considerations. >> all right. i'd like to throw something on the screen that you wrote that made me smile and it is really a statement about the european central banking, maybe central banking in general. super mario in the euro. that was a central bankered who promised to save the euro. -- i love that. my last question to you. is why do you think no cigar. and do you think that he's going end up making a positive difference over the next several meetings. >> he reminds mau s me of datin the 1950s. always a vague promise of things to come. and i've never seen anybody who could get so much mileage out of what he might do at the next meeting. people seem to buy it. his problem i think is the germans, who really are an

obstacle in this. and i think maybe there are some constitutional issues, by constitution, i mean of the ecb that make them less flexible in buying everyone is debt than the faed fed has been. >> we're going to have to leave it there and i'll bring you back to discuss whether that phrase is in the statement today about considerable period. amazing we spend so much time parsing words in that statement. thank you for taking the time. >> rick, thank you very much. cuba our top story this morning. the president expected to speak in a little under an hour from now amid reports that the united states after some 40 years is seeking to normalize relations with cuba. allen gross being released today. senator marco rubio of florida joins us from the hill to talk about that. good morning. >> good morning. >> you have used words like

absurd and dangerous. >> first i'm happy he's reunited from his family. all he there to provide satellite -- >> we're expecting some color from the white house and i think john harwood has that for us briefly. >> i just got off a call with administration senior officials who said the president obama has decided to establish diplomatic relations with cuba. and it is not a negotiation. it is simply a matter of logistics. he's decided to open an embassy in havana and normalize relations and begin the process that may eventually lead to a lifting of the embargo. although senior officials emphasize they are north asking congress do that now. and i'm sure senator rubio would tell us that congress would not be willing to do that now. >> i think you have said this morning you don't believe

congress would lift it. >> i yoebl. i think they struggle to get the votes to fund an embassy and i'll have something more to say of that in the coming year. beyond the release of the mr. gross. this goed goes beyond that. passengers of banking ties and commerce to cuba. the expansion of the remitens. expansion -- in exchange for all that cubans agree to release 53 political prisoners who would be right back in jail if they take up the cause of freedom again. more monitoring of the cuba's society. the same u.n. that did nothing when -- this is absurd. basically -- my interest in cuba is freedom and democracy. i think the cuban people have a right to choose any economic model they want. if they are free. the cuban government in exchange for all of these concessions

that white house has now made has done nothing to advance democracy. no freedom of the press, no freedom of organization. there will be no elections. no democratic opening. nothing. zero. all they have done here today is make it easier for the castro regime and their system of government to now become permanent forever on the island of cuba. this has to be the worst negotiative we've ever had in the white house. >> senator, i just want to ask you about two things. first, what is your response to those who say, look, this thing has been in place for 60 or 50 years now. has not worked. castros are still in power. and secondarily that even within your home state of florida that as we've seen the process of generational change in the first immigration, immigrants are moving on and you have got millennial and much younger people who don't even understand what this embargo is about. you know isn't it time after fifty years to turn the page. >> the second question first. everything in washington is looked through the electoral

lens. let me be clear. i don't care if the polls say 99% of people in florida want to lift the embargo. i would still be for. my goal is the freedom and democracy in florida. and it allows us to say to cuba as the law now saws, you can have the e embargo lifted if you have elections and a democratic opening. as to your point about it not working. the bottom line, just a week ago we imposed sap ed songss on the venezuela. it is not just a dictatorship. the as serial human rights violating government. and they are the ones who have a taught is and supported had venezuel venezuelans. so in the same week he is lifting sanctions on their mentors in human rights violating in havana. >> doesn't the passage of 50 years indicate that leverage you say we have is worth, very, very

little. >> if it was worth very little than do to the cubans try to do everything they can to get the embargo raul castro is old. and they're seeking as much economic growth as possible within the con fines of the existing system of government so it survives permanently moving forward of the american companies become invested in the status quo in cuba and come to washington and lobby for us not do anything political. last week. when we took up a bill on advocating on behalf of the democracy protest areers in hon kong. --. that's what the castro regime want tts sanctions lifted. so they can create an economy they control completely to line their pockets and maintain

