he is a big "james bond" fan. he hopes to sell more of them in china with the company's aim of tripling sales there over the next five years. yacht experts say this is more about branding. china wants great bands, and sun seeker is one of the best in the class. priced between 20 and -- they bought feretti. -- not as strong as the yacht company sales. >> fantastic stuff. thank you very much, robert. >> okay. >> thank you for watching "street signs." it's dyi tv. this is amateur hour. bye-bye. "closing bell" is next. have a great weekend, everybody. see you monday. hi, everybody. happy fry to you. we enter the final stretch for the week, and what a week it was. >> incredible week. >> right to the closing bell. >> we've had another three, four incredible weeks. >> oh, yeah. >> this is the one that caps it

all, right? >> oh, yes, the second worst week of the year. i'm maria bartiromo, along with bill griffeth. another big day of wild swings. >> investors getting whiplash with the dow swinging back and forth. this is expiration day. you know, we've lost about 500 points on the dow in the last three days after the fed meeting. and today, in this last hour, we will have expiration of options and futures. so we'll probably get more volatility. we've already had a lot of volume. >> look at that volume right now. >> because of the expiration. now we'll get some volatility as a result of that. and, also, coming up on the program, the dow has had eight consecutive 100-point moves, either up or down in this market. and while that streak is in jeopardy right now, it could all change, of course, in a heartbeat because of the volatility of the trade in the last hour as a result of the expirations. so we'll watch it very carefully. we're up 61 points. it wouldn't take much right now. >> a pretty good market.

let's look at where we stand now as we approach the final stretch for the week. the dow up 61. close to 62. half a percent at 14,820. the nasdaq and s&p 500. we also see the mix showing here. nasdaq is negative. the nasdaq down about 11 points, .33%, 3,350 and s&p 500 index in positive territory with a gain in the session of 5.5 points at 1,593. buckle up. we could see a lot of volatility on the last day of trading here. bob pisani on that. >> so far, the excitement has been at the open. this was the quarterly expiration of futures. this will be one of the busiest volume days of the year. after that, it's been pretty much steady as she goes. looking at the dow. a lot of traders down here -- i said this last night -- will be happy to see a quiet day. narrower range, maybe 150, 160 points on the dow, than we've seen recently. that's fine with a lot of people down here. we may get a little bit of

action at the close. this is the quarterly rebalancing, and the s&p 500, usually happens four times a year. a couple of stocks seeing decreases in their size, their weightings. pfizer and at&t, they'll see lower weightings, mostly due to buybacks that the companies are having. i'll keep an eye on that one. sector. strength in defensive names. healthcare stocks doing well. utilities are doing better finally. tech, cyclical names, a little to the downside, but not aggressively so. not compared to what we've seen recently. and a little bit of a bounce in emerging market markets. remember, most of the week, people have been worried. but thailand, india, turkey, all of the emerging market etfs have bounced after days of declines, some down 15% or more in the last few weeks. one sector that's not bouncing much. these are off from the lows. homebuilders. finally lennar going green there. the earnings will be next week. concerns, maria, concerns about

high interest rates. it seems to be people think we'll go to 6% on mortgage rates from 4%. i don't see it anytime soon. i can assure you the federal reserve will jump in if 10 years go to, somehow, 4% or anywhere near that, which is what we would need to have to have mortgage rates go to 6%. just don't see it. people seem worried about that. back to you. >> all right, bob, thank you so much. so we have -- heading into a volatile hour, to cap off a volatile week. let's break it down with our experts. nick from the earning scout, gordon from rosenblatt securities, and our own ron insanny and rick santelli as well in chicago. gordon, what's the message of the market? with all of the volatility we've seen before and after the federal reserve meeting, what's this all about, do you think? >> first off, it's nice to see some action coming back to the floor of the new york stock exchange. we can start with that. >> yeah. >> this morning, it was very hectic. guys down here got hurt a little bit trying to go for the trades.

actually, pretty hard to get everything right down here, but we did. and now we're getting ready for the end of the day. but, bill, here's the thing that's going on. you have a major liquidity coming at you with the quad. a lot of the stocks are going to revert back to the prices, take out the type of premium. we're starting to identify where the stocks are going to go and where the averages are going to end up. and it seems like it's going to be pretty true through to that final closing bell. >> you think it's higher or lower? >> i think we're going to stay pretty -- it's going to pare off, and it will be where the time premium dissipates, so we'll see these things revert back to the main. that being said, bill, we have a major event next friday, russell reconstitution. so this is an opportunity for guys that are seeking a big-time liquidity to take advantage of this liquidity event and maybe trade into that in anticipation of next week's, you know, big -- big-volume day. >> right.

