lions fans getting hosed on beer. >> yeah. okay. what else have we got here? nfl. >> carolina panthers. >> the carolina panthers as well where beer at the bank of america stadium is a league low at just 27 cents per ounce. i'll go with that one, i think. thanks for watching "street signs," everybody. >> that's what about the team has been worth the last couple years, by the way. "closing bell" is next. we enter the final stretch. i'm maria bartiromo. fade of the rally as we approach the close. >> scott wapner in today for bill griffith. on today's big show, dow on a three day run of triple digit gains. it is the final. the most important. the most unpredictable hour of the trading day. >> that i agree with. >> you really never know. we're going to talk about where

this market is heading and what regular investors should be focusing on with the legendary jack bogle from vanguard. >> another legend, advertising icon jerry della femina joining us. an interesting take on apple's announcement on the iphones. did the company botch it up? plus he actively campaigned against eliot spitzer who narrowly lost the new york city comptroller pot yesterdspot yes putin on the hits. house speaker john boehner calss it, quote, insulting. nothing compared to what donald trump has to say. here's here to respond to that. >> where we stand as we approach the final hour for the markets. dow jones industrial average off of the lows. that's not saying much with a gain of a quarter point. flat on day. 15,326 as we approach this final hour. nasdaq, negative once again on

top of yesterday's losses due to apple. index down a fraction again today. 3724. the standard & poors 500 in the red with a decline on the session of about 2.75 points. three days of big gains this week until today. bob pisani, how is things looking in this final hour? >> we need a little more catalyst. what's been moving things since the beginning of september? syria, china economic data, lower interest rates. we're not really getting any of those things today. the market is a little bit looking for reasons to keep trading. let's take a look at the dow jones industrial average. we have a fairly narrow trading range today. see the middle of the day, a little bit of a pop-up. part of that is due to disney. they announced a rather significant buyback. some of the buybacks are not that great. it was a pretty big one. see the nice move up there. $6 billion to $8 billion they're going to be buying back. about $117 billion market cap. that's about 5%. that is a significant buyback. now they've got to actually go ahead and do it.

announcements are not actual buybacks. let's see them go ahead and do that. elsewhere, rest of the world, china kind of slowing down a little bit. not slowing down. the economic news here is not that prevalent in the last day or two. emerging markets are kind of -- look at that nice move up the last seven, eight, nine days. kind of flat to slightly down today. that's what the rest of the world is sort of looking like. europe is flat to slightly down as well. when china doesn't have a lot of news, the commodity markets tend to slow down. so does commodity stocks as well. copper miners, steel stocks, coal stocks, all flat to slightly down today. perhaps no surprise. finally, the exchanges all met today, the new york stock exchange, nasdaq, other exchanges with mary jo white at the scc to discuss the nasdaq trading snafu. we commend mary jo white for bringing the exchanges together for a constructive discussion on ways to restore public confidence in the infrastructure of our national market system. we look forward to working together on the important initiatives that she has youth lined.

basically, guys, i can tell you what happened. the sec, mary jo white, has given the exchanges a whole bunch of home work to do. they have to report back to her in 60 days. the basic idea is, guys, i want ideas from you on how we can strengthen the trading technology. everything that goes on in the plumbing behind here. make it more resilient. we'll see. we'll have the news in about 60 days. back to you. >> thanks so much. joining us now for our closing bell exchange, amy wu are rbc capital markets. hennessy. bill mcvail. and our own rick santelli. good to see everybody. amy, let's kick this off with you. what are you seeing as we approach this final hour? >> well, hi, maria. i kind of agree with bob. i think we need some catalyst. the thing is, we are going to get those catalysts. we are going to get an fomc meeting soon. we're definitely going to see some sort of resolution on syria soon. i think that will drive volatility. we've been lulled into a little bit of a sense of complacency. i do see that volatility increasing from these levels.

