chicago is going to be watching fed chief janet yellen very closely. so let's go to the cme and find out what bond traders want to hear from ms. yellen. from rick santelli. hey, ricky. >> yeah, sue, this is the epicenter of the subsidized interest rate market, isn't it? look at the intraday of tens. you can see we're up about four basis points. but get chart is the two-day. see yesterday's high yield, a whisker shy of 270, once we crossed over we definitely saw some covering up in front of the fed meeting. here we sit at the high yields of the day at 2.71. open the chart up to basically a one-month chart. it really jumps out at you. you look at the left side, there's a lot of wood up here that we need to get through between 2.71 and 2.76. last chart. yes the dollar index is up on fed day but only a whisker and still hovering below its yield from last fall. sue, tyler, back to you. >> thanks, ricky, i'll take it. appreciate it. two years ago today apple made a very big move by issuing a dividend. but what are the best tech dividend plays right now in thi

janet yellen sounded very confident in explaining it. going to be how the market reacts. and also, the emerging market story is going to be interesting to watch the election. >> let's talk about the -- it comes down to labor market and inflation and how those pan out. can we whip around? >> i think greg made a very good point. folks need to realize that eventually we're going to see short-term rates go up. what does that mean for everyday life? what did you invest in? a lot of people need to be paying down the credit card debt. any variable rates, now is the time to do it. you're not going to see rates like you have right now. >> and interesting to see what happens, with the chinese karn currency, as well. >> it's been a shaky, vulnerable time for emerging markets. the question is, higher rates -- the prospect, now that it's out there. what does it mean for the rest of the world? the u.s. maybe can handle it because our economy is better. and relatively speaking, i don't know the analogy you used, nathan. it was a good one. the cleanest

>> janet yellen speaks. she says, we could see an increase in interest rates six months after the bond tapering process ends. >> sooner than markets were inspecting. welcome to the second hour of "countdown." 7:00 here in london. thanks for joining us here on bloomberg television. we are waiting for breaking news on the u.k. retail sector. next is going to be reporting numbers. let's start with our top story. we have jonathan ferro onset. talk about what happened at the fed yesterday. what jolene -- janet yellen said , how it has been interpreted by markets. >> relatively hawkish. everyone was talking about forward guidance. it turned out to be a lot of noise. they kicked the sick .5% threshold -- 6.5% threshold in the bin. this was about right expectations. looking at grade expectations, this was in the summary of economic projections. all about the dots. familiar,who is not tell us what are these dots? >> it is in the summary of economic projections. the federal reserve puts out its forecast for things lik

janet yellen's big debut. i don't even know where to start.e one thing is, this is a big question, was she going to say something that was going to rally the market? she did. what do you make of her today? >> she will do it again and again. the 2015 interest rates story. the couple subtle things i thought people should know about. peter barnes question was one of the best ones because pivoted to what is going on in ukraine and europe, she looked like a real statesman, we are monitoring this, she said the right things and i think that was good news. the city confident hand at the fed. the other thing was exactly what you said. she fessed up to the fact we followed the good data in the fall and got ahead of ourselves. thought the data was really good, now we have to wait and see. we saw in the outlook in a way bernanke or greenspan none of the others would have done so quickly. volatility is probably going to be a good play whenever she is speaking. cheryl: if you look at the charts, all of them going through the roof. the banks specifically. we

janet yellen will hold a press conference. the shadow of steve jobs hangs over apple's haunted empire. good morning, this is "bloomberg surveillance." we're live from our world headquarters in new york. i am tom keene joined with scarlet fu and adam johnson. >> good morning. overnight, u.k. and a plummet rate held steady at 7.2%, reinforcing the bank of england's tryst rate to record low. -- interest rates at a record low. rough recovery ahead of a sales tax increase scheduled for april. in china, starting trading between the yuan new zealand dollar, currency and global trade is a big deal. they're trying to make the yuan a global currency. >> good luck. research shows it is a lot harder to do. >> easy to talk about, harder to get people to buy into it. economic data in the u.s., 7:00, we have the weekly mortgage application. that is a volatile number. 8:30, the account balance. 2:00, fomc followed by janet yellen's news conference. we will carry that live. that is a very big deal. doesn't paint a malaysia 370. we will talk ab

