ng. go paperless. combine policies. make automatic payments. and of course, talk to farmers. hi ♪ we are farmers bum - pa - dum, bum - bum - bum - bum♪ it's national doughnut day and here on "street signs," we are all about the fried dough. >> so to celebrate, we are tasting the dunkin' donuts' new glazed doughnut breakfast sandwich. let's have a go. >> and on that note, thanks for watching "street signs," everybody. have a great weekend. >> "closing bell" is next. hi, everybody. happy friday. we're into the final stretch for the week. with welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. back in rally mode we go! >> you've got your rally jacket on. it's all green today. as far as stocks go, let's call

it the goldilocks jobs report. that report had a little something for both sides in the taper debate. the job growth was strong, that helped those who think the tapering will come in sooner than later. >> things getting better. >> but the unemployment rate went up, and more people came back to the job market, so the unemployment rate goes up, that means we've got more work to do in job growth right now. there are those who feel tapering should be held off for a long time. >> a little bit of a debate on the quality of the numbers. >> absolutely. >> quality of the jobs out there. >> we're getting reaction to the jobs report right now. we're getting reaction to this rally. check it out, up 170 points on the numbers. we'll talk to former new york stock exchange head change, dick grasso. he'll be along with us. we'll talk to him about spate of high-frequency trading and how would he restore investor confidence? it's a first on cnbc interview, hope you'll join us for that. >> also today, your phone, e-mail, web searches, credit card transactions, more startling revelations about data. the u.s. government has been

scle collecting on all of us. the president defended the program a few hours ago. we'll have a full report with the very latest coming up. >> this is some story. take a look at how we're playing out as we end this week on the upside. triple digit move with the dow jones industrial average up 169 points here, better than 1%, back above 15,000, or 15,209 as you can see there. the rally is pretty broad-based. this is the best day since february 27th. the nasdaq looks like this. double-digit move there as well. 36 points higher on the nasdaq. we are at the highs right now on the nasdaq. on to the standard & poor's 500 index, where we see gains as well, up 15 points, about 1%. the high on the dow, better than 200 points. 208 on the upside. >> let's talk about the rally in today's "closing bell" exchange, with lance roberts from street talk advisers, peter costa from empire executions on the floor here with us at the big board, and our own rick santelli at the cme in chicago. lance, what did you think of the

report and the market response to id today? was it appropriate? >> i think, first of all, the market was very oversold after the sell-off for the last two weeks. not surprising, we had a technical bounce today. that was good news. of course, the jobs report helped that, but, you know, if you look at the actual numbers, we're not creating full-time employment other than just what we're catching up, just population growth. we're not creating the stuff that creates long-term economic sustainability. >> that's the issue. the quality of the numbers. and you've got sort of young people, temporary employment seems to be doing better than long-term. peter costa, let me ask you about what you're seeing on the floor right now in terms of trading. is this sustainable? >> well, it could be sustainable if we had some volume, but if you look at the volume numbers there, they're miserable. i'm not one of those guys thabls that, you know, you need continuous volume all the time to confirm a market move, but, really, on today, with the numbers we had this morning, you

would think there would be a lot more people involved. >> why do you think there's not, peter? >> well, i think that there's still a lot of doubt with investors and individual investors and i think a lot of mutual funds are still, their not getting the inflows, even though the market's at very close to all-time highs, they're not getting the inflows to put new money into this market. money is being moved around, but it's not new money. >> rick, what'd you make of the report this morning and today's market response? >> well, i'm always disturbed when we talk about, it's a goldilocks number, because it's not a goldilocks number. it's a goldilocks number if the topic is the fed program of quantitative easing or the buybacks. the fairy tale is is that it's an adequate number. i would like to see more discussion on just the number. how can we get more jobs? we don't have a decade to get down to 6.5%. but real quickly, here's the important issues. we're basically only down a basis point -- excuse me, up a basis point on the week and

