flights. so this could be over 100,000 people that are impacted. don't forget, you can't buy a ticket right now. >> dan, we've got to leave it there. great stuff. thank you so much for joining us on "street signs". >> but they apologized for the inconvenience, so it's okay, america. please note sarcasm. thanks for watching "street signs". >> "closing bell" is next. hi, everybody. good afternoon. we enter the final stretch of trading for tuesday. this market is rebounding today, bill. >> i'm bill griffeth. yes, get this. the dow has been up 13 consecutive tuesdays this year, huh? not bad, right. >> you are full of stats. >> i know, like my friend giovanni gives it all to me. the market stabilizing, gold no longer in free fall as well. we'll be examining what's happening with this volatile market with some very special exclusive guests today. we have black rock ceo larry fink joining us.

he predicted a 5% construction on this program not too long ago. and fedex ceo, fred smith is also with us. he has that unique insight on the global economy, as well as the impact of new security concerns in light of the tragic and deadly bombings in boston. >> yeah, it was of course, at this hour when we first learned yesterday of the horrific events unfolding in boston. that is where our scott cohn is right now with the very latest. scott, one day later, what can you tell us? >> reporter: maria, 24 hours after the horrific attacks, it is still an intense crime scene behind me, as authorities try to search for any clues about who did this and why. u.s. attorney general eric holder out with a statement a short time ago, again, calling on the public to help, saying no bit of evidence is too small. they are looking for cell phone video, anything that can help them figure out and piece the facts together. we also know that the boston athletic association, which stages this marathon every year,

had three surveillance cameras at the finish line. the company that provided those cameras under a sponsorship agreement tells cnbc they are cooperating with authorities. we will see whether that yields anything, but what is very clear is that the perpetrators of these attacks were out to inflict maximum damage. authorities and law enforcement sources say that the bombs were basically made of pressure cookers filled with things like ball bearings and pellets that would create shrapnel, packed in backpacks and left about a politic apart, exploding about 12 seconds apart. it is also clear they were out for maximum attention, although the explosions did not take place when the first runners crossed the finish line, it was well after that. that was either by accident or by design. we do know, also, that three people are dead, of course, and we know the identities of two of them. martin richard, 8 years old, who

had watched his father finish the race, and krystale hospita many of those injuries are critical, and many of the injuries also involve amputations and this will be going on for quite some time. tending to those injuries, tending to the damage, finding out what happened and why. bill and maria? >> all right, scott. >> thank you, scott. >> scott cohn there in boston. well, stocks are staging a comeback today after that huge decline yesterday. bob pisani, is this a bounce of some kind or are we going to turn around? >> i think a lot of it has to do with the better economic data we had this morning. i think that helped things a lot. take a look at the s&p. what a turnaround. we had the worst day of the year on the s&p yesterday. today, we're having the third or fourth best. we've recovered half of our losses. look at the sectors, 4 to 1, advancing to declining stocks.

and when you have consumer staples doing as well as materials, that's what i mean when you have a broad market advance overall. a lot of those commodity stocks and stocks that got killed yesterday in that turnaround today. copper producers, goal-mining producers, coal producers, nib that's in the production space, all to the upside, although varying degrees of being on the upside. i want to point out, we have held on to our gains, not at our highs, but we have held on to our gains. and we have very good economic numbers this morning. that cpi, up 1.5% year over year, that's below the fed's target. that's going to give them a little bit of cover to go ahead and keep with those stimulus programs. that's very good news for the stock market overall, and w also had industrial production up, a couple of companies raised their gdp numbers for the quarter on those numbers this morning. guys, back to you. >> all right, bob, thank you so much. black rock stock also in the green today after delivering solid results for the first quarter. black rock ceo larry fink joins us now exclusively, and as you can see right there, the stock up $1.24. larry, good to have you on the program.

