weapons by any major power, because it only leads to this type of crisis. >> mr. chairman, appreciate your time today very much. ed royce, chairman of the house foreign affairs committee joining us from california today. with that, dow is now up -- up. almost 85 points. >> yeah. rebounded from yesterday, where we saw the worst sell offin three months. worst for the dow in two months. obviously, geopolitical tensions escalated jolted the markets, but we are seeing zed heading into the weekend gains. see how he finish out the week and option exploration going on. >> many people will tell you the biggest risk is toish short the market going into a weekend like this. >> we keep -- >> back to monday and lost cash, too. >> climbing the wall of worry has been the one's consistent theme of this market, even when it comes to geopolitical concern, carl. >> guys, have a good weekend. see you soon. samen and sara. should make note, the president's going to make a

statement on ukraine in about 30 minutes. our chief washington correspondent is live at the white house whey we might expect. good morning. >> reporter: carl what we're gorge to expect, i think, this morning is for the president to take advantage of what foreign policy advisers that i've talked to from both republican and democratic administrations say is an opportunity to use this tragedy as a pivot point, as a lever, to change the dynamic of the situation in ukraine in a way sanctions haven't done. the isolation you were just discussing with ed royce a moment ago is being felt by russia right now, and it may change the cost benefit analysis for vladimir putin as he thinks about what to do with eastern ukraine and whether or not to pull back and to stop fanning the flames of this conflict, as he's done to his own political benefit in russia, but at the expense of raising tensions, raising the level of violence in ukraine. so i think the president's going to try to put that pressure on,

and see whether or not it does, in fact, change the way of vladimir putin approaching this thing. >> are we talking about something, john, other than so-called economic sanctions? what specifically could he suggest? >> reporter: well, i think economic sanctions and a ratcheting up. we already saw being targeted earlier in the week. more sanctions, i think, is part of it. but also u.n. security council resolution. we've just seen the australian ambassador to the united nations saying an investigation to the flight isn't enough. we need a security council resolution. all manner of both economic and diplomatic and political pressure is being brought to bear bon russia, and i don't know what steps the president will talk about, but this is a powerful moment, and a way to really put vladimir putin in a position that is much more isolated than he's been before. >> we've had military analysts, john, on over the past 24 hours, suggesting there's no global

interest in widening the conflict, but what's to prevent the u.s. from giving poroshenko assistance in moving the separatists out of the region? >> reporter: i think this president and this administration is not going to involve itself in any direct or indirect way, very close indirect way in a military operation in ukraine. but i do think the amount of assistance they can provide to the ukrainian government financially, potentially makes a difference. >> john, we'll see what happens and hopefully in half an hour's time. john harwood at it's white house as we await the president. for the latest from russia, go to nbc's jim maceda in moscow for us today. hi, jim. >> reporter: hi there, carl. well, we're beginning to get a clearer picture of what brought down malaysian airlines flight 17, a medium ranged

surface-to-air missile. but more likely to know who pulled the trig won't know that until investigators finish their work and analyze the black boxes. worrying analysts here is that putin will try to lead any investigation into the crash and control, for instance, those black boxes. even that's becoming murky as well. one rebel leader on the one hand says they haven't been found yet. but according to the "daily beast" report, the flight and data recorders and actual missile launcher used to bring that plane down are under lock and key somewhere here in moscow. and, carl, as a reminder that almost 300 human beings died on that plane, today here in mass cow, people were laying flowers. mourners outside the dump and malaysian embassy. almost 200 victims were dump and malaysian. it's unclear if any americans were onfwhoord flight but hearing smk troubling. as many as 100 top hiv

researchers on that plane heading for a conference in australia. a loss we understand that has shaken that profession. meanwhile, there's a lot of recovery work left to do at the crash site. ukraine says it's found 181 bodies, in an area still -- remember, controlled by rebels, but there were 298 passengers and crew. and in terms of what happens next, well, putin, the peacekeeper, called on both sides today to cease their fire and come to the negotiating tables for talks. some kremlin watchers think the fallout from the airline disaster is as john just suggested, putting increasing pressure on putin. and that the sanctions, though they have not been that binding, may increase the pressure and that he could cave in, and we may see him de-escalating the conflict, but there are many here, carl, who still think that vladimir putin is simply going to go on doing what he does best.

