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cnbc's erin burnett at the new york stock exchange to start us off here tonight. erin, good evening. >>> good evening, brian. this jobs' number was really a test for both wall street and for main street. consumer confidence has been ticking up a little bit as of late. and stocks are up 50% from their lows in march. but all of that was based on hope that the recession is actually ending. >> reporter: with more than 14.5 million americans out of work, president obama is not ready to declare victory just yet. >> we have a lot further to go. as far as i'm concerned we will not have a true recovery as long as we are losing jobs. >> reporter: today's jobs jo report showed that at least the country bsjoore slowly. the average monthly job loss for the past three months was 331,000, roughly half the drop recorded in the previous six months. while manufacturers continue to struggle, laying off 52,000 workers in july, that's the smallest decline in a year. automobile manufacturing actually added 28,000 jobs as car makers reopened plants. another bright spot, health care. up 1

let's go live to cnbc's erin burnett live at the stock exchange. how much of a factor is consumer confidence? >> well, consumers are very important. two-thirds of the economy. and what we saw today, several big retailers reporting, target on that list, home depot, saks fifth avenue, the department store. profits better than expected. but where the problem was was on revenue. and obviously, that's perhaps a best indicator of consumer spending. now, consumer confidence, we all know those numbers have come in and have dramatically disappointed. but what's interesting, andrea, it's not necessarily the confidence number itself, which is correlated with whether consumers are going to spend money. it's consumers' expectations about the future, and if you look within these confidence numbers, you also see a drop there. so you're not even seeing kind of that ray of hope. it's across the board within the confidence numbers you're seeing the weakness. and andrea, we do just have these headlines. edmunds.com, one of the big websites people go to for car resear

"new york times" columnist david brooks, anchor of cnn's "street signs" erin burnett, and editor of "newsweek" magazine, jon meacham. but first general james jones, welcome back. >> thank you, sir. >> north korea, the two american journalists back home. this was the scene in los angeles on wednesday. former president bill clinton accompanying the two journalists back home. he has since come back east and you have been able to fully debrief him. what can you say you have now learned about north korea and specifically kim jong-il? >> well, i think that, first of all, i want to emphasize this was a private mission, and we can get into that if you'd like, but this was a private mission where -- in which there were no official or unofficial messages sent by this government or by president obama. so, we celebrate the fact that we've had this great reunion and -- but we can say that -- we can also report that the president did -- former president did spend time with the korean leader, that he appeared to be in control of his government and his -- he sounded very -- very reasoned in terms of

our political roundtable weighs in, david brooks, erin burnett, and jon meacham. in the i've been growing algae for 35 years. most people try to get rid of algae, and we're trying to grow it. the algae are very beautiful. they come in blue or red, golden, green. algae could be converted into biofuels... that we could someday run our cars on. in using algae to form biofuels, we're not competing with the food supply. and they absorb co2, so they help solve the greenhouse problem, as well. we're making a big commitment to finding out... just how much algae can help to meet... the fuel demands of the world. to stand behind all who serve. ♪ to deliver the technologies... vital to freedom. ♪ to help carry hope to those in need. ♪ around the globe, the people of boeing... are working together -- for what matters most. that's why we're here. >>> and we're back. if you thought the health care debate was heated in washington, outside the beltway it's gotten down right hostile. >> open up the door! >> from tampa, florida. >> just say no! >> to austin, texas. >> this man woul

let's bring in erin burnett. good to see you. >> reporter: good to be with you, carlos. >> what's wall street saying after what's been a last terrific month and a half or so, or actually i should say several months? >> it's interesting. we have a starkly down day due to concern about the economy. and it lynxes into the survey you were talking about, carlos. what we just saw overnight, right? japan's economy grew. that is a feat. but then everyone looks at the number and says, well, it was really because of government spending. and that's part of the concern we're seeing in this economy which is that the growth that we have had is due to government spending. now, interesting public perception says that the stimulus plan is not working. economists and investors might be critical of whether the plan could have been structured differently or how quickly it's working. but it is fair to say that in the second quarter of this year, the stimulus plan did contribute to growth. somewhere between 1% and 3%. but it certainly