permanent political control forever on the island. they want us to accept them as the valid system of government and that is what the president is doing today. >> why would they use this bargain chip and then lose the image of the evil west repressing their public? wouldn't that go away if relations are normalized. >> that's so over stated. the reason why the cuban government controls society is not they have convinced their people that america is evil. the reason they control the island is simple. everything you have in your life in cuba is dependent on the government. if you want feood, somewhere to live, if you want to go to college you have to be a member of the communist party. and if you dare step out and protest you are cracked over the head and put in jail. every day in cuba. that's why they control the island. i has nothing to do with them

convincing the people of cuba that america is evil. look at venezuela. we don't have an embargo and their economy is a disaster. and they have oil. you can't even find toilet paper in caracas because that system of economics doesn't work. >> senator your state, florida, the closest geographically to cuba. just 90 miles away. at this point the administration is making it sound like it is a done deal. it is just logistics to be worked out at this point. but do you expect any near term effects to the economy in florida, the population or otherwise. >> not really. at the end of the day gee political i'm very interested in what happens in cuba. as the the priority for me and should be for everyone who cares about human rights and the democracy. but it is an island of 13 million people. in the broader scale you are not going to see a dramatic change in any -- a count right of way that sielz with no oil and no strategic importance to the broader narrative of the foreign policy it is not going to have a

major shift one way or o the other. we care about cuba because i care about democracy. i care about democracy. there is no democracy in cuba. >> we're in a time now where the internet and flow of information is causing rapid change across different societies. i know that you are saying that you believe the continue isolation of cuba is pretty much the only way forward until they change. what about the fact that there is tell communication equipment that can be sold now. the public gets control of a lot more ideas and that could kaultz change from the bottom up. >> cuba is not isolated from the world first of all. they have diplomatic and economic relss with virtually every country in the world. the scarcity of products in cuba has to do that the economy is run by incompetent people.

as access to information i've been calling for that for a long time. and the notion that cuba is just going to allow everyone to continue what they are doing online is absurd there is there is internet? syria and china. they control it. all these countries have access to the internet but these countries control what that access means. they control what gets to come in and who gets to go on. and cubans are not going to allow anything to happen online that threatens the future of that regime and its stability. >> appreciate your time today on an important day. senator marco rubio of florida. the united states is on a track to normalize relations with cuba. the statement they just put out includes reestablish an embassy in havana. and initiate access to increase communications and a review of

their state sponsor of terrorism. given all that and rubio's comments, your thoughts? i don't know? can you hear me? we lost his or herwood. michelle cabrera is also back at the hq. >> immediate reaction to senator rubio i think a lot of people were to say sfimpl the embargo were to go away the castro regime wouldn't have it to blame anymore. he is right there is their incompetence that's led to so much devastation down there. the thawing of the relations now. remember the embargo cannot be lifted by the president that. takes an act of the congress and senator rubio indicated it's unlikely he'll have the votes. he can though ease the travel restrictions. what is very clear as we've learned is it is not going to be wholesale lifting. you can't suddenly just jump on

a plane and go to cuba. they are going to make it easier for getting visas for categories that already exist. a the church group or a people to people license. it's not wholesale but it will be much easier. the remittances will be much easier. you are actually going to be able to bring things back from cuba. if you have traveled there. if you go there right now. for example when we have gone our lawyers have said you can bring back nothing except artwork and books. those are the only things permitted. no magnet, no tee shirt. nothing. now you will be able to bring back up to $400 worth of good. $100 can be tobacco products. what we're saying to see is just how extensive they are going to allow the easing of the credit. right now it's cash in advance if you are a u.s. business that

sells into cuba. there is going to be a slight shift in the language two cash before transfer of title, which should ease some of the credit issues. but it is not a wholesale lifting of it as well. u.s. credit cards and debit cards will be permitted now for the first time. so that means that you don't have to bring the thousands and thousands of dollars in cash that you used to have to bring when you were traveling there before. and remember there were himts too as to how much you can bring into the country. you could only bring like 150 per day if you traveled there. incredibly historic carl but as you can see it's going to be extremely controversial. the timing is going to be questioned as well. but we're definitely going to see shifts that are going to impact the business community definitively. >> we're seeing airlines, cruise line, stocks near three year highs. getting word that obama and castro spoke for 45 minutes.

