stands for same. ouch. that's one person's eactireacti. >> that's bad. >> fantastic out there. great job, guys. thanks for watching "street signs," everybody. 114 points to the upside is what we're seeing on the dow. "closing bell" is next. hi, everybody, we enter the final stretch. welcome to the "closing bell," i'm maria bartiromo with the new york stock exchange. make peace not war is the clear message. >> certainly ahead of the president's speech tonight, possibly the russian's suggestion getting more traction. yesterday was 140 to the plus side, today we're up triple digits one again. >> we approach the final hour, plus, big interviews coming up, rudy giuliani is with us. henry mcveigh, legendary

economist marty feltstein and hank greenberg all in the house. so much to speak about with each of them. don't misa moment. join us, coming up. >> that's it, that's all we could find? >> we have more, actually. >> what a great lineup it is. apple's big day, big news as well. what are investors saying? that's going to be key. the stock is acting true to form on a delivery day if you will. the stock runs up, goes to the big unveil. >> we've seen this before. sell on the news? >> yes. >> let's check the markets right here. they are buying on the news today. the dow jones industrial average, strong here at the highs of the day a gain of 110 points, three-quarter of 1%. nasdaq composite also strong. technology is one of the leadership groups the last couple of months. nasdaq up 18.75 at 1324. the standard & poors with a gain as well.

bob pisani, what can you tell us. >> september was supposed to be lousy, remember go away, we're up 4.5% since the beginning of may. that hasn't been right. september we're up so far. here's the september rally, folks, and two factors have been motivating it. number one, what's going on in syria and the possibility -- or lesser possibility of conflict in syria and of course better than expected economic data from china several days in a row right now. the s&p 500 up six days in a row so far. 3% for the month of september. volume moderate overall although i think we'll do good volume today. cyclicals have been the real outstanding groups. that's not surprising. when china does well, cyclicals do well. weak so far in the first five or six days. energy stocks, no surprise there. oil going down. utilities. precious metals, gold has been down as well. take a look at economically sensitive stocks today. they're leading the charge. industrials, financial consumer discretionary materials, that's a new high.

we had a five-year high in the material sector yesterday. how about emerging markets? i've been using the eem as the bogey for emerging markets. nine days in a row, this is the largest -- among the largest etfs in the emerging markets space here. nine days in a row. horrible last three months. it's coming off the bottom, regained half of its losses in the last few months. airlines are strong again today here. delta, united, southwest and jetblue all doing better. guys, i just want to point out, delta is going into the s&p 500 at the close today. here's the post right here. we're expecting big crowd for that. that will be replacing bmc software which is being acquired privately. guys, back to you. >> bob, thanks so much. let's get into our "closing bell" exchange. kimberly from imperan wealth management. we also have rick santelli.

john, let's talk growth. growth has been winning recently. is this a growth market and do you still want to be putting money into the momentum names? >> we think there are always opportunities to make money in the markets. we think companies that have good growth stories, there are many that are still yet to be discovered from a market momentum. >> like where? where specifically? >> we like small cap stocks. we like integris. we like jaybill circuits which manufactures the enclosures for apple. apple, a 10% customer and this he should get good growth out of the new announcements today. >> kimberly, these last two days, what do you think it's about? is it for real so to speak? are we on the cusp of a better september than we otherwise would have thought was in the cards? >> you know, i think, scott, but

china has some really great numbers coming out. it's boosting the global economy. i think there's more proof they're trying to stabilize that country's economy. so that's a good global boost for not only china and the u.s. but globally as well. and you know, i just remain cautiously optimistic. i do think we're on a trend of upward now and in the future. you've got to be in the market to take the profits and get profits. i remind my clients and retirees and women in transition, that this is a long-term process. and so as long as the markets are free, we're fully invested 100%. >> i'm wondering how much of this rally has to do with a lesser expectation of a strike in syria and how much it has to do with a lesser expectation that the tapering begins in just about a week and a half? michael, any thoughts on that, what's behind this move and would you buy into it? >> first of all, i think it's mostly about syria in my view. i think the china news certainly is positive. i wouldn't get too excited about

