thanks so much, mary thompson. now time for "fast money" portfolio where volatility means long-term investing. our next guest says betting 5% of his portfolio on it, in fact. joining me is the president of laventhal asset management. taking a look at some of your stock picks, you wouldn't think these are the steady eddy picks when you look at a caterpillar or green briar. they seem to be more leveraged to global growth here. give us the reasoning behind how you can get behind that. >> sure. but if you will, i'll divide them. caterpillar would be more of a steady eddy. i'm surprised how volatile it is. trading now at under nine times this year's earnings, which i think they can meet with a hop, skip, and a jump. that seems like a no brainer. green briar, you're right, is one that's going to be more volatile. it's a small-cap stock. they manufacture and repair rail cars. there's still an awful lot of rail traffic on the u.s. rail network. these guys are benefitting by repairing all those cars as they go whizzing by.

again as we go to the close, the down is down 105 points. >> thank you very much, mary thompson. to look at that, a trader walked by and said a little short covering as we go into the close here. look at the dow as mary said is up 106 points right now. >> what strikes me is mario monty said they had five days to act, are they in peril at this time? >> you have european equities doing well, but the euro was done president the safe havens were being sold in favor of the risk on assets. so it would appear that the markets are seeing progress coming out of the sum, prapts. >> or it's not the summit, or the status quo, that they will just muddle along and we would be okay? >> which would be a positive. >> absolutely. if it's sad and debilitating, that's better than some of that. >> and the markets rallied into the greek elections a few weeks ago, when everybody figured you want today be heading to the hills, and they were right. >> is. >> tom: is a great discounting mechanism, isn't it? we'll know the message once it's out of here. we want to move on because with the worries of the fi

let's get to mary thompson. >> thanks, it will involve five u.s.anks along with ten other banks, nine from europe and one from canada, the downgrade anticipated after the close today. let's just run through quickly. this is what's expected to happen, b of a is expected to be cut by one notch, jpmorgan, and then the question is what happens with morgan stanley, will it be two or three notches. so where does that put them? for citi it would put them at baa 2 which is two above speculative. still investment grade, but two notches above that. if morgan stanley is cut by three, it without put it on par by city and bank of america. and goldman and jpmorgan would be above both of those as well. the short term ratings with the exception of jpmorgan are under review as well. again, expect it after 4% today. >> thank you so much, equity is not alone in terms of a yell off today. oil is feeling the pain today, and if you want to see it, look at silver, this is also looking at a big move, kourtney reagan. >> yes, just paving the way for us to hit that next key

let's get to mary thompson. she's at the big board. mary? >> not only has the dow erased the gains for 2012, also the nasdaq entering correction territory, dropping below the 2820 level. keep in mind, despite today's decline, the nasdaq off 10% or more, it still remains positive for the year. nevertheless, as was the s&p 500, 1280 was the correction level, 10% below its last high for the s&p, dropping below the 200-day moving average. the ten sectors that we follow, five of them are in correction territory as well. some of them tech, materials, and industrials. these are the groups that have been pacing the market's recent slide. >> scottie? >> financials are feeling the pain. shares of morgan stanley down 5%. if a disappointing jobs report and global economic fears were not enough, the big banks fed potential downgrades by moody's. >> we spoke exclusively with the ceo of morgan stanley, james gorman, about that. >> the industry will be downgraded. the question is, to what degree. what we have done and the kind of company that we are now fro

let me get to mary thompson. over to you. >> citigroup releasing a press statement that it's going to resubmit the capital plan to the fed on monday. you might recall back on monday that the fed rejected most components of citi's capital plan, including return of additional capital to shareholders. citi is not going to request that it return additional capital to shareholders in the form of a higher dividend. they may reconsider it when they submit their 2013 capital plan. citi did say that part of the plan was approved. that is a redemption of securities and it's going ahead with that. maria, back to you. >> decision on capital plan on 2013 will be made this year. >> no. 2013 is in 2013. this is 2012. citi submits it in about 90 days. but, again, citi isn't requesting any additional return of capital to shareholders. >> thank you, mary thompson with the latest there. the latest government plan to help bad loans. our real estate correspondent, diana olick, is in washington to explain this. diana? >> reporter: the

many thanks to mary thompson. joining me is distinguished democratic senator from oregon, banking committee member jeff merkley who was there today. senator, thank you, sir. at one point in the testimony, and i did see your exchanges but jamie dimon says on this investment fund, he said it was a conservatively managed fund. he said this is a conservative fund. derivatives, hedging of hedging, european corporate bonds. those are high risk trades, are they not? this isn't conservatively managed. >> absolutely. they have sold a hundred billion dollars of insurance against the possibility that an index of credit bonds would not fall. when it did they had to pay out the insurance. that's high risk trading, proprietary trading by anybody's definition. >> therefore, doesn't mr. dimon become a poster boy for the volcker rule? taxpayer money stands behind this. funding is hard to trap but taxpayer deposits backed by the fdic might have been used. he said we set up an investment unit. they did high risk stuff. next thing we

