! can survive or not, that's for sure. >> yeah. >> let's get to eamon javers with breaking news from the white house. >> at this hour the white house sun veiling a new strategy here to protect u.s. company trade secrets. an event going on at the white house beginning at this very minute with eric holder, the attorney general, and also an

executive from ge and a range of other officials. let me walk you through some of the details of what is in this proposal from the white house. they are talking about bringing really all of the pieces of the u.s. government to the floor to protect the trade secrets of u.s. companies including diplomatic pressure. they say they are going to talking to governments overseas that are involved in potentially stealing some of those trade secrets. they will talk with industry about promoting best practices, learning from each other's mistakes and how to keep the secrets actually secrets. will speak with domestic law enforcement, and will encourage intelligence agencies to talk to the business community about what they know, what's coming and what the business communities might be facing down the line. they will continue to push here at the white house for new domestic legislation from congress on trade secrets. now, all of this is tied up in this issue of cyber hacking. what they are talking about today is slightly different than what was in the news yesterday about chinese cyber hacking. today they are really talking about theft of trade secrets which can include good

old-fashioned espionage with agents inside these companies stealing documents and putting them under the elbow and walking out of company with those, but earlier today white house white house spokesman jay carney said this is a significant threat to the u.s. economy. take a listen. >> we know trade secrets can cripple a company's advantage in foreign markets and put american jobs in jeopardy and that strategy coordinates and improves u.s. government efforts to protect the u.s. economy and supports jobs in the united states. >> guys, that's it from here. they are talking about this very much as a jobs issue. back to you. >> eamon, thank you very much. we'll see you later. heading towards the close. setting lows again for the day right now, mandy. the dow is down 101 points. the markets spooked by the fed minutes that showed in the last meeting fed governors and bank presidents were beginning the discussion of when to pull back on some of the monetary easing that they have been going through for the last several

years. >> looking here at the tweet from bill gross. many participants concerned about further asset purchases. >> macy's and j.c. penney duking it out in court over which department has the right to sell martha stewart branded products. find out which retailer's stock you're better off shopping for. >> and speaking of fashion, mandy, would you like to dress like a postal worker? the post office is betting that you would. that's coming up. [ kitt ] you know what's impressive? a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪

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call it the department ceo store showdown. macy's is dragging j.c. penney into court today alleging that jcp's deal with martha stewart living violates an exclusive contract with macy's, so setting aside the suit for a moment, which of these courtroom adversaries would be the better buy for your portfolio? let's start talking numbers. with carter wirth and on jeff kilberg with kkm. what do you say, carter? >> we're in the camp that we don't like one because it's been so good and don't like the other because it's been so bad. let a comparative chart over the last five years, and what you've got here is how, of course, good macy's has been basically 5 to 40 plus and how bad jv penny has been and they are compared in that chart to

their industry group by the standard & poor's. let's look at them individually. macy's, you know, too much of a good thing and it's starting to roll from what we can see, exhibiting poor relative strength, underperforming the market and we don't like it. feels toppy. j.c. penney, the five-year chart, nothing short of atrocious, not moved and it's disastrous and looks like it's about to fall through the bottom. one too good, one too bad and just stay away from both. >> jeffrey? >> sure. >> looking at numbers and the charts pre-crisis, they are almost where they are, about i like j.c. penney. i know we're talking about martha stewart fighting it out. we are seeing j.c. penney with 1,100 stores. 15% into their revamp. their transformation, and right now they are earning about $269

per new renovated foot and they are around $20 that they won't be able to complete this transformation. funny with their own cash and really impressed with ron johnson. >> and all that might be true and long term, but the here and now is this is not acting well. obviously it has a little news-related pop but structurally why fight this fight. this doesn't actually survive. you know, it's a tough case to really get bullish here. >> carter, you're the expert, but did i see a potential double bottom being put into place for j.c. penney. >> that's the hopeful way to interpret that chart and it's the pause before it breaks out through the floor and through t the neighbor department. >> they are not pricing in the future. you'll excited about ron johnson. i think he's learned his lesson,

but this stock has been volatile but not for the feint of heart. this is the time. this is the now. >> that's what makes a market. i'm selling, you're buying. >> there you go. >> there you go. >> and i'll be the specialist and make the deal here. thanks to you both. jeff, regards to your two brothers. >> thanks, guys. >> and i'm not entirely sure where the gain is being in pounded anyway. a lot of pain but absolutely no gain. you got a bad deal. >> pounding the market right now, aren't they? >> dow currently down by 92 points. it's not at the lows of the day, but it is clearly, as you can see, reacting negatively to i guess some minutes that we're on the hawkish side with some concerns about the longer term impact of the quantitative easing continuing. anyway, we've got about, let me say, over half an hour to say before the end of trading today. >> and a new survey finds small businesses are in trouble right now. could looming massive

