stocks are selling off. cheryl: here you go, the bells are ringing. unfortunately not the performance we thought wie were going to have today for the market. david: no, we had the great jobs report, better than expected, wages were up, the last jobs report, the numbers were up, except for the wages, everyone thinking the fed will have a rate rise. the news from greece not good. all of that weighing in the market. not terribly, when you think about the market jolted triple digits either way in the last couple of weeks. that's not happening today. red arrows down the line. cheryl: red for the year too, david. david: red for the year, straddling the line. not a good way to end the day, we've got a great day to end the week. folks joining us. "after the bell" starts right now.

breaking down the whole week session, michael smith of alpine funds, matthew tuttle of tuttle tactical management. scott brown, raymond james, looking at this week's economic activity and jon hilsenrath on the panoply of the board, and al alan from the cme. it took it on the chin today, why? >> we're seeing unwinding, approaching the halfway point of this rally from the december lose to the recent highs about 1300. i look at that as a positive sign, unwinding in treasury as well. the safety factor is gone, rates bounce up to normalized after that huge crash that we

saw in the 10 year and the 30 year as far as the yields go. a very optimistic week for stocks, we had a bit of a pullback, down 10% on the day today. cheryl: jon hilsenrath, it looks that the sell-off going into the close, and by the way, a lot of volume behind the sell-off, jon, because of the jobs report and we believe the fed is likely to raise rates in june. what's your interpretation? >> i think it certainly increases the probability that the fed's going to move in june. we have a lot of other data we have to see before that. i think what's going on is a lot of investors were thinking there's no way the fed is going to go in june, and we had the numbers, blockbuster payroll hiring numbers, and they said, maybe they will go in june. david: scott, looking at it from economist point of view, hourly earnings, that was the figure to watch. this time around, they look

good. doesn't that bode well for spending? >> well, i'd be a bit careful in look at any one particular month. we see often these revisions in the average of the earnings. david: you sound exactly like ed lazier, he warns of the same caution, be very, very careful. is it too early to call for a trend year? >> year over year trend. david: is it too early to see trends in hourly earnings. >> i think it's really a lot too early. normally we're going to be looking for average hourly earnings, labor compensation to rice 3 1/2 to 4% year over year, we're a long way from. that i think it's important to look at the broad range of job market indicators, and there are two themes. one is we are definitely seeing solid improvement in the job market and there's still a lot

of slack left in the job market. i think the fed is going to let it run for a while. cheryl: interesting, mike smith, looking at the market today. there's a debate for the last year that the fed and the markets in particular are disconnected from the economy, and while the jobs report was good, wasn't great, could have been better, to david's point about wages, mike. do you think that the market is catching onto the fact that the economy underneath this report is not as strong and wages aren't there? >> i think the economy is actually in decent shape, when i look at a variety of external indicators like manufacturing, pmi also, you're seeing decent employment growth, so that looks pretty robust. the u.s. economy is actually chugging along at a decent pace which is a nice equity backdrop. i think rates are lower for longer than anticipated by investors and that makes a very

compelling market for u.s. stocks. david: jon hilsenrath what motivates the fed? used to be stability and congress threw out unemployment. now the question whether they're looking at the stock market for hints of what to do, and questions of whether they're looking at the value of the dollar globally? we heard from jack welsh and warren buffett saying it would be stupid to raise rates when the dollar is as strong as it is, that would raise the value of the dollar more and hurt our export markets. does that weigh on their decision? >> well, they look at all of these things. but when they always point back to is what they call their dual mandate. they are required by congress to create a stable price environment and maximum employment. the way they interpret that is 2% inflation and unemployment rate closer to around 5% and trying to figure out how to get there. the dollar plays into that