the first major talks between a u.s. and cuban leader since 1959. >> can i just add one more thing. apparently they have released a spy who had been held for 20 years in cuban prisons. a u.s. spy. that was a another detail we learned on the call that was quite significant. >> john harwood, michelle mentions rubio, me nends. >> it is likely to happen to lift the embargo in my view. but this is a case where the democratic party and the president are positions themselves as in tune with the future and putting republicans in position of defending a policy of the fast. interesting that rubio said the geopolitical nature of this is not large. he was down playing the stakes here.

but hillary clinton who's been an advocate in lifting the embargo. i think this is a sign of where things are going. and i just got a message from one of the the most astute latino u.s. politics analysts in the country. he made the point, he advised mi hillary clinton in 2008. said this is a great day for u.s. elections broadly. and the number of people who shared that is shrinking by the day as you get passage of generations. and so many people in florida t cuban community and non latinos look at this embargo as archaic and unsuccessful. and one additional note is i got a message from a lobbyist in washington saying oh yeah let's

just keep the embargo in place. maybe another fifty years will do the trick. that's indication a that people are ready to move past. >> florida florida florida, just got a lot more interesting. dow is up about 87 points. don't forget the president speaks in just about 45 minutes. and by the way, did we mention there is a fed meeting today. that's 2:00 eastern time. liday n is here, which means it's time for the volkswagen sign-then-drive event. for practically just your signature, you could drive home for the holidays in a german-engineered volkswagen. like the sporty, advanced new jetta... and the 2015 motor trend car of the year all-new golf. if you're wishing for a new volkswagen this season... just about all you need is a finely tuned... pen. get zero due at signing, zero down, zero deposit, and zero first month's payment on select new volkswagen models.

heck of a morning, given all the news out of russia lately and out of cuba. we're watching the markets closely. but tech news as well. ed lee the managing editor another re/code. >> thanks for having me. >> the sony hack first up this morning. the new york premier of the interview has been canceled a group behind the attack threatened to carry out terrorist attacks. in the meantime stars of the interview, seth rogen, james franco have canceled all the stops on their press tour after the latest press was issued. and they have only shown us a small fraction of what they have. >> just tip of the iceberg of everything they downloaded and extracted. they said previously they grabbed as much as a hundred

terabytes of data. which is unfathomable. the thing now is after they make the threat yesterday saying anyone going to a theater to watch this film, be careful, watch out. remember september 11th. it moved from a corporate attack, which is annoying enough and illegal to and terrible to now a state attack. that is the difference here. they have changed the game in that way. and that is the why u.s. department of homeland security is now involved. >> and the nature of this changing is particularly important. realistically they probably can't attack theaters. they are probably not going to do that. there are plenty of terrorist organizations that would love. >> making threats. >> to do that sort of things. but psychologically we've had theater shootings and these issues. it is enough to actually keep people away from theaters. how do you think this changes, a, the way hollywood operates and the types of movies that are put out if at all?

and then b, do they just move up the streaming and digital release now because everybody wants to see the movie probably. >> great point. cut a deal with netflix and hulu and amazon. and it also triggers sony and hollywood in general have had this relationship. so they are suffering because of it. >> not to mention some of the most integral scenes of the plot in the movie are already on the internet. so they want to see it. given they have already had access to part of it. >> hollywood is probably taking a closer look at not just security or corporate security and not just how they secure emails and documents but just how they relate to technology.

how they should embrace it. >> unbelievable harsh lessons so far. we do have a quick news alert. julia boorsen in l.a. >> hulu unveiling vessel. a big play to reinvent the online gaming business. he bets that a percentage of the millions of those youtube star's fans will pay for early access to videos. vessel's model is this. they will have access for three days before they are available anywhere else. in exchange for giving vessel that window, creators will earn about $50,000 for every thousand views, which he says is sanchez