appropriate for her husband to go. >> all right, andrea mitchell, we have international superstar erin burnettere with us from kentucky to the streets of kenya. she has a question. erin? >> andrea, i actually wanted to ask you on that front because recently we were in the democratic republic of the congo, a mining project, the largest taxpayer in the country, and i know you'll be going there and to a lot of other countries. i wonder what the focus is especially on violence in this country because the congo has had more people killed than any conflict since world war ii and i know that it's heating up significantly. is this something the country will focus on at all or are we going to look the other way again? >> reporter: now this is the focus of her trip. it's trade. it's protectionism and people here at this trade conference say the united states with its agricultural protections does not come with clean hands. it's trying to do 0 something about poverty, aids obviously. a commemoration tomorrow on the anniversary, the 11th anniversary of the embassy bombing here in nairobi and there is a su

. >> a while ago on a stock trading segment with erin burnett, you mentioned that someone was walkingp a stock. you said that it's wrong and that it had the added disadvantage of not being legal. >> right. >> what is walking up a stock? >> great question, great question, and it addresses the wonderful and fabulous erin burnett, whose show i'm on. what happens is that apparently a lot of times - i say apparently because it is difficult to prove -- there'll be institutions that own a lot of a stock and it'll be near the quarter end or year end and they want to make a little quick money. let's say they own xyz stock, i don't even want to dignify it by mentioning a particular stock. they can go in with multiple brokers and eat and buy millions of shares, just say, hey, listen, buy me a million shares of xyz, four or five guys, that all then causes a short squeeze or alternatively just sops up all of the volume, all the sellers, and they can walk it up by continually putting in those buy orders if they have 1 million shares of a stock and it goes up five, they just added 5 million to their

. >> cnbc's erin burnett joins us on the new york stock exchange. see the president breaking out a champagne bottle or doing any kind of jig, but frankly the white house expects unemployment to go back up in the other direction and approach 10%, if not surpass it. put it in perspective for us. >> it's a really interesting point. a lot of people have said, savannah, is he playing politics, and that he's trying to set the bar low and says he thinks things could get worse and then he'll be able to celebrate when they don't. maybe that's a little bit of it, is managing expectations and playing the political process, but he is also, perhaps, pointing to something that isn't getting a lot of conversation in the data. and that is that the improvement in the unemployment rate, which, as you know, went to 9.4% from 9.5 -- i've seen a lot of economists say that can really be contributed to a decline in the participation rate. and that means fewer people are in the workforce. they may have dropped out for a variety of reasons, but some of them, no doubt, becau

let's broaden the conversation and bring in erin burnett. we have a key economic indicator coming out less than an hour from now. car companies at noon will release their july sales numbers. ford is already saying it reported first monthly sales gain in nearly two years. the company credits the cash for clunkers program for its revved up sales, but the popular program is now in jeopardy. >> if we don't get the $2 billion from the senate to match it up with what the house passed, we would have to suspend the program next week. >> nns's erin burnett joins me live now. good to see you. >> good to see you, carlos. >> how much optimism is there on wall street? we're north of 9,000 and feels like we're heading to 29,500. do people feel like we've turned the corner? >> there is optimism on wall street. how much of is momentum and how much is real? the big question out there is even when you look at clash for clunkers. we're going to get growth right now thanks to the up and auto production but how much of that will last? that is the debate in the m

only from at&t. >>> let's go right now to international superstar, erin burnett, and she will tell us for wall street. erin burnett, i know you will not let us down. >> i said i have glimmers of hope for joe, and then something happened. before something happened, let me give you hope. target will come out 5% higher. and that's back to school and a higher income shopper in general than walmart. american express will open up higher today. second month in a row where there is an improvement. and so there is some positive headlines. >> keep hope alive! yes, we can! i still believe in a place called hope. that's great news, erin. everything is good, right? >> everything is great. july housing just came out. they sell 1%. this is where it's not so good. they fell 1%. you take that for what it's worth. june housing was better than we thought, so let's call it a wash. and producer prices came out, and had more than twice the drop they were looking for. and part of you may say that's good and things are more affordable. and if an economy is recovering, prices must stabilize. >> we have been h

