i don't think she's more dovish than ben. i think the biggest difference is in some sense that she really does believe very much in the models and in a model centric view of the economy. >> what does that mean? >> what it means is, when i look

you said she was spot on dovish. shechb she was even more dovish than maybe you expected. and the fact that she said that there no bubble and she'll potentially do more, i think

many people think that this is gonna end at some point because we are dovish, yellen is dovish. but with europe being in the baby steps of recovery at the end of the day they're gonna have to be more dovish than us. hence the euro should start to collapse against the u.s. dollar in the next six months or so. > >larry, always a pleasure to have you on the show. thank you. > >thank you. today, the fed will release minutes from it's october meeting. it's expected that more details of the fed's decision to continue it's 85- billion-dollar-a-month bond buying program.as our cover story shows you, there was a lot of forshadowing yesterday from several fed sources. tuesday evening, fed chairman ben bernanke, who's term ends in january, spoke in washington saying the fed will likely hold rates near zero well after the economy reaches the 6.5% unemployment rate and timing of moving away from using its balance sheet to stimulate the economy remans an open question. earlier, bernanke's expected successoor, fed chair nominee janet yellen stressed the need to keep interest rates low. in a le

. >> rumors that it was going to come in dovish. people were looking for something to trade against. the fed has been very clear. we all know that participation rate is why unemployment has been falling. i'm not going to say deflation. i don't see sign of inflation. but that's what i would watch. >> do you think that is -- >> we -- in the summer, just want to see what the reaction in the market is going to be. i don't think they had any intention of tapering all along and i think that proved to be somewhat correct. so, here is the real reason, if rates stay where they are, how the economy deals with that. at some point they will be tapering. if we get data that does support tapering, that's a sign that the economy is growing and i think they will taper. >> we are hearing more and more about people wanting to short the bond market. weekly treasury survey, when they survey, more and more of their clients are saying -- active clients are saying they are shorting treasuries at this point. the bond market is much more powerful. up 10%. i

australia ended higher, again, thanks to yellen's dovish remarks. and i do want to show you some chinese banks in the midland. mid sized lenders extended yesterday's sell-off. this comes after the central bank refrained from pumping liquidity into the money markets resulting in a net drain of funds for the second straight week. that's a look out of asian markets. back to you, ross. >>> still to come, will russian steelmakers bend as concerns grow for falling bland for chinese importers? we'll speak exclusively about their results at 10:40 cet. finally, we go live to new york. we'll discuss the unprecedented demand for art prices at 11:20. plenty more to come on "worldwide exchange." welcome back. how is everything? there's nothing like being your own boss! and my customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. maybe a promotion is in order. good news. i got a new title. and a raise? management couldn't make that happen. [ male announcer ] introducing fedex one rate. simple, flat rate shipping with th

this is key, janet yellen's testimony looks to be dovish.ave andy cross and michael farr of farr, miller in washington. i don't know why, michael farr, they did this, but yellen's testimony for tomorrow was released this afternoon. going through it, she says, we're not going to make any changes. we're going to keep buying bonds. no change at all. your reaction. >> i was kind of stunned that they came out with this. she said that the federal reserve has made significant progress toward its goals but has more work to do. okay, stock market, we're going to keep the flood gates open. more cash is coming. stock market is going to go nuts. this will create problems in her testimony because those who would oppose her have real fodder to come back on her and ask her why they keep doing it. >> andy, what's your take on this? there's no tapering, quote, unquote. no slow down in bond buying probably for many, many months. how do you read it? >> i think that's true. i don't think it was a huge surprise. i think we expected this. >> very dovish. >> but i

may be more dovish than some anticipated. we don't have that testimony yet, but that was a source of a lot of speculation today. a lot of groups that have beaten up, moved to the upside. good news on the fundamentals on retailers, macy's had a terrific day. 3.5% same comp sales moves. nordstrom reporting tomorrow. walmart also reporting as well as kohl's tomorrow. internet stock, high beta names moved up but emerging markets down again. seven, eight, nine days in a row they are been to the downside. many down double dijs over the last two weeks. a rare ipo disappointment. it's been a great ipo run. not today for chegg, online college textbook. they priced above the range at 12.50. closed to the lows of the day. down 22%. we have not seen many disappoints in ipos. extended stay, big hotel chain, they did better. priced at $20 apiece and basically held up throughout the day, ending up about 20%. back to you. >> thank you so much. want to talk about this melt-up that continues. joining us right now to talk more about markets, br

