he blames the casino for not stopping him and allowing him to keep on betting, he burnt $164 million in just 5 1/2 hours. that is not, my friends, resourceful. thanks for watching "street signs" everybody. "closing bell" is next. hi, everybody. welcome to the "closing bell." i'm maria bartiromo here at the new york stock exchange. this market trying to bounce back from yesterday's steep decline. now, once again, we're off the highs of the afternoon. still holding on to that double digit move, bill. >> so far. strong start to the trading day this morning. the dow was up 75, but we did lose that altitude later in the morning. kind of hovering right now. we've had this unusual time frame right now, where we've had the s&p up one day, down another day, up another day, down another day, consecutively for 12 straight sessions. the last time that happened,

1981, better either one of us was born. it's been a while. >> and japan hasn't been a hot story for 20 years either, and today we've got a huge rally underway, with that nikkei on fire. coming up on the program, we have an exclusive trio of interviews comes your way. wall street heavyweights reacting to the latest news in the market. we've got the ceo of tiaa-crep, noourl roubini, and wilbur ross, all coming up. >> plus, facebook boss mark zuckerberg announcing new software it's calling home. and get this, it's using google's android platform to do this. so this new htc first phone is out. facebook stock is up about 2.6% right now. google stock is lower. we have more on this develop historic that everybody's been talking about today. >> absolutely. let's check where we stand as we

approach this final stretch for a thursday on wall street. the dow jones industrial average up about 36 points. obviously, you can see we're off the highs of the afternoon, which have really reached about 10:00 a.m. this morning. nasdaq composite, negative right now. take a look, the chart pattern is similar to the dow, and it has come way off of the highs, shows a decline right now. s&p 500, higher, although it, too, off of the best levels with a gain, about four points. >> let's talk about this market in today's "closing bell" exchange. we welcome back jean pirone from advisers asset management, mike ryan from ubs, cnbc contributor, ron insana, and our own rick santelli. welcome to all of you, gentleman. my old friend, jean pirone. everybody's waiting for this correction to hit the market. you have an interesting take. you believe we've been going through a correction, just not all at once, right? >> that's right, bill. the sectors have been rotating through consolidation here for

several weeks and maybe even more. when you look at the small cap index, that's been correcting now for the last couple of weeks, midcap index, correcting over the last week or so. so the market, in this particular cycle, has done a good job of policing excesses on an ongoing basis, especially with this sector rotational basis. so i'm not saying that's going to suspend or can't stop the possibility of some downside, but i think the correction will be more garden variety, 3% to 5%. >> so it seems like most people are expecting that 3 to 5% sell-off. >> or maybe more. >> but many look for a buy on the dip mentality. mike ryan, how do you see it? >> we're still constructive on the market, maria. there's no way you can forecast 5, 6, 7% corrections. these come as part of the investing process. and let's face it, we had quite a run, despite the fact we saw some sector rotations, the market has moved to new highs.

i think what we're looking at now is a period where we need the next new catalyst either to drive the market higher, either through stronger economic data, but i think we may get the next moment, to come in first quarter earnings. our view is that the bar has been set pretty low going into earnings season, and we think corporations can surprise the upside. >> ron, to gene peroni's point, some of the leaders latelies are starting to faultlter. >> yeah, the financials, also, bill have given up their their leadership, as have key technology stocks. it's the kind of thing that can presage a correction. i might go out a little bit farther on a limb, 5 to 10% on a pullback. i'm a still a buy the dip type. but some of the data has softened up, both domesticicly and overseas, and commodities

seem to be sending a slightly more ominous, although not in a huge way, message with copper breaking down of late. we're seeing commodities with the exception of lumber weaken. so that makes us a little nervous about this run to highs with some negative divergence starting to show up. >> when could you see that 5 to 10%? are we waiting for the month of may? the traditional sell and go away time frame? >> maybe. we'll be done with earnings season largely. but i don't know it's a sell in maine and go way type of thing. i'm bullish on the u.s., generally think. but i think the market have been been gutted a little bit here leaves it vulnerable to a pullback. remember, corrections are short, sharp, and scary. this is not bear market stuff. >> rick santelli, jump in here. interesting developments in japan with that huge rally, similar policy now. where do you see things playing out? >> in the words of my friend, ira harris, the bank of japan