thanks so much for joining us. >> hi, maria. >> what do you think's going on? i want to ask you about the quarter and about business, but about a month ago, you were on this program saying, look, i wouldn't be surprised if we had a 5% pullback. that's what we're seeing or that's what we saw. do you think this is the beginning of something larger? how would you characterize what's going on in the markets right now? >> not really. i would never be surprised to see the market correct itself, but i did also say i thought the markets would be higher by year end. i'm still in that position. i believe, if you lack at corporate earnings so far want 85% of the companies reporting exceeded estimations. it's an indication of a stronger economy. it's an indication of corporations, you know, managing their expense properly. so it does validate my long-term view, but if somebody told me we were going to have 5% correction, i would say, look at that as an opportunity to get into the market. >> i mean, you've got, you know, nearly $4 trillion in assets

more than the federal reserve. what can you tell us in terms of what clients are doing right now? are you continuing to see the buy on the dip mentality? do they take advantage of the pullback every time we see this market go lower? >> well, i think what we've seen from the beginning of the year, clients are putting cash to work. we are seeing, we had $34 billion of inflows, which was a record quarter for us, in equities, and most of that money came from cash, so we did not see a rotation from bonds to equities, but we saw a persistent demand for equities. in fact, even yesterday we had another institutional client come for another $1.5 billion in equities. now, i don't think it was predicated on the dip, but it was just, they had more cash flow and they're putting more money to work. so i think we're going to continue to see clients interested in equities, but let's be clear about it. we've seen most of the demand in equities in three categories. the u.s., japan, mexico.

we're seeing clients who are interested in equities that look like bonds. so a high coupon, high-dividend paying stocks. we're seeing clients still interested in bonds, but bonds more like equities, so high yield. i think that's the flavor or that's the characteristics of what we're seeing. but overall, the u.s. is the place where clients are investing. the u.s. marks are up about 11%. emerging markets, maria, are only up about 2%. and this is after a year of underperformance last year. so we're not seeing clients run into equities with high beta or, you know, high volatility. we're seeing clients interested in equity, but they want coupon, they want to have some assurance of some return, and they're looking for equities that have less volatility in the overall market. >> yeah, you said a lot of things there. so i want to follow up on a few of them. first of all, mexico. you know, we have been talking about mexico since davos. i know you've been investing in mexico since before that.

i want to ask you what's so special about mexico right now. because i continue to hear an enormous amount of money moving into mexico. what's going on from an investment standpoint? >> it's just an overall great story. over the last four or five years, as the chinese currencies have increased and as their wages have increased, we have not witnessed the same changes in mexico. so in terms of labor costs, mexico is now competitive to china for manufacturing. this is why you're seeing more and more manufacturers moving to mexico, who may have been building their products elsewhere. second of all, mexico is a great energy story. very similar to the united states. pemex is spending more time, more money now in investing in their infrastructure. they have found in the last 18 months some large energy finds and there's a great possibility that the new government is going to privatize natural gas and there's a belief that there's as

much natural gas potential as the united states. so you add those characteristics of energy and an inexpensive but high-quality labor market, it's a fantastic place where you could expect a consistent 4% gdp. >> wow, yea. i love this story. we'll keep following that, because i want to figure out ways that our viewers can benefit from that. let me turn the attention to the federal reserve for a moment, larry. lots of talk the fed will ease up on the gas pedal this quarter. just this morning, we had some hawkish comments from william dudley, bill dudley, due to the recent jobs report. janet yellin, just in the last couple of moments, singing a similar tune. what's your take? when does the fed begin the end of stimulus? is this summer? >> i think it will be later than the market believes. i think it's going to be probably late this year or early next year. i think, obviously, we're focusing on the labor markets, but i think the key that we need to focus on is how banks are

lending to small skmeeand mediu businesses. and the fact that bank assets are maturing very rapidly, they're going to have to reinvest that money and they're going to start, you know, they're very anxious to lend this money now and i think they're going to lend more aggressively to small and medium business. you even heard banks talking about, we're here, we're in business, we're ready to lend our money and i think this is what the federal reserve is looking for. if these small and medium businesses can get inexpensive capital at good rates, they'll start hiring. and that's why you'll start to see hiring. so i'm in the camp that will see the fed's activity to be extending large the market believes. >> and of course it's not just the federal reserve, you've got a similar story in japan going on. on the conference call today, you talk about this spike in japan. people looking for etfs, ways to participate into what's going on there. how sustainable is the move in