that yet. we need to see a more consistent flow. >> the other news was tapering, whether or not the tapering has less of a chance? >> yes, yes. i was going to get to that. i think the tapering, too, the fact that there was a negativity around tapering. people thought it would be a dramatic dropoff. tapering will be gradual. if in fact it does start in september. so i think the market really was just really spooked by a lot of different factors all at the same time. i think talk about tapering being a massive drawdown i think is way, way oversold in the market. i think that's why you're starting to see the market rally where it is right now. >> rick, 250 points plus for the dow over these last couple days. nobody seems to be talking about near 3% yield on the ten-year note today. >> you know what, i don't know that it warrants any conversation. i think the issue is the durability, the durability of stocks as we continue to see rates firm.

and it isn't just the u.s. as we hover four basis points away from 3%. because guess what? the guilt in the uk judge already settled above 3%. 301 to be exact and it's comping back to the summer of 2011 as well. it doesn't stop there. it's the oats and the boone. boone is back above 2%. all the good, sovereign paper rates continue to move up and whether it's the housing market or the auto market or the economy in general, we'll just have to monitor the sustainability. >> monitor the sustainability. what's your expectation for rates going into year end here, rick? given what we know so far? >> i think rates will continue to climb. i think they will be less sensitive to move down on weak data. i think they will be overly sensitive to move up on solid to above average data. >> michael, you really seem to be discounting this news out of china but yet it clearly is having an overall impact in the way several markets, not only here in the united states have

been trading. bob pisani did a report a few moments ago leading into this discussion where the eem, that being the emerging market etf had its best rally in some 9 1/2 years. >> absolutely. >> why not give a little more credit to what's taking place there, even in the face of a lot of people i clearly understand not believing the numbers? >> well, first of all, we own an em, i know exactly what that rally looks like. i'm in china, scott, pretty regularly as maria knows. if you go to china, if you go to the surrounding areas, to other countries around china, people are cautious. the chinese are moving money out of their country. wage rates are rising to the point where they're getting to be fairly expensive. china is the number one exporter of manufacturing to other countries such as india, pakistan. so i don't think you discount it. we're in emerging markets as a percentage of allocation because you're absolutely correct. you have to be in emerging markets to capture this middle class growth that's going to

happen over the course of the next four, five years. let's be clear. getting excited about what's happened over the course of the last week or two, well, let's look at what's happened over the last year or so. it's been pretty tough. i think just to get excited about a small package of information, i think you have to have a better string of information before you get overly excited on an intermediate term basis. >> thanks very much, everybody. great conversation. we'll keep watching. market up 107 points. scott? maria, it was apple's big announcement day. john ford is live in cupertino, california. he was inside as everything was unfolding. surprises or not, john? >> reporter: no surprises on the product itself, scott. we got the 5s which we expected with the fingerprint sensor, with the gold iphone. improved camera, all the stuff i was running down. we also got the 5c in five colors as expected. i tell you what, i expected the 5c would be over 400 bucks.

my first choice as far as how it would go, the 5c would be 100 bucks less than the 5s. that's not what a lot of other people were expecting. that's what investors reacted to when this announcement came out. but something i think that has not been processed yet is that apple's actually accepting preorders on this starting on the 13th. that's just a couple days from now. they're going to be two full weekends of sales of these phones starting on the 20th, then on the 27th. through the end of the quarter. that's more days of sales in this quarter than we've tended to see of iphones in the past. that's going to lead to some interesting numbers for this quarter. i haven't seen any analysts' notes on that go out yet. the other thing we still have to look for today, scott, is the china mobile announcement. if we get one with apple's beijing announcement later tonight eastern time, that's something that is critical. gene munster of piper jaffray is still expecting to hear that, thinking that tim cook held that

