april ism 50.7. 50.7. close to expectations arguably, a bit better.nder 50 for the first time since september of '09. we've had this number in the ism go under 50 in november and that was the first time since july of '09 and this number is performing better and prices dropped from 50.5 to right on the nose and everybody wondering why that is need look no farther than dropping commodity prices. simon hobbs, back to you. >> good morning to you, rick. that's exactly what a lot of people wanted to hear today. the manufacturing is still expanding in the united states and we're cutting our losses, as you can see. there was concern that the world was slowing down after we got data from china overnight. certainly, rick mentions the commodities and we were down over 3% on oil and over 3% on copper. we are off those lows as you can see, but still, there is a huge concern, carl, about the growth outlook moving forward and not least with the move with the bond markets. >> commodities responding more to the adp than to the ism and we'll see if that changes through

i mean, this is an important transition from cheney-ism to obama-ism. obama's fighting the war because we have to fight it because it's something we can handle and also be americans at the same time. cheney saw it as an all encompassing reality he stepped into and wasn't actually upset with being in. he seemed to be at home in it. just that he seemed to relish the experience of fighting it and he seemed to like this notion that it would never end and that it would be an existential threat. as if it threatened america's very existence. that got into a blood system where everybody began to talk like that. the idea there would be bombs dropped with nuclear bombs. the idea we'd be facing 9/11s every weekend. this was out of proportion to what we faced. >> of course it led to such excesses of waterboarding and torture. you know, i think the comment you just played from the aei speech which was eight years or so after 9/11 in which he said there are no half measure, all or nothing, shows the mindset. the world doesn't tend to work in all or nothing terms. >>

noofd isms and one of to the most pernicious. most misunderstood because people assume it it's a good thing because it's about being toll rapt and nice to people of other cultures, isn't it? well, no. if that's all it was i would be the first support it, because that's in any kind of tolerant democratic free society, we should be reflectful of differences and tolerant of people's'lls and do people's religions and cultures. but the dock trip of multiculturalism says that all cultures are equal, therefore, no culture cannot hold its values as preferable to any other. now, what that means for the west is that we in the west cannot, if we are multicultural, truly multicall curlist, we cannot uphold our core values of freedom, of tolerance, of equality for women, and so on, over those cultures which don't uphold freedom, tolerance, equator women, and all the rest of it. that is what multiculturalism means, and britain went down this road. britain said, we can't talk about female genital mutilation because that's their culture. we had

>>ism exemployees of the san francisco school district are accused of misusing $15 million of public money saying ploimys diverted 15s glinldz a slush fund, funneling it into three nonprofits. investigate jirz money was used to pay for bonuses off the book salaries and contracts to benefit them self autos we're mortified at the thought that trusted employees would conceive such a scheme to divert funds from the children for whom they're intended. >> gascone says she took 250,000s frdz personal use. they face charges some face dozens of felony charges. >> in san jose, city council members today rejected of a 5% pay raise for themselves and mayor reed's salary remains the same. current salary is $3067,000 with a vehicle allowance. approved pay would have jumped to 120,000s dz if he accepted the raise but he declined it, again. >> and still to come, google ceo discloses a health problem nearly scaring away investor autos and how few drinks will it take for you to be driving drunk? >> live from the roof of the broadcast center temperatures trending lower. and when you may be dodging drop

of the best possible care and personal if you have please welcome care lynn and rachel: (applause) ism (applause) . >> hi. so on behalf of rachel and myself our i would like to first thank -- for offering this incredible honor. but more importantly we want to thank the san francisco general hospital foundation for the work you do everyday to support san francisco general hospital to help us to continue to pursue our wishes of helping those in need. so we we are here today because of and on behalf of daniel abraham. (applause) . and the entire small but mighty hematology, oncology division at san francisco general hospital. (applause) . >> rachel and i are proud to be part of this dedicated team team team and understand that between the patient with cancer, you must acknowledge and treat not just their bodies but their mind and their soul. you must recognize that unless patient and the family are peopleally and tactally cared for. they will not be able to survive their cancer treatment. or to face the end of their life with diggity. so, rachel and i feel very bless and had lucky to the

