session highs but, nonetheless, a lot better than the 100-point drop that we saw in the dow earlier today. if the s&p 500 can finish higher, a winning streak for the first in a month. we'll watch the markets as we go into "closing bell." that's it for us. >> somebody send bill griffeth a xanax. thanks for watching, everybody. "closing bell" next. >> and stocks rallying from a big deficit on renewed hopes we could be nearing a deal on the debt ceiling. welcome to the "closing bell." i'm kelly evans in for maria bartiromo today. >> that was a cameraman right there. we've got it positioned in front of the white house, waiting for eventually, we hope to have congressional leaders come to the microphones to talk about this meeting that will eventually happen at the white house. stocks opened lower, though, this morning after meetings this weekend failed to reach a deal on the debt ceiling. however, we have been rallying back on word that the president is going to be meeting with

congressional leaders as leaders in the senate continue to try and hammer something out. we just found out minutes ago the meeting that was scheduled for right now has been postponed. let's get to john harwood who's there at the white house with the very latest. i guess the way we're reading this is, they're making progress. let's give them time to continue that, right? >> reporter: necessity want to get all four leaders, reid, mcconnell, pelosi and the president in a room to move forward. what i learned from a leadership aide is the likely contents of that deal. one would be a reopening of the government with a government spending bill that would last to january. that is more in line with what democrats have wanted. they want a shorter deal so they can negotiate higher spending levels in talks with the republicans. higher short-term spending in return for higher entitlement

cuts. the debt limit increase would go to february. that is shorter than democrats had wanted. republicans wanted a short-term debt limit increase to keep the pressure on while they negotiate. democrats wanted longer but appears democrats are giving ground on that. on contentious obama care provisions, i'm told by this leadership aide discussion in the delay of medical device tax, which has been controversial. house republicans have raised that issue. both parties in the senate. that is not part of these discussions right now. there are discussions of a provision that would strengthen income verification under obama care, but not the medical device tax. all of these are things to watch. the leadership aide told me they're very close to an agreement. boat republican leader mitch mcconnell and harry reid came out on the floor and said they were optimistic this would get done this week. i think we've got that sound. let's play it if we've got it.

okay, we don't have that sound. but when the senate reopened at 2:00, reid and mcconnell both went to the floor. both said they were optimistic a deal would be struck. i think the delay in this white house meeting is further evidence that they are trying to button this up before they put something in front of the bipartisan leadership. senate would act first and the belief is nobody can take this to the bank, but the belief among the senate leaders are that if they pass this through the senate, then the house would have to consider it and the house would have no choice but to go ahead and pass it, reopen the government and raise the debt limit, avert this potential crisis we're all talking about for later in the week. >> thanks very much. stay tuned. much more to come on that. let's check how the markets have been reacting to the talks, or lack tlof hereoff. we have jean, gene, steve grasso

and our own jeff cox. just a reminder, it's been a partial shutdown day on wall street as well since the bond market is closed, right? >> that's right. >> for columbus day. we don't have that market to think about today. but, steve grasso, grasso, the e got any sign of hope from washington, market came back again. >> that's exactly what we saw last week, bill. we saw short koverring scrambling because they're afraid a deal is actually done and to be caught short in this market would wreak havoc in your portfolio. you really have to error on the side of a deal is going to get done. >> heather, just thinking through all this. sounds like we're working through a deal. do the details of that deal matter? in other words, if it's february or march for continuing resolution or the debt ceiling

matter to markets at this point, or is it just a -- either agreement is on, agreement's off, so buy and sell? >> yeah. like steve said, the markets seem more concerned about missing some sort of resolution rally than the threat of a default right now. i mean, the markets are playing a game of d.c. roulette, for sure. the threat of a technical default, doesn't seem like that exists, however a perceived default could happen. then again, we can just print and pay like we've done over the last five years. we've really in theory reached that debt ceiling limit in may, and the market don't think politicians are stupid enough to let the u.s. default on our debt obligations, including the u.s. treasury. so i hope we hear something soon. >> heather, just to jump in, if i may. don't you think that hasn't got enough air play, that a real default -- it doesn't matter what d.c. politicians do, a real

