finally, bob pisani mentioned. the company did affirm its earningsie guidance but put out on the call slightly higher revenue guidance of $62 billion versus the $60.3 billion consensus but the cfo said d that's solely, solely due to currency changes. become to you. >> thank you very much, mike huckman. time now for a bull-bear street fight. there's money to be made in certain consumer staples. david theis. all i have to do is say the name and you know what he's going to say. he's bear market strategist at federated investors.. he says shorting is the only way to go, but we want to start on an up side. what do you got? >> i think financial armageddon is over. you saw goldman's numbers today. the capital markets are opening up. having said that, oven corrections an consumers, i would stay with the necessities and what consumers are going to use not just here in the u.s. but internationally. so you got companies like colgate have pricing overseas, advertising costs coming down, so you're going to make money on 3% divi

bob pisani we'll see you later. check what amgen is doing right now in the extended hours and as you can see it is trading up. second quarter revenue 3.71 billion, much better than the estimated 3.58 billion. and the earnings per share ditto. $1.29 much better than the estimated $1.16. stock sees a bid with a gain of 1 1/3%. we'll look at the numbers on amgen. meanwhile the other business headlines we're following tonight. bws financial amazon.com to a sell. the analyst telling clients the retailer will be hard pressed to reach its target because of spending on technology and its discount shipping program amazon prime. amazon weighing down the rest of the internet stocks meanwhile putting pressure on the nasdaq pretty much throughout the session on that decline. the commerce department reports new home sales, meanwhile, were up 11% in the month of june to a seasonally adjusted annualized rate of 384,000. that is the largest increase in more than eight years. the strongest sales pace since move. and it adds on to the

we'll be right back. >>> i'm bob pisani with this week's etf 101. etfs allow investors to trade currency as easily as stocks.. with etfs, investors can bet on dollar strength or weakness by buying short on the dollar. diversifying into currencies not only broadens an investment portfolio, but also provides greater global exposure. keep in mind that currencies are volatile, and they do have unique risks. and their performance heavily depends on macro economic factors. for example, lower interest rates, higher inflation or a weaker economy may cause the currency to fall. as the same time as the currency weakenses, it may take years for them to recoup their losses. and that is this week's etfs 101. at 155 miles per hour, andy roddick has the fastest serve in the history of professional tennis. so i've come to this court to challenge his speed. ...on the internet. i'll be using the 3g at&t laptopconnect card. he won't so i can book travel plans faster, check my account balances faster. all on the go. i'm bill kurtis and i'm faster than andy roddick. (an

>>> bob pisani down here on the floor of the new york stock exchange, where we are closing right near the highs of the day. and what an interesting day. my e-mail has runneth over here today. i've gotten more e-mail today than i have probably in the last six weeks or so, and a lot of opinions down here and opinions about this rally are all over the map. there are the pooh-pooh guys, and there's still a lot of bearish sentiment down here that this is some kind of options expiration related thing. oh, a lot of the hedge funds have been caught short, and so there's a little bit of a short squeeze. and you know how traders will sometimes pooh-pooh a short squeeze as not being real kind of data, real buying.. still a lot of people are noting and some guests i talked to are saying they're seeing plain vanilla buyers.. month who are those? well, those are like mutual funds, for example, or pension funds, plain vanilla types who are also buying. so there's a lot of different opinions. but here's what's really important. you have to look at this fundamentally. for the first time in a long time

bob pisani at the new york stock exchange. earnings season this coming week help us with another gain? >>> it is, not just six straight days, michelle but breaking key levels, 945, s & p for the

. >> let's add more to the conversation, i'm sure that was interesting for bob pisani with us, filling in for rick santelli, good to have both of you with us. what's your reaction to what you heard? i thought it was interesting, that we can't break it down as specifically this time as last. >> i thought they tried to be very fair and even handed and talking to the traders here and this is a quick reaction, a little bit of one and the other. you have the pace of decline moderating, you have some districts reporting inventory restocking. on the negatives loan demand weakened. we knew that already. commercial real estate slips further. they are holding steady. this is an important day because this is a day where this whole resiliency of the market will be put to the test. because of that five-year auction here. what's happening because of the disappointing auction results, interest rates moved up from the middle to higher end of yield curve putting pressure on stock selector that's are interest rate sensitive. housing and real estate investment trusts and autos, all that depend upon the i

let's check in with bob pisani. bob? >> better than expected gdp. if it's so good why did the futures drop six, seven, eight points on this news? a couple of problems that the traders didn't like. metrics that were not good, personal consumption. number two, look at the revisions all of the way through through the first quarter, all the major ones were revised downward. this throws into question of how good are the preliminary numbers anyhow. that's the problems we've had this morning. elsewhere, though, it's been a great summer rally. in july here, 8.4% on the dow jones industrial average for the month. that's the best one-month showing since october 2002. we'll throw up all sorts of metrics talking about how this summer rally has been going elsewhere. disney is down 3%. on the top line, look underneath the hood here for dvd sales. we also had lower ad revenues at espn and abc. same thing with the las vegas sands. look under the hood, serious demand weakness. occupancy dropped at all the casino hotels. chevron, below expectations. upstream, below.

