getting through the worst? >> i'm optimistic we can solve the problems. they are institutional an manmade and we can fix them but we haven't even begun. >> good lueck luck with the book, niall. >> thanks for some by. that does it for this edition of "power lunch." >> "street signs" begins right now. see you tomorrow. riots around the world getting worse and now hundreds of thousands if not millions taking to the streets of brazil. does all this though make america a more attractive place to invest, or is it a reason to take some of your profits and hit the road? will low rates keep running themselves? tomorrow the lowest rate decision comes down but you don't have to wait because we've got your exclusive all-american fed survey hot off the liesman presses. there you go, steve. plus, a female economist who says unequal pay for women is a myth, and get ready, america, because even as we are getting

bigger, airplane seats may be getting even smaller, mandy. >> i was on a plane just last night, and the market has recently been liking to move and move which go. today could be the sixth straight day of triple-digit moves for the dow, that is, of course, either up or down, and if so, this would be the first time since october of 2011. let's get straight down to the floor of the nyc and find bob pisani and then out to rick santelli. we'll get on to the markets in a moment, but first i would like to ask you a question in light of the fact that we got the fbi revelation that the nsa surveillance foiled a bomb plot on the nyse. what's the security like down there in light of those revelations? >> the security has been extraordinarily tight since 9/11. people used to be able to come in here, tourists and stand by the visitors' gallery and watch everybody and you can't to that anymore and this is happening on a daily basis now. security is tight.

there's extraordinary security measures just to get into the building, and that's not really changing at all. i don't sense a change in the mood down here. as for the attitude, people have gotten used to the fact that we live in a high security area. the federal reserve is just down the street so nobody here has had a change in attitude or shocked to hear there were plots. let me move on and if there's worry about person bernanke tomorrow, they are not showing it. for the second day in a row at the highs for the day and big dow stocks hitting new 52-week highs. general electric, our old parent company, a four and a half year high and a new high for boeing and defense stocks in general having a very good day overall. there's the defense index, the ffx, up 1.6% and semiconductors a market leader. got hit a little bit last week, but they are up again today. health care is another one so there's the three market leaders and the philadelphia housing market, it's the only sector that's weak. a little bit of a disappointment with some of the numbers on housing this morning.

mandy, back to you. >> thanks very much for that, bob pins, and we'll talk more about the surveillance and more in just a moment. meantime, rick santelli, feels like for many years the bond market has started to price in a tapering of the qe program, so what do you think the bond market wants to hear tomorrow? >> see, i don't know that the word wants is adequate, but by looking at it and trying to give us some clis and it's difficult because of all the cross-winds of things like purchase programs, we sit in an area, if you look at a two-year chart and imagine a channel from about mid-chart to all the tops to the right side, comes in pretty much right around 2.25, so, yes, even though stocks are going in at a lofty level which may mean stock interpretation is the apple cart isn't going to change much, the treasuries seem to be giving mixed signals. yes, we're unchanged. no, we haven't broken through a very important level at 2.25, but we're still up snubbed

against the highest yield levels in about what, with 14 months? >> rick santelli, rick, thank you very much. >> all right. more now on the developing story that mandy and bob were just talking about. the fbi says the nsa program has thwarted a plot to bomb the new york stock exchange. eamon javers, what do we know? >> reporter: this revelation came up on capitol hill this morning as intelligence officials were talking to the intelligence committee here on capitol hill and explaining why these nsa surveillance programs were necessary, legal and useful in thwarting up to what they said were 50 terrorist attacks, one of which was what they called a nascent attempt to bomb the new york stock exchange. let's play this exchange in which they detailed exactly how serious a threat this was, and i'll come back with more detail on the other side of this sound bite. >> would you say that that -- that their intention to blow up the new york stock exchange was a serious plot, or is this something that they kind of dreamed about, you know, talking among their buddies?

