raise, it's up 54% from the 52-week high which was april 3rd. today is april 5th tune into "fast money" tonight the ceo of coinbase will join us he has a major announcement to make thanks for watching "power". >> "closing bell" starts right now. ♪ >> hi, everybody, live from the new york stock exchange. welcome to the "closing bell." i'm kelly evans. >> i'm wilfred frost good afternoon the market climbing fast and furious. at today's session high the dow gained 1,000 points from yesterday's lows over 30 hours ago. >> kind of echoes what melissa was saying about tesla's stock and the turn-around there. all three major averages up 3% since monday's low we're over the market action as we head into the close dow with 382-point gain, up over

1% let's start in washington with eamon javers and a look at how closely the president is watching this stock market lately >> reporter: hi, kelly he's always watching the stock market today he's in white sulphur springs. he touched on china and tariffs. that's the issue rattling the market this is week as you talk about that 1,000-point turn-around in the past 30 hours. the president very much defending his administration's actions on tariffs and on china. here's what he said. >> you have to go after the people that aren't treating you right. in many respects, i think we'll have a fantastic relationship long-term with china, but we have to get this straightened out. we have to have some balance that goes for other countries. >> reporter: that's pretty much what you hear when you talk to officials behind the scenes at the white house. in terms of the stock market and the trade agenda, the president views the trade agenda as a

long-term problem he simply has to fix this is something he campaigned on that's an important thing to his constituency that he feels is important to the economy. that means that in the short-term, this administration is willing to tolerate some stock market pain even though the president spent much of 2017 talking about how great the stock market was and the administration said it was a barometer for their success. on this one, they're committed to a more long-term approach despite the short-term pain we've seen on some of the days this week in the stock market. here's where the administration is not, though take a look at what steve bannon has said reportedly this week. steve bannon the ousted former trump adviser reportedly saying, to hell with wall street if they don't like it. it's time someone stood up to them and president trump is the perfect guy. wall street is always short term bannon urging the president on on the trade agenda. my sense is the view inside the white house is a little more nuanced here they are willing to do things like send larry kudlow out to the driveway like yesterday to explain the markets and soothe

the markets about what's going on at the white house. and i also get the sense that there are people in this white house who feel that despite the short-term stock market pain, over the long run, this trade agenda will be better for american businesses and for the stock market itself. but in the short term, there could be some painful days, guys. >> thank you for that. while stocks have made a big comeback from yesterday's lows, many names that could be hurt the most by a trade war are still well off their recent highs. cnbc's bob pisani as a look at the damage that's already been done >> many are still believing -- choosing to believe the china tariffs aring inable you heard from eamon there's already been a lot of damage done to the stock market. don't kid yourself in sectors like industrials and technology take a look from just a few weeks ago, technology is down better than 7%, financials have been weak, materials have been weak and industrials have been down, particularly the biggest names of the companies like the boeings and caterpillar. they have become a poster child but boeing is up today and

having a very nice bounce. but they're already taking the multiple down, the pe averages to determine what the market thinks of the stock. boeing was a 20 pe multiple at the beginning of february and a couple days ago down to 23 the market has taken it down same thing with some of other big names. take a look at john deere, another one greatly affected by trade war and tariffs concerns deere had a 20 multiple in february now it's got a 16 multiple that's a takedown. caterpillar, move over here to the left here, another one up today, another poster child for the whole trade war issues 18 multiple beginning february now a 16 multiple. these multiples are lower because the market is taking down the prices. they're not raising the earnings estimate which would drop it at the same time. they're saying there's a little more risk out there and that's not diminishing. maybe that will change over time we get a few weeks positive, that will go back to higher

multiples. earnings will be the big issue in the next couple of weeks. we saw this today. look at micron ubs initiated coverage of micron with a sell at $35 the stock was at 50 saying there were going to be issues down the road i think that's a major problem for the markets because expectations are sky high. not just for this quarter but the next three quarters, particularly in the semiconductor groups this is very, very sensitive the market's risk is to the upside right now because we've got the concerns about earnings that are out there look at nvidia in the middle of the day. no new news here on nvidia about 1:00 we saw very large sell orders come in and the stock moved down, took semiconductors and the rest of the market down. it turned out to be temporary but this is an indication of how sensitive the market can be to bouts of selling. >> bob, thank you very much. some stocks to keep an eye on into the close earlier today on "squawk on the street" peter navarro reiterated

the president's strategic vision take a listen. >> his strategic vision is to get to a world not dominated by massive trade imbalances driven by nonreciprocal trade practices but, rather, to a world of free trade. in order to get from here to there, president donald j. trump is doing what he said he was going to do on the campaign trail, which is taking steps through trade policy, through active trade policy to try to bring that world about >> joining us on the phone, hal lambert, point bridge capital. consists of 150 company political action committee and employees gave the most to republican candidates in the last election. hal, very good afternoon to you. tell us exactly when this

particularly etf launched and what the performance has been like. >> we launched in september of last year. the performance has been great up 10% since we launched. >> the ticker of maga suggests it's a tailored to the president's policies but it's not as simple as that. it's more towards traditional republican names >> correct it's looking at the political contributions of the pacs and employees of all the companies in the s&p 500 you're looking at s&p 500 and looking at those contributions and taking the top 150 republican supporting companies that also supporting trump and creating the etf equally weighted 150 names. >> hal, are you worried you top ticked it? a lot of time these etf peak with the excitement around something and the trump trade may be no different. >> not at all. i think the trump trade is going to continue.

president trump's right. just like he's right on amazon, he's right on china. and these -- the trade policies that are going on right now are want in the benefit of the united states. so i think ultimately you need to look at the long term. >> hal, but you probably heard yesterday, sarah huckabee sanders in the white house press briefing asked what the president thought about the recent market volatility she said, to your point, he's willing to take short-term pain for what he thinks is long-term gain, but i wonder about the performance of your fund in the meanwhile, while that pain plays out? >> at the end of the day, the market is rallying today and rallying quite a bit i don't know that the market in the short term is going to be down significantly based on these trade discussions. look what happened today prime minister trudeau came out of canada saying he's willing to look at renegotiating nafta. >> hal, if we saw the likes -- you said the president was right on amazon. he was right on china. if the likes of amazon or

alibaba made significant donations to republicans, would you have to buy those stocks >> if they were making significant contributions to republicans, they would be in the fund they're currently not. amazon would be in there amazon is a massive supporter of democrats and gives most of their money to democrats. >> i wonder if that will start to change, hal, now they realize, wait a minute, we spent eight years currying favor with the obama administration they have a lobbying fund that shows how potent it is to spread those dollars around it's typically an outperformer >> exactly i think that -- obviously, policies matter and and you're looking at policies of republicans, i think the policies of republicans are better for the country than democrats. we have a tax cut that has caused this market to continue to rally and the tax cut was done because president trump and

the republican congress. it would have never happened under president hillary clinton. >> the one thing i find ironic about this, hal, is that it's a lobbying spend index when one of the president's core pledges is to drain the swamp. >> well, that's true it is to drain the swamp, but as you've seen from president trump's policies that he's implemented, they've been very good for the economy they've been very good for the stock market and very good for companies. i think it's going to continue and i think this trade negotiation he's had with china needed to happen a long time ago. we've been in a trade war with china for years. no one has done anything about it now president trump is stepping up and actually taking this on i think it's very important. at the end of the day, what is good for us in the trade war when we win, that's going to be good for the stock market and good for the economy. >> thank you for joining us. hal lambert, to give him credit, it's up 9.6% since inception compared to the s&p is up about