just waged war against the ecb today, and i think i have to agree with that statement. you know, here we are, the dow is 406 points away from 15,000. interest rates, officially, are unchanged on the year, and ben bernanke looks like he's pretty healthy. i don't see that much of this changes. i do think what's going on, japan, what do they have, close to a $12 trillion fixed income market there in terms of government securities? multiples of ownership beyond their gdp. i don't think it's going to end well, but i think in the near-term, you know, the nikkei, get this, closed 560 points off its intraday low. it's amazing. the dollar index is virtually unchanged after you look at where the dollar yen is, and then it's kind of surprising. the pound is flying all of a sudden. the euro has done two or three u-turns. it's now to the upside. i really think that everything

continues. really, if you look at the auto numbers in europe and think about what japan did today, that gives you clues as to where this is eventually going. >> let's go around the horn and make this meaningful to investors, if i may. gene peroni, where are you going to put money to work? >> aerospace, health care continues to be very good. but on the weak side, agriculture has been correcting. i think that presents a really good buying opportunity now. and i think technology at these levels is very attractive as well. >> mike? >> i think, so far, that the market hasn't given up on the defensive sectors, and i think now we're poised to see the cyclicals do better in the second half of this year. we're going to continue our bias with the cyclicals. we think they trade at a pretty big valuation discount. and although it's not happening right away, we think this will drive the cyclicals higher over the course of the year. >> by the way, gene and mike,

does it bother you that the mining and some of the commntric groups are really falling apart here? does that tell us anything, or is that just a sector call? >> that's a little bit of a concern, maria, to be honest with you. with gold breaking down here a bit, following the market in a corrective pattern, actually, that's a little bit of a concern. i think you have to keep an eye on that. i tend to look more at oil. that's where i think the real correlation is that's really significant here. so i want to see oil hold to the $90 support area and hopefully rally a bit toward $100. >> before we go, ron, we were asking where you're going to put money to work, very quickly? >> i would, you know, i'd be looking at some of the brand names that are focused on domestic economic activity. i like disney, the starbucks name, anything that's really focused on the usa. i think some of the more commodity concerns are really reflecting weak global growth as opposed to weak domestic growth.

>> all right. thanks, everybody. >> thanks, guys. meanwhile, best buy, have you seen it today? one of the best >>ers on wall street. josh lipton with details there. >> bill, look at best buy, enjoying just a monster move today, up big. the news, best buy will offer space in its stores to create samsung boutiques. analysts saying the boutiques will use dvd and cd square footage with better productivity. best buy, your best performer today in the s&p by a long shot. now up some 108% this year. bill, back to you. >> all right, josh, thank you very much. all right, heading toward the close here. what do you think? we're up 40 points right now. the dow was up 75, the s&p is up 4.5 points. can we finish higher today? >> it all depends on the anticipation ahead of the jobs number. that's the big report tomorrow first thing in the morning. that's certainly going to set tone for tomorrow. a lot of debating going on, what kind of number we'll see on the yields of the adp report that we saw this week. up next, don't miss our

exclusive interview with roger ferguson. he has some very unique insight into this market and he's also focusing on how the financial industry can improve confidence. and the hot water the market could be in if they don't. >> and facebook making another big announcement today, but is it big enough to get that stock back even to its ipo price? we'll look at that, coming up. plus, dr. doom also with us. but is he seeing a break in the storm clouds? nouriel roubini does see one tiny bright spot in this global economic storm. you'll be surprised where it is. that and a lot more coming up in the most important hour of the trading decade on "closing bell." stay with us. welcome to the new new york state. what's the "new" in the new new york? a new property tax cap... and the lowest middle class income tax rate in 60 years... and a billion dollars in tax breaks and incentives. new opportunities for business. over 250,000 new private sector jobs were created over the last two years. and 17 straight months of job growth. with the most private sector jobs ever.

