bounds. ask your doctor about cialis for daily use lori: forcing buyers off the fence. and a 30-tablet free trial. mortgage rates climbing to levels not seen in about two years. >> had we have all been there everybody has different ideas, goals, appetite for risk. you can't say 'one size fits all'. taking in unpaid internships to get your foot in the door but did you ever think about suing it doesn't. that's crazy. we're all totally different. the people who gave you that ishares core. internship?çó etf builng blocks for your personalized portfolio.rent. john stossel with choice words for the fed up in turn taking find out why 9 out of 10 large professional investors their office grievances to choose ishares for their etfs. ishares by blackrock. court. call 1-800-ishares for a prospectus, which includes another positive day on the dow. investment objectives, risks, charges and expenses. nicole petallides on the floor of the new york stock exchange. read and consider it carefully before investing. we are in the green, will we stay there? risk includes possible loss of principal. nicole: so far so good. just take it for what it is. a couple of things worth noting. adam: acting irs commissioner danny werfel testifying before congress this morning saying his monthlong investigation did not find any intentional wrongdoing at the tax agency. rich edson is on capitol hill with the details, and they're helping to get the wind back for not buying that, are they, rich? the market. >> reporter: they are not.

that did not go over well, adam, at least among the republicans on the house ways and means to answer your question, to be committee. this is the report right here, pretty hard, any headline could about 350 pages. it's really a status update. it's not a complete report. be a market moving event. a number of republicans were every sector has a barrows, expecting more from the internal revenue service and, basically, financials, stables are doing what the irs is saying in this well. some names trading on the move. report is that there was targeting of conservative groups, just wasn't on purpose. dish network, trading layer. dish network has bowed out in >> while fact gathering is still ongoing, we have not found the bid for clear way her. evidence of intentional wrongdoing by anyone at the irs --dash or involvement in these matters has hit a 52-week high. by anyone outside of the irs. clear wire is at a new high. >> reporter: republicans want more. they want more investigations of lois lerner, that's the head of exempt organizations at the time when the exempt organizations lori: major averages extending division was targeting conservative groups, holding up their applications for gains for a third straight day this afternoon and main regional tax-exempt status. and so republicans are basically saying what the irs is doing is fed presidents and governors saying chairman bernanke dragging its feet on this comments were not necessarily a investigation and withholding green light for tapering. information. >> and to the extent that there feeling this week's jump on the market. is a notion and a concern that

a real honor having you join us there's overredaction, that's something that we need -- we had >> thank you for inviting >> over-- this is junk. me, lori. this is junk. this has no meaning. lori: what is your take >> it might be junk, but it attempting a coordinated cooling might be sensitive taxpayer information. >> it's not! we know it's not. of volatility, is it working? and you're hiding behind it, and i'm telling you, i'm putting you >> they actually increase volatility last week. on notice. we had a huge selloff. this committee intends to uphold the 1998 act, and we're going to if you look at may, the market follow through on it to make sure that the irs is forthcoming and not creating a bunch of nonsense hiding behind fell 6.5%, they did not accomplish what they set out to do. bureaucratic double talk. >> reporter: acting they sent mixed signals. that was the problem. commissioner werfel promises it was ambiguous. he'll be back before that committee. the committee is looking forward to it. back to you. they should stick to their initial forecast if unemployment adam: rich edson in washington, is at 6.5%, that is where they d.c., thank you, rich. will stop qe3. tracy: i love that. this is junk! that's what i say to my kids just about every day. lori: do you think the core of all right, it's quarter past the hour. time to check on the markets, fed officials be heard today and nicole petallides still on the yesterday's damage control set forth by ben bernanke, because floor of the new york stock exchange. dow's hanging in, gold not so that is what you just said, the much. >> reporter: it sure is, and ambiguity they just put out. the dow jones industrials still over a hundred points to the >> exactly. upside, so keeping that alive at

they saw the damage that was least for a few days here on wall street. let's take a look at dish done, up over 250, the stock networks, this name in particular hitting a multiyear market sold off in a hurry, but high on the news here about dish can, clearwirr and sprint. i don't think they can take it so quickly. so dish network early this morning announced that it had if you look at the employment withdrawn its offer for figures, we only added 1.6 million jobs year-over-year clearwire. there was a rival bid from in the last 12 months and still sprint nextel that came in that had surpassed that of dish 4 million jobs from the peak in 2008. network, and so dish's bid of you also saw the gdp revision yesterday. $4.40, remember, we talked about down from 2.4 down to 1.8%. sprint bid $5, this is for the part that sprint doesn't already own, and as a result, you're it is barely above stall speed. seeing dish hit this multiyear high as we noted. the consumer, if you take there it is, up 3% at the nominal gdp, personal income moment. back to you. tracy: nicole, she you in 15 only growing 2.75% so real wages minutes. adam: good news on housing, labor and american spending. are actually negative, 70% of how will that impact the fed's plans to start tapering? the economy is driven by consumption. consumers don't have money, they raymond james' economist scott are in trouble. brown weighs in next. tracy: but, first, as we head out to break, your dow's up 104 adam: so what does this all mean for your market outlook? points. take a look at how the dollar is moving and, again, gold hanging impressive gains already this

year, but now that we have had out near that 1200 mark. we'll be right back. the economic data revised lower, the next jobs report, what does it mean? it expects the fed will continue this evening. >> if you look at corporate earnings the s&p estimate 109, that is unrealistic. i am using 104, which is 7% but in the multiple at 15.4 times historic medians, so there is still room on the upside. the bottom line is large-cap stocks systematically cheap. the problem is the small and mid-cap stocks are selling at 19 times expected earnings. as a whole, they are well picked over. lori: 23 and .5% gained so far