default isn't really possible at this juncture? >> a real default isn't possible? well, until we have -- so, given the fact a technical default, you're right, we're bringing in more revenue than is outgoing, $250 billion a month we take in, our obligations are $75 billion a month. i hear you. but at some point it needs to be addressed that, for example, i know the deficits have declined almost in half since obama brought the deficit up and raised it to $1.5 trillion. i would like jimmy choo shoes if they're on sale, i still can't afford it. it doesn't mean i go and buy them. >> oh, you can afford it. go ahead, heather. treat yourself. gene, i think you would agree that this is a market that does want to go higher. it just feels like a market that wants to go higher. the bias is there as long as we can get past various obstacles, d.c. being only one of them. >> right, bill. i do think the market is going

higher. heather mentioned roulette, the market is playing roulette. i would have to disagree with that. this has been a very strongly structured market technically. it has time and again exhibited a beautiful way of navigating through the bad headlines. this is the latest challenge for it. so far it's navigating beautifully. last week the dow went down to the 200-day moving average. hasn't been do there since december. rally strongly off that. we're holding above 15,000. you look at the end of the second quarter, bill, that's where the real story in this market is. that's where the broader market really began to show that the underlying market, medium and small cap stocks, were starting to move ahead very nicely. >> the markets -- >> one second. jeff cox -- >> unless my -- >> jeff, go ahead here. >> i would probably use a word a little less complimentary than graceful. i think the market -- alluding to what steve said before, i

think this is almost panic buying. everybody is so afraid to get caught short. the other thing i think that's happening here, i think washington is almost turning into the boy who cried wolf. the fiscal cliff is supposed to be, you know, the end of all mankind. sequestration was supposed to be the apocalypse. now the debt ceiling thing going on. wall street is saying, i don't care, i don't believe you, i'm not paying attention to what's going on in washington. we see mild rallies but overall this is a market that -- it heard it all before, seen it all before -- >> come on, jeff, we had a huge rally last week. the dow was up 7%. >> that's why i go back. it was basically a panic rally. as steve said, nobody wanted to get caught short. there were a bunch of shorts out there. it was kind of like, anybody who was betting on the market going into -- or the government defaulting and the market having a huge reaction to that, lost that bet -- >> the question is, what takes us above 1730 in the s&p cash. i don't think you see a catalyst

with taper still on the horizon, with earnings still in place. i think we're range bound right now, 1650 to -- >> i think the market was hoping for a catalyst from the default because they hope there's going to be a strong buy moment there. there wasn't a real strong buy. for the whole month of october, we're up about 1.5%, 2%, somewhere around there. nobody's gotten rich off this. nobody's gotten poor. this game of chicken washington's playing, the market just is not buying it anymore. >> i hear what we're all saying but i think it's important to have some sort of insurance. i'm optimistic, as we all are, markets are optimistic, up 55 points right now, and we'll take it. >> if we go past the day and something catastrophic does happen, you know, where do you go from there? >> to your point, i guess my -- my original point was, the market has been sold off on default concerns. that was wrongfully sold off. so, all of those buying the dips has paid off. the only thing -- >> oh, great.

>> -- what's the catalyst to get you us over the next 20 handles. >> last word to gene. very quickly, gene. >> earnings and interest rates. and those two things are in very favorable positions here. third quarter earnings will beat estimates for another quarter. that's going to propel the market higher. more importantly the stocks higher. >> that's a ridiculously low hurried toll climb over. but we'll probably do it. he's probably right. >> thank you all, including you, eor. >> glad to bring a little sunshine to the show. >> see you later. heading toward the close. 50 minutes, waiting now. we thought we would be having this white house meeting. now we're waiting for it to begin. maybe some time this afternoon. so the dow in a holding pattern. up an ominous 666. >> you saw that one. but it does keep climbing as we have 50 minutes until the close. how are some of wall street's biggest names preparing their investments as we approach the deadline on thursday.

joseph perella will weigh in next. >> how bad could the market be hit if no deal is reached before the deadline? >> i have god type stuff. fire and brim stone coming down from the skies. rivers and seas boiling. >> earthquakes, volcanos. >> rising from the grave. >> dogs and cats living together. mass hysteria. >> name the movie. anyone? anyone? those in radio, seth send it in. will this be a market event of biblical proportions? we'll get both sides later on the "closing bell." a confident retirement. those dreams, there's just no way we're going to let them die. ♪ like they helped millions of others. by listening. planning. working one on one. that's what ameriprise financial does. that's what they can do with you. that's how ameriprise puts more within reach.

