lori: helping you get the most bang for your wedding dress box. melissa: let's head to the floor of the new york stock exchange. nicole petallides is standing by. nicole: i look forward to the wedding dress segment. the u.s. dollar is just slightly higher. we are not looking at dow 15,000. still, our first quarter was great and april is still looking good as well. home depot hitting all-time highs. we have seen aluminum and metals to the downside.

as far as the big picture on our economy, we got in our retail sales numbers. people are feeling a little weary at this particular moment. melissa: thank you so much. lori: jpmorgan chase, wells fargo, those without first quarter earnings. >> wells fargo trading down. both seeing signs of an economic recovery. they're reporting $1.59. you look at what they actually have as far as revenue for all the units within the bank.

$25.8 billion. essentially, they are just about there. wells fargo, taking a look at them. ninety-two cents was the unadjusted share. the street not happy. 21.59 billion. this is a perfect way to sum it all up. jamie dimon said "small businesses remain cautious about the recovery and fiscal uncertainty are not investing their capital. back to you. lori: thank you so much. melissa: beating the street on first-quarter income. jpmorgan and wells fargo reporting a drop. demand is slowing. could this have a major impact

on the banks going forward? joining us now is jim sinegal. thank you for joining us. what do you think about this trend and does it continue? >> yes. you know, i think it was something that was not unexpected. rates have been low for a long time. banks have been benefiting from high refinancing margins. there is not a lot of players doing it. it has been very profitable for the banks. melissa: what would turn things around for them going forward? some people make the case that low rates are benefiting the bank. won it they do better if rates went up? >> i think most of the banks are positioned for higher rates.

you cannot have a scenario where high-yield runoff. we need higher rates in order for them to get higher yield. when a bank is holding or gauges, yielding 2.5-3% because that is the best deal they can get, that is not good. it is to see credit shrinking. it is not a good sign for the economy. definitely not a good sign for the banks.

melissa: the regulatory department is getting tougher. it is not likely that that in particular will go through. it still gives you insight to what they are thinking and feeling. >> uc jpmorgan peered one of the best managed banks. they had some problems with the stress test. there have been various new rules and regulations. i dow it will go through. they have not forgot about too big to fail. they still have regulators and legislators on their back. melissa: what did you think of jamie dimon?

>> you still look at the situation in europe. when you look at what is going on in japan. they have been trying to reverse that for, you know, at least 20 years now. they are just getting more aggressive in the quantitative easing. it just makes you think twice about what are the benefits of wanted. it easing. while jamie dimon would like to be positive, i think there is a lot to be worried about. melissa: meanwhile, you lowered your rating on jpmorgan. >> we do give them some credit. they have been having a little bit more trouble cutting expenses than i expected. if you look at what they are earning now, they really need some help from the macro economy in order to earn any more.

melissa: we all need some help from a growing macro economy. jim sinegal, thank you for coming on. lori: charlie gasparino is here with us now. charlie: we have a very good relationship. i want to answer the question the other guy really did not when you ask him what jamie dimon is really worried about. he is worried about higher interest rates. there could be a massive increase. he is really worried about fiscal policy. when he was with president obama yesterday, the one problem that he knows that everybody in the banking business knows, the fundamentals are in place right

now for the economy to grow significantly. the question is, i know jamie is worried about that. why didn't you say it to obama? you have sources. you can read behind the lines in that report. among the thinks he is worried about is what is coming out of washington. when you break down what is coming out of washington, you can say what is the republicans fault. i am just talking factually here. they did impose those the cluster. i think a lot of people do not like that. those are some pretty marginal

cuts. however, when you look at some totals coming out of washington, democrats are two thirds of the deal there. not only that, they are pushing for taxes and, you know, corporate taxes and business taxes. you name it. we talk about why our economy is not growing, it is a lot more about this the cluster. lori: what is going on with hank? charlie: i am a little early on the story. i want to plant my flag in the ground and say when this starts hitting the you know what, want to be out there first. there will be a battle. eric schneiderman is maintaining a lawsuit. it was about eight years ago. it was about accounting fraud.

that lawsuit has not been settled. parts have been thrown out. parts have been captain. the part that has been captain, schneiderman is basically still pursuing that. i think, basically, hank has had enough. he feels that he is given back to shareholders. he thinks that eric schneiderman should just leave them alone. schneiderman thinks that there is fraud here. this will obviously materialize in court. this is where it will be interesting. some sort of an extra legal battle, pr battle.

hank will go after this guy. that could mean that he goes to various legislators. he could go to congress. look at this guy in terms of an abuse of power. there will be a pitched battle between these two guys. you know, knowing hank, it will be very interesting. i cannot wait until it happens. it will be a good story. i think, the way hank will go after it is we have federal authorities who have basically drop their cases against me. we have a state authority that is basically preempting federal law and goes after me for nothing then press and publicity. i will go after him in a political way. i am telling you, it will happen. i have to watch my sourcing on this. just say i spoke with people close to greenberg's office.

i also spoke with someone from schneiderman's office. this is a case we want to bring. we think there is merit to it. i am telling you, i am not picking sides, i am just saying stay tuned. melissa: charlie gasparino. lori: you have your work cut out for you. thank you. melissa: the impact on luxury stocks next. lori: decision date and the battle between macy's and jcpenney with martha stewart. melissa: saying i do with used wedding dresses. lori: a huge down day for battles. gold down. that is almost 4%. we will convert that more in depth shortly. stay with us.

