you stayed in touch with mae bertha until she died in 1999.s about where the rest of the carters are now. >> well, the -- the -- mae bertha and matthew actually had 13 children in all. all 13 of the children are fine. there's a group in -- some friends in hollywood who are trying to make this into a film, and we had a family get together about two years ago in savanna, and everybody came so the filmmakers could get some idea of what is happening. but all of the children and all of -- 13 children, 37 grandchildren, and 16 great-grandchildren, and they are all doing fine, and i lost track of them for -- i guess about ten years when i had left my job with american friends service committee, and then i ran into mae bertha in 1988 at a conference called women in the civil right's movement. we hugged each other, and i asked how everybody was, and that's when she told me that all of the children had graduated from the white school, and seven had gone on to college. and i said that's when i have to write this story. >> michael: well me about the title

thanks, bertha, very much. >>> a rebound in the gold market today. a reprieve, if yill, for the bulls. sharon epperson is tracking commodities action over at the nymex. hey, sharon. >> bulls should be very happy, though there's still an overall bearish sentiment to the gold market. we have seen prices bounce today. many traders saying it's more on short covering after gold prices fell to the lowest level in n r nearly there years, below $30 and the fact that we're seeing a gain is something that the bulls are taking as a win in their couple for the session. continuing to watch as well what happens in the oil market because one of the factors that may be supporting both gold and oil are the protests in egypt, and traders are watching that very carefully. could we see oil prices continue to march towards $100 a barrel in the u.s. well, a lot will have to do with geopolitics. egypt one factor and syria another country they are watching closely and a third of the global oil supplies coming from the middle east, a big reason why there's concern that if th

i'm bertha coombs in for larry kudlow.rices and possibly higher interest rates have reinvigorated the rental market. diana olick has more details. rentals are hot. >> yes, they are, bertha, but analysts and investors have been down on the rental apartment sector, due to the rise in home sales and prices. the rush to rent that we saw during the housing crash was now shifting back to homeownership. well, rising mortgage rates may change all that. take a look. rents went up, both asking and effective. now the growth is slower than a year ago, but that's due to weak income growth and this before the rate jump even happened. vacancies were flat nationally at 3.4%, but 4.3% is well below the peak of 8% in late 2009. the vacancy declined largely due to more supply coming on. over 26.5,000 new apartments were completed compared to the previous quarter. while they have been moderating lately, the rise in mortgage rates can turn up the heat on them again. starts had been low for multifamily, but now they're running above normal leve

bertha said in that package, whether or not this individual mandate will have to be postponed. you're in touch with everything going on in this bill. what do you think? is that the next extension we'll hear about? >> i kind of doubt it. i think this was a big step for administration to take, to postpone the employer responsibility, mandate regime. i think to go that extra mile, not to open up the exchanges for individuals, you might see a compliance light sort of an approach still on the individual side, but i think they will try to enroll individuals and they have already encouraged employers to continue to provide and expand offering to employees. >> all right. neal, thank you so much for coming on and sharing this information with us. >> thank you. >>> neal truckline. >>> back to the future, can google's motorola mobilitity shake up the short phone now? first how some of theeeeeeeeeeee >>> as we mentioned earlier, events in egypt are very fluid and now egypt's military chief says the president has been placed by the chief justice of the constitutional court and the constitut

bertha? >> good evening, brian. here's an image from the trial today.ttorney mark o'mara on the floor beating the dummy's head into the ground. the prosecution introduced the witness to show zimmerman wouldn't have been able to reach for his gun if trayvon martin had been on top of him. o'mara tried to show that the injuries in back of zimmerman's head could have been caused by him being slammed against the cement. >>> dzhokhar tsarnaev pled not guilty today. he had supporters there saying that he was framed. >>> walmart will increase minimum wage 50% to $12.50 an hour. walmart has three other stores under construction which it may walk away from. >>> major leaguers caught up in the bio genesis scandal. that includes alex rodriguez, ryan braun. a doctor claims to have provided them with performance-enhancing drugs. they will announce the suspension after next week's all-star game. that's too bad, isn't it? >> it's tainted a game and then you look at the tour de france. you have to rebuild the trust. i'm interested in the walmart story. is there some bel