we're going to get market's perspective from bob pisani at the big board. ck us off, bob. >> we're off the highs today as we started negative and goings to pif the one of the reason wes moved positive is because financials had a better tone. they started off poorly but they have been moving up. look at morgan stanley. we're waiting for the conference call of morgan stanley to start. that will start at 11:00. here's one of the reasons financials in the market is coming back. they had a loss bigger than expected. it was disappointing. this is the third loss in the row they've had. they're repaying t.a.r.p. money. that was a factor in the whole thing. because of the accounting issues that go on they had a larger loss than expected because of a negative mark to market because of their own debt. that's confusing but that was a major facting in why the loss was bigger than expected. you see coming back here, same situation with the rest of the financials. we talked earlier about decreasing credit deterioration. wells fargo sow it, keycorp saw it, regions financial

bob pisani is on the floor of the big board. some analysis, just making sure i'm looking at this gdp. it looks like an increase. >> and an upgrade. also 2009, you showed the 2010, but they also upgraded 2009. three points they're talking about down here. first, very clear outline for an exit strategy. top priority, developing tools to remove policy accommodations at the appropriate time. there's your exit strategy statement. clearly signals they're worried about inflation. and finally i think the most important thing is the economic outlook upgraded. there's been a lot of positive catalyst, with intel, and credit card company. we have a weaker dollar, a number of factors, and erin, the s&p is up 5.5% in three days, the best three days we've had going back for three months right now. >> one thing that's interesting is they also upgraded the forecast for the unemployment. they think unemployment will actually be worse than they originally thought, but growth will be better? >> right. and it was 9% to 9.5%. as everybody knows, unem

knocking right at the door here at the s&p. >> bob pisani, thank you very much. larry, take it away. >> thanks, kid. >>> more on this terrific summer rally that won't let go, went go down, we should stop nit-picking and rock and roll. let's bring in peter sar enteen owe, and chief economist, diane swank. let's put the unemployment numbers on the screen. i feel like warner wolf or something. the four-week average continues to decline, a terrific signal that is one of the most important leading indicators. isn't as clear-cut as i would like it to be because of gm layoff timings, but nonetheless, the pattern is clear. diane swank, i like this story, and i think with profits improving, people missed the stock rally because it's too darn pessimistic about the american recovery. >> well, they're certainly pessimist pessimistic. you and i have been talking about a positive second half for a long time. the question is, how positive will it be, and how self-feeding will it be and i think markets are up a little now, but as i said a couple days, larry, i'm a long-term inve

bob pisani on the nyse. you were looking, is it going to go positive. >> a bunch of standing here saying it's going to happen because we were down 100 points on the consumer sentiment number. >> it came all the way back. >> four days in a row they keep trying to drop the market. there's our watch word for the day. tired of that word resiliency? that's the word everybody is using here. what happened, important thing is this. we had a drop in the consumer sentiment numbers but they stays in the up market up trend all throughout the early morning here. techs and the builders led. the case shiller home price index was important early on. we had 0.5% higher in may than april, the first sequential move up in home prices in several years. yes, we were 17% below that a year ago, but the rate of slowing down is slowing down. here's the bill home builders and what else is important. masco had very positive comments about their earnings in the second of the year helping a lot of home building stocks overall. generally

. >>> bob pisani at the inform stock exchange. earnings deep but revenues generally on the light side. it's not just that story. that's not enough to move the markets. we're talking about some kind of price stabilization. that's what's really helping things overall. maria is next. >>> and it is 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to the "closing bell." i'm maria bartiromo on the floor of the inform stock exchange. stock prices once again, the dow industrial average kicks off the seventh straight move on the upside. the nasdaq looked like it will stretch to a streak, a winning streak of ten in a row. helping set the tone today, once again, earnings from the second quarter reporting companies. dow component caterpillar beat expectations but the market cheered the company's upbeat forecast. the company's ceo just told me moments ago what drives growth going forward. the stock up 8%. we'll have more coming up. >>> the earnings don't stop there a slew of reports coming up this hour, includi

bob pisani. the quarterly results from qualcomm are out. you heard bob's assessment that the guidance going forward could be an issue here. let's get to jim goldman. he's right now following the numbers and with the very latest on the quarter at qualcomm. jim. >> yeah, maria. in fact, there's lots of issues for this qualcomm third quarter report, especially for a company that essentially preannounced these numbers just a few weeks ago. they're still going to take some folks by surprise. we went through those headline numbers. 54 cents two, cents better in the current quarter than the 52 cents wall street was looking for and also better than expected revenue of 2.75 billion versus the 2.73 billion. you were talking about outlook here. that new revenue range of 2.55 to 2.75 billion dollars stiff'll nicklaus, cody acre was expecting $2.847 billion. light there. and 10 1/4 billion to 10.45 billion against basically 10.55 billion that the street was looking for. we'll get an eps estimate when that company hosts its conference call. but looking at

