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i'm maria bartiromo. >>> it's all about the benjamin. ben bernanke. what he told congress about the economy and what it means to your money. >>> my controversial interview with bill clinton about tax cuts, private equity, and why the white house wasn't happy about it. >> secrets to a success startup. my conversation with the founder of e-tailer gilt groupe. and what went right. "the wall street journal report" begins right now. >> this is america's number one financial news program. the "the wall street journal report." now, maria bartiromo. >> here's a look at what's making news as we head into a new week on wall street. we're ready but we're not doing anything yet. that was the word from ben bernanke this week testifying before a congressional committee. he said if the economy needs help, if europe worsens, the fed is prepared to step in. >> the situation in europe poses significant risks to the u.s. financial system and economy and must be monitored closely. as always, the federal reserve remains prepared to take action as needed to protect the u.s

look for @maria bartiromo. look at the stories that may move the markets.ports are out from nike and troubled blackberry maker research in motion. monday we'll be watching the supreme court for its ruling on the affordable care act. the high court has indicated that a decision would be released before the end of june. we're hearing it happens next week. realtors will report latest numbers on the new home sales. that is out on monday as well. on tuesday the s&p case shiler index will be released. that tracks prices on 20 housing markets on thursday. thursday we'll get the final readings for first quarter domestic market. finally, talk about location, location, location. the hawaiian island lanaye has been bought by larry ellison. he purchased 98% of the smallest accessible island. bothing 3,000 residents, 50 miles of coast and no traffic lights. the asking price was close to $600 million. ellison reportedly is paying cash. >>> thank you so much for joining me. next week leader in business and politics will be meeting. keep it right here where wall street mee

now maria bartiromo. >> here's a look at what's making news. a grim and disappointing jobs report for the month of may. the economy created just 69,000 new jobs. well below expectations. the unemployment rate actually ticked up .1% to 8.2%. march and april numbers were revised downwards as well. this is the worst monthly number in a year. that helped push 10-year treasury yields to record elds yielding below 1.5%. more investors are guying government bonds which sends prices up and yields way downwn. it was a miserable may for the bulls on wall street. the dow suffering the worst month in two years falling about 6%. for the entire month, the dow had no back-to-back gains. for the week, the dow fell. mixed results for auto sales in the month of may as well. general motor sales up 11%. ford 13%. chrysler saw a gain up 30%. but still below expectations. toyota was up 87%. and shares of facebook hitting a new low this week. the stock fell below $27 a share thursday. after going public at $38. two weeks earlier. i'll have an exclusive interview with

i'm maria bartiromo. jobs, jobs, jobs. what's the dismal unemployment report mean to you and is there more chance of new action by the fed? what you should be doing with your money now. >>> housing prices are down, rates even lower. is it time to get in? get real about real estate. >>> and a daring new chapter in the book business. how a best-selling author succeeded where big business failed. "the wall street journal report" begins right now. >> this is america's number one financial news program, "the wall street journal report." now, maria bartiromo. >>> here's a look at what's making news as we head into a new week on wall street. >>> a grim and disappointing jobs report for the month of may. the economy created just 69,000 new jobs, well below expectations. the unemployment rate actually ticked up .1% to 8.2%. march and april numbers were revised downwards as well. this is the worst monthly number in a year. that helped push 10-year treasury yields to record lows on friday, yielding below 1.5%. more investors are guyi

let's bring in maria bartiromo for more on the news she's been breaking on ubs and facebook. > thank you so much. we have learned that ubs has a major problem on its hands regards facebook. basically what's happened is the firm was sitting on an enormous amount of stock and now has trading losses of sources telling me as high as $350 million because of the facebook debacle. long story short, the trader -- they wanted a million shares of facebook, they were not getting executions, they were not getting the confirmation. they kept repeatedly putting the order in. then they were left with one estimate was 40 million shares of facebook. i think that is probably extreme, that number. but we're trying to figure out exactly how much of a position ubs had. they tried to get out of the stock when they weren't getting the confirmations. they were a heavy seller on the way down flt they could not catch a bid at $35 a share. they ended up selling a big portion of this decision below $30 a share. now losses of $350 million. the firm i'm being told by my sources is preparing a lawsuit again