japan, do you think, in terms of real investor interest? >> well, i was in japan a few weeks ago. the atmosphere in japan is as enthusiastic as i've remembered in 20 years. you have a change in attitude from ceos. you actually see a change in behavior. it is now patriotic to start consuming in japan. i think the japanese are aware, if this does not work, they have a long period of austerity. and so i believe you have the entire country behind what the government is trying to do. i'm not suggesting it's going to work in the long run. i don't have enough information. but in the short run, it's producing more, a more enthusiastic economy. i think you're going to see the japanese economy do better than expectations. and as a result, we are seeing investors who, for 20 years,

underinvested in japan, are now entering, reentering back in japan. what wave seen recently, though, is investors investing in yen, but hedged back to dollars, because they thought the yen would be weakening. the question is, has the yen weakened enough? and now will investors now buy japanese equities unhedged? and that's going to be the real test. i believe we are going to see investors come in now. because i think most of the run on the yen is over and so if you're interested in japanese equities, you should do it on an unhedged basis. >> well, they certainly have seen real money flows into those etfs, hedged and nonnenhedged. let me ask you about your own business and margins. on the call, you said margins were hurt by spending on extra lawyers for regulatory compliance. how do you see the regulatory

environment playing out? and how are you going to improve margins in this scenario? >> actually, my margins improved by 140 basis points over the quarter. so we had a record margin for the first quarter. so over a 40% margin. i was asked specifically, can our margins even improve more, and i said, well, we have a lot of pressures on regulatory issues. we're reinvesting in our company by hiring more people. so i was just being cautionary. but to answer your question, our margins have had improved year after year. they're going to improve from 2012 into 2013. i believe our business model will allow margins to improve, despite, despite, we're spending at more money on lawyers, spending a lot more time working with our regulators. and i think this is just the cost of doing business moving forward. >> we'll leave it there. larry, always wonderful to have you on the program. thanks so much for your time. >> thanks, maria. >> larry fink, black rock.

we have a market up 112 points. we are still waiting on answers coming out of boston in terms of suspects. we will bring you the very latest. >> and we'll show you where the strength is for the stock market today in just a few minutes. also, more superstar guests coming your way. former new york city mayor, rudy giuliani, will join us, get his reaction and insights in the wake of yesterday's bombing at the boston marathon. >> also coming up, the ceo of fedex, fred smith is with us. we'll take you live to fedex headquarters in memphis and get his outlook for the global economy. >> that and much more coming up on the "closing bell." it's as simple as this. at bny mellon, our business is investments. managing them, moving them, making them work. we oversee 20% of the world's financial assets.

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welcome back. show you, get the nature of this rally today that we're getting. there's that 265-point decline of yesterday, and now the bounce back today, at the high of the day. we were up 151 points on the dow. now it's 123 points. for a time, all 30 dow components were higher today. that's not the case now. three of them are negative. it's pretty much a broad-based game today, rally. what i'm calling meat and potatoes rally. look at this, materials, consumer stams, technology financials and discretionary are

among the gainers today. i want to highlight technology very quickly, because we're expecting earnings from intel and yahoo! after the close tonight. intel is trading higher at this hour, while yahoo! is down half a percent right now. >> fedex, of course, on the eve of its 40th anniversary, in less than an hour, employees will be ringing the closing bell. the stock viewed as a barometer of economic conditions has been on a slide after the company cut its outlook for the year. up to that point, the stock had been riding this market rally. we want to drill down into the outlook, how the company is dealing with the global economy. joining us is fred smith. fred, it's always nice to have you on the program. we appreciate your time. >> thank you, maria. >> what can you tell us about the rest of the year at fedex and the industry? i think when you first came out with the news, the last time we spoke, about the global economy, it shook the market. it certainly caused a pretty good sell-off in fedex shares.

where are we right now? you're in-between earnings reports, but in the last quarter, profits were down 31%. >> well, the quarter that we had recently was related specifically to our international traffic. a lot of our business, particularly our ground parcel business in the united states, and our domestic express business, is doing quite well, based on the ecommerce revolution. but in the international sector, the policy choices that have been made in china and europe and to a lesser degree, the united states, which is doing relatively better, combined with the very large increases is in the price of fuel over the last decade, have slowed down global trade and global gdp growth. and that's what you saw in the fedex numbers in that last quarter. >> could you drill down a bit more, fred? what specific policy decisions coming out of china and elsewhere were to blame?