back for the announcement later. we'll see if that comes through, guys. >> there seems to be a leg down in the stock at this $549 unlocked 5c phone that wasn't as cheap as maybe some people had expected. though gene munster came outside on cnbc and said it was better for margins. it's pick whichever side you want to believe is better. >> reporter: as i said to you in the leadup to this, apple will get dinged no matter what. if they came out low priced, people would say they're sacrificing margin for market share. if they came out where they did, which is an option i laid out, then people will say, oh, my goodness, they're giving up market share but they get margins. the real proof in the pudding will be in the eating. china is a launch country for the phone on day one for the first time. if the consumers buy this, all of a sudden it will look like an act of genius from apple. >> that is for sure. john, thanks. final stretch on wall street for the day, we have about 50

minutes before the closing bell sounds. the dow jones industrial average up 110. right around the highs of the day. president obama rewriting his speech as we speak on syria this evening. that's how fast things seem to be changing. john harwood has the latest on all of the developments, next. tomorrow is september 11th. former new york city mayor rudy giuliani is here. it is primary election day today. don't forget to watch the president's speech to the nation, right here on cnbc beginning at 9:00 p.m. eastern this evening. in today's markets, a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal

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welcome back. president obama hours away from pitching his plan on syria to the american public. but what is the plan now? john harwood's at the white house with the latest details. it's a fast-changing situation. the president seems to be working on the speech minute by minute based on the developments. >> reporter: it's a situation that's evolving, scott. the president has just returned to the white house from his meetings with democratic and

republican senators where he's trying to accommodate in his remarks to them as well as remarks to the american people, this new turn away from the possibility or prospect of imminent military force and toward the diplomat route which gives everybody some breathing. here's harry reid, the senate democratic leader after that meeting between the president and democratic senators. >> the president's credible threat of military action has opened up the possibility that this goal can be achieved through diplomatic means. instead of military means. but overlying all of this, if we're going to have success diplomatically in the future on this issue, we have to make sure that the credible threat of military action remains. >> now, of course, the reason that the president needed to go up on the hill and that harry reid welcomed the delay in the vote by democrats and republicans, is the fact that in

the new nbc/"wall street journal" poll, six in ten americans say they don't back the use of military force. the president needs to shore up that credibility only a third say they do. if you look at the road ahead, next steps on syria, you've got some sort of a u.n. process, the president talked to the president of france, the prime minister of britain today to try to rally them behind this and rally behind the idea of the united nations participating in a dismantlement and a quarantining, if you will, of the syrian chemical weapons program. you have a delay in the votes in congress and then you have the president making the speech we expect to last about ten minutes tonight to the american people. and he's going to ask them as harry reid just indicated, to rally around the idea that we will use force if we have to while they evaluate this syrian/russian proposal. don't know how long that will take. we expect it to be at least a couple of weeks, guys. >> john, we understand that the president is going to say that a

military option may be needed now. so the tone of what he's going to deliver tonight has certainly soften, right? >> well, i don't know that it's softened. i would say the president's probably feels more confident about the speech because before, when it looked like he was really behind the eight ball with congress, he was pleading for public support, speeding for people to get behind this 11th hour request to congress. he knew it was going to be a difficult fight. now he can say, with somewhat more confidence, that well, i will say that my policy is working because the syrians and the russians have come to the table because of threat of force. never mind the accidental way in which that came about and the difficult set of reversals that the president has been executing. he can say my policy is working and keep supporting me, help me keep it working by supporting the use of force. >> but why should we listen to putin? why all of a sudden now is putin coming out with this idea and we're supposed to, you know,

partner with him? with enin fact he's been -- i don't want to say enemy but has not been a friend. >> well, for two reasons. one, that the country doesn't want to use force and members of congress don't want to use force. it seems clear that the president was at least ambivalent about it. if you can verify the credibility of this proposal, the sincerity of it and there are ways in which they can try to set up inspections regime, a time able and that sort of thing, if that is in fact judged to be credible, that would be the objective the president was seeking. there's a lot of distrust, of course, of bashar al assad and vladimir putin. in fact, the first instinct of both the administration and congress is to say we don't believe them, it's probably propaganda but the payoff is high if in fact it does check out. >> john, the significance of the syrians apparently saying that they may be willing to declare