this year, why do you like the stock and why do you think it has room to run? >> the earnings are starting to accelerate for the first time. the inflection point that ends on june 30, next year they can do approximately $3.75. about $10 plus per share in cash backing out, even stock-based comp at 12 tv. i peer multiple bases 10 and a half multiple, a chemical and physical-based deposition because of the acquisition to balance and as we move from 28 nano to 20, there's a sweet spot in terms of semi conducting equipment. lori: thank you for your time, sir. >> thank you, lori. adam: a lot of people still like old despite the cool down. phil flynn of price futures

group in the trading pits of the cme. can you make any cases as why somebody would want to buy gold? phil: the number a lot of traders don't believe, some do, but that is the nominal cost of production, $1200 per ounce. the market still looks very weak. trying to get up off of the mat, right now to looks like they have stopped the fight. gold has started to fade again, they are trying to bottom but what is disturbing, the bond yields have gone back down after the fed and the stocks are going up, they seem to gain the ground right now. bill disturbing, you can argue a lot of things but short-term still looking a little woozy. the other area is natural gas, oh, my goodness. didn't we forget about summer? there was no summer. that is the problem.

natural gas above the five-year average coming in even higher than the average estimates. when you get a number like that it puts some weight on it. adam: thank you very much. he will talk to peter schiff, he will join us to alk about why he is still pro-gold. lori: acting irs commissioner appearing before the house ways and means committee reporting his findings in the audit of the tax committee. rich edson with more details. rich: 350 pages charging a path forward at the irs, the contents of this are inconsistent. nothing to target people, targeting happened with >> twenty minutes past the hour, conservative organizations but hi, everybody, i'm jamie colby. says it is not on purpose. a federal grand jury returning a

way comes this investigation, 30-count indictment against there is still a long ways to boston marathoner suspect joe go, a lot of work to be done because investigations like this, he says, take time. car tsarnaev. >> we have to follow the rule of you'll recall in april three law and procedures. people were killed, more than >> wouldn't it have been great, 260 injured in two explosions near the marathon finish line. if i can finish. a epartment of justice news >> let him answer. conference expected to begin at 3 p.m. eastern, that'll be from >> you're not conducting boston. keep it on fox. former new england patriot interviews, no answers to the key questions. in your report you declare there aaron hernandez back in court for a bail hearing -- still in is no evidence of intentional court, in fact, and yesterday he wrongdoing admitted conduct on was charged with first the part of the irs, no evidence murder in the june 17th death of of intentional wrongdoing. odon lloyd. his attorneys argue he should be this report is a sham. released on bail. and in south africa, one of nelson mandela's daughters is saying his health did improve >> he says he will be updating overnight, but he's still in the committee as the irs critical condition. the 94-year-old hospitalized investigation continues. one issue that came out with the with a recurrent lung infection. democrats saying the irs is those are your latest headlines, telling them they were progressive groups, liberal i'm jamie colby with, i'll end groups as a part of this.

it back to adam and trace a si. the difference is talking to the inspector general's office, they adam: you have a good rest of say they were a numbe congressil your afternoon. we're watching pending home sales in may because they surged to the highest level in more groups put on the lookout list, than six years. are people jumping in because somewhat looked out for were not mortgage rates are on the rise? want to bring in raymond james' targeted to the extent of conservative organizations put chief economist, scott brown, to in an entirely separate category talk about that, but also how sequestered from the rest of the you can make some money in what process. all this ongoing right now. could still be a down month for june on the dow. probably beyond a full day's let's talk about housing first. you believe that people have hearings when you consider as misinterpreted the forward many hearings as we have had in guidance from the fed. the irs in the past month. in fact, one of your notes actually says that investors have often confused the fed's lori: pivot for us the latest on student loan rates, the rates stated quantitative thresholds. in english, if i want to buy a house, is now the time to do it, are set to double very soon. or do i have time to wait? >> a number of plans are out >> i think it's an excellent time to buy a home. you're seeing home prices there, the house is passing a improving in most areas ott plan, no tax forward right now country. mortgage rates, even though they're higher, are still very, to prevent this from happening. the one bipartisan plan they very low by historical standards. i think we've definitely turned the corner there. have put together, said the one thing we do really need leadership says the way it is to see to sort of solidify that written is a no go for the longer term trend in recovery in senate. the housing sector is

no way republicans will sign off on that plan, so as it stands improvement in the job market. we're adding, you know, enough jobs over the last several months, you know, to support student rates are set to double. that, but we really want to see what they did last year was make much better gains in the months the lower rate retroactive so ahead. adam: here's why i enjoyed reading your research notes, because when mr. bernanke made they can go back and do this and change this. the deadline is july 1 not as if his comments and everyone was freaking and we saw the selloff, they can't do this later. what it seems people missed was it is a problem llter in the the revision to future gdp for summer and the loans start going up. 2013 which actually is now lori: thank you so much, rich saying will be worse than first edson. thought which a lot of people who got it right, i think, said no be slowing down on, you know, adam: you talk about interest monetary policy. but even if they slow down, it's rates, when you talk about not a tightening. interest rates owin going up, pe explain to me why this market taking a mortgage they want to overreacted to the fed. say wtf, what the fed. >> well, i'm not -- it's not clear why the market overreacted. i thought fed chairman bernanke 4.5%. the fallout for home buyers and was chris call clear in his builders. we will make money with charles press -- crystal clear in his payne next. press briefing. lori: and is he or is he not the you can view the transcript, go over it in detail. moscow airport? there was really no change at the latest on edward snowden. all in monetary policy. adam: and take a look at metals

all the fed chairman was doing was explaining the fed's decision process. as we had to break. and this week you're seeing a lot of the fed officials, some gold is still trading down. of the district bank presidents and maybe a couple of the governors now all going out and singing from the same age of the hymnal, and they all have the same message about the fed's monetary policy. one is that, you know, there really wasn't any change in monetary policy last week, you know, this was the view all along that any sort of tapering in the months ahead is going to be data dependent, right? the economy starts to slow down, a bit weaker than expected, that tapering date gets pushed out. the second is that tapering is not tightening, even if the fed slows the rate of asset purchases, it's still going to be adding monetary policy accommodations. and the third important thing was the long-term rates, not really expected to rise really until 2018. adam: let's talk about how an average joe like myself make decisions about investing. we're watching what some people