we have mary thompson joining the conversation. you spoke with jamie dimon about the claw backs and taking money out of certain people's salaries to pay for the losses. i want to get your reaction. >> i want to talk about clawbacks. >> i don't think it would be appropiate to tell you who, but we have to make the decisions before we finish it. there are some people directly involved and others not directly involved. we need to set a precedence. we'll dot right thing when we figure out what it is. it will not be the blood thirsty thing. it will be the right thing for the company and the people all things considered. people have been at this company a long time, so we will be very thoughtful and it has to be board reviewed. >> will you get back pay? you said the buck stops with you, you acknowledged competency. >> my salary is set by the board of directors, i assume they will incorporate this by the way that evaluate me. it would be inappropriate for me to tell you what board will do. >> confident there, mary. >> that's right, it will

we have an all-star lineup to dissect the testimony and interrue with mary thompson. mary, do you feel you got out of the interrue with jamie dimon what you wanted to get out of it? >> i didn't get a couple questions in there, largely, how could someone with your experience almost 30 years in the banking industry become complacent? we know that's where mistakes are made. as i mentioned during the interview, during the testimony, he called the losses a mistake. born partly out of complacency given the unit did so well for so long. dimon said he trusted ina drew largely because of the strong and long track record at jp morgan but that led to dimon's initial reaction to london whale and led to him calling them initially a tempest in a teapot. we asked him how he reacted when he found that tempest was a category-5 hurricane. >> i remember one point, i just being a little breastless but i remember telling everyone, you know what? this is going to be really tough. i mean, we have embarrassed ourselves. going to be investigations. we're going to have to do this right. it will

mary thompson joins us with that story. >> reporter: my producer and i called just about 40 companies. most didn't return calls, few others declined comment exxonmobil pending tax cuts and spending cuts take place in january, having no impact on hiring and spending planning given its financial strength let's it invest in tough environments. it's not that easy for smaller firms. national association of manufacturers notes 40% of its members of s corporations, taxed at the owner's personal income tax. many face 40% rate if those bush taxes expire. the specter of higher taxes gives these firms little or no incentive to invest now. despite exxon's statement to the contrary, certainly have the fiscal cliff on the radar. a survey by business roundtable showing caution about investment and hiring, too. in a statement the roundtable's chairman saying chief among those concerns, among the ceos, is growing uncertainty, administration in congress can resolve fiscal cliff, tax rates, debt ceiling and budget sequestration. but human reso

mary thompson has the next step for him. mary? >> reporter: looking over my left shoulder, we are waiting on mr. madoff to exit the building along with his lawyers. earlier this morning, he pled guilty to two charges linked to his brother's ponzi scheme, as expected. in a statement to the court, the 66-year-old peter madoff said during his 40 years working for his older brother never had any idea he was operating this kind of investment fraud, telling the court about the brother, i revered and trusted him implicitly. i thought he was a brilliant trader and adding many on wall street thought the same thing and peter madoff said he was guilty of certain actions allowing his brother to set up a legitimate cover to operate this ponzi scheme, general counsel and chief compliance officer at the firm he failed to go over paper work bernie madoff filed with false information and allowed him to set up the false or an investment advisory firm and conducted the ponzi scheme and peter madoff said he reported certain transactions loans as tax

mary thompson just speaking with mr. dimon. she was the first to get him after the testimony.he responded to her question about the volcker rule. >> i think the very important part of volcker is finish the rules. we have the widest, deepest, most transparent markets in the world. those capital markets are one of the engines that built -- helped build this wonderful country of ours. let's be thoughtful about volcker. >> mary joins us now and literally just finished the interview with mr. dimon. nicely done by the way, mary. >> thank you. >> you covered a variety of topics. what struck you perhaps as the most significant in this wide-ranging discussion? >> well, i think, nlg, the fact that he is -- he is as he has before taken responsibility for it. there were no excuses for to happen. within the cio they had gotten a little bit complacent and made changes and he said there is going to be a memo coming out. this is going to be made public on that he actually signed off on changes to how this group measures risk. it's var. again, this is an area of question in large part because

want to go to mary thompson in washington, d.c.t jamie dimon's released testimony from a senator which could give us a glimpse as to how jamie will be treated tomorrow. >> that's right. these are excerpts from senator tim johnson's opening statement. he's the chair of the senate banking committee and will be chairing the hearing where mr. dimon will testify tomorrow. this is from senator johnson's opening statement. today mark it is two month anniversary of mr. dimon's tempest in a teapot comments where he down played concerns from initial media reports of the chief investment saufs trades. we later learned it was an out of control trading strategy with little to no risk controls that cost the company billions. this is in quotes, i have said before no financial institution is immune from bad judgment. he goes on to say, so what went wrong for a bank renowned for risk management where were the risk controls? how can a bank take on far too much risk? if the point of the trades was to reduce risk in the first place or was the goal rea

