into portable assets. that's why diamonds are hot. in the next hour or so we should get word on the most expensive diamond ever sold at auction, pink star, 59.6 carats, flawless fancy pink. expected to sell for more than $60 million. >> thank you so much, robert frank. thanks for watching "street signs," everybody. >> "closing bell" starts right now. hi, everybody, entering the final stretch. welcome to the "closing bell." i'm maria bartiromo. >> ciao for me. we're going to speak italian. >> we're integrating italian. >> we'll explain. >> the nasdaq strong, dow up lackluster. the s&p is back in record territory. good earnings. very good earnings from macy's today. a decent ten-year note auction. we wait for more from cisco. janet yellen begins her

testimony tomorrow. >> this retail story is interesting. jcpenney beating on the upside, macy's. also cisco, earnings are due out one hour from now. we'll talk to the ceo, john chambers, joining me exclusively before he meets with analysts. cisco's spending and the global economy. you'll get it here first. >> while the stock market enters an all-near high, the bit coin continues to set new records. what would a day be without a bitcoin story. it's around $40 0. reports are china is helping to fuel this phenomenon, whatever the phenomenon is. the answer is -- is why they're increasing demand. the answer to the question will be raising eyebrows along with the price of the bitcoin. a full report coming up. >> but where's the money? trading floor buzzing, meanwhile, because mike tyson is on his way over here. the controversial heavyweight champ will be here on the "closing bell" set for an interview about his rise, fall and now his rise again.

i'm excited about this interview. mike tyson -- >> i know you're ready. >> -- in the most unlikely of ways. if there ever was a cautionary tale of how you can make millions and lose millions, see it disappear easily, mike tyson fits the bill. >> i hope he get here before i leave. i want to see if that tattoo -- what that looks like in person. >> our floor director said he's going to draw one on his face to commiserate. >> that would be worth to stick around and see, too. >> mike tyson. >> let's get you caught occupy the street. round 12:30 eastern time, up 13 points on the dow at 15,763. a narrowly traded day. here's the star of the show today, nasdaq, technology stocks trading higher ahead of the cisco earnings tonight. trading at 3947. s&p is in record territory. anything above 1771.95 is a

record. we're up six-plus points at 1774. joining us in our "closing bell exchange" rob morgan, peter anderson from congress asset management, david kelley from jpmorgan fans and steve grasso. david, everyone is talking about janet yellen and her testimony to the banking committee tomorrow as they begin the confirmation hearings for her fed chairmanship. what do you expect her to say? >> well, i expect her to say that she is data-dependent. i think these going to try to avoid getting labeled as a dove or hawk. i think she'll say she's essentially an academic by nature so she's going to look at the numbers and the numbers are going to govern fed policy. but i think there's a fundamental contradiction here. you can't say -- assure people rates will be low forever but then just say you're going to watch the data. in a way i think she'll build herself into a trap by which she'll be forced to gradually tighten as she's fed chair because of her data-dependency. >> so, steve grasso, what kind

of a trade are you seeing ahead of what we learn from yellen and that testimony? how do you think the institutions react to it? >> i think we'll see more of what we have been seeing, sort of to david's point. i don't think she'll say anything different than chairman bernanke. you'll see the market butt its head up to the 1775 level in the s&p, probably inch its way higher and eventually over 1800. she's not going to break away from anything that ben bernanke has said. it's going to keep loose money, higher markets. that's going to be the trade. >> i mean, the talk was maybe she'd be pretty dovish with her testimony here, but we'll have to wait and see. the key will be the q&a, what comes out from the members of the senate banking committee when they start questioning her about various issues she'll to have confront at some point. rob, what do you make of this market right now? i was talking to grasso earlier about this. we kept thinking as the interest rate rose, the ten-year note would go up and up and up, after

