i don't know if we'll keep it up? >> took us 17 months to get here. add 18,000 by january 2015. depends on what the fed decides to do this fall. whether were e can keep up the momentum. none the less, dy a caterpillar, top leaders between 16,000 and now and procter & gamble. >> talk to dan greenhouse in a bit. the good news seems to be good news. i was thinking this morning looking at futures, the good news was looking like bad news because we didn't go up as much in terms of what the market was expecting's looks like numbers are good. meantime, over to phil lebeau with breaking news for us. phil? >> andrew, boeing released its june and 2 it q commercial airplane delivery numbers, in line with expectations, roughly. maybe a little better. second quarter, boeing delivered 181 airplanes, up 7% compared to the 2 it q of last year. 342 year to date.

increase of 11%. a lot of people focused on the dreamliners as they ramp up deliveries this year. boeing delivered 30 in the second quarter. 48 this year. the target is for 110 for the entire year. in june, really rampd up deliveries. remember, a surge line there delivering 15 dreamliners last month. there you have the boeing delivery numbers. also getting sales numbers shortly. those are the latest numbers from boeing. guys, back to you. >> phil lebeau with breaking news. and stock looks up. talk, of course, about the much better than expected june job reports. pushing the dow over's 17,000 mark for the very first time. good news is good news, dan? >> the good news is good news for a long time now and i think everybody's focusing on 17,000, because it's a round number, but it's really only 5% or 6% from 16,000, a nice move higher but not, 1,000 points ain't what it used to be. >> when will we get to 18,000? kayla was doing a little math.

>> simple math. yes. >> very simple math. say six months? got six months to go? >> seven months. >> to 18,000? you want to think we're on that trajectory. >> i do zero work on the dow. for stocks in nen, we focus on the s&p 500, stocks in general, bias is higher. all the data supports that. at this point you have to be concerned about the path of fed policy, what that means for interest rates, but i think clearly the nervousness, the bears who are worried about the economy being in a recession after the first quarter that view is proven totally inaccurate. >> dan, anyone who follows you on twitter knows you've been hating on the dow quite some time know. wondering, when you look at the other things in the jobs report below just the surface number, you see things like average hourly earnings ticking up, albeit slightly. the labor participation rate holding steady. what else do you see beyond the headline that gives you faith this is good news? >> job gains were pretty broad

based and the important number, besides the headline number being wait to good, kayla, you hit on the main topic of the day, which is the wage data. and what that possibly means for the fed. in that regard, you have a little bit of breathing room here. i know a lot of people are talking about the fed pulling forward or private forecaster, pulling forward, when they think the fed might actually tighten policy into the first or even the second quarter of next year. we're sticking with the third quarter, because of things like the wage data, up just about it perce 2% from a year ago. not that bad. i'm not shump the fed will run for the hills just yet. >> in terms of the speedup, though, isn't that the worry this morning? they will actually speed up? >> listen, people have been worried -- listen, at the end of the day, private market forecasters and market participants have been more hawkish than the fed for the better part of five years. i don't think anything happening today is out of step with what

we've seen in recent history. it you're janet yellen and listen publicly, hear what they say privately, i think and i stay there, the fed wants to take out some insurance. i think they want to ensure that this recovery is sustained beyond what we've seen so far, and i'm not saying that the fed isn't paying attention to the data. listen, they're winding down the asset purchase program. that's going to continue. the question is whether they start freaking out, and i don't think the data's there yet. >> well, dan, the freakout has sort of been ignored a little in this conversation, which seems to have shifted to talk about when the fed tightens will it be q2 or q 3 next year, when rates will actually rise and whether that will hurt or help the economy when it happens. why aren't we talking more when the fed actually starts to wind down its balance sheet, which is in the trillions of dollars at this point? >> kayla, we're going to have a multi-trillion dollar fed balance sheet into the 2020s. and the reason you don't hear much about it is because at this point and it could be totally

