driver. lori: we will get into that but let's update you on the broad market. as we do every 15 minutes let's head to the stock exchange to check in with nicole petallides. record day for stocks but the dow off a session highs. nicole: this is the david goes down in history, record all time highs for the dow jones industrials were off of those highs. we had triple digit gains. the third index to the downside, the dollar has been stronger, some has been buoyed by good economic news. and in addition the four week average, an improvement which is that. i want to look at two in particular, united healthcare stocks are doing well helping to keep this market afloat, the best performer hitting a 52 week high, better than expected earnings, the good news, verizon

has been under some pressure down 1.7% after its quarterly report but up volume replacing down volume. it is pretty good and has been noted at the top of the show record day, record all-time intraday high. dennis: thanks very much, oil prices touching their highest level in over a year as stocks soar on new all-time highs, and phil flynn of price futures group in the trading pits of the cme. $108 oil, that really bothers me. the economic data supports these levels? >> it sure seems to today because it seems oil and the stock market have gotten back together. they had decoupled for longtime. good economic news was bad for oil but after ben bernanke they seem to be back together again. i don't know if ben brought back together but that is the news. good economic news is good economic news for oil. we saw it in the jobless claims number.

that means more gasoline demand. in the philly fed number manufacturing demand, removing things by truck, that is bullish. at least for today they are in tow but i am not sure they can keep them together. down the road they will decouple again once the market gets closer to the point where we might talk about capering. then they will decouple again but right now all is well. dennis: natural gas is up 5%. what is stuck with that? phil: is on fire. natural gas prayers were saying this was when we would get above the 5-year average, it didn't happen. demand was stronger, production was lower so supplies didn't make it above the five year average. they missed it by one. is significant because we know next week the demand for natural gas will be through the roof. new york city record power demand today will blow it away

and when that happens natural gas goes to the upside. dennis: thanks, phil flynn. cheryl: mention initial jobless claims and interaction with the oil price, we learned first thing this morning that claims dropped sharply last week from 358,000 down to 334,000, almost a five your land it was better than expected. does that mean capering could come suitors and we think? joining me from the stock exchange is the senior u.s. economist for. a bank. let's start with the initial jobless claims. the marketing interpreting good news, stabilization in the labour market but a lot of the unemployment insurance benefits may have expired so people just not being counted in this statistic and searching for work. what is your perspective? >> an ongoing problem folks benefits are aspiring and dropping off of the labor roster but that initial jobless claims number tells us more about job

creation than folks throwing off the back end of benefits. we certainly are seeing improving signs in the economy. what is interesting is we tried to sort out what is happening with the q e taper from the fed that it is a tale of ten quarters with economic data. q 2 look frowzy, gdp numbers looked soft. we found that out at the end of the month and a whole range of economic indicators from factory sector surveys to consumer spending and retail sales were on the soft side. most economists are downgrading their estimates for q 2. lori: it is too early to know what the balance of the year will look like for growth. having said that if we just posted 1.5% growth averages it even possible to meet the fed's expectation of 2.3% to 2.6%? phil: it is a reflection of stocks--soft economic data. if we see more of the same the

fed will not budge but i said it is a tale of two quarters. as we get the earliest glimpses of q3 economic data like the philadelphia fed survey the new york empire earlier this week some of the sentiment gauges, home builder sentiment, all of these theories point to a significant pickup in economic activity. lori: does that sound like the caper by the end of the year? phil: september is the key dates to watch. it depends on the employment numbers. u highlighted the jobless numbers. if they are holding in below 350,000 or potentially moving even lower that tells you payrolls will accelerate and the fed will have to begin tapering asset purchases probably at the september fomc meeting. lori: is important to separate the plan for capering versus the funds rate. how is that happening? >> there was some expectation that possibly that first fed funds rate hike was shifting out

of 2015 into 2014 and ben bernanke did his best to quell those expectations. he is really emphasizing two levers for the fed. the interest rate lever which they are not budging on me time soon and a quantitative easing lever or the asset purchase lever which he is hinting they could tinker with sometime later this year, he is may be dragging his heels among other pulled -- committee members. as we saw from the last fed meeting, half of meeting participants expect purchase programs to be done by the end of this year. ben bernanke, based on his tone before congress sounds like he is ready to get the ball rolling. and buy it middle of next year. lori: we have a bit of a delay. apologize if it sounds of i keep talking to you -- talking over you. use a dragging his heels. his term may be wrapped in the. he is looking to set his legacy

in stone? does he want to start the capering process during his term or is he trying to delay it as long as possible? is that a legacy wants to see? >> he wants to air on the side of caution. wants to take the punch bowl away as late as possible. the risk of going too soon would up and his legacy. he wants to dip that first toe into the water before he is out at affectively year end. lori: thanks. dennis: dell shares changing after a key vote on accompany's future. joline can't is here with the latest. >> they abruptly adjourned a meeting to vote on michael dell's $24 billion plan to take the company private delaying the action until next wednesday. the company said it wanted to provide additional time to solicit proxies from dell shareholders according to wall

street journal, about 77% of outstanding shares were voted in the deal which would lower than expected. shares that are not voted on they kind of know. was a major setback for michael dell and the board which spend the last five months trying to convince shareholders the buyout proposal is a good idea. yesterday the deal was coming apart as black rock and vanguard signal they were voting no. this prolongs the battle between dell and carl icahn who had a counteroffer that still stands and he says we believe this delay reflects the unhappiness in dell stockholders with the silver lake offer which we believe substantially undervalues the company. this is not the time for delay but time to move dell forward. this is not uncommon in controversial heated votes like this but the dell vote must be held by august 3rd because of a record date making the vote happen within 60 days of june 3rd. they can change the record date offering who was allowed to vote in that which would be a whole

other problem so we will see if they come up with the yes votes. dennis: thanks very much. lori: the government cracks down on companies that sue over patents but are they getting in the way of business? dennis: i am thinking so. liquid lunch time? go up to the bar pick-up of bottle of wine for a dinner party, what you see may not be what you want to get. we will explain later. lori: i am thinking of clients. that is terrible. congress finally ready to get serious and work together to save the males? let's check medal here as we head to break. big rally in the stock market, gold at $0.70, silver and copper. back in a moment. my mantra?