3% >> back in september let's bring in cnbc contributors kenny from o'neill securities and jack from ucx joining us to talk about these markets. welcome. the dow is up more than 300 points now. >> it is and you sit here and wonder why. we have extremely low volume we've just made 400 million shares down here on a day when the market is having this kind of reaction, which tells you, i think a lot of the big asset managers are sitting it out. it's this algorithmic trading whipping the market up and down, adding to the volatility i think the news that came out yesterday, whether it was larry kudlow, who i thought was great when he came out, whether it was wilbur ross that told everyone, calm down, it's way overreacting, i think that absolutely put the floor on the market at 9:30 we were down 900 minutes. at five minutes we were down 500 and they slammed the brakes on the sellouts canceled and

disappeared and the buyers came running after it we're still in this very tight trading range. we're not near the highs yet we're between support and resistance of the long term and intermediate i think we'll hang out here for a little bit and churn. >> jack, what's your own view in terms of the most important factors for the market at the moment is it still all things related to president trump and net-net is he still a positive for the markets? >> i think the action over the last couple sessions has been a wig warning signal to washington it's saying, listen, we don't like protectionism you know, and you can call these last thousand points, whatever you want i'm going to call it the larry kudlow rally because as soon as he came out and mellowed the market out, there was a complete different tone remember, you know, something happened to the administration over the course of the last few weeks. you can see cohn's departure,

all this anti-protectionism rhetoric come out. these are things quaul street doesn't like what we want to pay attention to is how we digest this informati information, especially in the wake of the fed raising rates. everyone mentioned $1.2 trillion chinese hold in securities but they don't talk about the $2 trillion in sovereign wealth fund money if you look at the top ten sovereign wealth funds, four are chinese. they have a big stick. we have never fought a trade war with that much power behind the people that we are fighting against. so, we have to be very, very careful what we're asking for here. >> jack, i just wonder, if they were to start selling those treasuries -- the reason they have them in the first place, in large part, is to lower their currency if chinese treasury goes up, that could be a problem with them, couldn't it? >> i've done business with the chinese. their vision is very long dated. they're looking 30, 50, 100

years down the road. for them to put us through that type of pain -- remember, they're a communist nation keep that in mind. i'm not comfortable with the fact that they're holding huge positions in our capital markets and we're fighting -- or thinking about fighting a trade war with them. >> kenny, quickly talk us through about volume and volatility over the last couple of days as well. you have some points on that. >> so today there's low volume therefore, when there's low volume, not a lot of participation or liquidity when the automated trading systems get started, it creates these exaggerated moves. what we've seen between yesterday and today are exactly that we rallied almost 1,000 points and since yesterday morning at 9:be 30, which is a huge move in such a short period of time. i think people have to be aware -- well, the trader types love, but the long-term investor, that person needs to eliminate that noise and continue to focus on their portfolio. >> kenny and jack, thank you for joining us this afternoon.

>> 45 minutes to go. we're looking at 300-point gain here we'll keep an eye on that. the impact of the add mrlgs's policies on the market is also a key theme in jamie dimon's annual letter out to shareholders mr. froost has been looking at the key points. >> we have we've talked about the market-related content the main takeaway, jamie dimon wants the same outcome as president trump on trade, but would go about it in a different way. he's positive on growth, relaxed on markets but thinks people could be underestimating the pace of rates going up number three, we can expect more buyback from jpmorgan this year. kelly, let's touch on some of the more quirky parts of this annual letter from jamie dimon, starting with what he titles the case against earnings guidance companies should, quote, resist pressures to focus on the short term at the expense of long-term strategy, growth and sustainable performance. and in my mind, he says,

quarterly and annual earnings per share guidance is a major contributor to that short-term focus. we would support any company that considers dropping such guidance in the future. >> keyword being guidance, not earnings people are getting confused thinking jamie dimon doesn't want people to report quarterly earnings no he doesn't want them to come out and pretend to the penny or five cents, whatever it be, what that level will be. >> what he's put in this letter is we don't want companies to focus on the short term. he says analysts and people like me, when we report earnings, focus too much on how they do relative to that company guidance therefore should they do away with guidance. >> you know, i understand why the companies want to help analysts say, look, you know, we can adjust this up, you can adjust this down now reg all around that. we'll have earnings estimates from analysts regardless if the

company reports guidance or not. it's always important for the market to know not only how did the company do to the quarter and relative to how did people go into this >> the only other thing i would say to mr. dimon, when he decides to retire, we will mark his legacy over the long term, but each quarter how will the market react based on short-term expectations we'll keep doing that. keeping going on the quirky points, he says, quote, bure accuracy is a disease. drives out good people, slows down decision-making, kills innovation and often the petri dish of bad politics as an example he says internal meetings can be a giant waste of time and money i'm a vocal proponent of having fewer of them. >> not cnbc internal meetings. >> no. this is mr. dimon's comments, not kelly and wilf's comments. complacency, he says, is usually

borne out of arrogance or success, but is a guarantee of future failure anyone, he says, tells him otherwise is talking hogwash nice word. >> i want to mention, if you want any further barometer of the market's performance, a quick look at this chart that's also included shows the average share price of jpmorgan relative to tangible book price and that spike. look at the green line on the right side of the screen the blue bars -- it has crept up year after year consistently look at the change in the stock market's price on that really popped in the past year. >> just one further point on this as well he said, made clear throughout -- in the letter that their preferred -- if they can't grow organically remains in buyback. if they're -- even if it's more than two times - >> that was really surprising. >> which has surprised some people i think they thought more buybacks this year but not if the share price performed to that extent. >> $40 million cumulative bought back over the last five years.

>> and six pages of an annual letter to read we have 42 minutes to go before the bell as we said the earlier, up 300 points we are at session highs on the dow up 1.3%. the dow leads the charge s&p is behind it nasdaq up 0.8%. >> the "closing bell" is just getting started. >> announcer: next up, the prince visits silicon valley see what he saw and see why the ceo of amc is making a big move into saudi arabia. plus, phase two of the president's tax plan did it just move forward what's it going to mean for your money? the "closing bell" with kelly omhe fand wilfred frost, live fr torecast stock exchange returns in two miss.

crown prince mohammed bin salman continuing his tour of america. >> josh lipton in san francisco with more. >> the crown prince has already hit washington, boston, new york sources confirming to cnbc that the prince or members of the delegation are now taking a

meeting with apple and then heading over and meeting with alphabet as well he's already met with seattle's tech heavyweights seen with microsoft, bill gates, sharing a laugh there, with amazon's jeff bez bezos. the tech community no stranger to saudi money saudi investors have participated in funding rounds that total $8.2 billion in u.s. startups saudi arabia's public investment fund was some of 20 investors in a $5 billion funding round for uber this doesn't include venture firms that the saudis have invested in as lps, like softbanks $100 billion vision fund where saudi arabia's public investment fund has already chipped in a cool $45 billion. the vision fund has already invested in 30 companies from arm holdings to weward

the prince will also reportedly meet with venture investors but that could come with its own challenges with two vcs mentioning political risks of accepting direct saudi money one vc saying the verdict is still out. back to you. >> that's absolutely the question, josh thank you. our josh lipton. one company feeling the impact of saudi crown prince mohammed bin salman, amc entertainment will open saudi arabia's first movie theater in more than 35 years. >> joining us with more in a cnbc exclusive is ceo of amc entertainment, adam arron. good to see you. >> thank you kelly, i always save my news for your show. >> you better. >> it's great to have you with us tell us more about opening this first movie theater in saudi after so long. >> well, these are historic days for amc, historic draays for th

country of saudi arabia. we've been working on this for six months i've been to saudi arabia twice. i had the honor of meeting with the crown prince at the palace to hear from him directly how important it is the modernizing and moderating of his country to reopen sin mass after a 35-year absence. we partnered with a public investment fund farming a joint venture and we're going to open a lot of movie theaters in saudi. our goal is to have about 50% of all theaters that will open and serve the 32 million avid movie goers in that country. >> you say as part of this liberalization in the country, are you free to choose which movies you want to put on for people in saudi arabia >> absolutely. you know, hollywood has been showing movies in the middle east for a very long time. major studios are quite adept as being sensitive to the local

