the may adp report is due out at 8:15 eastern. polled economists are looking for 175,000 private payrolls. mark zandi, who is the new guy at adp, brings the numbers to us personally on cnbc. so, we will get them from him. now, this is interesting. >> wait a second. >> this is very interesting. >> not taking a shot of that. >> they missed the shot of that. becky -- this is what she was just doing. she has a skirt on and she had her leg -- i thought it was mrs. robinson. are you trying to seduce me? >> it was not that. i was going sideways. i'm trying to hook my shoes. i did not buckle my shoes this morning. >> shoe-shoe ka-cuckoo-ca-choo. >> just stop talking. ♪ >> you really did? you've got your leg up on the -- that was like the publicity shot where you're looking at dustin hoffman through ann bancroft's -- >> stop calling me mrs. robinson. she's old. >> she wasn't. she was like your age. what were we talking about? jarks zandi, maybe? >> no, no, this stuff! this stuff is happening today. this stuff is happening today, the adp re

a big jobs report comes out friday, we got adp this morning, adp, the estimate for 170, the actual number 135. you have positive market data out there, but a this point, traders and investors focus on the negative, 15017. a caveat to watch, jobs could be the problem, and the feds could stay and buy bonds every month. bears and bulls hack it out. we'll stay tennessee o. dennis? dennis: thank you very much, cheryl. e-harmony wants to match you to a job. dr. neil clark warren is here. dr. warp, thank you for being with us. couples meeting onlined are more satisfied with marriages than those who meet the old-fashioned way, and now you take the online massive success into jobs. what are you doing? >> i'll tell you, dennis. here's our thinking. the average number of jobs a person has in our society is about five. that means that five -- that's five careers, really, and in a person comes home and they are unhappy in their job, it's going to be hard on the marriage because, you know, the two are very tied together, so we're thinking that if we gotten pretty good at matching people for marriage, m

is this adp? is this an acknowledgement that what has gotten us here and that is the housing market recovering, is that on the brink as mortgage rates start to rise? what is it? >> i want to step out of character here, scott. i want to step out of character and offer a trade. i want these guys to judge it. >> let's go. >> what if -- and i don't know if this is true, the weakness we're seeing here is exactly the weakness we expected from the sequester, which everybody said was going to hit hardest in the second quarter. and that's showing up am ism manufacturing because there's a big defense component to that and in the employment numbers, we had adp negative for two months in a row. if that is true, you would get bad data all the way through july. sometime end of august, september, the data should start to turn and i don't mean wildly positive but slightly positive as the worst part of sequester begins to wash its way out. i don't know if you can play that today or this is a situation where i got

>> today, the adp numbers had a number in stocks, reaffirmed by iea.hey were ready to move up, through there was resistance at 844.5, and then once the stock market laid on top of everything, the market drifts back here, still in the downward trend now, and unfortunately, the market is a sell on, rallies until further notes, we held support yesterday, market looked to build a base making an attempt. it has to settle above 95 and a quarter to refuel break out of the trend, and it doesn't look like it's going to do that in the near future. cheryl: back to the new york stock exchain. maybe you don't sub vibe -- subscribe to this, the dow 15,000, the psychological mark, closing below 15,000 today, does that set the tone or just a one-day blip? >> right now it's 1998 # 7. -- 14978. if we close slightly below, it's not a big deal. it's not a human panic selling situation. i think you're going to see bottom pickers tomorrow. cheryl: ohing i love that. thank you very much. gentlemen, thanks to you as well. bringing in nicole on the new york stock exchange floo

we have adp do our payroll. told us that the governor's new bill, the new budget, would have a provision in it that we could no longer aggregate our purchasing through adt -- adp. any number of smaller companies like adp services. we got the benefit of the -- that we were going to have to go in separately to buy it. which meant that we didn't have the power, the negotiating power, with 2 on 300,000, 15 people you take what they give you. i went to the governor's office -- new york governor him asked me whoa i help him get support for his budget in upstate new york, and i went to him and said, hold it. this is antibusiness. these are little firms. gas stations, bow dig georgia, and they have the benefit of mass buying by being in cooperatives. he didn't know anything about it. he took it out. and made sure it came out of the bill. so now we're able to do it through adp. when we tried to find out where this was driven from, we were told, quote, from upstate. we were told that health and human services in washingto

