melissa: and i am melissa francis. delays at the airport just pileup. lori: realizing what the affordable care act means. lou dobbs will wait in. congress will consider opting out. melissa: positive progress on the keystone pipeline. the chairman, congressman joins us as canada threatens to take its oil to asia if the u.s. does not act. lori: we are in the traders. it is back to the floor of the new york stock exchange. positive gains at the moment. nicole: up arrows across the board. the tech heavy nasdaq the best of the bunch. as far as economic data, we got

in jobless claims. a little bit better than expected. news that the uk avoided a triple dip recession. that is good news. exxon is down 1%. 3m is down 2.25%. we talked about soft demand. when you talk about exxon, quarterly profit is up slightly. those are the two names that we are watching at the moment. back to you. lori: thank you. those were not the only companies reporting, of course. melissa: ups posting nearly a 7% profit. the shipping giant express concerns about the health of a global economy.

it expects 2% growth for the u.s. this year. shares are up nearly 2% on the news. colgate-palmolive shares hit and all time high. stronger-than-expected sales. profits fell 22% on a charge related to venezuela's currencies valuation. sandra: one report says it is not due to hacking as to why they did not open to trading today. we are getting word from various traders. they are an opening quotation across the street. we reported first here on fox business that they began opening some of their products at

11:50 a.m. they started to open the rest. all remaining classes, meaning the rest of their option products would be open at 12 central time. users should cancel all orders that would not be working. they are telling all those customers that they should cancel all of those orders. we have been back and forth. they are trying to get things up and running right now. things never opened up earlier today. we are getting word that things are starting to open. products are starting to trade right now. melissa: way to get it first, sandra. thank you very much.

lori: better than expected jobless claims. sparking concerns on the second quarter. carl is joining us at the new york stock exchange. >> good afternoon. we will definitely see the economy shift into a lower gear. that really is the major challenge for economist right now. lori: that is a great way to put it. we just got the initial jobless claims this morning which were better then expect it. just in terms of the job start their of the u.s. economy, do you think that the next reading

will show a bounce back and then we will kind of be through this? >> march was just a lousy month across the spectrum. we had sequestration concerns. we had lots of bad weather in the month. all of these things are weighing on economic activity. as we get into april, we will see an improvement. it is one of our best labor market predictive tools. we will see some reacceleration in the pace of hiring. if not in april, certainly later on in the quarter. i think gdp will be stronger than the consensus is anticipating. they are looking for about a 3% number.

we are at about 3.5%. what we are seeing is a real roller coaster. hurricane sandy had a real impact on q4. as i mentioned, the bad weather in march will further increase utility demand. that will be a key component and pushing the economy into third gear in q1. there will be some leveling out, but q1 should look very decent. lori: what about confidence? >> that is interesting. stocks are certainly pointing to a high degree of confidence. if we look at those surveys, they really took it on the chin in march. we have evidence that we are not going into another midyear

growth swill that those numbers will recover as well. lori: we also have the fed meeting this week. there was some talk, as i am sure you are well aware of, that the fed would they be pared down its purchases. >> i think the fed will taper it purchases later this year. that is something we will have to wait until at least midyear to see. the fed is no different than the other economists who are watching the data and are actually worried about that swoon. we will not really see it until the q2 data is reported. that will be july and august. lori: we are so grateful for your time this afternoon. thank you very much. >> my pleasure. melissa: we have breaking news right now.

sandra smith is reporting that the cbo is telling her that systems are now operating normally. the cbo is saying that systems are now operating normally. on that note, let's check out commodities. fox business contributor phil flynn is in the pits of the cme. let me ask you about that before we get onto gold. >> the cme is operating totally normally hear. there was some talk that we would see some increased security. there is no good replacement for the vix. we may have seemed the s&p come into play. so far, that really has not happened. melissa: let me ask you about gold. i was surprised it recovered

half of what it lost in the route. >> the old 50% correction. does that mean we will keep going? my take is it will keep going. why is demand so good? as soon as those prices fell, we saw physical demand go through the roof. some of this may be concerns about syria. we are seeing that. traders are talking about it. we are also talking about the dollar. if you do not have too many reasons to buy gold last week, all of a sudden, they are coming back into play. melissa: let me ask you about oil before you go. it is just $10? >> yes. i would have said the trend was

just going to continue 15 minutes ago. a breaking story right now out of norway. they may have to take 5 billion barrels of production off line to do maintenance. that is just coming across. that spread may reverse the other way. back to you. melissa: thank you so much. >> thank you. melissa: lawmakers are saying that they want the furloughs lifted. lori: scrambling to avoid signing up for health care that they passed. melissa: a cup of joe with tim cook. lori: i can't wait to have coffee with you, melissa. [ laughter ] lori: metals bouncing back today. silver and copper climbing as well. melissa: i will have coffee with you for free. lori: i am so flattered.

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♪ melissa: we are following the breaking news of the cboe. let's get the latest information from sandra smith. sandra: systems back to trading as normal. they resumed trading at 1250 eastern time. all options resumed trading at 1:00 p.m. eastern time. all trading has resumed. it is back to normal. the cboe not providing comment on what caused the outage. back to you. melissa: sandra smith, thank you very much. lori: who doesn't love a stock tip. time to make money with charles payne. we are talking motorhomes. charles: do you guys have an rv? i got the biggest one they had.

in birmingham, they pulled me over. the state trooper looked up at me and i was all nervous. he said, pick a lane. then he just walked away. [ laughter ] charles: i could not control that thing. it was a beast. it is up today. i think it is sort of trading in tandem with harley-davidson. you look at the five-year chart, except this one is more volatile. with the ceo said that i thought was really telling, they continue to outpace the history. the street is looking at $0.27. just a month ago, they were looking at 19 sense. lori: are sales of winnebago still as robust?

