me amazing guests for the first couple of days for next week. i have to spend the weekend in l.a. melissa. >> don't say that. >> i know. and miss all the tuxedos in d.c. how will i survive? have a great weekend. "closing bell" starts right now. thanks for watching, everybody. hello, happy friday. welcome to the "closing bell." i'm kelly evans here at the new york stock exchange. >> i'm bob pisani. it's shaping up to shall another historic day which is on track for a closing high. the real question is whether the rally is for real or if we're facing another bubble in the tech sector. we'll talk about that shortly. >> the s&p 500 trying to match the nasdaq and close at its own new high. number to much wa there it is 2117.39. the level that's been driving bob crazy for a couple of days now.

>> it doesn't make it over. >> box office records also could be in danger when disney's new avengers movie is released. if you're looking for a potential blockbuster alternative investment, boy do we have one for you. how you can invest in films and get your name in the credits as well. >> in the markets right now, we're sniffing again, 3:00 we're on. all right. we were at 2,119 on the s&p, just a little while ago. down to 2,117. we need to get over there for a new historic high. nasdaq in record territory but below where we were just a short while ago. kelly. let's get right to it with our "closing bell" exchange. brad mcmillan joins from us commonwealth financial network, doug gordon from russell investments, peter costa from empire executions and our very own rick santelli. lindsay, let me start with you. how bad is the first quarter gdp number going to be? and what's going on with the second quarter?

are we getting much of a rebound here? >> as we saw in this morning's number, it was up 4%. not normally met by disappoint. the details, looking at that proxy for business spending we saw orders decline for the seventh consecutive month. down 4% year-over-year. down nearly 10%. this is significant weakness that cannot be discounted because of one-off disruptions and certainly not because of unseasonably colder winter weather. as we look out to the remaining nine months it's likely to continue to drag. consumer spending is down. housing is bouncing along. >> we have choppy economic numbers as she just referenced. what's going on with the old school tech names? when was the last time microsoft was up 10%? amazon is up 15%, google is up 4% or so. why does the world suddenly decided they wanted to own old

school tech? >> growth is back in fashion. you've got companies that are actually making money that are in a position to make more money over the rest of the year because i think companies are going to continue to invest. maybe just not in durable goods. they're going to make more money by investing in technology. people are playing the growth and recovery. the market expects that to continue. >> i'm looking, doug at the market, the softer economic data coming in. and wondering if people are wrong to say is there -- is something amiss here? are we back to bad news as good news for the market? are the levels becoming detached from the fundamentals? >> i don't think just yet. we're beating on eps and materially missing on revenue. that's the case of the cat and mouse game that analysts are lowing expectations up to the announcement and firms being able to beat. revenue you can't hide in whether that's the strong dollar impact and the more transparent impact on energy.

as we move through the year though we could see the wind fall from the low energy prices, we haven't seen it yet but see that unlock consumer discretionary spending. similar to what we saw last year, though being this much later in the earnings cycle, it won't be as material an impact. >> the minute we got that lousy durable goods number at 10:30, we went down 4 or 5 basis points and the stock market didn't react nearly as much. where are we right now in the way we should be looking at the ten-year? >> well i'll tell you, i think keep it simple meat and potatoes, understand this is the 27th session, not 27 days. 27 sessions where the closing ten-year yield is going to fall between 186 and 199. think about that.

march 17th was the last close above 2% and they've been rare. they were basically around the 6th and the 9th of march because we had that big 295,000 jobs number. outside of that it's been sparse. to answer your question, bob, i look for more of the same. if we close above 203 or close below 183, look for follow-through. the most interesting dynamic is how our stock market is going up on weak data and the devil is going down on a strong euro. it shows you policy trumps everything. >> what's driving the flows you guys are seeing these days? >> we're seeing flows into big names. you can see that from the industrials. they've done fairly well. one of the other things i'd like to bring up is that the earnings per share, they've been beating but they're also beating because there's less shares outstanding. they've had a lot of buy backs. similar revenue, maybe the revenue has gone up a little bit but they're dividing it by less

shares. the earnings per share are going to go up. i don't look at that or look at revenue growth. i look at going forward. >> do you think everybody does? are stock investors that gullible that they're only responding to an earnings per share number or is that the overriding factor? >> i don't think they're that gullible. people have the ability to look into things deeper no you with the internet. i think that they're looking at these companies and the potential growth going into the third quarter. i think they've written off the first quarter. if you look at the way the market has reacted, the market has not been bad the first quarter. you know, the earnings are coming out market has been fairly solid. you know, what we're looking for is that second and third quarter growth. a lot of companies have been increasing. >> even the first quarter numbers might avoid being negative. that's something, i guess. >> that is something. >> how are we supposed to look at earnings? the traders have been wringing their hands about this. that's one of the problems. we have low volume and low volatility. no one can decide firmly on what

direction they feel the market should be going. earnings are flat to down this quarter and the next quarter. as i've been noting part of the problem was oil down and the dollar rallying. those are reversing recently. is there any reason to be optimistic that earnings may improve in the second half of the year? >> well bob, that's a great question. i think it's a case where revenue is down both in large cap and the russell 2000 relative to expectation. if we can see this windfall as we mentioned before around the unlocking of the consumer spending, that might get us back. the issues that are transparent to your point, we know what the impact is -- or it's more transparency from the impact on energy price on firms are directly tied to that. the other side of this is that strong dollar and how long that will pertain. we have to think when the fomc does make a rate change, that sheering of monetary policy will have an impact on the dollar strength.

we don't know how effective some firms are in their hedging strategies. that's more opaque. the market is having a harder time in terms of anticipating what the revenue impact is to for some of the large cap names. >> fair point. lindsay, as we do digest the impact of the stronger dollar -- jpmorgan this morning was saying, look some of the indications say this wasn't a first quarter weather port strike thing. it is more about the stronger dollar and the oil and gas slowdown. how does that affect what the fed does with interest rates here? >> we've maintained our 2016 forecast for the past several years. we don't see any sense of immediacy or catalyst to suggest that 2015 will be the year of above trend growth. we've seen nearly every sector of the economy lose momentum since the second and third quarter of last year and when the fed is looking out in the economy, they're looking at the labor market top line job creation slowed. we continue to see the same variable plaguing there and

record low labor force participation and stagnant average hourly earnings. also from an inflationary standpoint, what inflation? negative cpi, very low pce. from the fed standpoint there's no justification to be talking about a near-term rate increase. >> every time i talked to the skeptics out there, there are many, this is a hated rally, i asked why are you still in the market? well, bob, i can't put it in cash or bonds. i don't have much choice. the fear of losing money has been a losing trade. in a way for the last four or five years. is there any sign -- what would make people reverse that say i don't want to lose money. nobody's been saying that for a long, long time. >> we're definitely seeing retail investors move back into the market. i think that in and of itself is a good sign. the other thing i think we need to look at is to look at what's happened. we've seen a lot of negative effects that have hit immediately in the short term. there will be positive effects

in the back end. lower gas prices, for example, no one's spending yet. the key word is yet. it normally takes about 6 to 12 months. i personally think we'll look back on this first quarter and say this was the first story as we saw last year. you remember we had pretty much exactly the same story. and then people came back and started spending and the weather improved. >> my point is the complacency is astonishing. we're at historic high with the vix at new lows with no volume. that's kind after mazing technically. >> yes. >> it's inkred.credibleincredible. >> if you look at it this is a classic goldilocks market we have a lot of good earnings good momentum in the market yet there's a lot of negative feeling out there. to me it's almost confusing. why is the market at 20 -- you know, the industrials over 18,000? when you think about it you know, it is because there is no other place.

