arently today you might not take those jobs because parentally more and more young people are taking professional jobs in office settings. >> yes, not me. i had cutoff jean shorts and reebok high tops and a tank top and mullet. it was sweet. >> mullet. i'll see you tonight on "fast money" at 5:00. >> "closing bell" starts right now. have a great weekend, everybody. >> i was a waitress at pizza hut. i loved it. >> welcome to the "closing bell," i'm michelle caruso-cabrera in for kelly evans at the new york stock exchange. >> i anchored tv shows. >> when you were 15. >> i've been doing this a long time. we're back to highs of the session after that be joz report came out this morning that wasn't too hot and it wasn't too cold. and anything can happen in this last hour of trading. we have someone who says a fed rate hike could still be on the table for the june meeting. june meeting is next month now.

what would that do to investor euphoria? we'll talk about that, coming up in a moment. >> there's another entrance into the fast food space today. bojangles. take a look at that huge first day move soaring on this first day of trading.up. >> we've seen that menu before. >> ha, ha, ha. >> we're here for two hours, folks. uber may be looking to ditch google maps and, get this pay 3 billion -- with a "b" -- dollars for another service. what are they going to get for $3 billion? >> people gave it to them, apparently. all these crazy ams of money another story we talk about all the time. in the markets, the dow jones industrial average close to the highs of the session, higher by 271 points a gain of 1.5%. s&p is also higher by more than 1%. so is the nasdaq.

nasdaq is up 53, almost 54 points. we're still talking about whether or not it could regain this 5,000 level. it's recovering at 4,999. gosh. good chunk of the session. >> all right. let's get to our "closing bell" exchange today. a lot to get to with our guests. we have peter anderson from congress wealth management lindsay from stern ag and rick santelli itching to go in chicago as well. lindsay, i'm going to start with you, though. what did you make of today's report and market response to it? >> it wasn't terrible. it was a step in the right direction from the more pronounced weakness we saw in march. it was also a large step in the wrong direction from that plus 300,000 pace we saw at the end of last year. two key takeaways. if the weakness at the start of the year had been the result of one disruptions or unseasonably cold winter weather we would

have seen a larger bounce in april, well over 300,000. from the fed's point of view this is hardly a game changer. this reinforces their more muted view of the labor market. in april they said jobs growth is moderate. that's what we saw. >> to that point, a lot of people looked at this number and said, not too hot, not too cold. not too strong and that means june is off the table when it comes to the fed. is that why we see the market moving higher today? >> i don't think that's necessarily the case. i mean this is right in that sweet spot where i think it gives the fed room to go either way. the way the mark set reacting today, they believe it shows positive recovery from the march numbers but still not hot enough for the fed to begin increasing interest rates. i think there's still a good chance the fed may raise interest rates in a small increment come june. >> rick santelli i know you hope they would raise rates in

june. what did you make of the market response today? is this market still drunk on the punch? and they're just euphoric that this report would suggest a rate increase will be delayed down the road. >> that's a rhetorical question. we're up almost 300 in the stock market on a two-month average of nonfarm jobs of 154,000. i would think that would be the case. in terms of the fixed income market a much more fascinating look, maybe more realistic look. we settle at 211 last week and tens. the other week we jumped to 2.31 but came back down. wednesday it was 2.24. that's the table. everybody was breathe a sigh of relief. we're back to the 1.90s. it's starting to creep up. i think interest rates may not have the velocity to the upside that we kind of saw over the last seven or eight trading days. the game is different than it was several months ago.

i think we could put a tombstone on the low yields of the yearality 1.64. do we get back down below 2% or establish a new range from 2 to 2.25. that would be my pick. i think the most important was productivity. you can hire more people but if the country's output doesn't go up, that's the issue we need to focus on. >> we're running down that range on the ten-year yield. peter anderson how did you react today yb whatktct today? >> most of them were up like the general market. this is a fantastic time for the viewers out there if they like stocks. some of these stocks are down in price today. everything else equal, then go in and buy. that's exactly what i did today. let me give you an example. nvidia was down midday around 8%. that's a stock i love. they came in with great earnings but forward guidance was a little weak. when you look at see that they raised their dividend, they've

increased the stock buybacks. i can handle a little bit of that rough and roll for the next quarter. investing is a little bit look a contact sport sometimes, right? if you can find things that you like right now that have dipped and it's rare in today's market continue your buying program. >> lindsay, if today is an example of a market that's happy about the jobs report, meaning that the fed's going to have to delay their increase do we then -- in opposition using some sort of logic if we can, suggest that the market will go the opposite direction when the fed does have to start raising rates? will that be a market disruption mechanism there do you think? >> well it's interesting. we heard from chair yellen just this week talking about being weary of an adverse market reaction when the fed does initiate liftoff. she want tos make sure that the economy is strong enough so we don't see the adverse reaction from the marketplace when they

do initiate liftoff. that means the fed is likely to err on the side of caution waiting for firm and prolonged strength before beginning to raise rates. >> to me that sounds like you think it will be a long time. >> i think it will be a long time well into 2016. >> joe, what do you think of what rick santelli was saying? we have incredible volatility going on with interest rates over the last eight days. is part of the rally the fact that it seems like the ten-year yield has calmed down a bit? >> yes, it's tied into fed policy, the market rates. the reality is i think when the fed did raise interest rates, you see increased volatility representing an opportunity to buy into the equity market. but just like tapering when the world was going to come to the end and the market kept on going up after short-term volatility

i think we'll see the same thing when feds raise interest rates, june, september or early next year. >> rick, you mentioned the treasury markets. what about the currency markets? the dollar rally had been stalled, if the fed will be on hold a little while longer does that stall that rally some more or not? >> you're a smart guy, bill. we can talk about interest rates and stocks. but the interest rate differentials are all about currencies. currencies is the name of the game right now. look at the dollar, kind of lowest levels roughly since february to see the euro currency kind of fail at the 1.14 handle i don't think the dollar is going to surge anytime soon but i do think that the downside of the dollar is rather limited. and i do think that exchange rates and countries trying to quote, unquote, manage their currency is going to be an ongoing battle that will get more violent with respect to market reaction. >> peter, what do you think of what rick said?

that would be a dramatic shift of what had been the consensus for months and months. dollar strength was the consensus. parity was a foregone conclusion at some point. now, suddenly poof we've thrown that out the window. do you think he's right or what happened over the last couple days is indicative? >> the best thing i've heard rick say in this segment is stability in the ten-year. if you can get a trading range of 2.25 to 2.50 i think that would be fantastic for market. we'd finally break the psychological barrier of playing -- oscillating between above 2 and under 2. we really do need to face reality that rates are going to go up and that is a good thing. if we do this incrementally, but have a trading range that's fairly stable in the mid twos on the high end, i think that bodies well for everything. equity markets, currency markets, any market you can think of. finally, i think we're seeing

today in this past week a glimmer that that trend is finally here. >> we will see. i gave up coffee five weeks ago. >> that's terrible. >> people thought i was crazy. >> you are. >> it was tough for two days. since then i feel great. getting used to it economy, higher interest rates are coming. qe will end someday. thank you all. speaking of interest rates -- >> yes, the home builders and builder materials are two big winners today. >> bob pisani has more on that as part of today's rally. bob? >> you've been talking about the impact higher rates had on the markets this week. it was tough. today, lower rates having a positive impact. i'm here at the knight capital group. smile, jason. here's the panel here. home builders reits, building material stocks all doing well. home depot up 12 potpot potpot up 2.5%. mohawk, mhk up 3%. that's right near a new home. d.r. horton one of the biggest