>> well, i think china, some years ago, made the decision, they called it indigenous innovation to try to promote national champions to develop industries inside china and not to focus on developing consumer-led society, although in their new five-year plan, they're doing just that. i was in china three weeks ago and as a consequence, the role that china ought to be playing today, of pulling in a lot of exports from other countries, imports into china, simply isn't happening. in europe, you have the tremendous problems, which you report on we, constantly, where you've simply gotten government expenditures and government borrowing at an unsustainable level, so gdp is not growing and in many places in europe, it's

contracting. and in the united states, we have a tax code that is not designed to incent investment, which produces jobs and gdp growth, and hopefully we'll change that soon. >> international priority shipping saw a decline in what you charge per package to ship. what does that tell you about the global economy outside of the u.s.? >> well, i think what people are doing with the price of fuel, and this goes to larry fink's remarks a few moments ago, about the prospects for mexico, as it costs more to move goods, off a the price of fuel, they make price service trade downs, so our economy shipping was growing quite nicely. we simply have to adjust capacity and got a little out of phase with that. but it's not by accident that, again, referencing what larry said a couple years ago, we bought a wonderful company in

mexico, which is now a big part of the fedex portfolio, because we believe there's be a lot of near shoring and the nafta trades will be quite strong. >> yeah, i am loving this mexico story. you're investing in mexico as well, really interesting. fred, let me get your take on the tragedy in boston yesterday. security issues playing a big part. it's what fedex does. can you talk us through how you screen packages, you know, as much as you can tell us, and if you go on heightened aid letter after something like that? is it business as usual or not? >> well, i would say this much, maria, we try to stay on heightened aid letter 24/7. we have a very large, sophisticated security force around the world, mostly composed of former law enforcement government people, atf, dea, special people with

special skills. we use a tremendous amount of analytics, and we train our team members and we use a lot of diagnostic equipment. as you know, a couple of years ago, fedex and u.p.s. aircraft were the targets of terrorists trying to send explosive devices on our airplanes. fortunately, they were interept septembered. so it's something we work on every day and all 300,000 of us, i cannot tell you how badly we feel for those folks in boston who lost their lives and were so severely injured and their families. >> same year. we are all mourning for the tragedy and really wanting answers. let me ask you, final question here, fred, in terms of the federal reserve and stimulus spend welcome what kind of economy are you expecting going into 2014? do you think the fed slows down

the stimulus this year? >> i would doubt it for the very simple reason that fuel prices are now coming down. that's a big driver of the average consumer's cost and inflation and secondarily, we have not been producing jobs at the rate that this economy needs to produce jobs. and again, it's the result in our opinion of low levels of investment, compared to what's needed and corporate taxes need to be reformed. i would commend to anybody watching this show, a wonderful report, which was just published yesterday, by the business roundtable, which deals with this issue very completely. the scholarship is outstanding. >> by the way, fred, we'll take a look at that. why do you think oil is going down? what's the reason for that. >> well, it's because of, one, demand is not growing as sharply as was anticipated due to the

lower growth in china and low growth or no growth in europe. secondarily, the united states has been the beneficiary of this marvelous technological revelation in oil and gas, and we put in fuel efficiency standards under the bush administration, which were increased in the obama administration. so we're producing more and we're using less. and that's why the price of fuel is down a bit. >> all right. makes a lot of sense. fred, good to have you on the program. thanks very much. >> thank you. >> we'll be cheering on your folks here as they ring the closing bell. bill? >> all right. we're coming back a little bit here. the douw was up 151 at the high of the dead, we're up 131 right now. >> apparently, bill, the bias is to the buy side here on the floor. >> good to know. >> we'll see what happens. up next, a thing who knows a thing or two about terrorism. former new york city mayor rudy us what we can learn from the

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president obama says that the tragedy in boston yesterday is being treated as an act of terrorism. >> rudy giuliani was mayor of new york city when it suffered the devastating attacks of 9/11 more than a decade ago. mr. giuliani joins us now from manhattan. good to see you, mayor. thanks very much for joining us.

