stocks, have bounced nicely and have begun to outperform. you see both in europe and the japanese banks are down 14%. that's not good. >> something we need to watch indeed. we've got to finish up there because the show is ending. thank you so much for watching "street signs." thanks, dom, for jumping in as well. >> more on the markets coming up on "closing bell." take care, everybody. a surprise selloff on wall street today. welcome to "the closing bell." i'm kelly evans here at the new york stock exchange, on a day where we're on the lows of the session. >> another down day. this time it is the worst of the -- we've had four consecutive down days now for the market. this is the biggest selloff. what's very interesting is there's no consensus on what's causing the selloff today. depending on who you ask, it's china, it's the situation in ukraine, it's correlation with germany.

it's comments by mario draghi, which have sent the you'euro lo. all over the map today so far. the point is, it's our fourth consecutive down day. >> that's right. we're going to keep a close eye on markets. we're seeing the s&p 500 selling off by about 22 points. we mentioned the dow off 220 to 161138. the nasdaq losing ground as well, off 68 points in the session today. >> let's talk about it in our "closing bell" exchange. we have heather hughes, greg ip, amy wu, ron weiner, and our own rick santelli. we're going to bring a trader from the floor. you want to bring him over? come here, warren myers. come on over. we'll get you in place as well. i'm going to start with rick santelli. because of the lack of consensus, mr. market, on what's causing this selloff today, you know, what do you make of that when nobody can agree on why people are selling equities today? >> oh, i don't agree with that at all.

just because you have six different aisles at a supermarket being crowded, it's no reason to say you don't understand why they all want to get into the store. they do. so you have one aisle that's nervous about how the german stock market is trading. one aisle is nervous about the trend in china. both on their data, what they have to back their loans. all that has affected the yuan. we have another aisle looking at the stock market versus the treasury market in terms of where do you want to have your money. i think it all makes perfect sense. the thing that's different today, two things actually. the first is interest rates were leading stocks today. it was a close call, but that's what i've garnered. and i think the second issue is that all those things are proactive on the same session. >> amy, how much further do you think we have to go here with this move to the downside? >> that's a good question. and i don't want to sound like a

broken record, but honestly, from the options market it would tell you not that much more because it hasn't been panic or protection being put on. you see a handful of eem trades, a handful of xfi, a handful of other things. however, it's not this consistent downside put protection you're seeing being bought. it's something relatively muted from our side. >> greg ip, mario draghi about an hour ago making comments that sent the euro lower. that seems to push our market lower in the last hour. what do you make of comments they're making over there where the german market has been suffering? >> the european central bank, of all the folks who matter on this story, seem least worried about the low inflation trend that's been going on in europe. so one of the reasons the euro has been so strong is perception that the europeans are not going to ease into this disinflationary trend. the selloff in commodities we've

seen over the last day or two is just going to muddy the picture fur further. it's going to continue to give us this tension between low inflation and a central bank in europe and united states that doesn't seem to worried about it. >> ron, if you wanted to take china as a case in point, you can paint a picture where things look okay for u.s. equities here if china slows a little bit, maybe commodity prices drop because of that but it's actually a break for consumers over here. i guess the real question when we look at markets today is, is this just that sort of issue? a china issue that we have to work through, for example, or is there something more systemic here that people seem to be concerned about? what do you think? >> first off, investors are still skittish starting back from 2000. we have a much more skittish environment for anything that happens, anything negative or positive, but mostly negative. i think it is a combination of all these things happening all within the same week, ten days. but the u.s. is the safe place

or the safer place to be. i would be thinking, okay, where's the opportunity in this? maybe not today. maybe not next week. but there's definitely an opportunity. the u.s. is growing. it is more stable. our banking is better than european banking. so the s&p is flat. i think we're okay. i don't think we're great, but i think we're okay. i would be looking for opportunity in the u.s. some of these things will boil over. some of these things will calm down. doesn't matter over the next 6, 12 months, i think the u.s. market is higher. >> heather, i'm going to let you speak to the individual investor out there. what are they to make of all this as we try to come up with reasons for this selloff today? do they buy this dip? do they stand clear? >> i think over the past three hours today, there's definitely no shortage of red flags when you're looking for reasons to climb a wall of worry. as we're all alluding to, tensions out of russia, the china market, obamacare coming up. so that will still hold true.

two quick things. i think no one would be surprised if political tensions out of ukraine led to economic stability as we get closer to imposing sanctions against russia. number two, regarding china, the wave of chinese defaults on their bonds that may occur and their shadow banking system, in order to shrink their system, we need to provide more loans to nongovernment institutions. that may not be a bad thing. let's flush out some of the toxins in the global economy. let's address the problem in china of being a more -- or lacking a consumer driven economy. right now u.s. consumes, china produces. we need china to consume. >> just to be clear, when you were talking about some of the geopolitical unrest coming out of ukraine and russia, you said that was going to cause stability or instability? >> instability. yes, instability in terms of the economic sanctions. i think you're seeing it

regarding the markets a reversion back to value, perhaps. you saw the high-flying growth social media stocks outperform during the first two months of the year. now you're seeing investors -- not just that trade that rick alluded to, meaning there's no alternative to stocks. now, if we get a bit here, down 225 on the dow, you may see a reversion to value heading into march and april into the spring. >> by the way, i hope everybody saw "squawk box" this morning. jack welsh saying there is no alternative trade, meaning investors are trapped in the equity market. they have no other place to go. >> except for today. >> warren myers, you've been constructive on this market. now we're seeing a pretty serious selloff. what do you make of this? >> we're seeing global events trumping the u.s. domestic data that's been coming out. the data that came out today was marchly pretty decent. >> jobless claims were good. retail sales were good. >> exactly.

if you get this trend of global events pulling the u.s. equity market down, you're going to get a bigger divergence between the quality and the weakness in other markets. once this settles out, this will be the place to be. >> warren, who's selling today? is it real money? is it the hedge funds, retail? >> i think it's a little bit across the board. i think it's a lot of people taking profits in stocks they've been holding on to for quite a while and locking something in. there's certainly no sense of panic here. the volume is still relatively light. i don't see it as any worry signal. >> if volume is heavy, rick, it's heavy in the treasury markets. it's akin there to a day where we might have got an fed statement or where we might have got an jobs report. huge activity. it's brought yields down. it's confirmed some of the weakness we already saw across the treasury space in the last couple sessions. >> exactly. i think a very important point we need to bring up here is traditionally, you know, lower interest rates are always viewed as a big positive for equities. i don't think this is the case

in any regard. on another front, when we talk about china -- and heather brought up a good point. we need to shift it to a consumption economy. the president in his first term in this country said we need to shift more to an export economy. both of those are noble endeavors. but they take a long, long time. none of those issues are going to happen in the here and now with respect to the proactive realignment of these pieces. >> bill, kelly, we were talking off camera that this month the ism manufacturing was up and the ism nonmanufacturing was down. that's counterintuitive to america's service economy. we are coming back, but we don't have to come back a lot. the world's still growing. maybe not growing fast, but that's more toothpaste, more computers, more iphones, more cars. i think america is the safe place. >> but that's what's so interesting. we mentioned yesterday that was getting a lot of traffic, this whole idea about how strong the u.s. looks. greg, if you had told people today we were going to get the

retail sales report we did, except for maybe some lower revisions to prior months, and the jobless claims figure, you would not have expected to be down almost 250 points in this session. >> yeah, exactly, kelly. in fact, that's precisely why i'm not getting worked up about this drop in the dow. to the extent we've been going back and forth is it because of the weather or because the economy is rolling over? the better than expected retail sales data and jobless claims number lean you towards saying it's probably weather. if you are worrying about the economy hitting a soft patch here, you should be less worried today. and that probably also means that next week's fed meeting is probably going to be as much of a nonevent as it can be given it'll be the first press conference for janet yellen. >> she's hoping it's a nonevent. very quickly, warren, talk us through this last hour. what do you expect to happen? >> i was looking at the market on close and balances. they were slightly leaning to the buy side. nothing huge. i don't see that having an