a reminder that option skew has been saying protection is still bid in the market in the options market right now. >> dale hennessy, does this september rally keep going after today's apparent pause? >> i wouldn't really -- i mean, nothing's really happening in the market today. i think the market is going for the rest of the year if not for the next three to five years. scott, if you look at it back, the high of 2009, the price to sales ratio on the dow jones was 1.7. today it's 1.4. you've got an easy 3200 to 3500 points on the upside. my risk take, risk is not being in the market rather than being in the market at this time. >> what do you want to do then, neil? how do you invest around this period of, as amy said, tno catalyst. we're waning. want to keep the powder dry? stay on the sidelines? put the money to work? >> the one area i like is ancillary businesses to the home builders. the last segment you just had on

with pulte homes and what they're doing, that's great for companies like mohawk or beacon roofing or whirlpool. but where the real money is made, maria, is in the deferred maintenance of the existing homes that's been going on for the last four to five years. that's why you're seeing a whirlpool razor dividend, 25%. beacon's roofing. mohawk. they don't pay a dividend yet. but they most likely will in the future. that's where i think people can make some substantial money going forward. >> rick santelli, yesterday we talked about whether the taper was fully priced in. certainly to the bond market. give me your best guess. i know it's not an easy question to answer. but one week from today, post fed meeting, where's the 10-year yield going to be do you think? >> i would think it's going to be above 3%. i'm not sure that the only variable there is the fed. once again. you know, i think that in the end, the important feature is, is that it's going to be very

difficult for the sudsydy in the marketplace to be removed. the fact that it's going to be removed is a digital pricing mechanism to some extent. you know, if you look at -- you know, here's something. bob pisani, nobody knows stocks as well as bob pisani. i really like his reporting. he said one of the positives for stocks is lower interest rates. we had in my opinion a really, really iffy report on friday of last week. the closing range in yield since then has been six basis points. a 24-month high yield close is 299. we've been within ten basis points of it for days. i think the only roar i see in the economy is the rorschach of people looking at companies like yahoo! and giving them kudos for changing their logo or companies like tesla who make a great car but don't sell any. i mean, i don't know. i don't know when we moved into rod serline's stock indices.

>> bill mcvail, what about that? it's obviously a momentum market. you want to put money in some of these momentum names like the facebooks of the world, teslas of the world? let's talk a bit about small cap which has been doing well. now the question is valuations. >> well, i think in my world, for much of the past year, year and a half, it's been rising tide lifts all boats. yield plays have worked. low price to book. low pe kind of stocks. it feels like over the past two or three months the growth names are working more. it's like lebron james said after he won his first title, it's about damn time. these are the companies that are growing absent what's happening in the broader market. you can have tepid employment. consumer spending looks kind of shaky. industrial spending kind of shaky. where do people go with their money right now? in a tapering environment, where interest rates are going up. you go to those companies that can grow their earnings absent anything that goes on in the market. we're talking biotech. we're talking to the internet stocks, vertically specific

internet stocks. home aways. shutterflys. software as a service plays. even 3-d printers. these are companies that are going to deal with seismic changes in their industries. those are the stocks working right now. we think they're going to work for the foreseeable future. >> neil, one of the catalysts since we talked catalysts at the very top of this discussion at least that got stocks to these new record highs of a couple months ago, buybacks. today, disney announces a pretty good sized one. you see the stock responding. qualcomm announces a buyback. is that catalyst still going to be at play if it's going to help lift this stock market? >> scott, you got to realize, i think y'all do and maria realizes the earnings growth isn't there on the upside because the sales growth isn't really there. what are companies doing with their cash? initiating dividends, raising dividends, internal infrastructure, making acquisitions, doing company buybacks. if you make a buyback like

disney announced today, that's 123 million shares of stock coming off the table. that's a lot of stock that should have improve earnings going forward. it is tough, though, scott, to buy that many shares to be honest with you in the open market unless you really want to start running the stock up. but right now there's nothing but -- nothing but cash on the books for most companies. that's why they're making these acquisitions. and stock buybacks. >> does everybody on the panel think that the fed begins the tapering in a week and a half? who doesn't? you all think it happens on september 17th and 18th? >> it could -- it's going to happen at some point in time, maria. >> yeah, i know. i'm asking about the next week and a half. do you think it happens this month? you got to make a bet, right? >> i would think they'll start. >> amy, you agree with that? >> i think the market is pricing it as if there definitely is going to be some start of tapering in the next week and a half. >> bill, you agree as well. i see you nodding your head.