♪

lori: breaking news. fox news is confirming groundbreaking jonathan winters has passed away. he was 87 years old. he influenced names like robin williams and jim carrey. talk about improv skills. jonathan winters died of natural causes. i know you as a child actress also appeared on the program. that is a loss. melissa: from that to the market, as we do every 15 minutes. let's check the market.

nicole petallides is on the new york stock exchange. nicole: let's talk about the retail stocks. steers to the downside. limited brands and the gap holding up arrows. on a day where the retail mix is higher. the resiliency of the american consumer is the story. consumer sentiment came in. that was weak. we have seen barclays and goldman sachs revising. one of the things that people were blaming was the colder weather. the other would be the fact that people have less money on their payroll checks. lori: there you have it. more breaking news to get to.

let's get right to lauren simonetti. we have an advancement on the story with jcpenney's, macy's and martha stewart. >> we are trying to get the story. it looks like, at least for now, it is a win for jcpenney. they can sell the martha stuart products. they can sell those products in jcpenney stores. this is why this is such a big deal. we will show you a full screen right now of two items, two pictures. these were presented in court this week. basically, asking the judge to hold up the pictures and if he noticed any difference. he did not. there are many other items like this including stemware.

on jcpenney's website, they have many items in this category that safe shipping and one week because jcpenney has been waiting to get these items stocked in their stores. quite honestly, they need the revenue. back to you. lori: thank you, lauren simonetti. you just solve the shares of jpmorgan trading lower. we will continue to follow this story throughout the afternoon. melissa: we are live in the pits of the cme. lori: we will have the latest on that bench clearing brawl between the padres.

melissa: you can see the dollar is stronger against the euro and the pound. we will be right back. ♪ friday night, buddy.

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♪ >> 23 minutes past the hour. hi, everybody. i am jamie colby. this is your fox news minute.

john kerry is in korea warning to not test a launch missile. north korea is abll to arm a nuclear missile. he is kicking off four days of talk in asia. china and japan also on the itinerary. chinese health officials are reporting another bird that flew. eleven people have died over the past two months. twenty-nine people infected. all cases have been in eastern china. back to augusta georgia where we are keeping a close eye. today is the second round of the 77 master tournament. those are your latest headlines on the fox business network.

i am jamie colby. sending it back to melissa and lori. lori: thank you, jamie. so many traders are probably watching the masters. we want to recap you some breaking news. the new york state system judge denying macy's request to expand a block on jcpenney sale of martha stewart product. macy's has not shown it would be harmed by jcpenney sales. jcpenney can sell martha stewart's good under the label jcp every day. shares of macy's and arthur stuart are higher. this is the best news for them. commodities just getting crushed today. oil and gold. today. let's get straight to the pits of this cme.

you would have thought two of the most geo- political commodities would be benefiting from it. we saw that when cyprus was coming and confiscated basically a portion of some of the people that are, you know, have some savings in the banks, when that news broke that should have been a bullish catalyst for us. there was a lot of talk that cyprus would have to raise additional capital. they will sell more gold. other countries like spain and portugal will also take part in

this. we are down at 1500 right about now. melissa: everyone taking a big wheel about where it officially entered bear market territory. we are well below that right now. talk to me about oriole as well. moving below the 200 day average. >> olio selling off. you start looking at some of the fundamentals of oil. we are pumping out about 7.18 million barrels per day. fundamentally oil prices should be in that 90-$88 range.

if they do that, then i think we will see a sharp reversal back up. melissa: good stuff. thank you. lori: starting pitcher of the dodgers is out with a broken collarbone. he was injured during last night's brawl with the padres. a player was hit with a pitch for the second time in four years. clinton charged the mound. this could be a huge loss for the dodgers. he is signed to a six-year $147 million contract. that is $24.5 billion per year. it is one thing if you are injured while you are playing, but in a fight? melissa: he looked fine. to hear that he was so injured -- i don't know.

does it not hurt that much or something? lori: it hurts. every fracture is different. it looks worse than it hurts a lot of times. melissa: anyway. a new chapter for venezuela voters. headed to the polls this weekend to decide the success of hugo chavez. lori: why to keep the faith. thanks, of course, to the fed. ♪

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lori: time for stocks now as we do every 15 minutes. 's head to the floor of the new york stock exchange with nicole petallides. she is looking at home depot. what is the news, nicole? >> consumer stock and dow component. you can see home depot up 2%, hitting yet another all-time high this year. jeffries came out with analyst call to raise the company to a buy from a hold. they don't seem particularly worried about the cold weather we've been seeing. they have a bullish view for sales near term and intermediate term. we're talking about the spring selling season. this is big-time from retailers home depot and lowe's. a new all-time high for home depot. back to you. lori: thank you, ma'am. melissa: let's get back to lauren simonetti at the

courthouse this morning. lauren? >> the state supreme court behind me a judge ruling that jcpenney can sell some of these items designed by martha stewart for jcpenney under the jcp everyday label. you would imagine that j.c. penney's stock would surge on news like this but it is much the opposite. this win for jcpenney not showing much of a reaction in the positive on wall street. one. issues we have to talk about right now is something that the judge said, that macy's failed to prove that j.c. penny, selling jcp every day would harm them. if you know what, look how macy's has done over the past 52 weeks. if you compare macy's to rival jcpenney and rival coles and martha stewart on knee media, this is the stock not only positive but up over last 52 weeks. they're getting jcpenney customer con suesed by --

confused by everything former ceo ron swrons son did and jcpenney battling customers, many being remodeled for the bigger home departments which haven't necessarily come to fruition just yet. back to you. melissa: lauren, thanks so much. lori: markets are down today after disappointing retail sales. is this the end of the rally or will the markets correct and carry on? steve wood, is russell investments chief market strategist. he says recovery is underway, but we should expect volatility throughout the rest of the year. >> thanks for having me. lori: i don't know if i call 28 points down on the dow volatility after the rip roaring performance it put in the last couple weeks? >> i would have to agree. lori: everyone wants to know where this market is headed. what do you think? >> back to the fundamentals. the economy hasn't changed that much. our forecast is not that we'll have a recession in the united states. europe will continue lumbering about along creating problems such as it will but the economy is

doing better than okay. despite washington's best efforts to mess things up and they're working overtime on that, private economy, housing continues to chug along. that is 2%ish growth environment. not great. not recession. the fundamentals have not changed a lot. what could be a big shift, sentiment and momentum have. how people feel about the market how they feel about earnings and how they feel about the economy is clearly undergoing a shift. that's what we're looking at now. lori: what about the sentiment this is too good to be true, the shoe will drop? we have david stockman and growing chorus of bears this is stock market bubble and what do you think about that market? >> i think bubble is premature. we're rerating and people pay more for a dollar's worth of earnings. if you look at s&p 500 right now, it will be $105 on the market. last time we were at levels in 2005 was 82. the same level is up on a lot more earnings. what that means the market is carb sus with what we've been in through 2008 and 2009 people are getting