. >> yeah, he's going out on a dovish note, larry. the fed chairman saying that he -- the fed has committed to accommodate a policy for as long as needed. and the funds rate is likely to remain at zero for a considerable time. he talks about the funds rate. he also said that the fed should not -- make sure that the labor market is sufficiently strong before the fed were to hike rates. and in addition, he says the funds rate can remain near zero well after the unemployment rate hits that 6.5% threshold which he says is a threshold not a trigger for raising rates. if the data supports the forecast, the fed will moderate quantitative easing but the asset purchases are not on a preset course. he talks about transparency and he said this is one of the big things he has done during his tenure. and made a big change in that. that's helped the policy he believes. >> don't you think he's screwed up the forward guidance in the last go around? everyone expected a tapering down of the bond purchases? >> i agree with you. are we talking about this

and she was as dovish as we knew she would be, maria. that pushed interest rates lower today and stock prices higher. by ifthe way, the dow would be lot higher if it weren't for cisco. earnings you were talking about last night. >> that's right. two big news making interviews coming up. u.s. commerce secretary penny pritzker on the program. so much to speak to her about. from the health care law to her priorities now for businesses. how to get them to spend their money on hiring instead of things like buybacks. that's exactly what we spoke as well about last night. also ahead, legendary actist investor cliff robbins of the blue harbour group. don't miss that. >>> speaking of health care, you saw live here on cnbc the president today making some administrative changes to the health care law. now you really can keep your plan if you like it. but only for one year. and only if insurance companies can reverse everything before the end of the year. in fact, those insurance companies are telling us here at cnbc they feel like the white house h

once again, investors did react to the dovish testimony today.trial average is at an all time high tonight. up 54 points. nasdaq picked up and the s&p 500 at an all time high of 1790 with a gain of 8.5 points. thank you so much for being with me. we will talk to you on google plus and twitter. fast money begins right now. >> live from the nasdaq market site in times square, i'm melissa lee. here is tonight's line-up. ride the bull. the dow jones closing at an all time high for the 37th time this year but we have somebody who says the rally is far from over. con trarn call today, cisco clocking in after guidance sent investors into full on sell mode. investors say now is the time to buy. and the truth about trulia. we're going straight to the source with the ceo of trulia to separate fact from fiction.

>> she's the most dovish on the board. that's been well publicized.'t think it will change when she takes the chairman's seat. >> another record for the dow and s&p. nasdaq getting every closer to 4 4,000 level. something we haven't seen since 2,000. stand by. cisco earnings with john chambers talking about them and the champ himself, mike tyson, coming up on the second hour of the "closing bell" with maria bartiromo. i'll see you tomorrow. >>> it is 4:00 on wall street. do you know where your money is? hi, everybody, welcome back to "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. another record close for the dow and the s&p 500 tonight. just teflon market. the nasdaq closing at 13-year high. check out these numbers as we settle out on the street today. dow jones industrial average up 70 points to an all-time high, market down, 15,820 on the blue chip average. even though volume on the light site at the big board. nasdaq higher by 45 points. technology catching up n,

you said she was spot on dovish. shechb she was even more dovish than maybe you expected. and the fact that she said that there no bubble and she'll potentially do more, i think that statement alone, we're in for a world of hurt when it comes january 31st. >> that's the thing. statements hfr-and i agree, statements like ms. yellen made last week confuse the whole idea of forward guidance. >> mixed messages. >> shouldn't markets dictate monetary policy to a much greater extent and is janet yelp ca yellen capable of doing that? >> you make a great point.yelp yellen capable of doing that? >> you make a great point.elp yellen capable of doing that? >> you make a great point.lp yellen capable of doing that? >> you make a great point.p yellen capable of doing that? >> you make a great point. yellen capable of doing that? >> you make a great point. >> you said a couple things that make a great deal of accepts before first of all, let's give her a honeymoon period. statement in front of congress versus the action you take once the job is yours are two completely different things.

in the near term we see more dovish ecb. next year we start to see a more dovish bank of japan.lay in near term. when you get out to next year it shifts when the bank of japan becomes more aggressive in their policy right now they're making baby steps. right now the focus will be on what is the ecb's next move. they are in a tight box. they don't have the same policy tool kit the u.s. has. how will they face what they have right now? very disinflation nary environment, low growth and few tools. they can't go in and buy bonds so. that puts them in a very different position. i think from a currency perspective, negative interest rates are negative from so many fronts. one. biggest ones you incent your banks to start taking deposits outside of europe. you create that negative flow. that create as euro downside. liz: talk quickly about that. yoor yearened target for 2013 is $1.31. you're talking a couple pennies because we're at $1.34 right now. it is more dramatic at end of 2014. of at end of 2014 you see a buck 25. shorting euro with time horizon that you have to sit through the b