charles: in the 1950s? [ laughter ] charles: they are not recession proof, but they have been a lot more resilient than a whole lot of others. melissa: the airlines are such a mess right now. all we are talking about are the delays. you might as well get a winnebago. let check on the markets. nicole petallides is on the new york stock exchange. you are watching some tech names right now. nicole: i sure am. zynga, a name coming under some pressure today. the stock is down 7% today. the number of people playing these games has slipped about 13%. also taking a look at amazon.

everyone waiting on that today after the bell. it is a winner so far today. everyone is waiting to see if there is any news on boxes for televisions. will they say anything pertaining to that? that will be something we are watching as well. melissa: yes. without question. watch out what you should keep an eye out on with the report. of course, we have full coverage of amazons reports. tune in right after the bell. it looks like this guy is the limit, after all. delayed flights and frustrated passengers has the senate rethinking those furloughs. lori: greg kelly weizen. melissa: take a look at how the dollar is faring today. stronger against the euro, weaker against the rest.

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♪ >> 21 minutes past the hour. hi, everyone.

i am jamie colby. the obama administration accusing syria of using weapons last month. the u.s. intelligence community believes that the syrian regime use the chemical nerve agent -- john kerry also saying they launched to chemical attacks. syria denying you used any chemical arms. there was a rare sight at the dedication of the george w. bush nizam. all five presidents sharing the same stage. the possible cause of last night fuel barges fire, the investigation is ongoing.

back to melissa and lori. melissa: thank you so much. the drama continues as members of congress try to prevent further furloughs. rich: there is movement in congress. at least more than we have seen in the last few days. the furloughs continue in air traffic control towers. we have been doing this today much every day this week. they are all caught up in new york again. you are seeing a mix in new york city right now. that is noble of the delays in the united states. when it comes to nationwide over the last four days, the heaviest day of delays came on monday. tuesday there were more than 1000 delays.

yesterday coming in at 863 delays because of these furloughs. these are numbers that the faa has just put out for the day. they are allowing the department of transportation to take money from elsewhere in the budget. what they need is flexibility. the house minority leader says that could be one possible fix. >> we are not going to harm safety, but it does have an impact on effectiveness and efficiency and moving the american people from one place to the next. if you are suggesting there should be faa a money, you may of started to affect it. rich: the senate is considering

it. we may not get a fix on this for the next couple of weeks. back to you. melissa: or they could have put on their big boy pants and made a plan ahead of time. richthank you so much lori: gary kelly is all fired up. he spoke earlier with our own cheryl busoni. take a listen. >> as bad as they claim they will make it, it will cost each airline hundreds of millions of dollars. i cannot imagine, you know, the common sense will not prevail here and we will address this silliness sooner than later. lori: okay.

he seems to be right about common sense prevailing with the senate. we shall see. melissa: if you are an air traffic controller on furlough or a passenger waiting on delayed flights, this next story they really get your blood pressure up. empty bank accounts. there are almost 14,000 of them with a zero balance. the obama administration has been trying to close some of these empty accounts. lori: it is so questionable on so many levels. melissa: charlie gasparino here next. about to learn how many investors want their money back. lori: back on capitol hill. not good enough for us.

lou dobbs is next on that. >> look at who is up and who is down on the ♪

[ female announcer ] the sun powers life. ♪ and now it powers our latest innovation. ♪ introducing the world's only solar-powered home energy system, which can t your heating and cooling bills in half. call now to get up to sixteen hundred dollars back or 12 months deferred interest on select lennox home comfort systems. offer ends june 14th. plus download our free lennox mobile app with an energy-savings calculator.

♪ if your current system is 10 years or older, start planning now and take advantage of special financing. so call now to get up to sixteen hundred dollars back or 12 months deferred interest on select lennox home comfort systems. offer ends june 14th. and download our free leox mobile app. lennox. innovation never felt so good. lori: charlie is roam necessarying about the good ol' days. before we check in with charlie to see what he is working on let's get you updated on the markets as we do every 15 minutes. back to the floor with nicole petallides. >> for all the bulls hoping for dow 15,000, the dow jobes industrials sitting at 14,760. we're two points away off the highs of the day but we've certainly seen plenty

of leader like bank of america, verizon are leading the way. other pieces of news that helps us along and jobless claims slightly better than expected, coupled in the u.k., avoiding a triple dip, a triple dip recession. not doing that. that was good news as well. we have had a mixed bag as far as numbers. microsoft the winner awaiting the xbox. that is latest. back to you. lori: we're set up. thanks nicole. melissa: investors looking at latest developments on steve cohen and sac capital as next redemption date nears. charlie gasparino has new details. >> blackstone group has $550 million invested in sac. what sources are telling the fox business network no decision has been made by blackstone. they're looking at this sort of a day-to-day decision as we ram up to the may 15th redemption date. they have no decision yet. but what is kind of interesting here, they are

working closely, from what i understand, people at the big private equity firm run by steve schwartzman, closely monitoring the legal issues surrounding steve cohen and sac capital,. will the firm be charged. will mr. cohen be charged. will any potential people that they brought in, michael steinberg, former sac fund manager, matthew martoma. michael steinberg to be clear is on leave from sac. matthew martoma is a former sac fund manager the both arrested for alleged insider trading violations. will they in turn somehow flip, cooperate with the government to make a case against steve cohen? that is one of the big innings things they're waying weighing now. i can't tell you if they will pull it but they're on the fence. one of the reasons that blackstone is on the fence the entire legal community is on the fence whether there will be charges against sac and mr. cohen we should point out.

