all. >> you can tweet and we urge people to tweet because the twitter vote has been the tiebreaker for the past couple. so that's tonight. >> juice it up. melissa, thank you. look forward to "fast money." thank you all for watching. have a great weekend. "closing bell" starts right now. welcome to the "the closing bell." i'm bill griffeth here at the new york stock exchange. capping off an incredible week. >> yes. across assets really. i'm sara eisen in for kelly evans. this up and down market continues, and today up in a big way with the dow up more than 200 points. the index we're watching the closest though right now would be the nasdaq making a play to close at a new all-time high. the magic number you want to watch going into the close today, 5,048.62. that was the close on march 10th, 2000, more than 15 years ago. it would be a record. unbelievable. >> it is unbelievable to wait

that long to come back to an all-time high. and let's all remember the last time we were there in 2000 we felt like we were at mt. everest at that time because it had gone straight up. >> and it didn't take very long for it to come plunging back down to earth although this time is different. a lot of people looking at the valuations and a number of reasons. we'll talk about then and now. also something to note heading into the close, quadruple witching. the expiration of four different options contracts to make for a bumpy ride and exciting and higher volume ride into the close. >> that is what could put us over the top for the nasdaq today. so we'll watch that going into the final hour here. let's show you how we're doing otherwise for the major averages. the dow is up 233 points. that's close to the high for the session right now as a matter of fact, up 1.3%. and the s&p is up 24 points now at 2113. let's get to our "closing bell" exchange. a lot to talk about our guests today including jeff reeves from investor place.com, mark

matteson from matteson money, so is mark spellman from alpine funds as is christine shore from estimize and we have rick santelli. rick, i'll start with you once again. what have we learned this week? has anything changed about our perceptions of the markets now that the fed has met and spoken or did we pretty much keep the same view of the world that we had before the fed met this week? >> well i would take door number three. i would keep the same view but my view wasn't maybe the same as everybody else's. i still think it's not a fateit accompli accompli. i think that uncertainty shines brightly after the press conference and how the markets acted, and i think the most important lesson of all that we learned this week is that foreign exchange seems to be the new transmission for central banking volatility as we ping-pong where the proactive trade was the weaker euro based

on things like qe and weak southern economies in europe. then we changed gears and it became, well if you're not going to tighten as quickly potentially, of course higher rates mean stronger dollar and vice versa after this week's statement. so i think part of the fx volatility are central banking dynamics, and why is that so important? because the interest rate differentials is so important. you know you can't understand rates unless you look at what those securities are denominated in what currency or what the equity markets are denominated in. that's a great leveler. volatility is here to stay. it's just that it may shift from fx back to interest rates. equities, i think they just keep on going higher. >> they're all sort of having this correlation. mark spellman, i know you're watching the u.s. dollar. do you think this significant move today weaker in the dollar not just against the euro against emerging markets as well, is what is fueling the rise in equities? >> i think the dollar weakens is a head fake actually.

i think all the economic data behind it still supports a strong dollar and we're still concentrating on u.s. centric names that aren't having that kind of emerging market currency exposure. >> and mark matteson what's your view? we were talking the other day after the fed meeting, essential essentially is the statement from the fed and the sense we get from them about the economy down the road is that a green light for you as equities still as rick santelli suggests? >> i want investors to forget about the fed and the currencies and think about this, long-term equities are the greatest wealth creation tool known on the planet. we're back at all-time highs. investors are still terrified. buy equities. own them until you can't fog a mirror anymore and rebalance to short-term fixed income. investors missed the market and now they have resentment and fatigue. stop trying to predict the next

10%. >> jeff, what about the nasdaq. really the showstopper in today's action. clearly we're not where we were in terms of valuations and weightings and so on and so forth as 2000 but is it starting to look expensive? we're above 30 times price to earnings for the nasdaq composite. >> yeah, earnings multiples are high across the board. as rick said it's going to grind higher. there's not a lot of alternatives. i agree with the notion the fed may not raise rates this year. i would be surprised if they were above 2.5% on the 10-year by the time we get to thanksgiving. people are willing to pay a premium for growth whether it's companies like biogen or whether it's just the nasdaq writ large with companies like apple. i do agree with the statement that equities are big long- wealth creation tools. i'm a little concerned with valuations right now. you can't look at stocks in a vacuum compared with 20 or 30 years ago because the rates picture is so much different. we're in a different world. i don't want to say this time is

different, but it is. >> by the way, that biogen alzheimer's story is very big. >> 10% move. >> meg terrell will have the latest and we'll look at what it could mean not only for biogen but for biotechs overall as well. speaking of nasdaq and the leadership there, facebook is trading at an all-time high right now, but you guys still like that stock at this point. why? >> we still like it because i think the very strong fundamentals really justify that price at this point. i'm starting to think of facebook as less of a social media company and more of a digital media company. they're taking on giants like google and outperforming in the advertising space. google saying they were seeing challenges in the advertising market but facebook is still able to grow in that arena. of course, with the announcement this week they're going to get into the mobile ad payment space, you know, it just suggests to me that they're trying to come up with information on their visitors to at some tount enter into some

e-commerce arena. this is a company that company that continues to grow. we're expecting great things from them next quarter when they report. leer looking for 44 cents a share. the street is it only at 40 cents but facebook is a name that's made a lot of great investments. >> while we have you on the subject of earnings, can you talk about how the next quarter is looking overall? we did get nike. it was pretty solid. tiffany was a disappointment this morning. how is it shaping up especially relative to these kind of valuations and these levels on the stock market that we're hitting? >> just as quickly as the fourth quarter ended and you had tiffany's reporting for the fourth quarter we've started to get some q1 numbers. nike, darden, fed ex reporting this week. overall we're looking for very low growth. the s&p 500 is expected to post about 2%. a lot of that is due to energy. energy is expected to be down 50%. in the latest quarter we were able to offset negative energy growth with positives in

consumer discretionary and other areas. i think it will be harder as we continue through 2015 because we're looking at negative 40% to negative 50% growth every quarter of 2015 and revenues are expected to be down 30% for energy. it will be harder to hedge but discretionary is one of my picks. it will be a winner this quarter along with health care and financials and hopefully that's enough to bolster the rest of the index. >> rick dallas fed president richard fisher told you today he thinks there's a possibility of a correction in this market because in his view traders have become lazy. i don't want you to read too much into that. i'm not suggesting that that's you, but we do have a lot of traders out there who, like you, feel the market is destined to go higher simply because of fed policy right now. >> and i'll tell you the same thing i came back to mr. fisher with and that was the fed should take responsibility for conditioning investors to be somewhat lazy because it has been the type of trade -- come

on. look at the annualized returns in the equity markets since they bottomed in '09 and i understand '09 was the type of extreme that an economy as vibrant as the u.s., you have to expect some big bounceback but nonetheless, it's happened. and the laziness shows up in so many ways whether it's overly aggressive purchases of high yield or corporate issuance, and i think that his words are very important to listen to because as we get more volatility on the road to normalization, i think it's those more lazy type investments that are going to get the most volatility. >> well mr. spellman, let's bring it back to the economy and the economic data going forward. next week is a heavy one with existing home sales, new home sales, durable goods i think is out as well. what do you think is going to come out of the economic data given that recently it's been somewhat disappointing and could that stop this market rally? >> it could. i think the date to circle is april 3rd. that's the big day.

