there, and you can see in very vivid fashion, can you open up? >> a lot of green. >> very vivid fashion that about 460 or so of the s&p 500 are higher right now as it sits at 2088. up 27 points on the day. really only a few are in the red right now. thanks for watching. get your power to go at power lunch.cnbc.com. "closing bell" right now. thanks guys. welcome to "the closing bell" on this mondaying. i'm kelly evans at the new york stock exchange. >> and i'm bill griffin. who says march goes out like a lamb? today it's going out like a bull that's for sure. at least on the second to the last day of the month of march for the first quarter. stocks off to the races right from the get-go this morning there was no question that this would be a rally day from the open. and we have held on to those gains, up about 290 points right now. >> sometimes we have days where we start one way and gradually move higher or lower or we're all over the place. today it looks like a plateau. we jumped up right at the start. we held at the levels as the dow

sitting right on the 18,000 mark on a day when we're up 288 points on that index, or about 1.6%. that also makes it the outperformer of the session. look at the s&p by comparison. up by about 1.3% adding 23 points. the nasdaq having a decent day as well adding 53 points. almost back at 4950 as it continues, bill to climb towards that 5,000 mark. >> and can we see wti oil for one second? a late, very late rally here after the state department said that there was a 50-50 chance that we would have a deal with enron by tomorrow. i love this. when kelly and i heard that you said oh gee, only 50. >> only 50/50. >> at least we got 50/50. so half full half empty. either way, oil rallied, and about a one dollar day on the closer comeback really is what it was. because it finished down. >> we'll talk to our guests about what that means. we have energy reacting to that move. and we have the financials leading the way today.

notably jpmorgan after that barron's weekend edition with jamie dimon on the cover. i haven't really seen a moment like that for these banks since the financial crisis. >> let's talk about all of this in our closing bell exchange right now. joining us today, anastasia amoroso from jpmorgan funds. jason pride from glen mead is with us. and getting to be a regular from kkm financial in chicago. and our own rick santelli joins us as well. sam, let's kick things off you. you put out a note with your outlook for the second quarter, and you're tempering our expectations even further. why? >> well, bill, we all like to say that the second quarter is like the middle child. we know it's out there, but we don't really pay much attention to it. the performance has actually been pretty good. all sectors in the s&p 500 have posted average increases in the second quarter going back 25 years. yet what unnerves me a bit is

that we're seeing the high quality outperform the low quality. we're seeing the low volatility beat out the high beta and the pure growth outperform pure value. it seems to me as if investors are saying i want to embrace more defensiveness, and at the same time, i'll take what i can get now. i'm not going to worry what i can get later on. >> what are you going to say i'm an oldest child? >> i came from a test tube marked failure, but that's okay. >> listen this middle child discussion. okay embracing defensive names. let's pick that up and run with it. anastasia, you see the same kind of thing playing out in this market? we're getting a lot of questions from investors who have been in a yield hungry mode for months and even years now. i guess the main things on their minds are dividend stocks still the place to be? >> that's absolutely right. the search for yield continues. what is interesting about the environment today is the search is not just local. it's not just contained to the united states anymore, it is absolutely global. with the jcb, what they're

doing, the search for yield continues. the reason why we're seeing a bit of a pause and a turn in the market aside from what we're seeing today is we are anticipating what the fed may or may not do come june maybe july, maybe september. i think it's only natural as a narrative for the stock market changes which is it's not so cheap anymore and earnings are maybe not quite as robust i mean they're still solid, but they do have some headwinds. and you've got the fed that is no longer too, too easy i think that changes the narrative for the market. so that could be part of the reason why you're seeing that defensive move. but, again, i think that's a temporary state, not a permanent one. >> jason pride, we're all focused on the fed but the fundamentals still matter. on friday we get the big jobs report. what are you expecting. by the way, this will be an odd situation. it comes out friday. good friday there will be no trading here in the u.s. on that, even though we'll have a special report on that on cnbc friday morning. we'll have to wait until monday to actually trade on it. what kind of a report are you

expecting going into this day? >> well look it's kind of appropriate that we're going through march madness right now. that's exactly kind of what is the mind-set. i think a lot of people are really confused. jobs report federal reserve, direction, the overall economy's direction, i think you have to take a few steps back and look at the picture. the big picture is we're still in a growth period. we're still in expansion. the jobs report it will probably show reasonable growth and employment. and we're still moving in that positive direction. but let's face it. the fed is starting to have to normalize interest rates. valuations have gotten not necessarily really expensive, but at least a little expensive in the u.s. marketplace. and everybody is now trying to make sense of all this. there is all these concerns about a slowdown. but, look i think it's really more surrounding the weather. and we're going to find out that we're still in an upward trajectory, just a fairly modest one at this point. >> the slowdown contains a

reference to the gdp numbers. over the weekend more and more people sifting through the data marking down their gdp forecast down below 1%. >> some are zero. >> in some cases absolutely. rick what do you think about ben bernanke's new hat as blogger? >> i'd rather talk about gdp. you know i think gdp is more like an ice cream cone. you know you get a takeout on a hot day, it looks great while you're driving home. but by the time you get there it didn't look like an ice cream cone anymore. that seems to be the level of growth for every quarter. but as the quarters wear on it always seems to lose a little steam. the fed missed an opportunity with the strong second and third quarters of last year to normalize a little bit. now they're trying to swim against the current. you know, if i look at europe one of the guests pointed it out, or maybe it was you, bill coming in today, they knew it was going to be an up day. every currency is weaker against the dollar. pretty much every sovereign market from the shanghai to the

dax. a very digital world. why? what is the one common threat that unites all economies besides debt stimulus. china, when they do it they usually do it big. i think the dynamic in today's market is pretty clear. >> that's true. good point. china making noise about stimulus there. by the way, speaking of ben bernanke in that blog he said on twitter today that he feels like he is at a point now where his words won't be parsed much under the microscope. >> au contraire. >> wait until you find out, ben. it's still going to happen here. don't worry about that. jeff killburg we're at the possibility that we could see a negative quarter for the dow and the s&p, although today it's looking less likely with this rally. but it will be the first time in nine quarters that we could see a negative quarter. you're the trader would. that be meaningful to you or not going forward? >> it would be meaningful, bill. but you're absolutely right. these are bipolar markets. why are they bipolar? why is there so much emotion and anxiety in chicago? is due to the fact that the fed

qe policy or essential bankers around the globe we're pricing them to perfection. we think there is going to be absolute perfection on their exit strategy. i think the chances of them have a perfect exit strategy is similar to my bracket, bill, 1 in 9.2 trillion odds against me. people are preparing for this summer because there is going to be more tumult as we digest the dollar and all the moving parts. >> what are people afraid of? what do they think is going to happen? that the fed moves and the market blanches and the fed doesn't respond to that? walk me through the scenarios here. >> i don't think it's as much as the fed what are they going to do, it's what can the fed do at this point. we're already seeing corporate profits decrease. and that waning of corporate profits is indicative of the strength and the velocity of the u.s. dollar and the damage already done. the cat is already out of the bag. we'll have to see how this spells out as we see the ten-continue to stay under 2%. we look at volatility. kit not be specific to one asset

class. volatility falls in other asset classes. right now stocks globally have been not included in this volatility. we they is coming. so we're preparing for a little bit of a pullback as prices should reprice. that's not a two or three-day process, kelly. that's a two to three-month process of reprocessing. >> anastasia, what is your strategy for making money in equities right now? are you voting for growth? defensively where are you going? >> growth is the way to go. one thing we need to get accustomed to as investors in the sixth, seventh year of the bull market, this is not the time to buy the aggregate s&p valuation, because that's not where the value resides. i firmly believe the value resides underneath thing a aggregates. one thing that stands out this year is if we think this is the year of the u.s. consumer and we do because everything you look at suggests that u.s. consumers in the driver seat. then stock sectors geared to that biggest trend should be the

ones that benefit. and of course that's what we're seeing today, whether we look at autos, whether we look at home builders. those interest sectors that are leading the way. >> and jason just going back to this point about the fed raising rates and what might happen and what are we fearing? perhaps all this focus on equities and their valuation and the kind of correction we could see is misstaysed i just wonder, jason, if you guys are invested fully in fixed income, if you think the entire space looks risky even though again, as time goes on interest rates move far less than i suppose we're anticipating. you know is that where the real risk is here? some of these bond instruments. >> i think you hit it on the head as to what is bothering some investors. some investors are looking at this and saying looks, we've been on life support for five some odd years now in terms of monetary policy stimulus. and now that's starting to come away at a time where valuation, you look at certain measures show that the u.s. market may be a little bit overvalued there is this question in people's head as to whether we can keep this

going with the monetary policy pulling away. i think our response to that and to kind of answer your question is monetary policy is number one, not going away all that quickly. and number two, yes, the economy can keep going, and markets can continue to drive higher. we're really not at extremely high valuation. so on the whole, everything is a little overvalued. but it's not an extreme overvaluation levels. we're twisted a little bit towards equities. we're underweight fixed income. but we're not really over our skis in terms of taking too much risk in clients' portfolios. >> there you go. thank you all, folks. have a good march 30th. >> thanks everybody. >> appreciate your comments today. we got about 49 minutes left in the trading session. >> we do. here is where we stand. the dow just under the 18,000 mark today. up 1.6%, led by the financials, a as we mentioned. jpmorgan an outperformer. s&p having a good day, up 1.3%. better for 27 points. and the nasdaq getting 1.1. so a snap back after yesterday's tough skiing to continue the

metaphor. the nasdaq getting 55 points, just under 4950. >> just waiting for water skiing weather. >> that's right. much more ahead on gopro's rally. the weighing in on the 500 s&p heat map here. speaking of comeback can u.s. automakers get their groove back in the luxury space? ford and general motors hoping to outmuscle mercedes and bmw with their roll-out. the pros debate if american consumers will return to u.s. luxury, when we continue.