. >>> now for an early look at business, bertha kunz, good morning. >> good morning. futures are pointing to a higher start after stocks finished mixed on tuesday, but a lot of data to sift through today. the fed wraps up its two-day meeting, but investors are going to get data on private sector jobs, manufacturing, labor costs, and a first glance at second quarter gdp, which may show the economy slowed in its growth this spring. ford may start selling a natural gas pickup, the first auto maker to offer that option in a light duty truck. it could cost $9,000 to install new fuel tanks. the price of gas is averaging about $2.11 a gallon. >>> and the pc may soon be surpassed by tablets, but not on campus. 18% of college students own a pc, but only 18% have a tablet. a big reason, it's still easier to take notes and write papers on a laptop or desktop pc, but i imagine most kids these days have laptops. >> they have everything, bertha, thank you so much. >>> good news for sellers. u.s. home prices up more than 12% in the past year. that's the biggest annual gain since 200

we turn to cnbc's bertha coombs. good morning to you. >> good morning, richard. facebook likely to get a big thumb's up from wall street today. reporting better than expected earnings in a surge of revenues. facebook appears to have figured out how to make money out of mobile devices. they make up 41% of total sales. the senate passing a bill to -- the proposal would link rates on government backed stafford loans to the treasury bond markets. meaning race would rise in the future, only as the economy improves. speaking of back to school, it's going to cost you more to buy your child's pencils, pens and three ring binders. the backpack index shows prices for school price are 7% higher than last year. almost every basic item is more expensive. some by up to $10 more. that's a tough back to school message for parents. back to you. >> it certainly is, bertha. but the kids got to look good, right? >> google comcast. have you heard of it? thanks to a simple device, your phone, tablet or laptop can send you-tube videos, music and other internet content to your tv with n

bertha coombs is joining us. bertha? >> gold as of today, the weak dollar helping on gold.ents by fed chairman ben bernanke that the fed was not ready to pull the trigger regarding interest rates. gold rallying for a fourth day, reaching almost $1400 an ounce. that's about a three-week high or so, even though it's down some 23% year to date. we are seeing some more interest coming back to gold that maybe was an inflection point, seeing some stability. silver has been the very big mover, back at $20 an ounce and up. about 7.5% week to date. crude had been on fire in terms of wti nymex crude, which is delivered at cushing, oklahoma. in the last two weeks we've seen big inventory drawdown but we saw some pretty good profit taking there in the wti. but gasoline resilient and resisting that downward pull. gasoline right now is at a three-month high. the futures prices back above $3. wholesale prices have really jumped over the last ten days as we've seen this big move up here in july and that is starting to feed through to the pump on the retail level prices are up 4 cents from

as bertha said, pipeline headline risk. major pipeline, causing selling here today.ut so this is still rippling through the pump, bill. we could push up against 375, 380 on national average. much higher than other spots, obviously. but that's what we are looking at in the near term. >> brian, my question is the impact of all of this. the last time we saw oil at these levels, it did put a crimp into the economic recovery and i'm wondering if we're already -- we have gone down that road. how significant is this move to the recovery in terms of zapping consumers ability to spend? >> it certainly matters. when you look at consumer confidence report from a month ago, that is before we saw volatility in the equity markets and before we saw the recent move in oil and gas prices. we were feeling better. but any time you are in recovery, you are trying to get going and you get hit with a higher price at the pump and higher interest rates and borrowing cost and we continue to have the fiscal drag. none of that is ideal for an economy and for u.s. households that continue to tr

thank you, bertha. good to see you. >>> welcome back christina loren. you have extra pep in your step today. that's what's rest does. >> little sleep. >> sleep in the bay. >> if you're up with us, you know exactly what we're talking. 4:47. if you are up and want to get outdoors, it's comfortable out there. still dark. make sure you've got the light and reflectors if you're hopping on a bike. temperaturewise, 62 degrees. ain't too shabby to start the day. good morning, sunnyvale. you'll live up to your name, 60 san jose. the weather story of the day. quite a bit of fog as we roll through the next couple hoff hours. thickest clean 6:00 and 8:00. we'll see a nice day, and a lot of the fog is going to remain. concentrated over the city all day long. we've got the microclimates making an appearance. two competing weather systems. area of low pressure to the north. cool, foggy conditions at the coastline. warm, sunny conditions inland. these are your temperatures. comfortable. 76 oakland. that means no a.c. necessary. and, yeah, we're getting into late july a

for "nightly business report," i'm bertha coombs, new york. >>> for the first time ever, major league baseball suspended a player for more than 50 games, even though he had no prior violations of the drug policy. ryan braun a former national league most valuable player will miss the rest of the 2013 season. now he's not contesting the suspension which comes as baseball deals with national tv ratings and markets. here on his take whether the millionty billion-dollar business of baseball can use performance enhancement is bob from st. louis. bob, is this news a good development for baseball the sport and the business? >> i think it's good for the future. it's bad for the immediate impact. i mean, right now, fans are upset. they don't know what is clean, who is dirty, but major league baseball is coming out and saying hey, if you guys cheat, we'll catch you. so we'll ever this sport completely kplaen and y lly cle believe in us again. they believe 2014 and beyond it will be a better sport and more people will like it. >> do you think the business of baseball is sick today, bob, the busin