that's wage inflation. that's the job number. those are the two pieces of the fed puzzle everyone is trying to decipher. i'm not sure what's going to happen that day but it's going to be dramatic. the market will be up a lot or down a lot i bet. those are the keys to everyone trying to figure out what the fed is going to do and how long they're going to hold rates where they are. i think that's the key date, april 3rd. >> i haven't looked at a calendar, mark but they may report those numbers on thursday because april 3rd is good friday, we won't be trading that day but your point is well taken. that's the time when we will get some big numbers to keep an eye on. >> in the meantime we'll keep concentrating on the fact that janet yellen said the economy isn't doing as well as you might have thought it was and shockingly the job numbers weren't as good as she thought they were. once you say, that you can't -- >> we also get more fed talk on monday from stanley fischer five days after the big fed meeting. >> definitely swn you have to listen to. jeff reeves i know you like

u.s. but a lot of people have liked europe lately because of the dollar/euro relationship. are you at least nibbling over there at all? >> yeah i certainly am. again, i'm a long-term investor. i don't pretend to call bottoms because i think that's a dangerous game but i think it's probably wise to start averaging in. i think europe at least has some optimism optimism. their central bank policy is still pretty easy. i don't pretend they're going to recover anytime soon but you don't want to be too late to things like this. as a long-term investor i don't think there's anything wrong with averaging in now. some european markets, particularly germany, ewg has done pretty well for the past couple months because people are trying to front run it a little bit. if we're having volatility in the u.s. where else are you going to put your money? you could put all of your money in apple i guess, but you got to spread it around somewhere. >> yes, you do. and before we go mark spellman our staff behind the scenes found out, they will be reporting unemployment on that friday, good friday.

we will have a special report on that on cnbc from 7:00 to 9:00 a.m. eastern time. but we won't be able to trade on it until monday the 6th. thank you all. have a good weekend. enjoy the springtime weather here in the northeast. >> yeah right. >> can't believe it's snowing. >> it is snowing outside on this first day of spring. >> all right. here we go. less than 45 minutes to go. >> thank you very much sara. let's move along. up 228 points on the dow but we are watching the nasdaq because we are a mere 12 points away from its previous all-time high close set back in march of 2000. amazing. we're back there again. >> and also coming up wall street pro david rosenberg will be here to weigh in on whether the nasdaq hidingtting a new high is good for bad. and we'll do a deep dive on what's proving to be the biggest threat to corporate earnings and

that's currency headwinds. the pros will discuss how long this currency storm could last and how bad things could get. that's what we're wondering in new york city today as the snow starts to intensify into the evening hours of this first day of spring. the talk is the range between 2 and 6 inches maybe even as many as 8 inches of snow coming to these parts of the northeast. happy spring everybody. we've got more "closing bell" coming your way after this.

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another rally day on wall street today. boy, march came in like a lion and may go out like a lion. >> absolutely. despite all of these swings we've had, this is actually turning up to be a pretty solid week breaking a three-week losing streak before that. >> wondering if the quaun rupple witching, the expiration of various index options and futures going out at the close of trade today may push the nasdaq above its previous all-time high close. we only have 16 points to go. that's a lot but it is entirely possible given the expiration that we could see that kind of volatility. meantime, the dow is up 127217 points and the s&p is up 1%. i haven't seen what apple has

done -- >> it's probably up. i think all the members of the dow now are higher except for unh. let's go to dom chu. green arrows all over the screen. >> including sara and bill just for your information, apple, up 0.4%. modest gains. let's start with some of the bigger movers. bye-byeiogen idec. another positive move comes from kb homes. the home builder reported better than expected profits and sales thanks to an increase in homes sold as well as a boost in the average selling price. orders for new homes also stronger there as well. nike also on the move higher. the world's biggest maker of sporting goods topped analysts' expectations. then there's tiffany. investors hoping here for a little green in that little blue box. they were disappointed.

tiffany reported profits that met expectations, sales that narrowly missed in what's become a more common theme along large multinational companies. both nike and tiffany warned the strong u.s. dollar would hurt current results. the market seems to be hitting tiffany harder on its outlook. at least you can see that dollar index trade very much the upside momentum trade this past year sara. back over to you guys. >> nike had an all-time high today. nike and tiffany having their profits eaten into by the stronger u.s. dollar. >> let's talk about that as we head toward the bigger earnings season coming up in a couple weeks here. we have monica mada and jeff saut from raymond james joining us. jeff, the revealprevailing wisdom is we will hear sob sorriesy stories from companies that have been hurt by

the dollar. >> this is the kind of stuff you get around peaks and it looks to us that the dollar index will at least take a pause if not pull back. >> to me what it indicates, monica, is that it's a real opportunity for investors to separate who has got a strong underlying business and who doesn't. just look at tiffany and mike can i. nike had very strong growth trends across the board even with the impact for the currency. tiffany couldn't withstand that. is that your take and if so who else do you expect to weather it pretty nicely like nike has? >> well i think this definitely show that is nike has very strong underlying demand because even with double digit declines when you factor in currency in europe, they're showing growth overall. that means people want to wear the shoes and they have exposure in places like china, 22% expected growth in china, and strong demand in the u.s. tiffany is a completely

different story, by the way, tiffany's is not only hurt by a lot of exposure in japan and europe but also through tourists. tourists who come here aren't spending like they used to because their currency isn't going as far anymore. 40% of tiffany's fifth avenue store sales come from tourism. so the reason that you're seeing declines in companies like tiffany are different than the way that currency could impact a company like nike. >> jeff, how do i make money buying u.s. stocks in a rising dollar situation? plenty of managers come through here and say the small companies will perform better than the large caps especially the mule multinationals. what do you say? >> if you look at the midcap and the small cap indices, they're up more than the s&p, they're up more than the dow this year. growth in the small and mid cap has outperformed value so that rotation has been going on and it's been going on for a while. >> monica, which industries are you looking at that's going --

that are going to get hit harder from the results of the strong dollar? is it the retail industry? is it consumer staples? obviously energy is going to get hit on the other side from the weak price of oil. >> so companies that have a lot of exposure overseas particularly in places like japan and europe are the ones that are going to be hit the hardest. if you have exposure here in the u.s. and you're a consumer company, the strong dollar is actually going to make oil prices go down further. so the consumer here in the u.s. is going to have more discretionary money to spend. so one could say if you have a lot of u.s. exposure as a consumer company you're going to do well in this climate. again, i would focus on companies, again, multinationals s&p 500 companies, 40% of their profit comes from overseas now. so small cap companies can weather it better and, second companies again that have more exposure in the u.s. >> before we let you go jeff do you suggest that maybe we see a correction in the dollar at some point here? it's a little down today against

the euro. will we see parity in the near term as some have suggested. >> for euro? >> i think you will see parity with the euro. in fact, i think the euro is before it's done is going to be below 90 cents to the u.s. dollar. i would also point out that the may contract for crude oil poked its head above $47 today and crude oil looks to me like it's made a bottom. >> that's something you have been calling, right, jeff? so you're happy to see that. >> you bet. >> monica what's your view? dollar/euro? >> dollar/euro, you may as well ask me what's going to happen with the ncaa. i don't know. >> well, i was going to ask you that next but apparently i shouldn't. >> i don't watch the basketball. >> i can tell you that the consensus on wall street right now from the big firms is that the dollar as jeff said will keep strengthening, especially again the euro but we might not see the kind of big double digit gains we have seen in the last year because of fed chair janet yellen. >> again the consensus is somewhat meaningless because

there's so much happening. when central banks have to intervene to provide sweeteners to keep an economy going, no one can really tell you how long that's going to last and what that tells you is there is underlying weakness. again, the consensus doesn't seem to hold up in an environment where you have so much intervention. >> that's for sure. you sound like rick santelli there. thank you both. appreciate it very much. monta hmehta and jeff saut. >> a little more than 40 minutes to go before this closing bell. and the nasdaq right now is up 0.7%. 5026. weaver watching that 50 48.62 level. that would be the closing high. we have 40 minutes to go and we have a lot of volume expected at the close here. >> coming back off those highs right now as we head toward the close. exchange traded funds are still drawing the most new money on wall street by far. when we come back we're going to talk with the head of an etf

