everything is viral. you tweeted it out. it's popular. also what's the other one? cure rate. you don't curate a play list. you make one for your special someone. >> thanks for joining the conversation on "street signs." tomorrow is digital detox day. bye. . and welcome to "the closing bell" on a friday. so much activity this week. we'll see how we close things out here. i'm kelly evans at the new york stock exchange. >> happy international women's day. >> that was news to me as well. >> i'm guessing international men's day is april 1st. just a guess. i'm bill griffeth, a mixed end of the week after a mixed jobs report. any positive finish for the s&p 500 would be a new all-time closing high. we're watching those markets very carefully. and these stories as well, including this historic bull run. the official bottom can be

marked to march 9th, 2009, five years ago this coming sunday, so happy pain's bottom anniversary. a new report that shows americans have never been wealthier, but there's a catch. you had to be in the stock market to the benefit. michael farr will be with us to make the case that you have to be in it to win it. that's especially true for young people. we have the facts and statistics to back that up for us. >> something he says is the case even at these levels today. if you missed out five years ago or five months ago, he'll make the case for today. could the crisis in the ukraine still end up being a speed bump for the market? both sides digging in ahead of next sunday's vote on who will control crimea. the current prime minister saying he will allow russia to take it back. if no one blinks, will is the stock market look vulnerable again? also, what could be a game-changing lawsuit in las vegas. it sounds frivolous. a gambler, he dropped half a

million dollars, is suing to get it back claiming the casino got him drunk. but the entire industry is watching this case with billions, with a "b," billions of dollars on the line. he may have a case. we'll have details on that coming up. in the marketmarkets, the d up only 13 points. it's been an up and down session, rallying after the jobs report, then selling off midday. as europe in particular looked weak. meanwhile, the nasdaq is decisively negative. it's off ha oflf a percent. we have to talk about biotechs. s&p 500 the broadest gauge to give us a sense of what's happening. kind of in the middle. it's off one point, 1876 is the level there. >> let's get to our closing bell

he can chain. quincy crosby, todd verchet, rod morgan, and our own steve liesman and rick santelli. steve, i will start with you. i mean, i know rick always gives treasury auctions a grade. what grade would you give this jobs report today? >> i'd say give it like a "b" considering that it had a tough time getting to school because of the weather and taking the test. i think amid what was clearly a tough climatic month, that at the end of the day you're going to -- 175,000 is a good number to have. there were some other signs of strength, bringing people back into the workforce and higher wages was a good one, too. >> rick, if you want to look at how this is being interpreted, look to the ten-year. 2.8%. do we start having the conversation about 3% next? >> well, i think so. you know, being a technician first, any kind of a close today

for the week above 2.76% probably augusters you're supposed to have more of a short presence looking for resistant at 2.85% and 3%. it isn't only the economy and isn't only what's going on with the equity markets and how much they have surged. i also think that there's a little bit of bacon pork embedded in it. take a look at the crb and notice it's at the best highest level since october of 2012. >> what do you make of that, rick? what's that all about? >> listen, i don't like to call it inflation. it's a loaded economic buzz word. there are pricing pressures that are going to be experienced by the masses. if you're a medium income family in the $50,000 camp this is going to make a bit of a dent. i think it's totally something to pay attention to. if you look at the break evens, the tips for 5s, 10s, and 30s, you will see they crossed into a territory we haven't seen in a while. >> hold it, rick.

are you saying you smell inflation out there? because i'm not smelling it. >> see, and that's why i don't say it because -- >> that's smelling it, rick. >> here is what i smell. i smell my bacon and it's costing more. that's all i'm saying and people have to deal with it, pure and simple. and no economists could talk their way around that bacon s sizz sizzle. >> todd, let's talk about the market response. we had the rally. the dow was up 84 points at its peak and then things fell apart. that was a good jobs report for the most part. >> i think it's a situation of good news is bad news. you have a good number but people are thinking the fed comes in easier. i agree with rick, you have to look at inflation, inflation expectations. look at the five-year break even. we've been bullish on commodities, bullish on oil. we think it's a relatively cheap inflation hedge. we like that trade. >> we have to be specific when we talk about what's happening in the commodity space, when we talk about some of the metals. copper is underperforming, gold

and silver don't look that great today. >> definitely. we don't like industrial metals here. >> what do you like and why? >> we would not touch the industrial metals. we wouldn't touch copper. we like gold. we talked about $43 billion coming out of commodity funds last year. totally unloved. hitting three-year lows. look at agricultural commodities. they jumped up nicely recently. you have relatively low inflation expectations. we know the weather volatility is increasing and that's a good trade for us. >> quincy crosby, does this jobs report make you want to buy stocks more or less right now? >> you know, the fact of the matter is there have been winners even today with the market slowing down in the middle of the afternoon. take a look at the bkx, the regional banks, the xlf, the big financial institutions, and look at the insurance companies. these groups need to be performing well and they started to, and i think that the steeper yield curve has been helping

them, and this is something the market has been waiting for, to get the banks performing with this uptrend. we like those groups as long as that yield curve continues to steepen. >> that could mean -- >> give me one second. i'll be right back and rob morgan, we haven't forgotten about you. we have a market flash right now with dominic chu. >> shares of internet security form palo alto network spiking up to session highs up 8%. this comes on the heels of a delaware district court declaring a mistrial in a case involving juniper networks and palo alto networks. juniper was suing palo alto alleging patent infringement. palo alto shares up 8% on that bit of news. back over to you. >> big move. thank you, dom. >> and speaking of the nasdaq right now, rob, this is what i want to ask you. every time we have seen this idea of stronger markets, we've seen the nasdaq outperforming. today is not the case. we saw, for example, the jobs report coming in disappointing.

here is what i'm wonderingi. the biotech names, now that the macro environment looks better, is it less about growth at any cost and more about some of the growth names that are lower cost right now? >> yeah, i think there's definitely some of that going on. i would agree with steve that i don't see inflation out there. i'd also agree with quincy that the banks look really good with the steepening yield curves. i like financials and i like industrials and technology. i'm underweight energy and materials based on a rising dollar and just high multiples in the space. so, yeah, i think as you said, we saw the nasdaq perform the way it did for those reasons. >> so is this the new pattern? that's part of the question as well. are we more likely to see people buying into some of the undervalued names and continuing to pile out of the higher flyers? >> well, i don't know if it's a head fake for that or if we're

just really seeing that today and perhaps for the short term. that would imply that we're getting a shift more towards value stocks and should be piling into those and i'm not sure we're quite there yet. we like small cap growth, and i think that's still the place to stay, but today is counter to that. >> hey, kelly? >> yeah. >> if quincy likes the regional banks because of the steeper yield curve, i'm telling you, you might like the economy because of the steeper yield curve and the banks. we have been waiting -- >> the fact of the matter is the two-year yield we have been waiting for the two-year to move up a little bit to confirm some growth. we've been worried about it. look, we're not expecting growth of 3% or 4%. it's just steady and slow and kind of nice and easy. markets like that. markets like that. >> if you create incentive to land, there's plenty of money out there to be loaned. plenty of ideas. you start making that happen, that changes -- it would be a paradigm shift for the u.s.