>> okay. >> so this could be an opportunity for major moves all of a sudden late. we have to be nimble here. >> that's certainly what you want to look at going into the big-volume days. ron, let's talk about that for a second, because going into the russell rebalance next week, and after this volatile week that we saw, do you think we've seen enough of a washout for this sell-off? we're down about -- almost 5% from the highs reached in may. but a lot of investors and traders, as you know, like to see a washout before going back in. but we've got a pretty good day today with a gain of 60 points. >> yeah, maria, i think some of this stuff is looking at the trees as opposed to the forest. the rebalance, they're mechanical things that happen on occasion in the markets and are necessary. as gordon says, they create liquidity events for traders. i've been looking for a 5%, 10% correction since the end of may. we're in the middle of that. the bond market has gotten way out over its skis. it's tightening as opposed to the fed's intent to taper. with yields at 2.5% and still maybe going higher --

>> why do you think that is, ronnie? >> i think they've misperceived what bernanke said. he made it clear the fed's accommodative. granted, we're getting used to a new reality, and it's happened very quickly. but i do think that, you know, the bond markets overdone it. the bond market, of all thing, might be an interesting buy relatively soon. you buy 10-year zeros, you might get a nice capital gain in the next -- >> right. >> i think the rates moved too far, too fast. leveraged traders got washed out. stock market corrections are about both price and time. i think it may last through the summer. >> nick, inevitably as the emphasis -- not right now, of course -- moves away from the fed, we'll start looking more i guess at the fundamentals -- at earnings. what do you think they will do? >> well, the earnings have held up here over the last month. so they've been getting less bad steadily over the past year, nine months, six month, three months, and that's good. >> you think that will continue? >> yeah, we're looking at the

first 10 on the clock, so oracle last night, darden this morning, carmax this morning as well. ten companies in the s&p that reported main quarter ends and the collective results, earnings and sales have reaccelerated, so there are good trends here and there. and the growth is expected to reaccelerate in the second half. so ben bernanke, we think the grand plan is working for the fed. and ron said it well. the fed doesn't want the short-end rates go up. they will keep the fed funds rate low. they're okay with the long end going up for a steeper yield curve, because that's going to help the financial institutions. when the fed eventually pulls the jumper cables off the drained battery that's been the economy, a healthy financial sector could be good, needed, and essential for a sustainable economic recovery. >> you mentioned oracle, nick. a lot of people were looking at oracle and saying this is evidence that global growth is slow. so what did you see in the oracle numbers? >> when we look at the numbers for all of the companies, things that are still tied into the

emerging markets -- >> i see. >> -- the emerging economies are still struggling the most. when we collect all of the economic data, it's saying come home to the u.s. and so, some of the defensive sectors, the financials as well, we still like best some of the trends. not utilities, but telecom we like. when it comes to certain technology sectors and materials, energy, industrials, you know, these emerging economies, there's some scary things going on, particularly with the short-end rates in china. >> and the outflows prove it. >> yeah, rick santelli, how much higher on the 10-year yield, do you think in. >> i wish i could tell you. if this was a normal market and everything on the charts was normal, i would say probably around 2.62. however, i really think that there's a lot of compression and leverage that's going the wrong way, and it's very hard to handicap that, not to mention -- not the least of which is how many big bond players, you know, were on fed day saying this is a great opportunity to buy, so that was about 35 basis points ago. >> yes. >> seriously, the more i get

into this, bill, the more i'm hearing that it's a 60/40 equation. 40% being the fed and all the issues since the 22nd of may, and the current statement. but the bigger elephant in the room the last several days, i do believe, may be china. now, as you look at the seven-day shanghai interbank offered rate, affectionately called on the floor lately the shaboom chart, yesterday was close to 12%. today, it dipped down to below 9. there's talk of some quiet injection of capital. but in the end, here's the one thing we walk away with. the pboc wants to slow down the relationship of what is perceived to be 100-to-1 leverage in some of the regional banks, and this is going to be an issue that's big. if it's fungible in one direction, it will be with the other, no matter what part of the globe you're in. we need to be cognizant of that