their chemical weapons and also sign the convention? >> i think that is a part of the syrian government trying to play to american public opinion, persuade people this is credible. that's the easy part, to declare chemical weapons which everybody knew they had and sign the convention. the hard part is, if, in fact, they say they're going to turn over these weapons to international control. takes a long time. technically to do, difficult to verify. this is the easy part. they're trying to tell the world that this shows we're serious, but it's only part of the step. i'm sure the president will make that point tonight. >> all right, john, thanks very much. of course you can see the entire speech this evening, 9:00 p.m. right here on cnbc. carl quintanilla will be hosting that. >> we have a rally under way, up 111 on the dow. 40 points minutes before the

close. which stock is the best performer in the dow, none other than hp, hewlett-packard. up next, we'll look at the other companies getting the boot as well. and the names going into the coveted index and if any stocks are worth buying right now. speaking of former dow stocks, aig has been red hot this year. hank greenberg is with us today. we will ask him what it means when a company is removed from the dow. plus, a few things to say about eliot spitzer's run for new york city comptroller. >> you think so. >> yes, 4:00. don't miss it, right here. [ male announcer ] frequent heartburn? the choice is yours.

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the big rally for the dow today as it gets a major makeover and dominick chu has the details. >> they're putting three new stocks into the dow and taking three out. who's in? the people at dow jones indices decided to include goldman sachs own and others. the stock price of bac and hp and aa are too low. they want to diversify membership in the dow. dow industrials is a price-weighted index, meaning stocks have the highest share price have the most clout. unlike the s&p 500, where the companies that have the highest market value carry the most weight. in the case of bank of america, alcoa and hp, all three stocks combined had only a 2.3% weighting in the overall dow. ibm which has a share price near

187 bucks a share, has a 9% weighting just on its own. now, when the additions take place, before the opening bell on monday, september 23rd, the top three weighted stocks in the dow will be ibm, visa and goldman sachs. again, a major makeover for the dow. it could be interesting to see how this develops as we go forward to see if this is indicative of the industrial economy in america. >> interesting. thanks so much. we want to take a look at hewlett-packa hewlett-packard, out of the dow and nike in of the dow -- into the dow. which of these two stocks is a better buy for you? we're doing talking numbers on the two. we have global technical strategist and on the fundamental side, gina sanchez, founder of cantiquo global. rich, which chart looks better. >> our work continues to suggest that the dow is greater than the sum of its charts, talking about

today's adigs, i really like this nike move. i think this brings a high-class company into the index. much needed. we were talking in terms of retailing in the index before big box like walmart and home depot. let's take a look at the short-term chart. we're up 29% year to date. that's almost twice the return of the dow itself. you see the textbook cup and handle. that tells us we're poised for a breakout. we're going higher around 66.50, $67. bring up that longer term chart, we have settled into a very nice well defined trend channel for over three years now. i think we test the high end of that trend channel. this stock can trade 75. i would buy it in here and buy more on a breakout about 67. >> nice. gina, what about the fundamental story, what's your view? >> i agree. so we're looking at a company that has great free cash flow,

fantastic leverage, characteristics. we're talking about a free cash flow margin that's about 10% probably expected to average there for the next several years and yet to book value at around 3.6%. and it has turned in great revenue growth, great global revenue growth despite weakness in western europe and despite weakness in china. and this is really a consumer story. it is a recovery story. as the economy continues to recover, this actually, the stock should do even better. i would agree this is a bullish stock. >> hewlett, the same story. >> it's kind of interesting. you mentioned it was the best performer of the dow. it also was named the top dividend-paying stock in the dow, all of these are look bobby prizes before you get kicked out. it has strong profitability. it's a strong little stock. any selling pressure that causes