economy to really have serious bank lending -- >> steve, they have to lend the money out. >> take a look at the -- >> -- can't make money trading anymore. >> i'm sorry, rick? >> an unemployment rate of over 20%. the markets are not necessarily the economy. we look at valuation -- >> i agree with that. that's why i'm looking at bank lending. >> but quincy and steve and rick here, the question is whether we're on the cusp of something where the economy starts to look a little stronger and everything is repricing. what were you going to say, rick? >> you know, the banks do to the issues of the volcker rule or the perception of what they believe is going to impact them, they've really curtailed trading, and that proprietary trading has taking a big ding out of some of the bigger institutions. so it doesn't surprise me they're going to lend. i think it's another one of these, you know, bone head kind of contingencies we have some of these fed programs. they should also stop paying the small amount they pay on reserves. maybe the excess reserves will move. as far as the steeper curve, i

agree with you, but take a look at the chart. the only curve that's steepened a little bit is tens to twos. you're not seeing it on the belly of the curve. we were much steeper in november and december. >> where does that kick in where banks have to make money the old-fashioned way, by lending it? where does it kick in? >> i think it's starting now, and i think it's not because of government programs. it's despite them, and we don't care, do we? it's a good thing and i think that's one of the bright spots i see. >> how many companies, how many startups have we had on the program or on the channel that are doing lending on new platforms? they're extending capital in new ways. it's a lot of the community if you look at the banking set from -- >> a great point, kelly. >> they have moved to the newer start up institutions. >> i think the only thing we're missing is the u.s. consumer. look at delinquency rates at all

time lows. >> when you have a startup and you go to venture capitalists, that's expensive financing. when cuban says give me 10% or 20%, that's expensive money. and then you have banks lending from their cost of funds, that's cheaper financing. you could be in a place with cheaper startups and cuban can't ask for 10%, he'll get 8% or 7%. >> you're right, steve. a-plus answer there. >> the question you didn't get to, traders have been saying for the s&p 1900 is like a magnet and it's going to hit there inevitably whether the traders want it to or not. is 3% inevitable on the ten-year now that we're creeping ever higher? >> i think so. i think from a technical vantage point where we're sitting very

close to 2.80% as the stock market continues to power ahead, they will move in tandem. it looks like dollar/yen wants to fuel a higher trip over 103. all that means is potentially a retest of 3%. i do think there's a slowing that will show up in the numbers despite or because of weather. i think we're going to get through it, and that to me in another month and a half is going to put some downward pressure back on rates. >> steve, now we know, you tried watching the discovery channel to see shark hunt and you wondered where mark cuban was. you had the wrong show. my kid watching it. he asks me all these questions. dad, what does net mean? o'leary is the most expensive financier of all, and he's a friend. >> thanks. >> have a great weekend. happy international women's day. 47 minutes left in the trading session here. it looks lackluster but this is a very interesting market response, don't you think? much higher earlier for the dow, up 88 points.

now we're up just 13. >> here is one for the statisticians. 14 out of the last 15 jobs report, the s&p has closed higher. so if we don't do that today, could be a interesting as people try to read into what that means. >> exactly. imagine if we didn't have all that snow. hiring finally picking up last month. our next guest says there's something else going on in this jobs report that's encouraging. and speaking of hiring, we love this story. remember this from a couple week ago right here on "the closing bell"? listen. >> i'll say it right now, i'll hire five people right now. send your resumes to gerber kawasaki if you want to be a financial adviser. >> coming up, ross gerber will be back with us and you will not believe how many qualified people he is now interviewing because of that plea for resumes. i know we were all bombarded with people looking for a job. also coming up, a man who lost half a million dollars gambling in a single night suing because he said the casino

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welcome back. a better than expected jobs report today. nonfarm payrolls beating

expectations rising by 175,000, and that employment rose slowly as well. could signify more people are looking for work. >> so is it all clear now on the jobs front? well, maybe, maybe not. here to make sense of it all for us, back with us torsten slok, managing director at deutsche bank securities and diana roth, now senior fellow at manhattan institute. good to see you both. welcome back. >> great to be with you. >> what's the best positive? >> most important thing is despite the weather, a broad range of the numbers were actually really, really good. so most importantly there was a general improvement in a lot of data and significantly there was improvement of wages. average hourly earnings have been trending up for more than a year. that's important for top line growth, important for the fed ultimately, but it's very critical that we get to see higher wages and that's what we got more of today. >> di arn na, whana, what did y

the wage xon snecomponent. >> wages rose 9 cents an hour. over the past year they've risen by 2.2% in nominal terms. that's not enough. we've seen a declining labor force participation rate among those in college and with some college. >> is it a move in the right direction, di arn andiana? 2.2% is not good but it's better than where we were 6 months ago. >> 2.2% in nominal terms cannot be described as strong wage growth by any stretch of the imagination and it's probably going to get worse with the mix, the change in the skill mix, with the college and some college people backing out of a labor market because they can't find satisfactory jobs. >> you brought a chart along, right? you can visualize this for us.

>> the chart shows if you look at average hourly earnings year-over-year and you look at that over the last 30 years, it looks like exactly the macro investor cycle. what's absolutely indisputable is over the last year or so, wages have been trending higher. this is the one that gives us the best guidance because it is the one that has the most history. >> diana, one second because i want to refer to the chart so it's clear. we had said what about the fact that weekly wages, for example, are weaker, and you said that is a much more volatile series and that the hourly earnings tend and that's what you're seeing here, that divergence but you say it's the hourly earnings that matter more. >> remember at the moment that the weather effect was pretty significant. that's why we saw the big drop in weekly earnings. if i wasn't working for one day, my weekly earnings would go down. the uptrend we have seen over the last 1 1/2 years in average hourly earnings continues. >> diana -- >> you can talk about wages all

you like, but with an economy growing at 2.25%, which is basically at trend, we're not generating enough employment -- we're not generating enough income, and things really need to change weather or no weather. >> we have created 8 million jobs now since 2009, so we've created a significant amount of employment. the maind. >> we have 600,000 jobs below where we started in december 2007. we still haven't caught up to where we are before. >> we have 13 -- >> and the way to job growth -- >> and -- >> and with a declining labor force participation rate, we're at 1978 levels right now. we're moving to a situation where we have a change in our structural component. we need to be getting these people back into the labor market. >> the source of your disagreement here, t the two ofu are having is, no, it's not the way it used to be. this is the way it is now, but it's still not good enough.

at least as good as it used to be. is this the new normal though? is this what we need to get used to, torsten? >> the important thing for people in markets is a neutral feds fund rate is at 354 -- >> which we are far away from. >> we are far away from that. the whole issue from a market's perspective is do we need to move towards that or can we still lean back and say we still have -- >> in a word your verdict on that is? >> so i think we will see more repricing of the fed because the employment numbers will continue to get better. it's not spectacular but the whole thing we need to remember is we've been unfreezing for the last several jobs. we created again 8 million jobs. the unemployment has come down. there is some slack in the labor market. is that holding wages down or not. >> i'm not surprised you are shaking your head. >> i think the good thing about this report is that it will give the fed an excuse to keep on tapering. they won't stop tapering because of this jobs report.

so that's positive and we might get a stronger currency because of that. but this is not a strong jobs report by any means. we need to be looking at underlying factors like what we do about entitlements, tax rates, regulation in order to jump this job market further forward. >> all right. thank you, both. two intelligent people with a healthy discussion. >> we're about 45 minutes to go, 40 minutes to go to the close. the dow is holding onto positive territory but just. up 16 points at the moment. the s&p is slightly negative. >> we have mentioned that american wealth hit its highest level ever last year largely due to the record stock market rally. so is this proof you have to be in the market long term, especially young people? that story coming up. also, the social media and biotech names both on fire so far this year. which of these high flying growth businesses is the better bet for your portfolio, especially as we see some

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welcome back. mixed end to the week after that better than expected february jobs report. >> dominic chu, what are the most interesting stock stories today? >> there's a whole bunch of them. let's start with a big winner on the day so far. advanced micro devices.

