>> applebees. >> i saw a discount for a mother's day -- who doesn't need an urn for mother's day? and you can't be given an urn. you've got to earn your urn. >> anyway, thanks for watching -- free wings to watchers of "street signs" tomorrow, but i don't know where they would come from. >> and you've got to buy your drink as well. "closing bell" is coming up next. hi, everybody. we're into the final stretch. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. we are on dow 15,000 watch once again and over it. >> i tweeted a little while ago, i said, forget this sell in may and go away. what you should do is buy tuesday morning and sell tuesday night. this is the 17th consecutive tuesday -- >> that is very funny. >> that the dow's been higher, right? by the way, i'm bill griffeth. coming up on today's program, we have traded above it, but we have never closed above 15,000. and yes, it looks like this may be the day.

not to jinx it, but we're up 82 toints right now. this is about the high of the session. >> and we've got an exclusive interview with one of the top people on wall street, who has been calling this bull market right. larry fink is talking demographics. he's thinking about a near-term pullback in the cards, but he is far from short-term oriented. he's looking long-term and he says you've got to be invested. >> meanwhile, disney's earnings will be out about an hour from now, and i think it's safe to bet that bob iger is going to have a smile on his face. the stock's at an all-time high and they had that huge opening at the box office over the weekend for the debut of "iron man 3," but we'll wait to see what the earnings look like. and he'll be here exclusively to break down those earnings for you. >> let's take a look at where we stand as we approach the final stretch, with the highs of the day right now, with a gain of 82.75, that's back above 1551, last trade there. s&p and nasdaq, also strong today, take a look. even though technology is

actually one of the laggards here. up just about 4.75 on nasdaq. we are looking at wins there as well. and the standard & poor's 500 index, also at the high right here with a gain of 0.5%, bill. >> i think we're going to bob pisani, yes? what do you think? 15,000, is this the day? >> we passed it on an intraday basis back on friday, but sell in may, so far, take a look at the dow. we're up 1.25% so far in the month of may. now, remember, last may, last year, we were down overall for the month. so far, we're doing pretty darn good here. maria's right, people look at the sectors, energies, materials, industrials, these are the cyclicals that have been powering us forward for the last week and a half, again, positive, and the techs are having a break. what's weighing on the dow are the techs. so hewlett, microsoft, cisco were all weak. ibm is up. but, boy, apple's been up 17% in the last couple of weeks. google's been really strong.

so all these high-flying techs are starting to take a little bit of a break. that's certainly not surprising. how about the transportation index? another new high. four days in a row, transports have outperformed the industrial. look at these nice 2% moves, right across the board. not just in companies like fedex, but in some of the stocks that are logistics related, like rob robinson and expediters. we had great earnings today from some of the exploration production companies. eog resources, very big in texas, very big in the bakken, terrific numbers overall. really a surprise, the street was wrong on this. production was up and the pricing was up. i think that got people surprised very clearly, these are guys who can grow a lot quicker than their peers. look at the big move up there, almost 8% in eog. and you can own them all in an etf. there's the xop, all those stocks just shown on that screen. bill and maria, back to you. >> let's talk about today's market action in our "closing

bell" exchange. we welcome kevin mon, bill nichols, and our own rick santelli. kevin, you acknowledge that this has been a market that's been led higher by the defensive sarcastic for the most part. do you stay with that group as we continue higher here? what do you do here? >> i think that's been one of the untold stories of the market rally of 2013 thus far. just looking at morning star, the leading sectors year-to-date have been consumer defensive, health care, utilities, and perhaps the biggest gainer thus far has been real estate. while we've seen some momentum in recent days in technology and financials, those defensive sectors are still holding their ground. >> so bill nichols, what are you seeing from the trade desk standpoint? are you still seeing the conviction on the buy side here? who is it that's fueling this market? institutions? >> well, maria, i think it's a little bit of a seller's strike. people that want to sell stocks, they are not rewarded. if you sold stocks a couple months ago, you're looking at these prices and saying, what am i doing? the sell side of the market is