. >>> now for your first look at business, we turn to cnbc's bertha combs. >> good morning, betty. facebook this morning, going to get a very big thumbs up from wall street. the social networking site reporting better than expected earnings on a surge in revenues. facebook appears to figure out how to make money off mobile devices. the ads make up 41% of the total sales. >>> the senate passing a bill to lower student loan rates just in time for the school year. the proposal will lower rates on government back staff ard loans to the treasury market meaning rates will rise in the future as the economy improves. >>> it's going to cost more to buy your child's pencils, pens and three ring binders. the annual backpack index shows prices for school supplies are 7% higher than last year. almost every basic item is more expensive, some up to $10 more. >> say it isn't so, bertha. >> i used to always have a special pen. >> i'm real particular about my pens. all right. hopefully those won't go up too. thank you. >>> fascinating news from the uk. people are happiest in life when they were 23 y

bertha coombs reports. >> i knew that i would need long-term care. >> reporter: philis douglas bought long-term care insurance when she turned 70. it costs her $140 a month with a lifetime cap of $100,000. >> the only thing i could get was limited because of my physical conditions. >> reporter: she paid $20,000 in premiums over 12 years. now it's paying for a private aid at the assisted living facility where the 85-year-old live since 2010. >> i didn't want the kids to take care of me that way if they didn't have to. they do anyway. >> reporter: her son fred enrolled for long-term coverage at work after seeing how his mom's plan has helped. >> it's prolonging the point at which that money will get consumed at the high rate that she's paying out because she's paying for facilities. >> reporter: strategy reporter says to enroll in 50s. >> the premiums can be pricey but there are different policies that will allow you to change different features of the policies and make it more affordable. >> reporter: individual plan premiums can start at $2,000 a year for healthy individuals in their

good morning, bertha. >> good morning, jon. i was likely to see thumbs up and liking on wall street for facebook today. the social networking site reporting better-than-expected earnings after the closing bell yesterday on a surge in revenues which is one of the things we're all looking for this earnings season. a lot of folks have been managing their costs. facebook, though, appears to have figured out how to make money off mobile devices. its mobile ad revenue makes up 41% of its total sales. futures meantime are lower. we're seeing red arrows across europe as well, despite upbeat economic data from there this morning. stocks ended mostly lower yesterday. we had gotten great reports. apple was terrific. it was offset by the likes of caterpillar that disappointed. data on weekly unemployment we get every thursday, also demand from durable goods and earnings from general motors, 3m, amazon and starbucks. the latter, too, should have fairly good results if i am any indication from my shopping of late. meantime, if you're shoppin

bertha coombs is there live with much more on the story. bertha?but he is the owner of sac

appreciate it very much, bertha coombs.hank you that. >> call it one wall for thee and another for me or should the chiefs eat their own cooking? can it be possible or true that the irs workers union is trying to get its own people exempted from the obama care exchanges? it's really true. we're going to talk about that with our obama panel next up on the "kudlow report." >>> welcome back to the "kudlow report." i'm larry kudlow. in this half hour, it's a simple compromise. eliminate tax loopholes in return for lowering tax rates. that's a major component to tax reform proposals on capitol hill, but senate majority leader harry reed, he's having none of it. he wants a trillion dollar tax hike instead and so, apparently, does president obama. and it looks like another scandal brewing in the weiner family. one leading senator wants to know why anthony weiner's wife, huma, is still getting a six-figure state department salary. but first up, the obama care train wreck still coming. taxpayers are going to be left paying the heavy

bertha coombs takes it from here. >> they'll probably have a line item for bertha in terms of just how much i've spent in the last quarter on both of them. i've got to be helping their margins. futures this morning are pointing to a lower start, lower trading in europe despite upbeat economic data. despite the enthusiastic response to apple's earnings and also bm wear and tech, we had caterpillar, so that was more of a drag. more data in just a few minutes, weekly unemployment claims, also demand for durable goods plus earnings from general motors, 3m and amazon and starbucks a little later today. the dow dropping 26 points yesterday to 15,542, the nasdaq inching up one point thanks to apple to 3,580. meantime the senate passed a bill to lower student loan rates. the proposal will link rates on government-backed stafford loans to the treasury market meaning rates would rise in the future as the economy improves. the house has passed a similar version and president obama is expected to sign it. a lot of folks breathing a sigh of relief after the stafford loan rates shot up and doubled w