. >> bob pisani on the floor of the exchange. seconds away from the closing bell.ia talking about the fact that merrill lynch, one of the commentators saying the recession is now over. goldman sachs looks to be closing at the highest level since september. there's the closing bell. you know who's next, maria bartiromo. >> and it is 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to the "closing bell." i'm maria bartiromo on the floor of the inform stock exchange. we're following at the close tonight, it was a seesaw session for the markets. down beat news on the economy outweighing strong earnings from some of corporate america's heavyweights. we're waiting on a handful of other earnings. leading the charge today, earnings from goldman sachs easily beating expectations. that was a bit of an anti-climactic event as investors set the shares on a tear yesterday ahead of the numbers. we'll check out all of the financi financials. a second quarter result from the world's largest chipmaker intel may very well set the tone for tomorrow. w

for more analysis, turning to my good pal, bob pisani. i hope odd great weekend? >> i haven't talked to you on over a week, congratulations to on your news. >> thank you. >> she is expecting. and yes, it was a topic of conversation for several weeks so thank you for announcing. >> some people were starting to wonder, you can't see me on this a whole lot. >> you are going to be a fabulous mother. >> thank you. >> talking about home sales. heard all the facts from diane a couple pieces of good news, not only beat expectations here but the inventory levels, 8.2 months, good heavens, great news, everybody has been waiting for some signs of that moving down. the bad news, trish, is inventories are really down. i think largely because the home price were continuing to decline, a 12% decline year over year. i certainly and everybody would like to see an ability in home prices to get some kind of definitive bottom here. and diana, concerned about foreclosures as well she should be. >> a lot of this being attributed to the fact people are getting a tax deduction, first tim

. >>> bob pisani down at the new york stock exchange, ending another terrific week. now dow jones industrial average up about 4%. still waiting for the final numbers here. nasdaq up 4.1%. but it's going to break its multiweek win streak here. but don't kid yourself. just because the dow has been looking up only 30 points you think not a lot's going on. this is a big victory for the bulls. we were down 75 points earlier in the day, roughly 75 points. we moved almost 100 points off of the lows. remember the key battleground here. got to show a little bit of resiliency, got to showed a little bit of sector rotation. we showed both of that today. tech slowed down because microsoft and amazon was a disappointment, but folks, we saw energy move up, we saw healthcare move up, we saw utilities move up. you can't just argue it was a defensive play here. it was a little more than that. tradertalk.cnbc.com. another big week for earnings coming up. there's the "closing bell." you know who's next. maria bartiromo. >>> and it is 4:00 on wall street. do you know where your money is

here on the floor, as always with bob pisani. good to see you.u. >> good to see you. >> the olive suit on again. >> it's a monochromatic look. >> i like it. cost-cutting, a lot of things companies have been very successfully doing and one of the reasons we're seeing strong earnings. >> yeah, and one of the good things that's happened through this if you to look for something is the ability for companies to successfully get leaner and meaner. and we see gannett up here today. gannett, of course, a newspaper company and the business has been horrifying. they just simply are awful at this point. the important thing is, they beat on the bottom line, because they had been so successful in cost-cutting. obviously, this is only going to go so far. in fact, the ad trends have been terrible for them. they made it very clear in their report this morning. revenues down 32% for them. >> that's with all of the car companies -- >> and they're on a conference call right now, saying read between the lines, doesn't look like much of an improvemen

. >> and bob pisani and two traders join us on the floor of the new york stock exchange. back in two minutes. some are rally, down 9000, i'm still bullish. >> they're up 9000? but did you know you also get hotel price assurance? it's a one-two punch of savings -- pow! pow! lower hotel booking fees mean you get a lower total price. plus, if another orbitz customer then books the same hotel for less, we send you a check for the difference, automatically. the first complete women's multivitamin in a drink mix. with more calcium and vitamin d... to support bone and breast health... while helping you hydrate. one a day women's 2o. refreshingly healthy. you have questions. who can give you the financial advice you need? where will you find the stability and resources to keep you ahead of this rapidly evolving world? these are tough questions. that's why we brought together two of the most powerful names in the industry. introducing morgan stanley smith barney. here to rethink wealth management. here to answer... your questions. morgan stanley smith barney. a new wealth manageme

