fall over. >> the fact he stayed upright, 207 miles per hour, i mean, the wind buffeting has to be insane. kudos to him. >> thank you for watching, everybody. today even though the index not showing much movement, a little bit here and there it's record highs for the s&p and dow earlier on today. >> have a nice day. "closing bell." a rocket on a bike. a bicycle built for two, by the way. >> look at that. in tandem. welcome to "the closing bell," everybody. i'm kelly evans. >> i'm bill griffith. we are positive for all the major averages but not by a whole lot and likely not in the cards for the cable stocks. that group hit hard because of the president saying today in china he wants to regulate the internet like a public utility.

that a good or bad idea? voices on both sides of that issue. we have the latest and you get to chime in on who's right in that battle, as well. you can see on an otherwise up day, all the table stocks are lower. >> the president in china at a quick summit announcing a visa program that's expanded and on the same day china is the top suspect in a massive hacking attack on the u.s. postal service affecting more than 800,000 postal workers. can we have truly normal economic relations with china while they continue to hack america at will, seemingly? looking for one great holiday deal this year, don't look for it on black friday. that's right. turns out the best deals come on a different day. which one? which one? we'll tell you later. >> not one i thought if that's an indication. i thought it was -- all right,

all right. not the one you thought. an hour to go here into the close and talking about all-time highs on the indexes. the dow up. s&p adding and the nasdaq with a gain to 4648. we have kim forrest back, j.j. kenahan with us, sam stovell and anthony khan from chase with us here at the new york stock exchange and rick santelli is in chicago, as well. sam, let's start with you. so the elections are over. the ecb and the boj have met. our own fed has met. earnings season's winding down. when's the next big catalyst nor this market? we have a market that's kind of meandering today. when's it waiting for, do you think? what are you waiting for? >> i think investors are waiting

for a confirmation of an end of year rally, it tends to advance another 8% or so in three months before slamming into another decline of 5% or more so i th k investors are feeling hopeful for economic data to show that lower energy prices are being put to risk by consumers. >> kim, you did flag china. explain that one. >> yep. well, it's kind of an indirect fear. if you have stocks that are trying to use china and other developing markets as growth, you have to look over there and really question what's happening. there's been a handoff in power from one group to another. and the rules have changed and it looks like it's really china first and the consumer that had been coming up in china seems to have disappeared so i think you

have to understand that -- adjusted or never participated in that, but it's still a place that's ripe for investment and you can play it. you have to be very cautious. >> j.j. i was thinking of the end of the year. the dog of the year, history suggests that it becomes the best performer next year so i had a research staff look it into. ibm, i guess no surprise, is the dog of the dow. would you buy it at these levels? >> looking at our investors are doing, it set rae. one of the things is ibm with a decent yield on it and what we're seeing a lot of our clients go right now is in stocks with good yooelds similar to that such as ford, at&t, and what's very interesting is also they're almost chasing yield like professionals and gone into the oil services providers and

see great yields and the stock performance better. rig at 10%. i think you start seeing more and more of that seeing the 10-year at 2.35. >> rick santelli, i didn't understand why the 10-year moved lower after the jobs report on friday, almost unambiguously strong. and then i read it's the fed fund futures pricing the averages. why are interest rates still not moving higher? >> well, 214,000 isn't 314,000 or 414,000. times have changed. it's not what we want or history tells us is good. it's xat economy needs to get escape velocity. they're not giving you any type of real guide i would bet my money on as the tightening oc r occurring and janet yellen and committee's brain. the market operating on arbitrage and it's another short

rate fitting into the other efficient markets trying to price in some various relationships with short rates. today, parallel shifts. five cents, but none of those maturities are at the same level of yield they were before 8:30 eastern on friday. >> right, right. >> as far as what some of the news is today, we can all harken back to that poor pinnochio. if you like your doctor, you can keep it. now if you like your internet, you can keep it. i would think, be afraid. >> wow. wait a minute. rick, we're talking about net neutrality and getting into this in a second. to be clear, you are for competition on the internet and not regulating it like a utily? >> level it alone. leave it alone. show me something that the government tinkered with and you're going to brag about it. please, show me. >> anybody feel differently here? >> i would say that, you know, overall, it's been a little bit tough and things they have come

in and an area to seeing sit the bond market in terms of regulation there. there could be some affects in terms of liquidity and rick makes a point of unintended consequences of the places they have come in with regulation so far. >> that's a hot topic and getting that lately. anthony, what about that jobs number? is that a number to get used to? is anything just above 200,000 now considered to be -- that's a good number, that's what we like at this point? >> i think it was but remember that the prior two months 31,000 upward revision and seems to be what happens in the environment of the economy improving. the labor market is improving and the reason why the markets are not pricing in very heavy fed tightening is simply because there's some labor market indicators that tell you you will have tightening and the unemployment rate and short-term unemployment rate and something

everybody watches. even that useful unemployment rate, 10.5%, much higher than it was when the federal rate raises rates. >> here's the fascinating thing. as you know, when's happening now, especially with the stronger dollar and commodities, getting less of that upward pressure we might have on the inflation front from commodities and those kinds of things. what happens in the next year with a 5.5% unemployment rate and we still don't have inflation? is that possible, do you think? >> well, i think you are going to have to have some pressures on and there's some limits of how much it comes down and some point we are, in fact, going to see some inflation pressures on the wage front and i think the low unemployment rates are conducive so that. in terms of the environment, the fundamentals continue to get better. inflation picking up next year should be good and believe it or not in the year following

midterm elections, the average increase is about 13.5%. going back to 1930s and even in the general s&p 500 about 7.4% and midterm election years, year after, generally good for the equity market. >> sam, i asked j.j. about a dog in ibm and buying that. what about a darling like the transportation stocks which are still booming even today up another 110 points? on the dow transportation average. is that a sector that you guys like or too overbought right now? >> i thought you were referring to me as a dog. >> never do that. >> i published a report this morning on riding the momentum wave and the thought being that let the winners ride and a category in the top ten sub industries was airlines. delta airlines being the company with the highest s&p stars ranking. so i think, you know,

categorized together in a cluster of high momentum areas, yes, you can continue to buy some of these winners. buy high and sell higher. >> does that mean you wouldn't buy energy stocks because if you believe that oil's going lower, will you not buy oil stocks then for example? >> obviously, there are selected oil stocks that are found in the s&p stars rankings that have four or five rankings meaning buy or strong buy and the expectation is oil prices average around $80 in 2015. we don't really see a lot of upward pressure on the categories. >> kim, what is in your stars? what are you buying and selling? >> well, i think we'd take a selective look at a lot of things because the market is going higher so, you know, we would be on the opposite side of that transport trade and selling and we're not momentum players.

we are long term. three to five-year sort of folks and i'm still looking at selected industrials and tech because both are, you know, the things that give companies productivity. -- never goes out of style and looking at them. >> alibaba, are you buying it? >> no, no! to me that's a retail stock. not a technology stock. but there you go. >> all right. thank you all. always good to see you. thank you for joining us today. >> 50 minutes to go into the close and sitting at market highs. intraday highs i should say. dow up 44. s&p up 5. nasdaq up 17. all right. one of my favorite times, our visit with our friend vanguard founder jack bogle and proven right again as index funds outperform the active managed funds and cannot understand why more people haven't signed on. jack will join us coming up

here. later, black friday may be for turkeys. a new study shows a different shopping day offers the best days. saving you the biggest bucks. i was surprised. we'll tell be right back.