let's tago to erin burnett. what's going on today?elieve, a pool on martha's vineyard to talk to bus that at 9:00 a.m. on other big headline at 9:00 a. in, latest housing, the case chiller. keep in mind it is from june but will be the latest of housing prices and how much they are dropping. and those are the biggest stories of the day. then you have a lot of earnings including staples which came out with a drop of about 40%. still a lot of consumer -- we have issues here. all right. thanks very much. that's it. bye. >> how are things going? >> i don't know. you know, i got my big issue here on the side getting his hairspray put on. >> you call him a big issue. i call him my man crush. one final question. five seconds. answer. erin burnett, international superstar, what makes you so great? >> you, joe. you make me a superstar. >> sounds great to me. erin, thank you so much. >> bye. >> we will be right back. we mandate that! most for headaches. for arthritis pain... in your hands... knees... and back. for little bodies with fevers.. and

it's erin burnett, international superstar. >> what are you saying? >> jobless claims up 4,000 to 558,000. that's all that about in line with expectations. continuing to show what we've seen, a bit of stable days there. some people might have hoped we do a little bit better but that number is pretty solid for what we're looking for. retail sales is maybe what's slightly disappointing. i'm trying to get the exact number. we have seen a drop in futures. we were up 12 points on the s&p, now only up about seven. still though a strong open no matter how you look at it. on retail, big headline of the day is walmart, better than expected. it is the world's biggest retailer and it is going to open up about 2%. the dow component. that's going to help the overall market. all in, a positive atmosphere. you heard the fed yesterday say things are leveling out. that's slightly better than being stable. in general we're seeing an upgrade in the economic outlook but most important, joe, to your point about inflation, no upgrade whatsoever in the inflation outlook whic

it's time to talk to international superstar, erin burnett.is going to happen at the fed meeting. >> here is what going to happen at the fed meeting -- nothing. >> you are channeling mark haines. >> yeah, i am. he is very riled up on a story today which we not need get into. >> is he upset about miley cyrus poll dancing? >> no, but he doesn't know about that one yet. i will share that in a moment. ben bernanke are starting the meeting this morning in a few minutes. they will come out with a decision tomorrow. there will be no move on rates, but what could come out of it, the most important thing to watch for is what update do they provide on the big stimulus in the fed. which is not interest rates. they have been zero forever. and it's all of the programs where they have been buying mortgages to keep mortgage rates lower, and other fixed income securities. and those are set to run out. that's the most important thing. they will debate that today. and a couple other things to watch. general motors, it's 30 days out of bankruptcy. gm today says

when we come back, cnbc's erin burnett. you don't want to miss willie's week in review.cut. you are watching "morning joe" brewed by starbucks. paying $8 a day for lunch can add up fast. so i'm packing my own lunch now-- for less than $3. thanks to walmart. just two times a week saves my family over $500 a year. save money. live better. walmart. but i've still got room for the internet. with my new netbook from at&t. with its built-in 3g network, it's fast and small, so it goes places other laptops can't. i'm bill kurtis, and wherever i go, i've got plenty of room for the internet. and the nation's fastest 3g network. gun it, mick. (announcer) sign up today and get a netbook for $199.99 after mail-in rebate. with built-in access to the nation's fastest 3g network. only from at&t. ♪ bicycle, what are we waiting for? the flowers are blooming. the air is sweet. and zyrtec® starts... relieving my allergies... hours faster than claritin®. my worst symptoms feel better, indoors and outdoors. with zyrtec®, the fastest... 24-hour allergy medicine, i promise not to wait as long t