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the demand for these oil cards and petroleum cards, and looked at csx's numbers up 11%, and petroleum and all of that stuff. and someone who buys that, overall in the industry at least a 30,000 caught back log of specialty cars. and it is looking fantastic today, traded twice its average daily volume and it is two sings, stuff we saw from csx and the union pacific coming on the eighteenth and canadian national on the twenty-second and more word on keystone that it will be further delayed even in a best case scenario. died of the risk and we are on it and closed above 36-45, that is the key number, looking

forward to getting back to the mid 40s. it has been a rough one. one of those things where you feel confident, do the work and get hammered. lori: a great markets meant to give you a shout out. we talk about these letters day after day but they are not always that way. charles: sometimes you have to reconcile the loser and take a loss which is a critical key to being a -- lori: what metrics are you looking for? if you know you are down and falling a particular name, what is really -- peter: law -- charles: i love margin growth and look at ibm, margins when the stock went up and macro conditions where the industry is doing well to give you another example, coca-cola got hit, the ceos that we are taking market share but the overall market is shrinking. i wanted company taking market share in a market that is growing and they have pricing power. give me those and i will buy the stock probably.

dennis: as we do every 15 minutes let's check the markets, nicole petallides at the floor of the stock exchange. what do you have? nicole: we have some tech names to watch that are of the utmost importance. let's begin with intel which has been under some pressure and is down 3.8% at this time at 24, down nearly $1. as second quarter profit came in slumping so that is obviously n plaguing their numbers coupled with the fact that they had a wheat entry into the tablet market. one glimpse of good news in this report, the upbeat side is the profit margin did rise from the first quarter. "after the bell" watch microsoft and google, two names that will be key. microsoft is down 1/2%. google down 1/3 of 1%, some analysts do have targets above

the $1,000 mark but after we get earnings and see more of their guidance we will have a better understanding of that. dennis: tune into fox business for coverage on "after the bell" at 4:00 eastern. lori: the tentative deal to restore interest rates on student loans we to weeks after 2.4% at 6.8%. congress is pretty close to a compromise on the issue. undergrads will borrow at all levels of 3.86% interest rates with a graduate students at 5.41% and parents at 6.41%. the house passed legislation. it is expected the differences will be resolved before students return to campus in the fall. dennis: i want to point out the average loan, higher interest rates, not $1 trillion, and

about $67 or $70 a month. not a big crisis and lastly the default rate on college loans is higher than on credit cards which are sure to present interest and get back 10% of the time, towards 20% a government report says yet we want to charge 7% interest? lori: it is not free money, there are a lot of risks. these loans are not forgivable and bankruptcy and usa today reported these millennials cannot get in the housing market and have not can't take in a advantage of housing because they are strapped with financial burdens like student loans. dennis: need to work your way through college but not the easy money from the federal government. lori: did you work on campus? paid for that? dennis: $30 a weekend internships back in the day when they paid. they were not free. quantum don is not a video game or a movie. there is a cyberattacks drill

for the banking industry and we will look at how the defense stands up. lori: at three days of gains, ben bernanke moving in thether direction. michael schumacher rolling the roller-coaster is not over yet. we get his take next and how the dollar is trading, the fifth major trading partner. about $0.96. back after this. i've been doing a few things for a while that i really love-- tdd#: 1-800-345-2550

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>> 22 minutes past the hour your fox news minute. president obama arguing be affordable care act, the health-care law is doing what it is designed to do after the house voted to delay mandates requirement with businesses and individuals to buy health insurance or pay fines. the nation declared nelson mandela international day, on is the sixth birthday, president bill clinton was among those honoring the former south african president, mr. mandela was hospitalized with a lung infection but his condition is, quote, steadily improving. pope francis has an opera for is seven million twitter followers. if they cannot travel to brazil to join him for world use the

day, the process will grant indulgences for purgatory. if they follow the events through his twitter feet. now back to lori rothman. lori: at let's get a break. and chuckling at that one. treasury yields are higher here on positive economic data on three street days and the head of global reddick strategy says u.s. volumes will stay flat and will rise, so let's start your terms and there was an option treasury that scream out strong and pushing rates higher. >> it was a tough time selling his of relief for better

performance. and most investors have not been worried about inflation. if they are not worried about inflation don't want to buy inflation when securities so the lack of interest has dissipated so you see a better demand for tips over the last couple days but it has been a roller coaster ride so much of time for the market. lori: is about market balance, not necessarily sinking -- thinking the inflation rate have been ridiculously tame. >> if you look at what the market has been telling us, the break-even inflation rate, for ten years securities in the 260s or 270s down to 190 and back to 210. that is an enormous degree of volatility and it is not the case in the economic data. the markets have been helped -- ahead of the economy. even for interest rates in our introduction we suggested that you think rates will be in a range until the fed steps in and

denounces tapering, september meeting will be announced, october it will begin with what are you thinking in terms of the fed interest rate? >> we agree with timing and capering and september makes sense and october is the likely date for implementation. when you think of the key drivers in the markets, central banks by a pretty wide margin. everything else whether it is economic data, politics has been number 2. whatever the fed does or the bank of japan might do that is going to impact bond yields. for the near-term we don't see a lot of news out of the fed for the next month or so. could be a pretty big shift in september or october when the new chairman is named. maybe is ben bernanke or somebody else but that will be newsworthy but until the fed says we are going to start capering or delay the program we think the fed will be relatively quiet. lori: what happens when we get that announcement? a lot of people suggested experts such -- maybe that was a

test that ben bernanke sort of put out when we have q e. and want happens when we have an x strategy in place? >> it is a grand experiment. and he is not certain about it. everyone is trying to estimate it and they price and as far as treasuries go. if you look at treasury yields they wheat -- they are where they were in august of 2010 when ben bernanke paid the way for q e 2. so it seemed the high-quality bond market is almost passed q e and getting ready for capering. as far as mechanics go that is the question, does the fed cut back and treasury or mortgage or both or does it matter how the plan month by month? we don't know. there will be a lot of volatility. lori: we will leave it there. thanks for your time and

expertise. dennis: half of global securities fought off a cyberattack. 50 banks and government agencies are putting their defense to the test. rich edson is covering this story and joins us from washington d.c.. >> big bank cybertest happening right now, quantum dawn ii, coordinated cyberattack simulation involving jpmorgan chase, wells fargo, the fcc and treasury, the department of homeland security, top banking trade group running the simulation, the exercise should eliminate weaknesses in individual cyberincident response plans for financial institutions as well as the sector. one security experts in shores coordination between different banks. and other government officials. >> what actions do you take to respond to that? do you shut down markets or portions of your network?

how do you start to take control so you prevent catastrophe from occurring? >> bent invest heavily in cybersecurity because online banking is a significant business assets. if customers lose faith, the banks lose online customers. analysts say other sectors have run cybersimulations like this but estimates for its u.s.. losses at more than $300 billion annually. back to you. dennis: thank you, rich edson. lori: the government cracking down on companies that sue over patents. dennis: beating the heat mortgage rates cooling off thanks to ben bernanke and this week's numbers coming up. speaking of hot, who is up and who's down on the dow. she knows you like no one else.