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welcome back. trim tabs today reporting in a new report that it has been nearly a decade since this much money was poured into stock mutual funds and etfs during the first quarter. all told, about $52 billion going into mutual funds and etfs. that's music to my next guest's ears, that is tiaa-cref's ceo, roger ferguson. he says it is imperative we restore investor confidence. it's something he's speaking about today as well as financial

literacy at the rise conference in dayton, ohio, where he joins us right now. good to see you, roger. thanks very much for joining us. >> maria, thanks for having me back on the show. always a pleasure. >> good to see you. what about that huge the inflow into equity funds. does that tell you that the retail investor is back into this market? how do you read it? >> i do read it the retail investor is back in the market. i think it's a reflection of the fact that the economy is gradually getting better. i think it's also the case that businesses are showing some nice profitability. so you put it all together, and i think the retail investor is feeling a touch more confident. i would say, however, we've got to be careful. it could be fragile. >> so, the retail investor, you know, it's interesting, because, you look at -- this is sort of a generational thing. you look at the last blow-up in the dot-com era, and the individual basically was out and didn't come back for a long time. how long would this process be, do you think, that, you know, people are coming back, the retail investor coming back? are we at the beginning stages

of that? >> i think we're at the very, very beginning. it's going to take a long time to heal the confidence that the retail investor is going to need. and there's a lot that the financial services sector has to do in order to keep the confidence of the retail investor. >> and at the same time, you have lots of different things going on in this market. you've got the activist investor back. you've got pension fund transparency in the news. how does a this increased pressure on pension funds, being pushed to disclose investments, how does that affect private equity firms and how this market changes? >> i think the reality is the pressure on pension funds around transparency has got to be put into a larger context. i think what regulators and investors are expecting is that their big institutional investors in the financial services firm have got to show that they put investors' interests first, that they've improved corporate governance, that they've developed really good approach for risk management, and then once all that's done, then i think we'll find a continuation of this kind

of recruitment going on in the marketplace. but there's a lot of work to be done to heal these things. >> there's a lot of work to be done, and there's still really a disbelief in this market performance, you know? so often, you hear people say, you know, well, we've got to have a correction soon, because we hit record after record. police a people are not believing this rally because partly it is fed-induced. do you think it matters that it's fed-induced? or maybe you don't think it is, you think it's partly because of an economic improvement. but does it matter that the federal reserve has created this environment where there just aren't many alternatives to stocks? >> look, there's no question that with very low interest rates, partially driven by the fed, that investors, retail and institutional, have to look to other assets for a reasonable return. that is driving people to take on a little more risk, for sure. does it matter? of course it matters. whenever it turns out that the fed starts to withdraw, interest rates start to rise, they're

going to have to do that very cautiously, so they don't undermine the forces that are at work here. having said all of that, it is also true that the economy is getting better, household balance sheets are improving. deleveraging is probably moving towards the final period. so there's some fundamental forces as well as monetary policy that are driving what's happening in markets these days. >> but the market is what it is, right? does it matter what the reason is it's going up? there's momentum there and the retail investors as well as the institutional investor, who's long, are making money on it. >> absolutely right. now, the secret here is to be very careful. because retail investors have a tendency to pile in when things look really good, and then they pull out, just at the time they probably should be investing more. so the challenge of a retail investor is to not get wrapped up in today's excitement and today's hype and to really develop a long-term perspective, owning equities has got to be part of that, but it's all about

the pace in which you buy into this market and don't jump in at highs and panic when things start to correct a little bit. >> and long-term being five, ten years or more? >> long-term being five, ten years or more and the retail investor really has to have a long-term perspective and not get too excited about the fact that the market hitting highs some days and off the next. you have to think about what your long-term strategy is as a retail investor. >> based on what you see in terms of the data out there, roger, that we are looking at an improvement in housing, that we have been seeing a couple of better numbers on unemployment, what would be the right policy? i mean, when would you expect -- not necessarily asking you to tell the fed what to do at this point, but what one the appropriate move in terms of the starting to unwind that stimulus? and do you worry that after all of this stimulus, there is going to be an issue in terms of inflation? of course, you know that's been the big debate out there. >> i'm aware of the debate, you're right. i'm not going to tell my former colleagues and friends at the fed what to do.

