>> the crisis is far from over. >> is one thing after another. just the disbelief of everything that is going on. >> they are not sure when the banks will open. they were supposed to be open today, and they are not. >> people have to understand the economies breakdown of things happen to their money, their money is not totally safe, if countries go broke, your money is not safe. >> they are at a loss, no money, no gasoline, they are frightened, they don't know what to expect. charles: it is sort of mix. what do you think? >> in the markets reaching new highs, it is no time to rain on the parade, but harkens back to 2008 when the money market fund broke the bank. uninsured deposits are not safe, folks, that is what the cyprus crisis exposed. at least the insured are now

covered. if you have insurance, should be covered, otherwise it is going to cause issues. >> when we talk about if it is a realistic thing that can happen at home in the united states, they said no, it is a very, very small suggestion. the fact he is even saying there's a chance could worry the market. bottom line the s&p 500 now threatening to break through the record all-time high. does this speak may be to the confidence and the strength behind the rally? i would say so. charles: it would not happen overnight, but something we should always keep in mind, particularly as our debt clock continues to go. 17 trillion. >> did you think about sparking your portfolio a little bit more safety after this happened? charles: no, no, no. most of what i do is fairly safe anyway.

but if i was in italy, would not have more than 100,000 euros in the bank anyway. the two people who have more than 100,000 euros in italian banks, dagen and connell. dagen: i am dagen mcdowell. connell: i'm connell mcshane. the issue, can it happen here? cyprus banks remained closed, $13 billion bailout of the forward could cost depositors. dagen: up, up and away. case-shiller home index the biggest jump in seven years and shiller is here. connell: and now set to take on the $13 billion in long-term liabilities. city worker pay and pensions, turn out to be cuts. dagen: and "fifty shades of grey." strong financial year, those

stories and visual images coming up. more on "markets now." connell: is that because we have no "cavuto" coming on? dagen: i did not mean ball gag and bondage. i mean neil cavuto is here. connell: a lot coming up in the next one hour. dagen: it has been one day since cyprus received the bailout, but banks still remain closed at least until thursday this week. connell: rich edson joining us with more details. rich: depositors thought they could stop by this morning and actually do banking for the first time in about 10 days. that is not the case. all things in this country are to be closed for the next couple of days, instead protest on the streets more than one third high

school students taking to the streets marching to parliament demanding the government reversed course not accepting the eu bailout. they want no part of this deal. >> i am trying to defend my country. we can manage ourselves, we can save our country ourselves. connell: now it's mostly questions. when will the banks reopen? what kind of capital controls would there be, how much money can folks take out of the banks and where will they take the money from? the "wall street journal" reporting ports of access basically checking for anything more than 10,000 euros and confiscating anything of more than 10,000 euros. also question if you have more than 100,000 euros in the bank, deposit insurance amount, anything of wort origin that ist necessarily safe at the nation's largest bank.

the finance minister saying perhaps up to 40% of the haircut they can expect a amount of more than 100,000 euros. and how much money is in the bank they are resolving? that is cyprus popular bank. it is supposed to go to the nation's largest bank to keep that afloat, but there are questions to that result bank if russians have taken all the money out of it. there is still plenty of questions and details left outstanding in cyprus. connell: rich edson live for us. peter now with more on this. what is your take back here? worried even though the market here is at an all-time high. just i did think it is a european story, what is your take? >> i think people are ignoring the broader implications of what is going on here, and the banks or the governments are realizing

they can simply backstop all the losses, the moral hazard is we cannot have people operating under the pretense to matter where they put their money, no matter how recklessly banks have the money, that they will be protected. the highest yield without any regard to risk banks are taking in pursuit of those deals. connell: many make actual comparisons between what happens over there, and what happens in the system. the differences between bringing up the issue for something like that. cyprus doesn't have their own currency like we do, they don't have the own central bank, they have to deal with the european central bank where we have the federal reserve system in the

united states. that would make it a situation like cyprus less likely to happen in a country like this or in this country. >> it may mean we are less likely to do the right thing and to print money instead, but ultimately means people who have money on deposit in u.s. banks are going to lose even more the purchasing power than people who have money on deposit. if we had the attitude it didn't matter, our banks to make all the dumb loans they want because the federal reserve will always print money to bail out their depositors, in the end you might get your money back but you may not get your purchasing power back because the dollar had plunged. connell: we haven't seen the plunging you talk about in the last few years when the fed has done nothing but print money and

nobody here has legitimate concerns. dagen: has printed more money than it can ever pay. nobody cares, they keep lending us more because they think we can keep printing it. at one point in time the printing of money is what dooms us. connell: the point is i am not worried about going to the atm today and not get the money out. we will let you get back to your radio show. thank you for joining us from connecticut as always. dagen: speaking of home prices, the federal reserve works some magic on those numbers in january home prices up more than 8% from a year earlier, biggest increase we've seen since the summer of '06 according to the case-shiller home index prices. can you say housing re-bubble?

is that what rob shiller is saying? economic professor at yale university. how much credit do we give the federal reserve for the low interest rates and when you're just for interest rates of home prices even really gone up? >> yes, that is a good point. we have a government that is really behind. with the support of fannie and freddie, the administration, we still have not rescinded the deductions. the government is gangbusters go with the housing market. and what it is actually doing since september, it is flat. unceasingly adjusted basis. in some areas it looks like a bubble, overall it is flat overall. dagen: he said we still have yet to send the mortgage interest deduction. do you expect that to happen in

the near term? >> i don't know about the near-term, but it looks vulnerable to me for higher income people or higher priced homes. they are going to be looking everywhere to raise tax revenue, that seems to me like a likely place. dagen: what would that be to home prices, do you think? >> a lot of people don't even take the deductions, so it is not as big as you would think, but it would be a hit. taking money out of people who invest in homes. dagen: good point. one that you mentioned before is phoenix. up more than 23%, i don't mean to laugh, but how much of a comedown will we see in some of these areas, and which ones make you the most nervous? >> phoenix still down 44%.