it got to a certain point, stocks would start to sell off. ten-year keeps going higher. no sell-off. what do you think is going on? >> i think, you know, i think we're still seeing, actually, bill, some switching out of bounds into stocks even with rates rising, which is an interesting phenomenon. the retail investor still has not gotten back into the stock market in a big way. and i think that's just fuel to put on the fire going down the road. i still would overweight stocks here. >> overweight stocks. small cap versus large cap, you know, growth versus value. what are the sectors you want exposure to? >> absolutely. still like the small cap area. have liked that all year. i think the dollar will nudge up and that will hurt the big caps. as far as sectors go, i like a lot of the cyclical sectors, financials, industrials, technology. >> peter anderson, what are you doing with this market right now? >> well, i'm practicing -- i'm beginning to practice a little defensive driving right now. you know, i've been very, very

bullish all the way up until last week. but, you know, that jobs number, even though it's just one data point, has given me a little bit of pause. and i think as we enter the next year, we are going to start seeing more possibilities of rate increases, more so than i ever thought before. and i think probably by the second quarter of next year, we will start to see yellen talk more aggressively about tapering. that's okay. >> dennis lockhart said yesterday or the day before, that it was very possible they could start tapering into the december meeting, you're buying that notion, is that what you're saying? >> well, december -- you mean this december or next -- december 20 14? >> this december, yes. >> no, no, way too early still. i mean, she has to get the training wheels off and all that. and learn the ropes of the position. so, i don't think anybody would come in there with a big splash like that. but i do think what's important

to listen to tomorrow is not so much what she says, but the questions that she is asked. i think there's going to be a lot of questions about the visibility and clarity the recent fed policies have given with press conferences, et cetera. and whether or not that has added to the volatility. and if so, will that continue. i think that's very, very important to listen to the questions. >> and, bill, here's the only problem, though. what is the point of worrying about taper, though? i think what the market has decided, if it's not an irreversible situation once she starts taper, why on earth would we not just buy that dip? why on earth would we have anything more than a one, two, three-day event of selling off the market, buying that weakness, if we know that the easing could come back in in a week? >> right. >> would you buy that dip, david kelley? >> well, i think i would still buy the equity market dips for a while here. eventually it's going to end up

in an overly expensive market, but for the moment, i think the trade is just one way. and it is true, you know, the problem is the feds got to get from trillion dollars of annual purchases to zero. they can pull us along the way but they have to get there at some stage. i think the data will actually push them there. i think the key to the stock market and interest rates is how far are interesting rates away from ee lib rum. they're still very low right now. you can go up another percent on long-term treasuries. and you'd still be cheap -- or they'd still be expensive. i think that will push money from bonds into equities. i think the equity market has room to run here. eventually it will get expensive. i would still want to be overweight equities, underweight fixed income as janet yellen takes the helm. >> thanks, ech. if the dow and s&p 500 do not finish in the green today, it would be their first back-to-back loss this month. dominic chu breaks down today's movers. >> we're going to begin with macy's, which hit an all-time high after reporting better than expected third quarter same store sales. now, it's a different story,

though, for clothing designer perry ellis. that clothing designer cut earnings and revenue expectations for its third quarter and full year due in part to reductions in its private label business. two other companies made their market debut today, extended stay america rose about 16% after the hotel chain was priced at 20 bucks a share. but chegg fell 12% after being priced. they rent textbooks. then yum brands moving higher after reporting october same store sales in china were down only 5%. better than the street expected. remember, yum chairman and ceo david novak will be jim cramer's guest on "mad money" at 6 p.m. and 11 p.m. eastern. china is yum's biggest market. back over to you guys. >> art cashin signaled we have $250 million to buy at this point, as we head into the final hour here. >> looks like we could be moving up. up 14 points on the dow with

just about 50 minutes before the closing bell sounds. >> have you seen netflix today, it's changing its look but it doesn't want to change how the chart looks as it moves higher. shares have skyrocketed more than 250% this year. when we come back, we'll hear from a bull who says this stock is heading to $450. we'll hear from a bear who says, turn this chart around. it's going to plummet to $120 a share. dow component cisco set to release earnings after the bell. ceo john chambers will break down the numbers with me before he even speak toos analysts on that conference call. cisco a huge global bellwether. >> get ready to rumble. our main event former heavyweight boxing champ mike tyson will be here at the new york stock exchange, detailing his rise to fame and how he lost his fortune. do not miss this candid interview with maria coming up on "closing bell."