home builders in the country, up almost 1%. that was a lot higher earlier in the day. new home company, up as well. ceo will be ringing the close be bell. scott stole up 13 14%. as long as we keep rates stable these kinds of interest rate groups generally do a lot better. back to you. >> i'm sure they'd love to get to sps 30 or 50. see what i did there? >> yes, nice. >> thank you, bob. we have 48 minutes before the closing bell. the dow and nasdaq are higher by more than 1% with a strong rally under way here. >> always a joy having you along. by the way, the chief investment officer the nation's second largest public pension

fund started tweeting recently. he's tweeting up a storm today. he want tos tell you why he'd rather invest overseas rather than right here in the u.s. is amazon to blame for the nearly 11% unemployment rate -- or the u6 unemployment rate? that includes people who have given up look for jobs. somebody here says yes. he'll tell us why, later here on the "closing bell." ing 24/7 on mobile trader, rated #1 trading app in the app store. it lets you trade stocks options, futures... even advanced orders. and it offers more charts than a lot of the other competitors do in desktop. you work so late. i guess you don't see your family very much? i see them all the time. did you finish your derivative pricing model, honey? for all the confidence you need. td ameritrade. you got this.

rally day from the get-go this morning after the jobs report for the previous month. the dow is up 275 points right now. about 100 points away from its all-time high. nasdaq, look at that. >> just barely back above 5,000, a gain of 57 points. >> it seems like we've been treading water. >> absolutely. >> before the jobs report came out this morning, the big news was, the huge upset in the elections in the united kingdom. when we went into the elections yesterday, everybody said labor and the conservative government were neck and neck and labor seemed to have an edge. >> that's what the exit polls suggested. >> yes, yes. >> and then bam, the numbers

came out and the conservatives won, david cameron would likely remain prime minister. in the point and the ftse the british stock market as well. there was a belief that oh, gosh if it's going to be neck and neck they have a parliamentary system. they'll spend weeks forming a government. it's so complicated over there. none of that. he got a majority. >> yes. >> it was amazing. >> he's repointed his cabinet. >> exactly. >> now, the other issue is he's also promised that there's going to be a referendum on whether or not the united kingdom stays as a member of the european union. sometime in the next two years. >> in the next 18 months. >> before 2017 before the end of it. >> they don't use the euro right? this is not about them leaving the euro. they stuck with the british pound. >> it raises all these questions that we continually ask, whether it's about greece or these other countries. can the eu hold it together at this point? >> otherwise a big surprise. that's for sure.

>> speaking of overseas california state teachers retirement system better known as calster is taking its assets global. >> we are joined now on a cnbc exclusive by calstrs christopher allen. >> good to see you. welcome back. >> good to see you. >> you're a primarily u.s. equity focused group. why is it that you're looking overseas at this point? >> you hit it on the head. we've got over two-thirds of our equity portfolio here in the usa. if you look at our three-year chart of the s&p 500, parren me a three-month chart, the market is in a topping phase. we've been shaving off profits and we think that europe and japan, if you hedge the currency are a unique opportunity. >> you also your chief executive officer was talking the other day about you'd like to invest more in infrastructure programs here in the united states but you can't find enough

good qualified candidates. you're looking overseas there as well. why is that? >> in the usa, what jack said yesterday, i totally support, it's the fact that we have municipal bond markets. the usa is really good at budding assets but we're frankly not very good at maintaining them. and that's been part of the problem, our infrastructure is decaying. congress has got to find a way to allow municipal debt but then equity investors like us to buy the assets and maintain them so they stay like new. >> are munis especially attractive otherwise right now, given the interest rate environment and what the fed may or may not do? >> you have to think if you're a municipal issuer it's a great time to borrow. many of them are capped out at their debt rates. munis have surprised me at what a strong investment they've been. we're tax exempt. i don't invest in that area. buff an able to to get almost an 8% return out of munis. going forward i would be worried

as the fed tightens and rates climb, any fixed instrument will sell. >> they start to get hit. do you believe interest rates are going to rise? what do you make of this sharp rise that we saw for eight days straight when it comes to global interest rates, it's come back down a little bit. do you look at that and say it's been easier to get a long-term return here or frightening because -- i look at some of the pension funds in europe that are so under water because they are so desperate for yield and just can't get it. >> yes. you know michelle we've been expecting this roller coaster in fixed income for over two years. i would say it's about time. we think it will be a real struggle on fixed income over the next three to four years. rates aren't going to go shooting back up. this kind of volatility i think we'll have to get used to. your average viewer is used to watching the equity market at the bottom on the tape. it really is the volatility in

the fixed income market that's surprising people. most of us as individual investors and pension plans, we still have 20% of the portfolio in fixed income. there's an underlying risk. you're not going to lose a lot of money. it's no the a bubble. but you'll see volatility in your fixed income portfolio. >> speaking of those stocks at the bottom of the ticker there, fed chair yellen famously said she thinks u.s. stock valuations are quite high to use her terms. you started tweet and you tweeted a little while ago. you agree with her. why? >> yes, bill, well, think i it's smart to agree with janet yellen. she knows what she's talking about. it harkins back a little bit to the exuberant comment from greenspan but her point was very clear. it's just that they're quite high and they have been quite high. again, that three-month chart on the s&p 500, they've been high for almost six months. but the economy is still strong not super strong because you're

going to talk about productivity. that's an underlying problem within the economy. but we think that it's a healthy economy, stocks are high. that means they could tread higher. you've had a six-year bull market which is very long in the tooth. i would eneverybody to look at their 401(k) statements and rebalance that asset allocation. >> you did say at the top you were shaveing the u.s. exposure and go a little bit more overseas. do you want to tell us sector-wise what you have in your portfolio. >> we like to be more germany and northern europe. as you brought up, the uk the pound has been strong. the uk will be strong with its involvement within europe. we like japan. it's not been a popular view but we think abeonomics we think that's going to make sense. you have to hedge the currency. the dollar rick santelli said

it, the dollar's not going to be weak but it's also not going to be much stronger than it is. you want to hedge yourself. we think those economies, the central banks are easing. our central bank is neutral to tightening. you want to be in those markets for increased opportunity. >> the third arrow being the structural reforms they haven't gotten to. >> yes, exactly. we were talking earlier about summer jobs and we were in high school and college. a little birdy tells me what you were doing. >> i was lifeguarding at the pool where you grew up in california. >> at the old rosita park there. great pool by the way. >> it is. i think they labeled it the bill griffeth swimming pool, didn't they? >> doubt that. >> a lifeguard in california.

>> the chief investment officer at calstrs there. 262 points we're up. see if we want hang on that these gains. i'll be interested to see when art walks by what kind of imbalances we have as we head towards the close. >> president obama making his case for the transpacific free trade agreement at nike's headquarters today. coming up next find out what nike's ceo says about a potential deal and what it means for his business. and uber reportedly is willing to pay up to $3 billion for nokia's map service. but could that move be a $3 billion mistake? we have "shark tank's" kevin o'leary with us today. he'll weigh in on that potential deal later on "closing bell." stay tuned.