in for maria bartiromo. she will be back tomorrow. >> i'm bill griffeth. i'm here today but not the result of the bolts we are looking for today. spanish troubled banks did get the bailout as expected over the weekend. but the news not enough to convince folks to start buying. they bought in the open but then started selling right after that. that's part of why the averages are being led lower today by key groups like banks and tech follow ja -- technologies. looked like the dow would be a stellar beginning of the week. then it started to fall apart. down 57 points right now. about the low of the session at 12,496. nasdaq is down 247 points. also the low of the day. four percentage decline there. s&p down half a percent or seven points at 1318. >> we used to get a full rally out of a bailout. six hours. >> so jaded now, aren't we? >> another reason why we are lower, apple. the stock giving up early gains. investors were less than wowed what they heard from the conference in san francisco. despite new announcements of pro and air laptops. we are going to lo

maria bartiromo is anchor of cnbc's "closing bell." help us understand, look at these data and tell us, what is the good news and especially as an indicator of where we are going forward because of the revisions of the last couple months. >> that's great question. thanks for having me. i think there is not a lot of positive in today's jobs report. the only good news i could say would be that over the last several months, it has appeared that we're moving in the right direction. but man, it has been very, very slow and today's numbers indicate that in fact, job creation has once again stalled. and we continue to see a real reluctance on the part of business today to create new jobs because of the uncertainties that they're faced with. they're not sure about the regulatory environment, not sure about the demand picture out there and afraid of taxes going higher. and so they're sitting on their hands. the corporate sector right now is the probably the healthiest we've seen in years. you're not feeling it business is just sitting on cash b

i'm maria bartiromo, let's go back and see spiderman make the jump. i'm maria bartiromo coming to you live from the aspen ideas festival. here is what we're following at the close tonight. investors expressing some optimism late in the day that european leaders could make real progress toward fixing the debt crisis there. the dow was down 177 points, so how will the health care ruling and developments coming out of europe impact your money. a try owe of top strategists are standing by to talk with us coming up. and will the health care ruling end up backfiring on the democrats during this election this fall? house minority leader steny hoyer will join me coming up in the program, and now we're talking health insurance companies, and cigna and how it may be affected by the decision, david cordani will be us. look at how we finished the day on wall street. it was a wild final hour, the dow jones coming back from being down 177 points and finishing down just 27 points. jpmorgan cut it's loss in half, and the average is at 12601. volume picked up, and the

i'm maria bartiromo. we're moments away from my first on cnbc interview with bill clinton. you won't want to miss what he had to say about the looming fiscal cliff and how to jump-start this economy in the u.s. first, let's look at what we're following at the close. dow snapping a four-day losing streak after better than expected ism service numbers. can the momentum continue or will fears about europe retake center stage tomorrow? facebook falling another 4% falling below $26 a share. the stock now down better than 30%. 30% since going public at 38 just a couple of weeks ago. take a look at how we finished the dow industrials. volume anemic at the big board. 12,127. nasdaq up to 277le. and s&p 500 up 7 points, at 1285. investors were more hopeful today after the dow helped break the three-day losing streak. back with us once again, the financial network groups, nathan, david kelly, and barclays, larry kantor. how do you see this market performing in the upcoming weeks? where are the catalysts? >> it's greece and the greek election on june 17th. we have to find some solutio

>>> hi everybody, welcome to the "wall street journal report" i'm maria bartiromo. europe isn't the only global story. what do you tell retail investors about the e americaning markets? where will the next economic happen and where do you invest in it? >>> from a bridle shower -- bri shower to bridal power. here is what is making news on a knew week on wall street. on the hot seat this week, jamie dimon appearing before a senate committee answering questions about what went wrong after losing billions in bad trades in london. >> for the senior people, we can claw back for things like bad judgment, any unvested stock, cash bonuses, so it's pretty extensive. >>> and dimon was asked if he would give his salary back, and said that was not his decision. the markets did a best imitation of the yo yo this week. mostly on hopes for a bailout for europe and more federal reserve easing in the united states. retail sales fell for the second straight month. demand for building materials was down as was the price of gasoline. no huge developments from the apple developers confer