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rally day on wall street. by the way, for the quarter, year to date now, the dow is up about 1%. the s&p up about 1.4% with our rally today. so nasdaq not even close. it's pretty positive for the year. up 53 points right now. all ten sectors in the standard & poor's 500 index are positive today, led higher by energy there was a late-day rally in oil. financials are doing well. the laggard today the consumer staples beat them even at that. that's up almost 1% in today's trade. >> now, when we say luxury car,

you probably think mercedes bmw, audi for example. but ford ceo mark seals wants to change that. earlier today on "squawk on the street," he spoke about bringing back the lincoln continental. >> back in the heyday lincoln continental defined sedans in the '50s and '60s. that's what we want to do with the new continental concept. for us it signals quiet luxury which is about elegance. it's around effortless power. it's around a serene and relaxing interior a place you can chill. so what we want for this vehicle to be an extremely successful vehicle in that segment. >> by the way, tomorrow general motors is introducing its new cadillac cts. so the question is can the u.s. automakers recapture the luxury market that has been owned in europe and asia all this time? joining us now lauren fix, the car coach, and allen gutierrez, senior market analyst at kelly blue book. thank you both for joining us today. lauren, i think i've seen this movie before. u.s. automakers once again

trying to come up with a luxury model that will compete effectively with bmws and the mercedes of the world. you think they can pull this off? >> well cadillac is making a bid more so than lincoln. they're talking about performance and they've got the atsv. everybody has a v on it which means performance. but you know what? the german really have a big stronghold when it comes to performance. you're looking at their rs and their lineup to their amgs to their m power. now you're going to add in cadillac. they may have the performance, but they need have the style, the class, the polish that is not really there with the chiseled look. we'll see what they can do. but with lincoln, it's all about elegance there is no one in that space. that space as far as i'm concerned has been sort of left to lincoln. and they've really done a beautiful job on this continental. inside and out with 30-weight power seats and nothing but the best. >> alec would you agree there is nobody in this space? it's wide open for lincoln to take? >> i think there is opportunity

there, but i think that lincoln will face the same challenges that cadillac has in trying to go toe to toe with the germans. when you look at the luxury space, it's all about prestige. it's all about reputation. and mercedes and bmw and even audi for that matter have a huge head start over cadillac and lincoln who have been floundering for a lot of years until maybe the last three to five years. i think there is potential there. i think the continental looks fantastic. i think they've done a great job with it. it could perhaps shake things up to some degree. but i think they'll have to focus on elegance like they have. and even technology for that matter, which is a space that is still right for innovation. >> who is going to buy the lincoln, though? lauren, i've got some research here. i'll be frank. i don't know who put this together. but there is some speculation that the lincoln with all the amenities that they are hoping to put in there could cost as much as $100,000. you put that up against an s class in the mercedes. you put it up against the bmw 7 series. i mean are they actually thinking they're going to be able to compete effectively with those molds?

>> you're actually getting into bentley territory at that point too. >> right. >> and you're talking about the premium. then you're pulling into landrover and jaguar. the brits have done some rolls and beautiful car there's. when you're talking about a $100,000 car, i think they're looking for big chunk of their sales to be in china. that's going to be a big thing. they love to say they're driving an american car. and to say they're driving a lincoln or being driven in a lincoln, at this level with this type of technology with the leds, alec is right. it has to be about the heritage. it has where you stand in positioning. i'm waiting to see what cadillac actually has to put out. because power is great. but style -- >> it's coming in and out, lauren's audio. our apologies. alec, to you, then. is this all about their positioning in china? because the question we pose is whether this will be a hit with the u.s. consumer. perhaps these guys are really looking past that. >> realistically, yes. i mean you have to know that

they're thinking about china. that's an area where cadillac buick for that matter has done very well. lincoln has done quite well in china. that's a natural fit for a vehicle like this with that kind of price tag. that's not to say that lincoln and cadillac for that matter is willing to give up the u.s. market. clearly they want to have a strong presence here. they want to own that. >> want to dominate that market. but i think they have to go into it knowing that $100,000 is not something to -- not something to overlook. i think buyers in this market are very savvy. they know you have options whether you're talking a bmw 7 series. even a tesla model s, even going back to some of the technology and innovation out there. it is a crowded market space at that price point. it's going to be really tough to make an impact. >> all right, alec good to see. thank you for joining us. lauren, i see you back there. thank you. sorry about the audio interruption there as well. by the way, a friend of mine his father had a lincoln continental. it was the coolest car back in the 1960s. and now they're bringing it back. i'm sorry. let's do this promo now, shall

we? tomorrow tune in during "power lunch" where becky quick sits down with warren buffett and larry van tuyl. that's live from the automotive form. it's all fits on one marquee. part of the new york automotive show that is on this year in new york city. hear more from buffett about his part in the craft-heinz deal and about berkshire's expansion into car sales. >> wow. that's going to generate a ton of conversation. >> should be. coming up in the session here, we're keeping an eye on a dow of almost 300 points today. the s&p adding 27. back up at 2088. the nasdaq a strong session as well, up 54 bill. >> yes, yeley, later. later. will she or won't she run for president in 2016? oh, no, we're talking about carly fiorina. we'll get her reaction to the controversial indiana law aimed at protecting the religious freedom of business owners, but which critics say could

discriminate against gays and lesbians. that's coming up next hour here on "the closing bell."

welcome back.

a strong start to the week, which is actually closing out the first quarter with question marks over strong a quarter it might be. but there is not many question marks today about the breath of the rally and the size we're seeing. the dow up 1.5% climbing up towards that 18,000 mark we're hovering at just at the beginning of this hour. the s&p adding 25 points. the nasdaq getting 51. it's been mostly read for that index bill since it closed above 5,000 earlier this month for the first time in 15 years. it's going take a couple more days like to do that again. that would be the case. the s&p by the way trying for its ninth consecutive quarterly gain meaning it has not seen a negative quarter since the end of 2012. we've done the math for you. >> dominic chu, it's been a rocky quarter for sure. what are you keeping an eye on as to where this market is heading next? >> well i mean first of all, let's point out. i have no crystal ball. i have no idea where it's going. anybody who says they have a crystal ball and know where it's

going doesn't really know what they're talking about. let's see a chart of the s&p 500 going all the way back to that fourth quarter of 2012. you can see here that beginning part there was the last time that we actually saw that the remnants of a dip there. we actually saw a negative quarter for the s&p 500. as you can see, that trend has been steadily higher up about 43%. since then we haven't had a losing quarter, like you said. now here is where the pivot point comes into play. some traders and chart watchers are looking at this and saying are we due for a turn in momentum. the recent volatility may be a sign of perhaps a trend -- change in the overall trend. three of the places that they're looking for right now are at least to the positive side, right? and this is through the sector etfs. the health care etf. the xlf is the financials etf. and the xly is the consumer discretionary etf. these three sectors have been trying to do some kind of an outperformance over the past month. you see maybe flattish or one or two of them, the officials and the discretionary.