mary thompson is back on capitol hill. she just came out of the hearing with jamie dimon.struck by the consistency of mr. dimon's answers come paired to the hearing last week. also even though some of those questioners were not exactly friendly to him, he kept his cool. >> reporter: he did. we saw a similar performance to what we saw from mr. dimon last week. as you said, his answers were consistent. he apologized for the bank's loss. he said he wasn't sure if let's say the pending volcker rule would have changed anything. he agreed with some parts of regulation and disagreed with others and essentially, little ground broken at the house hearing today. >> the whole purpose of this was to try to get to the bottom of the trading loss, obviously. i guess we can all agree, he didn't hurt himself in that regard. did they make any progress getting to the bottom of it or did he perhaps head off the possibility of even more regulation coming from congress as a result of this? >> let's go to the trading loss first. he said -- i'm not sure they got to the bottom of it. the bank will

cnbc's mary thompson is here with what's moving your money. king site linkedin and eharmony. >> you have your business contacts and romantic contacts, it could make for some very, very dangerous, i guess you could say, bribes in some way if you were one of the hackers who had this. both companies confirmed security breaches. linkedin sent an e-mail to customers to reset the passenger. eharmony said they reset the passwords already. >> there's a new king of the road when it comes to miles per gallon. honda's new electric. it gets how much? >> 118 miles per gallon. >> wow! >> can you imagine that? that tops -- that tops mileage ratings given by the epa by ford's -- excuse me, cards made by ford, nissan and mitsubishi. this vehicle goes on sale in the summer and we'll see if investors snap it up -- or consumers. 118 miles per gallon. some people wouldn't have to fill up their gas tank for, let's say, two weeks. >> unbelievable. mary thompson, thank you so much. >>> the national preservation is out with the list of most endangered sites in america.

you're seeing jamie dimon dodging cameras, in front of mary thompson, can he dodge her questions next on the halftime money report. ♪ [ laughter ] ♪ [ female announcer ] each one of us is our own boss. ♪ and no matter where you are in life, ask your financial professional how lincoln financial can help you take charge of your future. ♪ [ male announcer ] when a major hospital wanted to provide better employee benefits while balancing the company's bottom line, their very first word was... [ to the tune of "lullaby and good night" ] ♪ af-lac ♪ aflac [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ] ...forbusiness.com. [ yawning sound ] >>> there's only >>> there's only one network that has an interview with jamie dimon in the wake of his testimony chairman and ceo of jpmorgan, it's cnbc. let's go to mary thompson. >> thanks so much and we want to thank jamie dimon for joining us after his testimony today. thank you for joining us. you're the most respected ceo in the country. how could you let this happen? >> i would say was. listen, no excuses but people make m

a short time ago he spoke to cnbc's mary thompson. >> you are the most respected banking ceo in thisry. how could you let this happen? >> i would say was. >> nbc's capitol hill correspondent kelly o'donnell joins me now. pretty dramatic testimony today. jamie dimon under fire. what is the sort of effect in terms of legislation, in terms of regulation, dodd-frank? >> well, he came here to do a few things, to apologize for mistakes that happened in his firm that involved at least $2 billion on the low side of the firm's own money that was invested in ways that proved to be more reckless than intended to protect the firm, so he came to talk about that and to take responsibility also for the way he had originally characterized it as a tempest in a teapot. he changed his story on that, being much more kind of embracing of what a big mistake this was. what some democrats certainly pressed him on is would more regulation, smart regulation, have prevented that, would it be more helpful in the future to ward off these kinds of things, and he did give some acknowledgment that some regulation m

mary thompson -- or the april highs i should say.ary thompson has detail in today's action. >> hey, simon. the dow about two points above its session lows today. basically overall weakness once again because of disappointin c economic data friday. as well as the manufacturing index for the new york region had its weakest showing in just about six months. quick check of some dow movers. factory orders were weaker and effecting some of the big machinery makers including dow component, caterpillar, ge and hewlett packard, also weaker along with the banks in today's session. let's look at some of those machinery stocks, as i said, under pressure because of the factory order numbers today. there you can see goodyear, eaton, joy global among the losers in that group. also airlines are very weak as well. this in the wake of delta posting disappointing numbers on revenue per passenger for the month of may. they were below expectations. that's basically bled into the dow transports and into the rest of the airline sector, which is weaker. the

that will be followed by mary thompson's one-on-one interview with jamie dimon.ayo. we'll talk to him in a few moms. and in the next half hour, a former >>> jamie dimon set to testify today on his firm's $2 billion plus trading lost. it will take place at 10:00 a.m. eastern time on capitol hill. our guest host is make mayo, banking analyst and author of "exile wall street." my question is every bad business model or every bad risk taken by a company bank or otherwise, is that congress's problem? >> well, to put this in con tech, $2 billion lost is not a big number at jpmorgan when you have $2 trillion in assets. if you want to talk about proprietary risk in the banking industry, you know what that number is? $13 trillion. >> congress could get really busy if they started monitoring all 13 trillion of every move that a bank makes, right? >> and you know how much money jpmorgan has lost over the last three years per each quarter, $5 billion. you know how they lost that? the old fashioned way by making loans. $2 billion or $5 billion, that's not significant to me. w