but she sounded quite dovish about the position that the fed will take going forward under her helm. that helped turn away a losing day on the market, brian. >> i don't know how familiar you are with snap chat and its reputation, but i think a lot of people were pretty shocked not only that it got offered the amount of money it was offered, but also that it turned it down. >> it's incredible. apparently people who know about these things say the snap chat founders were offered billions by facebook. they turned it down. these guys are in their early 20s. apparently they think they can can can make even more money going forward. and that reputation, brian, i understand some people sent quite racy pictures over snap chat because they disappear. >> that's what they say. they allegedly disappear and people supposedly do that. i don't have any grekt experiendirect experience with it. >>> other business related news, crocs is considering going private. the company gained huge success in 2006 with the brightly colored clogs with the holes in them. the company's profit fell dramatically in th

p. >> but i think they're forced into the dovishness. that's why they cut that rate today. because they have to because if they let that euro appreciate anymore, it's going to really hurt the southern countries. you look at spain and italy, the one thing that assumed tsupport economy the last eight months has been exports and exports get hurt if that euro appreciates. >> steve forbes, ecb, i'm not an easy money guy. you're not. but when i look at the balance sheet of the ecb, it's shrinking. that's not the what they want. that's deflationary. i think they're doing a lot of damage over there. >> i think the ecb doesn't want to do what we did in terms of quantitative easing. the money is just sitting there. interest rate suppression. so the ecb saw that didn't work. and i think we also have to look at the demand for money over there 37 even thou there. even though the economy is showing signs of life, it is still pitiful. the focus should be what are these countries doing to lower tax rates to get their economies moving again. they can print all the money they want and they w

of an impact on the overall market today by virtue of taking what most people expected was a more dovish stance on fed policy, that the market is holding up in that realm. stephanie link, what are your thoughts on the health care stocks? a lot of the insurance stocks ran up in anticipation of the health care law going into effect. do they continue to go up now that we've had this snafu? >> i think they will. and i think the interest egg thi -- interesting thing is earnings have been reset. the companies, the stocks rallied, they all reported, a lot of them came down. and i'm focusing on the hmos and hospitals, as well, but they gave out conservative guidance, because they don't have visibility into next year. one thing is clear, though, that the companies continue to cut costs. so i think numbers can be beatable should this -- when this gets fixed, and maybe focus on wellpoint. >> let's not forget, joe, because of the political fallout, we did see the speaker of the house, john boehner, make comments ahead of the president today. the upcoming debate on the budget is likely to be as conte

but we don't really expect them to come up with a dovish message in any sense. the slip stream of euro and dollar because sterling typically trades in between them rather than surprising the market on their own. >> thank you very much for the analysis. >>> we've got plenty coming up for you including still to come, there she is, miss america. nina devaluri, the first indian american to take the crown lands in london on her world tour. she's make i a special stop here in our studio. we'll go behind the glitz and glamor of the pageant world to talk beauty. that's coming up in 30 minutes' time. what shall i ask miss america? get your questions in now. a bit like a miss america pageant where you get a whole different bunch of questions from judges. this is your chance to take a part. e-mail us worldwide at cnbc.com or direct to me at cnbc.karen or twitter. we'll be back after this. mine was earned orbiting the moon in 1971. afghanistan in 2009. on the u.s.s. saratoga in 1982. [ male announcer ] once it's earned, usaa auto insurance is often handed down from generati

had a rally on the news but more of a really rally on her saying continue the policy and be more dovishto me, it was highly expected. >> would you put new money to work in the market now? >> i think the market is attractively valued. there's a lot of potential for significant upside in improvement in global economies and therefore while at face value the market looks fairly valued, we could underestimate over where corporate profit goes in the next couple years. >> much of the questioning now is concerning the fed's exit from this bond buying program. at some point she is going to have to dial it back. listen to what dr. yellen said about the possible risks of qe. >> i would agree that this program cannot continue forever. there are costs and risks associated with the program. we're monitoring those very carefully. >> so what does that tell you? any changes ahead based on what she said in your view? what do you think that means for slowing down the bond purchases? >> one of the most remarkable things about yellen's view on the economy is that it's more bearish or negative than what ben

that is not dovish.e know from experience that is potentially bearish for the markets but we're off the lows. >> it's a reason to watch the 10-year here, 2.67 percent, the highest level since the last fed meeting. ahead of that services figure, now equities struggling to take a positive turn as a result. we're just days away from twitter's wall street debut. coming up next, how the company has changed the way we learned. we'll talk to two professors who teach social networking for a living. "squawk on the street" continues. the american dream is of a better future, a confident retirement. those dreams, there's just no way we're going to let them die. ♪ like they helped millions of others. by listening. planning. working one on one. that's what ameriprise financial does. that's what they can do with you. that's how ameriprise puts more within reach. ♪ that's how ameriprise puts more within reach. sometimes they just drop in. always obvious. cme group can help you navigate risks and capture opportunities.