but this is where the near term momentum starts to fade. these interest only three sectors here that are trying to get to flat or positive. the seven other sectors in the s&p 500 are actually in negative territory for the month. so you're seeing some of this near term momentum come out. kelly, that's the reason why, bill. the reason why this market here is perhaps a little bit more cautious. investors are treating it with more caution buzz of this near term lack of momentum for the broader part of the market not just with health care. it's been an outperformer but it alone can't carry the overall market higher guys. >> that's for sure. lets bring in david sawyerly from loomis sales. >> we established from dom you have no idea where the markets are going here. you were nodding your head when he he said that. >> absolutely correct in the short-term. nobody has a crystal ball. but if you look at what companies are still generating on cash flow margins on cash flow that can still expand use of cash individual investors

are not too euphoric with represent to the mark, stocks are still the preferred asset class for 2015. >> we're talk what is happening within the market. >> yes. >> we've seen health care on this tremendous run for several years now. what takes over leadership now? are we getting a glimpse with the financials today? or is that out of the question? >> i think financials are still a bit of a boring mediocre. i would rather own the asset managers within the financials. maybe a couple of high quality banks as loan demand begins to pick up. in the short-term in the market if we look in the last five months one of the reasons the market has been more treading water than going higher is i watch the high yield bond market is where the smart people invest. and that has been flat for five months now. and until i get more traction in the high yield bond market i think it's just more headwinds near term. >> dom, it would just make sense. you would think after all these years of easy fed policy and the markets responding to that positively, that if the fed is going to start making noises

about rates, we do get a climb in market. >> we do. what we have seen since the beginning of the year is the idea of the utility stocks and the dividend type plays have been underperformers. they become relatively less attractive as interest rates head higher. but one place that is not really boring in the overall market is the energy sector, right? i say boring or not boring not because it's generally positive. this is the third or straight fourth quarter. we've seen declines in the energy sector. a lot of people are saying to themselves maybe i should be buying into these markets and buying the dip in energy there is a lot of caution. some of the traders and investors say the bottom is not yet there in energy and we need to see a lot more confirmation. just to david's point, the high yield credit markets with regard to energy companies has not been all that positive. so as you look towards the bond markets and credit markets for sign, maybe, david, that's some place that you're staying away from, right? >> i think if you don't try to

forecast oil prices impossible. and if you look at the valuations either on oil bonds or oil stocks and on a relative price to book, they are some of the most compelling valuations you have seen in 30 years if you close your eyes and wake up in 12 months and buy a high quality energy plays, i think you'll be well rewarded. not in the next three months. 12 months yes thinking question, we're getting from a ton of viewers. the play has almost been less about cyclicals and defensives than income generating names or others. what do you do with dividend and income plays right now ahead of perhaps these moves by the fed? >> i think it's yield, but more important, it's growth in the yield. and you get about a 2 percentage point extra return if you buy the companies that have a respectable yield, but are growing it in excess of 10 to 15%. >> any examples? >> qualcomm has almost a 3% yield. it was beaten up in the first part of this year. it started to gain some traction back,:0010%. i think that's a play. unitedhealthcare, a little less

yield, but they're doing an acquisition today that will help them in the pharmacy benefit management area. growth in medicare medicaid there is another play in terms of yield and growth in yield. >> great point. >> good stuff. david, always good to see you. >> my pleasure. thank you. >> dominic, we'll see you a little later no doubt. >> thank you, dom. time for cnbc news update with sue herera. >> here is what is happening at this hour. french authorities have begun building a road to ease access to the remote mountain crash site of the germanwings jet which slammed into the french alps last week. the road will help facilitate transport to the site and the removal of wreckage and remains. senator charles schumer has locked up support to become the next senate democratic leader. this after senator patty murray endorsed him to replace harry reid. schumer also has the support of reid and dick durbin, the number two democratic leader in the senate. amazon workers in germany began a new round of strikes today in a long running dispute over better pay and conditions.

the strike which extends to another four of amazon's nine distribution centers in germany is due to run until tomorrow night. two pilots of of a solar powered plane took off from myanmar today as part of their continuing attempt at the first around-the-world solar flight. they expect to take about 25 flight days at speeds of 30 to 60 miles per hour to complete the journey. and that's the cnbc news update for this hour. back to you, kelly, i guess you have to sort of follow the sun then. >> you absolutely have to follow the sun. it's a necessary component to the whole thing. >> thanks a lot sue. 30 minutes to go here following the sunset here for the markets. 268 points higher on the dow. so we are coming a little on the high that's with saw about 30 minutes ago. still, a strong session across the board. better than 1% gains for all the major indexes. >> art cashin will join us in a little while. when we come back, a high stakes labor dispute could put dow component mcdonald's on the hook for lawsuits that could

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positive day, the dow up almost 300 at the peak. now a gain of 26 points for the s&p and the nasdaq up 53 points. we want to show you all 30 components of the industrial average. one is negative intel. sort of a special situation after that late friday on friday on top of the deal with altera. it's on the bottom left there. there is mcdonald's. one of the gainers as most of them are. it's up almost a percent right now at $97 and change. >> we mentioned because mcdonald's is facing a landmark case in the hands of the national labor relations board, that has huge ramifications everywhere. our kate rogers is on the story for us. hi kate. >> hi, kelly. that's right. this week the national labor relations board will begin weighing whether or not mcdonald's is a joint employer with its franchise locations. the case is the result of 14 consolidated complaints across franchise mcdonald's locations made by workers, claiming they

were retaliated against for pro labor activities. a ruling at mcdonald's as a joint employer would mean that corporate mcdonald's could be responsible for working conditions, pay and worker rights conditions at its worker locations. mcdonald's disagrees with the notion and says it provides access to resources for its 3100 franchisees in the u.s. but this does not support a joint employer relationship under the law. now, the international franchise association has spoken out on the ruling as well saying that it will stifle job growth within the industry. and expert says the customer experience in store would likely remain the same if that ruling is upheld. a formal decision from the nlrb could come in 2016 or even later. and some experts say appeals could go as high as the supreme court. back over to you guys. >> wow, kate thank you. let's talk more what is at stake and what this might mean not only for franchises but others outstaffing and firms. >> an employment attorney of

counsel. this is a big deal? >> it's a huge deal. it has titanic implications for employment in areas where many people are employed. we're talking about millions of people are in the fast food industry. take staffing as well. take part-time work and seasonal, and you've got a situation where it could be devastating. >> but explain. so we know these are big industries that employee a lot of people. but how common are the specific practices at the heart of the claim here? >> mcdonald's is clearly the king of the hill. they're the ones who control their product. that's why they're the most successful in terms of franchises. but there are plenty of others who do the same thing. and they subject their franchisees to the same sorts of controls that mcdonald's does. maybe a little bit different. maybe not as much at times. but in the end there is a lot of control going on because that's what the customer wants. they want a product they can depend on. >> let's say they lose. let's say mcdonald's loses, and they are found to be a joint employer with all of their franchisees. >> we're talking attend of the day, after everything else. >> what happens then? how would that change?

what do you think mcdonald's would do than? >> well they can't do much if you're talk about after all as are gone. it's a sea change. what it means is mcdonald's will be treated as the employer of every franchise employee across the country. what that will do is it will open them up to liability in termses of election representations. and even as far as discrimination lawsuits because they would be deemed an employer. >> would it affect things like minimum wage? >> it would affect everything because everything would be on the table. minimum wage is set by state governance. but in terms of how they negotiate. that would have to negotiate with the employees which they never had to do before. >> i'm thinking the cost of a franchise is going to go up. mcdonald's is going the want a little more something. if they're going to be held liable, what about their controls over labor practices of the franchisees? they're going to have a bigger say. >> look, if they have to pay the freight in terms of employees and labor and employment issues then they're going to ask for more levels of control. but how can you dictate that

control from illinois over all of the franchises across the country? it would be a massive, massive effort and really cost a fortune and change the lives of these employees as well. because now it's a totally different situation. >> and you're saying this isn't just specific to the fast food industry to take an example relative to us cafeteria workers could make a complaint and nbcuniversal would be held responsible. so any corporation that operates with this kind of model, even if it doesn't consider itself to be in the same business could be affected here. >> if you take to it the end of the spectrum, you're looking for elements of control. what used to be an issue do you control wages? do you control hours? if you do, you're an employer. if you don't, you are not. but if you look at elements of control like in the situation just asked if someone who works at cnbc i want this person to work at this hour as opposed to that hour that's when we have the most employees in here. are they then directing the hours of the employees, impacting their wages? you look at all these factors. and what the union urge them to do is chalking them up one by

one to establish that level of control. >> okay. handicap it. which way do you think it's going to go when all is said and done? >> thing is no question that this particular board will rule that they are a joint employer, this case and in a case called browning-ferris, which is another matter as well. >> but then it goes to appeals. >> then it goes to appeals, and those will be long running appeal. >> what happens if the political climate changes? if this particular board, if the makeup of it changes? >> look the board tries to operate on a principle, they try to look at other cases and base cl give people guidance on how they're going to act in the future. this some may say is a sea change. others say it is only an extension of what we've always been arguing over time. the fact is if it goes to the courts, the courts are going to make the determination whether there is a change in administration or not. >> i suspect you'll be back. we'll be talking about this in the future don't you think? attorney paul millus joining us tonight. >> thank you. heading towards the close. 19 minutes left in the trading session. the dow is up 274 points, a gain

of 1.5%. s&p is up 26. the nasdaq up 54. >> we'll have much more ahead on today's snackback. and later, former hp boss carly fee rina saying she is 90% certain she'll run for the white house next year. we'll find out from her what the other 10% is that is holding her back from announcing, and we'll get her reaction to other potential candidates both republican and drag. >> plus, we'll get her take on the controversial law in indiana that has sparked fierce debate over religious freedom versus tolerance here in america. that that is still to come on "closing bell." thank you mom, for protecting my future. thank you for being my hero and my dad. military families are thankful for many things. the legacy of usaa auto insurance could be one of them. our world-class service earned usaa the top spot in a study of the most recommended large companies in america. if you're current or former military or their family, see if you're eligible to get an auto insurance quote.

