it could do any good, a matter of the fiscal authorities changing that. >> we're ate waiting the fed. the fed is not on a firm schedule. that statement usually comes down in ten seconds time so there you go, the ten-year yield at 2.662%. the dow jones industrial average is up just 12 points, well off its highs of the session so there you go. that's what it looks like before the fed. let's get to happen. ton pearson at the federal reserve. >> reporter: support a stronger economic recovery and help insure inflation over time. is it most consistent with its dual mandate? they decided to continue to purchase mortgage-backed securities at a pace of 40 billion per month and longer term treasury securities at a pace of 45 billion per month. the committee will closely monitor incoming information on economic and financial developments in the coming months and will continue its purchases of treasury and agency mortgage-backed securities and employ its other policy as appropriate until the outlook for the labor market has improved substantially in the context of price stability.

the committee is prepared to increase or reduce the pace of its purchases and maintain appropriate accommodation as the outlook for the labor market or inflation changes. committee reaffirmed its view that the highly accommodative policy stance of monetary policy will remain for a significant time after the asset program ends and the committee decided to keep the target range and the fed funds rate at 0 to .25% and the fed funds rate will be appropriate, at least as long as the unemployment remains above 6.5%, inflation between one and two years ahead is projected to be no more than half a percentage point ahead of the 2% longer run goal. on the economy, information since the last committee met in june suggests economic activity expanded at a modest pace during the first half of the year. labor market conditions have shown further improvements in recent months on balance but the unemployment rate remains

elevated. household and mortgage rates have risen somewhat and fiscal policy is restraining economic growth. inflation has been running below the committee's longer run objective, with longer term inflation expectations have remained stable. the committee sees the downside risk to the outlook for the economy and the labor market as having diminished since the fall and also recognized that inflation persistently below its 2% objective could pose risks to economic performance, but it anticipates that inflation will move back towards its objective over the medium term. the loan to center, esther george, who was concerned of the high level of monetary accommodation, increases the risk of likelihood of future imbalances and over time could cause an increase in inflation. >> the line we said right before

the fed we said came down remained exactly the same. perhaps the key line, i'll repeat t.highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program, better known as qe ends and the economic recovery strengthens. steve liesman, your reaction, what's in here that you take away? >> let me tell you what's not in here, the guidance provided by the fed chairman after the meeting is not in the statement. that's the thing that will be most glaring to oh, and the question is what do you do with that? ? and i think the best thing to do with that is to say policy as dictated by the fed chairman after the press conference, the outlook from the committee remains in place. three new elements of this statement of what's in here. the economy was characterized as modest as opposed to a mod latt pace so it's a very, very slight downgrade. they talked about mortgage rates being elevated and they talk

about inflation, a bit stronger word on inflation that seems to be creeping up on their radar. the question is what do you do with this? you take this and say, okay, if the economy unfolds as the committee expects, they should still be on track for a september tapering if you get the strong economic growth. that would be my assessment. >> ken, first to you though, and that's the key to the fed. slight changes into words. they changed moderate pace to modest pace and your read on whether that will it be to keep rates low for another couple of years. >> well, i don't know about a couple of years, but i wonder if a -- you know, if they wrote this before they had today's gdp number which is actually a little stronger this quarter than it was the prior quarter, but, you know, i do think that, you know, they are expecting the economy to go fairly slowly, but accelerate in 2014, and i think, you know, that's going to be a

different situation once they get -- once we get into 2014 and see what kind of job creation happens there. i think the interesting thing is i did expect that they would have talked a little bit about the program starting to taper, so that was the thing that was missing, and i think a lot of us expected that they would at least provide some kind of clarification on, even if they didn't give exact details. >> they did nothing by accident, rick santelli. the fed knows what it's doing with every piece of language. what's your takeaway, and what are bonds doing? ten-years rose 40 basis points after each of the last two fed meet >> first of all, don't put words in my mouth. i don't know that the fed knows everything. i know they are pretty good at pargs words and would rather see them create a more fertile environment or clear the zone so we could do better in the private sector job. the markets haven't changed much. losing several basis points on a ten-year at 2.64, but still three basis points above where it closed. 30-year bond actually popping