slowing down, to be sure. you keep talk about the sell in may and go away, it works until it doesn't work. for now, people are just saying, hey, if i've waited, i've gotten better prices. >> i like -- your line is that buyers are going -- being strung lo along here. sort of being strung along reluctantly at this point. >> they don't want to chase. they'll say, i'll wait for the pullback and the pullback doesn't come, and they're sort of forced into the market place. they may not buy their whole position chasing, but they're forced to kind of nibble away. >> rick santelli, you had an auction today, didn't you? how'd it go? >> yeah, we had an auction of 32 billion three-year notes. tomorrow it will be 24 billion tens. you know, this used to be referred to as the may refunding, but we have supplies so often basically every other week. the whole refunding, the quarterly refundings get lost. i just noticed consumer credit was out and it was on the light side. you know, bill, today, i think the best way to look at the markets is to look at some of

the barclays spread indices on both investment grade and high-yield. the spreads have narrowed as you can see on these one-month charts. the hygtf is at the best levels since '08. and on friday, the dax rallied 100 points on our employment report, part of the underpinning today in our stock market was german factory orders for march were up 2.2%. and many are drawing conclusions that the registrations of autos that have been soft, big industry in europe, that maybe the factory orders dismisses part of that or mitigates part of that, so we'll have to stay tuned. >> kevin, let me ask you your take on the federal reserve here. because, you know, that's the big debate, isn't it? when, in fact, the fed might start slowing things down. and that would likely cause a sell-off in stocks. do you have a lot of conversation about that? what's your anticipation in terms of when we actually see the stimulus begin to go away? it strikes me that the private sector still isn't ready to take the baton right now in terms of

leading economic growth. look no farther than the gdp in the fourth quarter of 2012 and somewhat of a lackluster gdp growth in the first quarter of 2013. i don't think the fed needs to do anything more, but i don't think they're going to loosen the rains or much less raise interest rates anytime soon. one point i would like to add to earlier. i really do think it's any company, any stock that's associated with housing or health care, that really seems to be driving this market right now. whether it's reits, whether it's health care companies, or even health care reits themselves, seem to be really driving the markets in 2013. >> bill nichols, war you buying? kevin's making it clear he likes these defensive sectors. what do you like? >> you have to find out what your time horizon is. the ones that are working today like the transports that are outperforming, some of the tech names are a little bit out of favor today, but have had big runs. like apple in the last year, sells off 40%, but has rallied 20% off its lows and google's

been steady. so the technology space still has some more room to run on the upside. but we'll see. and the media names are reporting today. disney reporting after the close tonight. >> that could set the tone for tomorrow. that's for sure. stay tuned, we'll have bob iger coming up next hour. thank you all for your thoughts on today's market. >> thank you. >> thank you. meanwhile, our steve liesman has been breaking down the consumer credit numbers, which flashed on the screen. steve, what's your take. >> maria, consumers giving the plastic a break in the month of march. the consumer credit number, which took in all the credit except for real estate, consumer credit rising just 8 million in march, about half the expectation of economists, who are looking at $15.5 billion. the 3.4% monthly gain, the smallest since july of 2012. not particularly concerned about a one-month trend, they did revise up, february, if it continues, maybe we're seeing the consumer, renewed concerns about his or her finances.

reinvolving credit declined 2.9%. nonrevolving credit rose 5.9%. that's autos and student loans. and of course, student loans are the fastest growing part of consumer credit, with the federal government providing billions of dollars of new loans on the month. revolving credit from the banks fell for the third straight month. we saw a bit of that yesterday, bill, in the senior loan officer survey, that banks are not really opening up the spigot to consumers at this point. and when we look at where the differences are between this economy and the economy before the financial crisis, it's really in bank lending to consumers for credit. >> yep, much tighter than it was. that's for sure. >> right. >> steve, thanks very much. >> sure. heading towards the close, 50 minutes left here. the dow up 84 points. could this be the day we finally close above 15,000 for the first time ever? we'll find out. >> this next story, bill, i love. people are living longer. we keep saying this is a crisis because we can't afford it. we're live longer! the retirement age is still, though, 65, and that has black

rock's larry fink worried. he's next with what america needs to do to make sure people don't outlive their money. plus, he's dead-on about the market so far. we'll talk about where he thinks this market heads next. his stock, by the way, right on track as well. black rock hitting an all-time high today at 275 and change. after the bell, disney ceo bob iger join us moments after his company reports earnings. you'll only see it here. and his stock is hitting an all-time high as well today. that and much more coming up on the "closing bell." stay tuned. how do traders using technical analysis streamline their process? at fidelity, we do it by merging two tools into one. combining your customized charts with leading-edge analysis tools from recognia so you can quickly spot key trends and possible entry and exit points. we like this idea so much that we've applied for a patent. i'm colin beck of fidelity investments. our integrated technical analysis is one more innovative reason

