oakland bay bridge single 1930 model a bridge permanently damaged by the earthquake 24 years ago. new bridge opens on tuesday. very cool. last drive is by a car that did it first as well, model a. >> that's cool. thanks for watching street signs everybody. >> "closing bell." doesn't have a taper jar is next. >> $1. >> now we don't have a taper jar, but we have kelly evans with us today. i'm bill griffin here at cnbc headquarters. >> i'm kelly evans in today for maria. markets are in the green again but bill, the big question is why. >> indeed. strong economic data this morning. 2.5% gdp in the second quarter. better than many expected. news is cred good news by investors for once instead of worrying about fed tapering right now and there is sir why

to talk about as well, right? >> now it seems like there is at least a pause before missiles fly. wall street seeming it like that news as well. we will have more coming up in a couple of minutes. >> all of those safe havens pulling back a bit. it is very interesting to see how the market responds. also if you google words high price divorce, you might come up with google co-founder reportedly splitting with his wife of six years. mother of their two children. he has about $22 billion in google voting shares. the question is, will she get half? will the pre-nup agreement hold up? and there is a lot more to this story including intriguing details about an alleged affair with a young staffer. so we have the full story for you coming up, kelly. fear not. >> yeah, sad one there. >> it is. >> apparently some impact for the company but we will ask that in a couple of minutes. we have two big bank ceos here

exclusively. gordon nixon and ed clark, both have earnings out today and we will get their take on the latest heat from the government on binks seanks seemingly acros board. >> the gdp revision and jobless claims better than expected. some of the lowest numbers we have seen in the last five years. dow up 90 point at peak just before noon today and we have been drifting lower since that time, up 47 points right now. at 14,871. nasdaq, up 34 points. that's the more volatile index this week. apple, microsoft, others contributing, up almost a full percent and s&p 500 index at this hour is up 7.5 point at 1642. so we have pull back. was that it? is this the beginning of another march higher? joining us now on "closing bell"

exchange, kevin bond. rick, i will start with you. the markets are still going down even though we had hier revision on gdp. >> you know, it gets to be not only a yield curve issue with regard to how rates are moving. but it is not symmetric. we had the auction today and by the way, b mine with us be best of the three. can you clearly see 830 data. 2.5 revision, with a big drop in trade deficit but it started to come off. and further down the curve you went, bill. lower beyond on change yields were. but all in all, still hovering at very significant 2 3/4 and

vacillating between bull and bear and flirting with 82 handle having closed with 82 handle, coincidentally, because tomorrow is the last day, since the first day of august. >> and some people are confused about what is driving the rally today. >> you know, i think markets are kwat waiting for the outcome. and i think they aren't doing it and so i think that's helping. >> markets return to the issue of feds taper. how much they taper and what the overall health of the economy is. you have to remember that the vix started at 12, up 40%. even though we are getting a pause in the sell-off,

volatility is relatively high. >> kevin, you're expecting even more volatility. let me ask you, i know i shouldn't be asking this question this prematurely but i will ask it anyway. the norm lately has been a 5% correction for markets and we go higher again. we've had 5% correction for the dow and s&p this month. was that it? >> i think that's it for august. i don't think that's it for september. if you look at what is staring us in the face, there are talks in september and potential escalation of syria that could draw in iran or russia and draw in china. if that happens, not only does that impact commodity prices but also impact merging markets. but good news from me today, bill, gdp, 2.5%. perhaps now inching closer to fed targets and unemployment rates of 6.5% and gdp growth rate of 3%. >> picking up on that very said

theme, we've got jeff laugher out now with comments saying he is opposed purchase programs and other words quantitative easing when they were originated and he is ready for tapering last october. these comments coming us to via reuters. so james on that note, do you think that after a bit of a reprieve while people were focused on syria, that feds behavior is coming back to play here? >> no question, the fed is on a syria related hiatus and selling stocks based on rumors, like selling your beach front property. and i think that between taper talk and also between issues relating to syria, those are the two flash points over the next several woeks for traders, for long-term investors. we continue to think because of fundamentals that this is great time to be buying on those sell offs. especially for investors in large gap. >> with revision higher on the gdp, that's impressive, frankly. given what we've been through