the bottom line is there's no other place to put money. where your risk is there's a 5% risk on the downside which i think a lot of people would agree, that's not so bad. your upside potential is a lot more. >> with no fear. >> no there's no fear. >> there's no fear to put money is the answer. >> maybe the simplest answer is the best. >> good to see you this afternoon. 50 minutes to go until the close. the dow trying to stay positive to close out the week. the dow is up 14 points. the nasdaq is up 2.5%. the s&p trying to close at new highs watching those levels very carefully here. it would by the way be the highest level since march 2nd. there's the all-time high. 1, 2,117. >> look at that. how strange is that? seriously in any positive move on the nasdaq would morning another record microsoft,

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welcome back. yesterday the nasdaq closed for the first time at a new all-time high in 15 years anyway. today we're seeing if the s&p will follow suit. about half a point below the level it needs to do that torturing bob pisani here. 2,117.39 is the benchmark. the s&p up 02.2 on the session. the markets are in positive territory today. just ever so slightly except for the nasdaq bolstered by the strong performance by microsoft and other components on the back of the earnings. a new report from red fin says some homes on the market are, quote, stale meaning they've been on the market for more than a month. is housing hot or not? >> housing is hot. housing is always hot. ask these two. christopher thornberg, the

founding principle of beacon economics and dottie herman president and ceo of a real estate company. >> i don't know where they got that from. i can't figure where that information came from. >> my wife has been in the real estate business nor 30 years in philadelphia. she's bitterly complaining they done have the enough homes to sell. we know the prices are up. why is the supply so tight? >> for a couple reasons. most people lost equity. when you lose equity you can't move around. so people weren't able to do -- they're just starting to gain equity back so that they can actually make a move. if you have negative equity you're not going anywhere. you're starting to see people move. interest rates are tight. interest rates are good but the credit is tight. hard to get mortgages. even though interest rates are going up they're still very low, under 4%. andmillenniums, 18 to 34

that's usually first-time buyers. that usually drives the market. they've been delayed because they got out of school during recession. the job market was horrible. so they put off. that is a generation that's larger than the baby boomers. >> in numbers, sure. >> generation now, they'll start buying. you'll continue to see it move. >> if we had more homes available on the market suddenly the sales numbers would take off? there are factors holding demand back, too, aren't there? >> right. to that point. it's a great thing. most people when they sell their house they'll buy another one. if you don't can't get the credit you're going to move. when you look what's happening, the trends are obvious. it is easier to get credit right now. you're starting to see stabilization in outstanding mortgage debt. banks are starting to lend again. the average fico score on a fannie mae 30-year fixed rate

mortgage is coming down. according to estimates from the federal reserve, americans have about $13 trillion in equity in their homes. that's up from 8 trillion at the bottom of the housing downturn. that's a lot of money sitting out there. as things start to circulate, people are more confident. they're making more money. this will be a good year for housing to be honest with you. >> we're in new york. what about housing? >> let's say this. it's what i tell people okay sustainable growth meaning we're not going to see what we saw across the country in pre-recession. where the prices. >> reporter: going up double digit. so they're going to go up i guess most economists say 2.5 to 5%, 6%. however, if they really spike, they become unaffordable. >> it was more than that last year. >> yes. i think you're going to see it level off with a growth but not

over the top. >> chris, last word to you. a lot of people have been betting on the home builders. they've had a great run but they're lagging a little bit in recent sessions. >> yes. >> are they very well positioned for the reasons we just laid out or will we continue to see them struggle to get back to pre-recession building levels? >> here's the pro and the con of the builders. the pro is sales are starting to go up indeed. first quarter this year housing sales are 20% higher than they were last year. but to that end, most of the activities on the higher end of the market. the lower end is still being constrained by the weak labor market and tight credit conditions. as long as we continue to move forward over the course of the year the way we did last year that's going to start to change. where the builders are going to do better are the guys who focus on the more lower end of market. that's the part of the market that needs to come back. >> that we would love to see for so many reasons. chris thornberg, dottie herman thank you on this friday

afternoon. >> appreciate it. thank you. the dow jones industrial average down from where we started at 3:00. apparently the s&p 500 is stuck at 2,117. it seems to not want to get off of that. we need to get over 2,117 to get a new closing high. we're up for the week. it hasn't been a terrible week. >> we can't seem to hold the breakouts. art cashin said it feels look a failure to launch bob. up next, pulling the plug. comcast, the parent km of this network spiking its proposed $45 billion buyout of time warner cable. what's next and what does this mean to the cable television wireless and set top industries? back in two. but who's got your back when you need legal help? we do. we're legalzoom, and over the last 10 years, we've helped millions of people protect their families and run their businesses. we have the right people on-hand to answer your questions backed by a trusted network of

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welcome back. morgan brennan tracking movers in the final hour of the trading week. mattel that stock getting a boost after goldman sachs upgraded the toymaker to buy from neutral with a $37 price target. the management is making the right strategic moves. shares are up 4% right there. newmont mining also higher. the gold miner's profit nearly doubled in the first quarter. those shares are up about 6.5, 7%. shares of biogen on the other hand are trading lower today. the drugmaker reported lower than expected profit and revenue growth as sales of its key multiple sclerosis drug slowed

down. those shares are down 6%. and comcast, the parent company of cnbc's owner, nbc universal, officially calling off its proposed $45 billion merger with time warner cable after it became clear the deal would not get approved by antitrust regulators. shares of comcast up 0.5% time warner cable up nearly 5%. back over to you. >> morgan, thank you for now. brian roberts be the ceo of comcast told "squawk box" even though the deal is off the table, comcast won't look back. >> we thought we could get the deal approved. we thought we could make a good case. i think our team did. in the end we have to move on. we've had record quarters every single quarter. we've kept our eye on the ball the team has. we move forward from here and you know, there's no looking back. >> here now to react on what's next for comcast, let's bring in frank luther from raymond james. brian roberts was on this

morning, sort of implied maybe buy backs. is that a place marker comment? is that really the best we can do here? >> i think for the near term it is probably going to be pretty boring. as brian said we're the best operators in the business. i think they'll continue to put up good results and will return cash to shareholders. either a combination of buy backs. they've had a long track record of above average dividend increase which is they backed off a little bit since they announced the merger. i think you can see that. we'll see what happens from there. for now, the stock can move higher. you'll have investors that are on the sidelines waiting for the deal overhang to come off. i think you'll see good performance out of the shares. >> we're hearing reports about charter, perhaps looking again at charter. i'm interested in where you think comcast might look if it wanted to move further into the broadband space and pursue that avenue in terms of where it wants to focus right now.

>> that's an interesting question. we have toon the to extend our services to new markets. okay? since this deal is talked about about a year and a half ago, new opportunities to extend services have been invented. last week charter bought active networks which is a distributor of cloud-based tv. i don't think the tv business other than the fact there's legal boundaries of what you can do and what you can do can't be distributed on broadband. and comcast has a huge subscriber base has xfinity, a plug and play package for o.t.t. >> over the top. >> you think they can or can't. >> they can. >> they can? >> they can. basically the only barrier is legal contracts preventing them from selling into different markets.