. >>> marie thompson is in for bob. >> as expected we had an early pop.ow is holding on to a 68-point gain. right now the nasdaq um 12. financials and health care stocks leading the early market action following yesterday's big sell-off spurred by a number of things including concerns about weaker global growth, which happened after the market closed. of course, that's one of the drivers in today's session. the react to the downgrades which were pretty much as expected. morgan stanley's already being cut by two notches. there was some concerns it would be three, and its stock is moving higher. also traders are watch fog any headlines out of a meeting between the heads of germany, france, spain as well as italy today. that meeting started at 9:00 eastern, so again they are waiting any headlines out of that. and we could see a big pickup in -- and we have the russell rebalancing ending at the close of trading today. >>> the pop we saw in the euro and corresponding decline we saw earlier when the ecb eased its collateral rules. spain has been outperforming t

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 jpmorgan as well as goldman sachs. the big question continues to be what happens to morgan standly? is it downgraded by two notches or three? it was interested going into the close that volume picked up for shares of morgan stanley. but in addition to that, we'll also get moody's decision on what the reviews are of the short-term rating for these banks with the exception of jpmorgan. it's prime one, highest quality rating was reafirmed. it's the long term ones that we're looking for, and it is expected to be eminent, but financials about the middle of the pack. . the story today many traders told me concern about the global slow down as evidence by data abroad and here as well. >> let me ask you jim bianco what you would do, moody's say they were reviewing back in februa

. >>> let's get more market action, mary thompson. >> hey, a rally today into average volume driven by the positive data we received. that gave a lift to the markets and also to the home building index that significantly outperformed the s&p since the beginning of the week, i should say, on the heels of other positive news from the housing area. the housing stocks as i mentioned among the leaders today, lennar contributing to the gains, and key in mind this week on friday we get earnings from the homes. these are the sectors that lead a broad based rally today. financials made a strong come back, industrials, health care, and thunderstorms also. we saw a pull back in the hmo stocks around 2:00 psm earn today. not participating today were the consumer digressionary stocks because of a weakness we saw in retailers. also contributing to the weakness and consumer digressionary issues is o'reilly auto is forecasting a down trend. just quickly, the first u.s. ipo since facebook today held steady throughout the day. >> a braef company coming to the market. mary, thank you very much. looking a

mary thompson is keeping an eye on the markets for us.ou make sense of this for us. >> looks they they will hold the gains, the question is will they next week. expectations for stimulus driving the markets. here and abroad. as we go into the close, the dow industrials the best performers. i just want to show you the stocks that contributed to the dow's gains this week. johnson and johnson up on the adding of synthis. ge east gains up. industries, materials, and energying ul winner this is week. jpmorgan higher after investors applauded the testimony of jamie dimon down before a senate hearing on wednesday, and at&t reflecting gains in teleconn stocks. >> we're less than 20 minutes away from the closing bell right now, wrapping up quite a week on wall street with this rally continuing 20 points. >>> and a very volatile few days here for shocks even though we're higher for the week. these swings make retail investors nervous. joining us is brian murdoch, a ceo and they oversee over $200 billion in assets. and you have to make sense of this

mary thompson is on the floor of the nyse. they're hoping to drive the stocks up, a fairly narrow range for the dow thousand on rebalancing. since about ten minutes before the close we have seen well over 800 million shares change hands on the floor here. it is about 3.7 billion right now and keeps going as the rebalancing continues. but the 3.7 consolidated and the 1.4 on the floor is well above daily volume. financials, health care, technology, and energy the winners. as investors came back into the market after what some traders say was a oversold session yesterday. moody's downgraded, at least in the after hours yesterday, about receiving the majority of the attention because there was a speck lace it would be a three notch downgrade. there was league issues there to put pressure on the stock during the day. transports were not in the rally today, so although they came off the session lows, look at the railroad stocks. i believe union pacific closed higher today. there was around about a class action lawsuit for price fixe