. >> bob pisani, good to see you, old friend. how about that argument they were just making the central argument of the bulls is they're going to see p/e expansion in the third quarter not just on cost cutting but as top line comes in with cost cutting that will accrue very quickly to the bottom line. the bears are arguing you're not going to see anywhere near the kind of expansion you anticipated. where are you on that? >> there's absolutely no point arguing with bears at this juncture. the market has gone up more than 40% from its lows in march. if you missed the move, you missed a big one, whether you're a bull or a bear. if you sat on the sidelines, you made a big mistake. now we're breaking out technically. the advance-decline line is going up. the s&p just popped through the june 2nd high. momentum is building. i'm not sure you want to fight the market yet. we just had a 7% correction and the market got it back very, very quickly. and it's the old rule. you don't fight the fed, you don't fight the tape, and right now both t

also joining me our eye on the floor of the exchange right now, bob pisani with more. looking at? what's on your raidar? >> two things really matter today. number one is how the financials are behaving midday because they've turned around. and number

want to bring in bob pisani. i wonder what your thoughts are on the supply out there, just looking at trim tab's latest report here, new offerings set to accelerate here. theo logic reporting four deals totaling $3.1 billion already scheduled to price. what does that do to the moment up on the upside? >> it's good news. however, those numbers are only if the market starts to hold up. if it starts to deteriorate, we'll see those canceled. there's a lot of people who need to raise money out there. the fact that there are people scheduling new offerings is a good sign overall. now we need the follow through to have the people actually price those. >> once again, we've got earnings dictating the performance to see where we are. we have real good momentum on the upside here based on better than expected earnings. you wrote in your blog it's really focused now on caterpillar on the industrial side of the economy. not just the banks. >> remember the gain here. it's very important to illustrate not just cost cutting is w

bob pisani here at the big board. robert. >> there's good and bad news here. they beat on the top and bottom line and much of the beat appears to be from the fixed income area. the bad news is credit. that's sort of the big talk here. nonperforming lobes were up 30% in the quarter. net income charge thinks the company will never probably recovery. continues to tick up in the home mortgages, prime equity area. the company has increased its provisions for credit losses here, so they're trying to address that. but nonetheless, a conference call is going on right now and there's a lot of discussions about the fact that particularly commercial real estate will continue to worsen here. do you know what the other big story is here today? china. did you see the gdp numbers? 7 b 9%. that's well above expect sagszs of 7.5%. they've got an active stimulus program there that appears to be having some kind of effect. some disappointing earnings commentary this morning from marriott. 9 to 14 cents for this current quarter, very disappointing. nokia, they also came out with

thank you, bob pisani. >>> let's get to the nasdaq. bertha, the aforementioned intel leader in way, i guess. >> interesting talking to traders this morning. it seems to be getting some of those folks off of the sidelines. we saw the downturn all last week, the decline over the last two weeks, no volume. we got a bit of volume this morning. look at the indices, talking about the head and shomplds patterns, the s&p. things looking they're moving to the down side. one trader pointed out if you look at the stocks we're actually the chip equipment, the chip sector, it's moving back up towards those may highs, where it was about 285 now, at about 280.0. we get a little more momentum like this, we could see a little bit of a move to the outside. intel definitely leading the rally. the chip equipment makers are doing pretty well, mark, despite the fact that intel, although it says it's going to spend more so the capital budget will get trimmed a little. nonetheless, the chip commitmentmaker is boosted today. >> excuse me. ah! something went th

. >> our team is covering the markets and we begin with our eye on the floor as bob pisani is here at new york stock exchange. >> folks, they have good comments on the case shiller numbers. the dow dropped 100 points. don't focus on that. we know those are notoriously fickle. the stock, the watch word for stocks is resiliency. four days in a row, haven't you noticed this? they try to push stocks down and then midday they rally back. the dow is down 100 points, 20 minutes ago, it was almost even here. it's filling back a little bit. tech stocks lead in the middle of the day, home builders leading as well here. case shiller numbers potentially are a game-changer. still too early to tell. for the first time since 2006 it, home prices went up compared month over month. i mean from march -- from april into may. that's very important. we saw 17% drop compared to a year ago. that's not good but the rate of decline is slowing. here's a reality check. from the peek home prices in the 20-city index 32% off peak. these are showing improvement. the analyst community putting out notes that reflect

bob pisani our eye on the floor of the nyse for all of the action as we approach this final stretch. >> you hit the head on the nail. highest level since november. up near the highs of today. up six days in a row. and the bulls are making a simple argue sxmt so far they're winning that p/e multiples are going to expand in the second half of the year as the top line grows and the cost c

let's start with bob pisani on the floor below us. >> hello, friend. two weeks, 11% gain in the s&p 500. that's 11 points. everybody is obsessed with earnings and everybody is talking about how much competition in the treasury auctions might be to the stock market this week. fairly are you teen short-term stuff. this is pretty heavy competition for the stock market. let's talk about earnings. just opened $1.70. you know the story here. basically, lowered their guidance tort second quarter and the full year. they talked about increased claims overall. the medical loss ratio, which is the cost of services that you provide, compared to how much money you're taking in, rose to over 86%. so it's a measure of profitability essentially. that's under pressure at this point. there is some issues here. the question is, what are they going to do about it? obviously they're tethered to the issues of health care reform. so there's a double whammy. there's talk about raising cost of the membership. that may reduce membership overall. they're stuck between a rock and