impact at the end of the day. i think we'll close near the lows. that's the trend we've seen for today. >> heather, what were you going to say? >> oh, just regarding the weather. i think -- >> or was that amy? >> it was amy. sorry. >> go ahead, amy. >> one of the biggest debates we're having with clients is whether or not buy backs continue or with cap- cap-ex increases. both these things are extremely positive. it's just a question of which one is going to lead the charge. >> great point. thanks, guys. >> thank you, everybody. see you later. warren, we'll let you get back to work. much more on this surprise selloff throughout this next hour as we head toward the close. the dow just off the low set moments ago. we're down 238 points right now. the nasdaq having its worst day in quite a while. we're down 73 points on the nasdaq composite index. >> frankly, some of the higher momentum names, if you want to call them that, that's where we saw the early weakness. it's confirmed with some of

these etfs. >> by the way, defensive measures are doing very well. utilities are very strong today. so we're seeing a lot of these defensive issues that nobody wanted to buy at the beginning of the year coming back so far today. >> president obama putting pen to paper on a controversial executive order, expanding overtime pay for millions of americans. >> how will this go down with corporate america? we have two members of cnbc's own chief financial officer council. the financial chiefs of abbott labs and trulia will talk to us about what expanding overtime pay will mean to their company. >> also, with food inflation on the rise, the ceos of agco plus, the head of fast food giant taco bell, will weigh in on all of that. >> by the way, taco bell is entering the breakfast wars. out with new breakfast items, including the waffle taco. really? for breakfast? we'll hash that out coming up. stay tuned. kelly told me to say that.

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the day, we've had a substantial selloff and a flight to safety at the same time, as bonds have seen their heaviest date in while. defensive stocks are very strong day. meanwhile, the dow is down 1.5% today. the nasdaq getting hardest hit, down 1.7%. there are a myriad of reasons. you pick, most of them having to do with overseas action. weaker economy in china. the unrest in the ukraine. the problems in the european arena economically. mario draghi making comments earlier today. whatever it is, we have the worst selloff we've had in quite a while on wall street today. and in the last hour in washington, president obama made his controversial executive order, expanding overtime pay. he made that official today. >> eamon javers following that out of washington. >> that's right. the president wants to change two key thresholds. he wants to change the salary point at which people have to

collect overtime pay. he also wants to change the rules around the type of work involved that you are allowed to be exempt from overtime pay. both of those things have taken together could expands overtime for millions of americans in an election year. the white house thinks that's good politics. the president today said it's about basic fairness. take a listen. >> if you're working hard, you're barely making ends meet, you should be paid overtime, period. because working americans have struggled through stagnant wages for too long. every day i get letters from folks who just feel like they're treading water, no matter how hard they're working. >> and guys, the president saying this is about basic fairness, but it's going to have to go through that bureaucratic process over at the department of labor. just because he signs an order today doesn't mean that's happening any time soon. bear in mind as well. >> during his year of action. thanks, eamon. reaction now from two key

players. the cfo of abbott labs and the c.o.o. of trulia. >> welcome to the new york stock exchange. >> we just heard a series of measures coming out of washington, trying to boost pay for minimum wage workers, now for overtime workers. thomas, what's the impact for your business? >> we're in the business where i think there will be minimal impact. i do think this is something that for many business persons, there are only two things that can happen when costs go up. it's either to reduce costs elsewhere or to pass them on to consumers in some ways. it'll be interesting to see how this plays out and what it means for other companies across the country. >> you feel the same way? >> i think the president's proposal is a step in the right direction. not only is it right for income inequality, it's also right for the economy. i say that because, keep in mind, all of these minimum wage workers are also consumers. and the extra income they will earn will likely go right back into the economy in the form of

more, you know, school supplies for their kids, more groceries. >> so this is fascinating. i didn't know necessarily if you guys would agree or disagree. we have now incapslated the two different views of this issue across the u.s. economy. >> you're not talking like a cfo. >> look, i think it's right for the economy. it is going to come back into the economy. almost certainly it will end up in extra spending across different sectors. i can tell you, you know, first hand i started out as a dishwasher earning $3.35 an hour. and it's hard to make ends meet on that kind of an income. >> if you had made more, would you still be a dishwasher today? if you made $20 an hour as a dishwasher -- >> unlikely. the fact is, it would have enabled me to support myself and if i had a family better. it's likely that money would not have been saved but would have been used just to make ends meet and therefore would have come back into the economy. >> all right. let's move on to other areas. obviously both of you represent

two key areas of the economy right now in health care and in real estate. health care, obamacare, their costs are going up. what does that do for your business right now? >> well, abbott has always supported the affordable care act from its main objective, which is access to health care for all americans. from the beginning, we've been supporting that. it has had an impact on our company. you know, we are a medical device company. at least that's one of our businesses. and, you know, we pay the medical device tax. that's affected our ability to potentially invest in innovation as we go forward. you know, the u.s. market is very important to us. this plan is very important, but it's only about 30% of our business. we're about 70% outside the u.s. very emerging markets focused. you know, that's where we're mainly focusing our investment these days. we'll see how it plays out longer term. >> that emerging market focus, does it make it hard to sleep on a night like this? >> you have to have a long view

with emerging markets. we have a long history, decades long of dealing in these markets. we've seen the turmoil. we've seen things come back stronger than ever. it's been a little noisy the last few months, but if you -- in a lock-term business like health care where you have to invest and in these economies where the growth rates are two times the developed world, where health care is increasing as a percentage of the economy, it's really where you have to be if you're going to have a chance to grow as a health care company. >> sean, real estate grows in fits and starts here since the recession. congress wants to do away with fannie may and freddie mac. a lot of head winds in your industry. what's it done to your business? >> they're definitely head winds, but they're tail winds. it's not going to be a smooth journey ahead, but we're at the beginning of a sustained recovery. there's plenty of bad news. some you've cited. if you're a home buyer this spring season, things are less affordable than they were last

year. home prices are up 10% year on year. mortgage rates rinare inching u and they have nowhere to go. but if you're out looking this spring, there's probably more inventory in the market. rises prices have brought homes on to the market. and there's less competition. 2013 was about the investors. >> but there's less inventor noir. home builders have not been building. they've not come back in a great way since the great recession. and new home buyers, very -- you know, they want to buy right now, but it is tougher for them to afford, and there's not as much inventory. you're sort of in a bottleneck period right now for the real estate market. >> there are. there are mixed signals, undoubtedly. the key here is to not overfocus on any one particular index. things are, you know, ufz to look at new construction. at the same time, you have to look at mortgage rates.

you have to look at employment numbers. and taking all of those together, what we see as an economy, a realistic market that is coming back into balance. in fits and starts, but it's coming back. >> thomas, we're still looking at markets off 250 points today. we talked about some of the weakness in emerging markets as well. this is all going to come back to how strong the u.s. economy is fundamentally. it will also, of course, touch on these issues coming out of washington with weather and what to do about pay. but do you think? how strong is demand fundamentally across the economy? >> we're encouraged by what we're seeing. the pmi indexes are improving. i think growth towards 3% this year seems to be where it's heading. i think we're looking at a weaker first quarter because of the weather and various things people have been talking about. but we are encouraged. the private sector level is improving. just as you said, as the

developed world improves and there's some progress in europe, it's going to help the emerging markets as well. ultimately, the developed world is the customer base for those worlds. >> you guys going to be hiring here this year? >> abbott is investing in a number of areas of growth. i'd say the employment in the u.s. this year is going to be pretty stable basically. >> tom, sean, good to see you both. thank you for joining us. >> really fascinating. appreciate it. we have a little more than half an hour to go. we're having one of the weakest sessions for markets this year. the dow is off 238 points. the nasdaq off 75. bill? >> all right. meat, milk, eggs. the department of agriculture warning the prices for these staples will skyrocket this year. courtney reagan breaks down the pain we'll all be feeling soon coming up next. >> and we'll get reaction from two ceos whose businesses will be directly affected by rising