absolutely, the stronger dollar is putting downward pressure on inflation. it's one reason why some people are arguing the next time they meet in march, they should let the job market run stronger, because they're not getting pressure on this. david: are they at all concerned or worried about getting a bigger thy neighbor war. >> they are on the opposite end of this kind of war you are talking about right now. everyone else is easing policy. fed stopped qe program and talking about raising rates. the united states is absorbing capital from the rest of the world. david: are they worried about getting sucked into one of the currency wars? >> i think they're look at the effects of all this on the dollar, and the possibility that a stronger dollar could, you know, could put downward pressure on inflation. frankly, a lot of people i'm talking to over there are

saying they don't think these effects are very big. the u.s. is a domestic-oriented economy, and they're ready to look past it. cheryl: matt tuttle, let's try and make money here. where are you looking for investment opportunities this year? >> we're real bullish here, but we do believe investors really need to take a tactical approach, especially now. you know, this rally has been fed and ecb driven, and i woke up this morning fully convinced that the fed wasn't going to raise rates until 2016. now i'm not so sure. you've got the bond market voting the other way, but we still do maintain a price target on the s&p 500 of 2500 before the end of 2016 and think there's room to run in u.s. stocks here. cheryl: take it to mike smith, because from a stocks perspective, we had warren buffett and he thought it was

going to be really hard for the fed to raise rates and that would be good for stocks? >> i would agree, i think inflation, expectations and levels are low, and that will give the fed some time to not have to raise rates immediately, and you know in the alpine small cap fund, we own primarily companies that are focused on the domestic economy. one of our larger holdings is patrick industries, they sell countertops and molding that go in recreational vehicles. you've had nice recovery growth from after the downturn. we think growth is going to accelerate as a result of collapse in oil prices. also the company continues to make niche acquisitions which allows them to grow, we believe 20% a year, and the rv industry is a u.s. industry to a large extent. so we don't have to worry about whether china is slowing down or europe is having a difficulty. we can focus on the u.s. consumer buying rv's and patch

our benefitting. david: let's bring it from the outside for a second. everyone focused on greece, starting with the elections and what the new leadership there is doing. also questions about china. but people neglected to look at germany. germany, which at one point was feared it was slipping into recession, seems to be coming back. does it not? >> exactly. snapping back, and i'm looking at this from a price action standpoint. you can see not only germany but japan, the nikkei is back towards the 18,000 level. i know we talk every time what the magic elixir what raising rates is going to mean. i don't know when it's going to happen but it's going to happen and the market knows that as well. i don't know that's a price shock at any particular time. i think they'll do it when the market is ready, and that's the reality of it. i think earnings are driving. enough of the talk about the fed, it's about earnings!

>> okay. david: i think the fed may not agree with that. >> i'd love to talk about other things like the job market and what we saw in the payroll numbers. cheryl: i think there's a lot of problems there. michael, scott, alan, great panel, thank you so much. david: lots of optimism about the positive jobs report. are we putting too much weight on the wrong numbers? we're talking to former council economic chairman ed lazier. cheryl: dive deeper and the numbers tell a different story. do they actually lows billions? david: plus turbotax halts e-filing nationwide over fraud concerns. what's up with that? we got the latest. cheryl: yeah, and why listen to music when you can be rewarded for listening to music. we'll tell you how, coming up.

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. cheryl: even with the late afternoon sell-off, the markets eked out gains for the week. david: that's good. cheryl: trying to keep it

positive. david: winners and loser, head back to nicole petallides on the floor of the nyse, winners and losers, nicole. >> we saw winners and losers indeed, it's worth noting right at the closing bell, the dow and the nasdaq became positive for the year 2015. these numbers keep changing. weekly winners hospira and denbury, $15 billion deal with pfizer, and denbury, the oil providers that have been jumping as oil has run up. oil 52 bucks in the after-hours. polo, ralph lauren, they cut forecast. revenue was the pits for full year numbers, down 2% today, that's a weekly loser as well as expedia. expedia says two reasons they came under pressure. the stock down 11.5% today. number one currency, the strong dollar was one of the reasons and the other, strong