janet yellen's first as chair.o the fed continuing with the tapering program of its monthly bond buying and reducing asset purchases by 10 billion bucks. we have steven ol' lynner, american enterprise independence statute and former fed economy. he believes the fed will continue to tapering. the big thing is guidance. what will they do about the box they cornered themselves regarding unemployment? >> well i think they're going to drop the unemployment rate threshold at today's meeting, the 6 1/2% threshold. become ob. the unemployment rate is nearly at 6 1/2%. a couple months it could be lower than that at that point it will be completely uninformative. so i think they will drop that threshold and they will draft some new qualitative guidance hopefully will give markets a sense of what their plans are. cheryl: steven, what do you expect the decision making to be at this meeting? when mr. bernanke had his final meeting he had unanimous consent and support from the board. this time though, mr. fisher, mr. plosser, ma

tough on janet yellen. i think you have a little bit too that she's been a dove. i disagree with rick. i thought it was an important announcement today that maybe she's notbe going to be quite a doveish as we thought. she's talking about higher interest rates, continuing the tapering. someone n't sound like who's going to be an inflation dove and i applaud her for that. at this point i want to error on the side of pulling back on this money. >> so you don't agree with the market monitorists and others who want an easier policy, more money supply and so forth? >> no. >> do you agree with that school of thought? you're quasi. >> i agreere with them that monetary policy has not been as easy overee the last few years most people think. the money supply has really not been growing thatea rapidly. >> why is that? >> because banks have been holding excess reserves in very large quantity. >> and why is that? >> partly because they've been beat over they head and shoulds by the u.s. government and loan demand is probably not what it should be. >> that could change of cours

cheryl: you love janet yellen. by the way, five feet tall.t had the opportunity to meet her. cheryl: all right. well, congratulations. the fund's doing very well against the benchmark. >> thank you. thank you so much. cheryl: a lot has to do with the stock picking you're doing. >> thank you. cheryl: we've got about six minutes to go. nobel prize winner robert shiller, arguably the country's leading housing expert, is going to join us to give his take on the housing market, the economy and also what we can expect next week. don't move, be right back. ♪ ♪ it's a growing trend in business: do more with less with ss energy.hp is help. soon, the world's most intelligent servers, designed by hp, will give ups over twice the performance, using forty percent less energy. multiply that across over a thousand locations, and they'll provide the same benefit to the environment as over 60,000 trees. that's a trend we can all get behind. iwe don't back down. we only know one direction: up so we're up early. up late. thinking up game-changing ideas, like th

david: let's talk about what, one thing that janet yellen said.a lot of things today, maybe too much but she said how the financial crisis was so severe, so, so big, much bigger than the s&l crisis, that it required the federal reserve to do this extraordinary money creation in order to buy trillions of dollars worth of bonds. do you think, bottom line, do you think that what the fed has done over the past three or four years has been helpful or harmful to the economy and why? >> i think net it has been very harmful. now, the fed, in my view, the federal reserve created the financial crisis itself because of policies that went back to the early 2000s when they were creating too much money and creating negative interest rates that spurred inflation. david: let's not relive that let's go on to now. why is the economy in worse shape now than it could have been had the fed not gotten into qe? >> the big thing has to happen is for the economy to clear. prices get rationale. you need real estate prices to fall. you need markets to clear. once that happe

janet yellen a sound a little more dovish. but actually they talked about the fir first quarter of course being way down in part because of the weather. should they see this as transit other. but household and business spending they see expanding, employment conditions actually improving. janet yellen stressed that during the q and a. i think they were basically seeing more underlying momentum to the economy. i don't think people really expected them to deal with that. and of course, beyond that everybody was talking about connecting the dots. and i think as we're talking about the reality is that the the consensus on the f 1 c is an extra 25 basis points in the funds next year, extra 50 basis points in 2016. to some extent that's what the markets were responding to. >> let me do a quick follow up here. as i listened to her, i sensed that she was perhaps a little more concerned about the slow pace of inflation than we was right now about the improvement that she seeks in the labor market. did you hear thought wit that w? >> i