the streak has broken after the dow's 76-point loss after adp did miss. mortgage rates above 4% and hawkish fed speak last night and in europe flash pmis were tepid and marginal growth in germany. the nikkei fell 700 points, and investors are not impressed with shinso abe's plan. possibly setting the tone going into friday's big jobs number. >> as we just said, japan's prime minister abe fires his third hour in the economic quiver, but in the eyes of investors it misses the mark. apple loses its patent ruling to sam suj and gets slapped with import models. >> the battle is not over and with mortgage rates hitting a pivotal point. >> the jobs picture on wall wale's front burner today, new data shows private sector employers added 135,000 jobs in may and that is below expectations and higher than april's revised total of 113,000. the report comes ahead of friday's much anticipated jobs number and one day after the dow streak of 20-day tuesdays was snapped. they tend to undershoot bureau of labor statistics. some say you might get an in-line number if the pa

on the jobs front, payroll processor adp said that businesses in america added 135,000 jobs in may. that was much less than expected. and the labor department will release the may employment report on friday. and orders at american factories rose 1% and that is also below expectations. the report from the beige book, the survey of regional economic activity described the recovery as modest and moderate. so, not much to inspire stock buying. the dow tumbled, and the s&p 500 was down 22 points. here is bob with more on today market action. >> traders are confused, is the economy improving or not. a report on private sector employment by adp was weaker than expected as was an employment gauge in the services industry. that is causing some to consider lowering their estimates for the critical friday's job reports. feds have been talking about purcha -- about tapering the purchase of bonds. and today we got the beige book, noting gains in auto sales and bank lending and hiring, gains in several districts. so what do traders do when they are confused? they lighten up on their position and

>> 150,000. >> low side. >> it's higher than the adp number. >> what is your number?ou know, i go with the consensus to me. i don't think it will matter as much unless it's a big spike up let's say 250,000 or below 50,000 to the market. somewhere in between, if we miss it by 20,000. i won't care. >> the fed might care. did you say 160,000? 150,000? >> yes. let's use that? >> in that ballpark. if you get 166ish, i'll give you a range 150 to 175, does that impact federal reserve policy in anyway, shape or form where they would stop buying bonds or slow down their bond purchases? >> i think you ned to have two or three months of that before they do that. that doesn't mean the market won't react and anticipate ahead of time. that's why i mention, if we get something below conconsensus the market will relate. come august, come september, that will be it. >> we will leave it there. very good. gentleman stick around. we have more news to cover on this. >>> two of the biggest names in corporate america in the news today for different reasons. mary thochson has big news on gm

you some hints, will you be paying a little bit closer attention to those, such as the ism and the adp? - yeah, definitely. the adp has not been a great predictor of the bls report on friday; however, sure, people will look into it and make assumptions. but the bottom line is, friday is so important, with what the expectations are for the fed. what are they going to do in september, if anything? - what do you think about the risk level in the market? is the risk on or off here, larry? - the risk actually is somewhere in between, because what's going to happen is at some point the fed is going to have to raise interest rates above inflation. at some point the fed is going to have to withdraw and retreat from the capital markets. this is going to cause a reshuffling of the deckchairs. so, depending on what sector you are in will determine how you're going to do. so, again, just a broad portfolio makes sense right now. - medium risk is not bad. maybe we even have goldilocks here. good to have you on the show this morning, larry. thank you. - thank you. "explosive growth" is not a phrase h

