afternoon, i'm standing in for maria bartiromo. >> and i'm bill griffeth. we were mostly higher but the nasdaq just went negative. as we have seen lately things change quickly in this final hour of trading. stay tuned we will need to fasten our seat belts. the blue chips are holding on to gains but we're well off the highs. more weak economic data like the rise in jobless claims we heard about this morning and the increase in the chance of the fed doing more to goose the economy would be positive for stocks, so we had a pretty good rally on the open this morning. that is a follow through on the greek stock market which was very strong this morning. the european stocks followed suit, and we had a good rally all day. the dow is up 27 points. there is the nasdaq turning negative now for the first time since the open. the s&p at this hour still positive, just a gain of 6.5 points. >> let's get to the closing bell exchange. we have a huge panel lined up. including rick santelli and steve leaseman. if this is a hope for a move by the fed, will might be extra wigg

i'm bill griffeth. maria will be along in just a few minutes here. does it -- get this. right now the stock market is on track for its best week of the year. in fact, maria, you are here now. >> yes. hi, bill. >> does it feel like the best week of the year for the markets? >> no, it really didn't, bill. but that midweek huge 285-point rally really boosted things on the week and sort of the bernanke commentary. but there was a lot of head winds and a lot of negativity around facebook and the europe worry. >> a week after the worst week of the year, we are seeing volatility pick up right now. major averages picking up steam. the bulls set to get the last word, we think, right now. but we are losing altitude as we sit here. show you the chart of the dow a few moments ago it was up 80 points. now it's up 66 at 12,526. anything is possible. you know how this works. nasdaq is up 21 points. that's holding up for the high of the day at 2852. early in the week we were talking about both the s&p and nasdaq close to correction territory. but it's up seven points on the s&p today at

bill griffeth looking at this move. >> we can blame europe once again this time as swuls wraps up the first half of the year on hopes the europe is making real progress in tackling it's debt crisis. it turns out the eu summit was a big deal. they're on track to wrap up the second quarter with losses of about 3%. the dow is up 243 points, a gain of almost 2%. it's gone sideways since then. the best performing average today, the nasdaq, up 2.8%, or 79 points, to 2928. starting to knock on 3,000's door again. so it today's move a turning point for the markets or is this euro bailout driveen rally another sign that we're going up again just because of headlines, in other words, for all the wrong reasons? >> in today's "closing bell" exchange. we have a great panel today. good to have you all with us. we'll kick it off with you stephanie, let me ask your thoughts about this rally. >> i think it is significant. they're working hard to get a unified banking regulatory structure. i think having the esm capitalize is very, very important, and the stimulus program they put in place are all very

. >> i'm bill griffeth, and the markets are locked in a tug of war right now. there is weak confidence inspite of a positive report on home prices. many names in the group are posting strong gaining into the final hour. we're just off the highs of the session here with the dow up 55 points. it had been up about 70 points. about 15 minutes ago, at 12558, the nasdaq up 20 points at this hour at 2856, and the s&p up 8 points at 1321, so modest gains today. >> one stock very much on our radar today is zynga. those shares are trading higher after they released a new network that allows gamers to play in different platforms. it has lost nearly half of it's value since november. keep it right here on cnbc, because we're going to be talking about today's news with the ceo. that will be a first cnbc interview, so you don't want to miss it. >> first, let's get back to the markets, financials among the sectors on the move after a goldman sachs report added jpmorgan chase -- they were swapping the morgan's today. >> they were. in the "closing bell" exchange, we have brian

. >> i'm bill griffeth. and folks are thinking the fed will help the economy when it issues it's statement tomorrow. in either case, both will help the major averages into the home stretch here. anything can happen going into the final hour of trading at post nine where we sit. the dow is up 1616 points. the nasdaq up another 1.25%, or 36 points. it's knocking on 3,000's door again. >>> and jpmorgan chase today rallying. jamie dimon faced the house financial services committee today despite testy exchanges about his bank's trading debacle. we'll have the highlights in just a moment from that testimony coming up. >> the financials were strong again today just as they were last week when he was testifying before the senate banking committee. stocks are rallying perhaps on hopes of operation tulowitzki. rick santelli has a refresher what the twist is and what it may do for the markets. >> you know what, i agree with your metaphor and analogy, but whether it works or not, and what long term prognosis is, and if

. >> i'm bill griffeth, stocks are rallying, the european markets are strong, energy stocks adding optimism. overall we're seeing strength in most sectors as we ahead into the always unpredictable final hour of trade. here is the dow. the rally on the open lead mostly because of the european rally and the economic indicators came out better than expected. the dow is up 81 points. the nasdaq up half a percent, a 15 point gain there, and the s&p 500 index is up three quarters of a percent, that's the best there, at 1329. >> one stop we're watching is arena pharmaceuticals, shares spiking right out of the gate. investors snapping up shares after they were approved the ain't obesity drug. it will be the first new weight-loss treatment in 13 years. >> i'll bet he's got that smile right there just like that. also look who else is coming up. later we will talk about the hot button much of taxes. that is congressman dave camp will join us, and find out why he is working in a rare join effort to tackle taxes and find ways to head off the fiscal cliff. with all of the averages higher right now, there

i'm scott walker in for bill griffeth. setting the stage for the huge selloff, the s&p 500 and nasdaq hitting correction territory with both indices off about 10% from their 2012 intraday highs. russell 2000 there as well. stocks are having their worst day since november. dow jones industrial average is negative for 2012 at 12,1306789 technology is getting beaten up today as well. touching correction territory earlier today for the s&p. a loss of 2 and a third percent. >> the dow closed at the end of last year at 12,217.56. as you can see, we are currently very close to that. we are lower -- we are below that level right here and we if we finish below that day, the dow wiped out all of the gains for the year and would be negative for the year. we will monitor that level for you. we had such a good couple of months in the beginning of the year. >> first quarter was so good. may is not getting off to the start that we thought it would. >> nasdaq was around mampl, april. >> financials and technology, which led the first quart

