you're seeing it on the flask da. knowing where things are stationed or domiciled really impacting how you view the sectors. >> hey, dom, thank you, buddy. >> always a pleasure. >> melissa, we will see you at 9:00 on "fast money." >> "closing bell" starts right now. hi, everybody, welcome to the "closing bell" i'm kelly evans at the new york stock exchange. >> and i'm bill griffeth. a big sell off for stocks, in fact, a lot of moving pieces in in market, moving lower right now after the european central bank unveiled lesseesing than had been anticipated this morning and after signs of weakness on the u.s. economic front as well. this all amid the tearism fears related to the shooting in san bernardino yesterday. >> take a look at the dollar index, if you're looking at a flight to safety that is not what you're seeing. the dollar is down at 97 and change on the dollar index, with he remember when it pierced 100

a few sessions ago. we will talk about what's happened with the european central bank with mario draghi as the euro has being its strongest performance against the dollar and whether this currency volatility could impact the broader market. >> linkedin getting a lot of buzz for its new mobile app, the ceo will be joining us with jon fortt live. coming up in about 20 minutes here. >> first a stock that accelerate the losses, bob pisani is tracking the action on the floor. >> the important thing is that there is a who awful lot of cross currents on on in the market. the dollar weakness and euro strength on mr. draghi's comments. normally this would be a help to the commodity market, copper is up, gold is up, however, oil is up, but the commodity stocks are not moving in response to this. so take a look. exxon mobil would normally be up with a nice rally in oil, down 1.3%.

here is chevron, should be up on a day like today, down 1.5%. the equity markets seem to be saying this rise in oil that we're seeing as a result of the dollar weakness is a head fake and not going to last. there is a big opec meeting going on. the second is pond yields moving up aggressively, this is putting pressure on all sorts of interest rate sensitive stocks, utilities were weaker earlier in the day and a lot of home builders are weak, look at lennar down 2.3%, here is beezer home down almost 2% on fairly decent volume overall. the third factor is the one bill brought up a few moments ago, the shooting in san bernardino, difficult to quantify what effect this is having on the stock market. i want to show you oil. when this press conference was going on earlier and we were getting more details of this person who killed 14 people may have been radicalized by trips overseas oil mopped up 40 cents very quickly as that press conference was happening.

hard to say there is a direct connection but that was when the conference was happening and there may be some concerns that these concerns may be broader than two people engaging in some kind of revenge acts. again, difficult, but terrorism may be playing a little in the market weakness today. overall what's happened is five to one what little refuge there is in the market is in defensive names, you're seeing food names like kroger moving to the upside, tyson, costco and who are mel all new highs. >> all right, bob, thank you very much. >> we are breaking news, new developments in the investigation of yesterday's mass shooting in san bernardino, california. jane wells is on the scene for us. jane. >> reporter: bill, they are about to let us move a little bit closer to the inland regional center where 14 people were murdered yesterday in this shootout. while the fbi says that it does not have a motive yet, quote, this is not your average investigation. obviously the two shooters were on a mission, quote, we do not

know if this was the intended target. nbc news is reporting that the man, the husband in this duo, say yesterday farook appears to have been radicalized authorities tell nbc news, the extent of his radicalization wasn't immediately clear but he had been in touch with persons of interest in the los angeles area who have expressed jihad t jihadist-or ept idea views. now, farook and his back sustain born wife tashfeen malik, we have video of where they were cooled in a shootout with the suv in the middle of a quiet neighborhood. somebody in that neighborhood captured some video of that shootout. liste

listen. >> in that exchange police fired 380 rounds at the couple. they say the couple fired back 76 rounds from one of their assault rifles. they believe that the female shot first perhaps through the back window while her husband drove. they were armed to the teeth and police describe what they found inside the suv during their investigation. >> law enforcement fired approximately 380 rounds of the suspects, both of them were killed here at the scene. the suspects are believed to have fired about 76 rifle rounds at the officers at the termination of pursuit. >> how many? >> 76 is our number that we have right now. however, on them -- on their person, on their body and in the vehicle they had over 1,400 223 caliber rounds that were available to them and they had over 200 9 millimeter rounds on their persons as well. >> and at the home where they were living they found thousands

more rounds. now, we do have a picture on social media of syed farook, we know that he was 28, the fbi told us he returned from a trip abroad in july 2014. at that point he came with malik who he was not yet married to at the time, they had been in pakistan together, they were married and have a six month old daughter and they had a baby registry on line earlier this year preparing for her birth. we do not know where she is right now. she had been staying with farook's mother. police telling us that the relatives of farook, syed farook, have been cooperating and are being interviewed extensively. we do know not if there are others involved but the city believes the situation in terms of shooters is over and the city is now safe. back to you. >> jane, when can we expect to hear the next update from the police there? >> it will be later this afternoon. we've heard possibly as late as 4:00 p.m. pacific which would be

7:00 p.m. your time. we are starting to get the very first names of victims, nbc news has confirmed one of them michael wetzler, a father of six. >> the third suspect, this phantom suspect, we heard so many things, rolled out of the car when the chase began, was detained, then we learned maybe he wasn't involved at all. have they talked about him at all today? >> reporter: yes, they did. he was a guy who was seen running away from the suv. they do not believe he had anything to do with the -- with the two shooters, however, he had an outstanding misdemeanor warrant so they did go ahead and take him into custody. so he was arrested but not for this. what police aren't saying is if there are other people of interest out there because if you looked at 12 pipe bomb devices in their house, thousands of rounds of ammunition, 1,600 rounds in their car, all this was that was going on where they fired 65 to

75 rounds to kill 14 people, one, it would stretch the imagination to think no one else had any clue about this. >> right. especially when you consider he had no -- either of them had no criminal record to that point. >> no. >> they just weren't on the radar at all. >> none. >> interesting. jane, thanks. >> reporter: no, but it appears that he was talking to people who were on the radar. that's what nbc is reporting. he had been talking to people. >> clearly. thanks, jane. >> markets moving thanks to central bank headlines on both sides of the atlantic today. the dow is down 254 points and some big moves in currency, steve liesman joins us now. >> there's two concerns that seem to be weighing on markets, first we just talked about it, the heightened worries over terrorism with new details involved about the shooting, including the radicalization of one of the suspects, that followed the deep disappointment in markets over the easing plans revealed this morning by the user mean central bank. extended asset purchase until march 2017, that's six

additional months, but the market was dis appointed it maintained the $60 billion euro per month purchase rate. minus 30, again, the market looking for more. they announced a new measure to reinvest principal on securities and an expected measure to expand purchases to include state and local government debt. draghi defended the policy move saying they were adequate to the task and if not the ecb could do more. fed chair janet yellen was asked about the potential economic effects of terrorism in her testimony before the joint economic committee. >> those risks are ones that we watch very carefully and i would agree with you that it does have the potential to have a significant economic effect. i would not say that i see a significant effect at this point. >> that was before the san bernardino press conference this afternoon that jane wells

covered. yellen gave every impression that despite risks and concerns with the stronger dollar and overseas growth the committee is ready to hike. tomorrow's november jobs sets up pretty interestingly a major event that today's terror concerns may continue into tomorrow and draghi disappointment and don't forget we will hear from mario draghi right here from new york tomorrow at noon. >> our steve liesman recapping what has been a full day. >> they have all been moving. let's talk about it in our "closing bell" exchange, me go green joining us today, steve grasso from stuart frankel on post 9 and rick santelli i'm going to start with you because of all these moves parts and pieces. i was jotting down some of these -- the records here, the ten-year yield is seeing its biggest one-day rise since july of '13, two and a half years, the dollar seeing its biggest one day percentage decline since march of '09, oil is up big, the

yield curve steep thing, stocks down sharply. what do you make of all of this? >> i think it's the beginning of the great divergence, you have central bank of the united states hinting they're going in one direction, you have the ecb trying to go in the opposite direction, the dovish direction, but maybe there is a couple of restraints on mario draghi the more information we get certainly teams like somebody was going, whoa, mario, you can't promise the ba zook can a every meeting, but that divergence is playing out in the market what's fascinating is how all markets moved exactly the same there is a carry trade issue of being short euro that probably explains most of that move. and ten year notes were briefly fading at 235. when you talk about the steep thing curve it's more of a reactive scenario because the 10 year has been so name.

