sox, according to our bostonian producer. >> our producer is from boston, but my mother is from st. louis, so, go cardinals. >> thank you for watching "street signs." "closing bell" is next. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. i'm bill griffeth. the market still trying to figure out what the market is saying. the federal reserve said the economy is growing moderately. job growth picked up a little built. housing stumbled over the last period since their last meeting. net-net, no change. >> no change. we weren't expecting a change but it's about the data. once again the fed reiterates it's focused on the data. it has been a big day for the markets because going into the fed meeting, not much and all of a sudden we sell off after the meeting. >> both stocks and bonds.

>> with rates moving higher. elbattled new health care law, president due to give a speech defending the health care law, you'll see it live in about an hour, and we'll have reaction from two people who had their insurance can delled due to the law. he can win them back? >> starbucks ceo howard schultz with be with us. he's been a big supporter of obama care. we'll get his take on the rollout problems. and then reports on their earnings in about an hour. howard will break down those numbers for us. let's not forget about facebook either. the social media giant will be reporting after the bell tonight. we'll have those numbers. instant analysis as only "closing bell" can do it. a very jam-packed show today. >> let's approach the markets in the final hour. we're well off the highs with a decline in the session of 67 points. pushing the dow back from the records reached at 15,612. onto the nasdaq, seeing selling in technology as well.

nasdaq lower at 26 points. it, too, coming off the highs which were down but we really worsened after the news from the fed. s&p 500 looks like this. similar chart pattern. you see exactly where the market really came undone after the fed minutes were released. down 9.5 points at 1762. want to bring in our panel of experts and make sense of what's happened in the last hour. >> joining us, crying from "the economist," from the buttonwood gathering in new york, david kudla, bob kizer is joining us at the big board. i'm going to start with mr. rick santelli. what do you think of all the gyrations. dollar dropped. gold went up initially, then came down. interest rates up, stocks lower. what's the market reaction here all about, do you think? >> i think stocks dropping makes sense to me.

i think the adrenaline of liquidity in terms of how it impacts stock prices to the upside, i think that phenomenon is running out of gas a bit. so, either they give it a bigger injection, more than $85 billion or get less and less mild out of it. interest rates i think make a bit of sense but not necessarily in the context of the stock market. to see the stock market go down and rates go up is fascinating and maybe there's a control issue. maybe many see that ultimately janet yellen has to make some very tough decisions. i think the most surprising of all to me is the dollar index. i wouldn't have suspected the dollar index to be higher. i would have thought it would be a bit lower and gold would be higher because i think qe on some level appeals to a crowd that, of course, is anti-central bank meddling. >> great, what about you, did you learn anything from the federal reserve, any surprises coming out of that meeting? we know we were not expecting

tapering but in terms of the language? >> sometimes it's the absence of something that's most telling. the absence of a more negative assessment of the economy is what was interesting to me. we've had so many negative publicity about the impact on confidence, on jobs, of growth, the government shutdown. it was interesting the fed didn't see fit to make mention of any of those things. if anything, they were modestly optimistic if that they dropped the tightening, as being a negative. i think this tells us that the absence of good information about what's going on in the economy right now tells us we don't know which way the fed wants to go. whether they keep up with this pace or whether they want to taper. bottom line, we need three or four more weeks to get a good fix on that. >> greg, come on. janet yellen, if and when she's confirmed, no reason to believe she won't, maybe just in a timely manner, she doesn't start until march. her meeting as chairperson. you don't think they would started tapering her first meeting, do you?

why not wait until june or later? >> i think there's a very good chance that they -- she will start tapering at her first meeting. you don't have a situation where it's a brand new individual coming in who needs to learn the ropes, understand where other members of the committee sit on this issue. she has been integral to the whole policy choices bortl ben e and his colleagues have made. i don't see why she couldn't see the information she sees as vice chairman and see what she should do on her first day as chairman. >> makes sense. were you expecting anything different out of the fed today and in terms of the fundamentals, let's talk consumer and what you're seeing in terms of earnings? >> with the exchange i looked at the press release from the fmoc. it struck me with the least changes i can remember in quite some time. no new news in the market at l all. in terms of valuation, stocks are trading 15 times 12 months forward earning, fairly valued.