price dip could be an interesting to place to look at hp. >> maria, real quick. i would take the other side there. i think you want to sell hewlett-packard. big break down earlier last month. i do not like hewlett-packard. >> what about this broader market, comment on the broader market? any notes here, rich, in terms of the big move? >> extremely bullish. i think the stage is set. we have a clear washout due to concerns over emerging market currencies. those will prove to be a red herring, a costly red herring for those that sold on that emerging market weakness. you're seeing resurgence in the emerging world and the developed world, japan, europe, the u.s. can all be bought in addition to the u.s. emerging markets. quite bullish here. >> and yet, gina, fundamental story just okay. growth not so impressive. >> the growth isn't that impressive, i agree. i think that the labor numbers that everybody keeps pointing to aren't nearly as good but there

is a recovery under way. and i think over time, that's going to to bear itself out. i actually do continue to have an overweight in stocks relative to treasuries. i think that's the way to go. treasuries have no place to go but down. on a relative basis i think stocks will do fine. >> see you soon, guys, thanks. the dow is up 117 points now. the s&p 500 with a nice gain as well. of about 0.75%. we're up 250 points over the last two days on the dow. >> will the u.s. be able to convince syria to give up chemical weapons? rudy giuliani will weigh in next. plus, it's primary day in new york for his next job. and later, we'll hear from the head of one oil company moving out of the middle east and doubling down on oil production right here in the united states. apache's ceo, steve ferris joins us later on in the "closing bell." i've been doing a few things for a while that i really love-- tdd#: 1-800-345-2550

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stocks are rallying again today as the nasdaq hits a 13-year high. seema mody is there with the details as well as a look at how apple's announcements today are impacting other stocks. seema? >> let's start with the tech rally fueled by shares of netflix. netflix striking a deal with virgin media. other big winners, micron tech, seagate technology and expedia. apple was on that list but after it unveiled two new iphones, the 5s and 5c, shares moved lower. a different picture when you look at some of the stocks in apple's ecosystem, arm holdings, shot up right after we got apple's iphone announcement. other names that potentially do business with apple, qualcomm, sandisk, nuance and triquint semiconductors. our next guest is former mayor of new york city. he was in office 12 years ago

tomorrow when the terrorists truck the world trade center. and syria is front and center on the world stage. joining us now is former new york city mayor, rudy giuliani. great to have you here on the "closing bell." >> always great to be here. >> great to see you. >> good to see you too, maria. >> it's hard to believe it's been 12 years. we'll reflect on that but let's take a look at the syria issue. >> sure. >> in june you said the president created the syrian dilemma by not acting sooner. that he can't stand up to vladimir putin. do you still feel that way today? >> this never would have happened if the president acted decisively a year and a half ago and tried to form this group that's trying to overthrow assad. it wouldn't have created the vacuum in which al qaeda, some of the other extremists, fundamentalists, islamists took over a large part of it. many people were urging him to

do it, senator mccain, senator graham. a lot of people urging him a year and a half ago and he did this, you know, leading by following, which i think is a contradiction. and now we're in a situation where, you know, we don't have a good choice. if we take out assad, we may have a fundamentalist islamic government. if we leave assad there, we have iran's best friend standing up, creating an axis of shiite power. we have somebody who withstood all of our anger and threats and make him more powerful. there isn't a good choice. all of a sudden now putin has come in and putin looks like he's winning the day. he's coming in with the solution, with the peacemaker solution. i think the president had seeded so much ground to putin it makes me worried as an american that we've lost our leadership position in the world because of

this president. >> wasn't it just last week that putin said if america strikes syria, we will back syria? >> right. >> putin just said this. >> now putten is saying that -- we don't know because now russia has withdrawn their request for consultation with the u.n. we don't know exactly where it is. putin has said that he can get syria to basically give up their chemical weapons. now, this is interesting, because assad, first of all, denies using them. number two, he has at various times denied having them. now he's going to give us the weapons he doesn't have. right? i mean, the amount of lies that have gone on here are monumental. >> how much of a risk is syria to the world? or to u.s. national security. >> syria is a risk, because of iran. iran virtually controls iraq, because of all of our mistakes in iraq, starting with not getting the status of forces agreement that biden was unable to negotiate.