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welcome back, everybody. well, the fourth quarter was a tough one for small businesses, at least according to the latest small business credit index report from moody's. >> lower paychecks from consumers taking a toll on small business, plus the ongoing political uncertainty in washington so what does all this datea say about the small business right now? joining us with his thoughts, mark zandi with moody's analytics and author of the small business index report. both good and bad news in the report. credit is starting to flow again, but small business especially has a lot of headwinds right now, doesn't it? >> small businesses, bill, have lagged other sized businesses throughout the recovery and that continued through the end of last year, and the most significant reason for the decline in the index at the end of last year was an increase in

the delinquency rate in credit, particularly early stage delinquency one month late, and they had a sign that small businesses are still having a tough time about getting it together. >> and you know i guess if we look at the minutes today, there's some concern maybe that might slow its asset purchases, especially if it flows, purchases before an uptick in hiring. already starting to see at least out in the bond market yields starting to tick up. are you concerned for small businesses that we could see those borrowing costs go up for them as well? >> sure. we'll go up if interest rates rise. i do think though that by the time the fed ends quantitative easing which under most scenarios wouldn't be until the end of this year, and the time they start raising interest rates which is a couple years down the road, i think small businesses will get their groove back. you know, many small businesses are tied right into the housing cycle more so than other businesses, and so as the housing market kicks in, i think

the role for small businesses should improve. >> you also pointed out that small business was hurt, i especially by the decrease that we saw in government spending in the fourth quarter last year. how specifically does that hurt small business? >> well, of course, that hurts all businesses. government dollars go out throughout the economy, but small businesses are affected as well, you know, particularly a lot of research functions, small consulting firms and small businesses provide materials to different parts of the government, and, of course, their contracts are getting cut back, so like all businesses, you know, small businesses are going to get hurt. >> sequestration would be a disaster for them as well i guess, huh? >> well, i mean, bill, disaster is a strong word. it would really be hurt. it would be good at least until they digested the cuts in their revenues. yeah, that would hurt. >> what is the thing the government can do to help small businesses at this point of the cycle? >> the key here is housing.

you know, if housing policies continue to support a recovery, things like the hart refinancing program, help work through some of the troubled loans and get housing really moving in the right direction, and i think it is, we can still see more policy efforts to do that and also cred i. the small business administration has done a lot of very good work trying to get credit out to small businesses. if they remain aggressive, i think that's a big plus as well, but, you know, i think small businesses have done a lot of hard work and gotten their cost structures down. hopefully the economy will turn in their direction and take some of the fiscal issues and take some of the uncertainty away, and i think small businesses will be in good shape if that happens. >> thanks, mark. always good to see you. >> thank you. >> mark xander of moody analystics here today and if we're sitting here, 30 minutes left, the dow, if you're just joining us down about 100 points right now and the s&p down about a percent and the nasdaq down 1.2% after the fed minutes

showed that the fed was starting to think about the possibility of ending its quantitative easing program at some point. not right now, but at some point, and that spooked the market. >> certainly is spooking the markets. also having an impact on the dollar today and bond yields. the defense industry will take a blow from massive government spending cuts, so why is the defense index hitting a new high today? that is next. >> and then game on. sony expected to unveil the playstation 4 in a few hours. we'll find out if that could jump start the struggling video gaming industry. that's coming up later on the "closing bell." and you'll find advanced safety technology like an available heads-up display on the 2013 lexus gs. there's no going back. on the 2013 lexus gs. (announcer) at scottrade, our clto make their money do more.re (ann) to help me plan my next move, i take scottrade's free, in-branch seminars... plus, their live webinars. i use daily market commentary to improve my strategy.