the company is working on transitioning to, quote, longer, stickier, more strategic revenue flows. that's helping investors be more bullish on the stock. nutrisystem is spiking this afternoon. upgrading this weight management company to a buy rating from a neutral. those shares on the rise. cliff's natural resources under fire from casablanca capital who says the majority of the mining company's board should be replaced. cliff's a issuing a statement saying it's going to continue to pursue some kind of settlement. take a look at alpha natural resources. that stock is down 11% on the day. goldman sachs is downgrading the coal company from a sell to a neutral citing challenging price for coal stories ahead. lots of big stock stories in the news ahead. >> thank you, dom. 30 minutes left in the trading session. the dow is going out with a gain of 19 points. this is one of those days maybe i should ask the question, how

many people want to go out long into the weekend. >> with some of the geopolitical tensions. investors mostly dismissing the crisis. is it too soon to say the dispute wount roil the market again? staples closing several stores. is retail broken? we have a debate on that coming up on "the closing bell." stay tuned. [ girl ] my mom, she makes underwater fans that are powered by the moon. ♪ she can print amazing things, right from her computer. [ whirring ] [ train whistle blows ] she makes trains that are friends with trees. ♪ my mom works at ge. ♪

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after closing yesterday at another high, the s&p 500 looks to be giving up about a point. if it does turn positive in the next half hour, it will be another record high. the fact it is down today is kind of interesting. the s&p has closed higher 14 of the last 15 jobs fridays, so this would be bucking the trend. >> what could be complicating the situation is the crisis in ukraine which was heating up again today as russia seemingly moves closer to annexing the crimean peninsula. cnbc's steve sedgwick is in kiev where he spoke to ukraine's new prime minister. good evening, steve. >> reporter: yeah, bill, kelly, very good to speak to you this

evening. events are moving very, very fast on the crimean peninsula. we've just heard report unconfirmed that russian backed troops or russian troops depending who you speak to may have seized another military installation in sa vest that poll. what seems to be the case is russia is tightening its grip on the crimean peninsula. the russian-backed assembly which is not recognized by the kiev government has voted to cede from the ukraine. they're going to put that to a referendum on the 16th of march. they've been speaking to the government about whether they have to accept the fact that russia controls the region. plus, of course, the military situation down there. every time i have asked this question, they have been adamant that is not going to be the case. i spoke to the pm today. just listen to how adamant he

was today. >> there will be no referendum. it is absolutely and entirely illegitimate. no one will recognize this referendum probably except north korea, probably syria, or venezuela, and i want to be very clear, crimea was, is, and will be an integral part of ukraine. no concessions, full stop. >> reporter: he was very adamant that he does have a legitimate government here in kiev. of course, russia isn't talking to the government here in kiev because they think that yanukovych, the former president, was unconstitutionally removed from office. the kiev government said that's not the case. we had full backing and this is what the people wanted. 20 million people on the streets throughout the protest period. they say they are constitutional

legitimate as well. i also asked the prime minister about progress diplomatically. we have had no progress from lavrov and kerry, no progress from putin/obama and the russian government doesn't recognize his government. he said don't give up on diplomacy. it could be better, but it could be worse. kelly, bill, back to you. >> thanks, steve, very much. obviously the tensions in ukraine have the world's full attention, but if you're the stock market, except for one day this week, largely it's been taken in stride here. >> it's so true. if and when wall street should start to worry, let's bring in cnbc's chief international correspondent, michelle caruso-cabrera. at what point does this become systemic? >> i don't know that we will ever see it necessarily become systemic. as we head into the close on friday, there's probably nervousness about being long. remember, it was last weekend when we saw the votes in russia,

et cetera, that led to, wow, wait a minute, looks like russia is going to take some military action. monday was the big sell-off. i think that explains today's action. the referendum is likely going to happen despite what the prime minister of ukraine says. he really doesn't have much to be able to back up everything he just told steve. he has to say those things. he has to defend the territorial integrity of his country, but ultimately i'm not sure what he can do about it because quite frankly we know the united states and western europe isn't going to lift one military finger in order to help him. ukraine itself is not actually systemic, at least if you listen to mario draghi and what he said to the ecb during the press conference the other day. believe it or not, i think we see a lot of tensions if ukraine actually goes to war with russia. i think you might actually see one of those moments where the market is relieved it happened and it's over with and next up and that's it. >> i know it's a mug's game to try to read the mind of the

markets but why do you think the markets are taking it in stride seemingly as much as they are? >> because ukraine is, unfortunately, after years of mismanagement and being hosed by their government, a pretty meaningless economy. it shouldn't be and that's why those people have been in the streets for so long, but they have a gdp per capita of less than $4,000. they're not systemically integrated toward the west. most of their trade something with russia. >> and i guess if there is, in fact, an annexing either de facto or otherwise of crimea, it's seen as an end game and not the beginning of a new trend? >> russia is still in georgia, right? did you notice? >> exactly, michelle. to some extent this is russia. if you think about sort of how westward its border moved during the last century, now how eastward it's moving trying to establish a line here -- >> the asia/european. >> i wonder for these nations along that border who are maybe looking nervously at what's happening in the ukraine, the

message from markets here anyway is, sorry, you might be on your own. >> right. and ultimately, kelly and bill, a nation has to seize its own destiny and do what's right for itself, and the leadership of a country like ukraine has been terrible since it had independence from the soviet union. it's been disastrous leader after disastrous leader, and ultimately they have to run air anthony country in their own way. the loan guarantees, being able to speed up the process so they can have greater trade with the european union, all those things will help, but ultimately we have to look inwardly and say we can't deal with any more of this corruption. it has to end, et cetera. they have so many problems. >> some great analysis there on foreign affairs. thank you, michelle. >> we have 20 minutes to go into the close. >> and we've turned negative, off four points.

the s&p 500 is off about the same. the nasdaq off 25. >> has the market continued to soar? our market resident super heroes dom chu and seema mody are here to spread truth and justice in a profitable way. the justice league has nothing on these two. that match-up is coming up next. after the bell, americans have never been wealthier, and you can thank the stock market unless, of course, you're not in the stock market, and so many aren't today. why the latest study should make everyone realize if you're not in it, you're not going to win it. we'll get more into this one coming up.

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you should not start humira if you have any kind of infection. ask your gastroenterologist about humira today. remission is possible. well, with apologies to the green lantern in brightest day and blackest night, no significant market activity will escape seema mody and dom chu's sight. >> what makes social media a more compelling says is its growth story. when you look at the growth story behind social media, we're living in this fast paced world. more consumers spending time

online while the desire to communicate in a fast and efficient way continues to move. at first wall street was a little skeptical of investing in this space but with more social media companies going public and earnings continuing to improve, investors have become more bullish on social media. look at the social media etf up 20% over the last six months outpacing the s&p 500. dom? >> if you want to talk about growth, social media is fine and dandy, but drugs and therapies, that's where the action is at. take a look at this. this thing is up you say six months, 21%. i say one year, 67% for this i-shares biotech etf. this sector is on fire and it has a lot of signs it's going even higher. why? one of the big reasons is a lot of these companies are very, very growth oriented. they're trying to find drugs, they're trying to find treatments for diseases that are current right now, and if they

do, these stocks spike up tremendously. if you're looking for a way to get a really, really big, more volatile play on a bull market, biotech is the place to be. >> but, again, social media, easy to understand. sometimes for drugs you need a science degree. for social media, speaking to analysts all week on whether social media stocks are due for a correction because they have run up a lot, most of them say no and here is why. mobile, mobile, and mobile. social media companies are doing a better job at monetizing mobile. look at facebook's latest earnings. speaking to rich greenfield at btig, he points out we're still in the early stages and that mobile will continue to be a big opportunity for social media, so there may still be more room to run for these social media stocks. >> all right. so i will say this, you don't necessarily need a ph.d. in some kind of biology or chemistry related field. all you got -- >> i got an undergrad. >> all you go the to know is that they're finding the cure for cancer. they're finding the cure for heard disease, finding the ker for hiv, all of these huge diseases that are having such a profound impact on our society.