wrong, lord knows the fed hasn't been right about a lot over the last 100 years, right now the assumption is that that balance sheet will be very large for the better parse of 10 or 20 years and the focus instead on the other things the fed's talking about rather than winding down the balance sheet. >> dan greenhouse, we leave it there. have a wonderful july 4th weekend. talk to you soon. meantime, over to technology, and who are we going to talk to? >> we're going to talk to kara swisher, because it's friday. she joins us everybody friday. co-executive editor along with our own jon fortt holding down the fort in san jose. his old stomping ground. good morning to you. >> hi. >> couple interesting stories on google. goldman-sachs saying they agreed to block e-mail containing confidential client data sent to a stranger's gmail account by mistake. they were seeking a court order to delete the e-mail. on another hand, the right to

forget law, already having some consequences. apatiently an article critical of former merrill lynch exec. stan o'neil removed from some google searches in europe as part of that new law. we'll get to that in a second. kara, i want to start with the idea that goldman sachs has this confidential client e-mail sitting on someone's gmail account, on gmail servers. do you think that goldman should have access to get that back or to force the user to delete it? >> well, it's an interesting problem, because here we are, there's a famous line from the facebook movie, the internet's written in ink. i think this is the problem. all of these e-mails and texts and everything else are out there and the question is who owns them, who has a right to change them if they sent them incorrectly? so many opportunities for error it creates all of these very difficult problems. you know, it is their e-mail and they missent it themselves. a lot of interesting legal stuff around, who owns what on the internet going forward.

>> kara, i don't get this story, because i have missent e-mails, and i didn't know that i could call up gmail or google or yahoo! or whoop and say, please take the e-mail -- since when has than been allowed? >> i don't necessarily think you can. that's the question. the person who owns the e-mail? the person you sent it to? these are confident e-mail. i'm not sure why this person was allowed to send these e-mails in this way and how easy to get confidential information, but this is happening over and over again. a thing in britain, sent all the tax returns to someone, and so you know, the question is, how do we manage our information? who owns the rights to it? an area of great legal problems over the next, as everything becomes digital. >> the legal mumbo jumbo, at the bottom -- >> yeah. >> at the bottom of people's e-mails? >> yes, right. >> does that mean anything, jonathan? >> what this -- what this feeds into for me is this overall question, which you're going to talk more about, of human

intervention into things that we used to think were kind of controlled by the machines. whether the right to be forgotten, google haven manually beindex, facebook doing experiments with news feed, you thought we can kind of letting the computers handle it, whether it's music services that are being human curated more. more and more it seems whether it's a legal case or even in a business entertainment case, the humans are getting involved with things that we used to trust the machines to do, and there are questions about what exactly the rules of the road are going to be forward going forward in technology. >> we've all used that recall button or the unsend button and you get an e-mail in your inbox saying the sender is attempting to recall the message. immediately that puts out a red flag. maybe we can make that button a little more effective for these situations going forward. jon, talk about facebook in a second, but a quick note. we'll talk to the journalist who wrote an article on stan o'neil in a few minutes. he wrote an article back in 2007 on the bbc website, was a

blogger. when he recently did a search for this article he found that he got a google message instead saying that because of google's new european laws, that article had been wiped from the database, at least in europe. kara, the point of this was to let regular sins wipe the slate clear after so long. is this the right thing to do? >> i don't know who removed in is one. questionable who removed it, but sort of like the wikipedia thing. everything else, no, i was talking to google executives in europe, there recently. this is really problematic for them, in terms of who has the right to the remove it, what should they do, who will they get? the amount of people that need to intervene, who decides? it creates this incredible situation. almost like going a library and someone can pull a book or a page from a book, and who are they? it's really -- tell you, one of these, going to be another one of these really thorny legal questions of who can pull what, and who can't pull what?

it's going to be difficult for all of these internet companies. >> you know stan o'neil. how would you define him? public fig figure? >> he's a public figure. >> you can access it here. >> you can access the actual article, not through google. you can't go find it that way. >> here's the bigger -- again, there's a bigger theme here that's important. it's that we see these big companies that have these big data stores, have the ability to manipulate it pretty much any way they want. run experiments on the data in realtime and people are seeing, the question, how much are the user, or the citizens in the case of the eu, how much influence are they going to have over this new big data reality? what people see, what people don't see. a little bit i take the other side of this, sure, the rules need to be defined, but should the companies be the only ones with influence over big data? probably not. >> a lot of questions to bring to that journalist when we have him on a little later in the show. we'll get to that.