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welcome back. look at these markets with 15 minutes to go. a banner day on wall street. the dow is up 277 points. a strong session across the board. a lot of green and not many names in the red, in fact, on a day like this bill. in fact, it comes off a week and a month where we've seen a number of triple-digit swings in both directions. >> we have one more day to go on this month and this quarter. anything can happen. we'll see what happens tomorrow. meantime dominic chu keeping an eye on today's movers for us. how do you choose? >> there are so many names to choose from. this is our stab at it. first of all, shares of tesla are higher. another green arrow after elon

musk tweeted out that a major new tesla product line that will not be a car is going to be unveiled next month. so you can see those shares rallying towards their strongest point of the session, up by about 3.5%. then a big commodity trade going on here. teck resources and antofagasta that would create one of the world's largest copper producers, that's a report from bloomberg, the companies have held early stage talks which would likely be an all stock transaction. shares spike up to about 10%. the best performing stock is analog devices, adi, the maker of computer components like integrated circuits. it's being helped along by commentary out of barclays. they boosted to an overweight rating for a prior equal weight saying adi's components will feature promptly in future apple and iphone products across the board here. maybe some good commentary there. and then a drug company mylan is

one of the worst performers. the company announced it will conduct a secondary offering of stock. the stock is going to be sold by abbott labs which is the company's current biggest shareholder. kelly, bill one of the red arrows on the board today for the s&p. back over to you. that will do it. thanks very much dom. bob pisani a busy day and one that we kind of got an indication from. remember the futures? they said we would have big gains and we sure did. >> they popped when europe opened at 3:30. they popped when we opened. take a look at what has been going on here. number one, we had china talking stimulus that was a factor. number two, europe, the confidence indexes were strong there germany was strong again. and thing is the most important thing is it's the quarter end in april is seasonally strongest month of the year for the dow. look at the four strongest sectors today. they're the four weakest sectors so far quarter to date. energy financials industrials, utilities are leading. they were the weak nest the quarter. there is a very large performance spread between sectors this quarter. take a look. health care is the obvious

leader, along with biotech. but we had utilities and energy and industrials, all to the downside. and it's interesting. they keep trying to buy energy stocks and utilities also starting to get rallies as well towards the end of the quarter. guys, back to you. >> thanks bob. bob pisani keeping an eye on things, bill, 12 minutes to go. quite a session. >> quite a session. so what will the final gains of the day be? what will they look like? stay with us for the final moments. art cashin is going to join news a moment. stay tuned. hey, girl. is it crazy that your soccer trophy is talking to you right now? it kinda is. it's as crazy as you not rolling over your old 401k. cue the horns... just harness the confidence it took you to win me and call td ameritrade's rollover consultants. they'll help with the hassle by guiding you through the whole process step by step. and they'll even call your old provider. it's easy. even she could do it. whatever, janet. for all the confidence you need td ameritrade. you got this.

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about nine minutes left here with the dow up 273 points. s&p holding on to gains of about 1 1/4 percent. and the nasdaq up 57. joining kelmy and me here at post nine kyle brownly. how does it look here? >> the last time it looked it was slightly shaded the device. and that's despite the fact that the visa was very large to the south side. that may pare off. i think that's why the market is not coming here. >> why do ow you think the market is up so much? is this about the headlines out

of china? is this anything janet yellen said on friday? >> i think it's all of the above. we look at janet yellen's comments friday we get point of view feedback. we see the involvement in china and europe and the increase in those markets. we see a run in oil today. we have some further vice. i think all those are certainly a play. an incredible day. >> that's a little hawkish. if you really take the weekend to kind of digest it she wasn't necessarily saying you know we're definitely going to wait until everything is a-okay. >> she is not saying that but she is saying that we are going to take patient off. so as investor and advisers, we can look down that and say more than likely 2015 is the year versus 2016. >> and art, we're just looking at the trading floor. the traders on the floor. what are they thinking about here? we are heading to the end of the quarter. as the window dressing begun? i mean, you know, it's still iffy whether we have a positive are negative quarter for the dow and the s&p depending on what happens tomorrow? >> i think what happened is people had pared back some risk

and then they saw what happened in china and what happened in the various markets. and said oh my god, the quarter ends in two days and i don't have the properly fit portfolio. so it's rather than marking things up it's trying to pick up some of the recent losers turn winners that they wanted to put in there. and that wound up with very broad. >> art, where do you see then? any examples so people can start thinking who might be the leaders through next quarter? >> i think you want to watch the biotechs. if they come back and put in a good week or so then they may be back on top. they look a little pricey right now. they got banged around. but they may come back here. >> another volatile group is energy. either of those catch your attention or something else? >> i'm big on energy bill right now. i think you have to look for high quality names that have good balance sheets and low debt. and investment grade debt at least. and there are some tremendous opportunities as we see rigs lay

down and large companies begin to emerge. i reallily the tli is an incredible opportunity many energy. maybe not in the next three months, be the next 12 months for sure. >> all right. we're going to take a break. we'll come back with these two gentlemen, see how things trade out at the close. we're still up 2666 points. as you said, a little slight bias. we'll see if those pare off. >> i can see the panels starting to gather around. stay tuned. >> very impatient. >> after the bell carly fiorina will join us on a host of topics, including if she is running for the white house. plus, her take on that indiana law sparking fierce debate across the country. you're watching cnbc, first in business worldwide.

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heading to the last three minutes on what has been a pretty good rally day, we are coming off the highs. but still, this is a year to date chart. we want to look at the first quarter. tomorrow is the last day of the quarter, and to this point, the dow is up less than 1% for the quarter. if we get a pretty decent sell-off tomorrow we could have our first negative quarter for the dow in eight or nine quarters. so we're going to keep an eye on that. right now a gain of 266 points, a gain of 1.5%. the s&p is in better shape. it's had a bigger gain going into today. and for the quarter, it's up 1 1/3%. that would be a pretty sizable decline. but you never know. up 1 1/4% right now, a gain of 25 points. one more market of note for the first quarter. the decline in oil continued, although we've been seeing signs of a comeback of sorts.

but for the quarter, oil is down 9.8%. today down half a percent. how much of an importance will oil play into this next quarter, he asked art cashin naively? >> i think it will be critically. but we have to get through some things. do we get a deal with iran? >> yes. >> do they get back into the oil game? how much is really in storage? i mean between the dow and oil, the first quarter you've been commuting by roller coaster. you got off right where you started and it cost you a little money. oil will be important. >> kyle brownlee are you sensing a bottom yet? there are those who feel we're still pumping pretty big here in the united states that we could have another good leg down. >> we're pumping high supply supply side, but really it's 1.5% of the daily consumption. i think that has caused diedown and rigs lay down certainly a rebound in the price of oil. certainly off where it is today. and i'm looking forward to, that bill.