tens. ten-year jgbs are unchanged. the nikkei is down 897 points, let's call it 900, and the dollar/yep, currently trading at $30.78 closed last week at $100.50. those last two is why i think the volume is quiet if the equities because i think this proactive field is still japan. >> alan valdez joins us also on the floor of the exchange here. alan, you told us last night, if it was a decent number, you'd be in there buying? were you buying this morning? >> we felt that number was just where we wanted it. it wasn't that good where the feds could pull out, it wasn't so bad that the economy was falling apart. and sure enough, it was a pretty good bet. >> but is it sustainable, alan? we were just down 200 points the other day. nervousness in the markets over the fed tapering and the conversation seems to have shifted. do you think this is sustainable or just a knee-jerk reaction? >> no, i think it's sustainable,

as long as the feds keep this up, keep pumping $85 billion a month into the market, there's no other way to go, maria. i think this is going to keep going. the more chatter we hear, it's going to cause that volatility to go crazy, but i think in the long run, this economy right now is not sustainable by itself. it needs that fed intervention, as long as we have that, this is the only bull pen. it's going to keep going up. >> i agree with that. >> by the way, i'm looking at the volatility for this week, through it all, monday was up 138 points, tuesday, down 76. wednesday, down 217. yesterday, up 80. today, up 175. and through all of that, we're up half a percent on the week. so we've made a round turn, basically, here. lance robert, what are you doing here? are you buying and what are you buying? >> i've actually been buying corporate bonds as of late, because the run in interest rates up to 2.2% has made the bond market fairly attractive. looking for an opportunity, though, this sell-off over the last couple of weeks, like i

said, has got the markets to an oversold condition on a short-term basis, so we potentially have a rally back up towards old highs. it will be critically important we get above those old highs to get a sustainable rally from here. so really watching what happens at those all-time highs to make sure we've got some pressure higher. >> let me ask you about putting money to work right here. what do you want to do, lance, in terms of allocating capital? >> like i said, the best thing to allocate capital to, at the moment, is bonds. because bonds have been grossly oversold for the last really couple of a months, the first of this year. we've got rates up to 2.2%. corporate bonds look really good here for a short-term trade. stocks have gotten oversold, so now allocating capital to some of the areas that have really gotten beaten down. lacking at utilities here, some of the staple stocks have really gotten hit hard, might be a tradeable opportunity here as well. now, longer term holding, i'm not so sure yet. >> rick, what do you think's next for japan? that's what we're -- our focus has been this week. hasn't always been positive, but

what do you think is next there? >> i think it's super important to realize they have a smaller economy than ours, but their stimulus is huge. and if they markets reject what they're trying to accomplish, i think that is huge. and i think that the carry trade is underestimated in terms of it can be its own market fundamental, above and beyond all the things we normally talk about. >> so, how would you -- >> but rick -- >> how would you read the impact of the movement in currencies, rick, on the stock market? give us the impact if, in fact, what's been happening with the yen continues. >> well, i think you need to look no further than all the major japanese businesses. if you look at a chart of toyota overlaid with the dollar/yen, since may 1st, it's an identical chart. what they're trying to accomplish is obvious. but if their businesses and their marketplace don't allow them any success early on, i think the program is going to be doomed to failure. and i think its contamination

contaminates the program the fed has been getting away with for a very long time. >> it starts call into question the effective o iviveness of qes here. thank you all, gentleman. see you later. we've got 50 minutes left here and at one point today, the dow was up 207 points. we're well off that high, was still a decent gain of more than 1% today. >> absolutely. 168. meanwhile, high-frequency trading is in question once again. some people are asking, is the system just broken? after the break, we'll find out what changes former new york stock exchange chairman dick grasso thinks need to happen to restore investor confidence. >> and we're less than an hour from trading out this wild trading week. we'll break down the big swings and find out who will end up winning and losing money. >> can you show us the way? >> no! >> of course! >> the man, the myth, the legend, dolph lundgren will join us here at the new york stock exchange. he'll tell us all about his new