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the dow jones industrial average is still near the highs of the session, up 258 points. the s&p 500 higher by 26 points. it's also a gain of more than 1%. the nasdaq clutching that 5,000 level, all the way to the close. higher by 1% or 54 points. >> a lot of news this last hour let's send it back to cnbc hq. dom chu with a market flash. >> we're watching shares of visa, up by 4% now. we learned just in the past -- in the course of the past hour that visa is possibly in preliminary talks to buy its former subsidiary visa europe in

a deal that could be valued at up to $20 billion. that's according to a report by bloomberg. these talks are in early stages. they may or may not lead to a deal depending on price. also s&p capital iq analysts also note that this potential acquisition would rank as visas biggest yet as a public company. they've done a number of acquisitions. if it does happen this would be the biggest one. remember, bill michelle visa europe was spun off on its own after visa went public in 2007. an interesting note here they may be taking that part back into its own umbrella cooperation, guys. back over to you. >> that is interesting. all right, dom, thanks very much. we'll see you later. nike one of the best performers in the dow today as president obama touts the pacific free trade agreement which could have a big impact on nike's business. >> sara eisen spoke with mark parker. she joins us with the highlights. >> president obama led an exciting pep rally here at the

nike campus where ceo mark parker greeted him, introduced him. some people thoughts is a controversial choice that the president made to come to nike to talk about passing pp inging tpp, the transpacific partnership, his free trade bill with asia. nike is saying it would be so beneficial to their business that it would actually help the company create more jobs in the united states. this from a company with almost a million workers overseas. in more than 700 factories around the globe, making sneakers and apparel. nike says if this free trade deal does pass with asia it would aloss them to create up to 10,000 jobs over the next ten years in this country, up to 40,000 including the ripple effect and bring advanced manufacturing of sneakers to this country. so that is why the president chose to come here. i asked the ceo mark parker how that would work. he said the subsidies that would be in place, he called them

anti-an antiquated. really an interesting move by nike which doesn't get involved too often, guys when it comes to global policy debates. clearly this one would be beneficial. president obama has found a face, really on the corporate side of this argument that it's going to benefit the economy, american workers and, of course american innovation and manufacturing. back to you guys. >> all right. thank you so much sara. >> yes. time now for a "cnbc news update" with sue herera. hi michelle. here's what's happening at this hour. secretary of state john kerry and his saudi counterpart holding a news conference in paris to announce a five-day cease-fire in yemen will start on may 12th. they say that cease-fire is is renewable, depending on compliance by rebels and their allies. the faa can continue allowing passengers to use their cell phones and other electronic devices during takeoff. a federal court of appeals threw out a lawsuit from the nation's largest flight attendant's union

that had challenged that decision based on safety concerns. some new studies from harvard and dartmouth, researchers find that social security is in worst shape than previously thought. the agency's ak yewctuarial forecasts have been overstating since 2000. find out more by going to cnbc.com. dozens of vintage world war ii aircraft filled the skies over the washington mall today. over 50 planes were flying in formation, representing the war's major battle. that's the "cnbc news update" for you at this hour. it was a beautiful sight. >> my daughter works in d.c. i texted her a little while ago. she missed it. she's inside. >> she's working. >> yes she's working inside. >> she's dill jen the.

>> she learned from her dad. the dow jones industrial average higher by 261 points the nasdaq by 54 and the s&p by 26. could the fed surprise the market and the rest of us and hike interest rates during its june meeting? so-called zombie debt or debt that consumers don't legally owe but still hurt their credit reports. two major banks are putting the zombies to rest for good. could be a boone to the economy. we'll give you details later on the opposing bell. we've made our passions our life's work. we strive for the moments where we can say, "i did it!" ♪ ♪ we are entrepreneurs who started it all... with a signature. legalzoom has helped start over 1 million businesses, turning dreamers into business owners. and we're

here to help start yours.

welcome back. if you looked at a chart of today's actions, the rally was in the first few minutes of trade. we've essentially gone sideways. we've been in a narrow range for the last six hours or so five hours. but still holding those gains, a gain of about 260 points on the industrial average. >> a lot of reason for the move is this morning's jobs report which was pretty strong reverse reverses the awful report we've had last month. there's the intraday chart.

it's held and strengthened into the close here. it doesn't appear to be happening today. >> thank you. >> we have 26 minutes left. the data we got this morning, will it keep the fed on hold when it comes to raising rates? joining us is jeff cleveland, chief economist of peyton peyton & regal. this jobs report was good enough to not get everybody scared but not good enough that the fed would be forced to raise in june. a lot of people think june is off the table. >> i disagree. i don't think june is off the table. every meeting is live. that means june july september, october the market -- i think most importantly the market missprices the probability of a june or july hike. >> why? >> it looks like the fed fund futures is pricing the december hike which i think is too far

off into the future. what is the market waiting for? 12 out of the last 14 months above 200,000 in jobs which is great. the year-on-year trend in payroll and growth looks great, 2.3%. are they waiting to see that 14 out of 17 months are over 200,000? i don't think so. i think there's enough evidence here if you want to see it that we shouldn't bed azero on the fed funds rate. >> steve, i looked at a calendar and i actually counted. there's 40 days before the next fed meeting. in that time we get a new round of data a whole round, including a new jobs report more industrial production more productivity and all those things. would it be enough do you think that move the fed in the june meeting? >> well, first of all i'd point out 40 days is the time for the biblical range if i'm not mistaken nor enn for noaa.

i wanted it to be clear i knew the answer. i think you're asking the right question, bill. i would start as soon as next week i believe it's wednesday or thursday. we get the retail sales report. i'll remind viewers that dennis lockhart siene lockhart, says it will lead us out of the wilderness by slow growth. he didn't use that phrase. watch that retail sales report. it is technically possible for the data to turn around in time to convince the fed to raise in june. i believe it's a high bar to get over here. but i think june 5th is a very decisive day if i'm not mistaken. that's the day we'll get the may employment report. the report was squishy in the following way. we did get back to close to trend but we didn't compensate for what we lost in the prior month. >> right. >> had we done 275 or 300?

there was talk about the debt model being exaggerating to the downside by as much as 50,000 jobs. you'll have to watch it carefully. it's technically possible. july may be a bit more on the table by the way. >> jeff, we know that janet yellen actually follows the dashboard, right, of various unemployment data. when steve talks about things that were squishy, what about the labor participation rate that's at historically low levels. isn't there enough -- if you consider her dovish many people do isn't there enough to give her justification to wait for a long time to raise rates? >> the question is what are they looking for? they said they wanted further improvement. we're back in the 200,000 per month range which is good. labor force participation rate bottom maybe it's starting to creep higher. if you carve out the core those 25 to 54-year-olds, that's crawling back higher. i think there's a lot actually to be optimistic about.