so they control iraq. if they control syria, that's quite a large axis of shiite power, which is the reason saudi arabia, turkey, israel, are so worried about allowing assad to remain in power. >> let me switch gears to the mayoral campaign that's taking place here in new york city. >> the one i voted in this morning. >> who did you vote for. >> i voted for joe lhota. he was here before i was on that morning. >> september 11th. >> he grabbed my arm, he said mayor, this is terrible. people were jumping out of buildings. he was at my side and he was a rock of gibraltar. >> this has been a democratic city, as you know, bill de blasio is the democratic front-runner. if he wins, what is it going to mean to new york city? >> it's a democratic city, no question. but for 0 years it's had a nondemocratic mayor, 8 years of me, 12 years of mike bloomberg

who has been a republican and independent, never a democrat, at least not elected. the city is strongly democratic, it has shown for 20 years that it can't elect an independent, somebody independent of the democratic machine as its mayor and whatever you think of me or mike, the city is in pretty darn good shape. certainly in a lot better shape than it was in -- >> are you insinuating that bill de blasio would mess is t up. >> i certainly believe so. i think his ideas are the very ideas that had new york a disaster in the 1970s, '80s. when i took over in 1993, new york city had 10.5% unemployment, a $2.3 billion deficit, it had 1.1 million people on welfare and we had two riots and we were averaging somewhere between 1800 and 2,000 murders a year. >> you know, i've never seen a campaign -- >> that's a totally different city. >> he's telling you exactly what he's going to do in an age where

you have people leaving new york because of the tax base here, because of the tax rate, he's saying, look, we're going to tax the rich and use that money to put it into education. but he's basically telling you he's going to take the new york tax right up. >> if you care about the poor in new york city, which i do and i think everyone does, the question is how do you create the revenue to help them? you get it from the rich people. >> that's what bloomberg said, too. >> when you drive your tax base out -- i took over a city that had lost massive tax base. i did the exact opposite. i cut taxes. i cut spending. i cut taxes. i cut taxes by about $3 billion. and i had an economy that was about as strong as the city's economy had been in 30 years. >> before we let you go, behind that wall, behind you is a towering building that has finally nearing completion, some 12 years after 9/11. >> thank god. >> what are your reflections on that day 12 years later?

>> there are too many. i'll pick one. my reflection that lives with me forever is seeing a man throwing himself out of the 100th floor, 101st floor, that's the first thing i saw when i came down here. it's lived with me every day since then. that's the most difficult reflection. seeing the people die that were being hit by debris which happened before the towers even came down. but also my reflections are the tremendous heroism of our firefighters, police officers, our citizens. >> they were going in when we were coming out. >> i gave a speech this morning to a group in midtown manhattan. a lady said i was surprised. i was surprised at how resilient new yorkers are. mike bloomberg makes this point all the time. he deserves a lot of credit. there are twice as many people who live down here now as before september 11th. i ask new yorkers on the evening of september 11th to be stronger as a result of the attack and

new yorkers have made this city twice as strong. >> that's my reflection, too. mayor giuliani. i remember on that monday, september 17th, you were up there in the podium, ringing the opening bell with the firemen, with the police department, with all of those heroes that we remember. >> right. >> it just gave the whole city, the new york stock exchange, the world, a feeling of we will rise again. >> it did. i don't think anybody will ever know. you do, maria, how difficult it was to get this place open on september 17th. power was out in all of lower manhattan. we didn't get the police department up. dick grasso is one of the great heroes of september 11th in getting this place up. it just lifted the whole spirit of america. it showed that we're see ril yant. we can take a terrible attack but these people can't tower is. >> if we have a mayor who is -- there's a big field out there, but if there's a weak mayor and