>> frank, how about getting a leg up on the con ten. we're content people. i like content. how about something bold by maybe discovery. how about lions gate or something like that a film, does content make any sense at this point? >> that was one of the bigger aspects that made the regulators concerned, the content they owned and controlled. the unfortunate thing is the content companies, i this i, were behind a substantial amount of this holding this up. they're the ones that hold all the cards. i think understand about over the top video makes a lot of sense. the content companies won't let them. it was fears over that content distribution ultimately i think that got -- that put them in the position they were to break up the deal. i would be surprised if they went after another content company. i think another cable company might be interesting to stay under thresholds. i would be surprised if they

went after more content. >> do you expect at some point some of those legal restrictions would go away and allow for a very different land escape from these companies and what we've seen? >> you're starting to see them erode. dish launched sling tv. apple tv is coming out. and so at some point, they're going to look at this calculus and say, look this is not really linear to our tv revenue. we're creating another over-the-top competitor, at which point in time they may do it because they'll have to do it. >> we have to leave it there. frank luthen from raymond james. thank you. time now for a "cnbc news update" with sue herrera. here's what's happening this hour talks on iran's nuclear program were held in vienna today. negotiators attempting to reach a final deal that limits tehran's nuclear capabilities in exchange for the west lifting economic sanctions. the self-imposed deadline for an

agreement is now june 30th. visitors to the statue of liberty were evacuated from the statue and liberty island in new york harbor after a bomb threat. officials looking for a suspicious package but police later issued the all clear, no suspicious package was found. the apple watch going on sale today around the world. a california boutique in west hollywood was the only store in the country that had them in stock. apple watch fans started lining up early yesterday afternoon to be one of the first to have the device on their wrist. mattel will no longer make the sea world trainer barbie doll. a mattel spokesman refrained from specifying the reason for the move but said the licensing deal expired and the company decided not to renew it. sea world has been heavily scrutinized for its treatment of captive whales. that is the "cnbc news update" this hour. back to you guys. >> sue, thank you so much. we have 30 minutes to go until the close. watching to see if the major

indexes can may positive. if the s&p is up more than the four points it is at the moment it could be a record high. it doesn't feel like record days down here now. >> we need half a point to close at new highs. they'll torture us right till the end. and what's the difference with today's market psychology compared to 15 years ago? wait until you hear which nasdaq stocks still look cheap. you've been staring at that for awhile, huh? listen, td ameritrade has former floor traders to help walk you through that complex trade. so you'll be confident enough to do what you want. i'll pull up their number. blammo. let's get those guys on the horn. oooo looks like it is time to upgrade your phone, douglass. for all the confidence you need. td ameritrade. you got this.

and here's your all-time high which we have memorized in the last week and a half. 21 2,117.39. there's where we are, 2,117.

let's get through the next half hour. the nasdaq on its way to locking in a good day. joshua lipton rounding up the winners for us. >> it is only going to get bigger. here's a recap of companies atracking the most attention. investors loved what they heard from amazon which said it grew revenue by 15% to nearly $23 billion. of course the real news came from amazon web services the company's cloud business where investors were very pleasantly surprised by that segment's revenue growth and margins, also well in the green, microsoft which reported and beat expectations. importantly, its commercial division grew to a better than predicted $12.8 billion. and then there was google which reported and missed on earnings revenue and ad metrics as the company dealt with big fx

headwinds. bulls point out margins surprised the upside and free cash flow was strong at 3.7 billion. finally, facebook where revenue missed expectations but the social media giant did announce strong user growth. monthly active users jumping to more than 1.4 billion. now with this week in the history books, all eyes turn to monday when apple reports the street looking for 2.15 on revenue of 55.9 billion. that would be a jump of more than 20% on the top line. guys, back to you. >> all right josh thank you, sir. with tech earnings pushing thes that dock to these all-time highs, are investors worried about deja vu? >> ron insana at market fy.com and jack moore, he's the director of market research at jim cramer's charitable trust. a lot of people are talking about the new highs here.

i think appropriately. this is not dotcom mania. >> no. >> this is not the nasdaq of 15 years ago, correct? >> you were just saying that nasdaq is rising on earnings which it did not do in the year 2000. today it's about 20 plus. there are revenues profits. there are cash flow all of which was effectively nonexistent in the more speculative stocks. i think historically i don't know that everybody brings this up. if you look at the market crash in 1929 the dow was the nasdaq of its day. took 25 years to get to its all huff time high. 1954 before the dow saw the new high. it's been 15 years. it's not that strange that it's taken this long. it's been 12 years since the nasdaq bottomed out. it's a different index, different time an a different valuation level for sure. >> most important perhaps, investors want it know where is there still value? where can i find growth at a reasonable price?

what do i see? >> you have to look at the free cash flow growth. that's why it's so much different. last night's results were the perfect example of why this is different market. we're getting excited because google's free cash flow increases 80%. now they have $65 billion on the books, microsoft $85 billion on the books. 400 point basis for their margin. >> what about that, ron, when was the last time you saw microsoft up 10% on a day on massive volume? amazon's up 15%. what happened to -- >> we're used to that with amazon. that's a weird stock. >> maybe that's not the right one. google is up 4%. that's pretty good for them. whatever happened to the idea that old tech like microsoft is getting eaten by nimbler competitors? everybody seems comfortable with old school tech names. >> i'm not sure everybody is comfortable with ibm.

intel has been beaten up and is starting to come back. there are analysts recommendation that where old tech will be a beneficiary of what's happening in the new tech world, whether it's the cloud, big data, what have you. there are real drivers to this. bob, you know you go back to the vaporwear of the late 1990s. free cash flow was represented by the equity markets. there were no revenue. that's not what's happening here. >> what about -- >> we're not doing eye ballser with click. >> we had so many fake metrics back then it was crazy. >> what about biotech, jack? some of the market caps of these companies have grown exposnential exponentially in a couple year's time. is that an area that could be interrupted by a correction. >> absolutely. you see so much of this growth is driven by novel, of course

products which i think is pretty -- there has been a huge burst in novel pipelines. but i think what's more concerning is that ultimately if you're not taken out, you have to grow on your own. the bigger ones will have a lot more -- i think the smaller ones are at more risk. the bigger ones have more room to pick and choose what they want. >> this doesn't mean that everything is at perfectly same valuations. my prowser and i were talking about netflix, 160 times forward earnings. people are willing to pay anything for the growth they think is coming down the road. >> there were so many click-through deals going on in the 1990s. if you clicked on it, it counted. with respect to biotech, go back to 1989 where early biotech was in a bubble, you had amgen and chyron. we saw hundreds and hundreds of biotechs. some of those were concept

stocks. these days revenues if you're talking about a gilead or a cellgen. you had companies get back and you had big survivors like the amgens of the world. biotech might be in a mini bubble right now but there's no public participation which is the other factor that's largely been missing in the move upward. >> we were talking about that earlier. thanks to ron insana and jack moore. just about 20 minutes to go before the closing bell. dow jones industrial average off of its highs, s&p 500, 2,117.94. that's good enough for a closing high. can we close the markets now, kelly, please? >> bob. >> up next the knockoff of the apple watch. there they are turning up in china for a few months already.

