>> it's been a big day on the markets. dow is up just shy of 100 points right now. its high was 15,542. more fast money is at 5:00 p.m. tonight. follow me on twitter. my friends at "power lunch" take it now. >> the second half of your trading day begins now. >> thank you very much. power lunch, the show that splits the roles of co-anchor between two people. what it means for your portfolio. irs outrage. she says she never broke any laws and then took the fifth amendment and said she was not going to answer any questions from congress. the great american ceos. a day after tim cook really wowed america by taking a gang of hot and angry senators over

corporate taxes and a day after jamie dimon won a big victory we ask is the once embattled, bruised american ceo back and stronger than ever? first to sue at the nyse where the bulls are running. >> they sure are. we are up 100 points right now. stocks rallying on the comments from the federal reserve. we are clearly in record territory. the nasdaq has hit a new 12.5 year high. the 18th time and the 18th straight day. this was the sound bite of the day from the bernanke testimony. >> we are trying to make an assessment of whether or not we have seen real and sustainable progress in the labor market outlook. this is a judgment that the committee would have to make if we see continued improvement and we have confidence that that is

going to be sustained then we could in the next few meetings we could take a step down in our pace of purchases. again, if we do that, it would not mean that we are automatically aiming towards a complete wind down. rather we would be looking beyond that to see how the economy evolves. >> let's talk about this. bob is with me as is kenney, director at o'neil securities and a cnbc contributor. you think it's more of the same. we knew what we. >> going to hear. >> and i think the fact is that not only did we hear but it was almost like a relief. we stalled right at the 1685ish level and it seems to me that is where the market will run into some resistance. we talk about this. it's just overdone. >> i think you're right.

now they have the ultimate reason to kill the rally. mr. ber yeah key said nothing that would indicate they are changing position at all right now. >> what do you do in this market? >> the trend is your friend. you can't fight it. you can't get in the way of the speeding train. take some money off the table. mr. bernanke didn't say once we start tapering off purchases we are going to keep tapering them off. he has put everyone on notice that it's going to go month by month. >> he has said nothing. >> to a great extent i think that's true. but to bob's last point when the market has always kind of interpreted the tapering as a continued tapering. and i think to bob's point it's

not. if the market does react well to it, the fed will be there once again. they ramp it up again. that should give a safety net and it is to a certain extent. >> but we're artificially stimulated here. every time the fed talks about pulling back, the market gets nervous and you can feel it. there is not explosive volume today saying this is great. so, you know, you can almost feel that nervousness that they are waiting for that shoe to drop. >> we are seeing no evidence that anybody is dropping out. everybody is underperforming. >> we are above the 2% mark which is something that everybody is watching and the dollar is getting hit. the euro is interesting. a six-week high in the euro. the focus is shifting to whether europe is okay. thanks guys. appreciate it. ty up to you. >> mr. bernanke is one of the big stories on the hill today.

the other is the women in the center of the irs scandal. she took the fifth amendment. john? >> well, one of the things that happened, tyler, at this hearing was that lois learner who was going to be the first new witness to provide something that we had not heard before. her sper speculative as manager. that produced this exchange on the committee chair. >> i will not answer any question about the subject matter of the committee's meeting. >> we will take your refusal as a refusal to testify, the witness and council are dismissed. >> now the result of that is that we didn't get anything additional from lois learner, although the committee did get her testimony to the ig. what she had said when he was

investigating what happened. repeated the administration's line. they didn't know about the misconduct when it was happening and they are acting to construct it now. one of the things we have seen on a bipartisan basis is frustration at members that the irs officials had not been more forthcoming after testifying that there was no targeting once they learned that there was improper conduct taking place. here is steven lynch of massachusetts letting one of the witnesses have it. >> you misled congress. you misled congress. make no question about it. you told us one thing. when you learned that our suspicions were true, when you learned there was a list, you did nothing. you did nothing. >> and again, that's the bottom line from what we have gotten so far. not a lot of information has come out over the last couple of days of hearings and the question is going to be how long

are the committees going to stay at it and what more can they turn up? >> all right. hot hour there on the hill. we have got three great stories to bring you after the break. what happens to all the groups that are striing to split the rolls at other companies? does this settle the issue or not? will other companies try to follow apple's example on corporate taxes? and is the once embattled american ceo now back and stronger than ever? then in the 2:00 p.m. hour we will hear from bill gross. he has pungent things to say. gross, live.

>> it may be a strong market for target. the retailer missed its earnings estimates on the top is and bottom line. the company also cutting its forecast for the year saying colder than normal weather got the spring season off to a slow start. >> two big

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>> time to check in on interest rates where after the testimony, we saw the bond market sell off. and that has pushed the benchmark yield on the tenure

above the 2% mark. initially we had a big bond rally. that disappeared when mr. bernanke said if we continue to see improvement and have confidence that it will be sustained we could take a step down in our pace of purchases. ty, over to you. >> thank you very much. now we move to the oklahoma tragedy. it's been almost two full days since that massive tornado hit moore, oklahoma. the white house has just announced that the president will travel to oklahoma sunday to see the damage first-hand. the twis twister was on the ground for almost 40 minutes and the path of destruction stretched more than 17 miles. clean up is in full force today.