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into the closing bell here. obviously watching the nasdaq as we surpass the intraday record high earlier in the day and are keeping an eye on an all-time closing high. that would be 5048. obviously we're not quite there yet, bill but certainly already a historic day as we have reached those intraday highs, going all the way back to 2000. >> going out with big gains. stocks have been on quite the ride, as we all know lately. the dow up big one day, down big another day. amid all of that exchange traded funds continue to have more money poured into them. that has been the investment vehicle of choice for the average small investor out there. >> with the underperformance of actively managed funds. our next guest says his firm is the next step in the evolution of etfs. they run actively managed exchange traded funds. we're joined by noah hammond, adviser shares ceo. explain the difference of what you do between etfs and actively managed etfs which i don't think

is necessarily a new thing because pimco obviously had the big one. >> they made a big splash a five-star rated actively managed exchange traded funds. still a small space. $20 billion in the structure but still growing. >> but it sounds like a contradiction in terms. if i'm investing in the etf, the popularity has been this is like investing in an index whether it's an overall index or a niche of some kind a sector index. then i don't have to worry about a manager screwing things up by getting into the strong stock within that sector. >> not to mention the fee. >> and the fees, oh, by the way. >> it starts with what an etf is, which is a structure. you can package any kind of investment strategy in that structure. we can take some of the good things about actively managed etfs and pair it up with the tax efficiency and the intraday tradability and put those two together. >> what about the fee structure? i would imagine the overhead costs is higher than a regular

etf that tracks an index. do you have to pass it on to the investor? >> it's not that the overhead costs are higher. in fact, they're more efficient in that etf structure, but you're paying a manager for their active judgment. so if you value that you will pay an active fee. overall, you will find your costs are less than an actively managed mutual fund, but, of course, are higher than an index fund that's not really adding in he value in the strategy. >> what about performance then? actively managed funds tend not to do as well in an up market but they protect your money more in a down market. >> that's a key reason why we like it. it gives the portfolio manager a leg up. all the trading that occurs in a traditional mutual fund in an etf it all happens here. the shareholder pays their own transaction koscosts. they start off with a leg up there. >> what have you seen? >> it's like active mutual funds space. we have some managers that are really starting to outperform.

pimco's bond etf, we have two etfs that are five star etfs ttfs and fwdd both domestic managers. when you get your ranking it's compared to the rest of that mutual fund universe. >> i know jeffrey gundlach recently did an actively managed etf. in the bond market i get it. >> do you have any currency etfs? >> we do. our most popular etf as of late is a long goal short euro etf. >> this is dennis gartman's favorite trade. >> absolutely. >> good stuff. good to see you. thanks for joining us today. >> thanks. time for a cnbc news update. sue herera, what do the headlines look like this hour? >> i'm going to tell you. a new case of ebola has been diagnosed in liberia. it had been two weeks since the last case was reported in that country. officials there were hoping to soon be declared ebola-free.

the new patient is reportedly female and at a treatment center center. atlanta federal reserve president dennis lockhart says he expects the u.s. central bank to raise interest rates at its june, july or september policy meetings. lockhart made the remarks in a speech at the university of georgia law school. lockhart also said the economy is giving some mixed signals with signs of strength and also signs of weakness. and what a treat for millions in the uk. it is being touted as the best solar eclipse in years. darkness fell from the north atlantic to the arctic and ending at the north pole as the moon came between us and the sun. the next big eclipse not until 2026. it's hard to see, but take a look. president obama sporting a new accessory on his wrist this week. it's reportedly a fit bit surge. they go for about $250 and they come with a built in gps. it tracks your sleep, exercise and can play songs from your phone. but the president has also expressed interest in the apple watch. so we shall see.

let's go back to "closing bell." bill, i'm not sure he needs the gps because secret service knows where he is all the time. >> but that's why god gave us two wrists, so you can have the fitbit and the apple watch on the other. >> i wonder if he will be as much of a fashion plate as his wife. >> he's a cool guy. >> he's a pretty cool guy. >> thank you sue. see you later. 28 minutes left in the trading session here. nasdaq trying to make history today. it needs to close above 5 5,048.62. keep an eye on this. strong gains for the dow. up 200 points. the s&p 500 is good for a gain of 1%. up next david rosenberg speaks with us exclusively. we'll talk about these markets in rally mode the economy, the fed policy. what we learned this week from janet yellen. >> currencies. >> thank you. just where i was going. stick around.

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up day. the dow is up 197. it's the nasdaq getting a lot of

the attention because it is this close to a new all-time high close. something we haven't seen in over 15 years. >> about 20 points. >> 20 points away right now from that all-time high set back in march of 2000. that's still unbelievable that we've come back all that way. >> and 1% gain on the s&p 500. all ten major industry groups are in the green. the biggest gains though are in energy on the rebound that we have seen in the price of oil, both brent and wti. and for the nasdaq just to shout out one name, biogen idec. >> the progress they're making with alzheimer's. joining us right now though with his insights into today's market and the approaching new high for the nasdaq david rosenberg. david, we welcome you back as always. i will ask you the same thing i asked rick santelli earlier. after the fed meeting this week do you see the world in a

different way in terms of where you see u.s. equities going or interest rates or anything like that? >> well, i think that, you know the fomc press statement i this is was cleverly done by janet yellen because what the fed did is everybody thought if they dropped patience that the market was going to have difficulty with it just as everybody thought, you know, once they stopped qe last october the market would have difficultecultdifficulty with it. it just gave the fed more flexibility. to me what was really important and especially as you talk about the nasdaq and talk about some of the sectors of the s&p that are doing well in part because the u.s. dollar has come off its lofty perch, was by singling out the export sector as a source of downside growth risk with something new and deliberately put in there to, you know give the greenback some pause here some retracement. i think that's breathed some

life in terms of financial conditions. it does represent some easing back into the marketplace. and i think at the same time, you know dropping the estimate for full employment unemployment rate to a 5% to 5.2% range from 5.2% to 5.5% was an important signal to the market that the economy does have more room to run before it hits some sort of capacity wall and by dropping the funds rate, you know, by 50 basis points i think was a clear signal that even when it comes time to start raising interest rates, that the fed is not going to let it get out of hand and go through the old tightening cycles in the past that actually did upset bull markets and the economy. >> so adding it all up david, do you think that that means that the market's trajectory is higher because the federal reserve is in no hurry to raise interest rates and is watching the dollar very closely? >> well i think the path of least resistance will be higher.

there's other markets around the world that are priced more attractively both relative to the s&p 500 and to their own bond markets in the u.s., but the bottom line is that on a near term basis you could argue that valuations are constrained, overly bullish sentiment from a contrary perspective is a constraint. the technicals up until recently weren't that great, and so the near-term outlook through my view was still sort of clouded, but a secular bull market thrives on two things sara. it thrives on growth and it thrives on liquidity. the economy hit sort of a rough patch in the first quarter. a lot of that is weather. we know a good part of that was the shutdown in the west koepscoast ports. we'll know in the second quarter the degree that we get a snap back. the fed is not in any rush to raise interest rates. when they do it will be

extremely gradual. >> and it's coming from all corners of the world as well. it's not just the fed in play here. the liquidity is coming from everywhere else. >> where will you make money, david? after the fed has spoken here are you going to go with a growth strategy the cyclicals in this case or will you be a little more defensive since they're going to keep rates lower? would you go with those that benefit from low rates like utilities that have been so strong this year otherwise? where are you going to go here? >> i think you still want to be in the sectors that have the earnings visibility. so i would say, you know, this health care bill notwithstanding the fact that the group is expensive, yes, it does. does technology fit the bill? yes, it does. industrials will probably do well. i actually think that the consumer discretionary group is going to be an area you want to be involved with as well especially because wages are probably going to be stirring and that's going to spur on consumer discretionary spending.