. >> more dovishness. there is no reason to think that there is any kind of action imminent.the absence of that concern, it would actually make a lot of sense for us to continue on this trajectory. >> how much does the handover to yellen play into this. >> it's her fed. we learned that when they walked back from the taper, she had gotten, you know, the tap on the shoulder. what would be the point in starting a taper, and then having her just go back and undo it. she is clearly not concerned about prices, inflation at all. so i don't see why we're talking tapener november. >> but you may get the taper. here's what to look for, what bernanke is talking about is unemployment rate. they may move the threshold to 6%. there were two fed papers this week, senior economists talking about moving the taper threshold level, which is easing. if we get a tapener december, which would be very, very early, they are going to do it most likely, move that level down, and it is easy money again. it's a different style of easy money, but i think the market would take it very positively. >> easy

stocks across the board getting a pop after the dovish comments from the woman expected to be the next chair of the federal reserve. >> we expect to maintain a highly accommodative monetary policy for sometime to come there after. you would not see stock prices in territory that suggests conditions. these purchases have made a meaningful contribution to economic growth and to improving the outlook. we have seen interest rates f l fall. >> so rates low or longer? there is still a boost to be had from low rates. she also said that the benefits outweigh the risks. my favorite one and we have talked about this for a while is mhk. another all time high. 17, 18 times forward earnings. maybe it is getting a little bit stretched. >> rsh bottom line it's going to accommodate long time stocks. and look at some of the names. this is is a momentum market. you have to go back to some of these names. zillow, 20% off of the highs. this is a momentum market. >> we are talking about ll a sifk. it has not popped. you look at the home depots and builders. this one should be rallying. >> how do you factor

or moderate degree dovish. boat. >> i wonder where that leaves the tripwires, usually when we're talking about the 10-year? is it the 10-year tripwires? what to you is -- >> it's a couple of things. if you're into conspiracy theories, there is a rumor around all week that somebody took a big position in the spider 180s. >> the etf for the s&p 500. >> right. and the mark conveniently is obliging by marching slowly in that direction. to add further to what tom said, i think that as much as the market was impressed with what yellen said, the demeanor of the hearings impressed everybody. they did everything but buy her a corsage. [ laughter ] so that probably hints a seamless transition, and a continuation of the bernanke policy. >> i wonder, as well, we talk about how the market's -- you know, part of it is the s&p 500, but frankly, across the board, equities are at new highs, some of the signs out of credit markets, you know this as much as anyone, looking at financial markets more broadly, are conditions getting

will any kind of yellen dovish talk in 30 minutes offset some of that? >> it has.t europe. europe was up on really bad news today because they got a bernanke thing going over there now, too. draghi is not going to let that economy go down. japan, economics, they're not going to let that go down. they got the yen back to a hundred. >> they did? >> central bankers are really trying to keep it all together. i think yellen, the s&p futures can offset the companies that did badly because you get other stocks that get floated up on this, mcdonald's, pfizer. >> a lot of things get floated up. i've talked about complacency, concern about earning growth, cisco, i know it's an outlier. i don't know. without qe, without continued belief that it will be there for quite some time, don't you want to pull back a little bit from the equity market? >> yes. because now we're really at this moment where there's a lot of companies that just keep going up on the same number. then you take a look at a walmart. why isn't it down more? is that qe? is it because people say it's not that ex

look at what who is becoming more dovish.at what the fed wants to have, which i think is a more positively sloped yield curve. they're not going to move the short end but the long end will be a detrimental concern. >> if you're looking to short the ten year, where are you looking for rates to go? >> i think we will be surprised where rates will be four and five and sick years from now. >>> within the nkt two years i am writing it down on my little notebook. >> i am sort of in the other i can see ten years going back down to 2%. can you see that happening within the theme that you are talking about now? >> you need to get out of new york. you need to get out of nashville. you need to go to memphis or ohio. you need to go to souix city, iowa. automobiles are being sold. airplanes are being crowded. hotel rooms are being used and i think friday's number in the employment figures were indicative of what's going on in the economy. i think actually outside of new york, things are doing quite well, thank you very much. >> dennis, go