>> i think the jury considered it serious since they were all convicted. >> okay. >> since this morning, we've been looking through federal court records to figure out exactly what has been said about this plot in public documents. i can point you to now a sentencing memorandum that was filed by the united states attorney for the southern district of new york. this is just filed may 31st 2013. it's a sentencing mum dumb in the case of a man named sebrahim hasranov and in this government they say he's a naturalized united states citizen who worked for years in at a succession of blue chip accounting firms, but over the course of a number of years the government said he devoted himself to supporting al qaeda. he seems to be the key figure in this new york stock exchange nascent plot. they say that a mysterious figure connected with al qaeda

in yemen known as the director directed him to conduct surveillance of the new york stock exchange in manhattan in 2008. unquestionably the government says with purpose of gathering information for a future terrorist attack. he conducted the surveillance and subsequently sent a one-page report to the doctor with information about the new york stock exchange. the report was rudimentary and of limited use to the doctor in his efforts to plan a terrorist operation. elsewhere in this document, they do lay out that hasanov found out that the new york stock exchange is well protected, that vehicles can't get mere it on a four-block circumference around the new york stock exchange and anybody who was approaching it with a terrorist plot in mind would have to do that on foot. apparently that wasn't enough information for this mysterious figure inm owen known as the doctor to take much action on, but those are the details that have emerged in these court records that we're looking at so far, so, guys, that's what we know as of right now.

>> thank you very much for that eamon javers, meantime, just want to point out we're up at triple digits on the dow and session highs of nearly 150 points. the countdown is on. 24 hours from now, we will hear from the fed when and how the easing will end? and when will rates start to rise? the market has a lot of questions for person bernanke. steve liesman has an early read on what the market is thinking with the highlights from the cnbc fed survey. steve? >> reporter: thanks very much, mandy. let's take a look at what we've learned. basically that since bernanke spoke they have dialed back or made sooner the time when the fed will be tapering. you see the top response in the april survey was march and now the top response is september 2013, and, i don't know if we have the time line to show the average response, we can skip that and go to the next graphic and we can also find how much qe has also come down from 936

billion in april to 880 billion now in june, and for next year they are expecting still 370 billion. in fact, 90% of our respondents believe that the federal -- there we go. that's there, that the fed will be tapering in we'll be doing qe in 2014. now, what about the current level of qe and the level of inflation? i don't know where we're going here. there we go. very nice. means easier policy. most people think that the current level of inflation is not going to cause the fed to act, not a concern of the fomc. only 7% saying that. let me throw it back to brian and to mandy here, and we can talk more about this survey in just a sglit yeah, come on over, steve. actually lots and lots of things. meantime, we want to throw this one at you as well because president obama stirred up a little controversy when he said this to charlie rose. >> well, i think ben bernanke

has done an outstanding job. ben bernanke is a little bit like bob muller, the head of the fbi. >> yes. >> where he's already stayed a lot longer than he wanted or he was supposed to. >> yikes. >> i'm not sure that he intentionally meant to stir up a little bit of controversy, but that's exactly the effect that has been achieved here. so who is going to replace bernanke? >> well, you know, i think there's two things about that. first, it seems like confirmation that bernanke is going to be leaving. he didn't say i'm going to be asking for bernanke to stay. we're in discussions about him staying or anything like that, and also there was a sense that maybe he was being disrespectful to bernanke saying staying longer than he was supposed to and a white house official earlier sent us that that's not the case, that he has high admiration for the fed chairman. you're shaking your head, brian. >> i'm not saying that. >> deep means behind the head shakes. >> trying to figure out what

happened to your graphics, really what i was thinking. >> i'll tell you later. >> he's not going to jackson hole so you believe in your heart of heart there's a reason why he's not going to jackson hole? correct? >> i don't think it's related. >> the most important monetary policy meeting of the year? >> i don't believe he's ever believed that. >> fair enough. >> if you think about it -- >> better believe that it has become the most important meeting. >> i think about who might replace ben bernanke. janet yellin is the name that continues to come up. >> odds on. >> if that's the case, more dovish? >> probably a little more dovish, though she was kind of on the hawkish side in the mid-'90s when alan greenspan was arguing not to raise rates. i actually have a little bit more of my money on christina romer for one reason is that she spent time in the white house. there's a certain continuity you get with janet yellin for policy