so i think that to answer the questions, those are the sectors i think with the earnings visibility going forward you want to be a part of and in terms of sara's comment before yeah, you know the reality is that other central banks' recent monetary policy that gives the fed more leeway. the fed didn't come out and talk specifically about the dollar. they did it in a surreptitious or back dour wayor way through the backside. if the u.s. dollar hadn't gone up acting almost as a tourniquet itself from a policy standpoint, we may have totally had a different tone to the press statement this week. this gives the fed more time. >> she did use the word dollar. she didn't seem to shy away from it and i think that was the important part. >> david thank you. >> jinx. >> have a great weekend. >> we're keeping an eye on the nasdaq. that's the one that could be in historic territory. bertha coombs is in the middle of the drama. what can you tell us? >> the nasdaq kind of a la "sesame street" brought to you by the number five today.

decisively above 5,000. coming within five points within its all-time high close. we've come off of the highs in no small measure because of biotechs. we've seen the nasdaq biotech etf come off the highs after hitting all-time highs today. you have a broad selection of stocks that are at all time highs today led by facebook biogen of course skyworks anthem, a number of them across lots of different sectors, and apple, of course today is positive. and in two days as a dow xen ant component, apple contributed 6 percent of the point gain. >> look forward to the cocktails later. bertha and i have a tradition on fridays. >> what's your cocktail? >> manhattan, of course. the nasdaq up 37 points. we're comfortably above 5,000

and we have to get another 19 points higher here. we have got expiration coming up. that could put us over the top. we will see. >> we'll take you through it of course. coming up biotechs a big driver in today's nasdaq run to a new high. biogen idec is the stand outgetting a big boost from a promising alzheimer's drug. they have certainly been hot in this rally. >> sara let's say you have some money saved up. would you rather save that money for a vacation or put it in an individual retirement account? >> that is the question. i would say retirement account but i'm probably in the minority. >> we have the results of a new survey and what other people said about that and it's not even close and i bet you can guess which side one in a lopsided victory. this may shock and surprise you. we have that coming up on "closing bell."

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we've managed to surpass the highest intraday level since march 10th 2000. rally mode across the board. we're watching the dow, it is up 213 points and the s&p 500 up 22. they're both higher than 1% right now. >> very much a seesaw week for these averages especially the dow, dominic chu. walk us through this week that was at the great wall there. >> swings all over. >> it is swinging all over. after it's all said and done, let's. put it in perspective here. we're up about 2.5% just high of 2.5% for the week to date so far in the dow jones industrial average. if you look at the chart for the week, we've swung within a fairly tight range. it's only been 500 points thereabouts between the lows that we've seen this week intraday versus the highs. only 500 points but it doesn't tell the entire story because this chart behind me shows you the intraday moves over the last five days. take a look at this because, remember, 500 points is the range we've traded in for the dow. not a lot. but you talk about a 239-point

move up during the first day of trading and then a nice pull back from those high levels down about 200 points. you move then further ahead another 105 points that we've gained from those lows going into what happened on tuesday and then you fall again another 200 points there, and then rise again from that level 400 points and then we drop again by another 163 points only to finish up today thereabouts right now you can see here a rise of about 257 points off the lows that we saw yesterday. if you tally up all those moves, use our little market pedometer if you will, we've traveled nearly 1600 points 1560 points thereabouts only to get to the trading range we've seen 500 points top to bottom but in between we've seen that volatile trade happen. almost 1600 points we've traveled on the dow. that's why some traders are licking their chops about the kind of volatility we've been seeing on an intraday basis. >> and it's all triple digit moves. >> dom thank you very much.

art cashrbon justshin just walked by. the imbalance is to the buy side to the tune of $1.6 billion. that's huge. >> into the close. >> it is expiration day. there might be some gamesmanship. there's also the possibility that these will be pared off as a result of the expiration but that's a big number for an imbalance. $1.6 billion to the buy side. that might put us over the top. >> it helps explain why we're seeing a surge as we head into the closing bell. we're good for a gain of above 200 points at this hour. bill mentioned quadruple witching. we're watching for a potential record close on the nasdaq. it's snowing in spring. really working for your manhattan tonight, bill. >> i can't wait. back after this. introducing aleve pm... the pm pain reliever. that dares to work

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about 7:30 in the trading session. we mentioned art cashin with that imbalance to the buy side of $1.6 billion but we may see it pared off because of the expiration of the various index and options and futures but we'll see. dow is up 188, wlg offell off the

highs. we have david darst and mary thompson who has been working the floor of the exchange for us today. i mean a lot of talk about volatility this week the fed meeting. we're still getting over that. >> what you're see something the unwinding. the short euro/long dollar trade. it's a continuation of that today. the dollar weaker once again. that helped give a lift to oil prices. energy is the strongest sector and a little bit of the risk-on trade. if you look at the sectors that are weaker health care et cetera, you're not seeing the interest in those. so that's what we've seen today. again, very high volume because of the quadruple witch. >> what do you see as the cause for this rally? obviously the fed took center stage this week. >> sara there's five things one -- and two of them will go away. one of them is the west coast ports, the strike situation out there. two is the weather. it will go away. despite what's going on outside. >> you promise? >> when?

>> oil down and dollar up. they've reversed a little bit. what's the proximate cause? that's it. finally, the people have not taken the money from gasoline being lower and spent it. they've saved it. morgan stanley's economist, ellen zentner, she's reduced the first quarter from 3.4% to 1.9%. now she's at zero. >> for the first quarter? >> yeah. >> wow. >> listen to this. you get -- we're in a profits recession. two quarters we'll be negative year-over-year. there won't be losses but they will be negative year-over-year. we've not had -- the last six times you have had a profits recession, you've had a recession recession. >> so why are we up 180? >> the market is acquitting itself well. it's coming in here just to find a place. this market is being bought by the same people who are buying manhattan profits for $110 million and buying andy warhol paintings. >> in other words, it's a little expensive here. >> it's a default purchase.

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coming up on two-minute mark. we were just talking about the volatility in the markets this week, weren't we? here is the dow. we thought monday and tuesday were volatile until wednesday came along and the fed meeting and that monster rally after the 2:00 eastern time estimate by the fed. bit of a pullback yesterday, and then it resumed today. for the day we're up 1%. for the week the dow sees a gain of 2.2%. let me show you oil very quickly and then we'll get to the dollar. price of oil today is up $1.76. a 4% gain as the dollar goes lower, oil is going higher for the week. wti crude is up 1.6%. as for the dollar that's the straw stirring the drink right now. i did it for the euro david, because that's what we've been following this week but look at the volatility we were back to $1.10 above that after the fed meeting, a huge move and for the week the dollar -- the euro

is up 1.72%. biggest gain in a while. >> october of 2011 for the euro. >> we have to go back that far to see a better rally. >> it means the dollar is down, bill, mary with the euro up like that and that's interpreted well by the market. the way the market has acted with all of this softness to the first quarter is a very good indication of underlying demand for stocks. >> don't you think we're going to see a lot more volatility once the earnings reports come out? >> all you have to do is look at the statements made by the two fed members today, and basically they're going to keep us guessing as to when the rate hikes are going to begin. evan said well maybe in 2016. lockhart said maybe by september this year. so i think you get a lot of data next week but once you start parsing those words again, the market is going to be saying when does it happen? >> the key is the pace. the fed is looking at the pace. they don't like it to go to fast. it's the pace. and the pace of the interest

rate increases. pace is the key word. >> got it. i have got that. pace. we're going out with pretty good gains. no record for the nasdaq though but we got a lot to cover here as we get to the second hour of "the closing bell" including this incredible new drug that they're working on at biogen for alzheimer's. that's coming up right now. welcome to the "the closing bell." i'm sara eisen in for kelly evans. bill griffeth will be rejoining us in a minute. here is how we're finishing up. a bull market kind of day on wall street. the dow closing up 169. off the session highs at the close. still managing to close up about a percent. s&p 500 well above that 2,100 all day long and we closed above that level. the nasdaq we were watching this carefully all day. it passed that intraday record high, did not manage to close at a record high.