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wrapping up a choppy week here. i just learned from our statistician is the widest range for the year. and bob pisani, here to recap what has been a volatile trading week, obviously. >> and essentially 300 points from the bottom yesterday, better than 300 points from the bottom. put up a two-day on the dow. i think the story was, everyone felt good about the number today. it was amazing how many people commented about, it wasn't a feel-good number, but people said it was the feel-right number. and i guess under the circumstances, that's the right way to look at it. a slowly improving labor market, the fed's likely comfortable with its qe policy right now, that is jawboning towards the concept of tapering later in the year. most people still don't feel they're going to do it, but at least they're jawboning in that direction. the sectors today, back to risk on. all week, we've been very defensive. it's been consumer stocks, names like utilities have done a little bit better. but today, industrials, consumer

discretionary, financial, and energy stocks all on the up side. joining us now from the sandler o'neil global exchange conference, the former chairman and the ceo of the new york stock exchange, richard grasso. great to see you, richard. >> hey, bob. great to be with you. >> you and leo the dean of financial futures just held a wide-ranging discussion on the future of the exchanges and the future of trading. briefly, what did you tell the ceos assembled there? >> well, i think we kind of recast the history of developing financial markets in this country, bob, and really offered out our views on the challenges going forward. and the challenges, of course, are globalization, technology, staying with the customer revolution of financial offset or risk needs, and never losing sight of the fact that i'm sorry to say, i think we have to a degree, that the customer is king. and customers, particularly

retail customers, have got to be feeling better about the markets before they re-enter the markets. >> dick, you know, maria is here, dick. >> hi, maria. >> it's good to see you. thanks for joining us. let me ask you to go back and look over the last 20 years, as you've presided over the new york stock exchange and watched so many changes happening, from decimalization, volume drying up, all the business now away from the new york stock exchange, market share losses, huge, so many people, so many fewer people here. what happened? >> well, i think it's a -- call it a perfect storm, maria. i think the best intentions of the regulators to create greater competition in the cash equities business have had unintended consequences. i think you see today, way too much volume being traded off the exchanges for no good reason.

no validity of price discovery. and i think that's fundamentally testing the public's willingness to come back into the markets, post the meltdown of 2008. you know, when we see the type of days such as the flash crash in may of '10, or some of the recent examples of stocks losing a tremendous apt of volume, and a tremendous amount of price in a nanoseconds, the public is secretariy scared to death to come back in here and that's fundamentally wrong. i think what this country needs right now is a regulatory review, not a multi-year study, but a multi-month study, designed to ask a very simple question. what can we do to bring the consumer back to the u.s. equities markets, because their absence has cost both our country and those consumers a tremendous amount. >> hey, dick, it's bill here as

well. good to see you, my friend. >> hey, bill, good to be with you. >> the conundrum to me, i get what you're saying about the regulatory environment and all that. and maybe the little guy doesn't feel like he has a level playing field. but isn't ironic that we sit here today, when technology has made information never more prevalent than it is right now. it's easiest to gain access to information, which is the king of trading for any investor out there, it's never been easier to execute a trade, given technology. so why in the world don't you think the individual investor participates more in this market, other than because of the regulatory environment? >> no, no, bill, i'm sorry if i misspoke there. my concern, and i think the individual consumer's concern is when you see events like may of 2010, where the market loses a thousand points in less than an hour, and when you see, you experience the type of

volatility where a stock like accenture can go from $44 to less than $1 and back unchanged in less than an hour, that says to the public, we don't belong in this market. and that's the scare tactic, bill. i am all for technology. >> no, i understand that. >> do you feel that the individual investor is really being that much disadvantaged? i was at this conference yesterday, the one you're at, talking to some of the ceos, some of the people who run various e brokerages, and we were pointing out, 20 years ago, to buy a thousand shares of ibm would have cost $200 to $300. today it's $7.95. it's a penny spread and it's almost an instantaneous execution. is the public really being disadvantaged that much by what's been developing? >> no, no, bob, you missed my point. my point is very simply, the individual investor who watched