as well. >> what do you think, ron? >> yeah, look, i -- bill, as you know, i've been very cautious, if not outright bearish on china, probably for three years. >> right. >> i think china is an accident waiting to happen. it doesn't necessarily mean, though, that the u.s. blows up with it. i'm looking for a correction in stocks, not a bear market. and as was said earlier, you know, i think the u.s. is the best place in the world in which to invest. when we get these haircuts in individual stocks -- disney, starbucks, comcast, time warner -- it's something to wait out. the s&p has more risk on the downside. >> hey, ron, ron, ron -- >> it's not just china. >> right. >> ron, i agree with you on the stock side. what about the interest rate side? what i was really referring to is some of the extra helping of volatility that we've seen on the yield curve can be because of some of the short-term funding issues in china. >> yeah. >> what do you think of that perspective? >> i absolutely agree. i think we're getting closer to the point where you want to buy a ten-year zero and take

advantage of a capital gain -- >> i don't disagree. boy, you don't necessarily want to pick bottoms to tops, but i agr agree. >> i like doing that. >> and it's not just china. you have the emerging markets, seeing massive outflows, you see what's going on in brazil, protesting, a different scene than we've seen, and even mexico, which has been the asset gatherer of that region. you're seeing some real outflows. >> yeah, that's why fortress america has been my theme. we look better than anybody else on the planet. >> all right. have a good weekend. >> have a good weekend, everybody. first day of summer. feels like it, too. >> beautiful out. >> we're rising as we stand here. up 88 points. we've had eight-consecutive 100-point moves on the dow over the last eight trading days. >> and we may have a ninth. now we're up to 90 points. >> yes, we are. >> after the bell, we're taking you to the new york city trading floor. at the open this morning, $8 billion in u.s. cash equities were executed on that trading floor. find out how they're dealing with the volatility and

uncertain interest raten environment. >> and also, don't miss the interview with ceo. >> and if you're looking for a place to hide among the volatility, we have some suggestions. tom will share the best ideas later on in the "closing bell." most important hour of the trading day and the trading week. back in a moment. >> maria's 1,000th tweet. >> it's coming. (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't trade like everybody. i trade like me. i'm with scottrade.

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hurry, before this opportunity cools off.

if we wait long enough, as we go here, we may hit 100-point gain on the dow jones industrials average. i'm watching very carefully. the reason i say is because we've already had eight consecutive 100-point moves on the dow. as we sit here, we're about to do a ninth time. however, i will point out, this is an expiration day. you're going to get volatility. anything can happen in these final 45 minutes of trade on this friday. but right now, we're very close to number nine, maria. >> all right, bill, thank you so much. meanwhile, we've seen a route in credit markets sparked by a spike in interest rates,

adding to the wave of economic concern. but our next guests believe the corporate bond outlook is still bright. joining us is kip and ed from the trading floor. gentlemen, good to see you. >> welcome. >> thank you so much for joining us. >> nice to talk to you again. >> yeah, thanks. >> let me kick off with you, kip, the fixed income, the space is a rough road, or has been already, that doesn't mean everyone will lose on basis, as yield will still be low. talk about the opportunity in fixed income with yields rising. >> the opportunities with yields rising are not very good for the long side. picking the top would be good. i think, in fact, in the markets that we're seeing right now, we are starting to see some buying come back in the credit markets. we're seeing buying in the long end actually out of asia. we're seeing some buying in the ten-year sector from insurance companies in the u.s. and we have been through this whole period seeing some buying

in the short end as people shorten their duration in the market. but credit fundamentals still look extremely good. technicals, as you could go into a summer month with less new issue. the technical supply/demand balance could get quite positive as well. but we do need some stability in the underlying rate markets, and we're not getting that yet. >> ed, what about the equity response? i mean, we just mentioned, we all know -- at least for the dow -- we've had these eight consecutive 100-point swings, lots of debate about the fed's intentions, we may have a better picture. do you think this kind of volatility continues from here? >> certainly for the last two days we've really been focused on what the fixed income marks have been doing in response to mr. bernanke's interesting week for us. as we're seeing the week end, we're starting to see volatility come off. and i think that people will take this weekend and they're going to start to digest what happens over this week. we're going to see a bit of a e