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welcome back. could be an historic day on wall street if you're just joining us. the s&p, any positive close there is a new all-time high. it's up eight points right now. the dow is looking like it's going to close above 15,000 for the first time ever. it's up 83 points near the highs of the day. and maria, some people were fine when i tweeted before, just forget sell in may and go away, you should buy tuesday morning and sell tuesday night. now, our dear friend, art

cashin, we know, he knows all and sees all. just came by and said to me, you know, bill, if you bought monday night and sold tuesday night, you would capture 70% of the gains we've seen in the market so far this year. >> that's unbelievable. >> okay? >> it's a very difficult way to invest. >> i'm not advocating it. i'm just saying that's how it has worked so far this year. >> pretty extraordinary. >> a new survey by the firm shows that investors are worried about the financial realities of longevity in today's market. more than half of those polled worry that they will actually outlive their retirement savings. how do you take action right now? joining me right now in a cnbc exclusive to talk more about that is black rock chairman and ceo, larry fink. good to see you, larry. >> hi, maria. >> i don't know if you heard what bill just said, but apparently this is the 15th straight tuesday in a row that the market is up. >> we love tuesdays. >> this strategy of buying in the morning and selling at night

is something people are talking about. and i said that's exactly the opposite of what you would say. before we get to longevity and this issue you've been so right on, let's talk about the markets. how did this market feel to you today? >> we just finished earnings seasons and earnings were pretty good. the s&p p.e. ratio was about 15/5, still fair valued. so despite this huge run-up in values, corporate earnings have kept pace. i are repeat my view of the world. you need to be heavily invested in equities and this whole idea about longevity, that we were going to talk about, if you're going -- you know, we're all going to live longer, and if you're going to live longer, you'll have to have longer dated assets. the question is, with the cycle where interest rates are, with 3% long treasuries, you can't afford to have compounding at only 3%. so you're going to have to find

an alternative to invest for your retirement. and the only asset category where you have liquidity and opportunities is equities. and i think this is a very large secular change. and we're just beginning to see it. that people are going to heavily become more invested in equities. >> and i think people are very, very poorly prepared for this. which i want to get your take on. but i love what you said when you spoke to nyu stern students today. you said, if you were born in 1950, a couple of years before i was, average life expectancy at birth in america was 68 areas old. today, it's closer to 80 years. but if you actually make it to 65, there's a good chance you've got another two decades after making it to 65 of life ahead of you. so, about one in every four americans who are 65 will live past 90. >> and one out of ten will live past 95. >> and how do you prepare for that. and what's the average amount of savings that people have for retirement? >> it was just reported, the

average savings of -- this is not social security. the average personal savings that people have towards retirement is only $25,000. and so, this leads to some really extreme behavior if people have an inadequate amount of savings. it means, they're going to have to work longer. much longer than anyone anticipated. which now creates a social issue with young people. there are just less job opportunities and people are going to be working longer. the second thing is, you better be nice to your children, because you may have to live there. >> that's funny, but it's not funny. >> it's not funny at all. >> and governments aren't ready either. >> i think this is a society issue. it's government, it's individuals, it's corporations, it's the investment management, and it's the media. we need to start focusing on objective-based investing. we have to spend less time focusing on trial and tribulations of the market. i know we all enjoy watching the dynamics of the market. i mean, i personally do. but if we don't start focusing on long-term needs, liabilities that are 30, 40, 50 years,

you're just not going to have adequate amount of retirement. and it's going to be a huge societal burden. we're basically announcing today a call to arms. we need a forum, no different than about changing our tax code, we need the same type of debate on retirement and how best prepared we could get americans for that time. >> so what do you do? do you ignore worries about a short-term pullback? even you, who's the guy who's right there, looking at the next 30, 40, 50 years for people, said the last time you were on, sure, we aren't going to get a 5% correction. are you expecting that? it doesn't matter? >> it doesn't matter. i also said when i was asked by somebody in the press, you know, at the cyprus event, what do you think of cyprus? i said, who cares? >> well, wait a second, that's another conversation. i do care, if i'm going to put my money in a bank and i'm going to get a haircut because i'm a depositors. >> if you're under $100,000,