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welcome back. you're looking at a live shot of the white house where president obama and congressional leaders were scheduled to meet at this hoir. that meeting to hammer out a debt ceiling deal before thursday's deadline has been postponed. >> we hope for a good reason, as they keep traumatic ialking, trt a deal done. >> the markets up sharply as a result. >> exactly. by the way, happy thanksgiving in canada. and happy columbus day here in the united states. wouldn't be columbus day without a parade in new york city. so, we go out to fifth avenue in the city in manhattan where,

maria, another tradition, maria co-hosts that parade every year. and you have a special guest there. is it columbus? >> hey, bill. hi, bill and kelly. thank you so much. we had a fantastic parade. started at 12:00. just finished 12:00 to 3:00. i'm here with joe perella, founder, ceo of perella weinberg. the grand marshal, wearing your flag proudly. >> thank you. >> i want to get your take on the craziness in washington. dow up 72 points. markets ignoring or complacent? what's your take on all this? >> the thing goes up and down, depending on, you know, who's talking to whom or who's not talking to whom. >> but if we default, that's going to be a problem. >> i don't think can you make a living trying to day trade in this environment. the really great investors have their eyes on goalpost out into

the future. that's what they key off of. this other stuff here can just whip saw you around day and night. >> tell me about the future. perella weinberg, two businesses, m&a and restructuring and your asset management business. with seven offices all around the world. what does your book look like next year? what are you expecting in terms of m&a and volume? >> i would think there would be more m & a volume if it weren't for the uncertainty. business leaders don't like uncertainty and we have plenty of that. after the slow start early in the year, has picked up. i think you have a lot of activity being driven by the energy sector, chemical sector, by emerging companies in the medical technology field, for example. so, there's quite a bit of activity relative to where it was at the beginning of the

year. i expect it's going to continue to improve as we move into 2014. >> i keep hearing so much about energy. i guess with technology enabling so much more the u.s. a lot of action in telecom, too. does that continue, you i think, more deals in telecom? >> well, it's a lot of volume. i think where you'll see more activity is in the collision area between telecom, media and technology. so, it's not just pure telecom. i know the vodaphone/verizon deal got a lot of headlines. that was a lot of volume. just one deal. so, the thing about the m&a business in the first six months is that the unit volume was down 35%. that's important. that's why it was a slow first half. >> so it's really the uncertainty that is keeping companies sitting on their cash. have you $10 billion to put to work all over the world. where do you find opportunity right now? >> well, we have our

different -- seven different vehicles on our platform. we have a real estate fund ring fenced around europe. we have a fund that buys assets from distressed sellers. we have a loan/short equity fund in the united states. we have a long-only equity fund in europe. then we have a fund, i call it the endowment model, that manages money for small endowments, charities, family offices, people who don't want to have their own cio function. they can outsource to our cio function, if you will. that business today has grown to have $3.6 billion under management. >> wow. >> quite successful, based in denver, colorado. >> that is fantastic. know you've been with a lot of important people and done a lot of big things in your career. how does that compare to being grand marshal for columbus weekend? walking down fifth avenue, when fifth avenue's closed. >> it's unique. i don't think i'm going to do it again because you're only grand marshal once.

but it was a great honor for he me. you know, culmination of almost 100 years of progress from little towns in the hills italy, outside of naples, to newark, new jersey, where i was born. and then here i am, grand marshal. and only in america, i could tell you that. >> your father came to this country -- >> only in america -- >> -- when? >> in the '30s after goat a ph.d. in miceconomics. >> his father was a blacksmith and he had a belief that the way is through education, got a job as a chef and paid my father's tuition in italy, my father graduated, here we are. >> congratulations for being grand marshal of the columbus weekend. love having you on the show. >> thank you. you're a real privilege and pleasure to be with all the time. >> thank you so much. i'll send it back to you in the studio. >> well done. thanks, maria. thanks, joe.