that would be stabilizing for markets, but typically a fed chairman spends a little bit of a tenure in the white house. that's why we have alan krueger's name up there. larry summers is not out of it, and there's a process and the question is who is advising the president on this? another interesting question. is jack lew the guy who is doing it? is the president maybe calling up his former treasury secretary tim geithner who by the way is a candidate, raising the prospect of a cheney scenario, remember cheney headed the vice president select committee and ended up selecting himself. >> the announcement won't come in the fall. >> alan greenspan was announced as a replacement to volcker in june. what i do know is this. this job is typically one held increasingly by technocrats. could paul volcker even get the job today? he would not be one of the ones we would see as a top candidate for the job. probably bill dudley should be up there, too, as a potential.

>> we'll see a lot more of you tomorrow when the decision actually comes down. >> thanks. >> safe travels. all right. so with all this uncertainty out there, what's the best bet for your money? do you care? the manager at hennessey funds, and before we get to your individual picks which are interesting as far as your holdings go, what's your take on the fund manager and do you care what they say or do tomorrow? >> we absolutely care what they say or do tomorrow. >> why? >> i don't think we'll get any real nuts out of it. i think it will defer a little bit down the line. i do agree with steve when he says, you know, we're looking in that september and maybe later in the year kind of time frame, but i don't think anything is going to come out of this meeting tomorrow. i think the markets are kind of signaling some security and nothing really being that difficult coming out of this meeting. >> and yet, you know, just what, of course, steve liesman was showing us on the wall a moment ago a lot of respondents to the survey feel that question isn't showing that much to lower rates

anyway and even if it was tapered back, why should the markets care that much if it's not doing that much of a job right now? >> i think the markets are concerned if they do taper back and taper back too quickly then you run the risk of getting increasing rates or you get a situation where, you know -- >> surely they wouldn't taper too quickly, do so we don't get a disruption in the market. >> we don't do that. it's the bond market that will do that. >> the bond markets can do it at once, no? >> that's a good question. i'd love to have a soft landing and i don't know how you do it and end up signaling ahead of time so that you can get people more comfortable. as we progress and the fed tapers back from 85 to 65, i think people are going to come into the realization, as long as the economy kind of keeps ticking along that the fed can kind of taper off this accommodation and still have a healthy market.

>> how strong do you think the economy is? >> well, i think we are growing in that 2% range and i think that, you know, we've seen some good numbers on the bottom line. the top line growth number that we really need a see better numbers in. i think as we move forward in the economy, we have areas where we think there's potential opportunities and we do get better as earnings come in in the later half of the year. >> some of your top holdings, cornerstone mid-cap 30 fund, why do you hold them? >> our hennessey focus 30 fund is a quantitative driven strategy. companies with strong earnings prospects, strong growth prospects, but have a reasonable price to sales, having increasing earnings on a year over year basis and also momentum built into them in the form higher stock prices so what we do is we --

>> i wasn't trying to cut you o.showing other stocks on the screen, mohawk and pier one and others. do need no move on but we'll get you back on soon, especially with a fine first name. >> thank you. >> don't forget, everybody, cnbc is the place to turn tomorrow for the fed decision and ben bernanke's press conference. coverage begins with the cnbc all stars, bill gross and diane swonk joining us as well. 1:55, the graphic is not right. five full extra minutes tomorrow. >> the decision is at 2:00. both right. >> take a look at this video from brazil. massive protests sweeping the country in recent weeks which have turned violent in the largest collective show of dissent in the country in two decade. their beef rising public transport costs and the expense of staging the 2014 world cup.