do you think it will be more animate with janet yellen? t we come across. i don't know that we will be any easier or harder on yellen ban we were on bernanke. i do think the press conference will be important. i think that the fed will be issuing a new vaguer version of its forward guidance and that yellen may use a press conference to provide the color around what exactly she's thinking about, what exactly the committee feels the the conditions are in terms of the liftoff for rates. i think she will be provide that color in the press conference similar to what ben bernanke did when he gave some scenarios around when they might finally end qe3. >> mike, how rapidly will we go from where we are now to the debate of how fast rates are going to rise and the possibility that the market rate takes off ploorly on the 30-year before they ideally would like it to? >> well, i mean, that's going to challenge for the rest of the year for the fed. tapering is kind of last year's issue. and now i think it's going to be this question of forward guidance

what did you make of janet yellen's first press conference? what did you make of the aftershocks that hit wall street? >> there is not that much that the fed can do to stimulate the economy. the fed under ben bernanke has done a great deal, just about all he can do to bring long-term interest rates down, keep short-term interest rates down. janet yellen delivered the news that wall street was afraid of hearing. ,ventually, that bolstering keeping interest rates down, cannot continue infinitely. she is going to allow interest rates to rise. that is what ben bernanke was doing at the end of his tenure. she is going to continue the same policies. wall street got nervous because of -- of course if interest rates are allowed to rise, that means that bonds become more attractive. that in turn means that stocks become less attractive. that is what wall street has been living off of. the fumes, or you might change the metaphor and say the steroids, that come from artificially keeping interest rates down. tavis: is the economy right now in a position -

more janet yellen's testimony.rdelli, former ceo of home depot and chrysler. he will weigh in on business in the u.s. and gm ceo mary barra's testimony. ♪ is 56 past the hour and that means bloomberg television is on the markets. i'm scarlet fu. 30 minutes into the u.s. trading day and in terms of this market, looks like we will close out the first quarter with gains. zero .75%, dow jones industrials average -- adding 145 points. we should mention janet yellen is giving a speech in chicago -- her prepared remarks remarks suggest monetary easing will remain a while longer. i was looking at treasuries, and was all treasuries decline, prices falling, meaning higher yields. but the drop has been pared a little bit as yellen's headlines across. %.-year, 2.7353 gold is also falling as well. let's go to peter cook, our chief markets -- chief washington correspondent with more on janet yellen's headlines. give us the main take away. >> the main take away for the this speech,t janet yellen details over the course of 15 page

the fed could scrap its unemployment threshold as janet yellen prepares to wrap up its two-day meeting. we could see a rate hike this year. >>> china's central bank tells cnbc it's not an emergency talk to bail out a struggling property developer amid hundreds of millions of solid debt. >>> oracle shares drop in after hours as they miss expectations. currency fluctuations hit numbers. >>> investors like the number of inditech's numbers. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >>> if you're just tuning in, thanks for joining us here on the show. i'm going to give you a look at ohio the u.s. markets are faring here on "worldwide exchange" ahead of the open today. gains in yesterday's session adding to the gains that we saw in wednesday's. and we're seeing dow futures indicating higher by around 3 points. same story for the nasdaq and for the s&p 500 relatively unchanged as far as this market is concerned. a bit of a drop in sentiment yesterday as far as the ukrainian crisis is concerned. markets steaming here. the real focus f

janet yellen sees a lot of slack.ed these jobs to replace all the lost jobs from the crisis, we still have population growth and we have population growth over the last five or six years and the employment of population ratio has not risen very much. something janet yellen has pointed out. she sees a lot of slack. she sees a lot of part-time whose want to work full time. she sees a an unprecedented increase in unemployment. and those facts are driving her to follow the monetary policy that will continue to try to get rid of those problems -- >> and you think that will continue to drive the stock market. ? >> and the lower rates will drive liquidity into the system and ultimately not so much penalize people who are elderly, although it does have that effect, it's incentivizing us to take risk. if you go out there and you put your money in the bank and you have done for the past four or five years, you got 0%. inflation has been running on a headline basis at 2%. ben bernanke and janet yellen have charged you a 2% tax f