one of the big reasons why, high growth and profitable. a lot of social media companies, you may understand them but they don't make money. the big biotechs actually do make money. you pay up for it but they make money. there are also possible acquisition targets. a lot of companies are in the 5, 10, $15 billion ragnge. they could get gobbled up. there's always going to be another disease out there, another reason why another new biotech will spring up and fine the cure. if you're looking for a reason to be a secular bull, be it in biotech because there's always going to be a reason these companies will want to save lives. >> as long as they can put together an effective treatment. that's always the goal, the challenge for the biotechs. >> there you go, guys. >> please, tell us who the winner is. >> two hot sectors right now. in the mean tooirm, i think people watching are getting a headache from the up and down action we've had. >> haven't heard from birthday boy, art cashin, to see whether --

>> yes, happy birthday, art. i think he shares a birthday with alan greenspan or almost. >> really? well he either does or doesn't. >> i don't know if greenspan's was yesterday or today. i will do some investigative journalism after that. >> you take that food and throw it away. shut it down! ♪ shut them down >> that would be america's best known bar and restaurant fixer john tapper and the host of "bar rescue." he will join us later and tell us what he sees in the economy and talk about the return of his reality series coming up. really? so our business can be on at&t's network for $175 a month? yup. all 5 of you for $175. our clients need a lot of attention. there's unlimited talk and text. we're working deals all day. you get 10 gigabytes of data to share. what about expansion potential? add a line, anytime, for $15 a month. low dues, great terms. let's close!

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12 minutes left in the trading session. the dow hanging on to a slight gain. the s&p is what we're watching down two points. >> there is some interest in the fact this would be one of the few times in the last 15 or 16 months that on the jobs day the s&p would close lower. again, only a couple points. >> joining, david darst, senior manager at morgan stanley wealth management and warren myers will join us in a moment. he's getting miked up from a busy day on the markets. what did you think of the jobs report? it was a good report but markets

unimpressed. >> 175,000 is a good number. the revision upwards from the previous months were good. what i think we need to notice is the way the market acted on tuesday and thursday this week. they put on a percent-plus each day in the wake of all these difficulties in crimea and the ukraine. a phenomenal performance for the week. it deserves to take a nap. >> you have a weekend coming up where who knows what might happen and i think people are just a little cautious going into today but overall i think the market reaction this week in the face of what's been out there has been tremendous. >> do you think, warren, 1850 is now a level of support, not resistan resistance? >> i believe it is. i have been saying for a while i thought we were on a potential for a breakout to the upside. i think 1850 may be a support

and you might get it up to 1950. >> how concerned are you about ukraine and its impact -- i guess, if you want to look for economic impact, energy is what it has the biggest impact on and specifically in europe where the energy costs are going to go up if this escalates. >> we look at that, bill, no question about it. also the impact on the european banks who have lent four times as much. they've lent $3 trillion to emerging markets. u.s. banks have lent only $250 billion to emerging markets, one quarter of it. i have been blown away by the performance of the greek ten-year bond whi. >> and you got to talk about the fact that the credit markets here, there's a desperate search for yield, whether it's greek banks, puerto rico, $61 billion in issuance this week alone in the u.s. >> ireland getting bond issue

down at 310. that's only 50 basis points above the united states of america. you have spain and italy, both 325, 330. so there is this quest for yield. john d. rockefeller, who lived to be 99 years of age, sid thait more money had been lost than all the bank robberies in history by people inappropriately searching for yield. >> he said that. our yields are getting back to those levels right now when rockefeller was alive. >> you're right. >> are you inclined to want to get back into this market? >> i think you have to be a little cautious over the weekend. you just never know, but i think the momentum in the trend is still up. obviously anything geopolitical could throw a monkey wrench into this but the way the market has handled everything thus far, i think you have momentum going on the upside and i think you buy any sell-off or dip until you're proven wrong. >> just to connect the dots. they're saying what's the sled that's dragging us to 1900? it's what's happening in credit

markets to some extent, it's supporting this market, driving buyback activity. there's not enough out there and that's ultimately going to mean higher stock prices. >> it's not sustainable forever, but right now that's certainly a positive in the momentum booster in this market. >> a big number that didn't get noticed much this week was the household net worth is $80.7 trillion which is some 14% year-over-year. it got as low as $55 trillion at the bottom in 2009. and i think we hope that other people, the 80% will move ahead. >> that's exactly the point we're going to get into actually in the next hour of the program. >> we'll do that coming up here. gentlemen, thank you. david, stick around. warren, thanks. we'll take a break, come back with the closing countdown for this friday. after the bell -- >> come on. >> the president today said -- >> we're hiring right now at my company, rick. we're hiring right now. >> that was ross gerber just a few weeks ago.

he was selling rick santelli how hard it was for him to find qualified job candidates. after that he can change, he got a ton of resumes. he is now hiring workers going back to that appearance on "the closing bell." it's a great story. he's going to come back to tell us all about it and what he's learned about the labor market in the process. >> looking for a job, we'll help you out here on cnbc. so we talked about her options. her valuable assets were staying. and selling her car wouldn't fly. we helped sydney manage her debt and prioritize her goals, so she could really turn up the volume on her dreams today...and tomorrow. so let's see what we can do about that... remodel. motorcycle. [ female announcer ] some questions take more than a bank. they take a banker. make a my financial priorities appointment today. because when people talk, great things happen. make a my financial priorities appointment today. for tapping into a wealth of experience. ♪ for access to one of the top wealth management firms in the country. ♪ for a team of financial professionals

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industrial average, friday the sell-off, the issue between russia and ukraine really heating up at that point, but then the snapback on tuesday when things seemed to settle down and it's been sideways virtually in that time. for the week the dow up less than 1%. the s&p was hitting all-time highs but it doesn't look like we'll get that today although we're starting to come back here a little bit. the ten-year yield shooting up. a couple times it's been moving higher and then today, because of the jobs report, you had that move above 2.8%. we're at 2.79%. a fine of 5% for the yield on the ten-year. and the price of gold was another pressure point for investors this week. spiking on monday as stocks were being sold off. then they headed lower and then another spike this week and another sell-off. that's the volatility we're seeing in a lot of this market right now. david darst, i've been asking the question all week, does it feel like the market is being too complacent about what's

going on in ukraine? why is it taking it so much in stride? >> i think people are of the belief, bill, that sanctions will bite on russia, that the economic side. there is a long time feeling that if you let yourself be pushed around as a country by an aggressive, oppress si ive rare others will try to do so as well. we need to stand shoulder to shoulder and stand firm. i think that being pursued through the economic channel right now, no military response. as you and i talked a second ago, the referendum in the crimea, which is an illegal referendum according to the constitutional experts, will take place on sunday the 16th. it's been moved up to may. but the market has wanted to look through that as you pointed out. monetary stimulus, the fact that the fed is on the game. they're ahead of the curve right now. i think those are good things. the best part of the chart you

just showed is "frozen," the s disney movie really is about global inflation, freezing. >> two of the high flyers this week, financials and biotech. biotech has been really hot and this week we saw it come back a little bit here. do you like those right now? is that one of the sectors you like? >> i think investors should have health care exposure. you know health care is up 7% this year. we watch these bodyguards of the markets, the banks, small caps, and transportation stocks, and they have acquitted themselves very well in the last six weeks. first six weeks, no, but it's really wonderful to see those outperforming the market in late february and early march. >> financials would seem to benefit as yields go up, but is there a point at which you think the yield on the ten-year sha, s

say it goes to 3%, does that start to cramp the style of the stock market? >> 3% could be seen in this worry about deflation world, it could attract money to go back into bonds and away from stocks. 3% is still not an indicator of great robust economic health. you want to see that thing gradually move up towards 3.5% which is the consensus estimate year end, 3.5%, 3.75%. if it's done for healthy reasons, it will be a very good thing. you will be able to walk out of the hospital without the aid of a cane or a walker or a wheelchair. >> right. we were talking during the break, we got retail sales coming up next week. that's another sector very much in focus. those numbers may not be great because of the weather. >> it was negative 0.4%. this month the consensus is only for 0.2%. you want to watch the internet and online sales which were down 0.6% during the holidays. you see these big chains

shutting down stores. watch the online sales. >> david, thank you. >> thank you, bill. >> we're going out with a little minor rally for the dow. and the s&p, look at that, if we finish positive, and it looks like we will, that will be a new all-time high for the finish out on the week. stay tuned now. hour two of "the closing bell" with kelly evans and company. have a good weekend, kelly. thank you, bill. and welcome to "the closing bell" on this friday to close out the week. i'm kelly evans. the s&p 500, we're going to have to watch it, but it does look like in the final moments of the trading session today, it's turned positive, which would mean the s&p closing at another record high as we mark the five-year anniversary of the lows here in march 2009. here is a look at how we're finishing the day and the first week of march on wall street. about a 29-point gain on the dow, 16,450 is the level.