a stock like anadarko and a couple of weeks ago to go from its price level to back to a penny and back to unchanged, that scares the living life out of them and that's why they're on the sidelines, not technology. >> and there's an up limit, down that's going to come in and address that issue. >> how do you get the consumer back, dick. what do you do to get the individual investor believing again? >> i think it starts with a comprehensive but quick remedy, ie, for there are 70 different places why ibm trades, they should all have the same rules, maria. everyone should be protected, every investor, individual or institution, should be protected across all of these different venues for price discovery. please excuse me. this ear piece is very bad. so i'm trying to deal with it. >> dick, i'll speak our language. >> we don't have that today. >> i think dick may have a minus

problem. what do you think the impact of monetary policy has been on the markets? it obviously has kept interest rates low, historically low, has it elevated the stock market that much? has it been a help or a hindrance to the free market mechanism in this country? >> well, i think it's been both, okay? i think it has caused a gravitation toward higher risk investments, ie, away from fixed income and to the equities and primarily to equities of high dividend payers or good dividend yielders. i think at this juncture, the difficulty we have is, how does the fed unwind this twist in a manner that doesn't produce either a spike in interest rates, that is so burdensome and so destructive to the fixed income market that investors lose tremendous amounts of money and again they retreat to the

sidelines. at the same time, the asset, the asset inflation we've seen in the equities market has been very good in terms of consumer confidence, consumers feeling better, and consumers' willingness to spend. i'm really struggling -- >> you're a champ for dealing with this. >> you need to come to the exchange next time. we won't make you wear an ear piece. >> dick, a friend of mine called and stole your speech and thought it was wonderful. he said you offered some important advice to ceos. when asked for free advice to ceos, can you tell us what that advice was? >> i won't give you the humorous side of the advice. the serious side is, have a vision, have a strategy to achieve that vision, have the best people in the world around you, and don't be afraid to say i'm wrong and i'm changing course. >> what was the humorous side. >> come on, dick, tell us.

>> get that compensation in an ironclad contract that can't be challenged. >> dick, you're a champ. you're a champ, dick. thanks for dealing with that ifb and joining us, dick. so many people came over to the set asked if you were going to be here. >> is he going to be here? >> everyone comes hello to the nys. >> next time we'll do it from down there. >> well, i love them. and i love you guys. >> thank you so much. >> good to see you. >> we're in the final stretch here. 35 minutes before the closing bell sounds for the day. we're at the highs again -- well, not at the highs. 207 was the high. but we're looking at a gain of 176 points going into the close here. >> so walmart has authorized a $15 billion stock buyback and despite a 12% gain already this year, we'll hear from somebody who says this stock still looks inexpensive. and them, speaking of retails, jcpenney officially launching its new home shop with martha stewart, but without her

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[ static warbles ] well, the dow is set to close higher for the week by a fraction, just days after everybody was fearing a steep correction was on the way. remember, we were down 200 plus points just two days ago. meanwhile, dow component walmart announcing a big stock buyback at its annual meeting. mary thompson is there with the highlights, including some of

the musical highlights, right? >> it was a big day, bill, a big day for investors, because walmart announcing another stock buyback program, $15 million. basically replacing another $15 million buy back program it completed earlier this month. for the 14,000 people in attendance, they were treated to performances by some of the biggest names in showbiz. always an extravaganza, walmart's annual meeting stands in stark contrast to the retailer's frugal ways. but serenading shareholders and attendees were "american idol's" first winner, kelly clarkson, prince royce, and john legend, and hugh jackman, who brought on the show's top gun. >> i'm going to say, there is no way in the world you do not know this guy. and he is here this morning. ladies and gentlemen, please welcome, tom cruise! >> the movie star receiving a huge round of applause from the attendees. he was there actually to talk

about walmart's efforts to help develop women-owned businesses. and while the gathering does celebrate employees, critics have their way as well, asking them to develop safety, while at investor questioned why ceo mike duke earned 1,000 times more than the average walmart worker. and although the tone of the meeting was very genial and all of the directors were elected despite some concerns about no votes asked for directors that have been tainted by the mexican bribery scandal. in addition, all of the shareholder proposals fail today. maria, back to you. >> thank you so much. meanwhile, shares of walmart up about 12% so far for this year. so is there room to run for the giant retailer? on the technical side of the story, enis taner is global macro editor at riskreversal.com. on the fundamentals, abigail doolittle back with us, technical strategist with the seaport group. abigail, let's talk fundamentals. what's your view on walmart? >> actually, maria, i'm talking