. >> yes with us is steve rapner, and mary thompson who interviewed jamie dimon. you pressed him on the still undisclosed size of the loss from this trade. let's listen. >> tell us how bad it can get? some estimates say the loss could total $5 billion. >> i consistently told youly not tell you. on july 13th, we'll tell shareholder what it was in the quarter. in the testimony today we said the risk has been reduced such that it could still lose money, but it will be the probability is less and the magnitude is less. here is the way to say it. we say we will be solidly profitable in this quarter and in the third and fourth quarter unless something else goes wrong. but it won't be because of this. >> so it could be -- >> you can ask 100 times, i'm not going to tell you. >> good try, mary. and she would have asked a million times too. >> i would, but we were running out of time. >> steve rapner, where is the transparency on that? is he obligated to tell us? >> i think he is on july 13th to give you a full update on the financials for the second quarter. he is obligate

mary thompson was there with highlights for us.more testy testimony today. >> there were testy exchanges, but a lot of them were between lawmakers arguing about things like dodd frank and procedural issues rather than congress and mr. dimon. jpmorgan's ceo facing tougher questions pressed on why the cio risk limits were changed. he skirted those and those from barney frank asking if he would give back some of his own pay. >> the action will be reviewed by the board -- >> just answer the question. >> my compensation is 100% up to my board. >> mr. dimon you said there will be clawbacks for people responsible, is your compensation in the pot? >> he could not tell lawmakers how big the eventual loss will be. >> could be be a trillion dollars. >> not unless the earth is hit by the moon. >> he spoke about derivatives. he says his primary concern is more for the united states because whatever is good for the united states will be good for since bank. he set the tone apologizing for the losses and to lawmakers for taking their time up on t

mary thompson has more details for us. >> as we go to the close we're about 20 points off the best levelsthe day. some people said we were a little oversold going into today's session after yesterday's concerns about the global growth. but let's see how we're setting up for the week. the nasdaq is higher. as far as the worse performing sectors of the week that were broadly lower, energy of course, weakness in energy prices, utilities under pressure too, and consumer staples in the wake of the disappointing progress. now, as we ahead into the last trading weak of the month, this is how we stan, the dow, nasdaq, and s&p showing a 2% gain and the best performing sectors have been telecom and mc. today financials are the best performing. again telecom, mc, and financials. >> rallying or not, the next guest. >> eddie: guest says forgets the county grades. he is todd shoneberger. >> tot, why don't you like the blands here? >> several hurdles, you can look at the regulatory problems we have right now. it will cost been $650 million of that bottom line, so you think about the bullseye on their ba

i want do get down to the floor of the nyse where mary thompson is standing by. mary, lots of things going on, quadruple witching, for example. a lot of comments coming out yesterday. uk says it's ready to do more stimulus, the ecb saying it's possibly hinting at a rate cut. with the gains seeing today and late yesterday, is that put already priced in to the market? >> i'm sorry, mandy. the put on what? >> i was saying the possible coordinated global central bank action -- >> yeah. >> is the possibility of that priced in to the market as we stand? >> yeah, certainly. i mean, that's what they seem to be looking at today when you have the dow close to the session lows. you know, all of this despite continued weak data of the united states. not only expecting, you know, support of the central banks around the world in the event something happens in europe and increasingly the talk on the floor here is that there will be an extension of operation twist or some kind of added stimulus of the u.s. federal reserve here, as well. all of this providing support to the market

for more we want to turn to cnbc's mary thompson at the new york stock exchange. would this finally be a worldwide rally? >> near term, stocks could extend their climb if they perceive bernanke's comments as being friendly. the markets rallied on expectations central banks around the world would take additional actions to boost flagging economies. what could he do? his second in command vice chair janet yellen saying in a speech she thinks it could either be bond purchases further extend i should say hiking interest rates. we'll keep watch on it today. back to you. >> we'll be listening for those comments. mary thompson, thanks so much. >>> new reports this morning of yet another massacre in syria. we have the latest now from cairo cairo. good morning. >> reporter: activists inside and outside syria say the village witnessed about 250 residents in that village, 100 of them were killed, many of them at close range, executed by government supporters. meanwhile, the diplomatic efforts continue to stall. secretary of state hillary clinton in turkey trying to bring tog

let's check in with mary thompson at the nyse, rick santelli at the cme. mary, feels like the loss is coming out of nowhere but you have a global slowdown and therefore feels like a globally synchronized selloff. >> felt that way. it was interesting, mandy, at the open. we had a mixed picture. disappointing data of germany on the manufacturing read but then, of course, 10:00 we had very bad data here in the u.s. most notably on the philly fed list and then after that, we had the call from the firm goldman on shorting the s&p 500. all of this combining to accelerate the selloff we are seeing right now which is certainly driven by commodities and materials today. let's take a look at the leading losers within the dow which right now is sitting call it about 13 points above the session lows. again, that is commodities and tech story. all of these weaker and bank of america, as well. keep in mind a number of people waiting to see whether or not moody's comes through with the debt downgrade that's been talked about since last february on the global investment ba