20 times what hay earned from ad supported platforms, youtube, aol and others. after that they can post --. as of today vessel is opening its service up to creators, make the pitch for them to bring their content exclusively to vessel with a launch to consumers coming early next year. iac's vim owe is also trying to convince top content creators to tell consekocontent on demand o site. >> thanks for bringing us that julia. getting crowded in here. >> it is. and this model hasn't always worked in the past. youtube is huge. amazing volume. these folks trying to amass an

audience and charge them at the same time. >> it's interesting creating a window, an exclusive window that you can only watch it on this site for, you know, as long as you paying and then afford it releases to the wider internet. that is a business model around content that is still being explored. so i think that's probably the most innovative thing about this start-up anyway. >> this idea is about a year old at this point. do you think this is as ground breaking as a year in development should allow? >> it feels incremental. looking at the landscape of online video. i think it is a smart move though. it takes advantage of what's already out there. there is an emerging talent pool of online video creators. and this is the thing everyone is trying to tap into. youtube trying to retain them. so now it is a fight for talent. this is his way of doing it.

chances are he'll make a decent run at it certainly. but whether it's -- it just a matter who captures it first. >> we are getting a the news alert. allen gross the aid worker returning home from the united states after spending five years in a cuban prison has arrived in washington d.c. there was some speculation we may hear from him today. but according to sources on the flight he requested a corn beef sandwich on ry with mustard is home after five long years. >> and we'll bring that to you live when that happens. the dow close to session highs today up 120 points. but when we come back, things still looking bleak in russia despite a small comeback in the russian ruble today.

we're live on the ground in moscow with the latest and be sure to tune in at noon for special coverage. president obama speaking on relations with cuba. "squawk alley" will be right back.

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the russian ruble firming a bit. a bit of a comeback after tumbling to record lows yesterday amid further questions of liquidity in the market. cnbc's jeff cutmor is live in moscow with the latest. >> we've finally seen a much more aggressive position now from the central bank. and that seems to have done the job, at least in the short-term here. the monetary thorlts have come out with a raft of new proposals to support the economy, mostly focused on the banking system. and what they have said is that they won't force banks to recognize loan loss provisions as a result of sanctions. they have also offered up further fx auctions if banks

need access to foreign currencies and they have also said these banks will have the opportunity to not reprice their equity portfolios, in effect a moratorium on repricing equity portfolios. which mean means they don't have to be perceived to devalue their real value in terms of the market. so there's been an awful lot of things going on through the day. not least the finance ministry coming out and putting 7 billion dollars on the table and saying we're going to sell foreign currencies to try and defend the ruble here. so action on the monetary side but the misery for russians continues here. we've seen russians in stores buying electrical products and cars as a way to get ahead of inflation and preserve the value of the rubles they have in their accounts. we've seen ikea come out and

reprice products saying they have to lift the prices because of this very rapid fall that we've seen in the russian currency. and apple of course has taken their online store offline and said they just can't change the prices of their goods quickly enough. so they are for the time being not going to sell apple products online. the big news though what we're looking forward to, president putin due to speak tomorrow as at a 4 hour press conference that. will move the story forward. >> jeff thank you for that. rush's turmoil contributing to the recent volatility in the markets st. indication of where the markets are heading? david, good to see you. >> good morning. >> oil is trying to hit 57 again. we've got cuba news. we've got the fed. how are you balancing the dynamics. >> i think the best thing for the investor to do is turn down

the volume. we think the pieces are in place for a good economy and equity market last year. we use selloffed over the last two weeks to buy stocks and bail build a portfolio and not get caught you will in the manias and craziness of the day. people remember 98. that wasn't random mania. >> e with think the global economy is in good shape. a lot of the problems associated with the russia have already been factored into the europe. the european central bankers are throwing everything they can to. and we think china is doing okay. and the best of all the global economies is the u.s. we continue to hear good things out of ceos at the conferences and when we are chatting with them. so we think the global economy is okay, led by the u.s. we think valuations in the u.s. are about 15 and a half times next year's earnings. so all things are okay.