gun-shy. that said if we stable policy environment and corporations earn at these levels, the market deserves to be higher. that said there could be a little volatility. the market run pretty hard last couple weeks. if we see a bit of a selloff that wouldn't surprise us either either. lori: there is crazy the defense sector has sold off in the rally there is message in that combined with the breakdown of gold prices. everybody is all over the map in terms of what they're thinking and strategizing around where we are. where is your advice to put new money. >> valuations made a difference. gold got expensive. it was trading for other reasons than historic reasons. good point, russell defensive index show even though the markets rallied and has been broad, and market, 1000 and 2000 small cap, investors have come into the market with a cautiousness to it. there has been change in sentiment. it is still a little bit cautious. right now we're looking at globally diversify,

multiasset strategies. which means you will have to do a lot of research, a lot of work. emerging markets have not done well but they're very, very cheap. the u.s. fundamentals are improving. but topping up at the end of our levels. so look at that i think you want to be in equities right now. you want to look at risk assets. extend out the time horizon. if there is defensive nature i think there could be next over 18 to 24 months, there could be upside to this market, upside, just to get you on the record you're not looking for big bubble bursting and not looking at deep, troubling selloff? might be one step backwards, one step forward a little more volatility into the mix but nothing that should cause an investor batten down the hatches? >> i think that is reasonable assessment what i think. very true. volatility, no. 3, 4, 5% pull backs are not that typical or newsworthy. what is newsworthy when you don't get those. pullback we look at as an opportunity. we done our homework to get in at better valuation. we think there will be

volatility but we don't see a bubble in equities. we don't see a bubble in fixed income which is different conversation all together. housing is doing reasonably well in the u.s. and could offset the pullback we're seeing coming out of washington. could be a net add in terms of the health of housing, offsetting the lack of health in d.c.. lori: are you going back to the office and buy gold down, now down 60 bucks. >> bear market territory. lori: yes or no, on gold? >> we're not believers of gold unless we look at inflation. lori: thank you, sir. melissa: decision time six weeks after president hugo chavez's death, venezuelans will go to the polls to elect a new leader. maduro is well ahead in the polls. he promised to continue chavez's socialist policies after receiving the late leader's endorsement just before his death. economy and crime could have broad implications for the

oil market. venezuela has the world's largest proven oil reserves even ahead of saudi arabia. blackberry is fighting back against claims z10 returns are exceeding sales even enlist iting the help of the sec. lori: you heard steve wood reference this quickly about interest rates. they're still at historic lows and falling but the stock market at these record highs, you have got people still selling off bonds. they don't need that perceived safety. 1.72 on the 10-year. the 30-year yield at 2.92%. suiting right back we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪

>> i'm adam shapiro with your fox business brief. eli lilly is laying off 1000 people from its sales force nationwide. it is part of a restructuring process to cut costs and better equip the company for competition with generic medications. the cuts which account for 30% of the drugmaker's sales force should be finished by july. german investor jab is buying, de master blenders for $9.8 billion. de master blenders which has a strong position in europe was spun off from sara lee last year. american workers can't entirely blame the new health care reform for lost insurance coverage according to the robert wood johnson foundation. employer sponsored health insurance has fallen 10% in the past decade. employers have been dropping insurance coverage in an effort to counter the soaring cost of health care that is the latest from the fox business network, giving you the power to prosper

lori: blackberry shares are bouncing back up over 3% since yesterday. the company fights back against one analyst's claims that z10 returns are exceeding sales. dennis kneale on this battle. he is fired up. melissa: you are fired up. >> because i have followed tech since 1983 and i have seen what happens when a brand new product comes out on the market. if it gets a bad taint to it, it almost never recovers this. is big story and could really devastate blackberry. its shares drop 8% yesterday, this report, oh, my gosh are returns exceeding sales? here is one clue to start with. look at the company's incredibly aggressive counter comment. they put out this statement this morning i think it was, maybe late yesterday. we have a pull quote of that comment. melissa: here it comes. >> reports of higher returns are a gross misreading of

data, or a willful manipulation. absolutely without basis. black per which will not leave it unchallenged. then they announced we're calling on the sec and authorities in canada it investigate the origins of this report which is equivalent to a company saying we want a sec investigation of a journalist who put out a negative story on our company. three key questions, guys. first, how bad could it hurt? i already said it will hurt bad if they don't stop this. second does the company have a legit complaint? third can the company be believed? of course it can hurt. this legitimate company complaint. here's the thing. when you call for sec investigation before you have any allegations someone was in cahoots with short sellers, you instantly want a sec investigation, blackberry, do your even homework and do your own investigation. that is just bull. that is a just a smoke screen. can they be believed. look what they said. sales are meeting expectations. oh, yeah? what are those? return rates are entirely this line? what is that?

give us the numbers. lori: that is important we don't have the numbers. >> and they won't give to us. long ago in ancient times, when was reporter at "wall street journal." that commodore had a big return rate. they came out with a statement trashing me, i misrepresented. melissa: how can you trash commodore. obviously a fantastic company. >> there you go. found out years later from the pr guy who passed away steven greenberg, were totally right in the story. returns were way too high. we got the shipment back. we fixed it and shipped it back out, technically our return rate wasn't inflated. well that is just a lie. it is not above companies sometimes to lie. melissa: you think blackberry show us the numbers. >> show us the numbers if you want us to believe about the returns. give us numbers if you say sales are exceeding expectations. when you're blackberry and you have been through a near-death experience the past two years how low are your expectations for sales of your product?