i would say the following thing. they've been pretty clear about what they're looking at. they want to see an ongoing improvement in unemployment. they want of a greater sense that this economy is self-sustaining, at which point, i would expect, based on what they've said, that they will start a gradual withdrawal. now, the time frame, some of them talked about an unemployment rate at 6%. i've heard 5.5%. they'll have to tell us what their time frame is going to look like. the second thing is, i'm really confident that they have talked appropriately about the risk and reward of the current policy and they'll keep that sort of risk and reward in mind as they hope to normalize policy, start to normalize that balance sheet and allow interest rates to return to a more normal level that's reflective of, one hopes, emerging strength in the economy. >> roger, let me get your take on this other debate that everyone's having, and that is about the systemically important institutions out there, the too big to fail. now the talk is expanding that

number of institutions, beyond just the larger banks to include a ge, to include, you know, obviously aig. do you have a problem with too big to fail in terms of some of the large banks out there? do you think they should be smaller or split up? >> look, it's quite clear that under the new law, there's a real effort to not let up those institutions, but drive them to have higher capital requirements. those that are designated as systemic important have a special interaction and relationship with the fed and the other regulators. i think there's something else has to be said, though, that these institutions that may be very, very large have got to regain public confidence by improving their own governance, by driving a greater risk management culture, and by basically managing themselves in a way that's consistent with their scale and scope and their influence in the economy. so, regulation is necessary, but not sufficient, and one should be looking to see how they

improve their own behavior, their own risk management, and their own internal corporate governance. >> and they've all raised capital, certainly the banks have, quite a bit, according to them, to have a much higher numbers than the actual standards. let me ask you about the fed, roger. because, of course, you've been now in the private sector, running tiaa-cref. a lot of folks out there want you to take bernanke's job when he steps down. are you interested as going back to the fed as chairman? >> maria, i love talking to you. i love that you even asked the question, the second is that this seems a little premature, and thirdly, i really love what i'm doing, i'm very committed to tiaa-cref and our important mission of creating financial well-being for millions of americans. thanks for asking the question, you heard my answer. >> do you think that people today are much more educated than ever before in terms of

getting their arms around their own financial lives? do you see that at tiaa-cref? >> i'll say, look, our participants are very well educated, for sure, in general. 85% of them tell us that they're highly confident of their retirement futures. but i'd say society overall has a big problem with financial literacy. there have been many studies showing that. and particularly, i worry about young folks. there is a big challenge, as you know, with student debt. $1 trillion of student loans outstanding. so tiaa-cref has started a program with the council of graduate schools, a multi-year effort, to try to develop some ideas for graduating students and others in the space of financial literacy and their own financial well-being. we'll be handing out 15 grants or so during the course of the summer and over the next several years, we hope to develop some ideas that will make it a lot easier and better for our young people to learn how to manage their own financial welfare and

well-being. >> and that motivation, one of the reasons you spend your time at conferences like you're at right now, the rise program. thank you so much, roger. >> thank you, maria. >> see you soon. roger furguson joining us. >> he didn't say no. >> i noticed that. >> he didn't say no. we'll keep that in mind. heading toward the close, 35 minutes left in the trading session for this thursday. the dow up 31 points. we'll so if we can finish with a higher close today. ge has been one of the best performers over the past several, certainly within the dow jones industrial average. now regulators may deem general electric and some other widely held stocks as too big to fail or systemic important. >> we'll look at both sides of that. talk about a family feud. we'll tell you about a scandal you'd normally find on the front cover of the national enquirer that actually involves the family of that magazine's fonder. and there are incredible allegations, including the kidnapping of grandchildren.

not a shock, it's all about money. that means robert frank will have the story for us and all the gory details, coming up. stay tuned.