mr. cohen says he has done nothing wrong. there are hurdles to the legal case against sac and cohen. we should point out and here is the key thing, most trades under suspicion from what i understand, date back to 2008. there's a five of had year statute of limitations. if, there is a theory out there, and i think it is more than a theory. i think this is real. i know the u.s. attorneys office is worried about this, if you get past july, august of this year, that, that's the statute of limitations. then you can't bring cases. most of the stuff what they looked at, is problematic, not saying it is insider trading. they think there is a lot of fire around particularly the martoma case and elon and wyeth before a fairly big market moving event and we know he had a conversation with steve cohen before they hit the button and sold the stock. the reason why he is

indicted because they have a guy named sid gilman, former researcher for elon, basically told them we would get a bad review coming from clinical trials. if guests past the summer, chances are, zero charges. lori: i was going to say we have a split, if you lose carlisle that -- >> not carlisle. blackstone. lori: sorry, blackstone that is huge lack of confidence, charges or no confidence -- >> that is huge thing. they arece from what i'm told. they're monitoring this day by day. it's, it's a scary situation right now. if you're sac you could lose potential mark key customer, huge customer. not saying it will happen. i will say this, you know one of the problems like a game of chicken, right? lori: yeah. >> suppose you keep your money in there. you have to wait a long time to get it out. suppose steve cohen is in fact one of these guys do flip. matthew martoma is looking 20 years of jail. so far he has not done that.

lori: so much heat to the confidence. >> i agree. melissa: what are the chances we just hear about a settlement? >> that's a good question. there are lots of rumblings about that. now, i can only tell you what is the eater. i can't tell you there is one. there is talk about there is potential settlement. i will tell you this. for the government to settle a criminal case in a way that does not prosecute cohen, he would have to, in my view, give up about, you know, half of his net worth which is in the fund. he would have to give up 4.5 billion or more because the government would turn around and say, they're just not going to let him settle. he would probably have to, implode sac capital, right? lori:. melissa: yeah. >> he could probably start a new fund after that. remember when they did to milken? i'm not comparing steve cohen to milken. steve cohen has not been charged with anything but i'm using this as an example. when they went after milken

agreed to a plea, he agreed, to a plea agreement, he pled guilty. he spent i think a year in jail or couple years in jail. i can't remember. big thing they made him give you have half his net worth, which at the time was considered huge, two billion dollars, he had to give up a billion. with cohen there will be a lot of money. they will not just cut a deal and walk away. what i'm say something all speculation. i don't know what is going on. i do know that the government is worried about that july, that july statute of limitations running out in july, in the summer sometime. they, i know this from us sos close to the justice department that they know that is an issue. melissa: okay. charlie gasparino, thank you so much. proggrease on the keystone pipeline, a plan to bypass the president moving forward in the house energy and mineral resources committee. its chairman, congressman doug lamborn join us coming up next. lori: with the stock market

rally underway, what is the impact on the bond market? not much. the 10-year yielding 1.71%. the long bond coming in with a yield of 2.91%. we're back after this.

>> i'm dennis kneale with your fox business brief. the chicago board options exchange telling fox biz its systems are finally back up after a glitch halted all

trading. the exchange not yet providing a reason for that outage. federal judge ruled the connecticut lawsuit against standard and poor's will be heard in state court, not federal court. the suit alleges s&p violated connecticut's unfair trade practices law by misrepresenting its process as independent and objective. they said the ftc took too long to ask the case be transferred the feds. general motors dan akerson saw a 44% jump in pay from 2011, but his total comp significantly lower than other car execs. that is the latest from fox business network, giving you the power to prosper

melissa: we're showing you oil chart right now. we're getting breaking news coming out of reuters.

it is talking a bip pine -- pipeline in norway that will be shut. seven oil fields. this is for three weeks in june. the estimates are it could cost up to five million barrels of oil in june due to this shutdown. and it's, you can see, feels like it is moving oil markets right now. we're seeing a pop. oil is up about $1.56 there. that is good for 1.7%. if i could see the chart. we want to bring you the breaking news as it is happening. seems like impacting the trade right now. more oil news as well. progress on the keystone pipeline. a bipartisan plan to bypass the president moving forward in the house energy and mineral resources committee. the committee's chairman, congressman doug lamborn, a republican from colorado. he joins us now on the phone. congressman thanks so much for joining us. now, it has to go into another committee and then it heads to the floor. what do you think are the odds of this thing getting through at this point? >> i feel very good about it

passing the house. there is a shot at even getting some democrats support that would get us up to 2/3, which is veto proof. the bigger challenge is getting it through the senate. melissa: and what do you think honestly? what do you think the odds are there? >> well a majority of senators are on record as supporting the keystone pipeline. harry reid will have a big say in that, whether or not he allows it to come to a vote. melissa: and then, from there, what do you think would happen, if it did get that far, what do you think would happen with the president? because there are many wrinkles to this, of course? this particular bill, means that we don't need a permit from the president specifically in order to get through. so that led a lot of people to say that he would then veto this bill because he doesn't want to sign something that would allow for the pipeline to go through without his permit. the flipside of that, though. it would give him cover. he could essentially let the pipeline go through without specifically writing a permit.

maybe that gives him cover for environmentalists? what is your take? >> he would have to sign the bill into law so i think he% will come under fire either way for having allowed it to take place. he needs to step forward, showed some leadership. everyone wants this. the newest poll shows about 70 plus percent of the american people want it. governors want it. senate is on record. state department even has said there would be minimal environmental impact. so there is really no reason, there is only one person standing between it and completion. melissa: although the epa just did come out earlier this week with some very serious comments against it. how big of an impact do you think that has on the president? >> i think that is politically motivated. there have been four environmental studies done to date. this is the most studied pipeline in history. melissa: right. i mean of course it is politically motivated but that doesn't mean it doesn't have an impact on him. do you think that he is swayed by that?