customs and transitions of the region that will continue in saudi arabia and it's our expectation that we'll be showing one hollywood blockbuster after another. not only at our launch theater in riyadh, which will open in two weeks, but also at the 30 to 40 theaters we expect to open in the next five years. >> we can see the excitement your shares up 35% we don't have a lot of time so i want to ask you about moviepass. let's come back to the u.s. where we just learned domestic box office had fewest number of visits in the past year and over 20 years movie pass, i know -- i know economics in the theaters aren't happy, but can this get people back in movie theater seats? >> no. simple answer to your question you know, we don't bank bodies, we bank dollars. and the box office has been growing for decades. ours is actually a strong and stable, mature industry, but

nonetheless, with modest growth, it continues '15 was a record year. '16 was a record year. 17 began and ended there was a slump in the summer. hollywood had a few clunkers missing last summer, but 2018 -- >> you think dollars can keep growing without people in those seats? >> well, i'm not sure what you mean about people not being in the seats. >> 23-year low >> but if we're going down 1% in bodies and going up 3% or 4% in pricing, the economics are quite good for us. 2018 has started off roaring hot. "black panther" is the third biggest movie of all time. the advanced bookings for "avengers" which opens on the 27th of april, we just put out a press release. we've never seen advanced bookings like this when hollywood turns out movies that people want to watch, they will continue to come out in huge numbers

>> adam, thank you you're always clear on where you stand as well. adam aron joining us on a very big day for the company. appreciate it. >> i've been to riyadh a couple of times i hope they get the air conditioning right it's hot. >> they have many challenges, but amc is one of them phase two of tax reform could be coming sooner than you think we'll lay out exactly what would be included in new tax legislation and what it means for ur pchyoayeck when the "closing bell" comes right back. racing isn't the only and with godaddy, i'm making my ideas real. with godaddy you can get a website to sell online. and it will look good. i made my own way. now it's time to make yours. ♪ everything is working just like it should ♪

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welcome back to the "closing bell." blackrock planning to block gun retailer from current and planned etfs some names like walmart, dick's sporting goods and kroger will be ruled out of the new government focused funds blackrock will launch the new ecg funds on april 12th institute less than 30 minutes to go in today's trading here's how we're looking with the dow up 275 points, just off session highs. the s&p is up 21 volatility gauge lower but it's off its lows in other words, it's kind of back around 18, almost touching 19 right now here's the components of the dow 30 only two are in the red right now. procter & gamble and pfizer are down a little bit. leading the way with rebound is boeing, up nearly 3%. >> time for a cnbc news update with courtney reagan. >> here's what's happening at this hour. canadian prime minister trudeau says talks on nafta have picked up momentum and he's optimistic the u.s., canada and mexico will

come to a trade agreement. >> we are happy to engage as much as they want to move towards a deal i believe we're in a moment where we're moving forward in a significant way. hopefully there will be some good news coming the collapse of a crane sent construction workers running for their lives in st. petersburg, florida, nearly striking a man as it toppled over the construction site is to be the new home of the city's police department. no one was injured, luckily and the crane didn't damage the building well, the ohio state university reached an agreement with you are man meyer on a new two-year contract. if agreed, it will keep him employed through 2022 and earn him $7.6 million this year and worth every penny, in my very biased opinion, making him the heightest paid coach in the big ten. take that, jim harbaugh. back over to you. >> court, i have issues how every time the players come on,

they say the ohio state university. >> it's the name it's the name. >> someone point out, but you say the "closing bell" every day. i'm like, you got me you're right >> that is true. >> good point. smart kids, those ohio university state players >> i'll see you later, courtney. half an hour to go dow up 264 right now it's the best performer with more than 1% gain. still ahead, as president trump wraps up his criticism of amazon, hundreds of prime members are reportedly furious at the company for a totally different reason we'll explain what has them up in arms. republican lawmakers could be nearing a vote on a new phase of tax reform. we'll break down what's in the bill and its odds of actually pain ssg.back in a couple of minutes. now i'm thinking...i'd like to retire early. let's talk about this when we meet next week.

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welcome back to the "closing bell." let's have a look at markets 24 minutes to go we've come off the session highs. the dow was up about 300 points. it's now up about 220. it leads the chart as you can see at the other indices up half a percent or so. let's take a look at the top sjeng tors in the s&p today because interesting to see energy and materials lead the pack oil's fractionally higher but

not significantly. a little surprise to see the extent of that market leadership from the energy sector, up 1.8%. utilities, industrials, discretionary also doing well. if we look at what's lagging, tech is near the bottom but not in negative territory. and we're not going to see what's lagging, but i can assure you tech it near the bottom. financials near the middle jack bogle was on "power lunch" talking about volatility in the market >> i have never seen a market this volatile to this extent in my career. now, that's only 66 years so i shouldn't make too much about it you're right, i've seen two 50% declines, i've seen a 25% decline in one day and i've never seen anything like this before and i still think it's noise. >> if anyone else said i've never seen anything like this before, you'd shrug them off let's get to our "closing bell" exchange

joining us larry glazer, co-founder and managing partner at mayflower advisers, art cashin, managing director at ubs and rick santelli from the cme in chicago art, is this period extraordinary in terms of everything you've seen >> it is it's a good deal more volatile than almost anything else you've seen it is, unfortunately, reminiscent of some of the volatility we saw in '87 we hope it doesn't wind up with a cap like that, just to correct mr. bogle, it wasn't 25% in one day, it was 22%. but that was big enough. i think it's been a bumpy road yesterday you failed to take out monday's intraday lows that caused yesterday's rally. you extended it further today. we got a little bounce, as wilf said, earlier in the day, because the market on close indications were leaning to the buy side they have come back somewhat from that. that's why we're off the highs

>> rick, let's talk about bond yields because we pushed through 2.8% late yesterday. we're nicely above that level today. will that be maintained tomorrow how important is the jobs number >> if wages are firm and work week isn't taking away time on the calendar and we have decent amount of jobs created and especially if there's labor force participation movement where more people are coming out of the unemployed camp, we could see much higher yields quickly when i say much higher, we could go back and get very close to testing high yield for the year, which is very close to 3%. but i also believe that at 8:31 eastern, if we don't get some metrics to show some horsepower, we'll most likely be slipping back down towards that 2.75 area there's no doubt in my mind that the dollar in particular and for

sure treasury rates have crawled up all week because of the issues involved in the report that could alter the view on whether it's inflation or wage pressures or as the federal reserve going to ultimately be wrong with regard to do we really have been or close to unemployment and all these issues will definitely play in the pricing of interest rates. >> larry glazer, how are you weighing the reports we get on the u.s. economy against the headlines and concerns about trade in washington? >> sure, no doubt, it's tailwinds and headwinds. the tailwinds are things like tax reform that will carry us through earnings season. all eyes are on the job report i think rick makes a great point. small businesses we talk to are worried. they're not worried about the economy. they're worried about finding skilled labor right now. that's pushing wages up. so, there's a whiff of inflation out there. that might be good for commodities, might be good for inflation-predicted assets

but i think from a volatility standpoint, wall street has found its safety net and that safety net is larry kudlow right now. and in the kudlow rainbow to the other side, if we're going to get there, we'll have to tolerate some of the stock market volatility to open up free markets, tougher talk with china and get through some of this increased fluctuation we've been experiencing. let's not mistake it for a canary in the coal mine about a slowing economy. the stock market fluctuation was really overdue from way too calm 2017. >> thank you got to go. larry glazer, art cashin, rick santelli. we have about 20 -- no, 19 minutes, poor math for a moment. under 20 minutes to go before the bell up about 0.9%, 220 points on the dow. >> phase two of tax reform could come later this month. we'll head to washington for an update on whe erwe stand and discuss how that could impact the markets right after this