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the sequester deadline is just nine days away and there's talk of proposed defense cuts make the rounds rb capital is downgrading key defense stocks that would be the most impacted. let's take a look at some of them. i have on the wall behind me l3 communication, down half a percent and for throb grumman is downgraded today, but, as i say, certainly doesn't seem like investors are worried and even

though as we can see the phlx or the philly defense index is to the downside just a little bit today, it's nonetheless still around all-time highs which is kind of interesting, wouldn't you say, bill? i'm just trying to work out why it is that despite the negative news and despite the news about defense spending cuts, you've got a number of companies and the defense index itself around the highs? have you got any thoughts on that? >> somebody's wrong in that case obviously. >> right. >> and my career, i've always looked to the markets. the markets know all. individually we know nothing most times but collectively we are the markets and the markets know something. so even as wall street is understandably downgrading a lot of these defense stocks expecting the sequestration to kick in, the markets are expecting something else. maybe they come to a deal in washington that doesn't turn out to be as draconian as feared or something else happens but you're quite right. the dfx hitting all-time highs

today even as a company like rbc was downgrading those stocks. i'm going to vote with the markets and see if that goes in in that case. >> sometimes the markets vote with their faith. as you can see there, it's slightly lower today but still sitting around those highs. bill? >> exactly. we'll head towards the close and take a break. the markets coming off the lows only slightly. the dow still down 90 points and the s&p. look at the nasdaq down 41 points now. we'll keep watching this as we head towards the top of the hour. >> remember, rattling the markets again today. coming up next, a look at what indeed -- what correction the many people are expecting or predicting on wall street. jeff cox of cnbc says it's coming and soon. >> also, friday, those of you around in 1980, this marks the 33rd anniversary of the miracle

on ice. the man who scored the winning goal, usa against russia, putting the jersey on that he wore in that epic olympic game on the auction block, and you will not believe how much it is expected to sell for. we'll talk about that coming up. stick around. [ kitt ] you know what's impressive?

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. welcome back. as you saw there, a big equity selloff today, and it really started with the commodities earlier in the day, mandy, as you know. gold at a seven-month low down sharply today. we had oil. its worse day in two months, back below $95 on west texas intermediate crude. gold is well below 1,600 an ounce and after the fed minutes came out the stock market slid as well. >> the market wanted to hear that we are going to get quantitative easing, qe, forever, right? qe1, 2, 3, 4, 5, 6 and as long as we could possibly live. the problem here is the

potential bank minutes did suggest that they might have to either slow or even stop buying assets before they see a pickup in hiring. remember, of course, before they had pegged the exit strategy to a pickup in hiring or a lowering of the unemployment rate, right, but they were saying essentially they might have to slow that before the pickup in hiring and people are getting a little bit spooked. seeing the dollar move up and yields moving up on the bond market, stocks moving lower hearing of a possibly earlier end than expected to quantitative easing. >> you know how it works, when a company puts bad news out there, they will feed it out early and let people get used to idea. you don't want the markets to go cold turkey off of what has been a very comforting plan for the last three years, and you don't want them to have it end abruptly because that really would be abrupt to the markets here. let's go to jon frkts our guy in silicon valley, our special guest coming up here who will tell us about it. >> >> reporter: yeah, bill, i'm

here at the life sciences breakthrough price event here in san francisco and facebook show mark zuckerberg and apple chairman art levenson in a moment to talk about what they hope to accomplish with the $3 million prize. 11 people are get it this year, five people in years coming, and, you know, we'll be excited to hear the insights about that and anything else they want to talk about. back to you, bill. >> look forward to that, very much. mark zuckerberg coming up in a few minutes here on cnbc. >> i like it. >> all three major averages lose some ground today, our own jeff cox is still wondering when the big correction could be coming. he says it may be a lot closer than investors think. >> cnbc contributor rich bernstein disagrees, an and is still bet okayin a bull market to make that case. i'll go with the bear first up. jeff, you said a correction is closer than investors think. why? >> well, mandy, let's look at the market action today. i mean, we're seeing a 100-point drop in the dow and 1% drop in the s&p 500 over what i thought were fairly benign statements in