positive day, not by much. the dow and the s&p up all-time high territory. nasdaq. a 14-year high or something? up 17 points right now. the real feature i'm watching today, the transportation average. up 110 right now. so another 1.25% gain and that's all-time high territory, as well. our next guest is singing the praises of index funds for ma many, many years and the numbers this year back him up. >> once again, most active fund managers are chasing returns of the s&p 500 index which is where a lot of index funds invest. jack bogle, good to see you. welcome back. >> good to see you, bill.

how are you? >> good. doing well. what is your version of why people -- i mean, there's nothing wrong with investing in an actively managed mutual fund but your stated belief through the years has been that you just go with an index fund and do a lot better. right? >> well, that's basically proven in the past. but it will also continue to be proven in the future, bill, because the managers together own the index. so they're a giant index fund with everybody trading with one another so they lose by the amount of the cost. you heard the story before. and our s&p 500 index fund will deliver you the market return less 5 basis points. 0.05. and so if you're charging 1% of transaction costs, maybe costs of 2%, you just can't compete

over time. >> jack, i wonder, though, as people start to see the light, is there an argument to be made for composition? should we be grateful there's shops to do it differently so that vanguard doesn't have all the asets in the world? wouldn't that be a risk systemically speaking? >> i think we're quite big enough now. i never get in this for the growth. i could never imagine $3 trillion. when we started with a billion. i mean, the only thing that gives me pleasure about all of this is an awful lot of investors are doing better than they otherwise would by investing here. and as our size of our crew goes, an awful lot of our crew members are working in a better business environment i think than otherwise would. we try to focus on service to the clients, focus on integrity, focus on just doing a good job for the people that own us, the clients. that mutual structure which we

started 40 years ago, 40 years ago this september 24th is so sensational because of its cost savings and nobody else wants to compete with us. they're trying to get a nice high management feet to make money for the shareholders of the fund mansionment companies and they're in a dilemma. >> doesn't history show, jack, though, you guys are smelling like a rose now because it's an up market. don't index funds out perform in an up market and underperform actively managed peers in a down market? i mean, in an index fund, you're stuck there. the active managed funds can move things around, go defensive, try different strategies that will help protect their investors' money. >> well, actually, that's a sort of what we used to call, bill, period dependent. very short market downturn, say a matter of a couple of weeks, the relative costs of the two

don't seem to matter and since the index is 100% invested in the stocks and typical equity fund about 95% invested in the stocks, they should go down 95% as much as the index and win in the short run but take it out over a couple of years and they're losing a couple of percentage points a year on costs. doesn't take long for the scales to rebalance and in terms of anticipating declines and that really doesn't happen in the fund industry anymore. these equity fund managers, maybe shift around if they're right from high risk tocks to low risk stocks and in terms of raising cash, there's no support in the data. funds stay about 95% invested, not more defensive. there's a shot at the short term with the math and long run it all washes out and index cost advantagers take over and really as simple as that. >> it made me chuckle, jack.

we've been talking about act i managers and mutual funds underperformed the s&p 500 and several people writing, tweeting in saying, i'm team bogle-head and the beginning of a perhaps educational awareness here happening and i wonder reading about the younger generation not in the market at all what you would say to them and why you think the price earnings multiple on any given name over time doesn't really matter. >> well, the price earnings multiple on the market is a good warning sign. i make that to be using the s&p 500 about 20 times earnings if you're looking at estimated future operating earnings. estimated future operating earnings. if you look back on actual realized reported earnings, after the write-offs, the pe is about 20 times i should say and when you look forward, it looks like about 15 times so it's 20

times too expensive? that's the more realistic number and the high side and i think not in the dangerously high side so this year is a great year for the s&p. the large cap stocks have done much better than the small caps as everybody knows and basically quite blunt about it, the 500 index fund is doing better this year than anybody should expect it to do consistently over time. it will come back to the pack. as the competition in the market changes. small caps and mid caps again start to do better. really it's in the math. >> sorry. finish your thought there, jack. sorry. >> no. i was just going to say it's all in the math. and when you take funds one by one, there are a lot of small and mid cap stocks out there and the industry averages don't look so good and the big funds, large cap funds, run by fidelity and capital group, american funds in the west coast and, you know,

they're struggling a lot. they're losing money. capital outflows and they don't quite know what to do. you know? they don't like indexing much. fidelity does some. capital group does none. when you think about the total picture of cost, they've got a really l really dilemma on their hands. and we solved that problem to the best of our ability, not perfectly. vanguard being a mutual at-cost company with an advantage that people basically were in the business of cost is everything and nobody really wants to compete on cost. sometimes, drag kicking and screaming into the cost framework but they don't like it. >> that's for sure. always good to see you, jack. thank you. appreciate it. be well. >> thank you. >> thank you so much. >> mr. john bogle from pennsylvania. dow still up 41 points.

s&p positive. nasdaq's positive. not by much. >> true. and cable shares fraying after president obama urging the federal communications commission to regulate the internet like a public utility. the experts debate the high stakes coming up. also ahead, craving a -- what is that? honey siracha pizza? >> you haven't had sna we're going to pizza hut. >> they have curry crust now. just a few of the items on this brand new menu they have. the branding pros will weigh in on if pizza hut is making a good move here. we want to know if you think the total revamping is a good strategy. weigh in at cnbc.com/vote and somebody tell me what siracha is, too. >> great story.

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welcome back again. if we hold here, going out at all-time highs again. the dow up 39. s&p 500 at about 2037 and the nasdaq having a nice day. >> a quick debrief in the

commercial break an i'm up on siracha. let's see if dominic chu is. >> my tie is the color of the sauce. cable stocks taking a hit at president obama asked the fcc to take a stronger stance on net neutrality rules and you can see the major cable companies moved downside today. homebuilders higher after toll brothers say a surge in october sales and said the fourth quarter sales coming in above prior estimates. you can see homebuilders as a group higher. dean foods gaining ground after a narrower than expected third quarter loss and profitable in this current fourth quarter as raw milk prices come down. easing some of the costs. up by 13%. norfolk southern leading higher after morgan stanley analysts upgrade and slap a $134 a share price target and rails higher and ending here on the food side. pizza hut, yum brands, revamping

the menu to jump start sales that declined. would you believe honey siracha sauce? again, i don't get it myself. i'm a fan of siracha and might have to give it a try. >> coming with us then, dom. >> honey siracha. trying to picture that. will it work? is this what pizza consumers want? go to cnbc.com/vote. right now. let us know if you think the revamping, new boxes, new logo, new uniforms for the people that work at pizza hut and the new menu items, good or bad idea? joining us, we have branding experts patrick handlon and michael kelly. thank you both for joining us today. michael, what do you think?