call a rational exuberance with the dow. we could still have our first down month for 2013, even though we're up today. it's really about, for instance, revenue. we're going to find out what's happening with companies in their second quarter earnings, and are you optimistic the revenue growth is going to be there to sustain future growth on the dow or the s&p 500? >> well, i think we're going to see continued growth in earnings. i suspect it's going to still be based a lot more probably on cost containment rather than top line growth. you're not really seeing much growth in the rest of the world right now. adam: that would be a problem, that would signal a problem -- >> a lot of our earnings come from overseas. yeah, that is a problem, but we don't expect the global economy to stay weak forever. so, you know, we anticipate it is going to pick up probably more later this year and into next year. but we don't see it being especially strong. so the earnings outlook may be with a little bit dicey in the near term, but there's that emphasis on firms doing a lot more with the same amount of

people. adam: all right. scott brown, chief economist from raymond james, we appreciate you joining us on "markets now." a good rest of this thursday afternoon to you. >> thhnk you. tracy: all right. well, coming up yet another government fund on the brink of insolvency. shouldn't surprise anybody. we're going the tell you what it is and why it's being totally bled dry. adam: also, as we head to break take a look who's winning today, and then we're going to show you who's losing. ♪ ♪ friday night, buddy.

adam: it is time to make some money with charles payne. he is here to talk about the surgeon home borrowing cost and the gains in homebuilder stocks. >> we learn signed contracts are at a six year high right now, kb homes this morning, when our earlier this week. when he said that so far rising interest rates haven't had an impact on their business. but we do also have applications that were out the most recent application data refinancing down to the lowest levels in 2011 but do your point purchases were up 2%, up 16% year-over-year. historically these are still relativell low borrowing rates. lori: and i think they will stay low if you don't mind me interrupting. that is where we are at right now? you are gonna need a wingman. and my cash back keeps the party going. race back down, you cap is not so great, we have the downward but my aline mes take it worldwide. revision. [ male announcer ] it shouldn't be this hard.

with creditcards.com, , it's ey to search hundreds of cards people wondering about getting off the fence, it is motivating and apply online. them to get into the market and with that volume of wires coming creditcards.com. into the market, that alone. >> i agree with you, lot thinking they're going to hit the bottom and when they start to see it go up, hi a sense of urgency letting them get in. they will say i just missed it, chalking it up to maybe next time. adam: just last week 3.9%, now it is at four and a half. won't that scare people away and bring about the drop you are talking about? >> it is still cheap historically, and people who thought they would pick the bottom say okay, it will not get any lower. let's just give an example, $200,000 mortgage 3.35%, 4.46% which is the new $11,008 per month.

that means a lot to a lot of people, so if you have been something of a fence sitter, you may want to get in there. the homebuilders are holding up there. key indexes that you could watch as something of a barometer, if you will, it has like williams-sonoma, timber pedis. for ththeir family. that's why created the honest company. the guys who do well when people buy new homes, the u.s. i was just a concerned mom, with a crazy dream. a wish that there was a company that i couldely on, construction, mostly all homebuilders and the dynamic that did all of the hard work for me. building construction which is a i'm jessica alba, mix. and thhonest company was my dream. [ male announcer ] legalzoom lori: love it, sorts of great has helped a million businesses ideas. successfully get started, including jessica's. launch your dream at legalzoom today. call us. we're here to help. >> the idea of a fed is to get the housing market going, they will not do anything different for a long time. lori: it is time to check the market, backed in a call on the

new york stock exchange. nicole: we are watching some names on the move. one name where watching closely after their loss sharply narrowed. upper half of 1%, when you think of recreational vehicles, down one quarter of 1%, despite the fact we do have higher demand they have noted, quarterly profit on the rise but still under pressure down one third of 1% and conagra known for so much of the food we know, came out with a long-term outlook, so that was good news. there are some longer-term charts right now. lori: thank you, nicole. we do have breaking news. federal reserve announcing rules to boost requirement for u.s. banks during an open meeting coming up on tuesday city move is the latest effort to make

sure the banking system is more resilient if and when we have another financial crisis. you can bet the banks will be watching this one. so far most are gaining in this otherwise broad rally. adam: the world is watching mr. snowden. more on the worldwide demand, where in the world is edward snowden? president obama saying he is not getting personally involved because he expects other countries to abide by internationalmc9 law. the president emphasized he does not plan to go to great lengths to capture snowden saying "i'm not going to go scrambling jets to get a 29-year-old hacker." it remains sheltered in moscow and he says he still has other unreleased nsa documents in his possession. lori: shouldn't take it so

lightly. adam: we can kidnap him and he can be tried doesn't matter how he gets here, once you are here you can still be tried. lori: no pay, but lots of experience. part of the deal when it comes to internship. those suing their former employer. adam: john stossel will come up next with a message for those people. and a shout out to isabella rivera. we will be right back. friday night, buddy.

you are gonna need a wingman. and my cash back keeps the 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 anapply online. creditcards.com.

speaker hi, everybody, this is your fox news minute. first to south africa were once of nelson mandela's daughter says his health improved overnight but he is still in critical condition. the 94-year-old and della instituted with a lung infection. president obama will be in south africa tomorrow.