above 3.70 briefly, no huge curve implications, 2 oz or 3s versus 5s, 10s or 30s. dollar index lost a little altitude and came back a little bit. if i fixed you will, all the fixed income traders i talk to, here's what they say. listen, it's 12ment 59, the bar closes at 1:00. everybody knows the lights are going to go on. it's just a question of details. bond market is already nervous. they are pricing in a change. call it less taper, call it tightening, don't call it tightening, but rates were at 2.35 after the last meeting, basically 2.65 to 2.70 now and most traders on the floor don't think the selling pushing rates up is over. >> bob pisani, don't call it a comeback, right, because bonds or stocks not reacting in a big way to this news. >> modest move up on the dow, pretty modest or maybe moderate. how are you going to parse that

difference? mortgage rates have risen and most of the traders felt the best thing to do was to make as few changes as possible from the prior statement and that's largely coming through. i agrew it -- agree it would be better to give better circumstances under which they would be tapering and that's probably best for the overall markets. they did reiterate the data dependency part of the statements here, committee prepared to increase or reduce the pace of its purchases to maintain appropriate policy accommodation, and that's the key point. it's going to be data dependant. >> david kelly of jpmorgan funds, do you change your investment strategy for your clients based on this statement at all? >> no, you don't. i mean, i think the bottom line still is that we've got an improving economy gradually and the federal reserve will have to gradually remove its quantitative easing, but i do think this is a very wimpy statement. by downgrading slightly, the estimate of the economy and not

outlining that timetable, i mean they just need to put that in there, like consistent parenting. got to tell the kids each time what the consequences are and the directions are, and i just think that they didn't do this because they were afraid by putting it in black and white in a statement they would somehow scare the bond market in some way. >> take $1 trillion out and they need to be consistent. >> would you then rather the fed come out and say as of the "x" meeting, september, november, december, whatever it is, we will begin reducing asset purchases by "x" dollars. do you want them to do that? >> what i would like them to do is really reiterate in simplified form exactly what benjamin franklin bernanke said. now said it and might as well repeat it. >> guys in the back, a full screen on exactly what david is talking about, i made that ahead of time because i had some anticipation it could be in here. guys, if you have that, and we'll call it up and what bernanke laid out is the anticipation of the committee.

if the incoming data are broadly consistent with the forecast, the committee currently anticipates that it would be appropriate to moderate the monthly pace of purchases later this year. read by the fed chairman and extraordinary in the literal sense of it. never seen anything like that where the chairman expressed essentially policy of the committee or guidance from the committee outside of the policy statement so i raised my hand and said what is that, mr. chairman and kind of explained it, so that's what i think david is saying, why isn't that in the statement now? >> like a parent saying i'm going to cut your allowance at some point, not saying when or by how much. >> it's saying i'm going to cut your allowance and the next time you argue about the subject you leave out the segment that you're going to cut the allowance. if you want to be clear, say the important things every time. >> but the lack of movement by the market maybe suggests that they were right to do that. if the fed, which i'm pretty sure is true, wants the existing

interpretation of the market to remain in place, the idea that at least in the first couple of minutes, that could change any second now that the market is not moving, suggests, hey, they were right to leave it out. >> that's the point. the data dependency part is still there. there wasn't enough. still is enough information for them to feel strongly about it. i think they probably made the right decision to keep everything pretty much the same. >> but they have -- we've got to get $1 trillion of quantitative easing out of system at some stage, and, you know, they can't get so scared of saying this every time they come close to the point at which they might do it that they never do it because it is important that they -- that, you know, the economy is healthy enough and it's very dangerous in the long run to keep growing this balance sheet so they need to ease out of it so i'm disappointed they are not being cheer thlear about it. they should say right now we're still on the same track. that would be clear for markets. >> the question goes to santelli then, right? the question goes to rick as to

whether or not rick sees these markets as saying, you know what, what i thought at 1.59 is the same thing that i thought about 2.01, about the trajectory of fed policy the next couple of months. >> yeah. my answer would be yes, and i think that the last person who spoke said, you know, i want them to be clear, and in order to be clear, the person trying to create clarity has to have it clear in his mind and have it all pencilled in with a fine point. they don't, so i don't know how we can expect clarity. i think they are clinging to the notion that the kid they are trying to lower their income to or their allowance is going to protest an awful lot, and i think that's the way most people here see it. removing the subsidy is going to be difficult, and the i think the fed is going to cling over possible avenue to avoid it, and the fixed income markets aren't believing it. >> that's the difference between easy parenting and good parenting. >> well said. >> david, you having problems at home?