good idea, bad idea? >> i think it's a fantastic idea. and it's great for the consumer. i mean, there's three consumer trends. one is expansion of taste buds. so siracha on the scene like few other flavors. two is expansion of local competition. remember, mcdonald's just recently is allowing their franchisees to offer local offerings. and this is very much in that flavor. and three is expanding waistlines and in addition to the bold flavors, they're introducing skinny flavor which only has 250 calories a slice. if you're prone like ple to have two or three, that could cut the calories in half and really i think responding to those areas. >> wow. does anybody have one slice of pizza? i don't know of anybody. >> i never do. >> impossible. they're like lay's potato chips. patrick, i guess i'm thinking to mcdonald's this morning which when it reported a drop in its sales again, saying, look, we are seeing consumers that want

more customizable options. is pizza hut trying to check the box or risk allienating the bas? >> they're a 50-year-old brand and competition of domino's and papa johns innovating all along and dominos with a campaign rebranded themselves just a few years ago and launched leapfrog to the number one spot. and so, pizza hut really hasn't been performing well within their own house. kfc and taco bell in the yum house outperforming pizza hut and it was time to rock the hut and praised for their innovation and within the category. over the weekend i was looking at a -- excuse me, i passed a hamburger stand and they were advertising their brand new tacos. you know? a hamburger stand, you know, selling tacos.

that's not innovation. that's desperation. i think they're doing well. >> but here's my thought on that. when you've got that going on, where a hamburger stand is selling tacos. starbucks start serving dinner items right now. you know, they're all bleeding into each other's territory. michael, that tells me there are too many retailers out there right now chasing a smaller pie. to use that metaphor. sorry. >> you have subway, too. >> do you agree? >> yes. you have subway moving in pizza. also, if you look at the flavors of pizza hut's offering, subway led the way and the sister company taco bell of being very risky, very bold in their movement but this means that you have to stay risky. you have to keep introducing innovation and keep introducing new flavors and also not be afraid to fail. if we have a few flavors like we

have seen at dunkin donuts or subway that don't work, pull them off and keep going. tough constantly keep pace with that consumer. >> i just wonder if that's the case, though. on a chipotle, tremendously successful. have they changed the basic formula since they opened? >> well, it's interesting, too. you know, there's one word that hasn't crept into the discussion and that's value. you know? we're seeing a lot of competition around that value space. so, and now that we're heading into the holidays, people are very cost conscious. they're cutting back on eating so they can spend more on gifts. we want to have parties at home and do those afford bring so it's all about flavor now. and really, we are seeing an expansion, especially with children by the way and expansion of taste buds and receptivity to flavors i never had at 10 years old at pizza huts and keeping the classic flavors and keeping up and i think trying to keep up with those pizza companies or those

pizza purvey or s and seeing like buffalo chicken. >> chipotle may be working on a pizza concept, as well. sounds like you're both for it. what about the viewers? we're asking, is the revamp a good move? >> they love the sirachi. >> siracha. >> whatever. >> some of us know what it is. >> i have to try some. can i get in it a jar. >> holiday party is planning itself. >> apparently. >> we'll have a siracha party. >> order a bunch of different pizzas. >> 30 minutes to go here. by the way, the pizza hut but fay, this is great about it. you could try a lot of different pizzas and even that apparently wasn't quite doing the work. >> wasn't doing it. i think too many fast food chains out there right now. got to come down. >> 35 points higher on the dow now. the s&p up again about four or

five here and the nasdaq up 13. how about this? a new study shows black friday no longer offers the best holiday shopping deals. this is for real. wait until you hear which day replaced it. we'll tell you coming up. also, winter is coming and in some places it's already here big time. look at the pictures of duluth, minnesota, today. oh. temperatures are expected to plunge across much of the country in the next couple of days. a special report on the impact to have on natural gas prices in particular by the way. >> wild day there. >> we'll be right back. will you outlive your money? uhhh. no, that can't happen. that's the thing, you don't know how long it has to last. everyone has retirement questions. so ameriprise created the exclusive.. confident retirement approach. now you and your ameripise advisor can get the real answers you need. well, knowing gives you confidence.

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welcome back. here we go. many stores opening the black friday doors on thanksgiving this year. but for the best deals you may want to hit the stores earlier than that. new data finding the biggest price cuts last year, drum roll, please. >> wait for it. >> was on the sunday before thanksgiving. truly surprised me. >> a week before black friday. >> that's right. >> the sunday before black friday. do you buy that? >> sure. you are having the internet for a complete sense of price transparency and taken away a

sense of urgency. talking about the whole marketing campaign with food, the same thing with retail. the extent to which to grab that sale before anyone else get there is on black friday is important and to go further, you look today, 40%, 50%, you see it across the mall. >> good to see you. listen. i guess is it just a question of my ignorance? isn't the whole point of having a specific day with the best sales that you tell your shoppers about that or are people so sophisticated these days they already know that or that they followed prices so closely they almost get alerted about it in realtime? >> so, if we remember back on the program black friday, the malls have taken this step back. and now everyone's so excited to get these great deals because i think it's become with e-mail you can be alerting the customer right away and whether they think they're getting the best deal now or scooping that best deal, that helps along that campaign to try to have them sell. >> i mean, i have never bought the cyber monday thing. you know?

that's a marketing gimmick but you have a whole load of door busters on black friday. aren't those a good deal? aren't you likely to be getting better price for a certain items on that day than you would any other day? >> i think that's what they want you to believe and the notion with the door busters is fair and certain items to bring to get you in the doors although, again, with online stretching both forward and backwards, that tends to take a little bit of a lowdown from the days past. if you look to cyber monday, you have a notion, everyone's back from a long holiday weekend. they're out. they're in the office and start buying things they missed beforehand and black friday is more of 'vent but it's been slowing down and maybe it's responsive. you need to say, listen. if people aren't in the malls over three yehours, i need to g the sale and having a sort of black friday sale before it shows up that's what you have to do. >> there's a couple of interesting points in this, as well, about the extent to which

the crush of u.p.s. suffered in particular is pushing retailers and shippers to move it back to get it on time. maybe that's playing into it but can we take it for granted this is the best day for deals again this year or to the point about some of these price items, these popular holiday items, they change price 30, 40, 50 times in the season. is it possible the answer depends on how people shop in any given year? >> i think that's perfectly right because you've never had a scenario to perfectly price the product before. now you get to watch, right? you're competing against yourself, you woman pet or the and the consumer who gets to shop around. so the notion that it's earlier probably holds. the notion of sunday i think that's up for grabs depending on who wants to be the one to jump forward. last year you had a notion of shift from 40 off to 50 off. we're already there. so now the question becomes, how early are you willing to go? >> how much lower can they go?

this reminds me, again, of another what i think is an urban myth. the best day of the week to buy airline tickets. i mean, are we talking about an urban myth with the sunday before thanksgiving? as kelly points out, you're going do get a deal any particular day of the week as you go into the holiday shopping season because retailers, you know, you get those daily door buster practically online comes in e-mail seems like every hour from some retailers out there. >> listen. now thanks to us, everyone is going the sunday before and that's the day. you create the events. >> let's all go to pizza hut that day, as well. >> is what's true for the department stores true for the specialty stores and amazon.com? >> i think you're all trying to find your way around. amazon leading you down that path or online website with abercrombie & fitch is trying to sell you that product.

to grab that chair, earlier, deeper, that's where you have to fight your way to do. >> all right. >> thanks. >> 50% off already happening. >> absolutely. >> amazing. with gas prices, that's an eye opener. appreciate it, sir. >> thanks. on we go. alibaba recording the first $1 billion in sales in just 17 minutes. after the stroke of midnight today. the shares are rising on the world's busiest online shopping day of the year called singles day in china, a day originally created to celebrate people not in a relationship. and that's morphed into their version of cyber monday. alibaba executive chairman jack ma speaks with our david faber in china right now. 10:00 a.m. eastern time, an incredible exclusive you should not miss. happy singles day. >> great stuff. this is back to kim forrest's

point off the top trying to rebalance as we have seen when the industrial sector is slowing, the impact on commodity prices. what better way than to create a singles day? she asks. up next, old man winter hitting much of the country hard this week. especially the northern plains. just the second week in november. we're going to go live to the nymex check for natural gas prices as that deep freeze sets in. you can guess which way it's going. garth brooks with apple itunes. the star launching his own online music star. ghost tunes. >> what does that mean? >> stands for -- maybe g-hosting and then turned into ghost tunes. interesting. >> okay. >> so the ceo joins us exclusively about this battle ahead. not just garth brooks involved. a fascinating story about the next frontier in music. we'll be right back.