you've got a hundred cents on the dollar. it was those who had above the guaranteed by government. so what the ecb did, what the cyprus government ultimately did, they did exactly the fair thing. no different than the united states. if you have more than $100,000 in any one bank, the fdic only insures up to $100,000. so i, you know, we're going on a tangent, but i actually think that was a fair jut cooutcome. >> you do, okay. i want to get off of this tangent, but is this going to be a precedent for other economies? >> no, by all means. >> okay, that's important. so in terms of expecting a pullback, what is my mentality? is my mentality, as soon as i see a pullback, i need to get into the market, because i'm thinking the next 10 or 20 years? >> i know it's nice to think that way and i'm guilty of that, but if you're worried about your outcome, if there's a 1% or 2% or 5% pullback, it's not going to mean much to the end result.

the key is, we need to change the dynamic thought process about long-term outcomes. the other big issue we have, maria, if you listen and read any behavior economist, they talk about most human beings actually are irrational in their investment decisions. we are so risk adverse. we get more -- we have more fear in losing money than the pleasure of making money. so that is a real critical element. so in america, this is what i spoke about a lot. america has transformed the pension plans from defined benefit to defined contribution. that is -- and so with individuals now taking the responsibility investing, they're putting more of their money, because they're frightened this bonds. and now getting back to this longevity issue, you really have a serious issue, because you're underinvesting for your long-term needs. >> why has longevity become an issue that you are so passionate about? and what should investors do today about this issue, if, in

fact, their home, looking at this, or in their office, recognizing this is, in fact, a real problem. >> the one reason i spoke at turn, i wanted to talk to the students. i wanted to tell them, okay, your first need is finding a job. and once you find that job, you want to start focusing on your retirement now. the problem is, if we don't focus on these long-term needs, the needs get worse and worse. it just accumulates and gets rarn larger and larger. so if we don't start addressing this, on top of this whole idea of longevity, we have a serious issue. and then you compensate that and think about what now low interest rates does to retirement and the compounding of low interest rates -- >> you're losing money. >> well, you're not making much money. >> when you look at the compounded interest rates at rock-bottom levels right now. >> i cite in my speech, if you invest in 3% obligation for 30 years, you were able to generate

600,000 in savings. if you put $1,000 a month in something that would earn over 6%, i think that's a fair estimation over the long-term, and some would say 8 or 9 or 10, that's $1 million. if you are frightened of the equity markets but want to have the same outcome, you want to have that $1 million, that means you have to put $1,700 in the market today, in the 3% bond. how many people have $1,700 to put away every month to have $600,000 out 30 years? >> not many. >> this is why we have to start focusing now. you need to start thinking about longer term investing with higher total return results. >> i want to ask you just get to two more things. as we close out the loop on longevity, you've got a huge etf business. is that the way to do it? what are you telling clients to do in terms of getting exposure to stocks, as well as fixed income for that safety element, looking out 20, 30 years? >> well, as i said earlier, i think equities are the asset class that's going to help you

earn that type of return over a 30-year cycle. etfs are one of the asset categories that can or asset vehicles the that you can invest in equities. but, you know, we are not -- today, we're not announcing where to put the money and how to put the money. we're just calling the arms, this is a crisis we need to address it. we need to address this no different than we're addressing the whole tax policy in america. that we need to have a global forum on how to address retirement in america. etfs are a great vehicle for that, but i'm not here to talk about any one vehicle. >> and i'm glad that you brought it to students. because at this moment in their lives, this is the last thing they're probably speaking about. >> that's what i started in my piece. probably the last thing you're thinking about, but you better start thinking about it now. >> very good point. your firm's influence continues to grow and grow and grow. you've got a voice there, in so

much of the corporate governance stories out there. i want to ask you about jpmorgan. black rock is among those that remain undecided about whether jamie dimon should retain the chairman's role. what's keeping you from making the decision, or do you have the decision? >> so i've been very public about corporate governance and we've invested millions of dollars of having an independent proxy team. i've sent out letters to ceos, please talk to us before you have a proxy. we want to talk to all our stocks, companies that we invest. >> given you are the number one shareholder in many of these companies. >> they are now coming to talk to us. we have this independent team that does everything. i, the ceo, have nothing to do with it. and that would be very bad governance. i don't even know what is happening on this one issue. and it would not be proper for me to know, for the independence of this team. >> i understand. >> but this team has the full responsibility, and they are working with all the different

