bob pisani is joining us as part of the "closing bell" exchange today. bertha coombs is standing by at the nasdaq. bob, 10:00 was the magic hour when everything changed. >> improving economy trumps virtually everything. yes, we had a drop. but not as much as you might think here at 10:00. did you see the beige book report? mr. bernanke said the u.s. economy is slowly improving. the baej book report came out and said this just an hour ago. look at this. hiring is higher, manufacturing is expanding, consumer spending is positive, residential real estate is slowly improving. this is the beige book just an hour ago. mr. bernanke had comments out this morning. of course, the idea of supporting the economy is improving. yes, that means less qe-3. let me ask you something, would you take less qe-3 in a better economy? i sure as heck would. and i hope everybody else would. the dollar rose, gold moved to the down side, less inflation, less qe-3. we'll hear more about that in just a minute. the s&p up 9%. are you looking at this for the year? this is the best start

bob pisani down on the floor of the new york stock exchange.still on the up side, but i'm concerned about that divergence again between the industrials and transports. this has been going on for more than a week. and the transports would be even weaker if it was not for a rally midday in the airlines, because oil dropped. keep an eye on that. meantime, looking at what the retailers are doing well. auto zone, historic high. they had a fantastic earnings report today. auto parts are just going through the roof. sales are terrific. their competitor o'reilly is at a high. tjx, limited both at new highs as well. home builders, excellent segment just prior with bill. kay schiller numbers didn't help. good numbers for the period ending in january for ryland. bottom line, slowly but surely, housing is improving, just not fast enough. guys, back to you. >> thank you, bob. slowly but surely the dow is rising above 13,000 yet again. they failed to close above this level for the past week as we continue to focus on it. how does this play into the investor

here is bob pisani to lay it out for us. when the word got out. >> many acts to the greek drama, this act is starting to come to a close. the reason is there is march 20th deadline to repay this bond, this 14.5 billion dollar bond. that is the drop dead date for this part of the drama. so they have to get together, the psi, they have to get together an agreement on the debt restructuring. >> it's done, right? >> at least for this part, this is why there is a little bit of a drama going on today. so it looks like the euro zone finance minister supposed to be set tomorrow going to nominally approve the $130 billion hur oh bail out is not going to happen. they will have a teleconference, discuss things again, we still don't have a letter of commitment from the greek leaders say they support their austerity measures, we don't have the firm psi deal, we still don't have all the details to put it together, it will go counsel to the wire and we may be past it already. >> the headline of yesterday, or two days ago that it was sunday

a great point, bob, thanks so much, bob pisani, look at the other business headlines we are covering tonight on the program. we kick it off right now with light sweet crude snapping a seven-session whipping streak today. gapes after the group of 20 nation rebuffed calls from the euro zone countries to increase lending, the rejection adding to concerns that europe's debt crisis will slow down the economy. west texas crude oil slowed down 128.56 a barrel. >>> the nation's air carriers began rolling down price increase. fare compare.com, american, delta, frontier and virgin joining united and u.s. airways which have begun trimming airfares over the weekend. united initiated the latest round of price increases last week as west texas crude spiked 6% to near $110 a barrel. analysts say the latest price increase is stalling because discount carriers like southwest failed to take part. take a closer look at the impact of recent crude realities on investors and consumers in the next half hour of the closing bell. >>> the rush of liquidity into the market from central bank does very well be t

here's bob pisani for that. >> we're going to leave the volume out. nothing to say about that. >> let me just say, i want to tell you one thing. >> she wants to talk about volume. >> i interviewed bob earlier today at nasdaq. i wanted to get his take on the deutsche bank. he said they are expecting one month, a year, of good volume. that's what -- >> one month? >> one month out of the entire year. in 2011 they had one good month. i'm talking all of wall street. in 2010, they had six weeks. so they're looking at 2012 and expecting one good month of volume. i had to get that out. we'll have the interview coming up. >> you have to lower the bar on what's considered good volume right now. i'm telling you. >> big volume week is coming. >> i think that's a stunning thing. >> this is the month he was talking about. >> exactly. >> let's concentrate op the positive. manufacturing numbers globally, that was good. new start to the month. don't ask about the volume, even though it's a new start to the month. s&p up 1%. up more than 1% on the first trading day of t

test easy. >>> bob pisani on the floor of the stock exchange.he oil down, germans approving the greek bailout and january pending home sales better than expected all adds up to a market slowly moving to the upside. notice we open usually on the downside this is a very typical pattern, after about 10:00, the market tends to move on the upside. that has been going on for quite a while, really since the start of the year. elsewhere, you take a look at the banks, well, we were down notably on most of the banks, including wells fargo, moved into positive territory, european bank lower on the day, those that trade here in the united states, the day wore on, like ing, deutsche bank, struggling to get into positive territory, a worse picture around 9:45 eastern time. some people are saying that that european central bank three-year loan facility, do if again on wednesday, like crack for those bank over in europe, a lot of other people staying has stablized the markets there. guys, back to you. >> bob, thank you so much. the dow jones average at 13,000 n