save one thing. i think you could say wage growth is still soft. janet yellen has said that's not a precondition for a rate hike. what are they waiting on? we're at 5.4 on the unemployment rate. that's right there with their full employment -- unemployment rate. we're still at zero. so nobody's arguing that we should be back to 1% but it's moving off of zero here very shortly, i take it. >> i feel like the measure changes frequently. we were told once the unemployment rate gets to this level. once we see this. he asks a good question. what are we looking for? >> somebody would say, when the facts change, i change my opinion what do you do? for the federal reserve and the economy, the facts did change. let's be clear what those are. the unemployment rate fell and fell quite precipitously. what did they do? they changed the metric and they said you know what i believe the long run or sustainable unemployment rate of the economy is in fact lower than first

measured. they lowered it by 0.3. it's now 5.1%. it could be lower and no inflation is created. they'll have to change it again. why? because the facts are changing michelle. >> we talk so much about employment. we didn't talk that much about inflation. >> it's the other bogey there. it's not there yet. >> it's not there. >> thank you, steve, as always. pleasure. >> by the way, hopefully we'll get more clues about the fed's rate hike time line during steve's exclusive interview with san francisco fed president john williams. that's coming up on monday at 10:30 a.m. eastern time on "squawk on the street." you're welcome, steve. look ahead, beyond mother's day weekend there. 20 minutes left in the trading session with the dow still up 261 points. >> bojangles having a tasty debut on wall street. shares of chicken and biscuit chain are soaring. does a first-day pop translate into long-term gains. dom chu will break it down for us, next. later, we'll talk to the

head of one company that won a license to begin ferry service between florida and cuba. finally. find out how much a round trip ticket would cost and how it compares to a flight to and from cuba. that's coming up on "closing bell." the network that monitors her health. the secure cloud services that store her genetic data the servers and software on a mission to find the perfect match. and the mom who gets to hear her daughter's heart beat once again. we're helping organizations transform the way they work so they can transform the lives of the people they serve.

the biggest gainers contributing to the gain southwest and two energy companies are the biggest winners. >> one of biggest winners is the stock that didn't trade 24 hours ago. dom chu has the details on bojangles today. good timing. >> how about chicken and biscuits? >> if you go anywhere in the southeast, i've had it before hence my girlish figure. you can see so far today, intraday, we are well off our best levels. still, this is a stock that's up 26, 27%, $19 ipo price. here's the interesting part about it though bojangles, it's a hot restaurant ipo. we have seen the story play out

before. sometimes investors do want to wait until things settle after a hot ipo. check out some of the recent examples over the past couple of years. remember noodles & company, it's been on a slide for quite some time now. check this out as the ipo again, this is a stock down about 55%. it went public at 18 bucks a share, more than double on its first day of trading. if you wanted to get in on this you would have gotten in a few months later at a considerable discount to where it was right after its ipo. >> this one, el pollo loco again, a very decent move. after the first few days it's come off quite a bit. you could have waited a while and gotten better results. here's the interesting one. this is what a lot of the experts will point to as the reason why maybe you want to get on the ipo.

this is shake shack. a recent one for sure. it went public at 21 bucks a share, doubled, more than doubled in its first day of traying. it's been off to the races. we've seen a lot of weakness as some traders take profits. still, this is one of those stocks where people will say if i didn't get in on it, look at where it's gone. shake shack may be one of the reasons why people are bullish on what's happening with bojangles. two sides to the story. a lot of the hot ipos, you could have waited a bit. >> preponderance of the evidence suggests. >> we let the market play it out. >> we have 14 minutes before the "closing bell." the dow jones industrial average still holding on to the big gaines of the session as is the s&p 500. >> so are the bulls back for a while after this goldilocks april job report? or is there reason to be concerned about this market? david is saluting us right now

as he steps up to post nine. he'll give us his view when we come back.

it ten minutes left. art cashin was saying the imbalance is to the buy side. 300 million. so not a lot but it is a bias to the upside.

joining us as we have ten minutes left in the trade, independent investment consultant, david darst. we are stuck with the water cooler talk that maybe the fed will raise rates. now we have this goldilocks report. what do you think? >> the atlantic fed thing, it's registering this quarter that we're in now 0.8%. gold man is at 3%. morgan stanley at 2.8%. that's one thing. a $51 billion trade deficit does not help. that was this week also. there were crazy things about the jobs report of the downward revision, 39,000. >> the previous month. >> the average hourly earnings coming in. the labor force participation rate. that having been said this is like in high school or college, a physics exam and the teacher decides to throw out your worst scores. and the market tends to view

this through a glass rightly, not darkly in the words of st. paul. >> are you skeptical of this rally? >> michelle the market wants to lift. may he rest in peace. constructively, the market has viewed all of this. >> the calstrs chief investment officer was on a few moments ago. he's like we're shaving here. >> he agrees with janet yellen. >> you know december '96 i remember it well was when a rational exuberance came out. the market ran up for another three years. >> it's true. >> there are those that feel that janet yellen's comment is her irrational exuberance moment. we'll see. last year she did it with small biotech stocks too. they rallied after that too. >> more concerning to me we also talked about this in the past is the longer term the kay

schiller, i'm a believer that those are egregiously overvalued. the long-term average is 16.4. it's 26 or 27. that's priced at ten-year average earnings. priced as sales, 1.67. that's double the long-term average. and then michelle this ratio, priced to replacement value, it's 70% overvalued. >> what do you do though? do you put it in fixed income where you're getting nothing? >> you know adam parker morgan stanley's chief u.s. equity strategist, good man, brilliant man, this week he went overweight financials for the first time in six years. >> financial stock. >> financial stocks. financial energy and continue with the europe and japan theme. those are the places you go right now. >> do you hedge them or think the dollar has calmed down here? >> i think this dollar i personally believe the dollar basically was a -- this is a

countertrend rally in which the dollar was basically weak. i think it's going to -- the dxy, i agree with morgan stanley's people. it's 93 -- 95. it could go down to 93. the longer term this index could go to 120. you're going to still have outperformance. >> you'll have to hedge. >> both of those things that adam is calling for, the financials and higher dollar. >> and higher energy too, bill. >> they're all waiting for the fed to start raising rates. >> financials would do better and the dollar will get stronger when rates start going up right? >> it's so funny. it's like that sherlock holmes story where the dog doesn't bark because it was an inside job. the dog knew the perpetrator and here the lack of liquidity in the markets, i would rather her be talking about that and all of us. we're focusing over here on

the -- the horse has left the barn. we're focusing on when is the fed going to rate? we'd much rather have liquidity when it's needed. >> you're talking about the bond market in general? >> especially michelle. >> this is an issue we have to explore a lot more. it's become problematic trading in the bond market. >> name the sherlock holmes book that david is referring to. we'll get back to that later. we're coming back with the closing countdown for this friday and mr on this big market rally. you're watching cnbc, first in business worldwide. excellent. researching a hunch, and making a decision. time for a change of menu. research and invest with e*trade's browser trading. e*trade.