they need good news if you're going to go up up from here. the bond, cpi came out today, core cpi is 1.7. where's the bond market going from these levels unless they think they'll get a directional hint from the fed on tapering which we didn't get. we said these are extremely complicated times for the federal reserve. when you said we're dependent on data, you're absolutely right. the average monthly rate of job creation in the first quarter of this year was over 200,000. that pace slipped to 180,000 in the second quarter. now we're about 150,000. >> wow. >> the trend is not moving in the direction that lets the fed out. the fed is caught between a rock and a hard place. they want to get out of tapering but the data doesn't support it. >> the s&p for october is up 5.5% up to today. but you still don't think that stock valuations are all that stretched, do you?

>> no, i don't. i've heard a couple people refer to today we're near or in an asset bubble in stocks. i don't believe that. we have valuations around 15, just under 15. pe ratio under 15, which is about the long-term average for stocks. we have an accommodative fed. we think with nowhere else to go, stocks remain in the asset class of choice. we go higher from here. these dips like today are buying opportunities for those on the sidelines waiting to come in. >> but bob just said the market's fully valued. putting this whole bubble idea aside, do you agree it's fully valued? >> i would agree it's fairly valued but we know stocks can move to an overvalued range for quite a while before they correct. we're nowhere near the pe multiples in the 20s at 2007 or 2000, so -- and we can also

have, you know, multiple expansion. we're in a decent earning season. we continue to do well. >> peter anderson, we haven't forgotten about you. where do you stand on this issue of valuations? i mean, you -- you're in that camp where bad news still can be good news for the stock market, right? >> absolutely. i mean, listening to all the other comments, it is very hard as a listener to make sense of all this data coming in. look at this calculus going on. now we have the bad news like the adp employment data but that is good news in the sense that it might impact the fed's decision to taper, which is kind of backwards thinking. if you try to connect two plates. a connecting to b. there's a lot of jagged path as long that "a" to "b." now you've got -- >> you invest in the stock market as long as the fed's out

of the way, is that the idea? >> well, not necessarily. i mean, the fed can be in the way, too. and they can start tapering. i've said in the past i think that's a good thing because that shows the economy is growing. i think we're looking at the data so minutely. we have to. we have no choice. sometimes at a turning point, the picture gets pretty foggy. i think that's what we're seeing. on top of that, we have nobel laureates opining on the valuation of the markets and on a pe basis on their own special metrics. they're saying, sure, the market might be highly valued but it's not highest value and there is still a run for this. >> i think there is good news for the market. coming in we're expecting 3% growth. now we're at 5%. we could end up at 5.5%. i think that lends optimism. >> 70% of the s&p 500 stocks

have beaten expectations. thank you all for your thoughts today. appreciate it very much. stocks are coming back a bit. seema mody, let's go to you at the nasdaq. that index has taken it on the chin since the fed statement, too, right? >> that's right. we're trading around session lows right now. nasdaq down 20 points. bill, with over 80% of stocks on the nasdaq, 100 up can double digits this year, some say this market is getting frothy. out of these big gainers, only three stocks are up triple digits this year. up more than 100% year to date. tesla, netflix, micron tech. these three stocks are now trading lower today as we see some money being taken off the table. now, in terms of bright spots, gillead sciences, the best performing nasdaq 100 stock after posting another strong quarter with help from its hiv franchise which continues to grow. on this down day, apple shares bucking the trend, up 2%. lastly, three ipos at the nasdaq. a strong debut for all three but

especially for criteo, french advertising firm. french ipo on the nasdaq in over ten years. you can see shares up better than 20%. >> we have breaking news on the fall of former brazilian billionaire eike batistbatista. let's go to michele for this. >> ogx filing for bankruptcy in rio. reuters cites sources in brazil. ogx is the oil and gas exploration company run by former still flamboyant eike batista. this is a big downfall for him. the largest bankruptcy in latin american corporate history when this procedure begins. if you take a list, we have a look at biggest creditors for bonds if this company. pimco, blackrock, ashror, lord abbott, and more, but this was