it seld ld ald the 291. it's also been an aggressive day there. i think the issue is pretty simple. central planners want to continue to be involved in their policies, they want to change policies and all that has a huge effect on the market. the problem is today there was a digital response in the marketplace. everybody is fully invested, fully leveraged and they didn't get exactly what they wanted out of mario, financial times 3 to 5 minutes early put out negative information, but once those markets started to move and your margins calls and positions change your course of action at that point is what it is and it can't be changed. i think that's the part that's going to change over the couple couple days. i would be surprised if the dollar doesn't get the sea legs

back as some of the trade issues with the euro dissipate. >> steve, break down for us if we're down 268 points on the dow how much is because of central bank moves and how muchs market spooked by domestic acts of trirk richl and what russia and turkey may be up to. >> if you look at the markets yesterday we have these terrible events take place in california, the market didn't react to that, we were selling off before that. so i'm going to say that it's 90% is going to be ecb, 90% yell en i think it's central bankers today, that is the real issue. >> why are we seeing u.s. stocks so disappointed with what took place this morning? what is it in particular that relates to the sell off that does have treasury rates higher. >> i think it's the bigger sell news where everybody was waiting for this event, the ecb, janet yellen to paint herself into a

corner and i think so they got that today unfortunately i think we've done some technical moves with the s&p cash that we need to close above that flat on year, 2058 in the s&p cash, but i don't think the selling is over in a longer term phase. >> we're far away from that level right there. me go green, we haven't forgotten about you. what are you going to do about this? where do you put money to work is this do you buy of the laggards today or head for the hills or what are you going to do here? >> never do we head for the hills. we are always invested, it's just a question of where. i think really, i mean, the tragedy that happened yesterday is part of an ongoing fear that we all have. i don't see the selloff being that necessarily and i think that there really a little historical about mr. draghi not doing enough. 60 billion euros a month until next march 17th. i mean, that's pretty good, but it's mostly about the fed and i think that they -- i've always -- huh?

go ahead. >> tradition would suggests if you're expecting rates to go higher you want to buy the financials and those that would benefit from those higher rates, you would want to avoid interest sensitive stocks like utilities or something. is that what you're planning to do? where are you going to make money here? >> no, not necessarily. i think you can make money in the broad market because i will tell you what, a quarter of a point is going to do nothing but give confidence, nobody knows what's behind the screen it's like they don't trust the numbers. so if the fed comes out and say they do -- they are not all in agreement so we are not sure about this quarter point, but we're talking about a quarter point, this reminds me of the whole taper thing years ago where we were panicked, when are they going to start tapering? it's a quarter point, just get it over with, take off the band-aid and let's move on. we have bigger fish to fry. >> before we go, your favorite play? >> i like munys and there are a lot of stocks paying much more than the ten-year treasury. if you go into stocks that are paying high dividends,

microsoft, cat pillars, look what they have just done done in congress with the highway bill. if you're going to get 4 plus percent from a caterpillar, there's great dividends out of there and i would never run away from the market 100%. it's more about managers. our growth managers. >> see you all later. >> about 45 minutes to go here. at the lows of the session so far today the dow is down 304 points, we are currently down 275. the s&p down 34, the nasdaq down 98 and it is the worst performer down almost 2%. >> coming up, the ceo of linkedin will be here to discuss

the professional social network's updated mobile apps which are getting rave reviews, find out if that will be enough to battle competition from the likes of a facebook. >> also ahead, the facebook saying it does not feel comfortable calling the san bernardino shooting terrorism yet. up next a leading fbi instructor will join us with what else the fbi has to learn before it makes that call. when you're not confident your company's data is secure, the possibility of a breach can quickly become the only thing you think about. that's where at&t can help. at at&t we monitor our network traffic so we can see things others can't. mitigating risks across your business. leaving you free to focus on what matters most. i'i like to think of myself as more of a control... enthusiast. mmm, a perfect 177-degrees.

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sell off day on wall street, the stock market down sharply, the dollar down biggest one-day percentage decline in six years, the biggest rise for the ten-year yield in two and a half years, we look at the ten sectors of the s&p 500 index, those sectors that would be hurt the most by rising interest rates are the biggest decliners, am i reading that right? >> if you look at healthcare that's down 2.3% -- >> i have it exactly backwards. look at that. >> it's funny. what we're used to seeing is more green on here. >> exactly. >> you look at the bottom right -- >> isn't that interesting. >> so energy has been under pressure even though crude oil rebounding today. healthcare is an interesting case. you have aetna now sharply today, united health one of the worst performers on the dow. >> now i'm wondering why utilities are not suffering more

if the ten year yield is going up here. what am i missing? >> look at telecom it's only the fourth worst up there, too. >> very interesting. >> president obama speaking out on the san bernardino shooting. john harwood is in washington with more. >> kelly, president obama has been under fire for his stance on terror issues since the paris attacks a couple weeks ago. today flanked by his national security team he spoke out about the killings in san bernardino even as investigators are trying to sift through clues and figure out what it was all about the president indicated simply it isn't definitive at this point. here is the president. >> it is possible that this was terrorist related, but we don't know. it's also possible that this was workplace related and until the fbi has been able to conduct what are going to be a large number of interviews, until we understand the nature of the workplace relationship between

the individual and his superiors because he worked with the organization where this terrible shooting took place, until all the social media and electronic information has been exploited we are just not going to be able to answer those questions. >> now, republican candidates to succeed president obama were somewhat more aggressive, referring to this as an attack of islamic terrorism. donald trump went so far in a speech to the republican jewish coalition as to say he was reviving those questions about president obama's loyalties that he the one raised with the birther issue president obama won't say the term radicular islamic terrorism, there's something going on with him that we don't understand or that we don't see, guys. make of that what you will, but the investigators are waiting for conclusions >> thank you, john. john harwood in washington. let's turn to what the fbi

and police still need to uncover in this investigation. >> joining us once again larry barred inn is fbi inn director, workplace violence consultant, you were with us on the phone yesterday, it's nice to see you today. >> thank you. >> i know that the fbi has a strict definition of terrorism, what constitutes a terror attack, but are we quibbling about semantics when we can't decide officially whether this was a terror attack or not? what difference does it make? >> well, that's a good question. the reality is i'm not sure it does matter. there are two parts to the u.s. code, one says if you're working internationally meaning outside the boundaries of the u.s. when it's international terrorism and if you're doing that within the states it's domestic terrorism. in this case where people are obviously very murky, you have an individual working in the u.s. who happened to go back to saudi arabia, some back with a bride and it appears was radicalized. so i agree, i think we're mincing words. it appears to be probable that there was some type of radic

radicalization that went on and it person chose a soft target and in doing so he realized they had person that were innocent, they were in an environment that was very open. candidly i'm not sure at all it was workplace violence. it very much appears to be somebody who was a radicalized and brought that mission and in that regard, yes, it was a terrorist attack, it intimidated people and people lost their lives. >> that's exactly it, larry. i don't know why we're saying it has to be either or, it can be workplace violence and a definition. it, a, involves acts dangerous to human life that violets federal or state law, appears to intimidate or coerce a population and c occur primarily within the territorial jurisdiction of the u.s. this seems to quite clearly fit all three of those criteria. >> kelly, by this, this is exactly what we went through with capital hassan at fort hood. that was a work plais violence because it was a killing at work but it was by someone who worked there who happened to have