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usgs is saying this was ten miles deep the deeper you go with the earthquake, the less it is felt on the is sumpbs we haven't heard any reports of tsunami warnings and no reports of damage. 5.3 is kind of earthquake that doesn't happen that often in los angeles. we see a lot of them in the one, two, three area on a daily basis, but 5.3 is certainly significant. again, no reports of any damage. >> are there any signs buildings have -- you mentioned you felt the rumbling obviously the density of l.a. makes you wonder the roads and bridges and everything like that

looks okay >> so far, so good, yes. we haven't heard anything. a lot of buildings here have been retrofitted to earthquake standards are built to roll when earthquakes come through that's what we felt. a little -- a tiny bit of a rolling sensation. not a lot of shaking earthquakes in the past, shaking is obviously a big concern but this was a -- it was a gentle roll. but, nonetheless, it occurred several miles from here and we still felt it and felt it throughout the city of l.a. >> thank you very much for that. pau mcnamara. we have the latest on tax reform. >> two sources telling me republicans are working on a bill to make two key parts of the new tax law permanent. those would be the lower individual rates and the ability for companies to fully deduct their capital expenses immediately. now, the goal is for the house to vote on this bill on april 17th, which is the deadline this

year for households to file their tax returns. however, it is unlikely that the bill will actually become law, but that may not be the entire point. for republicans this could be an opportunity to refocus the discussion about the economy back on one of their bread and butter issues. that's why president trump was out in west virginia today he was going to talk about taxes. he started off by slamming the state's democratic senator joe manchin for voting against the deal but then he literally went off script >> you know, this was going to be my remarks. it would have taken to minutes but what the hell. that would have been a little boring a little boring. >> so, instead the president talked about some spicier things like gangs, immigration, trade, the opioid epidemic. this is the challenge for republicans. they will believe tax reform is the key to holding the majority in 2018. they don't agree with the president on many of those other issues the question is can they keep that message on tax reform from

being drowned out. doesn't matter president trump got a lot of applause when he threw that script up in the air back to you. >> thank you very much i was going to read a script, but then -- hank schmidt is joining us from haverford trust. what do you think about making these tax cuts permanent what would that do for the market. >> i think it's a good republican talking point the market would like it the bulk of the tax reform was in bringing corporate tax down to 21% that is permanent. allowing the repatriation of earnings, that is permanent. and this is going to have a last willing effect, not just this year but coming years because it was front-end loaded and wasn't phased in. i think this is going to have a

good impact on the economy for several years and the republicans should reap the benefits of that >> could the biggest effects on the deficit already permanent, either way, how far out before the deficit starts to be a concern for markets? >> you know, it's hard to say on that look, eight years ago if you had said the deficit was going to be $20 trillion, we would be paralyzed in fear. the reality is it's had zero impact on interest rates so, i'm not sure when the deficits will have an impact on interest rates what i'm much more certain is the way out of these deficits is through growth and faster gdp growth is the tonic that solves all the deficit problems >> ain't that for sure hank, thank you very much.

>> we've got about 11 minutes to go before the close. we're back above 1% gain for the dow. 272 points the s&p up 22. the nasdaq is up 0.7%. >> 850 to buy on the bell so we're seeing the market fluctuate as they have gone from buy to sell and now stronger back to the buy territory. still to come, the dash for amazon comes two cities make the case why the tech giant should build hq2 in their state. let's begin.

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welcome back welcome back to the "closing bell." we have three minutes or so to go to the close. we're up 260 points on the dow the dow is up about a percent. we just come off the highs 1.3% at the high of the day. broadly speaking, it's been a much more stable day s&p up 0.8%. nasdaq up about 0.65%. let's have a look at the two-day s&p intraday chart there's been a little volatility this afternoon, but we have maintained in positive territory throughout the session, which is in stark contrast to yesterday where we go out negative open and a very steady, solid rise throughout the day today's volatility in perspective compared to yesterday's strong intraday gains.

sectors today where we are seeing the consumer discretionary names do well. also energy and materials at the top of the pack. somewhat surprising the extent of gains for energy and materials. 1.8% to the upside for those two sectors. oil's only fractionally higher today. tomorrow we'll focus on the jobs number the dollar doing well against the yen, which is a reversal of how it started the week, as you can see on monday and tuesday, negative we saw the dollar against the yen, but has gained particularly day, up 0.75%. >> you'll notice three days in a row we have trended up, three days in a row, the ten-year yield has moved to the upside. when the markets move up and they believe things are getting better, the ten-year yield moves up that's a very clear pattern we've seeing. >> a month ago when the jobs number was better than expected, it was higher yields that spooked the market and now

higher yields help the market. >> but things have been lower, dramatically lower in the past few weeks. the market is trigts to levitate itself into believing the conversation is going to change. the market for the moment believes the president's men, mr. kudlow and others, who are out saying this is all negotiate on the trade war issues and stop worrying so much it's believing that right now it could change it wants to talk about the job and wage growth toek wants to believe that wage growth will be moderate. we'll get moderate job growth. wants to believe powell will talk about slowly improving economy and slow increases in interest rates we've got earnings next week so, for the moment, the market is trying to paint a very rosy picture. we're moving on from the trade wars we're talking about economic growth that's going to be positive earnings growth next week that's going to be spectacular. the early reporters, by the way, there's about 23 early reporters, they have february ending quarters, have been off the charts are good.

and that doesn't happen very often. i mean, way above expectations everyone is saying, oh, my heaven, let's get out of the china trade war and talk about economic growth. >> let's have a look at the sectors again today. so much discussion over the last month has been about tech and financials this week they've been in the middle of the pack all week. financials right in the middle telecom in the middle. is that a good thing because we're not dragged down or -- >> i've been dying to move away from technology. too heavy weighted, too much in the way of earnings expectations i said this several times today, what happened with the semiconductor stocks because ubs came out with a complete analysis of the semiconductor industry put a sell on micron, $35 price target the stock is $55 high expectations for earnings saying, you need to distinguish this a little more and buys on broadcom, marvell and intel.

some stocks coming out and saying, the earnings expectations way too high. temper yourself. the market didn't have a problem. >> final question, where is your tie pin? kelly has been very rude about mine. >> no, no, i need to get that. >> no, rude about mine i need to buy new ones, according to kelly there's the bell, 240 points the s&p and nasdaq just behind that kelly with the second hour orange paisley anyway, welcome to the "closing bell." i'm kelly evans. here's how we're finishing up the session on wall street the dow the best performer with nearly 1% gain, up 237 points on the bell that puts us just over 24,500. and the dow did better than the other indices relatively speaking the s&p up about 18 points to 2662 the nasdaq up half a percent, 7076 the russell 2000s adding 11

points, three-quarters of 1% wait until you take a look at the two-day point mover. up like 1,000 points on the dow. joining us to talk all about this today, stephanie link, managing director at nuvene, and liz ann sanders, chief investment strategist at charles schwab in the indexes leading the dow today was boeing with a comeback of nearly 3% today we, of course, know all about its recent turmoil while pfizer was the biggest decliner on the s&p. the big winner was navian corp while micron lagged after that downgrade bob talked about stephanie, taking a step back, you go back to just yesterday morning at the open and the markets have sprung up about 1,000 points what's really changed? >> nothing has really changed. it's the year of volatility. in the first 23 days we had plus or minus 1% moves in the market.