competition from china. the dow was within 50 points of dow 18,000. david: have a good weekend. >> you, too. cheryl: the economy added 257,000 jobs as workers wages picked up and job gains were revised higher, capping the biggest three month gain in 17 years. david: have we finally turned a corner? with us is ed lazear, former chairman of the president's council of economic advisers and headed a tax reform committee in 2000. ed, when you look at numbers and they beat expectations, are you surprised we're growing more jobs despite all these new regulations? i would call them job-killing regulations we have. >> well, we are growing, and i think that's a good sign. the fact that there are regulations, they seem to affect specific industries, and i'll talk about that in a

minute. the overall picture i think is a positive one. it's big improvement from where we were a couple of years ago, as you know, this is a very slow recovery both in the job market and in terms of gdp in general. so this is a good sign, we are almost at normal recovery pace right now. taken us about five years, we are finally there, and so that is a good sign. the general picture is one that you see not only in the jobs numbers of the kind that we saw today, but also in other jobs numbers. one of the things i like to look at is data set called jolts, job opening and labor turnover survey, it looks at the number of hires in the economy. for an economy to take off, you have to have a high level of hires in the labor market, and that's looking pretty good. it's about two-thirds of the way back to where it should be in the normal economy. cheryl: ed, we're seeing hires, but here's the thing, if you look at wages, especially

within the report, the jump over the last 12 months, and i'm going to do the whole year here, a jump of 2.2%. but 3 to 3.5% of wage growth, that's what we really need. and we don't have that. i'm confused why everyone is saying it's a great report today. >> it's a good report relative to where we've been because these are strong wage growth numbers, even are in month, they were strong wage growth numbers, that's a good sign. again, the point you made is correct and, in fact, a point i made recently in a "wall street journal" piece. one of the things we know is that wage growth has not been strong. there are a couple of reasons for that. one is that the kinds of industries that the jobs are growing in are not necessarily the high wage industries, that's been talked about before. one of the things i discovered looking at the data, the financial sector and hospitals

have grown much less rapidly than would have been expected. and that could be a direct effect of direct result of regulation. if you thought about one of the two major pieces of regulation, obamacare, affordable care act and dodd-frank which would have affected the industries directly. there evidence is certain industries are affected and affected adversely by regulation. david: i got to talk about tax reform because a lot of people care about that. you were on a panel in 2005 on tax reform. the president says he's for it but proposes all these changes in our taxes and makes it more complex. is it a lost dream that we'll have tax reform over the next couple of years? >> well, i think complexity is the least of our issues. i think the big problem with what the president has proposed is that it works in the wrong direction in terms of encouraging investment, economic growth and productivity which results in

wage growth. so all of those things are connected and raising dividends and capital gains tax is just about the worst thing can you possibly do encourage investment and productist growth. we know that not only from the studies when i was in the government, but also just a very large variety of researchers who come from every political spectrum and everybody says raising corporate taxes, raising the tax on captsal about the worst thing you can do. the president is moving in the wrong direction there. we need high rates of investment. we need high productivity growth and stimulate wage growth which is what cheryl is talking about earlier. cheryl: that would lead to more full-time jobs which obviously we did not see in the report. we don't have the amount of full-time jobs we had before the recession. ed, great to have you. thank you very much. >> thank you. thanks very much. appreciate it. david: ed lazear from hoover. tell us what you think about today's jobs figures?

are they a real representation of what's happening in the economy? are you sick of hearing they are great numbers when it doesn't sound great to you or family or friends. send us a message or tweet us. cheryl: turbotax halting e-filing services after concerns of tax fraud. the firm is working with state agencies to tend to the allegations and believes that the fraud was not from a security breach of systems but rather sources outside the tax preparation process. it's still under examination, turbotax will work to turn transmissions back on and help affected customers at no expense. they're excited to get taxes done. shares ending lower, falling more than 4% unfortunately. david: i got to do my taxes. senator rand paul's push to audit the fed is getting more traction than the fed would like. janet yellen, it's driving her crazy. is it such a crazy notion that the american public should know what the fed's assets are? we don't, $4 trillion?