eliot spitzer wins comptroller, is eliot spitzer running the city? >> it's not over until it's over. i voted for joe lohta this morning. he's perfect candidate for mayor. he has all the qualifications. he's a strong, tough but really smart guy. his whole background is finance. that's what he was -- >> running the mta. >> he was also an investment banker who did municipal finance. this city needs somebody who really understands finance. when i got elected it needed somebody that understood crime and how to bring it down. when mike got elected it needed someone who understood the terror attack. right now we need a man or woman who understands finance. the city has to lower its expenditures, keep the tax base reasonable and not lose the goose that laid the golden egg, the people that produce the money. >> that's a great point. good to have you on the program. mr. mayor, rudy giuliani joining

us. we appreciate it. we'll be thinking about you tomorrow. >> 15 minutes or so to go before we close up the market today. a big gain, highs of the day, up 123 points on the dow jones industrial average. >> we'll take a short break. within we come back, a lot to come. the new cheaper iphone has been revealed. will this make the stock more or less expensive? much more on that, what it all means. and after the bell, marty feldstein offering his exclusive views on who should succeed ben bernanke. nascar is ab.out excitement but tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. that's why we partnered with hp to build the new nascar

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welcome back. apple taking the raps off some new toys this afternoon. and introducing the new iphone 5s. a less expensive 5c and show casing the new ios 7 operating system. >> john malloy and ross gerber are here with us. ross, to you first. what do you think? you own the stock. do you like what you hear. >> i like what i hear. it's not anything unexpected due to the enormous rumor mill we've seen for apple but i think the real announcement comes later today in china. the iphone 5c was named the 5c

to represent the phone for china. that's what it's all about. it's all about china. can i get to the 700 million china mobile subscribers? the 5s, i like the security upgrade with the fingerprint technology. i think it's great. it will enhance the ability for mobile payments as we move forward with technology. the nice thing about it is what they did with the cameras as well. we're a photo nation. we love taking pictures, sharing pictures and video and adding things like slow motion and making the flash better as well as in general making the overall camera way better with filters. it's a nice upgrade. in general, it's a hardware upgrade. it's really about china. that's what the new phones are all about. >> what about the lower cost iphone? i suspect that's also a china play. but it's going to be sold in the united states, the lower cost iphone. is that going to cannibalize sales on the higher end version?

why would i pay up if i have an opportunity by the lower end. >> that's exactly why they dress that issue by having a plastic back and multicolors. it looks like a child's phone. it's something that teenagers would like. i think they made differentiated the phone enough that really if i'm walking into a nice restaurant and i have a 5s, i like the gold one personally, i think it's going to differentiate itself than pulling out a 5c with pink back which might be much better suited for your kids. i think they've really changed the style enough with the 5c not to cannibalize their business and what they did which i think is most important, they didn't sacrifice margins by even though it's cheaper, it's not that much cheaper. >> john, the fingerprint aspect of all this, is it all about mobile payments, where so many of the big tech players with their mobile devices seem to be going? >> i think the fingerprint is a nice to have but the bottom line, it's not going to make

people upgrade themselves to a new phone. i looing at this whole today with april as a tale of two markets. the united states fan boys of apple and investors are going to be disappointed, it's really all about china. apple needs to do that. they need to be able to move into the fatter part of the market. this market in the united states is actually saturated for smartphones. that's what today was all about. >> no one is talking about the fact that china may not be as willing to subsidize their phones to the level that we have here in the united states. isn't that a potential barrier to big sales in reaching the hundreds of millions of potential customers over there? >> no doubt that foreign carriers have been resistant to the level of subsidies we've had in the united states. that's absolutely an issue for apple. that's why apple did what it did today and created a more diversified product line. >> i think this really expands the opportunity for apple. it is a cheaper phone. it's still expensive for china

any way you look at it. the issue is, does apple want to get into the low end phone business? i don't think it's such a great business. and seeding those sales to samsung or somebody else is okay, because if you look at the margins of samsung's phone division versus apple, i think apple is at least twice as good. do we really want to give up margins to have more subscribers but maybe not at such a good profit. that's something to consider. >> we'll leave it there. guys, thanks so much. we appreciate your time on this. ten minutes before the closing bell sounds for today. the market is up 120 points on top of yesterday's triple digit move. we're not that far from the dow's all-time high. we'll take you into the close in what is the best start to september since 2010. we're back in a couple minutes.