the nasdaq closing lower today. it's off 0.4%, 16 points, and the s&p 500, watching this for a couple interesting reasons, it does look like it closed higher by about a point, 1,877. let's get to it with today's panel. evan newmark, morgan brennan, lauren sylvan and robert frank. lauren, as we talk about the kinds of activities, whether people are worried about ukraine, from the hedge fund guys you talk to, what sense are you getting? >> everyone in new york seems happy that they're literally just applauding that ukraine is over. a hedge fund move i saw was buying tail risk protection. if there's conflict it could mean a drop in the equity market and they want to protect against that. >> what do you mean they're happy about this? they see it as a trading snunt. >> i'm saying the mood in the

u.s. is happy generally with this good jobs report. i'm saying in ukraine it's a much different situation. >> got it, got it. what song is still on top of the charts. it's literally the song is called "happy" is it not? pharrel? who does that song. >> you're dating yourself. >> the song is like three weeks old. i'm not going to sing it right now. steve grasso, who is joining the conversation -- sorry, he's not here just yet. he'll come in a second. i'm all rhode island up by these markets. >> i'm going to rain on your happy. >> go for it. >> i'm surprised the market traded as well as it did this week. i'm surprised the market is as sanguine as it was. a few weeks ago when i was on, you were carrying on about argentina and turkey and blah, blah, blah, and i'm amazed that what is happening in the ukraine has not rocked markets to a greater extent. >> why should it?

>> you're looking at a high probability of an annexation and all sorts of -- this is not going to end well and the market doesn't care. i'm very surprised. >> i want to know more about why you think that. most of the time i wouldn't give any credibility to anything you say about the markets, but you lived in russia. why do you think any kind of military action or -- that this could become more serious? what makes you think it's going to get more serious? >> look, it is very, very hard -- >> what's going to happen? >> it's very, very hard to see an easy way out of this thing, robert. there are all sorts of knock on effects we can only begin to understand right now including sea syria, iran, jat pan. this thing still has a long way to go. >> if we really understood the death of this, could they fall 5%, 10% -- >> as we're discussing this let

me bring in steve grasso. are they being too sanguine whistling past the graveyard? >> i actually agree because we've heard from generals -- former generals say that this is definitely going to be a couple more acts in the making here, and the market has shrugged off everything, kelly. but, unfortunately, when we get a bad headline and it sticks, you'll see that the hands that are catching this market probably aren't as secure as we'd like to think they are. could you have that big sell-off day we haven't seen just yet. >> i want to go back to a point lawrence was making off the top. you're saying there are hedge funds who are trying to prevent against this tail risk? >> i couldn't hear you? >> lawrence i was saying. what are these funds trying to do? >> everyone is so hedged right now. so hedge funds by their nature are hedged, and i don't think they're swinging for the fences anymore like they did last year

because they got so rolled over and performance was so terrible that everyone i think is pretty hedged up. everyone i spoke with is not really leaving themselves overexposed. that's why on a friday you get to see guys pair up positions because they're not going to leave it to the point where they're so leveraged one side or the other. >> lawrence? >> they're basically buying options on stocks. if they plummet, they're going to make a lot of money or at least lose less because they're still bullish overall. >> i was talking to a wealthy family that has a lot of connections to eastern europe, and they bought a lot of corporate ukrainian bonds this week which they say were wildly mispriced. so here is a family that has a lot of history in that region, a lot of connections, and they think it's overblown. they're buying the bonds. sure, every trade has two sides. these people are smart, and they think it's over or at least it's not going to get much worse. >> all that said, you wonder if we'll look at this in retrosp t

retrospect. >> you're mixing up the events. the problem or the issue with turkey or argentina or what was going on in greece is central banks could fix that stuff. the thing about the ukraine is you're dealing with governments, issues of sovereignty and politics and nationalism. that's why it's a much more -- >> fine, but if we're talking -- hang on a sec. when you're talk about the european union and whether the currency bloc can hold together and all that, i get it. why is it even if we're talking about issues of sovereignty, the market's verdict right now is, frankly, we don't care. unfortunately, that doesn't matter to us, so why should it? >> by the way, i'm not predicting that something bad is going to happen. i'm just saying from the laws of probability in terms of what events could happen, the probability of something going wrong has increased dramatically

over the past week, and yet the stock market has not reacted as if anything has changed. >> kelly, you're actually both right on this topic. we haven't seen any headline that's really -- that we can't come back from. there's no abyss we've seen. we've seen possible headlines and every time you see those possible headline, that geo political stuff will go bad, the market goes south as well. we just haven't had anything tangible. we've shrugged off everything, shrugged off hypotheticals. when it comes to reality, you will see the market sell off if it comes to reality. >> i want to take a look at energy for a second. if i was a trader, that's what i'd be focusing on. one of the things i have been following, exxonmobil. they have a lot of exposure in ukraine but the bigger story is russia. it becomes an issue for exxonmobil when you start talking about putting sanctions on russia. when that happens you start to

see some movements in stocks. exxon has been a laggard all week because of its production outlook. that's when you start to see the movement in the companies that have the exposure. >> david is joining the conversation by e-mail. he's saying to your point about the market being hedged, nobody is hedged right now, no way. there's a little downside risk price but that's it. >> okay. i mean, that's a difference of opinions. you could look at the metrics out there, and how about i put it this way? anyone i speak with to the 50 to 55 of the biggest global accounts and a nice array, a cross section, guys are hedged. obviously long onlies are going to hedge a different way. >> yeah. and speak being a couple of the specific themes we saw today, we haven't talked much about the jobs report. this was supposed to be the issue, the theme du jour. we were talking about the s&p 500 because it's been up 14 of the last 15 jobs reports, and i guess as things settle out, it's now 15 for 16. so what do you make of that? does it mean the jobs report

matters, doesn't matter, the markets are powerful to overcome these forces? has anything changed from the fact we finally had upside surprise in the number this morning? >> it's a goldilocks scenario right now. it's just good enough and it's just bad enough. you saw the increase in the unemployment rate. so it's just good enough so that we see that taper is probably just going to stay right on pat right here. so it's not going to spook anybody. it's not going to scare the market participants. we've shrugged of taper, shrugged off ukraine for now. we've shrugged off a lot of weather issues but all of these things to your point keep people piling into equities for now. jo b >> but no one really wants to talk about the fed. no one is all that exorcised about the macro stuff. is this now capitulation. do they have to turn on a dime and join the equity market rally? >> no, i'm --

>> steve, is your other name lawrence? >> i can't hear you right now. i shu juould have just been on with you. >> i think the bears are starting to capitulate. you can only be short gold and marginally short equities for so long. everyone has done the same things for the last year and it's time to get bullish, at least that's the way -- >> there is so much -- you know, again, i'm pretty bullish in general, kelly, as you're well aware. i'm amazed that people are eager to buy stocks when the s&p 500 is almost at 1900. >> you said that in january. you said that in january. you said nobody is going to buy it. it's too expensive. who is buying twitter do shall. >> i will talk, robert, for myself. with my money as the s&p approaches 1900, i go i'm going to take money off the table.