there is a new arrest in the murder case involving former nfl player aaron hernandez. officials have arrested a 24-year-old carlos ortiz. aaron hernandez is charged with murder. he is pleading not guilty. and in beijing the american ceo held hostage for six days by chinese factory workers is free. she was held captive in a dispute over severance pay when he moved jobs from china to india. he was released after paying 100 workers two months salaries at a cost of about $300,000. those are your latest headlines, back to lori and adam. great to see you guys. lori: likewise. adam: weeks after a federal judge ruled the unpaid interns should have been paid for their work on the movie "black swan" the similar case has been filed

against gawker. but making full-time offers to over 55% of their interns this year, does it really make a difference if an internship is paid or not paid? john stossel is fired up on this one. a lot of people are fired up on this one. what is your take here? >> freedom of contract. if you make a deal with some employer, what business is it, you're not being forced to work there. i built my career with interns. i went to cbs, we had to do more research. think we are made of money? said cap i approach some colleges? the colleges were eager to give their students experience and a student is afterward often would say i learned much more working for you then in college and i did not even have to pay you tuition. lori: the question for me is it

is your choice to work at a particular company but you are entitled to feel safe and harassment free at the place you are spending your time at. >> safe and harassment free is a separate issue, you can harass paid employees to. we don't have to work for the company, we have choices in america. if you have a reputation for treating people badly, they will lose good employees. lori: isn't that the definition of harassment? the ripple effect of the reputation as a complainer? i know we're talking about getting paid and i've taken it on little bit of a different direction, but that is what i think about on whether an internship should be paid or nod intern, do you lose worker rights? that is what i think this case might be touching on.

adam: is thei there an argumente made that companies exploit the free labor and don't hire people full-time? or is that just not real? >> any argument is legitimate and certainly if they don't the intern work or make them work 1 million hours and feel bad about themselves you can call that exploitation. but still the intern's choice, he is not forced to work there. why is everything the government's business? the obama labor department has come up with a list of standards which the court followed, what is the intern cannot be useful. adam: it has to impede the business. what are the ramifications for college students? they cut in half the number of interns they took in. >> we better start paying $10 per hour and they cut the number in half that they employed. have as many people got the

opportunity. they tend to go to privileged people, rich kids of rich people who can afford to work for nothing and that is unfair. lori: i the nepotism comes in there. adam: john stossel, thaak you very much. lori: thank you for indulging me. adam: you can catch john tonight on fox business. lori: dropped again, latest brand to part with paula deen. adam: and for how much longer will the gold meltdown last? peter schiff is just ahead on why he is sticking to his bullish strategy and gold guns. lori: and a bendable tv. the latest innovation from samsung and how much it will cost you a head. adam: who is up and who is down on the dow. [ male announcer ] the mercedes-benz

it didn't have the customers or controls in place to put back the cash that they intended to bar, which they did from their customers to know which is not illegal. tracy: right. >> reporter: they put it back, and that is the story. tracy: and you will keep falling in again on the phone with those guys and give us some answers because the whole thing now is really fuzzy. thank you for running down here. summer event is here. now get the unmistakable thrill and thincredible rush coming up, our special reports of the mercedes-benz you've always wanted. small business bigger ideas. ♪ was to start his own business. [ tires screech ] but you better get here fast. you will hear a story next. [ girl ] hey, daddy's here. here you go, honey. thank you. ♪ i want to make things more secure. [ male announcer ] because a good thing like this won't last forever. mmm. [ whirring ] [ dog barks ] [ male announcer ] see your authorized dealefor an i want to treat mo dogs. incredible offeon the exhilarating c250 sport sedan. ♪ our business needs more cases. t hurry. offers end soon. [ male announcer ] where do u want to take your siness? i need help selling a a. [ male announcer ] from broadband to web hosting incredible offeon the exhilarating c250 sport sedan. the math of retirement isifferent today.wk. to mobile apps, small business solutions from at&t money has to last longer. i don't want to pour over pie charts all day. have the security you need to get you there.

call us. want to travel, and i want the income to do it. we can show you how at&t solutions ishares incomes etfs. low cost and diversified. can help you what you do... even better. ♪ find out why nine out of ten large professional investors chooishares by blackrock.etfs. call 1-800-ishares for prospectus, which includes investment objectives, risk charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. adam: breaking news, department of justice says a federal grand jury has returned 30 count indictment of boston marathon suspect including charges for use of weapons of mass destruction and killing four people. the department of justice news conference expected to take place at 3:00 p.m. eastern time taking place in the city of austin. lori: thanks, adam. let's get you updated on the market. it is back the floor of the new york stock exchange and our own nicole petallides.

watching some tech names for us. nicole: i am indeed. every sector has up arrows. we're watching facebook of course up to.5%. microsoft in the thick of the developers conference, with an ♪ up arrow helping the dow. >> reporter: i'm dennis kneale seagate up 5%, yahoo and name with your fox business brief. delta air lines, they u.s. that has turned it around since regulators a $780,000 fine for bumping passengers from oversold marissa mayer has taken ittover and today continues the option for lunch with her. sites without compensating them. find back in 2009 for a similar close to $95,000 at this point, and we're watching cd w, an ipo violation, always complains. shares of c.w. jumping and the priced at the lower end of the company's badass debut. range now working in their favor rates almost $400 million of because it is on the buy side. initial public offering. they say the offering of just over 23 million shares was lori: thank you very much, priced as $17 per share, the low nicole. adam: gold is down after the metal plunged gold to the lowest level in almost three years, but end of the expected range. apple looking to take a bite out how much will the down last? of russia. the textile and lawson -- let's bring in peter schiff for watching his first thought was sort. reaction. they can buy apple products

gold is almost at the $1200 directly from apple. mark, which we asked phil flynn yet to order brick and mortar store in the country, and that is the latest from fox business, giving you the power to prosper. saying the nominal cost of ♪ production, that would be a real problem if that happened. we have seen a pickup in the drop of gold, can you explain why we're seeing this selloff? >> i think you have a lot of speculators selling gold. how much more downward treasure can exert. what i do know is the price cannot stay down here. if one reason you just mentioned the cost of production, most of the world's mind cannot even produce gold for $1200 per ounce. a commodity cannot stay for long below the cost of production because he will not have any supply and that will take care of price because the supply goes away, the cost has to go up. adam: what are they said the monetary policy not only in the united states but in japan is going to bring about the kind of inflation or you need something like gold to protect yourself? that inflation hasn't even

