and sales of kleenex and huggies overseas, along with cost cuts, led kimberly clark to a 6% gain. fallout from glaxosmithkline's alleged bribery scandal may mean cheaper drugs. the pharma giant admitted this week that some of its executives have broken laws in china. one has pled guilty. so far, four of its executives were accused of bribery to manipulate drug prices. in a statment, the company revealed executives "appear to have acted outside of our processes and controls, which breaches chinese law." the company said this week that price reductions may result as it reviews its china operations. in a first-of-its-kind case, a high frequency u.s. trader is fined almost a million dollars by the u.k.'s financial conduct authority. michael coscia used an abusive and illegal trading strategy known as "layering" to place thousands of false orders. he made a profit close to $300,000. he was fined around $903,000. gas prices have soared like a fourth of july bottle-rocket. nationwide, the price of a gallon has gone up 20 cents since the holiday. in chicago, regular is now around $4.40 a

the wipe maker kimberly-clark says many wipes in the industry should not be flushed. the company says it tests its wipes extensively in the lab and in the field. and it says when you use the wipes right, they do break down. >> like it's like paper towels. they are more durable paper towels. >> reporter: the sf puc claims cleaning out the machines costs $160,000 a year. draining funds while cloggin pipes mostly because of wipes. ryan takeo kpix 5. >> it's such a serious problem in raleigh, north carolina, the city banned the flushing of disposable wimes. >>> he is not a rock star but why rolling stone put the boston marathon bombing suspect on its cover. >> too fat to participate. what boy scouts won't be allowed to do. >> avoiding a water crisis why some people are being told to turn off the faucet and why it may not be the last time. >> the morning started off cloudy. nearly 80 santa rosa. a live look at the golden gate. it was sunny. past tense. we'll talk about the prospects for clouds, sunshine and your weekend forecast coming up. ,,,,,,,, aren't very happy about

kimberly-clark, and huggies beat the street.aker than expected, the toy maker reaching a deal with disney. >>> the s&p 500 hit a fresh all-time high early today. in fact sitting back up at those levels. the and sorb so what could possibly derail this rally earnings? jim mcc. ughan joins you on set this morning. >> good morning. >> we had another high-profile miss this morning with mcdonald's. what's your view of how the market is valued here? >> i think the way the market has gone is really predicated on how generally well american business is doing. american business is doing better than any other parts of the world, blazed on pawlentiful energy, productivity. those things are working quite well, together with some recovery housing in the market. i think the thing we need to watch is earnings, and i think earning so far are just good enough to maintain the -- but i would expect the u.s. equity market to end the year slightly higher than they are now. >> two things that might have people worried, one is the fact that the ten-yea

the wipe maker kimberly-clark says many wipes in the industry should not be flushed. says it tests its wipes extensively in the lab and in the field. and it says when you use the wipes right, they do break down. >> like it's like paper towels. they are more durable paper towels. >> reporter: the sf puc claims cleaning out the machines costs $160,000 a year. draining funds while cloggin pipes mostly because of wipes. ryan takeo kpix 5. >> it's such a serious problem in raleigh, north carolina, the city banned the flushing of disposable wipes. >>> an unpaid career spanning five decades. >> helping them has been the best thing i have ever done in my life. >> the many jobs this bay area woman has done since the '60s for free. >> low cloud cover right now some fog along the golden gate, but guess what? that is the exception not the rule. the sun came out earlier, temperatures climbed 10 to 15 degrees. what does that mean for your weekend? i know you're making plans. my updated forecast next. >>> and i'm dennis o'donnell. and i got a whole lot of questions. >> next question

. >> the wipe maker kimberly- clark says many wipes in the industry shouldn't be flushed.pany says it tests their wipes extensively in the lab and the field and says when you use the wipes right, they break down. >>> new york's mayor's latest anti-obesity plan, take the stairs. mayor michael bloomberg has gone after supersized sodas and transfats in the city and now is targeting elevators, not only is he encouraging new yorkers to take the stars, he wants those renovated buildings to include open stairwells and floor plans that actually force people to walk up. >>> time now 5:52. they took a bite out of los angeles. coming up, which should prepare for shark nato two. plus -- >> i said i'm not opening no cat [ indiscernible ] for you. no. >> she has nerves of steel. how this tough 96-year-old grandma warded off a would-be robber. coming up. dance class, shopping, and more. so do something nice for it. announcer: for a limited time, you can choose to save hundreds on beautyrest and posturepedic mattress sets. or choose $300 in free gifts with sleep train's most popular tempu

headline misses there and the consumer staples environment too, mcdonald's, colgate, perhaps kimberly clarkinesses -- are talking about economic backdrops which are not operating as clearly a drag for the economic outlook. >> are the markets just rallying partly because guidance was so low, going into the earnings season, because now we are seeing a couple of more positive surprises? >> i think it is a combination. it comes in as being stock specific. companies that do have some significant global exposure, being calling out the weakness in europe. that's a drag for several businesses. but there are companies clearly too -- the u.s. that are u.s. centric. this seems to be a great story of geographical strength now. we're entering into a poly anna type period. we know rates will rise at some point, we know there is rises that will come about the result of better economic conditions. and we have the better economic data to support the economy and that can still drive markets higher and clearly that's been behind the recent move in markets over the last quarter. >> but i'm puzzled by the valua

today we'll hear from mcdonald's before the open as well as gannett, halliburton, hasbro and kimberly-clarke close, we get numbers from texas instruments and netflix. >>> on friday, the s&p 500 settled at a new record high for the second consecutive day. so will u.s. markets continue to rally into earnings season? michael pervis is chief global strategist. he joins us now. michael, thank you so much for joining us today. now, last week we saw the high flows into equity funds since 2008. that tells me that many investors out there are simply chasing a rally that may not be here to stay. >> well, i think one thing that investors need to ask themselves is what is the catalyst in the course of this summer to take the s&p decisively higher to new highs. we have had a pretty strong rally off this consolidation we had in june. the question is is going into the end of july and into august, are we really going to make new lifetime highs? and i'd argue that right now that the risk is really more to the down side. >> from a valuation perspective, where do you believe the s&p is? i mean, i would say --