next up, more details on facebook's so-called social experiment with news feeds of thousands of users. according to the wmp "wall street journal," facebook's data science group that conducted the experiment operated with few boundaries and little to know review process. facebook coo sheryl samberg traveling abroad spoke yesterday saying the company took a hard look at this process to make more improvements. facebook's ceo mark zuckerberg had interesting comments on privacy at the company's developer conference in april. here's what he said. >> we take this really seriously, because if people don't have the tools they need to feel comfortable using your apps, then that's bad for them and it's bad for you. it will prevent people from having good personalized experiences, and trying out new things, but it also might hurt you and prevent you from getting new potential customers. >> kara, we know this has been a flashpoint for the company recently. it happened two years ago.

can you effectively apologize for something two years later? >> no. you know, but this is sort of a pattern of facebook's. i always say, facebook always asks -- they don't ask for permission, they ask for forgiveness a lot of times. they've done it a number of times. it's a sensitive area with facebook and they continue to meet our expectations that they might be sneaking around on us. and so i think the issue is, you know, how much disclosure do they need to give to people when doing essentially a science experiment. it's in their rules and they can point to that, but that's kind of a creepy thing sto say. you signed away your rights when you decided to post a picture of your children on facebook. disclosure is something they have a problem with and really need to think about it, instead of saying mistakes were made, they should stop making the mistakes. >> kara, of all the big companies in silicon valley, apple, facebook, google, who do you trust the most and who do you trust the least? >> i don't trust any of them. i think all of them are sort of a greedy grabbers of data about

people that we hand over willingly. sort of a two-way street. you know, google makes me very nervous. facebook makes me very nvs. the others are not as competent at it as they are. all of them are desperately seeking data of people's movements, people's use amp and everything else, and were e have to -- we give it away, too. nobody's -- everybody's culpable here. i don't think i trust any of them. >> and what's not often -- what's not often spoken about is that these companies with huge troves of data are constantly running experiments on it, whether it's live out on the internet doing a-b testing, do people respond better to this color or that headline? or not? also, internally, they're running experiments on this data, trying to see how they can craft their product better going forward. they view that as their right. so the apology, in facebook's case, was for making some people feel bad about what they were doing, not about what they actually did, because they're going to keep doing it.

>> okay. guys, want to hit on one other topic, your views on this. amazon is now resisting a request from the federal trade commission to change its policies for purchases made by children while using mobile apps. in a letter the ftc amazon said it was kpreerped to defend our approach in court rather than additional disclosure requirements. facing a lawsuit by the ftc wanting the company to accept terms similar to those apple agreed to earlier this year. some parents not so happy about this, guys. what do you think? >> i'm not happy -- my kid, my 12-year-old, when he was slightly younger spend $3,000 in 15 minutes on an in-app purchase. i have an opinion about this. he didn't know it understand it, it was very dimple and luckily we were able to reverse it, because he had a pattern of buying $10 a week or something like that, but it was -- very -- they're hard and i think that there has to be some rules around these in-app purchases. >> what is the defense amazon

has here? >> i'm not sure. i'm not sure. i think they have to be friendly to consumers and i think kids, when they play these things, they get so fwitwitchy with the. i literally couldn't believe to see, you know, on my charges what happened in a very short order. so i think it's incomprehensible that kids, on these little phone, it's very hard and there should be clear rules in place about that. >> jon, impulse purchases, one of the big premises underlying the amazon firephone, the fire tv. wondering if you think, were they to settle if that would have implications for a device like that? >> i think it does. it's good somebody besides apple is finally getting a light shined on them over this. apple got in trouble over in-app purposes. tweaked the way it worked so you cannot keep buying stuff in app, even if already in there. your kid has to ask for permission. ios8 will have more of those

built in, a family app store plan and kids can ask for permission before buying something on the master account. so this is the evolution of commerce. you know, the way it existed at first, the equivalent of your kid able to grab money out of your wallet or purse and go buy something. now they have to ask for permission. it makes sense. but we're probably it doesn't make sense is for this to be applied unevenly's in a way a good sign for amazon how it's coming along in digital media strategy in a people are even paying attention. >> one click, being harder. speaking of amazon, check out david faber's documentary, "amazon rising" on today at 2:00 p.m. eastern time this afternoon, right here on cnbc. kara swisher, thank you for joining us this morning as well. and have a great weekend, kara. >> three-day weekend. >> thanks. meanwhile, dow is holding steady above 17,000 up up 67 points into the green.