april ism, non-manufacturing, 53.1. we're expecting 54.mber going back to july of 2012. so july of last year, 53.1. we must look at the internals. we touched 170 in ten-year and much of that, the better than expected non-farm jobs report. back to you, carl. >> thanks so much. rick santelli bringing us one more data point after the big one this morning. let's get a quick check on the market on the jobs number. strong gains across the board. the s&p is up 16. dow is within a stone's throw or so from 15,000 although we've lost a little steam here this morning. we are, by the way, at all-time intraday highs on the dow, on the s&p, on the midcap and the russell as well. >> this morning's employment report and people are still digging into that and finding out exactly what it means and steve liesman is at the s&p. >> the ism services, and not terrible, still at 53 and that was the story that was also in the jobs report. factory orders were a mess and everything was negative, except ships and boats were up for some reason and everything else was

i think you've had a pretty decent ism pmis around the world, as well.anks are in very solid shape. >> and they have, and it was clearly after the labor report where this call by all the investment banks basically said go into cyclicals. the problem i have is the central banks keep orchestrating all these evc monetary policies but we're not seeing the global growth reflected. >> yet. >> yet. and the concern i have is all of these portfolio managers that shift out of what's working right now which is clearly the consumer staples. and the reason you're seeing the multiples -- >> they're getting expensive. >> back in the '90s, scott, the multiple on consumer staples was above 20. right now the multiple on consumer staples is 19. i don't want to make the move right now until i see the global growth evident. and you know what the best indicator would be, if you're going to see global growth, let's have a u.s. ten-year treasury. >> and the pmis and isms for these stocks to continue to go. in the meantime, they're delivering good earnings, buying back stock, in

i mean, this is an important transition from cheney-ism to obama-ism. obama's fighting the war because we have to fight it because it's something we can handle and also be americans at the same time. cheney saw it as an all encompassing reality he stepped into and wasn't actually upset with being in. he seemed to be at home in it. just that he seemed to relish the experience of fighting it and he seemed to like this notion that it would never end and that it would be an existential threat. as if it threatened america's very existence. that got into a blood system where everybody began to talk like that. the idea there would be bombs dropped with nuclear bombs. the idea we'd be facing 9/11s every weekend. this was out of proportion to what we faced. >> of course it led to such excesses of waterboarding and torture. you know, i think the comment you just played from the aei speech which was eight years or so after 9/11 in which he said there are no half measure, all or nothing, shows the mindset. the world doesn't tend to work in all or nothing terms. i t

ism manufacturing, ism non-manufacturing, greece and china are slowing., nine, they jumped by 32,000 to 360. and you had the fed guyç from n francisco talking about, when are they going to start reducing and john williams, the stimulus, the monetary stimulus, the quantitative easing. those are the negatives. the positives are quite good, too, though. number one, you have the reduced perception of tail risk. greek bonds are yielding 8.6%. a year ago, they were yielding 30%. they've gone in price from 13 to 60. that's amazing. they're the best-performing asset in the world. >> and we heard out of salt, when we were both out there, that some of the world's smartest investors were in on that trade. and did real well. >> i love knowing that. that's number one. reduced perception of tail risk. number two, the search for yield. people have started to migrate out of bonds and fixed income cash, into things with dividends, okay? number three is the continued monetary stimulus. then you have hdrd, housing, energy, recovery of manufacturing, and "d" is that deficit

ism. it just has a feel? it just has that feel it's started starting out at a good space and with opt mission and that's good goods and this is a good year on top of the giant's 49 win and 49ers making to the bowel and this is all going to put more sales in the regional economy and again there is so much business activity. and we are blessed with just being in this part of the country and the world. i'm very interested in what we are going to hear from our speakers this morning to sort off guide us through this year. now before we get to our program please join me in thanking the organizations and people who made this possible. and you can clap now for awful them but -- this event is jointly presented by san francisco business times and our partner, title sponsor corn irand carey commercial new mark, night, frank. and we are going it hear from dan clef man and dan class man some 14 year ago really came up with this idea, we sat down over lunch and there was another person involved allen cline knelt and which