>> i think he knows it's the right thing to do, but if he feels like he needs it for his environmental base as a opposed to what is good for the economy, then, it will make that arbitrary decision. and he will have ammunition to back him up, whichever way he goes. needs to look at economy. we have a mediocre economy. this is 20 to 40,000 immediate jobs. there is no reason not to do it. melissa: in the meantime, if we don't build this pipeline, this is oil that will go to market one way or the other. it is a question if it comes to our market can. if we don't do the pipeline, you see the oil just going to asia? >> it will go either to china. some will still come to the u.s. it will come by train or by truck. and that is not environmentally very wise either. when you could have it in the pipeline which is most technologically advanced pipeline in history. melissa: and cheaper. would mean at end of the day would cost consumers more, all of us at the pump.

congressman, thanks for coming on. >> you're welcome. thank you. lori: let's get you updated on the market. keith bliss joins us from the floor of the new york stock exchange. keith we were at session highs. just shy of them. the dow holding up 80 points. what is driving action today? >> well, what is driving action, we got some not great but it wasn't fall off the world bad economic date tate out of the eurozone. europe grew the economy a little bit. the earnings, although sales figures have been down year on year so the traels trajectory is not good. that is what is really lifting the markets here. the bottom line despite a selloff that we had a couple weeks ago that brought the s&p down to 1550 range, the bullish trend and bullish sentiment in the market never left us. that is what you're seeing here. wouldn't surprise me a bit maybe not in this session but in other sessions that we test the all-time highs on the s&p.

lori: i don't know if you characterize it that way but so many people couple weeks ago when we started to see markets break down and the s&p test the support level, we're wonder being if we're seeing capitulation, is this a good sign the worst is behind us for the rest of the year? >> i don't think so at least in the intermedia -- intermediate term. the risks are more to the downside than to the upside. i would take mark he profits off the table. the market despite being up is fairly indecisive if you look at charting perspective. if we hold 1555 we could certainly go back and test the all-time highs. lori: what is term of risk, in terms of news flow, fed, gdp reports? >> gdp tomorrow. if we miss that we could violate the 1575 line and trade down from there. if we go below that and stay below that, not a consolidation, but heavy sell we could go below 1500 rather quickly. lori: keith bliss, thanks. >> my pleasure. melissa: we have breaking news right now.

let's get back to sandra smith on the very latest coming out of the cboe. trading resuming after a glitch earlier. any word what happened? >> cboe melissa is providing comment to fox business network. vaguely on the happenings. it was an electronic glitch. we do know that it was they're saying a quote, internal systems ishs and they're ruling out as result of any outside influence, aka, hacking. they're ruling out anything was the result of hacking that shut their system down this morning and prevented the opening of trading at the cboe. it was internal systems issue. by the way the delay was from 9:30 to 12:50 eastern time. all systems all trading has resumed and is back to normal. back to you. melissa: sandra smith. thanks so much. lori: so on second thought congressional members and staffers realizing what the affordable care act means for them and they don't like it all that much. melissa: that's right. lou dobbs is here next as congress considers exemption. take a look at some of

today's winners on the nasdaq as we head out to break. friday night, buddy. you are gonna need a wingman. and my cash back keeps e party going. but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to search hundreds of cards and apply online. creditcards.com.

lori: so capitol hill sources here are confirming to fox business that lawmakers from both parties are looking for ways to actually get this exemption from themselves. melissa: unbelievable. lori: from the president's health care overhaul. now the concern is for staffers to who make $20,000 a year and will have to fork over thousands. but how is it any different from small business employers -- ememployees who have to pay for the law. nancy pelosi says pass it and we'll read later. this is backfiring. >> good she is weighing in on this. tells you how profound it

really is if she is actually taking note, this is call coming down on the heads, this is, congressional karma, capitol hill karma, that they're having to deal with this. may i just read a real quick section from a statement by the senator reid's office in which he declared there are not now, ever been nor will there ever be discussions about exempting members of congress or congressional staff from the affordable care act provisions. so he declared it. go to miss pelosi who's, well, she says, in addition, she says, senate majority leader harry reid and house minority whip steny hoyer have been involved in the talks for the the carveout being, for the members of congress or senators and members of the house of representatives. we have a conflict. i don't know who to believe because both are in my eyes so credible. melissa: right. >> this is truly a deep, deep conflict. but we'll try to resolve

that. meanwhile, to join all of the labor unions, the religious organizations in particular, the catholic church, illegal immigrants, welfare recipients and the carveout would be our august representatives on capitol hill and i do not simply mean those in the house but also the senate because they would not want to be left out of any carveout. this is a disgusting display by any measure. melissa: really is. >> and the suggestion, the suggestion that by, pelosi that all they want is the same thing. they want the same thing. they want equality with other federal employees. which shows you how modest and humble they are. but she didn't say she wants the same deal for every american. and until we hear those words, this is a pile of hypocrisy compounding itself on capitol hill, led by steny hoyer, nancy pelosi, and senator harry reid.

the american people will never have a more vivid, brighter, picture of what hypocrisy is, than in watching these able representatives of ours try to get their carveout. lori: spencer bachus helped write the thing calling it a train wreck too on top of all of this, so do you think ultimately it will cause it to backfire? because the policy is so disorganized? >> i would say immediately yes, lori, if it were not for the national liberal media. because they will find a way in which to rationalize these special preferences and privileges for our august elected officials. because, we have been moved by this particular administration and this democratic party. we are being pushed as american citizens to the role of subjects, not citizens. we're looked upon taxpayers an consumers but not citizens. until that balance is redressed i can't say with

conviction there will be repercussions and accountability but i do know this. that americans will now see who and what these people are. they are revealing themselves to us all. what they are. the affordable care act as senator max baucus said, it is a train wreck. a disaster. so much so so he is retiring from the senate next year. people are starting to understand. taxes are going higher as a result of obamacare. premiums are going higher. we're not talking about a little bit. we're talking about 25 to 50% for most americans. this is a disaster and the people who created it, it's lovely of them to all want to jump into the first lifeboats and women and children be dammed and whoever can pony up, can join them in the boats. like the labor unions. lori: leave it there today. >> ah. lori: what can tomorrow bring with you, lou? can't wait to find out.