divergence next week. i think people will wonder where the safe haven is, and people will look at the equity markets, very specifically the u.s. equity markets. >> so would you expect that great rotation that everyone talks about, then, ed, in terms of money coming out of bonds and moving in to stocks? is that still a possibility? >> i actually do believe it. and i think it's going to take a little bit of a pause here, maria. let's give it a couple of weeks. people have to digest this news. what's very interesting to me, i think, is people need returns. they're going to have to decide where do they get these returns from? what's coming up in july/august is earnings season. corporate buybacks have been very strong. we're seeing very interesting signals coming from the forward dividends markets where we're one of the active players in dividend swaps. it seems to imply cash flows coming from the equity market. i think that will be very positive. people will look to u.s. equities going forward. >> kip, why are we at 2.51% of the 10-year? do you think that was the fed's

intention, or do you think they're surprised by the backup in long yields here? >> when you think of the fed going into may 22nd, we had one guidepost, which was at -- they would start raising rates as a 6.5% unemployment rate. after may 22nd and the tapering being put on the table, we've seen a repricing in the market as people tried to figure out the market participants tried to figure out what -- where rates could go. >> right. >> and we expected on wednesday to hear maybe a softening of that dialogue, but, in fact, we got even more guideposts from bernanke. and, in fact, since then, we've seen the market try to figure out what -- how to price the uncertainty of rising rates, when rates could rise, and what was interesting to us, as well, is that the dialogue around guideposts for, in fact, the tapering were all around

unemployment and were left pretty vague. they didn't address the fact that we've got inflation dropping through the 2% break-even level on 10-year tips at the moment, which is pret pretty -- pretty important level. we haven't been here since mid-2011. and, therefore, bernanke's left himself room, i think, to change the guideposts again. and so, we could, in fact, actually be experiencing just a letting out of some of the helium in the balloon, or the bubble. >> right. >> and maybe that was, in fact, his entire intention. it's hard to tell. >> thanks, guys. good to talk with you both. >> thank you. >> nice talking to you, maria. >> we so appreciate it. thank you. heading to the close, 40 minutes left. we're seeing the volatility i was talking about. the dow got up to be a gain of 99 points. >> oh, gosh. >> and a pullback. up 76 now as the volatility will continue the expiration hour. >> is this rally taking a

breather? are we in for more rough seas ahead? coming up, one of wall street's biggest investors, john calamos. we'll find out what he's doing with his money. >> oracle, one of the hardest-hit stocks on wall street today, down 9%. another earnings miss from the company, but up next, we'll peer into oracle's future to find out if the stock is oversold. after this. stay tuned. the most free research reports, 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. i'm monica santiago of fidelity investments, and low fees and commissions are another reason serious investors are choosing fidelity. now get 200 free trades when you open an account.

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the dow is up 86 points. we've had that monster two-day sell-off. oracle today is really weighing on the nasdaq. oracle, as you may have heard, preparing to leave the nasdaq to be listed instead at the new york stock exchange. but jon fortt is with us with more on the troubles exhibited last night in the earnings report. jon? >> reporter: yeah, bill, a lot of action around oracle. the main problem was the core business, new software licenses. management had promised to deliver $4 billion in revenue. they delivered the low end. the problem? asia and brazil, emerging markets. there was a bit of good news for shareholders. they doubled the dividend. authorized another $12 billion for buybacks. if that's not enough change, oracle planning to move the listing to the nyse. the real question here is, is this a macro hiccup for oracle, or are we seeing cisco all over again, hit by changes in the data center, the fast-growing computing business isn't big enough to make up the difference.

we'll know in the back half whether we see oracle's new products they announced at open world spark growth, or whether the team can turbo charge cloud growth even more. back to you guys. >> thank you so much, jon. oracle shares taking a big hit. the question for traders, of course, is this a buying opportunity? we're looking at oracle and talking numbers. abigail and annes. good to see you both. abigail, let me kick it off with you. walk us through oracle's chart. how does it look? >> it carries a very clear message. steer clear. and if oracle happens to drop by another buck, it turns into an outright sell. let me show you why. when we take a look at the five-year weekly chart, there is an uncanny similarity between 2011 and 2013. we see steep uptrend that have reversed on topping patterns. in 2011, oracle's head and shoulders pattern took it down toward or below 25. not once, not twice, but three times.