access to weapons and came into that soft target and exacted a terrorist attack. we had a food service worker in oklahoma city that was beheaded, she refused to succumb to press urs from a coworker. this is an important situation that we have to understand the soft target, whether it's a theater in paris or theater in moscow, we forget that, we think about all of the attacks in mali, in bali and in night clubs, we are looking at increasingly we have to be sophisticated in understanding that people are willing to devote a lot of time, a lot of money and a lot of energy, quietly and discretely to attack others. >> new jersey governor chris christie said today during a campaign stop if somebody can attack a social services place in southern california, they can attack anyplace. is that going to be what we learn from this? is that maybe now the terrorists will go after soft targets just to point out that no place is safe right now? >> bill, what i've been saying for the past couple of years is

we have to understand the following, the brilliance nd deviant but it is brilliant, the message that has come from the jihadist is this, you don't need any permission, you don't have to work with a cell, go and kill, go and do what has to be done in the name of the mission. that's very dangerous and we have to understand that we don't have to harden every sight. work is a safe place, but how about this, the center where this killing occurred yesterday had monthly drills in active shooters, can you imagine that, that they were so concerned and so thoughtful in terms of the leadership group that they actually thought this could occur. so we have to say, don't panic, don't become paranoid, but wherever you work, a school, a hospital, whether you work at the discovery channel which was assaulted several years ago, it could be a television network, manufacturing plant. be safe a aware and if you happen to see something or someone who is acting out of place, speak up, tell the police and they will respond in a very discrete manner. >> larry, thanks for joining us. we will have to leave it there for now. dr. larry barton joining us

here. the new york city police commissioner william bratton will also be weighing in coming up on what exactly has transpired in california. please don't miss it. we're heading into the closing at 35 minutes left in the trading session. the dow near the lows of the day, at the low we were down about 300 points briefly, now down 267 points. >> up next, the euro posting its biggest gain against the dollar since march and maybe even since longer ago than that. sara eisen looking at the potential ripple effects in the market. >> infighting among opec members ahead of its big production meeting coming up tomorrow. we will tell you what it may mean for the price of oil in the future all m coming up. lyrics. lyrics. you've read all of my lyrics? i can read 800 million pages per second. that's fast. my analysis shows your major themes are that time passes. and love fades. that sounds about right. i have never known love. maybe we should write a song together. i can sing.

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welcome back. about half an hour to go in today's trading session. stocks are heading back down towards their lows, the dow is down 280 points, every sector is in the red. a lot of central banks we will talk about in a moment, we also had some data, the services index of activity today came in at 55.9 versus 59.1. it's the size of that drop for the biggest employment sector that might have people a little worried. >> after the ecb meeting the euro surging most against the dollar since march of'09. that certainly got sara eisen's attention, didn't it? >> it got a lot of people's attention. certainly draghi did not live up to expectations and, boom, the euro took off spiking 3% against the dollar. we haven't seen a move like that

in terms of the euro strength since march 2009. the question is why. should central bank easing hurt a currency? that's usually what happens. a lot of this was already priced in. if you zoom out there's your one year chart the euro has been falling all year long. it hit a seven-month low against the dollar. when draghi didn't offer a bigger bazooka, an expansion in the amount of qe or a bigger cut to the deposit rate that was disappointing. here is the other key, it is a very crowded trade. everyone is betting against the euro and there you see on the left is the size of that euro short position in the futures market $23 billion. they love the dollar right now they hate the euro. when you have a crowded trade like that and disappointment like today everybody rushes for the exits at the same time so the magnitude of the move is much bigger. what's next for this pair? the u.s. is in stronger shape economically, the fed is set to start hiking rates even if very cloel and that according to

strategists still makes the dollar a buy and the euro a sell as the ecb sell is easing here, a strong jobs report on friday, tomorrow, may reignite the dollar rally, how it would have to be pretty strong, goldman sachs is one of the few on wall street that still has a forecast of euro/dollar parity which teams improbable and far away by the end of the year. most wall street banks say the euro will fall down to parity against the u.s. dollar in 2016, now you have been warned, watch out for any surprises along the way since this is a big crowded trade because it could reverse very, very quickly. the dollar index which is a broader measure of the dollar wiped out a month of gains just today. >> exactly. we were just talking about it moving up, now it's back down. sara, for now thank you so much. >> time for a consumer news upda update, let's head back to sue herrera. >> here is what's happening at this hour. attorney general loretta lynch announcing that 16 additional

men were indicted on corruption charges as part of the u.s.'s widening investigation into soccer corruption. two members of fifa's ruling executive committee were an had ended in a swiss police raid this morning. climate negotiators in paris continuing their talks as they try to reach a climate deal. u.n.'s climate chief says they are close to resolving one of the sticking points for a breakthrough by favor a five year review period on promised greenhouse gas cuts. a major explosion at an dark co gas exactly closing a large fire south of the new mexico/texas border. all 200 people who were on site are accounted for with miraculously just two minor injuries reported. fire officials are on location, all lines coming in and out of the plant have been isolated. >> and president obama ordering flags in the nation's capital to fly at fat staff who honor the victims of the san bernardino shooting rampage. 14 people were killed with another 21 injured in that

attack yesterday. and that is the cnbc news update. i will see you in an hour. >> sue so much. a little less than 30 minutes to go, the dow is down 285 points near its lows of 304 today, the s&p down 35 points and steve gross so he mentioned some of the damage being done today. the nasdaq dearly 2% or 98 points and the small caps are taking o it on the chin. >> when we come back linkedin's ceo will be beaking exclusively with our jon fortt right after the break.

welcome back, everybody. less than half an hour to go in the trading session today. gordon charles here from rosenblatt securities joins me on the floor. everyone wants to know what it is in particular that's driving down this market and does anything related to the san bernardino shooting has to do with it? >> i don't think it has anything to do with the shooting. i don't want to downplay this, it is another depressing event and a lot of implications, you sit there and wonder is anybody going to start to deal with this issue, the american public are looking for answers here. as far as what's driving the market today, first thing is question is what's going to happen here into the bell, kelly. what we're seeing is that the imbalances are not that powerful to the sell side, maybe skewed

slightly, it looks like buyers are showing up here maybe in the last five minutes we have seen a little bit of a rebound here. i don't think it will be a sloppy or ugly close. that being said i think that the people got caught, they were a little bit surprised here today, it's a crowded trade, the euro, obviously people are starting to buy it back and i think that we've seen that move and i think that we will continue to see some of this volatility domestically until the fed makes some sort of announcement. interestingly enough the implied voluntarily tilts were somewhat light in europe so, you know, i think ultimately, you know, it was kind of a day trade over there, the euro is really not, you know, a long-term answers are not -- >> but enough to move the market today. >> just today. >> gordon thank you today, we will let you get right back to it. >> i appreciate it. >> bill. linkedin launched it's redesigned mobile app this week.