she's dovish and tapering. we're still looking at, really, tapering.ich is a negative, the wti benchmark, supply is raising, which is negative for the wti benchmark. >> and you've got to build up inventories. when does that change? >> yeah. i think we'll see a stabilization running through to december as we're finally putting picks through a little bit. but inventories will start building through seasonally as we move into q1 and through q2, as well. but we have to think about brent, as well. really, that's being supported by supply outages in the middle east at the time moment. they're likely to continue into early next year, keeping that brent/wti spread fairly wide. >> they say end user production will ramp up, as well. there's two sides to that coin. >> fundamentally, the u.s. recovery is going to be anemic. there's been structural changes in gasoline demand, more increases in efficiency and supply is going to continue to rise. so i think the more powerful dynamic as far as the wti benchmark is concerned is the supply. >> what premium do we now cer

i don't think she's more dovish than ben. the biggest difference is in some sense that she really does believe very much in the models and in a model centric view of the economy. >> what does that mean? >> what it means is, when i look at the economy, i look at the models that come from the federal reserve, with the whole series of outputs and projections, but also a set of market conditions. i look at the ticker tape, what's happening with asset prices and volatility. >> the models from the fed haven't been working. the fed's predictions have been way off. so -- >> so it's the fed's models have basically been wrong for about four or five years. there are a lot of excuses we can offer. we can say the models didn't anticipate the crisis and the crisis response was a surprise. but the models are enough to give me pause. enough to say, well, they're an important input, but maybe something's happening on the real side of the economy that the models can't well appreciate. and what the models do is look at the kmip since the second

i guess if anything, he'll try and be dovish.e might get some new language in the forward guidance. back to you. >> it's what we're going to do, too, i think. we're going to say -- we're going to trade tapering. we're going to trade the qe for the adding a couple of really, really, really longs or go down to six on the -- i don't know. monetary policy is -- i don't know wa we did in the old days. i don't know how we survived without central banks. it's really crazy. >> i think we managed our finances appropriately, didn't we? we ran our budgets like we ran our household budget. i mean, you don't rush out and is overspend and think that, hey, somebody is going to step in and bail you out at some point. but somewhere we drank the kool-aid and we decided that it was okay to spend today and try and pay it back tomorrow even though we didn't quite know how we were ever going to pay it back. and that remains the problem here, as well, joe, because the banks are stuff chock-full of nonperforming loans. they've been encouraged to buy sov

yellin is considered one of the fed's most dovish policymakers meaning voicing concerns.the focus off keeping inflation low, but these confirmation hearings are likely to feature two showdowns that will potentially offer fireworks. one is from rand paul. he has said he plans to delay yellin's nomination and he will try to delay a vote that he says will increase transparency on the central bank. something his father campaigned on. and lindsay graham, until he hears from survivors of the september 11th attack in benghazi. we'll see if he keeps holding that up considering what cbs had to do. that's it for this edition of "the daily rundown." off to chris. bye-bye. hands for holding. feet, kicking. better things than the joint pain and swelling of moderate to severe rheumatoid arthritis. if you're trying to manage your ra, now may be the time to ask about xeljanz. xeljanz (tofacitinib) is a small pill for adults with moderate to severe ra for whom methotrexate did not work well. xeljanz can lower your ability to fight infections, including tuberculosis. serious, sometimes fat

and with the ecb coming up next week about the relative dovishness and hawkishness of both those institutionss far as the u.s. futures are concerned right now, this is where we currently stand. we are called higher. the dow is currently some 30 points above fair value. the nasdaq is just 6.5 points above fair value and the s&p 500 is around 2 points above fair value. that after falling yesterday, but still, a pretty good month for equities. down nearly 2%. the s&p nearly 4.5. the cnbc ftse global 300 is currently down 10 points. european equities have been somewhat mixed today. and we're currently down 0.1% for the ftse. a little bit more for the xetra dax. the cac 40 is down 0.3% as well as the ftse mib, as well. >>> twitter's ipo ratio is entering its final leg with the social media firm visiting chicago today before heading to the west coast. and eventually ending back in new york. pricing is expected next wednesday and trading then on thursday. patrick keen is president of share through and advertisen technology platform. he joins us from new york. patrick, thanks so much indeed for joini