in just over an hour, maria bartiromo is going to face-off with the ceo of nasdaq. his first interview since the facebook ipo. and maria joining us now. maria, is this a critical moment for robert greitfeld and the nasdaq? >> it is a very critical moment because we haven't heard from him since this botched up deal on may 18th. so not only is he going to defend the nasdaq for future business so that this blunder does not affect future business coming here, but he also has to defend himself to wall street because a number of wall street executives are upset. for example, they feel he hasn't reached out to them. he hasn't called them to discuss what went wrong exactly. and not to mention what kayla just discussed, these accommodation packages. also you're going to see sort of a regulatory component. we've got lawsuits, investor lawsuits, the s.e.c. inquiry and even the new york stock exchange is probably going to have some red flags if in fact part of the accommodation that the nasdaq does is lower fees. because that's going to impact market share. so if nasdaq is going

president clinton was on with maria bartiromo yesterday and stirred things up by talking about an extension -- a democrat talking about an extension of the bush era tax cuts. >> i think what it means is they will have to extend -- they will probably put everything off until early next year. that's probably the best thing to do right now. >> shortly after that statement, president clinton's office put out this statement saying "he supported extending all of the cuts in 2010 as part of the budget agreement but does not believe the tax cuts for the wealthiest americans should be extended again." i'm not quite sure what he said then, senator, by the way. but does president clinton's statement yesterday open the door potentially for some kind of agreement either prior to or in a lame duck session on an extension of the tax cuts in light of the fact that the economy's as weak as it is? >> well, avoiding this massive tax increase is just the right thing to do for the economy in any condition. certainly in the very weak condition that it's in. i think that president clinton, you know, committed wha

. >>> coming up next on the show, maria bartiromo's exclusive sit-down interview with former presidentll: listen. we're going to get his take on the fiscal cliff that is looming. >>> mouse house game changer. disney tv about to become a junk food free zone. at what cost? we'll talk more about this story when "street signs" returns. [ mechanical humming ] [ male announcer ] we began with the rx. ♪ then we turned the page, creating the rx hybrid. ♪ now we've turned the page again with the all-new rx f sport. ♪ this is the next chapter for the rx. this is the next chapter for lexus. this is the pursuit of perfection. at u.s. trust, our expertise extends well beyond investment advice and research analysis. it includes proprietary offerings like our eldercare program, which helps provide for those who came before you. and our financial empowerment program, which helps prepare those who come next. resources like these have made us the number-one trust company. that's why generations of families have come to us to help build their own legacies. >>> by the way, folks, after a choppy start to t

i'm maria bartiromo. europe teeters on the brink. will it save itself? greece, italy, spain, all facing disaster. what happens next and could it be good news for the united states? but europe isn't the only global story. what do you tell retail investors about the emerging global markets? where do you get in? where will the next economic miracle happen and how do you get in on it? and the new trend in weddings this summer. "the wall street journal report" begins right now. >> here's a look at what's making news heading into a new week on wall street. on the hot seat, jpmorgan chase ceo jamie dimon appearing before a senate committee abcing questions about what went wrong when the bank lost billions in trades in london. dimon said those who made the mistakes will pay the price. >> for senior people, most of these people, we can claw back even for things like bad judgment, claw back any uninvested stock, things like cash bonuses, so it's pretty extensive the ability to claw back. >> and in talking about clawbacks, dimon was also asked if he would give his

i'm maria bartiromo. we'll talk to one governor about his business friendly state, pensions and balancing the budget. >> if new york can do that, everybody in america can. >> and my conversation with marcus samuelsson about the rebirth of harlem. ""the wall street journal" report" begins right now. >>> here's what's making news. a new blow to the major financial institutions this week in the united states and around the world. moody's investor service issued a long-anticipated ratings downgrade of 15 major banks including five based in the united states. they are morgan stanley, goldman sachs, jpmorgan chase, citigroup, and bank of america. the news could have been worse for morgan stanley. the bank lobbied against a more severe downgrade. but the ratings cuts are likely to raise bank borrowing costs, which would be passed on to customers. after a two-day meeting this week, the federal reserve announced it is extending so-called operation twist, which is a program to buy long-term bonds and keep interest