>> you are looking forward to that. the chinese plan to add stimulus, to remove the reserve requirements. that's big too? >> that's major. that's like hitting a donkey with a 2 x 4. 2/3 you change rates, that's important monetary policy. but if you we rest duce the reserve requirements, you're basically throwing money out on the table sand aing come and get your free money. >> that's anything japan has been doing? >> anything the fed has been doing. it could be big. >> does this continue you think here in the united states because of that? >> you'll have to open your fortune cookie tomorrow and see what naps china. >> all right, very good. thank you, arthur. kyle brownlee, thank you for joining us today as well. we're going out. we have much bigger gains, almost a 300 point gain at one

time for the dow jones industrial average. but now we come off that high, up 267 points. s&p up 25. so the big question tomorrow is do we finish with gains for the ninth consecutive quarter for both the dow and the s&p? we'll talk about that. and we've got a special guest coming up in the next hour former hp chair carly fiorina talking about the possibility of running for president in 2016. all that coming up on the second hour of "the closing bell" with kelly evans and company. i'll see you tomorrow, kelly. >> thank you, bill. welcome to "closing bell," everybody, i'm kelly evans. what a session on wall street. wow, to kick off the week. a very big day. the dow going out with a begin of 261 points. 1.5%. the nasdaq not too shabby either 25 points and 26 points respectively for the s&p close of about 2086. the nasdaq clawing, trying to claw back towards the 5,000 market, closing at 4947 today. let's talk about that. some of the moves in oil. today's panel joining me now, cnbc contributor dan greenhouse is here from btig.

our own kayla tausche and jon fortt. welcome from destination wolf management. and "fast money" trader guy adami, a great group here. i'm glad everybody is with us. dan, is this just a one-day snapback because of a rocky week or manage? what do you think is going on? >> listen we're up two days. a lot is being made that this is the first two-day gain. and however long that's been that's really irrelevant. this was spurred in part on government stimulus as art cashin just talked about in the last session. you had stimulus potentially out of china. janet yellen and ben bernanke gave dovish leaning. you had an enormous amount of mna today. there is fewer companies, less stock, and that ultimately is helping. >> and the boom, kayla? >> not necessarily. but when you get stocks at levels like these, levels like we closed at the end of the year, you get companies that want to start using their stock

as currency. that's a little bit of what we saw as well as companies looking and saying we don't know how long yields would be this low. let's try and borrow and do a deal. what i was hearing from traders today was more of a sense of look, when you look at the quarter in aggregate, we have one day left now of trading for the first quarter. some of the data here and there on a day-to-day basis was not great. >> no. >> but in aggregate, there is not real much that changed. and you had europe pumping money into the system. you have really good payroll data. this boom that dan was talking about. there was more positive sentiment than people may have expected. >> i like the way kayla put that using their stock as currency. where does that take us next? >> i think the tendency in the market will be to go up. as was just said, there is a tremendous amount of money in the system right now. and i do think there really is again, it's a same old story. but there is nowhere else to go. with interest rates as low as they are, even the federal reserve is banging the drum that they're going to increase interest rates.

it's going to a slight increase this year that slight increase is still going to be fixing investors very desperate for yield that point stocks are where it's at. >> is there any reason guy adami, to think there might be negative macro implications, from layoffs and that kind of thing, or will that get overwhelmed if the economy keeps moving along, if it is? >> negative in so much as people are go to lose their jobs, no doubt. that's just par for the course with all the mma deals. in terms of what it means for the market i think dan hit it nail on the head. he didn't say the word scarety, but that's what he is basically talk about. it's a scarcesy thing and people racing to stock. to me as long the russell stays above 121, i think this rally is intact. and you need the transports, the iyt, you need to it recapture effectively 170, 168 if you want to nail it down. be i don't you need that to trade back up through 170. and once again, you'll get the next leg up in the s&p. >> and if i could just add real quick, i want to pseudo correct something that we're talk about not unusual for me. but a lot of the deals that were done today, the horizon pharma

deal, i believe the unh deal, a lot were done in cash. >> that's true. >> that's weren't using stock or as currency. that's really importance in the academics of why you want to pay stock over cash relief for another discussion another day. but the fact that we're using cash to pay for these transactions sort of plays into the theme about companies sitting on an enormous amount of cash. >> right turkey, michael's point, that ultimately helps take the stock higher. >> when do american households start doing the same thing? if anything they're going in the opposite direction. >> i'm not sure they're going in the opposite direction. let's not forget that the fourth quarter was the strongest quarter for consumer spending of the entire recovery. >> yeah. >> there has been a lot of focus on the retail sales data weaker than expected two. quick points. retail sales data are not adjusted for inflation. to declines. >> pull that down. >> and secondly consumers spend a lot more on services than they do on goods. >> and health care things like that. it all kind of comes together. >> that's correct. >> and janet yellen on friday afternoon said she expects consumer spend willing pick up

at a greater clip than we've seen in the past. that there is some sort of latency in spending just waiting to sort of take hold when the weather gets better, and when people start spending again. >> well, i think they're waiting for the tesla home battery charger to hit. >> yeah, that will be exciting. a very narrow segment is waiting for that. maybe a little seasick from all the gyrations in the market. but it's funny. you overlay last year's chart of the first quarter over this year's. they look kind of similar. we were up maybe just a little. >> first quarter gdp prints pretty similar too. >> it is. so who know what's the rest of the year has to hold. but the earnings season thus far also a mixed bag. if you take a look at what oracle reported, the stock popped after that. but then down and up again. blackberry is taking a beating today after earnings. we saw adobe take a beating. we've got some numbers coming into the next quarter, you know. a number of companies are counting stuff up now as we saw from scan disk last week. that was uli. but there is a lot more data dom versus the gyrations.

>> how much the quarter end effect is trying to push us back into the black to go back to this market for the quarter? window dressing phenomenon here at all? is that the case for today's rally? >> you know i think more is made about window dressing than really is necessary to really comment on. i think that at this point, it's not just window dressing. i don't think it's like the end of march all of the sudden everybody piling into stocks. it's somewhat of an effect. but i think again the issue with stocks right now, it's just so inexpensive. this mma activity that you were just mentioning talking about cash being used for this mma activity, why is that the case? because rates are so low. they go out and borrow tons of cash. you look at the bond offering that apple floated in europe which was a ridiculously low rate. companies can go out and raise money. they can use their balance sheet and float bonds out at incredibly low rates. you're going to see the market pick up it's again it's a demand issue. i don't think the quarter end issue is a major issue. >> guy adami, get in here. >> what do you want me to say,

ke will? i'll push back and say she talked about janet yellen prognosticating about consumer behavior. let's be careful about any of these fed people prognosticating about anything, because typically they're wrong. i would just throw that out entirely. but in terms -- >> you should have said biotech was overvalued in july. we saw what happened from that. that's true. >> and pockets of biotech, i want to be careful here. i think 75% or 85% of zero or no earnings. i get that. but the names we talk about, the celgenes amgens gileads, they're real companies so say they are in a bubble is way off base. >> it gets back to the point that art cashin was making where we just asked him where he was seeing some interest. today he said biotech. that's maybe a place to look. ironically look for leadership again in the second quarter. >> michael. >> biotech is way too rich for my blood. we're talking about p/e ratios in the 300s. guy says what do we want him to

say. here it is. you're the short-term guy. you're the "fast money" guy. so where is the market headed? is it going to go higher next quarter or not? >> let's not talk about quarters. let's talk about the here and now. we have a weird event. >> quarters do matter. >> quarter for me. it's 15 minutes from now i don't know what i'm doing. so quarter nor me is outrageous. but this friday we're going to have news come out no markets open. that doesn't happen that often. only a handful times over the last 30 years, number one. in terms of where the market is going, i just look at certain things. as long as the russell, the iwm stays above 121, and i said this to kelly now for month. >> yeah. >> i think the rally in the broader market is intact. it doesn't mean that i believe it or that the fundamentals there support it. it just is what it it is. >> how relevant is oil in terms of this market it? was the biggest correlation earlier this quarter, and now it seems to be break do you think a little bit. >> listen oil seems to have put in a bottom so to speak, at least for now. i would say our conversations with clients suggest a number of oil centric trader and pms think

there is an additional downside. but the action has been solid. stocks seem to have decoupled. i would make a general point look at oil collapse and looking at the dollar rallying and looking at earnings and the like. the stock market whether you use the russell and s&p 500 is at an all-time high. despite the fact that the dollar has rallied. oil has collapsed. >> was what does that tell you? >> it speaks about the strength of the stock market. i would echo some of guy's comments that i'm not really sure that the underlying fundamentals are as strong today in terms of forward returns as they've been in the last few years. i would disagree with michael who says the market is still very attractive. i would disagree on that point. however, the resilience of the market has been quite -- >> impressive. >> quite simply has been impressive. especially when you know a rate hike is coming some time later this year. >> kayla? >> the problem could come in a couple of weeks when we get earnings which by all forecasts they're supposed to be extremely disappointing. it does seem at least for now

the market is able to move on things other than earnings. >> but we know that. >> but we know that. >> it's a known known. >> the volatility in the dollar was going to hurt balance sheets and hedging for companies in the fourth quarter of last year. and yet people were still surprised when earnings were that bad. >> john, just going back to the tech space, but we've had some mixed and kind of disappointing headlines over the last week or two. fundamentals, i mean is the story -- should we talk about the sector at large, break do you think a little bit? or is that overstating it? >> i don't know if that's overstagt it. take a look at the consumer side of things. we know that smart phones have had their run. yes, there is still some pockets of growth. the iphone 6 has done better than a lot of people expected. but even if you're a bull on apple, you're not looking to the iphone to necessarily power that next leg. you're wondering about what are they going to do on content? how the apple watch going to do by the end of the year? that is an unknown. we know that launches often tend to be a little slower for them than the hype. we'll see how that plays out through the rest of thor.