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>> perfect environment for higher natural gas prices. jackie deangelis at the nymex but that didn't happen today, did it? >> that's right. that didn't happen, guys. we saw very volatile session today for nat gas prices. and then technical selling sent us lower because traders are looking at the forecast thinking that they're not going to be severe as the weather channel and other forecasters are saying. they're saying that, you know, two weeks out of thanksgiving. we should be experiencing a little bit more cold than normal and also they're talking about the range that we have seen for prices for a couple of weeks. we hit that low of $3.56 on 10/27 and not surprising that we have some so far so fast to see a little bit of technical selling to the downside. meantime, we are a long way off of last year's high. in february, we saw a high of $6.14. we're still 25% under that and traders are looking at the inventory reports saying we have built up stocks quite nicely heading into the winter.

high double digits. some triple digit bills and not really that worried about nat gas stocks heading into the winter and interesting to see how the temperatures impact the prices. today we moved lower. back the you. >> thank you, jackie. keeping a close eye on that one. so important for people heating the homes with 12 minutes to into the close looking at more record highs. >> dow up 35 right now. why are millennials avoiding stocks and taking a more cautious approach to investing? sharon epperson has the ins and outs of the mindset and why they're perfectly happy giving up the years of stock market growth. someone in the 20s could get. we'll talk about it when we come back. get to the terminal across. are all the green lights you? no. it's called grid iq. the 4:51 is leaving at 4:51. ♪

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all right. we are nine minutes, 8:30 left in the trading day. the s&p up about 5. nasdaq up 15 points. joining me right now, jeremy

hill and bob pisani. when's going on here? i was saying earlier, we have the elections behind us, the fed meetings, earnings. they're looking for the next catalyst i guess, huh? >> not a lot of directional drivers but the commodity space is hit hard again. oil. natural gas is down, as well. so all of the shale plays are getting hit again and down 2%, 3%, 4%. the usual. gold dropped dramatically. etfs down almost 5%. >> king dollar. >> and the dollar's been rallying throughout the afternoon. >> how do you play that? is that a theme you're pursuing right now? >> it is. but there are a couple of things to look at. number one is going to have a little bit of time and the fed is less involved? next big fed issue is november 19th statement. could we have a myopic market

that ignores that? next thing is are we going to see performance chasing by managers? we had guys that performed very poorly compared to benchmark. see if they beverage and go long leverage and positive for the market and then back into your oil issue is we have the november 27th opec meeting. >> yep. >> are we going to see $2 to $3 bid into oil to account for that cut? >> today there were rumors of opec not cutting production. i think that was a factor in the price drop that we saw. >> opec, saudi arabia's made it clear they love to see the price go lower here to smoke out the shale companies. >> seems to be working on the stock price. >> exactly. i think any cut that they make will be -- it will be, you know, specious at best and nothing that's material. if we do get a cut, i think it is more of an opportunity to trade around it rather than scared of that. >> other major plays, this week

the final little piece in the earnings pie and that's, of course, retailers. not expecting much from the department stores this week. walmart, as well. their sales have been flat. but as we finish the last little piece of the earnings pie here, we're getting still very good earnings numbers, 9% to 10% earnings growth. margins close to 10% again. again, historic levels of margins. everyone saying the margins to come down. yet, s&p capital iq with 9.77% margin for this quarter again. historic is about 8%, 8.5%. we're well above the historic average. the collapse hasn't come. waiting for two years. margins are coming down, bob. every quarter, they hold up there. >> all right. we'll come back in a moment. jeremy and bob coming back. closing countdown in a couple of minutes with the dow up 26. after the bell, president obama

touting a new extended visa program with china even as the u.s. postal service gets hacked and the chinese are the top suspects in that case. kelly and company will do a keep dive on the delicate china situation coming up here on closing bell. stay tuned. to help build a stronger economy. with a solid fiscal foundation, we can create more jobs, invest more in innovation and infrastructure, and make america more competitive, giving our kids a better future. a bipartisan solution to our long-term debt means more growth today, more opportunity tomorrow. and the time to start is now. no question about that. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right.

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not volatile session. stutter step on the open this morning. a positive gain of 25 points. any positive close is another new all-time high for the dow and s&p today. a feature, the energy sector again. we mentioned earlier with jackie deangelis the natural gas price down 3% today. crude oil, wti, this is the december contract down 1.8% in today's trade. $77.24. traders watching the levels very carefully to see what they do. what's that do when the oil price continues lower. transportation stocks higher. the dow transports up 1.25%. 113-point gain at 9,062. jeremy, would you buy transportation stocks? is this a momentum play for you necessarily? >> i'm not sure that transportation is a momentum play. there's other areas sub sectors. airlines are going to continue to benefit of the lower price of

oil. i wouldn't go just transportations generically. this is a high conviction -- >> the rails done well, as well. >> they have done well, as well. we prefer some of the airlines, though. >> okay. >> but improving economy and much lower energy costs, i mean, if that's not a buy on tranports, truckers. >> it has been. is it too late to get in right now? >> 30-year time horizon. >> everything looks good at this point, right the. >> not everything. >> not everything. >> but certainly that's an area to benefit from, you know, kind of demographics as well as cost of capital inputs. there are lots of reasons to like the transports right now, for sure. >> bond market is closed tomorrow. >> veterans day. >> usually the markets are -- the stock market lags on volume when the bond market is closed tomorrow but we had a great day on homebuilders with the numbers of toll brothers. good enough. my concern this week is later on

the retailers. i think we hear disappointing comment there. >> all right. thank you both. good to see you, jeremy. thank you. going out with gains on the dow and s&p. record highs once again and the transports with a big boom there. stay tuned now. i'll see you tomorrow, kel. thank you, bill. welcome to "the closing bell," everybody. i'm kelly e vanls. you know what that graphic means. all-time highs. dow adding 40 points and the s&p up about 6 at the close there to 2038 and the nasdaq up .4 with a strong session adding to 4651 and that i believe is another 14-year high. so, we'll talk about that. we have today's panel joining me on set.