moody's today said it might row move brazil's positive outlook if growth does not pick up and brazil is not alone in its turmoil. many other emerging markets like turkey and indonesia and others have been gripped by similar public displays of discontent. what now? joining us now is the head of coverage research focusing on emerging markets. good to have you with us today. is this just the normal tothing pains that we see in most emerging economies, or is this something we need to start worrying about? >> well, i wouldn't be overly concerned. i think most of what we're seeing right now is country specific and interest specific. you mentioned in brazil there's been a lot of public antiquity given the fact that there's so much money spent on the soccer and ahead of the olympics as well. long-standing twengss between the islamic-oriented government

and the secular parts of the turkish population, in general political pressure always does rise when economic growth slows and globally growth is slower than it's been in recent years. certainly a concern and a risk that investors are watching, but i think the biggest risks right now, as you've been talking about all morning, is what's going on with the fed or fed tapering or the possibility of the fed tapering. >> this doesn't worry you more than that? >> well, it certainly is the most significant public unrest we've seen in some years in brazil, probably since the 1990s. we have a center left government in brazil. in theory at least they should be better able to respond to what they are seeing. wouldn't surprise me if we get some kind of deal perhaps to cushion the blow of the higher tariffs. interestingly the proposed tariff is slightly higher than the level of inflation in brazil.

there's certainly a policy response that's required here. part of the policy response of the central bank is to hike interest rates. inflations running above target in brazil. clearly the population feels the pain of inflation so the central bank is responding to that. we're a bit more constructive on brazil looking out a few quarters. we think growth will pick back up later this year and into 2014. but you're right. something we all have to monitor and do monitor it regularly as we do the situation in turkey. >> got to cut it short. get you back on soon because there's very important breaking news on dell involving carl icahn. swofford at the nyse, what do you have? >> reporter: following this story today about the most recent letter that carl icahn wrote to dell shareholders where he proposes a tender offer for $1.1 billion shares at $14 billion each. within that letter mr. icahn also states that he has obtained from a quote, unquote, major bank, the willingness to take

$1.6 billion in financing available. can i tell you from a source that jeffries -- jeffries is the major bank mentioned in the icahn letter that has agreed to make $1.6 billion in financing available. i can also tell you that i spoke with mr. icahn just a short time ago, and he told me the following regarding the letter and the call for the tender offer. despite dell's own dire projections, he says, the company's own consule sultant, bcg, which they failed to mention, stated in the most conservative case that dell would make operating income of $3.3 billion in calendar year 2014. mr. icahn then said, again in his words, after the tender offer, if everybody tenders, there will be 670 million shares left which will earn pre-tax of 372 per share and said rather emphatically, don't you think that stock will be worth more than 14, so this continues to go, brian? again, the most latest event

today, carl icahn sending a letter directly to dell shareholders calling for a tender offer and then also saying that he had, and this was a key point, where the financing for the deal was going to come from, at least for part of the deal. in the letter it stated in quotes a major bank. again, i can report, according to a source that jeffries is that major bank that has agreed to put up $1.6 billion for this transaction. that's the very latest from the floor. anything more, guys, we'll bring it to you. >> great stuff, great reporting, and i smell a phone debate between carl icahn and michael dell. can you set that up? >> i'll do my best. >> by the way, carl icahn will be the keynote speaker at that, the delivering alpha conference put on by cnbc july 17th. tickets still available, folks. go to our website deliveringalpha.com. that, mandy, should be a very interesting talk. >> indeed it should. >> all right. on deck, another positive housing headline according to a nice recovery, but has the

housing market started doing something that it did back in 2006? >> a little bit of deja vu and also president obama says on average a woman makes 77 certainties for every dollar that a man makes, but you know what? we have a female economist on who says actually that's kind of a bunch of bunk. she makes the case that women actually make more than men. that's coming up. [ male announcer ] the mercedes-benz summer event is here. now get the unmistakable thrill and the incredible rush of the mercedes-benz you've always wanted. ♪ [ tires screech ] but you better get here fast. [ girl ] hey, daddy's here. here you go, honey. thank you. [ male announcer ] because a good thing like this won't last forever. mmm. [ male announcer ] see your authorized dealer for an incredible offer on the exhilarating c250 sport sedan. but hurry. offers end soon. incredible offer on the exhilarating c250 sport sedan. (announcer) at scottrade, our cexactly how they want.t with scottrade's online banking, i get one view of my bank and brokerage accounts