>>. looking at the enterprise side, you've got a number of companies in price competition on storage and things like that. but at the same time trying to make aggressive moves to take share from the incumbents. so if you're an oracle you're moving outside of database trying to take some servers share. same thing for a cisco, et cetera. we'll have to see probably over the next few quarters who the winners are who is able to actually profit from that process. it's not clear if that's going to be a catalyst for anybody this year. >> so what then michael, will wheel bring you back later in the program. what sector can do the heavy lifting to lead this index higher? >> technology. i think technology even though it's at a high valuation. not pharma technology. >> everything john was talking about? >> despite everything. i don't think what john was saying is necessarily that technology is a bad thing. it's just a matter of what your expectations are going forward. one thing i would also caution investors about, this bottom that was mentioned about oil having put in that might be the bottom today. at the bottom i think in the

future is going to be perhaps more grim as the supply issue starts to continue to outweigh what is happening in terms of storage. the storage is really the issue that is going to happen in the month of may. that's what we really need to watch for. >> fair point. if that happens, if we see oil beginning to take a leg lower as well, is that something that changes your view? >> listen. i think the oil move is extraordinarily destabilizing. i don't think it's a good thing. i've told you that many times before. it's a tax break for consumers. i say horse hockey to that. and with the lvx trading at levels that it is trading at right now, to me it's still august to another leg to the downside. again, i don't think it's a good thing. i think it's a really bad thing that we can get into the geopolitical reasons why. but the stock market to dan's point earlier, looks past every piece of bad news and the resilience of it is impressive. >> correct. >> we've got to leave there it. guy, what is horse hockey? >> you should look it up. it's probably not -- i can't -- ask bill griffeth. he is still hanging around. >> am i going to get in trouble at my company if i google horse

hockey? >> no, no, no. >> i don't know about this one. thanks, guy. good to see you. have a good show. he is coming up on "fast money" with the rest of the crew at 5:00. they're going to be talking to the analysts who upgraded gopro today to find out why he thinks the stock is now a buy. tune in there in about 45. coming up there, much more on this monster market day. the cnbc market pros join us next to weigh. in will tomorrow's final day of the month end quarter be as kind to investors. and the race for 2016 is officially on. and one former tech ceo is close to throwing her hat into the ring. carly fiorina will join us exclusively to talk about her potential presidential run. and later, the stock market swinging wildly, there is an etf claiming to protect investigators from price volatility while also reaping the big benefits of big dividend yields. is it too good to be true? we'll try to find out ask the hard questions coming up on cnbc. keep it right here, first in business worldwide.

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welcome back. big rally today. for more let's bring in the cnbc pros morgan brennan, josh lipton bob pisani. here with our panel, josh let me just start with you. what are people saying about the nasdaq's run? >> well, in terms of are you talking public investors or

private investor kelly? >> i don't know. what is more interesting? >> well listen, i mean talk to vcs. if you're talking about the nasdaq's run, they feel like listen all the talk is about bubbles. but out here it's hard to find people who think there is a bubble when you see such transformative disruptive technology going on mobile cloud. so a lot of still optimism out here kelly. hard and harder to find that other crew. >> bubble, rick? you think that's a word people should be using? >> i think it's an adequate word. i think the problem with bubbles is they usually last a lot longer than common sense would dictate. but here is something fascinating, kelly. i have heard several discussions today where everybody points to the fact that you know maybe it isn't the fed. stocks might be a little topee. but they're moving up. even though everybody knows that janet yellen said the fed is going to tighten. most likely september. let's do a little brain exercise. that's about five and a half months away correct? i do recall that five and a half months before the tech wreck,

before stocks fell apart in march of 2000 the five and a half months previous to that more than almost doubled the nasdaq from 2600 to 5,000. and i'm sure traders are much more short term today than they were back in 2000. so the moral of the story is i'm not sure that the argument of investors buying into record highs is something that doesn't make sense if the fed is going to tighten this year there is a lot of history to prove that those traders will go right up to when they see the train light in the tunnel before they decide to get out of positions. >> dan is shaking his head. >> no it's not that i'm shaking my head. hi, rick. it's dan. >> it is your comment that i referenced. >> yes. i think, rick, i got to be honest with you. i think you make a lot of really important point. effectively what you're saying is traders ignore obvious information until the moment of impact. i think that's entirely true. in 2000 and 2007, there were tons of warning signs in advance. i don't disagree with you entirely about today. i think the one area of pushback

in this particular conversation is the fact that we're talking about a 25 basis point rate hike. i think we would both agree that there is probably going to be some dislocations when the fed goes ahead and raises rates. i think the more pertinent discussion is whether or not that's the end of the bull market. in that regard, i don't think that's the case. >> oh no i don't think. 25 basis points is a teaspoon in the ocean. rates probably should be at 1.25 or 1.50. i think we're on the same page regard to how small that is. but how big the reverberations may be. >> bob pisani, what do you think? >> look, i think we have two problems. we have, number one, flat to negative earnings growth for quarter one and quarter two, and maybe quarter three. and secondly we have a fed that is poised to hike at least one time this year. those would seem to be two pretty serious headwinds for stock. and yet this mythical 10% correction seems very far away. i think it's far away because a lot of people see slow but steady growth. and they see a federal reserve that is going to take a very,

very long time that doesn't necessarily argue for a horrible environment for stocks. i bet you within a few months we'll be talk about dividend paying stocks again. >> it does morgan seem hard to believe that the rate hike would mean lights out for corporate america. >> one area that we are certainly not seeing any kind of bubble talk. and one area that maybe would be considered a chicago in ed aed a chink in the armor, the transports are down. the dow transports are down about 4% for the quarter. and we've got a lot of the so-called dow theorists starting to come out and say as we've seen the broader markets, the dow hit fresh highs earlier this month. the transports haven't since their closing highs since december and their intra-day high since november. so a lot of folks are starting to look at that and look at this very closely. and bob just mentioned weak earnings growth for q1 and the railroads specifically as well as other transport companies are really the companies that are taking it on the chin and

getting sold off right now in anticipation of weaker earnings. >> real quick, bob, before we go, though the rails. we talk about the classic economic freight indicator. that's why we look at them. what happens to this kind of oil story if the volumes are slowing. does it means it's less telling in your point of view? >> if you look at what genesee in wyoming said and kansas city southern, they made it clear that the problem was lower commodity shipments. they had lower coal lower energy shipments in general there is a little bit of a commodity specific story going on with the railroads. >> definitely. >> i would be more concerned if they said hey, we're not shipping many cars anymore that would worry me quantities too. there is a whole back story to get through. we'll leave it right there, everybody. thank you. >> it's because they blow up a lot. maybe because it's they're blowing up a lot. >> we have new tank car rules supposed to be coming out in the next couple of months. we'll see. >> i hear those are a little -- >> pipes and tubes we should be using. >> point made. thanks, everybody. thank you, rick bob, josh lipton and morgan brennan with us this afternoon.

texas senator ted cruz has already declared and his colleague from south carolina lindsey graham may not be far behind. we're talking about 2016 of course. former florida governor jeb bush appears ready to carry the family mantle. the size of the gop field is sure to swell. and our next guest is 90% sure she'll add her name to the list. former hewlett-packard ceo carly fiorina when we come right back. hello. i am a fully automated investment advisory service. i can help you choose investments. monitor them. and rebalance your portfolio. i can do a lot of what humans can.