and that is casting himself as a peacemaker while at the same time behind the scenes destabilizing places like ukraine with what was low-grade insurgency, but now clearly is looking more and more lethal. carl, back to you. >> we'll see if t equation change, jim. thank you so much. jim maceda in moscow. and m & a news, before we do that, latest on the israeli ground offensive in gaza. martin fletcher in tel aviv. hi again, martin. >> reporter: hi. what is all happen, the israelis moving forward very quickly apparently in gaza. the troops moving from, into the north along the central sector and the south, looking for rocket launchers, but in particular, looking for the tunnels that the islamic militants have been building from gaza into israel, from which they hope to launch attacks against soldiers inside israel. the cabinet met this morning and

prime minister netanyahu send finding the tunnels and destroying them is israel's key priority. the reports are they found at least five tunnel entrances leading into israel. so that's some success already within the first 24 hours of this operation. but in order to search the whole area and find all of those tunnels, the israelis say they're going to need between 10 to 14 days at least to dot that. that's a long time for the operation to get out of control, because with so many israeli soldiers now enters gaza, bear in mind, they've called up about 68,000 israeli reservists to join the standing army, many moves into gaza. looking for the tunnels and rocket launchers and any other signs of mass militant activity in gaza. particularly in the north. remember, they dropped thousands of leaflets warning palestinian residents to leave their homes, "for their own safety." now the israeli troops are, in fact, moving through those northern urban areas looking for

military activity and weapons and rocket launchers. they're going from house to house. they're searching schools. they're searching mosques. so far only one israeli soldier has been killed. it's not clear whether that was in a direct confrontation with palestinians, or whether it was some kind of friendly fire, but despite this intense pressure on hamas, hamas has nevertheless managed to fire at least 80 rockets into israel since israel's ground invasion began. so that's pretty much keeping up to pace with their regular average of 130 rockets. so hamas is still very much a significant military threat to israel, despite the ground invasion, and the fear now is that as israeli troops get closer to the urban areas, they'll be, they'll meet nor hamas fighting opposition on the ground, and that will lead to even more palestinian civilian casualties. we know that about 260

palestinians have already been killed. even before the ground invasion began. another 25 have been killed since this ground invasion, and as i say, the longer the ground invasion takes, the closer the troops get to the city, the more palestinian civilian casualties will rise. >> martin, as this situation takes a new turn, we appreciate you bringing us the latest. for now, thanks. mart martin fletcher of nbc news. and despite escalations in gaza and ukraine, the market is resilient. dow up 77 points. for more on what exactly is causing the market bounceback this morning we're joined by richard bernstein on the phone as well as scott wren, senior equity strategist as wells fargo advisers. gentlemen, good morning to both of you. >> hi. >> when you think about the conflicts and the fact that both of these conflicts have been present far earlier than yesterday, of course, and the stock market now bounced back the way it has, richard, the fact that the market is resilient just on its own is

that troubling to you? >> no, it's not troubling. i think quite to the contrary. i think one has to remember that, you know, geopolitical events outside of war, you know, outside of full-blown war where the united states is involved usually have a short-term effect on the market. i'm not trying to belittle the events going on. don't misunderstand that. one has to remember, it's really what goes on in the domestic united states that will have the biggest influence on the u.s. stock market. >> short term as it were, though, scott, one day to dissect these events and turn around and still have everything, including safe havens recover from the trade we saw yesterday. do you think that there is more to come in terms of weakness, or do you think that it was just a day event for the markets? >> well, kayla, i think that, you know, of course, and let me first say you know, i anticipated some of it. you never know what it is. this was a terrible one and you have to feel sorry for the families of the 300 people that

were killed, but this particular event, the effects seems to me like it is going to be short lived and i think what we'll find out is these separatists got ahold of a missile launcher and mistakenly shot this passenger jet down. i think that's probably what the conclusion's going to be. and i think we're going to be back into a more calm situation with russia and ukraine and the rest of the world pretty quick, but, you know, that's what you have to watch out for right now. i feel that the u.s. economy is growing slowly, but it's pretty dependable. 2%, 2.5%, something like that. really, the risk to the market, it's not valuations. it's not the domestic economy. it's going to be these types of events that could spill over and eventually affect our economy. so i think the israeli encouragement into gaza, relatively short lived, ifny. this tragedy with the malaysian aircraft shot down, it's going

to be relatively short lived. so right now, i don't think the market has a lot of down side here. and the i think, really, probably we're going to continue to grind higher after a few days of pausing. >> but yet gaza was fluenough t stir a 60-point sell-off into the close yesterday. wondering, richard, what is the right makeup for a portfolio given continued risk over the coming months? stay away from equities, stay in some safe havens? what's the right mix? >> that's a great question, because when you look around the world, there are clearly places that are negatively affected by this. i'm not going to tell you anything insightful. telling you the russian kmip is not doing well and this does help. look at the russian stock market you'll see that's reacting quite poorly. one the people aren't talking about is if people are worried you get a safe haven rush to currencies. the japanese appreciated, terrible for the japanese economy. the japanese need a weaker yen.