janet yellen will spook the market with her debut conference. next. it's a growing trend in business: do more with less with ss energy.hp is help. soon, the world's most intelligent servers, designed by hp, will give ups over twice the performance, using forty percent less energy. multiply that across over a thousand locations, and they'll provide the same benefit to the environment as over 60,000 trees. that's a trend we can all get behind. but. lou: toyota peyser record 1.2 billion dollars to settle criminal charges over the deadly safety issues that the cars would accelerate it claims toyota misled consumers and could serve as a template how the justice department approached general motors is dealing with recalls of its own 1 billion for the cover-up what will gm have to pay 10 years in the making? janet yellen speaks to reporters for the first time as chair of the federal reserve and the market did not like part of her debut when she tried to explain why keeping interest rates years he wrote for a considerable time really meant. >> this is the kin

the first decision under janet yellen. 90 minutes to go until janet yellen holds her first press conferencehe federal reserve. i'm tyler mathisen here on a bad hair day in washington, sue, but it is a historic day. >> oh, you look great. and it is a historic day. i'm sue herera here at the new

janet yellen: -- janet yellen, holding her first news conference today as chair of the fed.s agreed to pay $1.4 billion in a criminal investigation regarding sudden, unintended accelerations. stormsays that winter hit their official headquarters hard. their earnings missed estimates and they are blaming it on the weather. in other company news, the latest deal for berkshire hathaway and graham holdings, saying that the extent of the warren buffett tax knowledge, avoiding on a billion dollars, swapping shares, the billionaire took advantage of tax laws to reduce the irs stake despite the public stance the corporations should pay their share of taxes. betty liu is in san francisco today. you know, betty, i just have to say -- at what point does he put his money where his mouth is? he is out there saying that this is not good. he has certainly benefited from carried interest. and he has complained about it. so, why not just pay more tax? >> i agree. i don't know if you remember, but years ago we asked that question to him. we said that if you do not like the tax law, don't feel

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top, mentioned at the inflation is too low, janet yellen said. that is another reason the fed will stay on hold for the time being. she is trying to push people back to the data dependent stage, the idea that it is the data that will make the call. she cited a number of data points that were not very good. >> numbers do not lie. what does it mean for investors? >> that is the funny thing. it does not mean anything in the end. if things were really bad in the economy, the fed will be talking about stopping the taper and adding more stimulus to the economy. it means the policy is status quo but the idea that there is a specific date is off the table. do not take me at my word and say it will be in june of 2015 pair wait to see how the data develops but we will not change anything between now and then. >> michael, thank you. for the first time in decades, the u.s. supreme court is hearing a software patent case. the ruling in this case could affect almost half of the nation's patent suits. greg joins us from the supreme court. tell us about them and

we will see what happens with janet yellen. h higher. >> we got up to 18 earlier on but we came right back down. do you see anything that yellen might say? there was the testimony today. >> i'm keeping an eye on shares of fedex. they reported results this morning. they gave up profit and sales missed for the quarter that that and also a forecast came up later than what analysts had been looking for. there was an increase in options volatility. what are you seeing in terms of options? >> i would say that fedex, everyone pretty much anticipated this. everybody anticipated that there might be some weakness in this quarter. as a result, people have been bringing down their estimates ahead of the event today. is not see that stock reacting much. it was lower. monthst four or five that they have been stuck in a range, from now with all the negativity. >> it is interesting that you mentioned ups because ups has had its own problems with the whole amazon shipping debacle at the end of the holiday shopping season last year. ups?ickup and

that is what janet yellen is saying. the question is when that will and. we are not clear.lose to hercards chest. she is treading the line between giving clear signals to the market to investors, see you do not see the nasty bumps we have seen, and of the same time she needs to remain, retain some mystery because she does not know how the u.s. economic recovery will progress. >> do you expect there to be a global reaction tomorrow? to wait and see. wall street did not like what they heard. >> michelle fleury for us, thanks very much. we will be watching those markets tomorrow. she was one of the greatest stars of the 20th century's. marlene dietrich entertained audiences onstage and on screen. starting today, 250 of her items are going up for auction, among them a letter written to her by ernst hemingway. ♪ >> marlene dietrich made the movies her own, bringing her style to the big screen and around the world. >> marlene dietrich, the ultimate femme fatale. she was sexy, dangerous, all the things you want in a movie era, and who is also mysterious. >> some of her secrets are