>> yeah, i do. i would just go back to what was said earlier. i do think that you're going to see more m & a activity. it's starting to pick up in small cap. e with haven't seen it. another reason money is coming to small cap. that cash on the balance sheet has got to get to work. m & a activity is an area we're looking at closely as a potential source of upside. >> rick b, i know what you thin. you're nodding your head as well. 45 minutes until the closing bell sounds on wall street. the market has turned negative. down 13 points on the dow jones industrial average. >> carl icahn, he's still buying apple. he said so to maria yesterday. should you buy it now? did you miss the boat on getting it on the cheap? we're going to dig into the numbers with the expert. that's coming up. right after the break we find out what legendary investor jack bogle has to say about the recent rally. that and a lot more coming up on "closing bell." stay with us. announcer: where can an investor

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welcome back. there's an old saying on the

street, the trend is your friend. where's the momentum as the markets creep back toward record highs? >> stocks are taking a break from their march back to those record high. certain companies are riding the momentum wave higher and higher and in some cases to record levels. in today's trade we've seen 52 companies in the s&p 500 that have set new 52-week highs. 33 of the companies are at record levels. we all know about companies like netflix and starbucks. how about these names? how about industrials that we don't talk about every day like cummins. maker of diesel and natural gas engines. at a record high up 22% so far this year. health care supply company mckesson trading at record levels. up 33% this year. america's biggest drugstore chain up this year as well. walgreens shares up 44% this year. yes, that's a record. we'll polish it off with a list like examples of mastercard. up 36% in 2013 to a record.

now, 52 may not seem like a lot of new highs this year in the s&p. but just for a little perspective, during the record run that we had in august, we had 124 new highs just before we fell from those levels to the levels that we saw during that correction. in the scheme of things, there might still be, maria, some room to run for stocks on the momentum side. >> dom, thanks so much. jack bogle says he doesn't watch the day-to-day or month to month moves on the stock market. what is he watching that individual investors should be watching as well? >> with us now is jack bogle of the vanguard group. good to see you again. welcome to the "closing bell." >> great to be with both of you. always. >> tell us what you think about the markets as we, you know, again, we had a rough august. i know you don't watch it every day. but we're off to a pretty good start here in september. we are on the verge of a potentially very large market moving event. that being the upcoming fed meeting next week. put all of that into context for

us. >> sure. well, let me first -- i've got to give you a little full disclosure here, scott. that is i do look at the market every day. as a trick to what i've done in investing is i don't do anything. i just look and watch and observe and laugh. so i'm not into the doing anything about the daily motion. i think the most significant thing that's happened that's unrecognized in the stock market is the stock market is at all times really a balance between the return on bonds and the return on stocks. the returns on bonds have soared since early july. the return on that 10-year treasury is up from around 1.4% to very close to 3%. more than 100% increase. even the long treasury is up now to -- i guess it's about 3.8% or something like that. that's up about 50% from where it was. you've had this huge improvement in the returns available on bonds. and in the face of that, you would expect maybe stocks to

give you a little ground an money moving out as it were from stocks to bonds comes back to bonds. the stock market is actually a little higher than it was. the pe is a little higher than it was in early july. maybe 17 times compared to 16 1/2 times. not much. but hasn't reflected th eed tha all. i think these are much improved times for bond investors. the 10-year is back to where it was all the way back in the beginning of 2009. when stocks were on their duffel bags as it were. and so i think the valuation equation has improved. although there may be -- i mean, these stock pes are not grossly excessive. they're above long-term norms. that's a sign for the mildest kind of caution. for most investors, as i always tell them, there's a lot of distraction out there. as benjamin graham says, in the short run the stock market is a voting machine. in the long run the stock market is a weighing machine.

i'm much more interested in corporate earnings -- >> pardon me. are you making the case to have a more diversified portfolio and ensure to include bonds and stocks? i guess you've seen these cycles plenty of times in the past. as interest rates begin to creep up beyond this 3% on the 10-year, would you expect the stock market to have some trouble? >> yeah. i think it's -- it's going to be a limiting factor. who knows how investors in the stock market will react. but my point is throughout this long period, really, those bond interest rates have gone from pretty high to very low and have retraced some of that decline. my advice all through the period was don't do anything. don't just -- don't do something. just stand there. because you don't ever know when the turn is going to come. at least i don't. most investors don't. just be satisfied you've got a good income producing stock portfolio and have been a little careful about getting too long in the bond portfolio where the yields are. so something in the intermediate