rick edelman and sarah izen and larry kudlow and with us for more is guy adami. what do you make of this market? >> what does that mean? what does that mean? >> there wasn't much volume. pretty tight range. >> interesting things. listen. the bond market under pressure. a couple of rallies and under pressure. that's something to look at. the transports unbelievable led by the rails and the fact that now the word ebola not uttered in eight or nine days and helped the airlines clearly. i think the russell needs to be above 121 before it seemed to be off to the races but constructive day but quiet. >> i like the point about the bond market under pressure. larry, do you see signs of something, mr. kudlow, turning, happening, percolating here? >> i just want to mention. lower oil prices is

unambiguously good. i'm an optimist. one thing i see. people are telling me that the workforce is not earning any wages. from the jobs report on friday. there's a number being used. 2.0%. >> right. >> here's what people are forgetting. you have to count the hours. so hours are rising close to 3%. when you add the two together, the consumer, the so-called wage earner, is closer to 5%. that's pre-tax, pre-inflation. it ain't bad. not bad at all. we shouldn't be surprised that the economy is chugging along. >> rick? >> a lot of consumers who would argue it ain't good either working the extra hours and they're feeling the pressure on their lifestyles and dealing with raising families and they feel that they're not keeping with inflation. yes, better than people think and not as good as we think. >> private hour s worked. if i can push back. it's not done well.

all i'm saying is they're rising well. >> some people are coming back in the labor force. maybe they're not working full-time but part time and on the aggregate -- >> you earn. >> adding up. >> and that number above 200,000 for several months in a row is also good and what's good is talking about the fundamentals. the market rallying on third quarter numbers. gdp better than forecast. the jobs report was solid. earnings 80% of companies reported. >> the key thing. >> earnings that beat the street. >> everything is beating expectations. so we're finding ourselves surprised at how good things seem to be. >> only because the expectations are so low. >> profits, profits, the her's milk of stocks, are outperforming. the growth coming in close to 10%. however, i invite your attention to very important story on saturday. john -- >> last saturday. >> the report. both janet yellen and bill

dudley are paving the way for the interest rate hikes that are coming, so-called normalization and what they said in separate speeches, there will be volatility around these interest rate moves. even a bull like myself has to say to people -- >> they don't know better how the market reacts to this. it's a logical conclusion if they enter a new pair dime, there's bumps and hardly surprising. >> the problem is it's extraordinarily surprising to the retail investor who's unfamiliar with interest rate risk. they're going to be shocked and they're going to be appalled at the losses to sustain. >> rick makes a good point. you are going to have -- >> excellent. >> no one knows the future. i get that. the fed doesn't know the future. we have never done this before from zero. you have the risk of these corrections. i'm going to say buy the dip and whatever i say that risk exists and later on we'll talk about

how the millennials don't want to take any risk and i think is stupid. >> as a result they're taking a biggest risks of all being in bond portfolios. >> one second and then talk a little bit about what's happening in washington and how that's relevant, as well. but just on this point about people, rick, might be in bond funds, i understand the concern but same time a lot of people have been in unconstrained thinking interest rates rise and they've been on the wrong side of the trade now for years. >> i'd rather be wrong for the moment than forever. so although they may have missed out on some of the rally in the moment, they're having the last laugh once rates rise. >> guy? >> i don't know. people saying interest rates would rise for 18 months and until the last couple of weeks they have only gone straight down. i understand how you can think that rates will be higher within the next year or year and a half. with that said, i love larry. he's forgotten more about economics than i'll ever know

and i'll say this. unambiguously positive that oil is going down. for the right reasons, yes. i'm in the global deflation camp with global central banks acting recklessly as ever. i don't know if that's necessarily unambiguously good. >> guy -- >> larry? >> guy, i'm going to tell you. i hate to use the phrase but the elasticity of demand for oil is very low. what that means is you basically buy the stuff and almost no matter what the price. this is a supply shock bringing down prices and, by the way -- >> his point is forget why it's happening. just the mere fact that prices are down is an impulse in the global economy. >> no, no, no. if your iphone price falls, do you cry? people weeping at the gas stations? >> they will cry once -- when oil prices shoot back up. you have bought a suv. >> that's true. >> that's when you cry. >> helps europe.

helps the united states. this helps asia. this helps japan. they are unambiguously good. >> and let us pivot on that very point. president obama traveled to china for the economic cooperation forum and using that to make friendly moves towards china on the visa front and as their hacking of the u.s. potentially even more of an issue. let's go to john harwood with the visit. having an impact in the u.s. already, john. >> reporter: exactly, kelly a. year ago when president obama met with xi xin ping in california, he wanted to make a point on the hacking but he was on the heels. now he has a fresh public excuse to raise the issue because of the allegation by the u.s. postal service that the chinese government hacked into their compute earls, compromising potentially the files of 800,000 employees. but that didn't stop president obama from taking a step to liberalize visa provisions

extending business and tourist visas from one year to ten years with big economic payoff potentially he said. >> keep in mind, last weir 1.8 million chinese visitors contributed to the united states $21 billion to the economy and sup porded more than 100,000 american jobs. this agreement could help us more than quadruple those numbers. >> reporter: why that would be? an issue with the american business community constantly, certainly. ten-year vi sarks that's certainty, kelly. >> thank you. for more on the president's moves, let's bring in jim pathocoucos. i want your thoughts on the visa moves or the other things that president obama seems to be letting rip while he's in china. >> well, listen. i think that's -- this is good. i mean, we want trade.

we want tourism. we want immigration, especially high seal immigration. that's fantastic. he had comments of net neutrality which aren't going to be received so well in washington. i'm not sure if you guys have been talking about net neutrality. let me tell you. that's a kind of issue like immigration that's going to maybe it harder to get compromises on everything else with division on it. here's a rule of thumb. the more i am on cnbc between now and january 1st, the worst it is for things like tax reform because if i'm on, the president's doing stuff unilaterally. pushing for net neutrality or -- >> a new indicator. it's the jimmy p. indicator. i love it. larry? >> jimmy, here's my point. i'm a free trader like you. i'm okay with these visas. but what are we getting for it? we never seem to make a bargain?

john harwood reported correctly. the government of china, it's actually the red army of china, is hacking in to google, cia, defense capabilities. we have to get something from that. i have an idea right here and now. you know they want to buy the waldorf. >> the chinese. >> the u.s. ambassador to the u.n. lives at the waldorf. wired up. classified and secure. we can't let them do that. or else let's put that on the table. >> you agree, jim? >> it's kind of like the free trade argue. . if the other country doesn't lower the barriers, you should because you're helping your consumers and producers. same here. >> could i hold you off on that for a second and ask you about the net neutrality piece and by the way loretta lynch potentially for attorney general here. a lot of things happening. less than a week after the midterm elections. on the specific issue of net

neutrality, what happens, jim, if he moves forward on this? we'll seeing telco companies saying there's going to be a course. >> the president took a rather strong position from a very strong net neutrality rule. it's certainly not what the providers want to see. it's really not what the fcc -- he could have taken a middle ground. he didn't. and which is turning this into a very hotly partisan issue. ted cruz out today saying he wants to obamacare the internet. talk about urn certancertainty. the president injected a ton of uncertainty into the issue. >> i don't know if the president understands that pipes and broadband don't grow on trees. somebody has to pay for this stuff. technological advances paid for. okay? we all use the stuff and has to be paid for. you have to avoid the marketplace to set prices on this just like any other good