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♪ welcome back. the list of companies deemed by regulators as too big to fail may be getting better. kayla tausche has the story. >> regulators are in the final stages what it means for a firm to be called systemic important, in other words, if the firm

would fail, the economy would go down with it. the fed says companies with 80% of assets coming from financial can i have t activities would qualify. under this new definition, regulators are reported to be circling three companies, prudential, aig, and ge capital, all of which received government bailouts during the crisis. the oversight committee is meeting this afternoon to discuss the issue and a final decision is coming in the next three months. source us say several other companies are still being evaluated, but at earlier stages, and fsoc's ability to evaluate a company financially important is ongoing. letters from trade groups represent the single largest portion of feedback regulator have said getting. met live's ceo said subjecting these insurance companies to the stricter scrutiny under being system lick important, that could mean higher prices for consumers. this week's final rule said no exemptions would be made on an

industry basis. to be continued. bill? >> yes, indeed. kayla, thank you very much. let's talk more about this. would be being deemed too big to fail with a net positive or negative? in this case, we're talking about ge's capital, general electric. right now that stock is trading near multi-year highs. let's start talking numbers on ge. it's richard roth, on the fundamental side, it's abigail doolittle, equity strategist at the c-port group and a cnbc contributor. welcome to you both. rich, how about the charts on ge? what do they say on our former parent company? >> while a modicum of caution is warranted in the short-term, the long-term technicals are strong and we are bullish on ge. first the bad news, let's bring up that short-term chart. you'll see this well-defined double top and a 3.5% pullback to initial support at the 50-day moving average. if we broke below that 50 welcome it could set a stage for a move down to the 200, around

2150.22. but now the good news. let's bring up that long-term chart. and i'm going to give you a strategy that's elegant in its simplicity. back in 2008, we break below the 200-week moving average with, the stock declines 80%. in january of last year, we break above that, we're up 21% from there. that strongly suggests that the longer term trend is higher. you want to be a buyer of any weakness. >> fundamentally, abigail, what do you think about ge, especially as it pertains to this new designation of being too big to fail at ge capital? >> i'm a bit more bearish on ge than rich is, for the near-term, and all of 2013. first and most importantly, ge is really a proxy for the global economy. there are many signs out there right now that the global economy could be slowing more than fragile economic recovery. weak data out of the u.s. here. if we start to see signs, continued signs of some kind of pullback for growth, these shares are certainly going to

decline. relative to today's announcement, i think that that could really potentially be a negative. ge capital has done a great job of slimming down and cleaning up, but it doesn't seem to me that the shadow of potential oversight from the government will be a positive, especially considering the fact that it's even deemed an institution that could potentially bring some kind of risk to the overall financial system, sort of brings out more of that sense of ge capital as that black box. so i don't think that's a positive. and shares are fully valued here. when you look at them relative to the other industrial comps and even the financial comps in various metrics, i think shares are fully valued. i think that we're going to see -- >> very quickly, rich, we've got to go. >> keep in mind, 3.3% dividend yield. trading at a market multiple. this is not the ge of 2009, when we bottomed out at 6:00. this is a much more diversified company with less leverage in the financial system. this is a great play. >> you can be right, rich, but i think this company is very vulnerable to a potential global

growth slowdown and i think that valuation is pretty witrich. so i think it's a nice time for investors to take profits. >> thank you both, good discussion. see you later. thanks for joining us today. >> we're in the final stretch here, about 30 minutes before the closing bell sounds for the day. a market that is steady, up about 23 points. >> so facebook, highly anticipated, unveiling its latest attempt to monetize mobile, but did the company finally deliver enough of a wow factor for investors? we're going to look at that, coming up here. >> also, we're still watching the escalating tensions in north korea. they are threatening to spiral out of control. this time, yesterday, the rogue country unleashing a flurry of new threats. what's coming today? we'll have the very latest from the region. plus, dr. doom himself, neuouri roubini will discuss how this could impact your portfolio. tdd#: 1-800-345-2550 when i'm trading, i'm so into it, tdd#: 1-800-345-2550 hours can go by before i realize tdd#: 1-800-345-2550 that i haven't even looked away from my screen.