janet yellen will lead the policy meeting as head of the federal research this week and she may be ready to changes. >> and marry barra makes a public admission about recalls and plans to change the way the company handles investigations but was she persuasive? that and more for night by business report for monday, march 17th. >> good evening, everyone. it is st. patrick's day, a lot of green and green arrows. a relief rally thanks to no violence following the referendum vote in crimea. more on that in a moment. now a report showing manufacturing output jumped the post in six months, also added to the positive feeling. on wall street, the dow surged 181 points, the nasdaq rose 34 and the s&p 500 up almost 18 points. all three had the biggest one-day gain in two weeks. >> as the markets rose because of the lack of violence, tensions between the united states and russia are rising. some call it the worst super power dispute since the cold war. the u.s. and european union slapped sanctions on russia and ukrainian officials after a vote paved the way for russian president vladimir putin to a

and it's janet yellen's first news conference as fed chair which feels at t 2:30.nvestors expect the fed to continue its bond buying program. several officials have suggested scrapping the threshold of describing general changes in the jobs market inflation that could trigger a rate hike. we'll get more from adam on that. we just heard that the carlsberg court, as i understand it, has approved the esm rules, the esm is in line with the constitution. so any potential market threat from that has been taken away. the esm has been ruled in line with the german constitution. there we go. the man reading out that ruling is sitting down taking his hat off. a quick word on that. this should be the end of it. >> the man with the hat has now once just kicked it upstairs. just get on with business. >> yeah. they were never really going to -- >> if they had, it would have been disastrous. but it's like courts don't usually go too far against public opinion. >> the fed, what should they do with the unemployment? >> i think what bill dudley and charlie evans have been talking ab

not right now of course because janet yellen is coming the shortly. two hours from janet yellen.olved today. a real-estate firm in china can't pay its bills. possible black swan. that is an event that comes at you from nowhere and upset the whole apple cart worldwide. there's also another black swan, $100 trillion in global government that. i am hearing this expression a lot. blacks won as if it is something bad waiting to happen. charles: paul farrell, new domesday poll, black swan crisis warnings from now through mid april. stuart: isn't that is the most read article on market watch? charles: it could be. talks about gary shilling, a lot of people he talks about our authors, politicians,'s politicians and people who make a lot of money on market volatility but this is the same paul farrell who said november 16th, 2009, the next meltdown coming in 2012. january 5th, 2010, 12 dr. dooms shred to investing optimism. what about next year? march 7th, 2011, the 2008 crash isn't over, only covered. what about february of 2011? for now the time bomb will blow up on wall street. keep pre

let's start out with janet yellen's press conference. many investors did not seem to be buying what she was selling. here are some of the highlights. >> the fomc continues to see sufficient underlying strength in the economy to support ongoing krugman in the labor market. the fomc will continue assessing incoming data carefully to ensure the policy is consistent with obtaining the longer run objectives of the fomc of maximum employment and inflation of 2%. in short, the larger the shortfall of employment or inflation from the respective objectives set by the fomc, and the longer any such shortfall is expected to persist, the longer the target federal funds rate is likely to remain in the present range. >> and here's what she had to say about what everyone else was talking about in q1, the weather. >> certainly, the weather has played an important role in weakening economic activity in q1. it is not the only factor at work in most projections for growth in the first quarter. it is an important factor. it is not the only factor. >> and so

janet yellen gave the clear, granule view. >> okay. it's like taking the training wheels off a bike. we argued about this for years. you agreed finally that at least some of it is because of hot money. the stock market has to make this decision whether or not it can do it without the training wheels. so to think that there is going to be a three or four-week adjustment period, yes, rates are going higher because things are better. i believe that. everybody should know that rates are going up. when i hear that rhetoric, i get a little scared. >> it's been five years. it's been five years. >> cooperman is right and, wait a second -- >> i think he's right, too. >> janet yellen got most of the stories wrong. >> she's just as confused as anyone. >> she is. she said one good thing. we're going to raise rates sooner, at six months. that's good. whether she stumbled into it or not, i'm glad it's in her head. but, but, but, it's not going to be about janet yellen. it's going to be about profits. it's been such a lousy economy and a lousy recove