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lori: our rally is fading a little bit though intraday highs we saw so far. let's get an update on the markets as we do every 15 minutes. let's go to the floor of the new york stock exchange with nicole petallides. the markets are mixed right now. >> what is interesting we hit the all-time intraday high of 15,589.40. getting closer to 15,600 for all the bulls out there. we're up about 70 points on the dow jones industrials and take a look at the rest of the indices as well. nasdaq as well under some pressure. let's take a look here at morgan stanley. morgan stanley, a name we follow so closely, up 4%. it is a stellar performer today hitting new highs that we haven't seen in two years. better than expected second quarter profit and revenue. they also surprised everybody with a share buyback?

they haven't done that since financial crisis. 500 million-dollar buyback. they have done well with trading and investment banking and are echoing what we're hearing from a lot of other financials this earnings season that have been doing well and beating the street. back to you. lori: that's a great explanation what is going on at morgan. thanks so much, nicole. dennis: patents are a important, sorry about that. patent are importanter american -- are some people abusing the legal system? 50 american companies sending a letter to congress yesterday pleading for patent reform. sec is beginning a sweeping investigation of the patent system. we have the managing director of menlo ventures. i thought we fixed this problem. in 2011, president obama signed some kind of a patent reform act that was supposed to cut down on superfluous lawsuits but it hasn't. what went wrong? >> people are showing up at your

door making outrageous claims. i will give you an example. we've been in the business 40 years. patent companies want to do a shakedown on you. we'll challenge and violating something. on basis of that make an outrageous claim to get us to pay them protection money to go away. dennis: there was also some reform, because there were submarine patents. i believe the late jerome was very famous amending a patent again and again, going on for years. come back, supermarket scanner, that is what i meant, when he really done it 30 years before or 20 years before. now we ended that. 17 years from the moment you apply but what else needs to be done to fix it? >> well we first need, we have issues where companies are suing under different names. we don't know who is suing for what. we have companies making claims that are really sort of either patents are too obvious, patterns of claims that really

been discounted before. you have this really ridiculous situation where the litigation system or legal system makes you go through the long discovery process that incurs loot of cost. even when you don't think the patent will have a non-valid claim it will cost you million dollars to get to court and a million dollars to after that. do we incur $3 million of cost and headache or settle for something less? so what patent litigation has become a protection racket a shakedown for people to come and do it and real legitimate companies are facing this challenge of fighting it. dennis: yes. i imagine it is only in the past decade or so we've seen more of these blatant patent trolls. they buy underutilized dusty old patents and go out and start holding up industry for fees. isn't it partly your fault? companies pay off the patent trillions and lawyers rather than fight them. don't take it to the court. too afraid the treble damages you are subjected to when you lose a patent award and they

keep paying guys and they keep asking more handouts? >> yeah maybe there is a point on our side for that. what do you do? do you spend your day dealing with lawsuits or clear litigation. dennis: you crush them! >> you crush them? well that is easy to say. when it takes you hours of deposition and millions of dollars and that is time taking away fn very hard to make that these guys are parasites. living in the gutter of our capitalistic system and putting hold on call -- capitalism. alexander gram bell, thomas edison, used patents to build stuff. i am okay people challenging real patents but not parasites and doing a shakedown. dennis: some of the biggest patent holders using patents as ring fence to keep other rivals out of the business instead of cross licensing and advancing technology. it started to be thwarted and

distorted by incumbents themselves 20 years this has been going on. the trolls are doing what you guys started doing long ago. thanks for being with us. >> thank you for having me, dennis. >> all right. lori: some other headlines worth talking about today. a bit of good news for homeowners. freddie mac says the average rate on the 30-year fixed edged down. so we're at 4.37%. all things to ben bernanke. freddie mac's chief economist said the fed chairman's comments in boston last week eased market concerns. this might be hard to believe. consumers are already hitting the stores for back to school shopping season. the national retail federation expects spending to fall to an average of $635 which is down 10% from last year. could spell trouble for retailers already struggling with weak sales. struggling more, the postal service may finally be getting help from congress to ease those pains. lawmakers coming together agreeing to get rid of $5.5 billion annual payment for

health benefits for future retirees. cutting down delivery is still a sore spot between the two sides but postmaster general renewed a push for 5-day mail saying it will save $2 billion a year. back to school for barnes & noble with loss of the ceo last week. is it time to return to books or branch out to the mini mall? lesson plans with roger martin from the rothman school of management. dennis: "house of cards" could bring a house of emmys. what the nine nominations for that show doing to netflix's stock price. not much today. but first let's take a look at 10 and 30-year treasurys. i want to make things more secure.

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dennis: barnes & noble was once a powerhouse in the book world but chain since basically getting tattooed by guyant amazon online. how did barnes & noble actually get to this point and more importantly how should it salvage its future? we have the university toronto is school of management roger martin with his plan. thanks very much. appreciate you being here. seems to me the biggest problem not the brick-and-mortar stores that would be wiped out by the net. isn't it they lost a ton of money trying to get into the e

book market with their own player and reader? >> no, that is certainly part of the problem. i would still maintain the biggest problem not enough people now want to buy books in retail outlets and so, you've got retail space and, not enough product that sells to support that. but in addition the challenges of following amazon with me-too strategy also cost them dearly in the process. dennis: we have the barnes & noble founder, leonard riggio, he actually proposed to buyout the brick-and-mortar chain and get rid of the electronic stuff. if you were a bidder which half of this country would be buy, the brick-and-mortar chain or the e-book business? >> oh, probably neither to be honest. >> wow. >> i, yeah. i mean, at some price of course anything is worthwhile but, i mean it's a very challenging thing. i mean there are lots of

companies out there who think they can follow somebody like in this case, follow amazon with a, with a strategy that is kind of like it but not as big or not as well-funded but that just rarely works out and i think that's what's worked out here. dennis: right. >> just like borders tried to follow barnes & noble, only not quite as big, not quite as good. dennis: right. >> that eventually loses. dennis: but you have found a model, brick-and-mortar model up there in your neighborhood in canada that might offer some answers for amazon. tell us about that. >> a company called indig go or chapters indig go. it is the barnes & noble for canada if you will. they are working number of years to convert the store lifestyle category, destination store. it is tough sledding because it was set up to be a book seller originally but the approach, the approach thus far has shown they

can do things other than just books. do things in book-related categories where books are part of the offering but not the entire offering. children's and self-help. dennis: lifestyle. >> that's right. dennis: isn't the problem there they will get further undercut by amazon, if you become a more broad general retailer, then you get cut by the onliners anyway? >> yeah. certainly you might ask the question, right, the question whether it will retailing, bricks and mortar retailing will survive at all and that, you know, that is obviously a question. i mean i think it will. i think that people want to go into stores for some things but, but think that amazon is not going to be a force in your retailing category i think is, is a mistake. the question that i -- go ahead. dennis: online retailing is still somewhere 10% of the total. definitely we're still going into the stores. did barnes & noble fall down on

the job when it became making a nice store a nice setting for me to go into? >> i think so. i mean, although, again it's tough. i don't want to cast aspersions. i think it's just a very tough thing when somebody completely disrupts your industry and what seemed like a good business model suddenly is not one. but if you compare the barnes & noble store to an indigo store in canada, they're just much more pleasure shopping experience than barnes & noble and i think that is what draws people into the store to a greater extent. it is not just books. it is books, displayed in a way that is really user-friendly and comforting and that's what draws people in and they're trying -- dennis: we want to hang out and feel all bookish, just sending out tweets. thanks very much for being with us today, roger martin. >> a pleasure, dennis. lori: all right, the market has been drifting up and down. let's get an update what specifically is driving the