the current pattern confirms at that 29.36 target sub-25, i'm pretty confident we'll see that sort of a sell-off. but what's really worrisome here is the potential double-top borne of the 2011 and 2013 peaks, needs to confirm off of that neckline, but if below 24.43, we're looking at a sub-15 oracle. again, steer clear, even sell. >> wow. all right. let's look at the fundamentals. how does the company look to you? >> yeah, i'd give three reasons why i also wouldn't be a buyer. the first is, as jon fortt mentioned, this is the second-straight quarter where they had poor execution. the second-straight earnings miss. and, in fact, that's an environment where a competitor like cisco is performing quite well. the second reason is that more than half of oracle's sales come from international. and unless you've been living under a rock lately, you know that emerging markets, especially, they cited asia and latin america, actually, in the earnings release as the weak

areas. i think that's a huge headwind for oracle going forward. lastly, on a valuation basis, it's priced similar to ibm with similar growth prospects, so it's not excessively cheap even after the sell-off. >> so you both agree this is a stay-away. is there anything out there that would change your mind, make either of you a buyer? >> i actually think a move to 27, 28 would make it more attractive -- that's another 10% haircut. it's still projected to grow 8% to 10% and an 11 p at that point. that's attractive. >> abigail? >> it wouldn't change my mind, maria, not just because of the technicals. if we go back to the 2011 peak, they were doing well going into the drop-down into 24. it started midto late december. if we go back to 2008, and that was when the stock really took a hit on the global sell-off, revenues dropped year over year from physical kwal year 2008 to 2009 by 17%. the fact we have two years of revenue slide, i think it's a

negative trend and it's reflected in the chart. >> the key for sure will be the global economic outlook for oracle going forward. >> we will leave it there. thank you, guys. see you soon. >> thank you. >> oracle is the worst performing today for the s&p 500, and inside the nasdaq 100. and very, very important stock, obviously. biggest -- one of the biggest software makers out there. and the dow continues to tease us, up 88 points. we're at 90 a second ago. we've got about 30 minutes left in the trading day. >> the regulation continues for the financials. the big banks could reportedly be forced to ramp up minimum capital requirements if some regulators get their way. will that be a disaster for bank stocks if they cut or end dividend payments in order to build up capital? we'll take a look. also, later, the ceo of bnp paribas north america will tell us if it puts banks at a disadvantage against global rivals. tdd# 1-800-345-2550 [ trader ] when i'm trading, i'm so into it,

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welcome back. breaking news. former enron ceo jeff skilling has just been resentenced.

scott cohn in houston now with the details. over to you, scott. >> reporter: maria, saying that crimes of this magnitude deserve significant punishment, u.s. district judge sim lake nonetheless reduced his 2006 sent of jeffrey skilling from 24 years down to 14 years with credit for time served, time off for good behavior and the like. he could be out, now, in 2017, which would mean he will have served about 11 years for his role as ceo of enron, in that company's historic 2001 collapse. the courtroom was packed with a lot of jeff skilling supporters, members of ken lay's family, former enron executives, and members of skilling's family. and we learned that some 200 people had written to the court in his support, including fellow inmates at the federal prison in colorado where skilling is being housed. we learned that since he went to prison in 2006, he taught himself spanish and has been giving spanish lessons to other inmates, according to his

attorney, daniel petrocelli, teaching business classes and so on. nonetheless, assistant u.s. attorney patrick stokes of the justice department strong division said skilling still has never expressed remorse for the enron collapse. diana peters, former enron employee, the only victim who contacted the court asking to people, said people had put their trust in jeff skilling back in the late '90s, early 2000s and he betrayed that trust. jeff skilling looks every bit of his 59 years old. he was in prison initially in handcuffs. they took the cuffs off, wearing a green jump suit, talking with his attorneys, nodding and waving to his family members and supporters that were in the courtroom, that were here to support him. he has grown a beard, although supposedly that has something to do with skin surgery he had. in any case, nonetheless, he will go back to prison but get out a lot sooner than he had originally been scheduled to. he was going to be out at age 74, but now could be out before

his 65th birthday. >> must have been weird for you, scott, being back in houston, huh? >> reporter: absolutely. >> scott cohn in houston. let's go to courtney, a market flash on salesforce.com. cort? >> reporter: that's right. take a look. competitor salesforce shares popping here into the close. on thursday, oracle's ceo larry ellison announced the company would have an announcement coming regarding technology partnerships this week. "the new york times" citing sources say that they involve salesforce as one of the partners and it has to do with software delivery over the cloud. shares popping of salesforce now into the close. maria? >> all right. thanks. stocks have really sold off since federal reserve chairman ben bernanke outlined his tapering plans on wednesday. steve liesman is here to clarify what bernanke said and what the market actually heard. steve? >> reporter: maria, do you remember the teacher in the peanuts comic strip? >> yeah. >> reporter: right. i think -- >> what did she say?