the international events are putting support on the yen. that's not good for them. on the other side, another safe haven trade is the people rush to treasury, and right now i think we're about 245, 250 on the ten-year note. not because of weakness in the united states, because of fears of what's going on around the world. i don't see how a 255 ten year can only help the economy. we may benefit, we meaning the u.s. economy, may actually benefit from the uncertainty around the world. i don't think people are talking about that positive, although maybe one could argue, kind of being nasty in saying that, but the u.s. may benefit from some of these events around the world. >> yeah. some mike argue a perverse argument to it but you can't argue with the idea it affords the economy maybe even janet yellen a little more room than we thought at the beginning of the week. >> absolutely. >> have a great weekend. appreciate the time. >> thanks. >> thanks, guys. when we come back, back to

the big corporate stories of mork. a lot of them. noog google, ibm, earnings, you name it. more on the geopolitical tensions around the world. ukraine, israel and updates from washington. the president will speak in the next half hour right here on cnbc. collection is here. ♪ ♪ during the cadillac summer's best event, lease this all new 2014 cts for around $459 a month or purchase with 0% apr and make this the summer of style. hi, credit report site andour i have a problem. i need to speak with your fraud resolution department. ugh, we don't have that. what should i tell him? just make that super annoying modem noise... (shuuuuuuuh....zzzzzzzz...de ee...dong...shuuuhh...)

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welcome back. good morning, guisys. google. mixed story. reports strong revenue met tricks. metrix. where's he going? japan soft bank, ceo-of-internet and media, sound like a nice job. google stock up today. people worry about a company run by engineer, jon? you want a money guy. he was one of the best. >> was one of the best, but the man taking over is legendary in this role. the fact he had been sort of sticking around behind the scenes as an adviser to larry

page, nice to have that person waiting in the wings to pull out in a case like this. google, down less than expected. lots of clicks. international growth strong. go down the line. the only thing you might question is the capital expend kmerps if you want this company to stay on top, they've got to spend money to do that. not like they're hiring people a lot harder to move around if things shift. maybe place the wrong bets. sure. placed a lot of good ones up to this point. >> the cost per click, decreasing cost per click, something people bring up. people are paying less for mobile clicks than desktop, an area of concern. analysts said this is a temporary thing. seeing less depression we used to see and ultimate lip the clicks on mobile more valuable than desktop and the conference call, really is a multidevice thing. research a bit on your phone.

maybe buy on your desktop, maybe your tablet. either way, google is getting all the money. revenue growth above 20%, that's why, 18 straight quarters. >> the best defense against critics, always growth. google knows that story well. i'm wondering at what point does google need to do a clearer breakout of its revenue? can you keep pointing to play or pointing to mobile ads saying, this is growing by x much, if it's only disclosed as non-ad revenue? >> worked out more data too. at this point they actually are giving more information out at a level about youtube, about maps and some of the clicks there. >> data. not dollars. >> shows site revenue verse off-site. >> new metrix. apparently all the rage. new metrix. >> gets me excited. >> closing in on 600. ibm, beat earnings revenue and estimates, but another quarter of falling revenue. nine in a row now.

company continues to cut costs, borrow to buy back stock and comes on the heels of that announcement with apple announced earlier in the week. cloud revenue up 50. sounds good. >> tiny number, though. >> exactly. services, divestiture up, hardware down one. jon, little or no growth? >> yeah, but that kind of the bench what we expect from ibm. the stock's been all over the place. down a percent and a half after hours now down less than a percent. seems to be coming back. look, the story had been getting worse for them. here, china stabilizing sort of. hardware showing a little strength. some of the areas where they were weak in application software development, maybe will be helped by this apple partnership, specifically services still have a ways to go, but this is kind of stabilizing, and i think the stock kind of stabilizing maybe reflects that. >> remember -- >> goldman says this morning, stabilization in hard wairp in the u.s., concerns over asia pacific and services businesses and emerging markets.