. >> hello and good afternoon, i'm standing in for maria bartiromo. >> and i'm bill griffeth. we were mostly higher but the nasdaq just went negative. as we have seen lately things change quickly in this final hour of trading. stay tuned we will need to fasten our seat belts. the blue chips are holding on to gains but we're well off the highs. more weak economic data like the rise in jobless claims we heard about this morning and the increase in the chance of the fed doing more to goose the economy would be positive for stocks, so we had a pretty good rally on the open this morning. that is a follow through on the greek stock market which was very strong this morning. the european stocks followed suit, and we had a good rally all day. the dow is up 27 points. there is the nasdaq turning negative now for the first time since the open. the s&p at this hour still positive, just a gain of 6.5 points. >> let's get to the closing bell exchange. we have a huge panel lined up. including rick santelli and steve leaseman. if this is a hope for a move by the fed, will might be extra wigg

in an exclusive interview with maria bartiromo, nasdaq's ceo explained how they came up with the $40. we'll bring that interview to you in just would one second be we have the results of the spanish bond auction. a key test of sentiment. they appear to have sold about 600 million euros for the 2014 bond, $825 million for the 2016. the bid to cover ratio 4.3% for that two year bond and 2.6% for what appears to be the longer term bond. although again good bid to cover ratios. the ten year had a bid to cover of 3.3. that compares with 2.4% for the last auction. the question is what terms of course the spanish are paying in order to get investors to show up at the door. it appears the yield they had to increase up more than a percentage point from last time. and for the 2014 bond, 4.5%. so people showed up, but they had to pay them quite a sum to do so. >> irish ten year stood at 8.11% about, three months later, 8.95, address then above 10% and then above 10 13.5%. >> and they don't even have access to the market. >> same in portugal. now it's somewhere in the region of 11.5. a bit less.

. >>> hi everybody, welcome to the closing bell, i'm maria bartiromo coming to you live today. jamie dimon acquitted himself today after testimony, a strong day, bill. >> if you look at the dow or jpmorgan chase, a selloff for the first half hour until jamie dimon took his place before the senate banking committee, and then the market recovered those losses, how bizarre is that? >> as you mentioned, wall street getting the sense that jamie dimon held his own in front of the senate banking committee, financials among the standouts in a lackluster market today. that's where the money is moving today, in the financials, even with the market losing steam. the dow down about 55 points. >> watch this last hour though. this is an expiration week, and i hear from traders that market on close orders will move this market, and it's starting to happen as you see. lows of the day for all of the major averages, there is the nasdaq down 15 points now, and the s&p 500 index just off the lows at 1517. so with this expiration and market on close orders, this could be an interesting hour, maria.

i'm maria bartiromo. this could be a very interesting hour of the markets. will investors sell because of the greek elections? looks like it's holding so far. >> it has been a very volatile week for the markets, especially the final hour. you missed a big one yesterday and it could be a wild one at the close again here today. we have theics per ration of futures and options today. we had it on the open, we'll have it on the close, what is commonly called quadruple winching. stocks are holding on to gains. just off the highs right now. the do you was up almost 100 points, just off that now with a gain of 85. the nasdaq is also higher today with a gain of 26 points. up almost 1% at 2862, and the s&p is up 9 points, a 10 point gain there. >> give therein is a rebalance and expiration, can that will add to the volatility. we have an 85 point rally so far. do you want to be bracing for a round of panic selling on monday if the outcome of the greek elections have the austerity. >> let's hear from market watchers in today's closing bell ex-change. we have morgan st

i'm maria bartiromo. stocks rebounding on wall street today for the second biggest one-day selloff of the year. the banks led the market higher today despite their downgrade last night. top strategist will explain where you should be positioned into the weekend. plus the supreme court could roll on obama care as early as monday, but the cfo of one small business says reversing the law could cost employees a lot of money. look at how we're finishing the day on wall street. it is up two-thirds of a percent at 12652. volume picked up a bit. the nasdaq up on the session as well, technology one of the leadership groups, 33 points higher better than 1%. and the s&p up 10 points. if you thought it was a busy week this week, think again. investors will have a lot to chew on next week because of a flurry of data coming up. consumer confidence and the final reading on the first quarter gdp. add a try owe of bond auctions. so how should investors gear up for the week ahead? we bring in bill, andy goldberg, and brian

maria bartiromo will be back tomorrow. we're is what we're following at the close. stocks set to close near the highs of the day after encouraging news from the housing market. can the rally be sustained with so much uncertainty still in this market ahead of the eu summit? we have a pair of top strategist standing by. there is no doubt about the stock of the day. arena pharmaceuticals skyrocketing after approval of the first new ain't obesity drug after 13 years. the ceo will talk to us about how much revenue this the drug could generate. >> a little selling on the close, the do you was up 100 plus points in the final hour, but we're settling at 93. the that's back also with a gain of about 3 yaurt -- three quart a per sen. investors optimistic ahead of the flurry of potential market moving headlines due out tomorrow. the european summit, first quarter gdp, and i guess we're going to get the supreme court decision on health care reform all tomorrow. >> what could be the potential affect. it's good to have you here, what do you make of this move today ahead of so muc