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tdd#: 1-888-648-6021 so you can take charge tdd#: 1-888-648-6021 of your trading. welcome back. here's where we stand. the dow off 237 points or 1.5%. the nasdaq, the weakest link, off 75. and pain in the wallet in the

meanwhile. the agriculture department warning about price increases for dairy. >> courtney has details for us. >> hi. good afternoon. higher commodity costs, the constrained consumering and weather. if you combine all of those head winds, you've got a combination of protein pain. it's impacting both food companies and customers. the usda is forecasting protein inflation to more than double this year thanks to adverse weather, viruss that have spread throughout livestock herds, and the results shuffle in supply and demand, leaving food companies and restaurants debating just how they're going to dole with these higher input costs. the surge in beef prices from constraints apply has been more difficult for a company like texas roadhouse to swallow. the casual dining restaurant has a goal of keeping expenses low. that's important for this restaurant that gets more than 70% of its sales from diners that come two or more times per

month. they would definitely notice those price increases. protein pain, though, of course stretches beyond just beef. it's into dairy too. also a derivative product from cattle. ann annie's expects inflation to remain tough, particularly in organic cheese and cheat, also important for a company that counts mac and cheese for 40% of its sales. when we asked yum brands about its food inflation, they said they're not concerned about it this year. they're expecting low single to mid-single digit food innation for the coming years. not everyone is worried, and not everyone is passing along those higher costs to consumers but certainly some are. kelly and bill, back to you. >> courtney, thanks very much. >> joining us here at pacific ocean nine, bob crain, senior vice president of agco, based in georgia. courtney was telling us about the impact it'll have on the middlemen, those that have to

sell the items to the public that have a higher cost. what about at the source. the farm economy has been hot the last few years. if prices continue to rise this much for food items, does that put a cap on that growth rate? >> the basic fundamentals it behind this business are still excellent for all of us in this business. three, four key drivers of this business right now. certainly the world population growth. over 9 billion people in this world anticipated by 2050. a few short years away. along with that, we see a growing, growing shift in the need for protein throughout the world. obviously protein is good news for our industry. >> i got to ask you about a couple of things that everyone here on the floor is talking about today. that's china, russia. you have businesses in places with exposure to these markets.

we're seeing a big drop in europe, where you traditionally have a big chunk of business. those markets are weak today. china, everyone is concerned about growth slowing. walk us through the scenarios you could foresee this year here in 2014 as everyone tries to make sense of them. >> i look at things very, very basically. economics 101. supply and demand. i think as things happen in the ukraine, as things happen in russia, obviously that's going to upset the balance of supply and demand. we think that could be good news for this industry. >> would you like to explain or give an example of why? >> obviously, for example, ukraine. a significant producer of grain. who knows what could be happening in ukraine in the coming weeks, in the coming months. we think that bodes well for other opportunities for other

areas can of the world that pro those grains. it could possibly have an upside in terms of price. >> so crisis in one spot creates opportunity in another. what about weather? there's been drought and heat and less planting for a lot of farmers. >> well, a little different look. it's hard for many people to understand -- our viewers to understand. but drought in many, many parts of the world means great news for producers in other parts of the world. again, basic economics 101. supply and demand. >> so again, crisis in one area is going to create opportunity in other areas. >> no doubt. >> but you're serving both those areas. if one area is going down, the other can't go up that much, can't it, in terms of demand for equipment. >> certainly we saw that last year. significant, significant droughts in parts of north america, which is my area of responsibility. but at the same time, it created opportunities in other parts of

just north america that compensated more than enough. >> just real quick, last question, are we seeing another dust bowl like phenomenon across the u.s.? >> i wish i could forecast that. i don't think we are. i think it's the normal plips that you see. in my opinion, i think we're going to see a normal-type year in terms of production in north america. >> we will see. bob crain, thank you for joining us today. >> thank you for having me. >> we continue this selloff. about 30 minutes left. the dow down 231 points. the fourth consecutive down day, and this by far is the biggest of the down days. >> and we're going to hear from taco bell's ceo next about his restaurant's big move to get consumers considering it for their morning meal. he'll be here exclusively to

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welcome back. a down session for stocks across the board. the dow off more than 230 points. the nasdaq off 70. we're seeing pressure on the treasury yield as well, which has fallen considerably. we're keeping a close eye on the dollar as things get a bit of a flight to safety bid. certainly not across stocks, where it's selling across the board. >> pretty much red arrows across the board. dom? >> let's start off with herbalife losing ground for the second consecutive day after it said it was being investigated by the federal trade commission. that's a big move to the downside. also, goldman sachs lower as they're downgraded from a sell rating to a buy rating. also lowered the price rating to $158 a share. it was $195 before that. it thinks first quarter

tradesing revenues are tracking lower. mcdonald's also moving lower today. workers this week filed class action lawsuits in california, michigan, and new york claiming the company is systemically stealing employee wages by forcing them to work off the clock and not paying them overtime. mcdonald's is telling cnbc they are currently reviewing those allegations. then there's world acceptance corporation sinking today after they received a cid from the consumer protection bureau. on the flip side, you have plug power. it expects orders to rise almost four times this year. back over to you. >> that's been very volatile recently. thank you, dom. well, the battle over breakfast is about to get a new and some would say unlikely participant. that would be taco bell, which is thinking outside the bun, as they like to say. now they're making a move into the breakfast market. >> the new menu is set to roll out later this month. it includes items like the waffle taco. obviously, i can't wait for

that. >> yes, you can. >> now joining us in a cnn krn exclusive is taco bell president brian niccol. >> thank you. glad to be here. >> why breakfast? is this a sign of desperation? >> it's a sign of great opportunity. as you mentioned earlier, i think everybody in america is truly excited for the waffle taco and taco bell to get going with breakfast. >> i mean, other fast food giants have moved into breakfast. you're coming to the game kind of late. what kind of a bump do you expect in sales? >> you know, what we're really excited about is putting a twist on the ordinary. i think breakfast for a long time has just been really ordinary. what's in the dna of taco bell is just innovating. we think we can make a really big impact at the breakfast part because the innovation we're going to bring and based on the feed back we've gotten from all our wonderful customers. >> so what kind of bump are you expecting in sales, he asked again? >> well, you know, i've got some bosses that aren't exactly ready

for me to talk about that right now. but on march 27th, we'll start to see the bump, and what we've seen is it is truly incremental for our business and our team members are just so energized to give people an experience unlike they've ever had at breakfast. >> brian, all the same, it's a big deal to decide to keep these locations open longer hours, if that's part of it. especially at a time when longer hours is going to mean potentially higher wages, potentially higher overtime pay. why make this decision now if you're not 100% sure yet as to just what kind of payoff and consumer response there's going to be. >> we are 100% sure this is going to be a great outcome for taco bell. we are adding three, four hours. this actually presents a great opportunity for us to hire more people, give people more shifts, and, you know, i think really give people a terrific experience at breakfast. >> how much does it cost to do all of that for your business?