they're really low. melissa: they will come get you now. >> call for an sec investigation. there you go. melissa: dennis kneale, thank you, sir. as we do every 15 minutes let's check the markets. teddy weisberg from seaport securities on the floor of the new york stock exchange. what do you think of this market today? >> they're trying hard to knock them down but we're very slowly climbing out of the hole that developed early this morning. not a lot of volume. for a market up almost 3 1/2 months in relative straight line, if this is any example of the kind of selloffs we're going to get, it's not what the bears are hoping for and what they would like to see. melissa: you know, we're going into the weekend here. we want to prepare our viewers for how they will trade next week and what is going on. what is the number one thing you're looking ahead to next week, teddy? >> earnings. earnings. earnings. i mean it is all about earnings. the expectations have been pretty well-guided lower. so far we haven't been overwhelmed or really

underwhelmed. pretty much coming in as expected. but as we get into the meat of the earnings season and with stocks priced where they are, doesn't leave a lot of room for disappointment. let's hope this earnings season turns out to be like all the ones in the past. where lower guidance turns out to be a red herring and numbers come in better than everyone expects. melissa: teddy weisberg. you're fantastic. have a great weekend. lori: we never see that happen, when companies lower the bar. melissa: sandbagging. >>. lori: women that can help you get the most bang for your wedding dress buck. ♪ . sfot

melissa: breaking news. get another look at jcpenney shares still losing ground despite at new york judge said they could sell martha stewart designed goods. macy's hasn't shown it would be irrep paably harmed by selling the good. macy's will appeal the ruling. >> your taste, alterations and your inbig investment. what if you could make money back and help out another bride on a budget? our guest is making it happen. we have the founder of preowned wedding dresses.com. welcome to you. >> thank you, glad to be here. lori: isn't there for some still a stigma about wearing a preowned wedding dress? >> you know, i don't think there is. maybe couple years ago when

i started site it was. it is not uncommon to borrow a dress from a friend. in a way this is similar idea. lori: that is great comparison. this is browsing the website it is beautiful. my wedding dress has been in the closet for many years, wrapped in plastic. probably still has sustains all over, i'm thinking i don't know if i want to take advantage or use your service because my wedding dress it. >> isn't the in best shape. what is your advice to me? >> shape of the dress affects value. if it hasn't been cleaned that is good idea so you can see its ultimate condition. there is dress out there for every bride and a bride out there for every dress. chances are if the dress is current style appealing to a bride today you have a chance of selling it. lori: tell me how you match buyers and sellers. >> well, we're a listing service. so what we do, we provide the connection. so we list all of the dresses that we have and we currently have $14,000.

buyers come to us to buy the dress they want. sorry? if they can search by style or browse by size or by designer or price point or silhouette. we have tons and tons of ways to search based on what the bride is looking for. lori: i understand only a $25 listing fee for sellers. tell me about some of your other revenue streams. how else are you making money. >> $25 to list your dress until it sells with no commission at all. we monetize based on advertising. we have limited number of ads on the site we make money when brides come to the site. lori: any plans to expand beyond wedding dresses? >> not right now. we get that question a lot. wedding dresses is beautiful niche that deserves its full attention. a wedding dress is once in a lifetime experience. a emotional experience. we want to focus all the attention on a best service for that. and brides have unique service. lori: give knee a sense what people are paying for used wedding dresses.

how quickly does the value of a wedding dress depreciate? >>, a general rule of thumb is that a used dress that is two years young or less is about 50% of the its value. so if it has been worn once and it is in excellent condition it can be sold of 50% what you paid. which is a lot of money. lori: that is huge. >> yeah. as it gets a little older or condition is not in perfect, minor deductions are taken off as well. a general rule of them is used dress is worth 50% of what you paid. lori: great business. real clever. congratulations on your success. we'll look forward to hearing you back. josi is the owner of preowned wedding dresses.com. melissa: tonight on "money" we have clive davis. lori: that is very cool. melissa: i'm so excited. he joins us for the business of music. we'll discuss where the money is or artists these days and how the business has changed over the years. that is 5:00 p.m. eastern on

fox business. talk about money! clive davis is money. lori: talk about an ear and eye for talent. wow, we'll looking forward to that. look forward to this, airstream an american icon known for the silver bullet rvs. now unveiling a new land yacht. the company president and ceo bob wheeler will walk tracy and ashley through all of this at the top of the next hour. stay with us. this is $100,000.

we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally.

tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platformrom charles schwab... tdd#: 1-800-345-25 gives me tools that help mfind opportunities more easily. tdd#: 1-0-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-25 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime. tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 all this with no trade minimums. tdd#: 1-800-345-2550 and only $8.95 a trade. tdd#: 1-800-345-2550 open an account with a $50,000 deposit, tdd#: 1-800-345-2550 and get 6 months commission-free trades. tdd#: 1-800-345-2550 call 1-866-751-3261. ashley: good afternoon, everyone. i'm ashley webster. tracy: i'm tracy byrnes. what is going on with gold? big selloff this friday, it is down like 4% and we are watching it. ashley: ouch. stocks down too. doesn't look like the day we'll hit 15,000 on the dow. weak retail numbers certainly not helping. america just not spending a lot. tracy: it is not all kbloom and doom though. which have a live tour after

luxury yacht. this is really a rv. ashley: this is a land yacht. tracy: that is what the ceo calls it, so funny, a land yacht. we'll ask him what the heck that means later this hour. ashley: that is one of those airstreams. good stuff. first though stocks, oil and gold pulling back following weaker-than-expected sales and consumer sentiment. we have team coverage for you. nicole petallides on the floor of the nyse, sandra smith in the pits of the cme. let's start with nicole. >> thanks, ashley. we're taking a look at a market as you noted, dow 15,000 was in the sights of many bulls out there on wall street but they're not getting that right now, not today, doesn't seem. we're down, anything is possible though. we're down 27 points here on wall street. as you noted weak economic reports on retail sales and consumer sentiment really weighing in on this market. it is a friday ahead of a weekend. you don't see people jumping in and buying up the markets. however that being said.