catch your show tonight, 7:00 and 10:00 p.m. "lou dobbs tonight". amazon shares rising ahead of the company's earnings results coming after the bell. colin gillis says today's report is critical, saying to tracy and ashley what he is watching most closely. that's next. for seeing your business in a whole new way. for seeing what cash is coming in and going out... so you can understand every angle of your cash flow- last week, this month, and even next year. for seeing your business's cash flow like never before, introducing cash flow insight powered by pnc cfo. a suite of online tools that lets you turn insight into action.

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if your current system is 10 years or older, start planning now and take advantage of special financing. so call now to get up to sixteen hundred dollars back or 12 months deferred interest on select lennox home comfort systems. offer ends june 14th. and download our free lennox mobile app. lennox. innovation never felt so good. why are 8 million people sleeping better tonight? why are 8 million people they went to a sleep number store. the only place in the world you'll find the sleep number bed. a bed with dual air technology that allows you to adjust to the support your body needs. each of your bodies. the only place you'll find our bed-clinically proven to help each of you sleep more soundly. and the only place you'll find sleep professionals that will help you find a number that will change your life. your sleep number setting. you won't find any of these innovations in an ordinary mattress store. you'll only find sleep number at one of our over 400 stores nationwide.

and now you can save $400 on the only memory foam bed with sleep number technology that adjusts to each of you. plus special financi on all beds. don't just change your bed. change your life. at only one place: a sleep number store. where queen mattresses start at just $699. sleep number. comfort. individualized. to find your store, visit sleep number.com. tracy: welcome back. >> back in the black sox pushing higher on solid earnings dropping jobless claims the dow was up 89 points of this moment moving back to the 15,000 level. coming up oneebig money manager says this time might be right to start looking for the exit. tracy: whole values rise at a slower pace what does it

mean for housing and the trouble spots around the country? ashley: the amazon revolution the bookseller has reinvented itself but it is running out of time to prove it can deliver big profits. our guest will be here soon to look at it after the bell results. tracy: we have nicole petallides add chicago mercantile exchange. >> matching the big board for the moment we have the up arrows all day long and pushing session highs close at 90 points. 14,762 also the nasdaq and the s&p getting close at the 1% mark. but that up volume 304 million pushes the down volume so it shows how we really are gaining across the board with so many winners. but look at to names.

that exxon and three am under pressure. quarterly profit rose slightly they did have high earnings but here it is to the downside. then there is 3m to cut the full year view and as a result we have watched them as a global company conglomerate industrials excuse me down 2.5%. that is shaving off 20 dow points. but that is so we're looking at with a lot of up tarots. back to you. ashley: our next guest manages nearly $2 billion in and says this is a critical time for the markets advising clients to stop looking for the exit. the president and ceo of philadelphia trust company joins me now. you are a little cautious. what could trigger --

trigger a big headlines and the pitcher? we have a drop of claims overall, economic fundamentals have not reflected in the market but what will trigger a wave of selling in your mind? >> the market is fundamentally divorced from the economy. worldwide day have china and u.s. and the numbers are not good. it is engineered by the fed and the world monetary authority to give as paper money that finds its way into the market. that is the only place to invest. if that is a reason not to invest i don't know what else is. the fit is the only place i want to stay away. ashley: as long as the fed buys the bonds why would you be out? we're keeping it flooded. >> i am not out of the

market but volume there reluctantly because the fed is buying a your best decided they want to austerity the prime the pump so we have seen is the european stimulus is coming to do with the others have done which leads to a higher market price and just sing all engineered markets come to a bad ending and this one will as well. when? i don't know be careful. keep your eye on the exit and no wind and where to get out if you have to pull the plug. ashley: what is your strategy? have you stay close to the exit? >> you have to rotate of sectors better not performing into underperforming this will be the tide in to lift all votes. we rotated out of staples and sold procter and gamble gamble, colgate, clorox and we're looking at a few other staples and rotated into a technology stocks that were

out of favor. technology will be the lead story fourth quarter but we think this compelling metric there is better served by owning industrial and technology and energy rather than staples and discretionary. ashley: one type of gauge looking down the road project the guidance we have seen so far has not been that great? >> no. i don't think earnings are as important as they once were. there has been a reduction of share count. corporation has been buying back as much stock as they can get away with to reduce the share count making that comparison streaky. the revenue numbers are much more important and it hasn't been good this quarter and the market should be slowing down but it is in because of the world wide gluts of money.