erin burnett is there. >> obviously what started in china is spreading around the world. could be pressure and september starts tomorrow. why is that significant? it's among the worst month for stocks. they are in the mode to prove whether these are something even more or not. they are not going to buy stocks on hope anymore. there a lot of things to watch. some are over for the market when you look at the data. retailers, how did they do in back to school? we will find out and construction and unemployment expected to kick up to 9.5%. >> erin burnett, thank you. tragedy at an airshow when a fighter jet crashed during the show. both pilots were kill and officials think the jet lost power after hitting birds. high drama in germany where a dare devil walked to the top of germany's highest mount on. he used the to raise money for charity. >>> a big victory for the little leaguers from chula vista, california. they scored a 6-3 come-from-behind win to take the little league world series championship. the 5th straight time a u.s. team has won it. they are heroes at home. congr

cnbc's erin burnett is at the new york stock exchange. erin, what's going on exactly? >> good morning, natalie. we're talking about japan. it was good news. i mean the economy there in the second quarter grew. the problem was, expectations have just gotten incredibly high, natalie, for an economic recovery. some european economies have emerged from recession and investors were hoping we'd see even more than so far we've gotten. this is the other issue, which is retail sales in the united states. there is real concern that consumer confidence is not keeping up. the back-to-school shopping is going to be weak. broad-based fear in the markets today, the economic recovery isn't good enough. back to you. >> erin burnett at the new york stock exchange, thank you. >>> the fastest man in the world just got faster. jamaica's usain bolt shattered his own world record sunday in the 100 meters, finishing in 9.58 seconds. he took .01 off his record set at the beijing olympics. >>> y.e. yang of south korea won the pga championship on sunday by beating tiger woods marking the first t

. >> the new erin burnett standards. >> they should talk about that and ways for people to do it. suspending on health care. >> cutting down on diabetes. >> without having to increase spending. >> and queue. @d@@@@@@@@ i'm sorry. >> that's a great way to demonstrate it. >> all my australian friends. >> it is an upsetting story. >> where is peta? >> not just within the obama administration. they keep their agencies alive. who will win. how do you kill a clunker? it turns out they are put out of their misery with a chemical cocktail and even if you do not have a clunker, stocks you can buy that benefit from every clunker death. me? find love on the internet? skeptical! oh, my gosh. (woman) find your perfect place at remax.com. (doorbell rings) you had me at "ding-dong." where do you want to be? >> lulu shares have more than doubled. it came up with we were talking about pilates. enough is enough. the infighting has to stop. that is the message timothy geithner mentioned with regulators. it was reported that the meeting was an expletive-laced meeting which is very unusual for the tr

erin burnett is live and looking for the numbers at the new york stock exchange. e have the numbers in yet? >> one major headline here. first, drop in the unemployment rate. since april of 2008, that's a big headline. the payroll's number, we saw a drop of about 247,000. the estimate was for 328,000. so much better than expected. some were more optimistic, but it's on the better end in terms of the payroll. which is based on a survey of actual employers. >> what is the new unemployment rate for this month? >> 9.4. i'm trying to pull it -- excuse me -- june, 9.5, it was down, that would, i believe, put it at 9.4. >> by the way, that significant because over the past several weeks, many people have predicted we're going to continue moving upward to 10%. so a drop is surprising and has got to be seen by a lot of people in wall street and washington as very good news. >> one reason why it might be more important than that payroll number is that the unemployment rate is based on the survey of individuals across the country. it's people talking about their employment sit

let's go downtown, and talk to our own international superstar, erin burnett.rowing, and barack obama may try to appoint an international superstar czar, because we have them for everything else. >> really? i want it. really. please. >> you have news about the pay czar. yeah, we do have a czar for everything, don't we. some of them keep quitting, but this is still in place. this man dealt with some of the handing out the money after 9/11. he is in charge of wall street pay, at least pay at the banks that still have government money. today is the day, joe and team, where he will be receiving the proposed pay packages from some of the big companies. they have to hand in how much they intend to pay some of the top 25 people today. he has 60 days to respond. he will get the handouts today. here are the numbers that have been reported out there. and so far we are hearing that gmac, which is a financial arm of general motors, and by the way, allied bank, not everybody knows because they don't put that in their advertisement, that's part of gmac, and that's their prop