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new gaming consoles from microsoft and from sony are hoping to become the entertainment hub for your living room. julia has more on that, and why it's so important to netflix, which also had news today. >> reporter: sony's ps4 and microsoft's xbox 360, they are video game consoles but they want to be the entertainment hub for your living room. playstation has access to netflix, hulu plus, and netflix is launching with nba and nhl apps for sports fans. now, xbox is unique sports app is from espn which it launches a week from friday along with netflix, hulu, amazon, verizon, fios, voodoo, and xbox music. >> i think people really looking

for that truly kind of ahead of the curve entertainment -- all-entertainment device feel, the xbox one is probably the product they'll go for. >> but when it comes to streaming netflix, sony's new ps4 will have the newest app unveiled today. it has more detail and customer recommendations based on friends' preferences, which is key because most of the streaming every month is on television sets. netflix says the playstation drives more streaming than any other platform. now, the new netflix will work on current xbox 360 but not on the new xbox one. we'll have too see how long it will take for them to okay the new format. >> where does it leave the remote over the fight for remote? is it a turn on or off? >> let's talk about it with a bull and bear. tony is the bull. he thinks it could be $450

stock. david trainer sees it very differently. he thinks netflix is $120 stock. good to see you both. thanks for joining you us today. tony, $450. it's already come so far this year. why do you see it going that much higher? >> because really it's about leverage and the story. to the extent they contract with 50 to 2 million subs, about $6 million of future value. i think that's what people are missing in the run-up to this stock. it's not right now and profitability because the reality is they're trying to make their business less profitable to keep our competition. by doing that, down the line they get this pricing leverage. >> so, david, you see things differently. why are you so bearish on this stock? >> i don't see any pricing leverage. i think they're not -- they haven't been successful in keeping out the competition. you have hulu, amazon. at the end of the day, netflix had an advantage early on because they had better pipes for getting into the home and streaming content. that's a commodity now.

>> let's do math around that -- >> let him finish. go ahead. >> it comes back to content. content is key and it's expensive. when it comes to the underlying infrastructure there, netflix and video streaming thing is a commodity. when you look at the math, let's get serious here. you run a dcf on $330 that means they have to grow cash flows after tax by 25% compounded annually for 20 years? i'd still buy that. seems ridiculous. >> take $3 billion of content at $100 annual asp, you would have to have 30 million subs to break even aloaning. roughly get one-third of the broad band audience in this country. that's a big competitive advantage. amazon prime, they're giving it a good run but vine's revenue isn't close to netflix. >> it doesn't have to be close. it just has to put pricing -- >> why is amazon doing to as well? >> i'm just saying it's

competition. necessity can't raise prices inspect pricing lav raj you say doesn't exist. >> what about the issue -- they're getting into the business of producing their own tv series now. "house of cards" did so well. they'll play the game hollywood studios do, they won't get a hit every single time. that could have an affect on the earnings down the road. >> but they're doing deals with all content, cbs did a deal, harvey weinstein did a deal. >> it's about content. >> if you're a producer and you want a show made, you'll go with you can get recognition and a big paycheck. that's hbo, netflix and a handful of other players. the reality is the emmys set netflix apart. it shows they can get you recognition for your product. it's a drop in the bucket to doing originals. they need to be all things to all people, and i think originals are an important part of that recipe. i think originals is about subsidized marketing. it's about getting you hooked in the door. finding out about "house of

cards" so they can use that new recommendation engine to put something else in front of. >> you good to go. thanks for your thoughts on netflix. heading toward the close. about 40 minutes left in the trading session with the dow up 22. the s&p is in record territory. and the nasdaq's done well today, too. >> bitcoin on a tear, up 200% in the last month. what is going on? china may be fuelling this record rally. we'll turn into if this is a legitimate concept or if this will end badly for anyone invested here. >> millions of americans have been losing their health care plans as we know despite promises by the president that they wouldn't. now there's a huge push to fix that. but can it be done without undermining the entire law? we'll look at that later on the "closing bell." plus, we could get obama care enrollment numbers any minute now. so make sure to stick around for that. she loves a lot of the same things you do.

