for this fight burns as brightly today as it did 20 years ago. i want to comment on a matter in the news today regarding iran. the president and his team are in the midst of intense negotiations. their goal is a diplomatic solution that would close off iran's pathways to a nuclear bomb and give us unprecedented access and insight into iran's nuclear program. now, reasonable people can disagree about what exactly it will take to accomplish this objective, and we all must judge any final agreement on its merits, but the recent letter from republican senators was out of step with the best traditions of american leadership, and one has to ask what was the purpose of this letter?

there appear to be two logical answers. either these senators were trying to be helpful to the iranians or harmful to the commander in chief in the midst of high-stakes international diplomacy. either answer does discredit to have the letters signatories. now, i would be pleased to talk more about this important matter, but i know there have been questions about my e-mails, so i want to address that directly and then i will take a few questions from you. there are four things i want the public to know. first, when i got to work as secretary of state, i opted for convenience to use my personal e-mail account which was allowed by the state department because i thought it would be easier to carry just one device for my work and for my personal e-mails instead of two.

looking back it would have been better if i had simply used a second e-mail account and carried a second phone, but at the time this didn't seem like an issue. second, the vast majority of my work e-mails went to government employees at their government addresses, which meant they were captured and preserved immediately on the system at the state department. third, after i left office the state department asked former secretaries of state for our assistance in providing copies of work related e-mails from our personal accounts. i responded right away and provided all my e-mails that could possibly be work related which totaled roughly 55,000 printed pages, even though i knew that the state department already had the vast majority of

them. we went through a thorough process to identify all of my work related e-mails and deliver them to the state department. at the end i chose not to keep my private personal e-mails, e-mails about planning chelsea's wedding or my mother's funeral arrangements condolence notes to friends as well as yoga routines, family vacations, the other things you typically find in inboxes. no one wants their personal e-mails made public and i think most people understand that and respect that privacy. fourth, i took the unprecedented step of asking that the state department make all my work-related e-mails public for everyone to see. i am very proud of the work that i and my colleagues and our public servants at the department did during my four years as secretary of state, and

i look forward to people being able to see that for themselves. again, looking back it would have been better for me to use two separate phones and two e-mail accounts. i thought using one device would be simpler, and obviously it hasn't worked out that way. now i'm happy to take a few questions. >> secretary clinton -- >> nick is calling on people. >> sorry. madam secretary, turkish television. on behalf of the u.n. correspondents association, thank you very much for your remarks and it's wonderful to see you here again. madam secretary, why did you opt out not using two devices at the time. obviously if this didn't come out, you wouldn't -- probably it wouldn't become an issue and my second follow-up question is if you were a man today, would all

this fuss being made be made? thank you. >> well i will leave that to others to answer. but as i said, i saw it as a matter of convenience, and it was allowed. others had done it. according to the state department, which recently said secretary kerry was the first secretary of state to rely primarily on a state.gov e-mail account, and when i got there i wanted to just use one device for both personal and work e-mails instead of two. it was allowed and as i said it was more convenience, and it was my practice to communicate with state department and other government officials on their dot gov accounts so they would be saved in the state department system to meet record keeping

requirements and that is what happened. and i heard just a little while ago the state department announced they would begin to post some of my e-mails, which i'm very glad to hear because i want it all out there. >> madam secretary, can you -- >> andrea? thank you, andrea. >> thank you, madam secretary. can you explain how you decided which of the personal e-mails to get rid of how you got rid of them and when and how you will respond to questions about you being the arbiter of what you release, and secondly could you answer the questions that have been raised about foreign contributions from middle eastern countries like saudi arabia that abuse women or permit violence against women to the family foundation and whether that disturbs you as you are rightly celebrating 20 years of leadership on this issue? >> well, those are two very different questions. let me see if i can take them in order. i'll give you some of the

background. in going through the e-mails, there were over 60,000 in total sent and received. about half were work related and went to the state department and about half were personal that were not in any way related to my work. i had no reason to save them but that was my decision because the federal guidelines are clear, and the state department request was clear. for any government employee it is that government employee's responsibility to determine what's personal and what's work related. i am very confident of the process that we conducted and the e-mails that were produced and i feel like once the american public begins to see the e-mails, they will have an unprecedented insight into a high government official's daily

communications, which i think will be quite interesting. with respect to the foundation i am very proud of the work the foundation does. i'm very proud of the hundreds of thousands of people who support the work of the foundation and the results that have been achieved for people here at home and around the world, and i think that we are very clear about where we stand certainly where i stand on all of these issues. there can't be any mistake about my passion concerning women's rights here at home and around the world, so i think that people who want to support the foundation know full well what it is we stand for and what we're working on. >> hi right here. >> secretary clinton -- >> she's sort of squashed. >> hi secretary. i was wondering if you think you made a mistake either in

exclusively using your private e-mail or in the response to the controversy around it and if so what have you learned from that? >> well i have to tell you that as i said in my remarks, looking back, it would have been probably, you know smarter to have used two devices, but i have absolute confidence that everything that could be in any way connected to work is now in the possession of the state department, and i have to add even if i had had two devices which is obviously permitted, many people do that you would still have to put the responsibility where it belongs, which is on the official. so i did it for convenience, and i now looking back think it might have been smarter to have those two devices from the very beginning. >> did you or any of your aides delete any government related

e-mails from your personal account, and what lengths are you willing to go to to prove that you didn't. some people including supporters of yours, have suggested having an independent arbiter look at your server for instance. >> we did not. in fact my direction to conduct the thorough investigation was to err on the side of providing anything that could be possibly viewed as work related. that doesn't mean they will be by the state department once the state department goes through them but out of an abundance of caution and care you know we wanted to send that message unequivocally. that is the responsibility of the individual and i have fulfilled that responsibility and i have no doubt that we've done exactly what we should have done. when the search was conducted,

we were asking that any e-mail be identified and preserved that could potentially be federal records, and that's exactly what we did, and we went as i said beyond that, and the process produced over 30,000, you know work e-mails and i think that we have more than met the request from the state department. the server contains personal communications from my husband and me and i believe i have met all of my responsibilities, and the server will remain private, and i think that the state department will be able over time to release all of the records that were provided. >> madam secretary, two quick follow-ups. you mentioned the server, that's one of the distinctions here.

this wasn't g mail or yahoo! or something, this was a server you owned. is that appropriate? was there any precedent for it? did you clear it with any state department security officials, and did they have full access to it when you were secretary? and then separately, will any of this have any bearing on your timing or decision on whether or not you run for president? thank you. >> the system we used was set up for president clinton's office and it had numerous safeguards. it was on property guarded by the secret service, and there were no security breaches. so i think that the use of that server which started with my husband husband, certainly proved to be effective and secure. now, with respect to any sort of

future issues look, i trust the american people to make their decisions about poll litcle clepolitical and public matters and i feel i've taken unprecedented steps to provide these work-related e-mails. they're going to be in the public domain and i think that americans will find that, you know, interesting, and i look forward to having a discussion about that. >> madam secretary -- >> hi. >> how can the public be assured when you deleted e-mails that were personal in nature that you didn't also delete e-mails that were professional but probably unflattering and what do you think about this republican idea of having an independent, third party come in and examine your e-mails? >> first of all, you would have to ask that question to every single federal employee because the way the system works, the

federal employee the individual, whether they have one device two devices, three devices, how many addresses, they make the decision. so even if you have a work related device with a work related dot gov account you choose what goes on that. that is the way our system works. so we trust and count on the judgment of thousands, maybe millions of people to make those decisions, and i feel that i did that and even more that i went above and beyond what i was requested to do and, again, those will be out in the public domain and people will be able to judge for themselves. >> madam secretary -- madam secretary, excuse me madam secretary, state department rules at the time you were secretary were perfectly clear