that compares to eight last year all of last year. >> the whole year? >> yes clearly we have to see a reversion of volatility, in my mind, after a record low year last year. but this is all about uncertainty. the market doesn't like uncertainty and there's a lot we don't really know yet in terms of companies are going to say on earnings i think they'll beat and raise earnings but the macro changes on a daily basis. >> on that point, since you're mrs. macro, we get the job report tomorrow morning. how much -- usually this is the biggy, right it gives us the wage number, the jobs added is that as important now when we're still talking about trade policy and tariffs >>. >> as an outlier, but i think it's the sub aspects that matter more than the actual payroll

number this is possible if not consensus there's whisper the unemployment rate could have a three handle on it tomorrow. obviously, that would be great news for main street i do think this is a year where main street probably feels a little bit better than wall street to stephanie's point about the increase, big moves up and down, these big 1% moves, we've had a cluster in the last two weeks. this type of cluster, you don't tend to see outside ofbear markets. i don't want that to suggest that's an ominous sign even when you've had these clusters in bear market, the near to medium term for the market is actually positive. i'm not -- i'm not a market timer. i can't call what's going to happen next. but i think there are some pretty interesting and positive underlying internals to what we've seen recently. >> this is the funny thing if we talk about day by day, here is why the market is up, here is why it's down.

you can often find be april decent reason but most of you make it sound like you're missing the forest for the trees if you do that the point is we're simply guy rating what can you own in this type of environment? >> you have to have conviction in the fundamentals. we've been talking about that all year long. fundamentals that i think are pretty good. i think the consumer data points, up 75% of gdp, they're pretty good. >> housing, le in. a. r's beat. >> housing look at auto sales i mean, that was impressive. >> that was a blowout. >> absolutely a blowout. i think as liz ann said, jobs, if you have a three handle on unemployment, i'm sorry, what's bad about that >> if not tomorrow, it's coming. >> absolutely. by the way, i think wage pressure is coming as well i think it will be gradual my point is, the consumer is in pretty good shape. they feel good and confidence levels are high at the same time, manufacturing is improving quite nicely as well sure, we're off the peak levels of pmis and isms factory orders were good

regional data has been good. i think business confidence will stay strong as long as we have confidence in kind of what's happening in washington. that's a hard thing on a day-to-day basis if you take a step back, and you say, maybe this is a whole negotiating tactic, as larry kudlow suggested yesterday, which really turned the markets around, guess what, i feel better that larry is in there, by the way also, i think that's going to lead to better earnings and that gives me confidence in the fundamentals circle all the way back to what i started with >> to go on the consumer, liz ann, if you're equally upbeat about them, it's interesting because you have two kind of major sectors. you have the staples, you have consumer discretionary but in consumer staples you have a lot of expensive names that aren't growing that well right now. and in the consumer discretionary you have amazon and netflix to worry about if you wantwant to play a stron consumer, how do you do that >> i'm glad you mentioned that there's tough commentary on

amazon and netflix comments taking the tech sector down i chuckle because they're not in the tech sector. i think there's a push and pull. obviously, the soft data associated with the consumer, i.e., consumer confidence, has persisted at quite high levels i think that animal spirit you're seeing in corporate america has translated to the consumers and certainly the jobs data has helped support that savings rate are relatively low and something to be mindful of and debt levels have picked back up again i think there's a little push and pull right now for the consumer i think the weakness we saw recently is more of a giveback for just how strong the fourth quarter was. i don't think this latest -- >> and january. >> right but i think it was just a little giveback because there is volatility in that data. >> let's talk about washington, about trade policy for a moment. national trade council director peter navarro was on "squawk on

the street" earlier today and he was talking about the white house's trade strategy. >> the strategic vision is to get to a world not dominated by massive trade imbalances driven by unfair nonreciprocal trade practices but rather to a world of free trade. and in order to get from here to there, president donald j. trump is doing what he said he was going to do the campaign trail, which is taking steps through trade policy, through active trade policy to try to bring that world about >> joining the conversation now is jimmy from the american enterprise institute jimmy, you know, again, in a way peter navarrnavarro, does he ect larry has been saying, which is the bigger picture for them is free trade, it's just they think some wrongs need to be righted along the way? >> liven, if the gold -- listen, if the gold is to fundamentally change china's behavior.

let's put aside the trade deficit, which i can't believe peter navarro actually beliefs it's because of bad trade deals we have these -- he's an economist. i don't think he thinks that if the goal is to change china's behavior, a lot more needs to happen other than these tariffs. either the tariffs need to be bigger, cover more products. they'll have to go after chinese companies that use intellectual property there has to be more action if that's the goal. or if the goal is just to get a short-term political win, say you've done something, get an agreement like renegotiate, which didn't accomplish a lot, investors can feel okay because this will be over fairly soon. >> do you think they can feel okay even if the goal is the first thing you mentioned, which is to change china's behavior, or if that's the goal, do people stay concerned about how we get there. >> listen, if that's what they're going to do, which is

what the president has talked about, then hang on, buckle up it's going to be a bumpy ride because you'll take a step into the darkness here. we don't know what that will look like but there will be a lot more tumult. if that's what they want to do i don't know that's what they want to do in an election year, given outside republicans already complaining about the level of tariffs being discussed so far. >> stephanie, we look at the individual names and have swung around a ton on this it's names like boeing, like caterpillar. we've seen aircrafts specifically targeted, the farm sector specifically targeted these are a lot of these proposed tariffs and they're already reacting immensely. >> some industries are going to have pricing power there's going to be a delay so they might get hit initially on higher cost, a little more inflation, a little less activity if i listen to what wilbur ross said yesterday, it really is a small percentage of gdp as a whole. there's so much momentum

globally for these companies, especially these industrial companies. there's a lot of momentum. a lot of demand, pent-up demand. i think they'll be able to weather the storm if it doesn't escalate. >> which would mean increased buying opportunities for that bigger picture liz ann, is the impact small and around the edges or do you think it starts to add up if we start going further down this road, the tariffs are implemented and further measures are taken >> right you know, it is small. i want to go back to something jimmy said which is very important, which relates to buy we have trade deficits or why we don't have trade deficits, i think, was more his point. here's something interesting about that i think there's some things that are at odds with one another right now. if the yard stick is somehow measuring fairness in china and not the trade deficit, that's one thing, but if the yard stick,ing used to measure whether we're havingsuccess with this is the trade deficit, well, tax cuts actually work against that because when you have tax cuts that include the

individual side, which obviously this one did, that's to the benefit of consumer spending our economy is 70% driven by consumer spending. we spend more on imported goods than we do on domestically plussed goods. when you've had tax cuts in the past, it's widened the trade deficit. if that's the yard stick, with he may end up going in circles if there are other yard sticks, maybe this is where larry can step in and both talk internally as well as explain what's going on externally than we might be okay. >> focus in on fairness. >> unfortunately, this exact point has been explained to the president, i believe, repeatedly about what -- how you should look at trade, why trade deficits are a really poor metric for evaluating how we're doing. and it has not stuck. >> an interesting suggestion yesterday came out of an expert on u.s. and china relations, a way of achieving both of these goals. he was saying energy

in other words, if the u.s. were to dramatically ramp up its oil and lng, liquefied natural gas exports to china, maybe you could solve aboboth of those problems at the same time. is there a way to treat to meet the president's goal without it being damaging to the u.s. >> well, listen, i think if you look at the size of the trade deficit, i haven't seen this person's numbers, but as long as we're running a trade deficit, the president interprets that as us losing. in fact, he said we have already lost i think it's pretty hard to square that circle >> the energy, by the way, one of those areas we look to to say, hey, fitz not tech leadership, we aren't talking about amazon, we're not talking about facebook and all the issues with the leadership in the past, stephanie. maybe energy is a place to look. it's been a difficult one. >> it's been a really difficult one. i've been over with the energy sector i've been add williing to the e sector