>> thank you. >> what have you gleaned from what's happened in boston? >> i mean, quite obviously, this is a devastating attack. my heart goes out to the people that were affected by this. it just brings back so many memories of september 11. i live with them every day, but a situation like this, they come flooding back to you. the reality is that this -- we're not going to know the true answers to this until we find out exactly who did it. it could be a terrorist plot that's fueled by ideology. it could be a terrorist plot that is more happenstance or it could be an insane person. any one of those possibilities is still a live possibility and anyone speculating would be making a very, very big mistake. >> fbi officials have made it clear today that they're pleading with the public to provide any images that may have been taken yesterday that could be used in all of this. and they say there's no suspect and there really, without an obvious motive and all that.

do you think they know more than they're telling us right now? >> well i should hope so. i would be somewhat disappointed if that were the situation, with the number of cameras they have in boston. boston has a large number of cameras and they should be able to come up with some images that will help them. i was in london back in 2005 when the bombs went off, kind of similar to what happened here. and they caught those people within, less than 24 hours. and they did it because, like boston, london has a large number of cameras, and i actually, prime minister blair, took me in to see the control room they had. they actually had those people focused on, i'd say, about six, seven hours after the bombing. so i was hoping, in a situation like this, that in boston, because of the cameras, they'd be able to have a pretty good picture of who did it. maybe they do and they're looking for more information. let's hope. >> that's a really good point and that's really what i wanted to ask you about, mr. mayor. because is it extraordinary to

you that we don't have any suspects, we don't have any information about who's behind this. we all know there are cameras everywhere in every large city. how come we don't have more information at this point? >> well, let's hope they have more information and they're not putting it out and they're looking for some people and they don't want to alert them to the fact that they're looking for them. i spent more of my life in law enforcement than i did in politics and i have to admit to you that there were a few times where we did that, where we put out less information than we had, because we didn't want to alert anyone. i would be surprised if they have as little information as they're suggesting. >> you know, maria and i were on the air last night in the aftermath of all of this and the conversation kept getting back to the balance between security and privacy issues and not wanting to live in a locked down world. is there more we can do to safeguard the public withus feeling like they're living in a militaristic society? >> there is, but you don't want to fool anyone. there's always a trade-off,

you're absolutely right. the fact is, if there are cameras everywhere, you've now given away a lot of privacy that we're all kind of used to. but when you see a situation like this, when you see the situation that i saw in london, the situation of september 11 didn't really require cameras, because these people were clearly suicide bombers, so there was no need to photograph them. these cameras are really necessary in the world that we live in. and if anything useful comes out of this horrible, horrible tragedy, it should be, we have to realize that there is not something we can just be co complacent about, just because a lot of years have gone by. >> so what can you learn from what we know already in terms of the sophistication of the bop, the forensics used. i mean, does this sound like an amateur? does this sound like a terrorist? and i recognize a lot of this is speculation. >> yeah, plmaria, take this as pure speculation and i'm

probably going to be wrong two days from now, but in fairness to your question, my analysis of it is that this is probably not a well-organized terrorist plot, like september 11 was. then again, this is, it doesn't seem to me to just be some happenstance crazy person who did this. lacks to me, if i were going to guess, this is somebody that is driven by some kind of ideology. he learned how to do this, or they learned how to do this, and they're doing it in pursuance of their mission. maybe it's some islamic ideology maybe it's some other ideology, or maybe somewhere in between. maybe just a one-off. maybe this is more similar to ft. hood than it would be to anything else that we've encountered. >> and you're actually surprised we haven't had this happen more often. >> isn't everybody? >> we're grateful it doesn't happen. >> you take yourself back to september 11, and we were on alert for numerous attacks

almost exactly like this. i mean, this is a, this is the kind of bombings that were going on in israel in 2000, 2001, 2002. we expected, my police department expected, the fbi expected, the cia expected a fair number of attacks like this. >> why hasn't it happened? >> i think there are some very good reasons for that. i think, first of all, the response of our government is much, much better now. we've had this terrible attack today. we had the ft. hood attack, but we've prevented many, many attacks. if we haven't changed the way we gathered intelligence. if we haven't done the patriot act. if we hadn't done a few things like that. we could have had a dozen attacks. 20, 30 were stopped. you know the one here in new york that was stopped on times square. >> yep. >> but there have been a lot like that. some we've learned about, some we haven't learned about. intelligence gathering today is much, much better. however, if you get either a lone wolf or self-described