>> it varies by store, but we've been very specific over the last couple years getting into breakfast in a smart way. we want to get in, in a way where it adds to our business, it adds to our experience. you know, cost has not been one of our problems as we're getting ready to enter into our breakfast market. >> are fast food menus becoming too complicated? there was a story recently about mcdonald's and all they've added to their menu. the wait time grew because workers found it more complex to put a lot of the new products together in addition to everything else they had to make at that time. you're adding to the menu appreciably of the taco bell franchise. are they going to find it difficult to serve their customers in a timely fashion with a more complicated menu? >> you know, that's one of the things we've been very, very careful with. we most recently are in the top of a lot of qsr as it relates to speed and accuracy and hospitality. we want to do the very same thing at breakfast.

so we've taken time to make sure that we can deliver the speed, we can deliver the great products, just a tremendous value, and what we've seen is actually a halo effect on the rest of our business to the positive. >> so you don't mind a higher minimum wage, brian? >> you know, luckily for us, we don't have anything to do with setting minimum wage. we pay our team members more than minimum wage. what i'm really excited about is the fact i get to hire another 15,000 people that are passionate about taco bell. >> thank you so much for being here, brian. really appreciate your time. please come back and tell us how the launch goes. i'm sure we'll hear about it. >> will do. enjoy some waffle tacos as well. take care. >> trying to think of a market metaphor for that right now. it's clear there's no waffling today, though. we're off about 223 points on the dow. >> up next, more questions than answers in the search for the missing malaysia airplane that vanished almost a week ago. we'll have the latest developments from qua la lumbar

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15 minutes left before the closing bell. no sign of a let up in the selloff on this day in wall street. >> sheila, what can you tell us? >> hey there. we are bouncing off the session lows but still down 1.5% on the day. that's the worst percentage drop we've seen since february 3rd. you mentioned indiscriminate selling. we're definitely seeing that here at the nasdaq. in fact, 97 members in the red right now. particularly getting hit hard are the biotech names. that index is down 2.5% on the day. the momentum names that led the nasdaq higher, priceline, tesla, all getting hit hard today. what's weighing down the index the most are the large-cap tech names, google, apple, facebook,

microsoft. all those are dragging down the index. again, a big day of risk off. pretty much everything in the red right now, guys. >> sheila, thanks very much. of course, we're going to watch all of these components as we head into the close. a day of conflicting reports. meanwhile, the search for the malaysia airlines jet that vanished last saturday. >> still a crazy story. kier simmons has the latest for us from kuala lumpur. >> reporter: today left us more confused, frankly. we began the day with reports in "the wall street journal" that u.s. security officials had data that showed that the plane had flown for five hours, four hours after it had dropped off the rad radar, if you like. yet, at the same time, at a news conference here, the malaysian government, the transport minister an minister and the ceo of malaysia airlines said that was inaccurate and the last time the

plane had been heard from was 1:00 a.m. in the morning. so directly contradicting the report in "the wall street journal." so you have "the wall street journal"'s reporting against the claims of the malaysian government. they say they are backed up by the company rolls royce that makes the 777's engines. in the middle of all this, of course, are the families stuck now six days in, waiting for news. we spoke today to one man who is the father of a 29-year-old, and he says that he is resigned to hearing the worst, but he simply wants to know some news. he simply wants to know what happened. back to you. >> that's kier for us. of course, "the wall street journal" has just in the last couple minutes reported a correction to that story saying it was satellite, not engine data based on analysis of signals sent by the boeing 777's satellite communication link, indicating that plane had flown on for up to five hours. >> still no sign though. >> crazy story. >> not a bit at all. >> about a dozen minutes left to

go into the close. the dow is off the lows of the session. we were off almost 250 points. we're a little bit off that, but certainly not by much. this will be the fourth down day in a row. >> in the mex hour of "closing bell," amazon raising its annual prime membership fee to $99. but did amazon leave hundreds of millions of dollars on the table by not raising it even more, as had been rumored? we'll get to that story just ahead. ahead. [ rippling ] [ male announcer ] what if... [ crunching, rumbling ] ...it were possible... [ low-pitched scraping, thud ] to capture... [ trilling ] the precision... [ sloshing ] passion... [ low-pitched scraping, thud ] [ whoosh ] ...and beauty... that goes into what you do?

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welcome back. heading toward the close, about eight minutes left. the dow coming off the lows. down 219. the nasdaq with its biggest decline since early february. a decline of 1.5%. the s&p is down 20 points right now. joining me, my colleagues bob posani and jeff cox. this has been a classic situation where defensive playing have gone higher. bonds are up on very heavy volume today. utilities are trading higher and so forth. >> clearly a move towards a defensive play. there was a big move in the ten year. we saw the basis move a tenth of a point. that's a very unusual move. obviously a move towards the defensive areas. people are saying this is a bad day. it is a bad day, yet i don't see

volume through the roof. this will be an average volume day. i don't see the spyder with really heavy volume. i don't see any panic. that's what i mean. >> and we're hard pressed to come up with a single reason for this selloff, jeff. you can come up with a number of things from china to ukraine to europe and so forth. >> i've been watching china all week. obviously, the copper story is a big thing. there was a report out today from reuters, 20% cutback in lending to some of the industrial sectors over there as they try to cool down their overheated economy a little bit. i just think it's a convergence of things. the markets are susceptible here. i'm surprised at the cautionary tones i'm hearing. a note out today talking about the trades. they don't think the market is going to do anything this year. a lot of flat lining. i think this market is just susceptible to headline risk. >> i agree china is an old

story. those retail sales numbers, the industrial production numbers were well below expectations. it's now confirming the china slowdown story. >> but they trumped our own retail sales, which were better than expected. and the jobless claims number was lower this morning. >> the morning thing with china is when you look at their growth, you see 7%, 7.5%. that sounds great compared to our growth. but the world depends upon china to have a robust economy. if they're going to start pulling in their reins a little bit, that's going to be a story that's not going to go away. it's going to make things difficult. >> one thing that's a little unusual, angela merkel, the chancellor of germany, unusually nasty, strong comments about russia, warning it would be a catastrophe if they seized crimea. >> she's put in a really uncomfortable position. she was sort of the go-between with putin. now she's you should pressureun tighten the reins. >> thank you, both. we'll see you later. we'll come back with the closing

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two and a half minutes left in the trading session. again, four consecutive down days. this has been the strongest selling we've seen among those four down days. really, it was one of those days where you couldn't find an uptick for a while. the dow was down here about 200 points for a time. kind of found a little stability there. then continued lower. we were down 250 at the low of the session. down 228 as we head toward the close. what was up as stocks were going lower, treasury bonds on a very heavy volume day. this is the kind of volume you would get on a fed day, for example. the yield on the treasury goes down as the price goes up. we were down ten basis points for a while. here we are at 264, the yield on the ten-year note today. one of the causes we saw today for our own selling, the euro, as mario draghi, the head of the european central bank, made comments midday, or evening in europe, that were interpreted pretty bearish for the euro. down it went. down went our market in a second

push today. and we're down there. keith bliss, you can't find any single reason for this selloff here. does it continue as a result? what do you think is going on here? >> you're right. it's a mall ga mags of a bunch of things. when you have a little tension overseas or in the emerging markets like we saw in january, people tend to forget that we're still trading near the all-time highs. why not take the money off the table, live to trade another day. normally we'd see a bounce on the next day. i'm not so convinced. we're still not oversold in any of the major indexes, in any -- we're not overbought in any of the bond levels. >> we are 2% from historic highs on the s&p 500. but you have to admit, there was a lot of new data points. when you get these new data points on china worse than expected, when the ukrainian president talks about possibility of war with russia, that's a ramping up of the rhetoric. and when angela merkel warns of

catastrop catastrophe, that's an amping up of the statements. >> thanks, guys. good to see you both. we're going out just off the lows of the session with the dow down 231 points. as keith said, it'll be very interesting to see how we do in the open tomorrow morning. right now, stay tuned for the second hour of "the closing bell" with kelly evans and company. see you tomorrow, kelly. >> thank you, bill. welcome to "the closing bell." i'm kelly evans. it's been a rough day on wall street. here's how we're finishing up. take a look across the major indexes. the dow finishing down about 230. the s&p 500 giving up 21 points today. the nasdaq giving up 62, closing down 1.5%. let's get straight to it with today's "closing bell" panel. for more on today's selloff, our "fast money" trader, guy. great to see you all here. what's going on?

