sector jobs, increased wages, tensions and all the rest. that's starting to happen now. >> congressman ryan, thank you market rally on our hands. we're managing to end the week, it looks almost flat on the s&p 500. a gain of 1% for the nasdaq. thanks for watching power. "closing bell" starts right now. ♪ welcome to the "closing bell." we are live from the new york stock exchange michelle caruso-cabrera in for kelly evans. >> i'm bill griffeth the nasdaq was pushed higher by more than 1% with these gains, the s&p and the nasdaq are finally positive for the week we're still working on the dow right now. if they aren't positive, it will be the third down week in the last four. >> that's because it's been two weeks since what people are calling the bottom, february

9th, that crazy friday, our reporters are standing by breaking down the market since then bertha coombs and bob pisani >> i think the important thick is we've seen quite a recovery in the markets but not for everything let me show you a few charts jpmorgan, a big recovery remember what happened on february 1st it was like $117 then goes down to $104 on the 5thand it's com back around $116 that's a round-trip. also boeing another big one, $357 on february 1st $317 on the 5th. that's a $40 drop, back to where it is, roughly $356 or so. there's a round-trip some stuff hasn't recovered the consumer names haven't recovered. coca-cola goes to 82 and it's hovering around that exxon, the oil stocks have had a hard time. $89 down to $73. that hasn't recovered. part is on the fact that oil didn't have a big bounce here's the important thing

the s&p on the whole has recovered a large part of its losses we lost almost 300 points from the high to the low on the s&p and you can see all the numbers we're looking at the important thing is, during the week here, you can see most of the time we have sold off in the middle of the day. up in the morning and down in the afternoon and today we're breaking that. we were up in the middle of the day and we are not selling off toward the close that's very important. remember, the key thing, though, two-thirds of the losses have regained 300 points on the s&p 500 to the down side almost, and we've regained two-thirds of that since the bottom that was just about two weeks ago. back to you. >> thanks. nasdaq trading higher following its first four-day losing streak get this, since november of 2016 wow. the index still leading the comeback among the major averages bertha coombs with more on that right now. >> that's part of the interesting story, down four

days and the nasdaq outperforming today and for the week and really since the market turmoil began about three weeks ago and it's all directly tied to the resilience of large cap technology the large cap tech nasdaq 100 small caps have lagged as the composite has recovered about 85% of its losses since that february 9th bottom. large-cap tech in the nasdaq 100 and the chip sector have now retraced about 90% of those losses chip equipment makers applied materials and lam research are the biggest gainers since that february 9th bottom. when you look at the mega cap f.a.n.g. names we know so well, you know, facebook, amazon, apple, netflix netflix and apple are the biggest gainers since february 9th bottom face book's recovery from the low has lagged, but this week facebook is the second biggest gainer after amazon in the group. in terms of its contribution to

the nasdaq's gain, it's number two this week. amazon has definitely been the big driver throughout the week and throughout this recovery, taking out its all-time high, actually, from three weeks ago today. amazon, michelle, the big driver here the nasdaq, more than 40% of the gains this month and about a quarter of the s&p 500's gains this month >> yeah, we note that a lot. thank you, bertha, the big "a" having such a big influence. jeff rid gunlav told cnbc he sees a correlation between the stock market and bitcoin. >> bitcoin peaked out in mid-december and it crashed. that sort of presaged the volatility in the stock market and bitcoin, while the stock market was having trouble finding its footing, bitcoin managed to start rallying in advance. and then the stock market bottomed out and so strangely bitcoin seems to be the poster child for social mood and market mood. weirdly, i'm actually using the sentiment regarding the

speculative assets like bitcoin as a guide to maybe what the future will bring. >> let's talk about that and the market overall joining us there is tom lee, fund struck global adviser program. welcome back good to see you. >> thanks, michelle. thanks, bill. >> do you agree with jeff about this correlation with bitcoin leading the way on the equity market what do you think? >> well, i would just say, i guess there's a new use case for bitcoin now for wall street because they can use it as a leading indicator for equities but i don't have an opinion. because the user bases are so different between cryptoand equities, i don't think they're correlated, but they could be. >> i think his point was to some degree it's a sentiment indicator, which some people use a lot when it comes to the markets. what is your sense of what the sentiment is right now when it comes to stocks? >> i think investors are digesting this view that inflation is running a lot

hotter and, of course, it's playing out in interest rates. i think investors are trying to figure out, are interesting rates good for the market? i think now we're starting to get more comfortable that it is. and i think people are going to try to some are true tech lar companies and industries that make more money as industries go up like the financials and commodity sectors. >> members of the fed sure make it sound like they're planning to raise rates this year do you think we'll go through this volatility this year as they continue to raise rates >> well, it's a global change in central banks right there, in the fed it's more than tapering, it's really tightening it's not necessarily bad for stocks but i do think it's actually important to realize many equities that worked since '09 benefitted from falling

inflation because either wages -- they relied on wages and wages weren't growing. i think investors need to reposition their portfolios toward industries and stocks that benefit from rising inflation. it's groups that don't use a lot of people. less labor-intensive like tech industries and industries that make money with rising rates i don't think it's bad for - >> a lot of people say automatically turn to the financials can you still get more out of the financials even after the tremendous run they've had >> well, one reason we like the financials is, one, they got so cheap in the last eight years, but during that period when capital formation was pretty scarce in the financial industry, the banks really got, you know, much stronger. i think these are really high-quality companies now and so i think they deserve pe expansion plus benefit from rising rates. >> tom, thank you. tom lee from fund struck global advisers while we were talking, you

probably saw the dow -- everybody hitting highs for the session here i'm going out on a limb and say now the dow is piling -- unchanged for the week >> i think you're right about that. >> let's remember what bob pisani said at the top of the show which is usually at this hour, you were watching for a selloff. that's not happening we're seeing actually a rally into the close. >> as we go into the weekend that's very interesting here. as you saw here live on cnbc, president trump held that joint news conference with australian prime minister malcolm turnbull following an annual speech. eamon javers joins us with highlights. >> reporter: there's been so much talk about australia's gun laws in the wake of that horrific shooting in florida last week. australia had a mass shooting, banned guns, had a buy back program. malcolm turnbull was asked about that and asked if it was applicable to the united states here he ducked that question, saying he wouldn't presume to tell the united states anything about its

gun laws because there's a different constitution here, a different history. the president also addressing the issue in the joint press conference a few moments ago >> they're very different countries with very different sets of problems but i think we're well on the way to solving that horrible problem that happens far too often in the united states >> reporter: the president was asked what specific measures he would support. he cited increase background checks for people to get guns and he also talked about banning bump stocks. no word from the president in this press conference about what specifically he would do on a number of other proposed gun restrictions including an age limitation for purchasing guns, as we've seen announced in florida just today so, we'll wait and see where the white house ultimately lands on guns interestingly on his son-in-law, jared kushner, there's been a lot of question about whether or not jared kushner would be allowed to keep his -- his temporary security clearance here at the white house because he hasn't been able to get a

full clearance from the fbi. john kelly, chief of staff, has been at oddings with jared kushner who would like to continue to review the daily brief and other intelligence material that comes to the white house even though he doesn't have that security clearance asked if he would grant a waiver to his son-in-law, the president praised jared kushner, what take great deal-maker he's been, how effective at the white house but ultimately said the decision on security clearance will be up to john kelly an interesting decision by the president to kick that decision to someone who's viewed as a rival to jared kushner in the white house here. >> eamon, thank you. eamon javers outside the white house there. i think this is going to be an interesting last hour. >> for sure. we have another gain here. when you look at the intraday chart -- we look off camera. >> you look at the numbers on the screen. >> right, right. >> we can't see those there. we have about 15 minutes left and the dow is up 270 points

right now. the biggest gainer now percentagewise, the nasdaq with a gain of 1.5% >> do not move because the "closing bell" is just getting started. >> announcer: mortgage rates rising next up, see how much it's going to cost anyone buying a house. and what it's going to mean for sales this spring. lus, the big bonuses at snap despite the stock's fall since the ipo. is it fair to shareholders don't forget, "squawk box" is live with warren buffett monday morning. it all starts at :00 a.m the "closing bell" live from the new york everything you need to go. expedia in two minutes