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welcome back. dow is up 25 today. nasdaq further into record territory. look at that just 7 points shy of closing at 5100. the s&p adding five points for its part. if it closes here it will be in record territory. >> 2,118. yes! this is exciting to me. the first apple watches are being delivered to customers who preordered them. made in china knockoffs have been hitting the streets in beijing and other cities for a few months already. >> our eunice yoon visiting here at the new york stock exchange based in beijing, welcome. we want you both to hold up your watches. >> there's mine. >> hold it to your right. perfect. there's -- okay eunice is on the left john fortts is right there. which one is real? and which one is fake? can you tell. >> i really can't tell except

fortt has his color coordinated with his jacket naturally. the coolest guy here. i can't really tell. >> stainless steel front. very elegant. >> the functions look the same. >> open up the cnbc app on that one, eunice. >> there you go. the cnbc app. busted. and no touch screen. that's a problem, though there are a pedometer in there. are they aware that it's basically a knockoff. >> they know it's a knockoff. it is very cheap, about $30, between $30 and $50. i bought this one in early february and now there are several versions that are much much better that do have a touch screen, that do -- >> it's a pedometer. >> they also sync with android phones not with the iphone. that's another key difference. there are many versions out

there. there are factories that are coming out with cheap alternatives that are not knockoffs of the apple watch but are smart watches. >> what does this tell you about the market for this watch? >> same as it ever was. we saw the same thing with the ipod. there were look-alikes out there that didn't have the functions. what this piece is about, it's partly about fashion. there are different bands you can xrich outswitch out metal bands, leather bands also. it's also about the software inside, it does sync up with other things. i can look at how many hours i've been standing. >> is that a nine? >> yes. >> that's a lot of hours. >> that's a lot of standing hours, including walking. 34 minutes of working out, 416 calories. you're not going to get that stuff in a knockoff. i can use siri and talk to it. siri works better on this than

it does on the phone. >> but it's not $300. >> you can buy a $30 pedometer. >> what if you're not part of the ecosystem of apple and you want to tap into the ecosystem of the android? this might be it. >> no better irony, you buy the fake apple watch and you have to operate it with an android phone. thanks eunice. >> 13 minutes to go before the closing bell. the only suspense are we going to hit new highs on the s&p 500? we're sitting right on that number. we're up about 1.7% on the week for the s&p 500. there we are at 2,118. that would be record-closing territory. >> lots more ahead, the s&p and the nasdaq aiming to close at those records, plus the summer movie season kicking off better than ever. and maria shriver, has data about the american dream that may surprise you. don't go anywhere.

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and welcome back. all the major indices to the upside, except the russell 2000 which is down. the s&p 5002,117.92. still good enough for a closing high if we get there. dow has had a good week up 1.5%, s&p up 1.8. the nasdaq outperforming again today, up over 3% for the week. joining us now david darse but david garfoil volume is not there, volatility is not there, yet we're at record highs. how do you explain the lack of enthusiasm given the fact that stocks are performing well? >> you can clearly see we are stuck in a range even though we're at the high of the chart, we're stuck firmly between 2,112 and 2,120.

>> we're about to break out. >> the momentum is to upside. that is a point of resistance. and clearly traders are not buying into the fed rate hike story. it's not being priced in. >> david, what does that mean for people thinking about whether to get involved in the market here? >> kelly, we are in a cinderella market, we're waiting for three things to happen. number one, will the economy pick up in the second half? we've had a sloppy first quarter. number two will that be driven by increased spending? we got the wages year over year up 2.1%. are the profits going to be higher in the second half? if you take away energy this year, they're supposed to be at 7.5%, with energy up 0.2%. the market. the second half economy better -- >> wait a minute. >> >> inflation picks up kelly and lastly fed will raise rates

in december. that's the change the thinking of morgan stanley. >> i'm just wondering, does this mean we're all going to turn into a pumpkin. >> happy ending in the second half. to me i'm amazed the markets had a good week this week. you've had 11 things that could have pushed the market down. >> 11? i have a feeling you'll name them all. >> industrial production. durable goods orders. factory orders. >> that's three. >> construction spending. chicago pmi, philly fed, empire state, that's seven. then purchasing managers indices, all of them china, u.s., japan and europe all week. that's 11 bob. >> you had the three of them there, purchasing. that's technically eight. >> come on. give him some credit. >> i'm paying attention. i'm listening to the guy. we have complaints about flat to down earnings. much of it has to do with a drop in oil.

is there an argument we can make that earnings will improve from here? >> earnings okay in spots. if you like a good cup of coffee or the internet you're all right. if you don't like those things, you're not so good. it also means that gdp will drop. a lot of guys are changing their mind on gdp. either way, the fed will have to back up. >> we are going to come back to discuss this a little bit more. nobody go away here. kelly? after the bell hot uranium stocks you may want to add to your port foal i don't he. we're talking about why. you're watching cnbc, first in business worldwide. ou to know. we don't collect killer whales from the wild. and haven't for 35 years. with the hightest standard of animal care in the world, our whales are healthy. they're thriving. i wouldn't work here if they weren't. and government research shows they live just as long as whales in the wild. caring for these whales, we have a great responsibility to get that right. and we take it very seriously. because we love them. and we know you love them too.

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they're going to torture us until the very end here. we've been waiting for a new closing high on the s&p 500. here we are at 2,117.73. as i recall, 2,117.39 would be the old closing high. could we torture us a little more, please. the big issue is the next two minutes. take a look at the nasdaq. that's the start of the week up 3.2%. today, extraordinary moves. in amazon in starbucks, in google. a lot of people decided they liked old school tech today. microsoft had volumes, magnitudes of order higher than they normally do. a great week over there an a new high for the nasdaq as well. of course our old friends joining us here david darse and

steven steven guilfoyl. how do you feel about the market rallying in the next few months? people hate this rally yet we keep advancing. >> the retail investor is not involved. people do tend to hate this rally. they're afraid to sell because they're not sure of the fed. i haven't sold my personal longs yet. if that tells you anything. >> where are the leadership stocks going to come in the second and third quarter? where's the leadership groups? >> you'll see continued -- the russell 2000 is up 5% double what the s&p is up this far. you've talked about week after week. this coming week you'll see four cs, personal consumption, see the chicago pmi, next friday may 1st. you're going to see consumer confidence and you're going to see okay shilkay schiller.

if they do well you'll get the fifth "c," confirmation. >> i like small caps. earnings on the small caps so far this firster for the first quarter is doing better than the big caps. many are based on the united states and they don't have the same dollar pressures that exist. i'm wondering if the dollar stoz going up and oil stops going up and oil reverses, is that going to change the investment outlook? >> certainly. i mean for the s&p 500 don't we have the revenue side projections being beat on a 46% rate with the eps being 75%. so, yeah if that were to happen certainly we'll get above the half level at least maybe for the second quarter. the first quarter is a write-off right now. >> small and midcap also europe and japan. we still like those. they've done six times better than the market this year. buy europe, buy japan on any weakness. >> the market seems completely unconcerned, you mentioned this about a potential rate hike.

>> we saw the ten-year yield move to the downside on the crummy durable goods number. 1.92 on the ten-year. >> yes. >> there seems to be no fear not only in the stocks but no fear in the long end of the bond market. >> these bond yields especially in europe with france at 0.4, germany at 0.7, it is either the short sale of the millennium or something is deeply sick in the world economy. >> and of course germany still improving. they raised the numbers on gdp this week. >> make yourself a central banker. would you tighten monetary policy in this environment? >> gentlemen, thank you. >> we're going out, closing the week. it looks right now that the s&p 500 will close at an historic high. i think we made it. kelly evans next at the "closing bell." i can go home now!

welcome to the "closing bell," everybody. i'm kelly evans. let's have a look at how we're finishing up the session. it will be a close call. the s&p 500 doesn't quite look like it's going to get there. 2,117.78. we needed to close at -- actually we might be there by half a point. 2,117.39 is what we have to reach. we're about 40 basis points above that level. most likely this will be a new record high for that index. the nasdaq yesterday closed at a new high today it's adding to that closing at 5,092. the dow closes at 18,080. joining me on pan toll talk about the earnings the difference with the nasdaq this time and a whole lot more cnbc contributor evan newmark, michael santoli from yahoo! finance and our very own frank. guy adami here as well.