>> well, i think there's a series of things. to start with the data out of china over the course of the last week has been, you know, pretty scary in the sense that we've had a real hit to things like the shadow banking system, the amount of lending that took place in the month of february. then you follow that up with the areas where there cheerily has been overinvestment, steel, cement, and electricity production, which is a cleaner read. you're looking at china thinking, okay, well, there's a bit of a slowdown, but does this run deeper? is there a credit contraction getting going? so that started things off. then of course it just evolved into concerns about the ukraine and broader emerging market related concerns. >> david, what do you think? why is it that today seems to be the day where all of these concerns are coming to a head? is it legitimate, or is it -- in other words, what's forcing the selling here? >> markets historically hate uncertainty. uncertainty is some of the

economic acceleration. how much of it is weather related? how much of it is material? world uncertainty. that's really what's led to today's weakness. but any time you get these selloffs, whether it's 1% or something more like 5% or 6%, which i would still, i think, unfold, it's a buying opportunity for stocks over the next one to two years. >> kate? >> kelly, haven't we seen moments like this a number of times so far this year? there are these issues that crop up, not to put china in that category, but i'll get back to that. and the market is able to digest them. you may see a strong reaction over the course of a day or two days. but i think in general, people are expecting volatility this year. they're expecting choppiness. they expect valuations to come down a little bit over the course of the year, perhaps. but overall, you know, they're optimistic about the economic picture. we're getting data to support that. in terms of china, there certainly are real fears there about slowing growth. i think the feeling i'm picking up from folks i talked to, the government has the ability to stabilize things if they choose to. i think we're seeing some of the

wildness in commodities like copper, which did bounce back. overall, folks i talk to think we're okay. >> guy, it was so interesting -- >> hi. >> hi. and i know the market today is behaving more as you expected. you know, conforming more to that pullback. we had the jobless claiming data. 315,000. that's the lowest reading we've had in quite some time. there weren't any apparent reasons for it. idiosyncratic reasons. the retail sales in february looked okay. what's going on? >> put it in context. we talk about 315,000 like that's some great number. it's great under the scope of what we've had in the last few years, but it's anemic when you think about where we should be five years down the road. one thing, and i say it constantly, if you say, the s&p is going to be 1850 give or take, where are ten-year yields going to be given that strength?

i would have been 3.5% minimum, if not closer to 4%. the fact that yields continue to hold in here and go lower suggest that maybe growth isn't as robust as we think and maybe the stock market's gotten ahead of where it should be. that's the camp i'm in. all the other stuff is just noise. although, i think the chinese stuff is a pretty big deal, yeah. >> you know, john fort, it was some of the higher fliers that seem to be the first to drop here over the last couple trading sessions. really taking it on the chin. what are you seeing now? >> that's the pattern, kelly. that's what looks an awful lot as kate was saying like what we've seen so far this year when we have these emerging markets issues, other geopolitical stuff. you see some of the names that have been flying higher taking it on the chin. yelp is down. zynga. one in particular i was watching

today was blackberry, which had been on quite a rally so far this year. it's been falling for about ten days or so right at the $9 level, the low. it kind of got near that level but didn't close below it. that tells me people are scared but not kind of in an overworked mode quite yet. >> great. hold that thought for a second. i want to bring in gordon from the floor, who's had a rough day. gordon, what do you make of it? >> i think what stands out is we got emotion back in the market here. let's get rid of some of the risk kind of mentality going on. who can blame them? you got troops along the ukraine border. you have airplanes missing, buildings collapsing. there's reasons for guys to sit here and say, you know, maybe it's time to lighten the load. you were getting that activity as we were trading. we could feel it on the floor. it was like a frenetic activity that becomes part of the trading

environment in situations like this. we haven't seen that. you know, we've seen a much more orderly style market today. a little more emotional. it's going to be interesting overnight to see what happens and how the markets respond and, you know, what sort of spillover, what sort of carryover we're going to have in the opening tomorrow. i would think we're going to continue to see risk off and a little more downside before we start to stabilize. >> just to jump in on a point guy was making a moment ago, and i thought i perceived a little bit of a head shake from barry over here. tell me if you agree. the idea the market is getting ahead of itself. from the folks i've talked to, the fact we have a relatively low inflation situation and strong equities, that feels good to people right now. it could continue for a while unless inflation changes. at least that's what i'm picking up on. so i don't know whether this is overzealous, but perhaps it's in line with where the indicators think we should be. i also know people who think the economy is far stronger than the data indicates. >> that's why i raised this up

about the u.s. gdp. if you look at how strong credit markets have been here, you'd think the s&p was at 2800, not 1850. what do you think? >> well, i think if you just step back and go to where we were at the end of the year, we'd had a huge surge in cyclical stocks. we had the yield curve incredibly steep. the back end of the treasury market and equity market were discounting exceptionally strong growth. we had some degree of concern at a pullback related to, you know, the weather-related growth impairment. the equity market has run ahead of that and is back in the growth and strong camp. before we had the selloff related to ukraine today, the bell sli of the treasury curve was selling off sharply. the next trade is most likely the weather gets better, the data gets better and we worry about the fed. i don't agree with the inflation argument. what's priced right now is a very benign path for fed rate normalization, and the market is going to check the fed on it. after they change the guidance next week. so i actually think we're in a

spot where we were about to get to good data is not good, it's bad. that will reverberate out likely through the rest of the emerging world. the fact of the matter srt is y struggle with that for several quarters and the market is stuck in a broad range. up side, downside is 8% sort of thing. if growth remains robust, the up trend will resume. but no time soon is that likely to happen. i think the risk-reward sun favorable from a tactical perspective. >> david, you want to respond to that? >> inflation is not a problem today. it's 2%. my rule of thumb is when inflation gets north of 4%, which is a long ways off, then it's very problematic for it the real return on stocks. i think we're going to get there. it's just a question of when we do. probably at least a year out. as far as the economy goes, the best grade i can get it, no grade today, is about a c-plus. the ism manufacturing index,

respectable but not anything off the charts. and this remains from a recovery standpoint one of the weakest recoveries i've ever seen in 30-plus years. >> yet it's been one of the strongest stock market rallies. >> it has been. five years, 180%. cumulative return for the s&p. >> how much is that part of the story? >> it's valuation expansion, it's stocks priced for armageddon five years ago, which we know didn't happen. markets go higher on fears of armagedd armageddon. still enough skepticism on stocks that i think they can do quite well. i get most worried when there's euphoria and when people believe it's panacea. we're not there yet. >> there's a panic euphoria model. it was already in yeuphoria mod. >> down to 11%, 10% sort of

thing. that's fairly benign. every measure other than skew, which is hinting at broader problems. there's not a lot of space between the two of us. once you go through this normalization, you start reducing asset purchases. then we'll worry about draining liquidity from the system and the rate hikes. that has always caused a period where the market gets stuck in a range. it's never terminal for the bull market. it's never terminal for the economic expansion. but it does cause the market to get stuck for a while. that's the point that i'm making. >> especially if there's a 20% gain in stocks in the last 12 months. >> yeah, for mom and pop at home. i guess the question is, do they need to do anything here? for me, it's like we're talking about issues in ukraine versus the u.s. debt limit still. it's kind of nice that's taken off the table as far as big picture macro concerns, right? >> you buy the pullbacks is what you do, ultimately. but you can't buy a 1% pullback

on the highs. you have to buy a 6%, 7%, 8% pullback because if it's related to stronger growth and monetary policy tightening, that's optim optimal. >> but this is not a moment to get out. if you're in, you should stay in. >> from a retail perspective, that's absolutely correct. i would not take money off the table right now. if you're a two-times leverage hedge fund, i might tell them to cut risk. >> i thought no one was using leverage anymore. >> no, there's no leverage anymore. >> guy, all this is going back and forth. the bottom line remains. what do you do in this environment? do you put on any trades? do you stick with your themes? >> i think a couple things stick out to me. on days like today, you look at stocks in the green or trading relatively well given the broader tape. a name like jack in the box d y defies logic. we've talked about it for a while. to me, there's something going on in gold.

we mentioned it yesterday. i think the miners look really interesting here. pete has been talking about that. i think the miners look really interesting. i'll leave you on this. blind faith was a great band. they rock, but it's a lousy way to live life. the whole notion of the federal backstop is a fool's errand. >> guy, the miners, talk about a beaten down sector. if people leave in the fundamentals, this is a cheap entry point. >> i agree. look at new mining today. i think the stock traded really well. risk-reward sets up interestingly in the miners. i think gold is telling you something maybe the market isn't picking up right now. >> all right. thanks for now, guy. catch more of him coming up on "fast money" at 5:00 p.m. more on the marketings ahead. from bonds to tech stocks, we're going to hit today's selloff from all angles. we have our market pros in the pits. that's coming you have after the break. also, americans may be experiencing déjà vu as more information comes out about general motors and that recall.