stock market today with nicole of course on the floor of the new york stock exchange. so what are you watching? >> we're talking about where we stand right now. nasdaq is sitting right at the unchanged line. back and forth action there. dow jones industrials up 120 points, set new record all-time highs. s&p did the same by the way, both pulled back. take a look at dow laggards worth noting. earnings season is driving market to a certain extent. intel came out with numbers and showed weakness, american express, intel, lad to cut full-year revenue numbers. american express missed. verizon also came out with numbers. we're watching microsoft after the bell today. so keep an eye on microsoft. you're seeing some of these names pull back on earns or upcoming earnings. don't forget, europe goes to bed soon. lori: you make a great point. we had all all-time intraday high during the session. maybe that was a trigger to come back down-to-earth.

thank you, nicole. dennis: netflix traded at 52-week high and has tripled in the past year as it made emmy history, 14 nominationings. apparently first time an online show has been nominated for a prime time emmy award. leading the way, netflix's political saga, house of cards. it got nine nods. desdrama and best actor and actress. kevin spacey. "arrested development" scored three nods though not for best comedy. and horror thriller, hemlock grove, got two nominations as well. lori: we'll be watching those. leading in the boss, sitting down with our stuart varney, what eliot spitzer is saying about a anthony weiner-spitzer winning ticket. dennis: that is rather awkward interview. he got a little ruffled. eliot spitzer. lori: should have been. dennis: think twice before ordering your favorite cocktail.

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dennis: breaking news. sequester? what sequester in the internal revenue service canceling furlough day for monday thanks to successful efforts to cut costs. so far the irs has taken three furlough days, one each in may, june and july due to the sequester. irs planned for a fourth day set for friday, august 30th. now it is reconsidering whether it needs to do so. lori: wonder what is in the after work apple tini or the six-pack? the mystery may be over. adam housley with nutritional label changes. what does the federal ruling say and how will it impact my weekend, really?

>> exactly. do you want to know what is in the bottle of beer? you know it is beer. you probably realize it has calories and carbs. this may be more similar to this soon. you see the labels familiar with food packaging, cholesterol, sodium that type of thing. a recent federal ruling says beer, wine and spirits companies can put nutritional labels, serving size, calories, protein and fat content on the bottles but it is voluntary right now. potentially the feds are considering making this mandatory and as you might imagine, people are pretty mixed about this idea. >> i don't want to know what is in my drink. how many calories. i just want to have it and relax. >> i don't think it will have people drinking less. >> if you have a cocktail with a lot of calories you might say, i want a vodka soda. >> when i go to a restaurant i don't always think about that because it is not offered. >> now the, the idea to make

this labels mandatory was proposed back in 2007 actually. liquor companies are not so opposed because they want to be able to advertise they're lower calories and caches but as you -- carbs. wine and beer producers a lot of producers here say it will make their jobs more difficult and lives more difficult. another regulation they ever to worry about. when people come to the restaurant, they're not worried about an after dinner drink. they know they're getting an after-dinner drink. lori, you may see the nutritional labels on old smokey this around, and comes with -- believe it or not. i tried one of these before. they're actually cherries in what they're saying is moonshine. i have to tell you could probably start your car with it but served its purpose the night we used it. lori: excellent. i'll tell you, adam, it is not even so much what is in the alcoholic beverages. face it, we have a pretty good idea. it is the idea that the

government is demanding or proposing it has to do that. that is such an intrusion on business. >> where will you fit this on this bottle? lori: excellent point. you have to make the bottles bigger and wider. >> bigger bottles for all. thanks, guys. >> spitzer and weiner, leading candidates in the race for new york city comptroller and mayor. early this morning eliot spitzer, the former new york governor, forced to resign after a prostitution scandal, sat down with our stuart varney and stuart asked him what happens if the winning ticket has spitzer-weiner on it? >> democracy will give the public an opportunity to choose among candidates. >> i rarely predict the outcome of elections just as i don't predict the outcome of jury verdict i found there is wisdom in the public. i put my faith and confidence in the capacity of the public in multiple contexts. dennis: yes. democracy or maybe amnesia. one or the other will be at work

here in the election in the city. lori: no one says it better. we have two hours before the closing bell. we have a big earnings calendar on deck for after the close. stocks right now are higher but off the best levels of the session. we had an intraday record hit early in the day. steve woods weighs in on the markets next move. he joins tracy byrnes and ashley webster next here on fox business. don't miss it. clients are always learning more to make their money do more. (ann) to help me plan my next move, i take scottrade's free, in-branch seminars... plus, their live webinars. i use daily market commentary to improve my strategy. and my local scottrade office guides my learning every step of the way. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade... ranked "highest in customer loyalty for brokerage

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ashley: welcome back, everybody, i'm ashley webster. tracy: i'm tracy byrnes. the dow and s&p both hit new intraday highs before letting go of some gains. steve wood tells us how he is playing thissrecord market in moments. ashley: he is in the studio smiling. he is optimistic. new drama for dell.

the company pulling a shareholder vote on its plan to go private for the last minute, well, because it didn't have the votes. now dell has six days to win more support. we'll look at its chances straight ahead. tracy: cincinnati office of the irs says don't blame the tea party for this scandal. what? a fiery hearing on capitol hill is looking for answers on who is to blame. details are coming up. first top of the hour. the dow is is up 80 points. we have good earnings report. nicole on the floor of the new york stock exchange. people must be happy. >> if you're a bull out there, watching the 401k or ira you're really happy, right? you're hitting the dow hit all-time record intraday highs that is something. this is a day that goes down in history. today now the dow is up about 80 points. it had been up 120 points earlier today but still posting gains and likely to post gains for the week if it stays around these levels which is four weeks in a row. you mentioned earnings. we've seen good earnings from

morgan staaley. the banks are doing well, united health care. look at unitedhealthcare which is hittings an all-time high today. second-quarter earnings came out and they easily beat the estimates. the whole health care sector is doing very well along with energy and as i noted some of the financials as well. there is a nice three-year chart for you to really show that high that we're hitting. so there is certainly a lot of names that we're watching but names like intel have come under pressure. verizon has come under pressure. there is ibm, it has been a real winner. back to you. tracy: yeah, ibm gives great guidance going forward but misses on the top line. i think it is all mixed messages. ashley: certainly economic data as well. federal reserve chairman ben bernanke saying guess what, it is way too early whether economic growth will pick up later in the year. this as he wraps up a second day of questioning before congress. peter barnes is on capitol hill with more from mr. bernanke. peter. >> ashley, the answer to that