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we had it here on "closing bell." it was above analysts forecast but the stock is down more than 4% today on weak forward guidance >> it is prime time for home shopping as the spring season gets under way rising rates could translate to pain in your pocketbook. diana olick with more. >> mortgage rates were near historic lows in december but began to rise in january and took off this month. let's do a little math, shall we suppose you want a $300,000 mortgage that's somewhere between the median price of an existing home and a newly built home using a 30-year fix the mortgage with 20% downpayment, your borrower's monthly payment on january 1st of this year would have been $1472. today it's about $1545 so an increase of $73 per month or $874 a year but interest rates don't just dictate your monthly payment they also dictate how much of a

mortgage you can qualify for lenders today are very strict with the amount of debt you can carry compared to your income. so, let's say on january 1st the maximum loan you could qualify for on your income level and debt was $300,000. today with the higher rate, you would only qualify for $285,000, or about 5% less house so, with that 20% down payment, you've gone from being able to afford a $375,000 home to a $357,000 home. now, that may not seem like a huge difference, but for those on the margins or with more debt, higher rates mean you can buy less house for some people, it will mean you can buy no house at all. >> michelle? >> got it, diana definitely has an impact, little by little. >> the problem in the housing market lately has not been demand it's been a lack of inventory. now this may soften demand,

right? >> well, it could soften demand a bit. remember, you've got a lot of millenials now coming into that home buying age. there's been a lot of pept-up demand there's still demand there it's just going to mean as affordability weakens, it will price some people out of the market the low end. market, the entry-level markets, that's where we have the worst supply crisis. >> thank you, diana. see you later. one man who shouldn't have problems buying home is snap ceo evan spiegel as news emerges about his massive compensation package for 2017 julia boorstin is here with the eye-opening numbers from los angeles. >> bill, last year evan spiegel brought home the third highest executive compensation ever, according to reuters snap, which he controls, granted him $636 million in stock. 3% of outstanding shares at the time of snap's ipo he'll receive those shares in installments between now and 2020 in addition to that one-time

award, he also received about $1 million in expenses and over $500,000 for security. his actual salary was cut from $500,000 to $1 around the time of the ipo now, this is all compared to the roughly $2.5 million he brought home the prior year. chief strategy officer also got a good payday. total competence of over $100 million last year, in a year when the company posted an adjusted loss of $720 million as it invests in growth and snap stock has been on a roller coaster it's now pretty much flat with its ipo price. but the timing of the news of spiegel's big payday is awkward considering the stock tanked about 14% over the past five trading days, falling in part on criticism of snap's redesign by kylie jenner now, she's not the only one concerned about snapchat's new format over 1.2 million people have signed a petition asking snap to walk back its design changes are back over to you

>> you know, it's all -- it's just paper, julia, $666 million. >> yes >> i guess if you're going to use this, you have to borrow against it, et cetera, right, because a lot you can't have right now. >> yes, absolutely it's in his best interest to hold onto those shares and make the company valuable overall, but it is interesting to note that under the circumstances, snapchat is a very different company than a company where the shareholders control the votes and can vote on things like executive compensation snapchat is a company where spiegel and his co-founder, bobby murphy, control all the votes. so, it's not like you can have shareholders complain and say they want to change the compensation structure so, it's sort of - >> they don't have a right to. >> thanks, julia. >> i just have to -- see yeah

later, julia you're a genealogy nut like i did and you see the changes they did to findagrave.com? >> no. >> there's been a whole thing about that i wondered if there was a kylie jenner out there that would come forward and complain about findagrave.com probably ten people would give up on it. let's move along here. we have 40 minutes left in the trading session. the dow up 253 points. the other major averages are doing just as well right now. coming up, stocks still well below their preselloff levels in late january and the latest etf inflow data could be a signal where we're headed next. we'll bring you those numbers when we come back. >> up next, a new multibillion dollar deal will put dog chow and cheerios under one roof. and cheerios under one roof. we'ln future prices,

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the dow is up 266 points i'll show you what's going on -- >> everyone is in the water today. >> everything is green even the lagging sector of industrials is higher by half a percent. utilities up 2.4%. >> everybody is doing that utilities are the leader today you know what that means interest rates are down. >> right, exactly. they've also really gotten hammered very hard in the fear of rising interest rates a little comeback there for sure breaking news on dropbox

deirdre bosa with details. >> moments ago dropbox filing for ipo under ticker dbx this is the biggest u.s. tech company to go public since snap. it will set the tone for a number of other aging unicorns like airbnb and uber that are expected to tap public markets over the next year or two. dropbox has been private for ten years when it was last valued at $10 billion. we'll be digging through the s-1 filing and bring you what we find as we find it >> oh, boy >> another one. >> the latest unicorn. we'll see how they do. thank you, deirdre see you later. so, you probably have heard, general mills making a big move into the pet food space today, announcing plans to buy blue buffalo for about $8 billion in cash and other considerations. cnbc's dominic chu is back at headquarters with more on this deal. >> so, it really is all about

growth a lot of general mills' kor products, lucky charms cereal, betty crooker, they are showing signs of slower or stagnant growth meanwhile, you have blue buffalo pet products which over the past three years have grown at double digit gains in terms of percentage moves just over the past three years that's the reason why they want in they're a late entrant to the game the reason why everybody wants in on this game is because you take a look at the size of the overall market this is one where americans spend roughly on their pets each year the size of the kenyan economy. just to give you size and scope of things. back in 2013, according to the american pet products association, americans spent around $55.5 billion on their pets fast forward, steadily higher to last year where an estimated close to $70 billion was spent on just their pets alone $29 to $30 billion of that was just in food if you take a look at some big players, general mills even with this acquisition is still a

smaller player in this business. the big is mars, yes, the candymaker they own the pedigree brand, whistle dog applications nest nestle, anything purina is owned by nestle. milk bones, kibble and bits, amongst their big products the reason the consumer companies like this pet business is because it is growing the macro big picture is getting better we'll see if general mills paying $8 billion for blue buffalo ends up working out as a good trade in the coming years back over to you. >> we'll find out. thanks, dom. so, to dom's point, is this a good move for general mills? let's ask former petsmart president and ceo and cnbc contributor, steve audland, former office depot ceo. david, you ran petsmart. should they have done this and paid this price? >> i think for them, given a lot of their categories have been