>> they are a little older now. >> ken, give us your view. do you want more clarity from the fed, and based on what you heard today do you change your investment strategy at all? >> well, i think -- i think the fact that the markets really aren't reacting that much i think is a very good thing because i think they have priced in. the last announcement was a big surprise and we went from, you know, a negative real interest rate in ten years to a positive real interest rate so we've moved out of this financial repression era and moved back into a more normalized yield curve where you're actually earning a positive yield in ten-year treasuries and certainly a positive real yield on corporate spreads, et cetera, so i think we're in this period now where the market is pricing in the september start to the taper that will last into 2014, and then i think it's going to be data dependant as to whether or not the fed -- they start pricing in an earlier fed rise in rates so i think it's a good thing that the market is not reacting in a big way to this

announcement to not having the taper explanation defined more clearly, and i think the change is actually for investors looking at the bond marked the now. it's a lot more attractive place where you get real positive yields than it was a few months ago. >> i wonder what you make of the inflation line in there. it suggests to me that inflation has gone from non-verbally on the fed's radar screen to now it's there. doesn't sound to me like it's a concern that would create new policy but some they are following. >> yeah. >> but it -- it did seem to remove st. louis president's bullard's dissent which was interesting. maybe that was put in there to remove that dissent. >> everybody, a ton of people involved, gentlemen all, thanks so much for your insight. so far we've just finished up the fed buzzword gain but we'll put it to you and your wallet. coming up, more on what the fed means for your money, stocks, bonds, whatever and the impact

that tapering could have on mortgage rates is all. we'll break it down with one of the smartest big money guys around. guggenheim's scott minor throws out about 170 billion worth of advice and being critical of the fed. he thinks the bond market can make a huge move. he'll be your guest coming up and also what you want to know about the fed policy statement. tweet us. we're back right after this short break. with scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade. voted "best investment services company."

welcome back toes signs, everybody. so the fed statement largely the

staple as the june meeting. changed a couple of things like moderate pace of economic growth down to modest as steve liesman described it. maybe a bit of a downgrade but far and away not a hack job on the economy. joining us now, guggenheim partners chief executive officer scott minert. your reaction to the fed? >> you know, brian, i they did a fantastic job of saying nothing new. the goal coming into this meeting or with the statement was to try to keep the markets as calm as possible, not to undue the rate move that they already had, not to add to it by raising more expectation on tapering, and i think they got away with it as planned. >> and i want to read to you, scott, just so our audience out there can hear what you wrote in the latest market perspective's outlook. i see striking parallels between the dramatic recent selloff in treasuries and the great bond crash of 1994.

why is that? >> brian, you know, what happened in '94 was after a long period of accommodation greenspan decided it was time to start removing the accommodation and he obviously was sensitive to the fact that that was going to have an impact on the markets so for the first time ever at that meeting the federal reserve released a statement with the announcement that they have never done before. the market, of course, anybody who is around didn't react very well and we had a massive selloff that lasted for about eight months. and it was the worst bond market since 1927. the most recent move, thepayer legals are eerie. here we are after a long period of accommodation. the chairman decides it's time to announce a plan and even goes out of his way to hold a press

conference so he can kind of inform the market and manage the expectations and the consequences were a lot more stark and severe than they expected. >> iffy we do a graph of the ten-year bond yield just in a 12-month period of time, scott, certainly looks like a dramatic move for bonds but if we say extended to a 20 or 30-year chart it looks like a pimpel, right? howie is veer has the bond move real been the last couple of months? >> well, brian, in percentage terms we've had a massive increase in rates and i know we're coming off a very low base but the problem with very low rates is that it increases small changes in interest rates have a bigger impact on bond prices than what rates are high so the same change in rates, 100 basis points and 2% environment has a much bigger impact than a 100-point basis point move in a 10% environment so these even

modest changes in interest rates are having a pretty severe impact on fixed economic polls of, and let's face it, everybody went into fixed income because it was safe and all of a sudden they are seeing statements where mutual funds are down and thins don't look so good and, you know, it's really raising a lot of concern on the part of the investment community and we're seeing -- not at guggenheim, but the strig is seeing a lot of flows out of their mubds as a result of announcement. >> it's hard to believe but it seems that some of the concern of the fed, scott, has actually moved to the "d" word, deflation, because in the statement the one thing they changed when talking about a 2% inflation is that inflation persistently below 2% could pose its own risks to the economy so they change that had wording for the last statements. do you see deflation as a risk here? >> brian, i really don't see prolonged deflation as a risk.