here. is that enough to get the -- give them enough evidence in the fed to start the tapering next month? >> not yet, i don't think. though they could surprise. what they are doing is talking about tapering, even though they haven't used the word taper as a way it gauge market volatility, manage it. i would be surprised if we see a dramatic move from the fed before the new fed head is in charge of what will be not just bernanke's legacy but the need to execute well in order to manage what could be a very difficult, hopefully difficult inflationary organic growth environment. >> the fed is the buyer of last resort. have we focused enough on who is the buyer for last resort for stocks here. by the way, companies themselves, buy back trend has been such a strong one. when we could have bought this market. and i wonder how much further that has to pli out here. >> one of the things with are

working on. we are doing m & a but what we are doing a lot of is buying back shares. that is helped by low rates. we can borrow in the market relatively cheaply and take that cash and put it to work. so when rates do begin to rise even more, that buy back theme might fade a bit but for now, we think that's a pretty good place to have core assets and large cap in that buy back theme. >> rick san tellry, i will come back to you for this reason. i know you are of like mind with jeffrey of tapering. either of you is a big fan, to say the least. and his argument, with what he says now, he feels the criteria the feds set up, do you agree? >> it is crisis style gdp levels, absolutely. other issue is high water mark over the last three years in gdp was the last quarter of 2011 at

4.9. there is sustainability issues. we don't want some of the balance sheet effects to last longer than any of the positives. programs are doing. i totally agree with mr. lacquer and my question is, ben ber nac ber ooe wb /* ber ben bernanke, what are you afraid of? >> back when we had 4.9% at the end of 2011, they wouldn't have known we would follow through with periods of substantial weakness. we have a negative quarter at one point as well. >> exactly. so since this is the anniversary, fifth year of the crisis, if sustainability can't keep it there but we are still at mediocre but solid growth, then i just don't see the point of the program. if the point of the program is to keep rates throw, 275 ten-year isn't a 160. market's ahead of the fed. >> thanks, guys. appreciate your thoughts on the markets action today.

it has been an up and down week so far and we aren't finished yet. dominik chu at the market. dom? >> it verizon. shares are off their session highs but still up over well over 2% on the heels of talks between them and british telecom giant, vodafone. want it buy the 45% of verizon wireless it doesn't already own and wants it buy it from vodafone. on the down side you have big oil names. exxonmobil, chevron also among the biggest losers. those are your dow movers ahead of the close. kelly, back over to you. >> dom, thanks very much. there are about 45 minutes left before the "closing bell." as you mentioned earlier, we are well off the highs of the day. >> after the break, we will talk about one of those big issues

for the markets. syria. britain seems to be waivering on its involvement of any strikes. how will that effect what u.s. does and when it does it? that and more coming up on the "closing bell." stay tuned. 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 to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. in a we believe outshining the competition tomorrow requires challenging your business inside and out today.

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>> well, i think to be honest, russian and chinese, these are authoritarian governments. this is a client state. they are worried about, the only thing chinese care about is continuing access to oil supplies out of the region. syria is not much importance to any of us in terms of national security. i think they are symbolic. they will halt legitimacy through the u.n. they won't oppose us on the ground. the question will be, if we pull

off this strike with 200 tomahawks some time this weekend, what's the likely outcome? it is unpredictable. unlikely to be good. you want to use military power and tell the u.s. air force and navy, you've got 60 days to bring down the assad regime, they'll do it. there's no question. then we will live with the follow-on war in which they try and eliminate the christians, the -- et cetera. >> thank you for your thoughts today. >> thank you. >> bill, not a lot of good options for that one. stocks shrugging it off this afternoon. we were up about 90 midday but still sensing perhaps that given how difficult a situation this is, the u.s. won't be acting imnot in thely on that front. >> let's not forget, thursday before labor day. thinly traded quiet market beyond all of that. later, ceo of rbc capital joins

us. just reported a jump in third quarter earnings despite lower revenue. plus his take on the government's latest wave of aggressive action against the banks. >> first, potential divorce brewing in silicon valley. this could rock the tech space. ♪ [ agent smith ] i've found software that intrigues me. it appears it's an agent of good. ♪ [ agent smith ] ge software connects patients to nurses to the right machines while dramatically reducing waiting time. [ telephone ringing ] now a waiting room is just a room.