tracy: adp typically known for small, mid-sized companies.at the data, where do you think the economy is right now? >> it is okay. we're growing 2%. that is gdp. in terms of jobs we're creating a couple million jobs per annum. interestingly, it has been very stable growth. the job growth for 2 1/2 million, that is what we're getting 2 1/2 three years. it's okay, meaning enough to keep unemployment moving south but not really enough to make us feel really good because unemployment is still high, 7.6%. how is economy doing? it is okay. tracy: we look at market, the market is not even okay. at least we had that to fall back on. >> right. tracy: do you buy not notion we need to start tapering sooner rather than later? >> think the path that chairman bernanke laid out yesterday, i think it's a pretty credible path. i think he was crystal clear in terms of unemployment thresholds we need to hit before that happens. my sense in the market what is going on in the market it has come a long way. i don't know the numbers offhand but even with today's co

tomorrow's adp report.cting a gain of 171,000 private sector jobs gain for the month of may. especially as anticipating the jobs report on friday. >> if we actually get 171, the last nine months where we've had new methodology for adp, add 42 to whatever adp prints, we're going to be in that range. the market is going to be volatile around tomorrow. take a step back. the fed is not going to move quickly. i don't care what george says. i care what bernanke says. he is not moving quickly. rates are going up slowly. equities are going to be fine. do you agree with that? >> yeah. i'm not so much worried. i think tapering is premature. my big thing is we want to see at least 150 more for just gdp growth. even though unemployment has been dropping, we see a lot of people dropping out of the sector. and so we want to see those jobs created. so anything above 50 we feel safe. >> next right here, stanley black & decker holding an analyst meeting tomorrow. stephanie, what do you want to hear? >> only up 6% year to da

a lot of people get paid, get their paychecks from a company called adp. small little mom and pop shop that helped companies are payrolls to one of the most dominant payroll companies that

a lot of people get paid, get their paychecks from a company called adp. well, he basically took adp from a small little mom and pop shop that helped companies are payrolls to one of the most dominant payroll companies that handle sending out paychecks. when people get adp paycheck in their account or by mail, however they get it, a copy of their check, it is a company frank lautenberg helped build. took it public and took his millions after retiring and decided to enter into politics. probably the most significant thing he did in the '80s in his first ten years is the smoking ban on airlines. remember, there was a time, chris, when people smoked on airplan airplanes. >> you and i are old enough to remember that. >> those weird things, there would be a nonsmoking section and you'd see a tube of smoke coming out all over the plane. it was frank lautenberg who helped get rid of smoking on airplanes. >> and mark murray, obviously political implications. he had been sick for some time. this democrat now gets replaced by a republican governor, chris christie. w

we got the adp, spare me on this one. the adp employment number wednesday morning. many people believe this is a good precursor, trying to fog figure out what the nonfarm payroll number. i'm going to suggest you ignore this number entirely and anybody who reports on it. it's just not worth it dwraerm. i got to tell you, i have been tracking this thing. it is, you know what it is? it's a figure full of sound and fury signifying absolutely nothing. sorry. we got to stop treating this thing as important at all. i'm on a mission about that. anyway, oh, thursday, man, unbelievable. thursday is philly fed president charles plosser. he's speaking in boston. he's like a short-seller's dream. he's worse than dallas fed fisher, when he speaks. because when it comes to his impact on stock, let's just say he has been worried about inflation 'forever. so we will be on full taper watch. not tapers like those weird animals tapir. taper like tapering off the fed bond buying program and perhaps selling them. egads. it doesn't matter he has been wrong about his view for ages. it does

ashley: the number one thing to watch tomorrow will be the adp employment report.5 a.m. eastern time. economists expecting private payroll employment to rise by 165,000. that is a big jump. don't forget from last month's readings which was just 119,000. many of analysts we've spoken to, liz, said this is friday's numbers, of course the nonfarm payroll numbers will be very important. sometimes we get a little insight from adp in the private sector. liz: watch oil tomorrow. oil based very strangely today. first it was down and reversed and went higher on perhaps news syria had been using chemical weapons. concerns what will really happen with opec. oil began to move up. then it began to move down. so watch the crude market very closely. ashley: we will indeed. we should mention the tuesday streak is now over. 20 tuesdays in a row the markets finished in the green. it had to come to an end at some point, as you said and it has. the streak is over. liz: next it "money" with melissa francis. we'll see you tomorrow. melissa: i'm melissa francis and here's what's money to