slower growth, and if you think about processed food, which is what general mills has historically done, that hasn't been a big growth area for them recently consumers are moving to more natural products in human food and it's absolutely happening in the pet space where people treat their pets like a family member. for general mills, this gets them growth and gets them into the pet food game. >> steve, you're on the general mills board, yes >> i am. >> okay. bearing that in mind, that will help us understand if you can or can't say something. my question is, what's taken general mills so long to get into the pet food business it's been a hot ticket for a while. >> the food industry is going through a massive change it's surprising how fattish food has been we started where everything was fresh off the farm everything we ate was natural and organic. then we went through the change and everything became convenient it was dried it was on the shelf. it was frozen. and now we're moving back. we we want through the '80s and the low salt, the low fat and

then high fat. this happens continuously. it's very difficult for established food manufacturers to keep up with these trends, to innovate and make sure that they are hitting the current trends so, right now here we are with natural and organic. you see every food manufacturer scrambling, trying to buy new brands for growth, as well as pare their portfolio the entire industry is undergoing this massive change right now. >> keeping in mind you might give steve a heart attack, could there be somebody else who comes in and tries to buy this company instead and push up the price and -- look, you never know. based on where the stock is trading now, it looks like people expect this deal would go through, which indicates maybe someone else if you look at the other big players, whether it be mars, nestle just acquired a company called merick pet foods, bringing them into the natural

space. they absolutely have the firepower to do it. >> are there any other brands like this company that are out there that could be acquired that we could be watching for? >> blue buffalo is number one, by far. >> that's the thing. they're the cleert category leader in the stores there are a few smaller companies. the reality is, they've been acquired over time by mars, by nestle this is really the gem of those players. >> come on, steve. how much are you guys willing to add to the $8 billion? come on. >> you know, it's entry. i grew up in the pet foods business in the early part of my career with quaker oats on kibble and bits. the innovation in the pet food space has been incredible. as dogs go from being animals to being part of the household and children, in this case, you see the move that mirrors what's happening in human food. and i just think the innovation in this space over time has been incredible but here we are in a natural --

a millennial world with natural and organic and you see it happening in all segments in food >> in the category -- that's a great country. how old is blue buffalo? when did they start this company? to now have an $8 billion valuation? >> 2002, actually. they started with baby steps and in 2002 petsmart, we gave them their first dedicated space. from '07 until now you've seen explosive growth this is a new company that took the industry by storm and leveraged, again, that human trend of natural food, brought it into the pet space. >> cool stuff. >> who's going to bid against you, steve come on. ed >> you guys are incoringible >> good to see you both. thanks for stopping by time for cnbc news update with courtney reagan >> here's what's happening at this hour. former trump campaign aide rick

gates pleading guilty to both counts of conspiracy it's a strong indication he's planning to cooperate with robert mueller's investigation into the trump campaign. florida governor rick scott unveiling a sweeping plan to boost school security for students and teachers. among the major changes he's proposing, prohibiting individuals under the ages of 2 is from purchasing guns and to outlaw bump stocks. >> the goal is to make massive changes in protecting our schools. provide significantly more resources for mental health and to doll everything we can to keep guns out of the hands of those dealing with mental health problems or threatening harm to themselves or others >> players and coaches around major league baseball donning special caps to remember victims of the parkland high school shooting last week they wore caps from the stoneman douglas baseball team. back over to you >> thanks very much. we have about 29 minutes

before the closing bell. dow is higher by almost 300 points we're definitely now positive for the week and rallying into the close. >> pretty much across the board. >> s&p is higher by 1.5%. the russell higher by 1%. coming up, amazon just crossed $1500 per share and the new research out this morning says the company is heading for a much bigger milestone. we're going to tell you what's behind that call plus, the americanle consumer, of course, front and center in next week's earnings because we'll hear from retailers like macy's, lowe's, gap and many more. then the nordstrom story orngn mily finally wki o going private. we'll have the retail roundup just ahead

the rally continues on wall street we were up 300 points on the dow. going into the weekend with the bigger gain for the nasdaq, which was the laggard earlier, now up 1.5% with about 25 minutes to go. >> and everything positive for the week now joining our "closing bell" exchange we have jim, matt and

rick san steltelli from the cme chicago. two weeks ago today, big selloff, bottom of the market. pretty scary time. now everything seems better. is that over are we back off to the races >> i don't think it's over yet i think there'sa regime change this year but the regime is with volatility i think you have to understand in order to understand why we're here, have you to understand how we got here. and basically in 2017 you had a peak in global central bank liquidity. central banks are pulling back now. what was $2 trillion in excess liquidity this year is going to around $300 billion. you have new leadership at the fed, not only a new chair. there's a lot of unknowns about the new fed, if you will and if you just think about the bubble we had in complacency this year, i think we should expect volatility means reverts.

>> are you surprised at the strength of the market going into the weekend here? >> no. because i think people got complacent this week for the midday selloffs occurring for four straight days got caught offguard. as much as we'll blame the ten-year yield for causing that market crash, today it's selling off. reason to buy equities as simple as that. >> let's get to rick what's the bottom line as we go into friday. that is the ten-year yield and what can we learn after two weeks of volatility where so much more was focused and claim it was caused by what was happening with interest rates at the ten-year level, rick >> my opinion is when the market was iffy and volatile, treasuries didn't take much notice if this was several years ago, that type of volatility with downward pressure in the equity indices would have pushed it down it's not doing much of that. it's also not moving up much

when it gets stronger. we've been hovering basically unchanged for the week in ten-year around did $2.87, by the way if we sell at 2.88 or higher it would be the eighth friday in a row. in other words, every week, ten-year yield has moved higher. it's going to be a close call. it's the only part of the curve that can claim that. it's not true for twos, fives or 30s. i think you need to include the dollar index in your thinking with the interest rates. at some point, maybe the 3% threshold, i think i would be amazed if you don't get a better bid on the dollar. it is up 0.75 on the week. >> talking about this regime change you were identifying here, are you chapging your portfolio mix, are you investing anticipating higher rates? >> no. we're actually thinking we're getting pretty close to a peak in rates >> really? >> and so -- yeah. we think that you've had interest rates move up largely

because of everything that's known right now, which is the tax cut, a debt tax cut. fed pulling back, less natural buyers, if you will, or unnatural buyers at the end of the day, to us it all comes down to wages. i just don't think that last wage number we got is actually sustainable. >> you're going to give us a stat about going from $1 trillion in liquidity -- >> $2 trillion. >> to $300 billion that is a huge gap and yet you don't think interest rates will go higher. >> i think they already have. >> you don't see 325 on the ten-year >> it's possible but a lot of people will view 3% as a magic number and so we got to 2.95 and bounced right off that i think a lot of people are saying, i'm in at 3% - >> they'll buy the ten-year. >> buy it at 2.95. the next big technical will be