term area. 15 years, maybe, for corporates, are not bad. they're probably at pretty close to 3% now. >> jack, we generally, i guess -- >> i'm sorry. pretty close to 4%. >> we generally talk u.s. equities when we speak to you and bonds as maria was discu discussing with you. what's your view on what's going on with the emerging markets, whether you think that's a good place to be invested now, whether there's a decent opportunity given how far they did pull back on some fears of fed tapering. granted, over the last week to ten days, two weeks or whatever, they've had a nice little snap back here. your world view is what? >> well, i think the emerging markets were somewhat overrated at the beginning. in the long run, the u.s. has actually outperformed the emerging markets and other international markets. in the last, say, 12, 14 years, up until two or three years ago, the emerging markets were in the lead and then they retraced that. it's like life is just a series of comings and goings sort of

thing. they got much more attractive. they've actually, i think, scott, retraced about half of their loss this year. i think they were down as much as maybe 20%, 22%, now they're probably down more like 10% to 12%. i don't follow it that closely. but those are pretty good numbers. so you shouldn't get exuberant when they go up a little. you shouldn't get depressed when they go down. if you committed to the emerging markets, they have obviously greater growth prospects in the long run and greater risk in the long run. i think you stick with your position. i would never make it too high. i would have said 10%, 15% in emerging markets was more than most ordinary investors should have. >> do you think the individuals still in this market, do you think that they are sort of, you know, dismayed by some of the glitches and all that? or do you think that they, in fact, are invested? >> i don't think -- there are a lot of speculating going on in the mutual fund industry. an unbelievable amount of speculation. a lot of which i think is not even recorded.

you see something like in the spider, standard and poors 500 exchange traded fund, that had $18 billion flowing out last month. that's $120 billion fund. something like that. a lot of speculation in the etf section. the spider is always almost every day if not every day the most widely traded stock in the world. that says something about short termism. now, the spider and a lot of these other funds are heavily held. a lot of these other etfs are heavily held by institutional investors who are basically speculating. i think that's a force in the market that we really haven't done a very good job of recognizing. we all know, i think, now by hindsight that that was a huge factor in the end of the rise in gold prices. then accelerating the decline in gold prices that followed. individual investors should not play that game. i mean, repeat that. individual investors, please don't play that game of guessing where something's going.

invest for the long term. don't invest in commodities. don't invest in gold except maybe for a very little extent to make yourself happy. because they create no internal rate of return. you want -- >> what about buying oil? i mean, you say don't buy commodities. what's wrong with buying oil if you wanted to make a bet on oil prices? >> what's wrong with buying all of them -- it's a fine place to speculate. but oil, gold, any commodity is a rank speculation. because it has -- you're guessing that you can sell it for more than you paid for it. there's no internal rate of return. dividend yield. earnings growth. interest yield that will bail you out in the long run. it's priced to price. so without an internal rate of return i don't think you can say it's an investment. i think you can say it's a speculation. most of us shouldn't be speculating. leave that to the professionals. >> all right. we'll leave it there. jack, good to have you on the program. thanks. >> thanks, maria. very good. good to be with you. >> see you soon.

jack bogle. 35 minutes to go before we ring the bell here on wall street today. the dow has taken a bit of a breather. down 20 points after these three consecutive triple digit gains. never done four in a row. doesn't look like it's going to do it this time either. carl icahn told me yesterday he's as bullish as ever on apple. >> i think apple is just a no brainer. it's extremely cheap. >> in fact, he said on "closing bell" yesterday that he's actually been purchasing more. he bought more apple stock yesterday. should you buy as well? that's next. later, russian president vladimir putin is blasting america in a "new york times" op-ed. donald trump is blasting him back. in fact, he's going to do it right here on the "closing bell." that's a little bit later on.

the nasdaq is still more than 1,000 points from its all time high. still trading near a 13-year high today. what's driving it? >> not only is this a 13-year high but the nasdaq is outperforming the dow and s&p 500 on a year to date basis. what's interesting? the spread between the nasdaq and the s&p 500 continues to widen. some of the stocks fueling the nas, social media.