we have low expectations the problem is it's only 5% or 6% much the s&p weighting versus technology, which is 26% you will need another sector is that discretionary, which has perked up. is that financially finally taking off it could be. we'll have to wait until tomorrow i'm bullish on the banks at this point, especially on valuations. going to need a few other groups to offset if tech is not the leadership. >> before we go, how does all this come back to interest rates and the u.s. dollar, do you think? >> so i think the interest rate story, more broadly financial condition story is one not getting enough air time as we deal with all these shorter term issues i think the fact we're finally seeing tighter financial conditions in addition to the fed raising rates because the two were moving in opposite directions up until recently, i think the move up in rates, move up in libor, even though it causes our technical, it still has implications for borrowing

i think that over-arching tighter environment is part of the pick up in volatility and somewhat typical of late cycle tendencies. >> we're just throwing trade and everything else in the middle of that guys, thank you all. stephanie link, liz ann saunders and jimmy talking us through this. a lot more ahead still on the "closing bell. >> announcer: more bad news for silicon valley giants. if you love amazon, you're going to hate this plus, wait until you see what facebook's accused of doing now. cnbc.com is breaking the story wide open. details ahd t "eaonheclosing bell" with kelly evans coming up you can't always predict them, but you can game plan for them. for 150 years, generations of families have chosen pacific life for retirement and life insurance solutions to help them reach their goals. being ready for wherever life leads. that's the power of pacific.

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welcome back china announced retaliatory tariffs, proposed tariffs on more than 100 u.s. products. we're in wine country with a look at why winemakers could get crushed as a result of this. jackie deang lis looking at two smaller segments of the energy sector that could take big blows. jackie, let's start it off with you. >> reporter: good afternoon. china proposing tariffs on two items in the energy industry propane and ethanol. both exported in relatively small quantities, but china is a rising consumer. now, on the propane side, china

takes a little less than 15% of our exports. that number is likely to decline if these tariffs go into effect. companies that export propane, enterprise targets, targa and phillips 66. on the ethanol side, things were just getting started because china is actually looking to expand its ethanol blending by 2020 now they probably won't look to the united states for it ethanol producers and exporters in the united states including valero and green plains renewable energies what's interesting is crude oil isn't on that list why not? after all, the u.s. is certainly exporting more and more. it's because the oil market is bigger if china starts taking oil that was going to korea, japan, taiwan from other producers, those countries would just buy u.s. oil instead and it wouldn't necessarily have the same impact on the market. when analysts feel the energy tariffs are specifically aimed at doing is hurting the red state producers directly that's where propane and ethanol comes from so, this is very much a punch right back where china was

hoping it would hurt >> just as we were taublging up the energy sector. jackie, thank you. at the same time, your favorite libation may end up in the cross-hairs, too >> reporter: napa valley wine, of course, has a world class reputation, which is what makes it so appealing for chinese consumers. now some winemakers are concerned that the tariff will drive away customers >> this is our flagship cabernet, napa valley caber fca best selling in china. >> reporter: a bottle cost about $100 in china. she ships about 1,000 cases to china every year and says the 15% tariff china just announced on u.s. wine imports could cut into chinese sales >> they're going to feel like they're losing, they're not getting a great deal.

>> it is what we call the first year barrel room. >> reporter: david pearson isn't as concerned about the tariffs he's the ceo of opus one which sells for about $600 a bottle in china. that price level, many experts say customers are willing to pay more for the brand pearson tells me the chinese customer is so important, they even offer tours here at the winery in mandarin, as do other wineries >> how much do you think -- that's exactly -- when the chinese are coming to do tours of napa and it's such a cultural destination, is that extra money going to really put a dent in things >> reporter: most people i talk to say it depends on the price point. if they're aspirational and going after that $100 bottle of wine and goes up to $120 or $130, they might turn away from it and going towards an

australian or new zealand wine that doesn't have the extra tariff 37 but if they're playing for a luxury brand like opus one, they're doing it for the brand value, and i talked to lots of people here who say, they're pretty price sensitive, they'll still go for it just for the brand name >> we'll see good way for those winemakers to find out who's considered status and who's not. thank you very much. that's if we even get to that point. these are still proposed. up next, hundreds of amazon customers are reportedly furious the company has nothing to do with the president and the fd.eu we'll explain why, what's going on right after the break ♪ we came with big appetites. with expedia, you could book a flight, hotel, car, and activity all in one place. ♪

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shares in amazon were up nearly 3%. still the stock is down 8% over the past two weeks yes, as the president rages against the company on twitter it may not just be the president mad at amazon. courtney reagan is here to explain why some customers are upset. >> thousands of upset amazon shoppers are taking to social media using #amazonclosed, saying their accounts have been deactivated. there's an active facebook group of more than 2700 members, lots of twitter chatter and reddit thread saying when they go to log in, a message appears saying there's no record of their account. the shoppers are told on the phone or e-mail they violated amazon's terms of service but they don't know how. so, amazon says these issues have been prompted by a, quote, social media campaign that it's determined is driven by bad actor, amazon's words to me, and

accounts are closed if there's a violation of community guidelines amazon says if there's been a mistake, reach out and amazon will review it with real humans. i've reached out to more than a dozen that say they're effected. one active amazon shopper in spokane said he left an honest review for a product he bought from a third-party seller. he was sent a $5 credit and shortly thereafter amazon deactivated his account. he's talked to amazon employees, all giving him mixed messages telling him he did nothing wrong. but there is one for compensating for reviews one shopper says she's been a prime member for five years, rereviews products all the time but never for reimbursement. she uses gift cards from swag bucks and perks. that could be the problem. >> that's interesting.

>> the third-party sellers are compensating the users they don't realize they can't accept that compensation and then the accounts are getting deactivated. >> this sounds like -- if people aren't aware this is wrong, they should be made aware i wonder if the people sending out these gift cards know, and how do they get to keep their accounts active, or maybe they don't? >> it's tricky more than half of what amazon sells is third-party products so it's an important marketplace for the company. also most folks are probably ordering from third-party sellers, whether they realize it or not because most of us just thinks, we order from amazon.com there are a lot of nuances in those guidelines i don't know maybe the sellers realize that maybe they don't when i spoke to people, i said, did they ask you to leave a positive review? they said, no, they didn't ask me i left an honest review and then i got this discount code. >> i've learned a lot about these reviews. thank you. we'll see if the accounts are restored or not. opportunity may be knocking.

facebook's questionable data usage practices triggered a selloff of twitter and snapchat. the "fast money" traders will tell you why it may be time to get rid of social media. rock stars from two southern cities remain fans they're making their pitch for amazon's hq2 in our latest "dash for amazon" series coming up i'm april kennedy and i'm an arborist

with pg&e in the sierras. since the onset of the drought, more than 129 million trees have died in california. pg&e prunes and removes over a million trees every year to ensure that hazardous trees can't impact power lines. and since the onset of the drought we've doubled our efforts. i grew up in the forests out in this area and honestly it's heartbreaking to see all these trees dying. what guides me is ensuring that the public is going to be safer and that these forests can be sustained and enjoyed by the community in the future.

welcome back a lot of up and down sessions on wall street lately the dow was up 240 points at the bell that puts us up 1,000 points from the lows on monday. we were concerned about trade and all that s&p up 18 points nasdaq up 34 russell is up 11 so, the dow the best relative performer with 1% gain time for a news update let's get over to morgan brennan with that for us >> here's what's happening at this hour. an earthquake with preliminary magnitude of 5.3 has struck off the coast of southern california the u.s. geological survey says it occurred at 9:29 local time 38 miles southwest of ventura. no tsunami danger or immediate reports of damage. at least 20 students were

arrested after clashing with police in santiago this during a protest demanding an increase in education funding. police using water cannon to disperse the activists who were blocking traffic on the city's main avenue. environmental group friends of the earth are threatening to sue shell oil unless it steps up compliance with paris climate agreement. workers exposed to a lot of noise on the job are more likely to develop high blood pressure and elevated cholesterol, according to a new government study. about 22 million u.s. workers are exposed to loud noises on the job. that's the cnbc news update at this hour. back over to you. >> i believe it. morgan, they've been doing that construction next door down here oh, my gosh, i'm there for 30 seconds walking in by the time i get in, my blood is boiling i don't know how they deal with it all the time.