question is important because depending on how the economy unfolds the fed could begin to start tapering its quantitative easing bond purchases, that $85 billion a month to designed to help push down interest rates on auto loans and business loans and mortgages. the chairman has said and repeated again today, that they will do it depending on how the data is coming in. but he offered a little more explanation on the fed's thinking as to what might have been causing some of these mixed economic indicators that we've seen in the last, this current quarter. take a listen. >> our theory of the case if you will is that one of the reasons that the economy has been so slow in the early part of 2013 is because of fiscal factors. it's hard to judge how long those factors will last but if the economy begins to move beyond that point and fiscal restraint becomes somewhat less

pronounced we should see as you suggested yourself a pickup in growth. >> so that seems to be what the fed is waiting on, to see if the tax increases an spending cuts here start to fade as the rest of the year progresses here. now we, but so the fed chairman has been out on this kind of campaign testifying and talking and giving speeches to try to educate investors on what the fed's plans are as far as qe goes. we got a little interesting reaction from economist ed yardeni yesterday. he said quotes, the markets reaction to bernanke's can you hear me now testimony suggest that the answer is, yes, now we can. ashley? ashley: took a while but got there in the end. let's change gears a little bit, peter. there is news on the nomination, the long-stalled nomination for thomas perez for labor secretary. what is the latest on that

nomination? >> senate approved the nomination on a vote of 54-46 largely along party lines, part of that deal earlier this week to drop filibusters on some of the president's top nominees. and so he is now the labor secretary. ashley: it took a while. peter barnes, thank you so much for the all the information today from capitol hill. appreciate it. >> okay. tracy: a lot going on. while the dow, s&p hitting new highs today on federal reserve chairman ben bernanke's comments that bond buying will keep going and going and going. our next guest thinks the markets may have been actually resilient during the fed's latest case of taperritis. steve woods, russell investments strategist. you think we're resilient? we had a 5% pullback. >> that is not all that untypical. tracy: they did kick and scream. i don't know, resilient or not the market didn't tank, i get that but certainly made a lot of noise about it. >> they responded. that is volatility in any upward

move, get three to 5% of something that big may not be all that necessarily headline worthy but they did respond back. i think right now there is some fundamental component. it is not all the fed driving the equity markets but there is -- tracy: would you argue a temper tantrum at all is ridiculous because it is coming regardless. >> the question is when. when do the training wheels come off. tracy: then stop your crying. >> it could be later than early. i think september might be a bit premature. i think bernanke sent out a test balloon, a charge through the wire in may to let the market will know that it will not be qe perpetuity, and go on forever. we're kind of premature right now. if you look where the fed is right now i think they want as much policy flexibility brought back. whoever the next chairperson will be of the federal reserve i think chairman bernanke wants to leave the person with most options as possible and not paint them into a corner. >> talk about washington. i thought i was good at keeping

expectations low in life, wall street has beaten on this, keeping the bar really low so we can watch companies jump over it. >> in terms of earnings. that is typical. reducing expectations and beating much reduced expectation. tracy: it's a game. we're not seeing top-line growth. i think 81 of the s&p 500 companies reported. 70% beat on earnings. >> but the revenue number you're absolutely right. tracy: yeah. >> that's where wall street will have to look and for our perspective it is securities selection. security selection in the multiasset portfolio. be globally diversified and security asset managed. this is improving environment but not a great environment. what are the company best positioned on the top line to really hit that, better numbers. do they have pricing power? do they have good demand for their products and try to identify those companies. tracy: it is like a best-of-breed kind of thing. >> i would think so. tracy: pick the best-of-breed in each sector. you can't make a sector pick

anymore. >> you can use that to condition the asset portfolio. tracy: where are you pointing people again these days? >> from a valuation perspective you have emerging markets and commodities for long-term, and i do post-traumatic stress disorder long-term investors. valuations are very attractive. if you look at sentiment, momentum, u.s., u.s. equities, bond are less unattractive than they were 100 basis points ago but they're not that attractive. look for good companies in the u.s. stock picking, security selection in europe. we think the market could be a little flattish for a little while as it digest what is will happen with fed but we think that risk assets beating inflation plus your rate of return will be something that will take discipline in the securities selection. tracy: what is long term these days? is it december or -- >> for the market or for us? tracy: we say long term very loosely. what does that mean anymore? because for a trader it's 5:00? >> for us we want to push out. six to 12 months would be the shortened of an investment horizon for a lot of people we

would want to talk to. the longer you push out the disciplined strategic perspective the higher probability statements you can make. so a day-to-day, week to week, month to month it gets a little bit more dicey. tracy: so your long term is two years? >> i would like to look at increements of years. if you look at like emerging markets, valuations are strong. tracy: right. >> right now there is not a short-term catalyst in 2013, maybe first half of 2014 for emerging markets and commodities but there are a fundamental case building for valuations. >> how do you play looking long irthan two years? long-term investor, putting money away for retirement. two years from now i have to believe i think the punchbowl will still be there. some semblance of it. interest rates will still not be through the roof, right? kind of like day. >> view all over again. >> even if the fed is modestly successful with goals with two, 2 1/2% inflation rate with someone long young as you are -- >> can come back anytime you want. >> time horizon you have to hit

2.5% plus whatever you need, 3, 5, 4% drawdown. that speaks to risk assets. i think a big part of qe and what bernanke is trying to accomplish then is getting missed by the markets is he wants to condition expectations. if investors safe haven, fixed income, government bond, whatever will not generate a needed rate of return he is forcing them to come to the conclusion i must take more risk than i feel comfortable with. tracy: yep. >> we're saying multidiversified, multiglobal asset risk security selection and long-term volatility and use it to your advantage. tracy: crazy part, steve, the average guy is still not in the equity markets. >> we've not seen the great rotation. the evidence is premature at this point. tracy: i know, i know. steve wood, russell investments. we'll keep talking about this for a while. thank you, sir. ashley: great rotation, stuff of urban ledge end. >> that's what it is now, right? ashley: it is. you talk about it a lot and but doesn't really happen. tracy: hanging out with jim

morrison -- ashley: what you do on weekends. congress wants to know how high up the orders for political targeting actually came from? that is story we'll be following next. tracy: plus the dell buyout battle heating up. right now founder michael dell does not have the votes to take it private. what the dell is happening? that was too easy? we're looking for answers next. first we have to check oil as we do every day at this time of day, markets are up 80 points. oil is up $1.72. $108.19 a barrel. wow. we'll be right back.