jihadist whose operating maybe with one, two, or three people, it's very, very hard to pick up that intelligence. i mean, there's no international intelligence that you're going to get about that. there you have to rely on a very well-trained police force and you have to use what commissioner bratton likes to describe as precursors to terrorism. you have to train your police to look for the things that are the telltale signs of a possible terrorist attack. buying certain kinds of materials, spending time casing an area, looking at an area. those are the things that you have to do. and that's very, very detailed work and you can't always be right. >> yeah. mr. mayor, good to have you on the program. >> good to see you. >> thanks so much. >> thank you. >> we'll see you soon. mayor rudy giuliani joining us. we have a market up 135 points. a big rebound from yesterday, with just about 25 minutes before the bell. and the gold free fall has taken a pause today as well. oil also stabilizing a bit. but both certainly a lot lower

lately. and you just heard fred smith saying he sees oil going lower from here. up next, we'll find out if either gold or oil is an attractive investment at these current levels, after this.

welcome back.

if you're just joining us, we have a broad-based rally today. they have been buying the dips from yesterday's huge slide. the dow was up 151, now 141-point gain or thereabouts. but the nasdaq has been the strongest today, up 1.36% as we await intel and yahoo! earnings after the bell tonight. plea maria? >> gold recovering a bit from the largest one-day decline on record. let's get to sharon epperson at the nymex with the story of gold today. hi, sharon. >> hi, maria. up $6 or so, you can't really say this is anything more than a very small bounce in light of what we saw yesterday in the gold market. and the fact that just in the overnight session, we saw gold prices fall to $13.21 an ounce, the lowest price we've seen since january of 2011, a lot of traders not ready to call the bottom yet. they're saying technically we could see prices as low as $12.21 an ounce. and we're continuing to see prices fall in the oil market as well. brent crude below $100 a barrel for the first time since july. and nymex wgi crude futures also

with the $88 handle and a lot of options activity with puts. those are bets that prices could fall between $83 and $88 for the strike price. so we have the inventory data coming tomorrow. we have options expiration in the oil market for the wti futures. all of that could create a lot of volatility in the crude oil market in the session ahead. back to you. >> sharon, thank you very much. let's take a closer laook at god and oil. with us, j.c. o'hara, and gary k k kozlowski. j.c., what do the charts tell you about gold and oil? >> bill, the charts are telling me that i want to stay away from gold right here. there's no compelling reason for me to jump into gold. now, if you look at a longer term chart of gold, you can clearly see that long-term up trend that we've loved for the last 12 years. we broke that a bit last year. every subsequent rally has been met with less and less enthusiasm. we saw that giant floor at 1550, 1600. we kept knocking on the door and all of a sudden that trapped

door opened up and gold fell. this is not one of those falling knives that i want to catch. i'm staying away from gold here. >> but you like oil, though? >> crude's little different. crude sold off and technically it's very interesting. because the longer tremor trading pattern of crude has been one of giant swings. we saw 120 down to 70, back to 110, down to 80. back to 100 and we're trading right at 90ish. i think we're setting up pretty well for a bounce higher. my some risk here is if you look t a brent. brent already took out the november lows. however, wti, which is what we're watching, is right around the november lows. if those november lows fall to the downside, i'm staying away. if they fold, i like it here. >> gary, what's the buzz? let's start with gold? is it going to bounce here. has it found a bottom? what's going on here? >> i saw 1300 as the absolute bottom of it. it couldn't go through it. it tried yesterday, as we all saw. i mean, 150 plus drop-off. now, what i'm seeing is, is as