i think what happens, ism melts away on wednesday with adp. and then the labor department number on friday is going to trump it all and that number is going to give us the flavor of the month and maybe even the summer for the federal reserve. let me show you the data. ism came in below expectations and auto sales look better than expectations. what seems to be happening, putting the two together, you have manufacturing going on in the auto business but outside of that you're having trouble. trade tomorrow is going to give us gdp input. looking for the rest of the week. adp for 171. on the private sector alone. you'll see what the overall forecast is. service is 53.5. watch for the anecdotal evidence that the fed is getting. the rate decision, no rate cut expected. jobless claims, right in the zone where you could get 150 to 200,000 jobs and nonfarm payrolls, 165. was the metric going forward for the fed? is it going to be the unemployment rate? that may tick lower if you have better than expected jobs number although the fundamentals would sug

adp comes out. we move in the direction of adp. >> all right. 150. >> we go to your evil twin.>> price is right rules. >> i was doing very well. last month i was pessimistic. >> you got cocky. >> i have been lower than the con sepb tuesday. a saw a comment from mark yesterday that i had forgotten about, which is this month is a five-week month not a four week. so i should have made mine higher. >> so where are you going? >> 140. >> like bob barker. how about kevin? >> last month austin had a rough one. we started to see stronger numbers than expected. >> right. >> it happened only because he told us he was the world's greatest forecaster right before the numbers came out. >> i kept saying that every month. >> but zandi, what's the one thing we're talking about? the numbers don't seem to tell us anymore. i wonder if there's a connection between mark and that. i think we're looking at 170. >> we were talking about this off camera. my question is do you believe the adp numbers? i wonder if they pick up a turn stpheufrt. >> there's information on both. we're really splitting hairs.

we have the may adp employment report out at 8:15 eastern.0 in private sector payrolls. at 8:30, we get revised first-quarter productivity and labor costs, at 10:00 a.m., ism services index and factory orders and at 2:00 p.m., the fed releases its latest beige book. quite a bit to chew through. joining us with his thoughts, paul blue, chief data and analytics officer at dunn and bradstre bradstreet. good to see you. >> good morning. >> in the ever ending debate about fed tapering, what's going to be most important for you in terms of today's data and how it plays in? >> well, obviously, we're going to look at payroll employment as we get to the end of the week. that's the biggest number for us in the u.s. as we look at other global measures, we'll track other things, but certainly in the u.s., we're trying to get a read on payroll. there's lots of concerns that things have flattened out a bit in the second quarter. we don't fully subscribe to that. i think we'll get a solid number that confirms the 2% to 2.5% growth rate. >> equity players we

we have talked about the adp reports and that being less than.e talked about the concerns of a computer-driven hedge fund. that is something from abroad. watching that story, as well and just watching that from abroad. he said that is one of the reasons the market sold off like it did. the selloff is bringing the dow and s&p very close to their 50 day moving averages. as far as the vix, sitting here getting closer and closer to 18. this one would be the highest close of the vix in the year 2013. melissa: interesting stuff. is this worry some sign? >> i think it does put some downside risks to the number that we will get on friday. last month it under predicted the number 550,000. this report, it was actually stronger than it was last month. we could still get the number close to the consensus number. melissa: we always say that adp is so far off. is it as far off as we think? believe it or not the adp actually comes out ahead. melissa: what is really going on? >> on a month to month, it is not the actual number of employment. it is suggesting tha

but the main number far short of what economists were expecting from adp. the labor department reports its monthly figure on friday. really looking for gains around 200,000 at least to make a real dent in unemployment. >>> stocks are heading south this morning. a lot of worries about japan and its struggling economy. the nikkei was down 3%. dow right now lower by 37 points. nasdaq is down by a fraction at the moment. and the s&p is down 3 points. despite that patent ruling, apple shares are up .25%. really affecting older models that aren't having that many sales anymore. >> thank you, kcbs radio's financial reporter jason brooks. >>> domino's is taking pizza delivery to new levels in fact new heights i guess i should say. how about delivery by drone? a domino's franchise in britain posted this video of a so- called domicopter delivering pizza. don't expect it delivered to your door by drone anytime soon. it's banned for commercial purposes in the u.s. >> are they serious? come on. it's a stunt. >>> time now for a look at what's coming up later on "cbs this