happy columbus day again, by the way. >> thank you. >> there is a preponderance of italian economists, we should add. that's another discussion for another day. >> except for robert schiller who won the noble prize in economists. congratulations. >> if you look the at the past winners, it's been a great group. stocks making a pretty dramatic comeback in hopes washington may be nearing a deal. so much going on this hour. the question is just how optimistic are people down on the floor? what are they pricing? >> cancel a meeting, doesn't sound good? they say, hey, it means he's something to get everybody together and have a definitive agreement. they want to believe it. we're at the highs of the day. people are worried they're not sure how much damage has been done on the earnings front. they think that will be the next problem for stocks. we don't know how much damage has been done. they're a concerned washington's

deadlock could be impacting earnings. right now fourth quarter estimates estimated to be up 9.8% on earnings. noe now, that's going to be half that, trust me, in three weeks. 4% or 5% earnings is very different than zero. they're concerned it could go to zero in a worst case scenarios. stocks are not prepared for that. that would really rock the markets. i can't answer the question right now, but that's what everybody is wondering. vix is hunky-dory. the vix is up, but not significantly. the sector that would have had a tough time if there were bad new, they are the market leaders. the big commodity etfs, coal, metals, they've been up throughout the day. emerging markets, if things look bad, they sell off emerging markets again first. again, all these stocks, sector, brazil, thailand, india, exchange funds. watch earnings estimates for the

fourth quarter. if those numbers start to get close to zero in the next three weeks, you'll hear me yelling loud because the markets will notice it. believe me. >> thanks for the warning. >> meantime, we're counting down to the close. we're a little off the session highs. we reached almost 70 points but the dow still up 55. looking at gains in the range of about 0.5% for the nasdaq and s&p 500 today. >> some of wall street's biggest strategists, including raymond james think investors should be buying on any pullback right now. >> i think you'll see a last-minute deal this week. that's the way it works. you saw the same thing happen with a fiscal deal. i think if you get a hit today, tomorrow, into wednesday, i think it's a buy. >> all right. well, coming up, our all-star team of money managers will tell you where to find potential buying opportunities in this market. >> also, netflix and cable companies are supposed to be rivals. so why is netflix trying to team up with some cable providers to get into your living room? is that a good move for the

company? answers coming up next on the "closing bell." it's as simple as this.

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last week we were asking, what's wrong with technology stocks? they are back leading to the charge to the upside. seema mody at the nasdaq with details. >> that's right. the nasdaq turned positive around noon on hopes of a deal in washington coming together. so, what's fueling this index? those momentum names that sold off hard last week are now staging a comeback.

many are in the social media space. then have you biotech, another high beta sector that was hit. that continues to weigh on the nasdaq. but now posting gains, celgene, regeneron. apple is coming back, the 5s are outselling 4 models by two to one margin. and then lastly, netflix on the move as the company is said to be in talks with cable providers, including our parent company comcast, to allow its service on cable box. bill and kelly, back to you. >> seema, thanks much. today's news may take netflix stock even higher. in line to offer online video services via comcast and other cable operators. is netflix a channel? is it an app? >> is there anything it's not at this point? >> it's something entirely new for the next generation of set-top boxes.

now they have this production deal we're just hearing about with sony as well. >> keep an eye on the shares. obviously they popped today. now that people are haerlg about a more original content that could factor in especially going into tomorrow. with us now, laura martin and colleen taylor from tech crunch to discuss this. good afternoon. >> good afternoon. >> laura, what do you think is driving shares in the near term? is it the news about sony? is it the news about comcast -- i'm sorry, about netflix trying to move more fully into the set-top box model? >> i think it's the news about comcast, because there's only 5 million roku boxes out there. and dvrs penetration just hit 45%, but tivo is only 20% of that. all the rest is your cable operators. so, if netflix can get onto the cable box, that would suddenly make a lot more subscribers pay a monthly fee to netflix and would allow a lot of value to the netflix present value.