a small cloud business, don't have growth or stabilization in the market. not a story at all. 11 consecutive quarters of declines in the systems and technology revenue group. a bleak picture. >> but a company spending $909 million in cap ex on its own company, reinvesting in the company. s 3ds.7 billion in buybacks. four times as much buying back your own stock than investing in your company. >> 1995, 2 billion shires outstanding. now less than -- >> dennis berman said in the "wall street journal," in two decades will have bought back the entire company. classic berman. >> yes. >> whoever's holding that last share. >> worth so much. >> meantime, a midnight dead line looming. fcc, more than a million people submitted comments on net neutrality. the proposal allows internet service providers to charge companies for a faster delivery of content and the ultimately change the way the government reg lates the internet. joining us exclusively on

"squawk box," mr. commissioner good to have you with us. >> thanks for having me. >> a million comments. show you how broadly americans have an interest in this story. >> absolutely. i think it demonstrates that the american public is paying attention to this issue and by and large believe in an open internet, as do i. the question now is, how to proceed. >> you think the regulations go through as written? >> well, remains to be seen. my own view, embrace the bipartisan consensus in place almost 20 years. the internet should thrive free from federal and state regulation nap is spurred an unprecedented boom in terms of investment, innovation and something i don't want to jeopardize with heavy-handed economic reg lagtss based on the 19th century railroad of the past. >> we've heard faying for the fast lane, reasonable. that's not practical. what? look at every deal that comes across and define whether it's reasonable or not? how is that workable?

>> there are both practical and policy considerations at play here, and that is one of the concerns that i have. that the fcc is not in a position to second guess the wide variety of business arrangements that might take place, but it's important to remember that all of this discussion about fast lanes and slow lanes is all hypothetical. right now the internet is open even in the absence of net neutrality of rules. my own preference, folks on increeding broad band deployment as opposed to micromanaging business relationships. >> curious. how much of this debate is about net neutrality itself? my sense most in the public don't necessarily understand it, but every time they get ticked off at the cable provider, happens often, the suggestions on the internet are, go tell the fcc how you feel about net neutrality. is that a lot of what this is about? customer service runarounds and headaches and people end up advocating for net neutrality there?

>> a good point. i continue to the believe competition is the best tonic for a lot of complaints consumers have. if a consumer has a complaint about a particular isp he or she sub vibes to a competitive choice that solves a lot of the problem. that's why i think net neutrality is a solution in search of a problem, a distraction from what is the core consideration which is how do we get more broadband fran structure in place? >> at least half the comments the fcc received have come in the last week with this extended deadline. i wonder how long it will take the commission to go through 1 million-plus comments, and how do you prioritize them? given more than half of from everyday consumers? >> it is a significant logistical challenge. the chairman said every comment submitted will be read, and i take him at his word, and certainly look forward to reading as many of the comments as i can personally to get a sense of what the american public thinks about this issue. >> thank you so much for your time. fcc commissioner. as that net neutrality deadline

looms. coming back, a little more on the situation in ukraine, israel and the close of the markets in europe. waiting for the president. meantime, making that statement on ukraine. we're told he might be a few minutes late. not a huge surprise. and dow up on expiration friday. back in just a minute. so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. i never really thought i would make money doing what i love. we created legalzoom to help people start their business and launch their dreams. go to legalzoom.com today and make your business dream a reality. at legalzoom.com we put the law on your side. ♪ ♪

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just about this time yesterday we got first word of the mh 17 flight. >> we've managed to raise losses in europe. dow down, and this market, a weighted average of the big stocks flat for the session overall. it's worth bearing in mind there's been a really significant underperformance on european stocks recently. look at a two-month chart. compared to where the s&p traded over that time positive by almost 5%, you're actually flat

for europe overall. today one of the major concerns was the world's second largest truckmaker volvo. missed on its earnings figures. had to is to be production in brazil because demand wasn't there and also has demand problems in china. the big deal, of course, the confirmation, $54 billion buy of shire. their stock today is still higher up. 3.6%. bear in mind this big gain, up almost, or over 50% that you've had in just the last two months. i want to mention also, looking at that underperformance of the stock market in europe, actually earnings season so far, right at the beginning of it, has actually been quite good in europe this quarter. reuters reporting that 73% of european stocks are beating expectations so far. these are some of those that did so today. you know, eluck tra luxe, home aplains mikor and ericsson, making wireless networks. interesting with them, they're picking up, stabilizing their

business, rolling out telecon, mobile networks here in the united states. back to you. >> simon, thank you very much. turn to ukraine once again. joining us on the phone this morning, the former under secretary of state, and former ambassador to nato. nick burns. ambassador burns served on the national security counce it, senior director for russia and ukraine. mr. ambassador good to have you with us. >> thank you. >> got a war of words sort of this morning. samantha powers at the u.n. saying we can't rule out russian technical assistance on this surface-to-air missile. now russia's envoy saying, don't bring pressure with a pre-jumped outcome. are you sensing a heightening in the rhetoric? >> well, certainly. i thought ambassador power got far the better of that argument this morning. i thought she really focused on the truth here. and that is, that russia can stop this war. wep know for a fact that the russian government has supplied weapons to the russian separatists in ukraine.