look at the biotech names. when you start buying biotech stocks that have been up two, threefold in the last year, you're going why are you buying a company that the stock is up 3 300% -- >> because it's based on the supply of money, on the fundamental value of the things you're buy pentagon. >> thank you for that, robert. >> when you take a look at household wealth and where the health has happened, me, i want to get into the stock market. is it -- i'm not even saying me spe specifically, but i'm going to take a look at the stock market and see if -- >> contrarian indicator is the retail investor. >> we're going to get into this coming up. that's a good tease. thanks. steve, really appreciate it. or should i say lawrence? you can watch steve grasso coming up with the next of the crew on "fast money" at 5:00 p.m. now, is retail broken? and this is a different kind of retail now. we're talking about staples,

children's place, and radio shack announcing plans to close hundreds of stores nationwide. two industry specialists up next on whether the chain store as we know it is going the way of the dinosaur and if this harsh winter just sped up the process. also ahead -- >> i'll say it right now, i'll hire five people right now. send your resumes to gerber kawasaki if you want to be a financial adviser. >> that was investment manager ross gerber two weeks ago right here on "the closing bell," and he's actually putting his money where his mouth is. ross will give us an underdate next.

ross gerber two weeks ago right

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welcome back. let's get straight over to dom chu on palo alto. >> last hour we told you that there was a mistrial declared. a suit being brought by juniper. palo alto is out with his statement. they say, quote, we continue to stand by our position that we do not infringe on the their patents and are committed to delivering innovation and providing the network security market with disruptive technologies. also juniper networks has issued their own statement. juniper brought the suit in order to protect our intellectual property and investment in innovation. while we wish this jury had been able to reach a unanimous

conclusion, we look forward to presenting our case to a new jury in the near future. that's the key here, of course. mistrials are not declarations of guilt or innocence, just the idea one jury couldn't reach a verdict. a new case could be coming in the coming months possibly. back over to you. >> not over just yet in that case. retailers moving fast to blame weak seals -- sales on a brutal winter. is weather the issue? with us now jack kleinheintz, stacy ridlitz and courtney reagan. >> jack, you say retail is not going the way of the dinosaur. >> i think retail is certainly responding to consumer demands and every sector in the economy has to respond to the changing

dynamics. so i don't believe that the consumer will want to get away from making a visit to the store and seeing merchandise. >> stacy, do you agree? >> you know what? kelly, i don't think the retail brick and mortar is going away by any means but we've seen the shift online. some teen players have 30% of business online. staples have 50%. we're overstored and we need to fix that. i don't buy this is all a weather issue. i think there are things going on in the economy, particularly in the low end, people had their food stamps taken away, so the dollar stores are suffering, walmart is suffering. i don't think it's all weather. >> courtney, it does feel as though there's really a shift or we're finally kind of waking up to the damage it's going to the weaker links in this market. what do you make of how the retail landscape is going to look in the months ahead? >> i think i have to agree with stacy. we're just shifting the mix. retail is largely a zero sum game. sure, you're going to see some small gains but it's usually at the expense of someone else. if you look at some of the big

players, walmart's e-commerce certainly still small but it's up 30% as far as the most recent quarter. best buy's comparable online sales up 26%. nordstrom online sales up 30%. many of those in-store sales were a little weak. stacy mentioned abercrombie said 25% of its total sales coming from direct to consumer. i think it's just a mix we're going to have to get used to, and you're going to need to serve the customer in store and online. you cannot neglect in store because they're still going to the stores as well and they expect it. web groom something a big thing. we browse online but we go to the stores to buy it, feel it, try it, and touch it. >> e-commerce is taking a large part of the consumer budget. it's 5% of total retail sales. the important thing is we have some longer structural changes going on. we have a population that's basically flattening out and an

older aging population. so the mix of goods and services that are going to be demanded by those -- by those consumers are going to impact how we deliver and how retailers will respond. >> jack, you're absolutely right. if you think about some of the strip malls maybe in the neighborhood as people are driving around, the turnover they have seen from traditional kind of retail stores to things like, you know, to health clubs, smoothie shops, all of those -- would you consider -- what's the national retail federation in terms of composition going to look like in the years ahead? >> certainly right now as we look at employment it's only about 75%, 85% of the economy actually has jobs and services while the rest is in goods producing. when you start looking at retail, it's still a very large percentage of the economy, but they're changing their complexion because of the demands in the way the consumer is actually spending. >> we have to cut you off there unfortunately. we have some breaking news. thanks to all three of you for joining us. we want to get to phil lebeau

with news on boeing. what can you tell us? >> boeing is going to be inspecting a number of 787 dreamliners that are in production to look for hairline cracks that may have developed in the composite fiber wings. boeing said it is a limited number of planes. it's been reported there are 42. these are not in service dreamliners but dreamliners that are in production process and what's happened is apparently where the wings are attached to the fuselage, it has not been done properly and as a result tiny hairline cracks may have developed in some of the wings. boeing was first notified of this potential problem by the wing manufacturer which is mitsubishi heavy industry out of japan. boeing inspecting a number of 787 dreamliners, about 42, to see if these hairline cracks exist. no existing inflights or in service dreamliners are impacted. boeing says the delivery schedule will not be impacted by the inspections. >> thanks very much as those

shares move lower by half a percent after hours. well, "the closing bell" doing what it can for our sluggish jobs market. take a listen. >> i'm happy to hire and train you to be in this business. it's really hard to find people. >> that was wall street pro ross gerber. he's up with an update on after that statement how much resumes flooded in. wait until you hear how many new people he's hiring now. we'll be right back. ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪ from td ameritrade. so our business can be on at&t's network for $175 a month? yup. all 5 of you for $175.

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welcome back. "the closing bell" may be making good things happen. a couple weeks ago ross gerber was on our air talking about how he would hire five people on the spot. he just needed one thing. take a listen. >> i'll say it right now, i'll hire five people right now, send your resumes to gerber kawasaki if you want to be a financial adviser. i'm happy to hire and train you to be in this business. >> good for you. >> it's really hard to find people. >> my hat is off to you. >> what's missing from the candidates? if you're willing to hire people on the spot right now, what are you looking for that you're not getting that walks through the door? >> really, it's simple. a college education. so many people cannot afford to finish their college educations anymore. it's so expensive. >> that whole conversation was spurred by this disagreement we were having over whether or not there was a shortage of skilled workers in the labor force. >> there are millions of unemployed college graduates. >> i'm not coming to you yet. immediately following those comments, viewers tweeted their resumes and ross gerber is

joining us now. thank you so much for being here and being dragged into this but it sounds like it's turned out well for you guys. what happened? >> it's been amazing for us. we got about 60 really good resumes from around the country. unfortunately, because we're in the los angeles area, we really are looking for candidates that live close to us because relocation is a whole thing. so of that we got about 20 resumes that were really in our location and met our qualification. we had first interviews and second interviews this week and we had 14 really high quality people come in for interviews, all with great backgrounds and diverse backgrounds. >> it's fascinating. i'm genuinely surprised. it sounds like there's a problem then out there in terms of matching, you know, the pool of candidates to the jobs that are available. is this not something that -- what is your own recruiting policy? are you not getting the word out do you think? >> as i said on the show, when we typically go through normal

advertising methods, we're getting a lot of unqualified applications. but cnbc is certainly a wonderful place to search for applicants to be in the financial services industry. >> who knew? >> i thought linkedin, this was right in linkedin's wheelhouse. i'm surprised you haven't been able to find these people on linkedin. >> we do advertise on linkedin and we do get high quality people from linkedin but not as many at the same time, and i think that's the big difference was having the power of television to get our message out brought us a lot of really good candidates. >> and to be clear, ross, as much as we're thrilled to hear that here at cnbc, what this really is about is revealing things in the labor market right now that need to be overcome, right? if i'm janet yellen and i'm thinking what do i have to do to get people hired, this is actually not what i would expect or what i would think is happening out there. it's very interesting. >> there's a couple things i think we could do. number one, i think there's a lot of people who are getting