more than 50%. vegas down over 60% in real terms, they are coming back. i am skeptical about that. dagen: in some of these areas, i have named miami and parts of florida as one, people are trading real estate as a bond alternative, and i want to know how the credit risk in these properties, but how interest rates sensitive are these properties going to be if rates start climbing in a big way? >> it is kind of remarkable the housing market hasn't strengthened more. really lik record low interest s long-term. people are still skeptical. they're not enthusiastically they were. even with all of the benefit of very low interest rates, they

are still not wildly enthusiastic. they will not stay at record lows forever. dagen: how much can you expect to lose interest rate went up two percentage points? >> that is a lot of an increase. how much would you expect to lose? it is hard to predict, but i still worry about home prices. i am like the last guy still worrying about it. i bet a year from now they will be substantially higher than they are now, but it looks to me like the boom created by the homebuyers tax credit. remember in 2009 they created a boom for new homebuyers, that lasted and then fizzled when they took it off, so yet another government program like that, so i still worry about the longer run.

home prices may be lower than they are right now. that is not a forecast, that is a worry. dagen: s&p 500 close to the record close. homes or stocks, which one would you choose? >> it depends on your circumstances, obviously. i am more bullish on them. dagen: a good answer, we will let you do it. bob shiller. connell: he gave the answer, which is always nice. dagen: i kind of like it when you get a little bit upset. connell: you just want to make statements about things and not explain. i ask questions and you are supposed to answer them,

otherwise go back to your radio show that nobody listens to. "fifty shades of grey," we will talk about it coming up next. dagen: and dealing with detroit's financial mess. we will bring you the report live from the motor city. see how the oil market is doing. while up right along with stocks. i'm a conservative investor. but that doesn't mean i don't want to make money. i love making money.

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dagen: stocks now, nicole is watching blackberry continuing. nicole: that is absolutely right. march 22 was the day you could walk into the store and purchase

the new z10. goldman sachs noting they have been over to at&t, best buy and radioshack. i wanted to take a look at tesla. teasing a new announcement. all it does is make to perk up and want to know exactly what is this exciting announcement. he has hinted the atwitter a very exciting announcement, so we will continue to watch what it will be. up 1.1% for tesla motors. connell: thank you, nicole.

trying to take a bigger bite out of the indian marketplace, ieee exclusive stores around 200 by the year 2015 in india. prompting apple to have a bigger focus on a new growth market, also planning to expand its presence in multi-branded stores currently over 65 exclusive apple store is owned and managed by franchisees in the nation of india. dagen: ipos are a-ok. up 50% this year. $23 million worth of new equity deals raised compared to a year ago, so far in 2013 according to dale firm dealogic. it reverses two years of

declines in deal volume and high-profile disappointments like last year's facebook plan. connell: 50 shades of success? having a record year because of the steamy romance trilogy known as "fifty shades of grey." the publishers operating profits jumping by 75%. when the trilogy sold more than 70 million copies accounting for 1 in 10 of 750 million global household books. dagen: that is your french voice. i just co-opted it. instead of saying something incredibly filthy. connell: i am surprised. very happy about the progress you are making. dagen: exactly. baby steps. detroit needs a financial bank

facelift and now they have a d.c. lawyer helping to protest in the streets. connell: neil cavuto will come in and talk about whatever neil wants to talk about. no mention of the higher taxes, how about that. neil cavuto straight ahead. now let's take a look at other markets, the currency today, we will be right back. [ male announcer ] you are a business pro.

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>> good morning. italy's highest court has overturned the acquittal of amanda knox and has ordered a new trial. men do not send her former boyfriend served time for the murder of her roommate.

it is the first examination of gay-rights by the court in a decade. the defense of marriage act limits the definition of marriage. victory of state john kerry meeting again with afghan president a day after they put on a show following the recent anti-american remarks. his pressing concerns for the 2014 troop withdrawal will mean for women and afghan commerce. that is a look at the fox news minute. back to dagen and connell. dagen: thank you. connell: emergency manager taking over detroit and leaders at this point fear what might happen next. dagen: live from the motor city. the rain reigns of detroit haven handed over. what is going on?

>> they certainly have, dagen and connell. good afternoon. at the direction of governor schneider. a manager has begun what amounts to a hostile takeover of detroit. he has his first city council meeting today and was greeted by demonstrators downtown, but 100 of them, upset because he overrides the city council and the mayor for whom they voted. also upset his likely to make major slices in the city budget. a long-term debt of $14 billion. >> if we can do this, i will have participated in one of the greatest turnaround in the history of this country. >> emergency manager has the advantage of not being elected, so you can afford being unpopular. there are five other disabilities under emergency management right now. one of those emergency managers told me yesterday the city council members may not like it but they only have themselves to blame.

>> a dynamic is treated with officials have only two options. most of them choose to oppose. you look at the fact he will cut the budget which ultimately means a lot of immiscible jobs get cut. filing a suit, which could happen within days. >> the whole thing is a sham to take over the city of detroit. that is what is happening. and to break the union. >> the mayor of pontiac says he has absolutely no authority and hasn't had any authority for a long time. but he says it is a necessary evil. only an appointed official can make the ciccone and cuts that

are absolutely necessary, they would be political suicide for an elected official. connell: thank you very much. dagen: neil cavuto coming up ready to talk about spending cuts and tax increases and where the economy will really feel pain from washington. connell: yahoo making 117-year-old a whole lot richer. dagen: an app he made when he was 15. connell: that and more straight ahead.