companies on how we think. we do publish, i will just tell you, black rock does publish an end report, which is on our website, on how we vote and what our philosophies are. one thing important to note on the jpmorgan issue, we believe there is a role for a combination of chairman and ceo. i'm a chairman and ceo. we also believe in a strong lead director, who has some strong rights and responsibilities. and that's what we say in our proxy, in our annual report on our proxy voting procedures. that's all i know. >> this is all very important, because you look at a company. for example, we'll have bob iger on later on today, frz from disney. and here's a guy who's been running a company very well. the stock is at an all-time high. the shareholders have been anticipate, and yet, the idea of chairman and ceo does not sit well with a lot of people. >> but bob and disney is a great example of reading what we said.

bob personally reached out to me. i personally set his team and my team together and they worked out how they're going to, you know, what we are looking for in terms of disney. and i have to idea what that is. >> did jamie reach out to you personally. >> i've had conversations with jamie. >> larry, nice to have you on the program. would you like to make a final comment there? you were to say something? >> you caught me. >> thanks, larry. larry fink joining us from black rock. we're in the final stretch of trading here for the day. we have a market that is higher by 81 points with 30 minutes before the closing bell sounds. up next, facebook eking its way into the fortune 500. find out if joining this elite group can help turn around the company's stock. it's down today by 2.5%. disney, as you just heard, coming in at number 66 on the fortune 500 list. ceo bob iger will be with me later with a look at the company's success, as he breaks down the earnings, which are going to be released right after the close. an exclusive interview you can't afford to miss back in a moment on "closing bell." i'm on expert on softball.

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welcome back. the dow jones industrial average on track to close above the 15,000 mark for the first time ever. josh lipton is breaking down the movers and shakers and really what the companies are that are compelling this market. josh? >> maria, another day of gains in the market. big names hitting new all-time highs in today's session. among them, comcast, parent company of cnbc. google, which is now up some 21% just this year, black rock, and starbucks.

also check out fossil, your biggest gainer in the s&p. the worst performer, first solar. a good day also for the financials. many trading at new 52-week highs the today, including wells fargo, citigroup, and bank of america. and we'll end here on facebook, which i know you guys are just about to debate, slips into the red today, down 30% from its offering price of 38, though up 50% from its low last fall. guys, back to you. >> yes, let us talk about facebook, josh. thank you. joining the likes of apple now, this is a list of the top revenue-generating companies and facebook now just made the cut. still, not bad for a company young enough with its own share of revenue doubters out there. so even as the stock lags below its ipo price last year of $38, is it time to like facebook if you have new money to invest right now? let's talk about it in talking numbers on technical side with jonathan krinsky at miller tabak, and on the fundamental

side, it's erin gibbs, chief investment officer at s&p capital iq. i will start with you, erin, the fundamentals. would you buy facebook right now? >> yes, actually, now looks like a better time, mainly for two reasons. one, they met their revenue estimates for first quarter. and knowing that a lot of the larger companies missed researches but beat or met earnings, they met earnings and also met their revenues. the second is, there's obviously more appetite for risk these days. obviously, for the first quarter, we've had this huge run-up in income-producing stocks, your consumer staples. i think might now would be the time to look for a company that's more about consumer appreciation and growth. >> jonathan, does the chart agree with that assessment? >> we don't have a lot of price history on facebook, but what we do have doesn't really compel us to be bullish or bearish right now. if we lack at the daily chart, you can see there's really two main levels to observe. the downside, we have 25 of

support. that was an area that really started selling last july to the downside. price was able to get back above that last november, and since then, 25 has acted as a good support level. on the upside, 29 has acted as pretty tough resistance. buyers down to 25, sellers at 59. right here at 27, we're in the middle of the range, we'd be on the sidelines and looking for better opportunities elsewhere. >> erin, i expect you're looking longer term, is that the idea? >> for me, i consider that short-term, but for me, short-term is six months. i'm looking for more in the low to mid-30s, 33, 34, and then re-evaluate, particularly when we see q2 and q3. but the fact that they were able to have such an aggressive increase in the mobile ad revenues, last quarter, there was a lot of concern when they pulled out on their advertising. i was worried about facebook and