and services. where they should have gone and jon fortt has this point, deregulation. any local municipal barriers to fiber should be eliminated. >> we'll have more on this very issue. >> okay. i'm sorry. >> coming up. no. i didn't want to -- no. it was beautiful. we'll just cut and paste and drop it in the next block. jim, should we be ready for anything else out of this trip at this point? >> i don't know but trust me. between -- i think the president's made it clear between now and the end of the year he's not taking a vacation. you are going to see more executive action, more rulings. he has a dispirited base. he's active. he's matters and not a lame duck and he's not a lame duck and he is important. >> all right. jim, thank you. we'll see you again i have a feeling. thanks for being here. a quick programming note. an amazing day on cnbc tomorrow because our david faber is in china and he will be speaking with alibaba executive chairman

jack ma live tomorrow on "squawk on the street" at 10:00 a.m. eastern time celebrating so-called singles day. don't miss that. our thanks to guy adami, as well. thanks, guy! >> later for you people. >> talking gold, russia and the u.s. dollar with nouriel roubini. president obama wants the internet regulated like a utility. what would the new rules of the road mean? that's next. later, stopping the aging process. we'll speak to the man trying to cure what he calls the disease of getting older. you're watching cnbc, first in business worldwide. so i can reach ally bank 24/7, but there are no branches?

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weome back. we begin with our dominic chu and an earnings alert. >> so we're watching a couple different companies. check out rack space. the cloud computing servicer company. the company beat on both the revenue and profit lines here and trading up by about 1.5%. a different story for caesars

entertainment. revenues coming in line with forecasts. the company's naming treasurer as the new cfo. those shares down by about 3.5% show far. that's the early action. back over to you. >> thank you. good stuff. cable stocks taking a hit today after president obama pushed for much stronger regulation of the internet. julia boorstin with the destales. yulia? >> kelly, president obama's pushing the ftc to enforce net neutrality and prevent comcast, cnbc' parent from charging netflix for faster streaming. in addition to outlawing that, obama calls for prohibiting blocking or slowing legal content. this morning advocates blockaded the ftc's tom wheeler's driveway and proposing a more lenient plan for broad bad companies to strike dealers saying he'll

include the statement with the 4 million plus other comments received and the influence sent stocks, time warner table chartering and coming out against obama's proposal. the president's proposal, though, a win for internet companies of netflix and youtube to pandora and ebay. netflix ceo tweeted consumers should decide, not broad bad companies. this is not the end of the story. >> no, it is not. thank you. should the internet be treated like a public utility in head to cnbc.com/vote and opening the polling right now. joining us, craig aarons. ceo of free press. welcome. what was your reaction to the announcement today by the president? >> i was thrilled by the president's announce. . i think it's time that the administration came out strongly for real net neutrality and what he did. i think these are the exact

protections that internet users everywhere need to benefit not just a couple of big internet service providers but the internet and the internet economy and very encouraged by the president's statement today and hope tom wheeler at the ftc is listening. >> i don't agree at all. there's nothing in common that they have compared to the utility companies of the 1930s. getting power to the house, you have no choice of which power provider you get in most cases. if you don't like your provuder of internet, dump them. >> a lot of people can't do that. because there really isn't much choice. eventually we see that choice come up. >> you got to have competition everywhere. localities. any barriers to fiber, for example, then get rid of those barriers. that's very, very important. ultimately, the more comb pettive that side of the market

is, it is good for the consumer. >> craig? >> if you want a flexible approach, you want net neutrality to give everybody the even playing field. that's what net neutrality provides. >> but craig, okay, but i'm saying a little different. we'll probably disagree on this. i want to deregulate any barriers. >> we would agree. >> yeah. i want to go -- look. has to be pricing. we go to food prices. you have to build out the broadband. whatever the next step is going to be, in that structure, i'm not a genius. somebody's got to have the capital -- hang on. >> no. i'm just saying that -- >> it has to be a rate of return on capital investment -- >> totally agree. but there are two different things i wonder if we're confla conflating. one is the pipes and the degree of which they should be regulated and the other, for example, what's in the pipes and

whether that's regulated and paying different rates for different amount they're consuming. >> raising the question we haven't talked about here and, craig, maybe you can answer. how's the consumer impacted by either of the options? not clear it changes a whole lot for the consumer. >> the consumer will benefit of net neutrality and 4 million people wrote to the ftc. they don't want comcast or at&t picking the we believe sites to work and which won't and they're profitable companies making, you know, 80%, 90% margins. their stocks maybe down today and probably a good time to buy. they're in a lucrative business for the long term. absolutely more choices to get online. which the same companies have been trying to block. let's have as many choices as possible and let's not let the

big isps decide. >> the ftc moving along on a process bipartisan. a lot of thought and then the president comes in seems to be out of nowhere with a position saying do this, do it radically, do it now seems to be more -- >> and the republicans screaming about this. bureaucrats should not be in the business of regulating the internet. >> at the end of the day, this is a form of price controls. that's what it is. when you control prices, you get less supply of whatever it is you're controlling. we want consumers to benefit from breakflus in pipes that we don't even understand today. all right? but they won't if there's no rate of return on the investment of the people making it. price controls are bad. period. >> so, craig, if this happens, give us what larry's talking about, give us an example of how it hurts the typical internet subscriber in a state in this country. >> well, you know, your benefits choice and competition. that's what they need for

internet access and going online. they don't need gatekeepers. i pay comcast or verizon subscription every month to send me whatever i want. that's the way it should be. that's all that net neutrality protects and to know why the president is moving, 4 million people contacted the ftc and 99% of them said, don't do that crazy ftc plan. protect real net neutrality. >> that's a poor way to make policy. >> by listening to the public? >> yes. will have lobbying groups and seen it lots of times in different places and the head of the fcc to his credit basically said that today. once again, i'll argue. free market competition, whatever it is, benefits the consumer. and those prices will come down as discoveries are made and inventions are made. >> they have never come down before but only going up and up and up some more and that's why we need it so much. >> it's so much cheaper.

>> maybe nominal terms but getting more than we did in the past. here's the poll as it's closing and asking the viewers, should the internet be treated like a public utility? very split opinion on this one, to be sure, though. craig, thank you for being here. >> thank you. >> ceo of free press. we have breaking news on juniper networks. dom? >> that's right. shares are down about 2.25% after hours on a lighter trade. 48,000 shares. the ceo has resigned as ceo of the company. also effectively resigned as a director of the company. his resignation according to the company follows a review by the board of the directors of leadership and conduct in connection with a particular negotiation with a customer. the board have different perspectives regarding the matters and does say that this review will have no result in any adjustments to the company's financial statements so nothing financial impacted. instead, taking the place is

17-year veteran of juniper network. the board and the executive team have also said that they remain fully committed to the strategy and financial targets that the company arctticulated and including the near term and long-term outlooks. it appears as though he's been ousted as ceo of juniper networks. to be replaced by a 17-year veteran there. back over to you guys. >> thank you very much. cash is king, believe it or not. they want no part of the stock market and are keeping more than half of the assets in cash s. that a recipe for retirement disaster down the road? they'll need more cash because we'll hear from somebody saying people could live to be 1,000 years old? he'll tell us about his fight to end aging. that's later.