>> that would give them great distribution, obviously. but on the production side, they're coming up with their own productions now, and eventually those will have to be more and more expensive. you wonder where the revenue's going to come from to pay for that down the road. >> yeah, right. next flicti netflix has been increasing production of great high-quality shows. they just won an emmy this year, the first nontelevision network to do so. so, netflix is clearly the future. some statistics just came out last week from "the new york times" that 34% of millenials watch only none line broadcasts and not broadcast tv. it's smart for comcast. it can't deny productions like netflix makes are really the future. >> you know, laura, people have been concerned about content cost for netflix since they were at $50 and now they're at $300 or above. you think $425 as a target here. what is the catalyst and what

valuation does that imply for this company? >> right. i think what people miss about netflix is i think it's pricing power to the upside is 100%. i see them outing advertising, tiering offerings for new subs and exclusive content. they pay disney a lot of money for exclusive content. i believe we'll see price increases at netflix. i want to say one thing, that long-form video over the internet, 75% of it comes over wi-fi, over those cable wires. so, while it looks like more and more of netflix is on portable devices, it's almost all over cable wires in the home still. >> laura, how do cable companies participate in that? i mean, obviously they'll have this distribution deal. but do you think they'd get something out of what netflix gets from subscribers as well? >> yeah. my best guess about the structure of a deal is they get a wholesale price like $4 or $5 instead of the $8 netflix gets from customers. and they get some kind of payment on the mo dechlt m side.

because we have a free-loader problem. netflix would have to start paying the cable operators for some of that usage. >> colleen, just a simple question here. people better off buying netflix as an app, meaning, you know, they're better off buying netflix and viewing it, consuming it, or buying shares here? >> oh, that's a good question, or buying shares. i think netflix is going to continue to go higher. it shows the company -- this news of the talks reigniting with comcast shows the company is coming around and realizing it needs to partner in this space. netflix is coming from a position of a lot of power. at the same time, as laura mentioned it, it still comes into homes through internet connections. companies like comcast control those. a partnership has to be struck here for long-term viability of netflix. and i think this is encouraging news, both for comcast and for netflix. >> ladies, thank you both for your thoughts. i got to go at this point, laura.

we're sort of standing by for breaking news. if we can break anything and put it back together again. thank you for joining us today. heading toward the close with 30 minutes left, i'm told the bias is slightly to the downside. again, it's anybody's guess what happens if we get something out of the white house in the next half hour. the white house is up 57 points right now. >> still a swing from this morning. a meeting between president obama and congressional leaders at the white house has been postponed. what does it mean for negotiations on the looming debt ceiling? we'll talk to two house members next to find out what they're hearing. >> the government shutdown sending ripple waves through the housing market. we'll find out why it could threaten the housing comeback when we come back on the "closing bell." vo: two years of grad school.

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jpmorgan. jamie dimon. that meeting set between the president and the leadership of both the house and senate that was supposed to start at 3:00 eastern time has been postponed

to give the senate leaders more time to hammer out a deal to try and reopen the government and raise the debt ceiling at the same time. as soon as we get more information about when those meetings are set to begin, we'll let you know. in fact, maybe we can ask our guests about that. >> maybe we should. adam ship from california and ann wagner from missouri, joining us together now. welcome to you both. >> welcome back. >> thank you. >> the broadout lines of a deal as john harwood have reported, it raise the debt ceiling through february, medical device tax not part of this, and obama care income verification potentially. is that a deal you can live with it? is that a deal you hear coming together? >> i've heard so many deels, it's hard to know. i was part of the negotiating team that went to the white house last thursday on the 18th. we're looking for movement.

it's time for solution. we've got to get this done and get going right now. >> congressman, i mean, why did it have to go to the senate? why couldn't we work it out in the house over the weekend? what happened? >> well, you know, i think unfortunately the senate has been the more productive body here. they tend to still be able to get to yes between the parties. in the house it's quite a bit more dysfunctional. we've tried to get a clean debt ceiling and clean bill to reopen the government without success. we've seen this padden in the past where senate hammers out the compromise, it goes to the house and we vote it up or down. the big question remains, if the senate can work something out, will the speaker allow it to come to a vote? i hope it will. >> representative wagner, first of all, do you want and expect john boehner to bring this senate potential bill to the floor for a vote in the house and do you expect it to pass if he does in. >> we've sent so many things from the house to the senate, including a number of funding measures that are sitting in