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facebook shares trading 3% higher today after announcing its latest attempt to make money on mobility. or is it really just monetizing your personal information? julia boorstin was at that event and she has more for us now. julia? >> reporter: well, bill, facebook just unveiled a new

google android app called home. it's more than just an ordinary app, it takes over your home screen. ceo mark zuckerberg says it puts people, not apps, first. a new feature called chatheads allows user to chat with friends while using other apps. available for download april 12th for certain android phones, zuckerberg says every month, the company will roll out more devices and app updates. today's announcement, though, isn't just about facebook and google's android. on april 12th, htc will start selling the htc first. it's a phone optimized with the new app, home, preloaded for $99. it will be available exclusively through at&t. qualcomm is here announcing a partnership with facebook to power and optimize facebook for home on all snapdragon devices. >> what's really important with this kind of an app that the battery life not be impacted and

that you have all the stuff scroll really smoothly and it's all multimedia, so it's important for that to be rendered really well, so we do all of that interior plumbing to make that stuff work really, really well. >> reporter: now, zuckerberg says home will not include ads at first. when he said that, the stock did pull back a little bit on that news. but, bill and maria, the fact that the stock is still up today shows that investors are optimistic that this will be boost revenues eventually. back over to you. >> all right, julia, thanks very much. one of our next guests was also at facebook's event. he's not impressed by what he saw today. >> he is ben par of cnet. she joins us now to tell us why he can't get excitement about the announcements or the products. lina row, though, of tech crunch says that today's move is a huge push forward for facebook's presence in mobile. thank you both for joining us. ben, the stock's up 3%. why aren't you wowed? >> it makes sense for what facebook is doing, but in the end, most of this information was already released and the biggest question is, whether

users use and it keep it? my honest answer is, i'm really not sure. i think it's a move that they they should do, but i'm not sure how many users will adopt it. >> i think it's fascinating that mark zuckerberg is willing to tackle these huge issues like mobile and it really shows that he's willing to take on these big product areas where he thinks there's innovation. it's why we think he's a product genius. >> can you compare this announcement to other announcements like an apple announcement, where they really did have new innovative products that people want to buy? >> well, i don't think you can compare apple -- it's apples and oranges. but, you know, i have to say, chatheads, for example, is a really innovative new way to add messaging on apps. i wouldn't be surprised if we see apple and other developers start integrating technologies like this. >> ben, what would you want to see from facebook, as it regards

mobility, which we all know, has got to be the future for this company. >> i think what we need to see, at least for facebook is, more ways to monetize it in a way that doesn't scare users. i think that it's smart not for them to start with ads, but eventually, when they do start removing ads, it's as simple removing the app for people if they dona't want to get extra adds on their devices. >> and lina, the question i have is, are people actually going to go out and buy a phone just so they can get, you know, facebook front and center? just because it is a facebook kind of a phone? >> well, you know, i think zuckerberg has a really interesting point. the way we're competing has changed. our experiences are around people, the way we actually use our phone, we look at the screen a hundred times in a day. we are looking for the social interactions -- >> but there's one thing to think about. one thing to think about is that facebook is just one of the many

networks we're using. and there was a question asked at the press conference about teenagers. teenagers are clearly using facebook left and using other apps, instagram and others. if you're letting your phone be dominated by one social network, what happens to the others? will people want to use an app, or a phone that really a caters to one network? >> you have to admit that they have a billion users. they have a dominant social network. so we'll see. >> thank you both. thanks for your thoughts on all of that today. and it occurs to me, years ago, microsoft got in hot water when they issued -- computers were issued where you could only get access to their operating system and all of their windows-based information. >> that's a great point. >> heading toward the close. 20 minutes left, the dow is up 38 points right now. >> it has been another interesting day for this market. up next, bob pisani will be up next, explaining what's behind this volatility, what it says about its ultimate direction. >> and later, wilbur ross tells

us how he's putting his money to work these days, and here's a hint, not a big fan of bonds right now. we'll find out, coming up. it's not what you think. it's a phoenix with 4 wheels. it's a hawk with night vision goggles. it's marching to the beat of a different drum.