3.00 and then 3.05 if we break 3.05, you'll see people talking 3.25. >> are you watching levels in the equity like s&p or levels on the ten-year >> i think the ten-year will dictate what the equities are doing. there are certain stocks out there, certain sectors catching a bid now. energy is one of the biggest leaders this week. needed to get to a better leadership group we got it. the nasdaq rallying stronger you're still in mantra of new sector and leadership groups on almost a day-to-day basis. >> that is for sure. gentlemen, thank you jim keegan, matt, rick santelli, have a great weekend we have a news alert from the white house. eamon javers, tell us about this incident a short time ago. >> a security incident at the white house. take a look at live pictures you can see the secret service is reporting that a vehicle

struck a security barrier. secret service saying an individualle driving a passenger vehicle struck a security barrier at the white house at 17th and "e" streets the vehicle did not breach the security barrier of the white house complex. also saying the female driver of the vehicle was immediately apprehended by secret service uniformed division officers. that's at 17th and "e" streets not too far from where i'm standing if you take a look at live pictures, you can see police and fire have responded almost immediately to that situation. i can tell you that we are on heightened security situation here on the north lawn of the white house. they have closed off access to a number of different areas that the press normally has access to they've looked the briefing room even as we speak, malcolm turnbull, the prime minister of australia, who was here for that joint press conference and series of meetings, is a limousine -- getting ready for his departure just to my left and he'll depart out the north lawn driveway behind me here and out the gate

we'll see whether they hold the prime minister while the security situation is unfolding. i saw a lot of secret service heightened activity as this situation happened a number of secret service agents running to the white house and locked down areas we normally have free range of motion to. you don't get the sense that the secret service is overly concerned because they are allowing reporters and others to leave the northwest gate here. so there is some free movement here at the same sometime. we're watching this incidecident unfold on the southwest side of the white house complex itself a few scary moments. we'll have to wait and see what this is all about. that's the information we have from the secret service. >> got it, eamon thanks much. live at the white house. 18 minutes left. here we go let's see how we do. the dow up 287 points. s&p even better. nasdaq even better, as we all head toward the end of a week that turns out we'll be a little positive for the week. two new reports are pointing

to big outflows in u.s. equities, though, this week, interestingly enough up next we'll talk to the head of trading at td ameritrade about what his clients have been doing lately. later in the show, one wall street firm is giving amazon a e tafour-digit price target. thdeils on that call still to come here on the "closing bell."

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news alert on hertz. >> another u.s. company responding to gun violence and distancing themselves from the nra. hertz tweeting we have notified the nra we are ending the nra's rental car discount program with hertz. this tweet has already received 1,300 retweets and 4,480 likes again, hertz ending its business relationship with the nra. bill, sending it back to you. >> thank you very much, seema. two reports on outflows from u.s. equities this week. bank of america says the $2.4 billion has come out of domestic stocks not today, though. dow up 308 points at the moment.

$4.6 billion came out. here we are. >> session highs we're looking at right now. >> all the other major averages are also seeing big inflows today. let's talk about where the buying and selling has been this week >> joining us on what he's seeing on this front is victor jones, director of trading at td ameritrade victor, good to have you here. what do you make of the fact that we'll see the major averages finishing positive for the week today as we kind of rally into the close, it looks like, and yet we saw outflows over the past week are you seeing the same thing with your clients? >> first, let's talk about that volatility you talked about. 2732, the number in the s&p 500 to keep your eyes on that's where we closed last week to your point, looks like we'll close positive here. let's talk about the range, though we only saw a 50-point range from high to low this week versus last week, 130 points and then two weeks ago, 230 points so, even though we're seeing the vix and volatility levels still remain at an elevated 16 to 17 handle, realize volatility in the market starting to come in a little bit but to your point, we just

talked about over the last two weeks, our clients were aggressive buyers into the two weeks. we saw continued buying. this week a little more neutral here, both in terms of deposits as well as buying activity we're actually starting to see them rotate out of names including apple, including tesla, netflix some of those f.a.n.g. stocks that actually have gotten up to the precorrection high level they're utilizing the market strength to rotate out of strength >> and going where >> we did see a little buying in consumer staples obviously that will be led by walmart. here's the interesting thing in particular, the energy markets today. crude oil didn't start rallying until 9:30 a.m., an hour after the market already opened. the energy stock or energy sector, their rally precededed the rally in crude oil exxonmobil, chevron and even conocophillips, which has been

outperforming. even though exxonmobil consolidated in the last week and a half here, we saw some reluctance of our client base to participate. this week, however, we saw some cautious participation in some of the depressed energy names. >> and as we've identified already, utilities are the leading sector today as we see this easing in interest rates with the ten-year back below 2.9. good to see you again. thank you. >> thank you for having me >> victor jones, head of trading at td ameritrade. art ashin, it pared off on close orders it was to the sell side earlier. now it's come back and they're pared off and that's why he thinks we're seeing this market pushing it dow up. >> 11 minutes before the closing bell dow jones industrial average up by 300 points. s&p higher by 39 and the russell is higher by almost 16. these are gains of more than 1%

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that's the suv that struck a white house security barrier a short time ago the vehicle never did breach any security area around the white house. >> female driver and law enforcement was -- no shots were fired and also the secret service saying no law enforcement was injured as a result of this. >> not sure about the motivation or anything like that. it's an incident that is over at this point >> thet put the white house in lockdo lockdown we're getting more details on the dropbox ipo.

let's go to deirdre bosa. >> filing for an ipo under ticker dbx we've been going through the s-1 filing estimating it will seek to raise $500 million four years ago it was valued at about $10 billion. the lead underwriters will be goldman sachs and jpmorgan 2017 revenue was $1.1 billion, up 31% from 2016 net loss of $112 million last year 2017 though, that is 47% lower than the year before and losses at the company have been shrinking. 67% gross margins. also numbers about users, 500 million registered users, 11 million of which are paying users. 100% is subscription base giving them 28% free cash flow.

narrowing its losses in recent years, growing revenues and a health free cash flow margins. questions will be swirling about its valuation, last valued four years ago at $10 billion it could have a down round ipo but we know there has been a lot of money sloshing around in the private market so it may not mean that much when dropbox does go public. >> deirdre, thank you. deirdre bosa on dropbox. we'll come back with the closing countdown as we go out wh itthe countdown as we go out wh itthe highs of the week, up 304 points and gold markets. okay. on the dowhave global access 24. meaning i can do what i need to do, then i can focus on what i want to do. visit learnfuturestoday.com to see what adding futures can do for you.

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heading to the last two minutes on a very volatile week. it goes without saying bob pisani is here with me let's review the week very quickly. the dow, we had that hiccup in the middle of the week 2:00 eastern time on wednesday when the fed minutes came out and all hell broke loose. >> we had it in the middle of going up in the morning, middle of the day, everything was fine and we drooped lower all three days this is the first time it didn't happen today we move to the highs. >> this, we're told, is the bad guy in all of this the ten-year yield which did touch a four-year high early in midweek, especially right after the fed minutes came out around

2.95. >> that's a four basis point drop today that was at least a modest positive. >> what was a smooth ride, interestingly, is for the dollar, the one bit of volatility occurred wednesday afternoon but otherwise it's been a slow creep higher even though we yet to get above 90. >> that's gently sloping to the upside. >> it's like going to the metropolitan and trying to figure out a piece of artwork. the vix going the other direction. we hit 50 a couple weeks ago and now we're continuing to sink well below. >> i don't know if we can put up an intraday of the s&p we did not have the drop late in the day. the opposite happened around 2:00 we just lifted volume picked up in the major etfs i watch, in the middle of the day. why did that happen, people ask? the answer is, there is no news that happened. the market simply began to lift. buyers came in

we moved above lower levels of the day. i can call it technical but there was no news. it's slightly mad because it's a pretty big swing, 350 points on no news. >> thank you we'll get you ready for what could be an interesting week next week. fed chair powell testifying at krong and a bunch of retai earnings we'll talk about it coming up on the second hour of the "closing bell." welcome to the "closing bell." bill griffeth will rejoin us in a second here's how we finish the day on the wall street. the dow jones industrial average finishing at 25,311 with a gain of 349 points. eked out another 20, 30 points right at the close the s&p 500 higher by 1.6%, 2,747. the nasdaq higher by 1.75% the russell higher by more than