soon as it stopped that fall down, we're seeing a few people starting to get back in. i think some of these fun guys are going to start looking at it and saying, hmm, that's a pretty attractive price. we're going to be looking for probably 14.50 in the next month, maybe sooner than that, and i don't think it's going to bust above 1,500 for any time in the very near future. >> so we're going to trade in a range for a while? >> yeah, i believe that we're going to see -- well, we've been staying nah range. we tried to get up above that 1,600. we just couldn't do it. then we saw the odd circumstance where we had the u.s. dollar and gold both climbing, both pulling back. and they did that for a number of weeks. that was a big warning sign that something was going to happen. and then we heard from the euro zone that cyprus, we've got to sell off some of your gold. and i think that that was probably one of the biggest catalysts to help that really come down, after goldman made their announcement, saying gold's overprized, guys. why don't we start selling off a little bit. >> crazy stuff there. thanks, guys. i've got to go at this point,

but thank you for your thoughts on these two markets that everybody's been following so carefully. we're moving higher, maria. >> we are at session highs with just 15 minutes before the closing bell sounds. we've got the dow up 150 points right here. >> yeah, we often talk about how this last hour of trading is the most important of the day. when we come back, bob pisani breaks down just how volatile this last hour has been lately. >> no shortage of excitement. >> yes. >> and after the bell, find out how intel is coping with slumping pc sales when ceo stacy smith will join me. stay with us. 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. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that kind of focus... tdd#: 1-800-345-2550 that's what i have when i trade. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 ...helps me keep an eye on what's really important to me. tdd#: 1-800-345-2550 it's packed with tools that help me work my strategies,

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we are southwest. welcome aboard. welcome back. the dow industrials recouping some of yesterday's massive loss. there's still certainly plenty of time to trade and anything can usually happen in these last few minutes. we've got a market up near the highs. >> i want to show you this chart. they do such great statistical research and everything. and bob pisani, are you going to show this chart? here it is. >> there it is. >> this is typically what's been happening lately in the last hour -- i mean, this is for the whole day, what the typical hour

looks like of the s&p 500. and look at the last hour. that's when you'll see a lot of buying come in these days. that's when people are willing to commit to this market, after they've seen how it trades during the day, bob. >> yeah. and the important thing is, what this chart is showing is that there are bigger price swings to the upside in the last half hour than the rest of the day. now, this intuitively makes some sense if you know that the market's had an incredible year. we've been up almost every day of the year. we're up 10% in the year. so when you have this kind of momentum going into the close and you're up most days of the year, the momentum guys stay with the market. and they basically stay long. so i can assure you, this chart would look differently, bill, if we were down 10% on the s&p 500 this year. you wouldn't see the nice price moves the to the upside. by the way, people ask me, how come this happened when you have these high-frequency traders coming in the morning and getting out in the afternoon. and they don't do that. they're buying and selling all throughout the day.

so by the end of the day, they're just quietly coming to a close. they're not as much influence as you would think on this market. >> thanks, bob. a lot more to come here. with about 13 minutes left, the dow still sitting near the highs of the gain with a gain of 148 points. >> next, todd morgan explains why he thinks is stocks are still underowns, even though the s&p is up 10% this year.

welcome back. less than ten minutes before the close and what the difference a day makes. the dow having its best day before the end of feb. the s&p having its second best day of the whole year, maria, right now. >> it's pretty extraordinary and we are at the highs of the day. i just got a note from art cashen from ubs, who's saying there's 500 million to buy right now. but with all of that, todd morgan says the stocks are still well underowned and sees a surprise to the upside. todd, young this market is undervalued. how do you figure? >> i think two things, i think, first of all, it is undervalided on an historical value, but i

think it's underowned. and only 18% of the population owns stocks today and normally it's closer to 30% and it's a 30-year loan. if you walk down madison avenue and ask people what the stock market is, are they buying stocks, most people would tell you they're not. >> you don't think the retail investor's participating in this? >> it seems like they're just using up some cash, they haven't liquidated any bonds and that has been no major asset allocation change. i think it's yet to come. i do believe what happened psychologically with investors is you go from fear to complacency to greed. i think we're leaving the fear area right now and going to complacency, but we haven't had greed. i think the market will continue to outperform bonds for at least the next two, three years. >> rick, what do you think about that? and today's bounceback, does it have the feel of sustainable bounceback, or is this just kind of a little bounce that might be short lived, for stocks and gold, for example? >> well, the crbs at a