that if a state department employee was going to be using private e-mail that employee needed to turn those e-mails over to the state department to be preserved on government computers. why did you not do that? why did you not go along with state department rules until nearly two years after you left office, and also the president of the united states said that he was unaware that you had this unusual e-mail arrangement. the white house counsel's office said you never approved this arrangement through them. why did you not do that? why have you apparently caught the white house by surprise and then just one last political question, if i might, does all of this make -- affect your decision in any way on whether or not to run for president? >> well let me try to unpack your multiple questions. first, the laws and regulations in effect when i was secretary of state allowed me to use my e-mail for work. that is undisputed. secondly under the federal

records act, records are defined as recorded information, regardless of its form or characteristics. and in meeting the record keeping obligations, it was my practice to e-mail government officials on their state or other dot gov accounts so that the e-mails were immediately captured and preserved. now, there are different rules governing the white house than there are governing the rest of the executive branch and in order to address the requirements i was under, i did exactly what i have said. i e-mailed to people and i not only knew but expected that to be captured in the state department or any other government agency that i was e-mailing to at a dot gov account. what happened in starting in late summer early fall is that

the state department sent a letter to former secretaries of state, not just to me asking for some assistance in providing any work-related e-mails that might be on the personal e-mail and what i did was to direct, you know, my counsel to conduct a thorough investigation and to err on the side of providing anything that could be connected to work. they did that and that was my obligation. i fully fulfilled it and then i took the unprecedented step of saying go ahead and release them and let people see them. >> why did you wait two months? why did you wait two months to turn the e-mails over? the rules say you have to turn them over -- why did you wait two -- >> secretary clinton. . >> i fully complied with every

rule. >> were you ever specifically briefed briefed of the security issues using your personal e-mail server? >> i did not e-mail any classified material to anyone on my e-mail. there is no classified material. so i'm certainly well aware of the classification requirements and did not send classified material. [ inaudible question ] >> because they were personal and private about matters that i believed were within the scope of my personal privacy and that particularly of other people. they had nothing to do with work. but i didn't see any reason to keep them.

at the end of the process. >> -- who was forced to resign because of his personal use of e-mails. what about ambassador -- >> david, i think you should go online and read the entire ig report. that is not an accurate representation of what happened. thank you. thank you. thank you, all. >> hillary clinton finishing up a news conference. got a little touchy there at the end about the issue of these e-mails, the use of a personal e-mail account during her time as secretary of state. what happens now. she was very clear, it was a matter of convenience for her. she wanted to use a single e-mail system for convenience purposes, but looking back she said maybe it would have been better to use a personal and a work related e-mail now that we know what we know. >> bringing our john harwood in in just a moment but, bill,

you're looking at two devices here in front of you. you use them -- >> i have two. i have work and i have personal. >> do you use them to separate your e-mail or do you use them to separate the phone lines? >> i use them because it is for me more convenient to keep my personal separate from my work related. >> phone e-mail all of the above? >> it's just a preference i use at this time. also, one other thing here and john harwood, i guess maybe one of the headlines is when asked about, you know, the gop calling for an independent, third party to look over her server she said basically no that her server will remain private. what's your takeaway from this news conference? has she, do you think, defused this issue at this point? >> no. i don't think she did. and a couple takeaways. first, i think we just established in that little colloquy the two of you that had bill griffeth is closer to hillary clinton's generation than kelly evans because bill approaches the issue of two

devices personal versus work the same way hillary clinton said. she said that it was for convenience. that's one takeaway. the second is that she had 60,000 e-mails on her server that she indicated that she has killed half of those e-mails. after separating them and putting one pile which she said were purely personal and the other group of 30,000 e-mails which she said could possibly have had any relation to work. she turned those over to the state department but she made it appear as if she doesn't possess the other 30,000, and so i think my takeaway is she's counting on americans simply to trust that she has split those e-mails appropriately, divided them appropriately between work and personal and i think that's something you will see republicans hammer on that there was no independent set of eyeballs on those e-mails. now, her further justification of that was this is what happens

with every government official because the only ones that are automatically preserved and archived are the ones they choose to send on their state.governor or commerce.gov account, but i think she has taken some steps toward diminishing the controversy but she's not wiped it away. >> and, john just to bring our viewers up to speed as well on the legality of this which really to some extent is at the heart of the issue, there's obviously an ability to get swept up in the whole hillary 2016 thing, but correct me if i'm wrong, this ultimately comes down to whether she technically violated these record keeping laws or whether she did so willfully and unlawfully which, of course, is a much different, more severe matter. >> well she said she complied with every rule that governed her use of e-mail. one of the crucial distinctions is it was not until after she left office that the requirement

for realtime preservation for someone using private e-mail was put in place. she did have the requirement to preserve, but it is not clear that that preservation was required to be done in realtime. now, that's the crux of the question that john carl asked her, and she said well i supplied with that by sending work e-mails at the time to my colleagues on their government accounts where they were preserved in realtime and the rest that she turned over that may not have been caught up there that could possibly been work related she provided later but indicated she wasn't required in realtime to preserve those. >> very quickly, john what happens next and what do you think this does to the timing of her announcement when she decides to run? >> i can't imagine it would alter it all that much although she ducked a couple of attempts to get her to answer how this affected her 2016 deliberations. i think what she and her team

are going to do are gauge what sort of blowback there is from this news conference, how hot this story stays, and whether they will be required to answer. remember, they only came out and answered after there was a lot of heat for about a week on this issue, and that's why she had the news conference. so i think they're going to step back for a while see if they have cooled the passion for more information outside the set of republicans who are going to require it anyway at least satisfy democrats and then determine what to do after that. >> john harwood in d.c. thank you very much. >> you bet. >> and we welcome you now officially to "closing bell" for this tuesday. i'm bill griffeth along with kelly evans on a big sell-off day for a number of reasons i guess. >> while this press conference was going on the dow was off almost 300 points. we're off 260 at the moment. we have a full panel on stand-by with many thoughts on what's driving this sell-off and how much further it may go. >> also still to come this hour, we'll break down the major sell yaufer and talk about the

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welcome back. welcome to "the closing bell." the dow is off 265 points. it's been a tough sessions for equities all day. decline of 1.3% for the s&p and here is a look at where we're seeing the winners and losers. there is not much green up on that board, bill. so a lot of the index in the red here. the vix up by about a point and

a half. >> let's talk about it all. our "closing bell" exchange a little delayed but here we go. erin gibbs from s&p capital iq is with us so is ron weiner from rdm. sueson fulton from fbb capital partners is with us. so is jim le camp and we welcome rick santelli from chicago as well. the strong dollar seems to be one of the culprits today. we're at a 12-year high around $10.07. the stock market doesn't like that. i guess because the impact it may have on earnings for one thing. >> we had a stronger dollar in the fourth quarter of last year. i think it is still also about the jobs. i think we're seeing that flushed out combined with the strong dollar is really making people take a look and also, yes, aergesearnings are going to be hit somewhat, but we've been seeing will he is than 1% earnings growth for 2015 for several weeks. >> expectations have been coming down. >> yeah. they've been dropping.