. >>> down here on the floor of the nyse, mary thompson is here to tell me what's going on with importsghs of the day. seen steady gains throughout the day. a couple of things here. on the data, driving the market today. of course, as investors keep watch on any headlines coming out of europe ahead of the summit. look at the s&p. and then what i noticed is breadth of the rally today. is this a bid for the u.s. economy in general, the things worse finally behind me. a number of people said, yes. take a look at the sector leaders. energy, health care, utilities, financials. financials having a turnaround later today. this is one of the reasons we have seen the markets accelerate a bit there. although credit suisse is not participating in that. perhaps suggesting a disconnect of europe and the u.s. it's a 20-year low and concerns about capital raising there but to go back to the traders saying, they say if you look at the market action, specifically yesterday with those negative comments out of merkle saying as long as i live we won't have a common euro bond, the markets managed to hold on

mary thompson has details at the big board. >> this involves the recommendation of proposed rule makingrning basel recommendations. they subpoena mitted this to the federal reserve and they will hold a vote on this at 3:30. the staff recommends recommendations in line with the basel iii recommended. they recommend that they have a tier 1 capital push in. as far as large banks go, under this proposal they will be required to hold more capital against their trading book and against otc derivatives. the staff is recommending these proposals be issued for a 90-day public period and, once again, the vote will take place today. the fdic and o.c.c. will be voting on proposals. maria, back to you. >>> the nasdaq facebook mess casts a bright light on all of the exchanges. bob greifeld told me yesterday that they are setting up a compensation plan for anyone who made mistakes and lost money on those errors. >> it's important to recommend niz that i think all of the exchanges around the world are not happy with the position that we're taking because we've now set a precedent that others will look

let's go live to mary thompson live outside the house hearing room where things have just wrapped up. last week was really softball and the jig jamie dimon did in front of the cnbc cameras really set it off. how is the tone different today and what did we learn from last week? >> the tone wasn't that much different. broke down on party lines wanting to hear from jamie dimon what he thought about the regulation and the chairman came to his defense several times who kept pressing him on loss, he can't tell you right now. baucus did further and ran defense from him coming out of the hearing room, blocking him from reporters trying to get a shot at him. some of the democrats continue to press him on things like the size of the loss and risk management, including representative carolyn maloney. listen how she pressed him how changes in risk measures s as chief investment officer may have caused these greater loss. >> were the risk limit rules raised while the loss making position was on the books? >> no, they sometimes limit triggers and as you prefer the focus in details, some things you

cnbc's mary thompson is at the new york stock exchange for us. >> good morning, natalie. asian markets selling off overnight following friday's decline on wall street. the weak jobs report and disappointing manufacturing data from china raising concerns about a global economic slowdown. those concerns putting pressure on oil prices today. they dropped to a 16-month low. they've also prompted eurozone officials to consider steps towards greater fiscal unity. the type of master plan aimed at shoring up that region's increasingly troubled economy. back to you. >> all right mary thompson at the new york stock exchange, thank you. >>> a space shuttle got its sea legs unday as the "enterprise" hitched a ride to its new home at the intrepid sea, air and space museum. it will eventually go on public display on the intrepid flight deck. >>> and tiger woods came roaring back to his old form, winning the memorial in ohio on sunday. it's his fifth victory at the tournament, built by golf legend jack nicklaus. a moment made more significant as the win tied woods with make laws for sec

he's going to talk to mary thompson one on one after the hearing.ne question will be, to what degree does he keep his cool? does he start the return service if these senators really give it to them. >> he apologizes. he says i'm sorry. who's jpmorgan's man on the committee? al law. always somebody on the committee. someone on the committee that always kind of helps it all. makes it so that it's not so bad. >> he doesn't lack for confidence. i look forward to watching. >> i'm serious about this. because the shareholders have paid. these guys -- i'm sorry. you say i'm sorry, do you feel bad? is it like a crisis of confidence? is there some sort of -- do you have -- is this an existential moment for jamie dimon? >> you're like ali mcgraw. banking means you never have to say you're sorry? >> you say you're sorry. still get paid a lot of money. everyone else in america says i got to get that job. that job's a good job. i can screw up. hold billions of shareholders' pay. i make my money. what a super job. i want that job. i want that job. >> you got a pre

. >>> i'm mary thompson at the new york stock exchange.ones industrial average off the session lows. still concerns of a global slowdown is gripping the markets today. also pressuring the markets, look at the s&p 500. a call of xwoeldman sax after a weak filly fed reading today saying short to 1285 putting pressure on the s&p. risk on trade is off. today. the nasdaq also under pressure looking to end a five-day win streak today as the big tech stocks are taking it on the chin, as well. once again the dow down 175 points. we'll have more on "power lunch" coming up. >>> >>> at the markets flash desk, commodities under pressure and more concerns about a global slowdown. take a look at the price of silver down more than 5%. the worse day in two and a half months. now, in response, silver stocks as you can see right there moving sharply to the downside. look at sil, down 5.6%. back to you. >> all right. thank you very much. listen, sue. we are about 177 to the downside. >> right. >> it's almost one of those things where it's hard to tell what's