ashley: the irs targeting scandal not going away and those officials in cincinnati at the center of the controversy? well they're testifying on the hill today. hmmm. fox news's mike emanuel has the story. mike? >> hi, ashley. lawmakers are hearing from two key officials who handled the applications of conservative groups seeking tax-exempt status at irs. one from washington, the other from cincinnati. both suggested they were micromanaged, in these cases tea

party applications by higher ups in the irs at washington. although the initial story was a couple of rogue agents in cincinnati. >> did you and other people in the cincinnati office feel they were being unfairly blamed or used to excuse this political activity that was going on in the washington office? >> i can't comment on what others but personally i, i felt like it was a nuclear strike. i felt they were blaming us. >> as lawmakers try to get to the bottom of the irs mess there's been a fair amount of partisan bickering. one democrat went after chairman darrell issa, blasting him for previously saying this was the targeting of the president's political enemies in election year. >> so when the chairman cautions us correctly, to withold judgment, to be careful, word mean something, i wonder whether the chairman wants to retract his own statements including,

that one i just read on television? mr. chairman i yield. >> i thank the gentleman. i look forward to seeing evidence that progress groups retreated equally your harshly, delayed and anything more than looked at. >> both sides say they're willing to follow the truth. they want the facts. but along the way there ask definitely a good amount of elbowing. ashley? ashley: at least there are no fistfights yet. mike emanuel, thanks so much. we appreciate it. coming up to quarter past the hour. time to check on these markets. the dow is still up handily. let's go down to nicole petallides with latest. >> you're right, it is still up handily for the dow jones industrials. tech-heavy nasdaq not as much. that is virtually flat over the past hour or so. s&p 500 is is up over half a percent. hitting new highs today, record all-time highs. the dow was up 120 points at that point. certainly worth noting what a stellar day we have on wall street.

morgan stanley came out and health care doing well and energy names and some names which have been pulling back. take a look here at ebay, talking about pulling back. let's see what ebay is doing at this moment. they came out with their numbers and came out with guidance on the lower endless than expected. down 6.8% for e day. look at the two-day chart that shows the selloff we've been noting. there is slowdowns in europe and south korea. that is not good news with headwinds they're facing there. that is one of the reasons why it is down almost 7%. back to you. ashley: thank you, nicole. tracy: natural gas is soaring today as a nationwide heat wave totally fueling electricity demand and declining gas stockpiles. jeff flock is in the pits of the cme with the latest. it is pretty hot. >> i managed to get phil. he is a very busy man today. >> very busy. i'm feeling the heat, not so much what is going on outside but what is going on in the markets. >> i was going to say there is

money to be made in natural gas today. up over 5.5%. that doesn't surprise you because of the two things tracy just mentioned. >> exactly. today's report, the hot weather. today's report was a real disappointment to the natural gas bears. you know, everybody thought that today was going to be the day that natural gas supplies could get back above the five-year average. forget about past winter, the big drawdowns. we're getting back to normal. normal ain't going to happen. >> you saw in new york city, particularly all-time record demand. >> generation in new york city is highest it ever been. it is breaking a record they set back in 2006. whenever you see that, you see natural gas go up. that cash market is. >> used to be at king of oil, probably still is. but you have a new crown, king of natural gas. >> new gas man. i love it. >> new gas man. phil flynn, always appreciate

it. tracy: i can't go there, jeff flock. i will call him the king of everything. snooping king of all. >> king of gas man. >> michael dell winning over some major shareholders for his buyout plans but apparently wayne enough to seal the deal, at least for now. we'll take a look what is behind this buyout battle coming up. ashley: as we head to the break, look how the good ol' u.s. dollar is moving today. it mixed again. it is up against the euro. the tour -- the euro is down against the dollar but gaining strength. we'll be right back my mantr

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>> at 22 minutes past the hour i'm arthel neville with your fox news minute. speaking at white house president obama argued the affordable care act is working saying, quote, health care costs have slowed drastically in a lot of areas. in response house speaker john boehner said the law is driving up the cost of care and that it is quote, turning out to be a train wreck. the united nations declared today nelson mandela international day, honoring the former south african president and nobel peace prize winner on his 96th birthday. mr. mandela is still hospitalized with a lung

infection but authorities say his health is, quote, steadily improving. >> a fire is heading towards palm springs. more than 6,000 people have been forced to evacuate. 3,000 firefighters are battling the blaze in the mountains 100 miles southeast of los angeles. those are the news headlines. i'm arthel neville. get you back to ashley. ashley: arthel, thank you as always. appreciate that. the dell buyout bat sell heating up. a long-planned shareholder vote on founder michael dell's private plan did not happen because he doesn't have the votes. to get all into 24 maxim group tech analyst, ashar kumar. are you surprised at the developments? clearly he didn't have enough votes to get his offer through so what happens now? >> logistically it does make sense. we estimate 43% of the shareholders outside of michael dell need to actively vote for it to pass.

now with merger arbitrage players who control 15% of the float, and index and passive fund controlling an equal amount, we think in all likelihood that michael dell and silver lake will have the necessary votes for this transaction or offer to happen. ashley: so you do. you think there is any chance he will up the offer a little bit to get the extra votes from say, what, 13.65 is the current offer? maybe he will up it to 14 bucks? >> that is a possibility given some. bigger holders like state street, blackrock, invesco and vanguard are leaning towards the michael dell consortium. we think there's likely a possibility that they, that he could sweeten the deal. ashley: well let's, i mean the deal itself, does it grossly undervalue the company as carl icahn says? in fact carl icahn says, to us it seems no one has less confidence in dell than he dell himself. there are those who say, this is

a company worth 23 buck as share? >> i think based on consensus estimate of about a dollar for the next 12 months, we think the stock is fairly valued in the 13 to $15 range which is the current public market valuation for like peer group companies like seagate and western digital. if you look at oracle, ibm and microsoft they trade at slightly higher multiple but i think the 13 to 15 is realistic given the near-term out look for the industry. ashley: why would the shareholders take this offer when there's a better one honking out there? >> no, i think in terms of operational challenges which have been highlighted by the iss report i think is the real thing. if you look at the carl icahn offer, the debt financing of five billion is predicated or dictated upon their slate of directors being nominated. a lot of contingencies in place whereas, this one is a clean offer and in terms of risk,

there are up front risk in terms of investment required and there's no guaranty that they will be a success at the back end. ashley: we'll ask the question, if dell is successful and they take this company private, can they transform this company into a winning -- obviously they're struggling in a struggling pc market. they are trying to turn themselves into a services-like company but is that better done in private undell's stewardship? >> no, i think's very important because we think the transformation, the probability of success is much higher as a private company than a public company because as the company has pointed out the trend in the core pc business are increasingly negative with asian suppliers competing at low single digit operating margins and gaining share and the enterprise business is also under pressure with servers being commoditized and the transformation to cloud is also pressuring the servers on the

enterprise biz. i think all this is best done, not as a public company but a private company outside the eyes of investors. ashley: we'll follow very carefully what happens next wednesday. ashok kumar from maxim group. thanks for joining us. >> thank you. tracy: all right. so this year's back to school shopping could be a lesson in budgeting for many kids. now the national retail federation says their parents will spend 8% less on supplies this year. still, $635 compared to $689 a year ago. how many pencils are they buying? the spending drop comes despite a 7.3% increase in the cost of school supplies, fees, activities, all that stuff, estimated by huntington banks annual backpacks index. the nrf says parents plan to save by shopping earlier for sales. i don't know. >> do you get better deals getting in early? tracy: last minute folks like me