we begin with bob pisani here at the big board. >> like melted butter? steve got it right, we're stocks, futures turned weaker on the disappointed durable goods number. did you see what happened in china? the shanghai composite dropped 5% today. at one point it was down 8%. all the commodity stock, stronger strong, hit here yesterday. they got hit really bad in china overnight hire in the big ipo which was successful, china state construction which came out, biggest ipo of the year, was up almost 70% on the day. despite that, the index was down rather notably. so all the big commodity stocks here are on the downside. of course, the still stocks haven't helped because u.s. steel came out with rather poor earnings and cautious commentary. they said they wouldn't see a global recovery in the steel business until 2011, despite the fact that china has a big stimulus program. elsewhere, let's talk about sprint down about 6%. second quarter loss. a little worse than expected here. continuing to lose wireless customers during the quarter. tradertalk.cnbc.com. re

we get all the action right now, bob pisani our eye on the floor of the nyse. bob? >> a sideways day, quiet until the middle of the day and then -- >> 5.37 on go6 on google, bob. 50 5.09 the estimate. >> more google in a minute. sideways most of the day. jpmorgan, some of the other big tech names. but look at what happened at 1:20 eastern time. that's when nouriel roubini came out with some comments. the headline is pretty simple. he came out and said that the worst is behind us in terms of economic and financial conditions. and believe it or not, that was the important thing for what happened here. the dow rallied almost 100 points on that news here. industrials and techs rallied.. what's going on here? have you noticed, folks?s? the markets jump whenever you hear a little sign of good news and doesn't really go down that much on bad news. that's a very important sign. and that's why the bulls are feeling increasingly more confident at this point. the s&p 500 up 7% this week. when was the last time that happened? i'll tell you, it was the march bottom. that's get p

covering the markets at the nyse, the nasdaq, and the nymex, but first of course we we start with bob pisaniwho's our eye on the floor of the new york stock exchange. hey, bob. >> what an interesting day it has been, scott. let's take a look at our midday rally. and folks, maria and scott are absolutely right because at 1:20 p.m. eastern time headlines came out from nouriel roubini. and here's all they said. the worst is behind us in terms of economic and financial conditions. now, you might scratch your head and say you've got to be kidding me, we've got a rally on that? believe it or not, the dow jones industrial average has rallied essentially 100 points since that comment came out. so there's a clear relationship. we had particularly moves up in industrials, techs, and materials. and those are our leadership stocks right now. that's important.. but the biggest stock of the day actually happened earlier in the morning. it really had nothing to do with this. that is cit. you know the basic story of what's going on here. the government has essentially walked away from the possibility of bai

. >> and our team that's covering the markets, the nyse, ntds and nymex but first to our bob pisani who's had a front row seat to this powerful rally today, bob. >> thanks very much there, scott. yes indeed. china helps, weaker dollar helps, commodities are helping here. the weekly jobs report also in line with expectations. in the middle of the day pretty good seven-year auction. bottom line is this. powerful forces at work here. let's take a look what's going on. let's say the rally resumed after a few days of kind of moving sideways there. there are a lot of factors at work here. the most important thing is the markets were overbought a few days ago. traders came in and tried to short the market because they believed the market was overbought. but it didn't drop. they got their head handed to them. talk about frustrating. you add now today you get real buying because you've got some positive events here, particularly the china rally and some other positive comments there. take a look at the fact they didn't drop here. that's important. and now we've got up side event risk for the bears

i want to bring in bob pisani. ex transportation, there's some glimmer of hope there. and we should point that out. >> and larry but out the correct chart, folks. and it's -- the problem is, airline orders are screwy. they go up and down by months, and it's very expensive to order an airplane. so in it a month where a few airplanes are not ordered, you get fluctuations and so that's why they do durable goods as a whole number. the chart larry put up was ex transports and they were stronger than expected. >> okay. steel. that's another big one we are going to talk about today. >> this is the thing where we get a smack in the face for people arguing roerve. we had mishaul, u.s. steel, nipan in japan and basically al. are not seeing dramatic increases in orders. now, sequentially from the firsn quarter to the second quarter, this is a modest improvement in orders, but its still pretty tough out there, and arcelo saying a recovery in 2011. >> i don't think disputes that. the reality is people are saying while this economy is likely going to improve, it's going to improve v

here on the floor, rebecca jarvis in for bob pisani. >> great to see you. >> there was a lot of optimism over the last several months. have we kind of reached the point where there's a bit of a reality check going on there? >> yeah, there's a question right now among traders, trish. that is have we overshot our optimism? you take a look at the s&p 500, this last month, it started out strong, but things have really weakened over the last couple of sessions. right now, we're at a very important level for the s&p 500. if we close below 893, that was the june 22nd level, we are back basically where things were in may, and as you mentioned, people are looking for indications of whether or not to believe in those green shoots, obviously earnings season kicking off this week will be an important indicator. >> absolutely. we talked about the commodities being a drag on the market today. again that goes back to these economic concerns. >> absolutely. back to the economic concerns, trish, back to the questions of the dollar, the dollar at two-week highs, as well as far as its index is concerned. b