evan, let me start with you. what is the s&p 500 at a new high, the nasdaq at a new high? what does this mean? >> it seems like we came to a party and nobody showed up. it feels like -- we're at record highs. microsoft increased its market cap by 35 billion or $40 billion today. >> unbelievable. >> that's a crazy thing. if you look at the overall tape it doesn't feel super exciting. that's probably a good thing. some of your friends, kelly, a week ago i was on the show and some of your many friends were talking about how it was the end of the world coming into this week. >> we had a big down friday last friday. >> if earnings turn out to be okay, we might see a pop. >> was it earnings that turned things around michael santoli? >> i think it was earnings. it was the accumulation of things that failed to break the market. this market is fitting how we get here to this marginal new high. it's all about the trend and trusting the trend is up. nothing about momentum. it's not about excitement.

it's not about really a spurt of energy coming into stocks. it's just about, well it looks like all this being equal, we should be higher. credit is tame right now. high yield bonds at 6% or below as an absolute yield. that to me tells you nothing about to break in a big way. it doesn't really feel like we're gearing up for a big burst. >> even the write-up in the papers today kbt nasdaq pretty small, kind of to the point, perfunctory if you will. this market as bob and others have said, has been hated the whole way up. that is still true today. >> there was a great deal of wealth accumulation today. i was looking at two examples steve ballmer and jeff bezos. he made $5 million in paper wealth before he got to work today. before 8:00. steve ballmer made a billion dollars. he's already paid for half of his basketball team just today. >> even as people are talking

about the value of that team whether it's worth what he paid. >> clearly it's not given recent trades. it's the bad things that didn't show up in the earnings. the currency disasters that really didn't show up. the revenues we're okay. but nobody you know we didn't have too many really bad disappointments. >> it's interesting because it came in a week where we had economic disappointments. notely that durable goods number this morning. and the gdp forecast falling close to zero. why do we look past all of the macro data? >> that's what the market sent out for six years. i don't think the rally has been hated. it's been misunderstood. people look at the economic data, look what's going on around them and they can't reconcile the fact that the market has gone up for six straight years. so can the market continue to go higher? yes. i say it to you all the time. just because i think the world globally is in a lot of trouble, david darse said it's one of two things, the short of the

millennium or things are bad globally. i think it's the latter. it doesn't mean the market can't continue to grind its way higher. the transports the iyt, seemingly have found a bottom around 155 and the russell down slightly today, still holds these levels. that indicates the s&p still wants to make this push towards the upside. that is the paint trade. >> help us understand. what's going on? what is the key then to the rally we've seen? and to whether it can continue? >> people have been rewarded. this is going to sound wrong. people have been rewarded to be complacent. how many people have come on to your show correctly, i might add, and said you have to buy the dip? every dip is a buying opportunity? >> everybody. >> you know what good for them. it's been correct. i'll say this i'm sure i'll get ridiculed. it's great to be right and at the end of the day it doesn't matter why you're right but they're right for the wrong reasons. eps growth is there. you know what the commercerate

revenue growth is not there. you can't argue with that because it's true. >> more importantly, we have a situation where for a few years now, it looks like it may continue, there are poor alternatives to holding equities right now. if you tend to believe, like guy believes that the world economic picture is deteriorating and everything is going to be horrible for the next few years, you shouldn't be buying equities and you should be sitting in treasuries like guy is probably doing. >> i'm not saying -- evan i'm not saying don't be in equities. that's where people get me wrong. i've been saying for a while, the market can rally. i think the bond market can rally as well. i never said to short the equity market. i get why it's going higher. i don't think we're going higher for the right reasons. >> the real question is we'll know in the next month or two how things are playing out. we look to what's going to

happen with greece. i think it's better if greece gets thrown out of the euro. who knows whether it will happen. second the u.s. economic data they get a pass for march data. there will be no pass come next month, if it turns out april's data stinks also. >> context, we're talking about celebrating the nasdaq 5,000 and marginal new high. europe has had the worst equity market this year. we're at 2,117 today. the rest of the world is kind of breaking out. >> actually if you looked at it i don't know how you'd call this stripping out the currency taking the currency into effect, the dollar is way up. a lot of other markets that have done great, their currencies are way down. >> the terrible economic surprise trend in the u.s. and a great one in europe. perfectly is the cross where the currencies come in. >> the world is awash in liquid it i. the same here on cnbc as well,

there are no alternatives but there are. you look at every other asset class, where there's real estate cars art, a diamond that sold this week. money is pouring into everything, because there's a lot of it. >> how are those ukrainian bonds we talked about a few months ago? >> they're rolling over. >> i'm not going to let you get away with that one. viewers, he talked about ukrainian bonds. >> microsoft is at 3% yield. people are saying i can do worse than that. >> how is microsoft up 10%, 11% today? >> that's a good question. go back to last quarter, january 26th they reported the stock was 48, and correct me if i'm wrong, the quarter was disastrous. maybe microsoft missed the boat a little bit. maybe they've taken their first misstep. a lot of people got short and this quarter caught clearly by the price action caught everybody by surprise. myself included by the way,

because it's a complete 180 as to the quarter we saw three months ago. >> right. mike? >> i totally agree. i think people are coming to that conclusion. the one thing i wonder about, next week we have a fed meeting. i don't think the market is geared up for the market to come autoand say, september is still there. things could improve, we could get an exacceleration. i don't think the market is set up for a reminder that the fed really wants to go. >> apple is an anti-bellwether. it doesn't drag the rest of the market with it up or down. >> robert? >> i think one thing that guy, the point he made there's a bifurcation. the economy is doing something completically different than the market. that to me is a clear sign that this is a fed-driven market not an economy-driven market. >> i want to new when evan newmark gets his bull horns on

in a big way. you've been cautious. >> guy mentioned it stocks are not cheap by historical measures, they're just not. it really will depend on what happens with the fed. i hate saying that. i think it's bad for everybody. the fed i feel -- >> you could have ignored the fed altogether and bought apple, google yahoo! and been just fine. >> we have to pull two band-aids off. one is the fed, one is greece getting out of the euro. everything will fall apart a la lehman or everything will be okay. >> you're so cheap, i don't think you'll ever get back into this market. >> he was making fun of my tie earlier. >> guy adami, we have the fed meeting next week. it was a quiet session today.

are people waiting to get through those two events. >> apple is its own entity echo system. -- ecosystem. does the dax continue the climb higher? it seems like everybody is looking past everything. earnings do matter but fed speak seems to rule the day. with that said it's never the bus you see coming. >> you never get one, you get two at a time. thanks, guy adami. catch more of guy adami on 5:00 and "fast money." and that apple launch is finally handing in line with consumers. investors are watching. what you should expect from those results is coming up. also the second avengers movie will probably make disney

a ton of money when it opens next week. we'll tell you how to invest in films if you so choose later on the "closing bell." you're watching cnbc, first in business worldwide. it took tennis legend serena williams, fencing champion tim morehouse and the rockettes years to master their craft. but only moments to master paying bills at chase.com. depositing checks at the atm and transferring funds on the mobile app. technology designed for you. so you can easily master the way you bank.

the nasdaq closing at

another all-time high today. bertha coombs what drove today aets action. >> it was a big cap story. really it was the big cap tech earnings. in a way, it was sort of like back to the days of yore. starbucks in there as well. starbucks, amazon at all-time highs, microsoft having its best day in years on monster volume. 3 1/2 times on average volume. amazon on seven times average daily volume over the last 30 days or so. that really boosted the qqqs, the nasdaq 100. apple was a big part of that, apple closing out at $130 a share, regaining that level ahead of its big earnings announcement on monday. the really big part of that announcement beyond the number on sales is what kind of cash they're going to return to shareholders. but the nasdaq 100 still remains below it's all-time peak high from 2000.