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ing i think makes for interesting headlines but doesn't go to the core that activists bring? >> twitter is only a good investment for those . bitcoin hitting all new record high, topping $400 and a report saying the chinese may be playing a big role in the surge in bitcoins. >> why would that be? let's talk about it with founder

and ceo of second market and michele ka rugs sm miami chel caruso cabrera. now we're hearing about the chinese. >> i think the reason you're seeing a big rise in the reports the chinese are, a, active users and, b, chinese television has done stories about bitcoin. chinese television is government television. if they're doing stories about it, you know that means maybe the chinese government doesn't necessarily support it but it's not against it. >> what about bitcoin, perry. tell me what you're seeing. first of all, are they trading bitcoin, the company on second market? how does it work? >> second market -- bitcoin is not a company. it is a -- >> the currency. >> it's a currency in a transactions network. >> are they using it for the secondary market? >> second market is a platform where we have incubated people to invest in it, called the bitcoin investment trust. it's the first time a security

has been created to hold bitcoin, and that was on the second market. >> you were skeptical. >> i was skeptical. i heard about bitcoin in 2011. i said, this can't be. it's a ponzi scheme. you spend time digging in and what you realize as a currency, it's beautiful. it's a great story of value. as a transaction network it has the potential to change the way that money moves around the world. western union, moneygram, swift, all these businesses -- >> baidu. >> a lot of merchants are accepting bitcoin. >> you have a trading vehicle you trade now. >> we created like a private etf. it's fashioned like the spydr gold ged. people understand it's hard to acquire large dollar amounts. then have you to worry about how you safekeep them. rear regulated. it's a safe, easy way to get involved. >> i get it. virtual, agnostic currency, but

have you to have a buyer and seller to agree on the value. what's the intrinsic value. >> what the buyer and seller agree on. when you're in prison, what's the value of a cigarette you buy and sell? >> i don't know, bill, what is the value? >> it's so different. >> for this to keep going higher, the supply has to remain constant, then, of bitcoin -- >> no, bitcoins do get created. there's some version of the fed out there related to servers, et cetera. >> right. there's 21 million that will be created for the next 100 years. about 11.9 million are out there right now. so, you have a predictable limited number of bitcoin that will be released into the wild. from that perspective you don't have the risk a government is going to debase the currency or destroy the currency. >> what kind of investor is buying and selling the investment trust -- >> it's very interesting. we're seeing three groups of investors. technology entrepreneurs who within their own businesses are adopting bitcoin. family offices are getting

involved. they're taking a portion of their gold allocation and putting into bitcoin which is, again, a very risky investment. and then lastly, wall street professionals are starting to invest their personal money, which is a precursor to wall street coming into bitcoin in a big way. >> chinese, we can't be sure it's happening but it's intuitive. they're desperate for places to invest because the stock market is too small, interest rates are fixed. they're trying to put money someplace. and also trying to get money out of the country because of capital control. >> right, right. >> really interesting. >> i don't understand gold. i don't understand bitcoin even more. >> thanks, guys. we have a market right here that is higher. certainly those were right. up 32 points on the dow jones industrial average. nasdaq getting closer to the 4,000 mark. >> also, we'll get a check on the health of the housing market. we'll speak exclusively to chief financial officer of the nation's largest mortgager,

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welcome back. we've been waiting for breaking news on obama care enrollment numbers. bertha coombs. >> federal government putting out numbers for the first month of enrollment. these are people that have signed up for a plan. 106,000 nationally in all 50 states. when you look more closely, three-quarters of those are in the 14-state run marketplaces. just under 27,000 have gotten to that point on the troubled federal exchange. we know it as healthcare.gov, which serves as a portal for 36 states. the health department has said the numbers would be low, but these are lower than many even had estimated.