the ad hoc group trying to reach agreement with mr. batista. but ogx filing for bankruptcy in brazil, reuters citing. bankruptcy code is only ten years old. there's not a lot of press dented. how will creditors be treated? future investment in brazil is dependent on how this bankruptcy proceeding moves forward. back to you. >> this has so many ramifications. it's an extraordinary story. let's not forget the ram fix for the workers in brazil. because he's had all these companies, largely commodities companies, he's always employed so many brazilians, locals, who are out of work. we're really seeing impact. >> breathtaking, 18 months from $34 billion to less than -- >> and add to that the debt he

faces. >> 50 minutes left in the trading session here. we have come off the lows. any positive close for the dow and s&p 500 would be new all-time high. it's not looking good now. the dow is down 58 points. meanwhile, the president is making a speech in less than an hour, defending his much maligned health care plan on the heels of a morning apology from health and human services secretary kathleen sebelius. >> let me say directly to these americans, you deserve better. i apologize. i'm accountable to you for fixing these problems. and i'm committed to earning your confidence back by fixing the site. >> up next, more on sebelius' congressional appearance. and the ceo of c-health who's offering to take over the mess at zero cost to taxpayers. >> after the bell, plenty of earnings brewing including starbucks. the coffee maker ceo howard schultz joins us to grind up the number. yeah, now i see why you gave this to me. we'll talk about the company's

new twitter tie-in as well when howard schultz joins us coming up. you're watching cnbc, first in business worldwide. clients are always learning more to make their money do more. (ann) to help me plan my next move, i take scottrade's free, in-branch seminars... plus, their live webinars. i use daily market commentary to improve my strategy. and my local scottrade office guides my learning every step of the way. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) ranked highest in investor satisfaction with self-directed services by j.d. power and associates. ido more with less with buless energy.

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in less than 45 minutes the president is expected to speak out in defense of his health care law. we'll provide that live. this on a day that the from us frag frustrations of the obama care web glitches front and center on capitol hill with the appearance of health and human services secretary kathleen sebelius. bertha coombs joins us. >> 3 1/2 hours, that's how long the hearing went on. usually members of congress are determine shall to a sitting cabinet member. they were but they didn't pull any punches. the secretary came on the offense, starting with an apology, saying she's accountable for the website is not working but assuring she's working hard to win back america's confidence and it will be working by november 30 th. one of the most remarkable admissions she made when pressed by republican congress members about why she is not giving out

enrollment numbers because right now she admitted she just doesn't trust the site's data. >> that data out there exists and -- >> sir, i will tell you right now, it is not reliable data. according to the insurance companies who are eager to have customers accident customers, they are not reliable. >> with contractors saying they raised red flags prior to the launch of the site, sebelius said whatever they waved, it was not prior to the rollout. no one told her it was going to be that bad. she admitted at one point it was a debacle and she's responsible. when one member of congress trying to pin her saying, isn't the president ultimately responsible? she says, no, he runs the sxunt she's ultimately responsible for this rollout. she defended the president when it came to the issue of plans

that canceled. president was right, people could keep their plans if they were grandfathered and it was unto the insurers to make sure those plans were grandfathered. back to you. >> thank you. >> our next guest is offering to the president to allow the government to move the enrollment process to his website while they fix healthcare.gov and offering to do it for free. the letter to the president makes that offer very clear. there it is. >> joining us is gary lauer. good to have you on the program. >> great to be here. >> are they taking you up on your offer? what response have you gotten? >> none so far. seems they're busy today. >> why do you think can you do this? >> we've been doing this for years and years, e-commerce, this is what we do, amazon.com of health insurance. we understand how to deal with these kind of volumes. we know what consumers want in