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welcome back. we're covering today's selloff from all the angles. i'm joined by our all-star market team. it's great to see all of you. rick, i just want to start with you. how significant a move was it in the ten-year, for example, benchmark treasury yield today? what does that tell you? >> i think it's significant, no doubt. and i always look at important support levels like all of the low 270s. it's kind of like, you know, when you go through it as quickly as we did today, it's like pacman, munching support. there can be some permanent damage. but all things being equal, i think there's about five, six basis points today that are crimea related. i think the relate is the real deal china. let's not forget, a lot of people talking about germany and the ecb. weeks ago there were many hints that the ecb's next phase is u.s.-style quantitative easing.

if you really read draghi's comments today, i think that's what he's saying between the lines. another issue, deutsch bank is down over 4%. over 4%. and if you look at the dax, for the year it's down 5.5%. now, that -- >> and if you look at the charts, bob -- >> -- for today only. got to watch these things. >> bob, people are going to be looking at that. you overlay what's happened in europe, especially that german market with the u.s., and you would think perhaps we go as they go. why wouldn't that be the case? >> it's been an ugly five days. germa germany's at a five-month low. things have heated up on the ukrainian issue. that's been a real problem. angela merkel made unusually strong statements today about a catastrophe, potential catastrophe if russia tried to seize the crimea. the whole relationship with europe would be altered by this. remember, this woman grew up in

eastern europe. excuse me, eastern germany. she speaks fluent russian. >> it was also secretary kerry and the comments he made that were more strident than people expected. by the way, goldman sachs taking down its russian growth from 3% to 1%. >> that was certainly an issue. but the ramps up of the rhetoric by the ukrainian acting president, warning there could be a war. this thing has gotten a little more heated. i agree with rick. china was the primary motivator. it's clear evidence of weakness. >> for all that, sheila, the nasdaq was the weakest link. >> that's not surprising. the nasdaq is home to the most volatile stocks. i will point out, in the past 30 seconds, both bob and rick have basically outlined five or six different touch points that the markets have been keeping their eyeing on for the past several weeks. whether it's china, europe, crimea. yes, we saw those heat up today.

traders tell me what's happening is all of those strings are weaving together to provide the selloff. it's been very light volume. they're not really concerned quite yet. they're saying, look, we're not seeing panic selling. there's a lot of panic questioning. people are still in that questioning mode. you take a stock like google, for example, which is a big supporter of the nasdaq. it's been up over $200 in the past six months. today it's around $18. yes, a little bit of softness. but traders aren't that concerned about it. you're still seeing solid leadership from the big names. >> rick, let's talk about the dollar for a second. for all the flight to safety, if you want to call it, that bid we saw on the treasury market, the dollar index is below 80. the yen is strengthening. what's going on here? where is the strength in the dollar? >> i think the foreign exchange markets with regard to the very limited view you get from the euro or the dollar is very easy to interpret. the last meeting of the ecb

basically avoided any more easing. even with the qe comments at bay, we saw the strength in the euro currency. now we see that reversed a bit because qe most likely is coming. this is going to be a big issue for whether you can ever challenge and get above 140. but the other issue is the dollar index is virtually at the lowest level since october. so if anybody out there thinks that the foreign exchange market, particularly the dollar, is where european investments or asian investments are going to go when you have these geopolitics in the russian area, they're mistaken. and the dollar/yen is the area you want to watch the closest. >> yeah, and bob -- >> 101. >> does that make you -- if you look at the rally and think, we didn't get that pop in the dollar, what does that make you think here? that could help limit some of the downside? that we still have a ways to go? what are you hearing? >> no, i don't think that's the big issue. i think rick accurately hit upon the yen as the real key to what's going on here.

in fact, the yen strengthening is a major problem for people who have been out borrowing yen for a long time. today if you look at the dxj, japanese stocks before down. the yen was stronger. that's a classic unwind there. and that was the key story here. that was the major subtext of what was going on throughout the day. >> all right. that's the story to follow for the sessions ahead. guys, thanks all of you. a rough day out there. appreciate it. so what did gm know and when did the company know it, and why was this defect spotted back in 2001 and not brought to light immediately? our own phil lebeau will join us with that important story next. and william sonoma trading at an all-time high today. i'll be joined by the ceo laura alber to discuss those results and the customer. stay tuned. stay tuned. that's right, no hidden fees. it's just that i'm worried about, you know, "hidden things." ok, why's that? well uhhh... surprise!!!

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welcome back. seems like each day that passes since the original general motors ignition switch recall, a new piece of information emerges. information that's been bad news for the company. phil lebeau joins me with the latest. >> the latest is that general motors knew about potential problems with the ignition keys long before they initially told people about this when the recall was first announced. in fact, general motors now says that the first indication there may have been problems with the ignition keys was back in 2001. remember when this recall was first announced, they said it was 2004. now it turns out there was information three years before that. the national highway traffic safety administration did three crash investigations over the

last ten years, and yet there had not been a recall. 240 complaints over those last ten years before a recall was announced in february. general motors ignition repairs are scheduled to start next month. in the meantime, both nitsa as well as general motors are emphatic in telling customers use only the key or the key fob. not a lot of keys on the key chain. here's the transportation secretary in washington today talking about the importance of following that warning. >> i'm encouraging folks to follow the requests of gm at this point. i think that's the smartest thing for folks to do. folks should be safe if they follow what gm has told them to do. >> a lot of questions today on capitol hill for anthony foxx, especially from senators wondering why nitsa did not do more. as you look at shares is of general motors, now that it's trading at that $34 mark, we haven't seen it at this price since october. it's given up a lot of ground over the last four months.

kelly? >> phil, it certainly has. please stay with us, if you will. we want to bring in the managing editor at reuters. he won a pulitzer prize for his coverage of gm while at the washington journal. what surprises you about this story? >> well, inthis is going to get worse before it gets better. certainly it is surprising that new revelations keep coming out. you have the unholy trinity now. you have new investigations, new revelations, and you have the press sort of jumping on the story. so if past pattern proves accurate here, it'll get worse before it gets better. it certainly is no financial threat to general motors. but it's going to drain a lot of management time, a lot of senior management time when they have a new ceo. and it's also a reputational risk. we'll have to see how for a that goes. >> if it's not a financial risk, why have their shares been hammered since these revelations first took place? >>. >> well, it's not a financial

risk. they can absorb the litigation settlements and this sort of thing that they're going to face and the cost of the investigations. it is a reputational risk, though. the reputational risk could eventually, you know, over time cost them sales. you know, market share in this industry is not easy to come by. companies claw for one-tenth of a percent of market share. this could damage their sales image, certainly. >> phil, do you think that's fair? >> keep in mind, kelly, that this -- 2014 was supposed to be a huge year for general motors. they told everybody about that in advance. they have a slew of new models coming. you have mary barra coming in. they were set to do great things this year. even analysts were saying, look, these guys are prime to go much higher. now this stock is basically dead for a while because there are no catalysts on the horizon. nothing is going to happen over the next couple of months. you have questions about the pickup line and whether or not it's fresh enough as it goes up against ford and ram. all of that together means a lot

of investors are stepping back and saying, we think gm will go higher at some point. we just don't think it's going to happen any time soon. >> paul, do you think these comparisons to tobacco executives in the late '90s are fair? >> no, i don't, honestly. they're way overblown. look, someone in general motors really blew this. there's investigations underway. even a criminal investigation by the justice department. we'll see what that shows. this is not some sort of a long-standing health threat that was widely known and deliberately covered up, i don't think. we'll see what happens. but this is -- the tobacco thing is way out of line. >> what do you think, phil? same? >> yeah, i would agree with that. i think in the tobacco case, if you go back and look at those cases, they knew. they knew that it was a health risk and that they were purposely keeping it hidden. i don't think that general motors knew that this was a defect that could kill people, that they were saying, don't let it get out there. i think this was a case where

they looked and said, maybe we can handle this with some service bulletins and that should take care of everything. over time, they did not fully grasp the enormity of the situation. >> if they knew years before they had previously indicated this was a problem, it appears -- >> but kelly, the difference is they thought service bulletins would take care of this. that's the difference here. you look at the tobacco industry, that was a case where they purposely kept it hidden. the service bulletins were sent to the dealerships. you can argue fairly whether or not they did enough. a lot of people are saying no. but they did issue these service bulletins. >> got to go, but paul, is that going to be enough to protect them from further lawsuits and damages? >> well, no. they're going to have a lot more lawsuits. they're going to have problems on this. and look, the government bears some responsibility here too. gm cannot point the finger at the government because you can't alienate the people who regulate you. bad strategy. >> all right. paul, phil, thank you both.