i'm courtney reagan. >> i'm erin burnett.ntdown for cash for clunkers, the program dies or gets another few billion dollars. the dealers and the transportation secretary here on "street signs." we will get the latest and an answer on how 15 miles per gallon is fuel-efficient. how much is about being fuel-efficient and how much is it about save something with whether consumers are buying johnson & johnson's higher priced products. plus the crustacean crash. we will explain. that is our show on a monday and it begins now. we are up triple-digits and the sectors and materials and energy and the only one moving lower is telecom. we will have the speaker for hyundai on in a couple of moments, but sales are up 12% compared to july and 21% from a month before. it is a pattern of outperformance. we will get more on that in a couple of moments. the market is right near the high of the session and you heard the headlines about bank of america and the sec suit. the attorney general of new york just spoke and will give us that part of th

"street signs" with erin burnett begins in 30 seconds.-bye. >> this morning's jobs report is helping stocks through the best rally and up 50% from the march 9th closing low. president obama said he is encouraged by the jobs report and said he won't consider it a recovery until the economy adds jobs every month. the panel cleared senators christopher dodd of breaking rules in connection with the mortgage deals with countrywide. the cnbc. >> this is street signs and here's what wall street is talking about. we are up 165 and all 30 dow stocks are higher and we have highs on the stock exchange and i believe 48. if you look uptown and will the rally last. we have that covered with the traders and skeptics and believers alike. we will take you to what we are calling the goldie locks state. unemployment there. granola and honey. will wall street's speedy recovery. that's our show. it starts now. >> let's show you where the market stands. as i said at the top, we are at 6185. higher for all the indeces as you can see across the board. the compan

cnbc's erin burnett is at the new york stock exchange. erin, good morning to you. >> good morning, matt. >> you know how this goes. the market gains like 1,000 points in the last month or so, or since march, people are feeling good. then we have one day like yesterday and people start saying the sky is falling. what did monday's numbers really tell us about the markets and the overall health of the economy? >> it's so hard to say whether this is a chicken little moment or something more significant. since july 10th, which was the beginning of the summer rally, we're up about 12%, 40% off the low in march. you could say, wow, that is too far, too fast. think about this number, for the year the dow is only up about 4%. that's it. only 4%. so really what happened is early this year the market priced in a depression. most people believe that's off the table. so we might be able to add modestly onto the gains we've had. but any kind of a pullback really would just be seen as healthy. we have not yet seen earnings grow or revenue grow. they're s

we'll be right back with erin burnett and a lot more of "street signs."hen this hotel added aflac to compliment their benefits package aflac! it made a big splash with the employees yeaaaahhhh! find out more at aflac!... ...forbusiness.com (laughter) [ engine powers down ] gentlemen, you booked your hotels on orbitz. well, the price went down, so you're all getting a check thanks. for the difference. except for you -- you didn't book with orbitz, so you're not getting a check. well, i think we've all learned a valuable lesson today. good day, gentlemen. thanks a lot. thank you. introducing hotel price assurance, where if another orbitz customer books the same hotel for less, we send you a check for the difference, automatically. >> welcome back to "street signs". we are checking the place and the trade on the citizen. up for the 4th day and lows of the month. the real movement is the price with the reformulated gasoline. for all of the sessions in the face of what i'm told. the weakness for oil and natural gas. the stock market is one of the factors and t

erin burnett coming up next with "street signs." >> james lockhart has a new job, become vice chairmant w.l. ross. >> red box is suing warner home videos. >>> and stocks erased early losses and rallying led by energy shares. >>> hello, i'm erin burnett. names lie royal caribbean, merck, all on the list today. why trash bags matter for our economy. then, america banking on electric cars, the fear is we're replacing middle east oil with a lithium addiction and it isn't american either. one company trying to change that today. >>> what if medical school was free? would debt free doctors would better health care and lower cost? the hardest med school to get into is free. we have all of that coming up. the main headline this afternoon, when the left the stock exchange around 11:00 a.m. eastern the dow was down. now two-thirds in the green. let's get to the trading floors and talk about the turnaround. on the credit markets zain brown. bob, you first. what turned it around. >> reporter: dollar weakness, a little bit of speculation in the middle of the day. stocks are not doing what traders w