we know they haven't tried to inhibit their operations, in fact, protected them. so president putin has a lot to answer for. because the logic of reason points to russian complicity in arming the rebels and used the weapons in the most brute's fashion yesterday. that's the logic. we don't know with center, but that's the logic and i thought ambassador power made that point. that. it putin wanted to end the war it would happen, but he chooses not to. >> what would be the rationale for shooting down a commercial jet? or do you think that was simply a mistake? >> you know, we don't know. obviously, it remains to be established what the motive was. if it was a mistake, they still bear responsibility. we know that the russian rebels, the separatists, have been firing on ukrainian government aircraft. ukrainian military aircraft and brought one done at a similar height just a couple of days ago. we know they have the capacity and intent. so what we're not seeing from russia is any degree of

openness. they're not working with the rest of the international community to assess what happened. of course, they're not open to questioning about it, because that's the way an authoritarian society is run. putin knows it's the truth but is very unlikely to give the truth of what happened. >> ambassador, we'll hear from the president in a few moments. i'm wondering how much you think the white house can do without a clear motive and without knowing definitively what the source of that missile was? >> i think the white house is doing what it should do. trying to get the international civil aviation organization, the competent international body to get in there and make an open, fair and objective investigation. it's calling on the russian government as well as the others, the russian separatists, to be open about what happened, and to try to get to the bottom of this. we're not seeing that degree of openness from the russians, of course. i think that the president's statement yesterday and what ambassador power said today is right on point. >> people are talking a lot about global isolation when it

comes to putin. what do you believe will force him to at least make a -- an artificial effort to de-escalate the situation? >> i think he cares about his bottom line which is the economy. so when president obama announced a couple of days ago heightened u.s. sanctions against russia, that was the right move. unfortunately, our european allies did not go with us, because they are much more tied into the russian economy, as you know, than is the united states. they've shown much less courage than the americans and canadians. i think this is going to be an action-forcing event. how can the french now move, sell two naval warships to the russians after what's happened this week? no matter what, no matter who is responsible for this and their motive what it was, the president of russian military armament in the hands of irresponsible ethnic russian separatists in that region is responsible for the violence in that region.

i think you're going to see europe's hand forced to do more serious -- >> no question in your mind the statement he's about to give in the briefing room, talking to the american press but his audience is europe in your view? >> oh, i think the president, it's a huge international attention -- i'm talking to you from new delhi in india. this is the number one story in india today. i think people want to see what the president's going to say. i think the whole world wants a fair investigation. they want to get at the truth, and as i said before, president putin is probably not inclined to give us the truth, but if you can get the fbi, the iko, the international civil aviation organization in there, and if we can have an objective look at this, there's going to be, i think, more and more questions asked of a recalcitrant russian government. >> without economic action from europe, nick, i'm wondering, the sanctions as they were put in place on wednesday, how long does that take to hit the bottom line?

>> well, you know, i think you're right. there's got to be unanimity on this. one thing russia needs, capital investment, it needs trade, needs imports of manufactured goods from europe. if the europeans would step up to the plate and do something significant on sanctions, i do think that's the pressure point on president putin. he doesn't care about speeches. doesn't frankly care an international condemnation on tv shows. he cares about his economy and he's got a weak economy, as you know, and one highly susceptible to the markets. so it's up to europe to show leadership here. and that's -- >> a pretty good conversation until we lost the connection. thanks to nick burns, of course, the undersecretary of state for political affairs and former ambassador to nato we will see what comes of this briefing. meantime, dow is hanging on to an 83 point gain.