facebook, groupon, pandora, up double digits over the past three months. we've also seen a resurgence in biotech. gilead, cell gene, amgen. another bright spot, internet stocks. yahoo! hitting a five-year high after marissa mayer's up beat comments. those are some of the big winners fueling the nasdaq right now. scott and maria? >> apple shares rebounding today after the cool reception yesterday after the new iphones were released. investors may have heard carl icahn tell yesterday in an exclusive interview that he wants to buy more apple. take a listen. >> i think apple is is just a no brainer. it's extremely cheap. i'm just looking at the numbers. >> so should you follow icahn and pick up more apple? we start talking numbers, looking at apple today. on the technical side of the story, richard ross. global technical strategist. on the fundament ams, market liktenfeld. good to see you guys.

thanks for joining us. mark, how does apple look from a fundamental perspective? >> one thing we know, maria, carl icahn's mama didn't raise no dummies. he's got a key eye for value. that's exactly what apple is. a great value stock here. trades at 11 times forward earnings. six times cash flow when you back out the cash on the balance sheet. huge stock buyback is in place. raising the dividend. and i think shareholders need to stop thinking of apple as the company that it used to be which relied on, you know, inventing the ipad. inventing the iphone. realize that this is a company with great products that its customers absolutely love. it generates a ton of cash. it generates $50 billion of cash flow a year. at these valuations, i think carl icahn is absolutely right. i think you buy the stock. >> rich, what about the chart? how does the chart look? >> maria, you know, i think mr. icahn will rest easy tonight with the knowledge that my technical work backs up his fundamental view. when we bring up this chart you

can see apple remains in an outstanding technical position. for the better part of this year we've been building a textbook base of support with a double bottom within the context of that base. back in august we emerged from that pattern and we take apple at the neckline and 200 day for the first time in over ten months. we settle into what should have been a bullish flag. even the best laid plans go awry. we had that sharp pullback. i'm undaunted here. i see compelling support from the neckline of that pattern. both the 50 and 200-day moving averages. what no one's talking about is the golden cross we've gotten, key moving average cross. i think this is a compelling opportunity. i think the stock trades 600 by january. >> all right. we'll leave it there. great insights from you both. appreciate it. thanks very much, guys. see you soon. we've got much more to come on apple. advertising legend jerry della femina will weigh in on whether apple is making a mistake by going down market with a line of cheaper phones. dow is down 21 with 30 minutes to go. s&p negative by five points. unions were for obama care

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welcome back. the afl/cio continues its stunning turn on obama care. the union, early backers of the health care law passed a resolution stating imp lemation will drive up costs of some union sponsored health plans and some workers and employers may have to give them up. bertha coombs has the details. >> scott, union conglomerate aflcio says it still backs obama care with the start of enrollment in just 19 days away. the white house, though, is getting public pressures from a number of union leaders to make changes to the affordable care act. union leaders echoing some of the same concerns. the business community has at their convention. the american federation of teachers worrying its members will see lower earnings with

administrators cutting their hours in order to avoid that employer mandate to provide coverage. while construction trades and engineering union leaders worry about the increased cost of the so-called cadillac tax on health benefits reaped by collective bargaining. in their resolution those unions are pushing for preserving high quality health plans in part by eliminating the excise tax on expensive health plans and other fees. what's more, they want members in nonprofit multiemployer plans to be able to access tax credits only available to individuals and small firms. they want to see the employer mandate to kick in for employees who work 20 hours a week. right now it's at 30 hours. afl/cio leader richard trumka reportedly tried to get the group to soften. kevin coleman of the national federation of independent businesses says the unions' concerns and public rift over the law only highlights that when it comes to health reform, one size does not fit all. scott and maria? >> all right. thanks, bertha. >> if the unions do turn against

obama care, will it survive? >> richard broski is senior fellow and public policy professor at school of business. served as a new york state legislature for 25 years. rick berman, executive director of the center for union facts. rick, what do you make of this u-turn here? it's very possible the health care law would not have even passed in the first place without the unions' support. >> it's clearly that's the case. and this is another example of be careful what you wish for. the unions probably should have listened to nancy pelosi when she said that we got to pass this to find out what's in it. they've now found out that if you do have a multiemployer plan or so-called -- that you don't also get along with your tax free benefits, you don't get subsidies. the subsidies are designed for people who don't have coverage and who have to go to one of the exchanges that are being set up around the country. so the unions are obviously upset over the fact that they've now realized that employers can drop coverage out of a