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another upcompete housing headline put in a strong

comeback. diana olick is on the story. what's the latest data? >> a gain but largely for multi-family apartment buildings. single-family housing starts flat in may despite very tight supply of homes for sale. builders are faced with a shortage of land and enticed by the ability to raise prices dramatically. >> the recovery has been very concentrated in the best area. builders are deliberately metering out their sales pace and land because land is so precious. not the recovery in the outskirts and periphery where you'll see more volume growth as we move forward. >> the real gains in may were, again in, multi-families. starts rose 25% month to month and were up 69% as rental demand continues to be strong. single families start up .3% and up 16% from a year ago. permits though were healthier. single families rise together highest level since 2008 while multi-family took a little breather. the good news is we do need more

housing. construction jobs should be more plentiful in the future and what's not plentiful is the land and the financing for it. >> today if you mention that to a bank or the four-letter word which is land they throw you right ow the door. no financing for finished lots hand that process takes three or four or five years through the entitlement proses. >> and so builders are raising home prices in order to slowly sales and make up for higher costs of their own for land, labor and materials. plenty more online, reality check,.cnbc.com. brian? >> thank you. look like all systems go for housing, but this headline caught our eye today. the return of the 10% down payment. that's not just talking about federally backed fha loans, folks. i know those can go less. these are lenders who stop the 10% down loan years ago to only now bring them back. joining us now from wells fargo, economist anita caan. are we doomed to repeat the mistakes of the past?

>> no, i think that this particular housing recovery is very different this we've seen previously. the 10% down payment is definitely opening the door to more would-be buyers. the problem in the downtown is the no doclander so as we're seeing balance sheets are better. >> you have to show more credit history and more documented numbers to get the 10% down payment, is it tighter than it used to be? >> if we look at the borrower where the lenders are extending credit, these borrowers have very high fico scores. if you look at where lenders are lending, fico scores have to be almost upwards of 780. anything below 620 is almost nonexistent, so we're seeing a different borrower. >> so you're saying with

absolute conviction this time is different? >> with absolutely conviction. so far this time is different. >> so farr. >> i like the modifier. >> so far. >> and also how many people who used to perhaps go to fha loans are now going to other lenders because i understand that even though obviously the down payment is extraordinarily low for an fha loan, the insurance premiums have been doubling, if not more, over the past couple of years. >> what you're hitting at is the first-time home buyer. that was very prevalent in the previous boom. today we're seeing a first-time home buyer that represents only 29% of total sales activity. at the boom it was 50%, and so today we're not really seeing the same activity because a first-time home buyer has a significantly lower fico score. >> when you say this time is

different we'll roll the tape on you in a year's time and see whether or not that is true and hold you accountable. >> please do. >> i hope you're right. thank you very much for joining us, anika. >> thank you. >> we're going to go very, very deep into housing with a special edition of "street signs," and it is this friday. it's called "building a comeback, america's housing recovery." were have an all-star panel lined up to talk about rising mortgage rates, home prices and much, much more, brian, and it's this friday at 2:00 p.m. sharp. feeling the squeeze. just when you thought that the coach airline seat you're forced to ride in like a piece of meat can't get any worse, it does. >> and apple is set to be working on a smart wash. we'll hear what one competitor thinks apple needs to do to beat him. [ male announcer ] research suggests cell health

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here's the thing that got us thinking hmm today. american airlines says it's going to add more seats to its most popular planes, the md-80 and boeing 737. no word on how many seats they will be adding, but with those two planes accounting for more than 60% of american fleets, it's safe to say flights are

about to get more squeezed. take a look at the current situation. okay, you know. i was just on a flight. i'm a relatively large man, right, and i felt a little bit cramped back there in seat 8-f and ran the numbers to see if it's actually true. the average 737 seat is slightly more than 17 inches wide and the pitch, which is this, is 31 inches on average. so, mandy, i think it's safe to say that airline travel, as americans largely get a little bit of this and the seats do this is not only going to be frustrating, it is going to be outright painful down the road. >> yeah. i can't agree more. meantime, this is kind of interesting, brian, and it feed exactly into what are you saying. traveler satisfaction with airlines has actually increased this year from the same time last year. it will be only slightly. the annual american customer satisfaction index has found on a scale of 0 to 100 travelers give airlines an average satisfaction score of 69, that's