s&p up 7 to 1981. nasdaq up 19 to 4477. just a couple hours into the open. one of the big movers we're watching this morning is pet smart, well into the green after news hedge fund the partner plans to explore a sale. petsmart currently the biggest winner on the s&p. also the tobacco giant, another s&p stock in the green today. stock rallying on david faber's report earlier in the show reynolds is on track still to buy one of its rivals within the next few weeks. seems tobacco deals are forging ahead. when we come back, talked about google blocking a merrill lynch executive a few minutes ago. the reporter that wrote that story join us live a little bitter thas hur. you've heard of retear economies jumping into the online market. what about the other way around? explanation why he's planning to quadruple his store count over just the next couple of years. what can one person do with

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welcome back to "squawk alley." a heat index of the dow now over 17,000 for the very first time. we'll see where we close out late other than in the day. and commerce added 288,000 jobs in the month of june. learned that this morning, and we want to look at one industry hiring all year long. mary thompson is live in quincy, massachusetts with more on that. good morning to you, mary. >> reporter: good morning, andrew. i'm here at quincy college and the jobs this college is training its students for are those of biomanufacturing technicians's can see a class in session behind me. these people man the front lines of the process basically cultivating the trillions of cells used to make biolodge irks or drugs introduced using the proteins extracted from those cells. the bls estimates 8,000 of these jobs will be added to the economy by 2020, 400 of them here in massachusetts by 2016. about an hour from here in lexington, massachusetts, technicians at shire

pharmaceuticals rare drug hub are producing three drugs at this state-of-the-art plant, where the head of technical operations bill shambroen says they are looking to hire technicians that already know how to use this new equipment. >> this facility, for instance, uses only disposable equipment and that's the wave of the future. this is the first facility licensed to use that technology. a lot of schools came to us what do you need? we need people that can actually use this type of equipment now. >> reporter: so students in quincy's two-year program will learn on this bioreactor that has a disposable, it's a single use bioreactor. disdisposable bag, trillions of cells grown here. once extracted the bag is thrown away reducing the need for big clean rooming you see at a lot of drug processing plants. the programs chair worked very closely with industry in designs this curriculum so companies would hire his graduates. >> if you're not doing what they need you to do, then you're wasting your time.

>> reporter: so far it's worked. 100% of the first graduating class found jobs. 80% of the second class are already placed at starting salaries around $4,000 a ye0,00. back to you. >> you never fail to disappoint on the jobs friday, mary. fun to see where you go and an interesting story this morning. have a great rest of the morning. we'll tune in to see the rest of the graduates later on in the day. over to dom for a market watch. a lot of investors, a small cap stock, volatile since short seller muddy waters called it a massive fraud back in october of last year. the stock plummeting today, independent auditor informed the companyneeds to expand the scope of its 2013 audit. the software maker said its board and audit committee considered the request. the stock currently a market cap around 270 million dollars but

it's trading four times its normal volume. kayla, the nq roller coaster continues today. back to you. >> thanks for that, dom. up next, is this privacy or censorship? we talk to the journalist whose piece on the former ceo of merrill lynch was blocked by google in europe, and keeping our eye on this record day for the markets. take a look at that. the dow holding on to gains 17,037 right now. we look at what's leading us higher and why. that's when "squawk alley" comes back. " thing. can i get my actual credit report... like, the one the bank sees? [ male voice ] sheesh, i feel like i'm being interrogated over here. [ male voice ] she's onto us. dump her. [ pay phone rings ] hello? oh, man. that never gets old. no, it does not. [ female announcer ] not all credit report sites are equal. experian.com members get personalized help and a real credit report. join now at experian.com with enrollment in experian credit tracker.