bob pisani down on the floor of the new york stock exchange. point and a half gain in the s&p 500, believe it or not that's good for a 3 1/2-year high. the big sector this week, believe it or not, cloud computing. i know, there's only a few stocks, but boy are they hot, hot, hot. today bizarre voice went public, $12. trading at $16. remember what happened last week? we had bright cove priced at $11. now that stock is trading at $15. that's just a few days later. before that, three weeks before that, greenway priced at $10. that stock's trading near $15 right now. this is the hot sector. next week, yelp is coming. that's going to be a hot one down here at the new york stock exchange. guys, back to you. >> happy birthday there, bob. >> here we go again. we're always the last to know why they're applauding on the floor. it usually has to do with whoever is ringing the closing bell. the latest tea leaf reading, consumer confidence at a high. consumer sentiment index rose to 75.3 in february. economists say the improving job market is helping to fue

bob pisani is our eye on the floor of the new york stock exchange. what a day. >> i think it's a little topee, but way too early to talk about corrections or anything like that. so let's just leave it a little topee right now. let's look at the headlines and what's going on here. i want to comment about some of the market leaders. towards the end of the day, mr. junker over in europe, and the prime minister of luxembourg came out and said he was confident, stop me if you heard this before, that the euro group can make a decision on the greek bailout by monday. let's just leave it at that, and talk about what happened in our markets in the middle of the day. because a number of the key market leaders that i look for for market leadership, euro, apple, home builders, all kind of rolled over today. so let's start with taking a look at apple. that's the number one stock here. of course, number one stock right now in the united states. titanic volume today. that's what got my eye. 55 -- almost 55 million shares. three times normal volume. the stock hit a

bob pisani. another batch of encouraging u.s. economic data helping today's rally. supporting things from the get-go this morning. initial jobless claims down by 13,000 last week, to a seasonally adjusted of 348,000. anything below 350,000 is considered critical for sustained strength in the labor market. lower food and energy expenses, but the core ppi jumped .4%. that's the largest increase in core in six months due to higher pharmaceutical and higher home appliance prices. a better than expected annualized rate of 699,000 units of housing. 1.3% decline in december. >> now, here's the number to write down today. if the dow can finish at 12,890.46, everybody got that number? that will be the highest close we've seen since last may of 2008. we're almost a four-year high for the dow. the nasdaq can beat that. it's on pace for its highest close since december of 2000. we're back above 1350 on the s&p. jeffrey wise just said 1370 is critical. he can see going into the 1400s. but our next guest said

let's get you to the floor of the man on the nyse, bob pisani. >> i want to point out, we've had trouble with the transports. let's put up the dow transports, and the industrials. here's what's got me bothered. the dow industrials holding up throughout the last ten days or so. and you can see the transports generally moving to the down side. that, again, happened today. the important thing is, it's the oil pressure, that's the pressure on the stock market that you're starting to see. i'll show you how oil has spiked up in the last ten days. that's what's putting pressure on the transports. the fact it's down today, that's a hopeful sign. let's see if that continues. the divergence between the industrials and transports, hopefully that's going to go away. the reason the transports weren't as weak as you might think today, all the airlines rallied in the middle of the day as oil started moving to the down side. that was a big, big help. let's hope that continues. mixed economic news today. very unusual situation. here's how the apple related semiconductors are doing. apple, rumors out now

. >> bob pisani joins us to go over what trade verse been talking about today. greece is on the agenda again. >> stop me if you have heard this before. we are close to a deal. all right, not even -- nobody even laughs anymore. >> no, not funny. >> endless at this point. but there is signs of a slow den ech dene there were public sector job come cutts coming through, we don't know when. don't know if there will be pension cuts or other cuts. the euro did briefly move on the head lines in the middle of the day, didn't move the stock market much but moved the euro up a little bit. one little sign of this what might be going on, the prime minister of romania resigned today. the whole romanian government collapsed today the romanians, talking about the romanians. why? because of austerity. another european union leader lost his job. imf loan 2009, heavy austerity program imposed on them. same situation as greece, now the government collapsed over a whole flurry of anti-austerity measures going on. an indication the people don't want it and protesting heavily about it

bob pisani down on the floor of the new york stock exchange. a lot of good news today.ood news on the jobless claims front, good news about a tentative greek deal. yet the market's not really doing much. my response to this is, every day the dow is up. s&p up 7%. nasdaq roaring right now. we've had a substantial rally so far this year. i think people should be quite happy with that. after the close, i know everyone's talking about groupon today. linkedin, talk about a nice stock moving through there, there it is, $76 right now. guys, back to you. >> really nice looking there, bob. and groupon as well moving up since going public. making the biggest moves today, courtney reagan. >> take a look here at the big board. we'll look all the way across and see where we are in the broader index. we're up just p three points. a little more advancers than decliners right here. we'll drill down to some specifics here, if we can take a look at the sectors and see exactly what's happening. tech and consumer staples all the way over at the far end doing the best today. flip over to th