ashley: you save united states is the switzerland of the 21st century. does that mean we are boring and neutral or the safe haven? >> i wish we are boringly neutral but we are the safe haven. when cypress began to happen we thought it would be bad for the market but i didn't think it would now come to the united states because we are perceived to be the best house in a bad neighborhood. now japanese and russian money and middle eastern money coming into our market. this is perceived to be the most stable -- stable market in the world was lower interest rates that will continue for some time. when it stops it will be ugly but the question is when? ashley: mike, thank you for joining us. tracy: breaking news across the bottom of your screen

where bloomberg has a press conference now confirming an earlier report that suspects of the boston marathon had planned to attack new york city. the commissioner also cited the fbi interview with the surviving suspect and then new york times square was possibly a the next target. now an issue that congressional leaders on both sides agree to find a way to stop the furlough of air traffic controllers causing massive delays at the nation's airports. rich edson still at reagan national airport with the latest. god love you. >> i haven't gone anywhere. i've never spend this much time in an airport and have not traveled anywhere but there are delays mounting as the faa predicted now there is pressure in congress to find funding to make sure there aren't any more air traffic controller for lowe's for the rest of this fiscal year. looking of flight delays the sequester they started with

the faa air traffic control towers on sunday 1149 delays that day according to the faa about 37% due to the furloughs according to the faa. on monday, and 2,660 and 45 percent was because of the furloughs and 51% yesterday nearly 30 percent of the nearly 3,000 delays because of the furloughs and you're getting pressure from travelers and airlines to save the sequester is costing them money. >> the situation is fraught with uncertainty we don't know what the faa will do on a daily basis. we don't know what cities will be impacted. it becomes impossible to predict. if it is as bad as the faa claims they will make it, and then it will cost each airline hundreds of

millions of dollars on an annual basis. >> republican still claim the faa has the authority to find 200 million from summer also the $16 billion budget to take care of the problem but the administration says the law does not allow them so they're going in circles but there is a movement in the senate to allow the dot to find $200 million summer in the budget to replace the sequester cuts to have fully staffed air traffic control towers. the thought is include the measure on a bill with the online sales tax. that could be passing to a year tomorrow but the problem is the house has certainly l level of opposition to the online sales tax bill to slow down any type of effort to deal with the faa furloughs. congress is out next week so we have to get this done quickly.

it seems unlikely to get it done soon but you never know. tracy: that same music has been playing all day while you have been reporting. god bless you. ashley: as he runs out the door screaming. tracy: and you hear it all day. ashley: does not make those travelers feel any better. amazon shares jumping ahead of quarterly results two hours from now. they are building a set top box to boost dreaming sales and we will break it down coming up. tracy: you will not believe this story. members of congress trying to get out of obamacare for their own personal health care needs. both parties are involved we will have details ahead. the first look at how oil is doing back up again to dollars $0.24. just above $93 a barrel.

we will be right back.

tracy: let's make some money and charles -- charles payne is there was the victory laps. >> just like the west virginia segment. my thought is cavallas. we had a great conversation did you see the earnings? all my goodness. $0.70 and beat by $0.11. the stock is simply to the roof. ashley: the economy is that bad people are just living in tents? tracy: buying goods? >> more than guns. then sales were up 20% which is unheard of in retail but fire arms and ammo they were

still up 9%. any retail that has reported that would not take 9 percent but on twitter today's somebody called the company that is neutral for adults. quite frankly i have never been in one. ashley: they are great. >> white river rafting and has everything. tracy: is this of play on the economical family vacation? what i like about these guys is gross margins are up everything is working out and soft goods and archery and food. tracy: what about cold? >> busting my chops hard because i called the bottom only for the sixth time. [laughter] i think i finally got a right. [laughter]

at 1.it was the 22% but that was one of the times are i've got to tell you when they reported i went through the numbers two or three times i thought i had them upside down. i am not sure. i am not sure why it is up but i will take the credit. tracy: charles payne. of. ashley: try one negative time to check on the markets with nicole petallides at chicago mercantile exchange. >> i was just doing some charting the some of the gold related stocks and we did see a sell-off from the ninth a big drop off and then back. the really is a great chart to show you making our way back here and one guy said

he bought all the gold stocks everything gold related because they were down so badly. look at some of the shares like newmont mining. these names are a down year to date we had a great year so far but newmont is down 25% but today it is up 2% but today they really have recouped some of the losses. ashley: the shine is coming back. tracy: home prices rising around the country but several major markets moving in the opposite direction. we will crunch numbers next. ashley: take a look at how the u.s. dollar is moving right now weaker against all the currencies. and the hero is up and the pound is getting some strength after the eight avoided the triple dip recession and. not by much. but a weaker day for the

dollar. we will be right back.

>> 20 minutes past the hour this is your fox news minutes and breaking news. new york mayor bloomberg confirming the boston

marathon bombing suspect had discussed times square as the next target. police commissioner in new york ray kelly says the to a suspect had a pressure cooker bomb and five pipe bombs they wanted to set off their. the suspect said they discussed setting them off in new york. the obama administration is accusing syria against rebels last month and chuck hegel said to select members u.s. intelligence community believes the syrian regime used chemical nerve agent syria denies using any chemical arms and the president and michelle obama in waco texas attending the memorial for those killed when the west texas fertilizer plant exploded. most of those dead were firefighters and is first responders. those here headlines. now back to tracy and ashley

ashley: one of the most popular deductions could be on the chopping block which is the mortgage interest deduction and peter barnes is on the story. >> the mortgage interest deduction is back on the cross hairs the house ways and means committee holding a hearing on whether and how to cut back with tax reform. worth 70 billions for 45 million homeowners the proposals and some in congress would reduce it by capping most itemized deductions particularly for wealthier families. also you can deduct the interest on mortgages up to $1 million but now the proposals are to cut that back at 500,000. others want to eliminate the deduction on second homes. this debate has realtors, home builders,

bankers fighting back warning any reduction of the interest tax break could hurt housing prices and the fragile housing market recovery but many lawmakers down like they want to preserve some kind of homeowner tax benefit for middle-class taxpayers at least. >> if you will close loopholes or bring equity to the system, somebody will get hurt. you can bring it just treatment under the code or say they have to pay more taxes, but your statement is based more on the political will to do what we have to do benefactor we cannot raise the money. >> one proposal to help middle-class tax payers to replace the deduction with a credit -- credit. ashley: thank you so much.