. >> i'm bill griffeth. after the four-day slump we've seen, the dow is poised perhaps to snap its recent losing streak, thanks in strength to the technology sector. financials have also been especially strong, helping to provide support to this modest rally. here is what the dow looks like and we'll see this rally into the afternoon on talk that help for the spanish banks is on the way. they haven't figured out how to do that. we'll talk with steve liesman and rick santelli. the dow is near the highs of the day. the nasdaq is up 18 plus points. the gain in technology i referred to, or it's a 2778 on the nasdaq and s&p is up to 1285. >> i hope you don't miss my interview with bill clinton, sitting down with me a little bit ago. the last president to tackle the budget, talking about the economy and elections and the european debt crisis. why he thinks president obama has a better strategy to deal with the deficit than mitt romney. it's all ahead on this edition of the "closing bell." he did discuss europe. th

i'm bill griffeth at the new york stock exchange. we'll get back to jamie dimon. quick look at the markets. up 129 points. the fed is meeting today and started meeting just before noon eastern time. we'll learn tomorrow what their expectations are for the economy and plan to do about it. it could be wall street is rallying anticipating some sort of help from the fed. the financials are the strongest gainers today, whether it has to do with the fed or not remains to be seen. we'll get back to the testimony in washington with jamie dimon. >> you look at the institutions and how they take risk. >> obviously, we failed in this regard. we need very strong risk committees, properly staff, independent minded, the job is to challenge management all the way to the ceo. why do we do that? why do we have more limits? what can go wrong, stress test it. that's what they're supposed to do, protecting the management from themselves sometimes. our risk committees do report independently. in this particular case, the risk committee made the same lack of oversight i probably made a

i'm miami with bill griffeth. maria bartiromo is back tomorrow. stocks selling off late in the trading session after early enthusiasm over a bailout in spanish banks fizzled. a trio of top strategists explaining how you should be investing in this uncertain environment. apple unveiling updates to its macbook pro. is it enough to jump start the stock? so far no. the dow jones industrials average sitting at the lows of the session. have been up as much as 200 points. nasdaq was higher by -- lower by 48 points. s&p 500 lower by 16. >> yes. investors finally meeting a bailout it didn't like. wall street. stocks down after that big bailout announced for spanish banks over the weekend. led by losses in bank stocks, technology was weak today. question is what does this market want to see to shake off fears about europe right now? >> guys, jean, let me start with you. what was the problem today? why was everybody unimpressed? >> as soon as it was seen there was some relief with respect to spain, then the focus went to italy. i think this is going to be a

. >> i'm bill griffeth. i'm here today but not the result of the bolts we are looking for today. spanish troubled banks did get the bailout as expected over the weekend. but the news not enough to convince folks to start buying. they bought in the open but then started selling right after that. that's part of why the averages are being led lower today by key groups like banks and tech follow ja -- technologies. looked like the dow would be a stellar beginning of the week. then it started to fall apart. down 57 points right now. about the low of the session at 12,496. nasdaq is down 247 points. also the low of the day. four percentage decline there. s&p down half a percent or seven points at 1318. >> we used to get a full rally out of a bailout. six hours. >> so jaded now, aren't we? >> another reason why we are lower, apple. the stock giving up early gains. investors were less than wowed what they heard from the conference in san francisco. despite new announcements of pro and air laptops. we are going to look at what today's news means for apple stock on the "closing bell." >>>

. >>> i'm bill griffeth.the top of the hour on "closing bell," will renewed economic fears force the fed to step in with more easing? steve liesman and rick santelli go toe-to-toe. it proves to be another epic match upcoming up. with interest rates as low as they are, larry summer says the government should be buying more, not less. is he right? or would that speed up the nation's fall off the fiscal cliff we've been talking about? and the senate votes tomorrow on a bill aimed at closing the gender pay gap. we will hear from one woman that says this is actually bad for both business and female workers. maria and i will see you at the top of the hour for "closing bell" as we turn positive here. anything's possible during that last hour. we'll see you then, mandy. >> sure is. i'll join you at the top of the hour as well. the sharp pullback in stocks recently has investors seeing red. should you be hanging your money on the wall instead? last month you might remember "the scream" sold for a record breaking $120

bill griffeth. stocks are lower again. cull pret do cull pret seems to be europe. spain formally asked for help to fix its ailing banking sector. and as a result banks are lead thing market lower along with other owe called risk assets like oil which is down sharply and weighing on energy stocks today. note the dow fell out of the gate this morning and has been bouncing at these lower levels since the open today. that started over a season -- overseas this morning with the european markets after spain made that formal request for bailout of some kind. down 162 on the dow, 12,748. nasdaq getting clobbered. 2%. now at 2832. almost 60-point decline on the nasdaq composite index. s&p down 23 points at 1311. no obama care decision from the supreme court yet. the markets have been able to focus more on the pinch of europe's ongoing problems. let's get more now on today's market sell-off. >> brian shactman, rick santellsantellis an te tell -- santelli is with us. is the focus europe? what's the next catalyst we should be focused on? >> sure. obviously the upcoming eu summ