>> on the other side of the break, that statement from president obama from the briefing room. more on the markets shrugging off the risk this morning. looking at a chart of the markets. dow up 85. "squawk alley" is back in two. 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.

join now at experian.com it can help your business save money. false. the truth is when you compare our fastest internet to the fastest dsl from the phone company, comcast business gives you more for your money. why pay more for less? call today for a low price on speeds up to 150mbps. and find out more about our two-year price guarantee. comcast business. built for business. keeping eyes on the market. the president is about to speak in the briefing room. john harwood is outside the white house. >> reporter: we're waiting for the president.

first got word of a 30 minute delay until noon. now word from white house officials he was coming momentarily. he could walk out at any time, but as we've discussed in the previous half hour, i expect him to try to take advantage of this tragedy with the airliner to put increased pressure, isolate vladimir putin. this is the kind of shocking event that is, even for vladimir putin, who's great at using propaganda within russia to build up his popularity, this is not the kind of thing that is -- that can be used for. in fact it could backfire, and increase his isolation, not just from europe, and the united states, but from asia as well. given the fact that this was a malaysian airliner. >> john, just talked to nick burns, former undersecretary of state and ambassador saying that in his view, the audience here is really europe. the president trying to convince the european leaders to join the u.s., engage on sanctions,

despite their proximity to europe, and as a result, be less fearful than they already are? >> reporter: yes. that's always been the push and pull. i defer to rick burns who knows infinitely more about the situation than i do, but i think the fact we have a malaysian airliner involved makes it even bigger than simply europe, although that may be the principle target. >> john, stay there. coming back to you when we get further word when the president will speak. we are told any minute. right now we're watching the dow breaking a triple digit barrier. bringing in ben willis, princeton securities group here at post nine. good morning. >> good morning. >> seems to be the market is willing to shrug it off? >> what the market is doing, pricing people that have nerve enough to be back in the marketplace. the market several months base and trading of fear. not panic. fear. fear not knowing whether you should be in bonds or stock.

fear whether or not the economic data we're getting is significant enough to justify the price earnings ratios we're trading within the s&p 500. or the russell 2000, which had been a leader and is coming off. what we saw yesterday was those people that still in the state of panic, hit the cell button or back away with buy orders and saw the market pull in a little. it was not as dramatic as one would expect, to give you an idea of the spectations in the marketplace. i think one of the other instances that happened yesterday that was kind of lost in the major headlines with gaza is mr. bullard making comments. he had a significant impact on the market yesterday. again, showing the fear that's inside our own federal reserve on which way this economy is going and how to manage it. so the recovery we're seeing now is the idea that, okay, ukraine/russia, a major political undertaking for the world, but as far as pricing for equities, it's not as significant an impact. >> we're seeing equities up. the ten year below 2.5.

does that tell you that a retreat in equities could happen? should we get another development? >> i can only hope a retreat in equities ps's one of those people looking for a pullback, if you will, or correction that we haven't gotten. it's sectorized at best. whether in the social media stocks or biotechs. when buy oh techs sold off, you saw the people with nerve, no fear, meaning large farmers stepped in and bought some of those companies. a correction like that is an opportunity for the long-term investor. >> expiration today, is that making the close less or more difficult? >> more difficult. this morning was very difficult. >> why? >> on an expiration you have the front contracts, you have expiration on both sides. so the openings were, had pump up in volume and with the volatility in the marketplace from the european side, opening was difficult. i don't think the close will actually be as difficult as our opening was. >> somebody tried to begins us in the past minutes in terms of gold's action yesterday and giving back $10 today, more an

people unwinding shorts. maybe not necessarily going long gold. does that make sense to you? >> absolutely. one of the things that came out in the overnight was also the increase in position of the russian/u.s. sales and gold assets. gold, one of those securities for lack of a better term. i don't quite understand. makes a great paper holder. other than that, a hedge against wealth. >> meantime, the corporate -- it's hard to find much to complain about in terms of the earnings themselves. right? some companies, typically beat, might beat -- merely met this time. but margens look good. guidance for the year. generally good. in terms of large caps. >> guidance is the key. we all know the bar has been lowered for the reporting period we're in now. look at that they're saying, expectations going forward. i think that's part of the reason google moved from its original tick to the down side back to the up side in early morning trading. >> and read anything into the fact the social media stocks didn't keep falling after the

yellen comments? seemed to have stablize, some coming back a bit? >> i think. part of the function, again, going back to the fear. the generally speaking, the people who invest and trade in the social media stocks have a lot less fear than some of the old school guys like i do, that don't understand it. i generally don't go near them. >> ben, thanks. >> my pleasure. >> from princeton security. as we await the president, you can see on your screen awaiting the appearance of the president in the briefing room. a phone call. former u.s. ambassador to ukraine, bill taylor, now director of the eurasia center. got to have you with us this morning. >> glad to be here. actually at the united states institute of peace, but here in washington, in any case. >> thank you for the krecorrect. your expectation what the president will say? >> i expect underline the seriousness of what we've seen over the past day. here we have the civilian airliner shot out of the sky by apparently russian-backed