let's get right to cnbc's own bertha coombs for all the details. good evening, bertha. >> talk about some prefourth of july fireworks. applauding the decision to delay penalties associated with the affordable care act employer mandate until 2015. the national retail federation among those who pushed for that delay calling it a wise move. employers with 50 or more full-time workers face fines ranging from $2,000 to $3,000 per employee if they did not provide affordable coverage. the treasury tonight admitting in a statement they had been listening to the feedback they'd been getting from business groups and they are taking action as a result. they hope to provide an additional year for all of these mandatory employer reporting requirements to begin. they say it's going to allow them to simplify the recording requirements and also allow them time to adapt to the new health care coverage and reporting system that employers are using as they move toward providing more affordable coverage. restaurants and retailers are the ones that are feeling the pres

bertha coombs is tracking the action for us today down at the nymex.ertha. >> a pretty good day for the metals if you're long the metals with the dollar easing back with mr. bernanke testifying on capitol hill tomorrow. that's giving a little bit of a tailwind. gold edging higher for seven of the last eight sessions. george gereaux, a veteran analyst says when you look at the gold curve in euro terms, it's in backwardation. the front month so strong at this point and he thinks perhaps we may see central bank buying with the pullback that we've seen. that's what's underlying some of that physical demand. back to you, michelle? >> all right. that brings us to the bond market then, bertha. rick santelli tracking the action over at the cme. so we seem to have gotten used to the ten-year at 2.50 here. >> yeah, and i think we'll get used to it at 2.735, too, as time will tell. michelle referring to, if you look at a 24-hour chart of tens, one thing jumps out at you, consolidation. hovering above 2.50 and really consolidating in an unchanged fashion. if you o

a lot of people are probably nervous about that. >> i would think so, bertha. thank you.ld market. a modest gain in gold right now as we're going into the close. sharon epperson is tracking the action down the street at the nymex. >> reporter: gold prices up 8 or 9, right around 23 an ounce. still not able to break above that 1,300 level and a lot of traders have been waiting to see that happened. a lot of week for gold and gold prices below the 1270 level at some point during bernanke's testimony to get very close to the 1,300 level and unable to break through that mark. we're continuing to watch the etf action as well as china has launched some new gold etfs but in the a lot of funding interest in those right now. >> back to you. thank you, sharon, very much. to the bond market right now, where we've seen the yield on the ten-year note tick down a little bit and part of that i'm told is linked to some continued worries over the situation in detroit, the bankruptcy, the largest municipal bankruptcy. ies that triggered a move slightly into treasuries today and mostly in t

bertha coombs tracking the action for us over at the nymex.. >> hey, sue, we do have silver and gold closing here lower on the day after positive data this morning and ahead of the fed minutes this afternoon, but what's interesting is that gold has had a phenomenal month after hitting a low of 11.79 an ounce back on june 28th. it's had its best monthly gain of 7% here since january of 2012. also we've seen copper today higher on the back of that positive data that we saw this morning with the gdp stronger than expected and copper winds up with a gain for the month. palladium is the big winner there. it's a fundamental story. tight supplies and disruptions in production and continuing demand from the auto industry for catalytic converters. sue? >> bertha thank you. >>> now to bob pisani right here at post 9 and ahead of the fed the markets did hit a new high but we're kind of treading water right now. >> the question isn't really why are we coming off of the highs? the question is why do we hit new highs to begin with? very difficult for the ma

bertha, thank you. bertha coombs. >>> well, it is wednesday, the hump day of the week. the dow could not get over the hump in positive territory. josh lipton has the pluses and minuses. over to you. >> reporter: maria, another session is history. let's review what worked and what did not. in the s&p, your top performer is family dollar, reported and beat sales at stores open for more than a year, rise 3%. expects full-year same-store sales to increase 3% to 4%, and the benchmark gauge, what did not work, neighbors industry, cut the price target to 37. best buy and phillips 66 pacing losses. as for the dow, hewlett-packard, the leader. analysts at citi upgraded to buy from sell, saying there's a positive inflection for hp services. stock up already some 80% so far this year. laggers, american express and bank of america, two blue chips that finished in the red. maria, back to you. >> josh, thank you so much. >>> yum brands just out with earnings after the bell. jane has the numbers and the stock performance. over to you, jane. >> reporter: hey, maria. a beat on the botto