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welcome back. marriott, the latest major

american business to publicly come out against indiana's religious freedom restoration act. opponents say it's designed to infringe on the rights of gay people. defenders say it's modelled after an existing federal law, as well as laws that are in effect in 19 other states. mary thompson joins us live from indianapolis with the latest. hi, mary. >> hey, there kelly. well, lawmakers say they are working on clarifying the law's intent as the public outcry from the local and national business community continues to grow. among the companies joining the chorus twitter, speaking out against the law in a tweet saying we're disappointed to see state bills that enshrine discrimination. the bills are unjust and bad for business. we support #equalityforall. and in a speech he will make today, marriott ceo arne sorenson calls the law hurtful and says the firm is dismayed to see indiana act to commit discrimination based

discrimination. what it's really about is individual or personal empowerment. but it's putting a harsh spotlight on the state and putting at risk its $4 billion a year convention business. it also raises questions about its future as host of big sporting events like this weekend's ncaa basketball championships. now, the indianapolis-based ncaa in a recent interview with nbc did say that the basketball games will go on as scheduled here in indianapolis this weekend, though it does remain concerned about the law's potential impact on student athletes, as well as its employees. back to you. >> all right. our mary thompson in indianapolis. mary, thank you so much. of course, this controversy generates even more heat. because indiana governor mike pence is a possible candidate for the gop presidential nod. i want to bring in former hp chair carly fiorina for her reaction. she is currently working with a company good 360, a nonprofit giving away goods for everyday

survival for those who need it. carly a former ceo of hewlett-packard, a huge company. welcome to the program. >> thanks kelly, we mention all this kelly, because we know because you just told us you're 90% certain to be somebody who is running for president next year of as well. so what is your position on indiana's religious freedom bill? >> well you know i think unfortunately, this is an example of everything that is wrong with politics. the bill as mary thompson correctly pointed out is based on the national bill that bill clinton signed. this is not about protecting discrimination. it's about protecting religious liberty. and so in fact it was this law that was used by you may recall the muslim prisoner who wanted to grow a beard in prison. >> right. >> and he took that case all the way to the supreme court and won because basically, what this law says is that someone can have a remedy against the federal government for imposing on their religious beliefs. so i think everybody needs to

sort step back and cool off here and look at the facts on both sides. >> and carly, as former ceo of hewlett-packard, it's the tech community, a lot of big name there's who have really come out strongly, vehemently against this. are you surprised at the high profile activism, if you will these positions? mark benioff practically threatened to pull his business sales force's business out of the state of indiana. are you surprised by that? >> well look i think it's inincumbent on every ceo to take advantage of all the talent that is out there. so it's not in any company or particularly a technology company's interests to discriminate in any way. and that's not what this law does. this law doesn't condone discrimination. so i guess what i wish is that everyone would cool off and look at the facts before they jump on to twitter and condemn something that clearly there is a huge amount of misunderstanding about. >> and carly, these kinds of questions for you are going to be part of the months ahead.

90% sure that you're running for president. what is the penn% holding you back? >> well, like anyone else potentially running, and as you point out in your opening, there is only one officially declared candidate at this point. i am continuing to go through a process of assessing support and building a team. but i'm looking forward to making that final decision in a final announcement as i think i've said on a number of occasions, sort of late april, early may. in the meantime i'm really excited about announcing today with good 360 our latest technology platform. this is a great company that i did business with when i was at hewlett-packard. we take excess or obsolete inventory from all manner of companies and instead of that going to a landfall seven million pounds goes into landfalls every year we allow -- we connect through the power of technology 45,000 charities in this country and around the world to those goods.

and today we're announcing an improvement to that technology platform that basically allows charities to go up and lay out what we call wish lists, things they really need so that we can connect them very specifically to donor companies. and so donors can see where their money and their goods are going. to good use. >> i was just going to ask, can individuals get involved with this. >> yes, absolutely. >> i'm desperately trying to clear out some old books, some old clothes, that sort of thing. >> well generally we focus on new inventory or barely used inventory. but please everyone should check it out. it's good 360.org. if i may, let me just tell a very brief story. i was recently in delaware with a wonderful organization called exceptional care for children. this is an organization that treats very severely ill or physically challenged children many of them are on end of life programs. and this little girl wanted a

ballet lesson. she was too ill to leave the center. so thanks to the generosity of one of our donors this center was able to build her a ballet studio in the hospital basically should she could take ballet lessons every week. and there is literally hundreds of thousand of stories like that. >> and thank you for sharing that and for the work that you mentioned. i want to ask you as well about something, the ellen powell verdict, the win for kleiner perkins, basically, a win that is reverberating around the venture capital community, the technology community. what is the real lesson here from this verdict, from your point of view? >> well clearly the jury decided unanimously that there wasn't a situation of harassment or discrimination here. and yet it is clearly also true as many tech ceos have acknowledged that the technology industry is still not taking full advantage of all the talent that is out there. women represent half the talent

of this nation and of this world. so when technology companies aren't taking advantage of all that talent, they're shortchanging themselves. >> it's just interesting, again to go back the what is happening in indiana. i mean we're talking ultimately about access to the widest pool of talent an issue that is keeping these companies -- it almost sounds like you're on both sides of it. on the one hand defending what has happened in this case and on the other hand, trying to defend indiana and some of the other religious freedom statutes out there at the moment as well. >> well i think if we take the facts away from the emotion of this case, i think every single one of us would agree to two principles. one, discrimination is wrong. we need all the talent we can get. and two, protecting religious liberty is at the core of this nation. and so of course we need to protect religious liberty, and that's why everyone agreed that this muslim prisoner should be able to grow a beard. so i think sometimes we spend so

much of our time in politics talking in very highly emotional, vitriolic terms, and we need to settle down and talk on the basis of common sense and principles, where i think there is a much greater opportunity to find common ground. it's one of the reasons why i think so many americans frankly are sick of politics as usual. and would just like to have a conversation about the pressing issues that face this nation. and there are indeed many. >> and carly, we suspect you'll be in the mix for that conversation. thank you so much for joining us this afternoon. carly fiorina, former hp ceo and board chair of good 360. thank you so much. let's send it out to dominic chu here for a quick market flash. >> kelly, teck resources is down about 7% this the after market. it's responding to a prior report from bloomberg saying it is exploring a possible merger with antofagasta, another copper producing giant. the company says it's not in talks with antofagasta regard

anything kind of transaction, and according to multiple reports, antofagasta is also denying there are any merger talks. the shares down about 7% in the after hours, kelly. back over to you. >> thank you very much, sir. time for a news update with sue herera. >> here is what is happening at this hour. the prosecution has rested its case against boston marathon bombing suspect dzhokhar tsarnaev this afternoon. they showed jurors some gruesome autopsy photos from those killed in the bombing. defense lawyers opened their case by filing a motion for dismissal of all charges. iran's deputy foreign minister says a nuclear agreement is unlikely to be reached today. both sides have set a deadline of tomorrow night for a framework agreement. iraqi troops were fighting in the streets near tikrit general hospital today, where they believe islamic state militants who control the city are sheltering. the soldiers were fighting without that country's shiite militia, who backed out in protest over u.s. involvement in the fight for tikrit.

and queen elizabeth is facing a strike for the first time ever at windsor castle. this over low pay and allowances. castle staff start with as little as 14,000 pounds per year, meaning they earn less than the living wage in britain, and they say they are expected to carry out extra duties for no extra pay, like giving guided tours and other things. so stay tuned, kelly. that's the cnbc news update at this hour. i'm sure the queen is not amused. >> yeah but it's no joke giving those tours. the amount of information you have to know. >> yeah absolutely. >> the languages and everything as well. thanks very much suit. sue herera back at headquarters. the clock is winding down. a nuclear iran hangs in the balance. u.s. officials as well as representatives from germany, china, russia france and great britain are huddled with their iranian counterparts in switzerland in an attempt to broke area nuclear agreement before tomorrow's deadline. now a state department says a deal is 50/50. the latest on where things stand, next.

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iran and six world leaders including the u.s. have until tomorrow to reach an agreement about the country's nuclear

program. eamon javers joins us with the latest in those talks. hi eamon. >> hi kelly. sitcom do you think to the peyer in the f-5 plus 1 negotiations taking place now in switzerland. no indication today of whether or not we're we're going to have a deal of the deadline by tomorrow. take a look from state department spokeswoman marie harf. saying there is still a path to do this, and i would probably say 50/50. that's where things stand as of right now. a couple of the obvious issues. we don't have a lot of visibility into what is being discussed, but the obvious issues on the table are what to do about iran's uranium, whether that can be disposed of or secured in some way. and what happens with the sanctions regime that surrounded iran for so many years, whether that goes away entirely or in part, or where that ends up. all of that in play here. and we should know by tomorrow. but as of right now, they're saying that the negotiations are still ongoing. and we'll find out when we find out. >> we will.

and eamon, thanks very much for now. from more on that state of play let's bring in jim walsh, senior research associate at mit. good to have you on the program. the "new york times" this weekend points out it's two mit guys that are at the heart of these talks between the u.s. and iran. did you see that? >> i did. and i know both of these guys. it's a little bit of a club. sometimes in negotiations that little bit of connection can actually be helpful. >> jim, bringing in our jon fortt here. >> hi jim. i'm wondering what you think will be the outcome of this in the sense that if the goal is to keep the middle east from becoming -- from getting into a nuclear arms race given the fact that so many of the u.s. erstwhile allies aren't sure about this dealing with iran might they go nuclear anyway even if these negotiations do see some success? and would that make it a failure in effect? >> yeah, it's a great question. well if i think you keep iran from getting a nuclear weapon that's a success, no matter what everyone else does to start with. but i don't think -- i think

that's a lot of talk you hear from the saudis and others. it's important to remember that iran's had this nuclear program since 2005 so for at least a decade. in that decade saudi arabia and the other countries have not moved to acquiring a nuclear weapon. israel had a nuclear weapon got theirs in 1966. and you haven't seen a flood of nuclear weapons in the region. i think if they get a deal and it's a solid deal, that this is going to help, not hurt the cause of nonproliferation. >> yeah it's the existence of the nuclear program since 2005 that leave some supporters of a deal to say look at the very least, we could get more information about it. but jim, how can you be sure that the information that the u.n. and that some of the other nations would get would actually be accurate information? >> well we have a track record here that is pretty good. you know we've had -- the international atomic energy agency has been on the ground at every enrichment facility on the ground in iran since 2005.