benefits who are ism for a member states are calling for a curb on welfare payments to citizens making claims outside their home country austria germany the netherlands and the u.k. all say there is growing pressure on an already crisis hit benefits system our chief political reports. have you had the one about the dutchman the german the austrian and the englishwoman going to the european commission and asking for cubs on migration within the e.u. it's not a joke it actually happened holland germany austria and the u.k. say that they're concerned about the pressure being put on their public services as a result of so-called benefits terrorism so they've written a letter to the european commission asking for help in making it harder for freshly arrived e.u. migrants to access public services such as schools hospitals and accommodation the move comes just seven months before labor restrictions a lifted and the e.u.'s newest members remain ian ball garia are allowed to live and work freely anywhere within the european union brussels response to the letter has been lukewarm they want to s

i think we are deeply uncomfortable dealing with racism and homophobia and all those isms and that's what comes out of our mouth. >> the parents who are mad at the kids for not doing something about being victimized, so were some of the administrators, well, i reported this, i interviewed them. what do you say to that? you really focus on that. >> yeah, i think inherent in what -- the movie is all about what happens, like the minutia, the nitty-gritty. there's a scene in the movie, we'll show a clip but i would say for those of you that have seen the movie, the most explosive scene in the film is a conversation between two students and the assistant principal in this school where they emerge from recess and there's clearly some conflict that's going on and gong on here? the two start telling their own stories and, you know, she basically says, you go away to the one person that was a witness, then she proceeds to have the two students shake hands. and it becomes a very uncomfortable exchange where the boy who has been the target, the victim of bullying, doesn't want to shake the hand

the wars in afghanistan and iraq were the best recruitment for islam ism we now have our own intelligence and. agencies in britain doing this of their own accord so the exact timeline of events are twenty ten and by the way he was only one of seven captured in somalia by the s.s. as it turned out they threw him into a torture cell and they then m i five then jumps in with the british foreign office against so we're hearing what the s.s. wanted they say wasn't deported he was on a commercial flight back here and just put him in the streets of london and is there any confirmation that but the kenyan authorities indeed did torture him at the request of the u.k. gov at least under supervision of the u.k. government. because it's always difficult to get that kind of information i mean we have other cases of country a legal case by a person in libya who was extraordinarily rendered thanks to the british secret services but certainly we're hearing from kenyan immigration officials that are coming out quite strong presumably kenyan government wants to disassociate itself from what seems to be n.s

know what this meant and here in germany a country which experienced firsthand the horrors of nazi ism right wing extremist groups springing up right now with tension in germany is focused on the murder trial of better know as the nazi right she's accused of being part of a national socialist terrorist cell and claimed to have murdered nine immigrants and one police woman in the two thousands after nine hundred forty five are told about what happened in the war on the holocaust of course but some held on to those ideas when the wall came down we saw last rise in right wing groups that grew into today's neo nazis as well as and t. fascist organizations members of germany's mainstream right wing party the n p d insists that their policies are the only way to tackle the current problems facing the country. as if we as german taxpayers have to save the entire europe we are going to go broke we have to admit that some european nations cannot be saved and focus on those that can't yet. it seems as long as europe's finances continue to languish in the red more and more people are seeking answ

mean how are you sorting this through all of this misinformation the speculation that's insatiable ism and the disinformation. well the quick answer is that you have to ask questions and just do your job as a journalist recognize that all of these media organizations have their own sources within governments that they're contacting and they're getting tips and they may be confirmed or unconfirmed and you just have to be responsible and continue to ask questions based on what you know historically about counterterrorism and the way that the government handles these sorts of situations and where i was bringing up before was that you know it seems like we saw this kind of intelligence failure leading up to nine eleven and we see kind of the same thing being mimicked a decade plus later after pouring hundreds of billion dollars into a giant circus security surveillance police state what is it all for can i marry really doing this to fight terrorism. and that's the appropriate question to keep examples is that sinai amps name terrilyn was in the database that feeds into the no fly list that