technicals today. >> how does the chart look? >> the charts are consolidating sideways. there's not a clear buy or sell signal, that's called practicing reactive policy analysis. but if we combine it with predictive technical analysis, looking at trends and patterns to say whether a trend will stay in place, i think it suggests that walmart is going to be a sell here and that this buyback is a cosmetic shift. let's take a look at why. a three-year daily chart shows a nice up friend. however on closer examination, it's a converging up friend. this is a telltale signed of a pattern to track and trade a bearish wedge, but it does show less enthusiastic buying momentum that gives way to a sideways pattern. in this case, it's a potential double top. however, returning to the reactive technical analysis, if walmart can climb above 78 or 80, i think it could actually be

a $90 stock before declining. below $74.64, it's likely to drop down towards 67, the neckline of that double top. we're looking at a $55 stock. so if we combine predictive and reactive technical analysis, i think we're looking at a sell here. >> i would say that there's one word that describes walmart and that's consistency. whether you look at the chart, you can see a very consistent up trend. on the fundamentals, this company has had 5% average sales growth, 10% average earnings growth. a very consistent buyback in dividend increase program. and with all of that, it's still only a 15 times pe name that yields 2.5%. that's much cheaper on a relative basis than the utilities or staples name that people are reaching for yields on. despite all the negative headlines you hear about walmart, it's been a very consistent performer as a business. >> good point, enis, but if we take a look at the company's last quarter, they posted

negative 1.4 sales comps. the blame, the cause, per management, was whether the recent tax hike and, i think -- >> i agree that the recent quarter wasn't very good and you saw the stock pull back, but they're still projected to increase sales 5% per year over the next couple of years. i think until you see a longer term impediment to the story -- >> i don't know, i think, enis, the fact that this company was talking about the recent tax hike being a problem for sales growth in the recent quarter, i think that could be a sign of what's to come. and i think the showing in the chart, the consolidation, the wavering between the sellers and buyers as to which way it could go. i'll give you, it could break to the up side and maybe they put up a nice quarter in august, but i think maybe we're starting to see the start of a trend towards these negative comps going forward. >> great insights on both sides. thank you so much. that's what makes a market, you two. thank you so much for joining us. >> indeed. and we're making a market right now. 30 minutes left in the trading session. the dow up 170 points, closing

out a very volatile week. >> art cashin just told us a minute ago, the bias is to the buy side, 85% on the buy side. we could end higher than where we are right now. about 30 minutes to go. jobs were added for the last month, but the unemployment rate went higher. that might be a good thing. we'll talk you through those numbers, coming next. also ahead -- >> i must break you. >> he famously went toe-to-toe with rocky balboa 30 years ago. now actor dolph lundgren is adding a new title to his resume, reality show host. and he goes 12 rounds with maria later on the "closing bell." that's what it said. >> uh-oh! tdd# 1-800-345-2550 [ trader ] when i'm trading, i'm totally focused.

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today's jobs data certainly did help give the markets a boost. we're in rally mode with the dow up 183 points.

nonforeign payroll showed growth, but not enough to suggest that the fed is going to have the put the brakes on its quantitative easing program anytime soon. while the unemployment rate rose, there was a good reason, i guess, for it, so did the participation rate in the labor market. more people were coming back to look for jobs at this point, when workers enter and leave the workforce. >> so is the fact that the unemployment rate went higher actually a good sign for the economy in this case? joining us is douglas holtz-eakin, president of the american action former, and our steve liesman. doug, how do you read the employment numbers today? >> i think in the end, it didn't settle much. it was sort of a meh report, and if you came into it thinking the fed should put on the brakes or not, you left thinking the same thing. if you came in thinking the government was too austere in its fiscal policy, you probably left thinking the same thing. >> but what do the numbers say about the economy and the jobs