5026.42 though the nasdaq actually had its best week since back in october. joining us for more on today's trading market action evan newmark, cnbc contributor. our own morgan brennan down here at the new york stock exchange. john from tgi group and guy adami. hard to ignore what happened in the nasdaq today, driving it bio biotechs and strength of technology. >> biotech is the real driver. you go back 10 15 years, the real driver of the nasdaq was technology. now it's still technology except you have to throw those three letters b-i-o in front of them. everybody has been saying biotech is in a bubble. that is not the case. many big pharma companies would die to have the balance sheet a lot of biotechs have. i think the rally in biotech is still well intact here sara. >> john spallanzani, make sense of the world for us after all we've been through this week

fed speak and all the other things that have been going on here. do we stay the course or did something change for you this week? >> nothing changed for me. as a matter of fact, i think things got better. i think that janet said lower for longer again. everybody is waiting for her to take the punch bowl away. she's not doing that. she's not even prepared to do that right now. >> do you still hold bonds then treasuries? >> i think you can. obviously today the 30 went below 2.50% on the close. the 10s are back below 2%. those are big moves and you had a corresponding stock rally. to have bonds rally and stocks rally, she really hit it out of the park. i think that, you know bernanke even said today, you know, it's a little too soon to be tightening. things are good we have to worry about europe. europe is a big issue, and the fact that we have german bunds at 17 basis points probably soon will go negative following some of the other countries in europe, i think we're going to see a german 10 below par. >> speaking of janet yellen you

know what she really hit this week was the u.s. dollar. the euro having its best week since back in 2011. so really correcting evan new thanks newmark and there has been a tight correlation between the dollar and the stock market. >> yeah i think there's actually a lot of complacency this week and i think when i look at it we're still stuck in the old paradigm of the market. the equity market the bond market, and the currency markets are basically just reacting to what the central banks are doing and what the central banks are saying. i think that's a bad thing. i think six or seven years after we've had terrible crash in the market, to be still sitting on pins and needles on what central banks are doing says to me something is wrong. i'm delighted the stocks are up this week. i'm delighted that everybody is happy, that everything is great, but let me tell you, how can everything be great if the u.s. treasury is down at 1.9%? doesn't make sense. >> maybe it's not but you can't afford to ignore it. >> you can't ignore that but we

can't ignore earnings either morgan, and that's what's coming next. we're in a news vacuum for a little while until the earnings start to come out and that will be a big impact i would think. >> certainly. and i think that's why it's really interesting you also can't deny what we saw with the small caps this week. you saw the russell 2,000 hitting fresh all-time highs and the midcaps. part of that is the fact you're seeing going back to the idea of don't fight the fed. you're seeing the stocks the idea that rates aren't going to rise as quickly. that's a good thing for them. also if you see a stronger dollar, obviously not the last couple days when you see a stronger dollar, you will see stronger earnings for these companies. so i think that's a really interesting trend to watch. i also think it's going to be interesting to see what happens with some of the oil names because we've seen a lot of movements. oil comes down we've seen stocks coming down which hasn't always been the case in the past but again we're seeing a lot of weight there on earnings as well. >> oil rebounded nicely. i'm glad, evan, you brought up treasury yields. in all this equity talk we

almost missed the fact that the 10-year note yield went below 2%. >> i didn't miss it. >> i'm sure you didn't miss it. is that positive for equities? it just means this low rate environment will stay? >> it has been positive for equities for quite some time. nothing derails the equity market. what do i think it means? i think it means we're in an extraordinary deflationary period globally and, you know, morgan just mentioned crude oil. let's talk about it. it bounced a little this week but that's been cut more than in half over the last six months. that is trying to tell you something. copper can't get out of its own way. steel prices have been getting crushed. so what does that all mean? it means there's global deflation. i think u.s. rates continue to ratchet lower. i think the currency moves will still be unprecedented. so much, in fact and with your proclivity to foreign exchange you should do a documentary because that's the biggest story out there right now. >> listen -- >> i'm working on it guy. >> guy and i have this running argument about treasuries.

here is the question i have for really everybody including the panel. is there a disconnect between the bond market and the equity market? if you believe that the bonds are -- rates are going to continue to go lower, if you believe that the 10-year treasury is going to 1.5% why are you buying equities which are basically saying the economy has to be growing so that earnings can be growing? there is a disconnect here. somebody is right and somebody is wrong. it may take a while -- >> john i know you want to jump in there. >> i don't think king dollar is over. the other thing is copper did rally. the third thing is that there is also a correlation between what's going on in china and oil. as oil goes down it's no surprise that china is going through the roof. they import a tremendous amount of oil. that's an untold story. so this stimulus is affecting everything across the globe. i think getting back to your point, if yields are going lower, we're in this goldilocks scenario. we're in low yields. we have decent earnings. we're 85% in the united states

in terms of s&p earnings. yes -- but yet we're dealing deflationary pressures from abroad, and this is the way inflation is going in the united states, down. until it hooks back up yellen is not even going to think about raising rates. >> but your point is well taken, evan. in one case treasuries theoretically you buy those as a risk off trade. equities you buy as a risk on trade. but they're both going up at the same time. >> there is basically both the bond market and the equity markets are functions of central bank policies. they're not functions of the underlying economics -- >> they're functions of inflation. >> here is the question. if you are buying -- if you're buying a treasury yielding at 1.9% over the next 10 years or 2.5% over the next 30 years, then you are taking the view that the u.s. economy is not going to grow over 3% really much at all over the next 10 or 15 years. if you believe that's the case then why are you buying

equities? doesn't make any sense. >> people are buying, you know german government bunds at 17 basis points because of capital appreciation not because they think they're going to get 17 basis points for 10 years. that's a silly way to look at it. >> when you're buying a german bund yielding at 20 basis points, how much more capital -- >> why are you thinking -- >> there's no appreciation left. >> yields will be going negative and as you get close -- once you get closer to par the price swings are even greater. that's besides the point. the fact of the matter is that yields are going lower because inflation is very low, and we can't look at u.s. treasuries in a vacuum without looking at the global rates. so unless you want to start looking at, you know japanese 10s still at 30 basis points 20 years later, we can't have this conversation. >> i love it when we have heated conversations about german bunds. it doesn't get better than that. >> bringing it back to the u.s. market action today, what was interesting, morgan, was financials were the second best performing group on the s&p 500 outside of energy and we know

why energy rallied. financials though rallied even though treasury yields went lowered. maybe that's a good sign for this market. >> you could certainly say it's potentially a good sign for the market. i know why we saw energy rally. i'm not quite sure why we saw financials rise higher myself. >> well it was sort of a rising tide today. >> we got to go here but ironman, what's your big trade here. >> georgetown university, my man. i know cal northridge isn't in the tournament but gu did well. we have utah i believe tomorrow. i don't know if northwestern wherever sara went is in this tournament either. >> how is your bracket doing, buddy? >> you know what? i have notre dame playing gonzaga in the final. make mary thompson happy. notre dame winning the whole she bang. >> i think cincinnati won yesterday, right? >> guy adami living in an alternate universe of some kind out of there. >> generally i am. >> see you later, bill. >> you can catch guy and the

rest of the crew coming up on "fast money" at 5:00 p.m. eastern time. they'll be talking to a top analyst about biotech's huge run this year and if that run could be coming to an end. do not miss that coming up at the top of next hour. the nasdaq closing points away from a new all-time high. we almost did. >> not quite there. the biotechs have been a major driver of this rally with more than 20% gain just this year but somebody here says that that boom is about to go bust. but first one of america's wealthiest men warning our nation that growing income inequality will end in revolution, taxes, or war. "shark tank's" kevin o'leary will react to those controversial comments coming back. you're watching cnbc, first in business worldwide.