i think the change in the statement had more to do with removing the dissent of james bullard than it had to do with the policy because the reality is that they have gone on record before they are going to watch, you know, the rate of inflation and now they put it in writing for us, and i think that is the reason why we didn't see james bullard dissent this time. >> you and i have a fundamental agreement maybe on rates and housing. after the break, scott, i'll ask you to stick around because i want to go at it a little bit with you on housing. can we do that? >> sure, you want to arm wrestle? >> see, equal playing field, my friend. okay. >> you're in l.a. and i'm in new york so i can say what i want. you can't get me. scott is going to stick around. we'll talk more about housing. let's quickly recap the market. the dow down three point, a 15-point move in the dow, that's it. ten-year treasury yield, 2.62% and gold down 12.5 bucks an

ounces of the market got what it wanted and got what it expected, but that doesn't mean things will be same from here to the end of the year in what already has been one heck of a year for stocks with the nasdaq up a cool 20%. more markets, more fed, more housing and more impact on your money coming up. plus, is the street ganging up on bill ackman over herbalife? we'll talk about it, and the one stock you might just be kicking yourself over. that's all ahead. stick around. 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. a quarter million tweeters musicare tweeting.eamed.

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dow's back up. just like that. up 21 and everybody is digesting the language here of the fed. what's what we do, the game catch phrase or buzzwords. >> i had that direct line to the nyc. >> can you add another zero? >> to my pay? >> that powerful. just to recap what's going to become the bigger headline out of it. is the federal reserve saying the economy is growing at a modest pace, not moderate pace, take what you will, that's it.

mortgage rates are impacted by the fed and they do appear to be having an impact on housing. applications dropped 3% and refis down and the mortgage bankers association. the refi index down 59% from a year ago. joined by the manhattan division of rates. bob pisani, steve liesman, my mom could be in this conversation. who knows if you're out there, hello. now that i'm safely 3,000 miles away from you i will disgrow, a refi is a must have so i don't have any worries about that dropping. why do you think that's going to slam housing? >> first off you binded out that

the application rate keeps declining and one of the things i want to clarify. i'm not saying it's going to fall off a cliff but new construction activity and home price appreciation is very likely to flatten out during this period of time when you consider that housing construction activity and the gdp number accounted for half of 1%, you know, it's a major conned beautor to what's happening and unless we keep construction expenditures growing we're going to see a soft patch in gdp, the other thing i would mention about refis quickly is that the refi activity coming down means that the growth in disposable income is going to be reduced going forward, and that's going to put downward pressure on personal consumption expenditures so these are pretty good drags over an economy that's growing 1.5%. >> scott is a professional body

builder, and that's why he's always remote. scott fights intellectually. here's the deal, scott. i believe in the inexorable forces of demographics. i think household formation is the thing that's going to drive housing. i don't think 100 basis points on mortgages will be enough to derail over a longer term the housing margin and i think it means some of the homes won't be built or bought and you have what appear to be people in their 20s who may be married living on one or the other kids' couch and that's something that went last for a long time and income is doing quite well and gdp is being understated and that's something that will come out in the next couple of quarters. >> i was a housing reporter

years ago and for everybody who had cold field, i would ask the following. mortgage rights higher or lower. are your hence the higher or lower. the $100 for the 300,000 house offset by the 100 or $200 rate rise in the rentals? >> i think it is. affordability still skews towards ownership. there's my editorial. >> yib? >> go ahead to respond to bob and steve. i feel like the ring master. >> i agree with both of them. for bob's information, my personal portfolio, the biggest shift has been towards residential real estate, and i've made a number of investments but the long-term trend is clearly in place.