what is it? we'll debate that with the panel. cheryl: why just listen to the music when can you earn rewards for doing it. we're going to talk to the ceo of a music streaming site doing just that. david: and apple getting ready to introduce its own driverless car. could it be? we've got evidence they are working on that. is that a great idea? we have the details coming up. at ally bank no branches equals great rates.

it's a fact. kind of like mute buttons equal danger. ...that sound good? not being on this phone call sounds good. it's not muted. was that you jason? it was geoffrey! it was jason. it could've been brenda.

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at ally bank no branches equals great rates. it's a fact. kind of like shopping hungry equals overshopping. >> >> there is still a lot of people that are struggling and if we don't provide unemployed insurance and makes them harder. >> at of 2 million people that will cost hundreds of thousands of jobs. >> that is the prediction in 12 months after ending benefits hundreds of

thousands were created not lost. each month. is cutting government out of the jobs market helping to grow the jobs market? let's ask our guest tom frost and cheryl is back as well. what do you think about this? obviously the president and vice president were wrong but should they get out even more to grow more jobs? >> absolutely. the months the extended benefits were cut we suddenly have the greatest year of job creation we have had since 1989 and that is not coincidental. to do research that 60 percent of those created last year, net was 1.8 million jobs were created because of the extended benefits.

david: it is simple to be paid them to be unemployed more people are unemployed. >> we have seen this over and over that they make more money on unemployment and if they would get the basic job at mcdonald's what happened to hard-working and a dedication? nobody thinks that way anymore. david: i could have had the same sound bites for the sequester that if you go and cut that much money out but we did and we cut it tremendously and we have job growth. >> also remember it is basic personal financial planning. we are all in this together people are hurting that is why it is the emergency funding.

david: but it was extended to any emergency six months months, one year, a two-year, it got to be too much. >> if we don't cut now to pull back hard what will happen the next time we have a real crisis when we do need to intervene short-term? if we want to tell when it is time we have got to cut back. david: politicians know how do spend the money. trust me. the one thing they do know how to do. fed jeered janet yellen is ticked off that senator rand paul for pushing his idea of the of that audit. topping $4 trillion to we have the right to know. >> i think we spend too much time to be the armchair quarterback. it is a quasi government that is the private

organization i the one hedge funds to look at what the fed has. for there is a fine line to not less sophisticated hedge funds to manipulate the system. david: most of the time i would agree to have the independent said. but we never had a situation where central banks are printing as much currency as they have to. this was unprecedented. if they have 4 trillion a want to know what is in a. >> the fed was created 1914, 100 years ago to stabilize monetary policy. so why can't they explain. they have been very

transparent but tell us how you do it. they work for us and congress. david: you may not like it but i guarantee it is coming. on both sides of the ideal if that happens, what happens? >> i completely agree. i really don't want lowe's treaty one i i understand. so it will have bid one hatpins when it does? >> it will make the markets more unstable and will hurt the economy. and also to expose what we're holding to the rest of the world. at one of them to know what is on the balance sheet. >> get your social media responses. >> are the job numbers representing what is happening in the economy?

but could service jobs with no benefits. we will have more coming up. >> latest on ice this could be responsible for the death of an american female hostage. straight ahead. >> the devil is in the details you cannot afford to miss this. ♪ t. rowe price, we can help guide your retirement savings. our experience is one reason 100% of our retirement funds beat their 10-year lipper averages. so wherever your long-term goals take you, we can help you feel confident. request a prospectus or summary prospectus with investment

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david: a mystery from a suburb appears to have the same self driving equipment tested out by google. are the selfie driving cars apple's next big thing? back with the panel would you think of this? >> it could be unfortunately the half to get to watch out first i've not sure it is the right space i am concerned to get out there. >> they getting in over their head?