and it's kind of secret police like action and sort of police state ism if you will and we know about it but we need to tangibly have that information and when you have the information you have the ability to say ok they've done this and they've done this and this is wrong and we're going to hold them accountable and we're going to demand that these records be a race and that there is a pullback from this kind of activity well thankfully your organization partnership for civil justice fund is done just that you continue to do so margaret hadn't heard appreciate your time thanks so much. if you want about what i'm doing when i'm not on air check me out on twitter abby martin and i can you see i'm going to follow me there i know my tweets linking the segments from the show as well just random throughout the day also please help us get breaking is that trend you know unclear occasional photo hashtags we can get trending on the twitter sphere but only with your help to go head to twitter dot com and check me out at abby martin and you guys that's it for tonight's show but be sure to come

the saturation of the media coverage when something like this happens sure absolutely it's insatiable ism they it's twist it media in the establishment me it's twisted politics in washington d.c. yeah it sure it's going to create some people we're going to people talking about this per day is until the next of the in a nation of three hundred to me people born in arms and then they will try to use this to a further an agenda but look when you look at look at that look at our government's doing while they're crying about gun violence stockpiling billions arounds of ammunition we had fourteen soldiers killed in our behalf in our name in united states in the month of may alone in afghanistan seventeen civilians killed in afghanistan cars i talked about the other day our government talks about caring and loving compassion and we need to get curb gun violence yet we we promote it on a on a policy level all right charlie mcgrath from wide awake news thanks for your time thank you matt. nine people detained in turkey in connection with saturday's deadly car bombings there the blast killed forty

ism and that's where you see the effectiveness of katzenberg.as i said at the top katzenberg insisted he doesn't want anything in return from the white house. come on, andy, tell us what does he want in return from the white house? >> well, the title of my profile an of katzenberg was access hollywood, and it was pretty clear looking at his relationship with the president looking at katzenberg and his close group of visors advisers, they enjoy intimate access with the obama white house. katzenberg and his adviser visited the white house nearly 50 times during the first term--president obama's first term. katzenberg has enjoyed really good access, for instance, leadership with china. dreamworks is making big moves in china. it will surpass as the biggest film make center america and katzenberg needs to be there. whether he wants to be there or not he has been in a great position to advocate for his industry, and to advocate for his own company by being so close with president obama in such a big support. >> michael: and asked and answered right t

ism hasn't been great. when you compare it to the global economy, the united states looks better. >> let's move on to the next one here. this one is from goldman sachs. cyclic cals are undervalued. >> i'll have to take their word for it. i'm not privy to that information. but i will take their word for t i don't know if that's a bullish or a bearish, i guess what they're saying is that seemingly bullish for cyclicals, but i'm not convinced of anything right now. i don't even know what a cyclical is in this world to be honest but. >> wouldn't a cyclical be something that's going to ben frit from an improving economy? >> take a look here. technologies, consumer staples. >> so it makes you wonder. the four years that we've been rallying, that's the question, right? are we ral eyeing for the right reasons. to their point, it doesn't really matter. i think unfortunately, i'm guilty of this. we try to make this game more difficult it than it needs to be. market wants to go up because they're forcing you into the

ism. that is interesting. spencer christian here with the forecast and low humidity. high heat. windy today. all three bad for fire season. >> looks like this risk of fire, this high risk will continue into tomorrow as the red flag warning for high fire danger extended to noon tomorrow and we will have probably record high temperatures tomorrow. a look at live doppler 7hd. dry conditions right now. no clouds around. clear skies. may see a patch or two of coastal fog overnight. at the moment it is pretty clear. this is the heat adviseesry in effect tomorrow for 1:00 in the afternoon to 9:00 tomorrow night. the warmest locations in the bay area. even along the shoreline. record numbers likely in numerous locations tomorrow. don't park your motor vehicles out of the sun because it can be -- out in the sun because it can be dangerously hot. a live view from the high emeryville. tempature readings at this hour, 57 degrees san francisco. 66 san carlos. 68 san jose. 62 half moon bay. a live view from the high definition golden gate bridge. couldn't make it out there. looked a little fo