multiemployer plan, tell their employees to go to the exchange. because most of these employers are very small employers, they don't have to provide any health benefits and their employees can still get coverage. which means that fewer employees have an incentive to be a member of the union in order to get health benefits. >> right. richard, it's one thing for, let's say, republicans to -- to knock down and criticize the health care law. it's another thing when it comes from the union corner. is it going to make -- >> no, it's not. >> why not? >> any time you vote for a large new plan with all the benefits and all the controversies such as obama care had, no one expects everyone to get it right the first time. if there are legitimate concerns from business or labor, this is the time to raise them. >> come on! >> there's nothing unusual about it. >> everybody was raising these going into it. a lot of people -- >> then they weren't listened to. that's not the point. the point is that the door didn't close. if these are reasonable concerns, no matter what their source, they ought to be dealt

with. my friend on the side doesn't like obama care, doesn't like obama, doesn't like unions. it's a legitimate discussion about legitimate ways to change the law and keep its basic accomplishments. >> at the end of the day, the concern may be legitimate depending upon where you sit. but if you take the 20 million employees who are in taft heartihear hartley plans and assume half of them were to get a full subsidy, you're talking about -- the congress isn't going to agree to add a half trillion dollars to the already extremely high cost of obama care. >> this is a scare tactic. the fact of the matter is obama care -- >> it's not a scare tactic. it's math. >> it's going to reduce costs for both of them. >> it hasn't reduced costs for anybody. >> you have companies like ibm, u.p.s. -- >> there are going to be

problems. it ain't perfect. it's a step towards a health care system that covers every american and reduces costs. >> how dangerous is it, though, for the unions to be biting the hand that feeds them in some sense? criticizing the president and the administration for the health care law they once supported? you've noticed, i mean, unions ain't the most popular group in political circles these days. it's certainly losing support in some political circles. >> i spent 25 years negotiating with business and labor and people like that. i don't expect them to be grateful and docile when they have real concerns. this is the american system. this is how government should function. even if they're wrong, they have every right to raise it without being accused of ingratitude. >> what do you think should be done? given the fact you say, look, this is just -- >> i think we should look at the tax credit question for the multiemployer plans. i don't think there's any doubt about that. we should consider these cost questions. we should do what is necessary to take a great idea and make it

functional. that's going to require flexibility. flexibility is what we want out of obama, right? we don't want him to be doctrinare. that's what he's doing. some people just don't like anything the guy does. >> the question is, will this matter? right? will it, rick? >> oh, it matters. >> will it make changes to what the unions want? >> no. first of all, you're not going to get this through the congress because once you try to get it through congress you open the law up. once you open up the law there's going to be a flood of amendments that people are going to have to be confronted with that they're not going to want to be confronted with on the democrat side. and richard talks about functional and flexible and all this. look, at the end of the day, this just comes down to math. and the unions want more money so that employees don't -- >> they don't want more money. >> of course they want more money. >> they want to be able to afford health care. this is a good thing. >> that's what tax subsidies are. i can't believe you can't figure out that tax subsidies are money. they want more money. that's all it comes down to. >> no. the unions don't want more money. they want the care that the

people need to be affordable. that's not as though they're putting it in their own pocket. nice try. >> right now all of those employees could go into the exchange. they could get coverage. and you wouldn't have any of them in the union plans. and that would upset the unions even if all the employees were getting coverage. so don't tell me it's all about trying to get people affordable care. it's about trying to retain union membership. that's the short and long of it. >> you know, that's not a bad thing per se. you may not like unions. you may not like union members. but people have a right to organize. >> i love union members. >> they have a right to complain about obama care. it's one of the reasons we live in a great and free country. >> you can set up the fact that i may not like unions, but the fact is i don't like union abuse. what you are talking about here -- >> who does? who does? you think i do? i will defend union abuse? you're defining union abuse as an attempt to make sure health care is affordable to union members. i don't buy that. >> it's affordable. it's why it's called the affordable care act, richard. >> all right, guys.

rick, i'm sorry. i'm going to have to end it there. we'll pick this up at another time. rick, richard, thank you. >> great insights on both sides. we've got 20 minutes before the closing bell sounds for the day. a market that is fractured and lower today down about 20 points on the dow. a fight for control of dell has finally ended. jackie deangelis is live in texas with all those details next. after the bell, mug ls jumping for joy today with big news out of hog warts. i'm using harry potter terms. j.k. rowling making headlines today. , , the actions, the reactions. everything has to synch up. my expenses are no different. receipt match from american express synchronizes your business expenses. just shoot your business card receipts and they're automatically matched up with the charges on your online statement. i'm john kaplan and i'm a member of a synchronized world. this is what membership is. this is what membership does.