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welcome back to "squawk alley." google taking heat ar a report from the bbc said google removed a story about stan o'neil from european searches. the latest example of google's new right to be forgotten law in action, and has some people wondering how google to implement the law in the future. right out in we bring in bbc economics professor robert

pesten, the one who wrote the story back in 2007. how did you find this out? mr. pesten? >> well, google e-mailed us yesterday morning, saying that it was no longer going to be possible, they said, for people in europe to find this blog that awrote in 2007 about merle link's lolin lynchal losses and the exit. they said they had a request for the article to be removed from european searches and that was happening. i was rather shocked about this. we don't. one of the interesting things about this law is that the anonymity of those requesting articles to be removed is sacrosanct and google is not allowed to tell us who made the request. now, there's only one person named in the article. that's stan o'neil, but there

are lots of comments underneath, and what we understand is that it is one of the people either who made a comment underneath, or mentioned in one of the comments underneath who has requested that the arld ticle b removed. >> the big for me, are corporations people in europe right now, as they seem to be in the u.s., because if so, the company itself, merrill, could have requested it be taken down, at least who owns them now? >> it's -- sorry. it's a very bad line. i think you were asking whether companies could ask to take it down. >> yes. >> it's only individual who feel in some way their reputation has been unfairly damaged, or they might be put in danger as a result of certain information getting into the public, or remaining in the public domain. it's only individuals who can argue under the terms of the law that the information is no longer, is not appropriate or relevant who can get the information removed, but i mean,

you know, what i produced in 2007 was a legitimate bit of journalism about a big american investment bank that got into trouble, and about a chief executive or boss of that company whose record is plainly of legitimate public interest. the worry for me is that this law is being used really to suppress freedom of expression by legitimate media organizations. >> and that is, of course, the ish a. we want to thank robert peston. i want to know who decides this stuff at google? is in a decider? a team, a committee? >> an ups budsman, a wizard of oz too gets to discuss this? i don't know. a lot of literature about stan o'neil. hard to believe one article would make a difference, but -- >> you can still find it on yahoo! i'm told. >> we'll see. from the bbc london headquarters where simon hobbs is talking europe as the markets close. >> coming into today's session, a real question as to whether retail sales are rising at all in the eurozone. flat for me and actually revised

down from previous months, all forgotten. a strong rally across europe, you can see. in fact, taken us up to a 2% gain for the week overall on the broad market, on the stock 600, a lot of that clearly today has to do with the data that we had here in the rally above 17,000 on the dow. of course, still a benign environment from the european central bank. today mario draghi held a news conference in frankfurt. meetings every six weeks. less often. ar the fireworks of last month's meeting, of course, negative deposit rates and half a trillion dollars worth more of liquidity into the system, there wasn't really anything new. still a lot of questions, though, over the ecb. notably, why they appear to be suggesting rates will stay low for four years. do they not think their measures will improve the situation at all? interesting to see that the euro is down today, currently trading at $1.36. almost on the figure, as you can see. that's actually got more to do, i think, with dollar strength across the board, as a result of

the strong data in this country. you'll see the yen moving up by a similar amount. it's also interesting to see this increasing divergence between major central banks around the world. one of the smaller ones today, sweden central bank actually cut rates by more than the market was expecting, by 50 basis points, to try and stave off deflationary pressures in sweden. the result of that cut and a stronger dollar because of what's happening in this country means a whopping move on the session. 1.7%, almost 2% on the dollar across. that's it, guys. off on holiday. see you in a couple weeks. >> have a wonderful long weekend, simon. do something un. >> i will. >> i'm sure of that. and record day for the markets. dow hitting 17,000. but is the market overvalued at this point? we'll have ta question to market experts, when "squawk alley" comes back. white chocolate lovers don't like dark chocolate.

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welcome back. the dow breaking 17,000 for the first time. is the market overvalued? bob pisani, your thoughts. >> where we're at. whether we're overvalued. sort answer, no, we're not. we're at record highs. a nice round number, record highs for the dow, record highs on the s&p as well on the dow jones transportation average.