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welcome back. wild ride today for this market. >> yes, it has been.

so what's behind all the turbulence here, bob pisani? >> we've got a nice battle. we've got the reflation trade going in japan and we've got weak economic data and they're trying to figure the whole thing out. you saw the japanese stocks, what was going on here today. all the big names, honda, mitsubishi, they're all up about 6%. good for them. and we're near new highs in the market for japan. but in the united states, we've had a very disappointing jobs report this morning. that dropped the futures and it's been kind of lackluster today. we've had a lousy week for cyclical names, the big global names, your material stocks, your energy stocks. put up the board of sectors today, and there's still not much energy here. this isn't particularly illuminating or helpful to us, thank you very much. so we're trying to figure out who's going to be winning. as far as i can tell, the weak economic news seems to be predominating here. mario draghi from the ecb, he talked and said the risks are to the downside now. that there's still economic weakness, and you can see what that did for the markets. right now i'm sticking to the idea that global weakness is trumping reflationary trade in

japan. >> any thoughts, bob, on your anticipation of the jobs number tomorrow? that should set the tone, obviously. what are folks saying about it in terms of the number and what we might expect? >> private sector job growth. that's going to be the key. it was well over 200,000 in the last one. if we get below 205, 210, that's where the estimates are. this is private sector, not total. if it goes below 200, we've got big problems. the risks are to the downside. this will be the fifth weak economic number if we get one tomorrow morning, the fifth one we've had this weekend. don't want to see that. 8:30 a.m. tomorrow morning, we'll see that number. >> 15 minutes before the closing bell sounds, we've got a market that is holding on to the gain right here, up about 43 points. >> he may be known as dr. doom, but nouriel roubini sees the u.s. of a. as a beacon of hope for the global economy. he'll tell us why, next. and get his take on how worried investors need to be about north korea, coming ups a well. >> and a find out his thoughts on europe as well.

plus, carnival. has it become a circus? the cruise line had a string of debacles, but we're barely hearing a peep from the ceo and nobody has been replaced despite all these issues. can carnival right the ship with this lack of leadership? it's coming up.

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tensions with north korea showing no signs of cooling off. nbc's jim maceda is in seoul with the very latest. >> reporter: well, the escalation continues today. in the latest message clearly meant for u.s. consumption, the north korea military spoke of striking the u.s. with a number of lightweight mobile nuclear devices. no experts here believe it has such devices. once again, this latest threat was conditional, this time on the u.s. stop iping what north korea calls aggressive war games. a move that it sees as a preparation for an invasion. this comes after kim jong-un reactivated an old mothball plutonium reactor and for a second day running has barred south korean workers from crossing into the north to punch

in at that very important quezon industrial park, the country's only joint venture. koreans here that they believe that kim is too weak and too broke to really launch an all-out war. but when you press them, they are worried that an accident or miscalculation of some kind during this powder keg could trigger something very nasty. back to you. >> thank you so much, jim. and despite being known for somewhat bearish outlook, our next guest calls the united states a beacon of hope among world economies, partly as a result of what we're seeing out of north korea. >> pleased to welcome back nouriel roubini, who's just off the boat from china and japan, right? >> yes, i've been all over. >> and you're seeing slow growth there in parts of asia, but here in the united states, i mean, you like the united states right now. is it because we're the least offensive right now? we have better growth than the other weak countries, or do you actually feel like we're going to have a full-blown recovery in

this country? >> i think it's more the former. in terms of comparing the u.s. with europe, with japan, with the united kingdom, u.s. economic growth is better. deleverings occur faster, there is a housing recovery, shell gas and oil revolution, you have the cost of labor rising in asia and as a matter of fact, it's becoming even more of a capital and so on. but this year, i think the u.s. economic growth is going to be quite mediocre, only 1.7%, we'll have a significant drag. next, the growth will be quite robust. there's still the effects of the sequester. there's still the inability to agree on a number of parties. in relative terms, the u.s. is doing better. >> nouriel, you're just back from japan and china. obviously, we saw an enormous rally in japan overnight. all the japanese companies up big, 200 plus points on the nikkei. what do you think about that? what did you learn while being on the ground in japan? and what does this tell us?