tracy: it doesn't seem like that housing recovery is under way but the values are starting to slow. it seems that the market is finding than natural level. that is what the ebb and flow is about? some where to find a natural level. >> right. so we do see the pace which is good because 6% is unsustainable long-term. tracy: 16 consecutive months of growth although slowing music that is good because that is where we get to the natural level and sees some normalcy? >> right. normally it returns three or

4 percent per year. so nationally 6%, that is okay in the immediate aftermath of the bottom hand we have seen that and a lot of markets have seen the bigger bounce mcafee necks or vegas or southern california. tracy: how are inventories and rent playing into the pitcher? >> inventory is a big part. inventory is down 17% and a lot of our kids is down 40% so there are more for sale sale, set last year and those constraints lead to a price by. look at what is causing it is negative equity where people cannot sell there homes because they're under water. tracy: renters are slowly going up will that make a difference? >> it is interesting. rent for the one year ending

march was up four point* 9%. that is a brisk appreciation of course, that is a higher appreciation rate which draws in the investor interest which clearly there is a demand in the rental market because there is more demand which pushes the rental rates up and that demand comes from unfortunately people being foreclosed and investors try to go to the owner occupied side with the increased demand. ashley: nephew of said to many investors and the market not to be a good thing. we put up a chart the best mature areas and four out of five or california. is that because it sells sofas -- that of the also far? >> it is a combination. said that is why we ceric brisk rebound in the other is california is nonjudicial foreclosure so they cleared

up the backlog much quicker than other states also california is attractive with retirees, a second home buyers and international buyers there's a lot of chinese buyers paying cash and that has helped the market bounced strongly. tracy: even with all the state taxes people are still coming to california. the worst metro area to your point* is to york, new jersey, a chicago one of the worst because of the way they handle foreclosures? >> exactly. with get york and illinois and florida there judicial foreclosures they have much longer pipelines that create uncertainty that is not keeping investors away and mainstream buyers. and a lot of the midwest markets like ohio and michigan and illinois don't have the same demand.

retirees and second home buyers like phoenix or florida or california. tracy: when does this level about to turn around? >> we think comprises will be half the rate to about 3% depreciation but there is a lot of artificiality with high negative equity and they will not be back to normal until 2016. tracy: comforting. thank you for that. ashley: another three years? coming up, congress thought obamacare was good enough for americans but apparently not good enough for them or their staff. gerri willis is on that story. tracy: but as we head to break, the dow was up 74 points. look at some of the winners and losers. we will be right back. ♪

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tracy: nine minutes to the close with said dow 30 verizon up top and general electric, wal-mart all the big names nice and clean so is nicole petallides at new york stock exchange. >> click of the market where you see all green across the screen all up tarots today continuing to the momentum even gold to the upside say you do see gains across the board but that goes to the downside but take a look at the name that is the zealots

that is ups. up 2.5% taken now with quarterly profit up six point* 9% with strong package results and also see international deliveries to help them in the near term they also saw some good moves post holidays so they are the winner to outpace fed ex this year in 2013 as well so it is a great performer today. tracy: what can brown do for you? ashley: the latest on options trading resumed last hour after almost a 3.five hour delay and sandra smith has the latest. >> trading has resumed the we took one options trader and ethics trader with real skid in the game. what is your reaction? >> it happens.

the market went down but more of the professional trades the market with the hedgers are using but there are other ways you kid use the dxx for the s&p the teachers themselves but everything is correlated so for a short time it was not a big deal but it was down if you have a major position not hedged up because most people haven't then you could have a problem but you have the other index to go to. >> but the outage like that 3.five hours up the largest options exchange in the country? what does that mean for business? >> is of black guy a little bit but with traders we have been through this before with exchanges could down it will resolve itself and trading will resume back to normal. >> trading right now crude-oil up more in the several days the biggest increase we have seen what

is going on? >> that was like a squeeze they got them and look for $95 at the top deck through the oil will go lower. >> verizon 295 first and? >> if it gets to 95 with a short squeeze with the refineries but i am looking to be a seller but 95 for sure i am in the game. >> we have to leave it there one thing to note the weather down here a lot of forecast for what warmer weather headed into the driving season with a road trip seasonally we will see this bike of oil and -- gas and oil. ashley: he is hedging the fed to. [laughter] trying to figure that out.

lawmakers of both sides holding secret meetings to avoid a way to exempt themselves and their aides from part of obama as health care law. gerri willis is shakiig her head now. what in god's name? honestly. >> that is everybody's reaction today. shock, appalling, are you kidding? ashley: are they denying it? >> it is clear because john painter said he would do anything to protect anybody from becoming a part of obamacare this is the first time you see john major and harry reid to agree. [laughter] tables when keep the staff of obamacare. chuck grassley when obamacare was a lot going to the house and senate slipped in language to make it a requirement to participate

in obamacare. people have been worried about this for ever and they say and i am quoting they're worried about the young people being people the makeover salaries cannot afford it and in fact, according to a story on ford's today they were fearing a brain drain on capitol hill. [laughter] tracy: because the health care plan? >> younger people would not work on capitol hill because they cannot afford to be a part of the obamacare coverage. tracy: that is the rationale? >> the rationale they used -- did much to be a part of a but this is what they say. tracy: what happens? will they secretly get rid of it? >> now it is not so secret. ashley: like nancy pelosi saying no no, it is the same for all. >> grin and bear it. this is from john banners

spokes man is to save the entire country from the ravages of the health care lawyers approached daily including members of congress and staff who went to be freed from the mandate. of the speaker has the opportunity to save. tracy: from obamacare or anyone from obamacare, he will. >> the next time you open up the webster to hypocrisy. >> for both sides but the republicans do not support it. it is the democrats who pushed it. >> now fair enough but we did not support it will lead people involved but forget the rest of you? >> there is a double standard and that is what people are talking about. congress, administration, ev erybody says we don't want to be on obamacare but the little people it is okay. ashley: are you talking about this? >> we will discuss it. we have great stuff coming up. we will show way to get

college education at a cheaper price. we talk about the escalating price the one company out there with the way to hook into great educational opportunities that low-cost. ashley: don't forget do not miss the oil report 6:00 p.m. eastern on fox business. >> notorious downloading a service we have a the details and amazon working on the set top box and we weigh in on that after the bill results coming up the first look at the treasury's. we will be right back. this is america.