nice mother's day for all of us.n gretchen carlson is a mom, she is back back with us and kya who ismo be holding a very special piano recital next week school shooting. could iia, such a pleasure to have you here. thanks for bringing your mom, too. students at new a town? >> well, i really love animals. love the arts, too. so i thought it would be nice to give to a charity that i b love to do. and it made me really happy to do that. >> governor huckabee: that is beautiful. two of the children that you are going to be paying special tribute to. one of them loved animals, one of the them loved the arts. it really made it easy for you to decide what to do here, didn't it? >> yeah, it really did. gretc hen you have got to be so proud of your daughter. >> i am so proud. she had loved 11 classical pieces her piano teacher said you shouldic give recite tall. she wanted to have a. she wanted to honor these two young girls. >> governor huckabee: tell us about the recital next weekend. >> so it's going to be onn? the 18th. it's at our church, actually. she going to play awful these songs and t

it wasn't great by any means, the ism data was expected.ammer on this all the time that i want to see a few months' worth of events. we had some bad numberses, those made it better, let's see what the next couple months bring us. we have retail sales coming out next week, and then i'm going to make a full commitment. i was looking for a pullback, and i was contingent upon data, i'm not getting out of the market, but i won't add until i see some data go better for forward days here. cheryl: yeah. again, the old adage, i know we're probably sick of hearing it, sell and they go away, but there's more of a course of analysts recently that seem to say don't think that way this year. this year is different, 2013. yeah, we hope so. >> i'll agree with you there. cheryl: guys, thank you very much, and happy monday to all of you. obviously, we've got 55 minutes to go. there's also some news coming out of washington we're following for you. there is concerns over an offshore tax trust for president obama's secretary of commerce nominee. rich edison is

and then it's the ism manufacturing index.leased at the same time, and our parent company, comcast, will report results before the open. >> is that who owns nbc? >> yes, yes. happy to report. >> okay. >> mastercard, we'll also hear from them, merck, time warner and viacom. we'll report on that. after the close, facebook, visa, cbs and yelp. we also have automakers turning in their april u.s. sales today. pace of sales expected to top 15 million for a fifth straight month, volume picking up with the spring selling season. but as i said, the big event, federal reserve wrapping up its two-day policy meeting with their decision due at 2:00 p.m. eastern time. the central bank is not expected to make any major policy changing, maintaining the current program. in a statement, the fed is expected to note job growth remains modest and it will stick with the low-rate pledge for the time being to help reduce unemployment. steven englander is global head of g-10 fx strategy at citi. steven, great to see you. i wonder what you make of the

we had disappointing payroll job number last month, but also when we looked at the ism manufacturingloyment picture looked cloudy there as well. so tomorrow is ordinarily a big day, but i think even more so. david: all right. let me be the contrarian right now and just say who would know better than employers about how many people that are employed? that was what yesterday's numbers were all about. they survey all the employers, and those numbers were discouraging, if not depressing. why were those numbers not as important as today? >> you know, it could come down to the fed signal yesterday when the fed changed their statement saying that fiscal policy went from somewhat restrictive to restraining economic growth. so that could be a very strong argument that the fed made yesterday. so i think we're going to see something along the lines of 150,000 jobs being created tomorrow. i think the unemployment rate will remain at 7.6%. and if you look at 150,000, a good number, but it's not where we were at the pace in the fourth quarter certainly. so it doesn't represent a downward trend, bu

including the cia and we know our provocateur ism on the part of u.s. intelligence agencies so i would very strongly suspect that he was someone who could have exposed u.s. government complicity in bringing about the bombings in the first what's interesting investigative journalist and for police of what rupert thinks being on the line there thank you. now is he dot com we've got more on the boston marathon bombings on the web site on the connected cases we've. got if you get a minute to get more details of the investigation and reaction from officials and relatives of the accused. turkish security forces have reportedly detained several members of the al nusra front a jihadist group that's fighting among the syrian rebels against the assad government the men were apparently on their way to the syrian border transporting a cylinder of salary nerve gas middle east correspondent paula sleep with the latest on this. the group was seized in southern turkey and that is according to local media reports the media are also saying that they carried a two kilogra