bob pisani, our eye on the floor of the new york stock exchange, long time no see, bob. >> indeed. the important thing is the market is resilient again. i know, you're tired of hearing that line. but let's take a look at what happened. of all the things that went wrong and all the things that went right. there was more things that went wrong here today. so look what we had to contend with. the most important thing was a very weak five-year auction. that caused a real backup in interest rates. then we had a stronger dollar for the second day in a row. and you know what that does to the stock market, particularly commodity stocks. then we had a poor durable goods report earlier on, although ex transportation it wasn't that bad. then we had china getting the stuffing knocked out of it overnight. they were down 5%. all the big commodity stocks over there were down. so in the middle of the day things looked a little grim after 1:00 and athaeshz treasury auction came out. interest rate sensitive stocks like builders and reits were weak. but we came back. there's your five-year note pup

we get all the action from bob pisani, our eye on the floor of the nyse. >> watching to see foote s&p 500 could break into the 1,000. it would be the first time since november of last year it happened. it didn't quite happen but this was st. louis a powerful rally and still a great day. >> but what happened at the close? >> we came off of the highs. i wouldn't worry about that that much. look, given what we've done here and what's been going on and the second quarter gdp tomorrow, a little bit of an event risk, it's not surprising. don't be worried about that, folks. this was still a powerful move up because -- >> how are you? >> working against the market moving higher here. let's recap what happened today. yes, we had a little bit of a midday sell-off but we didn't end on the highs for the day. i don't think that's any raefea for people to be too concerned. we moved up despite factors working against the market. number one-v you noticed how oversold the market is? stock traders have been trying to short the market for the last five or six days on that reasonable assumption. but gues

bob pisani, so glad you could join us. >> we have breaking news right now from scott cohn. breaking news on allen stanford. >> that's right, trish. this report obtained by cnbc under the freedom of information act, the internal report of the s.e.c. looking into how the matter was handled of allen stanford and the alleged $8 billion ponzi scheme. the inspector general who has been very independent throughout these financial scandals says the agency did not reach its obligation to vigorously pursue the case, but the urgency increased after bernie madoff confessed to his ponzi scheme in september. but this report raises questions, as well. the report says that the s.e.c. effectively halted its investigation last year after bringing in department of justice to assist in the case, and essentially lead the way. and that the s.e.c. halted its investigation at the request of department of justice. this is something that has ran ankled the alleged victims, although very common in cases like this, where the s.e.c. basically runs out of tools to pursue the case, and that seems to be w

kicking it off with bob pisani. >> hello, maria. we've had a nice midday move as well.he fomc minutes were modestly bullish, raising gop estimates. they talked about an exit strategy from their loose monetary policy. but don't kid yourselves, folks, we've had a nice rally here starting in the early part of the day. let's take a look at what happened. overall, folks, last three days s&p 500 up 5.7%. that's the best three-day advance since march and april. the rally's more than intel, though. i know you know all about intel so, i won't belabor it. take a look at financials. here's point one. continuing the rally that began on monday. look what's happening in financials. goldman sachs. multiple upgrades on the heels of their earnings reports.s. nice moves right across the board. double digits in all the big financials this week. number two, credit card companies trading higher.. we've got master trust data for june, american express popped up in the middle of the day. the chargeoffs for their credit cards, these are the debts the company believes they won't be able to coll

i'm bob pisani down on the floor of the new york stock exchange. melissa, is it raining out there? because it is pouring down here. the sky is black. >> yeah, we lost power a little while ago. we're going to get washed away. i'm melissa francis in for maria bartiromo. no matter what happens with the rain here at cnbc global headquarters, in the market right now a choppy session on wall street. we've seen stocks trading in a relatively tight range for much of the day. however, we are seeing weakness falling. the fed's latest beige book report and the $39 billion auction of five-year notes drew higher yields than expected. as for the major indices, right now take a look at where the dow is trading. it is up -- sorry. pardon me, down 74 points on the session. .8%. the nasdaq right now is trading to the down side as well. down by about 16 points. .8%. almost a full percentage point there. and the s&p 500 is trading to the down side as well by about ten points. bob, what's on your radar down there? >> well, here's a big test for resiliency. i keep using that word. traders getting excite