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whether this becomes a distraction for google in any way, do you think. >> first off, it is important to focus on, there's no divorce that's happened yet that we know of. no legal separation for that matter. they are just sort of living apart. we are hearing about a relationship that brin is having with a google employee. what makes this important from a business standpoint, is that sergey brin's wife, anne wojcic wojcicki, her sister is running ads, which which is key for google.

i've heard concern from google employees saying, will this affect her? if it does affect her, this could be a situation for google. but that being said, employees in silicon valley are used to these relationship ebbs and flows. this isn't a big shot. doesn't seem to be acrimony between the two of them. that's where we are. >> what kind of divorce, divorce settlement, if the 21 billion shares that sergey owns, what could happen? >> one is that everybody gets divorced and nobody cares any more. the other school, is i own stock and this could affect me. >> do they have a prenumber? >> if they don't have a pre-nup, they should see a psychologist or a lawyer. >> i guess that takes precedence

over the california law that splits public property down the middle, right? >> oh, sure. pre-nup means you are locked out of the system. chart your own course. but she could sue to set it aside. it is unfair. he could sue to set it aside, i was drunk that night, whatever. >> what about divorce of this size, wealth of that magnitude is involved. >> they never end up in court. everybody has too much to lose. at some point they all make noise, like two elephants fighting each other, and they sit in a lirawyer's office and settle it all up. courts try to avoid an impact. for instance, the wife gets stock, nonvoting stock. legislators are aware this is a major thing, a major problem. >> you said, john, this is, unfortunately, relatively common in silicon valley these days. >> is. and when people have a lot of

money, sometimes they have a lifestyle or idea of marriage different from what might be mainstream. elson has been married maybe three times. doesn't affect the running of oracle. schmidt's marriage has been written about in the new york times. it doesn't seem to impact google that much day-to-day. that the context. >> i wonder, i don't know if you know these parties involved at all. any sense about how drawn out this could get? >> well, if they don't dissolve it quickly, then you have all these lawyers, legions of accountants, like two dinosaurs -- no, like two monster companies. >> have you ever seen big ceos get really distracted by what is happening, like divorce? >> yes. in divorce, it destroys people's ability to think clearly. artistic people say they can't do their work at all. can't produce work during the middle of a divorce. men of the caliber we're talking

about, they are always on the edge everyday. >> but we should point out, anne is no slouch herself. she is entrepreneur herself. didn't she start 23 and me? >> yes. she was going through my genetic profile and going through -- >> she is a formidable personality here? >> yes, she is. her equal. >> the main event. we will find out if it is or not, raul. thanks. >> thanks. >> keep us posted on all of that. >> google shares up for man 20%. account search giant sustain this as we head into the final quarter of the year? and will this be a distraction, this divorce, if it happens. >> macro editor at risk reversal.com, do you like google? had a pretty good year, stock wise. >> it got off to a very strong start. the momentum leader in the large cap tech space. but after it's high in may, it's

level acted as support at low in june and acted as support yesterday as well. bouncing from there today. but i'm concerned for two reasons, that that support might break. one is the downward sloping as stock as been under pressure for a while. and second is relative weakness compared to the rest of the market which is doing better. one area where i would say long-term, i might be interested in buying google is further down around $750. so if we pull up a monthly chart, we can see that $750 is the high in 2007. that would be a great long entry if it got down there. if 850 breaks, that's possible. >> you think it's gotten ahead of itself here then. >> yeah. ever since reaction it its earnings in july, the stock has been much weaker than the rest of the tech space. tech is one of the better performers and google hasn't participated. >> google and apple were lighting both the technology sector this year.

as always, thank you. >> bill, we are taking a look at the dow. we want to point out, we are up about 15 points. in last hour, there is no rally. we are seeing things come off quite a bit here. question now is can we stay positive as we head towards the "closing bell." just about a half hour to go. >> you probably heard about this in different parts of the country out there, fast-food workers striking nationwide today, demanding increase from 7 or $8 an hour to maybe as much as $15 an hour. when we come back, one of those workers makes their case. then after the bell, our college series continues. today we reveal top paying jobs for people who do not have college degreeses. might be surprised at options and paychecks you might have even if you don't have a degree. coming up. if you're serious about taking your trading to a higher level, tdd#: 1-800-345-2550 then schwab is the place to trade. tdd#: 1-800-345-2550