harry reid's desk right now, waiting to be passed. and have fall not on floor there. we've passed a number of deals to keep this government shutdown from happening. >> with all due respect, that wasn't the question. the question is, if they get a deal worked out in the senate and they present it to the president, can john boehner bring it to the house floor and expect it to pass? what do you think? >> we'll have meetings tomorrow morning starting at 9:00, we'll have conference. whatever the deal is, who knows, we've heard five different iterations of it today. he'll bring it to the conference tomorrow and we'll have a long negotiation and discussion about it. we need a solution. we need the government open. we need to make sure the full faith and credit of the united states of america is kept sound. >> representative wagner, will you vote with john boehner on whatever bill he presents and backs at this point? >> i -- you know, until we know what it is, we can't vote, nor should we. there's so many different iterations, as i said, out

there. we'll have to wait and see what the deal is before we can move forward. just today we've heard at least four to seven different proposals. but the key s we continue to talk. the american people want solutions. it's time we get something done and we've got to do it early this week. >> congressman schiff, obviously wall street is watching this very carefully. the hope is that something can be done before thursday. is that even for you a hard and fast deadline? i mean, we keep hearing on the republican side that that really isn't the deadline. that the government can still pay its bills and we could go another two weeks maybe out before we would really risk not being able to make a debt payment of some kind. what about on the democratic side in the house. are you watching that october 17th deadline as closely as we are? >> oh, absolutely. we think it's a very hard deadline. after that point we get into really no man's land. we haven't seen what will take place there. we don't want to find out. we don't want to see our nation's credit downgraded again. we don't want to see the markets

plummet. we don't want to see our reputation overseas even further degraded. so, we need to treat this as a hard deadline. we don't to want find out what takes place. i think on the positive side, though, i think that we are getting very close in the senate. i think they are going to hammer out a deal. and, you know, the two of us may not agree on baseball right now, but we do agree we need to open the government, we need to make sure we don't default on our debt. and i think that's the widespread belief among democrats and republicans. so we just need to find a way to get to yes in the next 48 hours. >> congressman schiff, and i can repeat it, if you need, but the basic outlines of a deal we just heard from john harwood, including, for example, income verification for obama care, is this something you can live with? >> you know, it's something certainly i would give serious consideration to. like my clear, none of us want to pledge support whatever our leaders come up to. we like to analyze it for ours, four our constituents. i would certainly support a

compromise, if we can get to it. one paramount consideration for me is, i don't to want go through this drill again. i want to make sure we're not rewarding the tactic of holding the government and the credit hostage and want setting up a dynamic where we have to go through the same drill in three or six months. it's bad for the economy and bad for the markets. >> that's key. we don't want to kick the dan down the road further -- >> but can-kicking is exactly what this is. nobody is talking about a grand agreement. we're talking about moving it to january. >> well, what we're talking about is trying to get big things done. that's important in the meantime. we have $17 trillion debt. we're talking about some time to negotiate things like tax reform, or at least a framework for that. things that will jumpstart growth in our economy. entitlement reform. we have to get to the real basis of this debt that is such a drag on our economy. all of that is a part of it. so, there needs to be time and order to do that, input most of all in the next two days we must

come together and act. i believe we will. >> thank you. we're watching the cardinal/dodger series as well. >> go, dodgers. >> go, cards. >> third game tonight. and i'm from los angeles, so you can guess which way i'm going at this point. 20 minutes left. the market holding steady. slight biased to the downside as we head to the close of the dow about 50 points. >> stocks are off session high after a meeting between president and congressional leaders at the white house on the debt ceiling deal was postponed. up next we'll break down the stocks moving and shaking at this hour. maybe give you some ideas for tomorrow as well. . 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.