get it and you're in. >>> bob pisani on the floor of the new york stock exchange.t to bring you up to date on the greek negotiations. a copy of the troika report is on the proposed deal with greece. that's what they're going to be discussing tomorrow at the eurozone finance ministers meeting. there's a discussion that greece will be pledging a 20% cut in the minimum wages, perhaps cutting 150,000 employees. other concessions. the issue is, the greek politicians themselves have not yet signed off on this agreement. that's what we're waiting for. we still don't have confirmation that they have yet done that. nor do we have any confirmation they would agree to any kind of strict oversight that would be a condition of the bailout plan. that's what we're still waiting for. meantime, the dow industrial average is largely flat right now. most of the major sectors are on either side of positive or negative. energy has been the one notable decliner today. guys, back to you. >> bob, thank you very much. yes, the market is waiting for some guidance of some kind, probably from

bob pisani is back. you ran over to see what the applause is. >> this is what mandy will do for you. two guys sandwiching mandy here. it's the make-a-wish foundation. >> okay. >> a great charity. >> it is. >> absolutely. >> a lot of guys on the floor support the make-a-wish foundation. it's always nice when they come down here. we talked last week about how certain stocks are starting to look topee. it's the same situation. you saw how impressed they were with the greek bailout, because nobody believes they're going to end now. look at the s&p 500. the guys sending out notes about 14 times forward earnings. we're fully subscribed here. up 8% here for the year. 8.2%. this is the best start in, i don't know, 15 years or something like that. >> and talking about stocks, a deal was cut. >> a lot of companies, a lot of sectors looki ining topy out he. the bank index moving sideways. deutsche banks of the world, barclays, they topped out -- there's deutsche bank, here's an example, they've been doing nothing,

bob pisani, the man on the floor of the nyse now. >> what a wild day, maria. mr. bernanke, rarely has he moved the markets like he did today. 10:00 he started talking, we got the testimony, and immediately we saw a reaction in the bond market. look at that. we went up to 2% on the yield on the ten-year. everybody said, what the heck did mr. bernanke say? it literally happened instantaneously. they talked more about positive developments in the labor market, maybe that helped a little. perhaps a little less bullish that he's been recently. put up the dollar. clar rallied dramatically. the euro moved to the down side. you see what was going on. we ended near the highs for the day on the dollar. look at what happened in gold. we have not had a day like this, you see that, down 5% in gold. we haven't had a day like that in a long, long time. of course, less qe-3, or the prospects of it, might mean less inflation. that makes gold a little bit less attractive. this is the important thing about stocks. yes, we did drop here. but on a percentage basis, not as much as you

bob pisani. more details on the news out of agrees. simon hobbs has the details. >> phenomenal rally as bob highlighted, maria, gain of around 80 points from the lows of the session right back up to the fatlat line on the dow, because this character samaras will probably be the next prime minister after the next election, and last wednesday it was one of the two extra conditions that the rest of europe put on the greeks, that this guy and the other main political leaders today at the meeting that you see there, in athens with the greek prime minister should agree they would maintain austerity after the april election. it was absolutely key for the french and dutch and germans who are getting increasingly impatient with greece and rancor rising between them. the other key condition they detail further 320 million euros, we are not sure they did that today. in essence adds life to tomorrow's meeting. we think there will be a conference call between the euro zone leaders, though the physical meeting was cancelled, presumably get some sort

bob pisani down on the floor of the new york stock exchange. hewlett-packard after-hours, trading down just a little bit. bottom line beat, top line a little light. it's the guidance that's the problem here. we're looking at 88 cents to 91 cents for the second quarter. analyst estimates substantially above that. better news from boston beer. sam addams the maker of that company. guidance above expectations. this company firing on all cylinders right now. elsewhere, we've seen weakness in the last several days in some key sectors here. in transports, which have been breaking down a little bit, year-to-date. materials has been topping out. that was a sector leader just until about four or five days ago. and basically it's stopped doing anything. banks, same situation. guys, back to you. >> thanks very much, bob. inspectors from the nuclear watchdog agency left iran with no satisfaction after two days of talks with that country. russia is now warning, of course, catastrophic consequences if there is a military attack on its middle eastern ally. in

bob pisani and rick santelli, what do you say, bob?raders talking breakout or breakdown at this stage? >> i'm getting some free bar, i'm sorry. and there's a lot of it -- well, you know what? i'm going to annoy you and annoy brian a little bit and say that the likelihood is that we're going to grind either way in the next couple of months. i'll tell you why. we're overbought. look what the sectors are doing so far this year. when was the last time you saw a start like this? financials are have overtaken materials as big leadership stocks. look at this, every one of the growth-on stocks are going through the roof here. you have three things going for you. we're moving towards some kind of greek resolution, still could break down but they're moving in that direction. bernanke today wouldn't even rule out q.e. 3 with an improving economy. and a lot of traders are still underperforming. i think we're tired. i think we're due for some kind of pullback. but sideways grind seems more likely. >> everyone says we're potentially due for some kin

let's get to bob pisani right now. he has the details on today's market action. >> we had very good news today. in fact, i enumerated five reasons why the market should have been up today. let's go through them. i think this is good news overall. we had a tentative greek deal, let's not go further than that. we also had good jobless claims. apple was up 4%. bank of england is pumping money into their company. if this was four months ago, the dow would have been up 200 points today. yet, fairly flat on the day. people keep saying, bob, we've had a rally, we've had it every day this year, every day the dow's been up fractionally. the s&p up 7%. nice move up with the nasdaq. and the russell 2000 small cap index up 11%. everyone keeps pointing to the apple juggernaut. the reason we keep seeing the tech stocks move up. there's a lot of truth to that. up 22% this year. nasdaq 100, 100 tech stocks, 15% of the weighting in there. that's how big it is. in the gains in the nasdaq 100, 25% of the gains this year is due to the one