1% it was a tremendous move in the last 15 minutes. joining us on the panels cnbc contributor evan and john burke. the biggest winner in the dow this week was intel. the biggest loser was walmart. the s&p the biggest winner was noble energy what do you make of this rally into the close >> look at that rally. look at the dow. >> it wasn't rallying -- >> 350 at the close there. >> i think it's purely afunction of the bond market i think the market's still going to be a creature of the bond market for the next few weeks. >> but those moves are not coincident you don't see the ten-year pull back just as the equity market -- ten-year has been at 2.85 all day now we get this tremendous buying into the close. >> yeah. i don't -- i wouldn't read too much into it is my point you had in the last few days, you had these selloffs toward the end of the day

you probably couldn't explain what was going on with those either the fact people are buying at the end of the day, i wouldn't read too much into it. you're going to be in a holding pattern for another week and a half until you get the jobs data on march 9th. >> do you agree with that? are we controlled in the stock market by what's going on in the bond market, particularly the ten-year yield or no >> there's no question about it. before i get to that, it's great to be at the new york symptom exchange, the epicenter of world finance. i don't know if you noticed this morning, but the european stocks were down preopen this morning then all of a sudden the dow opened and the s&p opened and we were up 0.50, 0.75% in the first half hour and foreign stocks up with us. >> now, as far as those interest rates go, merrill lynch is out with a prediction and we'll see 3.25 on the ten-year. >> but it's one of those weasely by end of year predictions

all i'm saying is you've seen tremendous moves in the last couple months in the ten-year. if they kept this face, you'd be at 3.25 by may or june easily. i think you will -- i think the market will continue to be sensitive to what's going on in the bond market. for large reason that most of the good news is already priced in the market, as john was saying, is pricing in good profits, a good global economy. i think that's already baked into the cake. the question is, what's going to happen with rates, what's going to happen with the ecb, what's going to happen with the federal reserve over the next few months that's the big unknowns. >> those questions, what's going to happen to the ten-year? >> evan, i don't think it's quite true that it's all baked in what will trump he werings -- through 90%, earnings will come in at 15% in the fourth quarter. and that's with 8% revenue growth these are tremendous numbers

and topping all that, the analysts have now raised their estimates for 2018 earnings to plus 18% for the year. that will get -- that will get the market - >> hold on so, you're in the camp that even if interest rates go up, which means people pay less for earnings it's another way to say multiples compress, the "e" still gets bigger. >> if we have 18% earnings growth, which is fantastic -- by the way, a big chunk of that is from the tax cuts and it's immediate. we all know it's immediate this market should have a bit of an immediate ride up i think we'll revisit the highs we hit in january and then some. i think perhaps later in the year, if the rates get -- you know, we've been at 3% 2013 we had a much worse economy in 2013 and we were fine. >> but they were going down at the time now they're going up >> we've been range-bound since 2011 if we start breaking that 3%, the further we get north of 3%, the more the market will worry about it.

>> the latest fed job seems to suggest they're worried about inflation. they're at least mindful it's going to hit their target and maybe overshoot beyond that point so they're preceding a pace with rate increases. >> i think the tendency of most of the people at the fed, the tendency of the market, certainly the tendency of the trump administration is going to be let the economy run hot let inflation go up higher i think the bond market is probably a little wary of that, maybe a little scared. i'm not saying it's going to run super hot. there have very few signs of what we consider to be old fashioned inflation ala 1970's inflation. you and i are old enough to remember i think the tendency is to run hot. i think that's why the jobs report, what's happening with wages is going to be the big tell for what's going on >> 70% chance of a recession before 2020 and then today on the half time report, jeff

gundlach also weighed in on that. >> together with the uncharted waters of quantitative tightening which will start being a real effect. there hasn't been much yet, but as we get further along, there could be as much as $50 billion a month rolling off the treasury's balance sheet that together with quarterly rate hikes, i think, certainly has a cocktail with a potential to lead to a recession sooner than a lot of people are talking about two years from now i don't see in the months ahead, but i certainly believe we can have a recession in a year's time >> we are way overdue in the business cycle for a recession what do you think about what they're saying here? >> you know, people are terrible at predicting when recession will come. >> that would be correct >> i think for most investors, they shouldn't be trying to time when a recession will happen or when it's not going to happen. i think the most that you can do is look at the overall picture of the economy and where you think valuation should be.

that's where probably, as opposed to john, i'm a little more nervous my view is you will not see a real correction until the amazon, netflix, adobe, salesforce, before those stocks have a lot of the air taken out of them. then you can say there's been a real correction. i don't think the correction we saw a week or so ago is the real -- >> based on what you said earlier, you don't see a recession any time in the near term, right? >> i agr-- i will remind you je is a bond guy. i've never heard him be bullish ever, so it's his nature. >> what about ray dalio, though? >> he's more interesting to listen to. >> he says 70% chance of a recession by 2020. >> that scares me more they'll be right if the problem becomes that rates are not going up because of inflation but they're going up because the u.s. government has to borrow

too much money and they have to raise the rates to attract enough investors if we have an issue as to who will buy the treasuries, that could be the cause of the next recession and they could be correct in that case >> the problem is it's very hard to predict these things. i think for most investors, something they should focus on is valuation the problem is valuation, as bond yields go higher, which i think they generally will be doing, valuation becomes much harder on stocks. >> the inverted yield curve has predicted nine of the last five recessions >> i think the other thing people should be looking at is what the trend is. i think historically the fed and rates have been the friend of equity at some point the trepd will stop. >> this probably belongs more for a chartist of some kind but a lot of people have been saying, we need to retest the

lows of early february february 9th lows here it looks like we want to go back to the old highs set on january 26th first is that healthy or not >> i think it's very hard to predict when another corrections will come. but my view is, again, you know, you're going to talk, i'm sure, when amazon goes through so 0 -- >> oh, just wait. >> exactly the whole point is you still have a handful of stocks, like adobe. adobe is now over $100 billion these stocks have gone parabo c parabolic. i'm not saying they're bad companies. i'm not saying they're not well run. i'm just saying that valuation in a handful of stocks, which is really pulled the whole market higher, has gone parabolic at some point that will need to correct if you're going to go much higher. >> don't move, guys. we got more for you. >> let's get to those retail earnings that will be very important because we have a lot more

coming up on the "closing bell." >> announcer: retailers line up for release of key earnings reports next week. are these stocks set to pop or drop plus, hauled back to court one "fast money" trader's unique take on tech ome "closing bell" is back live fr the new york stock exchange fr the new york stock exchange in two minutes i think we should do that meeting tomorrow. fr the new york stock exchange in two minutes well wait. what did you think about her? it's definitely a new idea, but there's no business track record. well, have you seen her work? no. is it good? good? at cognizant, we're helping today's leading banks make better lending decisions with new sources of data- so, multiply that by her followers,