they started the year at 8%. year now at 0.8%. >> jim, what's going on with the market then? what do you make of the sell-off? >> well, it shouldn't surprise anybody. central bankers used to morphve in broad gradual strokes. it was like watching a barge. now central bankers are moving herky-jerky. it's impacting oil prices and what do we have in january? we had falling oil, falling oil stocks falling market. now we've got a rally out of all three of those in february. now they're all falling again. so the market is moving in a much more volatile fashion because these moving parts, we're getting news from these in a much more volatile fashion. the market does this every year. every year we go negative at some point in the year. this has not changed our thesis that stocks are still the sweet spot and interest rates in the u.s. will remain low for longer than most people think. >> rick santelli quantitative easing has begun in europe. that's pushed european yields

low. look at what has happened to german bunds and the others. are you guys then figuring that the money is going to come overseas here to the united states? are our treasury yields going to go even lower because of that? >> that was a valid strategy for trade, but it seems as though a lot changed from the january 22nd meeting on. i mean here we are a day we've touched down 300 and we're down 6 basis points in 10s but we moved down to 2.13 and just glued to that spot. so to answer your question directly, i think it's a focus of investors to try to play the quantitative easing in europe, maybe at least temporarily at the expense of u.s. markets, but remember there's a fly in the ointment as traders may soon figure out. they're not nearly as open and transparent on what they're buying, when they're buying what areas, uninstitutionalinstitutional

securities, sovereign securities, so it's hard to get in front of it. it willing interesting until the ecb gives us a report. >> as people watch the u.s. dollar climbing, they watch these yields sinking even though the other kind of move was anticipated, do those two things worry you about the health of the u.s. economy or the prospects for the stock market? >> well i have believed for several years now that we're in a long-term deflationary cycle and what we've watched as we moved into 2015 is that becoming more obvious. we have low oil prices. we have totally stagnant income. people are earning as much as they did in the '70s and that's last century. we have interest rates that i don't think are going to be able to climb up very much. i don't think yellen will let them until she sees some improvement in wages, and we

have an exceptionally strong dollar which is reacting to europe's inability to get its act in place over the last two years. so none of these are new problems. the problem is that every now and then they all bubble to the surface at the same moment and people get upset. >> ron weiner in the meantime since we last spoke, you have been adding to your portfolio overseas. >> right. >> you have been going more towards the emerging markets and the european markets here. why? is it because of the quantitative easing or what? >> first off, we're like airplane pilots at our firm. we focus the end of the runway and then create a glide path. if there's a storm, we go around it. we don't land wait for things to look better and go back up. so in that breath we've been out of emerging markets for a couple years. that was a good thing. and we eased back in 5% but in consumer discretionary and consumer staples, not in

industrials because that's growing. that's a huge growth area. going to double from $15 trillion to $30 trillion by 2025 by some estimates. >> we have to go but last quick question to you, rick on the dollar and on these yields, is this just positioning, are people just getting shook out or is something more fundamental going on? >> i don't think it's a surprise at all. nobody i talked to is at all surprised. they're actually surprised yields on bunds aren't closer to zero that the euro rurcurrency isn't closer to parity. the dollar may be getting a third of the value from the notion the fed is going to potentially at some point tighten, but i think the rest is definitely the dollar is more of a passenger in the euro/dollar dynamic is more the driver of that bus. i still think it's beggar thy neighbor dynamic. >> i see you agreeing but we have to go at this point. i'd love to talk more. thank you all for your patience in waiting for this exchange to get under way and thank you for your indulgence as we move on.

see you guys later. >> time for a business news update. sue herera joins us with the headlines. >> hi, kelly. here is what's happening. three french sports stars are among ten people killed when two helicopters collided in argentina. it happened during the filming of a reality tv show. the accident is under investigation. a subsidiary of johnson & johnson has agreed to plead guilty to selling bottles of children's and infants liquid tylenol containing metal particles. they have agreed to pay $25 million to reso. the case. kickstarter etsy game stop and marriott are the lateers companies to join the list to support apple pay. during yesterday's apple event ceo tim cook said apple pay is now available at over 700,000 locations. and senate majority leader mitch mcconnell says that he expects the full senate to hold a vote to confirm loretta lynch as attorney general next week. miss lynch's nomination passed

through the senate. >> you judiciary committee last month. back to you guys. >> thank you very much. we'll see you later here. we're going to head to the break here with the market still near the lows of the session. >> oh yeah. dow is off 284 points and as mentioned, a lot of it has to do with global cross currents. a discussion about where the fed is going next and what that means with the s&p off 30 points. >> when we come back pimco's chief investment offer is back with us gives us his take on today's sell-off and if you should be buying market declines like we're seeing today. scott mather joins us after this. the most important person in your business could be a software developer. so, how's the app coming? we've got to make something great. how's the app coming? we've got to do it fast. let's do this on bluemix. you can build apps with analytics, big data, even ibm watson. that could give us the edge. let's do this on bluemix. it can provide code for you. we could be first to market. because being best is priority one.

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sell-off day on wall street. the dow down 281 points putting us well below that 18,000 level. the nasdaq down sharply, down 69 points. 5,000, what was that? showing you the components of the dow jones industrial average, only one is positive today. interesting, that's dupont. >> it is. for what it's worth. meanwhile, the financials especially under pressure on some of the rate and dollar moves. dominick chew is chu is standing watch over biggest movers. >> we spent an hour aggregate in

the nasdaq 5over 5,000. let's talk about shares of lumer liquidators moving higher. analysts think that the sell-off in the shares may be largely overdone. they also recommended though caution for either of the long or the short side of the trade. remember, they have a scheduled call on thursday to provide a business update for their particular story. lumber liquidators up by 5% giving back some gains. next is united therapeutics. the fda approved the company's drug for one form of children's cancer. it's for neuroblastoma, a rare cancer that often occurs in children urnd the age of 5. urban outfitters is the best performer on the s&p 500 today. yes, one green stock there. the company reported earnings that beat analysts' estimates and comparable store sales up 6%.

it's free people stores saw sales spike 18%. anthropologie, i'm not sure if you shop there at anthropologie or free people or urban but maybe those things -- >> i know them very well. but that stock has been so volatile as their fortunes lately have been. interesting moves. thank you very much. on a day like today investors are hungry for guidance. >> let's go to scott mather. let's go quickly to scott mather, chief investment officer at pimco joining us. welcome back. >> good afternoon, bill. >> which market makes more sense to you yesterday's rally or today's 280 point sell-off? a lot of volatility here. >> well yeah that's been part of our thesis for a while. we think you will see a lot more volatility in the coming months. we always do around important turning points in monetary policy. this time it's happening in the context of a record divergence in monetary policy. while we expect the fed to move to a gradual tightening in the summer we have other central

banks going in completely the opposite direction. that really is a recipe for increased financial market volatility. >> scott, are u.s. rates going down for a fundamental reason or is it tied for global demand for u.s. dollar assets? >> certainly a bit of both. we've seen sort of the traditional correlations return so when risky assets equities aren't doing well bonds are doing well so bonds are having a good day today. but in addition there's very likely to be quite a bit of spillover from foreign investors into the u.s. fixed income market sort of back into that environment which central bankers earlier referred to as a conundrum. even while interest rates are slowly going to be creeping up beginning in the summer we still have a lot of foreign interest in u.s. fixed income so that will keep the yields further out the yield curve lower than they would be otherwise for much longer. >> earnings will be out in a few weeks. what are your expectations? we just had somebody from s&p

capital iq highlights that expectations still are coming down. we're not expecting a whole lot for the first quarter in part because of the stronger dollar. what are you guys looking for? >> yes we think the stronger dollar certainly is going to weigh on earnings from many different companies, and that strong dollar theme is likely to persist as we head throughout the year. we think the dollar will continue to strengthen at a 5% to 10% annualized clip for some time. that will pressure earnings. the other thing a lot of people aren't talking about, of course is that labor market tightness will ultimately lead to higher wage pressure. that, too, will be a drag on earnings. so there are two important headwinds right there for earnings, and layering on top of that, of course the idea that interest rates are going up so the discount rate that you apply to risky cash flows will also be going up. there are lots of headwinds for equities in the coming quarters. >> scott, i'm karachiing myscratching my head a little bit at what's happening in europe. since they started qe yields have continued to move lower and

a lot of traders think they're going to keep falling. i understand there's a big new source of demand but as we've seen here when qe has been quote, unquote, successful interest rates have often started to move higher because people sell to the central bank and start buying other things. are you surprised we have seen yields move lower across europe and do you expect it to continue? >> we're not surprised by that. we've been preparing for that. we have that lower yield theme expressed in our portfolio so we're benefiting from that but we think it can persist. ultimately the goal of policy is to raise inflation expect tathss but that's a good distance off in the euro zone. there's so much slack in the labor market it will take some time for the inflation expectations to move up. in the meantime the ecb is buying more than the net new supply of issuance it is going to pull down yields substantially and we think there's more room to go lower. >> quickly scott before we let you go, is it your anticipation that we could see, for example, the 10-year germann bund it's

yield turn negative? >> that's certainly very possible. >> wow. all right, scott, thank you very much. >> thank you. >> thanks so much. >> scott mather from pimco joining us. heading to the close, we've got 17 minutes left in the trading day here and kind of held steady with the dow down 280 points. it is the biggest decliner today. >> and we've recently talked about the nasdaq crossing the 5,000 mark. today is actually the 15th anniversary of the nasdaq hitting its all-time high just above that level. we'll check in on today's nasdaq action. it's not pretty. stay with us.