there is nice one-week chart. looks like we could snap four days of gains from the dow and s&p as we're pulling back. we're so close to the unchanged line. i'm making no predictions, vix, fear index is slightly to the up skooid at 1253. we should note names hitting new highs, or all-time highs. mcdonald's, pfizer, proctor & gamble. pfizer had good news on a breast cancer drug they were working on. wal-mart, home depot, verizon,. home depot go a buy rating. easy to find names with multiyear highs or all-time highs. back to you. ashley: not a massive selloff but a down day for sure. tracy: aren't people watching the masters too? ashley: there is that. tracy: but we've got oil and gold sinking along with stocks today. gold really trading in bear territory right now. sandra smith in the pits of the cme with today's trade. hey, sandy. >> well, masters might be on

but there is definitely a lot happening in the markets down here. we're looking at commodity markets right now. gold prices plunging $62 as we speak. they had been below $1500 an ounce but right now just above there, 1502. dramatic selloff in the precious metals. not just gold, silver getting hit hard too. down about 5% in today's trading session. the new trade is own the u.s. dollar and flee out of precious metals that is the result of the unwinding of that trade. a lot of traders down here talking about the fact they expect that trade will continue for some time. obviously this is sort of a weekend trade as well. a lot of folks putting their money in the u.s. dollar. while the equity market is down today a lot of money has been flowing into the equity market over the last several weeks and last several months and coming out of the yellow metal as well as silver. gold as of today, down, 5% pr for the week. down 20% of the all-time

closing high of 1888 reached on august 20 very much -- 2011? stock market the gold miners are getting hit very hard. some of them down more than 6% in today's trading session. by the way as i hand it back to you, guys the selloff is not in just precious metals. it is oil, energy across the board. commodities hit collectively hitting their lowest prices since july last year. so a mass liquidation we're seeing at the cme group. back to you. tracy: sandy, great stuff. we didn't talk about the the miners, how they're getting killed today, right? we have retail sales down. consumer sentiment down. as a result, stocks are kind of down today. on pace to snap a four-session winning streak. we have david joyce, chief market strategist at ameriprise financial. david, used to be the consumer the enengine of the economy. now seems like liquidity is. >> that's right.

that is the good news. we still have the liquidity backdrop of the fed. that kind of put as floor on the thing. clearly we ended the first quarter and starting out the second quarter it appears on kind of a weak note. it is just not the consumer numbers today. we had a bad employment number. we had a soft series of housing sales data. manufacturing data. so we're now sort of trying to figure out whether or not we're a little too careful here about the impact of the payroll tax increase and, you know the sequester cuts, and the other tax increases. so we're trying to work through that. you see the reflex today in the stock market. tracy: that is the truth, right? a lot of people wrote it off that the payroll tax wasn't really affecting people. we had a bunch of reports that people didn't notice changes at home. the flipside, as long as it is affecting us the money keeps coming, right? uncle ben keeps pumping in liquidity and the market keeps going. >> i think that's right. you have to remember that it takes a while for any sort of economic changes to work

their way into the real economy. so, as i said we may just be beginning, to see the effect of that. on the other hand, one of the things that is offsetting that is nice 25 cent decline in the price of gasoline at the retail pump. so, you know, that may be a wash when it is all said and done. we've had a nice run-up here in the first quarter. haven't had any real sort of correction. so, it wouldn't surprise me to see stocks sort of tread water here for at least a while, until we get a clearer picture of first-quarter earnings and we get a clearer picture of the health of the economy. tracy: the bar is so low on earnings, inevitably somebody will jump over it, right? really interesting the defensive stocks are leaders, health care, consumer staples, your energy stocks. do they still have room to go in your world? >> i think they do. the valuations are a little bit rich. but at the same time, it is a way that allows you to participate in this stock market which i still think has room to move higher. but do it with a very defensive sort of posture.

a lot of people refer to the stocks as bond proxies because of their dividend yield. i think that is nice way to play it. the undervalued parts of the market, cyclicals are probably will need to see faster economic growth before they have an opportunity to assume the leadership here. but, you know after the latest round of data, that may be a couple months away. tracy: sandra smith was reporting from the cme there is rotation out of the commodities. almost like you got nowhere else to go but equities. so the money keeps coming in. yet so many people are sitting on the sidelines. what will it take for them to finally say okay, i will put my retirement savings back in this market? >> you're seeing some of it now. you're seeing positive flows into equity funds. but it is not by any means a torrent of sentiment. tracy: right. >> i don't think it is going to happen quite frankly anytime soon. i think people are still, too scarred by the experience of 2008 and, so they're just tipping their,

dipping their toes in the water. i don't want to be left behind but i don't have the courage to go in with both feet. tracy: i hope they look at the charts and gain some courage because they're missing out. that's for sure. david joy with ameriprise financial. thank you for taking the time, sir. >> my pleasure. ashley: all right. this just developing in the last hour. a win for jcpenney over macy's in the battle over who gets to sell martha stewart's products in their stores. lauren simonetti outside the courthouse with the very latest. lauren? >> ashley, macy's and jcpenney can sell martha stewart designed products. judge jeffrey lang in the courthouse behind me ruling about an hour ago, denying a temporary block of the martha stewart designs. jcp everyday products. that is what the products are called. that is what the label will say. there is no mention of martha stewart in terms of packaging or labeling. so this everyday line includes bed, bedding, bath items, cook ware, all these

items have been in a warehouse. they're estimated to be worth $100 million. now they can indeed, this spring, just in time for mother's day head to jcpenney store shelves and jcpenney hopefully can tell them. in addition what jcpenney has the mini shops concept. this was the brainchild of former ceo ron johnson. one. mini shops is called martha celebrations. they had a soft launch of it last week. they're selling what they call easy entertainment items this list is nonexclusive categories, balloons, candy, cupcake liners things like that. these are all the things that j.c. penny is bringing to its stores this spring to try to boost sales. we know the stock price has been suffering down 57% over the past year. so this is a temporary relief for jcpenney. macy's of course says it plans to appeal this decision the judge also points out that j.c. penny can sell these items until the lawsuit is fully

decided. and with that, we know that this battle, with martha in the middle isn't over just yet. ashley: not at all but as we saw there stock not really reacting to this victory for penny in court. tracy: what will it take to turn the stock around? ashley: lauren simonetti outside the courthouse. thank you very much. we appreciate it. we just got president obama's tax return. how much did he make and how much did he donate to charity? that is coming up next. tracy: plus, president obama says the fha needs a one billion dollar bailout. we have a guest who says, that is actually not a big deal. huh? but first, let's take a look at oil as we head out to break. big selloff today. it is down about a $1.79. oil at $91.72. we'll be right back.