picture in your view, putting the fed aside? >> we are just grinding along. there's really not a great recovery, but we're showing no signs of failing. even though labor force participation, if you dig inside that, that's largely the 16 to 19-year-olds. that's where the uptick was. that doesn't say that discouraged workers are coming back. and it's good news, but it's not great news. >> what'd you think, steve? >> i think i'm going to come back here in a month and say one of two things. either the 420,000 increase in the labor force was an aberration, just a one-off thing, or the beginning of a trend that some in the federal reserve expect to happen, which is going to create in my opinion, an interesting investment thesis for investors out there. the idea has been for a while that if the job market improves, you could get this influgs of workers into there, into the workforce. maria sort of alluded to that earlier. so you could be doing 175, 200,000, even north of 200,000 jobs a month on the payroll side, where the household side

shows this influx of people, who don't, on an immediate basis, get work. so what you would have as a rising unemployment rate with strong payroll growth, that could stay the fed's hand for quite a while, maria. >> and i want to see you in a month, steve. that's a story that many people have told. i actually was counting on that for quite some time, but there's increasing evidence that the long-term trend in labor force participation is just down. >> yeah, no -- >> that the benefits and everything are going the other way. >> i think there's pretty good evidence on both sides, that there is a secular decline in the labor force that's been going on for quite a while, but we also know there's been this huge reaction to the recession. and we don't know, nobody's been through this, because it was 70 years since we last had a trowel like this to the economy. we don't know if people get pushed out of the economy, if they come back in. >> but this is my point -- >> what about the temporary work part of the story? >> that's a good sign. >> there's a debate that, you know, these jobs are not long lasting, these are territory

jobs -- >> service oriented. >> 17 to 19-year-olds. what does that tell you. >> or, maria -- usually it's a good sign. it's not axiomatic in economics, except with the health care act, another thing we don't know is whether or not these temporary employment gains are employers bringing on workers, to try to avoid certain stipulations inside hca. >> what steve is saying, because he's dead right, is that all of the rules for cyclical recovery are off, because there are too many structuring things going on in the economy. the health care reform is a very big structural change. probably not for the better from a pure growth point of view, you can debate the social policy merits elsewhere. we don't know how it's going to play out. we have structural changes in labor force participation. so we cannot get a very good read on the cyclical market in this month-to-month data and everyone sort of spends a lot of time parsing the data probably too finely, desperate for an answer. >> what's going to be important is, you know, the timing of the

taper, that's become part of the conversation as well, and, you know, i guess i would argue that today's report adds fuel to both sides, you know. it's just strong enough to those who say, you don't have tapering -- you're going to start the tapering sooner than later, and then there are those who say, no, this is not nearly strong enough. we need to hang on for another year or so at least. what do you think? >> i agree with that. that was my basic point coming in. and the thing that would change it, quite frankly, is if you got some structural good news on the other side. suppose you got a real tax reform that boosted growth, or a fundamental immigration reform that helped you with toyogrowth. so the fed could look and say, yeah, those structural things are working for us. when we see good news, it allows us to exit. but we haven't seen that yet. >> the most interesting thing about the report to me today was the way the market reacted. stocks got a big pop and bonds got sold off. so you haven't seen those thingt two things together and it

struck me that the market liked the growth and didn't care so much about the fed. i'd really like to see that world where the fed can go up or down and it's not as critical to the market, because what's happening, what would happen is the fed stimulus is replaced by actual economic growth. >> eventually, good news -- eventually good news will be good news. >> yeah. >> i always think good news is good news. people get jobs, it's good news, and i don't care what happens to the stock market. >> well, you'd make a lousy bond trader, then. >> i would be. >> i want people to work. >> all right, guys. thank you very much. we will see you later. and later we will get more reaction to the fed's next possible move when i spoke with former council of economic advisers chairman, christina romer. make sure to stick around, because some people are saying she could be a dark horse candidate to replace fed chairman ben bernanke. we'll ask her about that as well, coming up. we are in the final stretch, 20 minutes before the closing bell sounds for the week. we've got a market up 174 points on the dow jones industrial average. >> and just two days ago, we