bill and helped form and grow the giant payroll company adp. with the money he earned he helped finance his own campaigns. his death means the loss of a scrappy and dependable democratic vote in the senate. republican governor chris christie gets to appoint a temporary replacement. >>> still ahead for us on a monday night, as we mentioned they bring us mesmerizing images from inside tornadoes. but now the deadly game of chase is raising very serious questions about a very dangerous business. >>> when we were last here on the air friday night storms were fire along a severe line from oklahoma city to st. louis. storm chasers descended on the storms. as always, we aired their video. we interviewed several of them about what they could see. a freeze frame of the radar over the region from friday night using pink dots to show where many of those chasers were based on their gps locators, many found themselves in the worst spot -- the hook of the approaching storm. while mike bettes of the weather channel and his crew had a very close call, others we

a report on private sector employment by adp was weaker than expected as was an employment gauge in the services industry. that is causing some to consider lowering their estimates for the critical friday's job reports. feds have been talking about purcha -- about tapering the purchase of bonds. and today we got the beige book, noting gains in auto sales and bank lending and hiring, gains in several districts. so what do traders do when they are confused? they lighten up on their position and look what happens. the dow is down, this is the worst two-day losing sfretreak since november, and the markets are being held hostage to the dollar/yen trade, the yen has been strengthening the past two weeks and did again today. a lot of people borrowed cheap yen to buy assets elsewhere. but they are starting to unwind the deal. >> well the dow had a triple digit move in 5 of the last 7 trading sessions now they want to know if the volatility is noise that should be ignored. here is what george young has to say. >> we are long-term holders of stock, we think it's important, we think it's very impo

adp reported that the private sector added 135,000 jobs in may. that's far short of what was expected. we'll get the labor department's take on may's job growth on friday. also japan adding to this big mix of volatile news today. the nikkei dropped nearly 4% as that country's prime minister unveiled his so-called third arrow of economic reform and a lot of economists out around the world don't think it's enough, could force japan into stagflation. that's higher inflation with weakening growth. and that could certainly ripple across the global markets and economy. back to you. >> we knew it eventually had to go down because it's been on such a surge, right? >> reporter: eventually the stock market will pull back. we have been on quite the surge as you mentioned. record highs for the dow and the s&p over the past couple of months. s&p has been on a seven month winning streak so a little bit of selling to lock in some profits fairly well expected at some point. >> you can't win every day. thank you, jason brooks. >>> as jason mentioned the s&p and na

so you couple that with the adp report.umbers after you saw it yesterday? >> no. i don't think there was enough in ap. and there's enough vnc they are adp now that i thinkit's a tren enough to change us. >> what about the jobs component in ism. if you used that component it would get you to 25,000 jobs tomorrow. it would be a horrific number. >> i think anything less than probably 200,000 jobs the market responds favorably. it keeps the fed on the table, which is what the market is looking for. whether we agree or like it or not is the situation. it would be concerning of a stalling effect. >> you are a much longer term investor. you are not looking at the play-by-play and making your decisions based entirely on that. does the fed play a role in where you are thinking about putting your money? >> i think our macro view of the economy plays a role. it is a weak global economy. there's no big engine. with china sputtering, europe slowing or whatever it's doing, there's no reason for this to be rocket ship. i don't think rates