two points higher than a year ago. for a second consecutive year jetblue is ranking number one in passenger satisfaction and united airlines receiving the lowest, however, satisfaction score, but exactly what you were saying. what passengers are least satisfied with across the board regardless of airline, guess what it is? >> seat, comfort. >> or lack thereof. >> or lack thereof. >> those seats are about to get bigger on one airline, air snowia. the airline which is the regional to pacific islands of america samoa flights as the name might imply they are getting an xl seat. any passenger who weighs more than 286 pounds, and that does exclude me, will be seated in a new xl row with larger seats. samoa air operates a fleet of prop-driven aircraft and offered a pay by weight airfare.

>> if you're large and too much weight on those planes, you kind of go down. you kind of go down >> i get moved around a lot. can you move to the back and then they say can you just get off, leave the plane so we can take off. up next, in the second half of "street signs," do women actually make more than men? a female economist who is making that claim coming coming up. clients are always learning more to make their money do more. (ann) to help me plan my next move, i take scottrade's free, in-branch seminars... plus, their live webinars. i use daily market commentary to improve my strategy. and my local scottrade office guides my learning every step of the way.

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just to prove to you that really fantastic things do come in small packages the russ il2000 is currently above 1000. now, it's never closed above 1000, but at that level you can cleary see that it is at an all-time high today. to close at an all-time high it has to close above 998. on track at the moment to do that, but we'll just have to keep a watch. meantime, apple's stock is down nearly 20% year to date. compare that to the s&p 500, and

it is really one very ugly chart for apple. now, everyone says they need a game-changer. could an iwatch save the day? well, there is a report today that intel is working on a watch-like smart device and maybe for a. joining us now from jeffries is peter mizic, good to have you with us today, sir. >> thanks for having me. >> is an iwatch going to be a game-changer, or is this a gadget or a hobby for apple, do you think? >> we've had a hard time seeing it. tried four different models and frankly maybe it's just the fact that we have very big fingers and big hand, but the touch screen didn't work all that well. the voice recognition was poor. certainly the bar is low for apple, and who knows, maybe they can do something really cool at et end of it, but we'll put the odds against that. >> peter, the global watch market is about $60 billion, so let's say apple comes out with a watch, and it kicks butt, and they get 10% market share in a few years.

6 billion and make half of that in grossing margin. $3 billion an 180 billion in annual revenue. that doesn't move the needle, no matter how great the watch is. >> correct, and we think that that 10% number is actually very difficult to achieve, because if you look at the breakdown of the market, around $35 billion is the luxury or jewelry side of the watch market, so iwc, easy blows, those kind of watches, and the real area where apple is targeting is the $200 to $400 segment which is far smaller. we think it's somewhere around $10 billion, so we think it's going to be a real big challenge. there are limitations. you have to tether to an iphone, and there are approximately 250 million iphones installed, so the way to think about it is how many iphone use remembers going to buy one of these? >> i believe you have test driven a number of other smart watches in the market and what do you think an iwatch would have to have to at least compete in a significant manner with the other smart watches already on the market? >> what we think needs to occur

is have siri on steroids, the ability of microphone to pick up your voice really clearly and to take that for interaction. what do we mean by, that for it to notify you that an e-mail has come, for you to be able to interact with apps because frankly using your finger to touch the screen is a terrible experience. gesture control maybe gets us there, but i think that would need to be combined with -- >> can't think of anything worse. >> i mean, 24/7 having a device on your body that tells you have an e-mail. i mean, seriously, like can you never escape being technologically connected? >> it seems it's really getting difficult. turn everything off and get yourself in a vacuum. >> all right, peter. what do you think about the other watches you've test driven? >> well, our favorite was actually the nike smart watch. we like to run, so it was a great running experience, tracked us reilly well, calories burned and all that stuff, but it was a special built watch. costs around $200 and an italian