we have been keeping an eye on the nasdaq all day as it approached its all-time high last set back in march of 2000. >> we didn't quite reach it today but awfully close to closing near that number. bertha coombs joins us with more on the close. bertha? >> really strong week for the nasdaq. nonetheless, we came within five, six points of the all-time

high close before pulling back. what's interesting is we had the strongest gains for the nasdaq this week since the week ending october 24th and that's the same for facebook. haven't talked a lot about facebook but facebook at historic highs on strong volume and really a big move to the upside as it says it's going to start introducing pay into its messenger, the ability to do payments. by yes tech biotechs are the big gainers. saw a little profit taking. small caps at historic highs again as well. and apple after debuting on the dow, a little bit like the si curse, down both days after starting higher but it does break its three-week losing streak. back to you. >> thanks for running us through some of the movers bertha coombs. paul tudor jones, one of america's wealthiest men certainly -- >> the billionaire is now warning of dire consequences because of our nation's rising

income inequality and paul pins much of the problem on the stock market. robert frank has details. robert? >> hey bill. he's the latest billionaire to warn about the wealth gap. paul tudor jones saying at a conference this week that ine inequality in america is off the charts. he said the gap cannot and will not persist. he said inequality usually ends one of three ways war, revolution, or higher taxes. he said none of which is on my bucket list. jones put most of the blame on companies and their focus on quarterly earnings profits, and share price that he calls a disastrous marketmania. he said it's like we ripped the humanity out of our companies. it's threatening the very underpinnings of our society. jones emphasized that he's a

proud capitalist but he is forming a nonprofit called just capital to bring more justness to companies. he's the founder of the robin hood charity, and this speech comes just a week after protesters gathered outside of his mansion in green witchwich, connecticut, accusing him of being an extreme right wing billionaire. >> robert, thank you for that report on an old friend, paul tudor jones. doesn't return my calls anymore though. >> he's too busy giving t.e.d. talks. we have reaction from kevin o'leary. first, kevin what are your thoughts on this? obviously just the latest in a number of billionaire that is have been warning about the wealth gap in this country. >> well it's a great philosophical debate but the core issue is the dna of a corporation is the basis upon

how we build our capital society is not to solve society's problems. it's so solve customers' problems and provide returns to its shareholders. whenever you try to contort the mandate toward solving society's problems is when things break down. let's look at countries where they have tried to do this over extended decades. cuba, venezuela, north korea. the man dates aredates are for companies to return to society. our form of capitalism will always have a 1%. that's statistically a fact but we keep forgetting over and over again and i'm here to remind us all that that 1% creates so much wealth for everybody, hundreds of thousands of jobs billions in taxes, tremendous productivity for our society, and the truth is we are slowly already self-correcting. every time you raise a minimum

wage in any state by mandate that's political, that was not a market force. that was a populist pop tition take politician. there's loths of pressure now with things like obamacare, higher taxes municipally. there's lots of distribution going on. we should be fighting this trend, not supporting it. it's not what made our country great in the first place. we need less government. >> what about the point that paul made that we've ripped humanity out of all of this. one of the first things ceos will do they lose jobs. >> fire people, cut costs. yeah, i don't think there's much disagreement that the underpinnings of the u.s. economy are pretty healthy on the basis, on a firm foundation of capitalism. the question becomes what is going on right now, and interestingly i would say one of the most pernicious effects of the fed's policy has been to

accentuate income inequality. this is something that you're not going to hear from paul tudor jones because paul tudor jones made his money as a trader. he didn't create a company. he made his money as a trader so it's kind of ironic to hear any of this from him. putting that aside, the central bank right now is basically penalizing your traditional mom and pop savers, and it is rewarding companies that go out, borrow a lot of money, and buy back stock. if you are a ceo, the fed is telling to you do that. if you don't do that, you're not doing what your shareholder want. we should be looking at the fed's policy and not just that big mean ceo doing horrible things to the rest of the american people. >> morgan is making a face. >> no i 100% agree with that. i think that's the biggest irony of the situation when you look at the 1% getting richer. it has so much to do with fed policy. it's the 0.00001% that you have seen take off. it's that wealth effect.

we can talk about big, bad companies cutting costs. i get that. you can talk about record share buybacks and higher dividends and targeting your investors instead of taking care of the people that work for you, but on the other hand you have got corporate social responsibility that as a trend has continued to grow. you have companies like facebook and everybody else in silicon valley that are, you know, pushing hard to do right and do everything right down to pay for their employees to be able to freeze their eggs. i think when the market calls for it and when you need more staff and when you're growing, these companies are throwing out to make sure that happens and cater to their employees. >> john part of this the tangential part of this in seeking profits, it's that stock price that is their report card for the ceos that are looking to increase their profitability and not everybody benefits from that stock price going higher here right? there are people left out of all of that too. >> well a lot of that money is tied up in 401(k)s.

now companies are private market companies. it's not 2000. we can't all, you know, buy the next facebook flip it on the open, and have all that cash available to us. it's locked up in an ira, 401(k). those people can't touch that money. second point is paul tudor jones was like soros back in the day. before there were computers, he moved markets. he's a great man in that respect. the third thing is we have to look towards what warren buffett is saying. the earned income tax credit. my friends at columbia university are saying the same thing. we don't want to give free handouts but if you work the earned income tax credit is a way according to buffett and others to close that gap. and i think that's the way to go. >> the final word to you, kevin o'leary. >> i just look back over the last 100 years when almost 70% of the world was i will litlliterate and because of capitalism all the around the world has adopted this as a standard for how any

grow their societies, we're less than 40% i will litlliterateilliterate. there's been massive moves. thank you capitalism thank you. let's not forget -- >> we're not i will literallliterate and we can freeze our eggs. >> for free. >> thank you kevin. good to see you. >> capitalism, there you go. >> speaking of the stock market we've been hear being a bubble in the biotech industry for a while now but with breakthrough drugs like meg terrell will tell us about, is this biotech run up more than justified? we'll hear from both sides of the debate. and when it comes to cashing in on marijuana, canada is killing it right now. find out why investors are sending money north of the border instead of putting it into cannabis companies here in the u.s. o, canada, still to come. uestion that needs to be asked is "what is it that we can do that is

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you've got to make every second count. banking designed for the way you live your life. so you can welcome your family home... for the first time. chase. so you can. big news in the battle against alzheimer's disease and it has sent biogen stock through the roof today. >> meg terrell has the details of what looks like meg, some encouraging data up here for the drug. >> sara that's right. if you look at bye-bye biojen stock, closing up 10%. they surpassed some very high expectations on the study. the results coming out showed

strong sighs of efficacy in clearing the amyloid plaques and in slowing the cognitive declines you see in memory and thinking clearly that are hallmarks of alzheimer's. people are excited about those particularly since we have seen to many failures. safety is also key. one of the things that doctors are pointing out the side effect that was seen in some of the higher doses of the drug. so now the question becomes can the company find the right dose to take it forward and we should potentially see more data on that later this year. the company is moving very quickly into the latest phases of clinical trials into a phase three study directly from phase one. so that's important. they're really speeding this along here. analysts say it's still a long road, still very risky going into phase three but if it is successful, we could potentially see this drug on the market in 2018 and it could potentially bring in as much as $10 billion in annual revenue because alzheimer's is such a huge disease and it's so underserved. so there's still a lot of optimism even after the rise today. six analysts raising their price

targets on by joee-bye bioagain. a lot of people see a lot of upside bringing a lot of hope to a lot of people. >> thank you very much. the biotechs are leading this market rally charge lately and are a big reason why the nasdaq has been knocking on the door of this 15-year and all-time high. the nasdaq biotech index itself is up 42% in just the past year. >> so joining us now is someone who thinks the space still has room to run. that would be john stul fuss from oppenheimer, and we have also got evan newmark to disagree with him. john, state your case as to why after this massive run the biotechs still have room to go further. >> sara first of all, we'll check out ibb right away which is the etf that broadly tracks the nasdaq by yes tech index. it's up 40% in the last 12 months and year-to-date it's up