which bob pisani will tell us all about in a moment. there it is, the dow heading sideways with a gain of 33 points. the nasdaq just now dipping back into negative territory. we had a high a short time ago, but now losing strength. the s&p is up at 1346. we still don't have a deal yet. >> no. we were hoemg that the -- of course, the coalition of the leaders would be meeting to sign off or indicate they approve of the bailout deal. but they have post-poebd it until until because they said they don't have the exact terms yet. you would think they would have a back of the envelope idea, at least, but no. >> this is worse, if it's at all possible, this is worse than the democrats and republicans last august. >> yes. >> is it? is it? >> well, it's almost as bad. >> before we descend into farce, let's just say they've pushed the meeting off until tomorrow. hopefully they'll have something permanent in writing. euro rallied early. the euro rallied well before the stock market actually rallied. we started on the weak side on the stock market on

let's get right to bob pisani, our eye on the floor of the nyse. >> it was a down day, folks. but we had quite a little rally here in the last 50 minutes. the dow was down 145 points just about 50 minutes ago. we rallied another 50, 60 points going into the close. ending down only 90 points. major headlines about greece. parliament on the bailout, that's the big question here, are they going to be able to pull that off. remember, the greek coalition that controls parliament, well, they control it, but the coalition may fall apart over the weekend. that's been the big issue. and what we're not quite sure about right now. the austerity bills are being voted on. look at some of the market leaders today. you know what was going on. the big leaders so far today, well, it's very simple, materials and financials, market leaders all throughout this year, were the ones that were weakest today. most of the major tech names were weak as well. look at the s&p 500. will because about 3:00 eastern time, we hit the lows of the day that we hit earlier in the morning. down 1%. we have not clos

bob pisani has more, our eye on the floor. >> that was good. my point about today is, we have -- while it's not a dramatic move, we, again, pushed forward u even as europe didn't do anything. three days in a row now, europe is down and we've been sideways. the performance in the last three or four days, we're splitting off from europe in a very noticeable way. there's the s&p 500. up for the last three days. and look at spain, portugal, there, and even, yes, germany showing signs of starting to roll over a little bit today. and for the move up today, you can thank, very much thank biflt. what did ibm do? well, they didn't do anything. what they did is in opposition to hewlett-packard. earnings generally were viewed as better than hewlett-packard. hewlett-packard reported last night, earnings were down about 40%. you see that got hit very hard in the dow. but ibm, do the math op that, multiply roughly by seven, that's about 25 points in the dow jones industrials. home depot better today. you can thank the results from target for that. chevron, o

i guess we know what traders are talking about today, bob pisani. >> they're talking about mario monti being down here on the floor at 4:00. we'll all be watching tonight. here's the man who has brought some confidence back to europe, in some sense that there might be some way out of this. still a long way to go, but it's very important, his contribution already today. the other thing, of course, is greece. the parliament, the greek groups in parliament control them. the coalition controls the parliament. there's a feeling there coalition may fall apart this weekend. that's why we're weak today. take a look at the big winners and losers. there's mostly losers. materials and financial stocks have been the big gainers all throughout the year. this is a very unusual day. we haven't seen days where stocks, big leadership stocks are down 3% to 4% all year. we're seeing it today, not just in materials, but in financials as well. they were the big losers last year. but these have been the big winners this year. again, very unusual here. just european banks as well as u.s. banks, like morgan s

bob pisani down on the floor of the new york stock exchange.ow volatility, very low, little range here. we went into positive territory, then back into negative territory. we're getting modest breakouts in a number of sectors, including the airlines, the bank index, oil service, semiconductors. all these are four, five, six, seven-month breakouts. earnings halfway through earnings season, the company i want to hear most from, in the next 24 hours, simon property group. new historic high right now. their earnings will be out tomorrow. biggest small developer in the country with the choppy retail same-store numbers, i want to hear how things are doing in the retail space. they always have something interesting to say. guys, back to you. >> bob, let me ask you about this health care area. because you say health care stocks are lagging. is there a catalyst on the horizon that could change that? what do you expect to be the driver of this market sector by sector in the next year? >> health care has held up very well recently. for example, hmo stocks

bob pisani. we'll see you later. don't forget about the nasdaq, it's up for a third day today, nearing an 11-year high. closer to a new high than the dow is. semiconductors have had a rough ride, as orders were hurt by the earthquake in japan and flooding in tie lanhailand. tim geithner is about to speak in washington. >> and to talk about the priorities and challenges in the year ahead. i'm providing this assessment in my capacity as chairman of the council. but i don't speak for the individual members of the council. this is a critical year for financial reform. in 2012, we expect to put in place the remaining key elements of the new framework of safeguards for the financial system. and we also expect this year to start to make progress building the foundation of reforms to the housing finance system. including the gses. much of the basic framework of these reforms is already in place today. new global agreements to limit leverage by banks have been negotiated, concluded. the fdic has finalized rules for managing t