terms of interaction and we know how to make this daunting, complex decision. >> you do precisely what they want healthcare.gov to do. >> before the words health insurance and exchange were in the same sentence, we've been doing that. >> do you understand what the problem is with the website? what exactly happened? they were overloaded? >> i suspect it's plural, problems. not just problem. there are obviously fundamental issues under way. we saw that piece where secretary sebelius said she doesn't have access to the data or it's unreliable. a lot of people are piling on. i've taken a different view, let's move forward, get this thing going. what i've suggested to the president is just turn the enrollment over to us, let the contractors take healthcare.gov aside and see if they can fix that. in the meantime, we'll get a lot of people enrolled who are waiting to sign up, we believe. >> do you think the

administration should have waited to roll this out? ? i way to know we would see these kind of glitches? >> i don't know. i can only tell you in the world i come from, e-commerce world, something wouldn't afford to see the light of date. consumers vote with their feet. >> they rely on you. >> if it doesn't work, they go elsewhere. government gets a bit of an out here. we have to get this working. another thing that's more important is leaving this all to government is a big mistake. it just won't work. i believe that's a fact. i'm not being critical of government. there's a lot of smart people there. but there's a lot of smart people in the private sector and a lot that's worked really well-being like mine and others, why don't we bring this together to make this legislation work, work well and help people. >> that's a great point. >> not just your company. you have competitors that do the same thing. >> of course. >> who could pick up some of the slack here. >> of course. >> do you sense that's what's going to happen? they've already said -- they said they can have this thing up and running, fixed by the end of

next month wouithout farming it out otherwise. >> does that make sense to you? is that feasible? >> i don't know. the question is, what is the fix and how well does it work? we were talking earlier, a lot of young people have to get enrolled. we grew up using a telephone. my kids grew up using a keyboard. they're very demanding when it comes to online. we don't know how well it will work. we hope it works well but i know my company's site works well and other's also. let's use all of these things. >> you could handle the load? >> absolutely. there's no ifs, ands or buts about it. we saw 20 million americans come to emehealth. we have 200 brand carriers, 30,000 contractors. it's all there. it's all there. >> let us know if you hear back. i'm sure you will let us know. >> you'll be the next to know

after me. >> gary lauer, ehealth. >> 40 minutes in the trading session. it was down 58 ten minutes ago. is it working? >> founder of great profit partners will join us. we'll find out where he sees opportunity in the market today. >> up next, though, the man himself, john bogle from vanguard joins us for his take on the markets, if he thinks things are frothy or not. he'll discuss a new report that americans are not saving enough for retirement. ♪ [ male announcer ] you know that family?

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welcome back. always quiet in this market until 2 p.m. eastern when the fed news came out. mary thompson, let's talk about the word on the floor with a market down 64 on the dow. >> off the lows of the day. the markets have been trading in a fairly narrow range until the fed released its statement at 2 p.m. basically what happened is initially the reaction was the market was not much of a change from the prior statement. but then traders took a closer look at it. essentially what they're focusing on is what isn't in this statement. one line in particular that's been pointsed out to me, this being a statement that was in the last -- or a sentence in the last statement reading the tightening of financial conditions could slow the pace of the improvement in the economy and the labor mrashgt.

that was not in this statement. basically one risk the fed saw has been eliminated. that leads some to believe the fed is less dovish, meaning it will start to taper or qe will start to end sooner than some expected. where did you see it most as we mentioned the dow has come off the lows of the session. take a look at the yield on the ten-year. it was a big move there adds rates started to move higher. again, suggesting the fed thinks the economy is certainly in somewhat better shape or that's what some people's interpretation is. so, the ten-year note, again, the yield there getting a big boost. also under pressure today as we mentioned, the dow off the lows of the session. the russell has been harder hit than other indices, the dow and the s&p, at least on a pesage basis. it touched a record high earlier today. now down 1.3%, again on a percentage basis, taking a harder hit from the comments from the fed, which actually is a little contrary because proving the economy would help smaller companies in that index anyway. utilities also taking a hit on the news today.