bear that in mind. higher dollar. interest rates on the up side, you heard from simon. knee jerk from banks. seeing the big bank names, regional banks, reasons, zion up, bank of america also on the up side. having a great day. commodity stocks climbing. china, better economic news as well. we've seen commodity stocks, particularly steel and ironhorse stocks moving up throughout the week. that's happening again today. let me get to this story about whether stocks are over valued or not. short answer, no. in a relative value world. stocks against what? right now bonds are no bargain. interest rates are low. so there's no reason for people to put money at work in bonds, and with inflation still on the low side, on a relative value basis, stocks are not over valued. 15.5, 16 vaumed earnings, higher than historic, but on a relative basis, not over valued. look at this one stzb. tips, treasury inflation

securities, getting a lot of volume. at least some people are concerned at this point, a little, about inflation. where you start seeing it in these exchange traded funds. back to you. >> okay. bob pisani, thank you for that. we'll ask the same question, where you can still make money on the market, on the newsline, jerry castellini, good morning to you. help us with this. if you have been sitting on the sideline with cash, and you have not been on this bus, do you get on now? >> absolutely you get on now. the bus that's left is really the bus that has on one side a bunch of high dividend, defensive, oriented, consumer businesses. on the other side, high fliers. social media and biotech. the bus pulling up to the station right now is the best that this jobs data, will give you the best participation in. that's the bus in energy and

industrials, and more economically sensitive things, like housing and consumer related. that part of the bus is still filling up, and you have more than enough time to get on. the valuations there, bob mentioned, places all over the market now that you can play relative value games in and be very, very successful. >> jerry, beyond the question of whether the retail investor should get in to the market at this juncture, i mean, the question remains, can they, and will they? when you look at the numbers from etrade and the other retail brokerages, the retail investor is sitting out. what forces lead to that and at what will they find the drive power to buy stocks and what has to change psychologically? >> sure. one way, the dry powder is there, there, since really 2010. there's a lot of cash and even more importantly, there's a lot of low returning fixed income type of securities in a lot of people's portfolios. the dry powder, though, comes as

a result of somebody acknowledging that finally the u.s. has reached skate velocity and behind the u.s. is the rest of the global economy. that confidence will come after each of these job reports kind of reinforce that the u.s. economy's growing. remember, we had that horrible first quarter that people are still trying to shake off. if that recedes in people's view, they're going to see much better third and fourth quarter numbers and it's confidence that will bring people back to markets, and as i said before, they have stocks to buy at 15 times earnings and not feel like they're running after facebook. >> jerry, we're going to leave it there. have a wonderful three-day weekend. appreciate you helping us through this this morning as we past 17,000 on the dow. meantime, a check on the winners at the nasdaq. seema mody is live there now. seema, good morning. >> andrew, better than expected jobs report adding fuel to markets here. naz da trading higher approaching 4500. what's interesting. look at the stocks leading the

dak nasdaq 100, not tech. consume ker discretionary stocks staging a comeback. bed bath & beyond, tractor supply as well as staple, all of which impacted by bad weather and rising competition online stamping a rebound. you've got to wonder if the trade will continue in the second hall of the year because utilities is the worst performing sector in 2014. >> now down for its third consecutive section. consumer discretionary stocks. the worst performing sector no you staging a come dak. in terms of the biggest tech mover so far this week, yahoo! on the to top of the list. a bullish note from piper jaffray earlier in the week citing alibaba's as undervalued at current levels. back to you. >> thanks for checking in on that, seema. appreciate it. when we come back what is the second best performing stock on the dow since 16,000? that answer, coming up next. first, rick santelli, a lot to work with on this holiday day. what are you watching? >> huge amount of material to work with. first of you a, happy birthday,

america. second of all, congratulations on an economy that's finally starting to get into job creation. but the real story today -- what janet yellen and the fomc think of the numbers. think symmetry, think behavior. think a parent having confidence in their child to go off and make their mark in the world. what will the fed do next? what should the fed do next? i know what you need to do next. watch us after the break. r coun. thank you for your sacrifice and thank you for your bravery. thank you colonel. thank you daddy. military families are uniquely thankful for many things, the legacy of usaa auto insurance can be one of them. if you're a current or former military member or their family, get an auto insurance quote and see why 92% of our members plan to stay for life. [ female announcer ] we love our smartphones.