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it's been a long time since you heard this one the broader market is up about 2% this year retail stocks on a roll up more than 13% retail takes center stage on the earnings calendar next week. courtney reagan with a look at what's coming up. >> we'll get all the details from christmas next week did just get a little more interesting in the last couple of hours because the nordstrom family continues to work on a deal to take that company private, according to sources to cnbc.com. that's shooting shares of nordstrom higher reuters which first reported the news says a deal could come together as early as next week in time for the department store's earnings we'll be watching that

there's a lot of retailers reporting in the meantime. this is some of them let's start off with tuesday morning. that's when we'll hear from macy's they reported sales in january, calling the season strong. comparable sales up 1% investors need to see if they can hit or beat its raised full-year earnings outlook and exactly how january fared. it's a big clearance month but important. the holiday quarter, remember, is not the biggest of the year for lowe's if home depot's commentary on the housing market holds true for the rival, it's likely a strong season. nordstrom report could steal the show on thursday if that deal ends have ends up getting announced at some point. the holiday sales led the department store to increase their guidance as well and the same thing happened with kohl's when they got those reports. holiday sales up 7%. they said it will give investors more insight into aid grocery or

convenient store partnership to help drive traffic we're looking for that on march 1st. best buy didn't release its holiday sales this year, so investors are anxious to see how the retailer fared that stock has really performed nicely over the last year. the week rounds out with jcpenney and foot locker broadcast ov back over to you. >> let's talk about these earnings john, your firm owns nordstrom let's start with that. did you own it because you anticipated them to go private or what do you think will happen >> they tried to go private once already and it didn't work out the gorilla in the room is always going to be amazon. if you look at these retailers, they're all on sale, that's why

we're interested you have to try to find those companies that are giving customers a reason to shop and bricks and mortar and not go to amazon macy's coming out monday they're not necessarily in the best malls in the world and where they are is not so good. nordstrom is in better malls than macy's and better at service. sales are still going up this is a stock up to 90 bucks at -- two, three years ago so it's still on sale i think the family that used to be private, the family saying, we're going to take it private and keep it for ourselves. >> you don't dismiss them at all out of hand like a lot of people do. >> i wouldn't go near the -- and my reasons are - >> go near >> retail stocks in general. i'm not talking about walmart. the question i ask yourself as an investor is who will be around 10, 20 years from now

that's how i look at it. in the interim you can make money quarter to quarter if you play earnings right because a lot of these stocks will have a bounce sears went through the last ten years where if you held a short position you would have made a killing. but in any given quarter you could have lost money. we know walmart will be around 10, 15 years from now. we know home depot will be around i don't know about kohl's. can you say with great conviction they'll be here 20 years from now i think for most investors it's a value trap, too hard to time. >> i don't agree with that if you look at the numbers for nordstroms, they're still growing sales. if you can get people to come into the store the other thing that all of these bricks and mortar retailers have over, say, amazon and e-commerce in general is they're a lot more profitable. you mentioned walmart. walmart is 100 times more

profitable than amazon. >> but not that i'm agreeing with evan, because i would never admit i'm agreeing with you on something, but what about his point, though. we have in the last year seen a watershed year for retail. you have to admit that the number of those that had to buy something way out of their business model purview to combat the amazon effect. to his point, you can't tell us who's going to be around five, ten years from now what about that? yes, some sales are growing right now, but for how long? >> true. but i wouldn't discount -- at some point investors they call amazon it's a not for profit. all the profits they make are in cloud computing business you take that away, they have no profits in retail. >> but you don't take it away. at some point -- >> it's amazing. >> at some point they'll care.

>> i agree in the meantime, a lot of department stores and retailers can go out of business that's what they're doing. for right or wrong. >> thank you, guys >> thank you for joining us. >> thank you >> i have more i want to agree with you on. some have called him the most hated man in america. >> not evan. >> not me. >> and that guy, martin shkreli is back in court. >> is the tech sector has come storming back. we're talking about big tech, beyond amazon, ♪ feel that? and alphabet it's the pace of t.

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early on today. >> we haven't regained all of the declines if you go back to the bottom. >> but just for the week. >> we're about two-thirds of the way there. in the meantime, martin shkreli back in court for the first time since he was sent to prison in september on conviction of security fraud charges. meg was in the brooklyn federal courthouse when he came back in. >> it was a different martin shkreli we saw over the summer

he's been in prison since september. after he posted that weird set of facebook posts about hillary clinton, seeming to offer $5,000 for people to bring him one of her hairs. he had grown a beard, wearing prison garb. he was wearing that prison clothing that's his attorney. he was pretty reticent during the hearing but those classic faces came out the hearing had three parts. first, the defense was trying to get one of his charges acquitted, the eighth count that he was -- he was convicted of. he was convicted of three. it was the eighth in the whole indictment there the judge said she was not going to grant that motion or was leaning towards not granting that motion to acquit. the rest of the hearing was about losses the government alleges he caused and about what they're going to require him to forfeit in terms of a

punishment the losses are important because that will influence how long his potential sentence is. that sentencing date has been set for march 9th. we did catch up with his lawyer walking out of the courthouse. he said he was hoping for a lenient sentence from the judge but he didn't want to speculate if shkreli would spend any more time in prison. >> what is the range he could get? >> it could be broad based on the sentencing guidelines. his attorneys are arguing because his investors made money, it could be zero, a short sentence, but others say it could be up to 20 years. it depends what they have the losses being and the judge decides. >> you mentioned he had characteristic facial expressions. for example, when the judge said he did - >> it wasn't so much about the judge. it was the -- it was the prosecution, the government. had they made arguments about what the defense was saying, he looked puzzled, he disagree with him, that smirk. >> you suggest the time in prison has chastened him to some

degree >> he was certainly reticent when he came into the courtroom. he gave a wave to his family. >> not the swagger you saw last september? >> not so much but some started to come out. >> is it the judge who calls the shot in terms of the stepsing or - >> yes. >> -- or is there something besides the guidelines the judge is going by? >> well, the guidelines are there and that's based on those losses and we'll be seeing some filings from both sides over the next coming weeks about that and i believe it's up to her to decide. >> thank you, meg. >> thank you >> don't miss the season premiere of "american greed" with an hour focusing on the rise and fall of martin shkreli, monday, 10:00 p.m. eastern on cnbc. >> looking forward to that. meantime, tech stocks up nearly 10% over the last two weeks alone. when we come back, we'll get the "fast money" trade on whether tech has come back too fast. plus, several big businesses cutting ties with the national thdelylodachation in the wake of

e ad fri sool shooting we'll find out if this is the beginning of a trend coming up

welcome back here's a look at how we finished wall street. the highs of the session for all

the major averages dow finishing up 347 points. look at the nasdaq with a gain of 127 and it finished the week with a gain of 1.3%. >> pretty amazing. intraday, 1.77% for the nasdaq incredible. >> pretty good gains going into the weekend. time for a cnbc news update with courtney reagan. >> i'm courtney reagan here is your cnbc news update. the white house on lockdown after a passenger vehicle struck a security barrier the secret service tweeting the vehicle did not breach the barrier. the female driver of the vehicle was immediately apprehended. she was known to the secret service. treasury secretary steve mnuchin announcing more than 50 vessels, shipping companies and trade businesses will be sanctioned in the latest bid to pressure north korea over its nuclear program. >> today's actions will significantly hinder north korea's ability to conduct evasive maritime activities that

facilitate, elicit coal and fuel transports and limit the regime's ability to ship goods through international waters u.s. health officials said there were few flu visits to the doctor last week one out of 16 than the previous two weeks. the number of states reporting high patient traffic for the flu also dropped to 39 from 43 the cdc calling the downturn encouraging. that's a cnbc news update at this hour. back over to you >> thanks so much, courtney. let's get you some of the other big stories in our rapid recap. >>. stock futures pointing to a better open. investors continue to digest the impact of higher inflation three weeks since the selloff began. >> seems the bond yield are at a level that makes a pretty good deal of expense right now. >> general mills is buying natural pet food maker blue buffalo for $8 billion. >> chinese regulators have taken control of bond insurance and