we will have the mystery times in for erin burnett. here's what the street is talking about at this hour. clunker nomices. it worked for cars and is it a proposed program doomed to fail? it's the dinosaur of dot-comes. should craig's list get with the program? is it time for an obama beer program? should he keep bud light from costing more? all that and a look at why the spiraling deficit could be a good thing, but first to the turn around on the street. the dow trying to make it 8-8. rick san teley is here and scott is at the nasdaq. we were down 80 points and look at aig. well over 100 million shares. hard to borrow, but we have known that for a long time. the big story is the ceo acknowledging that he had been talking to hank greenburg. that was circulating and move together up again here today. let's look at the other big financials and all of what we call the high beta names. fannie mae and freddie mac. one billion shares and it's on that every day this week. just want to note that the energy stocks are the weak sector and as oil

erin burnett with "street signs" begins in 30 seconds. >> air traffic controllers reached a tentative agreement with the obama administration that will hopefully end years of strained relations. berk shirt hathaway went to derivative holdings, but believes it is dialling the contacts fairly. they sold $15 bill whereon in 30-year bonds in an auction that was well-received. that's the news now, i'm sharon epperson. >> you are looking live where liz claiborne is among the stocks hitting 52-week highs, but as the bulls and bears are locked in a tug of war, we are flat for the market. welcome to "street signs" from the big board today. retail sales disappoint and raising fears the american consumer may derail the recovery. the discount rack coming up in a few moments. president obama said america will be number one in alternative energy. billions more in aid to power manufacturer this is afternoon. we are making a bet on batteries. are we swapping reliance on middle eastern oil for reliance on another source not made in the usa. the obesity wars continue. did you know a one-send tax on sod

dell up 3% and i'm melissa francis for erin burnett. here's what the street is talking. has too big to fail been super sized? whether the banks have been have become so big we could have a bigger problem. now that the bubble has burst, do we have the money to invest in the biggest of the year? before you buy that kindle, find out if the competitors have the keys to kill together. layaway making a come back and another example of what's old is new again. stocks in the red at this hour and fears about the consumer trumping renewed signs of life. can the dow stage a late-day come back and make it 9-9. we have scott down at the nasdaq. what do you think? >> a little bit. intel said yeah, we are actually going to do better. there is a little bit of disappointment about that, but when people understand the volume, they get a better perspective. microis up and bank of america has positive comments. they had the idea that they compete in the analog with texas instruments. sales will continue here as chip sales improve in 2010. here's a stock at a multimonth high. the big names l

burnett. i was giving you the whole station. i wanted to call you cnbc. erine productivity numbers sound good. but is that good news for people out of work or does that mean companies are figure you out how to get the same amount of work done with fewer people? >> tough one. i think it's more of the latter. at least from the numbers that we can see. i mean, productivity goes up like i said when fewer people get more done. usually in a recession you wouldn't see that. what has been unusual about this recession is we have seen productivity rise throughout that may mean that companies have been able to jettison the least productive workers successful. but, obviously, one thing you get when you see the other data which is a wage data is that you aren't seeing any kind of income growth and that, obviously, is very troubling when you look at the future of the mortgage market and consumer spending which as we all now know well is two-thirds of the u.s. economy. >> don't you wonder also, erin, if it's sustainable? we're seeing stories in the newspaper about how people

and on stock trading with the wonderful fabulous erin burnett, i mentioned i spoke with mastercard and which i own in my travel trust. they're held down. visa little profit-taking now, recharging, going above $70. debit cards are king. that's what people use. even my daughter uses a debit card, like when she goes to dsw and stuff. all right, let's go to danton. that's discount shoes warehouse. let's go to dan in new jersey. dan! >> jimbo. >> hey, shaking, partner! >> caller: i'm baffled a bloomingdale boo-yah to you! >> whoa. let me give you a mountain lakes boo-yah. good lacrosse school. >> what exit is that? >> that exit is right near 23. is that near butler? they have just a magnificent program there. all right, go ahead. >> caller: i'm really confused there. you've got to help me out here. hudson city. for the longest time, they're saying this thing's going to be 17 cents, 17 -- >> 17's the narrow. >> yeah. now they dropped it down to $15. target price. i know they're loaning to fica-scored people with the super fica, and i don't understand what's going on. >> i'll tell you, dan, t