let's just take a quick sector check as we head into the closing bell to see what sectors are leading the markets lower, including energy. dow off 16 points. >> our next guest says he doesn't watch the day to day moves. does he think the market is feeling a bit expensive? fully valued is what our guest has been calling it. >> we love welcoming the man back, jack bogle, welcome back. how are you? >> well. how about yourself? >> well, thank you. we're in a market that's still, it would seem, the catalyst is still the fed more than fundamentals. we're sitting near all time highs right now. is that a healthy market in your view? >> not to wimp out in fed-type language, bill, but i think the market is okay. it's not unhealthy, put it that way. you know, the pe is depending on how you look at it, somewhere between 15 and 20 times.

depending if looking at priced earnings or future earnings. and that's, you know, not far out of normal range. >> but my point is -- but my point is, that this is a stock market that people seem to be investing in because it's the only game in town since the fed has taken interest rates down to record lows and kept them there. they want people to go to risk assets. is that a reason to invest in stocks? no, i don't think so. i would say the dividend yield is okay. the dividend has actually gone up 50%. 50% on the s&p. in four years. pretty remarkable. and that's a good sign. i'm a great believer dividends are the most important single factor. i like that. interest rates have been going up about 100 basis points on that ten-year treasury.

1.5 to 2.5, something in that range. so they're more attractive than they were. but i think the fed should be very careful in trying to raise asset prices. it seems to me, the judgment is they're too low. i think the fed should stay out of trying to move the stock market. >> and yet regardless of where we are in terms of valuations and whether to put money to work today, for tomorrow, you're really a long-term thinker, jack. you have concerns people are not saving enough. let's talk about longevity. we're living longer, we know that. retiring at 65, if you're going to live until 95, doesn't make a lot of sense. in terms of having the right financial nest egg in place, how do you get there? let's talk about ensuring you do have this safety net that you are recommending. >> well, it depends on your age. as you get older, i still favor a pretty good sized position in

bonds or fixed income security, maybe something to do with your age, 60% bonds. i'm clear have you to modify that rule substantially and take into account your social security payments, which are hugely valuable. basically a bond with cost of living hedge. so if you include social security in that bond position, you'll be probably 80% in equities. i think that's okay. if you can handle the bounces. >> that's the thing. i mean -- >> a lot of this is psychological. >> there's a lot of assumptions, as you well know, that go into investing in the stock market. sharon epperson has an article on cnbc.com right now that shows most who are 401(k) savers still don't have enough to retire on and in part that's because of this so-called lost decade we went through in the stock market between 2000 and 2010 when it vastly underperformed. i know a lot of people were

saving and putting money in 401(k)s at that time, expecting to have a lot more money than they do today. so, can you save, you can do what you're told to do but the market has to hold up its end of the bargain. >> if you were investing through that lost decade, you would put in a lot of money at very low prices. as you're accumulating, you can almost say flat out, the lower the market, the better it is for accumulator. you want to have some good timing. you don't want it to be low when you get out and there's no way to control that. but the lost decade in retrospect was a great time for people who kept up their payments. unfortunately, bill, a lot of companies suspended their plans during that lost decade. very counterproductive. >> if you're looking for retirement planning advice, jack, i mean, in addition to

your age and how much you should be in equities versus fixed income, what other things would you be looking at in terms of -- i'm just going to name some demographics here. let's call it a 50-year-old who's still working and expects to work the next 20 years, how do you allocate? >> i allocate very heavily toward stocks. not that i think stocks are of great bargain but they should give us 7% return over the next decade based on the fundamentals. those are always the most important. dividends yield and bonds will give us no more than 3. the reason you have bonds at all is to protect you from your own misbehavior as an investor. your tendency to jump out when the market goes down and jump back in when it goes up. i'm still -- this is going to surprise you both -- still a stay the course kind of person. don't let the market mess you

up. in the long run, the fundamentals, productivity of business, will bail you out. >> but if i'm sitting in bonds, jack, especially if i'm sitting in treasuries -- you know, we could talk about the nuances of corporates versus treasuries, whatever. the point is, when the fed starts tapering, the fear is interest rates will skyrocket and you'll lose big principal in those bond holdings, won't you? >> you would, and for that reason -- you know, i don't presume to know what happens or pretend to know what's going to happen when that comes along. that's going to have to come along. they're now buying $1 trillion a year for the fed. mostly in governments. that can't go on forever, quite obviously. but for that reason, bill, i would and i do this personally, stay pretty much on intermediates and shorter term bond. in my municipal account and corporate account, which is retirement. you'll get a lower return likely because the yields are higher.