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ashley: it is estimated that pirates download is illegal films every year and that is where the next hollywood controversy begins. dennis neal has the story. >> file this under sleeping with the enemy. another film has struck with a marketing deal with i a website that makes software that allows millions of

users to track down online movies that allows the high-speed downloads by grabbing snippets of different copies and that is our guide avoided from being shut down like nasser. now a small distributor of that in the film arthur newman tells the tale of former pro golfer and fedex employe who fakes his own death. the film opens tomorrow the opening seven minutes run first free of charge on bit torrent even the others get ripped off it says it is against online piracy and cannot be held responsible for the illegal content that the user's end up downloading but it that has reported that hollywood is hot and bothered that it is a deal with the devil.

bus and a dime is being used as the pawn but it has 170 million users for the most of never would have used the film you cannot stop the process and the reds you have to a surface that is why there is a sarcastic simile saying'' mack blaming bit torrent for piracy is like blaming the highway for drunk drivers. ashley: what an analogy. >> anyone but yourself is the freeways of. tracy: it is time for stocks at the floor of new york stock exchange. keith, this is like the most hated rally ever. nobody wants to believe in it or get involved. how complex been approaching call type -- all-time highs with anything comes and

chartered territory people are grappling with what will happen next but there is reason for concern and we have said for a long time the markets and any asset class even though they have been sold off trading with the artificial high with stimulus money from the central banks around the globe. that has cause for concern right now we trade on a technical levels and pushed higher and earnings have not been bad but have not been great to right now everybody buys and enjoys the party. tracy: so many people say they are nervous but yet you would have missed a vague right. >> however we have very limited upside so the risk is to the down sides of i was playing with many i would take off the table to play with house money so to speak to the downside risk is much higher than anything you'll miss on the upside.

tracy: thank you for the warning. ashley: we heard that earlier stayed near the exit >> expectations after the bill results we will find out what our next guest is looking for but look at the winners and losers on the nasdaq rise in the autumn of automotive we will be right back. @

may really said this year and amazon reported and managing director of technology analyst dan thank you for being here. amazon is legendary for their earnings report to miss estimates by 25 percent and it is a maverick but it should be backed. >> it is of lobar about three tenths of 1 penny of the income for every dollar of revenue. about 16 billion in revenue it is essentially run at break-even.

>> because it is then a major investment cycle it is looking down the road because of that exploring many different areas. >> the thought is amazon is taking over retail cody at the capitalization amazon is 25 billion they will be just as big as wal-mart so there is much left in the stock but they're not making any money and that leverage tasks to come to look at the analyst model people modeling $10 a share that may or may not have been because they had shipping losses and the new expenses. ashley: is a set top box going to be a huge revenue generator? >> more initiative to capture households and data. if you think of books and

music and movies it can sell the physical goods online but they're all being digitized said who was the leader of digital books? amazon kendall. apple has a music what about movies? that is keflex arguably so they have do chase after the digital streams to capture the market. ashley: internet sales tax amazon says it supports it because it is inevitable? >> whether it is inevitable or not they do say they supported they are able to collect data would be losing a the price advantage even if they say it is not meaningful it is a price advantage for them but reality is with there prime program they try to lock you into the ecosystem with cuts for service and satisfaction and today delivery i am a heavy prime user they make

it easy to buy things on their site. ashley: would be looking for today? >> not just the numbers but the june quarter guidance because ebay talked about europe not rebounding so let's see what amazon says is that a similar story with european weakness or if they are not seeing that plus we would like some metrics what they're doing with amazon candle sales this company is probably one of the worst giving part numbers if you are investing paying 192 pp you would think there would give you more data. ashley: what street doesn't seem to care to give a pass. >> they certainly have because he is building good businesses but the expectation is the earnings will start to come if you look at the forecast of the december quarter.

let's see if that materializes. >> to put out the original content is a trend. >> it is not going away it is an expense to chase after they let the users go and vote you can streamline the candle tablet i do love it they know who i am they show me ads on might amazon can do all the time that is another revenue stream. >> keep there right here for complete coverage of the earnings after the of the all just over one hour from now. tracy: they usually report on the nose. change your flight is getting more expensive because it isn't expensive be enough.

grazing fees for changing a ticket. an increase of $50. internationally? $300. but travelers are responsible for paying the difference even if they switch to a more expensive flight. the fees for tickets and baggage is a major source of revenue. time will tell if the others follow suit they are ripping you off. ashley: southwest still doesn't charge you. tracy: i wish there would go to europe. ashley: is claiming takes you to the last of trading satin damask to the most respected ceos the companies have a combined market cap of almost $11 billion. one of them just released earnings and we will say what they suggest of the overall health of the economy. keep it here. [ male announcer $3.95 a trade.

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liz: ceo matchup. two of the most respected chief stopped by to talk earnings. do they believe the economy is coming back? earnings. period amazon reports after the bell. are the wealthy wiser than the rest of us? we will tell you what the smartest people in the nation do for a living. "countdown to the closing bell" begins right now. ♪ liz: good afternoon, everybody. i am liz claman. it is the last hour of trading. we are still up. that is important to point out. among the pieces of news that are now headlines is that the