the fed members: we're basically running a stock market built on a $3 trillion landfill. when you look at what could end a bull market, there are signs everywhere, but sometimes you don't even need a catalyst. sometimes the market will collapse under its own weight. momentum has gotten ahead of itself. the s&p 500 trading over 8% above its 200-day moving average. a lot of headline risk out there. i think retail investors should be very careful here. >> hey, rich, you have said for a few months now that you felt like we were at the beginning stages of a major bull market, something tantamount to what we saw back in the early 1980s, for example, but the market won't go straight up, will it? you need some corrections in the meantime, don't you? >> that's right. and one thing to correct you, bill. that's been our story for three years that we're in this major bull market. it's not that we started saying that. >> i understand. >> i think the important thing to remember is that even if one is disappointed by the fed's

comments today, the fed is not going to do anything rash. why would they start reversing course? they will start reversing course because the fundamentals are improving. therefore, there's this notion out there that the fed has artificially pumped up markets and there's nothing in the real economy. that's not true. every economic statistic has improved over the last two, three years. >> so why do we still need feed? >> the point being that the fed is not going to reverse course until they feel that the markets and the economy overall can advance without the fed's support. >> jeff? >> i just feel like we kind of want to have it both ways. we want to say that the economy is strengthening and we're on a glide path to recovery, but we still need the fed to print $85 billion a month. i mean, think about that number. that's absolutely unbelievable to say that we're on solid foot and we need $85 billion of phony money every month to be pumped into the market. >> we need to cut this short.

sorry, guys. we'll move on here but thank you for your thoughts today on this market. >> absolutely. a big announcement and a very big guest from the tech world today. our jon fortt is out there in silicon valley. jon? >> thanks, mark zuckerberg and art levenson, thanks for taking the time to talk with us about this important prize, $3 million to 11 scientists. mark, i want to start with you. i can't help but notice education is something that you put money towards personally. now life sciences. what are you hoping to accomplish as a relatively young ceo already putting money behind these kinds of causes? what's your philosophy and what message are you trying to send there? >> well, for this, the big thing is that we all think that our society needs more heroes who are scientists and researchers and engineers, and these people are doing amazing work and extending people's lives and improving the quality of people's lives, but what we're trying to set up with this prize is this institution that can

celebrate and rewards of the achievements from the sidelines. these are people who are curing diseases and expanding our understanding of humanity, and -- and if we can make it to that these folks are kind of inspirational to the next generation of people who might be scientists and that can just help a lot more progress get made by the next generation after this as well. >> art, you were telling me about six months ago an early investor in facebook approached you about helping to put this together. tell me, how is this effort different from what's being done already, what inspired you to put your time behind this? you've got a few other things to do. >> uri approached me five or six months ago. i was aware independently of his fundamental foundation physics prize which is a great thing and if i had 10 or 15 more iq points i would have gone into physics myself but i went with biology.

scientists so often toil for hours and hours and years and decades in the lab don't get much notoriety, publicity. almost none do it for any immediate prospect of financial gain and we as a society put so much emphasis on the sports heroes and move stars and the people who do in my mind, and i'm speaking on behalf of the entire board and sponsors' mind do the foundational breakthroughs to really improve people's lives. i said just that alone was worth my time. >> mark, your personal connect, if any, to this. i know uri has in his family some diseases that he wants research in and sergei and ann have parkinson's that they are trying to target. i know your wife has a medical degree and was in education. >> sure, sure. this is something that i do with my wife, so all of our philanthropic decisions are done

together, and she's a doctor. she's a pediatrician. our dinner conversations are all about facebook and the internet on one one hand and kids and education on the other hand. i spend most of my time working on facebook and i really believe in our mission there of make is the world more open and connected but there are all sorts of other things we'll see in the world that won't be worked on through facebook and that's where we focus our philanthropy. this is the area where if more diseases can be cured and more fundamental science breakthroughs can happen, then so many people's lives will be better, that it's kind of a no-brainer to want to do this. >> talking about innovation also. both companies that you guys work with have been in the news lately combating hackers and hacking. that's another area where it seems like we need some fundamental breakthroughs, different subject but fundament breakthroughs in how to make people safe. any thoughts about how we could

spur that on or is that a particular concern of yours? >> privacy and security are obviously really important issues. unfortunately, in the hacking, the recent set of attacks, no -- no data from anyone who uses facebook was compromised so that's good. obviously this is really important, and in the health and life sciences work that we're doing, kind of two parallel tracks that a lot of this work goes on. one is genetic and understanding what diseases a person might likely have, and then the other is actually trying to cure those diseases and a lot of different types of cancer, and having access to that information i think will just make it so that a lot of people's lives can be better over time, but this stuff is obviously very sensitive, but each of the pieces of work that are winning the prizes are doing, everyone wants, right? if there's a cure to some disease, everyone who has that disease is going to want that cure, so i think that these are big steps forward for humanity.