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all right. the dow has never recorded triple danger it gains four days in a row. looks like history is not going to be made today. for a look at what is making headlines on the market, dominique joins us. you have a little magic in this report. is that right? >> we will have some magic here. you got to stay tuned. let's start it off with big blue chip mover, disney shares surged after the company's cfo told investors at a conference stock buybacks in fiscal 2014 would amount to $6 billion to $8 billion. more than $4 billion in stock disney has been buying back in recent years. soda stream, maker of do it

yourself soda makers featured prominently in an investor presentation given by walmart. one stock that was higher earlier but has lost some of its steam is magic, time warner, the media giant said its warner brothers studio unit has inked a deal with harry potter author j.k. rowling to create a new movie based on a fictional textbook called fantastic beasts and where to find them. for all you magic fans out there. on the tech side of the things, ez chip semiconductor shares are clobbered. analysts at benchmark estimate 40% of the company's 2013 sales come from cisco systems. we'll finish it off with a look at dell. pc maker shareholders have spoken. they've aprooued the founder michael dell and private equity firm silver lake's $25 billion buyout. no surprise there. again, with shares, maria, no surprise in dell shares as well. back over to you. >> thank you so much, dom.

after a long bitter battle michael dell won a battle to take his company private. jackie deangelis. >> reporter: good afternoon. with this crucial shareholder vote behind him now, michael dell and silver lake partners, they have to devise an execute a strategy to take dell forward and turn the troubled pc maker around. there are a lot of people out there who think that's very doable for this country. carl icahn happens to be one of them. he has opposed this deal for quite some time saying that the deal that michael dell has proposed, that was approved today, undervalues the company. and that there is value to be unlocked once the turnaround happens. but that should be for the shareholders. michael dell himself showed up to the vote. he held a conference call later where he gave some comments. this is what we had to say. >> this is a great outcome for our customers and our company. i'm more than excited to move even faster towards our goal of becoming the industry's leading provider of scaleable end to end technology solutions. >> reporter: still it sort of is an end of an era in terms of

dell. a very iconic company now going dark for a while. michael dell certainly putting his chips on the table, investing a lot in this company. he now owns 75% of it. if he can structure that turnaround, it will be very profitable. now back to you. >> jackie, thank you so much. don't miss my exclusive interview tomorrow with dell chairman and ceo michael dell. how he plans to turn around the pc maker once the deal closing tomorrow first at 9:00 a.m. on "squawk on the street." more here on "closing bell." more with michael dell in the afternoon. join us tomorrow for that exclusive interview. meanwhile, right now, 12 minutes before the closing bell sounds. we've got a market that has worsened. down about 31 points on the dow as we approach the close. will the s&p 500 on track to snap a seven-day win streak? we'll have the final minutes of the trade. looks like it may do that. down, as maria said, about seven points. russian president vladimir putin doing something president obama has been unable to do. bring republicans and democrats together. >> i was insulted.

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welcome back. ten minutes to go here in the trading day. looks like we're going to break this winning streak we've been on. we're not going to get that triple digit move in the dow for the fourth straight day. something it's never done. >> we're not. looks like we're going to be down in the double digits. dave zeer and jordan waxman from high tower. good to see you guy. thanks for joining us. how are you allocating capital in a market with uncertainty ace head ? >> short term the market is probably due for a correction. it's gotten a little bit over its skis so far. longer term we like things like emerging markets that are trading ten times earnings. look like they're starting to up trend. things like natural resource equities which look really attractive. they're trading at six to eight

pes. >> have we changed what a correction is going to look like in the market? we started to have one in august at 5% to 6%. >> 3.5%. >> here we are, right? september is off to a much better start than people thought. >> right. yeah. i think that with the fed's easing and everything they're doing and the central banks around the world, as much money there is in the system, i think most corrections are going to be pretty short lived. i can't imagine we'd see anything more than 10% on the downside. >> doesn't it scare you? you agree with that? how do you feel about the potential for a correction here? >> again, i agree with dave. it's long overdue. >> right. but? >> but, you know, it looked like investors were raising cash in august. selling pretty much everything that wasn't nailed down. i think about -- since 1992 the 10-year treasury has backed up 100 basis points seven times. every time the market's rallied. from last july to here we're up 20% year over year. doesn't surprise me people are taking chips off the table.