manufactured watch was a real poor experience. pebble was a good experience and limited, and then we had a chinese white label vendor that gave us one. frankly, it was interesting, but, again, a really, really bdt experience, tough user interface and not designed for a screen that low. the bar is really low for apple, but in spate spite of that we think it will be tough to show use case or value. >> petr, thanks very much for joining us with your insight on the smartwatch market. next up, a new habit, and it might be something that you had for lunch. but first, bill griffith, what's coming up "closing bell"? >> the dow on pace for its sixth straight 100-point move. what's ahead of tomorrow's fed

announcement and retail investors can use the same algorithm trading programs that wall street uses. is it a good idea or way too complicated or risky for average investors? both sides that have story coming up. and we'll hear from the head of the search engine that promises not track your searches like rivals google and yahoo!. all that and more when maria and i see you at the top of the hour for the last hour of the trading day. it's been a deese lately. see you on the "closing bell" after "street signs." all business purchases. so you can capture your receipts, and manage them online with jot, the latest app from ink. so you can spend less time doing paperwork. and more time doing paperwork. ink from chase. so you can.

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there you go, the dow jones industrial average up a cool 143 points. that is the high of the day, my friends. most of our cnbc heat map is in the green. the fed decision comes down which you can hear right on the show at 2:00 p.m. eastern time. >> indeed you can. here is a very good sign of the times. fewer americans are lighting up cigarettes. about 18% of participants in a 2012 national health survey said they were current smokers. that is down 1% from 2011 and further below the 20% to 21% range that held very steady for seven years before that. the cdc is still analyzing the findings and has not yet

concluded why exactly the rate dropped. i'm sure an exdeathly they have the suspicions. nonetheless, do seem to be quite a play proving that i guess addiction is fairly good business model. they are all moving higher in trade today. >> now, fewer smokers means fewer tobacco fields but jane wells has been looking into a new king crop that is on the rise. jane. >> brian. hummus. put that in your pipe and smoke t.actually don't try to smoke t.sabra has more than half the market and shares have grown from 16 million to $800 million. it's a joint venture between pepsi and israeli-based strauss but they are trying to find more chickpeas to support demand. more is grown in the northwest and this year's crop is just starting to emerge. >> in the future we see approximately a 10% increase of production on our farm if if the pricing of chickpeas stays stable or increases with the

demand. >> but the problem, chickpeas are a late crop, so late rains in the northwest can be an issue. that's why the ceo of sabra is expanding into other states hoping to replace traditional crops. >> like in virginia, where we are right now. we have a lot of discussion with virginia agriculture and the team here. hey, can we replace the tobacco fields that, you know, virginia is where tobacco is coming from, to replace it with chickpeas. >> >> reporter: perhaps a sure sign that hummus is hot, the lebanese are complaining that israel has co-opted the product, first our land, then the hummus. zohar says i'm happy that they will fight the hummus and not everybody else. >> it's become quite a staple in school lunches now, you know, the little like separate packets that have the pretzels on the one side and hummus in the

other. >> that's exactly their strategy. >> yeah. >> he says the next big thing is getting kids to use it as a spread and take their 20% of hummus in the u.s. to 40% just if they can get the kids to like it, you're in. no more, you know, maybe choosey mothers will choose hummus. that's their goal. we'll see if it happens. >> come out with a chunky hummus, i'm in. until then, no. jane wells, thank you very much. >> okay. >> listen to this, jane, your kind of a story, control this a cronut crackdown. chef dock theme ancell on this program a few weeks back is putting his foot down on cronut scalpers. this has cropped up in new york. they can order delivery from the coveted pastry from a third party now, get this, $100 a cronut. sell for $5 retail. the chef is not having it. he's actively searching the line

outside the bakery for would-be scalpers and spatula in hand to lay down the doughnut wall. >> do you think "street signs" could take part of the credit for the explosive fame and popularity that the cronu it is hawaii h or is that way overreaching? >> i think we should take all the credit. >> still ahead, the equal payment. a female economist who says everything you've been hearing about women's play is complete nonsense, bunk. she joins us next. in today's markets, a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal

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i think we can relate this back to education. and how we are continuing to try to strive to figure out how to create jobs right now. that is the biggest problem. and i think especially the men are seen as the leaders of this, and so, we need to try to figure out how to create education better so that we can solve this problem. thank you. >> if you missed it, that was miss utah flubbing her answer about equal pay during the miss usa pageant on sunday night.