but if it misses, as wednesday's adp job missed, it could be "look out below." - good to have you on the show this morning. that's todd horwitz of average joe options. thanks a lot. - thank you. have a great day. an economic overhaul in japan is rattling stocks in the u.s. and asia. the nikkei sank to a two- month low yesterday after japanese prime minister shinzo abe laid out a plan to reboot the country's struggling economy. nicknamed "abenomics," the prime minister's agenda focuses on foreign investment, will ease certain regulations, and nearly triples financing for infrastructure by 2020. critics say the plan is missing key details, including changes to the labor market. america's favorite passtime is facing a shakedown of 20 players who may be involved in a massive doping scandal. espn reports major league baseball is set to suspend 20 players, including baseball's top-paid player, a-rod - alex rodriguez of the new york yankees -, as well as ryan braun of the milwuakuee brewers. the player'' union says no decision regarding discipline will be made until interviews with players

economic reports we had earlier in the week, the ism manufacturing and services indexes as well as the adpthat showed weakening employment date that is a very nice offset and continues on the string of job growth we've seen in 2013 that is averaging about 189,000 a month. at the same time, it probably is why the market i think reacted so positively to it suggests that it's kind of a goldilocks number in terms of fed watch. and that has to do with the fact that the fed has basically stated that what they're looking for is 200,000 jobs a month to be created for a four or five-month period to give them probably enough evidence that might warrant tapering of their quantitative easing program. this number was good, but just shy of that number, which suggests a threat of eminencesy to the tapering program has at least been deferred, and i think it bodes well for stocks going forward, because obviously it's an underpinning of an economy that is continuing to get some traction positively, which is good. >> but we've also had an awful lot of volatility, mark. what is that volatility in the market t

but the adp number and the jobs components of the nonmanufacturing ism.ownside. the risks here are to the downside. on the other hand, there might be a snap back in construction jobs because of the poor weather that we had in march .april. that is going to really dictate what happens today because it will feed into the debate over the fed and whether it tapers sooner or rather later in its bond buying program. now, how does that play into the futures? this is where we stand at the moment. pretty steady, really, after the wild swings we had yesterday. closing up 80 swinging nearly 200-point arc. that three-day losing streak we haven't had so far this year. right now, the dow is some 22 points below fair value. the nasdaq at the moment is around 4 points below fair value and the s&p 500 is just about a point below fair value. it's trading at 1621 on the futures. for a short while yesterday, we moved below the 16-day moving average. some looking at the 1600 level as a key level for the s&p 500. keep your eyes on that. the ftse cnbc global 300 is unchanged. s

adp reported that the private sector added 135,000 jobs in may. that's far short of what was expected. >> the labor department comes out with its official job numbers on friday. >>> a strange twist in the san bruno pipeline investigation. lead attorneys on the cares for the public utilities commission suddenly quit at a critical time. kpix 5's ken bastida is live in mobile5 with the details of the lead attorneys on the case for the public utilities commission. >> reporter: a mystery a lot of people want answers to. i'm here in front of san bruno city hall. i just finished speaking with the city manager, connie jackson. she says her office found out last night that the four attorneys, the four experts, the people who have been gathering all the information about that gas pipeline explosion in september 2010, they all took themselves off the case. and there's no explanation for this. and she says she is extremely concerned. why would they resign now? >> we don't know why. that's what we want to know. the disarray inside of the puc troubles us greatl

we have a weak adp to report. weak component and the numbers are starting to come down on the friday jobs report. at the same time we have the federal reserve talking about tapering. tough combination you have got on top of that and there you see them coming off of the lows coming off 200 points. it drives people crazy. look, what this indicates is that the dollar has strengthened and the yen is weakened. we have had a problem with this for a while now. when this chart moves to the downside, the yen strengthens and the market tends to move to the downside as well. the important thing is that -- take a look at the major indexes. all the risks off stocks. materials industry. consumer discretionary. there is the risk on trade for the downside. that's what i mean. these yen carry trades is a good carry trade. you can see the dow transports all to the downside. >> did you want to comment? >> what's your sense from talking to the traders down there about which is actually ruling the market? whether it's the fed taper is

daniel says a month after he was hiredy a data processing giant, adp, some colleagues found the 18-year-oldtos on line and it featured him as a very naked, very hot, very sexy lumb jack. he was then subject to the practice of jokes and sexually charged comments and ridicule earn coning the pictures including his general tills and co-workers -- genitals and co,oulders shouting timber at him. sounds like what i have to endure. some videos i did also have come back to haunt me. >> i was limber back then before the accident. joe, is this lawsuit basically a huge humble brag oh i'm suing because myot, naked pictorial is causing waves? >> you can't make fun of your co-workers even if it is hilarious. you just can't do it. i feel bad. when you file a suit like this, take down your li in photo because people will look you up. and then second, i also feel bad because we did things in the early 90s before the internet happened. and now that person friended you on facebook. it never goes away. >> what did you do? >> maybe i peaked m-- i peede my pants once in school. >> in school or about a week ago?