jon fortt joins us know with the ceo john wiener. >> jeff, thanks so much for joining us. this revamp of the linkedin app it's been a long time in the making and mobile has been a big growth area for you, but i want to start off a little bit bigger picture, you yourself as ceo will be running product at linkedin for quite a while now, it's a little bit unusual. is that going to continue indefinitely? >> yeah, it's been about a year at this point and i've always been very focused on the product, involved in product reviews, involved in helping to build out that team. so it's been working out well and we will continue to do that indefinitely. >> so tell me about the app. i understand that your goal was to strip some features out that were clut ring it, make it more streamlined, make it more what it would be if it were built for mobile in the first place. what more are you intending to accomplish with this big revamp and how are you going to measure its success? >> yeah, i think you got it

right. you know, historically the flagship mobile application prior to this one really took a lot of the desktop functionality and ported it over to mobile as opposed to building it from scratch for a mobile environment and with this application we wanted to reimagine the app, start from scratch. so we focused on fewer things done better, far more seamlessly integrated, fewer value propositi propositions. it's our faster most responsive app particularly with regard to search, it's certainly the most personalized and relevant application we have launched to date and it was developed by one team with one shared vision so that was certainly a change from the way we had done this previously. >> let's shift gears briefly and talk jobs. we are expecting another jobs report tomorrow and you at linkedin have insight that certainly into white collar skilled workers. how is the market overall looking to you? are people able to move up into better jobs in are college

graduates getting jobs at a better rate than they were before? >> well, you see unemployment continues to remain a problem in this country, it recovers at roughly 2 x the general unemployment rate. while we're making trades in progress on general unemployment there is improvement to be done in that that are preparing students for jobs available today not the jobs that once were. with regard to technology you continuing to see a widening skills gap, there's plenty of demand for top technical if a lent and that's not just in silicon valley. every company at this point in leveraging technology to some extent. >> one of the areas where you guys team to be hiring is in content. you snapped up quite a few journalists lately to build engagement on linkedin. what are you doing this strategically. i know you want team po come for more than just posing their resumé and want a job but are you looking to become a business publication as part of that? >> it starts with helping our

members to connect with opportunity and one of the ways we do that is by enabling them to stay informed within a professional context. we want to make sure we get the right news and information in front of them, the right knowledge, the right views, opinions, et cetera. dan roth our executive editor has been u. done an amazing job building out a wonderfully talented team and that team continues to not only edit and cure rate the original content being generated on linked inn, over 150,000 unique long form posts a week now, we have had over a million people, a million unique posters on a global bases over 250 million people have access to long form publishing, our editors will continue to work on that content as well as creating original content, they're going out and starting to break stories and it continues to evolve. >> jeff, finally, talk to me as an investor not necessarily as an individual, but i know you are an individual investor, but also as an executive. what is your appetite for really

pouring capital into areas of linkedin that might take not only several quarters but several years to grow. how do you feel that silicon valley is looking for long-term investment in this environment right now? >> well, i think the companies that generate the most value over time are those that remain true to their long-term vision, their long-term mission and are not mortgaging their future for short-term performance. that's certainly going to be the case here. we have a very large and growing address i believe opportunity not just in terms of the 3 billion people in the global work force, 780 million knowledge workers but in terms of our business line, talent solutions, marketing solutions, sales solutions and most recently learning and development. we want to continue to invest so we can realize the full potential of the platform. >> all right. jeff weiner, ceo of linkedin. thanks so much for joining us exclusively. >> thanks for having me, jon. i appreciate it. thaw, jon fortt. see you later.

we have some breaking news on the shooting in san bernardino. back to jane wells with those details. jane. >> reporter: bill, we ha a photo of one of the 14 dead, nbc news has confirmed through the wife or i should say now the widow of nicholas falacinos that he was one of the 14 who died yesterday in the building down the street from me. nicholas according to nbc news was a mesianic jewish combined elements of judaism. he was devotely religious, pro israel, outspoken politically. whether or not he had any relationship with syed farook who is the -- well, presumed murderer at this point along with his wife, we do not know whether he was an intended target, whether they had any relationship at all. we do not know. the only thing we do know is there are 14 dead gunned down at a holiday party yesterday.

>> thanks very much. 16 minutes left in the trading session here. coming back just a little bit. down 259 points on the the dow after having been down briefly 300 points. >> oil is rallying as the dollar falls ahead of tomorrow's opec meeting. we will tell you what you can expect next. important than your health.

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welcome back. i'm seema mody with a market flash. the company is in advanced talks to sell its north american business and an equity stake. they are aiming to strike a deal this month, dow jones industrial reporting two activist investors are targeting avon and questioning possible deals. barrington and nuron take a 2.8% avon stake and are urging the company to cut costs and replace the ceo, sharing leaning higher by 7% on this report. >> seema, thank you. we have other movers to tell you about this thursday. kroger is higher after posting better than expected earnings and increasing its four-year guidance. the nation's largest supermarket chain said acquisitions and a more aggressive push into

organic products helped to boost its results. and avago technologies is surging after the chip makers earnings beat street estimates thanks to demand to mobile phone components, apple one of its largest customers, that stock up 9% today. >> oil is also rallying ahead of tomorrow's opec meeting, jackie deangelis has more details. >> for oil prices this is the moment of truth, the moment we have all been waiting for. another leg lower for oil prices probably and also a cartel that is really struggling to maintain its power. think about it this way, consensus going in we will get no production tut cut here, the theory is they will choose to accept to keep prices low to maintain market share to force other players to cut their production. prices have been to low that profits have shrunk, they have to pump more to try to make it up but could there be a mute knee coming within opec, there

is a lot of infighting, the countries like venezuela and he can with a doer are choking on low prices, iran looking to bring its oil online as soon as possible anywhere from half a million to a million barrels a day. there's always a chance that the cartel is not really going to be able to hold on to its stamp where people can take it seriously anymore. the next thing that could potential happy is it's inaction is the action that causes prices to go lower from here. we have that dollar today supporting oil prices and this idea that it could always pull a wild card out, do something unexpected that people are looking at at this point. we will see tomorrow. back to you. >> we shall. thank you, jackie. for now our jackie deangelis. the dow is holding in with a decline of 250 points. >> and art cashin pointed out it's $300 million to sell, slight bias to the down side. when it comes to asian markets most of the attention has been on china lately, but we have someone here who says it's

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seven minutes left with the

dow down 240 points, steve parker from jpmorgan's private bank joins us. if you're looking for a place to put money to work you say japan. >> we think japan is going to continue to outperform. we are in a low growth world so you want to find places that can deliver on earnings. what you're saying is in japan a story that started out with a currency play with the bank of japan easing is now turning into a story about corporate profitability. companies that have not focused on share buy backs profit equity are starting to do that and i think there is an upside from a margins and earnings perspective in japan. >> europe after news from mario draghi attractive to you? >> we like europe. the move we've seen in the euro was a result of the fact that markets are overshot in the near term. people were expecting a little too much. the long-term story is one where europe is going to remain very

accommodative where the u.s. is tightening. this is the policy story we saw in the u.s., now it's going to translate into better earnings for europe, european companies will be more competitive and profitable and i think that's wherein investors will be earning. >> thank you. always good to see you. steve parker joining us today. we will be back with the closing countdown, what has been a busy day for the markets.

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okay. heading into the last two minutes of trade we have the closing countdown, bob pisani is joining me on the floor. a lot of movement in the market today, the dow down 260 points right now, we were down 300 points a couple of hours ago, very briefly, and we've come back a little bit here. big move in the currency markets after the ecb moved this morning, they had overshot the euro to the down side and it zoomed up the most in one day against the dollar that we've seen since march of 2009. that served to push -- with the dollar going lower -- commodity prices up, oil sharply higher ahead of that opec meeting coming up tomorrow and then the ten-year yield saw its biggest one day gain percentagewise since july of '13, to two and a half years. big moves today, bob. >> a lot of cross currents. i think the most important thing is the dollar, though, weakness in the dollar. now, in theory this is good for

a good part of the united states, particularly the commodities. >> assuming it lasts. >> long dollar was a big trade, err r everyone was into that, i think the failure of that makes it easier for janet yellen to raise rates, a baek dollar would help her out. the extent it has is causing a little bit of a hissy foot today may be evident. for example, treasury yields moved up across the board, this would normally help bank stocks but if you look at the kbe down across the board, the whole market is down, this suggests that there are dee grossing going on, people are lightning up some of their positions ahead of the fed raising rates. this may be the final where the dollar point stops and we are going to see a sustainable rise in bond yields and from a rates. it may or may not be but the market is acting like we are at some turning point now. today was a important day. >> it was a key day but the question is will it a last?