>> this is why the large cap growth companies over the cheaper price stocks so apple should remember they're so successful walking into an apple store it is so simple. i just want my i found. david: and to there is nobody that comes near the service that people have lost money betting against apple. >> they made $18 billion in profit last quarter in deploying the cash now. is a shot at the bout of google so there taking pictures or they are working on a self driven car that is exciting. so they may be laid to the party but this is one they

want to be a part of. some of the biggest auto makers are working on it. david: i still feel funny about that. [laughter] the amazon stock kill them after showing a profit was a move in the right direction. a closer look shows amazon is still losing billions through capital leases. was it just smoke and mirrors? >> i thank you do have to remember talking about amazon ever since it went public, it is important to separate the amazon prime i love the service verses' looking over a balance sheet. they need to stay away and not play this but they enjoy the great company because one day we will realize how

much they are losing. and then to ravenous where we got something for nothing david: are these billions of leases a concern to you? review needed economics degree but you cannot continue to borrow money like they are. but then file for bankruptcy it is not what you make but what you spend. they are spending so much money. yes they have money coming in but i agree stay away. david: that market share is extraordinary. >> but amazon is a stock to watch. >> aig for joining us.

that is a great panel. we have some troubling news. ice this says today that a jordanian air strike killed of female american hostage. joining us now from georgia and we have the latest. >> it has then met with a lot of skepticism both the cia and state department says they are aware of the claims that a dirty the air strike killed an american aid worker who has been held in syria for almost two years. both the cia and state department says they are aware of the claims but things just don't add up. turgeon officials call it criminal propaganda and say there is no way that ice is

key and identified the jordanian plane or another coalition planes so they're on the face it is ridiculous. also they said they were targeting weapons veto -- vetoes to keep the hostage. so as they have that position is syria with more than half of the jet arsenal. now the larger question and going forward is to verify the claims if the american hostages what happened going forward. ice this continues to fight and then to fight them on the ground. >> and was there but doing

nothing a humanitarian way is. the security threats continue to involve the president and we will tell you with that plan includes. >> garth brooks and a lot in the music business but not -- now one wants to reward you for listening. coming up next. ♪

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david: street being increased on demand increased in 2014 not only is apple getting into the business but also celebrities as well. >> tel can a newcomer differentiate themselves? they give a reward for listening. so i listen and i get free stuff. i love this. how do you make money? >> it is very easy. by giving of rewards for the e-commerce platform that we

own and control. a lot of times reward systems don't work because to get rewards then have to pay a third party but we on the platform so we give away the reward that drives you to purchase from our platform like songs horror videos or 58 million items will be available you could buy what everyone did you wanted delivered from dvd, a cd, the old traditional stuff down to the digital tracks into a digital locker. you can buy whatever you want and we defray the cost because we make a profit. >> can i put it in my eye tunes? >> no. you can buy the download then recorded into itunes. david: we actually like pandora i pay to have the

commercials removed for i used it last night but that sound tremendously this week down double digits. does that affect you? >> not at all. the missed expectations with the market cap was inflated they were expecting big things on advertising but if you look it is great for us. 35% quarter over quarter revenue over one year that is amazing. that is a great thing for us cheryl: hagel du differentiate? >> the e-commerce platform giving rewards so people can get free stuff for discounted stuff and then second we will add a video platforms this summer. i have netflix or whenever i use with all these accounts

to pull the commercials out than put in my credit card but if i lose my credit card i have to change them it is a pain in the neck to manage so now you have all audio and video on the same platform. >> is also the content as well. >> people we work with and great entertainment attorneys that help us to negotiate. >> your attorney represent some of the biggest names in music so you are in the right circle right now. >> we have some really great people and one of the main investors is very big into the media and he has done a great job referring to people who could negotiate. david: that is the leap of faith because you just mentioned in netflix they are the biggest elephant in the room. it is hard to jump at this point to take them on?