welcome back. keeping an eye on markets which are under pressure across the board today, an as that happens the nasdaq continues to refret the 5,000 level it closed at a week ago. so much for the 15th anniversary today actually of those nasdaq record highs. >> bertha coombs at the nasdaq market site, if those red arrows were green arrows we'd be back to 5,000. instead we're a long way off. what's going on there? >> we're a long way off. apple the biggest weight here is

leading the decline in terms of the point impact. responsible for about ten points to the downside on the nasdaq 100 selling off not terribly impressive to investors with their shareholder meeting. meantime, we also have seen a few names that have held up, very few nasdaq names into the green. urban outfitters at a new high along with nvidia. the biotechs the big cap biee techs have held up well. they had a reversal. smaller caps are under pressure. watching a couple names that are moving higher today on huge volume. one of them acadia. the company pulled out of two conferences this month one of them today. that's leading to some speculation there. >> thank you very much. >> the other big feature today, crude oil falling sharply as well over at the nymex. jackie deangelis, what's going

on there? >> good afternoon today. we saw sharp selling pressure in crude on both sides of the atlantic today. w ti was down more than 3% and this was all as a result of the strength we saw in the dollar today. so mild selling pressure to start the day and then you could see as the dollar continued to strengthen we did see the selling pressure in crude happen at the same time. traders are saying this could be the catalyst that gets us over the hurdle and breaks us out to the downside because certainly even though we're getting bearish news on production and supply statistics we haven't really been able to move away from the $50 change. if we close in the next few days under $48, traders are saying they're willing to turn their views bearish and sell crude at this point. back to you. >> okay, jackie. another part of these asset markets to keep an eye on. the s&p is off 29 the nasdaq off 70 and the vix up a point. >> clearly an ugly day on wall

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heading to the close. about 8:30 here, 7:30.

the dow down 290. near the lows of the session. the s&p down 31 and the nasdaq down 77. joining me here on the flaroor of the exchange oliver portia and michael from beta and inflation rotation mutual funds. clearly some volatility is in place at this time but you're not moving that target for the s&p for the end of the year. you're pretty high. >> we're pretty aggressive i guess is a phrase on a day like today at 2250 for the s&p 500. i think you will see a couple thing. you will see performance die injury vergennes and performance volatility. we're certainly experiencing that right now. the question that investors are focused on today which is oil prices, which is significant and interest rates, when is the fed going to move is insignificant. focus on corporate earnings. we have to see what happens in the next five weeks. >> i would echo that and say actually you should focus more on risk management. you have been in this

environment for the last year and a half or two years where the only question that matters is how much are you up? we have to enter a period where the question becomes how much are you down relative to the benchmarks or the s&p. what's most important is that you're seeing a very severe change in the dynamics internally in the marketplace. treasuries are leading. they're no longer momentum plays. as you know based on these the presentation we've been doing utilities and treasuries tend to be leading indicators in volatility. everyone is so focused on the fed raising rates. bonds are telling you if they raise rates, that's contraction. >> are you buying utilities? >> we likely will. >> you're following earnings but what is the dollar if it continues to strengthen going to do to earnings? >> that's the big question for multinationals and the cost of hedging is getting more expensive. you saw that in some of the warnings in fourth quarter. you want to focus on companies growing their top line. don't stick with companies that are going to be flat.

that will be a double whammy. look for really really strong balance sheets and think about defensive as michael and i were talking earlier in a slightly different way. don't just look at telecom or utilities. look at the companies like large pharma that is growing where m&a is active. large company technology is attractive here still. there are pockets of opportunity but you've got to be able to deal with some volatility here. >> we have to go at this point. thank you both. good to see you, michael and oliver joining us on the floor of the new york stock exchange. bob pisani and i will have the closing countdown for what has been a crazy, volatile day on wall street. you're watching cnbc, first in business worldwide. thing more romantic than a spontaneous moment. so why pause to take a pill? and why stop what you're doing to find a bathroom? with cialis for daily use, you don't have to plan around either. it's the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis treats the frustrating urinary symptoms

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inside the two-minute mark. here is the culprit for the sell-off today. this is the euro/dollar. we're below 109 right now. folks, u.s. folks will be heading to europe this summer the tourist, because europe is on sale right now. down 1.4%. as the dollar goes stronger, oil comes down and we saw about a 3% decline in both wti and brent. here it's down 2.6% on wti in the u.s. at $48.70. oil goes lower, oil stocks go lower, stock market also went lower today and we're down at the low of the session right here bob pisani at about a decline of 1.7% on the dow.

>> i want to put that euro in perspective. we were 140 to the euro one year ago. now we're at 107. we're down 30%. >> yeah. >> i talked to mark chandler he thinks we can go to 85 cents. that was the historic low. we were at 140. if you go to 85 cents sometime -- >> it would make sense as they begin quantitative easing in europe. they're pushing yields down even more this week. >> i want to point out though that many korntioncorporations are trying to offset the feks of the strong dollar. coca-cola, about a week and a half ago issued $8.5 billion in euro denominated debt not dollars. they did it in euros. i believe it was the biggest debt deal ever done by a u.s. corporation in euros. 12 years 1.8%. much cheaper than they could have done it if they did it in the u.s. >> rates aren't going up anytime

soon over there that's for sure. the sell-off intensifying as we head could the close. down 315 points on the industrial average. stay tuned now for the second hour of "the closing bell" with kelly evans. see you tomorrow, kel. thank you, bill and welcome to "the closing bell," everybody. i'm kelly evans. let's begin with how we're finishing. a tough session on this tuesday. the dow jones industrial average, as bill just said off on the lows of the session. off 318 points. for the first time crossing that three mark and we're going out there on the session with a decline of about 1.8%. the dow back below 17,700. the s&p giving up 35 points. it sits at 2,044. the nasdaq off 82 to 4,859. let's bring in today's panel and sort through all of it. cnbc contributors carol roth and jon najarian are here with sara

eisen. also with us for more on today's market action larry glazer joining us and "fast money" trader steve grasso will join us momentarily off the floor. but, carol what do you think is going on here? >> i feel like investors are in a relationship with the market much like a woman might be in a bad relationship with that guy you know. >> just not very good for you but you just can't quit him. you quit him for a little bit of time but they always come back kelly, and i feel like that's the situation we are in here. we know there are not great fundamentals underlying so when we get some good numbers and know that the fed might take away the interest rates or hike the interest rates soon that's a good sign but eventually they're going to come running back into the market just like that woman goes running back to that bad boy. >> i'm going to guess this is about a friend a story build a friend. >> yes. this is completely not autobiographical. >> dr. j there was a story, john hilsenrath saying the patient language may come out of the fed's next meeting.