but don't get lured away to higher yields if you're taking a principal risk. >> jack, great to talk with you. thanks much. >> good to be with you both again. >> we'll see you soon. >> thanks. >> heading toward the close. 25 minutes left in the trading session. and just feel like the market wants to come back, but it's not. we're down 42 points on the dow right now. president will be speaking on health care in a few minutes. we'll bring that to you live. >> crowd funding, websites like kickstarter that helps movies get made. could funding companies be next? alan will be with us to talk about that. starbucks ceo howard schultz is in the house. tdd#: 1-800-345-2550 trading inspires your life.

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welcome back. we're waiting for the president. he'll be making remarks on the health care government website. we'll take you to washington when the president comes out. meanwhile, all the talk centers on kathleen sebelius. >> she's been testifying today. she took full responsibility for the snafus involving the website and took the blame off the

president saying he runs the country. she runs the aca and the health care program. it is significant. the president is in boston there. the world series game six is tonight. and traffic is horrible, we were told, in boston right now. worse than normal. with the president in town and the world series getting under way. >> meanwhile in his more than four decades of investing in venture capital, one might think he'd be cool to the trend of crowd funding. >> but with s.e.c. proposing rules to allow start-up companies to seek investors over the internet, the founder of gr greycroft partners thinks this is a good investment. we are having alan patricof join

us. we're getting technical issues worked out. you think getting the blessing from the s.e.c., you can use crowd-funding websites to garner investment from individuals. essentially, they buy shares in your venture. you think that's a good idea. why? >> well, it's going to open up a whole new kind of financing for young companies. but it really is tangential to what the basic venture capital is. my guess is this will be for smaller financing and it will attract a lot of individuals who have never participated before. and it's a reflection of the jobs act, which has been pending for the last two years to allow it to be used in the for-profit area as opposed to kickstarter, which was basically a nonprofit basis. >> so, it's an opportunity, alan, to get lots of people to be able to see your idea and possibly invest in it. >> oh, i think so.

i think, you know, the s.e.c. and the government -- the congress have passed regulations that try to do as much as they can to give protection to people. so they can expand the market. before that you had to be a qualified investor with lots of restrictions to it. now that's been significantly reduced and i think everybody will watch and wait and see what happens during the next year. >> i know i'm a cynical journalist, but isn't this opening opportunities for abuse in the system, when you're allowing individuals online to buy shares in your company? >> well, that's -- the jobs act, that's only one part of it. and that, of course, has been used as an argument against it. but there are lots of other things that are part of this act to make it easier for people to go public, to reduce the amount of requirements on the section 404 of the -- of -- i'm not sure which act that was, but which

was very restrictive to public companies, reduced the number of years of audited statements. it's going to help really to expand public markets, both from individuals and from traditional investors. >> finish your thought. >> going public is expensive and it's opening up the market to companies who wouldn't afford to be able to do it otherwise. >> give us a sense of where you're seeing the most from investors, technology clearly a big area for you. but can you tell us where you're seeing the most interest in demand for start-ups. >> first of all, we're going through the greatest waves of start-ups i've seen certainly in the last 10 to 12 years. we're going through a -- you might say a tsunami of start-ups

around the country. new york has been a major beneficiary. but every place, from the smallest city to the largest. and i think the interest has been in video, where we've been fortunate to participate, mobile, payments. everything is now moving to the mobile device for not just viewing and e-commerce and making payments. it's opened up a whole new area of start-up companies frankly. >> interesting. good to have you on the program. thanks. >> thanks. >> thanks for having me. >> we'll see you soon. want to sent it to brian sullivan with a quick market flash. >> thank you. it has to do with us airways and american airlines. dow jones is reporting that there may have been a settlement with the department of justice in the proposed deal between us airways and american airlines. vicky bryant of givemecredit, i'll give her credit, wrote because the two had basically found a mediator for their