appeared in the united states, nor will it. you would disagree, but it looks like you are wrong. >> they are hiding behind these phony measures, telling us what the inflation is like the cpi or personal consumption expenditure. but the definition is an expansion in the money supply, ♪ that is literally what it means. the money supply and money adam: the dow up 121 points. credit is being inflated. want to go to the new york stock the fed is not acknowledging nor exchange and check in with martin. you pointed out that volume is the government to the extent kind of light. consumer prices are in fact is there any other kind of rising in one of the reasons explanation as to why we are up they are not rising faster is strong today? >> well, it started as a because we have been able to export back to the trading character of the last couple of days. partners, that is one of the reasons the cost has gone up so will we have seen, a little bit of uniformity in the fed speak much. that finally leaves us to please gold companies that believe that tapering might be cannot mine gold, when it was off the table. and some stocks have been rallying on that. 300 they were able to mine it at dressy enough treasury yields a profit. have been backing off. over the last couple of weeks we have been seeing this correeation. how has the cause gone up so for now yields are down to about much in there was no inflation? the price of gold does not even reflected yet. two and a half%.

so we're starting to its see a adam: i have to tell you, prices notable back off since the fed in the united states the way i speak has come together reiterating what bernanke said and regular consumers would talk about inflation, prices have not in the first place which is that the economic data improving will come up. allow to bring to be for now it at the end of the day, the kind is full accommodation and we will continue to use qb. yields have been backing off as a result. that would prepare me to buy the last week we have seen a lot gold does not exist here in our of defenses lead from the market which is a little bit of a country, so make the case as to concern that coincides with of why i am wrong because i don't low volume that is the utilities think i am. have been leading consumer >> i talk to people all the staples, health care, utilities, as we all know, have been one of time, they tell me how much things are going up. the most -- worst performing sectors. prices are rising. it is interesting that it is seeing a little bit of a bounce adam: like what? coincided with that volume. people are afraid inflation. adam: all right. thank you very much. >> look at the price of oil >> my pleasure. tracy: and today small business today at $97 per barrel and big ideas segment complete rising. prices are rising and they are nutrition is a retailer that sells vitamins and other supplements but also offers going to rise a lot faster, and customers a different approach also what is driving gold down to reaching their health and is the idea that qe is going to fitness goals. from 19 stores to 178 stores in stop. just three years.

the fed is about to ramp it up because the phony recovery they president of complete nutrition created is about to evaporate. joining us now. so, how'd you guys differ from, ben bernanke as he always is is say, gmc and vitamin shops because i frequent the of -- wrong. the housing bubble he tried to both of those all the time. reflate is deflating. >> we will have to become a customer of ours. he said it already. is the education. in the nutrition business it is adam: i will be looking at revenue numbers in the second so confusing for people if they quarter, earning reports about don't have somebody that can to kick off. explain it to them. when you talk about inflation, we want to do that right there in the store. instead of just coming in for a product, we try to focus on the when you talk about money supply, they haven't actually put it out there. solution. if you came in to complete the it is sitting on a computer. attrition you would walk out not only with your product but an we have not seen the inflation exercise plan that would help that they worry about. you reach your goals, a diet it is not here. plan, we would talk to you about water intake, so it is really the solution. tracy: the time, but you are not >> the fed is buying 85 billion per month of treasuries and in my area which is probably why mortgages, where do you think that money is coming from? i am not in your store. it is by the federal reserve and just 35 states. how come? they will create even more and >> you know, we are midwest company and like to grow around the trading partners. areas that we already have a presence in. absorbing our inflation, the restarted here in nebraska and dollar will tank. continue to boom out. the northeast will be the next all this inflation we have been area, so we will make your

customer present. exporting will hit us. tracy: why franchise? adam: people who bought that why not just on an outright? philosophy got burned. >> franchise is such a better customer experience. we have people who have their they got burned on that philosophy which has been wrong lives on a line for the stores. you better believe, that since 2008. translates into an unbelievable >> the market is volatile. customer experience the music we have franchisees' working a four number 2008 gold dropped by 35% that are going to partner with in 2008, people said you were the customers and their truly going to care about results wrong to buy gold, then it versus just, you know, selling crippled in the next three the product. tracy: when you get to our area, years. look at what happened to the stock market in 2008, he did not are you offering financing? >> you know what, we don't do it tell people not to buy stocks and the stock market came back. personally, but we have partners that will offer financing. we have a good track record. financing has not been an issue if you go backs in 1870 bull market in gold, gold dropped by for us. 50% from 200 to 100. tracy: get stuff. the anti aging kick is a good and then it went up 850%. one. cannot get enough of that. apologized, breaking news, we're it does not mean people who own gold are wrong to cause it is out of time. a plea we will see you in the going down today. the people selling gold are the northeast soon. adam: another day and another company dropping. ones who are wrong and have been paula dean. wrong for a decade and are still details next. wrong. ♪ adam: i want to point out you are much more experienced in this than i am.