9 1/2-mond l9 1/2 9 1/2-month low. i think the gold trade didn't come to an end because everyone woke up one day and said, gee, i think all the government programs are working great, so there goes my reason to own gold. i think it was a hot trade. i agree with the guests that stocks will keep going up, because there's less and less alternatives. but i do think when you talk about undervalued, and that may be true, but in the context of, you know, the fed's balance sheet, you have to take out all the variables that didn't exist in history, to really get an accurate comp. i think stocks will continue to go up. and i think they're going to go up a lot longer than the hairy, dense thing. but do you ever notice whether it's our guests or the president, nobody takes credit in the white house for the new july time highs in the stock market and the president likes to take credit for just about everything. why do you think that is, bill? >> tell me a president who doesn't like to take credit for

things. >> because there's a whole lot more to it. >> you said, "why do you think that is." why do you think that is? what do you mean? >> take a look at his base, young people, they voted for him in force. then take a look at the unemployment rate. there's a lot of reasons. this rally is just loaded with question marks and experimentation as to how it got here. it's here and you can get your check -- >> we've talked a lot about that, todd. this is an unloved rally. every time we hit new all-time highs, we wouldn't get the kind of headlines we got in the past. >> this is the most hated rally we've seen in years. there's a transition coming out of cash, and bonds are maturing. people are looking, what are the kind of returns i'm going to get on my bonds? 2%, 3%, or i could go buy the s&p 500, half the stocks there yield over 2.5% and i have the potential for growth. people are putting their toe in the water looking for alternatives, and i think this is going to continue. do i think we're due for a

correction? i'm not market trader or a market timer, but -- >> but you seem a little technical. i'm sorry, finish your thought. >> we would all lake the market to correct, because we'd like to mutt more money to work. >> you speak like a technician, when you say fear, greed, complacency. >> i'm a psychologist, not a technician. >> we'll leave it there! >> you're not a technician, just play one on television, i guess. >> thanks, guys. up next, we've got the closing countdown, right after this break. >> hitting highs right now. as we mentioned, yahoo! and intel due out with earnings right after the bell runings. >> plus intel cfo stacy smith will join us before he talks to the analysts. you want to hear that before the numbers are released. you're watching the "closing bell" on cnbc, first in business worldwide. all stations come over to mission a for a final go.

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specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. coming up on 90 seconds before the close here, before we get to peter costa. let me show you pretty quickly, a pretty good day, a comeback day for the dow industrial. going out on the highs of the session. now we're waiting for earnings from intel and yahoo!. they're lacking at 41 cents on $12.5 billion. whisper.com says that number could come in at 42 cents. they might beat by a penny.

yahoo! has been trading lower, there it is down 19 cents. looking for 21 cents on $1.9 billion. they could come in at 26 cents, maybe 2 cents above the estimates there. peter costa, did you buy today? >> yes. >> are you convinced that that was a low for a while. or is there more to come? >> i definitely think that was a low for a wile. i think anytime there's an opportunity like that to buy, you have to jump in. this is definitely a rodney dangerfield rally. it's gotten no respect whatsoever. and i think maybe there's only a few people that actually have respect. and, you know, it's, to me, you can't fight the tape anymore. you can't. >> you buying earnings-related stuff? what are you buying? >> earnings-related stocks, because they seem to be doing better. i was not expecting earnings this season to be, you know, anywhere near what they were last quarter and they're beating it. so buy them. >> thanks, peter. see you later. that's first hour of the "closing bell." stay tuned, a lot more to come. got those earnings from intel and yahoo! coming up, plus much more on the second hour of the

"closing bell" with maria bartiromo. i'll see you tomorrow. and it is 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to the "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. stocks surging on wall street, gaining back half of yesterday's losses. finishing out the high of the afternoon with another gain on the day of 156 points. that is up better than 1%, at 14,738 on the dow. nasdaq picks up 48 points, 1.5%, and the s&p 500 higher by 22, also 1.5%. we're in earnings mode right now. we are awaiting earnings from intel and yahoo!. our jon fortt is going to dig through the numbers as soon as they come out and we're going