of course, we will know after the jobs report oms out at 8:30 a.m. eastern time. stay tuned. we have green lighting at the new york chock exchange ringing the closing bell and the nasdaq the fast 500. bill bratton is coming up next on the second hear of "closing bell" with keely and company. >> welcome to the "closing bell." i'm kelly evans. here is how we're finishing the day with the dow at one point more than 300 points, going down with a decline of 250, 1.4%, the s&p down 1.4, 2%, giving up nearly 30 points, the nasdaq down 85, the worst performer down about 1.66. lots of different things to discuss her. joining today's panel we have our very own mike santoli along with cnbc contributor stephanie links. and for more on today's market action "fast money" trading guy

adami. mike, beginning with us, we did move lower later in the day, what do you think is the move in the market primarily? >> obviously the sharp sudden moves in these unexpected ways in the currency market that were driving everything else and i think really you had these popular consensus ideas, obviously if you were very aggressively long stocks for this month for a trade it probably was because the european central bank was going to be that much more aggressive because you had great seasonal factors in december and that hasn't played out and also probably because the fed is going to move and you hope it's for the right reasons and hope the data support that. all that stuff gets compromised on a short-term basis. i do think when you see these macro moves you know people were caught off sides, it's what else might they have to sell so general risk reduction. >> steffy, do you agree? >> i totally agree. i think the setup was really kind of bad today because everybody was thinking the ecb was going to do so much and they did a lot, but they didn't do enough to actually propel those

markets higher. clearly everybody was short the euro, long the dollar. i have to tell you something, wrong it's over. i really think that this trade is going to continue where the dollar -- i'm thinking in the short term it might but the dollar does have a little bit under it, our economy is better than the rest of the world and the euro still going to be very easy. they even extended it. >> i understand that markets are disappointed but in some ways they almost always are when they've gotten -- when there has been this much build up and expectation. what the central bank did was significant, they cut the tra rate to 0 to hooins 3%. >> they wanted more per month that they were going to spend and they really wanted the big bazooka and you got a small bazooka. everybody was really positioned in one way and mike's point

everybody was positioned to buy anything euro, right, anything europe for that matter. so i think this is a short-term thing. it may take a couple of days to unwind but i really do think that, again, we're embarking a tightening. it may be a long gradual tightening but we are and we should because the economy is a little bit better. we are more data dependent. we have no more earnings so every day we will be focusing on -- and of course we get that big number today. >> guy, the data we've gotten so far this week, the manufacturing gauge was in contraction territory, the services gauge this morning had a pretty sizable drop, too. >> the services one is really the -- listen, i don't think -- our economy is different. the first number this week, the first ism, all right, maybe we are not as reliant on those numbers anymore, but the services one i think took a lot of people by surprise, i agree with stephanie for different reasons, i will say this, the thorn in the side of our fed has been the strengthening dollar. they needed a day like this to give them air cover to move in december because i'm convinced

they want to move in december. i'm also convinced that the december move will be here we go in december, quarter point and we will see you in december 2016. i think it's going to be a one and done. so i do agree with her, i do think you can see this dollar at some course -- at some point reverse course and continue the strengthening mode it's been in. i think what the market got wrong today, although i understand why it happened, is the bond market selloff, you can see another day of weakness in the bond market, but i think people will roux the day that they respond bonds. i think they go back lower in ensuing weeks as they take in this data and realize our data is not as strong as the market suggests. >> before we get to that fed chair janet yellen and mario draghi making these market moving comments today. let's bring in steve liesman now to wrap things up for us. >> both the european and u.s.

central bankers spoke today, it was mario draghi who disappoi disappointed markets in a new ways. he laid ous efforts to stimulate the european economies, that extended extending by six months the minimum amount of time the ecb would buy bonds, they also cut interest rates, another ten basis points now, a negative 30 but it wasn't enough. markets wanted more, the euro surged, the yields rose, stocks fell. meanwhile, fed chair janet yellen speaking on this side of the atlantic was asked about the potential economic effects of terrorism in her testimony before the joint economic committee. >> those risks are ones that we watch very carefully and i would agree with you that it does have the potential to have the significant economic effect. i would not say that i see a significant effect at this point. >> in fact, in her testimony yellen gave every impression that despite risks and concerns

including the stronger dollar and weak ever overseas growth the committee is ready to hike. draghi speaks in new york tomorrow and markets are going to follow his every word. they're going to listen to this increasingly awful news of san bernardino and weigh those against a november jobs report that should show healthy employment in the u.s. likely prompting a fed hike. >> we know that mario draghi can be a give of a maverick, if they don't get it the first time he is known to come out and be clear about what he wants that euro to do. do you think he increases his language tomorrow. >> i think that would be something i've seen answer tropical bankers do when they are not understood or somehow misunderstood by markets they use the next day or some other communications opportunity to redirect as it were. that's why we will be listening closely to draghi tomorrow to see if he does that but all of that is going to be in context of the jobs report. i want to just echo what stephanie said which is that

they added like a qe 1 or a half a qe 1 by extending it by six months, another negative ten basis points on the refinance rate there for the -- sorry, the deposit rate for the ecb. all that's a lot of stuff, you know, it's not nothing. >> that's why i wonder as we have the magnitude of these moves with falling markets what happens as we still can expect more of this choppiness. >> i really do think it's going to be data dependent. we will get a couple of key employment reports tomorrow, certainly i want to go through and dig through those numbers but we will get a couple of other things as well. i kind of want to see how this whole manufacturing slow down takes shape because we have already seen some crumby numbers as guy mentioned before and it's kind of starting to impact the services side. we know manufacturing 12% is gdp and services and consumer is 75% of gdp or thereabouts. the point is does it spill over? can we see an acceleration next

year in gdp in the u.s. if manufacturing is in a recession and that's something that bothers me, that's why the dollar is so important. >> i think the broader context here is that everybody wants the fed to be able to go and it's going to happen in december and that's why i think we need the strong jobs number or at least a decent one tomorrow to ee late some of these fears because the context is very strange. you have a profits recession and the fed is about to start a tightening cycle, credits markets softened up from their peaks and the fed is about to start a tightening cycle. >> the one place the fed can sort of look and say maybe we should still be tightening is the increase in compensation both wages, unit labor cost generally finally showing some life to them that increases the usual backdrop here, doesn't it? >> finally, right. it has taken a long time for us to get to a point where historically speaking we're still not nearly where we should be and, you know, stephanie mentioned manufacturing. it's a new technology economy.

and larry kudlow has spoken to this, a number of times i've mentioned it as well. by definition technology is extraordinarily deflationary. which is why i think people will come back and realize rates -- i understand what happened today in the bond market, i get t i'm not saying i anticipated it, but i understand what happened, but i think the bond market is going to reevaluate and say, do you know what, rates should continue to grind lower. i do think we're going to get a move in december and they're going to come and say we'll see you a year from now, folks, because that's all we've got. what does it all mean for the market? i'm not really sure. i think given the high we made in the s&p on this monday the 1st of december the 2019 on the down side becomes critical support which i can go into it a different time but i also think that a lot of these stories that have been -- that people have been talking about if you look at the names that historically have been sort of the bell weathers for economy just look at free mortgage mack in a man

and where it is today. >> steve, do you want a word on that? >> you know, i think that what yellen said today is worth thinking about which is that she put up all those risks and said, do you know what, she is aware of the manufacturing downturn, pointed out that much more of the economy is services, you have this -- as stephanie, as you know, these blow out car numbers and really what's keeping the manufacturing sector up is the car manufacturing and what's hurting it is the -- what's happening in oil prices and it's the expectation for better or worse, right or wrong, that what's happening in the oil patch when you get beyond a year from now or six months from now those comps begin to disappear. >> yeah. steve, thank you for joining us this afternoon. steve liesman. let's send it over to seema mody for an earnings alert on ambrella. >> reporting quarter numbers 108 adjusted on its bottom line, much higher than the expectation of 86 cents a share, revenues

topping expectations at $93 million, the estimate was $90 million. here is why the stock may be moving lower after hours, q4 guidance coming in light, in fact, in the press release management saying although we expect these markets to continue their strong annual growth, we are experiencing near term headwinds in the wearables sports market which is expected to negatively impact revenue in q4 of this year. interestingly enough price action right now after hours down about 5% but year to date the stock has been moving in tandem with gopro, right now still up 15% year to date. >> guy, some thoughts on this one. >> ambarella, just hearing the names you would think it's a huge valuation stock and it's not so absurdly priced, i understand why it's given down given their lack of visibility but i do think there is going to be a shot to buy this stock on a value basis. i know that might sound absurd, but if this got down to the