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cuts will hurt the economy. what about the higher taxes he's already pushed through? neil cavuto is here to talk all about it. blackstone cranking up the bidding war for d.e.l.l. will it go okay? good sign for the economy. some investors are betting that copper will outpace future gains for gold and silver. at least copper is used for something unlike gold unless you've got teeth, fake teeth. connell: i don't see that in the tell -- teleprompter but it's probably there. >> i'm going to go here. take a look at dupont. dow down 1%. big deal here is we'll look at dupont and mansanto. they've now settled an anti-trust and patent lawsuits

and set a new deal. what they did is the deal that they made dismisses the $1 billion that was against dupont. look at mansanto here, up 3.2%. they're top seed rivals and they will drop lawsuits against each other in federal court. under the agreement now, dupont will make a series of royalty payments for these generic materials, including $802 million from 2014 to 2017 for some technology. they settled it among themselves and there you have it. big news in the seed world. back to you. connell: the seed world. all right. dagen: seed canisters like glen beck used to sell on the air? the world is going to hell and you can buy some seed.

connell: the president is set to sign a bill this week to make the spending cuts permanent but what is not being talked about a lot are the tax increases that may already be dragging on the economy. dagen: neil cavuto is here, senior vice president and managing editor of fox business. let's talk about tax increases. >> can we talk about you guys? you work a very long day. adam shapiro has been here since 3:00 in the morning. it's sort of like watching the cast from the living dead. dagen: thank you. >> and you actually work with a guy that is technically dead in the morning so -- connell: you mean imus. >> what were we talking about? dagen: tax increases. we can talk about the health care taxes that increased this year and that will be a drag on the economy. >> that's the prevailing wisdom. payroll tax, you know, went back into effect and that was thought to have a prohibitive effect on

spending. we haven't seen it to the degree many feared. then you use the reverse argument. if taxes didn't go up and if these top income rates and other surcharges for health care didn't kick in, would the economy do better? we'll never really know but we already know that a lot of people are sort of playing loose when it comes to their own medical coverage about what medical options they're going to take and what plans they're going to take and as we've seen from our own premiums here, they go up and they go up pretty smartly here. and we work for a benevolent boss two drives to limit the increases but the fact of the matter is, they're nationwide and a clear and direct result of a lot of these new laws kicking in and new requirements kicking in. connell: it's interesting when you talk about the payroll tax increases. we're wondering whether the sequester or the payroll tax increase, whether maybe too much

was made of both. in other words, they may not be as big of a deal to the economy. the president says you can't have the sequester. it's the end of the world. well, i not horrible and maybe the same is true with the payroll or no? >> i was not a fan of the whole payroll tax cut to begin with because i thought for what it would ultimately cost and what it would ultimately save, it wouldn't move the meter much but all things being equal, when you get used to something and for the last few years a lot of folks got used to that and when it was taken away, it was a big jarring. now, you talk to wal-mart and you talk to costco and a lot of these places and they noticed it but in the scheme of things, it was not as disasterous as has been presented. tax cuts, we're talking about the numbers that were rounding errors. i don't know how anyone could have possibly conceived the notion this would bring the economy to a halt. there was no way mathematically. we did the math backwards on our

show and we realized that in order to have the impact that they were talking about, rather than $86 billion, they would have to be more like $860 billion and that was not the case. dagen: but we still have a white house that will err on the side of raising more taxes instead of cutting spending. that's safe to say. >> i will say as well, dagen, it's something that's in the global water. they're all doing it. think about what's going on in cyprus. much is built on finding grrater ways to raise money than cut spending. going after bank accounts, the bank accounts of richer folks. it doesn't take from the fact that they are going after bank accounts so very creative when finding ways to get money. not doing anything to save money. dagen: it seems it's a foregone conclusion that the mortgage deduction for wealthier americans will disappear. >> think about it the last few

years, it's been pared and limited in the terms of deductions you're allowed so there's some backward tightening already but i think it's a matter of time and then whether it's charitable contributions, mortgage deduction, all of that is going to be limited. and they're going to keep limiting it for the well to do but they will discover, as they have in cyprus, that you can't get much out of that well so you have to go to other wells and hit up other folks but they're already finding that stealing 40% of rich folks' money isn't covering the bills for that tiny island nation. so i think what is happening there is a preview of coming attractions here. and i know you and imus get into this about whether you can create a crisis here but it is not a stretch to say when you start robbing assets from folks, thinking it covers your bills and it doesn't, that you have to start robbing from other folks and that's what they're going to come to discover. connell: i think you talked about this already in different

ways with different fees that are in as opposed to necessarily taking money out of your bank account directly. >> they are doing it. as i was telling beetle juice when i was on imus, we were talking about the fact that we do have taxes on assets. what i loved about imus, he had no idea when he sold that todd connor mansion of his that there was a 3.8% medicare sur tax. he didn't miss it. a lot of folks will. and i think that idea that everyone says, well, cyprus and taxing assets, that would never happen here. it already is. it is happening. dagen: your point is a large part of america will wake up when the roughly 50% of people who paid no net federal income tax have to starr paying something, even if it's little. >> i always look at it as simple math. you cannot pay for what we've got with the system that we've got. so you either, you know, cuuback on spending.

apparently there's very little appetite for that so that only means raising taxes or finding more creative ways to get money, whether it's a sur tax on your house, bank account, your pets, your mother-in-law, whatever. you're going to need that. connell: unfortunately we're out of time. i don't know where the time goes. >> you're a hateful human being. you know? connell: it's always great to have you on. i'm going to be gone. i'm taking a little break. >> don't humor me. connell: it was great. you asked the question and she answered it. dagen: we'll stop at your house. we know where you live. >> raid the refrigerator. when is neil going? he's sticking around. he's making himself comfortable. this is such a joy. thank you. you guys get paid every week?

dagen: up until now. connell: this is volunteer work. yahoo, the latest acquisition. huge reward for a kid from great britain. a british teenager. >> love this kid. love this kid. nerds rule. dagen: they do. and speaking of nerds, carl ikon turns up the heat in a bidding war for dell. connell: great with transitions.