gm shares under more pressure today in this market. from kitchen gadgets to outdoor grills, william sonoma is one of the leaders in home essentials. the stock is trading at all-time highs today after better than expected earnings. i'll be sitting down exclusively with the company's ceo. we're back in two. announcer: where can an investor be a name and not a number? scottrade. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: ranked highest in investor satisfaction with self-directed services by j.d. power and associates. sometimes they just drop in. always obvious. cme group can help you navigate risks and capture opportunities.

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welcome back. let's go back to headquarters and get the latest on today's biggest movers. dom? >> kelly, let's talk about shares of aeropostale after the specialty retailer posted weaker than expected fourth quarter profits. this this case, a loss. the company entered into a $150 million financing arrangement with sycamore partners. a different story for ulta salon. better than expected fourth quarter profits and sales. in-store sales increased by over 9%. that stock is up in the after hours. mattress firm beat earnings by a penny with revenues in line. that stock showing a little bit of strength in the after hours as well. then there's bp, gaining ground. the oil company is winning the end of a u.s. contract ban tied

to the 2010 gulf oil spill. it's now going to be able to bid on federal contracts and leases in the gulf of mexico. and we're going to end with william sonoma, bucking today's downward trend. they posted better than expected fourth quarter profits and it raised its quarterly dividend to 33 cents a share. probably due in no small part to my patronage to their stores. >> great, dom. thanks very much. let's talk more about william sonoma and what's next. joining me now exclusively is ceo laura alber. look at that stock price action today. welcome, by the way. >> thank you. >> you're up 10%. how did you manage to increase sales so much during a period at the end of the last year where we know u.s. retail sales more broadly weren't that hot? >> we have a lot of things that are coming together at once. we're so fortunate to have a company that has multiple brands. and we have e-commerce close to 50% of our total company revenues. i think when you combine that with proprietary product and a

great service equation, you know, the customers clearly respond. >> what can you tell us about january and february trends? >> you know, we launch in january a lot of new products across all of our brands. we see a real focus on healthy living. our color palates have been met with good response from our custome customers. >> broadly speaking, did you see any slowing from december to january in line with the market weakness we saw in the weather? >> very different time periods. one is gifting and decorating. january, we think about redecorating our homes and refreshing our living spaces. we also know that a lot of people are very interested in remodeling. those are all trends that are real. of course, for sonoma, the wellness trends are something we've really been bringing to life in our stores and online. the customer has responded. >> you have brands that include the flagship store, selling a lot of cookware. you have the pottery barn names that are strong as well.

you're exposed in a lot of ways to the u.s. housing market at a time when there's questions about how strong this space will be. what do you think is happening here at the start of the year? >> yes, a lot of mixed news, isn't there? what i think is most relevant for our business is that people are not losing value in their homes. that makes them feel more confident in spending money on them. that's the business that we're in. >> and what about expanding beyond the u.s. to other international markets? >> we see it as a big opportunity. there's no one doing what we're doing overseas. and so we're approaching our global expansion in a disciplined way but realizing that there's big opportunity to bring our brands around the globe with the same great service equation and also what's important to us as we expand globally is going in with a multichannel presence. we're launching fully integrated e-commerce websites as we open stores. >> even as we're seeing the loss of so many traditional brick and mortar stores, you're already talking about 50% of the

business being e-commerce. how are you splitting your investment between the online and the bricks and mortar portion? and how many more stores do you ultimately expect to add? >> good question. you know, we are very focused on our customer and customer service. we know that the channels work together to serve the customer. so our stores are really billboards for our brands. that great service we give in the stores makes you feel more confident to shop online. we are making investments based on customer impact. >> what about the cost of the business? because i imagine labor is a huge part of it. again, day after day from washington it's raising the minimum wage, it's raising overtime pay. what impact does that have? >> you know, people are our greatest asset. we are so fortunate to have such a strong team. i think it's a core dimpb sha to be. we know that happy employees give great service. we are looking at ways to continue our strong pay for performance culture and be competitive. >> so in other words, you don't

see this -- we just had a couple cfos on the program earlier. one said he thought raising this was good for the country because it's more income to spend. the other said it's going to have a negative impact. >> there's a lot of different opinions about it. for william sonoma, we're focused on pay for performance across all of our areas and in our field. the people who work in our stores are so important to us. we're looking at ways to increase their incentive pay. >> lauerlaura, thank you so muc. >> have a good one. >> breaking news on jobless benefits. hampton? >> kelly, a deal, a bipartisan deal apparently has been struck in the senate to revive and extend those expired long-term unemployment benefits that expired at the end of the year. the deal crafted by a group of ten senators, a bipartisan group

group, will extend the benefits for five months. the key to cobbling the deal together is it is, in fact, going to be not only reauthorizing unemployment insurance, but it's also going to be paid for using a combination of offsets that include pension smoothing and provisions from the highway bill. that was a key thing to get republicans on board. so again, a deal to revive and extend those expired unemployment benefits has, in fact, been crafted by a group in the senate. it could be officially unveiled as early as tomorrow. then we'll see what happens as far as getting those 60 votes on the floor of the senate to make it official. >> okay. hampton, thanks very much. pension smoothing, i love it. hampton pierson out of washington. amazon jacks up the cost of its prime service by $20. but did they lowball it?

our panel weighs in on whether consumers would have been willing to pay for or if the increase will hurt membership numbers. stocks again posting an ugly down day across the board. if we go lower tomorrow, it will be the first time since may of 2012 we've had all five down days. how likely is that to happen? stay with us. we'll be right back. [ male announcer ] what if a small company became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorswim.

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it's hiking its prime membership up to $99 a year. josh lipton has more on the story. >> kelly, if you are an amazon prime member, get ready to pay more for those packages and movies. amazon prime members, like myself, got an e-mail saying next year their annual membership fee is going to jump from $79 to $99. amazon's prime service offers members free two-day shipping on 20 million items as well as streaming videos. the news wasn't a surprise. remember, the company had said it was considering such an increase on their q-4 call. the price of prime has remained the same for nine years, but fuel, transportation costs have gone up, so amazon decided to raise the membership price. could amazon have raised it even more? maybe not. ubs, in a survey conducted in february, found that $99 appeared to be the limit of what prime members would be willing to pay for that service.

it's estimated there are 23 million prime members. that's about 10% of amazon's customers. if they were all to renew over the next year at $99, that could lead to 500 million in incremental revenue. amazon thinks of prime membership as a big growth opportunity. those members are estimated to spend four times as much as nonmembers. kelly, back to you. >> all right, josh. thanks. investors cheering the price hike because it could add some $400 million in yearly revenue. did amazon leave money on the table? is the service so popular customers would have paid even more? john fort, would you have paid more? >> yes, i would have. but i'm a ridiculously high prime user. 30 purchases from amazon so far this year. yes, they could have charged more, but they would have put the brakes on their growth a bit. both in media, which is covered under that, and just in general. they want to make somewhat of a volume play. could they have done this earlier?

sure, they could have. but investors didn't need them too. if they're about to go into a margin expansion mode, now maybe is the time to do it. >> let's go to todd. he thinks they could have done this a while ago as well. todd, is it because they didn't do it sooner now that you think they missed the opportunity there? >> no, i don't think they missed the opportunity. well, sure, they could have raised it sooner back as far as 2011. we already had instant prime, the official service with all of the tv shows and movies. adding on top of the free shipping for two days and everything like that. i think what we need here now is take this $500 million and put it into new services. i think we're going to see amazon set-top box. another reason prime subscribers should continue paying that $100. i think we'll see a smartphone enter the market this year. another reason for amazon to enter the hardware market and do what they've done with the kindle and break even on the hardware but sell the services. >> just to be clear, do you think they should have raised the price even more? >> yeah, i think they could have gotten away with it.