the real reason why is because of chip stocks. that's the sector that is still knocked down from that 2000 high. those valuations back then were so big. some of the other high flyers that remain down intel, still off a good 40% or so from its peak in 2000. yahoo! as well. take a look at sirius that stock will never regain that high. i can't imagine it, kelly. >> bertha coombs, thank you. joining us now to talk more about the apple watch, and to look ahead to the earnings next week max wolf from manhattan venture partners with our panel. hi, max. >> always a pleasure to join you. thanks for having me. >> i like the focus on the capital return. how much is that going to move the needle for apple monday relative to the product side. >> the sizzle is always what carries the day when you have a watch in play and earnings. we expect earnings to be huge.

we expect them to come in north of 56 billion. we expect the shipments on the iphone 6 and 6 plus to do two huge things for them one, show that the burst in demand for the full-size phones is lingering. it's not going away. the average price they're getting is higher. we think they're going to beat on margin at 40 or a little bit higher. they'll beat on revenue. it will give people something to be excited about separate and apart from whatever the financial engineering, which is also exciting for the long-time holder. >> one second. how much do people expect now on monday in terms of capital return? the dividend and the buy back? >> i think we're expecting to see sort of double down an extension on the buy back. the dividend i don't think we'll see a ton of action announced on monday. >> can we talk about the law of large numbers and how it starts to impact the company that has a $750 billion market cap? i know there's a lot of talk will it make it to a trillion,

will it not? i don't have a point of view one way or another but over the course of history, whenever market cap gets really big, there was always a fall. talk to that a little bit if you can. >> sure. it's a great question. it's more conceptual than specific to earnings. look, if you're out in front of the pack which this company largely is everyone in the world is looking at your back and what they have designed to put into your back isn't always a rose or pick me up card. it's often a blade, right? you get a lot of naysayers. it's hard to go anywhere but down when you're on top. those truisms are there. on the other hand the 7 for 1 split made it easier for people to get access to the name. the bottom line is in a pretty expensive market apple keeps delivering well enough but its multiples are less nose bleed than an awful lot of other names having an awful time delivering the margins. >> mike? >> if the financial driver continues to be on a fundamental

basis, the iphone is there a time where it looks like it will be a lull point in cycle? can apple say anything come next week that says we're gaining market share. we don't see an end to this momentum. >> one of the laws of your linguistics is everything is a superlative. if it isn't the greatest best, every single minute they beam you off of their space ship campus forever. >> there's a refresh cycle. the intermediate model of the phone. the s&p is"s" is a little bit of an upgrade. the bottom line is i don't think they can continue to grow market share as fast as they will over the last six months but they can hold the market share they have. >> look into this quarter, the fact that they chose not to really launch the watch in stores, is it possible that hurts traffic and maybe hurts

sales with a halo effect when we look back on the figures? >> that's a great question. i see the watch as the first accessory for the phone. this is a phone company that also does some other stuff, which it likes to talk about in press conferences. two-thirds of the revenue, more than two-third of the profit and more than 90% of the story in terms of public consciousness here is phones. the watch is a fancy accessory for your phone that you wear on your wrist. absolutely, the big dream at apple was always to make you an accessory to the iphone and make the iphone the universal remote of your life. what this is is an extension of that. i do think they'll have a little bit of a harder time getting people as excited about the watch, it's kind of expensive, the three big issues is how good is that battery, how water resistant is it and will people spend a lot of money for a watch? usually you do that because it's timeless. technology isn't timeless.

>> have you heard anything on this? >> they haven't heard anything yet but they're afraid. this will push them to add more smart features to their own watches. it will not reduce the luxury market or wipe it out. but it will change that market. rich people love functioning high performance technology and i know a lot of rich pell even billionaires will get this watch. >> thanks max wolf. the demand for nuclear energy is on the rise. that's helping uranium prices. more than 30% since last summer. up next, find out how to profit from this trade. and speaking of uranium, the metal at the center of her campaign. chuck todd joins us later on this one on the "closing bell."

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radioactive uranium is hot, hot, hot for your portfolio some are saying. rob chang from candortor fitzgerald as well as another guest. welcome to you both. how do you invest in uranium? why is it up so much over the past year? is it a smart investment. >> i think uranium is a smart investment. it's been moving up because,

frankly, there isn't enough production to meet demand. that's what's driving it. sure this there is excess inventory because of fukushima. we are actually forecasting by 2020 that there's going to be an unavoidable supply deficit. uranium is certainly a place to go to. >> david, why is there such a shortage? >> i think it's very difficult to get uranium out of the ground. that's one thing that this commodity differs from from gold or copper or anything else. there's a political, geopolitical and permitting layer on top of this. it's a very difficult, you know very difficult venture. >> are you recommending, david, that people invest or hold the physical product or are we talking about eftfs or other structures built on top of the price. >> there is an etf out there. one participant is uranium

participation. we use this company quite often as an indication for sentiment in the space. you know over the past little while it's been trading at a positive. a premium. right now it's at about a 10% discount. this is an opportunity. in periods of rising uranium prices, uranium participation does go up. it's positive. so we see, say, a 10% bump to get through par. perhaps a 10% bump beyond that. that's even before you start counting in any uranium price appreciation to the n.a.b. itself. >> n.a.b. being that active value. >> yes. >> can you put in context the market for uranium? if the price of oil is so far down and energy is relatively cheap across the world, especially in places like japan, which are used to very very high gas prices why would they want to build more reactors? why would they want more uranium? what am i missing about that? >> rob?

>> frankly it's because it's clean. look at china. china has a significant pollution problem. there are situations where you can't even see across the street. china has identified that nuclear is the way to go. the reason being nuclear is clean. it's zero carbon emitting. if you factor in cost it's one of the cheaper ones to run once the capex of building the plan the is done. for a country like china where health will be an issue, they'll need clean sources of electricity and nuclear is the best option. >> rob, what about the iranian nuclear deal that's currently in the works? how will that affect the price of uranium? >> it will be an interesting aspect to it. uranium tends to trade more on the mark pets through utility demand. it's not necessarily that accessible for the general investor. that generally trades more on the demands and needs of the utilities. they probably would not be too much affect by that type of situation. >> david, where do you see

demand coming from? to evans' question again, if there is a nuclear deal with iran and they start using more of their energy sectors as they are arguing they will where and how much demand will there be over the next couple of years? >> i don't really look at iran itself as being a country that needs significant amount of uranium going forward. really, there's 65 reactors under construction right now. and 58% of that is from china, russia and india. those are really the big three that you have to watch. you know china itself has 23 reactors under construction today. they're going to turn eight on this year. they're going to start up you know, big another holes in the ground for eight more this year. it's going to continue to move forward. russia, i don't think anybody really anticipated how aggressive russia was going to be in this nuclear renaissance. the 30% of all reactors built around the world are going to be built by russia.

and they're going to need the uranium to actually deliver into those. they're becoming a one-stop shop. they're going to finance these countries. they're going to deliver the uranium, enrich it fabricate it into fuel and take it away again when the day is over. that's very important. just yesterday they announced one reactor was signed for argentina, last week it was nigeria. that was a brand new nuclear country. lately it's been vietnam, egypt, jordan, south africa. the list goes on. they've been quite aggressive. india is the new one, the camico signed an agreement with india, canada and australia will now deliver uranium into india. that will help them get their program going. >> sure. >> 21 are in operation, 6 are under construction 22 are being planned right now. that's going to be help fuel that fire as well. >> well thank you. david talbott, rob chang this

afternoon. you hold and recommend fcu, efr and dnn to play this as well. thanks, gentlemen. >> thank you. a controversy involving uranium is also threatening hillary clinton's presidential am bigs. coming up we'll talk to "meet the press" moderator chuck todd about how big the story could be and whether it could force another democrat to jump into the race. time now for a "cnbc news update" with sue herrera. here's what's happening at this hour, one construction worker is dead after a crane accident at a construction site in new york city. the yan wascrane was attached to a flat bed truck when the hydraulic system failed and pinned that worker. ford is recalling 390,000 ford fiesta and fusion and lincoln mkz models in north america because of a potential door latch malfunction. new dramatic video of the volcano in chile that began erupting after being dormant for