44.5, 45 level it might be worth a good look. >> it trades with gopro and we have some concerns about gopro, look at that stock, look at the visibility. i agree with guy, i think there's going to be a point when you want to buy it, i think you have to let this thing settle, though, and it might be sometime in january when we're getting more sense of how the holiday season went until we get a little more visibility. i don't think there is a reason to own it between now and the end of the year. >> guy, thank you. there's more coming up on "fast money" today at 5:00. they are talking to the founder and publisher of the global macro investor who will reveal the one key indicator that has him for bearish than ever. up next, we will head live to san bernardino, california for the latest on yesterday's deadly shootings and what the presidential candidates are saying about it, plus we have new york city police commissioner bill bratton to give us his thoughts coming up on the "closing bell."

yesterday's deadly shootings in san bernardino, california, left 14 people dead, 21 others wounded and authorities are finding new avenues of investigation after raiding the suspect's rented home. with the latest details jane wells joins us once again from the scene.

>> hi, kelly. yes, we have a live aerial picture over that home not far from her in redlands where syed farook lived with his back sustain born wife hash people mall lick. that was where police first found them yesterday. we have a picture of farook, a picture from social media, this is him according to his brother-in-law, he was born in 1987 and nbc news is reporting that federal officials say he had been, quote, radicalized. so what extent they don't know, but he had met with known people, even though he was not known to any law enforcement, they say he has met with people known to law enforcement for their jihadist opinions, if you will. at the same time we're starting to get the names and faces of some of the 14 i can victims, 52-year-old nicholas sasalinos, his widow described him as a mace chronic jew, devotely

israel, very local politically. whether he knew farook or if that had anything to do why he was murdered we don't know yet. his resumed killers were killed in this suv in this shootout, hundreds of rounds were fired as police tracked them there from the home. they rented that suv and the car was scheduled to be returned yesterday. both husband and wife were well armed with 1,600 rountsds of ammunition in the car, thousands more in the house they rented. hoo err is what police had to say about that. >> law enforcement fired approximately 380 rounds at the suspects, both of them were killed here at the scene. the suspects are believed to have fired about 76 rifle rounds at the officers after termination of the pursuit. >> how many? >> 76 is our number that we have right now. however, on them -- on their person, on their body and in the vehicle they had over 1,400 223 caliber rounds that were

available to them and they had over 200 9 millimeter rounds on their persons as well. >> that's the latest that we know from san bernardino, california, with our jane wells. let's fringe in forensic psychologist brian russell for his view on the suspected gunman. forensic psychologist, brian. so what does that mean and what is your experience here as you learn more about the men involved and the women, what does that tell you? >> well, it looks to me like what we have here is a sociopath who probably used religion to justify and rationalize his sews i don't know thee but i think the most important levin we learned yesterday is that political correctness has gotten deadly in this country. we had americans in san bernardino more worried about being labeled politically incorrect than about being killed. that's insane. we have got to stop being afraid to make judgments about

behavior. having aid that most americans still haven't been anywhere close to one of these attacks so i don't think yesterday is going to change that. if and when we have more of these incidents we are going to hit a tipping point where we have enough americans afraid to go shopping, afraid to go out to eat that they are not going to take it anymore and the pc is going to go out the window and it's going to be replaced by an intolerance not for offense but having our freedoms infringed upon. i wish i would fast forward to that place without more attacks but i'm not confident about that. >> i think you're making reference to a cbs report out of los angeles talking to a neighbor who said he had been working in the area and noticed a half dozen middle eastern men in the area in recent weeks but decided not to report anything since he did not wish to racially profile these people but he was thinking what were they doing around the neighborhood. >> that's just one. >> right. >> there were more than one. >> right. that's only -- that's just something we know as of right now. do you think right now, again,

you are a forensic psychologist so if the psychology starts to change and people think if i say something i say something is there a risk the pendulum swings too far the other way. >> i don't think we're anywhere close to needing to worry about that, i think the pendulum is way too far in the pc direction. >> brian, we obviously had a horrific experience here in new york city with 9/11, but a lot of people were able to get past it. we are not going to forget, but we're able to move on. if that kind of an incident is able to kind of get people past and move on with their lives, what is it really going to take in your opinion to really change the behavior from the american people? >> well, you're absolutely right. people did move on from 9/11 and that is healthy in a way, we don't want people going through the rest of their lives paralyzed by fear. at the same time it is frightening how quickly after 9/11 people still were back to

saying, oh, you know, i don't really mind that people can walk in this country any day of the week and we don't know who they are, what they're doing here, what their intentions are, where they're going once they get here. that is the frightening part of the moving on and you're right, i don't know what it's going to take. if 9/11 didn't -- wasn't the wake-up call it's frightening to think about what would be. >> brian, we will leave it there. thank you for joining us. brian russell is a forensic psychologist. we have a news alert on the gap to get to knew, seema mody, what's happening. >> november same store sales for gap falling 8%. if we take a look at where we're seeing the weakness it's pretty much across the word, gap global negative 4%, banana republic falling 19%, old navy typically has been a bright spot, down 9% versus a positive 18% jump it saw last year. we're looking at gap shares slightly lower after hours but perhaps these results shedding light on the tough retail

landscape we've been seeing so far this earnings season. >> if we can also show what's happening with you will at that after hours, it's not as if we weren't going to malls, is you will at that even in shopping malls? >> i believe so. >> penal finding places to spend their money. >> ultra, it seems like they are this category killer in that space. you know, it works for a while, it's one of these expensive growth stocks that is adding tons of stores, they think they can get to that many more. what's interesting about the gap report is the stock did not sell off on these news. >> look at those banana republic comps. >> in the zone this has been beaten so cheap. >> i think they are reevaluating the company and restructuring it and have management changes. clearly we've talked about it for a long time consumers are targeting their spending. they are not getting the wage increase so they don't have the luxury of spending everywhere on everything and aren't willing to take on the debt to do it, spending on the apple computer and the cosmetics.

>> we have much more ahead on all of these earnings which have been coming in after hours. also ahead, more on the deadly shootings in california including how the presidential candidates are reacting. later we will hear from new york police commissioner bill bratton on how authorities can prevent future attacks like this. stay tuned. ve got a nice long l. big plans. so when i found out medicare doesn't pay all my medical expenses, i looked at my options. then i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call now and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, it helps pick up some of what medicare doesn't pay. and could save you in out-of-pocket medical costs. to me, relationships matter.