as mentioned, janet yellen says the fed will be likely ending its bond buying program this fall. it could start raising rates as soon as next spring. those comments said chair rattled the markets signaling an aggressive move towards higher rates than most had anticipated. the fed wrapped up its meeting by tapering bond purchases by another 10 billion, as anticipated. it released methods to help the public determine when they would raise rates. yellen hesitated when asked what exactly that meant. >> the language that we used in this statement is considerable period. so i -- you know, this term is hard to define, but, you know, probably means on the order of around six months to that type of thing. but it depends what the statement is saying. it depends what conditions are like. >> now, she also gave details on the plans to scrap the unemployment targets. >> the committee is further revised its forward guidance to better reflect conditions as they now stand and are likely to evolve over the coming quarters. in short, the larger the shortfall with employment or inflation from the re

the chill that fed chief janet yellen put into stocks yesterday when she hinted that interest rates might rise sooner than expected next year was all but gone today. got a boost from better than expected economic data. the philadelphia fed reported a boost in business activity in its region this month. a private reading on leading economic indicators was higher in february. even though jobless claims rose by 5,000 last week, the increase was less than expected. so the dow was up by about 108 points. the nasdaq and s&p both added 11. >>> but even though stocks ended higher today, the threat of rising interest rates is still worrying many investors. what does it mean for their stock portfolios and for their fixed income holdings? dominic chu has more on what a hike in rates if it happens could mean for your investments. >> reporter: for many economists and investors, rising interest rates are a sign that markets are getting back to normal again. but if interest rates rise there are going to be benefits and drawback. for one thing higher rates means that bond prices go lower. be sure to keep

traders are getting ready to hear janet yellen speak. nicole petallides is at the new york stock exchange. what is the mood on the floor there, nicole? >> it is interesting, you're starting to see everybody took the risk off the table. they got exactly what they expected which is that the tapering continues as planned, 10 billion each meeting. they see that. they get exactly what they expected. of course they took off the threshold of 6 1/2%. we speak to jonathan corpina, he said, listen they take money off the table. we saw the market drop. we were down 90 points. we hit our lows immediately following the fed announcement. we saw some reaction. gold sold off. treasury prices fell. the dollar strengthened as they signaled further cuts. overall big picture you have a few sectors in the green, health care and telecom and financials. the utilities are the worst of the bunch. right now we're down 31% or 31 points. the point all three major averages are not too far off the unchanged line, taking this in stride and taking money off the table.

that is their opportunity to backtrack from janet yellen's words. that is your number one focus today. >> thank you so much, jonathan ferro with the latest on the markets. the u.s. and eu tightened sanctions on president vladimir couldn't -- vladimir putin. european leaders are in brussels for a second day of meetings. ryan chilcote is on the ground. let's run through some of the sanction targets. sanctions target individuals and they include some interesting personalities. , theyllionaire brothers are both friends of vladimir putin. about $7recipients of billion worth of sochi contracts. not the only ones on the list. gennady timchenko was an owner of gunvor, that swiss oil trader that has been talked about. they had as much as $92 billion in revenue. he has sold his stake over the last couple of days. he is also a friend of president putin. really interesting, the u.s. alleging that vladimir putin himself has a financial interest in gunvor. the kremlin denying that flatly. also, your he -- yuri k ovalchuk, one of the owners of russia's largest ban

one thing that janet yellen will attempt to do is simplify things a little bit.ll be difficult to cut 300 words out of the statement but she can simplify things a little and will get rid of the 6.5% unemployment threshold. kannerick, should i ask you of out that i'll see or should i bask you up

we may never get a clear answer from janet yellen ever again. a master option skater from this point on. she has been burned. she referred to her dashboard. she said here is what is on my dashboard. i thought dashboard -- that is a new one. we will have to start asking everyone what is on the fed -- born. she referred to herself. i can only imagine what the dashboard will look like going forward. desk,s at ben bernanke's but she had a different chair. maybe that affected the markets as well. >> wasn't a big one? that is all we want to know. >> it elevated her stature. >> thank you peter cook, jeff hayes look. -- jeff hayes let. we will have more "in the loop." ♪ >> look at that. the sun is almost rising here in san francisco over the golden gate bridge. something else that might be extruding -- you can pay for your whopper with your smart phone soon. burger king is rolling out a new app at stores next month that serves as a virtual wallet. libby enough to win over the young people? -- will it be enough to whenever the young people? great to see