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about 25 minutes left. if you are just joining us, generally higher for the stock market bet are than expected upward revision for second quarter gdp to 2.5% and jobless

claims were lower than expected. stocks were higher. but we are losing altitude. dow up 90 points. now up just 4 as we head toward the close here. nasdaq has been the better performer but that's not saying much now. up 2 2 point. about 2/3 percent and s&p is trading fractional gain of 1.73 point at 1636. kelly? >> yeah, bill. if the dow were as strong as nasdaq in percentage terms, it would be up about a hundred points. there is a real divergence going into the close. $15 an hour, one-day walk-out across the country. jackie deangelis is super sizing up the situation. jackie? >> hey, good afternoon, kelly. moment ago, here at union square anthony weiner took the stage behind me. he is talking it fast-food workers that walked off the job

today. this is one of multiple places they have can advanced today. this is eerily similar it occupy wall street. these workers are demanding $15. that's roughly double what they make now. they say it is not a lot to ask of an industry that's worth roughly $200 billion. companies like mcdonald's, burger king, wendy's, dominos, these are some of the names impacted by this. mcdonald's gave us a statement earlier that said it aims to offer competitive pay and benefits to its employees. wendy's said we are proud to provide a place where thousands of people who came to us asking for a job can enter the work force at a starting wage, gain skills and advance with us or move on to something else. what are the people out today hoping to accomplish? and how is this going to go in coming days? >> i'm hoping that justice is served. i'm hoping we get our $15 an hour. because if not we will be out here everyday until they hear our voice. i feel that's what we deserve.

>> now, critics say, of this movement, say these demands place an undue burden on businesses. businesses are already struggling with higher healthcare, higher taxes, higher energy as well. if you ask people here, that have come out today, they will tell you 7.25 is not enough to survive. kelly sh. >> thanks very much for that. one of the slogans we are hearing, jackie deangelis, in new york city. so lets go to the debate. should they be paid $15 an hour? are they worth out? >> a cash reer for mcdonald's in chicago where she earns the state minimum wage of $8.25 an hour. and she has been working mcdonald's for ten years. andrew is a spokesman for the new york restaurant association. thank you both for joining us today. nancy, forgive me, but so many

people believe -- picture someone working a at fast-food franchise. a starter job, stepping stone, to move on to something elsewhere you might make more money. why do you think you are worth $15 an hour, which is roughly double what you make right now. >> i believe i deserve $15 an hour because i work hard for my money and i work hard to be able to provide stuff for my family. and it is not enough. everything is going up. and our minimum rages are still the same. >> nancy -- >> you've been there ten years. isn't it time to move on to something elsewhere you could make more money? is it realistic to expect mcdonald's to support your family when you are flipping burgers, as we say? >> unfortunately, those are the jobs offered now, minimum wage 8.25. as much as we move on to another job, it is the same wage paid. >> nancy, i think a lot of

people don't realize how much someone in your position may have in making ends meet. a couple of examples on how difficult it is on the wage you are making. >> of course. it is simple. 8.25, single mother two of kids, is not easy. i have to pay rent, 750. pay my bills, $100, electricity, gas. day care, 150. when i work week ends, i still pay a baby-sitter $80. that's my average of what i have to spend monthly and 8.25 -- 480 twice a month is not enough. >> andrew, i know we are picking on nancy, but we won't let you off the hook either. at minimum wage, let's say, 7.25, that's $15,000. if you go to $15,000 it goes to $31,000 a year. i mean, shouldn't you be paying realistically a livable wage in this industry to somebody like nancy? >> i'm glad we are having this

debate. the discussion about wages and benefits is an important one. one that is set to our economy. and it is good we are having this kind of debate amongst workers. these jobs are meant for people to enter a business, hospitality and leash you're, which creates incredible opportunity. especially for imgrant and minority people. restaurants want it pay their employees as much as they and still get by. that's why 5% of employees make minimum wage. by far, other industry pay workers the minimum wage. >> nancy, do you feel trapped in your job? >> i don't feel trapped. i believe that's one of the jobs i have to have right now, as i said before. i can apply somewhere else, but we are still living under minimum wage. so i don't feel trapped. i believe that's what supports me right now. >> i will say andrew, i worked in a fast-food place in high school.