welcome back. good market under way with just about seven minutes before the closing bell sounds. the dow jones industrial average up right now 115 points. right around the highs of the afternoon. joining us now is steven wood, chief market strategist with russell investments. good to see you. >> thanks for having me. >> would you buy into it? >> i think there's strength in the market and the economy. the sell-off over the summer, a.

we're able to move around positions. the fundamentals are improving if only modestly. the taper has been largely priced in, if not completely priced in. we'll move to worrying about interest rate earnings and the economy, which is what strategists and portfolio managers get paid to do. >> selling may go away, didn't really happen. everybody was expecting a bad september based on what happened in august. right now we have the best start to september since 2010. we're up 3% already in september. >> you have the broader markets up almost 20%, the russell 1,000 is up 19.8%. not bad here. what's interesting underneath the surface is you have dynamic stocks are beginning to outpace defensive stocks. those bonds, substitutes and analogues are filtering out of the market. there's something of, i don't know if there's great rotation just yet, there's a pro-cyclical nature in the market. there could be multiple

expansion. i think we'll wait on the fed and the german elections are coming up. europe as it stabilizes, we have important elections. as we look through the volatility, the market is reasonably good. >> how do you navigate syria, the president tonight, giving a big speech to the country? possibly making the case to go into syria? >> yes. >> what are the markets want to see. >> i think the markets want to calm down a bit and i think it has. i think he thought he was going to get in congress and europe in the g-20. if we can move some of the syria risk down right now, i think the vote i really want to know is what is going to be the dynamic of the taper? what is going to be the amount -- is the federal reserve going to move from treasuries into mortgage-backed securities? is it going to be a long runway of 5 billion to 10 billion? >> does it matter, all the intricacies of the taper? we know it's coming. the ten-year is at 3%. >> yes. >> market is up 250 in the last couple days. >> i think it does. we'll get guidance out of the bank of england and the european central bank. if there is a long runway, if

the markets can price around, that will be something unlike 1994. if we get an erratic fed move, that will be negative for the markets. if markets scan price calmly, i think that would be a net positive. >> art cashin told us 14 million shares for sale of delta airlines. we have heavy selling at the close. add it to the s&p 500. i think after the close. up next, we're back.countdown. after the break, henry mcvey tells us where it's putting the private equity money to work. back in a moment. ♪

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♪ all on thinkorswim. from td ameritrade. welcome back to the floor of the new york stock exchange. it's time now for the closing countdown. the dow jones industrial average, another pretty good day. triple digit move plus 120 on the back of yesterday's 140-point gain. and you've got the best start to september now since 2010. terry dolan, we're up 3% now for the month of september. terry, of course, is with benjamin and gerald brokerage. what do you make of it? >> the move was anticipated to some extent after the technicals sort of bounced off the moving averages. my trouble is right now i don't like the index that's here. the moving average seems to have cost a negative. i think we'll see downdied coming up. >> why so?

this has been a good move on the back of better than expected economic data around the globe, especially china. >> i do agree with that but from a technical standpoint, i start to the run for the hills. >> good to see you. >> maria picks up the second hour of the "closing bell." a number of big guests coming up. stay tuned. and it is 4:00 on wall street. do you know where your money is? welcome back to the "closing bell," i'm maria bartiromo on the floor of the new york stock exchange. the s&p 500 extends a winning streak to six days. take a look at how we're settling down on the street today. the dow jones industrial average finishing athe high of a gain of 129 points, 15,191. volume picking up at the end of the day here. nasdaq picked up 23 points. 3729. and the standard & poors index, up 12.3 point. to finish the day at 1684.