back to you, guys. >> bertha coombs, thank you very much.rising today so we want to highlight how energy stocks have been performing. in fact, energy stocks outper tomming the s&p this month on crude strength. the spx energy sector is up 3.4%. that's the best of the ten stray groups, the broad gage up 2.7%. within that sector check out the oil and oil service stocks this month. shr schlumberger and halliburton. >> is everyone just waiting on the fed? >> i think so, but i want to point out we dropped at 10:00 as the wholesale inventory numbers come out. that normally is not a market-moving event. put up the dow here. i think the certain here overall is businesses are not expecting demand to pick up and don't add to their inventory levels. this normally is not a market-moving event. today it was, not dramatically so. take a look at the major sectors, kind of a risk-off day. health care, utilities, consumer staples, see what i mean, a risk-off kind of day when you get these kinds of sectors and leading fractionally overall. the big discussion i

bertha coombs is tracking the big moves.etting some downside traction here with both intel and ebay offering disappointing guidance. they're accounting for about an 8-point impact to the downside. nevertheless, we have some big numbers coming from tech companies. raising the outlook for 2013 above estimates. xilinx and sandisk posting better than expected. altera going along for the ride. back to you guys. >> for that bond market, i mentioned that 10-year yield. everybody here is watching, rick, and i saw it creep back above the 2.5% mark. what do you make of it? >> there are definitely a lot of big players really trying to muscle these yields down the last couple of weeks, so it's fascinating. look at that two-day chart. a couple key points. look where we've held the last couple days, in the mid- .240s, and then look at the fact we've crept up. some of the selling is due to a three-year fix. a little hedgy but moving up the chart nonetheless. the first big high was a 2.61 and then we flattened. right now 2.46, 2.51. the 10-

back to you. >> thanks, bertha.in oil, oil and gas prices have been up 5% in the past month. how do you play the rise in energy? joining us is fidel gabe. nice to have you back, fidel. >> nice to see you. how are you? >> i'm looking at my notes and you think it's somewhat inflated, is that the case? >> absolutely. the prices should be close to 100. it does not support it adequately except on the $100. we've seen this movie before and we all know how it ends, but we don't know exactly when. >> so, in other words, you think the premium will be taken out of the oil market, so you would not be going long oil at this point, correct? >> absolutely not, absolutely not. this is the time to sell, not the time to buy. i am not a traitor, i am an investor, and i think people should invest more and more in oil stocks because i think oil stocks are a much lower oil price than what we're seeing now. >> you like occidental petroleum, hess, you like marathon oil as well as murphy oil. i know they have different fundamentals working

>> bertha coombs, thank you very much. let's bring in cn brks krcnbc c. this is on the front page, quote, an institutional indifference to that unlawful conduct resulting in insider trading that was substantial, pervasive and on a scale without known precedent in the hedge fund industry. just how damning is that? >> it's a pretty damning indictment. when you go through the specifics and you see the examples of a guy being hired and it being mentioned in his application that he shares a hampton beach house with the ceo of an investment company whose stock you'll be trading. this example that bertha mentioned where you have the lawyers at sac objecting to someone's hiring because he's known for insider trading and the firm hires him, anyway. there is a lot of detail in here about sort of ignoring basic compliance. that said, it's still a big weakness in this case that the government wasn't able to charge cohen personally. >> jake komanski, there is a lot of talk about why steve cohen was not charged personally, the firm is charged. >> i don't think they hav

thank you very much, bertha. let's bring in jeff kilberg as to how to play oil. first of all, what do you think and what kind of position would you put on? >> on futures yesterday we talked being long the futures, and the folks at home can play this via the etf uso and right now in egypt they are trying to put in new leadership, economists to help mend the pleasing, but we don't see any unrest being resolved any time soon. the next resistance is at 110. more room to run though the global macro headwinds, everything continues to go higher. touched nearly $106, a penny away. >> thanks very much. >> the administration releasing a report today called the economic benefits of fixing our broken immigration system urging the house to pass legislation. the senate, of course, has already passed it version of the bill and did so at end of june. joining us from the white house is gene sperling, director of the national economic council and assistant to the president for economic policy. gene, good to have you with us and back on cnbc. great to have you here, and i note form

>> ber that, thanks you very much, bertha coombs. >> dow is down 7 points right now. we've got a lot of earnings coming out. so maybe there's a wait and see attitude. we had blockbuster numbers from facebook last night. apple, big numbers the night before. maybe something from amazon or one of the other companies coming out. >> look at this market. this market wants to go higher. by the way, interesting point, up to 4.5% earnings growth so far and estimate 3.6%. >> revenue recession is what we see right is now. >> exactly. we will take a short break. when we come back, ceo of the the year, david cote of honeywell with us. stock up almost 300% since he tock over. how do you like that return. plus we find out why he stepped down from j.p. morgan's board last week. >> tonight, this week, apple and facebook, huge movers. you cannot afford to miss these reports, if you're listen awning radio, we are talking about amazon, newmont mining, starbucks and zynga. back after this. to experience the precision handling of the lexus performance vehicles, including the gs and all-new