>> reporter: i think what bernanke had was a peanuts moment with the market here. i want to show you what i think bernanke said and what i think the market heard. bernanke said, for example, if the fed forecast proves true -- and we'll talk more about what the fed forecast is in a second -- the fed will taper later this year and the qe next year, the market heard "i'm raising interest rates." bernanke said if the economy deteriorates, it could be more qe, the market heard, "no, raising interest rates." finally, the rate hikes may be as much as two years off. the market heard, "i'm raising interest rates." here's the gdp forecast. i want to show you what the fed is forecasting. this is what has to happen or more or less happen if the fed will end qe and maybe raise rates. we'll get to 3.25 growth. where we were yesterday? 1.75. that may be a little high. remember the 3.25% number. let's go to the next chart and look at the inflation projections, okay? so what we're going to do is we're going to add the one-seven, the inflation number,

to the 3.25, get top-line nominal gdp growth around 9%, from what was 3.5%, or maybe own more than 5%. there's an important thing here, maria, which is top-line growth in corporate america has been growing very slowly, if at all. if you're in an environment of 5%, 6% of nominal growth, that's a good proxy for top-line growth. as lean as companies are, if the forecast ends up being true, companies could be trading -- investors will be trading higher top-line growth in corpses for less qe. bill, maria, i don't know what choice you have, i take the top-line over the qe any day. >> any day. and we saw the struggle with top line growth from oracle. >> yes. >> a real global company in there. >> yeah. >> doing exactly what you're saying. thank you, steve. >> great stuff. very clever, steve. thank you very much. more trouble on the horizon for the big banks if some regulators get their way with rumored new capital requirements. kayla explains. i thought we already had some.

>> reporter: bill, it never seems to end in the phone lines between washington and basel, as cross-border regulators hammer out final rules for financial institutions and how much capital they need to hold. here in the u.s., given the resurgence of the too big to fail debate, regulators wonder if there needs to be a higher standard at home. the fed and fdic have been working together to safeguard deposits during a crisis. they say the current level is 6%, or twice the minimum capital requirement under basel 3 rules. a report says only wells fargo would pass at that level, and a source at the fdic is said to be pushing for a higher level. it stoked a sell-off? t in the banks today. they're off of the lows but still in the red. this spring, the basel rules were challenged when senators brown and vitter proposed legislation that would require banks to keep 15% of assets in

capital at all times. a hearing on that, bill, is expected at some point this summer. as is the final rule from basel 3, and at least a draft rule on any increase capital levels from washington. so we'll stay tuned for that, but no word as of yet. maria and bill? >> thank you very much. we will be talking with the ceo of bnp paribas to find out his plans and look at the regulatory changes on the horizon. tesla and new york state involved in a war of words. phil, what's going on here? >> maria, this is the case where new york is the latest state where legislators are considering a law that would ban direct sales of automobiles, and, as you know, that's what tesla does. it sells its vehicles directly. not through dealerships. and as a result, this law is getting a lot of attention. essentially, what it comes down to this is. the new york state legislature considering a law that would ban direct sales of automobiles, and that means banning sales of teslas in new york. the law would require that all cars be bought -- only cars

could be registered that are bought through dealerships. tesla ceo this afternoon sending out a tweet, saying, listen, if you live in new york, call your state senator and tell them they should not be doing this. he says that this is a case of the auto dealers in new york getting together and trying to shut down tesla. by the way, he's been fighting this battle not only in new york now, but they've been fighting it in north carolina, they've been fighting it in texas, and this is something that tesla is dealing with around the country as a number of states have their dealer associations get together and say, "we don't like direct sal sales" take a look at tess la. and while the battles have been going on, it has not stopped the momentum of the stock, hovering just under $100 a share. this is an ongoing battle. don't be surprised if it ends up in federal court. >> yeah. >> what a rebel ilan musk is, huh? on every front. >> really interesting. >> trying to break every rule. fascinating to watch. >> yeah, i just want to say -- >> yes, ma'am? >> -- i'm going to tell you in a minute. you go ahead. let's look at the market. >> you ready for this?