affordability is great and what i'm focusing is on is really around the fed, and if we see a weak spot here in housing over the next quarter or two it raises the question as to whether the fed will taper, and i think there will be a reaction on the part of the market that if it sees a slowdown starting to appear that that will bring interest rates back down. now i'm in the camp that you just heard, that rates for the near term are going higher. the lower rate call, famous for that. let's bring in melissa. at 73% of your applications are to buy a home remember than refi. if you've got to move you've got to move or if you want to move, pretty set on doing that. do you think the rates at these levels or higher is going to slam purchases of homes? >> i actually don't believe it will impact the purchase market.

the difference in the payments of what it would cost you to rent are great enough it steers you towards buying versus renting and there's a lot of pentup demand, and i agree there's a lot of younger people living in their parents ehomes who will make that next step. you don't want to be in your parent's house with a baby so we're seeing a lot of first time home buyers coming into the marketplace and rates his tore scli are very low. we look at every 1/8 of 5% and looking back over the course of the last five years still in a great environment. >> housing is perhaps the only mark of any kind out there where everything is reliant on the low-end buyer. somewhere along the line there's

an empty house. >> are you seeing the first-time buyer take a chance and step in in. >> we're seeing that that generates the next level where people are buying up and moving up into a larger home. a lot is based on life cycles, you get married, have children, get divorced, et cetera, so your housing needs will change and no matter what the rate market is people are going to make those changes. >> you've heard a lot about this, and i know you're not a real estate pro, an investment pro but housing to scott's point is a gig nick portion of gdp? are you concerned about housing and therefore the u.s. economy? >> i agree the long term factors are in place but i would go back to what scott says which is there is an enormous impact on sentiment and there's no longer

an interest rate sensitive decision. housing and mortgages are the lion's share of the net wealth and liabilities so it has an enormous impact on sentiment and the idea that bernanke came out and got away with saying nothing. he had to do that. the impact that will have will be on sentiment and housing is one of the few bright spots for gdp so if we see a soft patch it could dim the outlook going forward and it's not as if this recovery has been extraordinary. been a recovery but very week and i think that the concern is we can't do anything to derail it and derailing the housing market would do that. >> if you're such a big part of your portfolio in residential real estate does that mean

giving the rights means you're paring back on the portfolio? >> us a know, move a portfolio, especially in real estate is a titanic move, a big ship and slow to close and all the other ill liquidity issues but housing over the next five years, for instance here in l.a., i would expect home prices to be 40% higher over the next four to five years so what i'm focuses on is the impact it will have in the near term on qe and where we're positioning our bond portfolios today versus the long term. >> compare that. >> against renting. those kinds of projecting and that's a lot more elastic. mortgage rates were 11% and late '70s they were 17 boss. >> if home prices go up 5% a year and mortgage rates at 4% a

year, still probably a good long-term bargain. thank you all very much. scott, thank you for remaining safely in l.a. so you don't kick our butts over here in new jersey. the battle over herbal life takes on a new front today. we'll get herb's take, and if you think gas prices are too high buckle up. aaa says they are going even here. we'll tell you how much when "street signs" returns. [ male announcer ] i've seen incredible things. otherworldly things.

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my favorite time of the day. three fast-paced stories you need to know about. the great and powerful herb greenberg here with us. let's talk about herbalife. soaring today. george boros is taking a stake, robert chapman taking a stake. your reaction on herbalife? >> doesn't change any of the things i've done, the documentary suggests there's issues that underpin all of this. if icahn didn't make this story. sort of surprised by soros, he

tends to avoid the really controversial names. >> is this personal? does it smell a little bit like it's getting personal against bill ackman? >> i don't think it's a little personal but seems like a lot personal and what's interesting is when you watch the rise of the stock into the news, think what's going on with the stock, short covering. why was it rising in recent days and then you get this news? >> facebook breaking above its ipo price and did break above 38, symbolic. what they said. it gave people confidence they knew what they were doing and i know how you feel about facebook, anyone clicking on the ads and they seem to think they have a way. >> if i were mark zuckerberg i'd

get on a call and go mobile, mobile, mobile. >> it's got to be sustainable beyond one quarter. garmin posting a profit of 76 a share. dead and gone. this stock is up 9% this month alone. >> when you look at it, they say the new approximate are doing very well. aviation a big gainer. on the mobile side. the mobile side, still losing -- the growth was slowing but gaining much more on oems. >> mast saturday, m aye. mastercard reporting better than