>> there's a lot going on with the euro/dollar as you talked about and as i'm sure sara is going to talk about because we're down 4% on the month for the euro/dollar. it's a big decline already with more to come. >> 11% for the year. 22% for the past 12 months. >> not off the top of her head. >> speeding to the downside here. but i think a lot of what's going on has been exaggerated by people looking at the wrong things kelly. short-term rates yes, are going to move at some point. is it in june or is it in september? i still think it won't be until september. but that's the short-term rate. 10-year rates should not have moved as they did on friday with that employment report. >> you don't think they should have -- >> i think they're going to be anchored down here. i don't think we'll be able to get off of roughly between 2 and 2.2 for a long time and we shot up through that on friday. we pulled right back today. i think we continue pulling back

down because, again, with the rest of the world cutting rates, i don't know how we see our 10-year rate going up. it isn't going to happen in the short-term. >> here is the thing, you might look at the market the stock market, and say the dollar has been going up for the last few months, for the last 12 months in fact. why all of a sudden is this such a theg tiff scary thing for the stock market? and the answer is you're really starting to see this move speed up in a way that we have not seen in a very long time. >> right. >> over a six-month period this is the second fastest appreciation in the last 40 years according to bank of america merrill lynch. the first was during the financial crisis when we were rushing into u.s. dollars in search of safety. it's happening quickly. that's going to impact corporate america who are already feeling it in such a short period of time. there's a lot of money in mutual funds. jim kranler was talking about this, that's been pouring into overseas. they're going to take losses. there's a ripple effect. >> the backdrop again, during the financial crisis and there was a flood into the u.s.

dollar, what did the fed do? increased the amount of dollars available whether it was swap lines to europe, et cetera. this time around we're not in the middle of a crisis. >> but it is the speed at which it's changing. anybody who is chasing the market right now anybody who is chasing the stock market was waiting for a pullback today one of though days just like last friday you got it. do you take advantage of it? same thing goes on with foreign exchange to sara's point, and when that's accelerating as fast as it is when velocity is moving like this those people looking to hedge some of that exposure aren't getting the chance so instead they're pounding into it on today's like today. >> larry, what are you doing here in these markets? >> i think what we're seeing play out in today's volatility in the market is sort of that reaction to what the fed quandary really is and it's right out of a charles dickens' novel. it's "the tale of two cities." it's the best of times with the consumer, low interest rates, low inflation, low energy prices

but it's the worst of times for u.s. multinational profits. energy prices on a short-term basis will affect the s&p even though it will normalize in the back half the year. for an investor you don't want to invest like it's 2004 and make the s&p the core of your investment strategy. instead, you need to take a barbell approach. look at some of the small cap names that are less affected by currency but go overseas where the bargains are. it's the best of times if you're a european multinational exporting to the u.s. with a cheap currency. there's plenty of opportunities here. you have to change that strategy and investors are so reluctant to do it and they're falling under a false sense of security from last year. >> carol? >> it's very interesting because we haven't had a proper correction, 10% or more, since 2007 2011 and part of the reason that's happen something there are these backstops with corporate share repurchases. when there are the dips in the

markets, they're going back into doing that. not to mention the fact that the total shares the total float in the market has shrunk. >> look at the last 24 hours. you have general motors qualcomm. we're talking $20 billion in aggregate buybacks alone. >> don't you think it puts some sort of a floor under how far we can correct? >> that's why our friend john calls it corporate qe because there's a bid in the market -- >> i'm saying right now -- >> right, larry? >> you have shrunk the supply. there's a shortage of stock out there like there's a shortage of bond because the fed has been buying all the bonds. now with the ecb buying bonds. you have shrunk the supply with a lot of inflows of liquidity. it's not the public markets i worry about. it's the private markets i'd worry more about in terms of valuation. this will normalize itself. there's a preoccupation with what the fed may or may not do that fed o phobia. that's nonsense. it will work itself out but you have to change your investment

strategy. >> it's something we heard from rob a couple months ago talking about a shortage of bonds and stocks to buy out there. steve grasso is joining us off the floor. steve, that's not necessarily the mentality that played out today though. that was a pretty ugly close. what was behind it? >> you know kelly, you and i spoke from this very spot last week and we talked about the significance of that 2093 level in the s&p cash. those were the old highs. we were really bordering on the support lower for the old s&p's highs. we broke those. so the market broke down. what happens now is guys are reassessing. is the energy bottom in? no. is the dollar high in? no. if you scale back that dollar chart, sara eisen knows this better than anybody -- >> she has a tattoo of it. >> if you look it short term it looks like it's topping out. long term more room to climb. >> what does that mean for the constellation of assets that depend on it.

>> that's the problem and that's the worry and that's what spooked investors. you still have 40% of corporate earnings coming from overseas. i was going to say people say it's not that bad for america, we only export 13% of our economy. but actually you're already starting to see a number of economists would tell you it will show up in the manufacturing data. watch for these spillover effects not to mention all the dollar assets around the world. deutsche bank came out and took down their forecast to parity for 2015, one euro to $1. 90 cents to next queer and 85 cents for the year after. i can tell you most of the street is looking for this to be a prolonged, multiyear story. we'll have to get used to it. >> if you look at the buyback, the thesis that was mentioned before, that's been a while. that's been the story that there's a substantive bid in the marketplace with buybacks. but these companies, they're allowed once they see a downturn, they're allowed to pull back that capital as well and they're not going to sit there and place their flag in the sand amongst hard selling into this marketplace. >> the question is why aren't

they deploying that capital in a way that's going to recapture that growth perhaps domestically or in some other manner. >> that's going to be the question when rates start to rise. >> if you're getting that impact from the dollar, you're going to have that effect from overseas exports going down you need to look for other avenues of growth, and i think that's where this is going to catch up with the market perhaps not for -- >> maybe that's a bigger indication that they don't believe that rates are going higher, so maybe that's where corporate america is placing their bet. >> and the reason -- we almost have the luxury of debating how good or bad this might be for our market. there are a lot of emerging markets who depend on either u.s. dollar funding and have a lot of u.s. dollar debts or they have, you know funding sources on things like oil that are tied to the u.s. dollar as well. so to the point here i mean, there's going to be trauma from this move that comes back and affects us even if you could argue directly a strong dollar could ultimately be a good

thing. >> that's right. look ultimately the strong dollar is a good thing and i'm as patriotic as the next person. i don't want to pound my xhes and say we like to have a strong dollar, but a volatile currency is not a good thing. we want a firm currency that's predictable for corporate earnings. the mistake a lot of investors are getting into is they start to chase currencies. if you spend five minutes worrying about the dollar you wasted five minutes because there's so many factors at work. we know companies are going to hedge out a lot of that currency. it is hurting the emerging markets. it's cutting off quutliquidity. >> dr. j, let's get specific if we can for a second before we go. a couple names to watch, events to watch -- >> biggest thing for me right now is the vix because that is and has been a pretty accurate measure of fear in the marketplace. big spike today in the vix, was up over 12%, pulled back a little bit from there. i think we see a move almost twice that up to 20% move higher in the vix before it pulls back

substantially. it just depends how long it stays there. if it's a spike up and comes right back down then we go back to our knitting. if it stays high then we're going to see a prolonged sell-off. i'm not prodistricting a prolonged sell-off. i think we might see a blow off tomorrow. >> steve, we'll give you the last word. speaking of key levels, what's next for the s&p 500? >> the 2041 level is pretty important in the s&p cash. that's what i watch, the cash verb sus the futures. but you have to realize though i along with dr. j have been saying that it's not going to be a prolonged sell-off but the problem is when you do get those prolonged sell-offs, nobody is ready for it. so i think if we see a sell-off, this could be worse than the other ones. i would take some chips off the table. >> duly noted. thank you for joining us off the floor. larry, our thanks as well. catch more of steve coming up with the "fast money" crew. she will be asking raou l pal