>> headphones. >> you're right. that's loud, too morgan, thank you. morgan bren be at hq. stocks making a big comeback from lows hit yesterday afternoon. let's get to market-moving highlights of the day in our rapid recap. >> wall street pointing to a higher open. fears of an all-out trade war ease a bit. >> the strategic vision is to get to a world not dominated by massive trade imbalances driven by unfair nonreciprocal trade practices but, rather, to a world of free trade. >> jpmorgan/chase ceo jamie dimon releasesing his annual letter. >> in that letter dimon struck a tone of support for president trump's terms of trade, quote, we acknowledge legitimate complaints about trade. >> "wall street journal" reports most investors in pershing square have asked for their money back. >> stocks continuing to bounce

from their lows from then till now in the span of 24 hours, a more than 1,000-point swing. >> volatility remains the story of 2018. >> in many respects, i think we'll have a fantastic relationship long-term with china but we have to get this straightened out we have to have some balance. >> dow best performer up 237 poipts on the bell that puts us over 24,500 >> after mark zuckerberg's comments yesterday that the cambridge analytica scandal didn't have any meaningful impact on facebook's business, shares of the stock jumped more than 3% at the opening bell today. stayed there for the close should investors be more competent in social media stocks let's bring in "fast money" traders karen finerman, guy adami. guy, you got me in trouble earlier with his tie >> it was hideous. he should lose the tie it looked like a bad camel. >> he's not here to defend himself. >> that's all right. i'll talk to him tomorrow.

it was an awful tie. you know it. i know it. now the people at home know it >> you wore a tie like that a couple weeks ago. >> and i got rid of it. >> good point. >> karen, why don't you start us off. social media, have the storm clouds passed? >> i think they're on their way to passing for me, i'm long facebook so that's the one i care about the most we have zuckerberg on the hill next week. that's two days for him to be raked over the coals i think they're going to try to make him look bad. he's going to try to be very apologetic i'm sure he'll be very well rehearsed and prepared so, i think he'll do a decent job but i think there's a chance for one more crescendo of headlines. and then i hope the facebook story recedes a little bit and we start to focus on the valuation of the business, which is still extraordinary we don't know how much it's going to get hit this is an incredibly powerful business. >> he's making it sound like they're not getting hit from this delete facebook campaign. >> dan nathan, who is sort of out there, sitting at the desk

right now. i asked him about facebook he made a great point last night on "fast money." he said zuckerberg has learned more in the last six months about the business than he probably learned in the previous six years. and i think he's spot on to karen's point, the valuation is reasonable. i don't know how he can say with 100% certainty this is has no impact on his business they'll find out when they report this quarter or next. if you look at this and have a longer time horizon, you say facebook will get through this, which i believe they will. the valuations are extraordinarily compelling to karen's point, let them get through testimony. see what happens if you have a decent time horizon, facebook probably makes a lot of sense. >> the selloff in twitter was about -- it was about 20%. snap was down 40% at one point does that entice you for some of those names? >> no. i've never gotten interested in snap missed the whole ride up missed the whole ride down to me that's a lot more risk in that business model than facebook, which has a number of different engines to drive

growth. >> because facebook's got instagram and whatsapp and snap is more niche? >> we've seen how badly maybe not the business but the stock can be damaged by a few sort of -- i don't know they're errant comments. what a kardashian can do to your business i don't think you have the kardashian risk in facebook as snap. >> would you be a buy -- >> dan nathan plug show. before we came on, dan believes one reason it makes sense, twitter and snap are under pressure is maybe the takeout premium that were in those stocks has been diminished because of what happened to facebook i think it makes sense i'd rather take a flyer on twitter at these levels than at snapchat >> all right and your tie's all right >> it is mai tai is great mai tai is on point. wilf's tie was lousy, with a "z".

>> thank you we'll leave wilf alone for now catch "fast money" at 5:00 p.m. eastern. speaking of facebook, it tracks your location, your interests, your political leanings and as recently as last moh,t nt iwas consideringgoing after your health care records we have details from cnbc.com right after this tomorrow, it's a day filled with promise and new beginnings, challenges and opportunities. at ameriprise financial, we can't predict what tomorrow will bring. but our comprehensive approach to financial planning can help make sure you're prepared for what's expected and even what's not.

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connect withhospitals to collect health data. it's been put on hiatus in light of the latest news it comes on the heels of sheryl sandberg saying a fuad ver tiesers have halted spending the shares closed up under 3%. christina joins us for more on what was going on here i encourage everybody to read the piece. a lot of good stuff in there and a lot to understanding about how much access facebook does have to your information because they were basically for research purposes going to offer hospitals the ability to match kind of their patient records against facebook profiles. is that right? >> yeah. it's kind of terrifying stuff, sort of bordering on creepy but it could have been interesting had they gone about it the right way. the idea was basically that facebook to partner up with top hospitals across the country and see if they could combine their data sets, which is your community, who you interact with, with the stuff that the

hospital knows about you so, more your medical condition, what medications you take and so on and the idea would be that this data set could be used for research purposes, at least initially. that's what facebook is reassured us but who knows. if this had been allowed to go ahead, we don't know how ambitious it would have gotten. >> and i can understand in a sense where it's coming from and kind of you get a glimpse of where society is headed. the idea is, okay, somebody shows up at a hospital and suffers a hospital, you might have their height, weight, a few basic details but if you could match that with their facebook profile, you would have a lot more about their lifestyle, possible triggers. it may be something meant to help address the patient but something that does require learning a little more about them >> yeah, that's right, kelly this could have been used in a good way you could imagine an individual with a heart disease just leaving the hospital maybe they don't have the right support system around them to

ensure they can stay healthy perhaps a nurse could have been sent to their home if facebook and this hospital partner had known about it but this project is not going to happen as far as we can tell it's on pause until facebook can really clean up a lot of the data privacy issues it's facing now in the wake of that massive cambridge analytica data leak. so, we'll see if it continues. who knows. >> i was going to say, i wonder if facebook were to be transparent about it and say, okay, yes, we -- you know, we're going to put this out there and we're going to give you, the user, the opportunity to say, do i want to share this information with my local health officials or not, maybe some people would opt in >> that's absolutely the key and i think the right word we should be thinking about here is consent. so, we don't know because none of the data agreements were signed with these hospitals whether or not there would have been some consent. we don't know if facebook would have said, do you want to participate in a research study like this?

my sources were telling me that wasn't discussed, it was too early. this was ongoing for a year. no one knew about it today we've learned that it had -- it would have happened perhaps even in the next few months had this data breach not occurred and put facebook on other priorities >> the other thing is that mark zuckerberg has taken pains to draw the distinction between saying to people, we aren't selling your individual, you, kelly evans, to advertisers prp we're bundling this up to say, a 35-year-old who loves "fixer upper" and selling it to these -- would the same thing happen with health data? it sounds like it would become individualized even if they use this technique to match people >> absolutely, that could have happened down the road facebook made clear to me when i spoke with the company, they wanted this data to be

anonymous, so they wouldn't know it was kelly they were looking at but there needed to be a way to match your data as an individual to the health system's data so they know they're talking about the same individual. so, while facebook has said, we wouldn't know things about you necessarily, we want to make sure this would be anonymous, we don't know it would have been truly anonymous going forward. there are definitely some questions here as we examine whether or not facebook is going to continue to do more in the health sector, just like the rest of the silicon valley ecosystem. >> and that's exactly it so, if this is on hold from facebook, i can think of a few other companies, amazon, who know a little more about me and they might be going through and we -- thinking the same thing about the future of the health business and how they can help or contribute. >> that's a great point. we're seeing amazon, we're seeing alphabet, and now even facebook think about the health sector it's an opportunity they just can't ignore

think about how much these tech companies know about us and this type of data is very attractive and perhaps even lucrative for health care companies, whether it's your hospital clinic, even your insurance company we have to see how that goes and certainly we'll be tracking at cnbc.com how these companies plan to use your data. >> it's all the more reason to know exactly how it's being used great stuff. thank you very much for joining us christina farr from cnbc.com there's a look at the story you can read online. still to come, shares of amazon falling more than 8% in the past two weeks the president railing against the company as we know, but cities are still clamoring for their shot to be the site of amazon's hq2 up next in our dash for amazon series, it's a southern showdown pitching nashville against atlanta. coming up on "fast money" inseilbentf preside o coba wl on and he has a major announcement to make