negative about it a few months ago on the same program. now being able to see that mobile increase really turning around some of the strategies that they've implemented, particularly for small business growth, i think they're on the right path to meet their very high expectations for revenue growth. >> yeah, it's clear, mark zuckerberg got the word, mobile was the word and he was listening that time. >> yep. >> thank you, both. good to see you. see you latter. . and we've got a market that is on fire, holding on here as we approach the close. the dow jones industrial average up 80 points, above 15,000. looks like that's where we're going to close. >> speaking of mobile, qualcomm's into that big-time. paul jacobs is here with us at the big board. we'll ask him what's behind his stock's sluggish performance. not exactly enjoying the benefits of this bull market, even though their earnings have been pretty good. >> they sure have. and then there's apple, it appears two weeks ago may have been a bottom, because apple is up 16% just in that two-week period. coming up, we'll take a look at whether it's time for investors to take another bite of the company, back in a moment. tdd#: 1-800-345-2550 when i'm trading, i'm so into it,

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welcome back. qualcomm, perhaps more than any other technology company, is in the thick of the explosion of mobile devices, providing

everything from processors to radio antennas. >> they are really right at the heart of it all. but that boom hasn't exactly been reflected in the company's stock this year. in fact, it has lagged the broader nasdaq. so we're going to talk about what it takes to move it higher and what they have on the conveyor belt right now, as a matter of fact,. >> joining us now in a first on cnbc interview is paul jacob, the president and ceo of qualcomm. paul, good to have you on the program. >> great to be here. >> we don't want to push you into a corner and make you a forecaster on that, but what's driving your business right now? what has been the game changer for qualcomm in this last five, ten years? >> well, clearly it's the adoption of smartphones around the world. we just passed a billion smartphones installed base, huge growth ahead of us. we're talking about 5 billion smartphones sold between 2011 and 2016. so, that, just that trend alone is an important trend for the business. >> and the replacement just picks up, right? >> well, we all love getting the latest smartphone.

i mean, better screens, faster processors, more graphics, all these different kinds of things that go into the devices. people really get excited when something new comes out. >> you're known for the chips, but you were just telling us, and i was reading the radio receivers as well, the tra transcri transcribers -- transceivers, that's the word i was after. you're involved in as well? >> that's huge. we've made the chips that did all the protocols to talk about, you know, talk from the phone to the radio base station. then we added in microprocessor technology, so computing, then graphics technology, sensors, all these different things, and now we've added the radio component. the reason is because around the world, there's different frequency bands that are being allocated by governments. now the phone manufacturer will have to deal with up to 41 different bands. our technology fixes that. >> it's interesting, because you're really, right here at the

nu nucleus. so how is that battle benefiting you as the rear progresses? it doesn't -- you're not on anyone's side? >> no, we try to be an enabler to the whole industry. we're trying to drive the next new technologies, put more capabilities into these devices, because people want to have the next new thing in their phone. and now that we have the mobile internet that everybody's gotten used to having access to all the information in the palm of their hand, they're saying, hey, what's next? what comes next? >> what is next. what do your chips enable that give us a sense of what's ahead in terms of mobility? >> there's things like, we're making them cheaper, so you can get them out to more people at the bottom of the economic pyramid and emerging markets. on the high end, we're putting more processors, faster processors in there. and looking into the future, we're doing stuff where the phone will actually interface with sensors, and maybe something you wear on your body,

maybe something in the environment around you. the ability to communicate and control things in your local environment. that's going to be a real exciting trend for the future. >> i'll be the bad guy paint you in the corner on your stock price. what i keep reading is that your component prices are going up, so maybe margins get squeezed. maybe that's one of the reasons that you're not as much of a darling as you have been in the past. >> well, we've heard people talk about our margins and our chip set business and concerns that smartphone growth is slowing. smartphone growth continues to grow. i gave you the stats earlier on. there's really a lot of runway left there. in terms of operating expenses and r&d, we see tremendous opportunities. it's mobile computing, it's the connected home, it's cars, it's all these opportunities to put new technology into other areas and we're investing in those places. >> is the pc the big loser here? >> pc growth is clearly down. when you talk about growth of tablets, something like 41%

compound annual growth rates and 6% for pcs. >> what do you need to do to get that stock up? you've got a loyal investor base out there, but they want more. they want performance, they want dividends, they want stock buybacks, what are you going to do? >> we just increased our dividend by 40% at our recent shareholder meeting in march. we did announce a $5 billion share buyback. i think people are disappointed we didn't get anything done in the last quarter, but it really is set up on an automated trading program. so in the minds of the management, in the minds of the board of the directors to do some share buybacks, get some more capital back in the hands of our shareholders. the other thing is, people are just not looking at the growth. we announced guidance, which was revenue growth of 31% at midpoint year over year for the quarter we're in right now, and earnings per share growth of 19% at midpoint. so we have a lot of growth going on already, and we are kind of cautious, actually, looking