this is the s&p for the week. this is what traders watch. what is what bob pisani watches. he's been watching 2,120 on the s&p. we almost got there today. that's where it was bumping its head. look at this for the week. this is the whole trading week. the big down days early in the week and the big rally the last couple of days here especially today. for the week the s&p is up 0.3%, 0.39%. the ten-year, let's show you the volatility there as well. the ten-year treasury a yield that got up to 2.31. rick santelli was pointing out and then it's been falling since that time. he feels, rick santelli does that maybe we're going to see a

new trading range moved higher. maybe 2% becomes the bottom and then maybe as much as 2.5% at some point, maybe even 2.60. for the week the ten-year yield rose 1.28%. the price of oil, another volatile week there. we did peak at $1.62 a barrel right there on wednesday and it's been pulling back since that time. for the week crude oil is down almost 0.5%. we're at $59.39 bob pisani. >> it's been a great day. you have eight out of ten sectors up more than 1%. it's a broad rally. >> for the week or the day? >> for the day. this is unusual. that's broad, eight of ten sectors up more than 1%. the old frustration, the fed can't easily raise rates because the economic numbers are relatively weak. today's job numbers are okay. the market can't advance to a

real high because of the relatively weak economic numbers and the flattish earnings reports we're getting. that's the conundrum. we're right up against the ceiling, 21.18 roughly would be a new closing high on the s&p. 21.20, that's a decisive breakout. i was telling you earlier, there would be whooping and hollering if we hit 2,120 at the close. scott schultztole, he's ringing the bell today. they had a good day. there was less pressure interest rates were generally down today. bojangles, ipo, fast food doing well. >> the hot biotechs had a terrible week. a number didn't even get priced. here's a company with extent growth. a high demand that priced above the range and it's trading well

above that right now. this investor appetite is changing a little. we want the old stuff steady growth. coming up now, the second hour of the "closing bell." welcome to the "closing bell." i'm michelle caruso-cabrera, in today for kelly evans. dow jones industrial average, strong rally throughout the session, right? we opened higher this morning and stayed high throughout the session. the dow higher by 265 points the s&p higher by nearly 28 points, 1 .3%. >> let's bring in today's panel. we have evan newmark, kay kelly. and mike santoli from yahoo!

finance. mike santoli, let me start with you. the consensus explanation for today's rally is the employment report was good enough but not so good that we were definitely going to see a rate hike next month. you agree with that? >> i pretty much do yes. it was a relief that we didn't see the trend erode in the underlying fundamentals of the economy past the winter months. basically right on trend that we've been on in terms of monthly job growth for a long time now. that being said, the market rally was over by 10:00. it raised basically repriced it up 1.5% on all the indexes and we sat there. it wasn't so much about people changing their minds it was saying it could have been worse. let's reprice it at the top of the range that we've been in for months now. >> what do you think, evan? >> the story of the week. not to disappoint the stock watchers out there. it's the bond market. the store riff the week is bond investors will finally discover

this weekend when they check their mutual fund bond prices that you can lose money in the bond market. up until this week they were up on the year. if you were long-term bond you were up. we had a week in which the 30-year went over 3%. the ten-year went over 2.30. these are significant and i think next week will be interesting to see whether or not investors react to the fact that they sudden did i realize they can't lose money. >> we have a new trading range perhaps in the yield. what do you think? do you think it's going slightly higher? >> i should declare my interest. i've been short long-term bonds for almost a year now. >> 20 years? >> a year now. it's been a losing trade. >> it's been a losing trade for 20 years. >> this week i think things really did change. and it's going to be interesting to see. i don't know what's going to happen. you see how quickly it can move.

that's the thing i don't think investors are really used to. bonds can move very very quickly. you can lose money very very fast. i think a lot of -- managers out there will be going, do i want to get ahead of this? if everybody runs for the door, where do i want to be? >> i think the reaction today was sort of that was quick when it came to the chilling effect that janet yellen had on the market just a day or two ago when she talked about high valuations. people took it seriously and it had an impact that day. the data that comes from the jobs report and other encouraging signs, the visa numbers talking about consumer spending picking up a little bit now that we're in a lower gas price regime. it's taken months for that to trick into the spending as opposed to savings. i think the bigger picture looks decent. i think people have a cautious confidence still. >> okay. tim seymour is in the saddle now. do you buy the rally? is this for real?

or do you want to fade this thing? >> if you look at what has come back and what the extreme moves we saw, we verse-- the fund flow data through yesterday said you lost 20 billion in risk assets i think that things were overdone and ultimately i think the dollar was oversold. i think the move in bonds everyone has spoken about are very, very important. we got up to 80 on the ten-year bund yesterday before a major reversal. europe is the one driving this even though we're watching the fed. if i'm looking to buy certain things that have come back this week, look at commodity, some of the minors that continue to trade throughout all of this transports and financials came back with a roar today. some of the stocks have been underappreciated and certainly facing head winds over the last couple weeks in europe. europe, the trade is back on for now. this is a qe trade back on. the dollar carry trade which is

being taken off last week so me looks like people are gently getting back in the water. >> that would be a relief it a lot of people. what was happening over there, especially with the ten-year german yield, the reversal was so unbelievable mike santoli, i'd like to know what you think about what happened in the bond market over the last eight days or so. was that a head fake? >> i think it was a retreat from extreme levels and it happened fast. you had not the lack of liquidity. i think almost pro-active fears, lack of liquidity made this move exaggerated. the stock market sort of settled down. it didn't rally hard to be honest with you. it just settled down. that makes some sense right here. again, i still keep pointing through this range. this market has not penalized you. the stock market has not penalized you in the u.s. for sitting out of it since last september. i think it's going to take more than one week of a gut check to

change that psychology. >> what i would urge viewers or investors to think about is not trying time -- not worry about the 25 basis point move by the fed, will it be june or september? that's something for fixed income traders to worry about. they can worry about that. if you're an investor you should ask yourself whether or not the u.s. economy would be fundamentally stronger a year from now than it is today. >> what's your answer to that? >> i about ef it will be. my point is don't try and trade based on the fed. if you're a fixed income investor, you're supposed to be investing for the long term. if you think the ten-year yield will be at 3% a year from now or wages will pick up the economy will be strong you shouldn't be in bonds, long-term bonds. >> this was a busy week for hedge fund traders. everybody was out talking their book this week. are they feeling that we are going to see a much stronger

down the road? >> this is anecdotal. setting the tone on monday was david einhorn with his huge short on -- i should be careful. he didn't elaborate on what his own book was. one would assume he's short pioneer natural resources and other frac'ing companies. >> that was his point. that was a controversy throughout the week. you had other people just taking a cautious tone and saying we don't quite know what's going to happen. we feel like the fun may be over, the party may be ending in terms of the equities ral. we're in the recommending a lot of long new positions right now. people talked about their existing positions. you had bill ackman giving us a lesson. it was egg heady stuff. there was a young generation manager that talked about

ukrainian bonds. it felt like this was a dearth of ideas. >> their whole view on it it's like a liquidity play. it's not based on the individual company per se or the munn fundamental fundamental. >> right. >> to them it's this idea that all the funds will go down. >> europe is involved in dqe. >> and china as well. >> and japan, et cetera. >> china has shown real uncertainty in the last couple of days. we had an incredible rally in chinese equities. suddenly it was like the needle on the record scratched. >> what were you going to say? >> exports, significant reduction, imports significant reduction. you have a data dump out of china for the next couple days. they gave us a month ago, i think a message which was if they are re-a inhifre-aligning how they're

handling policy. i think the fxi which traded back to 46 before spiking back up over the last day and a half, that rally goes on. the soes look interesting. >> state owned enterprises. >> yes state owned enterprises, correct. >> what's our takeaway then? mike santoli. you write headlines. what is your head line for today? >> our assumptions coming in that have been undisturbed, basically the economy is still recovering. i think it's good that the market remains sort of tethered to the fundamentals. it's not opening this wide gap between equity values and what's happening in the economy. it's remanning in a decent place right now. i think that's probably what you want. you should be glad the market has been in this range. you don't want the fed to be move to act for reasons beyond the fundamentals. they don't want the mark hes to get overconfident way ahead of the economic fundamentals.