why he thinks oil is going to $20. hillary clinton addressing the issues surrounding her e-mails. john harwood joins us with the details. john, does this end the controversy or give it new life here? >> the one thing we can be sure of is that this did not end the controversy. the reason is that hillary clinton's message was very clear. she came out and said that half of the 60,000 e-mails on my server i have disposed of because i determined that they were -- had nothing to do with my work as secretary of state. the other half i turned over to the state department. democrats are likely to trust that assertion by hillary clinton. republicans will not. here is exhibit a for why they might not trust it. take a listen to this sound bite from hillary clinton. >> we have more than met the request from the state department. the server contains personal communications from my husband and me and i believe i have met all of my responsibilities and

the server will remain private. >> now, why will that raise eyebrows among republicans? because bill clinton's spokesman just this afternoon said that he had only sent two e-mails in his life both when he was president of the united states none since being president. hillary clinton just said the e-mail server contains private communications between her and her husband. that's one of the questions she will be asked in coming days you can be sure of that. >> especially because it appears bill clinton doesn't use e-mail so whether it was him personally, people on his staff, they'll i'm sure have people looking into it. john harwood in washington. we have more of our special market sell-off coverage coming up next. also, he's been dubbed by some as the new carl marx because of his argument against capitalism. it was a controversial best-seller last year and now thomas pickety making his first visit to the new york stock

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welcome back. by the time things settled out hire the dow closed down more than 330 points. let's take a closer look at the

market action especially in the close. we have bob pisani, rick santelli bertha coombs and jackie deangelis keeping an eye on commodities at the nasdaq. bob, listen when we first looked it was off almost 300, then 318. a lot of selling it seems right on the dial there as we hit 4:00. >> there was a very large sell program right at the close, about $3 billion my understanding was. they don't put out a press releans on these things but somebody was selling heavily at the close. the important thing about today is the obsession with the dollar may be understandable maybe a little exaggerated. i'm more concerned really with rising rates. i know there's a strange differential between here and europe but a lot of these companies right now like proctor & gamble, they're at 2.7% earnings yield. everybody loves them. if we get more modestly rise in rates, a lot of people will question the value of owning those kinds of stocks. that's what i'm more worried

about, not just whether or not the dollar will be stronger. >> rick pick up right there if you would. we talked last hour about interest rates and then i don't know if you heard scott mather of pimco when i asked him about what you said is the german bund yield going to go negative, he said, well quite possibly. >> yeah no. i think as the currency goes, so go european yields especially the german side of that. just to put a face on this how many people kelly, have you heard say european stock market is where it's at. if you look at the dax, it's up 17. until you factor in the euro. basically averaging those two tocchet about the same place the nasdaq is up. so on the equities side, be careful what you wish for and be careful what you own especially if you don't have life insurance on the foreign exchange side known as a hedge and directly to the dollar versus the euro

listen, i talk to traders, and one trader framed it like this. he goes you can talk about all that on cnbc but my european clients like the chinese clients i had that bought real estate in the u.s. they're getting out of the euro. they don't want to be around when the troika does bail ins. they don't want to be around for claw backs. there's another dynamic to what's going on with the euro that's more explained by the politics and what's going between the european union, the ecbened and the imf. >> euro could go to 85 cents mark chandler told me from brown brothers. 85 cents from 140 is year ago, now 107, then 85 cents. deutsche bank thought it could go in a year to 85 cents as well. that's pretty shocking. >> so, jackie deangelis if we're talking about a much stronger dollar even than what we've already seen what does that mean for oil? >> really good question. we haven't been able to break away from the $50 range.

finally this dollar move is what got us to close today at 4829. traders are expecting the same thing bob and rick are talking about, to see continued dollar strength really pressure crude prices lower. if you recall in 2009 when we had that big leg lower in oil prices, the dollar strength is one of the reasons we went lower, and what's significant here, it's not supply/demand equation anymore, it's not about u.s. production which forecasted by the eia to be the highest since 1972 so we're not seeing any production declines here. that wasn't able to move dollar but the dollar was able to move it lower, and we've been bouncing in this range some people saying we were going to be due for an uptick from here. it hasn't really happened. so maybe the bears on wall street are right. that $48 level, that is key to close under if you want to see crude trade lower from there. >> all right. keep an eye on it for now. bertha, the nasdaq was hardly a port in the storm today. >> no not much of a port in the storm, although it's interesting when you look at it year-to-date

as rick noted, today you had both the s&p and the dow dipping into negative territory for the year but the nasdaq is still up as is apple even as today is closed under $125 a share. one of the things to think about is when you have a strong dollar companies that are less exposed abroad have more at home, a lot of small cap firms are going to do better. so we might finally see a little bit outperformance by the small caps. they weren't down as much today. also there are areas where right now they don't have that exposure like the biotechs. they are volatile players clearly, but they don't have necessarily as much exposure as some of the small ones that people are looking at potentially for their pipeline being acquired. so those continue to be some of the areas that the bulls are watching. the other thing that i would note today is despite the strong sell-off we didn't see it on an unusually high am of volume. sometimes volume is a bit of a

proxy for sentiment. so it was a broad pullback but not necessarily a huge one with regard to the tech sell-off. >> we'll watch vol for volume vol or volatility. thank you so much for now. appreciate it. 40 minutes to go here. the best selling author thomas piketty believes the rich should pay more in taxes to narrow the growing income cap. but when he made his case to bill gates, well wait until you hear the reaction he got. we'll find that out and more. thomas piketty joining me exclusively when we come right back. and later the apple watch, does the battery really last that 18 hours we've heard? dr. j is shaking his head. or is it less than half that if you use the functions on this watch? this might be the story to watch later.

exclusively when we come right

french economist and best selling author thomas piketty made the best-seller list last year with his book extolling the belief that the wealthy all over the world should pay more taxes. he concludes capitalism does not self-correct towards grate greater equality. ironically this is his first visit to the new york stock exchange, a destination viewed as the very heart of the capitalism. i don't know if a fox in the hen house is the correct analogy, but welcome. skro thank you. >> do you think capitalism is inherently flawed? >> no there are lots of things working. .

i like this place. are you paying them so they're still there. but, look i think we need strong democratic institutions to make sure that we put this powerful market forces in the right direction, and i don't believe that these powerful forces can solve every problem in the world because they can solve a number of problems they can produce innovation but sometimes they lead to a level of inequality that is just not useful for economic growth and can even be bad for growth. so we have to be careful to pay attention, and, you know, the object of the book and i think the reason why it was so successful is that it brings a lot of history to this issue. it's primarily a book about the history of income and wealth distribution and then people can draw their conclusion for the future and can disagree. >> you sold about 1.5 million copies around the world. 42 languages in about the year since it's come out. you say people can draw their own conclusions but you have been pretty specific there does

need to be a global wealth tax, is that the correct way of phrasing it? you're saying that ultimately, you're very specific there does have to be a solution and it is redistribution in this sense. >> when you're in the situation where the largest multinational corporation in the world pays a lower tax rate than the small and medium-sized businesses this is not good for anyone. this is good maybe for them but for the economy, you know, it's not good. and the middle class feels they are paying more than the very rich, you know this is not good because at some point later on down the road, if you want support for globalization, it's important that broad groups feel that they are benefiting from it. you cannot have just such a big fraction of the gains going to such a small group. so you want more transparency about who pays what and for this you don't need a global government but you certainly need more global corporation,

more automatic exchange of information between countries about cross border financial assets so that we have an equitable tax system which allows government to invest in public infrastructure. >> sure which which we know is crumbling. >> sometime in this country which is not quite at the level you would expect and what you will need and you need to invest more in education. >> right. >> and many bottom income groups or middle income groups in the united states -- >> this feels like a laundry list. any of us could go through this exercise and say here are all the ways in which things aren't perfect and aren't optimal and one system versus the other but there is no perfect system. i mean it's a living he can pairment in some sense. devoting as much as you do to acknowledging what you see as a problem a lot of people would say before you go ahead with any policy pringsescriptions, don't we need to know we will not do more harm than good. >> no, we need to be careful.