. >> yeah, he's going out on a dovish note, larry.ed chairman saying that he -- the fed has committed to accommodate a po

do we have any idea what she's going to be except maybe be dovish?en any discipline or rules. but she's got equations and optimal control theory and too many textbooking. i think we need another volcker, somebody with spine who can turn off the money-printing press before a bad thing happens. that's partly what we're seeing just recently in the markets. we're going from gentle ben to the yellen fed and it's going to get even more quantitative easing. >> that's interesting. don, you think there's going to be more q.e. or less q.e.? i'm going to say in the next three to six months, just use that time. >> i think there's not going to be more. there's not going to increase the monthly purchases. but obviously if bernanke were still in control, he hasn't been in control since the september meeting, the king is dead, long live the queen, tapering is off the table for a while. you talk about rules. john is right. yellen thinks she's got rules. she's got this thing called optimal control. stop for a minute and imagine the hubrus. it's one thing for these pla

it's all speculation because we do not have her testimony that she may be very dovish tomorrow and thatould be very positive for the markets. there's speculation about what, if anything she may say tomorrow. that's part of what's moving that. essentially this is extremely light volume. the markets have moved sideways for a good part of the week, put up exactly what you were saying there, mandy. light volume, very, very narrow trading ranges typically, and essentially a sense they're sitting on their hands waiting for the direction of the market to reveal itself. and what's happened all year, mandy, is you move sideways for a few days, the market has generally just moved up. it hasn't moved down that much. we're seeing exactly that trend today. back to you. >> okay. bob pisani, thanks so much. >>> speaking of the markets we are very happy to have pimco's bill gross back with us. bill, not sure if you can hear the top of the show, but we opened with a track from led zeppelin's classic 1979 album "in through the out door" because we thought it was fitting given janet yellen's confirmation

yellen is very dovish. i think she'll continue the theme bernanke has set. the reality is, she believes that quantitative easing is the best path to growth. until she sees that, i think there's going to be mixed messages. but they're not going to be tapering. they're basically going to be creating more liquidity, which is only going to drive stocks higher. as we said, the bond market lower. you know, the stock market is really the only place going to be -- be able to create wealth for investors. at least in 2014. i don't have a crystal ball, but that's my two cents worth. >> very good. like i said, i get sweaty palms when everybody's bullish. >> you've had sweaty palms for about 11 months then, mr. bill. >> yes, i have, as a matter of fact. thanks. see you guys later. >> let's check in on a couple of stocks that are driving this market to new highs yet again. seema mody joining us. what's popping on your radar screen? >> we'll start with some bling. tiffany, luxury retailer reporting better than expected third quarter earnings and revenue. sales in asia cont

she's dovish. i think she's going to keep the front end. curve pegged to -- >> nothing gets in front of this equity rally train? >> i think there may be bumps along the way. >> not right now. >> go ahead. >> you do have to keep in mind, with commodity prices going lower, one thing you have to watch for is where there's that tipping point when people start to focus on the economic data as opposed to what the fed is doing. there will come a time even if, let's say, the fed doesn't taper, if economic data tends to weaken meaningfully, you will see a tip willing point where folks will celek wits and take profits if the economic data starts to weaken. we're not there yet but that could be coming. >> great conversation. appreciate your time tonight. we'll see you soon. thank you. nasdaq continuing its slow march to 4,000. sheila has been covering the action at the nasdaq. >> we're hanging onto gains at the nasdaq. we were led higher by names like tesla, western digital, but what a ride it has been for nasdaq 100, also the composite. both indices

he did sound dovish saying there could be a gap in time between the end of quantitative easing and anyise in rates which would be further off saying the fed won't necessarily raise rates at 6.5% unemployment. hawk philly fed president charles playser saying the fed should cap the amount of quantitative easing it does. that's part of the fed speak we have. we still have minneapolis left, evans an bernanke, cpi, retail, biz inventories. inventories important. fomc minutes on this show at 2:15, claims on thursday, philly fed survey and powell and bullard as well. 2.5% was actual we did in q2. q3 is estimated to be revised up to 3.3% on the back of better inventories. but then we go down to 1.5% in the fourth quarter because the inventories are expected to roll off down to 1.5%. just very quickly, i need to bring you the other musical reference here. queen janet approximately, this is from jpmorgan, a bob dillon song, consider the difference in background between volcker and greenspan or between greenspan and bernanke, viewed in that light bernanke and yellen look like they were separated

the question i have, joe, janet yellen probably going to be confirmed, right, notoriously dovish, is bullish for real estate? >> she's going to be smart in what she does. she knows what she's doing. i don't think there's going to be any issue of any drama over the course of the in exyear and she's going to play out what the game plan has been in place and you're going to see something that's going to be stable and actually keep it where it is so people are happy with that. >> do you agree with that. >> pretty much. her background, she was president clinton's chair of economic advisors. she was president of the fed reserve in san francisco and from brooklyn. she knows real estate and we are in a similar time period in terms of our economy. looks a lot like president clinton's second term as we're rolling out of this recession. i think so. her challenge will be how does he ween us off of all this stimulus dollars. this $85 billion of buying. >> carefully and hopefully slowly. >> yes. >> but it has to end. it can't go on forever. she's acknowledged that but also made sure she doesn't sh