i'm melissa francis in for erin burnett. "closing bell's" coming up next. >> this is cnbc.com "news now." >>> tropical storm danny has formed in the atlantic, and the national hurricane center says it should become the season's second hurricane later this week. >>> williams-sonoma shares are soaring more than 10% today after the retailer or theed an unexpected profit. and the cash for clunkers program generated nearly 700,000 car sales and almost $2.9 billion in rebate applications. the transportation department says toyota sold the most cars, gm was second. that's cnbc.com "news now." i'm julia boorstin. >>> and there's a live picture of the floor of the new york stock exchange. we enter the final stretch on wall street with the markets pulling back after making fresh intraday highs for the year earlier today. hi, everybody. welcome to "the closing bell." i'm maria bartiromo on the floor of the new york stock exchange. we had a pretty good market earlier today and definitely some pretty good support for this market when we

that's guest host erin burnett and the traders live at 5:00, melissa.a. >> all right. we've got about 20 minutes to go before the closing bell. the nasdaq holding above 2,000. the s&p holding in above 1,000. the dow is up better than 100 points. bob. >> and despite all his campaign promises, melissa, president obama is going to have to raise taxes or may have to raise taxes on the middle class in order to pay for all the government spending. that's the big question. will that be a major roadblock to an economic recovery? some answers in a moment glp and coming up after the bell, fed chairman ben bernanke has had a major role in trying to turn around the economy of course. has he done a good job, and will he be reappointed when his chairmanship expires in january? we're going to debate that coming up. (announcer) this is nine generations of the world's most revered luxury sedan. this is a history of over 50,000 crash-tested cars... this is the world record for longevity and endurance. and one of the most technologically advanced automobiles on the planet. this is the 9t

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. >> erin burnett. what's it looking like, erin? >> well, we were probably going to open higher.overed and now the rest of the world rally, we'll see if we do. bottom line, yes, it's volatile but that big sell-off everybody was looking for so far does not appear to have the backing. so, take that as a piece of good news. by the way, a lot of investors would prefer to get a selloff in this perverse world that i live in down here. they'd like to have the market go down 10% because that way some of the bad things fall out. it's like pruning a bush. then the rally can continue. so, we're going to have that fight back and forth today. two other quick headlines, one of the deficit. the obama administration is going to come out and cut their estimate. this is a political process, the whole budget deficit and what the number is, but they're going to say it's $1.6 trillion, $266 billion less than they said in may. now, the deficit is astronomi l astronomical. obviously, the change, you may say what's $266 billion, the reason it's important is because that was money that was going to be us

. >>> time to get a check of business before the bell with cnbc's international superstar erin burnetthe new york stock exchange. erin? >> good morning. good to see you, joe. >> good to see you, too. >> all right. >> we just survived dylan ratigan. >> hurricane dylan. he is, category 5. >> he was category 5. he was a cat 5 this morning i tell you, erin. so this weekend we heard larry summers and others at the white house talk about how things are starting to turn around economically. >> yes. >> what's the feeling on the street? >> well, the street continues to be happy down here. you'll have a much higher open. we're well above 9,000, 9171. now, the great fight is whether it's going to continue and whether something like what alan greenspan said over the weekend which is we might have another lag down in housing is going to derail the stock market recovery. we talk about what is the quote-unquote new normal? so far of course you're going to get an increase now but once we get back to a stable state it may be a depressing place. >> erin, explain the new normal. we pushed the reset butto