>> yes, just a friendly reminder, they're coming for us. >> thank you, tim. mike santoli, always good to see you as well. stick around catch tim and the rest of the "fast money" crew coming up at 5:00 eastern time after we're finished. they'll be asking a top retail analyst which retail name you should be selling into next week's monitor week of retail earnings reports. millions of americans are still looking for work. coming up next one business veteran blames amazon for some of the unemployment woes. find out next why. and later on "closing bell," youtuber is looking to replace google maps and it's looking to spend $3 billion to do it. which has some of us wondering where did uber get that kind of money? we'll talk about that coming up. you're watching cnbc, first in business worldwide.

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do you remember your first summer job?

remember all that you learned from it? i learned so much waitressing at pizza hut, you just can't imagine. >> one program that is trying to change the opportunities teens have. mary thompson is in basking ridge, new jersey. >> verizon will be hiring 50 high school interns from a program called the national academy foundation or n.a.p. n.a.n. n.a.p. connects businesses with low high schools. this summer some verizon interns will ab plying what they learned in math and science in different ways like testing the durability of verizon phones or the quality of the network's audio. in addition verizon's nikki palmer palmer talks about other things the jobs can teach a team. >> like punctuality and working

in teams, what it takes to solve a problem. >> not learning these skills later on may hurt their job prospects later. so math students shadow workers at firms including ernest and young. this student used to think of offs like the cartoons he watched, cubicles filled with stressed out people unhappy with their work. >> my first reaction is that they really like their jobs. they spoke about it enthusiastically. it didn't sound like they were miserable. >> those ernest and young workers persuading rizby that there are a lot of other jobs out there. he wants what he calls a nice job, he says one in the corporate world with friendly people an a nice paycheck. we wish him luck. back to you. >> we sure do. >> wait a minute. around the horn very quickly. what was your first summer job. >> ice cream scooper. they fired me on my second day.

>> because. >> i wouldn't scrape the gum off the floor. it turned me into a entrepreneur forever. i'm never working for anybody again. >> newspaper boy. >> i did it -- i was a newspaper boy. >> the rubber band -- i'd sick it in the box. >> hostess at the american cafe big believer that everybody no matter what they do long term as a career should have a customer service job. >> i agree 100%. >> you need to know what it's like to deal with people. usually unpleasant. >> i sold shoes at kinney's shoe store. i hated the manager, despised him for the pressure he put on us to sell, sell sell. best business class i ever took. wonder if he's still around. see you around joe. >> the nation may need more programs like the one mary was talking about if our next guest

is correct, though. in a recent piece on forbes.com former kpmg executive and independent consultant gene marks lays the woe at amazon and other companies. >> joining us is kevin o'leary, he's also a future "dancing with the stars" contestant but that's another story. give us the premise. robots and technology will replace jobs. you're saying amazon is a good example of that. why? >> amazon, such an innovative and great job. amazon three years ago purchased a company called teva and they make robotics technology. at a bunch of their distribution centers around the country over the past couple years they've been installing robotic systems to make their entire order process fulfillment center that much faster. now, an amazon spokesperson, they did confirm they are adding

people at these facilities. it's not like they're laying people off but they are able to handle so much more work with less people because of the robotics technology. again, it's from the time that it's received from the time it goes out the door. >> this is an old story, right? if every single person -- if we still switched telephones by hand right every single person in america would have to be involved in switching all the phones. technology comes and jobs go away because of it. are you say it's a bad thing or hard reality? >> it's not just that but what's happening is it's happening a lot more. two other examples of good companies. there's a company call eded ross bar code. they're in texas. it will allow anything that goes through a scanner to be picked up by an image. that's why we're seeing so many

self-check keyiosks. olive garden at 800 of their restaurants are installing tablets. we order, swipe our credit card the food is brought to our table. that's the enly interaction with a person. has an enormous effect. >> let me speak to the millions of small businesses in america that are using the logistics power of amazon to reduce their logistics cost of distribution. i have 27 on my portfolio now. only half of them are using amazon. they've dropped their distribution inventory costs by 30% to 40% as a result of amazon and other affiliate programs that amazon is linked to. some companies couldn't exist without amazon. they employee 37 people. i don't get it. i think we need amazon to completely automate because they'll continue to drive the costs down and let the grew books of the world get bigger

and high more people. >> don't take this the wrong way, the error in the thinking is that oh these replace jobs. the fact of the matter is if you have robotics and it makes the business grow more amazon doesn't open the factory 23if they -- >> we probably hired at least 500 people in just the deals i'm associated with on "shark tank" and they're all using amazon and affiliate programs for inventory control management. they have to. >> are you only telling half the story then? you're talking about a loss in jobs. what about where jobs are created? >> the points you guys are making is very good. the title of my column is "is amazon causing unemployment"? i don't think amazon is doing anything wrong. they are reducing their own work force. if small business in this country can grow because of that, like kevin is saying,

that's wonderful. right now we are seeing large corporations make significant investments in technology. i think that has a big impact on employment in this country. >> the issue may be less of unemployment. everybody would generally agree more technology will create more jobs higher productivity that kind of stuff. it may have to do with wage pressure, though. there may be companies like amazon by automating things if you are the $50 an hour guy with the bolt in detroit, that job doesn't exist anymore. by deskilling the jobs amazon is putting priceing -- >> if you want to talk about compression of job growth and why we don't have it coming out of a recession, it's government regulations at municipal, state and federal levels. all of my small companies are howling at the moon at the compliance they have to do.

too much government. >> last word gene. >> we are talking about low-wage and low-school jobs. take the example of olive garden. who will be employing the teenagers with they're replacing all of them with tablets on their taebls? large companies generate a lot of jobs but the technology themselves are cutting back on the jobs. that's a concern we have to be aware of going forward. >> something to think about. gene marks, who i think threw his headline writer under the bus just now. >> got the segment going there. he's with the marks group. kevin, we'll be back with him in a few minutes. earlier this week at the stone hedge fund conference a few protesters stocked the group in attendance. they are known as the hedge clippers. they claim some of the investments these hedge funds are making are endangering

people's health. >> uber looking to spend $3 million for a new mobile map app. we're not sure why it wants to drop google maps. we'll ask one venture capitalist next, all of those questions. maybe he'll know why. 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.