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call now to request your free decision guide. and learn more about the kinds of plans that will be here for you now - and down the road. i have a lifetime of experience. so i know how important that is. welcome back. we start here with seema mody back with another earnings alert. >> i want to draw your attention to deals of cooper co-.

earnings of $2 adjusted versus a $2.70 adjustment. revenue light. the stock down better than 10% after hours. kelly, back to you. >> thank you, seema, for now alphabet, youtube may be stepping up its rivalry between netflix and other streaming video companies. >> sources tell me that youtube executives have been making the rounds at many of the media giants having preliminary talks about licensing more content for subscription service called youtube red. they launched their $10 a month ad free service back in october, it includes access to google's subscription music service as well and exclusive content from youtube stars coming next year. a range of industry sources tell me it's talking to certain media

giants about different ways to beef up its content. youtube is having talks about eventually creating a skinny low cost bundle that would include live broadcast tv channels as well as youtube content. youtube fired suzanne daniels who was mtb's former chief last chief and kelly merry manipulate last year. they lay the groundwork for youtube to pursue more premium style content. youtube red puts google into competent with netflix, hulu and the likes of comcast watchable video app. we did reach out to youtube they said we don't comment on rumor and speculation. >> any idea what they're pursuing at this point? >> i think it's a very, very wide range of things and youtube

has frequent talks with the media companies because they have clips from all of them on their ever is. if you want to watch the late night show you will find their clips so they are already having these conversations but from my talks today they could be interested in licensing for tv shows. instead of playing a clip from a tv show they might play a whole tv showing or having talks about getting more original content the way netflix and amazon on hulu they all have their own originals, we could see them do more originals like that and there is also the question of whether or not they will try to create a new fangled bundle similar to what apple has been talking about you about it seems like that kind of licensing deal would be further out because it would involve so many different types of things. >> thank you, julia. let's turn back to seema mody, another earnings alert to get to. >> and it's a struggling retailer barns and noble that is in focus, q 2 results missing estimates, a loss of 36 cents

adjusted, revenue at $895 million that is below street expectations of $918 million. flat comps for this fiscal year, nook sales are down substantial the stock down 7% after hours, year to date this has been a loser down over 20%. back to you. >> it's a struggle as we know in this area. it's so interesting to watch how this has unfolded. it reminds of me of you got mail the movie from the late '90s, the big bookstore comes into town, puts into business all the smaller ones, the big ones a lot of them have gone out of business in manhattan and elsewhere. the smaller book stores starting to come back. >> they're also getting very much hurt from amazon chblt that's really what the story is. i guess back to michael's point on the gap and it not reacting this surprising me down 7% after down 20% and we all know amazon is eating their lunch. it's a little bit surprising, i think it's a very hard case to

make even for a value investor to be putting money to work here given the secular headwinds. >> i think there were a lot of hedge funds that looked at it and say on a single store basis they make a little bit of money so you are resorting to that kind of sum of the parts idea once they got out of the nook and the rest of that stuff. i do think it's interesting how that was the predator, the big box store and now neighborhoods like mine are nostalgic for the ones that we used to have on 66th street. >> time for a cnbc news update. let's get to sue herrera. >> defense secretary ashton carter announcing that the pentagon will open all combat roles in the military to women. only the marine corps requested a few exceptions. carter saying he overhauled and overruled the marines because the military should operate under a common set of standards. >> apple is making it easier for consumers to buy digital goods without a credit card.

apple users in russia can purchase music, books, games and other apps by typing in their phone number and having the items charged to their monthly bill. no plastic required. for more go to cnbc be come. the centers for disease control say too many americans aren't doing enough to treat bad cholesterol. researchers found that more than half of americans who are eligible to take cholesterol lowering drugs are not doing so. and the british rock band cold play will play during the super bowl halftime show on february 7th a source tells cnbc, this follows the release of its seventh album "a head full of dreams" which comes out tomorrow. the "wall street journal" reports the album will only be available on streaming services that don't offer a free option. that's getting to be the norm. all right. that's the cnbc news update. back to you guys down there. >> thank you so much. up next, ken wollis will tell us how investors should be putting their money into a rising or is it rising rate

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welcome back. let's begin with how we if inn dashd initialed the day, dow closed down 252. the s&p gave up 29, almost 30

points, the nasdaq was the worst performer today down 85. rates interestingly moved up. let's talk about that right now. my next guest overseas a global network on six continents doing deals. he has had his hand in the controversial merger of pfizer and allergan. joining us is ken moelis. welcome to post 9. >> thanks. >> good to have you here. we will get into all of that in just a moment. the federal reserve embarking perhaps on increasing interest rates, stocks had a horrible session today. what do you think is really going on here? >> well, i think the fact that we are all sitting here waiting to see what the federal reserve will do just shows how central planned the whole economy -- the whole market has become as if we're waiting for a central planner to fix our economy. the fact is the economy is operating on its own and its really operating in a new world that i think is being very difficult to understand by a lot of people. >> interest rates we mentioned this again they moved up today, the ten year is back above 2.3%.

you've been saying you actually think they will be low, stay low, maybe even more lower. do you still feel that way? >> i actually think we are in a deflationary world but a deflationary world that should not scare people. the fact is if you polled most american people and you said do you want to buy more for less, i think 99.9% of the people would say, yeah, that's what i want. >> they don't want to make less. >> they don't want to make less, but deflation is being able to purchase more for less and there's only a small amount of people that seem concerned about this and it seems to be the central bankers of the world. i'm not quite sure why they are so -- by the way, the reason we are in deflation is i think it's technologically led. i think in our world right now you have so much technology driving price transparency, pricing power, efficiency, these are great things. i mean, what amazon is doing if you are a retailer, look, you

better take your profit down and give the consumer an awfully good deal or amazon is going to replace. >> you we see those are the companies doing well in this environment are the dunz driving this technological change but that's also driving the deflation you're talking about. so if this is happening, if this is the world that we live in today, what does that mean for interest rates? upon that is predicated a ton of deal marching, a merger acquisition cycle that's almost ground breaking, what's the underpinning of this? >> people ask me what sectors are hot, it's every sector because it's not a sector -- there is not a sector theme to this. there is a deflation theme. everybody has to look for cost synergies, everybody has to take every cost out of their income statement they can possibly find and that's why you're seeing large scale mergers, trying to take out corporate overhead, bring down cost of goods sold, this is all -- >> bring down taxes. >> there's only several places you get savings in life, costs

of goods, sgna and taxes. every company has to pay pay tension to every single cost item because revenues are tough to get and if you're getting revenue you have to put more quality in your goods, deliver nora sortment, you're going to have to improve your goods just to stay even. >> you even think this is sort of this ebbing tied is moving the other way revealing to us some of the horrible things that have been happening in emerging markets like brazil. again, if this is happening how long does it continue happening and what are investors to then make of it? >> i think there is a long-term trend, this is not a cycle. we don't have lower oil because of the new oil field that was discovered in saudi arabia, we have lower oil bus of a new technology. there's probably a better technology that will come a year from now. technology doesn't seem to cycle, it seems to ak rel rate. if we are in a technologically driven deflationary market i think you will see it last

longer than people think. that's why i think you will see rates stay low for a long period of time. >> let's say, for example, interest rates starting to move in negative territory in the u.s. pulled down by what you're describing should we not then worry so much about that. >> i think if you're levered you might worry about it because i think people are underestimating what the real rate of interest is right now that their assets might not be appreciating as fast as they think and may be dee appreciating. the attack of technology and regulatory environment really on every asset you have is going to surprise people how quickly their assets become obsolete. so i think you have to be careful as to how you finance your companies right now. >> thank you so much for joining us. on a day like today especially. up next presidential candidates from both parties reacting to the deadly shootings in california plus bill bratton will join us to explain how law enforcement is trying to prevent attacks just like this.