i'm melissa francis in for erin burnett. i'll see you here tomorrow as well. up next is "the closing bell" with maria bartiromo. >> announcer: this is cnbc.com "news now." >>> the treasury -- sold $28 billion in seven-year notes. >>> a&e networks is buying lifetime entertainment for an undisclosed amount. the deal gives nbc universal a partner with disney and hearse in a&e, a stake in lifetime which is jointly owned by its two partners. >>> sanford financial cfo james davis has pleaded guilty to three felony counts for his role in the firm's alleged ponzi scheme. that's cnbc.com "news now." first in business worldwide. i'm julia boorstin. >>> and there's a live picture of the floor of the new york stock exchange, entering the final stretch on a thursday on wall street. the market picking up some steam here as we approach the final stretch. up in the double digits. reversing an earlier sell-off. hi, everybody, welcome to "the closing bell." i'm maria bartiromo on the floor of the new york stock exchange. it's a light summer day in terms of volume down here, but

i'm melissa francis in for erin burnett. have a great weekend. "the closing bell's" up next. >> announcer: this is cnbc.com "news now." >>> the new york mets are denying claims that the wilpon family will have to sell the team because of mad jo-related losses. the team calls the assertion by the author of a madoff book completely false and irresponsible. >>> whirlpool closing an evansville, indiana manufacturing plant and cutting 1,100 jobs. >>> and a court has struck down a rule that limited cable companies to serving no more than 30% of the overall pay tv market. that's cnbc.com news now, first in business worldwide. i'm mary thompson. >>> there's a live shot of the floor of the new york stock exchange on this final trading day of the week. welcome to "the closing bell," everybody. i'm bob pisani. maria bartiromo taking a break today. let's take a look at how stocks are shaping up on this final hour of the trading day. there's the dow jones industrial. and frankly we've been in a bit of a trading range. we were down as much as 85, up as much as

cnbc's resident international superstar erin burnett, when we return. know the catering business but when i walked in here i wasn't sure what i needed. i'm not sure what i need. tom showed me how to use mifi to get my whole team working online, on location. i was like, "woah". woah ! only verizon wireless has small business specialists in every store to help you do business better. you're like my secret ingredient. come in today and connect up to five devices on one 3g connection. now only $99.99 "what do you mean homeowners insurance doesn't cover floods?" "a few inches of water caused all this?" "but i don't even live near the water." what you don't know about flood insurance may shock you. including the fact that a preferred risk policy starts as low as $119 a year. for an agent, call the number on your screen. it was tough news to hear. everything changed. i didn't know what to do. right about then, our doctor mentioned the exelon patch. he said it releases medicine continuously for 24 hours. he said it could help with her cognition which includes t

international superstar erin burnett will be with us. ♪ bicycle, what are we waiting for?ieving my allergies... 2 hours faster than claritin®. my worst symptoms feel better, indoors and outdoors. with zyrtec®, the fastest... 24-hour allergy medicine, i promise not to wait as long to go for our ride. zyrtec® works fast, so i can love the air™. this is my verizon small business specialist, tom. now, i know the catering business but when i walked in here i wasn't sure what i needed. i'm not sure what i need. tom showed me how to use mifi to get my whole team working online, on location. i was like, "woah". woah ! only verizon wireless has small business specialists in every store to help you do business better. you're like my secret ingredient. come in today and connect up to five devices on one 3g connection. now only $99.99 >>> obama's getting ripped at this, and testing about the protestors. he said the other day if i want to hear endless hours bobbling about anything, i will ask joe biden a question. >> that is hurtful. joe biden was the only primary candidates that gave

schiff falls but the other side has a point, too. >> erin burnett, thank you so much. >> good to see of camels. power to the people. >> all right, joe. >> erin accused the prime minister of australia of genocide against camels because they fly overhead, shoot down. cnbc asia calls up saying we've been trying to get the prime minister to sit down with us. thanks, erin. >> i have breaking news. i can't say exactly where this took place but last night, i slept under the same roof as sarah palin. i can't say where this happened. i will give you a hint. mike barnicle slept under that same roof also. can't say where it is though because we can't have the barnicle groupies outside the door. >> i am flinching. >> could it be a major new york hotel? >> maybe it is kind of like when the beatles stayed at the warwick. >>> she directed "sleepless in seattle" and "you've got mail." now norah ephron talks about her new prelim when we come back. there's an app for that. or, you'd like to figure out the metro, there's an app for that. or you'd like to send a postcard home, there's an app for that to