>> i have your fox business brief. consumer confidence is down this month. the march reading of 59.7 plunged from february's reading of 68. the conference board blames uncertainty around the sequester for impacting consumer economic outlook. super value is going to cut 1100 jobs, 3% of the work force. supermarket last week sold five of the chains to a group led by capital management. the big company said the majority of job reductions will take place in corporate offices, not at store level employees. the "wall street journal" reports t mobile u.s.a. has become the first u.s. wireless carrier to drop iphone subsidies. it jumps to $650 without the subsidy. that's the latest from the fox business network giving you the power to prosper.

connell: so more on tax money at work. debate over benefits for illegal immigrants. it could be hitting your wallet and we're bringing the chief political correspond, the washington examiner and also fox news contributor to explain this. good to see you. you wrote about it and we've covered this whole vote a rama in the senate last week. they're voting on just about everything and as usual when something like that is happening, there are things that get lost so in the law already is you have this prevention of somebody being admitted to the country as an immigrant who will rely on public assistance. that's not supposed to happen. that's already in the law. then there was a vote on an amendment and why don't you pick it up from there and explain to people why it's important. >> senator sessions who is an opponent of the gang of eight comprehensive immigration reform submitted an amendment and it said that any current illegal

immigration who is made legal through immigrant reform, those people would not be eligible for medicaid or obama care benefits, at least until they became citizens. and it completely split the senate. it failed 56-43. all democrats voted against it. republicans voted for it. maybe more importantly, it split the gang of eight. you know, there's four republicans, four democrats and all four democrats voted against that amendment and all four republicans voted for it so it could, i think, foreshadow a division in that group over the benefits for immigrants issue. connell: it comes at an interesting time as you look at the gang of eight because we're having this big debate and the republican party, i think, is having an internal debate to some degree about how it's going to tackle the immigration issue. is this a successful political stance for the republicans to stand up for something like this that says we shouldn't be giving benefits to the immigrants that come into the country who need federal assistance?

will it be something that backfires on them politically? what's your analysis of that part of it given the timing of it? >> probably works for republicans. as you pointed out earlier, the law forbids the admission of immigrants. we're talking about legal immigrants in the united states if they're likely to end up on public assistance bus -- but the fact is the obama administration like the bush administration before it, has not gone with the law. there is this fight over the availability of benefits for immigrants and it is bled over into the immigration fight and i think opponents, republican opponents of comprehensive reform probably think it's a winner for them. connell: big picture then on comprehensive immigration reform. do you think it will get done?

>> you know, there's a lot of pressure and if it gets done, the only reason it gets done is because republicans are still traumatized, just terrified by the results of the 2012 election which president obama wants 71% of the hispanic vote. if it does make it over the finish line, it will be entirely because republican fears that were raised after last november's election. connell: interesting story because it brings up something that i think most of us had overlooked in the discussion we covered. thank you. talk to you soon. >> thank you. dagen: stocks now. nicole has the top movers. >> let's take a look at names that are worth focussing on today. the dow is up 93 points right now. but let's take a look at movers. boeing would be on this list certainly. the dream liner took to the skies yesterday, testing out the new redone battery system so you can see here boeing is up over 2% and hitting a new high. we're also watching sonic

corporation. they came out with quarterly numbers and also target up from 9.50. but you do have lazard raising their price target to $14. ought watching net flix and electronic arts today that got a call upgraded so that's one to watch. three of the four names actually hitting some new highs. back to you. dagen: thank you. to be a teen again and really rich, too. 17-year-old british teenager sold his popular news reading app to yahoo for a reported $30 million. 90% of that paid in cash. the app summarizes news stories for small screens for mobile devices. he will now work from yahoo's london office. he took home several million

dollars. started developing the app at 15 and in his bedroom, make it rain. connell: they have other investors but still. dagen: a lot of ones or 20's. koip for a 17-year-old. this tug of war for dell has picked up and you have blackstone and you have carl ikon outbidding michael dell. dagen: what's the latest? >> about a billion dollars more is what we're talking about with the blackstone bid for dell computer. at this hour, it's the latest development we've got for you. michael dell will meet. the plan is that he will meet with the people from blackstone to talk about their bid for the company. behind the scenes according to people close to the matter, there's concerns that the blackstone bid would add a lot of debt to the balance sheet of dell computer and also worries that the black stone bid would dismantle the company, basically

sell off dell financial services so we're talking about a bid that's now outspriping michael dell and silver lake's bid, about $24.4 billion. also what we're hearing at this hour is that oak mark fund that's a minority investor in dell likes the black stone bid. southeastern management, another big minority investor, also likes the blackstone bid. they like to have the seat at the table. what we're hearing, too, blackstone has what are called the highly competent levels where they can get financing for the deal but michael dell would be ousted if blackstone wins in the battle and you could see a breakup of the company. what we're hearing at this hour, too, is that michael dell could increase his offer for dell beyond the $24.4 billion. he can throw in more money to outbid them. you may see the bid offer going up north of $15 a share. that's what we're hearing right now. this is a developing story.

we'll be bringing you more as the story develops. you may see the proxy out on this deal tomorrow or thursday. you may see more talk of a deal, the board deciding on a deal next week. back to you. dagen: thank you. connell: more so than gold or silver, investors looking to copper and that you can say it's good for the economy. dagen: you do not want to miss sandra smith in today's trade.

dagen: copper gaining ground on pooitive news. connell: it could be a good time for the economy. it's in the trade today. sandra? sandra: copper is often overlooked as a major metal with major investment potential and right now a lot of wall street

appear lists say it will outpace gold and silver this year. copper does react to economic reports on a daily basis. case in point today, durable goods orders, better than expected. you get the better than expected reports on economy and it's a direct reflection of how much we'll use in pipes and wires and houses and buildings as the economy improves. if you just saw the two-day chart, it closed fourth lowest level of the year yesterday. it's up foo -- it's down for the month and for the year, guys. copper prices down 6%. so a lot of analysts are identifying copper right now as a great buying opportunity because it has lost so much momentum and remember, the u.s. is the second biggest buyer of the metal. china is, of course, the first biggest buyer of the metal. over in london, bank of america, merrill lynch analysts came out with a big note. today mike over there said that