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welcome back the fourth installment on the dash for amazon. amazon narrowed down the candidates so we turned to mayors, ceos, local celebrities from those cities to make their elevator pitch for amazon's hq2. the videos will be posted online following the pitch on tv and you can vote for your favorite cities in the coming weeks cities will go head-to-head tuesdays and thursdays until your voting whittles it down to the final four last week we picked between new york and boston. wow, 74% chose new york. so, the big apple is heading into the next round. i wonder how much of those live

here just kidding for round four, we're taking a musical twist. it's hip-hop versus country. atlanta is facing off against nashville. let's head to atlanta first with rapper jermaine dupree. >> as i walk around this beautiful city, i'm thinking, this would be the perfect home for the new amazon headquarters just becauseain't no other cit like atlanta ain't no other city got the vibe of atlanta ain't no other city that's got -- that's growing the way atlanta is growing with all kind of industries. with the music, film and tv. as a matter of fact, the biggest film in the world right now was filmed in atlanta. so, why wouldn't amazon want to be here? i mean, that's -- i'm here we're making the biggest movies in the world here. the best music in the world is coming out here. amazon, you need to bring your headquarters to atlanta, you know what i mean, the spirit of this city is unlike anywhere else >> that's jermaine dupri making

his pitch for his hometown next to nashville where country music hall of famers the oak ridge boys have a special tune prepared ♪ elvira ♪ my heart elvira, my heart's or elvi elvira ♪ >> hi, we are the oak ridge boys that's music city u.s.a., that's nashville, tennessee, where all the good music comes from, from the veteran acts like ourselves down to the young kids today who are selling millions of albums, not only are we a great music city, we are a medical city, a great convention city a great sports city. we are growing by leaps and underbo. what we are trying to say here mr. bezos is you have got one of the greatest countries this the world and we would sure like to have you here, nashville, tennessee. >> come on down. >> now that we've heard the pitches let's bring in the panel

of judges. we asked them to rate each pitch and city for a total of 15 points, joining us jason call canis of insider.com and jason leery the mayor of stone crest georgia whose city put in a bid to amazon for hq 2 by offering to change its name to amazon >> i have been in executive health care sairs sales for the past 30 years. you have to know your audience i give this segment, the edge to atlanta on this one. they knew their audience and pitched to that piece of it. i give the edge to atlanta. >> why did you pick atlanta over nashville? >> well, i think with regards to the demographics of what amazon is looking at and the type of talent they are looking to hire and either move here or stabilize their particular work

force, their ability with regards to the largest airport in the world, transportation the great suburbs that they have atlanta is the place for what i think jeff bezos is looking for. >> l even though we didn't hear jermaine dupri mention a lot of that he was talking about music and movies mr. call can who did you pick, atlanta versus nashville. >> i gave atlanta 11 to ten at nashville. nashville is a cool hip happening place. but it's small and i'm not sure music city wants to be known as bezos land any time soon and i don't think they would be able to absorb 50,000 people. >> nashville is not that small anymore. it's growing like crazy. the housing market there is out of control. >> for sure. but i don't know if they could absorb -- exactly. they have a very low unemployment rate. i don't know if they could absorb 50,000 am employees running arnold.it would be every third person or every other person you met worked at amazon.

atlanta is much larger and could absorb the number of people coming to atlanta. i don't think either of these cities are actually going to win it they are two amazing cities, both on the tries and they have great culture. i think that's what amazon looks for, where do young people, product developers, managers, bright mbas coming out of schools where do they wouldn't to live, put down roots and what is the most happening city both cities are super happening, great choices but i think they will lose to new york, boston or a wild card of miami. >> tax incentives differentiate these two cities atlanta was offering $1 billion. they were going to put serious money on the table nashville has apparently said no, either you want to come and embrace the things that make this a good place to have your headquarters but we are to the going to put a lot of money into it can atlanta afford that, to give away that kind of taxpayer money in order to get the headquarters there? >> i am sure governor deal has done a fantastic job of finding

out exactly how much the state of georgia can afford to bring them here. you have to remember, kelly, they were talking about building $5 billion infrastructure over a ten-year period. it's worked the $1 billion to bring them here. it changes the entire economy. >> do you agree jason, are the tax incentives worth it? >> i don't think they will ultimately make the decision based on taxes because they are printing money and getting profitable now and it will be a drop in the bucket i don't think that's going to be the deciding factor in this race to figure out where to put the second headquarters. it's going to be about where does talent want to live and some senior executives might go to the new places to start this office off. they want to find a place that young talented people want to live i don't think that the tax incentive is going to play that large of a role. >> let me ask you both since the last time we did this the president has been vocal about his displeasure with amazon.

how does that change the equation larry, does it make it more attractive for them to want to go to washington and prove how good they are for the economy. >> no, i think they stay on course, i think they find someplace young and warm and has transportation and the technical talent they are looking for. i don't think jeff bezos gives three inches about what trump says. >> i don't know. jason, i mean it is a powerful thing for washington to know how much good your company does. >> listen, when we are seeing here in year two of trump is that nobody is really taking him too seriously when he tweets what he says about bezos or amazon is largely factually incorrect. and amazon is going to do fantastic. i don't know what three inches means. i have got to get that reference looked up but bezos does not care about what trump says and trump only cares about what bezos says because of the exceptional reporting the "washington post" is doing on the mueller and russian investigation. >> all right you both picked atlanta.

we will see if our viewers agree. we will see if nashville is like you know what, we don't need you. jason call canis and jason larry thank you for your time. cast your vote a big rally on wall street today. bigger if you go back to wl erday's lows weilrecap the headlines check on some of the names moving after hours, too, when we come back. most etfs only track a benchmark. flexshares etfs are built around the way investors think.

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president trump just spoke with reporters at the white house moments ago. kayla tausche brings us the details. >> he was on the way back if west virginia making headlines on a few topic on am he echoed his tweets and said the playing field needs to be level on his embattled epa chief he says he has done a terrific job but needs the look at the reports on what exactly web on with scott pruitt. on stormy daniels he says he does not know where the $10,000 paid to daniels came from and that he did not know about it. finally he said he is looking at spending 2,000 to 4,000 troops to the border.

that is new. >> kalee, we will see if any reaction in amazon shares. again, the president saying they do not use a level playing field and it has to be level for everyone amazon rebounded in the market today. but it's still down as it's been the target of his comments down fractionally about a quarter% after hours that does it for "closing bell." "fast money" starts right now. >> "fast money" starts right now live from the nasdaq market site overlooking new york city's times square i'm melissa lee. traders on the panel today -- tonight on fast, an anoun then that will have the crypto world talking. the president of coin base is in the house. we will talk all thing crypto and he has important news to announce, a major addition to his business stay tuned. plus, former nba star rick fox is i have been doing into the trend e sports and training his gamers to be the next great athl