>> yeah, yeah, yeah. [ laughter ] we're 20 minutes away from the closing bell, he said. the dow is up 71 points. anything is possible in the next 20 minutes as we head for the expirations of futures. >> and is he starting to turn bearish? we're going to find out. stick around. bill, here is what i want you to know. i'm about to send my 1,000th tweet. i want to make it special, because it's my 1,000th tweet. i'd love to hear from our viewers what they want to hear about when i get to 1,000. can you guess what i'm going to tweet for my 1,000th tweet? >> i think i can guess. >> you can? come on! >> i don't want to say, because i don't want to spoil it. >> oh, no. >> i know nothing. i have a guess. but i think i know. >> you know me so well. >> yes, i do. >> all right. i'll tell you after the break. i'm going to do my 1,000th tweet coming up. we went out and asked people a simple question:

how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone

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you'll see what it is in a second. what do you think it was? >> my guess, it has to do with the fact -- i don't even know if you know this -- today is national take your dog to workday. >> i did not know that. i can't believe how well you know me. >> when you said -- >> there he is. there's ella bela. >> oh, i could have won big money. >> my 1,000th tweet. >> i could have won big money. but happy 1,000th tweet. >> thank you. >> and happy national take your dog to workday. by the way, where is she? >> you know, i didn't think -- well, i don't know if she would like the floor of the new york stock exchange. maybe she would with all the sniffs and smells. i'm going to send one more tweet later about the weekend, since it's the first day of summer today. >> yes, it is. it couldn't come soon enough here. >> the bulls will sure be happy when this week comes to a close. 9 s&p 500 trying to avoid the worst week of the year. today, with a gain. although, bill, look, we've given much of it yet. >> yeah, here it goes. the expirations are wreaking havoc. bob is our eye on the floor of the new york stock exchange.

seema at the nasdaq and bertha at the imex. >> here it is, what you want to look at most importantly is what's been going on in interest rate sensitive stocks. that's the group most hit. reits, telecoms, utilities, to the downside. after that, it's emerging markets. they're all bouncing today. yesterday, tuesday and wednesday, the damage was severe. turkey, thailand, brazil, all to the downside. the emerging markets index. the builders, biotech, housing, down the most. if you want to look at a classic cyclical, concerns about global growth, transports were the biggest big sector down this week, down 2.8%. guys, back to you. >> all right. let's get seema at the nasdaq. of course, seema, we have the nasdaq negative. it has been a lagger pretty much all day. >> oracle. >> looking at money coming into the broader market because of

oracle. >> absolutely. a tough week for the nasdaq, and even with oracle weighing on the nasdaq. however, the worst performing stock on the nasdaq 100 is not a tech stock. gold miner rangold resource down 11% in response to the sharp drop we've seen in the price of gold. within the tech space, though, smartphone players, apple, blackberry, down 4% this week. bernstein research writing, blackberry gaining over 130% since the low of the last year. the second half of 2013 will likely disappoint. and on apple, jeffries analysts not too enthused by a potential iwatch. and zynga, morgan stanley, says it's shifting to mobile gaming where barriers to entry are lower. the stock down about 7% on the day. bill? >> all right. seema, thank you. now, we've had a very strong dollar this week. that's been very tough on commodities. let's go to bertha with that

spart of the story. >> the dollar up 2% on the week in a disproportional reaction to the metals. gold having a horrible week. ben bernanke's comments taking gold already in bear territory, pushing it well through support. at this point, traders are saying that the bearishness is likely to continue. gold at the end of this week is seeing its worst year-to-date decline since 1997. but as bad as gold was this week, down 7%, nearly $100, silver was even worse. both in very, very weak technical area. a lot of traders say watch next week. we're going to see probably a push to the downside here despite today's bit of a rebound. back to you. >> all right. thank you, bertha. now, like any ship at sea, when storms arise, it's natural to look for a safe harbor. josh lipton is in search of some in this market. did you find anything? >> reporter: bill, the s&p is now down some 5% from its all-time high. investors, they might get nervous about putting money to

work when pullbacks happen. but art hogan, chief market analyst at lazard capital markets, he says that is precisely what investors should be doing. >> investors have to remember, you have been waiting for a pullback, and the market is giving it to you. it's an opportunity. >> reporter: hogan's game plan, trim fixed incopositions. paul hickey spoke, also remains pro equities with this caveat. he says stay focused on u.s. companies that generate the bulk of their revenues here. he likes consumer discretionary that investors can play with the xly. he likes the financials which benefit from a widening yield curve and etf for that theme is the xlf. finally, checking in with josh brown, at fusion analytics. his bottom line, pullbacks are a gift, not a penalty, for long-term investors. he likes the vanguard msig,

trades at 11 times earnings, versus 15 for the spx and offers a 3% dividend yield. maria, back to you. >> all right, josh lipton. pardon me. thank you so much, josh. we're in the final 10 minutes of trading. a wild week. market up 55 points. >> david says the long-awaited pullback is probably not over. he'll join us next to tell us how much more selling could be ahead. announcer: where can an investor