janet yellen's talk gave a six-month timeline for raising rates. little bit of recovery. we are up three points. >> investors seem to like it. this clothing retailer, guess, is down after reporting fourth-quarter earnings. >> what is the last time you ran a guest store? >> when i was 14? >> coming up, he made a fortune as paypal's cofounder. we are talking about peter theil . he is talking about the secret to success. ♪ >> live from bloomberg headquarters in new york, this is "market makers," with erik schatzker and stephanie ruhle. welcome back to "market makers." i am stephanie ruhle. , and for mattteel miller, and for erik schatzker. the world's largest mobilephone company is paying the price for expansion. china mobile fell 16%. costs toue to rising attract new users and to build out high-speed networks. upts music, dr. dre signed 1000 paying customers a day in the first month. started by dr. dre. analysts say streaming music services need at least 5 million paying customers to become profitable. it does not sound like they are there just yet.

melissa: the first fed meeting under janet yellen starts today. she is schedule to speak around this exact time tomorrow. we'll be all over it. here is what wall street is it is wondering. will this spur market chaos or can yellen calm the waters in stepping up for today's throw down, fox business's very own charlie gasparino and cm e-trader, larry shover. let's get started. larry, you think janet yellen could be calming to the markets. >> i absolutely do. that is what we're having a rally today before above and beyond everything else. right now she understands, she is very disciplined in her approach. she cares about price stability. with that in mind she knows she has to switch from quantitative to qualitative. it will not be easy but the market expect the her to come up big tomorrow. melissa: what you do i this, charlie? >> janet yellen is like the heroin dealer who gives extra heroin to the junkie which is the market right now. so if you're saying whether the market's going to be calm with this, i grew up with people that partook in heroin. me

janet yellen helped earlier on. she was talking about considerable slack in the economy, sounding very dovish. saying keeping rates low be needed for some time, that helped. market leaders today, looked like the beginning of 2014 again. biotech stocks are up, airline stocks. xsd, semiconductor stocks, those were market leaders early on, had trouble in the last few weeks. and speaking of trouble in the last few weeks, it's gone away for emerging markets. the eem is up eight days in a row right now. china, brazil have recovered a little. that's a new high for the year. we were saying this was dead three weeks ago. new high for the year. how about all the momentum and growth names that started out january as the big market leaders here. they are to the downside right now but they have been replaced by consumer stocks. so what's moving here is the growth names that people are paying a lot of money for. in the last couple weeks, they're being replaced by more let's call them value-oriented names, cheaper names. kroeger,

then the underlying bit in market because of janet yellen. let's talk microsoft.he new ceo continues to make management changes, today announcing in a memo that there are new heads for the cloud and devices business, two, businesses that are very important to microsoft. seeing those shares rise as he pushes the company forward. a lot of movement in biotech and pharma. specific test results. for edwards life sciences, studies released shows perhaps we could see an increase of the man-made heart balls that can be inserted without cracking the chest open. study beinghe presented at the american cardiology conference underway right now. medtronic rising on similar studies. biogenic rising as well as they get approval for hemophilia b treatment, which will allow patients to get treatments less frequently than existing treatments. those are part of the assisting upside and treatment -- and pharma today. janet yellen vacated the market today by suggesting rates are not going up, at least in no point in the near future. yellen indicated the economy will need the fed suppo

you heard from janet yellen. what do you think? >> i think that she had a good sense on what they were telling the market. >> which is? >> that there could be a couple of phases, that we might see rising policy rating sooner than the market would like to see them, but the second matter -- and i think she was pretty clear about this -- her major fear is whether she does not know if we will get inflation back to the target rate anytime soon. >> but she is not going to use that anymore. >> she is not going to use that anymore. the economy may be going through demographic shift, but as a practical matter this is not a robust employment picture. but that does not matter. if you look at durables in the last round -- there is nothing doing. >> julia coronado, come in on janet yellen's press conference. give me your reaction. >> she has a great communication style. she gets great stylistic points. she tries to answer questions very clearly. that is all very positive. again, it is the message, the message being the market first reacted to t