there's so much cash. such a demand for equities. supply is shrinking with merngers and buybacks. i think the stock market does head higher. >> what's the fed going to do next week do you think? >> you remember greenspan talking about irrational exuberance? this is bernanke's greenspan moment. >> it's all going to be language? >> you have to come through at this point. the market has already priced in the move. get something going. >> are you sure about that? you really think it's priced it in? >> do i really think it's priced it in? look at what you can get in a fixed income instrument you couldn't get before. yields have really backed up. there was really some fear in the bond markets. all over the bond markets. corporate, unis, you name it. i think it is priced in. given where we are on the economy this kind of slow grind forward, sure. the 10-year is backed up enough. i think it catches a bid here. >> dave, what about you? you think the tapering begins next week on the 17th, 18th? >> i don't think so. i don't think we've seen any of

the economic data that would suggest that. i think a lot of it is already baked in. i think the move we saw, you know, that 100 basis point move from 173 up to 285 where we are now, it's kind of factoring that in. i think if they do start to taper which i don't think they're going to do, but if they did, i think the bond market probably rallies. >> rally. >> we had jack -- >> i disafwregreedisagree. >> we've had jack bogle, a conversation with him a little while ago. don't invest in commodities. don't invest in gold. that's what jack bogle told us a little while ago. >> he said it's speculation. >> you buy that? >> we follow the smell of moth balls in the gold companies. you haven't got ton the end of the year when gold miners are going to start to write down their assets. you saw some in june with the australian companies. gold probably does go lower. we're not there. it's very inexpensive to buy agricultural commodities now. a cheap investment and cheap hedge. global demand is going up. warm weather and good weather for crops. what happens when you don't?

>> real quick on emerging markets. you say you want to buy emerging markets. how do you do it? through etfs? in particular specific companies or what? >> broad based basket through etfs. i think that's the best way to play it. >> you think it's bottomed? >> if not it's pretty close. >> you're nodding. >> i disagree. >> stay away from emerging markets? >> buy emerging markets but find managers that are buying companies that are consumer orie oriented, locally oriented. don't buy big etfs. they're all multinational companies with big problems. >> we'll watch that. thanks, gentlemen. we appreciate it. up next, we're back with the closing countdown. >> after the bell, there's new evidence that ceo pay for performance is working. but we'll hear from somebody who says ceo pay is worse than ever. coming up, i have a feeling sparks are going to fly on this one, scott. >> they probably will. you can't say 'one size fits all'. it doesn't. that's crazy. we're all totally different. ishares core. etf building blocks for your personalized portfolio. find out why 9 out of 10 large professional investors

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it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪ all right. we're back on the floor with the closing countdown. i want to show you the dow jones industrial average quickly. we were going for a fourth straight day of triple digit gains. something the dow has never done. it's not going to do it today either. we're looking like we're going to go out down 30, 35 or there abouts. want to show you disney. announcing a big buyback. that stock was up big as a result. 2.5%. here with keith bliss from catone & co. a little pause. what happens now ahead of the fed next week? >> we're just going to pause. i would imagine we're going to be paused tomorrow. market had a very apathetic feel

to it today. even though we had -- >> what do you want? a triple digit move every day? >> of course we do. that makes our lives a little easier. >> good to talk to you. enjoy the rest of the day. maria picks up the second hour of the "closing bell" in five seconds. and it is 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to "the closing bell." i'm maria bartiromo on the floor of the new york stock exchange. take a look at how we're finishing the day on wall street with the dow jones industrial average down 25 points. fractional loss at 15,301. volume not great. nasdaq down about nine points. s&p 500 snapping that winning streak with a decline of 5.5. dow snapping a three day winning streak and the s&p 500 closing in the red for the first time this month. let's get to bob pisani, find out what's driving t