you know, the jobs have changed so much. there is a lot more technology involved. more -- it is a more complicated job. the men use are much bigger than they were. you need more skilled workers than we had back in the day. shouldn't you pay them more than minimum wage? >> if you look at the jobs, people are gettinging the pay they deserve for the work they do. that's why nine out of ten of salaried employees and managers started as minimum wage employees in the rest runt industry. >> you agree that the job like nancy may have, where she is just working the front lines there at mcdonald's, that should be a stepping stone to a management job or something higher? it should not be a job they holds on for long-term? >> well that's up to each individual employee. but the ultimate leverage that employee has is they can leave or work for their employee and the restaurant industry does bet are than most in making sure

that people can advance and live the american dream. >> nancy, what is your experience with workers a at this mcdonald's? are there people who have been stuck there for many years? >> yes. there are many of us who have been stuck there. we have been there for 15 years. especially where i have work. working for 12 years, getting paid $9. there is no way to write to the management, getting paid $10, do you believe that's a job we want to take, have twice as much responsibility. not have a life, be there at mcdonald's everyday. not have time for your kids. do you want us to step up to that opportunity? i have to think twice. i work drive through, kitchen, whatever you need me to work, i will work for you. ten years of working for mcdonald's has gain med that experience. but for management to get $2 more, i'm thinking about that. not spending enough too many

with my kids is not worth it at the moment. >> much more complicated decision than people might realize. nancy, we appreciate your coming on to share your experience. andrew, thank you for your perspective on this one as well. >> thank you, folks. >> about 15 minutes left before "closing bell." dow is up only about 12 point. as we mentioned, nasdaq is up three quarters of 1%. >> bob pisani gives us highs and lows of the day as we head into final minutes of trading. after the bell, two big bank ceos will join us. rbc's gordon nixon. td's ed clark. [ male announcer ] research suggests cell health

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welcome back. bob pisani, how do things look at the close here? >> we rally very early on up 90 points in the dow. slow descent downward since then. now just about break even. we almost broke through break even a few minutes a i go but holding up here. i think part of the problem is just the, independent period, moving along, so slowly moving to the down side throughout the day. can you see here, we're at lows

for the day, essentially on bond yields and mark set drifting lower. good news, finally break on oil here. down about a buckle 0 and $180. and a big part of the rally in the last few days, are down today. that's one of the reasons we are seeing some weakness late in the day. finally, just want to note, merging stocks. the bank of indonesia, brazil lifting the rates. central banks have been very active. central mark in india, banks selling dollars to oil companies to make it easier for them to buy oil. they are one of the biggest users of the dollar in exchange between the dollar and rupee. upside to indonesia and india. no bounce in brazil. horrible performer. >> kelly, coming my way, any indication about the debate of

minimum wage of fast-food restaurants, very much a part of the conversation right now. >> really important one to have, so taking it on the chin there for all of that. but look, that's what it is all about. >> heading towards the close, $2 22 point gain on the average. >> the question is whether we are really out of the woods economically on this. 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,

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welcome back. yesterday we add small gain in stocks. we are in the green, though just barely, in the case of the dow jones industrial average. question is what is the market really trading on here? >> let's talk about that with our guest, steven rosen from hightower, ron from threshold group. good to see you both. ron, what is the market trading on more now in fundamentals or this fear of military action against syria? >> i think we're trying to figure out what going on. i think that's key component. i think is the syria thing will be a short-sided situation here. it will resolve itself shortly. everyone is focused more on the long-term. what the tapering occur? what the economy going to do?