>> remember number one media streaming is more more popular. my children don't even watch a regular nickelodeon. david: why netflix does so well. people use it for that platform by remember. david: you want to take their market share. >> remember the days of cbs and nbc and abc and of little station and called fox? >> what about the grammys on sunday? >> generates a lot of interest in the industry. david: competition is wonderful for everybody not only consumers but other competitors. we wish you the best. station digital. then do product will rollout march 20th.

cheryl: they have more twitter followers than i do. [laughter] looking at the approach to combat a crisis around the world is what the administration is calling strategic patients -- patients. david: and warren buffett is standing by coca-cola despite a declining profit. >> i do not worry about coca-cola we have had them since 1988. david: eight activist investor says he is dead wrong to stand by coca-cola and he will tell us why next. >> coming up on my show at the top of the hour the news today that turbo tax had stopped filing tax returns because of fraud. we have details of the complicated tax season in a long time. in just a few minutes.

the real question that needs to be asked is

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cheryl: back in august president obama revealed that we do not have a strategy to combat isis. the white house unveiling a national strategy that they say will shift things. david: i would hesitate to call it a strategy. let's find out what they are proposing and if it's not. rich edson has more. reporter: declaring national security it relies more on

military power, the obama administration has unveiled its first national security strategy in five five years in a speech at washington's brookings institution, susan rice of the united states says we are leveraging economic affairs. it serves as a brought over overview to president obama's plans. some lawmakers are looking for more specifics, especially those calling for the administration to provide defensive weapons to the ukraine. susan rice says the white house is still debating it. >> it is something that is under consideration, but it is a significant step and you want to do so in close consultation and in coordination with their partners with us as far as being a core element of our strength and responding to russia's aggression. reporter: republicans criticizing the strategy. senator lindsey graham says in a

statement i doubt that isil or vladimir putin will be intimidated by obama strategy of "strategic patience." from there on, the stronger they become. the administration continuing to it negotiated nuclear dear deal with iran, while rice calls for patience there as well, promising that this will revert to sanction strategies if diplomacy fails. cheryl: thank you, rich. david: in an exclusive interview warren buffett reiterated his support. david widder says that buffett is wrong. it is part of our fox business rewind. >> i think it's a good company, but it has management that is more focused upon putting money in its pockets and rewarding all shareholders and all mutual funds and all indexes. >> you're calling for the

resignation of board members and others over this equity compensation. because this is just not good governance. it is corporate governance. >> it's awful governess at transit governance and also misleading. >> that is a great use case because we are so many stories of potential employers looking at social media profiles. david: do today's jobs numbers represent what is happening in the economy? of course it is a good sign, but it is not as wholesome as some would like us to believe area quality jobs average and come down, and the participating have been under way for months or even years.

cheryl: what is the real participation rate? david: it is time for the number one thing to watch next week. let's bring back tom from fox of management, he is a cofounder there. what is a? >> we are going to be looking at the university of michigan consumer summit index number, that gives us a sign of how the consumer feels about the economy. we saw that number hit 93.6 at the end of december, which we had not seen since 2007. and it's like the american consumers have posttraumatic stress disorder after what happened in 2,072,009. so they are starting to feel more confident about the economy. >> they can answer a survey and say we feel good, but then they don't act upon it. >> that is true, but they have to feel good before they act upon it. so the good news is they are feeling more positive. and we need consumer spending to

grow. stay on even though gas prices are going up at the palm, that could cut into the ability to spend money. speak your that is it for us. "the willis report" is next and have a great weekend. gerri: hello, everyone, this is "the willis report." the show where consumers are business. and tax filing nightmare, turbotax shuts off e-filing. >> turbotax e-filing halted nationwide. gerri: and the hacking of the second biggest health insurer in the countries that the problem is we are starting to understand that hackers are coming after us. gerri: critical lessons on how health insurer in companies are handling our most sensitive information. plus the latest job report showing steady growth and rising wages. the eco