20%. that's going to tell us right away that this may not be a back up the truck and buy them moment. but when we back away a little bit and take a look and see what biotech is about, just what you were talking about. it's no longer star trek or "star wars." this is a real realistic alternative to the tragic losses in diseases that range from cancer liver disease, alzheimer's as you just mentioned before even within diabetes. biotechnology is a solution. and we'd also say it is not every stock in biotech that's had a fabulous run this year. we'd have to look at amgen, gilead, and for one that has had a great run this year but over the last 12 months has not done so well we like intercept. >> i am not a biotech expert. i know -- >> you just play one on television. >> i just play one on tv. no, i think the biotech space is what i call a pocket of stupidity.

it is not a full-blown massive speculative bubble that will take the entire nasdaq down when it pops. that's not the way i see it. i do look at it as a space where valuations are very very stretched. let's take biogen idec. i happen to own through a mutual fund i have had for 20 years this mutual fund that i have owned for 20 years. it's i think the largest shareholder in biogen idec stock and it's the largest stock in the entire portfolio. >> but you wouldn't buy it here. >> i watched biogen stocks for ten years. from 2011 until today it has gone up eight fold. an eight fold increase means on a day like today there are people buying biogen stock at $475. they have put a value on this alzheimer drug alone of $10 billion. let me just finish. they are saying that i'm going to pay today $10 billion for this alzheimer's opportunity.

now, i'm not going to say it's not worth it because alzheimer's is a huge opportunity but when you look at stock market charts that go parabolic the way biogen stock has done you always have to take pause. that's a classic sign of something overheated. >> i have seen many things go parabolic, but in the case of biotechnology today, what you really have to consider is some of the real results that are occurring. this summer at the oppenheimer institutional health care conference and a vice president of roach pharmaceuticals was talking. he's an r & d guy. he was so excited about what immunology was doing in cancer research and the results they're getting. things like that they're very real they're tangible. now, can valuations get stretched? absolutely. take a look at last year. last year biotech got whacked along with social media, along with a variety of other stocks but the resiliency was fairly extraordinary, and there was a

rotation within the group. >> okay. >> the problem is -- final word -- you're dealing with a lot of these -- not in the case of the large ones especially the smaller ones they're lottery tickets. sometimes the lottery ticket wins. a lot of the time it doesn't. investors that are just piling into biotech right now thinking they're getting the next facebook or the neck biogen you're probably next. >> alpha over beta. >> investors have showed they're willing to pay up high valuations for growth in this kind of environment. >> and they do it mostly through etfs. >> and also some of these stocks are paying dividends like gilead which john last word maybe goes to you. talk about it in the overall environment. >> i think biogen the market cap is $50 billion -- >> it's $100 billion, $110 billion. >> the market cap is $50 billion. if it pays $10 billion off of this drug then that's a huge return, right? if we look at johnson & johnson and pharma sick licks.

merck, $166 billion. pfizer $210 billion. that's the reason why you see the activity in the biotech space. >> biotech is now in a position where very much like where technology was a few years ago -- >> exactly. >> got it. >> now it's beginning to come of age. >> we got to go at this point. i close my program out oiz otherwise i'd look at the market cap. >> it's $100 billion. >> thank you for joining us. appreciate your thoughts. on we go. time for a news update with sue her hara. what do you have? >> here is what's happening this hour. a division of the islamic state has reportedly claimed responsibility for three suicide bombings in the capital that killed more than 126 people. hundreds more were injured. the bombings targeted two busy mosques as worshippers gathered for midday prayers. the death toll is already the highers ever in yemen for a single terrorist operation. more than 100 protesters turned out at penn state university today protesting against a fraternity accused of

posting photos of nude or partially nude women on a private facebook page. some of the women were reportedly asleep or passed out. protesters want the university to place any involved members of the capita delta row fraternity on interim suspension. republicans have come out swinging over the obama administration new fracking regulations. the regulations set standards for wells on public lands and require companies to disclose chemicals used in the process. and the bluegrass state welcomed some real bluebloods. prince charles and his wife camilla received a royal welcome as they toured bourbon country. charles was scheduled to meet with environmental activists and the greatest himself, muhammad ali. i wonder whether he likes bourbon or scotch better. back to you guys. >> you first. >> bourbon. >> of course. >> i thought they were talking

about prince charles? >> yes i know. >> sue, thank you. >> we have this bourbon thing going today. elon musk predicting that driverless cars will take off to such a degree that eventually it will be illegal for you to drive your own car in the future. that got a lot of people talking and upset this week but is elon musk right? believe it or not, history says he might be. we'll explain just ahead. and would you rather skimp and save for retirement or for vacation? america has answered that key savings question, and it was a landslide, not even close. so much of a landslide that all we might want to do is -- that we all might want to worry it says here. that story and much more. >> i think i know where you're going with that. >> let's just listen to the go-go's. ♪

a big volatile week for stocks means that it was a busy time for our friends over at cnbc.com. >> that would including allen wastler. >> it's been a heavy week. there's still market concerns going on. we had richard fisher, the outgoing dallas fed president, he did an interview on the

network earlier. people are stomping all over that one because either a, they're concerned he says there's a risk of a market correction and he thinks it's hyperover sold or they're mad because he's saying it's because traders are lazy and have been depending on the fed propping up the market too much. either way we're getting the traffic on it. number two on the hot list, here is one concerning for you, a survey was done something people whoo their first priority for saving should be. saving up for vacation got about 24% and saving for your ira about 8%. there is good news. 33% said maybe saving for a house. but still, vacation over the retirement account, that's kind of worrisome. finally, obamacare always pulls people in on the website. this time we got the irs, they sent out a bunch of lousy forms where if you're covered by obamacare, there's a mistake on it. they said you know what? you don't have to refile if you have already filed and we're not going to chase you for the extra money. sorry, folks.

so a little breath of relief on obamacare there. those are the top three for you. >> always love the comment section on the obamacare articles. >> it's an adventure. >> yes, it is. thank you, allen. see you. speaking of the president, mr. obama's relationship with israel worse than ever after benjamin netanyahu's speech this week. can anything mend the fences between these two leaders? "meet the press" moderator chuck todd joins us. >> and the cannabis business is just sprouting in the u.s. but already a huge business over in canada. why is it thriving there and not so much here? jane wells went north to find the answers. we'll visit with her next. 5-2550 [ male announcer ] your love for trading never stops tdd# 1-800-345-2550 even on the go. tdd# 1-800-345-2550 open a schwab account, and you could earn tdd# 1-800-345-2550 300 commission-free online trades. tdd# 1-800-345-2550 so if you get a trade idea schwab can help you take it on. tdd# 1-800-345-2550 we're getting a lot of questions tdd# 1-800-345-2550 about organic food stocks. tdd# 1-800-345-2550 [ male announcer ] sharpen your instincts tdd# 1-800-345-2550 with in-depth analysis by schwab experts. tdd# 1-800-345-2550 and if you want to run your idea tdd#