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ashley: vice president and president obama's tax returns. what did they earn and where did the money go. rich edson has. >> they made $608,000 that includes wages being president of $394,000. taxes paid, 112,214. that is good for effective tax rate of 18.4%. you have gave money to charity, $150,000 to charity, for about a quarter of his income going to charity. some other items of note here. $16,000, will be part of his return here, so gets 16 grand back for the irs he is applying that to his 2013 taxes. also took a deduction more than $45,000 for mortgage interest paid on his chicago home. now to the vice president. basically here, income $385,000 and charity

deductions there of $7100. the president's making a lot less money than he used to. look at back at some years. this is mostly from the book revenue, in '08, 2.5 million. in '09, more than 5.5 million. down to 1.7 million in 2010. last year making $789,000 a year. president not making as much as he used to, still pretty good year. 608 grand. ashley: the tax rate, 18.4%. tracy: there in lies what is wrong with the tax code. 18.4% is effective tax rate. he got a $45,000 mortgage deduction. he is benefiting from all the loopholes he is complaining about, isn't he, rich. >> he did take a $45,000 deduction for that. an awful large deduction for charity. we saw with mitt romney paid 14% rate. tracy: right. >> but he does tithing with the mormon church, 10% of his very sizable income went to charity as well. ashley: very interesting. although the salary for the president, interesting from as you mentioned from the book deal was pretty high,

in the two million range. it has come down and down and down. tracy: you wonder as our producer pointed out will book sales go up in 2012 because it was an election year? so next year's tax return might be interesting. ashley: very interesting stuff. thank you, rich. >> thanks, guys. ashley: tell you what, that job, president of the united states doesn't pay very well. tracy: not for the headache. ashley: you get all the lovely extras. my god, talk about underpaid. tracy: with you. not seven excedrin in the world for that. it is quarter past, time to check on the markets. nicole petallides on floor of the exchange. hey, nicole. >> tracy, ashley, looking at market under pressure still down 25 points. looks like we'll snap the winning streak we're on four days in a row. look at dow jones industrials. 14,840. the nasdaq composite. 3290. s&p 500, 1586. a loss of half of one percent. drug stocks lower. bank stocks lower. numbers from jpmorgan and wells fargo. dollar is slightly higher

and oil and gold is pulling back. story we followed last couple years, blackberry, formerly known as research in motion. so much is waiting on this one particular unit, the blackberry z10. they announced it on january 30th. it was launched recently. there was a finding yesterday that more blackberries are being returned than actually purchased. blackberry does not like that at all. looking to the sec and looking at regulators in both canned today and united states in order to probe this report saying that it's false and misleading and that there the returns they're seeing for the blackberry 10 are in line and below forecast if anything. -- z10. tracy: sound like a whining little kid, doesn't it? ashley: sure does. tracy: those numbers are not right! seems weird to me. coming up the president obama says the fha may need a billion dollar bailout. we'll hear from a expert that says that is drop in the bucket. ashley: as far as washington is concerned i'm sure it is. first let's look to see how

the dollar is moving right now. guess what, despite all the negative economic news out of the u.s. the flight to safety for the dollar continues. these currencies all down against the dollar, the euro, pound, canadian dollar, mexican peso. only the japanese yen moving slightly higher. we'll be right back. [ male announcer ] in your lifetime,

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>> at 20 minutes past the hour i'm lauren green with your fox news minute. secretary of state john kerry is in south korea warning north korea not to test fire a missile. he also rejected a u.s. intelligence report that suggested north korea is able to arm a ballistic missile with a nuclear warhead. kerry is kick off four days of talks in east asia, china and japan. they are also on the itinerary. groundbreaking comedian an actor jonathan winners is. master as improvization, winters had a stable of voices and characters and style that influenced many come medians including robin williams and jim carey. winters standard in several television series and specials from the 1950s through the 1980s. jonathan winters was 87. here's the leaderboard from the 77th masters golf tournament in augusta, george gra.

-- georgia. american does tan johnson is in the lead at 6 hundred par. -- 6-under par. those are the headlines. aye lauren green. back to ashley. ashley: a lot of people watching the masters this weekend i'll be one of them. lauren, thank you very much. we appreciate it. president obama's budget says the federal housing administration will likely need a bailout of one billion dollars. our next guest says if that is all the fha really needs that is relief. we have a professor from the university of pennsylvania wharton school. thanks very much for joining us. i know in the grand emscheme scheme of things this is drop in the bucket. back since 2009 the administration and the congress have been telling fha is healthy on a stable financial footing. what happened? >>, they were participating in the bad loans, that were coming due and needed to be refinanced in 2009, 2010.

they're off the rye verse mortgages that they're taking big hits on. these are legacy loans. these are history. going forward their book of business looks good. ashley: well, the big culprit i guess you could say, when you look into the numbers, reverse mortgages are the main reason because people were taking out these equity loans on their homes and then of course house prices fell and the fha was on the hook when those home values fell. we are seeing prices recover but should we tighten up the rules on these home equity loans? >> absolutely. they do need to be tightened up. across the board. and i believe fha is sitting down to do that right now. but going forward again, we're unlikely to see the kind of, hoping we will not, i hope the structures are in place, to prevent the price volatility that got many actors caught including the fha. ashley: there are concerns though if this economy starts to take a turn south again, that the $1.1 trillion in fha insurance