copper is a big growth. we maintain the view that copper prices should rebound from current levels as we move into the second half of 2013. if you're looking for a way to play this other than just buying copper itself, there's a lot of publicly traded copper companies. some of the biggest, southern copper, these all have exposure to copper prices. mixed in today's trading session. there's also a handful of copper e.t.f.'s in which you can play the potential rebound. important to watch that metal. we often overlook it. it is a very cheap metal but one that certainly can provide good returns if it's on pace to outperform gold and silver. back to you. dagen: thank you. connell: more on the cyprus bailout is coming up and the question about whether it can happen here. it's a mess over there. so this idea whether -- you know, because we have our own central bank and our own currency, whether the fed

printing more money is the answer or makes things worse or whatever. a discussion on that is coming up. dagen: you just don't want it here because you hate crowds of people. and buick trying to put its stamp on the new york auto show. we have a fox business exclusive coming up. [ engine revving ] ♪ [ male announcer ] every car we bui must make adrenaline pump and pulses quicken. ♪ to help you not just stay alive... but feel alive. the c-class is no exception. it's a mercedes-benz, through and through. see your authorized mercedes-benz aler for exceptional offers through mercedes-benz financial services. >> announcer: you never know when, but thieves can steal your identity and turn your life upside down. >> hi. >> hi. you know, i can save you

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[ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the optns floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all onhinkorswim from td ameritrade. ♪ dennis: together again and they said it wouldn't last. cheryl: it is noon eastern time on markets. here's a question for you k. it happen here? cyprus banks remain closed. $13 billion bailout is moving forward at a big cost for deposito depositors. dennis: and buick's brass will talk about the new rollouts at the new york city auto show. cheryl: up, up and away. the home price index seeing the

biggest jump in seven years. is it time to believe in this housing recovery? dennis: and former ambassador to the u.n., bill richardson on the cyber threat. are sanctions against china a necessity? we have stocks every 15 minutes. nicole at the floor of the new york stock exchange where the dow is feeling good. >> it is feeling good. you know, i was looking to see at our all-time intra day highs and that was 14,563 and we had gotten close to that. we were within 10 points of that. s&p 500 was within a few points of breaking through its closing highs so you are seeing up we've gotten in economic news today. we are managing to push forward and puss near those highs, all-time highs and obviously the momentum remains to the upside. of course, the wild card remains the euro zone when we saw the euro yesterday tanking to lows that we hadn't seen since the middle of november, that obviously weighs on our markets.

today taking a little breather from that. we're seeing drug stocks, retail stocks, transports all higher today. so you are seeing gains across the board here. the dow holding on to a gain of nearly 90 points so it's obviously a good day on wall street if you're a bull. dennis: thank you very much, nicole. protestors gathering at the federal bank of cyprus as banks in the country stay closed at least until thursday. our rich is live from cyprus with the very latest. rich? >> the latest rounds of protests here. more unease here and a real sense of concern about what exactly is going to happen the next 48 hours. take a look at some questions we've been asking and have yet to be answered by the cyprus government or any officials here. the unknown amount of money that are contained in the banks they're resolving. there's question marks as to whether russians bailed out all the cash before the problems get underway. it's unclear as far as the capital rules that the cyprus

government wants to put in place and hair cut amounts for the uninsured deposits. lax capital control will be in place for a short while but no specifics. on top of that, the banks were supposed to be open today except for the two largest. none are open today. folks here are not buying that the banks will be open on thursday. then back to the protests. this morning more than 1,000 students hit the streets and ended up at the parliament building protesting what they say was the cyprus government giving away their future. when it comes to the bailout negotiations, the bailout talks, the hair cuts, they're fed up. >> they've done bad things to cyprus. so for the government, that does not do anything for this and we are here to show them that we care about our future and their mistakes is our future.

i'm not angry. we are most sad because it's something that shows the government doesn't care about us. >> beside the passion, the anxiety, all the negative feelings, there's also a sense of apathy about the banks opening. some folks are saying, look. i'm not that worried about it. we think our deposits have been guaranteed. they're more concerned about the long term economic future of this country, what they say the conditions have made worse, the conditions of the bailout they signed. back to you. cheryl: the headlines out of cyprus getting worldwide attention from a market's perspective. rich, thank you very much for that live report from cyprus. the question now, can it happen here in this country? that is the big question that many in the united states are asking after the latest drama in europe that we just brought you with our reporter there. matt, portfolio manager is here and you say that there's no way

that anything like what's happening in cyprus could happen in this country. >> i'm not expecting to see riots in the streets over depositors worried about losing their money but this concept of governments having overspent what they can't afford, that's playing out everywhere, all through europe and playing out in municipalities in this country. what's the response? how do governments respond and can they get -- none of these governments can pay down the debt. they have to grow into the debt so how do you do that? you create the conditions for capital to flow into the country and create growth. europe has trailed the u.s. in making the reforms and entitlement programs so no one is adding new capital into europe now. they're trying to move it out and the u.s. has made all of those adjustments the last bunch of years so you're seeing corporations in good shape here. cheryl: the fact you've got kind of a low volume environment happening in europe and you have money in u.s. equities, s&p 500 we're five points away from an

intra day close on the s&p 500. global investors are socking money in the united states. >> i think that's true and in our opinion, the equity market is the place to be the next two or three years. it's true we're getting close to all-time highs on the market indices but it's not true we're at all-time highs in valuation. it's still reasonable and the alternatives are miserable. cheryl: but are we growing into our debt? we've got expected g.d.p. for 2013, 2014, 2%, 3%. some would argue that's not outstanding growth but a dow is over 91 points. do you think this is a disconnect? >> this process will be a 10 or 15-year process. but you look at our government, there's no easy way to take away the programs and the goodies people have been accustomed to getting. cheryl: we've had central banks

around the world, central bing in this country continues to flood the market. does that make you the equity bull that you seem to be? >> it helps in the near term but the inimplicit belief we have, as the easing comes back a little bit, it's because we're an environment with a stronger organic growth. you're seeing job creation happen, seeing the housing market stabilize, a lot of cash on the sidelines starting to move off, confidence building again so that won't happen in a vacuum but it is a big factor in the near term. >> you're looking at the current list for clients investment ideas and you like the airlines right now. hard pressed to find someone that recommends their clients to buy in the airline. >> in history of investing, it's the worst ever. buu the thing that has changed is that the industry is consolidated.