complaints between the doj and two airlines, they were more likely to do a settlement. now the dow jones is reporting, indeed, the two sides may be close to one. you can see us airways stock is spiking. only up a percent, but it was down earlier in the session. again, there's been some doubts as to whether the doj would be able to successfully block the merger of the airlines considering there had been bigger airline mergers prior to that. indeed, dow jones reporting they may have reached a settlement. perhaps the deal will, indeed, go through. back to you, bill. >> looked like it was dead for a while, but i guess it is being revived. thanks. we have 15, 16 minutes left in the trading session. the dow wants to come back. we're down 41 points. stocks started with small gains today but have been heading south since the fed statement. jemma godfrey is with us. she's ringing the closing bell.

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hold to schedule, before the president there at nathaniel hall talking about healthcare.gov, all the problems that plague it. >> i wonder why he chose boston? >> that's where they have their own health care plan that's been in space -- >> it's been a success. >> governor romney. >> i was just thinking world series. sorry. >> world series is tonight. yes, it's not your imagination. those four people have been standing there for an hour, waiting to be seen with the president. jemma godfrey has not been standing here for an hour but she's been waiting to ring the closing bell today. you're here to do that. what's that about? >> i spoke upstairs, and everyone that speaks upstairs, you know -- >> goes up and rings the bell. >> exactly. i'm pushing my way to the front, that's it. >> trust me, they'll put you up there. >> as you get ready to ring the bell, we see a market that's

stagnant. what are your thoughts about putting money into stocks? >> it's a momentum-driven market. you'll have that level of support that will push markets up higher but have you to be selective. we're seeing this indiscriminant buying which is a risk at the moment. >> s&p is up 5 .5% alone. this is traditionally a tough period. they didn't get tapering, they took off again. as long as they're not getting tapering, why not just stay with the market? >> have you to ride it out, exactly. have you to be careful what you invest in because as soon as this winds down, you'll see volatilit volatility. >> what about europe? that's what i want your take on. europe has been a big buy since we saw the real throes of recession there. are we out of the woods? >> you have to be careful what you're investing in. it's a fairly larged economy in europe and surprised everybody by staying in recession. there are all of these concerns, unemployment is very high,

stress tests next year which will expose holes in balance sheets. there are risks but fantastic opportunities are there for international firms broad and looking to exploit opportunities. >> as long as ecb rates remain low. one of your bank of england governors said yesterday, we're not touching things until we know sustainable growth is here. >> central banks will remain accommodative. that is what is providing this flow in markets, supportive markets. because people are cheering weakness because it's a sign that support's going to carry on, but it's weakness and masking the pain. >> the fundamental story is weak. good to see you. >> you better get up there. they may be ringing the bell in any moment. >> ten minutes before the closing bell sounds. rung by jemma in a few minutes. the dow jones down 5 2 points. >> when we come back we have starbucks and facebook reporting earnings coming up after the bell is rung tonight. we'll have numbers, instant

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the event in boston has begun. there's duval patrick making the intro of the president.

the president will be out momentarily to give us comments on health care obama care website. we'll take you back there once he begins to speak. want to get to brian sullivan with a preview before we get to the president. over to you. >> it's all about social credit cards and coffee after the bell. very quick. facebook, 3q eps estimates, revenue there, $803 million. visa, $1.45, revenue of $3.8 billion. starbucks, fourth quarter fiscal estimates 60 cents, revenue $3.8 billion. same store sales growth estimate 7.3%. numbers after the bell. >> thank you so much. president obama feeling the heat of the obama care backlash from glitches and people losing coverage and seeing huge premium increases. now he's hoping this speech defending his law will turn the tide of public sentiment. eamon javers is with us now what the president's plan of attack

is when he begins speaking in a few minutes. >> we're just saekdz way from hearing the line of attack from the president. he's in boston, home of romney care. the president is going to taut romney care as a model here for what he's doing nationally with obama care. he's going to mention, we're told, the fact they had some glitches early on in romney care and had trouble getting people to line up for that website and that service as well. ultimately after a year, they were able to get that one on track. he says that might be the model that we'll see here nationally for obama care. i can tell you that mitt romney is a little annoyed by this. he put out a statement earlier today saying barack obama has not usually learned the real lessons of romney care, which the former governor of massachusetts expressed on the campaign trail, this national takeover of the health insurance market, according to mitt romney.