bob pisani's at the nyse. rick santelli at his usual pit in chicago. bob, what are traders saying about this so-called deal or no deal that may or may not be coming out of greece? >> there is no deal. no one has seen a single statement that the leaders, the greek leaders, have actually signed off on other than a vague statement they've agreed in principle, in other words there's lots of room to slip and slide. i'll believe it when i see it and everybody else down here will. one point about today's trading, one leadership group day after day after day and people are so excited about, that's technology. the tech sectors big market leader. there it is. every day it outperforms. nasdaq 100 is up 12% this year. my only comment about this because everyone gets so excited about it is apple is 25% of the gains in the nasdaq 100. that's how big apple has become. it virtually dominates all the tech indexes. bear that in mind, mandy, without apple, tech earnings and tech stock indexes would be a lot less impressive. >> i'm so glad you brought this us. we were talk

bob pisani and seema mody are here to take us deeper inside the numbers. bob.eck of a rally. >> yeah. i'll tell you what i like about it. and this is really characteristic of both since the 2009 and recent bottom. i'll tell you what strikes me immediately other than the big moves, this is pretty big, is diversity of the sectors that are involved. american express got a financial, caterpillar an industrial, ibm a tech, dupont material, jpmorgan financial. this is a very well diversified group that's out there. now look at 2011 and see what's going on. it's the same story. same diversified group. industrials, bank of america financial, disney consumer stock, home depot a retail stock, dupont a big material name. brian, so far the rally we've seen off of these bottoms has been very well diversified even though financials had a tough time last year. you can see they're still participating in the rallies longer term. >> all right. seema mody, what about the technology side. pretty much the hottest sector of all has been tech. >> that's right. technology just being t

bob pisani down on the floor of the new york stock exchange.ate the big volume in cisco, beating on the top and the bottom line. bit of a surprise given that cisco works in such a broad part of the tech market. still a lot of earnings coming. tomorrow, we're going to hear about the ore business, the grain business, more on the european banking situation from credit suisse. back to you, maria. >> thank you so much, bob. the heightened volatility in the markets, heightened concerns about whether greece will come to a deal or default on obligation also. the federal government committing to lower rates through 2014, investors are not making much return on their money parked in treasuries. investors need to accept some risk, but with a smart strategy. joining me is the chairman and ceo asset management business brian murdock. nice to have you on the program. >> thank you, maria. >> let's talk about what's going on. yesterday we had a discussion about how investors are so uncertain about the stock market. we come in every day, that we see the volume

bob pisani on the floor of the nyse. i know you were talking to traders here. >> got a little crowd here. spn, which is one of the stocks that traded here, superior energy, being taken over cpx. that deal is closing today. that stock is surviving, spn is surviving. you can see the traders trying to get the last print for the day. just all the things that happen, still down here on the floor of the new york stock exchange. you still get big openings and closes heings here. not a bad day. notice the big mo keeps continuing here. we're at new highs on the dow and nasdaq here. call it hope for a greek deal? the coalition party leaders, by the way, that was supposed to happen today, postponed until tomorrow. obviously they didn't have the bailout here. mr. bernanke spoke. did not rule out additional stim lugs, didn't rule it in either. gold and silver also did rally today, along with oil. take a look at the euro, seven-week high for the euro against the dollar. a lot of people talk about the effect of potential for a greek de

bob pisani is our eye on the floor at the new york stock exchange. what's moving? >> we're sitting not far from the highs of the day. the s&p at multi-year highs. the dow at multi-year highs. this underlying bid to the market that traders are talking about. you see how we move to the negative territories very early on. this is a typical pattern seen day after day throughout the year. but as the consumer confidence number came out, sitting near the highs for the day. take a look at all the major indiceses. i think there's something very important happening here. i like everything i'm seeing except right here. you don't want to see divergences between the dow industrials and the dow transports. weakness in a number of groups in the transports. overseas shipholding, oil shippers, essentially, tough on rates. their earnings just out. the railroads are weak, fedex and the shippers are weak, united parcel is weak. this is not a good sign, that divergence we're seeing. one thing i do like is all the news around apple. that's moving a lot of the semiconductors that are not

bob pisani is at the nyse. rick santelli at the cme, where else. e are a whisper away from dow 13,000. can we do it today? don't the markets know you weren't there when it happened? >> i know. it came back down again. that's really frustrating. the answer is yeah. there seems to be this underlying bid to the market. a lot of traders have been talking about it. which is killing europe. have you noticed? in the last few days -- put up how well we've been doing. europe's getting killed here. they've been down three days in a row. and all of the sectors that were worrisome before, the transports and the banks and materials i have been talking about this in the last few days looking very toppy. they're all quietly moving to the upside today. so all those worrisome groups are like the materials and bank stocks doing a little better. brian, you were mentioning unicredit. i want to mention you brought it up, all the italian banks are weak today and there's a very good reason. the ban on short selling of the italian banks ends tomorrow morning. so these stoc