where we're seeing strength, again, it is the first month, in california, over 35,000 have selected plans. in new york state, more than 16,000. and since the beginning of november, those numbers have gone up in those states as well. kentucky, 5500. on the federal exchange n some of the big states not participating, did not build their own marketplaces, the numbers are dismal. florida, just 3600 plans selected. in texas, about 3,000. pennsylvania, about 2200. so, bill, they certainly prepared people for these numbers to be low. and they will certainly say, look, it's only the first month. a lot of this volume comes in just before the deadline and will come in just before december 15th. but they obviously are facing a technological issue for people in the states that are not part of a state-built exchange with healthcare.gov continuing to be problematic for a lot of people. >> so, is the low number, the low turnout, bertha, then the result of the technical glitches or the result of --

>> low demand? >> -- low demand? >> i think it's a two-fold thing. technical glitches making it frustrating and difficult for people to get through this process, completed applications to get through there. they do have several hundred thousand who have completed applications. the other thing is the actual enrollment. people have selected a plan. they're not going to pay for it now. a lot of people don't have the luxury to pay premiums two months in advance. a lot of them will pay closer to december. but clearly the technical glitches are keeping people from getting on there, taking a look and seeing what they're eligible for and starting to make some decisions. >> especially when you consider -- you showed the breakdown of some of the states. texas, a very, very low number when you consider they have the highest number of uninsureds in this country. you would have thought they would have had a higher number. maybe there is a technological bottle neck. >> i was talking with a health official down in texas today. he says, we're doing everything

we can to try to let people know what they're eligible for, help them through this process. but it's certainly difficult there when the website, the main portal for people to get the qualified health plans where they'll get the subsidies for them to enroll on those plans. it's very difficult. 23-f you're not getting a subsidy, you can enroll anywhere, e-health, e-insurance, but if you're looking for subsidy, it has to be through state-based and federal-based marketplaces. >> the chief technological officer was on the hot seat in congress today, saying they're very dissatisfied with this but working on getting those glitches worked out. thank you, bertha. >> let's get reaction to the obama care numbers. we also talk about what's going on in the mortgage business. tim sloan, wells fargo chief financial officer, and of course we'll talk about the housing industry, but first, i saw you nodding your head when bertha showed the california number. that appeared to be the highest enrollment in the country there. no surprise for you in your state there.

>> there's a lot of people in california. >> yes, but -- >> a lot of people need health care. >> we would have expected that in some other states like texas, too. >> i think that's right. i mean, our biggest concern as it relates to obama care is how it affects our customers and how it affects our team members. doesn't directly affect our team members because we have a good health benefit plan but we want to make sure they're informed in terms of their options. we've had to make some changes in our health plans to make sure we don't have a cadillac plan. but other than, that our biggest focus is how it affects our customers. >> what about the mortgage market, tim, what are you seeing? where are we in this recovery? >> i think we're in a pretty good mortgage recovery. i mean, the housing industry is very strong right now. you've continued to see growth in terms of mortgage demand. now, it's been a little choppy because of changes in interest rates. refinanced demand is certainly down. the purchase money market is pretty strong. our best estimate is that the purchase money -- market will continue to grow. now, it might be down a little in the fourth quarter because of

normal seasonal demand. but we're having a recovery in the housing industry and that's very important, because we really haven't had a robust recovery in the u.s. economy ever without a recovery in the housing industry. >> right. >> part of it has been the demand issue. are you concerned -- circle this back to obama care to some degree. are you concerned that the higher premiums that people are going to end up paying starting in january could reduce demand for mortgages down the road? is that what you're talking about? >> it's a good question. i don't see a direct correlation but i think anything that creates uncertainty on the part of consumers can't be good for the economy and can't be good for the mortgage industry. but i don't think there will be a direct correlation. >> what can you tell us about ongoing regular laying, litigati litigation? there's a report the u.s. attorney general's office in california investigating wells fargo for mortgage fraud. >> i can't comment on. specifically but at wells fargo

we're putting the legacy issues that we inherited when we purchased wachovia or has come over the last few years from the downturn behind us. we've continued to make a lot of progress. one thing we announced in our 10q that came out last week is that we reached a settlement on litigation with freddie mac, fannie mae and fhsa and we settled for a reasonable amount. >> where are you -- in nine innings in terms of getting this behind, can you give investors clarity in terms of when these issues will be in the rearview mirror. >> that's a very fair question. i don't know if you could ever give anybody absolute clarity but from our perspective, i would say we're late in the game. just hope it doesn't go to extra innings. >> you just had the stress test and you are going to apply to the fed again for the ability to increase your dividend. >> oh, absolutely. >> what are we looking at for next year? >> i don't know yet.