and she was as dovish as we knew she would be, maria. that pushed interest rates lower

asia, despite yellen being dovish, everyone thought that the dollar would actually weaken.tually gained strength against the yen, and carrying the overseas markets, and we're a slow grind higher. no one is hitting the big s&p pay right now. >> tom riley at the nymx, the longest losing streak for crude in 15 years. >> it should be lower than it is here now. we've got a big sell-off yesterday and rallied off the lows about $2. i mean, i think we should be getting down to the $90 level and through that. every time it gets through that, it rallies to the mid-90s. no downside here. >> joe grecco at the new york stock exchange. what are you watching? >> two takeaways, obviously, in the energy space, interest rolling back into the refiners as trent widens out, and the activists are back at it, mining for diamonds in the rough. pitney-bowes exposed yesterday as an activist target, and that seems to be the theme, and it will probably carry into next year to outpace the market-federally. >> all right. good to talk to you. thank you. >>> let's talk about another stock, and that's twit

. >> i think the market was too dovish going into wednesday. the fed just tweaked their message, that's all it was. now we're going to watch employment next friday. we have to keep a close eye on the 10-year, because they're clearly looking at the housing market. >> you think the best trade now is just fade -- fade the euro? >> fade the euro, be long the u.s. dollar, wouldn't do much in bonds and in stocks, trimming a little bit into next week's payrolls. >> all right, paul richards from ubs. >>> biotech is the s&p's top performer, but do the traders see a bubble there? we've got that trade on that sector in the very frothy warning signs. >>> and the bubble hunt continues with autos. we'll talk to a star analyst who sees some serious froth forming in that space. that and much more from post 9 here at the new york stock exchange, just ahead. (vo) you are a business pro. maestro of project management. baron of the build-out. you need a permit... to be this awesome. and you...rent from national. because only national lets you choose any car in the

they emphasized this dovish american university speech where kennedy said that americans and russians breathe the same air. after that, he wento berlin and said anyone who thinks we can work with the communists, let them come to berlin. and that's really where he ended up. >> and the amazing thing than is reagan also gave a very tough speech in berlin, tear down this wall, mr. gorbachev, you remember? i mean, the parallels between kennedy and reagan are so fascinating, ira. and basically, let me ask you this. jfk, they've tried to make him out to be a domestic liberal. was there any truth in that domestic policy liberal? >> you know, he gave a speech or two in favor of medicare. but it wasn't really a priority for him. his priority was free trade and the tax cut. >> well, what do you make of that? here is the connection. dot, dot, dot, jfk to reagan. sum it up for me. how does this happen? an amazing historical either coincidence or historical continuum. >> they're anti-communist. they believed in peace through strength. they believe that tax cuts lead to economic growth. and they mad

some people still don't believe, so many people still think yellen is dovish quote is enough to underpin the risk sentiment in the market and i think they're mistaken the fact is we are the in middle of a secular i bull market and people are still unwilling to catch on. i think it is driving this pain trade higher and higher as you mentioned over the last six weeks. david: we have a couple of bulls. i would call teddy weisberg and bob doll sober bulls. we have had a lost drunken bulls staggering through this place but these guys are so per bulls. i want to go to you, teddy, first we had disturbing figure about "gallup poll" how much consumers would buy in the holiday season. they have seen a drop of 10:00% over the last year. could that put a little cloud over this party? >> i think is certainly could. you had macy's earnings earlier in the week. they blew numbers out. if that isn't a lightning rod for consumer sentiment -- david: believe the hard numbers rather than the polls is what you're saying? >> how can you deny the numbers? you have the polls. you have the numbers but reality is,

janet yellen is the most dovish over there.s her confirmation speech, i'm sure she'll say we're keeping policy the same. i really don't see them pulmoing back any time before march. this market is going to rally based upon that fuel. >> all right. i want to jump. we're on 16,000 watch for the next hour. good to see you. >> that'll be the top of your newscast. >> for sure. >> see you tomorrow. are there any head winds you see right now for this market? >> the only thing that could stop or cap this rally? >> not for the remainder of 2013. the only thing that i can see possibly at the beginning of 2014 is we have a looming budget battle that may come to pass inside of congress. especially with what happened today with the nuclear option happening in the senate. they could be a real battle in january. >> that's been undercovered. we were talking, some of the traders and i earlier today, that is a historic event. where the senate essentially ended the era of filibusters. >> that's right. >> the ability to stop a presidential nominat