and in the past year we've been operating under this thing called the joint agreement, this interim plan. and under this the agencies had even greater access now daily access to those enrichment plants. and my guess is if we get an agreement in the next 24 48 hours, iaea will have even a greater broader mandate for more intrusive inspection. but even as it stands right now, they are in every single facility in which there are centrifuges in iran. and if iran goes to change those, they know about it. >> i guess i would just take issue with israel's situation, having had these weapons for decades. israel is a country that needs to strategically defend itself from its neighbors. iran is a country depending on how you look at the borders of the mid east whose border mace be porous or don't matter or they're supporting regimes that we may or may not be on the same side of across the entire region and outside of it as well. isn't that why it's a much more difficult, dangerous if you will situation, if they got their

hands on these weapons than if israel did? >> well my point about israel is that israel got them in '66. and we didn't see a flood of proliferation. that was in response to the earlier question about would we see more proliferation. but i think all newsroom clear weapons are dangerous. i think that's at least a signatories to the nuclear nonproliferation committee including the u.s. have concluded that eventually they'll dismantle the nuclear weapons. i think from iran's perspective, they think they live in a dangerous neighborhood. iraq invaded them used chemical weapons against them and had a nuclear program. so that probably got their attention. but in any case nuclear weapons are not going to solve their problem. i don't think nuclear weapons are going to solve israel's problem. that's not going to solve the palestinian problem. and that is a good move if we can keep them -- the fewer we have there, the better i think. >> real quick before we go, 50/50 are the odds the state department put on a deal being reached. what would you put? >> you put me on the spot. i'd say it's closer to 80%, believe it or not.

>> wow. jim, thanks very much. jim walsh from mit this afternoon. 80%. it's been a wild ride for the markets this month there. is an etf claiming to bring investors the benefit of dividend yields without the price swings? how is that possibility? we'll talk to about it next. and if you think the statement has been hot? well, the art market puts it to shame. wealthy investors are spending hundreds of dollars a minute at auctions. later we'll get a behind the scenes look when "closing bell" comes right back. stay tuned. after all, healthier doesn't happen all by itself. it needs to be earned... every day... from the smallest detail to the boldest leap. healthier means using wellness to keep away illness... knowing a prescription is way more than the pills... and believing that a single life can be made better by millions of others. healthier takes somebody who can power modern health care...

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etf firm reality shares is creating a new way for investors to approach dividends. the divs exchange traded fund is the first seeking to deliver isolated dividend growth without exposure to the underlying price fluctuations. it is today's daily dividend and for more we're joined by eric irvin, reality share ceo. back with us is michael yoshikami. wake to you. the first question on everybody's mind how does this work? and how risky are some of these strategies involved? >> yeah actually that's funny that you should say so. from a risk perspective, what we're actually doing is taking out a lot of the market risk in order to just isolate the pure growth of the dividend in the market. so if you imagine, if coca-cola pays a $2 dividend for example, and that $2 dividend goes up to $2.50, that's what we're seeking to capture is the growth of just the dividend, not all of the volatility from the stock price.

>> to eric it not only reduces the fluctuation on the downside but it also because it's essentially a derivative strategy reduces the upside potential, right? so people should not expect s&p 500 returns with less volatility. in fact, the narrowing of the range of fluctuation is one of the things that you're trying to address with this product, right? not just pure equity returns? >> yeah, precisely. but your point about not expecting s&p-like returns certainly went markets go up 30%, no the dividends aren't -- >> that's exactly what i'm talking about. i'm not talking about the dividends. i'm talking about the share price of the actual asset. >> but if you zoom out, if you think about it dividend growth is earnings growth over time. and earnings growth is stock price growth. so you should end up with over long periods of time about the same relative return as the market with less volatility. >> kayla? >> but you don't necessarily offer any additional downside protection, eric. ooh imtrying to think in the next financial crisis when

companies are trying to conserve their cash. >> the first thing to go is the buybacks. the next thing to go. >> the second thing to go. >> even the second thing to go, think about 2000 2001 2002. hardly any dividend cuts there has only been three times in the past 40 years the dividends have gone down on the s&p 500. two of those were single digit declines. >> what percentage of the assets are held in energy stocks right now? >> well, if you think about the s&p 500, which is what we're using. so we're capturing the dividend growth of the s&p 500 and nasdaq. it's about 10 to 12% of the s&p 500's overall exposure is in energy stocks. 2% is chevron. 2% is exxonmobil. so you really have to get down to those tiny little stocks that hardly pay a dividend. >> last word michael? >> the other thing about this is it's important for investors to recognize that even though this has the word "dividend" in the title, and this is really important. this is about the labelling of etfs that people have to be very aware of. even though it has the word

"dividend" in the title, the current dividend paid on this asset, am i correct, is zero? >> eric? >> absolutely yes. the dividend is the vehicle which the vehicle which we're willing to capture and seeking to capture. and then the growth of that dividend. we're not paying a dividend it's not a coupon. it's focusing on the growth of the dividend without having to buy the stock. >> yeah. i feel like i have been flipped on my head. but we have an understanding, thank you so much for being here. tons of interest in the kinds of instruments, so it's super important. great to have you all with us. the equity markets were flying high today, but the economy may not be so lucky. an exclusive vary of the economists on cnbc.com says things may have stalled on the hot list. and we're sharing more secrets of the super rich. here's a look at the collector/investor who can spend

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oh man, today's big market day always a big day for our website as well. for the big stories let's check many with the site's managing editor. >> here's a little twist though. people have been jumping on one story that we put up about junk bond debt. here's the big take away. you have more offering junk bond debt but they went off four reasons that they went out of business. might not be a wise idea. another gloomy story pulling in big by steve liesman, he did a rapid update. what economists are thinking about first quarter gdp, they're revising back because of weather. finally, third one, weather relate today, elon musk tweeted out he's working on a new product. the big guess -- stationery batteries for your home which can help in your home when power

is a problem. >> like a generator? sounds familiar. ed a alans with a her, thank you. and the rich are snapping up hundreds of thousands of dollars in art. roger frank is giving us an inside look, next. ♪ ♪ [ male announcer ] andrew. rita. sandy. ♪ ♪ meet chris jackie joe. minor damage or major disaster, when you need us most, we're there. state farm. we're a force of nature, too. ♪ ♪

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right now, robert frank got a behind the scenes look to check out why the art market remains red hot. >> well if you want to know why our prices are soaring take a look at this. it's because of wealthy collectors like steve wilson. we tag aid long with wilson who owns a hotel and museum as he spent $300,000 in one hour. at art basel miami, check it out. it's called art basel. an art sale that lasts three days. but if you're a big spender, this line gets you in a day before everyone else. when the doors open the super rich rush is on. on sale here -- six figure paintings, pricey sculptures, and lots of really expensive stuff that doesn't even look like art. >> like hunting.

>> reporter: we've got rare access to the first two people in line this morning. steve wilson and his wife laura lee brown. they already spent millions building a 2,000 piece art collection and they're here because they want even more. >> i'd like to buy the whole booth. >> reporter: in a single transaction, this power couple will spend more on art than some people make in a year. and it was like black friday at walmart, i mean, literally hundreds of pouring in. this guy $300,000 in one hour. i'll take one of those. >> which is more than most people make in one year or even five years. >> at art basel they sell $3 billion worth of art on the weekend. >> no sign of a slow down? >> no sign of a slow down. the picasso could become the most expensive painting ever sold. the prices are going to keep

going up. >> crazy. thanks very much, guys. i'm glad we could squeeze that in. my thanks to the panel. that does it for us on "closing bell." "fast money" with scott wapner in for melissa lee starts right now. "fast money" starts right now live from the nasdaq market site. i'm scott wapner. the traders tonight are dan nathan brian kelly and karen finerman and guy adami. we have the man behind the calls coming up. and plus tesla ceo elon musk taking to twitter saying he's got a major announcement on the horizon. it's not a car. the details just ahead. but first, we start with what else, the broad-based rally we saw on the street after last week's heavy selling. all throw of the major indices seeing gains and the dow is jumping up. so tonight we asked the question, how real is this rally