we just got the instructions from the fed over the last couple of weeks. they seem relatively similar to what we saw last year, a few changes. wells fargo has a great story to tell in terms of our performance. 15 consecutive quarters of earnings growth. the last ten have been quarters of record earnings. our plan is to ask for increase in our dividend and the ability to repurchase more shares than we've done so far this year. >> can you characterize what the stress test looked like this year versus last year? what about the sifi, systematically important financial institutions. >> on the sifi, we weren't surprised. we were in the lowest category of the 1% buffer. we look forward to receiving more detail from the international regulators on how that was actually calculated. as it relates to the c-car, economic assumptions were relatively similar. there will be one additional test we have to perform, which is how we perform not only to

the basel 1 capital levels but also also bas3. it's a little more complicated. also a difference in counterparty in that we need to show failure of our largest counterparty. all the big banks do. but beyond that, it shouldn't be that much different than last year. >> you mentioned rates going up, giving you a bumpy ride here. the expectation is the fed will start tapering sooner rather than later. dennis lockhart said it could be as early as next month. minneapolis fed president yesterday said he's frustrated all this talk and anticipation with rising rates now is counterintuitive for the economy. that it's hampering the fed's ability to do its job right now. >> right. >> do you agree? its impact on the housing market sneer. >> i don't think it's had a significant impact on the purchase money market. i mean, rates are still very low historically. >> historically low. >> housing is very attractive. if you look at what the median income can buy in terms of median price.

it's -- the affordability index is very attractive. it did affect the refinance market and had a significant impact, but we were moving through the end of the refinance cycle anyway. so, i don't think it's had a big affect on economic growth. and you saw that in the gdp numbers in the third quarter where we had a 2.8% gdp growth, even though we had an increase in rates during the quarter. >> so, what's the plan as rates start going higher? i mean, how tough has it been to operate with these rock bottom interest rates on your business and when are you expecting to see rates start moving? >> well, maria, i wish i was smart enough to know where rates are going to employ. we have to position the company to be successful in almost any rate environment. we've been able to do that. during that 15-quarter period that i mentioned just a few minutes ago, rates have been all over the place. but our best guess is some time next year, the next few months, the fed will begin to taper. that will have an impact. rates will probably go higher in

the long end. but we don't expect a whole lot of change in rates on the short end for a year or so. >> which would be good for your business. >> it would be good for our business, that's correct. >> get interest margins back up again. >> that's correct. >> tim, good to see you. >> good to have you on the program. nice to have you on set as well. >> thank you. >> come back soon. >> tim sloan from wells fargo joining us. heading to the close with 20 minutes left in the trading session, the dow picking up a little steam. up 46 points. the nasdaq is doing well, up 34. s&p is in record territory. >> cisco may set the tone for tomorrow. in a few minutes they're out earnings. ceo john chambers will be here giving us his global outlook. a lot of people listen to what he has to say as cisco is uniquely positioned to read the world economy. after the bell i'll be going toe to toe with the champ. >> pay-per-view. >> former heavyweight champion of of the world, mike tyson sits down with me. he's gotten off the canvas of bankruptcy and now taking on the challenge of publishing and theater. we'll be right back.

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the option world is keeping our robert frank early. now we have a record diamond sell. >> record-breaking every hour here. the hammer cam came down in geneva on sotheby's auction. most expensive diamond ever sold, 83$83.2 million million f 59.6 karat pink diamond. that is a record not just for a diamond but any jewel every sold at auction. previous record, just for comparison, was $46 million. this almost twice the previous record. back to you. >> holy cow. that got somebody's attention on our set here. >> maria, that would look great with maria. >> i'd say. >> i don't know who bought it but they should give it to maria. >> i think somebody agrees. >> yeah, yeah. thank you, robert. >> that was gorgeous, actually. >> beautiful, wasn't it? $68 million worth, though? >> oh, my goodness.