if you say the minimum wage in the u.s. right now is a little more than $7 per hour. in the 1960s in the united states it was more than $10 per hour if you express it in dollars of today. this is strange because this was 50 years ago, and the unemployment rate was not higher than it is now. so how is it that a given country in a 50-year time period does not even manage to keep just the same level of minimum wage and maybe increase it a little bit? so i think here is a failure and we can do better. we can have higher bottom wages in this country. this also requires more investment in skills. there was a state of the union address in january by president obama which i thought was interesting with the idea that you ask a little bit more to those who have benefited a lot from growth in order to invest in education. not just -- it's not taxation for the sake of taxation. >> it came up with bill gates,

didn't it? >> bill gates told me i love your book i care a lot about inequality, but i don't want to pay more tax, but, you know, i think some billionaires like warren buffett agree that it's a strange situation if their secretary pays a higher tax rate. >> bill gates' point was really interesting and it's a proposal we're hearing more and more that does seem to make some sense. he was saying look if the problem as you and others might see it there are some people who spend irresponsibly and live this lavish lifestyle while others are impoverished, why don't we tax the expenditures piece of it. >> that's interesting. i think that's an interesting proposition and bill gates said i'm in favor of a progressive tax on high consumption. the limitation on this is what is consumption. when they are spending a lot of money on political action committee. is this part of their personal consumption? when you are very rich you cannot just consume food or

clothes. typically you consume influence. sometimes you consume academics, sometimes you consume politicians. when you take your corporate jets as a very wealthy person s that part of your consumption or part of the investment of your company. think a progressive tax on net wealth is better than a progressive tax on consumption because first net wealth is better defined for very wealthy individuals and consumption as i just told you is difficult to define. >> what about people who say -- >> it's a better indicator of the ability of very wealthy individuals to contribute to the common good. >> sure. and it's a great point. it's one reason why we probably haven't adopted something like that already. back to the point about the criticisms that are often doled out for people who have these lavish lifestyles and the cars and the damage jets and the

whole thing. does that not drive innovation that ultimately benefits the rest of us? >> up to a certain point it is useful. some level of inequality is use useful for innovation and growth. take the base of bill gates he has $60 billion, $70 billion, i can't remember because it seems increasing. had he been told 30 years ago that he will get only $1 billion, do you think he would have said, oh it's not worth it, i'm not going to invent microsoft, $1 billion it's not worth working for it. we have to bring a bit more common sense into the discussion. yes, we need to pay top managers well. yes, we need to pay innovators well, but we don't need $50 billion, $60 billion. when you look at the data for top managers and the people you pay $10 million per year instead of $1 million, i couldn't find in the data the extra

performance, the extra job creation that you would expect from that. so i think we have to be more realistic and less ideological about this. >> and we have to go but just to circle back almost to the original question, there are some who say economics has always had these moments where people are concerned either about lamb scarcity or about capital and technology crowding out workers. time and again we see there are moments when that happens, but then we seem to innovate our way out. so you do think that there is a fundamental problem here with the capitalist system or you do not? >> no, i think we can find solution. i believe in the possibility of institutional change and policy change so that we can -- this is not a pessimistic group. i believe in globalization. i believe in the private property system but i think if we just have more and more competition between countries so that in the end large multi multinationals pay less than the middle class, that's not going

to work for either. >> thomas piketty, thank you so much for being down here. really interesting to talk to you here of all places. he is the author of "capital in the 21st century." 1.5 million copies sold worldwide. let's send it out to sue herera. >> great conversation there. here is what's happening this hour. hundreds of pilots flying for norwegian air have called off an 11-day strike after reaching a deal. more than 200,000 passengers were affected. under the deal the pilots got a three-year appointment guarantee in return for changes in insurance programs. testimony in the case of a woman suing a prominent silicon valley venture capital firm over gender bias. she claims she was discriminated against and then fired. she is looking for $16 million in damages. traffic is now moving in both directions on i-95 in

maryland just outside of d.c. both the north and the southbound lanes were shut down for more than four hours today following a tanker accident. it was carrying 7500 gallons of biodiesel fuel when it flipped over on its side. thankfully no serious injuries were reported. and a jolly good show for her majesty queen elizabeth ii. in a dockside ceremony in southampton, england, the green christened the hull of a the new "britannia." it's the largest ship ever built for the british market. it was all done with the press of a button. i don't know. i think we might have to take a road trip. >> the press of a button? come on. >> she presses the button and then this crane sends it right into the ship. >> that's great stuff. sue herera this hour. that's the cnbc news update. up next, more on the market.

and tim cook says the apple watch battery can last 18 hours but if you use all the apps can it much much less than that? could it be three hours?

welcome back. with some breaking news on a top

executive departure at google. kate rogers has the story. >> current s.e.c. filing google's cfo patrick pachette has informed the company he plans to retire. google is expecting the transition to take place in the next six months. >> dr. j, that's a decent size move on the news the cfo is retiring. >> and the stock is not making that big of a move. i don't know that this is a big shocker at google but, again since they don't exactly announce these things ahead of time, i don't think there's probably anything nefarious behind it. it's probably just somebody that wants to get on with other things in their life. >> even if it's not nefarious, there will always be people saying you have a key departure, does that indicate something about strategy firm direction. >> if it's an immediate departure that's completely different than if it's an announced departure. >> a plan of secession.

of all the departures the cfo is one people probably don't glom onto. especially with a company the size of google. if it were a company you were concerned with accounting issues, maybe there would be a red flag. >> you speculate it with an underperforming stock. and google did miss out on last year's rally. it underperformed a lot. >> maybe he heard the last interview here and he's worried that his earnings are going to be capped at $1 billion so he decided for the sake of inequality he's going to go and live a nice life. >> carol's rebuttal to piketty will be available on cnbc.com. just going to back because the journal had a story today on cfos and the brevity of their period. we'll see whether somebody has to step no as an interim basis.

>> they're difficult positions to find. of all the positions for companies to fill cfo positions, somebody with the competency, able to manage the financials and the accounting and the entire capital markets and corporate finance of the companies is a very very difficult position. >> when we have tax rules that are potentially in flux and the dollar doing what it's done to your point about volatility saying up down strong weak dollar it's just the volatility that can kill you. >> sure it could, but i think reading too much into this -- into the departure at google which none of us are really doing, i think would be the wrong thing here. i think it's probably just moving on and again setting up a secession plan. >> thank you very much. we'll leave it there. people are buzzing about the apple watch after the company revealed specifics at an event yesterday, but not all the buzz is positive. gadget insiders are beginning to doubt whether the promised 18 hours of battery life actually delivers or is it much shorter?

what will it mean for sales. we'll talk to two experts who have gotten their hands on an apple watch next. uestion that needs to be asked is "what is it that we can do that is impactful?" what the cloud enables is computing to empower cancer researchers. it used to take two weeks to sequence and analyze a genome; with the microsoft cloud we can analyze 100 per day. whatever i can do to help compute a cure for cancer, that's what i'd like to do.

welcome back. you heard it from apple's ceo, the apple watch has an 18-hour battery life but some reports say that estimate gets drastically cut if you use the watch as a phone, to play music, or read your virtual statistics when xezing. in other words, doing the functions it offers.