>> look at the netflix model. $7. 99 just for streaming movies. >> david sourby is a user of amazon prime service. maybe going over $100 would have been too much for some people to digest just from the headline point of view. what if they did more of a netflix model where you paid by the month? maybe they could change that a little bit. are you willing to pay $99? would you pay more? >> time is something i'll never get back. time sensitivity, that's important. it's not very price sensitive. in economic terms, price elasticity is in favor of amazon. as far as the company's strategy, all we have to do is think about the last ten years and creating shareholder value. amazon stock has compounded the last ten years at 24% annualized return. the s&p, 7.5%.

that's about three times what the market has. that is truly delivering shareholder value. i think this is just another strategy -- >> would you pay $250 a year for it? would you pay $500 or $1,000? >> i put great value on time. i definitely am willing to pay 25% higher today than i did yesterday. >> kate, what do you think? >> i have to confess. i don't use amazon prime. i'm super frugal about stuff like that. i thought even $79 was too expensive. they automatically enrolled me at one time. i actually unregistered myself. i do really like their subsidiary unit, diapers.com and those related sites. they deliver very quickly without the surcharge. i use amazon, but in those cases, i tend to have a long leave time and just do the free shipping that way. >> i think that's the reason they can't raise it too much. those of us who are power users, yeah, we probably pay twice as much. but they need new people. if you're just asking them for $150 up front and see what i do

for you down the line, they're going to say, no thanks. >> i think they could have gotten away with it if they broke it into a monthly model. if you increase it slightly each month, people aren't going to look at it as that big bulk figure. >> yeah, they could have gotten away with it, but every additional buck, you have some cost in terms of what your growth is going to be. right now, who's really looking for profit from amazon? that's not what investors are expecting. they're expecting top-line growth. maybe they give them a little bit extra profitability now. >> i think that's a very good point. i'm enrolled in netflix for the cheapest plan. i think $7.99 a month. i hardly think twice about that, yet i hardly use it. i think there's something about a monthly cost that seems low. >> uh-oh, netflix. >> i just tipped off amazon how to get to me. >> kate might be cancelling when she gets home. >> here's a different perspective. china was a major force for disinflation of consumer goods in the 2000s. amazon's been a major force for disinflation for at least ten

years. if they actually are able to raise prices, expand their margins, what does that tell you about the outlook for consumer price inflation going forward? i wouldn't disagree with david that the outlook is reasonable benign over the long haul, but i think some degree of disinflation is ebbing. this might be another sign of it. we might find ourselves at the fed's 2% target a lot faster than people expect. >> but they're still dropping prices on web surfaces. >> fort, why did you have to rain on the amazon indicator parade? i love it. thanks, guys. thank you, todd. >> thanks. >> what stories are heathing up at cnbc.com? we're bringing you the hot list next. the selloff probably has people clicking. we'll find out right after this. . make it happen

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welcome back. what is atop the hot list right now. allen wastler. imagine this sell-off has people clicking, though? >> it's been crazy all day. the market has been the story. we had jostling in the last few minutes with the new senate agreement on unemployment benefits. but it's still the market dominating. i've had spike alerts on our traffic all day long. we're leading with art cashin, the ubs floor director. always the wiseman. he's talking about technical levels people have to look

forward to in the next few days. he says they got a lot of damage today. he said it in an interview with our futures now team. he lays out that the s&p would be tested again with all of the ukraine stuff. we have a lot of readers piling into our market coverage over 250,000 already. and they're still piling in. people go, what happened? so, our markets editor laid out that out, looking at what happened with the data out of china. and fears about the ukraine coming in and that also did it. finally, cleaning up the top three here. we have dr. doom, mr. farber, of the doom and groom report. you know how you had that overprotective mother who said, if you keep doing that, you'll poke an eye out. he did an interview saying, the market kept going as a bull. never correcting. and now look what's happening. if you don't correct now, you'll get big pain later. people eat up his comments. they're diving into that. very busy day on the website today, kelly. >> thank you for walking us

through it. have a good night. >> take care. the dow in danger of going 0 for 5 the this week. more on the big drop in markets today.s today. no two people have the same financial goals. pnc investments works with you to understand yours and helps plan for your retirement. talk to a pnc investments financial advisor today. ♪

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and if tomorrow is in the red, it will be the first time since may of 2012, the dow will have lost ground for a five-day session of the week. does that mat center. >> i don't get carried away with statistics. but the risk/reward is unfavorable. if growth gets better, we're going to worry about the fed. you know, the dynamics in emerging markets will flare back up. the market has priced very strong growth. we may very well get it. >> you see this as a flipside -- you know the win-win environment. you can argue that the environment from the crisis to now. either there's a fed with stronger growth. that's both good for markets. are you saying we're at a lose-lose kind of point? >> we're in an adjustment of fed policy. this has resulted in a couple of quarters, where the market has struggled. once you get to the other side, the normalization has worked its way through. the uptrend will likely resume. but i don't see that happening for the next couple of quarters. >> what should we be watching here, david?

especially with regard to the very near term, what happens tomorrow? >> watch the consumer. if gdp growth is going to be 3% and earnings growth will be 8% to 10%, then i think you need consumer spending north of 3%. today's retail sales numbers were mediocre at best. i'm going to watch the consumer more closely. positively, i look at corporate america. their use of cash. the generation of free cash flow. and the valuation i'm paying on those companies. i'm pretty bullish on where equity markets are going to head. not just this year but the next couple years. >> even though barry laid out the reasons -- >> no. there's no space between us. i agree with him. i'm overweight industrials. >> there's time to get everybody's blood pressure higher. maybe it's a year or two if the fed overdoes it. but today's not the day to get us all too nervous. >> we're in agreement with that. >> i'm curious to see if things are going to settle out tomorrow.

let's see how the open goes. and see if if the negativity dispels going into the weekend. >> people are going to be watching china and japan closely overnight. and europe. we've seen a lot of pressure on the u.s. session lately. >> even more eager to get oracle's numbers, which are coming next week. that's a big enterprise tech name that reports out of cycle for tech. knave got a big business in europe. we'll get some insights there. >> what's the read-through, if you had to say, from a company like oracle? >> an important part of my thesis, that capital spending will be a big driver through this business cycle. so, enterprise tech is a key element of that. big multiline industrials. and enterprise tech. we get the cyclical recovery because of all of the policy uncertainty. and you overlay that into a strong secular case. the 20-year wage disinflation and the like. that's key. oracle is a pretty good benchmark for all of that. >> thanks for being here on this crazy day. "fast money" coming up.

scott in for melissa lee. >> we're going to talk about the sell-off and the reasons for it. also, a big move in yields told. you follow that closely. that will go down on the tell on this day. the big story is this big drop in yields on the ten-year, especially. >> yeah. some pretty heavy volume. >> over to you guys. "fast money" starts right now. live from the nasdaq market site in new york's times square. i'm scott wapner in for melissa lee. our traders, steve grasso, guy adami, karen finerman. and tensions in ukraine, sparking a sell-off and it's not just equities. the ten-year treasury yield seeing its biggest drop in two months. copper seeing its lowest close in almost four years. is this the beginning of a bigger pullback. steve grasso. what was