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a lot of big movers in the business space. diz fli, second best performing stock on the dow since 16000. morgan brennan has more on what's moving within that index. morgan? >> kayla, when it comes to the dow hitting 17,000, we have to spotlight the walt disney company. second best producing stock on the dow since hitting 16,000. the biggest gainer over the past 12 months. up some 36% or so. today hitting new highs. that magical performance is thanks to killer content, record-breaking movies contributed to growth and consumer products and disney theme parks. disney outperforms peers on the s&p, media industry up about 6.5%. underperforming the broader index. other imin as like scripps networks, viacom and others, seeing most of those in the green today. what's out performing in old meedsia?

distributors, thanks to mega mergers sweeping that space. directv and time warner cable. the two best performing, and time warner cable also it hadding a new high today. the other thing to watch, new media companies. like facebook and netflix, despite the althoughs in the second quarter, both up over 20% this year. for the rest of the year, analysts expecting regulatory on the pending merge, and potentially more m & a to better negotiate fees with these bigger distributors. kayla, back to you. >> a lot of big movers in that space. morgan, thanks for returning through them. appreciate it. over to the cme group, rick santelli has the "santelli exchange." >> thank you. the last santelli ex-ching of the week. we could knit pick. too many part-timers, who-of-too many leaving the labor force. generically, a good number. 288 blows my number away. the fed pays attention to this.

no matter how you slice it, look at it in ra couple bays. first the technical, i think is key. i've said all along, only two areas on the chart to pay attention to. a and b. a, 266, yield close on the 12th of may. 266. the low yield close on the 28th of may, at 244. now, trant day, traded a bit through this. of course, now we stand at 265. if we don't close above 266 on a closing basis on a day where this data is that well, the market is telling us something. figure out what it's telling us. look everybodydon't -- overseas. what is that telling us, the widest level in 15 years. basically close to 130 in a boon. close 265 in a ten year, difference of 136 basis points. that means relatively spre lly we're better than them. growing better than them. we know that. that's the notional argument. take the real argument.

the real argument is, much better of them as we are than they are, we're still at a 265 yield. which is too low if you believe what this data is telling us. so the real rate that we should be comping with the boon isn't that the spread is what it is. it's at the actual level. why is it there? in my opinion, the treasury market doesn't have confidence that the federal reserve and janet yellen is truly going to be symmetric. meaning, if the data was weaker, may have extended or delayed the taper. may have raised rates later, but if the data is better, the symmetry means speed up the taper and acknowledge, like a parent teaching somebody to ride a bike that's young, that i can take these training wheels off and i have confidence that you're going to do it. you're going to excel nap behavioral tendency, that message they send, is either going to be optimistic or pessimistic and self-fulfilling. remember, if they don't act that way we're going to continue to

misallocate capital and the structural issues of the economy have never been addressed because of bad policy. happy fourth of july, and back to you. >> happy independence day. rick santelli with 'the santelli exchange." coming up on "squawk alley," bonobos, planning a major expansion of its stores. the ceo looking handsome over there by the way. the ceo will join us in a moment on post nine, after the break. just want to say, i bundled home and auto with state farm, saved 760 bucks. love this guy. so sorry. okay, does it bother anybody else that the mime is talking? frrreeeeaky! [ male announcer ] savings worth talking about. state farm. and cialis for daily use helps you be ready anytime the moment is right. cialis is also the only daily ed tablet approved to treat symptoms of bph, like needing to go frequently. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in blood pressure.

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welcome back. ba nobody oes is planning an increase in its footprint. the company is saying new cash allowing to do quadruple its store count by the end of 2016. ba nobody oes opened its tenth what they call guide shop in l.a. and the company the ceo and co-founder joins us. welcome back. >> thanks for having me back. >> where are the new stores going to go? >> we just did dallas. we're on henderson street in dallas, awesome up and coming part of that city. and la brea, in a neighborhood we think is exciting. we try to find neighborhoods turning. to new york, chicago and d.c. and so on and so forth a plan to go out and expand to the rest of the country. >> just a story in dallas, too. you e-tailers are traveling in packs to some of these cities. what are you finding about the consumer that leading to believe that will actually be the right mix?