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stocks trying to complete a major comeback today, closing the session in the green potentially on renewed hopes a debt ceiling deal may be within reach. look here at the dow up about 50 points. dominic chu brake breaking down the day's movers and the impact of the postponement of congressional leaders and president's one-on-one for a particular sector. that is, dom? >> of course, kelly, we're talking about the medical device makers. that's where we'll begin. cnbc's john harwood reporting as part of the deal, a medical tax

on device makers is off the table. that's something to pay attention to, for sure. those stocks at least occupy the day. netflix soaring, in talks with cable companies to make streaming services available on box-top sets. and orderinging a 13-episode psychological thriller from sony. softening demand for big ticket items due to government shutdown. expedia losing ground after deutsche bank downgraded the travel website from a hold to buy rating, expressing concerns about management changes at its hotels.com unit. the debacle of the day from the small cap side of things. check out coronado biosciences after they said chrone's disease treatment failed. >> we said it's never a big thing when the change is bigger

than the stock price. that's not a good thing. >> thank you, dom. 15 minutes to go before the closing bell. stocks off the high, as we indicate at&t a dow a third of the point, same for s&p. nasdaq doing a little better at this hour. >> if you have a couple of days of fighting and it lingers, and the market sells off, you should buy that selloff. >> because there will ultimately be a deal. >> that will -- that's barkley's barry knapp who thinks debt limit fears are creating a buying opportunity, michael kroften agrees but with a major caveat. and tea parties. i'll have more awkward conversations than i'm equipped for, because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. at massmutual we're owned by our policyowners,

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welcome back. >> in case you're wondering, i let kelly stand on the apple crate today. >> i should have worn flats. >> it's her turn. >> we have to keep this momentum going. >> i aglee. >> the dow from a triple digit loss at the open to close of upwards of 50 points. let's get more thoughts on the rally. joining us michael krofton. we said you agreed with buy the

dip crowd with the caveat. what is that? >> what is the deal going to look like, the parameters, how long will it last? if we don't get a big correction before this deal, does that mean we'll sell the news? i don't know. it could be a sell the news type of a situation. >> what makes for a good deal and what makes for a bad deal? it looks like they're kicking the can down right now. >> it includes a continuing resolution. what the republicans and congress might do is raise the debt ceiling and still leave continuing resolution on the table, keeping the government closed. that would be a real problem for the marks. the market is expecting an all-encompassing solution. they may not get one. >> rich, what about the fact we have midcap stocks at near highs? small cap doing well. do you read into that there's a buying trend still to come? >> the russell 2000 at an all-time high. we've gone from too big to fail to too stubborn to deal. the earnings, they think the deal will take shape by thursday

or, you know, prior to there. we may never see earnings at 2.7%. strength from consumer discretionary, telecom, lag being energy and financials. those can come down a little bit. the positive number, you want a static, is really the revenue. we've gone from 0.1 decline year over year to second quarter to 3.9% gain in revenue aided by consumer discretionary. we talk about the unexpected consequence of the shutdown is the so-called shutdown baby. maybe consumer spending will pop up -- >> as in a shutdown baby boom nine months from now? >> check the demographics. >> see you next spring on that one. this is such a headline-driven market. >> no question. >> does the wrangling in washington trump any headline that earning might bring out this week? >> i'm not sure. i don't think so. i think the headline in washington, depending upon what that headline is, may be a nonevent. earnings will be a mixed bag this time. >> if this is a sell the news

kind of event, how will you know? i mean, let me -- aside from the obvious, which is we wake up and -- >> you know it when it happens. >> exactly. >> i think you'll know by the tenor that's coming out of congress. first we were watching congressmen be on aired before. it doesn't seem like they're fully on board yet. if there's nervousness coming out of congress, that will be a sell the news event. >> they were very cautious about that. i'll ask you the same question i asked him, do the headlines out of washington supercede any earnings we'll get this week? >> one headline we're not getting from economic numbers, void of trade numbers, unemployment rate, and we're guiding blind. being driven between what happens between the capitol and white house and more so between the senate and house. hopefully we'll find out the answers in the next couple of days. >> it's amazing how good we're doing without economic numbers. maybe they should never release them. >> ignorance is bliss. >> exactly. >> as they say. there has not been much talk about the fed at all here, which says a lot because that's been most of the discussion for years at this point.