42 years. as you can see, it's puffing out ash and smoke, prompting new evacuations and forcing airlines to cancel flights to buenos aires because of winds blowing ash clouds in the airport's direction. dramatic video here as well of a store clerk in england fighting off a man with a knife who tried to rob him earlier this month. the men fight on the floor as you can see before the robber runs away. the clerk ended up with just a cut on his ear and his finger. i would say he's pretty darn lucky. that's the "cnbc news update" for this hour. back to you, kelly. >> i would agree. sue herrera, thank you so much. it looks like the summer could be a summer to remember for hollywood. >> there's only one path to peace. your extinction. >> avengers is expected to break all kinds of records for disney when it opens next week. now there's a way for you to invest in and potentially profit from hollywood's next

blockbuster. the new survey asks men whether it's harder to be a man today than during their father's generation. you may be quite surprised by the results. that's coming up on the "closing bell." keep it right here. and your first thought is to investigate the company. you are type e*. yes, investment opportunities can be anywhere... or not. but you know the difference. e*trade's bar code scanner. shorten the distance between intuition and action. e*trade opportunity is everywhere.

welcome back. here's a look at where we closed

today in case you missed it. the s&p 500 just eking out a new all-time high. the nasdaq as well for the second day in a row. anyone here want to quibble with the all-time highs and point out how much in real terms we're far from the past levels we closed at, gentlemen. >> are you trying to make an excuse, take a shot at me kelly? >> no. >> i believe that's what's going on here. >> legitimate question. >> i can say that this new record high feels a lot better than it did back -- >> more legit? >> the people who were not around or were young like perhaps you were at that time that those of us who were in the internet bubble last time the nasdaq was over 5,000, a lot of people knew it was a bubble. even though i was running a company that had $50 billion valuation valuation, i knew it was a bubble of some sort. the question is what you actually do about it.

>> right. >> nowadays it doesn't feel as bad, frankly. >> reassuring words for the time being. we're circle back in a moment. so far, hillary clinton is the only democrat in the race to become the party's nominee for 2016. but something could throw a wrench in her run for the white house. "meet the press" moderator chuck todd joins us with his take on all of this. "the wall street journal," the opinion section all over her, saying this is clintons behaving as they always have and frankly, voters shouldn't trust them. how much of a setback is this for her? >> it hurts. you look at the poll ratings on the honest and trustworthy question. here's the issue. what's the larger problem in american politics today? distrust in washington distrust in big institutions. and look i think this is a problem in the way the republican presidential candidates are lining up begging and auditioning for donors rather than with voters. i think at a time when the public looks at this and says,

boy, it's nothing but insider access, they're trying to make a buck. when you look at it here it is president clinton and what he's been doing with his speeches and how they're connected to foundations, the only good thing here for the hillary clinton campaign is there's no smoking gun. but there's so much smoke and the appearance issue, frankly, what i don't get, it's sort of like you're a smoker and everybody's told you be careful of smoking, it's going to give you lung cancer. you get lung cancer, i didn't see this coming. wait a minute. the obama administration when she came in the red flag was foundation, foreign money, at appearance issue. they've been warned for five years about this issue. >> guys turning to the panel. mike? >> you did say there's no smoking gun. i'm actually wondering at some point both with this issue and in fact the private e-mails if you just wait it out long enough if you're the clintons and say if nothing emerges of action

taken, did z it fade or go away? >> well put yourself in her shoes and president clinton's shoes and say to yourself answer that question. what will they tell you? their experience says what? wait it out, drag it out. they always survive, if they believe there's no smoking gun that will ever be found, then they know they just sort of wear out their opponents. one of the things that ends up happening that i've noticed over the years, whenever there's a circumstantial clinton scandal -- i say circumstantial because there's a connection thing, there's always a lot of smoke, you have "a" and "c" but you never get the "b" part ever it. it never helps the republicans because the public believes what the clintons say, which is, they're just playing politics but the public believes what the rains say, they're fuzzing and blurring the ethical line. it ends up hurting both sides in this in the long run. >> chuck, i want to take a little bit of issue with your

use of the term circumstantial. i mean at what point does something that is quote, unquote, circumstantial become real? i mean as far as i can tell the whole clinton global initiative, we're talking about a huge powerful political and financial structure. >> right. >> that was built over the course of the last five or six years that ran all the way through the obama presidency. i mean i think you would agree with me if any republican had done anything approaching this the democrats would be bananas right now. >> well look i don't want to get into this whole -- there's always -- that to me is always like okay what would happen if this were a bush? the point is this when i use the word circumstantial nobody has proven that "x" donation was made so that "y" happened. right? it's like in any of the quid pro quos. the point is the bigger issue, it's the appearance of allowing this to happen.

so, for instance the way i look at it is fine president clinton and hillary clinton are convinced they weren't being bought. but the people giving the money probably did believe this was getting them access. and so that's the problem. it's the appearance of the access. at this point, i think the political damage is real. it would be a lot worse if you actually had a smoking e-mail that said yes, in exchange for me showing up president clinton, for $500,000 in kazakhstan, "x" is going to happen at the state department right? that's what i mean by circumstantial. they don't ever have the "b" that proves that circumstantial allegation. >> we take your point, chuck, about what people giving them the money might have thought about it. >> that to me is the bigger issue. i believe the foreign governments, many of them, how would they operate? many of these questions, look at kazakhstan. i'm just going to leave it at that. they believe money is access.

>> as it so often is. we'll have to leave it right there. thank you so much. >> you got it. see you sunday. >> thank you. join "meet the press" with chuck in the aftermath of president obama admitting those two americans were killed in strikes against al qaeda. they will be discussing america's use of drone warfare. there's little doubt the american dream is in the state of flux. coming up nbc's maria shriver on the new attitude of the modern male. and it may be the biggest and earliest summer box office ever. it all begins next week with the release of disney's new avengers film. we talk movie money with the head of a film investment firm. stay with us.