. >> all right, bertha, stay there. sue, let me bring you in because you have folks there at headquarters, scott and ron, so take it away. >> ron, i'd like to ask you, you worked at sac for about five and a half months. talk to me about the indictment. you've looked through it. what strikes you first? and also, do you think this is a change in approach by the u.s. attorney? because if they can't get steve cohen himself, they're going after the organization. but that refers back to something that preet bharara said about delivering alpha last week to us. nothing is too big to jail. is this a change in their approach? >> there are a couple things, sue, that were relative to everybody's expectation to timing. the sec went first with its administrative complaint against sac, which is unusual for them to go ahead of the u.s. attorney's office, sdmthen the . attorney's office comes in with today's indictment that was handed up. i don't know if it's a change. it certainly represents a far more agressive stance than we've seen

bertha coombs at the nymex. was hammered so hard and it will have its best week in terms of a weekly gain. and silver is pulling back today, but overall we'll wait to see what the commitment of traders report is later on this afternoon to see whether we're seeing more people go in long on gold on the back of those dove ish comments from ben bernanke. in the oil pits it's a different story, it wasn't really so much about the dollar play, it was really more about inventories. wti nymex crude having a pretty good week despite all the profit taking we saw yesterday. one of the things traders are wondering is whether this is a top. john kilduff at the kilduff report and capital saying we did see oil stop out around $107 a barrel, $108 a barrel, that's the 15-month high if it can get past that we'll see the momentum. the big thing that happened this week is we've seen that shrinking premium to brent, carl, and that is feeding into gasoline prices big time with gasoline a very big mover this week. back to you. >> all r

bertha coombs is at the nymex with more on that. good morning, bertha. >> good morning, simon. and slightly lower, but taking a look at, we have the gasoline in that energy complex which is outperform i outperforming. in the last few weeks, we are seeing a move up in oil prices and a big shift with wti nymex almost equal to the prices we have seen in brent, and tom riley is with the sbs commodities, and tom, some folks are calling it a perfect storm. we have unrest in egypt, and underscoring the problems we are seeing in the middle east, and the libyan production was bad last month, and opec producing less, and then you have a little bit more of the oil coming out of cushings here, and all of the sudden, things are on the rise. >> yes, the draws in cushings that caught people off by surprise, and you will see the oil prices trading higher from here, and we broke into the range that we were in for eight months and got above $100 with the news coming out of egypt. i think that we will stay above $100 in the next month, and maybe test $110 and you won't see a spike, but it should

bertha coombs joining us. bertha, what happened? >> reporter: it is a huge domestic story. we're at a real infliction point, brian. we are starting to see these pipelines come online and the landlocked cushing, oklahoma surplus inventories really starting to come down, real big declines. nearly 10 million barrels last week, the second week that we were at that level. we also saw a record amount of production of distillates and wti which was the also ran for the longest time is now really the hot commodity in the secretarior. take a look at wti versus brent. it used to be that brent had that massive premium, as much as $24 a barrel last february and it has now today shrunk at one point to below $3. what's interesting is if we look back at beginning of the arab spring, you know, last week it was all of that turmoil in egypt that helped propel prices back above $100 a barrel, but we're seeing a much bigger move in wti nymex next time and the real story is what's going on domestically. andy lippo over at lippo oil says we have seen at least 300,000 barrels of capacity come onli

bertha coombs is tracking that action at the nymex.tty strong week last week, gold edging higher today. the cftc reported that funds increased their net long positions in gold by 4%, but hsbc also notes that speculative short positions are at record highs which makes for a very interesting tension. one of the interesting things that we're watching today, gold and silver both edging higher, but take a look at the etfs, they are not going along, and, guys, you've got to think when they come out with funds interesting to see what they have done with the etf holdings. back to you. >> thanks very much. let's check in on the equity market action with bob pisani. it's worth pointing out that last week was phenomenal. >> yeah. >> had a 3% gain on the s&p and this is really just a pause. >> we're sort of either side of positive or negative. 3-2 advancing to declining stocks and put up major sectors and i want to point out we're getting a great day with utility stocks and that means we've got one heck of a heat wave going on here in the united s