are we overlooking the significance of a shift to yellen or of a response or lack of response that may be coming out of that -- >> i think a shift to yellen is good for the market. its more of the same. i also think the problems in washington put tapering off until at least the end of the first quarter. we won't have a tapering issue. assuming everything lines up, assuming the market can come to grips with what the deal is, this could set up for a good run but it still could be work the news. >> but it's still coming. >> the 2014 when you have the yellen confirmation hearings, more fireworks and when the taper will occur. >> that just occurs to me. the hearings on her confirmation occur about the time this resolution would expire, that they're talking about right now. wouldn't you know. >> i think that is one of the reasons they wanted it a little longer. >> exactly. so, the bias we're hearing is slightly to the downside as we take a few profits here but you're inclined to want to buy.

what do you want to buy? >> i'm going to buy technologies and financials. some financials have been badly beaten up in the last couple of weeks. some is attractive. technology is attractive. i wouldn't buy discretionary. i'm not sure the market has done much to consumer confidence. if consumer confidence is damaged, then discretionary is overvalued. >> there's been a massive confidence shock. can you see that in the gallup numbers. when i look, the shock absorber might be gas prices. >> could be. >> for the consumer heading into the holidays. >> we've been under $3 -- >> 16 states, yeah. >> but inventories are up. high levels -- >> for retailers or -- >> alcoa reported last week, the sector to have the biggest increase of percentage of financials, they've gone from a modest decline year over year to fractional game. goldman, stanley, citi corp,

we'll see how the impact to capital markets would be, m&a, debt refinancing, how the bottom line -- >> are those the financials you like, by the way? >> i like jpmorgan. i think jamie dimon is the best banker operating anywhere in the world almost at any time. >> i'll ask a controversial question. does he keep his job? >> absolutely, he keeps his job. he's done a fantastic job. i think the government is treating him very badly. >> good to see you. thanks for joining us. >> coming up next, we'll be right back with the closing countdown. >> also, could we see another early day selloff tomorrow morning if debt ceiling talks still don't progress into this evening? our all-star investors panel will weigh in. you're watching cnbc. we're first in business worldwide.

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six upcoming earnings plays... that recently gapped up. [ male announcer ] now the world is your trading floor. get real-time market scanning wherever you are with the mobile trader app. from td ameritrade. two minutes left. let me show you today's trading. 100-point selloff. we thought we would have a deal over the weekend, we'd have bliss on wall street. 100-point decline. still it felt like a selloff without much convictions. then hope started to spring eternal. we got word of the white house meeting right here. that's when you saw it perk up. and we're getting back close to those highs again for the day. just for the record, let's look back on the markets and how they've done since the shutdown began. down to the lows of last week. and then beginning to talk, the markets have been getting back

to -- we've had a 1% gain for the month of october so far. peter costa, you like this market here. >> i do. i like this. what can i say? fundamentally, i love this market. >> you buy each time we get a dip here? >> yes. last week was a perfect opportunity. i think we might see another chance this week considering that, you know, we're not getting any real definitive news out 6 washington. i think tonight could be interesting, i would like to think. >> not that we were expecting a grand bargain per se, but it sounds like the deal they're working on is simply a timing issue of moving the deadline back further so that they can keep talking. >> that's exactly what's going to happen. you'll see probably four months out. we'll be doing this all over again. it will be great news for you. the fact is that they will know what the issues are. they can spread it out any way they want. they have to come up with some sort of solution. they can't put it off for four months at a clip. i think at some point you'll have a resolution. i don't think they're going to

get -- it will probably get done before the end of the week but hope springs eternal. >> that's really what's happening on wall street overall. thank you, peter. we're heading out near the highs of the session. a gain of about 65 points on the dow. stay tuned. much more to come. maybe we'll get word of a white house meeting coming up in the second hour of the "closing bell." >> what a turn-around it is today. welcome to the "closing bell." i'm in today for maria bartiromo. bill griffeth rejoins me in just a second. for wins in a row now for the dow. pretty incredible. same thing for the s&p 500. here's how we're finishing the day on wall street. take a look at this. after being down triple digits in terms of futures and as the weekend appeared to show a lack of progress with regard to a deal on the debt ceiling, the rhetoric changed today. it changed this afternoon. that sent the dow up 68 points. gains of 0.5%.