all the best to you, peter schiff. >> thank you for having me on. lori: target the most recent company to part with polity in. the food network so they will not renew their contract with paula deen. and novanordis also cut ties with paula deen. the 55-inch tv will sell in south korea for $13,000, which is more than five times the cost of an led tv of the same size. it uses an advanced display called oled. it gives you a sense of being immersed in the images. samsung will ship the tvs to overseas markets starting in july. adam: it is not the summer of love, charlie gasparino on the fears and what they're doing to

take action. lori: and w we're back at the new york stock exchange. the dow holding above 15,000. stay with us. [ male announcer ] if you suffer from a dry mouth

attention - americans living with limited mobility. what do you do when you can no longer get around like you used to? when you fear losing your independence? who do you call? call hoveround now, to see if you qualify for america's premier power chair. hi, i'm tom kruse, inventor and founder of hoveround. now you can do more, see more, enjoy life more. here's why hoveround makes it easier than any other power chair. hoveround is more maneuverable to get you through the tightest doors and hallways. then you'll know how uncomfortable it can be. more reliable. [ crickets chirping ] hoveround employees build your chair, deliver your but did you know that the lack of saliva chair, and will service your chair for as long as can also lead to tooth decay and bad breath? you own your chair. and most importantly, 9 out of 10 people got their [ exhales deeply ] [ male announcer ] well there is biotene. hoveround for little or no cost. specially formulatedith moisturizers and lubricants, call now for your free dvd and information kit. and now every hoveround comes with this tote bag biotene can provide soothing relief and cup holder for handy access to your favorite items. and it helps keep your mouth healthy, too. you don't really have to give up living because you [ applause ] don't have your legs. biotene -- for people who suffer from dry mouth. call now for your free consultation. and right now, get this limited edition hoveround america travel mug free with your hoveround delivery. call or log onto hoveround.com right now!

>> merck is selling the drug active pharmaceutical ingredients business to south africa for pharma care for $1 billion. including a portfolio of 11 drug adam: the latest company to brands. toyota plant unveil a hydrogen sever ties with celebrity brought paula dean as she admitted making racial slurs in powered sedan in november. the past. japanese automaker leader in brian message us with more on her future. fuel cell technology and is we the first major manufacturer >> good morning. target and joining the latest with a maximum offering in the segment. companies. high calorie sports drinks and calories can be a thing of the past for american schools. several companies that have now essentially ditched paula dean in the wake of this racial as soon as next year school vending machines and cap cafetes discrimination lawsuit that she is a part of. the essentially what happened, a former employee is suing her for will have healthy options. racial discrimination saying she making sure food sold during the used racial slurs in the school day is healthier by workplace. he is denying the allegations, restricting that, calories, sugar and sodium limits. but she has admitted to using racial slurs in the past. that is the latest on the that apparently has been enough to have a lot of these companies fox business network giving you dropper essentially. the power to prosper. the sponsorship with there. they receive prejudice, nine

other companies promising to continue to do business with her. and these companies that have dropped for all safe -- are facing a backlash of around. walmart, and tebow, and the food market -- food network to name a few are facing not only the repercussions of zambia, but the food chain can now say that they receive some many angry phone calls from people thinking that they are the food network that they have actually issued a statement saying it would be happy to work with paula dean. tracy: she might have resolved all a new gate. all right. countdown to the closing bell is next. home sales and home building a key. what kind of housing streak will continue? we will sit down with the chair in ceo in a fox business exclusive. the stock is actually up almost 100 percent over the last year. countdown to the closing bell is next. cheryl casone is with you. do not go anywhere. ♪

adam: we have penned a no ma'a m following the massive decline of prices, but fox business senior correspondent charlie gasparino here with the exclusive on that, and breaking news. charlie: we will find out who the employee is and what they will charge jon corzine with at 2:30. every indication i got following "new york times" report, we have been reporting that all along civil charges was the likely outcome. adam: you broke it. charlie: yes, we broke it. it will be around control issues, did he have the proper supervision, it is a story we did at fox business apparently two weeks after the implosion of mf global. did they have the systems

place to make everything ran right, if you had a liquidity crisis, the firm needed desperate cash, if you have a crisis like that you don't take the customer money or when you do borrow from the customer money, you put it back at some point that day. they did not have those controls obviously and that is the charge. lori: it is indeed civil charges. charlie: we know there was a criminal probe. lori: there is no trade issue, it is control issue. charlie: we should point out when the market smelled the bet and it was kind of risky, they worried about the leverage of the fund, how much he was borrowing. he had a rating agency issue and that is when people started

pulling money out of the fund. the market is very fearful following 2008. remember, they have a brokerage account of customers to buy commodities, that is where it got lost and a lot of people got most of their mooey back. these charges will reflect the lack of control issues. lori: breaking his item the federal reserve will start weighing capital reserve on the banks. in terms of liquidity and controls having the cash to back you up it is in terms of protection? >> that is a different issue. lori: explain why. >> here's the thing, you have cash, what you are supposed to use for your trades and if things go bad you can borrow from yourself. you have customer funds, you're supposed to when things get bad you pull your money out of your capital or borrow from a bank. you don't borrow froo your customers. ♪

you can, this is where it gets tricky. >> home prices are up. you have to put it back that day, it is what they have to do. so our home builders. stock up almost 100 percent of the last year. we sit down with the chairman and ceo and will ask when you're it is fascinating. we didn't have a debacle, housing when remain high. eighty-one exclusive. and fed members take on a rock following bernanke's star-like status as investors announcement that maybe someday and the media its rail their every move for hands on what the he will stop printing money. fed will do next. a couple of key pieces. the muni market in particular we will tell you what you missed got very bad. an what it means for your money. what i would describe people are experts say commercial travel will become a reality, but once very bad, what is interesting is in space how will you pay for staff? one firm, citigroup, stepped up and what if you see something to the plate. that is a better deal on mars? how about paypall galactic? we will explain. ordered in the office sources told the fox business network on "countdown to the closing bell" starts right now. sunday basically to work to ♪ provide liquidity because they know it will get bad. one of the big things they did was there was a leveraged fund cheryl: i'm cheryl casone in for that borrows a lot of money and liz claman. invests, if the prices go the it is the last hour of trading,

other way if it borrowed so and just a short time ago, the cftc, the commo much, it blows up. something like $310, that helps the market opened sunday. if you look at a chart of the publication follows pretty closely, i used to work there many years ago you could see the yields were going up, prices were going down all the way to sunday. the bond market has recovered so much at this point, still pretty bad, still pretty bloody, but this was a fairly deep decline in prices that sent funds liquidating and citigroup they benefited because they bought in at the press prices and they believe the prices would come back, like they have. it is pretty interesting, no one knew the muni bond market was this bad. if you don't in on sunday to work in the summer.