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to show how many years that amount might last. i was trying to like, pull it a little further got me to 70 years old i'm going to have to rethink this thing it's hard to imagine how much we'll need for a retirement that could last 30 years or more. so maybe we need to approach things differently, if we want to be ready for a longer retirement. ♪ putting it to work in the market. four decades to grow and an article heating up cnbc.com, there's research they want nothing to do with stocks and does prefer to take a much more cautious approach to their money. let's bring in sharon epperson for now with the panel. sharon, another survey confirming what we already think we know that millennials want no part of this market. >> the survey said over time

about 50% of millennials say they don't want any access to being in the market. they have about less than 30% of money in equities and what it shows us is that a lot of the millennials are locking at other issues con fronting them with their money. they're saving and putting that money to work in other ways, paying off student loan debt, maybe perhaps trying to get that first home. they're looking at short-term needs that are really eating up the money and not putting it in the market. now, some add vivisers say it's maybe not such a bad thing if they're using it effectively but the key is to realize they money they want to invest and need decades from now, make sure that it's put to work in equities and people in four years we will have about 9 trillion $that's controlled by millennials and inherit $26 trillion by 2060 and that's why so many investment firms are really studying the

way that they're using the money. >> that's exactly it. by the way, i was going to add there's a nice piece about millennial saving rate and it's negative rate. not unusual for the population but, again, to have the money spending pay towards debt instead of in the market is going to be a problem. >> we have to understand, kelly, why the millennials aren't doing this. there's no incentive. take someone 35. their entire recognition is 2000 graduating college and then 9/11. and then the 2008 credit crisis. housing prices collapsed. unemployment ensues. massive student loan debt and saying why would anybody want to invest in that? they're not doing it. >> they have the time frame. over a long term, stocks have done well. >> but not in their time frame. they don't get it. >> hold on. sarah, your friends, sarah, have people, sarah, have money in the stock market? >> they're increasingly risk averse and they don't want to

put the money in the stock market. i see it all the time. >> they're not terribly different from 2000. if you look at from their perspective, point of view. >> it's all true. it's all true. but i want to go back to your point. i think financial advisers and brokers and money managers have a major education issue on their hands to talk about the long run. maybe that includes reading "stocks for the long run" and a lot of literature on this point. right now it's so silly to be in cash, no return. bonds, virtually no return. you at least should have a diverse portfolios and the millennials -- >> but that's lacking in the first time. >> they have to have a historical, some better sense of history. so it's been 14 years. okay. and in real terms market has not moved. i get that. prior 25 years was pretty darn good. >> especially if you -- >> hard to look at -- >> prior 100. >> larry, for a lot of millennials it is hard to look when you look at what your

parents went through during the great recession and look at the student loan debt, the bills starting to come as some young people tell me just graduating, oh my goodness, i have a bill now. i didn't realize i had taken out 40 grand and now i have to start paying back several hundred dollars a month. it's critical for education and nonexistent. they don't know where to start. >> larry's point. >> not that they're not wanting to save or trying to save. once they have saved that money, they don't know what to do next. >> wall street has to do a better job explaining this story. >> wall street's hated by the millennials. >> part of the problem. >> yeah. >> here's the neat part is they're doing a better job as recognizing they need to save because they watched their parents in their 50s and 60s loss their jobs, get the 401(k)s wiped out and determined not let it happen to them. they're not lazy the way i was at their age and the difference is they have no faith in the stock market because they haven't seen it perform well. >> when i got my first job, i

was told you go into the risky investments. emerging markets. you have a whole life of investments so the younger you are, the riskier you should go. >> yes. >> these millennials are risk averse. mabel it's a marketing. a pitch problem. they need to be looking at safer stocks. >> that's okay. >> here's one thing that's missing. sharon, you mentioned this. i want to circle back to this. millennials have a lot of debt an they're very worried about their job. okay? and the college graduation job rate is not good so i will come back to an even broader theme. when's missing from the american economy and the last 15 years is real economic growth. since 2001, the american economy has only grown at 1.8% at real terms of republicans and democrats. that's half of our long-term growth rate since world war ii. we need pro growth policies in this country. we need to bring down barriers wherever they exist. tax, tariffs.

>> sharon? >> we need to inspire confidence. >> i think that's true. that's absolutely what we need. on a micro level for that student when's just graduating, for that young family, they need to put their money in different pools and realize that some of that money they may need to five years and should not be invested in the stock market. if they want to retire comfortably, if they want to be able to have a lifestyle similar to where they are now or hope to be, they have to be invested in equities and that's the education to get to the millennials right now. >> sharon, thank you for being here. >> sure. happy 1,000th birthday? the man that wants to cure aging and keep you healthy for 1,000 years. and apple's itunes dominated the digital music business for years but has it met a match in garth brooks? chief executive of ghost tunes, that's where garth is selling the records. don't miss it. well'll be right back. when change is in the air you see things in a whole new way.

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allen? >> yep. divorce is always attracting readers and this one could have been a $17 billion divorce. harold ham, ceo of continental resources, watching the divorce trial for about nine and a half weeks now. a decision today. $1 billion goes to his wife or ex-wife, actually, and people just gobbling up that story. >> i think it's sad. i don't like the divorce stories. but clearly i'm the only one in that. >> when it gets to that level, it is kind of, well, you know, anyway, spectator sport. >> reality tv. >> we want to talk about -- >> allen, before you jump in, i thought what kelly said is very important. do you know studies show all of the social science studies show that married couples have greater income and wealth than unmarried. >> as a financial planner, we say to the clients, number one thing to secure my financial future. the number one answer is don't get divorced. >> really? >> how about that, allen? >> i think that's very sound

advice. very sound advice. number two on the list, suze orman. the average car loan is 67 months. she says no more than 36. number three, talking about it earlier in the show. pizza hut going chic chic on the me menu. one more thing, kelly. your facebook page. >> i was going to ask i've done anything to move the needle on the topics. i'm guessing not so much. >> i'm going to like it right now. >> geez. >> okay. every time you mention it on air, talking about this with the social desk. they see a spike in your likes. so if you just mention it every so often. >> the point to drive it to cnbc.km. >> that's true. we are getting a little juice from you. i could use some more. >> i think you're being kind. thanks. back at headquarters. sounds like something out of a science fiction novel. what if we could keep people biological younger as they age?

that's what a sector of bio medicine is working on and we'll talk to a pioneer in the field after the break. artists have taking music into their own hands. garth brooks launching an online music service called ghost tunes and starts tomorrow. we'll discuss if art independence is the new model with the ceo of ghost tunes. we're back in two. ♪ there's confidence... then there's trusting your vehicle maintenance to ford service confidence. our expertise, technology, and high quality parts means your peace of mind. it's no wonder last year we sold over three million tires. and during the big tire event, get up to $140 in mail-in rebates on four select tires. ♪