were down more than 200 points. at this stage of the trading day, we were all talking about whether or not that was the beginning of the long-awaited correction. now we're on pace to close higher for the week. we'll break down this wild week and look ahead to what it might mean for the rest of the month of june as well. >> also ahead, president obama defending the government's data collection on u.s. citizens. >> congress is continually briefed on how these are conducted. there are a whole range of safeguards involved and federal judges are overseeing the entire program throughout. but coming up, what is the risk this well-intentioned program could be misused and abused. we'll take a look at that later on, on "closing bell." customizable charts, powerful screening tools, and guaranteed 1-second trades. and at the center of it all is a surprisingly low price -- just $7.95. in fact, fidelity gives you lower trade commissions than schwab, td ameritrade, and etrade.

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welcome back. who would have thought that the market would be positive to end this week after that huge sell-off on wednesday, down 200 points earlier in the week. josh lipton breaking down this week's wild performance and it has been a wild week, josh. >> maria, about 20 minutes until we close out this week. all three major averages in the green for the week right now. let's wrap up the leaders and laggards. in the s&p, telecom, your best performer. names like century link, verizon, and at&t posting gains.

consumer discretionary, also heading higher, as well as consumer staples, where the big winner was monster beverage. the worst-performing sector, materials with cliffs natural resources and newmont mining among your laggards. as for the dow, percentage wise, wig pharmaled the way. pfizer and merck, coca-cola right behind. laggards, bank of america, caterpillar. and fasteal, your worst performers. and late on this friday afternoon, maria, t-mobile is popping on a reuters report that soft bank is in talks with deutsche telecom over a possible deal for t-mobile u.s. japanese company softbank is trying to buy into the u.s. wireless market via sprint nextel, t-mobile could be a backup plan. t-mobile up nearly 4% right now. maria, back tos you. >> josh, thanks so much. >> we aren't seeing this upward bias that art cashin mentioned earlier. the dow is slowly creeping

higher here. we have a gain of 185 points with about 15 minutes left in the trading session. >> so is the rally for real? up next, david darst will be laying out three things he says will signal whether this market can, in fact, head higher from here. and then we'll hear from the head of one company who says he wants to hire new employees, but he can't find enough people to fill the jobs for the positions he has open. this is coming up later on "closing bell." [ female announcer ] there's one thing dave's always wanted to do when he retires --

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okay, about ten minutes of trading left on this friday. a crazy week. we're off the highs of today, but we're still fractionally higher for the week overall. >> but how long does this market hold? david darst, do you think we're back to business or more volatility? >> well, we've added jobs for 32 months in a row. house prices are up 12%. and you've got consumer confidence increasing. you just don't have the retail sales yet, maria. next thursday, we'll get the june retail sales. so we'll see how they're coming out. the june number for may. >> right. >> long-term, you have some great forces that are starting to fall into place. deficit reduction.

we cut down from 6 to 4% of gdp. you've got demographics and immigration. i think you could see some changes coming by congress, where we've allowed people to come in, get legal. also, long time with us.

you've been right. what do you do now, after all this volatility? >> maria, let it come to you. >> is it over? >> no, we do not think it's over, emphatically. it ran up 80%. it ran up 80%. it needs a breather. you guys have been here on the floor for years and you understand, trees don't grow to the sky. this is a healthy thing. the markets are saying, though, abenomics, this is shinzo abe, the new prime minister, you had better deliver. >> there's a lot of skepticism

in japan the last three weeks. >> this is a good thing, this easing off. you saw the en back off, got up to 101, 102, 103, it's 97 right now, maria, so this is a good thing. but smart people -- >> but you still like the u.s.? >> yes, we had 30 investors go out there that's week and the message they got is this is still going green light for japan. use this as a buying opportunity, maria. >> thank you, david. >> what'd art say? >> art cashin just came over, $200 million to buy, we said that earlier, and it looks we're closing up 200 points. >> it is moving higher here. the dow was up 207 at the peak of the day. we're you want 196 right now as we heading toward the closing countdown. >> join us for that closing countdown. and after the bell, dolph lundgren is here. he took the movie world by storm in "rocky iv" and now he's taking the reality world by

storm. we'll tell you all about it later on "closing bell." you're watching "closing bell" on friday on cnbc, first in business worldwide. [ lorenzo ] i'm lorenzo.