it is pretty bad. adam: don't forget july 1, we will talk about that tomorrow. as we do every 15 minutes, we want to check your investments. on the floor of the new york stock exchange. i had somebody asked me this morning is the correction over or will we do this all summer, up, down, up, down? >> i don't think the correction is over. the volume has been very light, if you look at what has led the market it is consumer staples, utilities, a lot of the defensive type sectors. financials, consumer discretionary's, some of the former leaders continue to lead. of course we have seen a lot of pressure from the precious metals affecting those stocks, utilities and materials so far the lag or for the last quarter. one day left so far, indices up,

basically equal for last couple of days gains but still down 1% for the month of june. adam: i don't know if you have been following the commodities, but gold down to $1208 per ounce. shouldn't we see more volume in stock. it will come equities? >> the volume has been low inequities over the last couple of years. gold has held off $30, still down right now almost 40% or so, giving up 40% of its entire rally since 2001. definitely has impacted a lot of the material stocks. adam: take you very much from the floor of the new york stock exchange. >> my pleasure. lori: taxpayer outrage. general motors expanding production in mexico. adam: take a look at some of the winners on the nasdaq.

lori: a couple of other news items that we wanted to bring to you. general motors headed for the border announced it will invest $691 million to expand its operations in mexico. as outlined in their plan, the automaker will spend $349 million on a new eight speed transmission factory and $131 million upgrading an existing one. $211 million used to build a new engine manufacturing plan. this move will undoubtedly raise someyebrows after americans spet nearly $50 billion bailing out the automaker in 2009. taxpayers have recovered 32 billion of the 49 and a half billion dollars spent.

adam: the argument used to be cheaper labor cost but when they went through bankruptcy, not anymore. they could have expanded here. speaking of carmakers, don't miss the 1:00 p.m. eastern hour of fox business on tuesday jul july 2 when we will examine the business of autos, an industry as of late has been revving up the economy. the latest monthly jobs data coming up on tuesday, july 2. lori: it is falling off a cliff. let's take a look at the price of gold, 1205 virtually owns. adam: when we started the hour gold was trading at $1224 per ounce. we kept being told the dangerous point was $1200. the did nominal cost for production for the minors.

tracy byrnes and myself will take you through the next hour of trading. coming up, david joy shares his picks for this wild market. it is all next on fox businesses "markets now."

trace: hi, welcome back, i'm tracy byrnes. adam: and i'm adam shapiro. the dow is trading at 113 points, back above 15,000. chief market strategist david joy says there are clear places to be in this market. gold is not one of them. his picks are coming up. tracy: looking at 12,000 pretty soon, right? looking for answers at the irs, the agency chief testifies about what he learned in his initial audit of the agency, and it really may surprise you. adam: gold at 1201, it's going to hit 1200. plus, new rules for big rigs,

truck drivers are about to see their schedules heavily regulated. trucking companies say it will slow down commerce in the united states of america. schneider's ceo christopher lofgren is our guest just ahead. tracy: time for stocks, as we do every 15 minutes, nicole pet petallides on the floor of the new york stock exchange. gold not so happy. >> reporter: right. there's a lot of things going on here today. we've had consecutive days of gains, however, we're near the end of the quarter where you may have down months, and we would break our streak of up arrows, but at the moment the dow jones industrials up about 110 points. at our highest point, we were up about 165 points. nonetheless, we're remaining to the upside, and the dow holds on to three-quarters of 1% gain. the tech-heavy nasdaq is up nearly a percent. let's take a look at some of the dow leaders here including names like pfizer which has talked about selling online viagra as well as working with that tender

offer, also boeing is looking good, up 2.25%, hewlett-packard up 3.3%. you mentioned gold, now below $1200 a troy ounce sitting at 1199 and change. one thing we should note we do have light volume. the treasury yield, 2.49%, and just going under that 2.5% did help stocks to bounce back a little bit. tracy: thanks, nicole. adam: gold is taking another hit after a major selloff yesterday sent the precious metal to a 34-month low. where do we to from here? broke $1200 an ounce, but we're back above it. jeff flock is in the pits of the cme. is it time to buy? >> reporter: time to buy something. i mean, i'm in the lean hogs pit right now. i'm going to tell you why in a moment, but let's lead with gold because, you're right, it just bounced back a little, just got back -- well, now back down

almost 1200 again. i'll tell you, i thought it had found a floor, but clearly it was a false one. same thing with silver. also was higher for much of the session today, now not so much. let's go, though, our senior editor charlie brady took a look at commodities this quarter. we're almost at the end of the quarter. commodities were literally crushed. take a look at the worst losers, and as you can guess, it is the metals. number one on the loser list, that's silver down 33% for the quarter. gold, down 22% for the quarter. yellow gold, that would be corn, that's also down 22% fumpt quarter -- for the quarter and lumber down 22% also. other losers, copper also a big loser, soybeans a big loser, nat gas, even the darling, nat gas, huge down today, down about 3% today and 7% for the year -- or for the quarter. oil also a loser. the only winners -- and that's

why i'm in the lean hogs pit, you see people settling up their deals, hogs up 8% on the quarter. that's the only two, one of only three commodities we're up. also feeder rough rice which is also traded in a pit outbeyond where we can see here but back in the ag room. they were the only winners on the quarter when it comes to commodities. a terrible quarter for commodity, guys. adam: all right, but someone's getting fat on pork. gold, again, down below $1200 an ounce, and we heard phil flynn last hour say that's the nominal cost of production, below that they can't even afford to mine it, and now 1197 for gold. tracy: let's turn to this market a little bit now. our next guest says we are at a point where good data becomes increasingly important and the fed less so, believe it or not. joining us now, david joy, ameriprise financial's chief market strategist.