down to the nyse and latest from bob pisani. >> thank you, simon.ive to one advancing to decl e declinideclin declining stocks. and are you ready for this? strong volume. we could do 4.5 billion shares on the consolidated, maybe even a little more. haven't done that in quite a while. volume, would you believe it? take a look at new highs of the major indices. dow industrials, all we have to do is close above 12,810 to hit a new three-year high. three and a half year high as well that's historic high for the s&p retail index. it's a basket of all of the retail stocks that are out there. and home builders index, believe it or not, is sitting right near a 52-week high as well. financials are the leadership group even though many sectors are above 1%. particular strength in the big cap financial names. there's your usual suspects. all up 3% to 4%. finally, we had a great week for ipos this week. no, not facebook. i mean regular old ipos that came in down here on the nasdaq. we're going to have 10 ipos next week rolling on including a very familiar name,

bob pisani at the nyse, sharon epperson at the nymex. but we begin with bob and the question whether will this hold, bob? >> the improving u.s. economy makes it more likely than not that we will hold. we've had a great run. the s&p's up 8% since the beginning of the year. we're at multi-year highs in the s&p. i want to concentrate on the dow for the moment over 13,000. what's important about that is since the last time we were here back in 2008 levels, there's been some real biefr kags. notice ibm up 57%. remember that number. caterpill caterpillar's been a monster. coke has been very impressive. i would not have coke in the top five, but there they are. now flip it around. look at the losers since may 2008. the financials no surprising, alcoa and poor aluminum prices. ibm up 43% and hewlett packard down 40%. ge and at&t taking up the rear. a lot of different -- this is not everybody moving in one direction at all. finally, i want to make a quick note on what's happening today. big cloud computing ipo. all these cloud computing ipos are

we're going to bob pisani at the nyse. we had a major move in the dow in the last hour. can you explain it? >> yeah, i can. apple. i know the first sort of move is to look at the euro. the euro did hit new lows on that. but i have to say the market leader is apple. when apple goes from 525 down to 511 and then all the sudden again here drops down into negative territory on the day, that gets the market attention. why? because it's a huge waiting in all the tech indexes. look at the qqqs here. nasdaq 100, it's about 15% of the market cap of the nasdaq 100. there you see the power shares, qqq moving into negative territory. this effected other stocks in the tech group as well. look at amazon for example. same situation. moved down to the lows of the day. it was negative for most of the day as you can see. but it moved down to the lows. if you look at some of the other big names in the tech group moving forward, seagate another one. just kind of moved down. all down as we saw apple move to the downside. a group consistently hitting new highs. that's the home builders index.

bob pisani's following it. you're following. what's your take on what's going on with that?le have been asking why so many people at cnbc are following such a tiny ipo. some thought it would go straight down because six times more shares were going to be offloaded by investors than offered in the ipo the others said it could cause it so skyrocket. what you're looking at right there is exactly what happened. take a look now up just about 57%. some observers are sounding alarms on this one. remember, the pricing was delayed due to regulatory questioning because the road show was a hurried three days. normally they're two weeks. regulators didn't really have enough time to answer a lot of questions that they had like who's actually selling, how long they had held the stock and what their motivations were. second, the retail component in this issue was bigger than most. usually a stock offering is about 80% institutional buyers, 20% retail. this one favored retail as a stretch to get to that 450-shareholder threshold to be able to list on the nasdaq. and the company's in a marke

i was talking to bob pisani about how strapped the governments are.e saw first solar, solar stocks get hit because of cutbacks in solar subsidies in germany. these countries are really putting the screws to a lot of health care companies, a lot of drug companies. what are you seeing in europe? >> jim, i would say two things about europe that i think are really important. number one, we're not a singular european player. when you think of other players in this space, you think of singular markets. we are the largest player across western europe which puts us in many markets. and when something is tough in one market, something is helping us out in another market. that's really important. and i think the other issue to think about is generics in total are underutilized in europe. this is an opportunity where austerity may be giving us a boost on the generic side to push more of the savings that's necessary for governments to be able to meet their current crises. i think it's a positive thing for generics as you move forward. although i'd hate to see it

let's go straight down to the new york stock exchange and talk to bob pisani. bob, are we picking up volume here? >> no, we're not, frankly. don't talk about volume anymore. we avoid that subject. here's what's going on. it's really a mixed bag. i think simon mitt on all the high points. even on the advanced decline line. just off the lows for the day but even know a very narrow trading range. look at modest breakouts in some of the sectors. multi-month highs. the airline index, bank index, oil service index that's been outperforming some of the oil majors recently and the semiconductor. a modest bunch of breakouts. very strange retail sales in january. simon hit on a couple winners and losers. here's the bottom line. very split. only 50% beat the estimates for same store sales. normally we get close to 60%. warm weather really messed up a lot of people. now, these companies raised lines, not just gap, limited, macy's, kohl's, even though numbers were somewhat disappointing, they still raised guidance. most of these companies, january is the end of their quarter