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ben willis, yes? >> absolutely. probably another four or five points and it will be the best day, if i recall correctly. >> it's early. you've got time. look at this. for the week, where'd my notes go? okay, monday, we were up a 138 points. tuesday, down 76 points. wednesday, down 217 points. thursday, finished up 80 points. we had that late rally. we were wondering, you know, we've got a jobs report the next day. why are they rallying here? and now we've got this 200-point rally underway here, for the week, for a gain of about half a percent here when all was said and done. dollar was a big part of this whole thing. the dollar/yen trade. look at this, when the dollar collapsed yesterday, the reversal of the carry trade against the yen and don't worry about what that means, but when the dollar collapsed, that took stocks with it and we've been holding steady here. for the week, the dollar index is down 2%. ten-year yield has been going up. are they selling bonds finally to buy stocks? that remains to be seen. but look at this. the yield on the ten-year note is now up to 2.17%, back to the

highs we had, where we began the week. one last thing, volatility has been going up, until now. the index, the volatility index, down 9% today. down 7.5% for the week. what is going on here? >> bill, i want to go back to one of your charts here. i think that ten-year chart is really important. ben, i want you to talk about that for a second. because we've been seeing this interest rate trade for a couple of weeks here, as rates have gone up, to 2.17%. there have been areas that have really been getting hit. war you seeing as a result of rates having creeped up? >> the interest rate damage is not done yet. the real estate are under pressu pressure, the building stocks are getting hammered. that whole trade is still underplay. that's the most dangerous place for the individual investor at home to take a look at your bond

portfolio, see what the maturity is on what you're holding, because you'll continue to lose money as you watch the story on the news about how the dow is going higher. if you're in bonds, you're in bad shape. >> we keep talking about, we're waiting for this, you know, 10% correction, proverbial correction, happens all the time, right? >> we've got 3.5%. >> is it possible we've been going through rolling corrections as the market even goes higher. one sector gets taken out, another one goes higher. another one taken out. is that what we're seeing? >> i would say, yes, i'm up with of those people looking for only a 5% correction, but i've been looking for the last 400 on the upside. i've go back to that whole story. i think the markets will eventually get to continue this momentum to the upside, as we unwind the bond side, but that's your risk. it's a little premature. i call it tina, there is no alternative. >> let me ask you this.

with the market ending up 205 points, which looks like we're going to do that, what does that tell you about monday? what's next week look like? >> next week could be a very scary week from a volatility point of view. there's very little on the economic front. we'll come in from stories out of china on their cpi and ppi. we'll have the german high court reading on the smp and the emt and the alphabet soup they'll be talking about. >> eieio, right. >> so we are at risk. and it's the moment out of the interest rate play. >> i've got to jump on the next hour. >> there won't be another hour. >> dolph lupdgrendgren. >> a big, tall, swedish, blond guy will be coming on next hour. >> treasury auctions next week. does that move the market as well, the demand for treasury, builds here? >> absolutely. you want to keep an eye on exactly how well they're priced on tuesday, wednesday, and thursday. the three-year, ten-year, 30-year. they're reopening, not new

issuance, but we will see an impact about 130 after europe closes on those days. that will add to the volatility. >> thank you, sir. ben willis joining us to close out another crazy, wacky week on wall street. stay tuned for hour number two. all kinds of data to get you set up for next week. yes, dolph lundgren on the second hour of the "closing bell." have a good weekend. and it is 4:00 on wlst, 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 soaring on wall street, ending what has been a wild week for the market. take a look at how we're settling out on the day, on the street, for the dow jones industrial average recording the second best day of the year today. up 206 points on the dow jones industrial average, 1.33%. volume just okay, not great, and that was one of the big things that the skeptics brought up today, of course, on the heels of what has been a wild