thanks for being with us. first of all, the markets come back. was that the big old selloff we've been waiting for? >> well, there's a chance that that's correct. it seems as though the economic data lawsuitly has been better than expected -- lately has been better than expected, and that's provided a lift to the markets. and i think at least the knee jerk reaction to to the fed's inflection point, let's call it, seems to have fleshed out a lot of the scared money from the market. so we seem to have found a floor here. but we've run into resistance today around 1620 on the s&p. so we'll see. i expect we'll be in a little bit of a trading range for a while. tracy: so why then are you saying this good data is way more important than the fed? it seems to me this market moves any word from the fed sends jitters through the market. >> well, i think the fed has now made it pretty clear what their intentions are. there was some confusion about that for the last month or so, but now i think most investors understand that if the data

comes in as the hopes and forecast, that they're going to taper. and i think the market is coming to terms with that. so now the focus shift toss that data. and what you want to see is strong economic results, and because that's going to result in stronger corporate earnings. and that's really what you want at the end of the day. tracy: right. we've got to get back to trading on fundamental analysis as opposed to, again, word from the fed. you make a great point in your notes, though, that the interest rate policy is very different from qe. and i think people forget that they're separate things. >> exactly. you know, what's really most important to the economy is what happens with market rates. now, obviously, the fed is influencing that by being active in the bond market, but as they become less active, what's going to be most important is where does the yield on the ten-year treasury go because you price a lot of other market rates off of that. we think maybe the ten-year gets to about 3% or so, not much

higher than that. and if that's the case, that's a still pretty attractive yield structure for the economy. in terms of interest rate policy, the fed says they're not going to raise rates until the unemployment rate gets to about 6.5-7, somewhere in that range, and that's a ways off. tracy: yeah. >> so, clearly, interest rate policy very different from qe. tracy: so we've got some time. so, now, you're kind of, it seems to me, banking on consumer spending a little, because you're rotating into the consumer discretionaries, into technology. you're presuming there'll be business investment, so everyone's going to start spending going forward. >> whale, i think the economy's going to be stronger in the second half. maybe not as strong as the fed thinks. they're up over 3%. but i think there's a very good chance that we get to 2.5, and i think under those circumstances consumer discretionary is going to be one of the leading sectors. it's consistent with this rotation to cyclical leadership that we've seen. we got good numbers in that regard on personal income today. tracy: right. >> i also think corporate

spending is going to ramp up a little bit. i don't think it's going to be robust, but better than it's been. that means good news for technology. and i also think this environment is going to be good for financials. low inflation but better business activity. so good for the banking system, higher interest rates, good for the insurance. life insurance industry. tracy: right. >> so, yeah, i think there's some leadership in the cyclicals. tracy: let's talk a little bit about utilities. these are your dividend-paying stocks. get in or get out? >> well, i wouldn't get out. i'm more intrigued that now they're on sale, and they're a little bit more attractive. i'm not tempted to come in just yet because, as i said, i don't think the adjustment in interest rates is quite complete yet. but, boy, they're a lot cheaper than they have been, and if you're an income buyer but you want some equity exposure, they're getting a little bit more intriguing. we're not far from pulling the

trigger on getting back into those for those who want to generate some income. tracy: david joy, you're in at 1650 on the s&p. thank you very much, sir. >> >> you're welcome. adam: want to talk about jon corzine, breaking news on mf global. the cftc is planning to announce civil charges against the disgraced former ceo, mr. corzine. that's going to happen very soon. peter barnes is in washington d.c. he's got the latest on this. peter? >> reporter: that's right, adam. we are expecting charges against jon corzine this hour according to a source close to the matter. the agency will be holding a press conference call at 2:30, it says, to announce an enforcement action according to a press release. that's all it would say. but civil charges against corzine have been widely anticipated after $1.6 billion in customer funds were improperly used in the collapse of the company back in 2011 after it made risky bets at

corzine's direction on european debt. now, most of that customer money has been located and returned to customers as you recall. now, we are not expecting, according to this source, a civil fraud charge against corzine. if you recall, when this money was moved around, it was not necessarily illegal for the company to do that. there were loopholes for it to get to that kind of customer money. so i'm told these are not going to be fraud charges, they're going to be more charges about supervision of employees and kind of charges of negligence against corzine for not being on top of the situation because, as you recall, his defense is he says that he did not have anything to do with the movement of that money that other employees at the company moved that money around. so that appears to be what we will hear from the cftc in just about 20 minutes from now. adam, back to you.

adam: peter, thank you very much. important to reiterate this is a civil complaint, this is not criminal. charlie gasparino was talking about this two weeks ago, and here it is. tracy: yeah. pay attention to him. new developments in the irs scandal. the agency's new chief giving the progress report on his investigation into political targeting. we have details on that ahead. adam: also, encouraging news on the paychecks of americans and spending. raymond james' chief economist scott brown will break it all down ahead. but first, we want to check how oil is trading right now. who needs to pay attention to gold at $1201 an ounce? ♪ ♪ she's still the one for you -

you know it even after all these years. but your erectil dysfunction - you know,that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in yourur ability to beeady. and the same cialis is the only daily ed tablet you can be more confident in yourur ability to beeady. approved to treat ed and symptoms of bph, like needingo go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as this may cause an uafe op in blood pressure. do not drink alcohol in excess with cialis. side effects may include adache, upsestomach, delayed backache or muscle ache. to avoid long-term injury,seek p for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or if you have any allergic reactions such as rash, hives, swelling of the lips, ng or throat, or difficulty breathing or swallowing, stop taking cialis and get medical help right away.