very different perspectives. the president hoping to capitalize on mitt romney's success. >> very unusual for someone like mitt romney to come out publicly and make a statement like that. you know, the man who ran for president against barack obama this last time around. with kathleen sebelius today, do you think that she scored points today? did she help herself? did she help the president with her testimony today? >> well, she did what the president -- and what the white house needed her to do, which was go up there and take all the slings and arrows up on capitol hill. she took responsibility, accountability. she apologized, all that stuff the white house clearly wanted her to do. a minor flub, possibly, on whether she herself would be eligible for obama care if she chose to go after. it. clearly, just by surviving in that kind of context, it's a win because people expect these will be very, very brutal for the person testifying on the hot seat like she was today. the white house is probably breathing a sigh of relief

however this entire obama care rollout is not going well for the white house. it's been a political and policy disaster so far for the white house. and they're going to try to start righting the ship politically with this speech here in. boston which they'll ask people to take the long view here and say, look, you know, this isn't something that's going to happen and can be fixed overnight. even though we had kathleen sebelius up on capitol hill today talking about getting this website fixed by the end of november, bill. >> the glitches are one thing -- >> i'm glad -- yeah. >> -- but this issue people are finding they're losing the policy they thought they were going to be able to keep. you wonder if the president will address this issue of the promises he made in 2009 and '10 where they were debating the issue, if you like your policy, you get to keep your policy. and we're finding those that have individual policies are not able to keep those policies. >> and then there's the jobs issue, bill. companies saying this is too expensive. they don't want to pay for health insurance for people working 40 hours, cutting people

to part time in some corners of business. is he going to address the other issues beyond just the glitches? >> those are good questions to look for. i interviewed the krooef a health care company today saying he had to send letters to 40,000 people, his own customers, telling them they no longer had health insurance because their plan was revoked. he said he doesn't have any idea how much of those 40,000 will be able to successfully navigate the obama care website and process and get insurance by the beginning of next year. he said they were still working it through. he said it's a frustrating process to write those letters to all those people but it's something the law required him to do. there's definitely some pain here. what the white house is hoping is there's a lot more gain out there for a lot more americans and this thing will ultimately be popular. >> maybe it's a naive sounding question, but what do you think this comes to the president's popularity when he comes as being hands off? not only the spying issue but

now the glitches on obama care and healthcare.gov, you know, repeatedly we keep hearing the president didn't know, didn't know ahead of time. you know, we have been led to believe early in his administration that he was a very hands-on kind of guy. >> yeah, that's a very good question. obviously, the president coming off a big win in terms of the government shutdown. he got a good political bounce out of that. we have a new nbc poll coming out later today -- this evening, in fact, and we might be able to get more answers to that very question later tonight. we'll see if there's been any political damage inflict on the president by this botched rollout, by the spying allegations. you're right. when the white house is reduced to explaining that the president simply had no idea this stuff was going on, it's just not a good position for a white house to be in. they've been on the defensive this week. they said they've expressed support for general alexander earlier in the week. expressed support for kathleen sebelius today. when you're expressing confidence in your own people publicly, that's a sign your

administration is dealing with serious trouble. >> by the way, markets are closing right now. as we head toward the close, the dow down 62 points. much of that decline attributable to ibm today. but, it came after the fed statement came out where they left interest rates unchanged and the interest rates moved higher as well. up five basis points on the ten-year note. that's how we finish the day. no record highs. an unusual time for the stock market. we've been seeing those a lot lately here. >> and it is 4:00 on wall street. do you know where your money is. we've been waiting on the president in boston, speaking about the health care glitches for the obama care website. eamon javers is here with me, previewing what the president will say, and he'll be coming out shortly. duval patrick at the podium. do you expect the president to offer apologies for glitches or -- the president is coming right no