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about eight minutes before the closing bell. maria is working on her 1,001th first tweet. >> yes, i am. >> coming down to a tough week for investors. here with us. >> two investors to help break it down. chad morganlander and david from morgan stanley. good to see you. thanks for joining us. david, what do you think? we had a tough week obviously. emerging markets getting smashed. u.s. got smashed this week. what do you do now as an investor? >> maria, wait for the u.s. it's down 5% approximately. it was up seven months in a row, 15.4%. it had not gone down one month since last october. so november through may, 15.4. let it come to you a little bit. we don't think the correction is over. on emerging markets, maria, still got a ways to go further

down. so let's stay away from the emerging markets. do go into japan. japan has had its 20% correction. >> yes. >> go into japan and get ready. finally, maria, get ready to go into europe. the thing sells for 12 times earnings, a 40-year low relative to the u.s. p/e. it yields 3%. and they're about to open up the purse strings to the other countries, to portugal, to greece, spain. go into europe. go into japan. wait on the u.s., and don't sell yet on your emerging markets. >> okay. >> chad, he put a lot of cards on the table. which one do you pick up? >> we've had liquidity-drawn rally in the last several weeks. we're going to continue to see more corrective phase here within the market. gdp, the u.s. economy, is only growing at 1.5%, so valuations are here. the economy and growth is here. and you're going to have to go through that corrective phase. we would recommend that investors continue to move up the quality spectrum as well as

move down their duration and buy shorter-term maturities on their bonds. >> you got killed if were you in bonds this week. >> completely destroyed. >> and $38 billion of money coming out of bond funds. >> got completely destroyed. if the expectations are correct with the federal reserve -- which i don't agree with -- then you could see the 10-year move to a 3.5 handle over the course of the next several months. and that, indeed, is why the fear trade is starting to kick in. >> 30 seconds. best stock idea. >> best is triumph group, an aerospace parts company. we have price target there of $90 a share. >> the quality curve. >> quality inspection. >> johnson & johnson, and i'm giving you back 27 seconds. >> you won't tell us why. just -- >> johnson & johnson. international growth. great yield. 3.3%. if you want other drug stocks, abbott and medtronic. buy them up as a package wheel. >> healthcare has been a winner. thank you. >> we'll come back with the closing countdown.

>> and then, after the bell, find out where one of the best-known investors on wall street is putting his money. john calamos joins me exclusively in the next hour of "closing bell." and the volume picking up. [ male announcer ] with free package pickup from the united states postal service a small design firm can ship like a big business. just go online to pay, print and have your packages picked up for free. we'll do the rest. ♪ are proven to be effective pain relievers

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remember the fiscal cliff we talked about the end of last year? here's the monetary cliff for this week. this is right here when ben bernanke laid out the timeline for tapering of the qe program, and it's been downhill ever since. ben willis, more to come? what are you expecting here? >> absolutely. next week, you have more and more fed heads talking. they're going to have an effect as we talked earlier in the week about tapering, using the jawboning technique. i think you can expect more of that throughout the week with fisher and all of the whole crew talking throughout the week, and some real economic data to look at, too. the volatility is here for a while. >> as a trader, how will you play this? will you wait for the market to come to you, as they say, are you going to try to dip in here a little bit? >> as a trader, i'm still going to play for the short side. looking for a continuation of the correction from a long-term investor. i've got my shopping list ready. the stocks have been through the correction, and i'll add to the portfolio. >> very good. thank you. >> pleasure. >> have a good weekend. rest up. it could be another busy week. we won't -- we'll stop with eight consecutive 100-point moves for the dow.

it won't happen today, as we finish up what has been a crazy week. and the worst week for the dow since last year's election in november. that's the first hour of the "closing bell." thank you so much for joining us. have a wonderful weekend. enjoy the first few days of summer. here's the second hour of "closing bell" with maria bartiromo. >> and it is 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to the "closing bell." a busy afternoon on the floor of the new york stock exchange. i'm maria bartiromo, as we end with, as you guessed it, another wild trading day. looking at how we're settling out. we're finishing mixed and off the best levels of the afternoon. there was real nervousness. we had an expiration in the morning. that created heavy volume, and that's what we're seeing at the close here again. the dow jones industrials up 45 points, cutting a bigger gain about in half by the close. nasdaq has been negative for