>> the whole guide shop model is based on one obvious thing anden one not obvious thing. people still like to touch and feel and try it on. non-obvious, don't have to walk out with it that day enabling us to architect a store 1,000 square feet of pure customer service. >> showroom or profs center? are you making money actually at the store or just a showroom and you have to hope and pray actually someone goes home and buy it online? >> first and foremost, a customer experience. tripe our pants, our shirts. we haven't shared this anywhere else. our stores are profitable as of this may, i can tell you. >> jon fortt in silicon valley have a question as well. >> i do. i notice you don't do tailoring in your guide shops yet you point people to other locals to do that. yet you're also locating in some pretty nice areas. often near apple stores. what's the thinking behind, not providing more services like tailoring in those locations so

people keep coming back? >> that's a great question. we're focused on an amazing fit in the product. so that it's kind of mass customized to you. we offer more fit choice across four different silhouettes in pants. three in shirts. 40 sizes in our pants. 20-plus in our shirts. so the goal is that the actual off the rack fit is almost perfect. so when it comes to getting it hemmed, taken up, some slight swe tweaks, we feel lots of options in the neighborhood. down the road, perhaps we can expand into those services. >> people liked the fitting room in new york. a dog, got to play and pet the dog. will you have a dog in every store? >> we don't have the a dog in every store. this was an accident. we thought we would build a direct force. guys started coming in and shopping. walk in, try it on. say, not only do i love these clothes, but this is the best customer service experience i've ever had and we realized, we're not going to train the sales

force, re-invent a retail store in the digital age. >> if you can get andrew sorkin in a button down -- >> male prints, i don't get it. >> focusing on the -- >> can i get a shirt like this y. you can have this one if you want. we'll swap. >> all right. andy, thanks for joining us, as always. appreciate it. have a wonderful fourth of july. >> thanks for having me. when we come back, silicon valley is hiring, but you need tech skills to score that next job, enter today's "squall. through." i'll take you inside the booming start judge general assembly, coming up next. still watching the markets. dow currently up 83 points. highs of the day. "squawk alley" is coming back in a moment. hi, i just signed up for your credit report site and i have a problem.

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but it's always about the very thing we do best. ♪ jobs growing, so is the number of people dumping their current job for something new. more young workers trying to add tech skills to resumes. enter general assembly. global network offering classes from crash courses to full semesters. the entrepreneur of the year, general assembly's today "squawk breakthrough." >> not all school is out for the summer. the fourth floor campers at general assembly is buzzing.

>> this is 9:00 a.m. to 5:30 p.m. every day in class and afterwards really in the study hall library about four hours doing homework. every day. >> reporter: rosters for classes like web development and product management filled with students looking for a career change or just to work up tech skills. this man traded seven yeed now looking to coding as a edge had. >> i'm not sure that type of trading will ever come back. >> i love new york. >> reporter: he left to get an mba before attempting to get a shared start-up. >> we built the space as the idea of being a hub and kind of overshot the mark. >> reporter: in the three years since, ga's raised $49 million. $35 million just in march to expand beyond its current 12 cities. students say the grass roots classroom now rivals four-year colleges. >> this semester at college is like $25,000. general assembly about $11,000.

academically i feel i got the same i would have out of college. >> reporter: an expensive endeavor that schwartz says is worth it. how many students make that investment and then don't end up getting a job after coming to ga? >> right now, in our immersive programs well over 90% of our graduates are employed fully in the field within 90 days of graduating. >> reporter: because instructors hailing from area start-ups themselves often hire straight from their classes. a big business tech is hot, but what happens when that slows? >> an element cyclical and we're seeing adulation. overall, a fundamental need people are looking for. >> reporter: i enrolled myself but i "squawk alley" website won't go live without private tutoring. >> there's hope for you yet. >> i can only figure how to do a picture of carl in two colors. i'll get there, i guess, in day. >> they tell you, what was the instruction? >> html one day.

the other two days taught you more back end development. fascinating. had a great time. thanks to general assembly letting me do that. fun day, but i'm not going to quit my day job. >> we're all better for that. tell you, just a look over here. one hour left in the abbreviated trading day, dow closes above 15,000 for the first time. hitting noontime on the east coast, our early ed addition with kelly evans and bill griffe griffeth. and history already made today here at the new york stock exchange. the dow jones industrial average trading above 17,000 for the first time in its history. welcome to the "closing bell." i'm kelly evans. >> i'll bill grith