out of college that aren't really prepared to submit resumes and interview so we can do more training to help people get employment like through the employment centers like they had where i went to school at the university of pennsylvania. that would help candidates, but it's also i think about people being realistic of what it takes to be successful, and that's something that we're not seeing a lot of which is entrepreneurial spirit. people who want to take risks, people want to work 10, 12 hours a day to build a career. people like yourself. it's just not easy to build a lucrative career for yourself, and that's, i think, the disconnect gorfor a lot of peop. >> with that being said, what is the age range of your most promising candidates? >> most of our candidates are between the ages of 25 and 35. >> okay. so millennials. and i know some of the things that have been said, some of the stereotyp stereotypes, i say this as a millennial, is we're entitled and maybe don't work so hard. we're not as prepared with our

resumes. but you have promising candidates in this category, right? >> yes, we do. and ironically a lot of our candidates are actually foreign born and now they're here in america. they tend to be better prepared, better educated, and willing to work harder than a lot of our home grown candidates. and i love the millennials and that's most of my company, but the truth of the matter is that it's not going to be known as the hardest working generation. there was just a young woman who sued her parents for support and she's 18 years old. >> one bad apple does not spoil -- or does it? >> ross, i have a question. you mentioned that, you know, there's a lack of people with college educations. from what i gather, there are a lot of college educated people right now who don't have jobs. what is the one question or you think key question you ask in a job interview that you think is the most revealing to whether you're going to hire somebody or not? >> well, i mean, there's a lot of things that we actually look at, but i think one of the

things that we really like to know about is things like did they play a team sport? what did their parents do for a living? those are interesting things that you can learn about somebody's background, but also what type of work ethic that they have been raised with, and that i think is a really important indicator in hiring somebody. >> you have just issued another challenge that i'm going to adopt to the mill lennals, to become known as the hardest working generation. joule not achieve that objective. >> bring it on. >> i can assure you. i'm sitting between two millennials who i know vehemently disagree. i'm with you, ross. >> ross, we have to go, but thank you so much. it really is a fascinating window into what's happening. >> my pleasure. and thank you so much for your help, cnbc and kelly. >> unintentional but crazier things have happened. >> it's been great. wall street driving unprecedented wealth. it's become clearer than ever you need to be in it to win it. a new report showing american

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14% last year to 80.7 trillion dollar with a "t" dollars. that's the highest nominal mark ever, but there's a catch. you pretty much needed to be invested in the stock market to reap those rewards. is this a case for why people should be investing early and often in life or did they miss the opportunity? with me now, michael farr who bought his first stock at 19 years old, and cnbc's very known robert frank. robert, first to you on this to break down what exactly and where exactly the wealth is going. >> let me just set out some of the numbers. last year american wealth grew about $9.8 trillion. now, of that about $2 trillion was house equity. so the value of your home, but about $5.6 trillion of that $9.8 trillion, the vast majority, was from equities. and let's remember that the top 10% of americans own 80% of the equities. so you had to be in this market, not just waiting for your home to increase torque get the, to . younger house holds, 40 and under, recovered about a third

of their wealth over the past five years. middle age and older, they're almost back to precrisis levels. that shows you the value of accumulated wealth being in the market but being there over a long period of time. so if you're young, save and get in the market. >> this goes back, michael, to the question a lot of people -- this is a confer i hear and i have all the time. there's a sense of the markets at all-time highs, i'm nervous i missed the move and i'm nervous about getting involved right here. what do you say to those people? >> well, it means that you're human and it also means that you're paying attention, and, yeah, the market is high, and i agree, you ought to be a little bit nervous. but alan greenspan was nervous in 1997 when he talked about irrational exuberance at dow 6,000 and eight months later the dow was 8,000 and a couple years later it was 11,500. so you can be right that the market is expensive, but if you try and time and say i'm going to get out and then i'm going to

get back in, i'm going to tell you, you can't do it. i have watched people try for years. you have to stay invested, and if you had gotten out maybe somewhere in 2008 as things were falling apart, when would you have gotten back in? you know -- and if you didn't get out, you're fine again. >> i want to get to the panel for some thoughts on this. it does seem pretty clear, you know, that this is the way i guess that you build wealth in this country or is this just a phenomenon and the next time stocks move lower we'll look back on this and think about these are the good times that had passed? >> morgan, talk about the millennials. >> i will talk about the millennials. where is the income increases? that's the biggest issue. when we look at and look at where the wealth is growing, the great irony is that under president obama, who has talked about wealth redistribution, that we have seen this income inequality grow, and this is how we've seen it grow because the

federal reserve stimulus. so i think that's the great irony there. it's obviously why we're seeing wealth creation the way it's happening, but when do we see incomes start to rise? >> michael, i'm curious to get your take on the fed's role in all this because the fed has basically allowed wealthy people, people like myself and maybe yourself, to basically recoup -- i'm well over, you know, my low points or even my high point where my wealth was before 2008. and i think there are a lot of we will-to-do people like me. is that soly because of the fed and what does that mean for people today who like morgan are trying to save money? >> you know, i think, yes, we've seen that wealthier group who own more real estate and more stocks do better, and they've actually been back ahead of where they are. is part of that due to the fed? it seems as if it is. they've created a lot of liquidity.

we've seen real estate and equity reinflate. the key is there's always some ex oge news reason. we've seen a multiple expansion driving stocks. i think that's probably still caused by the fed. we're waiting for the economy to catch up. for demand to increase and more jobs to grow and, therefore, wages to grow, but, you know, i think what you have to make sure is here, if you have extra cash that you can invest, you want to leave it invested or 10 or 20 years if you can. that power of compounding will change your life. >> exactly. lawrence, this is what i just wanted to raise as well. it's interesting we're having this discussion about how equities are such a good investment at a time when the president has just announced a plan to get small savers into a treasury based investment vehicle. i guess, if there needs to be awareness, the awareness should really come not just about this m.y.r.a. plan, but the importance of investing in something with an intrinsic

value like stocks. >> right. there's an interesting group that's increasingly concerned about wealth inequality, and that's hedge fund managers. they very much want people to get more involved at the retail level. let's remember that george soros made $4 billion. steve cohen made $2.3 billion. there's some talk about carried interest -- >> going away. >> -- going away or highering taxes on the wealthy, a bill de blasio model. there's a huge gap between rich and poor and washington doesn't seem very likely to do anything about it. >> but i want to go back to this point about old and young. morgan's point is people don't have income. guess what? they didn't have much income growth in the 1970s either. people were investing. and the point is over decades, if you're younger, we may just not have a culture of investing among the young because they grew up in a ten-year dead market, and they didn't grow up seeing equities go up.

they just saw dead money in the market and they don't have the culture that you may have had going back. i think it's less about money. you can always save and invest a little bit more. >> and we have to leave it there. >> you just have to go through this culture change. >> jim cramer will tell the story about how when he was living out of his car and he was still investing that extra little bit of money in the market. >> ballooning college tuitions. that sums it up for young adult. >> scrimp and invest in the stock market. >> invest what you can, it will make a big difference. >> compound interest. michael farr, thank you, sir. >> thank you, see you. a lot of interesting stuff today. wait until you hear what is at the top of the our "hot list" coming up next. plus "bar rescue" host john taffer on whether people are dining out as much as they were in the past. later, a half million dollars lost, more than 20 drinks downed. and now a team of lawyers asking for the money back from the

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[ banker ] sydney needed some financial guidance so she could take her dream to the next level. so we talked about her options. her valuable assets were staying. and selling her car wouldn't fly. we helped sydney manage her debt and prioritize her goals, so she could really turn up the volume on her dreams today...and tomorrow. so let's see what we can do about that... remodel. motorcycle. [ female announcer ] some questions take more than a bank. they take a banker. make a my financial priorities appointment today. because when people talk, great things happen. welcome back. with some news for you, our own josh lipton just spokes with sales force.com ceo mark bennoff. josh, what did you hear from him? >> yeah, kelly, certainly a lot of tension here in san francisco. you've seen some anger specifically at tech companies in recent weeks, protests against tech buses, the surging home prices and evictions of

long time residents. launching a new initiative of 10 million to fight poverty. >> the tech community is under a lot of distress in san francisco. people are is up set with the buses, people getting thrown out of their homes and the tech community is not giving back enough. that's why today is so important to show how easy it is to get the tech community to give back in scale. >> when you talk about economic inequality, it's very real on the streets of san francisco. off big homeless population, of course. right around the corner a lot of tech employees cashing in their stock options at a huge premium. >> on a hot button issue. he's rescued more than 800 struggling bars, nightclubs and restaurants across the country. take a listen. >> shut it down.