>> well, i spoke with many senior officials there and rode along a few days ago, saying they're going to be very aggressive, that the boj will surprise on the outside, that there'll be a massive stimulus, might postpone the consumption of tax increase next year if the economy is not recovering. they want to stop deflation, boost the stock market, weaken further yen, and jump start the economy. it's monetary stimulus, it's fiscal stimulus, it's increasing nominal wages, and together, join the negotiation for a partnership that can boost economic growth. >> so you believe it. would you put money to work in japan right now? >> bearing in mind that it's up 20% this year, and even more when you go back to the november lows here. that's had a huge rally. >> but it hasn't done anything in 20 years. >> yeah, i do expect they'll actually jump in, 10 to 15% upside this year. i think the yen is going to weaken as well, but maybe more slowly than it had before. for now, the economy is going to

do well, and the yen and going to be weaker. my problem is that by next year, unless they implement structure reform and start leading with the fiscal problem, because the debt is unsustainable, monitoring fiscal easing cannot increase growth. you need structure. and the agenda on that issue is much more soft and vague. >> what about china? i mean -- >> well, in china, again, the noises by the government, and we've met very senior policy officials, they want to rebalance the economy. they realize there's too much savings, too much fixed -- >> too much savings, huh? >> literally. and too much consumption. the trouble is while the talk is the right one, there are vested interested in china that are the state-owned enterprises, the o provincial governments, the coal firms that are against rebalancing a agree economy and increasing consumption. they're talking the right things in china. i worry that actually they're going to do those reforms much

more slowly than is optimal or desirable and next year the investment bust accelerates and at that time if consumption doesn't increase as much, you could have a hard landing by the second half of next year. next year, i would worry about the slowdown of china. >> you said the u.s. is sort of the best story around the world with all these upsets going on. elsewhere, are you still predicting a market correction when you were with us about a month ago here on cnbc. you know, the markets seem to have shrugged off the tax hike, shrugged off the sequester, of which you've spoken about so much. do you still expect a correction in the united states? >> actually, i've suggested it should be overweight in the u.s., like it is for the time being. and i think the forces are slow but improving growth, of reduction of risk, of low-risk inversion, apply that this rally can continue for a while. the shocks that could occur to

the external tend to become more disorderly in europe. china slowing down in the latter part of this year. tensions in the middle east. stuff could happen. and the sequester is going to imply that by the second and third quarter, u.s. economic growth is going to slow down compared to q1 and that's going to imply a nervousness about u.s. economic growth. i expect that given liquidity and a steady improvement in growth, u.s. equity can improve on the upsides, but there are still out there. >> how worried should we be about north korea? >> moderately. i think, still the case that north koreans are trying to get attention by threatening lots of stuff. and as long as you're going to start with them, most likely those threats are not going to imply an actual military contact. >> and why our markets are still at all-time highs. there doesn't seem ton the concern. gold's not moving higher. all the usual safe havens aren't responding in the normal way.

>> the risks last year, the breakup of the eurozone disaster in spahn. there was a risk of a cliff in the u.s. that's not there anymore. there was a risk of a hard landing in china. that's not there anymore. and there was a risk of a war between israeli and iran. and now the timing of that has been pushed. those were the four major global risks that have been reduced, and therefore, north korea a little bit noise compared to those meaningful, systemic market risks. >> do you want to sell europe? >> i've been certainly not overweight on europe. i worry that why the eurozone has been, from the low growth, continued recession, given fiscal austerity, strong euro and a credit crunch, that's high debt ratios and loss of competitiveness. those four problems have not been resolved and now you have austerity in the periphery and bailout in the core and they may clash with each other. so europe is still risking. >> nouriel, good to have you on the program. thanks so much. nouriel roubini joining us. >> we'll take a break and come

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and now we're heading higher again, ahead of tomorrow's unemployment report, which comes out at 8:30 eastern time. one stock to highlight, got to highlight it again, best buy. this has been a stock on fire this year anyway. it was up 90% for this year going into today, but after announcing that they were going to discount the ipad 3 by 30% and open their samsung store within a store concept, up 16% right now. ben willis, tell me you were in best buy this morning. >> i wasn't, but i've been there. i'm an expert at having shopped there. >> you've been in the store. what do you expect for unemployment tomorrow and what could it do to the market? >> i think, regardless of what happens, the unemployment number will -- should disappoint, but the markets, they've had no correction. we've had 100 points down on the dow, we've had one-day events. it's actually very impressive to see the money flows, not only out of europe, but the american money flows we just saw coming out of ici. i don't want to short this market or create new long