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welcome back. what if there was a way to keep everyone biological younger as they got older? that's what the latest in bio medicine is attempting to do and even extending life by a little it could have a huge impact on the global economy. with us now is aubry degray. co-founder of the mathusala foundation. welcome. it's great to have you here. i want to start with what we've been sort of teasing for a couple of hours, if you will. this whole idea that a person to live to 1,000 years old. how realistic is that in your view? >> well, first of all, it's vital to understand that any longevity benefits that may arise from this kind of work are a side effect of health benefits. we are not going to be keeping people alive in what we currently think of as a typical study of health someone old for

a long time. what's going to happen instead is we're going to be extending the period of life that we now consider youthful. of course, being biological old, being sick the main reason why people die these days in the western world and if we can keep people in the same state of health both mental and physical as they are typically in their early adulthood, 20s and 30s, then, of course, it is likely that they're going to live a lolot longer. >> this has to do with improvements in the health care system with technology, just education. people making healthier life choices. soy wonder how much of this is going to be a process of people making those choices with existing technology if you will and how much of this depends on new discoveries that you're there unearthing. >> yeah. it's a great question. ultimately, unfortunately, most of it's going to depend on new discoveries. there are really three phases that we can talk about in the

history of postponing the ill health of old age and postpone death. the first is that hygiene is a good idea and we essentially got on top of infectious diseases. the second phase of 50 or so years is increasing prosperity, their prenatal nutrition and early life nutrition and other things like that that slowly pushled out the old age ill and even now that's reaching diminishing rurnls. we need phase three, which is medicines that can repair the ongoing microscopic damage that the body does to itself throughout life, a side effect of normal, metabolic processes. >> rick, would you sign up for this kind of stuff? >> i have. i'm a 2012 grad of the executive

program and pretty well versed in these conversations. all of the subjects in nano technology taking a big foothold in this. we'll see the technologies over five, ten, 15 years that are going to dramatically extend lifelines while reducing chronological ages. you are going to be older and feel younger and already seeing this. if you have something that goes wrong with you, we replace it. we'll see a continuation of the longevity and life expectancies and very likely that the first person to reach 150 has been born. >> i don't know. >> is it larry kudlow? >> i have to think about being 150. >> so does your wife, larry. >> just a thought. sir, are you -- is your research and your work primarily designed to improve health? or is it primarily designed to improve longevity?

>> i will go further. it's exclusively designed to improve health and make sure that people are healthy until a greater chronological age. there will be we think a really big side effect that people will live longer but that's a side effect. >> we have to understand that this is not something merely for us prosperous americans and something for the third world who are suffering still from much shorter life expectancies. we know that the more affluent you get, the better your health. >> why doesn't it have to be a technological -- is it better nutrition and less stress? third world environment can be improved in way that is don't have to be bio engineered. >> public health issues. access to heat, shelter, food, clean water, to clean air. and a lot of this then

translates into eliminating the environmental concerns that generate cancer, breakdowns in the genes. eliminating problems in our food supply and healthier, safer food products. >> interesting to think of the economic benefits and costs to all of us. aubry, i'm curious the impact to the pharmaceutical industry of what you're talking about in this picture you painted briefly. >> all of these are vital questions. most people are out of date of how things are going. at the moment, worldwide including the poorest countries and we average out what the life expectancy is, it's already 70. within ten years of the usa. if we look at the proportion of deaths caused by aging, in the developed world it's about 90% but in the world overall it's already nearly 75%. so already even in the poorer countries, we are talking about aging being the number one problem.

if you look about the pharmaceutical industry, they're going to follow the money. at the moment they're generally making money out of people who are already sick and you would think they're not interested in preventive medicine research but once the public get the hang of it to stay healthy rather than only take medicine when you're already sick, then the pharmaceutical industry will go the same way. >> all right. we have to go. but thank you so much for being here. is the beard a statement by the way or a health one? >> it's because my wife likes it. >> oh, well, that's heartwarming. thank you so much for being here. co-founder of the methusala foundation. >> that was awesome. country superstar garth brooks launching his own online music service ghost tunes to allow artists to sell music however they want. is this the beginning of the end

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watch out itunes, garth brooks is opening his own online stores that will feature songs by sthou thousands of artists. this move will mark the move garth brooks has allowed his songs to be sold on any online service. randy bernard is with us. great to have you. welcome. >> thank you. >> i'm a huge garth brooks fan, so perhaps a personal interest in this story. are you trying specifically to make this an anti-itunes and anti-spotify? >> no. our goal is to just have an alternative for artists that want to price and package their music their way. that's what garth set out to do. he said it's important for me to be able to put my music out there in my own way. and you how he did it, he put

his eight platinum albums, his double live, 2014 album along with his 2015 album, all for $29.99. a way for him to give a great package to his fan base. >> it goes back to the central point of this service which is to give the artist more of the money. 29 $29.99 is like practically giving it away. >> when's important is for any artist to do whatever he or she wants to do are or the label. and the other part of that is that we offer a better economic deal. we pay up to 80%, instead of most pay 70/30. >> what is the motivation aside from the fact that he wanted control? i would never consider garth to be a tech expert. so how all of a sudden can he

introduce something like this and just demonstrates the incredible ease in which so many folks can innovate on the internet. >> i think xwgarth did it for t love of music. he wanted to make sure he stood out there and does it his way. and someone asked him another artist said, hey, why don't you do this for all of us and that's when he decided to come up with ghost tunes and take to that next level. and be able to make it available for any artist out there. >> randy, i'm a big fan of garth's, also. his country music and some of his political thoughts. other labels besides his. how do you choose them? do you want people who are i'll say in the garth brooks zone sphere of things or will you widen it out? >> what about taylor swift? >> just how are you going to pick the rest of the crowd. >> we want anyone that performs music. it's about music. and so whether you're an independent just starting or

whether you are you a superstar like garth brooks, it's important to be able to provide every type of genre and every artist out there for the fan. and we want our fan to be able to really come to our website and have a great experience. when you see the website, you'll see a featured page on garth where you not only can buy his music and his physical music, but you'll also be able to buy merchandise as well as tickets. it's important for us to have a one stop shop that allows our fans that great experience, as well. >> we'll all be watching. as i said, the whole music industry is paying close attention to what the next moves will look like. randy bernard, thank you for being here. it laufrns tomorrow. there was no question she was the one. she reminds you every day. but your erectile dysfunction-that could be a question of blood flow. cialis for daily use helps you be ready anytime the moment is right. you can be more confident in your ability to be ready. and the same cialis is also the only daily ed tablet

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from biotech in brooklyn, to next gen energy in binghamton, to manufacturing in buffalo... startup-ny has new businesses popping up across the state. see how startup-ny can help your business grow at startup.ny.gov welcome back. time for quick final thought with our panel before everybody goes. sarah? >> i'm watching crude prices. national average is below $3. we're getting walmart owners later in the week. >> and rick? >> i've been watching larry and he's playing and thought we wouldn't notice. >> it bugs me that we will give

china more vreas. why can't this country negotiate tough. >> "fast money" is coming up.vr. why can't this country negotiate tough. >> "fast money" is coming up.is. why can't this country negotiate tough. >> "fast money" is coming up.ar. why can't this country negotiate tough. >> "fast money" is coming up.ea. why can't this country negotiate tough. >> "fast money" is coming up.as. why can't this country negotiate tough. >> "fast money" is coming up.s. why can't this country negotiate tough. >> "fast money" is coming up.. why can't this country negotiate tough. >> "fast money" is coming up. we'll be talking about singles day which is already six hours under way in china. we also have by the way an exclusive with roubini. he'll tell us his take on the -- >> i want to know if he has a bobblehead, as well. >> not as fine as this one. thanks, kelly. "fast money" starts right now before live from the nasdaq market site, i'm melissa lee. dr. doom or