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welcome back. when things get tight, dining out can often be one of the first casualties in a family's budget. families plan to eat out less than 10% than this time last year. it could make john taffer's job harder as he revives ttraveling country trying to revive struggling bars. welcome. >> good to be here. >> it means you have to jump on these bars and they can't operate in a way that's as profligate as they sometimes like. what are you seeing in terms of trends? is it getting tougher? is the u.s. consumer getting pinched? >> well, you know, during the recession a few years ago, we lowered prices as an industry. we got into two for one lunches, the $10 deals, the $20 deals, and the consumer gets addicted to discounts and lower prices. so now our guest counts have gone up a little, but we're still fighting to get the spend numbers back up from our guests.

so we're still paying a price but we've lost some businesses in the last year. >> first of all, how much of a washout has it been? because we're just talking about retail and there's this sense still that a lot of brick and mortar needs to close. do you think a lot of bars still need to close in this country? >> you know, i think we've lost about 10% or 12% of them, and we've lost more in some markets than others. i think we'll see a few more close. i'd say to say they need to close, but i think we're going to see some more close because they're struggling. >> what do you think, robert frank? >> i have a question. when you look at restaurants and a lot of the restaurants and bars do you are kind of mass market, if you were opening or looking at restaurants now, would you prefer to serve the higher end, the middle end, the lower end? where do you think the best growth prospects margins are right now? >> well, you know, i like mass feeding, and when we take a look at economic impacts, the luxury dining sector got beat up the most. >> yeah.

>> clearly we've taken a hit on the luxury side. so the question is do you go for like fast casual or do you go for, you know, one notch up from fast casual into full casual dining? there's no question the consumer is focused on value today. >> the luxury segment you're saying hasn't come back even though the wealth of that group has? >> oh, no, the segment has come back from where it was years ago but it's stitch a niche segment and there's still more money to be made in more of a middle position mass feeding environment. >> sure. >> john, one of the reasons we wanted to ask you about this is because it's been so hard for people here on wall street to get a sense of whether it's just weather plaguing the economy or something else, and what i love is you have this line where you say, the common denominator in every failing business on "bar rescue" is an excuse. they will blame the recession, a new competitor, even construction on their street before they'll own up to their mistakes. when you look at some of the struggling enterprises today, do you think the same thing when this weather excuse is coming up, that that's really just an excuse? >> it's a pet peeve of mine.

years ago on my daily revenue reports, we had a comment line, and they'd write snowing, no business. then they'd write, raining, no business. then first nice day, nosay, sno business. raining, no business. first nice day, no business. the fact is, somebody's making money in the snowstorm. why not you? >> that's a great way to put it, by the way, and when you talk about the numbers for this industry, you have gone pretty specifically of what people need to do to make money. food costs, never over 30% of your sales. by the way, we're seeing food costs move up, do you think restaurants are going to have to swallow that because consumers can't afford it at the mass level. >> sure, shrimp has gone up 30%. food prices fluctuate on a daily basis. remember, margins for

restaurants are tight. >> yeah, yeah. >> can i ask a question about oba obamacare, not to turn into a political slugfest here, is this a real industrywide issue or just the press talking? >> it's been plagued by regulatory matters for years, political matters for years, the obamacare impact is real, there are people that are concerned, people that are hesitant to make an investment, a step forward, i really this tentativeness about this and the delays seem to increase the tentativeness, people aren't getting their arms around of what it means so they're frozen. >> morgan? >> what is the best thing to carry in your bar what's the best bottle to have in your bar? >> vodka is always the number one selling spirit. but right now, the hottest trend

in spirits are the smaller boutique small batch products. special american bourbons, american whiskey is huge right now. which is terrific. products made right here in america. and cinnamon-flavored whiskeys are taking off. >> have you had the new rum from sammy? he says it's the greatest rum under the sun. >> sammy has a good history in that. his rum is great. but his party spirit adds something to the brand. it's a party rum because sammy is attached to it. >> what's the biggest mistake you see? >> that's sammy, he'll happily sell you some. >> exactly. >> you clean out bars and restaurants, what's the biggest mistakes that you see entrepreneurs making? >> two mistakes, if you don't

have a lot of experience, you have to money to pay for your failur failures. that get close to success and then run out of money. sometimes it takes a few months to find profitability. >> well, we'll tell them to go to evan if they need help. john, thank you so much for joining us. we really appreciate it. well, this is real, businessman gets drunk in las vegas loses $500,000 and now is suing the casino for allowing him to gamble while intoxicated. details of this story when we come back.

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sflmpblt only in vegass a businessman drinking excessively and is now suing the casino while gambling by drunk. what's the story? >> yeah, this new lawsuit is going to test the question of just how drunk is too drunk to gamble, take a look at some of the specifics higher from mark johnston's lawsuit against the casino in las vegas. he said that the casino provided him the lig kor, he lost about

$500,000 on blackjack in a game called pai gow. he had about seven pre-dinner drinks reportedly. about 20 drinks while he was gambling and that gambling and drinking spree lasted for about 17 hours. he received $500,000 during credit. here's what mr. johnston said for himself. >> they should have cut me off from drinking. the bottom line is, casinos aren't supposed to not gamble to you and not overserve you in alcohol, that's gaming regulation. 12k3w4r kelly, i called the casino today and they had no comment on the lawsuit. >> it's one that people are going to watch closely, though, we got to talk about this, morgan, you were making a point that the responsibility is being shifted on to the proprietors, whether it's par or casino

perhaps. >> just going back to the last conversation we just had with jon, there are regulations in place, if you're a bartender and you overserve someone, they go out and get in their car and have an accident, that can come back to you. there are already legal precedents in place. the fact is, how do you control how much that person has drunk before or if they're going to the bathroom and drinking, how much can control for that? this guy, he was in a blackout, so he was functioning. he was allegedly in the blackout. >> he says he doesn't remember any of that happened. >> lawrence, what you were going to say. >> what's next? taking a breathalyzer test before rolling the dice at the capps table. >> this is the center, which says that casinos are prohibited

by letting people gamble if they're clearly turned influence and they're also prohibited further more from getting free drinks. if they investigate this which they are and they're found to have violated that law then it's their responsibility. >> a case, someone is saying i'm shobld that there's gambling in this casino, you kind of know what you're getting into when you get into the limo, get the drinks and start pounding them down. >> this is the great american tradition of always finding somebody else to blame for your own stupidity. great american tradition. the one thing that they set him up, they put him, they put sammy between him and the craps table, which ended badly for him. >> thank you very much, it's an

important story. we're going to watch that one. "fast money" is following this show. arabica prices are up 80% so far this season. we have ceo of dunkin brands. >> ask him if the price of my dunkin is going up. >> i sure will. "fast money" starts right now. live from the nasdaq marketsite in new york city, i'm melissa. we have a third after the mix. we start out with our top story. this time last week, traders were