she was given a chance to redeem herself this morning on "today," and here's her answer the second go-round. >> this is not okay. it needs to be equal pay for equal work. and it's hard enough already to earn a living, and it shouldn't be harder just because you're a woman. >> well, equal pay for women has been a pretty hot topic for president obama, as well. but our next guest says he's actually using bogus data, and she penned a column, "women and the unequal pay myth" on real clear markets. why is it bogus? why is it a myth, diana? >> well, it's bogus, because, first of all, full-time women's pay compared with full-time men's is not 77 cents on the dollar. it's 81 cents. second, more importantly, what we need to do to show discrimination is look at men and women in the same jobs with the same experience. so, say, two first-year cashiers in a supermarket, a man and a woman. those are paid the same.

two associates in a law firm, a male and a female who started at the same time, who bill the same number of hours, those are paid the same. averaging over all women and all men in an economy compares women who choose to be social workers with men who choose to be engineers. and that makes no sense at all. >> if you actually look within one profession, just take one profession, are there any instances where the women actually earn more than the men? >> i would have to check that. but suddenly, if you look at women aged 35 to 43, and you look at childless women who are not married compared with childless unmarried men, you find that women make 108 cents on the dollar. you find that women as a group earn more. >> why? >> why? because they're more motivated. they are better educated. 58% of b.a.s and m.a.s are awarded to women. the fact is when women have children, they tend to choose

jobs with more flexible hours so they can balance work and family. and that very rational choice to them means that they earn less. even in president obama's white house, women make 87 cents on the dollar. and no one could accuse president obama of discriminating against women. >> diana, can i ask you a different question? why are you taking up this torch? >> why? well, it's the 50th anniversary of the equal pay act. last week, president obama spoke in the rose garden calling for passage of the paycheck fairness act, calling for higher minimum wages to help women. all of the interference in the economy will reduce hiring for men and for women. it's very important to look at it right now. and, also, because my friend, christina hoff-summers, just wrote a new book called "freedom feminism," right here. i encourage all of you to go out and buy it. and what she talks about is a new feminist agenda that is based on rational statistics,

not myths like 77 cents on the dollar, not anti-male, and which enables women to pursue their own vision. and if some people want to work -- >> you think feminism is anti-male? you think feminism is anti-male? >> oh, absolutely. what is said is that it's men who are discriminating against women. it's women who have to fight n men. i mean, men are in a lot of trouble, also. their educational levels are not nearly the same as women's. men need help, also. hand when you have a family, men and women complement each other. it's important for both of them to be doing well. >> well, just to hit the other side of that. i totally agree that i think these days a woman in the workplace, when people talk about feminism, you think of it being a little militant. >> yes. >> and yet, to be honest, if it wasn't to the trailblazing feminists in the '60s, '70s and the -- we wouldn't be where we are now. >> that's very important. the original goals of the

feminists was equality of opportunity. only 8% in 1970 were awarded to women. now it's 50%. so the feminists need to be thanked and need to be moving on to problems in rwanda, problems in the congo where women are being abused, tortured. instead, they focus on equality of outcome, the same number of ceos, male and female, the same number of male and female construction workers. that's never going to happen. never. >> right, absolutely true. many, many developing economies where feminism has a role. thank you very much, diana. >> great to be with you. thanks for having me on. >> we're back right after this. my mantra?

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while dramatically reducing waiting time. [ telephone ringing ] now a waiting room is just a room. [ static warbles ] >> zr stocks set session highs. >> thanks for watching. "closing bell" is next. hi, everybody. we're enter the final stretch with a triple move on the upside. we're at the new york stock exchange. it could be our sixth-straight triple-digit move. >> when was the last time it happened? >> only happened six times. >> 2011 was the last time it happened. we're armed. we're ready to go. i'm bill griffeth. yes, a busy show. the last time the dow posted triple-digit moves in a row was in the fall 2011. this one, of course, comes the day before we have the latest announcement from the federal reserve on their intens