forward on mobile commuting and all of these other opportunities i was talking about. >> why are you so cautious? >> just because we didn't need to put those into the plan to get the kind of growth rates that we are getting. those are upsides to the possibility. although, today, we're spending the r&d dollars. that's in our operating expenses and not into our forward projections in a very strong way. >> good to see you, paul. thanks for joining us today. >> thanks for having me. >> we so appreciate it. thanks very much. we're in the final stretch here. we have about 15 minutes before the closing bell sounds for the day. we have a market that's holding on to the gains, up 86 points. that's the high right here. >> yes, it is. come on back, because we'll find out why history suggests that you should be buying protection against a correction right now, despite this historic rally. >> but how do you do it? we'll talk about it. and then dow component disney set to report earnings after the bell. will espn and the rest of the cable channels continue to drive growth? we'll talk with ceo bob iger breaking it all down for us exclusively on the "closing bell." and later, he is the hero who rescued three kidnapped women in cleveland and now, get

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could be moments away from closing at new highs, but history suggests that now may be the time to start positioning yourself for correction protection. seema mody explains why. seema? >> bill, the next two weeks could be seen as crunch time for the markets. get this -- according to bespoke investments, in the last ten years, the s&p 500 has averaged a decline of roughly 2% from may 6th to may 20th. paul hickey notes that of the ten s&p 500 sectors, consumer staples is the only sector that has averaged a gain while the rest have averaged a loss. morgan stanley, the biggest loser, averaging a 6% decline over this two-week period. what's more is that the s&p 500, according to bespoke, is overbought at these levels, trading two standard deviations above its 50-day moving average. last time it did that, bill, was in mid-march, where the following week, the index lost

roughly 1%. bottom line, the next two weeks are historically speaking, bearish for the markets. many analysts say the market is due for a pullback in the near-term, but are still bullish on equities for the long-term. bill? >> all right. thank you, seema. well, in the very short-term, things do look bullish right now with the dow still up about 85, 86 points. the s&p, any positive close here is a new all-time high and looks like we'll get one for the dow as well. >> coming up, charles ramsey is on his way to becoming a household name after his heroic rescue of three kidnapped women in cleveland. stay tuned to find out which major company is reaching out to him via twitter. >> that's a guy who has life figured out. and even though stocks continue to hit record highs, our next guest says there's still nowhere to go but up. alan gayle explains why he is still so bullish and which underperforming sector he thinks is about to lead this rally higher. >> also, financials have been the real market leader over the past year, but are there still opportunities in this red-hot sector.

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today? you've got really high heels on today. >> nowhere to go but up? it certainly seems to be that way for the equity market. the dow continues to make new highs and is showing no signs of stopping at this point. but steve neiman is warning that this market tends to sell off this time of year and investors need to be cautious. >> he joins us right now along with alan gayle from ridgeworth capital management. we know steve is getting a bit cautious here, but what about l al alan? good to see you both. where are you on this market? would you put new money to work on this record setter? >> the short answer is yes, but we look at the fundamentals, we look at the valuations. both of those are good. i think what the market is missing and one of the things it's helping to take the market higher is they're missing the lower downside risk. they're focusing on the slower growth going forward, but the downside risk to a recession is going down, and that make stocks still look attractive relative to bonds.

>> steve, you're not the first guy to be cautious on this market. plenty of guys were cautious, 20, 30 points ago and it's still going higher here. i mean -- >> i was on three weeks ago with you guys and i was cautious. the market did sell off, but now we're up a couple of a percent from there. if you look at the last three years, in may and june, the market had a significant sell-off. you covered that meeting pretty closely, i guess it was yesterday, and i saw some interviews with warren buffett. these interviews are having a hard time saying buy stocks here. they're saying, don't buy bonds, we're comfortable with stocks, they're the best investment, but they're the only game in town. i think investors are mostly fully invested right now. i wouldn't add to positions. if you don't, you have a pretty good waiting in equities anyways. >> so what you're saying is, you know this market is probably going to go higher. you don't want to take new positions right here, but once we do see a sell-off, you're there. you're a buy on the dip mentality guy. >> with a 10 to 20% pullback, typically, that occurs, and value managers are typically up, or have been up about 10% a year