>> an early christmas present from macy's. its stock hit a new record price but it's been a mixed day for most of the market. turned around from being mostly down most of the morning here. >> bob pisani joins us with the latest. >> take a look at dow strilz, we started down, as bill said, we moved up. europe closed around 11:30 and we've been moving up. there's been a lot of speculation, that's all it is, about janet yellen's testimony. there's been speculation it might be very dovish. that would be bullish for the markets. i'm trying to figure out what's going on with tesla here. we had a drop in the middle of the day. there is a reporter, brian dinsmore, kpix reporter in san francisco that put out a tweet saying there was a fire at a factory in san francisco. that is a tweet. i don't have any independent confirmation of that. that's obviously why the stock drop. we're trying to check on it and confirm it independently.

internet stocks have had a great day. this is a big thing because they've been under pressure the last week and a half. this looks like a little reversal today. same with chinese internet stocks, all over the place. generally down for the last two weeks. they're having a very good day. final lishgs retailers on the macy's news, just a great day for macy's, 3.5% comp sales. that was a big surprise. tomorrow is walmart and kohl's. we'll see if the macy's news is an anomaly. >> so it was 68 million francs, swiss francs it sold out, which translates to $74 million, and with commission, it's $82 million. >> that's what i thought. great. >> in installments, can you pay that. where am i going? meanwhile, the nasdaq and outperformer again today rallying closer to 4,000. when was the last time we were able to say that, sheila? >> i can tell you the last time we were able to say that.

it was back in september 2000. what a comeback for the nasdaq. we started in the red. a few lackluster days of trading. now here we are, talking about nasdaq, 4,000. we're just 45 points away from that level. so, definitely something all traders and market watchers are keeping an eye on. what's been moving the nasdaq today? the biggest winner is facebook, up about 4%. remember, we got those reports earlier that facebook tried to buy snapchat and was then rejected. some momentum stocks hitting new 52-week highses. priceline is amongst those names, intuit also. retail cheer being felt at the nasdaq. all retail performers on the nasdaq, names like sears, bed bath & beyond, ross stores, high other day and helping move up the tech-heavy index higher. 45 points away from nasdaq 4,000. here we go again. >> sheila, thank you very much. >> 13 minutes left in the

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i love looking at the imbalances and they told the story. 350 million to buy. look at this market, up 60 points. >> which puts the dow in record territory. s&p was already there. and the nasdaq is getting ever closer to 4,000. what is going on? joining us, rebecca patterson and bob kaiser. >> good to see you both. >> what is going on?

we have a mini melt-up. >> janet yellen is the big story tomorrow with her senate confirmation hearing. it's a pass or fail grade. you just wanted to get through it. the risk she comes out and says something really controversial, probably not so high. i would guess maybe that's some of it. >> but q&a is important. she can't anticipate what they're going to ask her. >> she's been coached. no controversy for the market. >> it's a continuation of bernanke has been saying and doing, does this market continue this melt-up going into year end? what do you think, bob? >> it's funny. seems like every time i come on the program the s&p is 1750, 1770. i say the same thing, market is fairly valued but no correction. i think the problem investors are facing, if you get out of stocks, what do you do with your money? if you are left behind, you look foolish. market is fairly valued but not rich either. there's room for the upside. as long as fundamentals improve, like we saw last friday with the unemployment report. >> earnings from macy's, some

retailers did very well. cisco is out tonight. we're finishing with a flourish here. >> retail sales have been strong all year in 2013. >> looks good. >> and translating to great numbers. >> you have been talking about the lower gasoline prices. for the consumer, having lower gasoline prices going into the holiday season, that's a big tail wind. like a tax break for holiday shopping. >> should that be the area to get exposure in terms of owning stocks, the retail space? >> i think we'll have a decent year end for retail spending. people are feeling the wealth effect from their homes, from the stock market this year, and a 15% fall in gasoline prices nationally since the summer, that helps, too. >> technology, what about -- i mean, we highlighted cisco. >> consumer discretionary earnings were one of the top sectors in the third quarter. we expect them to be in the fourth quarter -- >> we know what they're buying. ipads and -- >> tablets. >> when they're not busy buying pink diamonds. >> what would you expect from the fed in 2014, then?