let's go down to mary thompson outside the courthouse in lower manhattan where peter made off, bern madoff madoff's brother, just pleat guildy snez he was linked to the ponzi scheme. in his statement to the court, 66-year-old pete peter madoff said a company he worked for for 40 years, that he and others had no idea he and his brother ran a ponzi scheme. he said he trusted him implicitly, bernie madoff. he said that he was deeply ashamed of his own actions. actions including certain transactions with his brother, bernie, to disguise loans so they wouldn't be taxable. even his chief compliance officer, he never did the job, allowing his brother to submit certain forms to the sec that contained false information. he also said he put his wife on the payroll of the company even though she doesn't have a job there and never reported certain gifts and other perk given to him, to the irs. speaking during the sentencing, he was fairly forceful, though he answered the judge's questions very quietly. now his sentencing hearing will happen on october 4th n. in the meantime, he is released op $5 mill

let's get to mary thompson on the floor out stock exchange. >> mandy, a broad based decline, concerns of the economy front and center when investors looking and focused on the decision from the supreme court earlier today. as you mentioned, the broad based decline is led by techs and financials and the nasdaq wiped out the gains for the month of the year -- for the month of june. it does remain positive for the year. also, heading toward the close of that trading session, crude oil is trading close to the lowest levels of the year and lowest levels since october of last year. take a look at how the energy sector, another group that's under pressure in today's session, take a look at how some of the stocks are performing as crude continues to slide on concerns about a weaker economic outlook. health care stocks mixed in the wake of the supreme court's decision. we want to dig deeper in the banks. under pressure. jp morgan leading decliner in the dow components. there's a story in "the new york times" saying the loss could be $9 billion. reporting by the cnbc colleagues puts it more at

for more details on that, mary thompson joins us to reset the market. it's an ugly day down here. >> it is and got uglier over the last 20 minutes or so. sue, during the president's speech, market hitting session lows. a trend set earlier today with the jobs report, dis appoiappoi data out of china and india as well. the dow jones industrial average as you mentioned downright now 232 points, but the index i've been watching throughout the day is the s&p 500. sue, you mentioned it early, breaking down technically. when we came into today's session the number to watch was 1284 in the s&p 500. that's its 200-day moving average. it's moved below that now and remains there. again, if it finishes below that, that would suggest further weakness to come for the s&p. now, it's been moving very closely along the lines of what the euro has been doing. we actually saw the euro pop on the jobs number, the bad jobs data here in the u.s. and when the euro erased some of its earlier gains, the s&p moved lower there. you can see the euro actually holding onto those gain

mary thompson is looking to d.c. for the reasons why. >> there's a senate banking committee hearing being held as we speak. and at the hearing the regulators are bearing the brunt of the criticism from lawmakers. it is a wide ranging hearing today touching on dodd-frank, volcker and the jpmorgan multi-billion trading loss. essentially what's out of the hearing is regulators and lawmakers say the bank can easily withstand losses that are not a threat to the financial system. but the question from lawmakers is why didn't regulators, specifically the occ, catch the losses. we have one regulator again pointing out the criticism of all the new regulation that has come through in the wake of the financial crisis. keep in mind, it is typically loan, not trade, that verbally cause bank failures. questions as to whether or not the volcker rule would have prevented the losses at jarks jpmorgan, investors say it is too soon to tell, but this could affect how the volcker rule is eventually written. this is also a positive for re

mary thompson mentioned the fact of a quadruple witching on wall street and volume is heavy.ned. we'll hit the floor after a quick break to talk more about the wild week of trading and help you get ahead of next week. there's a two-day fed meeting. you have to stay tuned. tdd# 1-800-345-2550 let's talk about fees. tdd# 1-800-345-2550 there are atm fees. tdd# 1-800-345-2550 account service fees. tdd# 1-800-345-2550 and the most dreaded fees of all, hidden fees. tdd# 1-800-345-2550 at charles schwab, you won't pay fees on top of fees. tdd# 1-800-345-2550 no monthly account service fees. tdd# 1-800-345-2550 no hidden fees. tdd# 1-800-345-2550 and we rebate every atm fee. tdd# 1-800-345-2550 so talk to chuck tdd# 1-800-345-2550 because when it comes to talking, there is no fee. wouldn't it be nice if there was an easier, less-expensive option than using a traditional lawyer? well, legalzoom came up with a better way. we took the best of the old and combined it with modern technology. together, you get quality services on your terms with total customer support. legalzoom documents

mary thompson with a round up of all of the action. >> hey maria, as we head toward to close, about ans looking perkener, moving above the flat line in large part because of the rebound we saw in oil prices. you heard the report about ten minutes ago with crude oil snapping a four-day losing streak. that returned a number of oil stocks later in the session starting around a quarter to 2 to 2:30 eastern time. that helped drive the dow into positive territory. those stocks have come off its best level of the day, as a result, the dow off its best levels of the day. >> stocks are back to below two-day moving after wrath and many averages, back causing lows for the year. we have to give props to morgan stanley's adam parker. late last year he was a loan skeptic that this mark woet go higher. he didn't believe there would be a sustained bounce back any time soon either. >> he said the market would go lower. >> he didn't see much of a rally or a reason for much after rally. >> he still his has eyes on s&p 45u7b price target of 1167. s&p right new at 1275. about a hundred point lower. adam jo