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hello. i am technology that is changing investing forever. i am a fully automated investment advisory service. i can help you choose the right portfolio. monitor it. and even rebalance it. i've been called innovative. revolutionary. and just plain smart. i'd blush at the compliment if i could. but i can't. so. i won't. say hello at intelligent.schwab.com back in april, nokia initiated a review of strategic options for here. that's mapping. >> that's what they did. >> a slew of companies are now expressing interest in here and

preparing bids. among them uber. the company reportedly submitted a bid for $3 billion, billions with a "b." >> is this the best use of uber's cash and where did they get that cash? back with us to talk about it kevin o'leary is with us. also joining us tony chan managing partner at q-ball capital. thank you for joining us. >> thank you. >> where did they get that kind of money to begin with? >> they raised money from goldman sachs, fidelity. they have a lot of cash. >> and they could borrow too, they wouldn't have to use that cash. >> they don't to the use that cash. with all these backers, 4 a 48 institutional investors, if they are going to do an acquisition like this they can get further financing for this deal. >> this nokia map thing, does it

make sense. >> i'm going to make the assumption that google will enter the market my assumption is, there will be 400 or 500 cars at five or six locations. they'll be google branded. it will jump me one, i'll get out of it. that's a direct competition to what uber will try and do. they'll do it in multiple cities. >> can i raise a speculative question. having realtime satellite driven map imaging is a logical extension of operating a fleet of cars that are rental cars or taxis. do they want to be in the car manufacturing business? do they want to be in the device manufacturing business? are they going to charge us -- >> multiple companies will build the car and you will go branded. these driverless cars -- [ talking at once ] >> mercedes all have them now in prototype situations. >> isn't this a bit of a risk?

i remember when apple maps came out. google maps is much better than apple maps. if they go to a map company that isn't as good and their drivers don't get you there as fast -- why do they need a new map company? >> i agree with anything mr. wonderful says spot on. they need this mapping technology. it's not about maps or driving. i think we're missing the point. where uber is going is become a complete logistics company. if you think about -- >> a u.p.s.? >> more than a u.p. if you think about where mapping has gone it was about a company that gets you from "a" to "b." that was mapquest. then it was data on data. what's the best route, the fastest way to go who's going where, where the greatest density is where should you stage your cars.

this is now about automated driving, automated logistics. that's the big multimillion dollar prize. it's about transporting people and transporting anything automatically most efficiently. >> in new york my buddy was telling me he had a package delivered by uber rush. >> why does that mean we have to get rid of google? >> it's a dependency. look, there's several companies out there whether you're talking about a google map or people who depend on a twitter feed or facebook, they don't want to be cut off. google is going in this business. they have long announced they're going into driverless cars. google is possibly going to be a part of this. what they done the want to lose is the fact that you know in case google cuts them off and wants to use their google maps on a proprietary basis, they want to have a strategic asset

of their own. when you're building a company, you think what must i own? to me this is a must-own asset to continue to compete. >> bring it in house, you're not contracting it out there. >> can't wait to see that episode. >> i want in on the royalty deal. >> royalty deal. >> time for a "cnbc news update" with sue herera. >> hi, guys, heers what's happening. if america doesn't write the rules of global trade, china will. he spoke at the oregon headquarters of nike which has promised to add up to 10,000 american jobs if the transpacific trade deal is finalized. a mistrial has been declared in the man accused kidnapping and killing 6-year-old etan patz in

1979. jurors said they were hopelessly deadlocked in the case after 18 days of deliberations. an indictment has been unsealed charging charles larvae eckelston in connection with an attempted e-mail spear fishing attack. this involves sending e-mails that infects the recipient's computer with a virus. >> floyd mayweather says he will not seek a rematch with manny pacquiao. he said he lost respect for his opponent calling him a loser and a coward. mayweather was also unhappy that pacquiao blamed the loss on his injured shoulder. we'll see. >> you know what -- wait a minute. he just fired -- he fired the first shot. there you go. >> he has a deal with show time to do another bout in september. he fired the first salvo in that bout. >> absolutely. absolutely.

>> the fight goes on inside the ring and outside, starting months in advance. >> it's all about marketing. >> boxing promoters don't have a strong moral compass. >> you think? >> they don't have one, period. >> thank you very much. >> by the way, we have another sports controversy, still ahead on "closing bell," new england patriots quarterback tom brady speaks back on the deflate-gate scandal. if you're not a patriots fan you might not like what he said. >> i'm a big patriots fan. >> we set this one up. the winds of change are blowing near cuba again. ferry service from the u.s. set to begin. we'll talk to one of the five operators that got approval to build this business. just ahead on the "closing bell."

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>> it followed trend today. >> hedge fund managers met in new york this week. we talked about that to exchange investment ideas at the annual conference. outside critics met to demonstrate against hedge fund politics that they say benefit billionaires at the expense of working people and the economy. >> the reason they have scissors they call themselves the hedge fund clippers. get it? hedge clippers. joining us now, jonathan weston. he's the leader of the protest group hedge clippers. >> why does it exist, what's your biggest beef? >> hedgeclippers.org was started here in new york when a set of us, a set of activists, community organizations, juniors were -- unions were controlling our lives in many ways through the investments they make and how that comes down on every day

people. for instance in the fast food industry thousands and thousands of workers have gone on strike demanding $15 an hour. dab lobeeb increased his buy in yum brands. they control not only the workplaces that our folks work at, they control buying up mortgages, buying up properties in our communities. and are making billions and billions of dollars. >> they do not control new york city politics. they do control new york state politics. it's the way the public finance system is set up for elections. they can give millions of dollars. they've given millions of dollars. >> can the union -- >> i understand there's three different priorities that you all have. one of them is around the tax benefits that hedge funds enjoy. and i think i'm going to say i'm okay with hedge funds.

i'll get that out on the table. there are as pecks of the tax and the way that works. a lot of people who don't necessarily share your other priorities would go on board with. when it comes to things like hedge fund people go hedge fund guys cause cancer. i don't want any part of that agenda. why not focus on the tax aspect of the agenda. >> i think you're exactly right. the big focus we have is on the fact that they pay less taxes than a fast food worker does. because of loopholes in the tax system. even hillary clinton herself has said hedge fund managers need to be reigned in from the excessive fees they are. >> chaing making profits off of all of us. >> they're not doing anything illegal. get them to change the tax rules then at that point. hedge fund managers aren't doing anything that anybody else wouldn't do if they had the

opportunity, right? >> we've seen how they continue to control the economy. the so-called activist investors essentially come into companies, buy huge stakes in companies and cut workers wages. they lay off workers, shift the jobs overseas and folks are left with meager wages, no benefits no anything to bring home to their family. >> okay. >> i think jonathan and the group would argue, it's not that they control the economy per se but because of the way campaign finance is structured because of the compensation in the hedge fund industry there are huge donations being made. >> is hillary clinton not going to accept money from the hedge fund industry? >> i'm sure she'll get money from the hedge fund industry. the hedge fund industry is probably one of the largest contributors to the presidential campaign. "the new york times" just did a report, they looked at the hedge fund managers that made the most. a lot of them made over $1 million. >> should she not accept it. >> i think there ought to be

rules that don't at loullow hedge fund managers and millionaires and billionaires -- >> i think you're picking on the wrong people is what i'm saying. the guys that make the rules that they're following is the ones you should be arguing against, not the guys following the rules. >> weaver seeing a political system that was created by many of the same folks on wall street that have ended up in these hedge fund places. there's a reason the supreme court justices are in the places they are is because they funneled all the money to presidential candidates. they put those people in place. we are living in a world that they've created because of the political system. >> i read a bunch of your white papers. you're issuing a white paper a week, it's footnoted. you take issue with specific stock holdings whether it's fast food or leery robbins and his owner ship of for-profit

hospitals, the fracers and the negative impact they have on the environment and labor at times. long story short, i think it's good to know the good and the bad, however, by that rationale, can you invest in any stock comfortably? >> i think there's a difference in how folks are investing. real long-term stake holders in these companies with be people that have a reputational interest tied to it as opposed to other folks who are trying to make a short-term buck or investment. the way they do it is by coming in taking over a company, cutting wages for workers, laying people off. and we're left with nothing to bring home. >> sort of aggressive bottom line oriented approach that bothers you. >> definitely. i think the approach where all of the profit that a company makes goes into a couple individual's pockets is bad for

the u.s. economy. i think that's what we're seeing. we're seeing in this recovery that millionaires and billionaires are doing great. the stock market has recovered, wages have not recovered. people are still struggling. people are still fighting to pay their mortgages, fighting to pay rent. >> people at the top are doing very well. >> that's under six years of a democratic administration. thanks for having us jonathan. we appreciate it. >> welcome to the new york stock exchange. >> all right. soon you won't have to shell out for a flight to cuba. five ferry companies have apply applied for lines to operate passenger services between florida and cuba. later we'll talk with the president about these ferries. and zombie debt relief may be in sight for those affected by debt that they no longer legally own. that's what zombie debt is.