could really pose an enormous risk to the system. would you agree with that? >> absolutely. absolutely. we will, fha will be stressed. fannie, freddie will be stressed. the banking system will be stressed. we are not out of the woods for sure. we hopefully will get out of the woods. recovery is in place. but we're not there yet. ashley: so there are those, including jeb hensarling, on the house financial services committee chairman actually, he says if this were a private institution, someone would be fired, someone would be fined or the institution itself would find itself in receivership. and he called the taxpayer bailout, outrain just. what would you say to that? >> well, this is 80 plus years of fha actually contributing to the treasury. so the overall record i would say is not a bad one. but indeed the fha overseers, which include congress, probably lost sight of the ball for a few years. we do need to have rules in

place going forward so that doesn't happen again. ashley: the fha is of course critical. it is plays a such a major role in the mortgage industry of new homebuyers of course. what about the standards of that? what is the portfolio like now of the fha? is the creditworthiness better than it was? >> far better. going forward the book of business is going to be profitable, assuming we don't have price volatility like we did in 2006, 2007. assuming historic price volatility, these are good loans being booked. by the way, it is more than 50% of first-time homeowners are being insured by fha as we speak. ashley: that is interesting. i know there are calls for tighting the standards and they're already pretty tight. now that we had this audit that shows perhaps the losses on the fha accounts are not as bad as first thought, do you think the standards could be loosened a little bit? or is that what got us into trouble in the first place? >> we need stable standards. i don't think at this point that we should be attempting to calibrate as soon as it

looks like we've got a good book of business easing up. we need to have reasonable standards going forward. it is the case across the board not just fha but fannie, freddie and lenders themselves are swinging the pendulum to be far tighter than we have been historic. those constraints ought to be eased up. that is not fha rules. that is the actions by lenders. ashley: very good. thank you so much. susan wachter, from the university of pennsylvania wharton school. >> a pleasure. tracy: we were talking about the other day how police officers are miserable. not in dubai. the police in dubai got a major upgrade to their fleet. a nearly $550,000 lamborghini. what the heck! the italian supercar can top 217 miles an hour and go from zero to 70 miles-an-hour in 2.9 seconds. they hope to keep up with drivers in the desert kingdom.

15% of traffic fines in dubai are for speeding over mere 130 miles an hour. that is the what i do every morning because my kids are late to school. they are the not to the first to use lamborghini. forces in qatar are using it. ashley: i can see dubai and qatar being able to afford it but italy? tracy: you think they would get a break. ashley: all right. talk about banking. jpmorgan and wells fargo both making big money. but both banks are seeing declines in a big part of their business. we'll explain next. tracy: as we head out to break, let's look at some winners and losers on the s&p 500. the dow is down 30 points. we'll be right back.

tracy: it is half past the hour. let's take a look at the dow 30. all week we saw lots of green, today a lot of bread. talking about how the only sectors really working are your consumer defenses. mcdonald's, wal-mart, procter & gamble all up today. nicole petallides still standing by. nicole: starbucks. we talk about marketing, pulling back a little to the dow and the nasdaq and the s&p. starbucks, it will now be cheaper. don't go out and try it now.

from the makers of craft, so they in february cut their prices for bagged coffee in the grocery stores by 6%. norwich remained competitive, doing the same thing. getting coffee at the grocery store, it is a little bit more affordable. getting the starbucks you are used to, that'll be the case, right? back to you. tracy: it is not going down in price, is it? nicole: unfortunately not. ashley: another market mover, banks, jpmorgan, wells fargo reporting big profits. adam shapiro with more on this story. adam: earnings quality a big concern for a lot of investors. the stock both trading down.

you may say this earnings report from big banks is a story about mortgages and slowing mortgage profits. jpmorgan chase, reporting adjusted earnings per share of $1.41 expecting $1.39 on revenue of 25.85, expecting 25.86. look inside the numbers. falling 12%, corporate investment profit down 2.5, 2%. and mortgage profit down 31%. and then take a look at wells fargo, they are the mortgage giant. the earnings-per-share $0.92 adjusted. revenue came in at 21.3 billion, not what the street expected. a lot of this in both cases had to do with the fact they were able to lower their loan loss reserve moving the money into the income bracket, that is not

really growth, not really new revenue. it is money they don't have to have in place in case the loans go bad. find bank stocks with 24 banks and financial corporations reporting the street out of the s&p financial sector. let's see what one advisor says. we don't like bank stocks. they pay dividends, but this is not a growth industry. take that to the bank. ashley: that is true. where is the growth coming from? all right, thanks very much. tracy: retail sales week, but we might have found one bright spot, and we will tell you where it is. ashley: the 10 and 20 year treasuries. we will look at that as we had to the break. with the spark miles card from capital one,

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tracy: oil trading down $2.22 at $91.29 per barrel. dropping more than 2% the second straight day of losses for oil. many saying this might actually help the consumer is this translates.

ashley: retail sales falling in march post their biggest drop in nine months. jeff flock joins us from chicago. thank goodness he found somewhat of a bright spot. jeff: we did. part of that is restaurant spending. at a place called "give me some sugar" in chicago. let's put up the etf retail sales, not a terrible day for it today, but not a great day for retail in general. i'm going to try to interrupt a class, if i can. you have a whole class of folks who want to decorate cakes. tough retail sales, but for you? >> my retail sales are great with the popularity of the cake shows out there. my classes have exploded. jeff: i will let you go back to your thing. restaurants, one of the bright

spots, take a look today, somewhat mixed. folks here from the new startup, i say new startup, not that new. gift bar.com. you get into the gift card business. >> correct. a platform to give you sugar. jeff: and you have seen an uptick? >> absolutely. it is alternative to the big box gift cards. experience, give me some sugar is very unique. >> take a look at retail stocks tracking consumer spending, something special these days. we love to do these things to give you a real feel. does she know how to decorate cupcakes? that looks like something i would do.

ashley: looks good, doesn't it? thank you, jeff. tracy: that is what my cake would look like two. still plenty more, we're joined by joseph, senior management editor. we have been relying on the consumers to boost the economy, consumers pulling back, can we blame the payroll tax cut? >> it seems like the payroll tax cut has had a bit of an intact but the bigger one is the weather. the rebate tax checks from the government at the start of the year has had an impact. the management teams have said it is more weather and delayed refund checks. it has not had much impact.