there are going to be scares out there. turn down the volume. >> all things okay relatively for the u.s. but when you look at kr, cpi slightly lower this week. lower fuel. what type of medicine do you think we need from the fed this afternoon. >> we think they are on course. probably will drop the wording from their language today. but we think the bottom line is lower oil prices are actually very good for the u.s. consumer and overall good for the u.s. economy. we think the fed is going to monitor it closely but we think they are going to stay the coer course at some point next year. we think they are going to start raising rates. we are less concerned we think with current levels the stock market and economy can bear with rates going up 6 to 12 months before it really effects anything. >> the situation with falling oil prices, various geopolitical

issues. are they looking too hard for a fly in the ointment or are things as good as the bullish people say. aq 4, holiday season, gas prices low all the other things. >> we think in between. the psychology in oil is horrible right now. people are look at the drop and they are down 40 and 50% and don't think that is going to effect the supply. it is going to effect the supply. they are much lower well permits being asked for. people are going to produce less oil at the lower prices and by the same token demand is going to pick up. less car pooling. more trips to the is it stores. and people will like the fact that the oil is cheaper and also more money in the consumer's wallet. home heating prices drop pretty sharply this year. and that goes directly into the consumers wallet. all is not bad with these lower oil prices. unfortunately or fortunately we think oil prices are going to be

going up in the next year, probably back to the 70 or 80 level. we think if you have a six or 12 month time horizon we'd be buyers on a lot of energy stocks. we wouldn't chase today but onto the next selloff we'd be adding to them. >> nangs a lot. david katz. >> absolutely. >> russia top of mind for investors in europe. also an election in greece. here is simon hobbs. >> there are two stand outs there. you can see that greece -- you can almost see that greece is up just over 3% here. norway is up over 3% as well. the clock is ticking clearly towards the vote in the greek parliament that will come through. they start at the top of the hour and i'll come back to that in a moment. norway higher. a lot of the trade that have done -- we're reversing a lot of trades we've had on track. oil and gas in norway they have done particularly well today. downside, you see profit taking

on the airlines which is fascinating. particularly a as the likes of air france klm fly directly to cuba. net net it's worth pointing out all the stuff kayla talked about. oil, russia, greece, has really blocked the santa claus rally so far this month. this is a chart from december. europe's underperformed the u.s. 5%. lmh, they secretly built a stake in hermes. they have given away the stake today providing christian dior does the same. it's all about the prime minister of grease and mr. samaras and what he could do in the next ninety minutes over in

athens. in order to avoid a snap election he needs 180 votes backing his choice for the presidency. if you see this afternoon say that he gets 160. haza it is indication he's quite a way off. if he gets 165, 170 you may see that bounce wall street. maybe we don't get that snap election. maybe we don't have to renegotiate greek debt. >> that would be huge news simon. >> it would be. and would clear it up before the holiday. at the moment people are derisking. >> thank you simon. when we come back the president set to speak in just about 22 minutes about the u.s. easing diplomatic relations are cuba. an historic announcement we'll have live for you right here on cnbc.

we're watching shares of the cruise line operators all moving higher on the anticipation that the thaw in u.s. cuban relations will lead to increased travel between the two countries. all moving higher. a lot of them hoping, maybe investors hoping that sea cruises end up going to cuba. >> with that by the way we are finally getting pictures of alan

gross arriving. a tweet by senator jeff flake. gross told he hoped his ordeal would help facilitate better relations between the u.s. cube. he learned he was being released just yesterday. u.s. about to embark on its most massive overall of relations with cuba. earlier we spoke with senator mark rubio who called the move absurd. >> i think the cuban people have a right to choose any economic model they want. the cuban government in exchange for all the concessions that the white house has now made has said nothing or done nothing to advance democracy. no freedom of the press. no freedom of organization. no elections, no democratic opening. nothing, zero. all they have done is make it easier for the castro regime and their system of government to