things of that nature. >> why are yields going down today and stocks going up? >> i think when we look at where yields are, everyone placed -- factor in a taper going forward in the next couple of months. that's not a surprise. we have seen a huge move-up from interest rates the last few months from 1.6 to 2.8 and change. we are up from about 1.4 over the pastier or so. so there is a lot of work done for the fed already and letting the rate rise. >> now we are struggling to some extent to see in the green, what do you think is driving action? >> well, we don't tend to lock at day-to-day movement in markets. most of the markets have been focused on the tapering issue. what we are trying to do is look through that and we basically work owned a strat yi we called the four ds of defense. we are looking at investing in areas playing off of graphics. in areas where there is demand. where there is dislocation. and also where we have dry

power. >> what are your picks? >> an area of dislocation. bond are a great area to invest right now. sold off because the retail investor has got a scare. they heard about detroit. read the headlines about rising rates. dominate the fund market. 5% of bond markets have been sold the last three months. i can get it, 5.62% on ten-year, i think that's a great trade right now. >> what are you buying right now? >> i think we have the names mixed up. >> i'm ron. that's steve. >> i'm sorry. >> that's okay. i could have sworn when i asked ron the question, he answered it. >> sorry about that, guys. right now, we're kind of focused right now on in a fixed income markets. high yield, we think floating rates is a great opportunity. on the equity sides, what we have done, and interest rates rising over the long hall as we eliminated our position and we

have added some points in the market. we can see a correction 5 to 10% we have looked at on equities. for ou client and what we are doing, we are looking long-term. >> do you think as well the municipal bond market has opportunity here? >> i think we do. if tax rates are going higher, no ifs, ands or buts about that. yield are more attractive p one thing to worry about is interest rate sensitivity. when you are high are up in quality, more interest rates sensitive. high yield bond have gotten hit hard in the muni sector the last couple of weeks. so there are opportunities there. we look at things that are much more credit oriented rather than anything interest rate sensitive. >> steven, ron, steven, whoever you are, thank you for joining us. >> thank you, bill.

>> you're kelly, right? >> exactly. i'm kelly. >> by wait, thank you for the support there on twitter. i was getting beaten up after the mcdonald's segment but now a lot of sympathetic tweets are coming in. i can take it, folks. i develop thick skin a long time ago. >> you wouldn't make it in this business if you didn't. dow is down about 20 points. after the bell, if you think can you make six figures without going to college, well there may be opportunities out there. not necessarily a steve jobs or bill gates, but we continue our series on the value of college and it may not be all it's cracked up to be. we'll be right back. to update our status without opening an app. to have all our messages in one place. to browse... and share... faster than ever. ♪ it's time to do everything better than before.

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♪ all on thinkorswim from td ameritrade. ♪ coming up on the 2-minute mark. better than expected gdp number. up to 2.5%. descent growth rate there. and jobless claims number was lower. that prompted a rally for stocks today, especially when we heard we are going to see a delay in the attack on syria, whatever that's going to look like. so dow is up 14 point. we are up 90 earlier. yield on the ten-year, dropping from 283. down to 275 now. that's come down 7 or 8 basis points. and the dollar, weak through all of this, was higher today. my dear friend, benedict, iii,

what is going on? the market starts thinking about tapering sooner rather than later, it didn't act like it today? >> if enough participants were in, we might have add stronger response. it was incredible to watch, the lack of sponsor what otherwise should have been a number that is moving dramatically. if you are of the mind-set, like bob pisani is saying, the fact of the matter is, there is nobody in. anyone driven to work today or took the train knows there is nobody on so the market participation has been very low so the volume speaks to that. >> giant asterisk for today's trading. >> exactly. >> all right. are you more inclined to buy or sell right now? we have 5% clip on the dow and s&p this month. is that enough? >> not quite enough. i think we have further to go to the down side. think you are seeing buying activity still hedging so to speak. but i think the broader market

needs to see more correction before we good higher. >> all right, ben. if i don't see you, have a good weekend. >> you too. >> last word as we head toward the close with the dow and nasdaq and s&p all generally positive on the day. let's talk about what it all means and we will get to the ceos of two large canadian banks. coming up on the second hour of the "closing bell." welcome to the secretary hour. stocks reverse course in the final hours of trade today. we did have that high of about 90 points on the dow. we are finishing up about 15 point right now, kelly. >> that's right. better performance bill on the nasdaq. microsoft by the way, stand-out performer on the dow. here are the final tallies, 15 points on the dow about tenth of 1%. nasdaq up 27. that's three quarters of 1%.