i'm maria bartiromo, folks in a good mood today. >> i'm bill griffeth. and folks are thinking the fed will help the economy when it issues it's statement tomorrow. in either case, both will help the major averages into the home stretch here. anything can happen going into the final hour of trading at post nine where we sit. the dow is up 1616 points. the nasdaq up another 1.25%, or 36 points. it's knocking on 3,000's door again. >>> and jpmorgan chase today rallying. jamie dimon faced the house financial services committee today despite testy exchanges about his bank's trading debacle. we'll have the highlights in just a moment from that testimony coming up. >> the financials were strong again today just as they were last week when he was testifying before the senate banking committee. stocks are rallying perhaps on hopes of operation tulowitzki. rick santelli has a refresher what the twist is and what it may do for the markets. >> you know what, i agree with your metaphor and analogy, but whether it works or not, and what long term prognosis is, and if

. >>> good afternoon, welcome to "closing bell," i'm maria bartiromo at the new york stock exchange where a downgrade of the banks are sending shock waves today. >> bank stocks are hard hit right now and that's leading markets lower aclose. >> eddie: cross the board. a downgrade is eminent maybe after the close, maybe tonight, maybe tomorrow, many are expecting it to happen, they're preparing just in case, and we have this story covered from all angels. meantime, energy stocks are weighing on investors thanks to a continued decline in oil prices. present is at an 18-month low today. here is the dow, and it didn't help that on the open this morning we had weak economic data. the philly fed report was lower than anticipated, so the dow now down 2616 points, and the nasdaq down almost 2% at this time, and the s&p is flirting with support levels and traders are watching right now around 1328. we're going to show you the s&p, i think, which is trading at 1330 right now. so the number to key an eye on there is 1328 as a support level, maria. >> and the banks leading the market lower, let's get

i'm maria bartiromo coming to you from the capital. stocks having a late day selloff on wall street as euro zone fears take center stage again. and they say it's only a matter of time from skyrockets interest rates from reaching america. >>> and jamie dimon talking to the senate today. how many thought he held his own. and i'll have david vitter with me and he will explain why the dodd-frank law is more confusing than helpful. and jamie dimon being called to resign. how are we settling on waus. the dow jones industrial average coming off the lows of the day just before 4:00 p.m. eastern but still down. it's down two thirties of one percent. volume on wall street, and nasdaq gave up 24 points. just about 10 minutes before the close, we see fires coming in, 2818 is where things settled down, and the s&p down 9 points. finishing at 1314. jpmorgan's stock is up. does that mean jamie dimon did well today? >> a lot of questions about internal jpmorgan business, how did they make this trade, why did they make this trade, et cetera. but the mo

i'm filling in for maria bartiromo. stocks are spiking in the last hour. there are reports of coordinations action from the central banks for liquidity after the weekend if need be. the dow was up at one poin by 202 points, but what we have is enough to help raise losses for the week. so coming up we have full team coverage of this rally, and what that action could mean for the markets and most importantly for your money as well. >> all right, here is where we stand at the moment. these are near final figures as they are putting the final trades to bed here. the dow up 154 points. we were lower on the opening this morning. after the word from the central banks it went up. the nasdaq turned negative going into the final hour and then popped on all of this. theup up 13 points. so a wild day on wall street again. let's get more of what happened. let's get hits, runs, and errors. >> all of the action was in the last hour. there was hoping all throughout the morning of additional qe 3 or operation twist. anything hopes that the probailout party would win in gre

i'm maria bartiromo. volatility on wall street as the investors follow the fed today. it sings following the federal reserve statement, because it did not include mention of stimulus measures, but it rep bounds into positive territory by midday today. the stock market cut the losses in half in the last 30 minutes, the market ending up very, very close to break even. with investors see more action in the next couple months? look at how we finished today on wall street. a complete comeback from the lows of the day, down 12 points on the lows of the session. nasdaq composites finishes up positive reversing all of the losses of the press conference, and the s&p down around break even, a fractional loss. let's get reaction of our panel. we have david rosenberg, and jeff cox. i want to kick this off with you, how are the markets interpreting the decision today? >> nullly as no news. a lot of the statement and action was widely amendmented. there was no additional liquidity provided to the market so the reaction is muted. >> he had to extend operation twist, if he didn't, it