separatists in the eastern part of ukraine. this is obviously a human tragedy, but it is also an indication that this conflict is more than just a small conflict in some small part of a country in the middle of europe. this is an international conflict now, and he will emphasize, i'm sure, our response. >> there is some who argue this has been a violent region. it remains a violent region that in a sense this flight, this disaster, did not change that equation. it remains in the view of some a local story, because so little of the broader global political interests want to widen the conflict, or get in. vo involved. why is that not true? >> it has ban broader conflict right from the beginning, from the time when the russians invaded ukraine, and ukraine invaded crimea, annex crimea,

sovereign country, taken apart by the russians, and a portion annexed. that violated international law, international norms, international treaties, that we had all, that the international community, had all lived with since the end of world war ii and certainly since the end of the cold war. so this is a very -- this has been a very serious crisis. it's taken this horrible tragedy to bring it home, to individual people, in europe. in other parts of the world. but it is now clearly an international incident. >> you think they'll be more responsive to the president's message, perhaps, today? >> they must be. they're going to have to be. think of the number of people the dutch lost. the number of people the germans lost. they cannot ignore what is going on in eastern ukraine and cannot ignore the role of the russians in that conflict. >> ambassador, while you're speaking, our viewers are watching video of investigators from multiple countries combing

through the crash site. and i'm just wondering, with so many people on the ground there, including the pro-russia separatists, an unsecured site as we are trying to develop policy and response, how long will it take, how possible is it to get accurate information from which to develop policy? >> actually, i think we will certainly get good information from the ground and the site, but i think there are also ways, satellite imagery, other indications of the firing of that missile, or those missiles if it turns out to be more than one. we will be able to -- technicians, people who have access to these overhead sources of information, will be able to pinpoint where this has been -- where it was fired from. so i think -- and we'll have corroborating evidence both from the ground and these satellite photos.

>> if we believe this is a surface-to-air missile, obviously. the black boxes, even though in separatists hands reportedly are not going to be a big a help as in another type of jet disaster. so you need to get to the skin of the airplane. you need to collect residue. the site is already being contaminated as we speak. do we need conclusive proof that russian hands were involved with this missile or not? and how do we get it? >> we absolutely need conclusive proof. this is very serious. whenever an accusation is made that a nation, a country, a leader has authorized or condoned this kind of behavior on the part of people that he is supporting, in this case i'm talking about the kremlin supporting the russian separatists, that that's a very serious allegation that needs to be clear. needs to be clear to the international community so that appropriate steps can be taken. i think we will get back, but it

isn't necessary that we do get back. >> certainly important to american investigators en route now. ambassador, stay with us a few more moments. a very quick break. the dow is up 103 points as we await the president. don't go away. my motheit's delicious. toffee in the world. so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. i never really thought i would make money doing what i love.

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i would. switch to comcast business internet and get the fastest wifi included. comcast business. built for business. waiting for the president in the briefing room in a couple of minutes. meantime, bring back former u.s. ambassador to ukraine bill taylor now with the u.s. institute of peace. you mentioned the prospect of

europe, mr. ambassador, being more open to sanctions. if light of that comment, it's not surprising to see samantha power tweeting today that the loss for the dutch is -- the same percentage of the population as 9/11 was to the u.s. they're clearly trying to convince europe this is in their interests. >> exactly. you wouldn't think it would take that much. this, again, has been a serious problem for some time, in the heart of europe. so europeans ought to be taking this seriously. they clearly are taking it seriously now, and sanctions ought to follow. >> putin, it's been pointed out, cares about the bottom line, as they say, the economy. something these sanctions target, obviously, but his approval rating remains at a six-year high. do you think that changes? >> i do think it changes. the sanctions that president obama announced two days ago caused a drop in the stock market. a drop in the value of the ruble. this is going to translate into real pain for real russians.