he formed adp, automatic day data processing.oting record was a testimony to unabashed -- the national education association and the brady campaign to prevent gun violence. the 89-year-old found new energy to push for gun control. >> the merciless murder of the young children who were doing nothing but nnts things in going to school. so my mission is to pass new gun safety laws. >> he scored 0% from the american union yet praise from call lee leagues today. >> we had pretty good fights between us over the time. battles on philosophy and the role of government. but never was he to be under estimated as an advocate as the causes he believed in. >> it will now be up to christie to call for a special election or call for a process ser. and a piece of praise for the president after hurricane sandy. adding to the intrigue, the rising stature of corey booker. >> reporter: if christie does report a relationship can, it will narrow the -- a margin that could further jeopardize the president's agenda already threatened by scandal and congr

a jobs report payroll processor adp reported a disappointing 135 private sector jobs created last monthgold is up $1.30 finishing up $13.90 an ounce. crude oil is settling just under $94 per barrel. in the bond market, theyield on the ten-year following the 2.10%. our guest tonight says the artificially low rate put in place by the fed will generate more volatility in the markets. joining us now. it is good to have you here. this market today, itis your turn. >> if you look at the rally that we have had, without any meaningful pullback, april we were down just under 4%. a little mini ball of about then. and in the last real correction was that a% move at the end of last year. seven or eht months of virtually a straight up market and i think it is due for a pullback. it is not necessarily due to this. lou: people are so spoiled. but this year we are looking at outrageous appreciation in these market. we are talkg e market is going to be straight up. what is the market go from here? >> i think that you will see a littleit more volatility in the short term. in the short term, uncertainty o

certainly a lot of people have walked back their expectations after adp disappointed.me people coming out, again notably bearish. albert edwards talking about how all this tapering talk is going to lead us right back on the path to recession. as we know, most of the other guys we've heard from this week, have been pretty sanguine about the market. ftm's financials jim vogel saying based on traders he's talking to in the bond market, anything in the mid 100s tomorrow probably keeps us in the sweet spot a lot of these guys have been talking about. >> there you go. now we know what number. we were debating what's too strong -- >> and 170 probably the dividing line. you get on top of that, it starts to be bad for bonds. people about talking about that being the bar for upside surprise. anything below 1.50 almost keeps us renewing concerns. you you probably want to be right in the range which is, frankly, where we've been. we know we heard the fed talking about wanting to see over the 200,000 mark but if we don't get there tomorrow -- i guess what i mean is, it is going to

>> this survey was conducted over the last four years by the adp research institute.m 1705 of our large employers representing about 640 employees. a very significant data base. compiled over two don 10-13. the reason we did this was to have a basine so we can understandow people have made decisions around constan participation in insurance programs over the last four years. the baseline so that we can begin t immediately see the reaction as it rolls and over that -- certainly by january 1st and the affordabl care actually begins to impact. gerri: one of the most interestg things out of this survey i thought was only about half of adults under the age of 30 even participate in existing emoyer health benefit programs. they don't even want to pay for that. how likely is it that they are going to want to pay for obamacare? >> it is a startlingtatistic. we have already -- always and the younger fol tend to participate at a lower rate. they participate 50 percent of the time, when those over 40 years of participation 70% of the time. clearly they have this issue with him t