. >> hi everybody, welcome to the closing bell, i'm maria bartiromo, another whiplash day. >> yeah, it's might be's guest how we will finish the day. stocks are swinging higher for the moment as investors shrug off bad news about europe. here is where we stand right now. talk about a roller coaster ride, there you go. the chicago fed president coming owl with words of encouragement that the fed will be there, whatever needs to be done. that sent the markets higher, but we have been meandering sense. we're up right now. the nasdaq at this hour with a gain of three quarters of a percent, and the s&p 500 is up 10 points at 1318. >> i want to show you jpmorgan shares today. mr. dimon is going to be explaining the trading debacle to lawmakers that cost his firm between $2 and $5 billion dollars. we'll have the latest tomorrow. i hope you will catch my interviews with the senate committee members that will be grilling mr. dimon and other guests tomorrow. >> in the meantime, it's good news out of europe, stocks fall, equities rally, so what's going on right now. >> let's get some inside on wher

i'm maria bartiromo. here is what we're following on the close. the market rallying today to the highest level in five weeks. the federal reserve will announce more steps to help the academy after the two-day meeting tomorrow. top strategist weigh in next. should the fed be making any new moves at all ahead of the presidential election. rick perry is with us, one of the fed's most outspoken critics that will join me in an exclusive interview. the dow jones off the best levels of the session. the dow up 96 points, three quarters of a percent. and volume is a little anemic. nasdaq is up 34 points, and the s&p up 13 points. great expectations of the fed helping to fuel the rise in stocks today? and will it be enough for the fears coming out of europe. paul christopher also with us, chief international investment strategist for wells fargo advisors. courtney, let's kick if off with you. >> i'm worried the expectations are a little too high. i think just moments ago as they were talking, even if the fed does decide to extend operation twist, that may n

. >>> hi everybody, good afternoon, welcome to the "closing bell" on this busy afternoon, i'm maria bartiromo coming from you from the colorado idea's festival talking about a host of finishes and the health care ruling getting a lot of attention. >> that is for sure. the supreme court upheld the president's law, and it unleashed a waive of divided opinions that we will cover from all angels. stocks continue to go lower today led for the most part by the financials. the losses on the back of renewed concerns about the size of jpmorgan's trading losses and signs that leaders are meeting in brussels for their two-day summit. we're getting news out of that that we will get to. here is what we have, a sell off this morning, sideways the rest of the day. the down is down off the lows. the nasdaq at this hour is down almost 2% off the lows down 53 points at 5822. obviously technology is heading lower as well today, and the hb is down over a point at this hour. >> bill, a host of headlines making the rounds today. dominated, the high court upheld the mandate as a tax. this was really unexpected sayi

meant to say and saying basically they are claiming what he apparently said or alluded to with maria bartiromo was not what he meant to say. let's play a little bit of the tape. >> i don't have any problem with extending all of it now. including the current spending levels. they are still low. i think they look high because of the recession. the real issue is not whether they should be extended for another few months. the real issue is whether the price the republican house will put on is permanent. i think that's an error. >> with the clinton statement, he said he always said it should be a temporary extension, but the bottom line is he did refer to a recession that is clearly not what the white house people wants people to think about and he did talk about extending the tax cuts. it's not the message. >> it's clearly not. the fact that they had to put out a statement or felt compelled to clean it up suggests that they knew they walked in a different direction than they should have. there is a legitimate argument which is, is the economy in strong enough shape at this point to let the tax cut

among this year's speakers, cnbc's own maria bartiromo.ness news on cnbc. >> you can get all your business and tech news before the bell weekdays on "today in the bay" starting at 4:30 a.m. >>> most people look at recently enact the state budget as a testament to force laws forcing legislators to pass a balanced budget by june 15th. for some there's a hidden benefit for the new budget. let's bring in larry gersten. hidden benefit, i'm shocked. >> we all look at what was spent where and how but have you to go beyond that. perhaps the most important element isn't what was spent but cut. specifically you want to look at things like legislature reducing funding for child care programs. you're talking about $600 million. why do we care about there? federal law requires states to limit welfare to work systems to five years. last year the governor and legislature cut it to four years and now to two years. what's that mean when you cut something like that to two years? it's a statement. liberaling are hitting the roof over this. saying, what are y