. >>> i'm bob pisani with this week's "etf 101." diversifying your portfolio into commodities has never been easier, thanks to exchange-traded funds. having been primarily accessible to professional futurist traders in the past, individual investors can now gain exposure to a host of different commodities. concerned that an upcoming hurricane may cause a spike in energy prices, for example? you could reap potential profits by buying etfs tracking the energy complex like crude oil or natural gas and gasoline. if you think a change in global demand could raise metal prices, there are etfs to track gold, silver and copper, too. or do you think rising global consumption could be bullish for prices of agricultural products? you could even buy an etf that tracks corn, sugar and wheat. be aware that the holdings of these commodity etfs vary. some hold and store the actual commodity like gold bullion or bars of silver, while others more often own the futures contract tied to the commodity itse itself. that's your "etf 101" for the week. tak

let's get to our market reporters standing by in the usual locations starting off with bob pisani on the floor of the new york stock exchange. >> thank you, sir. what a nice month it has been here. let's just take a look at the winners and losers. the important thing is traders really believe this month that the future was in global growth. and you can see that n. what they're buying, in the cyclical stocks, which completely outperform everything else. look at the big performers this month. commodities, tech.h. these are one-month numbers. consumer discretionary. those are retailers and home builders. and industrials. those are huge numbers for one month. how about the laggards? all the defensive names. your telecom and your utilities and your health care. hey, they did pretty well. this is not anything to sneeze at. but compared to the numbers that you saw for the more aggressive cyclical names they are e definitely laggards. as for the dow, well, you've heard it all week. but the bottom line is 8.8% gain here. that's the best since october 2002. the best one-month gains. there's a

we get all the action right now from bob pisani our eye on the floor of the nyse inside the big board>> good to see you as always. a little action in citigroup here making an addition -- or more shares going into the russell 1,000. i'll talk to you about that in a minute. take a look at how we did for the month. we're still sorting out the final numbers, but the bottom line is the dow is up about 8.5% for the month of july. that's the best month, single month for the dow since october 2002. and again, these numbers are still settling out here. the s&p and the nasdaq also had great months. looks like the best move up for them. but single months for them since april 2009.. summer rally, it was definitely there but there ways very clear theme. traders bought cyclical stocks, stocks that do better when the global economy improves. commodities. techs, consumer discretionary, and industrials. those are the cyclical sectors, folks. and all of them outperformed the rest of the market, helping to move the dow up here. and what underperform? well, everything had a great month. but defensive sto

i'm bob pisani. it's 3:00. maria will be along in just a moment. let's take a look at where we stand right now. dow jones industrial average sitting right near the highs for the day. you can thank the financials. the key thing here, bank of america, jpmorgan, american express, our parent company general electric, which often trades like a financial. what happened here? meredith whitney upgrading goldman sachs. but read carefully between the lines. she's talking about them being a key trader on the government debt market along with trading those derivatives. that's a lot different than in the past when goldman was a big play on the global growth market. it's a different kind of call, and we're going to talk about that in the next hour. also the nasdaq sitting near the highs for the day. s&p 500 having one of the nicest percentage moves it's had in the last three weeks here. let's take a look at our team that's covering the market. all my friends in place. the nyse, the nasdaq, and the nymex. mary thompson is down here today at the nyse. mary? >> wel

we're joined right now by bob pisani, our eye on the floor of the nyse with all the background on today's move. >> it doesn't look like much, we're flat on the dow, but we were down 60 points and there was disappointment in tech land about microsoft and a few others. by all rights the market should be down today given the leadership of tech. but it's not. that's important. that's res'll yebsy.

bob pisani with me. anything jump out at you today? >> yeah, once again stocks are showing some kind of resiliency. remember, we started with good news on the new home sales number. they sold right into it. haven't seen that in a while. and now stocks are coming back. we even had the dow in positive territory. was down 50 points a little earlier. that's what i call resiliency. and you're right about the newspapers. it's not just them but other sectors that are showing some real strength here. here's what's important, resiliency, and that's the key word i'm using all day here. stocks pulled off early but a rally modestly in midday. some tech weakness. but regional sxwankz oil refiners and newspapers and tv. huge treasury auctions which rick will tell you has gone off very well. home builders here. some of these are up double digits here, a few of them today, due to the better-than-expected new home sales numbers. how about tv and newspaper stocks? when was the last time you saw "the new york times" up double digits in a single day? orga

now comes the point where, as bob pisani said, from weeks it's show me.and we really want to hear out of the company that the second half end demand is looking better, it's not just going to be inventory restocking you're going to see top line growth. >> so how do you invest, then? what are you doing? >> well, right now it's really difficult because again, i'm a little bearish with respect to the second half. i'm not as excited as some of the other people are. a lot of the growth that we're going to see, again, is due to inventory restocking. and how you -- >> you want to be raising cash? >> i'm neutral right now. as a general rule. how you start to see these companies predict the second half is going to go a long way toward determining where you want to put money. if you want to allocate funds it can be in my opinion a little more defensively. but in terms of getting excited about outsize corporate earnings going forward i think there's a real risk to that assessment. >> i agree. this earnings season is actually going to have a lot of disappointments on