we'll explain more when we come back. christina sheldon and her mother have always been close. so it was only natural that linda started helping christina out when she started her jewelry company. neither of them ever guessed that linda would become the number one employee. for more, watch "your business" sunday mornings on cnbc.

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you have to wear this thing? ♪ ♪ can it tell the flight attendant to please not wake me this time? ♪ ♪ the answer is yes, it can. so, the question your customers are really asking is can your business deliver? time is ticking for social security. it turns out the funds may be gone even sooner than you think. oh joy. >> cnbc.com's managing editor allen wastler has that story and the rest of the hot list. >> the social security feature we have up right now is getting a lot of reader atension. essentially we all know it's bad. it's going to run out of money a couple decades. researchers from harvard and dartmouth say we looked at the figures, too. it's even worse. it's going to run out of money

before that because the government has been too optimistic. we took a look at the state of california's system of regulation for water. it looks like the regulars they have aren't going to be able to conserve watt are forethem. finally on the good news front, our story about zombie debt jpmorgan and bank of myrrh have agreed after a couple lawsuits to start zombie debt consumer debt on someone's record after they have gone through the bankruptcy process, the banks were keeping that there. now they say, okay we'll erase that. we know how to deal with zombies here. >> you're a certified zombie killer. >> we are forever grateful. >> i sleep better knowing that allen wastler is on the job there. thanks allen. >> if you live in florida soon

you won't have to get on a plane to get to cuba. for the first time in many years, a ferry to cuba. >> the president of one of those ferry companies will join us and will tell us what this means for his business. the network that monitors her health. the secure cloud services that store her genetic data the servers and software on a mission to find the perfect match. and the mom who gets to hear

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for the first time in decades, the white house is approving ferry services for travel between the u.s. and cuba. >> baja fehr riz usa is one of the few select given the green light for this and

joining us now the executive vice president joe hen son. joe, good to have you here. good to have you here. tell us about it. sell it to us. >> we still have a few things to square away. we have to speak with the cuban authorities. but the gill is around september or october, the ships will have a capacity of about 2,000 passengers and the fares are around $200 and subject to port charges. >> and that is round trip or each way. >> that is around trip. we ebb vision at around 7:00 a.m. or around 7:00 p.m. >> and ais this a gamble play and do you put slot machines or people that don't want to fly. >> we appealing to the people

that don't want to comply and yes we could have game blg on board but that is by no means the retch -- the revenue that we're looking for but and we want to move the personal effects and move up to 200 pounds for free and much of a savings on the people traveling right now by air. >> joe, do you have any indication of how large the market will be for this sort of travel. how many folks want to go back and forth from cuba? this is a new opportunity for most people. do you have any measurement of the possible market here? >> we believe it will be quite strong. at the moment there is only 12 categories of people that can move presently but we are over this in the long haul and we hope the sanctions will be lifted but we hope cubans can come back to america. >> and $250 round trip is

probably significant savings over an airline ticket. michelle you have been there. >> right now the tickets are expensive because there are so many middle men but there will be much more less but then you won't need the middle men to help are the visas. >> that is true. and right now you don't need the licenses that were previously required, even for this classification of 12 people category. but we presently move 250,000 passengers a year on the west coast of mexico in kind of a small market and we expect to have very large numbers. in the beginning we're expecting to sail three days a week between 2,500 and 3000 passengers a week. >> and you've been there and for years to get any ceo to talk

about doing any business with ceos and they were angry and protests and suddenly now are you as flabbergasted as i am about this dramatic shift in attitude as i am and i know there is controversy, but this is a different feeling than years ago. >> each decade things have been presented differently. and we have been doing travel and have a license to trade since 2003 for our cargo vessels and we understand the market and could see things changely slowly. we were quite surprised the announcement came out so quickly. we didn't think it would happen just this quick and we are pleased and doing what we can to be trod go. >> it is exciting. >> are there -- are the cuba authorities happy about this. >> he still has to talk to them. what do you expect to hear quickly? >> quite frankly, at this point it is only the airlines that have the opportunity to have the

opportunity to travel and that is our argument why should to be different to go by air as opposed to by sea and now people going by sea that have the -- excuse me -- >> that is all right -- the ability. >> yeah the ability. there is a different way of going by -- by sea because you can take children much more veteranly -- conveniently and elderly. >> jim henderson. thank you very much. >> thank you for having us. >> tom brady deflate-gate report reaction -- what reaction. >> it has only been 30 hours so i haven't had much time to dieblgest it but when i do i'll be sure to let you know how i feel about it.

>> he hasn't had enough time to digest it. he's on to cincinnati. >> we'll have that and much more to wrap things up for closing bell right after this.

i don't have really any

reaction to -- our owner commented on it yesterday and it has only been 30 hours so i haven't had time to digest it yet, but when i do i will let you know how i feel about it. >> are you that slow of a reading. >> well my athletic career has been better than my academic career. >> i'm used to reading x's and o's and this one is a little bit longer. >> that was tom brady last night speaking on the wells' report. >> i'm sorry, that was not convincing at all. give me a break. >> come on. >> have you read the report? >> i have not read the report. i have better things to do. >> but you are not tom brady. >> tom brady has got enough guys, he's surrounded by enough people. >> did they cheat to win the afc championship game? >> define the word "cheat." >> did they inflate? -- >> i'm going to say the following.

i think that something that happened that probably should not have happened, it becomes a question of how big of -- if this was geno smith and if geno smith had some understanding with the ball boys nobody would be making a big deal of it. >> very brady-esque. >> but he's a handsome man. >> why is that relevant? >> i'm just trying to find -- >> you're just trying to get out of it like every other patriots fan. >> would they have won every other game. >> that game was not very close, if you recall the game. the problem with him coming out and saying of course the ball guys knew how -- houp i liked the footballs, that brings up other games in the past. >> all right, guys. >> it is called a can of worms. >> as always thank you for joining us. >> thank you. it was fun.

>> happy friday. >> "fast money" coming up in a few seconds. >> melissa lee, it is yours. >> live from nasdaq markets, this is "fast money" for fridays. i'm melissa lee. tonight, top analysts will tell us two names to set off new moves, one good and one bad. an one sector of tech is ridiculously overpriced and could spell trouble for the rest of the market. how to protect your portfolio. and it is market nirvana. and after a good but not too good jobs report.