charging billionaire with fraud and embezzlement now the big question is, what happens to the $13 billion worth of real estate the company bought on its epic global shopping spree. >> blackrock says it will engage with weapons manufacturers and distributors meantime, first national bank of omaha plans to drop its co-branded nra credit card. >> stocks are higher including the nasdaq, which has recovered more than 80% of its losses from the bottom. >> it did a little bit of a correction in fact, i started to say, i was in it for 13, 14 months from election i say, is this sucker ever going down a little bit? this is embarrassing. >> we rallied into the close the dow finishing higher by 1.4% with a gain of 349 points. the top gainers today. it's more than facebook, apple, google here how to buy into tech growth

beyond f.a.n.g., we welcome for the very first time, is this true, first time on "closing bell" here at the new york stock exchange. >> first time. >> dan nathan. good to see you. >> yeah. you just named a whole heck of a lot of names that really were a big part of the s&p's performance last year. they got out of the gate some of the first ones to go down a couple weeks ago. one thing that's interesting after you have a big drawdown in the market to see which of the market leaders make a new high we see where amazon closed today, 1500, all time high what's interesting, i think steph tweeted out yesterday that amazon's gains 30% year-to-date is making up 30% of the s&p's gains, year-to-date. you have a heavy concentration in some of the private winners how do you broaden this out? how do you not be in such a concentrated story everyone knows the amazon story. i think you want to go old school a little bit. i think youwant to think about low growth names but cheap valuation.

intel, cisco both reported good q1s in the last couple of weeks. trading well below market multiples, reporting nice dividends. i think there's ways to play in some emerging tech themes where you don't have the consequencce risk like amazon. >> i was curious to get your take that's more value-based tech names. if you look at some other names like salesforce, crm or an adobe, those are -- those stocks are trading at crazy, crazy multiples if they have any profits at all they've been up around, i think i think, 100% year over year if those stocks correct and if amazon corrects, can you have a tech rally without leadership from those names >> i think you could have a period of underperformance, because of that massive outperformance on such a short period of time like steph's tweet is alluding

to, there's a lot of concentration in those names let's be clear about an adobe or salesforce for the better part of 2016, these were considered takeover targets now they've gotten too big who can buy them there won't be an $80 billion deal for salesforce. is microsoft going to do that? is alphabet going to do that some of these guys have aged out, for all intents and purposes, of that m&a game. >> did you see where amazon closed right on the nose. $1500. >> isn't this an expiration date or something it hit the strike price. >> are we saying you're abandoning the f.a.n.g. stocks >> no. here's the thing i think it's universal optimism we'll have alphabet, amazon, apple all at the $1 trillion market cap we're 5% from the all-time highs made in late january

if that was -- that was the selloff. if that was it and the market's going to go to 3,000 in the s&p 500, all those stocks will be $1 trillion, that's where it will be for the most part you want to think about the tech rallying broadening out these guys who have benefitted from tax reform were able to raise their dividends, buy back their stock. maybe do creative m&a. that makes a lot of sense, too. >> great to see you, dan thanks for stopping by nice jacket, by the way. >> thank you >> go ahead. >> "fast money" will return monday at 5:00 p.m. eastern time you can catch it right here on cnbc dan and the rest of the "fast money" crew will be back next week at 5:00 p.m >> not this monday >> yes, yes. >> do you not watch curling yesterday? the curling was as good as it's going to get in the world of curling. >> more tonight. >> don't miss it meantime, the school shooting in florida has prompted nationwide protests, as you know, corporations are taking

notice today even more companies have been cutting ties with the nra we have that story one of these major companies it one of these major companies it just happene mom and dad got a new car...d we'll tell you about it coming up we'll tell you about it coming experience amazing at your lexus dealer.

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become the latest lawmaker to raise the minimum age to buy firearms he laid out a plan of action during a news conference this morning. >> the gold of this plan of action is to make massive changes in protecting our schools. provide significantly more resources for mental health and to do everything we can to keep guns out of the hands of those dealing with mental problems or threatening harm to themselves or others. >> and this comes on the heels of student protests across the country after one of the dead deadliest school shootings blackrock is looking into how to divest from am nation makers dominic chu will have that part of the story. >> the outrage over gun violence prompting an online campaign calling for companies to end their partnership with the national rifle association hertz announcing it's

discontinuing the rental discount for nra members. >> and we have more on the corporate fallout. >> the gun control debate moving to the corporate america some big name companies vowing to cut ties with the national rifle association. insurers met life and chubb both ending partnerships. metlife saying, we value all our customers but have decided to end our discount program with the nra. it's also come out that insurer chubb will no longer underwrite an insurance policy for gun owners, however this is reportedly a decision they made internally three months ago, well before the parkland shooting but only announced recently it is not just the insurance company's cutting ties internet security company semantic ending the deal they had been providing group discounts on products like lifelock a number of car rental companies doing the same thing enterprise, alamo and national

rental car ending deals. the first national bank of oem hall saying this-t will no longer offer an nra branded visa credit card. extensive customer feedback caused it to review its relationship with the organization a number of companies saying good-bye to the nra. we'll have to wait and see if other companies follow this lead to end discount deals. the nra promotes the idea that its $40 membership fee effectively pays for itself through the discounts its members get. >> now let's get to dom chu with how some portfolio managers are dealing with concerns on gun stocks. >> gun stocks are not a large part of the u.s. stock market but some of the biggest investors in the firearm related companies are not the stock-picking fund managers might think of but rather index tracking, mutual or exchange traded etf companies enter blackrock as the world's largest asset manager with a massive etf business it ranks as one of the top holders of many of these stocks

because it owns them in funds designed to track certain indices. so, hypothetically, would it be easy to just get rid of firearm companies from etf holdings? not necessarily, since it would be deviating from the stated objective of an etf tracking and underlying index so, whether index providers change their methodology, that remains to be seen for the large money managers that manage a lot of institutional money for large pension fund clients, specific changes to portfolios could theoretically be made with relative ease and without that much an overall impact to cost the issue becomes whether some or chief investment officers and/or state treasurerers or state legislators become more comfortable with the idea of changing straight index investing allocations to become more active and stock-picky in nature if that's the route public institutional investors take, will they be okay with any

performance discrepancies between them and the underlying indices they're benchmarked against? one of those big next steps will be to see if any leaders of public pension systems make that first step, take that first step, to change underlying index investing strategies that's certainly something to watch develop to see if it comes in the next coming weeks, guys back over to you >> thanks very much, dom. the chairman of a chinese carmaker is taking a stake in daimler, but otherwise the chinese global spending spree is drying up. we'll have details and what government control cfa institute. this is a tomato you can track conglomerates when we come back. this is a diamond you can follow from mine to finger,

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[ upbeat music playing ] show me "bobsled". catch all the action. every moment, every medal, every screen. x1 is the ultimate olympic winter games experience. welcome back still more news on companies cutting ties with the nra.