bob pisani kicks it off on the new york stock exchange. bob. >> hello, it's very simple. attempts to short the market based on the belief that stocks are overbought have been unsuccessful the last few days and now they're getting really crushed on the short side at this point. now, we're getting real money buyers in. you could say oh, it's because of the china rally, dollar dropping, because commodities are going up, because of jobless claims were in line with expectations. folks, there is money out there, and the bottom line is a lot of shorts are getting crushed. take a look at the material stocks, and the same story here. dow chemical i like everybody else, better earnings on cost cuts, but sales have been disappointing, volumes are down. doesn't matter. stocks have been under pressure reasonable. all of the big material stocks on the up side. same story with energy. volumes are down. demand is down. refining margins are dramatically under pressure. exxon, doesn't matter. exxon, royal dutch, bp, they have all been pessimistic this week, but the stocks still holding up

bob pisani kicks it off at the new york stock exchange. bob, we've moved into positive territory. >> yes, 60 points in the dow from trough to peak right now, michelle. thanks very much. and is the important thing here, we're in the middle of earning season. generally companies today are beating the numbers, but look under the hood, and you will still see some weakness there. johnson & johnson is a good expect here. bolt line is they beat on the top line, but sales were down almost 7% in the united states. that's a little bit of weakness. they did reaffirm their full year numbers, though. csx, the big railroad company, good news here. they too beat their numbers. they've become cost-cutting giants. but look below the numbers, look underneath the hood a little bit and you'll see rail car volumes down 21%. the ceo just came out and said that today in the third quarter they would be down in the double digit area. so some improvement, but still a tough situation. finally, a little bit of sunshine for the energy companies. remember, they had sold

. >> ned, you have been bullish be quite some time, bob pisani pointed out in his morning note, good results on the home sales report but traders sold into it, what do you make of that, is that just a one-day event, do you think or think this is the beginning of a profit-taking trend? >> sue, predict short-term, i'm not in that business, the bottom line, i think, is the economy has improved dramatically since what we saw last march. i think a market where the skeptics are still very, very powerful in terms of their own thoughts. people do feel the recession is going to continue, i don't. we are coming out of it in the critical areas, a lot of liquidity on the sidelines, talk about the bond market before and treasury. people are hiding in short and long-term treasuries until they "see the light." normally, they see the light after the market moved 50%. overall, i think this market is going back to the old highs and the dow. >> obviously bullish. brian, are you as bullish as ned? >> yeah, i agree with ned. i think there's a lot of money still on the sidelines. i think that's what's off

bob pisani kicks it off at the new york stock exchange and usually the transports and oil move in opposite directions. not this time around, bob. >> relative positive news from csx recently, relatively positive, good cost-cutting and positive comments from them. the s&p, sue, in the last three days, up 5.3%. that is one of the best three day rallies that we have seen since the march bottom. take a look so far today. remember what happened on march, rather monday, we saw a nice move up through the financials rallying. today, of course, we're seeing partly techs, but not just techs, sue, because we have a weak dollar here, and strengthen china with the shanghai index at a 52-week high so the commodity stocks are moving, as well. we have 4, 5, 6% increases in caterpillar, in freeport, u.s. steel and alcoa. bottom line is, 8-1 advancing to declining stocks.. first it's over at the nasdaq.. you know, bertha, we are also having good moves up in the nasdaq, as well. we're approaching the june highs. >> yeah, and that is all thanks to intel, which at this point is at at a 9 1/2 month high, moving

and here to break down the market action, bob pisani with me here on the floor.s&p 500 new high for the year. >> you heard rick, it's been to the upside, third month in a row. the component and all that nonsense, but still that's nice. modest pop. here's the important thing, folks. put up that s&p 500 chart for me was that was the old closing high. we use closing highs here, folks. that's the important thing. look where we're at here, 947. if we close at this level, we have the highest level since going back to the fourth quarter of last year. what we're starting to see that's important, rebecca, the cyclical stocks starting to pop up. goldman sachs was out on a call here. we had pretty good earnings reports today from eaton and we have johnson controls, classic cyclicals. they're topping out here. johnson controls hit a high for the year right now. caterpillar tomorrow morning, rebecca, before the open. that stock is not breaking out. it's just on the verge, all we need is a few percentage points more and all the cyclicals will break out. goldman said, higher f

bob pisani take it away. >> i love the way you produced that beef jerk sy there. did you see the case-shiller index. up from april to may. the first in three years. i i think that's encouraging, i got some e-mails about t year over year, dropped 17.1% but even that the rate of decline is slowing down. have we reached the bottom? no, but you can argue that there are early signs of stabilization and that's good news here. let's talk about stocks moving here. office depot is opening on the weak side here. the earnings were a bit on the disappointing side. it's very simple, folks. they add cost cuts, everybody does but it didn't outweigh the sales declines. that stock opened down 17%. coach, amazing run-up, folks, 20, 22% over the last two weeks. don't be surprised they had earnings within buy with expectation. comp store sales a little bit on the weak side, down 6%. that's opening down a couple of poi points here. finally just want to note, viacom, you heard david go through his excellent commentaries, that stock was down 9% preopen, they beat the earnings, but if yo