mr. putin may be riding high now, but that won't last. >> there is -- i see the president, mr. ambassador. our thanks to you. here's the president of the united states. yesterday malaysian airlines flight mh17 took off from amsterdam and was shot down over ukraine near the russian border. nearly 300 innocent lives were taken. men, women, children, infants, who had nothing to do with the crisis in ukraine. their deaths are an outrage of unspeakable proportions. we know at least one american citizen, quinn lucas chantsman was killed. our 0 thoughts and prayers are with his family for this terrible loss. yesterday i spoke with the leaders of ukraine, malaysia and the netherlands and told them that our thoughts and prayers

are with all the families and that the american people stand with them during this difficult time. later today i'll be speaking with prime minister abbot of australia, which also suffered a terrible loss. by far, the country that lost the most people onboard the plane was the netherlands. from the days of our founding, the dutch have been close friends, and stalwart allies of the united states of america and today i want the dutch people to know that we stand with you, shoulder to shoulder, in our grief and in our absolute determination to get to the bottom of what happened. here's what we know so far. the evidence indicates that the plane was shot down by surface-to-air missile, launched from an area that is controlled by russian-backed separatists inside of ukraine. we also know that this is not the first time a plane has been shot down. in eastern ukraine. over the last several weeks, russian-backed separatists have shot down a ukrainian transport

plane and ukrainian helicopter, and they claimed responsibility for shooting down a ukrainian fighter jet. moreover, we know that these separatists have received a steady flow of support from russia. this includes arms and training. it includes heavy weapons. and it includes anti-aircraft weapons. here's what must happen now. this was a global tragedy. an asian airliner was destroyed in european skies filled with citizens from many countries. so there has to be a credible investigation into what happened. the u.n. security council endorsed this investigation and we'll hold all of those including russia to their word in order to facilitate that investigation. russia, pro-russian separatists and ukraine must adhere to an

immediate cease-fire. evidence must not be tampered with, investigators need to access the crash site, and the solemn tank of returning those who will lost onboard the plane to their loved ones needs to go forward immediately, and the united states stands ready to provide any assistance that is necessary. we've already offered support of the fbi and the national transportation safety board, which has experience in working with international partners on these types of investigations. they are on their way. personnel from the fbi and the national transportation safety board. in the coming hours and days i'll continue to be in close contact with leaders from around the world as we respond to this catastrophe. our immediate focus will be on recovering those who will lost, investigating exactly what happened, and putting forward the facts. i want to point out there's will likely be misinformation as well. i think it's very important for folks to sift through what is

factually based, and what is simply speculation. no one can deny the truth that is revealed in the awful images that we all have seen. and the eyes are the world are on eastern ukraine, and we are going to make sure that the truth is out. more broadly, i think it's important for us to recognize that this outrageous event underscores that it is time for peace and security to be restored in ukraine. for months we've supported a pathway to peace. and the ukrainian government has reached out to all ukrainian, put forward a peace plan and lived up to a cease-fire, despite repeated violations by the separatists. violations that took the lives of ukrainian soldiers and personnel. moreover, time and again russia has refused to take the concrete steps necessary to de-escalate the situation. i spoke to president putin yesterday, in the wake of

additional sanctions that we had imposed. he said he wasn't happy with them and i told him that we have been very career in the outset. that we want russia to take the path that would result in peace in ukraine, but so far, at least, russia has failed to take that path. instead, it has continued to violate ukrainian sovereignty and to support violent separatists. it has also failed to usa to abide by a cease-fire. that's why together with our allies we've imposed growing costs on russia. so now is i think a somber and appropriate time for all of us to step back and take a hard look at what has happened. violence and conflict inevitably lead to unforeseen consequences. russia, these separatists, and ukraine, all have the capacity to put an end to the fighting.

meanwhile, the united states is going to continue to lead efforts within the world community to de-escalate the situation, to stand up for the sovereignty and territorial integrity of ukraine as they work to strengthen their democracy and make their own decisions about how to move forward. before i take just a couple of questions let me remark on one other issue. this morning i spoke with prime minister netanyahu of israel about the situation in gaza. we discussed israel's military operation in gaza, including its efforts to stop the threat of terrorist infiltration through tunnels into israel. i reaffirmed my strong support for israel's right to defend itself. no nation should accept rockets being fired into its borders, or terrorists tunneling into its territory. in fact, while i was having the conversation with prime minister netanyahu, sirens went off in tel aviv. i also made clear that the united states and our friends

and allies are deeply concerned about the risks of further escalation, and the loss of more innocent life. and that's why we've indicated, although we support military efforts by the israelis to make sure that rockets are not being fired into their territory, we also have said that our understanding is the current military ground operations are designed to deal with the tunnels, and we are hopeful that israel will continue to approach this process in a way that minimizes civilian casualties, and that all of us are working hard to return to the cease-fire that was reached in november of 2012. secretary kerry is working to support egypt's initiative to pursue that outcome. i told prime minister netanyahu that john is prepared to travel the region following additional consultations. le c