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welcome back. let's get more on the san bernardino shooting. jane wells is closer to the scene and rejoins us. jane. >> kelly, right now we have been brought almost next to the building where this happened yesterday and you are seeing some folks who have come here to bring flowers. obviously very emotional for them, a group of about four people. they just started allowing people to get this close to the

facility and if you can swing around to the right, this is where we -- police have indicated the southeastern corner of the complex, that building you see is where this conference room was where they were having a holiday party yesterday where syed farook and tashfeen malik according to police busted in, guns blazing, murdered 14 people, injured now 21 others. you can even see if you go a little bit to the left their cars are still here in the parking lot, the people who were taken out of here yesterday, both the living and the dead, they had not been able to come back in and retrieve their cars, this is the first time they have let us get this close to the facility, back to you. several presidential candidates are weighing in on yesterday's deadly shooting. john harwood has been tracking comments from both parties. he joins us now. john. >> presidential candidates like president obama were cautious about the shooting, expressing uncertainty about the

motivation, but also trying to convey resolve. here is hillary clinton. >> we need to take action now. no parent should have to worry about going to a holiday party after work or about sending their kids to school or going to a movie theater or even going to church. no one should have that basic sense of safety and security ripped away from them. >> now, one who wasn't so cautious was donald trump who ripped president obama for refuse to go say the words radical islamic terrorism and then pivoted to raising memories of his own birther controversy days by raising questions about president obama's loyalties. >> radical islamic terrorism. we have a president who refuses to use the term. he refuses to say it. there's something going on with him that we don't know about.

>> now, perhaps even more notable at least on social media was when donald trump in talking to the republican jewish coalition began trafficking in what the times of israel called stereotypes of jews as money grubbing merchants. take a listen. >> i'm going to negotiate like you folks, we are negotiators. i want to -- perhaps more than any room i have ever spoken to. maybe more. >> now, of course, few of the things that donald trump has said in the campaign have hurt him in the polls, we will see what the reaction as it plays out over time is to these comments today, guys. >> we will. thank you,.john. new york police commissioner bill bratton will be joining us for more on this coming up. we will be back in two on the "closing bell." what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data

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welcome back. quite a sell off today and the dollar index had its worst day since march 2009. bob pisani is here for a little perspective. >> you know, this is a weird, weird day. the big question is is this finally the turn in the dollar where the dollar strength stops and is this finally the start of sustained rise in interest rates? it doesn't make a lot of sense because if there is a sustained

rise in interest rates this should be good for the dollar overall and i think that was one of the problems that we had. if you look at the commodity markets, commodities up today, oil stocks got killed, steel stocks got killed. the market seems to be saying we don't believe this rise in commodity prices is real at all, it's a head fake. that's what the equity market -- >> well, the equity markets were effectively saying the move in oil prices was all the dollar, it had nothing to do with oil so everything was about dollar euro day, it drove european bond yields up from negative in some cases and that drove our treasury curve up. so it seemed like it was just that one direction chain reaction. >> the crowded trade and i would say in terms of oil i think people are waiting for opec and just trying to make sense of what they say, what they do, if they do anything, whatever, that kind of thing. i think oil is a tough one right here. >> weak dollar, higher oil, higher interest rates, there should have been some winners today, banks should have gone

down, all the banks were down, commodity stocks all down today. it smells to me like traders going out saying, do you know what, they're going to raise rates on a shaky economy i'm shaky economy, going to lighten up across the board. >> before we let everybody go, we have the big jobs report coming up. what's at stake? >> little noted point of janet yellen's testimony today. she said changes in the birth/death mold essentially, there's demographic changes affecting the employment numbers. she set the bar very low. she seemed to imply even like 100,000 new jobs created would be enough at this point. i thought that was a significant comment. anything in the hundreds is going to be enough for them to justify a rate hike. >> will be interesting to see what happens with wages. will be interesting to see what

happens to revisions. a lot of the growth last month was retail. retail hiring ahead of the holiday season. does that continue, did that continue in november? there are question marks. a key report. >> as mario draghi is saying, what did i say? did i say something? what happened here. he talks tomorrow. >> there might be more to come on that. thank you very much for joining us. don't go anywhere, up next we'll be joined by new york stock exchange president and new york police commissioner. it is time to light that christmas tree just outside the new york stock exchange. this is the one place we're not afraid to fail. some of these experiments may not work. but a few might shape the future. like turning algae into biofuel... ...new technology for capturing co2 emissions...

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welcome back, everybody. we are live outside the new york stock exchange for the annual tree lighting ceremony. seems like it was just thanksgiving but i'm joined by new york city police department commissioner bill braden along with new york stock exchange president. this is a huge crowd. >> this has been a spot of celebration for 400 years since henry hudson settled this area

we've celebrated the holidays 200 years. a tree has been lit nearly 100 years here. >> any concerns about security here? >> we have full confidence in nypd. we always appreciate the protection they give us. >> mr. commissioner, what about you? what security for an area like this especially given what's happened in california yesterday? >> this area is probably one of the most secured areas in the world and appropriately so, stock exchange, special place, a lot of symbolism. in terms of we're always prepared here in new york, particularly this time in the world with all the tension. it's very secure. as you can see, a lot of very happy people who actually are here for a very good time and we'll have a great time. >> your police department recently made changes to try to streamline how you would address terrorism. do you feel comfortable those changes can adapt to the

domestic terrorism events we saw yesterday in california? >> well, the changes wife's been making particularly the last several months were designed to deal with the changing terrorist threat as it moved from al qaeda and morphed into isis. a lot of the changes, a lot more police officers and special equipment. you see that in this area. we are constantly trying to stay ahead of it rather than be behind it. i think we've done that since 9/11. >> what kind of conversations did you have in the last 24 hours? the nature of what we witnessed yesterday was somewhat unique. >> as recently as 15 minutes ago, i had a briefing from my counterterrorism people, press conference they did in san bernadino talking about the ongoing investigation. we stay very intimate with those investigations through our joint terrorism task force. this week we celebrated the 35th anniversary of the new york joint terrorism task force which was the first that now exist. >> is there anything you would

do differently if a similar situation transpired here in new york? >> no really. we train for the experience of active shootists. we did an exercise two weeks ook not far from here. we are constantly training and learning. we'll send people out to san bernadino to work with them to see what lessons can we learn from their tragic experience to help us prevent having a similar one here. >> we know the exchange has been targeted in the past. that's been revealed by different investigations. when we enter this building, there is a lot of security. is it still a target? are there any threats you've been aware of and what is your reaction to what we witnessed tragically yesterday in california? >> the new york stock exchange is a symbol of greatness. it's a symbol of america, freedom, capitalism, innovation, of everything that makes this country great. there are people that want to attack us. it's something we are, paranoid

is the right word. nypd devotes enormous amount of resources protecting us. i take great comfort in that. >> we spent the last half hour before this event touring the area to take a look at improving the security even further, which is already at extraordinarily high levels. we are constantly trying to improve it. >> and this is a fantastic turnout. i want to reiterate that. i'd love your reflections here. >> they feel very secure and look very happy. >> and these are people who have come to this area, some may remember 9/11, the grounds just a few blocks away recently opened to the public. you can walk through them. many said that was a pivotal moment in terms of how we deal with downtown, all these different questions you wonder in the events of not just yesterday but what happened in paris a few weeks ago. >> what is ironic is this area now is becoming one of the

larger residential areas. there is a huge residential population. es a aesthetically how to make it more attractive. the iconic new york stock exchange, they feel comfortable living beside it because they know how secure this area is. >> are you going to get the market back up tomorrow? >> tonight i'm just worried about lighting the christmas tree and enjoying the holiday party. >> let's do it. please, gentlemen, light the christmas tree. tom? >> will do. will do. everybody, if you could help me count down from 50, commissioner bratton will light the tree. you have to be loud, all right, kids? 5, 4, 3, 2, 1!

>> santa's coming and we're getting out of here. that is a wrap for "closing bell." "fast money" begins right now. "fast money" starts right now live from the nasdaq market site overlooking new york city's times square. tonight on "fast" the man who correctly called the surge in the dollar is here with a bolder call. he weighs in with his shocking new prediction. >> two stocks sounding the alarm for consumer are signaling bigger troubles ahead. what it could mean to the markets. >> biotech has got investors on edge. >> first we start off with your portfolio. dow falling 250 points. dollar seeing its biggest