. >> i cannot wait to hear jim grant's take on janet yellen's news conference last week. that's pay per view material right there. speaking of pay per view, nba mega star kobe bryant just invested millions of his own dollars in a new sports drink. kobe will join us live in just a little while, get his take on that. plus, we'll talk about phil jackson joining his rival the new york knicks. that's coming up on "the closing bell." do not miss that. >>> here is where we stand in markets. entering the final hour of trade, the dow is up just shy of 100 points. is it significant we were at that resistance level? art cashin was over here talking to us about that. much will depend on how we finish the session. we have seen it fading into the close the last couple trading days. the nasdaq is only up 3 points. and the s&p 500 adding about 7 this hour or 0.4% to 1864. >> all right. let's get to our "the closing bell" exchange. happy belated birthday to patti edwards. we have mark, drew, john stole fuss and welcome back to rick santelli as well. >> patti, a few steps forward, steps ba

we have janet yellen continuing quote, unquote, the taper. why they need to continue to make any purchase whatsoever after listening to our guest makes no sense to me at all. i think the salient feature tomorrow is why they don't want to pay attention to the unemployment rate tomorrow after all these years of telling us what wonderful news it was that it would move lower. it affected the political landscape, but after tomorrow it's probably not going to be as important. they'll switch gears to things like inflation, which the government measures, but yet anybody who has a hunger for three needles a day doesn't really jive with that anyway. >> they measure both of them. if you're saying we can't trust cpi, then we shouldn't trust any of the government data. >> wow, so we do agree on something, don't we? >> what do you think the market would do tomorrow if janet yellen said, okay, i'm done with tapering. no more asset purchases? >> well, gee, let me see, there might be some market volatility. oh, my god. >> really? >> it's not preannounced and

janet yellen has declined to speak since she took over . no one knows what to expect when she speaks for the first time . president putin has the upper hand in europe, and president reagan predicted it three decades earlier. and microsoft with a surge not seen since the tech boom. those stories and more as "real >> al jazeera america is a straight-forward news channel. >> its the most exciting thing to happen to american journalism in decades. >> we believe in digging deep. >> its unbiased, fact-based, in-depth journalism. >> you give them the facts, dispense with the fluff and get straight to the point. >> i'm on the ground every day finding stories that matter to you. >> in new orleans... >> seattle bureau... >> washington... >> detroit... >> chicago... >> nashville... >> los angeles... >> san francisco... >> al jazeera america, take a new look at news. >> today russian president vladimir putin raised the ante by signing the treaty to annex crimea too the russian federation. europe's dependence on russian energy goes back to the 1980's. a

janet yellen has declined to speak since she took over. no one knows what to expect when she speaks for the first time. president putin has the upper hand in europe, and president reagan predicted it three decades earlier. and microsoft with a surge not seen since the tech boom. those stories and more as "real money" continues. keep it here. >> today russian president vladimir putin raised the ante by signing the treaty to annex crimea too the russian federation. europe's dependence on russian energy goes back to the 1980's. a lot can change in three decades, yet a lot stays the same. when president reagan took office in 1981 the united states and soviet union were nuclear superpowers confronting each other. popular unrest against moscow's iron grip was stirring in poland. moscow amassed troops on poland border and threatened to invade. >> i have discussed on other occasions the elements of western policies towards the soviet union. to safeguard our interests and protect the peace. what i'm describing now is a plan and hope for the long te

janet yellen fully in control of the u.s. federal reserve. >> her first meeting, taking the hot seat. she will chair the second day of her first federal reserve meeting since she's seceded ben bernanke on february 1st. the biggest testimony will be how she manages the fed shift from firefighting mode back into effectively neutral. the u.s. central bank has already begun cutting its large cash injections in the economy. that was at the height of the financial crisis nearly six years ago. later today they will announce whether they'll gradually reduce, tapering it as it's called. >>> a year ago cyprus was desperately trying to stave off a bankruptcy. its banks were closed. and after tough negotiations cyprus received a 10 billion euro bailout from international lenders. for the first time those with larger deposits were made to pay a high price, holdings scalped, taken away entirely in some cases, to help pay closing one bank, propping up others. later in the "world business report" we'll hear from the country's finance ministe