tracy: for what? that we did not go and buy sweaters? >> you saw that coming heard it from wal-mart and other retailers. march the weather is particularly cold. trying to sell spring goods, in the mood for spring, you have to go shopping. tracy: we saw elvin to reels, furniture, that kind of stuff move up so we are still seeing the housing market carry this, aren't we? >> absolutely. i focus on home depot and lowes and williams-sonoma and anything related continues to work. tracy: going forward, do i own these retailers, where do i wait

for the consumer to figure it out? >> i think the consumer is still trying to figure it out. there is enough spring weather left to help but historically that traditional time has helped to retail. better second-half stocks toward the all-important holiday season. depends on where you want to put your money. the dollar stores make sense for us, basic value oriented stocks. tracy: jcpenney, macy's, best buy. the judge ordered today they can still sell the stuff at jcpenney. that is good news, no? >> good news. supposedly the buzz, after being returned ceo is to say let's work this thing out.

so maybe there is some negotiating going on and they are trying to resolve the issues but regardless there is a lot of work ahead. tracy: let's talk about best buy. will this work for them? stocks seem to be reflecting positively. >> there's a lot of low hanging fruit, they're offering. they will have some earnings power. tracy: thank you, sir. ashley: a quarter until, very near, let's go down to the new york stock exchange. teddy weissberg joins us now. lousy retail sales, consumer sentiment going into the toilet. we are down about a quarter to a

half of a percent on the major indices. it is not that bad unless you own gold or oil. >> you're right. if the general market where one considers how far a relatively short period of time, going before the end of the trading day, nothing goes up forever, today clearly is one of those. ashley: starting to get into the busy part of the earnings season, what are you expecting and what kind of a move or could it be? >> the companies in the analyst have done a pretty good job of rocketing down expectation. which means the bar is pretty low. on the other hand, stocks are pretty high. it is earnings season is anything like the past, somehow

they will come in and be better than expectation. at least we better hope for that because we could see a bit of a negative reaction getting into the earnings season if it turns out to be correct. ashley: the bar is so low, should not limbo underneath it, that is for sure. tracy: you barely have to lift a foot to get over it anymore. i thought i lived by lower expectations. it has all the amenities of a mall time million dollars yacht. this is pretty darn cool. the ceo as he walks us through the new land yacht next. ashley: take a look at some of the winners and losers on the nasdaq. we will be right back. all statio mission a for a final go. this is for real this time. step seven point two one two.

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tracy: a lot of people watching tv with a smart phone or tablet in their hands they have rolled out interactive features for many viewers using them. dennis kneale covering it. dennis: it nearly 90% of u.s. viewers watch television with at least one second screen device in hand. so they invite us to interact, sweepstakes sign-ups and more. a new survey finds most of us have never bothered to use these new features for networks providing a conundrum. more interactive and distracted than ever before. but are they worth the effort or is it just distracting us? look at how connected we are right now. sampling over 3000 viewers and

found 60% of us watch tv while on a computer, 55% of us have tv and a smart phone, half on tablets, it adds up to over 100% because many of us are watching with two or three gadgets going at once. but how many use those gadgets to take advantage of the new tie-ins tv channels are pushing. 20% have used their gadgets to shop for a product or an ad. less than a third learn about a show or an actor on the show. 53%, over half don't use anything at all. they argue the extra screen is enhancing the experience making them more involved. as booker researcher yesterday and asked, is it wasted or is it a smart move to get out early

because they will catch up to the network? he says maybe. you better stay tuned and see how this turns out, guys. tracy: who knows. what i know you will cover it. thanks. ashley: it has been a rough road for the multibillion dollars rv industry over the last 10 years but one company is speeding straight ahead. betting on luxury to brian the highway crowd. bob wheeler joins us now for an exclusive interview. from santa monica, california, inside. you want to call it a trailer. the price tag is not suggesting a trailer, you're in what you hope will be another type of product that will attract a very high-end crowd, explain where you are. >> we are standing inside what represents the great combinatin of iconic american design, this

is the land yacht concept trailer. ashley: i believe the suggested retail price is $130,000, not your grandfather's trailer. what do you get for that? >> you get the best of italian design, the best material and something that is unlike any travel trailer ever created. we expect this to appeal maybe not two campers, but might be as a second home or a mobile office or a great tailgate vehicle. a little nontraditional from what we have produced in the past. ashley: what is the most popular model you have put out. you have your best year ever last year, so you are doing very well at what is still a challenging environment with the economy. how are you accomplish in that? >> we have had tremendous

success as mentioned last in the best year in company history. the tide is rising. a strong start in the first quarter, we are really rising with the tide. we exceeded what the market has done. great distribution, great marketing and a push to overseas markets. ashley: i know you're interested in china and brazil and australia. you hav has some limited distribution in europe. you say it is 15 years ahead of the u.s. what do you mean by that? >> is really driven by the lack of european tol tow vehicles. they cost more, so european is beautifully made, much lighter but much more expensive. we expect to see that trend continue in the u.s. toltow vehicles can carry less

weight. ashley: it would be interesting. what is the allure of airstream? an iconic symbol of americana, but what is it, do you think? >> over the years the company has been in business, we have become fixed in the american psyche for the call of the open road, classic american vacation, the grand canyon. that position he picked up in the 50s and maintained it ever since. people respect the nostalgia and the design reminds them of their childhood but the fact these things last forever. it is still on the road today. people like the authenticity, the quality and are willing to pay more for it. ashley: they certainly do. thank you very much, airstream ceo. congratulations on your success. >> thank you very much.

tracy: i love the idea of delegating in it though. ashley: in luxury. land yacht. tracy: let's talk about this bitcoin trace. says the value has skyrocketed. from $50 to $100,000. we go through the last hour of trading with liz claman. "countdown to the closing bell" is next. don't go anywhere. this is america.

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liz: big bank earnings. do their numbers tell the whole story? we will when we go in depth to tell you the headlines next. a bubble by me. who is likely to pony up and how will the martha stuart-macy's battle impacts jcpenney's bottom line?