do not have a choice. we pay the big bucks. you know what the problem is, kids have to wait for until the teachers give them a list. i want two loose-leaf folders and you have to go buy them and you're a sucker. ashley: you're blaming teacher? get you out of trouble here. sky-high health care costs pushing many americans into bankruptcy. gerri willis says there are ways to lower your medical bills though and she is here next with some tips. tracy: first let's take a look at some of the today's winners and losers. s&p 500, johnson controls up 8%. unitedhealthcare group up 7%. dow is up 86 points. we'll be right back. ♪

tracy: 90 minutes until the close. the dow 30, more green and red on the screen. new s&p 500 leader, you're down leader, united healthcare. the banks did really well. great earnings report. ibm up there, even though domestic the topline. let's go down to nicole petallides on the floor of the exchange. >> reporter: gp, boeing. a lot of names are doing so well on a day when we are hitting some record all time highs for the dow jones industrials and the s&p 500. they have since pulled back off of flies. right now still holding on to gains come up about half of 1%. plenty of green on the screen. the fear index has been to the downside. the dollar is strong and we're seeing oil and gold higher. earning season, and we're seeing a lot of names moving in big ways. we're watching microsoft very closely going into the closing bell, down 1%, down and a half

of 1 percent, but it is worth noting that earlier this week on july 15th hit a record all time high. while there are analysts who actually have a thousand dollars the price target, it did hit 928 this week. obviously a lot more telling. tracy: gets tough. stay tuned for complete coverage of today's earnings on after the bell at 4:00 p.m. eastern. ashley: medical costs are the primary reason for 60 percent of bankruptcies in this country every year. so with health care is menses sky high, what can you do to find the best deals out there? jerry willis is here with the latest installment of for users guide to health care. a special series this week. it's a bad number, 60 percent of bankruptcy. >> you bet. here's the deal. even if you're not headed toward bankruptcy, you need to know what you're paying for and what the appropriate cost is. the prices for a test your

taken, a procedure you have done can vary and wisely and in a small area. here in new york city and $80,000 for colonoscopy or you can pay $25,000. guess what, what do you think the differences? nothing. it's the same test. so you have to get the number, the average number to find out at least where the ball park figure should be. to web sites will lobby. health care blue book and new choice health. the founder of the website will be on our show tonight to talk about the big differences in prices. but the very best time to start any negotiation on a bill is before you even have the procedure done. and in the course of reporting all of this hour we set up the people who go to the doctor or for giving birth to the baby and say we will give you 50 percent of your usual price. tracy: what role does the insurance company ploy? depending on the coverage you

got to pay as much as for kutcher to five coverage is not that good. >> we talked about insurance earlier in the week. listen, you can negotiate with the insurer, the provider, the hospital. i had a friend of mine was a member of a hospitalward here in the area tommy people without insurance, the bill they get, some of them are just prideful and pay in all of a pocket. little did they know, if they just came to us and said they can't pay it would cut in half. in half. that's how much the bills are inflated for people in that category. let me give you a strategy for negotiating. here's what you do. if you're going through a lot of work and you know it's going to be expensive in the have a lot of deductibles are trying to meet cannot keep a track record. you know, if you're in trouble health wiser going to have to write down. compare that to what they call the zero become an explanation of benefits that comes from their insurer. match them up. are they the same. where the duplicates. for have the charges for things

you didn't have done. this happens all the time. we talked just a day about how 80 percent of bills of some kind of error. >> decoding where does. >> decoding redness. exactly. a couple of websites, if you want to negotiate and they're having a hard time, medical cost advocate cannot bill advocate. those two websites are people who will negotiate on your behalf. they will take 35 percent of the findings. go to our website if you missed any of this. ashley: very quickly, what is to get your thoughts on the latest senator on the student loan issue. >> us go through a couple of the numbers. >> senators getting together under pressure of the white house to, but the new deal that would currently cap rates at just under 4%. thus the new number, the current number is almost seven. over time it would be just over eight. they say they're saving $715 million over a decade.

i say of. here's the problem. it is not going out against any of the real issues during college costs fire. is not going to the fact tuition is doing a better rate of a percent per year. is that going against the back of these kids are taking on this stuff because they can't read between the cost. if you are college graduates are facing a jobless rate of of the 7 percent right now. ashley: all right. thank you. the four to the next installment of their special series on health care. don't mess tonight at 6:00 p.m. eastern time right here on fox business. tracy: breaking news. oil hitting a 16 month high. closing up $1.56. $108.4 per barrel, a gain of nearly one-and-a-half percent. the. ashley: have quickly that will trickle-down. tracy: coming up, small business bigger ideas.

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♪ >> reporter: i'm lori rothman with your fox business brief. making history. the political history sawyer is the first distributed series to get nominated for an emmy. a total of nine bids including best drama. meantime mexico competition commission blocking sherwin-williams $2 billion purchase of a paint company. the deal announced in november would help them boost the presence on the west coast as well as canada and mexico. the plan is to appeal. and ford speeding to the number one spot on the best perceived brand in america. the other maker isn't just he best among car companies, but among all companies. amazon coming in second was awake and the history channel, and lows. as the latest from the fox business network, giving you the power process -- prosper.

♪ tracy: now our special report, small business big ideas. a global skin company has grown more than threefold. in less than two years companies ceo says it is active which means it will be bigger. here with us right now. i know you recently just the two companies together. as part of how you blear revving members of the window. there's more to come. >> hopefully we can. tuchman at this as a public company. tracy: you trade on the nasdaq and the but you're a small market cap which is by -- why your part of our small business began diaz. then no hair product, people know. the other stuff people don't know. >> it's a medical device that removes hair and keeps you off

here for weeks. it -- but the real thing is now talking about a technology but how we do business. our approach to the market is we say, consumers want things. we have medical solutions, whether it's devices are topples we can deliver them. we need to give them with great customer service cannot bridge that gap, we think that things do to what the customers need. tracy: and that's what you're doing. this is direct to the customer. the other side of your business is directed doctors. >> direct to patients, not doctors. tracy: explain this. this helps people with psoriasis. a lot of people have this. >> in the u.s. there are about 10 million patients. we deliver the solution to the patient cannot deliver a solution that is reimbursable by all the major insurance companies. tracy: the solution is a machine >> the solution is a treatment, a treatment the text and minutes it is within 10 miles of your home. it is reimbursable. >> and a doctor's office. >> in a doctor's office.

tracy: i collier and san have this issue, what do i do in these and me to a near stalker. >> i take your information and work with the insurance company to make sure your covered so you don't pay. i send it to a doctor. the doctor treats you. the doctor doesn't pay us anything. we share the income from the insurance company. the insurance company, this is the most affordable treatment after. tracy: have you get paid? you get bit from the insurance company. >> by the doctors. >> and they pay you when the patients come in? >> correct. we get paid. tracy: they give you a cut of the insurance payout basically. okay. but this is working. people are doing it this way because they're and they're shopping around. >> right. we're in the business of exposing the solution so that more and more people know about this. from 2011 until today we tripled the number of patients treated. psoriasis is a disease that doesn't go away.