the "closing bell" continues now with maria bartiromo. we'll see you on monday. >>> it is 4:00 on wall street on a friday, do you know where wrr money is? the dow surging today to one month highs to cap off what has been a very wild week of trading for the markets. coming up, top strategist will explain how you should be poxed in this environment in the wake of this weekend's big greek election. maybe that show of force is why the markets are rallying in the u.s.? what is happening in greece and other areas of the euro zone, just a coming attraction of what we could see in the u.s., we're taking a look at central bank action globally. take a look at how we are finishing, finishing at the highs of the day up 114 points. more than a billion shares traded, of course today, at the end of the day, we have a rebalancing as well as an expiration that really did create more volume than we typically see on a friday achb. a nasdaq composite. it is up 13 and two thirds points. it could be a different story come monday morning if the anti-austerity f

maria bartiromo's exclusive one on one with nasdaq ceo bob greifeld. >> and i am coming to you rightow from nasdaq's market site. i'm with bob greifeld. thank you for sitting down with me. >> my pleasure, maria. >> it's been a tough week. are you embarrassed? >> we certainly are embarrassed and it's been a tough week but we need to make ourself a stronger and better organization as a result of this. >> that's what you tried to do with this $40 million fund. there was confusion, disarray at the open on may 18th when you first started trading facebook. this was a huge deal. we all anticipated it to be a huge deal. before we get into the logistics and what happened in terms of your fund, tell us what happened that morning. >> well, certainly we knew it was a large deal and we had tested extensively for this volume that we saw. but this testing did not reveal really a design floor in our opening cross. so we had to really do a fire drill to get the cross to go off at 11:30. so trading didn't start until 11:30. it really should have started at 11:11. trading went off at 11:30. the print t

welcome back to "closing bell," i'm maria bartiromo, we're following a tough day on wall street today. stock market at the low of the afternoon. the market suffers the worst slide in three weeks. we're expecting moody's investor service to issue a downgrade of several major u.s. banks. we're watching and waiting for this downgrade we have anticipated it, but even though most people are anticipating this downgrade, the stocks sold off again today ahead of the downgrade. look at how we finished on the financials today. down 250 points on the dow jones, and that was on volume better than yesterday but light in terms of volume. nasdaq down 71 points, it 2.5%, and the s&p giving up 30 points at 1325. the bank downgrades expected but still dramatic for the major banks. joining me now is michael pento, and james bianco, and mary thompson, mary, set the stage for us, what should we expect for this downgrade? >> what moody's is expected to take action on is 15 global investment banks today. they're bank of america, citi, jpmorgan, and morgan stanley are some of them. two notches down on jpmorg

i'm maria bartiromo with the new york stock exchange. the bulls and bears in a tug of war on wall street. investors remaining cautious amid ongoing concerns about europe, despite a win by the pro-bailout party in greece yesterday. will it take more action to the federal reserve to finally bring conviction back to the market? top strategists weigh in coming up on the program. and don't miss my interview with citi ceo vikram pandit. the dow jones industrial average under selling pressure, down 24 points, volume once again on the light side. the nasdaq composite was strong, technology continues to be a hot spot for investors, up 22 1/2 points, up 3/4 of 1%. it's been a pretty good run for stocks since the beginning of june but dan mcmahon says there's zero conviction behind the rally. mr. mcmahon is here with us to make his case along with our own brian shactman. good to you have on program. thank you for joining us. let me kick it off with you, dan. you don't think this market has any catalyst on the horizon until those three issues sort t

i'm maria bartiromo. >> i'm bill griffeth. after the four-day slump we've seen, the dow is poised perhaps to snap its recent losing streak, thanks in strength to the technology sector. financials have also been especially strong, helping to provide support to this modest rally. here is what the dow looks like and we'll see this rally into the afternoon on talk that help for the spanish banks is on the way. they haven't figured out how to do that. we'll talk with steve liesman and rick santelli. the dow is near the highs of the day. the nasdaq is up 18 plus points. the gain in technology i referred to, or it's a 2778 on the nasdaq and s&p is up to 1285. >> i hope you don't miss my interview with bill clinton, sitting down with me a little bit ago. the last president to tackle the budget, talking about the economy and elections and the european debt crisis. why he thinks president obama has a better strategy to deal with the deficit than mitt romney. it's all ahead on this edition of the "closing bell." he did discuss europe. th