>> art, i know you also personally made some of the calls to tell their scientists they have won $3 million. what was it like playing oprah for a little while? >> it's probably fair to say there's a good correlatioí.ç those that know me best recognize in the best that we have a bit of a prankster side so they said, right, 3 million, get real, and i said to them it's really, real. it's real, it's real. those who knew me less well, not having the benefit of that knowledge of my more distant past said, wow, that's amazing. everyone was overwhelmed and stunned and beside themselves with the importance of the prize, the symbolism of the prize and certainly on a financial aspect, for these largely academic researchers, $3 million a person is a lot of money. >> each of you, ten years from now, what do you hope the legacy of this moment is? what do you hope we've accomplished with this prize? mark, you first. >> well, a lot of i think is about the next generation, right? it's not necessarily the people

who are winning the prize today. it's the people who are -- college students and grad students who are in the lab today trying to figure out what area of research they should work on, or even younger folks who are trying to figure out what they want to be when they grow up, but having these heros and society that you can look up to and scientists that did great work, i think that that will inspire a whole generation of new folks to go into the field and solve a lot of problems that will be really important and help improve a lot of people's lives. >> art? >> i can only echo that. that's spot on and to the extent that this prize will shift a little bit of focus to these people who really make these breakthrough discoveries, ideally beyond that, if it helps our society as a whole recognize the deep connections by the sciences, funded by the nih who have had a flat budget for so long now, the breakthrough drugs that the pharmaceutical and biotechnology companies found,

there's such a deep connection. >> what's next? what's the next dinner table topic, the thing that you guys think you can tackle, and who are you going to help out next? what are you going to be the chairman of next, i suppose. i'm just going to start calling you the chairman. >> isn't this enough for one day? >> i'm talking about tomorrow. what's on the docket for tomorrow? >> we'll talk about that form. >> and you'll come on cnbc and talk about it tomorrow. i'm game. >> not looking ahead to the next one. >> i'm tired. >> all right, guys. thank you very much. >> back to you. >> all right, jon. thanks to boast them as well. good job. we're going to head towards the closing countdown as we continue to set lows for the day. the dow down 111 points right now, mandy. >> we're continuing and got seven minutes left until we ring the closing bell. jamie dimon getting roughed up. new york city comptroller john lew leading the charge for an independent chairman. he joins us to explain why later

on the "closing bell." >> and mandy. >> yes. >> have you ever wanted to dress like cliff claven or neuman? the post office is giving its stamp of approval to a new fashion line to help fix its bottom line. that's coming up. can't wait. you're watching cnbc, first in business worldwide. i know what you're thinking... transit fares! as in the 37 billion transit fares we help collect each year. no? oh, right. you're thinking of the 1.6 million daily customer care interactions xerox handles. or the 900 million health insurance claims we process. so, it's no surprise to you that companies depend on today's xerox for services that simplify how work gets done. which is...pretty much what we've always stood for.

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welcome back. this is one of those benchmark days, when we'll be looking back, to you know, to are -- not since february 20th, you know, will we look back for a lot of these markets here. let's give you a quick recap of what happened today. commodities down sharply. gold among them, down 2.5% today. look at that, a $40 decline on the april contract of $116, well below some of the support levels we've seen today, and it wasn't the only commodity. oil was also sharply lower. this was the worst day for oil in about two months, down 2.25% or $2 below $95 a barrel. why? well, a lot of reasons, but just in terms of supply and demand, the dollar was sharply higher. the dollar index up -- had a best day in seven months today, especially after the fed minutes came out showing that the fed was at least starting to think about the possibility, moving the punch bowl at least sideways for a little w