welcome back. if you're a big-time movie buff and want to get on the hollywood action yourself you can, through a membership group called media society. accredited investors get to invest in movies in a safe way. with a big blockbuster set to come out in weeks, the silver screen could make you serious green. wade bradley, the company's ceo, welcome. >> thank you for having me. >> i want to make sure when we say safe we mean safe when it comes to investing in movies which are notoriously a hit and miss kind of business. what can you tell potential investors about why they should be investing in these projects? >> why they should be investing is that the box office provides billions of dollars of return

annually for a handful of films that follow the strategy necessary to take "a" level talent, bring them together in a great film have great distribution and be on over 200 screens in the national market. >> and talk a little bit about what happens if you become a member in media society? it's not just one thing you bet on in particular it's more the industry at large? >> they're investing in a slate of films. each film is directly overseen by media society and alter identities studios, our subsidiary. we work only with "a" level writers, directors and producers. with big stone gap releasing this fall, we're very pleased to announce we'll be working with two of the best distributors in independent film history, which is bob and jeanie bernie their

picture house theater and in home entertainment, streaming video on demand coming this fall. >> wade it's robert frank. having talked to so many millionaires and billionaires who have invested in movies i have yet to meet one say this is a great investment, i'm going to do it again. many ended in laws. what percentage of investments do you think will be positive in this program? >> well ultimately we have four different projects in this. and what you're looking at in this particular site we anticipate that half of them can have the ability to provide outside returns. looking at returns in 30% to 60% or much greater. we take a very conservative approach on the returns. but we have prepared every project to achieve. >> half will achieve returns of 30% to 60%. >> yes. >> wow. and the other half may lose 30%

to 60%. >> i would not touch a movie or frankly a broadway production. these things are notorious vanity projects. the history of hollywood, if you've ever looked at the history of financial returns in hollywood, it's one of the worst industries in the history of capitalism to make a decent return. i think the returns on capital were always 300 or 400 basis points below returns in other projects. i would go out to people and say, listen if you want a vanity project, you want to put your name on something, if you get a thrill out of seeing your name in the credits, go ahead and do it. if you expect to make money, forget about it. because the history of these things is almost uniformly terrible. >> wade, before you go do you think you can convince evan he's wrong? >> i agree. if you want to do a vanity project by virtue of the fact that you put vanity on the front of it you shouldn't do it. you shouldn't build a vanity

tech company or any vanity-type company. when you're following a managed risk end-to-end strategy, you're working with the best people in the business that have a history of success in this business, then your ability to succeed is going to be very, very significant. and that's why the yields are higher. it's why you have that potential. if you're trying to do it with the local kid down the street because he's going to put your name as a producer well then, that's the vanity effort you want to avoid. >> wade, we'll be watching with interest in so many ways. >> excellent. >> the wade bradley ceo of media society. a new study finds the majority of men are comfortable being outearned by their partner or spouse. you may be surprised about their feelings about having a female president, though. that's next. back in two.

so you think you know the 21st century man think again. today's man is more comfortable than ever with having a spouse work outside the home being outearned by his partner and interesting revelations on the presidency all in maria shriver's snapshot called "insight into the 21st man" and joins you now to talk about the results. welcome to the program. >> thank you so much for having me to talk about this important subject. >> let's begin with why you wanted to tackle it and what was

most surprising about the findings. >> since 2009 we've been looking through the eyes of the sloiver report at the american woman and her family and the american man kept coming up how did he feel about women moving out of the home into the work place, how should institutions adjust so it seemed a logical thing to look at who this man was or is that we're all talking about and what does he think about the empowerment of women, women earning more and nobody had looked at that so we now have a picture of who this 21st century man is how he's evolving very clear about who he isn't, but not clear about who he is. >> i have three of them sitting to my left here. >> i think we are all 21st century men. >> you are. >> i'm proud of it. well my wife makes a lot more money than i do. >> and you're comfortable. >> yeah. >> with that. >> i'm totally good with that. i have a very outspoken daughter who i think i'm -- i think i'm a

neo feminist almost and she thinks i'm a sexist pig. i have a very outspoken daughter. and i'm totally comfortable with a woman as a president of the united states. >> you are? >> as long as it's not hillary clinton. i'm totally fine. >> his points are interesting because in the polling it showed that men are very comfortable having an independent spouse that as he said having a woman that earns more but they want different things in their partner than what they once for their daughter, which i thought was really interesting. >> such as? >> well that they want their daughter to be independent and strong and they want their spouse to be independent, yes, but sweet and attractive not so much strong. so i think there is some confusion about what makes a good partner and what makes a good strong daughter. i think that also younger men were less comfortable with the female president which i thought was really interesting. >> i'm glad you raised that point and so people know the numbers, they were the least likely of any age group to be

comfortable with a female president, 41% said they were comfortable about 45% overall. >> the other two things i thought were interesting is that the 21st century man is defineing the american dream and his success by his qualities as a man, his integrity, what he's doing in his home as opposed to financial success and that's a huge shift and also how they define strength. huge shift from men 60 and under. they define strength as character and how they once again how they are as husbands and fathers and sons. >> but maria, it's robert frank, to some extent i'm not surprised, guys are lazy we would love for our wives to earn as lot of money, doesn't surprise me and 60% define success to the family as just showing up kind of taking the woody allen approach of 80% of life is showing up. but to what extent do you think that sort of causes friction or tension within the family and would the wife have a different view of what her husband's

standard of success should be rather than just showing up? >> well i think i don't know that it's just showing up. i think i was really encouraged by these polling results as i said we've been looking at this since 2009 and others have looked at it but i think that what the american man is saying to us is look hey, we're -- we want to show up we want to be good sons good fathers, we want to be present. exactly how we end up in all of this we don't know but we want to be different men than our fathers and i think women have to look at who this man is instead of just telling him what to do. the other thing i thought was important was that men don't see themselves reflected in media, they don't look for their role models from sports celebrities or movie stars. they look to their role models in their home and they say that they're often depicted as kind of bumbling idiots who want their wives to go out and earn the money and get a to-do list and that's not who they are. i think we haven't caught up with who he is. >> thank you.

reminds me of mohammad ale arian, trying to change that image for the better and will have broad implications on the work place. thank you so much for joining us. good to see you. >> thanks for having me. >> and we'll have more "closing bell," including what our panel is watching and zibl skinling with when we come back. q skinling with when we come back. u skinling with when we come back. i skinling with when we come back. b skinling with when we come back. b skinling with when we come back. zibl skinling with when we come back. [ male announcer ] we know theyquibble skinling with when we come back. you can't always see them.quibbling with when we come back. the answers. the solutions. the innovations. all waiting to help us build something better. something more amazing. a safer, cleaner brighter future. at boeing, that's what building something better is all about. ♪ ♪

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welcome back. time for final thoughts with our panel. mike santoli taking issue with our apple discussion. >> it's a pet peeve of mine. when evan said he worried about the law of large numbers with regard to apple being a $750 billion company how could it grow it's a misuse of the phrase law of large numbers which is a number of very, very large sample then any given result is going to adhere to the overall probability of something happening. >> you think i'm badly stating. >> it is. it's not about as big you are and can you grow? >> you used the last couple seconds to tell me i was wrong. >> we hear this in your defense about apple all the time. >> don't want to embarrass yourself at a cocktail party. >> a copout to say when something gets big it can't go on forever. that's different from saying the right price for apple is x and here's when it's going to correct.

>> i think it is a copout. >> trees don't grow to the sky. thanks for that wisdom. >> i cop to the copout. it is a copout but a copout based on experience because whenever you're in a room and somebody tells you it's going to keep going up. >> we have to go. we're going to leave this with a victory, new mark's law of large numbers and solve all problems. >> that's right. >> thank you. >> thank you for chair fi that. that does it for us on "closing bell." here the apple earnings due out monday and "fast money" in moments. >> hey kelly, people are getting the iwatch and one person or the apple watch, one person got it and his first reaction was to take the thing a apart. we've got him on the ceo of i fix it the watch tear down. >> over to you guys. >> thank you. have a great weekend. "fast money" starts right now. live from the nasdaq market site overlooking times square i'm melissa lee. tim seymour, david seeburg, steve grasso and guy. here's what's on the fast track

the apple watch being released but not everyone is handling with care. the guy that did a tear down of the watch to tell you what he found and the mining stocks on fire today. is it too late to buy into the move? we'll debate it. start off with our top story the nasdaq closing at its highest level ever and we are in the center of it all. amazon, microsoft flying on the back of earnings but the sector is not showing green. chip names like intel, broadcom qualcomm all sitting out today's rally. are these