so is that true? tim stevens has worn the watch. he's an editor-at-large at cnet along with jason gilbert and our panel. we want to know. we reached out to apple about this and were directed to this already on the apple website. our goal for battery life was 18 hours after an overnight charge. factors in things like checking the time receiving not notifications notifications, doing an actual workout, results were va vary. >> none of us have had the chance to wear the watch long enough. very few people outside of apple have worn them for more than a few times. i can't comment on the exact battery life. i can say expectations would be quite a bit lower, especially when people first get the watches and are playing around with them. i think it will be a fraction of that 18 hours at first. >> jason, are we in the pure speculation realm? >> 100% speculation. >> why are we hearing it might

only have a three-hour battery life? >> that's based on reports and leaks from inside the company. we don't really know until reviewers get their hands on it until customers get their hands on it how long this thing is actually going to last. >> how much of a swing factor is it? because there are plenty of us who use your phones every day who say the battery life is the single biggest factor. >> 18 hours is super optimistic for a smart watch. >> i was not even impressed with 18 hours. i thought it should have -- >> then you're not going to be impressed with the actual length because there's no way it's going 18 hours. >> what's so amazing is with all the technological breakthroughs we have seen the albatross is the battery. if you look at tesla, if you look at apple, there have been no big battery breakthroughs and it seems if you're investing in technology, you should be investing in battery breakthroughs. >> tim, it's so true. this is the holy grail. why do you think that there hasn't been more improvement and listen, how important do you think this will be for apple watch sales ultimately? >> it will definitely be a major factor, especially if the first

reports from people is that they won't make it through a full day. we're talking about chemistry and physics. there's only so much energy you can pack in a battery. if you put too much energy, it becomes a bomb and nobody wants a bomb on their wrist. there's only so much you can do. things are getting better but they're only small incremental improvements. batteries weigh a lot and they take up a certain amount of space and you're talking about something on your wrist, they can't be too big or too heavy. >> another factor is everyone wants their new phone to be a little thinner than before and a thinner phone means a smaller battery. >> is that really true? i have never been asked. nobody ever said to me would you give up two millimeters or something -- >> well, you watch the apple commercials and the press conferences, they always hold it up like this to show you how thin it's gotten. >> everyone wants to be thin kelly. you know that. never be too rich or too thin. >> tim and jason, i think the big thing here is also do we need one more thing to plug in? at the end of my day i spend all my time plugging the iphone in, plugging in the computer to make

sure it's charged for the next flight and all the rest. do i really need one more thing that i got to plug in or can i just reach in my pocket and full out the phone? >> one of my big surprises was that it was a different charger that you're going to have to have for the apple watch. >> sure it is. >> especially if you're going to have to recharge this every day. you're not going to want to carry around your laptop charger, your phone charger, your watch charger -- >> i do this. i have the bag in my purpose that is this big that has all the different chargers because i use things like microsoft surface and blackberry and all these weird things nobody has heard of before. >> it becomes a tangle of cords. >> i have an entire bag and at some point it just doesn't become feasible. >> tim, last word to you. what do you think is the minimum before people get fed up in terms of watch battery life? >> it's got to be a full solid day and it's got to be 18 hours of solid battery live with frequent usage. i think we'll see 18 hours of casual usage and ultimately it will get most people through the day. when they girs get the watches they will be a disappointed.

i think we need to see a full day. >> thank you for being here in the pure speculation realm. a brutal market and a washington controversy. cnbc.com allen wost lerastler, and "the hot list" when we come right back. every day, our teams collaborate around the world to actively uncover, discuss and debate investment opportunities. which leads to better decisions for our clients. it's a uniquely collaborative approach you won't find anywhere else. put our global active management expertise to work for you. mfs. there is no expertise without collaboration. you're driving along, having a perfectly nice day, when out of nowhere a pick-up truck slams into your brand new car. one second it wasn't there and the next second... boom! you've had your first accident. now you have to make your first claim. so you talk to your insurance company and... boom! you're blindsided for

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welcome back. the final minutes of trade today. off 332 points. that along with hilary clinton had people clicking at cnbc.com. didn't they? >> they certainly did, kelly. whenever we have a market day like this people come crushing in into our market coverage. what happened? we're up close to a quarter million readers checking out our market coverage in some form or another. one of my top tickers today, the euro dollar look up. people wanting to see what's going on with the dollar there. that's unusual. now we had a fun story about stocks that have actually gained over 1,000% since march 9, 2009. that's tricky. apple is not one of them. there you go. finally that press conference earlier in your show with the hilary clinton e-mail controversy it just lit up the

boards. people are in there right now. a lot of people in the comments saying i carry two devices. one for work. one for personal. what's the deal. but anyway -- >> talking a lot about that already. much more on cnbc.com. thank you for now. is it an opportunity to buy? not just yet. the panel on this 332 point sell off when we come right back. there's nothing more romantic than a spontaneous moment. so why pause to take a pill? and why stop what you're doing to find a bathroom? with cialis for daily use,

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welcome back. making interesting comments about today's sell off, sarah. >> especially on the u.s. dollar in light of what we saw today. he had a few spot on calls on the dollar. now is not the time to short the u.s. dollar. quote, don't do it. in other words, he thinks it will continue to grow stronger. he says the stock market is signaling that it doesn't like a strong dollar. that's something we saw on a 300 point sell off and he says inflation is not a problem. that could change a few years down the road and he says the federal reserve won't raise interest rates if deflationary pressures persist. he's had two calls. one pressures with oil and that the federal reserve would raise rates this year.

he thinks they're itching to do it. now he's saying they won't do it on these kind of pressures. gold will make it up to $1,400 in terms this year. interesting call along side the strength. >> also the context of today's markets where you pointed out on the break, london stocks had a terrible session. >> worst in five months. down 2.6%. >> they're suffering the same way that our stocks suffered today. we didn't even drop .26% but they did because the weakening euro makes it very tough on those u.k. stocks exporting to their near neighbors. >> i feel like everybody is misreading this. if the demand stimulating policies are put into place. why wouldn't that be a good thing for all markets all over the world? >> it may be going forward. if you ask me where we're going to be a month from now i'll say higher. >> right now the stock markets are moving on stimulus and qe and the direct impact of

monetary policy is the currency market. we're feeling it and seeing it every single day. >> if you look at the pe multiples what percentage of that is from real earnings. organic growth from these companies versus financial engineering. that disconnect is at mistoic proportions. >> because if people wanted to make the case that this was market seeing through this european quantitative easing it's not going to work. it's going to stimulate more deflation, then i'd understand the market's reaction. but aside from competitive disadvantages maybe for companies or whole economies it seems like this is supposed to be the moment where everybody goes finally they're doing it. this should help everybody long-term. >> it will do for the european markets the same thing it did for ours. it will inflate the market. it won't necessarily be great for employment. just as ours wasn't.

low wage employment yeah but it won't be great for other types of employment. taxing the people that create those jobs. that's one of the issues. >> sarah what you just mentioned as well the low oil pack to giving a lift to real incomes. wages aren't growing that fast but they're going further on this oil price decline. that might be a silver lining to take away for tomorrow. >> i know that you believe that real income is ahead of where i think it is. i think that the foundation of the country isn't quite as robust as everybody thinks it is. that is a long-term concern. >> i do think it's a long-term concern so i'm a little bit focused on that but short-term trading i'll be a buyer tomorrow on the view that it will bounce. >> thanks for bringing us those comments. that does it for us on closing bell. fast money coming up in a few moment with melissa lee and the gang. >> he was saying he wouldn't

short the u.s. dollar. we have somebody that says it's a clear long because there's plenty of upside to the tune of 20 plus% to the upside. >> another huge move. >> fast money starts right now. i'm melissa lee. stocks across the board getting pressured over fears of a potential fed rate hike and strengthening u.s. dollar. we are bringing back raoul pal. he told us the rally was just beginning and financials taking a big hit today but tomorrow stress test results could provide a boost for the banks. and a change at google. the company just announcing it's cfo is retiring. we'll tell you what it could mean for the tech giant. we start off with a broad sell off today. not just stocks. oil also getting hit hard