. >> with bob pisani off in search of drinks with umbrellas, courtney is here. >> i think bob's still the lucky one. interesting what we're talking about here today. likely going into the long weekends, a lot of short covering, long going into the weekend. if we get this approval for the second round of the greece bailout, we'll not be able to react to it until tuesday. that being said, by midday tuesday we could have a bit of a sell on the news type of reaction, because we'll miss it all monday when the markets are closed. we're not going to get 13,000 today. i don't think. but who knows, anything could happen in the last hour of trade. but the index just hit an all-time high. that's good news. >> again, right? >> again. and the vix dipped below 18. i'm not sure where we are right now. volatility really dropped. so that's interesting to watch. we've got the crude rally going on. oil services at about a six-month high. definitely stocks to be buying in that group right now. and last but not least, we're seeing a big move up in the bp. news that there's a settlement with the government

bob pisani on the floor of the nyc. wfrmt he closed the highest of the day, 178 doesn't sound like much. we climbed from there call it over all a decent day. i know it was not much in the way of volume, we had the lightest volume of the year going all the way back to january 2nd. 3-2 declining to advancing stocks but better as date wore on. take a look at what the major sec for doing today, really the only big boost today was in the energy group where some of the refining stocks did a little bit better than expected. tech store, industrials and health care on either side, positive or negative. the euro, a move up late in the day here. chan solver germany -- chancellor of germany saying she wouldn't accept a greek bankruptcy. how about a big diehl in the pharmacy benefit space. reuters ran a story about a grocery chain asking the ftc to possibly block the merger of express scripts and medco. hampton peers will be along in a minute with details. 60% through earnings seasons, big international names tomorrow. coca-cola two

we have bob pisani standing by. we'll get to rick as well. bob, what's your reaction? i'm sure you've spoken to some of the traders down there as well whach well. what are they saying about this? >> he was quite a legend in the business. it's certainly true that in a sense micron always had competitive difficulties against major players out there including some of the big names like intel out there. but it was always a very well-respected company. unfortunately the stock trades in the other room what we call the garage, so i can't see it from here. i've been standing in front of the camera. it has been halted for a while. there was a small group there came down the stairs. i don't believe it started trading as of yet, but i want to go over there and see if i can talk to some of the traders. see if we have any indications of when it might open again. >> all right, bob, thank you very much. let's talk more about the company and its leadership. here, again, we're not sure who will take over for steven appleton, but let's assume in the short-term guys it's probably to be m

bob pisani's at the nyse. rick santelli's in chicago. bob, what did you make it was around 10:00 a.m. this morning suddenly bonds and equities were slammed. surely the market isn't worried about tightening, are they? >> very fine trying to parse mr. bernanke's body language. point out what eamon was reading here. i read the comments on the beige book as moderately positive, a little bit more bullish. i think this is supportive of the general idea that the u.s. economy is very slowly improving. a point of course mr. bernanke made. remember what we saw this morning. we saw big dollar rally, we saw commodities move to the downside. put up the s&p 500 for me on our tell straiter. a lot of people wrote in and said, gee, if things were looking a bit more grim, no qe-3, none of that's going to be happening, why did the stock market drop even more? put up the s&p 500. i think the simple answer is somewhat improving economy long-term should trump any short-term concerns about no qe-3 or a more not as dovish position for the federal reserve. so the

let's get you to the man on the floor of the nyse, bob pisani. >> what an interesting day. let's put up the dow chart, because we closed essentially at the highs for the day. we're getting close to the dow at 13,000. my point about it, it's a little more rarified of 10,000. only in 2007 and 2008 did we cross it a number of times. here's your headlines. take a look. it was a fairly quiet day until about 11:30 eastern time. that's when we got reports that the ecb would reportedly agree to swap their greek bonds for new bonds. the ecb has stayed out of this whole greek discussion. that's why it took the markets a little bit by surprise. the bottom line is that the ecb actions, if correct, have increased the chances of an overall greek deal next week. that includes the private deal that is still being negotiated, the psi. dow, highest level since may of 2008. take a look at the euro, remember, we talked about the euro. the euro had strengthened recently. bad day yesterday. here you see it moving up throughout the day, ending near the highs today, closing over $1.31. same situat

turn it over now to bob pisani at the new york stock exchange. bob. >> sharon, we were all parsing mr. bernanke's written testimony at 10:00 a.m. eastern time for hints of what would have cause thd very strange reaction in the 10-year treasury. maybe rick can comment on that. look at that. we spiked over 2%. that is a very sharp move up. almost like a machine trade was done. a lot of people speculating what was going on there. the important thing here is a lot of people assumed the fed was going to be very accommodative. maybe mr. bernanke did not come off quite as dovish as some people anticipated. move on here, show you some of the effects on other markets. we saw in currencies the euro just completely collapsed here. the dollar rallied dramatically and that was a factor in sharon's move to the downside in many of the commodities. how about stocks? well, the s&p did react. but wait a minute, it took a little bit of a while. this reaction took a bit longer than the reaction in the currency markets and commodity markets as well as treasuries. i wo

bob pisani on the floor of the new york stock exchange. things are looking a little bit topee right now, folks. let me show you three important market leaders that are starting to roll over a little. euro, $1.26, gone all the way up to $1.32. starting to roll over. apple, biggest stock anywhere, in maybe in the history of the world. look what happened here today. hit a high of 25% since the start of the year. new high, rolling over. home builders, huge run since september. the home building index, there's the one you want to look at, up 25% since the beginning of january. some fairly good news today on the home building sentiment. yet it, too, after hitting a new high also has had a very weak afternoon, rolling over a little bit. >> and then there's market volume as well, bob, as you know. it's been relatively low lately. as europe's debt concerns continue to keep investors on the sideline for the most part. even so, one of our next guests thinks the equities space looks compelling at these levels. he said it's time to start adding some mo