we've seen this in a number of systems. united, delta, maybe a.m.r. and u.s. air so a lot of capacity has come out of the industry. pricing has unbundled. as travelers, you're feeling it. you pay more, it's not the convenience of the customer. and this is $95 oil. if oil was in the 70s, we would talk about a unstructured industry that has a lot of profitability. cheryl: that makes me feel better about a bad flying experience. thank you very much. good to see you. dennis: and in just the last hour, buick rolling out a new car. and fox biz is on the inside. jeff block is live with the u.s. vice president of marketing and next year's model. jeff? >> exclusively with the brand new buick regal. we debuted the new lacrosse

earlier this morning. this is the new regal. it is a huge car for buick. g.m. is refreshing 70% of the lineup over the course of last year and this year. tony, if we take a look at sales out there, buick regal sales, the old one, they were down. you're losing sales progressive the month by month. you hope this will super charge it. >> it absolutely will. the power tran enhancements we put in the car, styling, refreshing, also very beneficial to that. year letting regal play its natural role in our lineup which as a performance sedan. >> walk around here with me. we have the regal here and take a look at this excitement here. you know, this is the day before the auto show. this is the lacrosse here that you debuted this morning. that's the full size but then the regal -- there's a red one over here as well. take a look at the mid sized

sales segment. this is a huge segment. this is where camry plays, accord plays. if you look at your numbers compared to those, you have a lot of ground to make up and a lot of potential. >> there is a lot of potential but again, this lays in the performance oriented segment of mid sized cars. that's what we allowed to vehicle to be. we have lacrosse more in the heart of the sedan business. >> buick has been reinvigorated and perhaps you see this again. this is a regal right here. really has been reinvigorated. you've presided over the rebirth of buick. it's very important to g.m.'s recovery. >> it's a lot of fun. there's a ton of customers that are coming in to buy buicks today that trade in non-g.m. vehicles and that's the role of the brand in the highly styled portfolio. >> a lot of attention for the buick regal. that's the camry.

that is the -- you know, the accords, ford fusions, if they can kick those people around, there's some vulnerability there, i think, and that could be a big boom to g.m. watch the stock. dennis: we will. thank you very much. infamous ponzi schemer bernie madoff speaking to fox business. >> and he's offering to name names before congressional committees. this may be a bid to get attention but here is the email he's sent me in which he's once again saying the banks knew what he was up to and now offering to go to congress and the appropriate committees to testify about this. from my first interview to the media, he writes, i have said that the banks must have known and were complicity and contributing to my crime. although i have offered the bankruptcy trustee the information that i possess, that would demonstrate in deat a time their complicity behavior of

banks like j.p. morgan, bank of new york, hsbc, city corps and others, the trustee seems unwilling to act on my offer. therefore, i am offering this information to the appropriate governmental committees in the hope this information will prove helpful in future regulation of the appropriate instituuions. now, in the past when mr. madoff has accused banks of being complicity and helping him in his crime, the banks have denied any knowledge of what he was up to. fox business is reaching out to the banks to see if the any comment on this and we're also reaching out to the trustee to see if the trustees' officer has any comment on this but the bottom line and the headline is that bernie madoff appears ready to testify before congress which may be a bid to get out of jail just one last time before he gets his reward or it may be something legitimate and he has something to say in the form of naming names. back to you. cheryl: adam live in the news room with the breaking news.

thank you. well, new home sales are up, up and away again. the index rising in all 20 cities but the housing expert says buying a home is a bad investment. he's here to tell us why. dennis: and the president says a cyber threat is a number one priority. with that in mind, some are calling for sanctions against the countries that right us. we'll see if bill richardson agrees. cyber threat report continues. now take a look at oil. ♪ [ male announcer ] how could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s at t. rowe price, we understand the connections of a complex, global economy.

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cheryl: stocks now every 15 minutes. let's head right to the floor of the new york stock exchange with nicole. >> thank you, cheryl. i want to take a look here at

cancer. when you talk about cancer, it hits about everybody in some shape or form. someone may have been exposed to cancer. looking here at a stock tanking today, down 61% today. it urn turns out they were doing a study and the drug failed in a late stage study. it was for treatments of patients with soft tissue. it was a company that in 2005, the stock dropped dramatically. it's been at the levels for that time, since that time and now down 61%. they're going to rush to do some other programs for synthetic biology. again, we should note this is a small company with a market cap of $164 million based in new york but obviously a big blow to the company and also the cancer treatment center. back to you. cheryl: thank you wech -- very

much. dennis: charles pain is looking at better than digital. >> it's an odd situation when you have one industry that's huge but it's dwindling. we know that ultimately they're going to go the way of, you know, eight tracks and dialup modems but right now it's a huge industry. what's digital? it's trading at a huge discount because people keep saying sooner or later, we won't need hard disc drives. it will be the cloud, whatever. cheryl: i disagree. >> it's a different hardware but the point is, in the last quarter, they ship 52 million units so this is stock that in southern ways, it's had a real self rally here while the big cloud has been hammered the last two or three weeks. i think the stock has another leg to the upside. i think it will make a breakout,

closing above 50, i think it will test the high. my you will -- ultimate target will be 58, 59. they have a huge market share in this industry and -- cheryl: i like it. you've done this stock before on the show and the reason i like it, i disagree. there's a lot of distrust with the cloud right now and a lot of major companies as well as the surm is saying that the backup is not there for the cloud. there's a lot of concerns with that. >> i think the hype is there and it will live up to the hype ultimately but this whole area has been written off in a lot of people's minds. that's too premature. dennis: thanks a lot, charles. cheryl: universal health services reaching a 52-week high today. new health care laws are about to take effect. i'm going to go one-on-one with the c.e.o. allen miller coming up. dennis: and home prices at the

highest level in years. but buying a home is said to be a poor investment. we'll find out why. first look how the world's currencies are fairing against the u.s. dollar. investor. yeah, i'm a serious investor but i'm a busy guy. it used to be easier but now there are more choices than ever. i want to know exactly what i am investing in. i want to know exactly how much i'm paying. i want to use the same stuff the big guys use. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses.