pmi, ism, factor orders, adp, and finally on friday, the big one, which is nonforeign payrolls. i think we've got to look at all of that data, and if it comes in kind of squishy, as this week's data, then i feel a little bit better in that we don't have this fed, the tapering talking. i think we'll go back to saying, okay, we're growing at about 2%, the fed will continue to do their thing, and we still continue to see this rotation. if we get better than expected data, that's not so bad either, because i think that the tapering still won't be aggressive, but i think it signals that we're starting to do a little bit better. i think the data points next week are going to be very, very important. >> stephanie, isn't that really a double-edged sword, because if the data comes in better, it gives credence to the fact that the fed can pull away and everyone get s nervous again an the market starts to pull away. >> i think you're growing the economy at 2% and i think that you're going to have good data points, like we had this week, and not such good data points. and i think you'll hav

>> as far as isme concerned nothing is wrong with that if you ask me. ut here is the thing, people can look at you take any incident, you take the newtown innocent -- incident, the school shooting that killed all the kids. you have the facts and you can have a lot of opinions about what it says about safety and how we make sure our children are safe. and people can come at those same set of facts from different perspectives. the problem i think is what wh people are unwilling to entertain perspectives that do not confirm what they already believe. if you are not willing to even occasionally read something that challenges what you believe, then it does become an ecochamber, you are in a ghetto of ideas where you are getting further and further away from being an independent thinker and let egg other people do that thinking for you because that area is where you feel most comfortable. you should as an educated person constantly be uncomfortable. you should constantly be in a position where have you to and can defend your position. there is a certain lazen

over the next couple of meetings, they'll be looking at, you know, employment data ism and basically making the decisions based off that. but nothing new came into the pipe for us. >> so you're not doing anything differently? you didn't get the message that the fed was going to lift its foot off the pedal, which in theory means you don't want to fight the fed, so you pull back on investing in the market? no change? >> no change in our view, because we think qe is going to last until q4, until the end of the year. so we don't think it's going to come off earlier. again, no change is probably going to stay until the end of the year, and no change in our strategy. no change in our waitings. >> peter sorrentino, you think this market has gotten ahead of itself in the meantime. what do you mean here? >> we definitely think that given what we've seen in terms of slowing corporate earnings and just the overall backdrop of, it just seems to be a liquidity-driven market. to your point on volatility, we noticed this week a decoupling. the emerging markets didn't see any movement in volatility

nobody sits there and says -- >> no romney-ism. >> there isn't. i just don't see how he reenters.ost feel sorry for him. he sounds like someone coming out of retirement that's not sure to go on a fishing trip or build a backyard deck. >> i wonder whether, this could be bipartisan, this phenomenon, because so much exposure you get, david. even, say, john kerry, i don't want to brag because you never know how it ends up. he seems to be doing a super job as secretary of state. even if there wasn't a hillary running potentially. is it something that's in the water now? there's so much exposure. you just can't come back from a defeat in a general election. >> i think that's probably true particularly in our 24/7 nanosecond tweet every second of every moment world we live in. romney in particular, he wasn't much liked by the people who voted for him the first time. the last six months, how often have you heard anybody say, huh, i wonder what mitt romney thinks of this? so he was kind of a placeholding candidate. >> his wife has probably been thinking of it every hour. >> listen, yesterd

we are going to have critical data economic points in the form of ism and jobs. so i think rates are going to tell you what you want to do in the equity markets itself, and that is yet to be determined based on those reports next week. >> steve wise, where's the value to be had still in this market that has run so far? >> there's plenty of value to be had. while the market has run so far, if you look at some of the sectors, they are not trading at all-time highs. some stocks are still very low. take a look at the financials and citi, they have had another very good day, but it is still far from the highs. the fundamentals have changed somewhat, but they are not as bad to where the stock was. i like a name like rockwood holdings, a $5 billion market cap. they are going to sell 50% of their value, you use that to buy stock or to make acquisitions or be creative. i like the market, i'm concerned about the employment number, only from a short-term basis. only for a day or, so but i think overall you now are getting psychology in europe that says, you know what? havin