insurance agents are on the ground in moore and the surrounding areas surveying the damage. early estimates place the cost at something north of $2 billion. >> he would like to see storm shelters required in all new construction. that is a new topic. while storm shelters can save lives they can't save houses. sh woman has no place to stay two days after losing her house she is getting a face to face meeting with agents. >> they did lodge us at a hotel. so we have that for a night or two. and now we just need to know what to do with our property,

what steps to take and where to go from here. >> how you doing? >> i guess we're doing -- we're just so grateful that we're out there is no place like home and you want to keep going back to the home that you had and that home is not going to exist. it's just not there. >> state farm is the largest insurer in the state. many tornados, six of his clients report total losses. >> they went back to their home that was totally destroyed and the first thing their son pulled out was their home insurance policy. >> her father had called an hour

earlier. before the clients even show up. >> jane wells, thank you so much. appreciate it. >> millions of dollars determined on a turn of a card. these underground games attracting a-list celebrities and wall street investors alike. we will show you the consequences firsthand of illegal gambling coming up next. ♪

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and launch your dreams. at legalzoom.com we put the law on your side. >> coming up on street signs, sit a really important show today because bernanke has given his testimony. the markets have jumped around a bit and lost a lot of steam. and now we have a double whamy. the minutes.

do you play angry birds? do your kids? we have the coo of the maker of angry birds. he will be on the show, what will they think of next? big show today. >> inside the world of illegal gambling. the people who hosted, funded, and laundered more than $100 million in profits, catering games to celebrities, athletes and the titans of wall street. >> this a huge case for the fbi. not just about gambling. but what agents call extreme money laundering. so many details are still being kept private but we got an exclusive look into the ring.

>> it's the voice that defense attorneys may not want you to hear. her ultimate confessions. >> i was its mistress. its lion tamer. >> the 34-year-old now charged in a $100 million gambling and money laundering ring. we got our hands on pages from her tell all book written months before she was busted. now her words may come back to haunt her. >> with hedge funders in the mix, pots sored over 10 million dollars on the turn of a card. >> molly bloom hosted the parties that kater to the rich and famous at places like the plaza hotel. she details lavish events in the presidential suite of the four seasons but other big players were also charged including this

guy, a member of russian organized crime. we caught up with his attorney on the street. >> there is no connection whatsoever between him and any person who is alleged to be a member of any organized crime group. >> the government is not buying it. >> but the indictment paints a sinister plot. forced to sign over half of his business. he is a tennant here in his building. he claims he saw a russian man

at his door, a man he has never seen before. >> what are you doing here? i didn't rent him a place? he said i'm a partner. >> and the ring extorted the plumbing business to launder gambling profits. so if the allegations are true, what could entice bloom to risk so much. >> power, danger, excitement. >> this man ran illegal games filled with kings of wall street. >> the celebrities want to live like the criminals just like the criminals once wanted to live like celebrities. >> scott is a former fbi agent that spishlized in cases like this and seized over a billion dollars in assets. >> does he have anything to be concerned about? >> he absolutely does. and anybody charged. he should enjoy his freedom

while he can. >> there appears to be little separation. if you had a run of bad luck it could mean major issues. coming up tomorrow we have a story that could leave you wondering who you could trust. it's a case of bebetrayal, abus of power. that's tomorrow right here on power lunch. >> thank you very much. we have lost all of our gains. we are only up five points. the s&p 500 has turned negative and the nasdaq is negative as well. the s&p 500 is down almost three points on the trading session. accusations of spying, stealing,

and hacking intellectual property. >> recent headlines might tell you that chinese investment is being stopped by the u.s. government but the numbers tell a different story. next, a chinese construction company building public schools right here in america. stay tuned. ♪

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>> most of the headlines about china and the united states seem to be negative. >> energy deals were pretty tough but there is a lot more. take a look at the bar graph over the last ten years or so. one example of where the money is going? still, china construction america wants to be seen as an american company.

>> a company that has been in the united states for three years. cca employs more than 500 people in the united states. the majority of the workers in the u.s. are american. and on their work sites it's 100% union labor. cca successfully bids for state and municipal projects, the companies failed to garner any big federal projects. >> cca is a subsidiary of a firm

that is still majority owned by the chinese government. the projects include the water cube of the beijing olympics. chinese state owned firms are off tin distrusted because many believe they get subsidies. >> we are in the 100% industry. >> denies that as well. he is forced to pay the same interest rates as anyone else. the banks also want to be profitable. >> i know from my heart that we don't have anything. >> he knows in his heart that he doesn't have advantage but he will struggle to convince people of that. the alliance for american manufacturing reached out and said the chinese state owned firms get lots of benefits and it's unfair. >> $6.5 billion of chinese investment last year.

how much u.s. investment is going into china. >> 60 billion. that was just last year. you consider all of the chinese investment, 54 billion. >> all right. and in today's yahoo! finance question of the day, should china companies be rebuilding american infrastuckture? >> they are all waiting for the fed minutes. we are back in 2.

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let's take a look at where we sit. we're up 33 points but we did dip into negative territory. the s&p 500 is down 34. first time we have seen that in terms of this level. the gold market also a widing trading session over there with the gold market down 15 points. >> we're going to get more as the fed minutes come to us in just a few seconds. that will do it for "power lunch." >> "street signs" begins right now with fed minutes. >> and those fed minutes are out in seconds.

stocks pulling a big u-turn. maybe because bernanke seems to be confusing the heck out of everybody. hopefully he can explain what is really going on and we will ask him about the incredible historic stock rally. and my insane theory is probably wrong but we will debate it. let's get to steve and the headlines. >> the minutes of the april 30th papers say the number of participants of the fomc expressing a willingness to reduce quantitative willingness. i want to give you the exact language from the minutes. reduced downward as early as the june meeting if the economic information showed evidence of sufficiently strong and sustained growth.