become permanent forever on the island of cuba. >> michelle caruso cabrera has more. >> i think it highlights the difficulty the president would have in doing a full scale lifting o tflt embargo. he doesn't are the votes in the senate so he's going to do it via executive order. and i think you will see similar reactions from a lot of people in florida. let's talk more with a very prominent scholar in cuban/american studies. jose, thanks for joining us. your initial reaction by this move to ease relations with cuba. >> thank you for having me, michelle. obviously we have mixed emotions. on the one hand we rejoice at the liberation of the alan gross. that's something that should have never happened. but of course we're very, very concerned by an exchange that

has no equivalency. alan gross committed what can only be accounted for in most countries of the world as nothing more than a customs infraction. and to exchange him for these three convicted spies really does not set a good precedent going forward. i do not see anything that cuba has to do or that cuba will do. think we have seen that cuba is committed to a hegemonic, one party system. that is is not going to change. cuba is committed to a centrally planned economy, to one degree or another. extensively i would suspect. so i don't see any movement towards democracy and free markets as we are -- >> jose, what do you say to people who argue that if we got

rid of the embargo these would be more likely to happen. the castro brothers wouldn't have them as an excuse. this could be the best thing to bring about the very changes that you want. >> well the failure of the cuban economy has nothing to do with the u.s. embargo. >> exactly. that is my point. if you got rid of it, then they couldn't blame it anymore. >> they will find something else to blame. they will certainly [ inaudible ] and frankly, what -- and this is what really concerns. when you are dealing with a totalitarian state that controls fundamentally 85% of the economy t financial benefits don't flow to the people. they flow to the state. we are em bearingbarking on a p

that is going to strengthen the state. and behooves the people supporting that policy to show us, well how exactly is a policy that will strengthen the economic hand of the regime, how will it work? how will it bring democracy? so i want to ask that question. >> it's a very good one. and i think jose here about to find out maybe in the coming years or immediately in the coming months. woe appreciate it. >> so carl you can see there is still a lot of resistance in parts of the united states to this change. even though it is not a full lifting of the embargo. it's basically executive orders from the president that make it easier to travel, easier to do business. but still the embargo will be in place. >> what's remarkable too are the details filling in just how long this deal has been in the making. word crossing that secretary kerry spoke four times this summer to the foreign minister,

mostly about gross himself. >> and a meetings in canada. canada was instrumental in brokering meetings. no meetings happened in cuba or the united states. we're also learning the pope was quite involved. he sent letters to both the leaders of united states and cuba to encourage one for the release of alan gross but also to end this policy of estrangement between the two countries. so senior administration officials said of canada and the vatican were instrumental in helping broker this. >> we'll talk to you in a few moments. the president is set to speak in about 15 minutes from now. we'll have that live. in the meantime the dow is session highs up 145. day best for energy in three years.

let's get to the cme group and rick sanity telli. >> the last fed meeting of the year. the last statement of the year. and the last press conference of the year from where i stand hopefully the last time we're going to debate "considerable period of time." really? at a time where central banks have become power houses but yet the way they operate seems to be getting smaller and smaller. to think with all the issues going on, all the tire kicking and cost benefit analysis and strategizing we could spend time filling up, that it boils down

in this rorschach phrase and its policy statement most people don't understand, to me is just crazy. my opinion. okay let's go back though. we talking about the twin pillars. let's look at what congress said to establish what is now known as twin pillars. the board of governors in the federal reserve system and the open market committee maintain long run growth of the monetary and credit aggregates commensurate with the economy's lounge run potential to increase production to promote effectively the goals of maximum employment, stable prices and moderate long-term interest rates. stable prices. we could be stable at minus 1% cpi. maybe it is machine about variance. what congress created, congress can change. this need to be looked at also. my opinion. time. time may heal all wounds but it

doesn't change principle. i'm not going to weigh on the specifics of cuba. but the notion that just because 50 years has passed. listen the constitution has been lots more than 50 years and maybe generations need to be renewed to the notion of the personal liberty, freedom, and i can tell you just because 50 years passed doesn't mean that the reasons these sanctions and embargoes were placed have changed. marco rubio brings up great points. and my final point, feeder cattle. down five limit sessions. a lot of action. grab a chart and look at it. >> from fed to cuba to cattle. rick santelli. thanks. and we're moments from president obama's historic announcement regarding u.s. relations with cuba. that is happening live and we'll take you there as soon as it happens. "squawk alley" will be back in a minute. the conference call.