cause back. but we make sure it goes away for six to nine months. great clarence rates in the treatment. the patients are happy. tracy: of the process is interesting. especially with the obamacare coming down the pipe, people worried about cost and how that will pay for things. i am essentially shopping for the best price. i can come to you or i can go somewhere else. >> correct. obamacare is all about providing the most affordable treatment. there is no other treatment that competes with us because the other option is to go on very expensive drugs. obviously i won't use brand names. tracy: and your machine uses uv be raised. >> correct. ten minutes, no side effects, no indications, no counter indications. is not painful. has to be within 10 miles of your house and you go there. >> i wouldn't. canasta beaten box.

tracy: thank you for being here. ceo. ashley: 1/4 tell, time for stocks as we do every 15 minutes. that set back down to the new york stock exchange. the dow up 94. now it's all about earnings and big band. >> you're absolutely right. a lot of the fed commentary will be pushed out. everything seems to have gone over spend. right now the dow, s&p, and downtown transportation aren't you entered a and record up closing highs. so certainly the market is taking everything with a dose of comfort and we are making new highs. interesting that the dow has been up over a thousand points now says june the 204th. really the last 15 of 17 trading days now we have been to the upside. the momentum is not really following this move to new highs. that's a little bit of a concern a good price action from the financials and the energy.

crude oil making new highs. the dollar is extending gains. ashley: a very good summation. thank you so much. tracy: coming up, the fed's easing money policies have been a boost. one sector has actually been hurt by the stimulus. we will tell you which ones. ashley: let's take a look of some of today's winners and losers on the nasdaq as we head to break. we will be right back. tracy: in the boys used double miles from their capital one venture card

to fly home for the big family reunion. you must be garth's father? hello. mother. mother! traveling is easy with the venture card because you can fly any airline anytime. two words. double miles! this guy can act. wanna play dodge rock? oh, you guys! and with double miles you can actuay use, you never miss the fun. beard growing contest and go! ♪ win! what's in your wallet?

♪ ashley: could the fed be blamed for the lack of inactivity? our last -- next guest says it is causing people to have unrealistic expectations.

is joining us now. co-president of private equity firm. partner. thank you for being here. i guess there is some logic to that. qe has really kind of, while it has been great for some, for the m&a market is really kind of messed up. >> what i would say is here is what we know. we know that the interest rates are stolen. -- appeared close to all-time lows and get the market is not as robust as people would have thought based upon the normal relationship between interest rates and levels of inactivity. now, much of that has to do with the fact that there are still significant uncertainties in the broader global economy that come back to potentially impact what happens with the business of the course of an extra three years. that adds to the riskiness of any business the you require. and so one of the things we have seen is that the low interest-rate environment, much as it did in 2006-7, has caused

people to want higher prices because the math can be made to work if somebody pays a higher price. if you're a private equity player you can still apparently hit a 20% return the money given the low interest rates. one of the things of we all learned back in 2006 is you should not buy a business from more than what it to intrinsic value is regardless. that means that there is a bigger gap between buyers and sellers. now when the fed plausible -- and i would have to say that i was not an early exponent of qe, but i think it has done a very good job of helping an economy that faces all of these head winds, including some fiscal head winds here in the united states. that has caused the stock market and the credit markets to be very strong and robust. that has flowed through back into mainstream in many ways. i do think that the more certainty we have that we will be in a favorable interest-rate

environment is helpful to the markets. that causes consumers to be more confident. a more confident consumer is a better consumer. they buy more, and the more that they buy means they have a higher capacity for companies that sell goods and services. it will hire people. tracy: all of that is lovely, but we know that companies have struggled to get revenues growing, and one of the ways you can do that is by making acquisitions. >> acquisitions are helpful when they're done in the creative basis which means it has to be at the right price. you can go through acquisition. we as a matter of tactical strategy, if you will, by companies that are good acquisition platforms. we agree that you can the -- grow through acquisition and in answer returns by doing that. oliver, a think the world is still looking at organic growth. that is driven by a stronger

consumer. that comes back to a how much uncertainty those consumers have about where there will be in the next six months to 18 months. and that's related to how they perceive the markets, if they see a strong stock market they feel better and are more likely to go out. tracy: what sparks the in any activity? we know companies have coffers full of cash. some in stock buybacks. well let's put this money to work? >> the more that we can make -- more visibility about where the world will be in the next two years than the risk goes down and therefore the willingness to spend money if your strategic or private equity player, the company goes of. when you combine that with the fact that financing is still very attractive, we may have higher interest rates that we had six weeks ago, but is still pretty darn good. i have been doing this for over 30 years.

she told me that the high-yield market with the word is an absolute sense that i would say that spiral in this market you will ever see. ashley: already at a time. thanks so much. tracy: we have been following the story near and dear to my heart. headed for the auction block. ashley: now is your chance. tracy: the mansion where for saatchi lived and died will have a starting bid of $205 million which is pathetic. the 23,000 square foot home has ten bedrooms, 11 bathrooms, and italian marble and hand-painted frescoes all over the place. sixteen years ago for such you was shot dead on the front steps by as particular. and the mansion went up for sale more than a year ago for $125 million. first the cost was 75. still no takers. now it's at auction. he bought it in '92 and died in 97. ashley: i can't believe.

a rumor that so well. tracy: he put $33 million into that house. so sad. ashley: coming up on the countdown to the closing bell, automation, the company's -- country's largest car reporting robust earnings. bold predictions about the rest of the year. sitting down with their very own liz claman all coming up on "tracy and ashley" -- countdown to the closing bell.

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hearing aid batteries with your hearing aid purchase- a $100 value. the aarp hearing care program provided by hearusa comes with a 100% satisfaction guarantee. call hearusa at ... and start loving life again, today. ♪ ♪ liz: what will the quarterly tale of two tech giants tell? get ready for google and microsoft earnings. stunningly, google shares on track to hit the $1,000 mark. microsoft is a more muddled picture as it restructures. which one should you own? drama at dell as the company puts off that shareholder vote on whether to let the founder or the financier take it private. carl icahn smelling blood, he's

refusing to back down. who else is siding with him now? and a shocker in hollywood, netflix scores huge with "house of cards" snagging nine emmy nominations. netflix stock has been skyrocketing, up more than 229% over just the last year. has netflix reached its peak, or is this just the beginning of its blockbuster story? "countdown to the closing bell" starts right now. ♪ ♪ liz: okay, dollar sign, dollar sign. my mother's going to call in and yell at me for that. i think it's clever. hi, everybody, i'm liz claman. it is the last hour of trading, and today it may be less about fed chief ben bernanke and more about jobless