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our commitment to current and former military members and their families is without equal. start investing with as little as fifty dollars. it's another reality show about a rocky relationship that has riveted america. >> but this is about the growing rift between president obama and the newly re-elected israeli prime minister benjamin netanyahu which seems to grow worse by the day. joining us to discuss it chuck todd moderator of "meet the press." tell us how much of it is real and how much of it is media speculation. >> i have to say though i love this idea of a reality show. you could even have theme music. bibi and barack kind of like felix and oscar. talk about your real odd couple. it's real and where you're going to see, you know -- look it had been really just a personal issue between president obama and the prime minister

prime minister netanyahu. they just didn't -- they're like mars and venus here right? that old relationship men are from mars, you know, in this case obama is from mars and netanyahu is from venus and they can't seem to speak to each other. but where it matters is look if there is a movement at the united nations to recognize an independent palestine, to create a sort of -- sort of force the issue of a two-state solution, for years the united states has been the country that could block and prevent that from happening and forcing israel into an uncomfortable situation and trying to keep it mediated to let the united states sort of play big mediator or a quartet of countries. will the obama administration continue that policy? it's up in the air. there's a real generational divide inside the white house. his own national security team is split about how much to sort of push israel on this at the united nations and how much to just say, you know what? we may not like the prime minister, but our defense of

israel is about israel it's bigger than one individual. >> we hear that speaker bain seroehner is going to israel. there's a quid pro quo now. do you sense that the president even wants to mend fences and this is now -- it's been politicized because of the relationship between john boehner and bibi netanyahu? >> well i think, look they at least speak. we know that and it was a fairly cordial conversation more cordial than it had been previously. you know, i think time is running out. normally at the end of a presidential term, that's when the last couple times, president clinton, president george w. bush used the last couple years to see if they could jump start a middle east peace process. that's not going to happen with president obama and prime minister netanyahu. i think we're just marking time until there's a new president and we'll see if that relationship is any -- personal relationship is any better. >> our panel wants to jump in. i'm going to bring up this other

topic here about the other story in washington hillary clinton and the e-mails. trey gowdy who chairs the house committee is formally requesting she turn over the server to a third party. john boehner has made the same request. can they compel her to do so. she has said that server will remain private. >> it's unclear. this idea can you subpoena a physical -- you can subpoena an individual congress has that authority, a congressional committee does. it's unclear whether they can compel her to turn a physical piece of evidence over something like that. perhaps there will be a house vote or a house resolution, but there's a real constitutional question on this. it was actually something that trey gowdy and i got into last sunday on "meet the press" on that very issue about the server. so i'm surprised just for public relations purposes why she hasn't basically said here state department ig you get access to the server for anything you need from the dates that i was secretary of state.

doesn't seem to be that hard of a request to fulfill. >> john? >> i think wall street cares a lot about the nuke talks more than the two-state solution and i was wondering what chuck thought about the other countries within the nuclear talks that we don't hear about. there's five parties in the talks -- >> yes, there are. >> exactly. so what are they thinking and -- >> you're talking about iran? >> well look all the united states -- the biggest thing that the u.s. is worried about is that somehow if the talks break down, who gets the blame? is it the u.s. or is it iran? everything i'm hear something that the five countries are holding tight here with the united states and that, you know, the u.s. goal is to make it so that the final offer to iran is something that all six countries are agreeing upon and that way if iran rejects, then it's iran who is rejecting and under that circumstance, then the u.s. side believes and these are according to sources i have

been talking to they can keep the sanctions regime together. they can keep those six countries together. but if it breaks down and somehow the u.s. bears the brunt of the blame that's the real fear on the u.s. side because then suddenly those other countries say, you know what? we don't care about the sanctions as much as the u.s. does. so western europe will start trading with iran for instance. >> chuck, thank you. we'll see you this weekend. >> thanks chuck. >> you got it. see you sunday. >> chuck will have a lot more on all of these issues. "meet the press" this sunday, nbc, do not miss it. after much resistance and public outcry the government giving amazon the approval to test delivery drones. >> finally. i cannot wait for this. >> really? >> yeah. >> some people are worried about it. >> i love it. >> this is just testing. >> bring it on. >> calm down bill. are things like drones and driverless cars just inevitable? the panel will weigh in on this contentious issue next.

two of the biggest biotech innovators are setting their sights to the biggest tech innovators are setting their

device. yes, they r. where were we now? these things take humans out of the equation. tesla saying driverless cars are the wave of the future. she going so far to say he will be eventually illegal. >> at the same time besos got his wish to test drones for delivery. are most inevitable like most technology in the last 14u69 years? >> i want a discussion with echatillon musk's assertions. he knows he won't be alive when that happens. it's one of those assertions you can make and not have to worry about it. >> what he's saying is he hopes it will be illegal. odds are, i won't be dead. >> when he said it you thought, hmm, maybe there is a possibility. >> maybe people driving a car when they are a little tired.

you got to think it's not safer to have a driverless car. >> this is obviously a big ordeal. it's regulators catching up with innovators, right? >> definitely. i would say my husband would want to see me in a driverless car versus me driving. i'm not exactly a good driver. however, that does seem a little more far fetched to me. the drone situation, it's 15 months in the making for amazon to be able to test drones here. they have already been able do so in europe. actually, in the u.s. we have been behind the ball on testing with drones. we seen dhl doing it in europe as well. i think it strikes to a biger discussion with amazon an its competitors. that itself the fact that everybody is zooming in on that last mile of delivery when it comes to parcel carriers. when it comes to package delivery. that's like doing it faster doing it cheaper. so drones is one way they're doing it. i think it's fascinating to fill years in the making.

>> it is finally inefficient for a big old tractor to bring a tiny book. when a drone can do it a lot quicker, a little faster. a little more efficient. >> in the middle the postal service is doing it. >> those could be used for commercial purposes. >> i'm not so much into the drones pinpointing, like who is closer to deliver the package. you have these huge trarls tractor-trailers, et cetera, there has to be a delivery process seeing where all the package versus to go. >> i'm not sure how revolutionary. let's say ten years from now, 15 years from now, i assume it won't be in big cities. it will be in rural areas. how revolutionary will it be? what will it do caught little cost out of things?

the first time little johnny gets knocked off his bike by an amson drone? >> that's what regulators have to figure out. >> a drone can carry one package at a time. >> it's cool the coolness faktdor there. >> we have to leave that conversation there. lets move on to marijuana. marijuana companies are struggling with their own regulatory hurdles here in the united states. >> a whole different story in canada. the industry is thriving there. and money is flowing over the border as a result. jane wells floats over the border. she will take us behind canada's cannabis boom when we come back.

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when you think of canada you probably think of hockey oil and a lot of snow. >> with the canadian dollar now you may be able to include making money on marijuana on that list. jane wells has the details of canada's booming pot industry jane, where are you? >> reporter: i am now in the trim room here. that's where the cannabis goes from this form to this. jay back here is working on a rather large bud. would you invest in marijuana if it was legal nationally if

people could pay for it with a credit card if they could order it through the mail? well you can with cannabis in canada. that is because medical marijuana, not recreational medical is legal across the country here. in fact the government has licensed 15 different facilities loo thick one which are privately run to produce the marijuana for patients. this is a till rate $30 million, 60,000 square feet a. huge investment by u.s.-based privateer holdings which is hoping to raise the standards to something more pharmacological than farming. because it is legal, medical researchers can look more into potential uses medicine wise from the bud than they can down in the u.s. . >> we feel that the canadian quality control standards are some of the strictest in the world. >> this year we'll be about $20 million and next year we'll be over $50 million in canada. >> so next year you will be profitable? >> yes. >> reporter: okay. so brendan kennedy, who runs

privateer holdings also owns leaf, he would never make this sort of investment in a grow operation in the united states now, guy, because he says the federal government could come take it away. >> that is not the case here. back to you. >> once again, jane wells on the case there. you see those happy merry workers back there, trimming the buds. >> are they working on a bonsai try there, a miniature bonsai tree there? what is going on with that bud? >> jane? >> reporter: well it's being trimmed. this is exactly what's going to happen. it's being trimmed. so that this is barbara's bud they are trimming. it will go next door into a vault surrounded by ten inches of concrete an rebar and they can store up to $35 million product in that vault. one difference here, though no cash unlike every other grow you see in the u.s. no cash because they can have a

bank account. their bank rbc. >> jane wells, thank you. oh cannabis. thank you to our panel members as well. always lovely to see all of you and a safe trek getting home on the friday. >> we have "fast money" coming up. >> are buds up mid-town right now the nasdaq market side. melissa, take it away. >> right now, live from the nasdaq markets, overlooking new york city's time's square i'm melissa lee, kim seymour guy adame. an epic debate is coming up. which stock will move forward in our "fast money" madness traders? we start off with today's big rally. stocks seeing the first weekly gain in four weeks. the in fact