i mean, when do you think we'll see a taper? now that you're seeing better economic data, whether it's the retail numbers or, you know, the corporate numbers are not bad. >> do you buy dennis lockhart's statement that maybe it could start next month? >> it may. that's the million dollar question. does bernanke hand the car keys over to janet yellen before she takes over or do they wait until march, till she's in the seat? does he start the path before she comes? we don't know. you see that reflected in the market. we're going up but people are building up some cash to buy a dip if it comes. people are buying out of the money calls and equity markets to chase the upside and also buying puts. this is a schizophrenic market. tapering is coming. we don't know when but it's coming. i want to buy that dip. >> how do you characterize the earnings story right now? >> the earnings story, we expect third quarter to be 3%. it's 5.6 at the end of the season. there's some double digit earnings projected for 2014.

the earnings story looks great. you can't know where you're going unless you know where you've been and things looking solid. >> we finish with a deep philosophical tone there. >> i like it. thank you very much. >> we'll come back with the closing countdown. >> after the bell, two huge interviews. my exclusive with cisco ceo john chambers after they report earnings. >> and then? >> and then i'm something head to head with former boxing heavyweight champ mike tyson how he's fighting his way back to fame and fortune a decade after declaring bankruptcy. >> he's hungry again. >> coming up on "closing bell," first in business worldwide. with ideas, with ambition. i'm thinking about china, brazil, india. the world's a big place. i want to be a part of it. ishares international etfs. access to developed markets, emerging markets and single countries. find out why nine out of ten large professional investors choose ishares for their etfs.

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[ bell ringing, applause ] five tech stocks with more than a 10%... change in after-market trading. ♪ all the tech stocks with a market cap... of at least 50 billion... are up on the day. 12 low-volume stocks... breaking into 52-week highs. 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 here. the selloff on the open and gradually we moved higher. 12:30 we had a move higher we thought, maybe we'll finish positive. now we're seeing the market really move higher. dow is up 70 point. a new all-time high for the industrial average. then earnings from cisco, which could set the tone for tomorrow. they're expecting a profit of 51 cents on $12.63 billion in revenue. that stock is up almost 1% right now. keith bliss, broken record. here we go again. another record for major averages. >> and the s&p 500, remarkable,

as it may seem. we look in our quantitative work and we don't have s&p over the short lot. we could have room to go here. you have people starting to chase this market, the retail guys, it's been well publicized the last couple weeks, they've missed it. so now they're calling their broker, they want back into it. the other thing happening, the institutions have largely stayed out of the market for the last two or three weeks because they made their 25%, why wouldn't they? the higher the averages go, they have to get back in and chase it to keep their relative performance up there. >> what are you expecting to hear from janet yellen? everyone around the floor has been talking about her testimony tomorrow as she gets ready for her confirmation hearings before the senate banking committee. >> janet yellen wants to get confirmed. i don't think any senators will stand in the way. i think it will be a softball session. >> you think she could toe the line? >> she's the most dovish on the board. that's been well publicized.

i don't think it will change when she takes the chairman's seat. >> another record for the dow and s&p. nasdaq getting every closer to 4 4,000 level. something we haven't seen since 2,000. stand by. cisco earnings with john chambers talking about them and the champ himself, mike tyson, coming up on the second hour of the "closing bell" with maria bartiromo. i'll see you tomorrow. it is 4:00 on wall street. do you know where your money is? hi, everybody, welcome back to "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. another record close for the dow and the s&p 500 tonight. just teflon market. the nasdaq closing at 13-year high. check out these numbers as we settle out on the street today. dow jones industrial average up 70 points to an all-time high, market down, 15,820 on the blue chip average. even though volume on the light site at the big board. nasdaq higher by 45 points. technology catching up n,