expected earnings. >> the stock is up 2% because it was down on the news and the company came out with a press release where they spoke of the impact they are having on governments and what's going on in the emerging markets on for whatever ren that helped to lift all tides. >> people have a chance and nothing material changes. the parent company of budweiser beer sold more last quarter. tend to sip rose with your pinky out. >> that actually is working. you think they will be successful. still be the king of beers and charge $8 a six pack for a different brand. about the blond. and finally, chipotle. cmg. that stock hitting a 52-week high. up 1.5%.

chipotle is another one of these high valuation names. battleground stock. burrito stock. >> proving the bears wrong. last quarter was a great turnaround in growth. margins improved and this was, again, one quarter, at this point in time. let's see if it can be sustained. >> what i'm watching for is the growth of the fast asian brand. >> they had a prototype. >> haven't heard a lot about that lately. want to know what that is doing. if that can take share in markets. chipotle has recreated itself twice over again. should be interesting. >> still to come, the earnings squat back in action. back in action with three big names reporting their numbers after the bell and later on what ford did today that put a big smile on billionaire boon

pickens' face, but first bill griffith. what's coming up on "closing bell"? >> famed mutual fund manager bob olstein with us who has been bearish on amazon in the past and how he's really bearish saying the $300 valuation is ludicrous and he's going to lay out the case against amazon, and one money manager is predicking the yield on the ten-year treasury and its on its way to 6%, and the big question is when? and we'll look at how the future of college sports could be dramatically changed by the outcome today of that lawsuit against electronic arts. maria is with me. we'll be seeing you at top of the hour for the all-important last hour of the trading day on "closing bell." meantime, more "street signs" coming your way right after this. is and trading. tdd#: 1-800-345-2550 and the better i am at them, the more i enjoy them. tdd#: 1-800-345-2550 so i'm always looking to take them up a notch or two. tdd#: 1-800-345-2550 and schwab really helps me step up my trading. tdd#: 1-800-345-2550 they've now put their most powerful platform, tdd#: 1-800-345-2550

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welcome to the earnings squad. everybody is talking about the healthy trade you may have missed. here with cnbc contributor and founder of option monster.com. 66% of s&p 500 companies have reported so far. 56% beat their eps targets. 26% of the reports have come in below forecasts. looking at a she of earnings out

tonight as well as tomorrow morning and wetic it off with whole foods. >> analysts looking for growth on both the top and bottom line. last career in the same quarter the company reported 32 cents a share so a nice bump up and for ref new the same thing. >> the company is on track and if you fall back from that, there's disappointment in the stocks and when folks are looking at whole foods they will look at starbucks, largely believed to be the same consume consumer. >> if the same thing happens for whole foods that could be good if you're bullish on the stock. interesting to hear what they say about how the lowering of prices has gone so far as they try to better compete with safeway and crowinger. >> where are the prices lower and will that squeeze some of the suppliers to whole foods. often there's a read through

potentially to haines celestial. >> no pun intended, monster stock. >> i'm all over that paid. in terms of whole foods as well. margins are going to be important and same-star sales and expansions into urban centers and whether that's going through. i get on one level in terms of the income level and in terms of going to starbucks, not a competitor. are you going to go to a mccafe instead? there are options where can you go to safeway with an increased presence in organic foods. >> walmart. >> exactly. >> i go there for organic foods all the time because there aron some on the periphery of chicago, and it's extremely rell prices. competition is so intense in the grocery market. we know how thin the margins are. whole foods have been typically able to grow the margins.