why don't we go on a ledge now with bob pisani and rick santelli. all right. bob, stocks have been on a big run for months, but volume as you know better than anybody is exceptional exceptionally anemic. the whole theme of this program is basically when do we get people to take a chance on stocks again? in other words to quote the red sox i guess, when do retail investors cowboy-up? >> i think the problem is going to be -- you'll see that change when we get more certainty on the global economy and more certainty on the u.s. economy. what's going on in europe, the clients in europe aren't trading because of the uncertainty here. the retail guys here aren't trading because of the uncertainty here. and the high frequency guys aren't even trading for even sake because the volatility is so low. i think this will change when we get more certainty on the global economy. brian, meanwhile the s&p just hit a three and a half year high. i know the volume we'll see. i know the price action isn't particularly fantastic. technology's up. energy's been a great performer. mate

bob pisani down on the floor of the new york stock exchange. highs of the day, once again near 13,000 on the dow. i know we've been there before, but listen, we commemorate every little milestone down here. important thing about today is, you can thank ibm, thank you very much, ibm. i just did. 30 points of the 50-point gain we're seeing is due to ibm, because they just look a lot better against hewlett-packard. hewlett-packard's earnings down like 40%. ibm numbers, we've had them out already, but up something like 4%. home depot, better because i think target was doing better today. chevron up. oil stocks up on higher oil. jpmorgan, better today, as the banks have been moving sideways for a while. jpmorgan on the verge of popping out a little bit here. weak day for the airlines, just a terrible week as oil has popped rather heavily. those more heavily exposed like us airways and united, ual, down noticeably. >> bob, thank you very much. as we nknow, the u.s. market ha seen good rallies this year. every party needs a poope. one of our next gues

bob pisani with an outlook on the market. >> thanks very much, maria. a great start to the day. to the month. although we did fade towards the end. we were up as much as 150 points. broad market participation, 5-1 advance in declining stocks. health care up. financials up. techs up. industrials up. that's nice broad market participation. a couple points on stocks after the close here on their earnings. important thing about qualcomm, we broke through an 11-year high on their earnings. it was the strong outlook that the company provided. chipotle had a monster quarter again. 11%, same-store sales. good heavens, what retailer in the restaurant business has that same-store sales. stocks trading down because the guidance of same-store sales is a slowdown. although, a lot of companies would kill for 4% or 5% earnings there. >> the obama administration taking steps to try and revive the slumping housing market. as part of the new plan, the president today called for congress to pass his new proposal which would allow underwater homeowners to refinance and lower loans with lower monthl

bob pisani down on the floor of the new york stock exchange. well, we made it in the s&p, new multi-year highs. just barely. still enough to eke out the gains here. you can see for the week, take a look at the dow industrials, s&p, nasdaq at a new high, all gaining. bottom line is this, though, the transports down about 2% for the week. that's the effect of oil, high oil prices on the stock market. if you're wondering is it impacting the stock market? there it is, particularly on the airlines. we had successful tech ipos this week. bottom line is, they're one of the few ones so far on the year. let's look at yelp next week. that's a big win for the new york stock exchange. pricing thursday for friday. they're only floating ining 12%e company. if it does well, put in a secondary a little bit later on. we'll keep track of that one as well. >> i like yelp. thank you very much for that, bob. let's shift now from today's market to what you should be watching next week across the pond. european leaders hold a summit on thursday and friday looking to

let's bring in tim holland and also our very own bob pisani. tim, 17,000 by the end of next year wouz jereas jeremy siegel'. does 20,000 sound reasonable or crazy to you? >> well, i'm certainly not going to see 20,000 and then raise you. but, mandy, when we look at what we see at the company level and at tamro capital we're stock pickers. it's come in better than expected. companies with great balance sheets, profitability moving higher. and demand is pretty good. if the market follows fundamentals, the expectation is you'll continue to see the broader averages move up. >> but we can't even get to close above 13,000. what's going on there? is there a real commitment phobia out there on the street to actually making certain levels that would give us the catalyst to move to whatever, whether it be 14,000 or 17,000? >> sure. it's sort of funny to me. people get fixated on big, round numbers. i remember way back in 2000 when we were trying to get to dow 10,000 and the former head of the nyse, dick grasso, was handing out dow 10,000 hats. we finally

mary thompson is in bob pisani's shoes at the nyse. rick is in chicago. mary, what are you watching right now? >> right now we're about 12 points from the highs of the day. the dow up 73 points. what we've seen today, mandy, is pretty much a continuation of what we've seen throughout the year. today volume very light right now consolidated volume about two billion. keep in mind on average through january average daily volume has been a little less than four billion. so, again, not a lot of participation today. nevertheless, what we're seeing is financial and telecom stocks pacing gains throughout the day. look at some of the dow components leading the way. the retail index hit a multi-year high today and at&t and verizon contributing to the gains in telecom stocks. the area that hasn't really participated today, that being the utilities. they've been a bit weaker amid an overall upward trend in large part because we had positive news with the greek parliament passing that austerity budget earlier today providing some relief about the concerns over europe.