seema modi at headquarters with that. >> the announcements keep trickling in this time from avis budget who says effective march 26th our brands will no longer provide the nra member discount. now, growing a growing list of companies distancing themselves from the nra and responding to gun violence we heard similar announcements from hertz, metlife and chubb. chairman of a chinese carmaker has taken a major stake in daimler phil lebeau with details. >> his name is -- let me try to again. li shu fu, the chairman of chinese automaker and he's been known in the auto industry for a number of years. now he has taken a $9 billion stake in daimler what does he plan to do with that stake well, he will be the largest individual shareholder and he has made it clear that he wants to push them to do more when it

comes to electric automobiles. daimler's expertise in electric vehicles has been attracting interest for some time not just from geely and shufu and others in china, but daimler is a huge player in china. mercedes is the number one luxury brand in that market. and the chinese government is pushing all of its automakers as well as those from foreign countries who are selling in china to develop more electric vehicles now, it's too early to know if this means that we'll see a partnership of some sort between geely and daimler, but make no mistakes, li shufu is a major player in terms of the auto industry in china and this stake shows he is interested in closer ties with daimler. let's see if that develops over the next couple of years as you take a look at shares of daimler. guys, back to you. >> yeah, we're definitely going to watch for that. thanks so much another big story coming out of china today. coincident with this news about

geely which makes it super interesting. is the government cracking down on a big insurance company there. robert frank has been following this story for us because they own the waldorf astoria here in new york so, on one day when the chinese government was tracking down on a big chinese government, same day they're allowing big chinese billionaire to invest in a car company. >> it's a government that picks the winners and losers. >> exactly >> and you know that when a company is making an investment, it's really the chinese government at that moment making the investment we have to know about anbang and geely, for years these companies, insurance companies, they spent more than $50 billion shopping around the world for trophy assets. they bought the waldorf astoria hotel, the hotel coronado in san diego, they bought a lot of commercial buildings in chicago, new york, los angeles. and these were companies that

gr grew from very small insurance companies to these massive conglomerates, at least with a company like geely you're making a strategic investment in another carmaker these companies that are now sort of in sales mode, i.e., the waldorf is probably going to come back on the market. it was sold for just under $2 billion in 2014. the most expensive hotel ever sold all these properties are now -- they're scrambling to sell them. what's interesting is we really don't know why why did the chinese government basically allow/fund these companies to go out and spend all this money for years, very quickly now pulling them in, taking over the companies and selling them. >> chairman wu, who was taken away in june, nobody knew what on earth had happened to him i heard more than one executive say, wow, they can take this guy away we don't know what happened. the announcement today is, by the way, we prosecuted him that's been done he's been tried, convicted

we never saw the trial if you're a foreign investor, i mean, i understand why the car companies have to get in there, but don't you think twice about what the rule of law is? >> not so much from an foreign investor but wu disappeared in june of last year. he disappeared in june of last year. he disappeared there are more than 2,000 billionaires in china who disappeared in the last two years. when you fall off the billionaire's list in china it means you disappeared. not that you are worth less. it's less of a concern for foreign investors. foreign investors have a tough time getting into the chinese market without a partner. >> don't you think it would make people think twice >> yeah. >> i mean -- >> well, it makes you think twice. >> who -- i can tell you that lots of u.s. investors, the -- and not just investors but people selling assets. >> i get that. >> they are selling assets. >> michele's point is important for this reason.

when you go into the chinese market you have to have a chinese partner. you therefore never know as a foreign investor whether your partner going to disappear one day or not. >> exactly. >> that's why it's important. >> thank you. >> i still think lots of u.s. investors are delighted to have chinese investors here buying assets. >> here, yes >> that's the top sign of a bubble is when you see this kind of foreign investment overpaying by that much >> thank you, resident. she's a two time olympic medallist, turned independent business owner free style skier joanie barky will join us next. in olympic curling great britain faces off against swedenen the women's semifinal at 5:00 p.m. first here's a message from the

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still stocks are on the move after hours. u.s. steel, ak steel, new corps, they are moving higher on a bloomberg report that president trump says he wants a tariff of 24% on steel imports it was one week ago today that the commerce department made a recommendations saying they believe that imported aluminum is a national security threat, which gives the president the option of perhaps doing 24% duties on imported aluminum. now we are hearing perhaps something is coming when it comes to steel not surprising he talked about this on the campaign trail an awful lot. >> late on a friday. meantime, we are just moments away from the curling. there is the flame in south korea as we head into the final weekend of the winter olympics men's u.s. curling team beat canada last night. launching them into the gold medal match against sweden tomorrow but first, it's the women's curling semifinals tonight sweden and great britain face off for a spot this the gold

medal match. that's all coming up moments from now at the top of the hour. >> from olympian to entrepreneur our next guest was the first american women's free style skier to win multiple medals she has since opened silver bean company in salt lake city and founded a team building company. she is also the author of a children's book titled mommy, why is your hair pink. shannon joins us. >> is your hair pink. >> i'm six months pregnant so i don't have pink hair but it's coming back soon >> i'm curious watching the olympics, do you miss it or are you glad you are not there in the thick of that stressful situation? >> my gosh i miss it so much. but when i see the competitors in the gate and i see their eyes and i see there are breathing. i just remember that feeling i'm like oh, good.

i'm glad it's them keep going you got it, guys. >> you are now an entrepreneur you started a couple of companies. you have got a book out. i have got to think that preparing for the olympics starting a company, a lot of the skill sets must be the same. no >> yeah. i mean when training for the olympics you have a sole focus and every day you work as hard as you can for that sole focus i think in business you have to have that. you can't get sidetracked. you can't go down the wrong path for me, i love every day creating something new and trying to bring my passion in and enthusiasm and love to have athletics and everything, you know, movement, and passion to the corporate world. so i'm really excited. i love what i'm doing now. and i'm honored to be doing night shannon, let me ask you -- you seem like a very bright and optimistic person. and i think -- >> yes. >> i think that's the only way you can compete in the olympics.

is that something you developed over time as part of training for the olympics or when you were a kid were you an optimistic positive person? >> well i think i'm pretty optimistic overall but it's definitely something, you know, doubt can creep in and when you are having a hard time and you feel really low and you feel like you have got all these obstacles mounting, the only thing sometimes to get you through is your passion and your enthusiasm and belief in yourself so it's something that i have in my nature but i also work really hard on it. >> i can see a little pink, actually. >> there is pink in there. just not too much. >> i know, just a little just a little. it's going to be like magenta in a couple of weeks. >> after you give bigger. >> that's right. >> any entrepreneur, any olympian is going to say, there are going to be moments of failure, and the role that can play i'm curious, what was the

biggest money mistake that you can think of that you made >> my biggest money mistake. the biggest thing was starting our first company, silver bean coffee it was something i thought we really really wanted and when we got into it and when we realized exactly what it was going to take to get to the end goal, i wasnt wasn't forth it fe and we had to sell our company i knew in my mind what i wanted to sell it for, and we didn't get there. but for me, that was such a huge learning experience. and everything that we learned along the way from that company has been so instrumental in how i run my company now and the way that i think about money the way that i think about debt and all of those things. that was my biggest mistake but also the best opportunity. >> good for you. >> learning experience, too. definitely shannon bahke. >> good luck for everything coming your way.

thank you for joining us. >> thank you so much enjoy the rest of the olympics. >> it already has been it's going to be so exciting >> it already has been shannon bahke thank you for joining us >> are you cmi tomttedo the curling. >> that does it for the "closing bell." the women's time and curling match between sweden and great britain is coming up right now ♪ ♪ >> day 14, pyeongchang games and the crowds have assembled at the curling venue for another exciting section of semifinal action, sweden and great britain getting ready to go. hello, shot rockers. welcome to our final day of coverage on cnbc, curling,