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>> at 23 minutes past the hour, i have your fox news minute. italy's highest court overturned the acquittal of former exchange student amanda knox and has ordered a new murder trial. knox and her former boyfriend served prison time for knox's roommate in 2007 but the swikz was overturned. in virginia, governor mcdonald signed a bill that provides for a free, valid i.d. with photo for any registered voter who doesn't have one. democrats are denouncing it as a tactic to suppress the votes of the elderly, minority and underprivileged and the supreme court is saying that it's using a police dog without a warrant to sniff for drugs outside of a house violates the homeowner's

constitutional rights. justice scalia says a house and surroundings are a constitutionally protected area. evidence found in the particular case was thrown out. and that's a quick look at fox news minute. back to dennis and cheryl. dennis: thanks very much. home prices in february had the best rise in over six years. up 8.1% over a year ago. and new home sales up this morning. they were better than expected. but how long can the good news last? in the last hour of "markets now" robert schillor said this to dagen. >> i think home prices might be loeter than they are now in a few years. that's not a forecast. that's a worry. dennis: he's always worried. vice president says buying a home is a bad investment and he joins me now. kevin, thanks for the buzz kill. home prices went up 8% in february. i think it was phoenix up 23% over a year ago.

why are homes a bad investment right now? >> yeah. well, you know, i think professor schillor was a great intro. if you look at his data back to 1890 and look for a hundred years of home prices, home prices remained flat for 100 years at 0% increase every year. when you take out the effects of inflation. if you look at the time period between 1997 and 2007, it was a real aberration from the normal. it was a fad, if you will. i think the professor even called it that. if you look where we are now on the very long time frame, home prices have now returned back to about their historic norm. when you look at case shillor and price to income levels so things look normalized right now. if things look normalized from housing prices, they'll go back to the mean and that's a 0% for inflation every year. when you look at a home as an

investment, 0% every year is not a great return when you could invest in other places like the s&p 500 and get over 5% on a real basis. dennis: but in 2000 and 2009, when the dow was down at 6800, you may have been happy to be invested in a home. now, what about the idea -- if i managed to go 0% and i held my own against inflation, that's actually not so bad, is it, given the fears of rampant inflation that could break out? >> if there's rampant inflation, it will be affecting interest rates so right now one of the great things that has happened in single family housing is that purchasers have access to incredibly low mortgage rates and if we ever get into a period where we have inflation in the marketplace, you are very likely going to see interest rates move up. if interest rates move up, it's going to potentially chill home prices and i think more concerning than that, if the

u.s. government ever ceases or pulls back on the subsidies through fannie and freddie, you could see a change in the housing market and there's the interest deduction there constantly in place so if any of the government rates go for housing, it could chill prices. if you own a home with 80% leverage on it and prices move a little bit, your equity is significantly impacted. dennis: then the prices would fall and a new wave of buyers who now rent like me might see the prices more attractive to go ahead and buy. you cited another thing that worries me. an actual little glut. a lot of pro housing guys have been saying the oversupply of homes are off the market but you see a new glut coming. explain. >> if you look right now in the winter, we haven't seen a lot of homes coming on to the market so there definitely isn't a huge supply on the mark. ii we look at the amount of homes that have been foreclosed on, in foreclosure or delinquent on payment, you see over 2 1/2

million homes sitting on the seed lines and you'd better believe if this market strengthens a little bit which it seems to be doing, you'll see an ability of those people to push the homes back on to the market. 27% of mortgages are still underwater and those people are stuck in their homes so as pricing goes up, you'll see more supply in the marketplace and that's on the supply side. you have to worry about the demand side for housing, too. we still have an unemployment rate of 7.7%. that's very high and if theme can't get jobs, if they don't have good income, it will be very hard for them to get a mortgage and buy a home. dennis: still, phoenix prices up 23% in february, baby. i'll take it. thank you for being with us. nice job. >> thank you so much. appreciate it. thank you. cheryl: keep it right here. coming up in the 1:00 p.m. eastern hour, professor of finance anthony sanders will join melissa and adam why he's concerned about investors piling into real estate as landlords.

big piece of the reason these prices may be going up and that volume is where it is. don't miss that interview coming up. all right. forget march madness. i've got an nba story for you. hold on. how many wall street wahales wil it take to keep them in san francisco? dennis: and cyber threat. can they thwart espionage? i take that to the former governor and ambassador to the u.n., bill richardson. that's up next. first look at some of today's winners on the s&p 500. [ engine revving ]

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>> universal health services. the stock in its 52 week high today. former un ambassador standing by to talk about the cyber threats and whether sanctions against china are warranted. investors betting that copper will help a few games for gold and silver. bottom of the hour. stocks now. nicole petallides taking a look at boeing. nicole: it is up almost 1.9%. boeing doing well today. we are watching this dow component on day where the 787 green line are finally flight yesterday. they redid the battery.

we are watching it closely. they will have another voyage that they will do again. today, the stock is at a new annual high. look at you is behind me. the girl scouts. welcome, girls. aren't they cute. cheryl: nicole and friends. dennis: great mentors there. cyber diplomacy. the reports links china to espionage. >> it is clear that china has been deeply involved in this. everybody knows it, supposedly. what have we done to say, okay, here is your deadline and this is exactly what will happen.