he's being very dovish. >> i hope he's right.ple think we're way above -- >> he's telling us when fed gets to 6 1/2. doesn't mean automatically we raise rates. it means stand around, look around. it's a trigger. >> what will he do when it gets to three? or gets down to zero? >> by zero they will be higher. >> that's where they plan to go. here's another thing he did. next sound bite was he talked for the first time about what he might do when he departs. >> i look forward -- you know before i became a policy maker, i was an academic and worked on issues related to the things i've been doing the last 11 or so years. i look forward to writing and speaking and having more time to contemplate some interesting issues. thank you. >>> is there no will for him there? >> i didn't think about it. it's taken me years to read a script with interpretations. there's a lot of attention of release of minutes. the feds spent a lot of time talking about communication, how to convince markets. it would remain low for long. that would discuss inflat

we know yellen is going to be as dovish as ben bernanke. so within that context, that has me more worried. when the fed eventually does, they're going to be playing catchup. >> is it a good thing if the market is doing this casually, rather than waiting for the news and watching the flood of everything moving at once? people are shoring up their positions, knowing this is coming. >> yes. but we did have a flood over the summer. >> and the fed got concerned about that. that ten-year is something that a lot of fed officials told us they're watching closely. >> right. we've seen a big slowdown in the housing market. two weeks ago, mortgage applications to buy a home fell to the lowest of the year. within that context, we have today's institutional investors says theirs fell to a record low in their survey. you have margin data as a percent of gdp approaching historic peaks relative to other major stock market peaks. and we have earnings growth that continues to slow. we have margins historically high. those can stay that way. this margin can c

it could be more dovish now as a result of only having to get a simple majority.the flip side, you might get more aggressive epa regulation. it might allow the government to do some things on stimulus that he couldn't do before. >> one the other day said there's going to be a serious bid to get immigration done. give me a break. though i do believe we can get something done with corporate tax, a major repatriation of foreign -- >> since when do you get at that and why? >> i'm hearing a bubbling. >> really? >> yeah. >> i've been saying we ought to do -- 8% to 10% the rate, that money bubbles back, starting to hear this is going to happen. >> it would be a great thing. we talked about yesterday. not to mention, by the way, when you read about construction jobs being down for highways, for example, which was the story today in the wall street journal, you wonder about the lack -- increase in the gas tax, we don't talk about that very often, 1993 the last time that went up. it's been 20 years. >> this is something -- i mentioned yesterday i thought this was a good ide

bernanke gave dovish comments last night at the economic club of washington.ll talk about that and the flurry of earnings out today. 10-year yield may see some action. europe is down for the second consecutive day. our road map begins with jcpenney, a pleasant october surprise as comp sales rise for the month. trends look upbeat for the month and is giving the stock a big boost in the premarket. >> deere jumps on quarterlies but lowes falls. >> and you're going to want to hear what yahoo! ceo marissa mayer had to say last night in san francisco. we'll have that for you. >> shares of jcpenney up sharply despite a wider than expected quarterly lost. mike ullman says penney's is encouraged by the open in november. they're talking $2 billion plus in liquidity, sequential increases in margins and comps. >> there was a whisper around they would lose $2. this is the agabeginning what i have would call the normalization of jcpenney. they're going to go back to being nothing, just another retailer. they'll be like kohl's. we'll talk about jcpenney like kohl's. main thi

right now he is dovish along with the minneapolis fed president. i'd put those two in the middle. there's kind of two justice kennedys on the fomc right now. >> good context. steve liesman at hq. >> time to seal it up. the container store making its wall street debut, ticker will be tcs. we're told they're bringing a hundred employees to the floor. it's going to get low. and kipp tindell coming up. a lot more "squawk on the street" in just a moment. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. to tostore and essentially they just get sold something. we provide the exact individualization that your body needs. before you invest in a mattress, discover the bed clinically proven to i

stuart: in months, that would be-- >> yellen is dovish and we had the greenspan put and the bernankeeen getting her helicopter license for the stimulus. mid 2014. stuart: you're on tape saying that, thanks, keith. stay there, i'll get back to you shortly. a big winner for you, name is tiffany and strong sales in asia. tiffany is almost a china play. the company has raised its forecast as well. so, nicole, where did it open? >> it's a china play and asia play. in chinese and japan they did it particularly well. softness in the u.s. new high for tiffany and company and a little blue box or big blue box and 7% as they've seen the sales abroad in asia and doing well and some softness here in the u.s. as i was looking at the tiffany website doing my research. 1837 is when this was established. 1837. that's like huge. stuart: huge. nicole, i've got to give you take-two interactive. you know, they make grand theft auto, the video game and that's why we're quoting the stock. it is buying 12 million shares back from carl icahn and it's down 3%, 16 bucks. take a look at the social media stocks