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u.s. and cuba set to begin normalizing full diplomatic relations and it could mean changes for u.s. businesses and consumers. what can we expect now that u.s. credit and debit cards will be allowed in the country? it is a galvanizing issue. and just because these companies

can open bank accounts and can open new credit cards in the country, do you believe that they will? >> i think most importantly people that travel from other parts of the world to cuba will be able to use cards there. that will increase the cross-border volume. whether cuban banks are allowed to issue cards is less of an issue. but if people that go there can use cards, that will be a major progress. >> economic information about the country so far as we know is scant in the year 2014. but given that we could see that activity get a jump start, what do you think the transaction volume and the boost to those companies would be? >> for a visa/mastercard they process over $10 trillion a year. cuba's economy is maybe 70 billion dollars. 1 penna/10 of one percent of th

global economy. but this could be a new additional corridor if it was to fully open up and allow cuban americans to remit to cuban nationals. that could be a point or two boost for the latin america region companies. >> just in terms of size it isn't going to move the needle that much. but i wonder what the impact will be overall on the latin american market overall for u.s. business. >> i'm not a policy expert but it does seem part of the relationship has do with their own relationship with cuba and u.s. so any openness from the u.s. you would think would have to carry forward to increased relationship between the u.s. and latin america. >> gill, we appreciate your time

this morning on a big day for your sector. meanwhile let's look at the market impact after this cuba news has come out. dow up 150 points near highs of the day. bob pisani on the floor with mor. >> there are not many alternatives and possibilities out there. i got all sorts of questions. the obvious move is the cruise lines here. and we have seen modest moves in royal caribbean and carnival. they are up. and elsewhere companies in latin america that trade here in the united states that are available. there is carnival and the royal caribbean. copal holdings. that's been moving modestly. coca-cola femsa is a colombiumo bottler. t

problem is without lifting the embargo it is going to be tough to expand the investment universe. and that is the issue right now. >> thanks bob. we're getting a statementing from carnival that says there is great potential for the cruise possibilities for cruise opportunities with several ports already open for business there. >> dow is up 180. s&p looks like it wants to reclaim 2,000. we're at 1999.75 and this is led primarily by energy. we've got energy stocks on a tear. looks like a short squeeze. and a lot of names have been battered. looking at the best day in the energy sector in about three years. >> slight firming in oil of course. yesterday rick santelli saying that 55.50 was his belief of the bottom in wti. we'll see if that holes. at least it's true for a day. >> a few volatile tech names up.

sales force up as well as king more than 4%. blackberry on the debut of the classic up 3%. >> and cashin told us yesterday, signals days before fed meetings tend to set up good opportunities that. in fact what's happened. in the meantime welcome to a cnbc special report. the president set to announce steps towards normalized relations with cuba. easing travel restrictions, a embassy and a historic diplomatic thaw after more than half a century of isolation. we are going to hear from the president? just in just a minute. michelle caruso cabrera is at headquarters. and john is at headquarters. want toet up what we're about to here. >> since john f. kennedy's administration when this embargo was put in place and the

president is using his executive action to reverse it. it will require congress to lift the embargo and as we heard in the last hour that's going to be difficult any time soon. >> the white house as you know in their statement, decades of isolation have failed to accomplish our objection of establishing emergence of a democratic prosperous and a stable cuba. michelle, john mentions some of the critics today. senator rubio was on air about an hour ago. menendez saying not only is there a symmetry in this deal, meaning the president is a bad negotiator but there is very little to go on the that cuba will change its ways. >> remember the embargo to be lifted would have to be lifted by congress. the president can't do it. the requirements within the embargo are that the castro brothers have to be gone. that all