>> thank you very much, bertha. to the nasdaq up down.overs over there for us. seema? >> facebook shares are on the move trading at its highest level since it went public, closing in on its ipo price of $38 a share. today all things reporting, facebook announced a new mobile gaming initiative where it will back a handful of gaming outfits to boost distribution across its network. that seems to be getting the street excited. also we'll get a better read on social media when linked in and yelp report later this week. vertex is reporting upbeat results. strong sales of its cystic fibrosis drug and amgen will report earnings tonight. overall though a strong day for tech. not just apple which is at session highs. google, microsoft, cisco, ebay posting solid gains fueling the nasdaq. the composite now up 20% year to date and outperforming the dow and s&p 500. sue? >> thank you very much, seema. to the interest rate scenario of the day and that's rick santelli's part of the world out in chicago. he's tracking the action for us. hey, ricky. >> th

thanks bertha. see you later. >>> heading toward the close. we're in wait-and-see mode, kind of an unusual day here as we wait for fed chairman bernanke's speech next hour. you'll have that at that hour. but right now, the dow is down 24 points. let's see. the range today has been about 75 points. we were up 36 at the high. down 40 at the low. so we're sort of in between right now. >>> he said he would talk about fed policy. seemingly explaining qe from when it started, but then they're going to take q&a, no doubt that will mean tapering talk. >> exactly. >> that's what we want to focus on the next housh. >>> bill, rising mortgage rates are threatening to slow down a hothousing market, but could changing of the deduction set in fear? >>> also, hewlett-packard has been the best dow component this year, by a mile, but citigroup apparently just noticed. they've upgrated the stock to a buy from a sale. >> today. >> is it too late for you to jump on the bandwagon? >>> and it may be the ultimate vacation destination for most of us, but hawaii coming

let's go to bertha coombs for that story. >> a federal government judge is saying yes. bernanke has to give a lawsuit brought by the government. the judge saying since bernanke was involved in making the decisions, his testimony would be relevant to the case. so he is set to be deposed on august 16th. that's a very different fed watch. >> all right. we'll leave it there. thank you. we appreciate it. >>> now, despite all the dire predictio predictions, i would argue $2 trillion of spending cuts from budget caps in 2011 and this year's budget cutting sequester, all of it has functioned like the pro grow tax cut. the obama administration wants to end the caps and the sequester. jack up taxes. and spend more on their usual pet projects. listen to treasury secretary jack lew on meet the press yesterday. >> the across the board cuts are not good for the which i, not good for the american middle class. no good for our national defense. we ought to be having a debate about the kinds of medium and long term reforms to entitlements and tax program, but we ought not to be calling

back to you. >> all right, bertha, thanks so much. let's get to the trading action here.nts on the dow right now, off session highs but one earnings report in. fingers crossed by the bull. >> normally alcoa is not a market-moving effect but it thought it did have an effect. he said we can't control prices but can control the costs, and we're doing this and are optimistic. you can clearly see the influence that that had this morning. >> listen, if alcoa can beat, anybody can beat and, you know, that's obviously not the case, but that's -- that's kind of the thought behind the psychology. >> expectations are really low. alcoa tied to aluminum prices. the rest of the market. take a look at the major sector. sue and i were talking at the top how unusual it is to see the huge spread between the transports and industrials, largely because of the nice move up by some of the freight stocks and that's a little bit unusual. elsewhere, risk-on day for the major sectors. kinds of things you want to see if you're a growth-oriented guy, industrials and materials and financials on the u

prosecutors say he killed 46-year-old bertha paulson last month and then dumped her body.it is morgan hills only homicide this year. >>> charges could be filed today against a san francisco firefighter accused of driving a ladder truck drunk. police say michael quinn was responding to an emergency saturday night when he hit a motorcyclist. he remained at the scene but officers say he ended up taking off before taking a drug and alcohol test. police say when quin was arrested a few hours later his blood alcohol level was .13%. the fire department says he is currently suspended without pay. >>> edward snowden still hiding in moscow's airport. we are getting an idea of where he is seeking asylum. >>> we give you a live look at san rafael right now. the bart strike affecting commutes all over the bay area. we are trying to get more buses out there but the roads snarled up. we have live updates all morning long. you can get an idea of alternate routes by looking at the ticker on the bottom of the screen. >>> you're watching "today in the bay." >>> edward snowden right now petit

bertha, what do we know about the story so far?en a lot of reports that it looks as though this could come down as early as today. reports say the justice department will charge sac capital with wire and securities fraud as has been reported, the government is not expected to file charges against steve co n cohen. the action comes after a nearly seven-year investigation into allegations of insider trading at the hedge fund. legal experts say the decision to charge sac and not cohen is an admission by investigators they failed to find sufficient evidence against him individually. that may have been the case with the s.e.c., which to file an administrative order against cohen last week instead of civil fraud charges. the agency accuses him of failing to supervise his staff and spotting potential red flags involving allegations of insider trading by two employees. a spokesperson says cohen intends to vigorously defend himself. today, nine current or former employees have been implicated or charged with insider trading. the criminal ch