could be a big mover in the after hours. earnings after the bell paid and a couple of issues. stiff competition with smith & wesson. a very good quarter and a backleague and they say it felt it left sales on the table because it wasn't able to actually produce the inventory. in the process of opening a third handgun plant and some issues with a plant in prescott, arizona because of a storm that caused a partial roof collapse. they issued a press release saying it will have a material impact on sales, a little confusing, the res release, may have a material impact on third quarter operations but not expected to have an impact on third quarter revenues which is sort of like, we'll look for

clarity on the earnings ball and whether or not there's skepticism as to whether or not they will get that plant up and running to meet the demand or if the demand wanes finally when the stock comes out. two of the hottest stocks out there. >> quickly on yelp? >> i like this yelp. >> it is one of the ways where you really attack mobile. these guys, that's why google went out and bought zagat. and i think these guys will do well. the street is looking for a loss of four cents. we could have a surprise there. maybe it's going to even be in positive territory and be a gain. we've seen that happen time and time again here. certainly a big move towards mobile, and that benefits these guys 100-plus billion-dollars spent, about $23 billion in mobile. >> all right. that's for the earnings squad. join us in the conversation, on twitter. "street signs" continues after this. and this will be your premium right here.

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and just like that the dow is back up. we were only up 12. the fed statement came out, we briefly fell. if you are listening on the radio, we're up 78 points to 15,599. the nasdaq, though, continues to be the big winner, up 31 points, almost 1%. the nasdaq is up now a cool 2 21% --

>> you keep doing that during the break. you notice how that happens? you keep putting the number in. >> i keep putting it in. up 21% of the nasdaq, year to date. best-performing name, tesla, up 285% year to date. all right. let's get back to the fed announcement. steve liesman with us. you've had time to digest it. new nuance on the words, courtesy of dan -- >> yeah, dan is making more of the fed reaffirmed the guidance. >> well, let's dig into this. let's tell the audience what dan is talking about. going through the language from the previous one to this one. he noticed the fed swapped out the word expectls to remain accommodative, and dan says that leaves open the idea that a change could come because expect means future, rather than today reaffirming is just the present right now. i mean, this is what we're down to with the fed. >> i think dan --

>> does it make you feel like you need a shower -- i need a shower. >> dan is a good guitar player, as well. i think maybe he's making a bit much of that right there. i think the issue -- the big issue is -- >> did you hear that, dan? he said you're wrong. call in. >> today's guidance, the number going in is the guidance going out. i don't think the view changes very much. most of the commentary, i'm going to have a full report at the top of the hour, remains in place, that the taper will come in september if the data supports it. >> and don cohn -- >> obama in meetings with congressional democrats mentioned yellen, summers and done cohn, amentioned by the president, according to the "washington post." >> to take the heat off of summers, a red herring -- >> it could be, a little distraction, a white knight thing happening. you know. >> all right. steve liesman, a great guy, knocking dan -- >> you're just trying to pick a fight.

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♪ after all, what's the point of talking if you don't have something important to say? ♪ gasoline prices seeing the biggest monthly jump since february. aaa says the average price of a gallon of gas rose about 14 cents, or about 4% in july. but aaa says august could be even worse, as we head into the height of hurricane season. well, speaking of gas, ford is launching a natural gas version of its bestselling ford f-150

truck. let's bring in phil. is this a gimmick or is this the real thing with ford? >> reporter: no, it's the real thing. i think ford realizes, because there have been enough people asked about getting a nat gas version of the f-150, they said, listen, let's make it available for people who want this version. the appeal is out there in certain select markets. but when you look nationwide, i think mass adoption runs into the problem with infrastructure, brian. you've only got something, like, 1,328 nat gas refuelling stations around the country, and they're pretty much isolated to certain pockets. so as a result, ford is expecting there's going to be some takers on this, but don't expect huge sales, because naturally, the infrastructure is not there nationwide. >> a personal question about the power of these things. if you have a truck, does nat gas give you the same torque? if you had a boat, trailer, working -- >> reporter: i haven't looked at the specific numbers, but they already offer it in a super duty version, and the response ford has heard is the performance is there. they would not be offering this

in the f-150 if they did not feel confident they could say to people, listen, everything you can do with a standard engine can you can do with a nat gas engine. >> i'm sure boone pickens is smiling. thank you for watching. more analysis on the fed coming up on "closing bell." we have something cool for you tomorrow. tune in to "street signs." hi, everybody. record-setting territory. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. >> i'm bill griffeth. there's the high. 113-point gain at one point on the dow, but we're off those highs. what a day it's been. the economic data this morning, positive, gdp report was a good one. what was the other one? there was another one so good. the jobs report. >> the jobs the adp numbers. >> much stronger than expected as we get ready for the government report. of course, the federal reserve this afternoon.