>> we have to be careful in looking at this in terms of retaliation. we have to make sure we are addressing the problem. dennis: maybe retaliation is a good thing. joining us now is the former u.s. ambassador to the united nations, bill richardson. thank you for being with us. and attack on our cyber security is basically an act of war. last week, the state department said they want to make sure the world is aware that intellectual theft is wrong. if our government urgent enough in addressing this cyber threat? >> this is very serious. intelligence. that intelligence. national security.

we cannot treat this as another trade dispute. however, are we ready for sanctions against china? my answer is not yet. first you have to try strong diplomacy. let's see what the chinese new. we want their support on north korea. they hold a lot of our debt. i am not saying because of that you go easy on them, but i think the first steps have to be, okay, you have to stop this. you have to stop going into our intellectual property. what they bleed next is some very serious security espionage issues. dennis: which bothers you more?

is it the cyber espionage or is it preparing for warfare? >> i think it is the former, dennis. they are really into the competitive this technology. if they become more militant, the relationship gets more strained. then it will get into areas like you mentioned. what you have to do is, i think why we pursue its strategy with china and russia, companies that are not big on democracy, you do try to establish with other countries and international

standards on cyber security. this is new and diplomacy. it is taking actual action. we had one firm, on and go out and strike against hackers overseas. should we ever ask you late on the actual counter attack or preemptive attacks? >> i think give them a. i think maybe in diplomacy, you do that. if there is no improvements, we will take retaliatory action. is it sanctions that are involved that you have to pass

or do you give the president flexibility? this is a very important relationship. we have a lot of issues with china. you just cannot treat them like another third world country. given the chinese own something like $1.5 trillion of u.s. treasuries and u.s. stocks in such, i kind of wonder if the idea of u.s. sanctions will ever take shape. thank you for being with us today. >> thank you, dennis. cheryl: we will see if it will be patients or investors taking this.

dennis: the answer to that will be, yes. i have details on hulu and miming a minute. the local

>> i am lauren simonetti with your fox business free. citigroup improving it money

laundering. citigroup says it has made substantial progress in strengthening its compliance program. wells fargo will be sending less legal work to outside firms. they are looking to reduce outside expenses. consumer confidence down this month according to the consumer confidence index. 59.7 plunged from february's number of 68. that is the latest from the fox business network. giving you the power to prosper. ♪

cheryl: the landscape of the healthcare industry has changed greatly over the past year. a change coming up in medicare

payments starts next week. it is topping a 5252 week highs yesterday and today. joining me now is alan miller. a big piece of that is behavioral services right now. that is where you are seeing expansion. >> a large part of it. at one point, it was not that high. we have two divisions and we are happy with both. cost control. something that was supposed to be addressed under the affordable care act. is it being addressed? >> it really is an expansion of coverage. it is supposed to come through the exchanges for the expansion

of medicaid. that is what we are looking forward to. there has been a little controversy over some of the states that are a little bit. then they have the federal government. there will be exchanges and there will be coverage. cheryl: the state of texas is saying, no. it is just a wait and see thing at this point. >> no. what will happen is if the state does not set it up, the federal government will set it up. it is a question whether the state wants to participate or not. my guess is, ultimately there will be participation. there is a lot of money that the federal government is offering the states.

they will take it. i am confident of that. cheryl: one of the fears is about companies and retirees. that the companies are beginning to dump retirees into the exchanges. >> i think there will be a question as to what employers will do. there has been a lot of conversation about small employers. we have 65,000 employees. we will have to pay $65,000 annually per head. there is a lot updated things in the law which we will find as it is implemented. cheryl: as a clinic, you will not make that change. you think many other companies will? >> it will be a mixed bag. cheryl: let's talk about

sequester. >> there will be a 2% reduction in medicare as a result of the sequester. that makes us try and be more efficient, which we think we are. yes. that is happening. with the patients that will be covered, the reduction in our bad that, that should be a very good positive. is there opportunity? is there risk for you and frankly for other hospital companies? >> there is a big transition in the industry. we are very attuned to what is happening. there is opportunity in change. cheryl: in the fourth quarter, you had a bit of change.

do you feel overall that analysts and investors have moved past the issue of the affordable care act? >> i think that that implementation is important to us because investors have been thinking about 31 million people who will now have coverage. when they come to the emergency room or the hospital or the dr., they will have coverage. our bad debt will go down because these people will have a way of paying. that is good. cheryl: thank you. always good to have you in this studio. time for stocks now. nicole: you see the dow jones industrials. boeing has now relaunched their dreamliner. they are doing test flights with

the new 787. intel, pfizer, merck all gaining more than 1% each. the transportation stocks as well. the dollar today is just a little bit higher. the national bank giving back much of what it gained yesterday. talking about the fact that the banks have not reopened in cyprus. we are going to continue the follow-up. we got the news of the cyprus sellout. cheryl: thank you, nicole. dennis: in today's media minute digital stepchild seeks new parents. hulu may seek a new owner.

hulu was conceived in 2007. it has been hampered by the guy headed hydrant that owns it. incumbent consortiums usually fail against the threat. movies, books all tried it. spot a five make it into the video business. netflix winning call but not necessarily huge ratings. every dog has its day. rise of the guardians was seen as the flop at the box office. last week it was number one in dvd sales. those aftermarket, they will set you free the six cans of

business hoping to keep the seattle kings from moving. that is in your west coast minute. ♪ the capital one cash rewards card

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cheryl: time for your west coast minute. hawaiian airplanes is flying airbus jets. they look to expand between hawaii and the mainland. it also includes the right to

buy nine additional planes. take a look at the stock. it is down right now. california budget cuts are now taking a toll. the system has suffered about $1.5 billion in cuts. the system has sustained some of the worst cut in the last 100 years. the battle continues in sacramento for the kicks. an offer to buy the basketball franchise. they are throwing their support. the group is hoping to top the team from moving to seattle. we shall see. that is your west coast minute. dennis: good that price haircut the cyprus government is forcing happened here?

cheryl: we are live from the auto show. that is next. ♪ [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef bere opening a restaurant specializing in fi and game from the great northwest. he'll start investing early, he'll find se good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. you are gonna need a wingman. and my cash back keeps the party going. but my airline miles take it worldwide.