tight supplies and continued strong demands from automakers for catalytic converters. >> all right, berthak you so much. >>> the nasdaq hitting a 13-year high. seema is breaking down the stocks driving that rally. >> reporter: hi, maria. the biggest winner on the nasdaq 100 is facebook. shares up 48% after the social media firm indicated in its latest earnings report that it is monetizing mobile. july was also a strong month for apple. the tech giant outperforming amazon, google, among others. for august, the street will be watching to see if apple can continue its move to the upside. reuters today reporting that ceo tim cook met with china mobile, the leading mobile carrier in china, which does not offer iphones, a deal between the two would be considered a big plus for apple. bill? >> all right, seema, thank you. >>> to bob pisani on what's moving the broader market this month, robert. >> and the important thing is about as broad advanced as you could ask for, perfect. the dow leaders here. when you get healthcare stocks moving up with the same as industrials, put up the dow leadership h

let's get to bertha. >> the industrials are driving things lower. boeing starting near 52-week high, the biggest drag on the dow this afternoon, responsible for about 18 points to the downside, or about nearly a third of the decline or so. with about two-thirds of the components out of the dow 30, trading to the downside, it is a pretty broad decline. traders attributing it to technical selling and caution ahead of the holiday and friday's job numbers. on the flip side, jpmorgan off of the highs, but continuing to lead the dow after an upgrade from raymond james and the fed vote on new capital requirements. consumer stocks also strong with today's auto data pointing to an appetite for spending, home depot higher, at&t also fractionally higher. bill. >> thank you, bertha. see you later. >>> heading toward the close. we could get some more volatility here. the dow was up 80 points. the dollar strengthening, pushes the stocks down. we're down 70 points now. so 150-point swing today. >> less than 24 hours away from the deadline egypt's president meets f

bertha coombs at the nasdaq. the yield on the ten-year at 2.5%.ck selly is tracking the action at the cme. rick? >> thanks, simon. yes, if you look at an intraday of the ten-year note yield which many eyes are, it's hard to differentiate what percentage of the weak numbers on housing starts and permits contributed to that drop in yield which is routine on weak data versusning ben beenchingy said. many down here believe housing was a big factor. as you see on the charts since that came out it's been creeping back up. listen 5s, many five-year maturities is where the most longs are stuck. if you look at the spread between 10s and 5s the recent steepening is bailing them out. that it means simply is that the 5s are rallying better than the 10s. now, if we look at the dollar index, we can see it's stabilized, but it took a big hit, and the last chart, hyg, call this the risky tf, definitely stabilizing and moving higher and it tells me a lot about the risk appetite back in the marketplace. sue, back to you. >> okay. i'll puck it up, if i my, bob. let'

. >>> now for your first look at business, we turn to bertha combs. >> good morning.re pointing to a higher start after stocks ended mixed on tuesday. investors have to have their hands full today. the fed wraps up the two day meeting later on this afternoon. and a boat load of data. they get data on private sector jobs, manufacturing, labor costs and the first glance at second quarter gdp which is like to show that economic growth slowed. ford is going to start selling a natural gas pickup, the first u.s. automaker to offer that option in a light duty truck. it could cost $9,000 to install new fuel tanks on the truck. >>> and the pc may soon be surpassed by tablets but not on campus. a survey finds 82% of college students own a pc but only 18% of them have a tablet. one big reason why, it is still easier to take notes and write papers on a laptop or a desktop pc. although i would imagine few people have desktop pcs on campus anymore. >>> the passing of an nba legend and the dangers of hard candy. plus, friday could be d day for a-rod. we'll have that and all of your

carl, back over to you. >> bertha, good tough. thanks so much. of selling off. we close here near historic highs. important thing is, a lot of beaten up groups are doing great. it's not just six to one advancing declining stocks. it's the kind of stocks moving to the up side. the declining stocks, when was the last time you saw aluminum stocks moving up. they've been miserable performers in the second quarter. housing related stocks which has dropped about a month ago on a move sideways. we've had a few amazing days. look at this, 7% across the board on all of the home building names. emerging markets? i've been noting day after day after day, there's thailand, philippines, peru, turkey, up 2% to 6%. but the damage has been done. folks, this is just a horrible quarter. put up the merging markets for the second quarter. turkey is now 20%. pure rue, 18%. thailand, b a lot of people had money in these and got hurt rather badly. banks are down. why are banks down? sell into the earnings season. they start dropping the day of or the day before. this s