adp report in the private sector added 135,000 jobs last month, we could than economists estimates. service sector jobs increasing by 138,000. factory jobs an on the other had fell by 6000. lori: setting us up for the may jobs report due out friday. the treasury department announcing plans to sell 30 million shares of general motors stock. they will sell the shares new public offering in conjunction with moving to the s&p 500. adam: chrysler refusing to recall 2.7 million jeeps the government says are at risk of a fire in a rear end collision. the company says the jeeps under question are safe. lori: major league baseball is seeking to suspend about 20 players. because of that scandal involving performance-enhancing drugs. baseball highest-paid player alex rodriguez is among those facing a suspension of up to 100 games. adam: blackberr keyboard phone hits the market today. going on sale at t-mobile and will be at verizon wireless stores tomorrow. also available for preorders this week at at&t. lori: a four-story building collapsed in downtown philadelphia. one person dead. the build

everything your dad did, everything he did was done with passion and success. .e was proud of adp , proud.roud .e was proud to be a jew he was proud of his heritage. proud to be a united states senator. like me and my colleagues, the greatest honor can be displayed -- can be bestowed upon you. and i don't think there are many senators, a lot of accomplished women and men here today, but i don't think there are many -- and some of them have done great things -- but not many senators who can in the immediate time that they are acting see immediately the effects of the good things they have done. frank was able to do that. ,rank knows that notwithstanding the fact that it probably did put you in trouble in college when he changed the drinking age to 21, and by the way, you're not kidding. [laughter] as ray lahood can tell you, he saved over 25,000 lives so far. people not smoking on airplanes. how many thousands more lives have that saved? , ass the reason why hillary reference, since 1989, hundreds of thousands of jews and other persecuted minorities have been able to go to america. domestic rea

adp crew into the largest company of its kind in the world. he was so very proud of that.r hesitated to tell everybody that he became rich. he was a poor boy that became wealthy as a result of people being able to carry out their dreams. n't content with his personal success along. nothing made him more proud than what he did with government and ofn he served as the head the jewish federation. he was very proud of that. frank lautenberg was known for many things. , here he came to the senate was elected in 1982 he came to the congress the same year that i did. and that three decades since, he has worked on behalf of his state in the country. once.ired wants. -- he could not stand retirement. he hated it. he returned to the senate in 2002. he had a remarkable career. i touched upon a few things. his determination that made him successful in the private sector certain well in the senate. to hissident, motivated own experience, friend lautenberg, a world war ii how muchecognizing this meant to him and he wanted to help a short the veterans returning from iraq and afghanistan

does it say adp on your payroll stub? that's frank lautenberg. when he got into politics, every time he ran he won and there was some amazing story or amazing circumstances surrounding it. it is therefore in keeping with the circumstances of frank lautenberg's that his passing brought about another one-of-a-kind drama in new jersey politics. you have to know about his legacy and what he did with his time in the senate. the thing he is most famous for was the fight he led and won in 1989 in the senate. the first time around. he was a two-pack a day smoker at point and he quit smoking and made a change in the country for everyone that made it so airplanes no longer need to have exhaust pipes that come out of the passenger compartment. we have the exhaust pipes for the engines now. >> the new prohibition take effect three months after the president signs the legislation. after that the only domestic flights would be 12 daily flights from inland cities to hawaii that take longer than six hours and one flight from alaska also more than six hours. at l

adp is a private pedro predictors of a speak. they're compiling numbers.ks go through them. it bought eight cargoes through atp so they are a point and it is as strong as we may have wanted but with that said, we're still waiting for data on friday. again, unemployment, we are going to pay attention more to hours of work. people are paying their bills coming hours a backup, companies are likely to hire people in the future. >> nbc started their countdown on monday. people waiting their breath to see what's happening on friday or what. >> a little bit. it's just not the relevant. they have a way to much going on. bloomberg much more financial news if you want to compare. it is summertime. it is going to be a slowdown. will we saw was the tenure jack ups 2.15%. it's telling us we are not as afraid as used to be. we're starting to see some good things. >> we saw a big jump in mortgage rates over the last month. >> what i've heard, movement and interstates actually causes people to take action whether it be on mortgages or businesses. we do know that real-esta