for the last few years, you've had a great return. you might as well weigh it a little bit and look for a better opportunity. >> you're back to the lows of middle november. you're up 20% right now. that's, i guess, if somebody's dictionary, a bull market, the definition of it right there. >> it is. but you could also say that the market has been extended now for a couple of months. if you're sitting on the sidelines, you're basically losing all this. so part of the element in the allocation strategies is to watch the market on daily basis and see whether or not it's pulling back. but in the absence of that, the fundamentals are still positive. i'm going to wait for the technicians to come in and tell me to do different. >> what about volume? does volume bother you here? we're ten minutes away from the close and we're at 481 million here at big board, obviously, very low. volume has been anemic. what does that tell you? >> volume tells me that there are a lot of people that are still cautious. there is a lack of commitment. you can look at that as saying, well, maybe this rally is vulnerable. the other side of it is, there's

still a lot of players yet to come in. >> so it's a positive indicator, is what you're saying? >> yeah. >> thank you, gentleman. >> thanks very much. >> sleep well, steve. we're coming back with a closing countdown for this tuesday in a moment. >> and with disney earnings out any minute now, we'll take you right to the top for when we talk about the results and business with chairman and ceo bob iger. he'll join us exclusively right after the quarter is released. you're watching the "closing bell," first on cnbc, first in business worldwide.

are you still sleeping? just wanted to check and make sure that we were on schedule.

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coming up on the three-minute mark here. and here we go again. this will be the 17th straight tuesday that we've been higher for the markets. >> and we've got dow 15,000. we touched it last week, but did not close above it. looks like today's the day we close above 15,000 for the dow. >> here's what the day laooked like. we were down, back to unchanged here and terry dolan was licking his chops but then get it got away from him again. first time above 15,000 on the closing basis. the s&p just continues to move higher, above the 1,600 level, 1,625 is seen as a resistance

level to the upside. the stock to watch, which we'll have coming up here, disney reporting earnings, they're expecting a 77-cent profit on $10.49 billion in revenue. that is a new all-time high for disney as well. >> disney stock has been on higher, bob iger, really running a tight ship here. i'm excited to talk with him to find out what his expectations are going forward. >> absolutely. terry dolan, is this market ever going to go down? >> no, but you know, you've got to start becoming a little defensive if you're a prudent investor. you want to maybe take a look at trimming down some of the allocations, take a look at some option positions, for the imminent downdraft. but the trend is still in tact. but we do have some issues going forward, but the market continues to ignore them. i would be a little bit more defensive, if i could, as an investor. >> what issues are really most important? because we continue to hear the fuel for this market is the fed. you know, there's no reason to believe the fed is going to slow down that stimulus anytime soon. >> i think some of the things we've got to look for in terms

of headwinds are consumer spendings and their ability to continue to carry this economy out of a recession and into an expansion mode. i'll be looking for the corporations to start spending more of their money, in real equipment expansion. because, as you invest in projects the that are out 10 or 15 or 20 years from now, that's real growth in the economy as opposed to short-term growth in the economy. >> i was struck by what paul jacobs told us about the increase in the dividend and the share buyback they were affecting at qualcomm. that's a lot of money they were talking about in a company that usually devotes that kind of dough to research and development instead. so they're feeling the heat from investors. >> and technology is feeling the heat. look at the way tech is, underperforming, really. i'll head back because of the next hour. we've got bob iger coming on. >> walk carefully. i'll see you tomorrow. it's got to be very frustrating for a trader like you to watch this market continue when you feel defensive here. you've got to know it's coming down. >> it's tough, but you want to try to give up a little bit of return, you never want to be there for the top tick, as the old saying goes.

so it's about being nimble as these levels. certainly some of the values come out of the market. >> we'll see. but not today! thanks, terry, very much. up 83 points, about the high for the session. first time, ever, above $15,000 for the dow and a new high for the s&p. and get ready for a stock that could set the tone for tomorrow. disney reports earnings and you'll hear exclusively from ceo bob iger on the second hour of the "closing bell." 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. an historic rally, showing no signs of slowdown today, as the dow jones industrial average crosses and closes above 15,000 for the first time ever. here now with how we're finishing the day on the street, with the markets celting up, with a gain of 86 on the dough industrials,