. >>> joining me now here is mary thompson. down day overall. not a lot of volume. >> no.eeing high volume. the hospital stocks and the medicare stocks trading three to four times the average daily volume. jon talking about google tech a factor today weaker. markets off the session lows. hit them following the supreme court decision. the trading desk shifted attention there away from the key stories following to concerns of europe. it doesn't provide any kind of promen tum going in to the second quarter essentially is what traders were saying. nothing positive to take for the current reading of the reading of the current quarter. >> and the banks. a mess. >> take a lock at the sectors driving the markets because it tells the story. tech was weak. financials, second biggest decliner and material. risk-on trade is off today. and then health care. so that's the fifth. there are pockets of strength in there. as you mentioned, the banks. highlighting here two. jp morgan, biggest decliner in the dow. we have been reporting as the colleagues that the report in "the new york times

. >> as for the trading action here we're up 48 points, mary thompson joins me here on the nyse floor the mini summit you're not buying it here. >> not at all. it didn't cause a ripple. talking to traders ahead of the open they said that was one of the things they were focusing on, the headlines came out, not much of a reaction. >> i'm surprised. >> we're holding on to the gains and been in a fairly narrow range. bit of a change in leadership, financials early on seeing a pickup in energy, health care stocks have been strong throughout the day, and tech is actually taking a leading position right now. take a look at the lagers, though, because yesterday there were all the concerns about the slowdown in global growth, materials and industrials weaker. the weakness in industrials continues today and utilities have been weak, transports under pressure, the railroads are the weak sector, concerns about a class action lawsuit. energy as i mentioned making a rebound there as you can see, it's starting to climb along the back of a recent turnaround in the price of crude in today's session, a

mary thompson joins me on the new york stock exchange floor.the downgrade of spain. >> right. >> that those europe worries might take some steam out of this market and they haven't. >> not at all. the markets did fade during bernanke's testimony. i'm not sure his statements were unexpected. that's what traders say. there were no major surprises. still he said the fed will act if needed. he said the effect, if it does act, will be limited. that's a bit of concern and put the ball completely in congress's court saying you need to do something next. once that said, he stops speaking, the markets moved higher. let's look at the s&p 500. it remains hemmed in this 1250, 1230 range we have seen. came close to breaking above 1230 earlier but it's now pulled back. broad base rally we're seeing today led by the materials, the industrials, energy stocks also higher along with financials despite weakness in the broker dealers. telecom is the outliar and medicare health care providers -- medicaid health care providers hit because molina's withdrawing guidan

mary thompson, what are you hearing right now? >> same story as friday, mandy, weak pressure on the markets right now. the dow jones industrial average down about 54 points in the wake of a disappointing number on april factory orders and some disappointing readings on manufacturing in the new york state area. you can see the markets off the lows of today. but take a look at some of the companies that are under pressure from the news of those weak factory orders, specifically the machinery companies, companies that make heavy equipment, et cetera. all of them under pressure in today's session. the s&p 500 continuing its slide as well. of course friday breaking below it's 200-day moving average. today breaking below near-term support at 1275. 1250 is the next level a number of technicians are looking for there. what are the groups pacing the decline in the s&p today? some familiar names. industrials, financials, materials as well as energy among the weaker groups. one bright spot is retail index. it's been trading pretty much above

. >> let's check in with mary thompson. >> how are you doing, melissa?he dow has come upmost of the day. now down 143. traders' response to the jobs' number staggering in that it was so bad and disappointing.ting they say prior to this number, there was a thought here in the markets that the u.s. was holding up better than the rest of the economies in the world. if there is any positive in this report, it does start some chatter about qe3. it could put pressure on crude oil and gasoline which, in turn, could be positive for consumers. as i'm watching the headlines, you can see that crude picked up in large part about easily hitting the markets. again, as we checked the dow, it's up 150 points. that would raise all of this year's gains. another level that traders are watching are 12, 84 and the s&p 500. that could be a significant downside, i should say, to the s&p. >>> a couple of stocks that we're watching today, groupon, i don't want to go on about this because you guys have been touching on it all day. half of it where it was at $20. bp was actually h

mary thompson. >> holding onto steady gains, dow 15 points below its highs of the day.t we've seen is the markets hold onto gains on expectation for stimulus either overseas or here in the u.s. in large part because of the weak data we received on industrial production, empire index or empire state index and consumer sentiment all, of course, fueling expectations when the fed meets next week we could see added stimulus provided by the central bank. the leaders today, risk on trade back in vogue today. we've got strength in materials, energies, tech stocks also strong today and industrials. also keep watch on the aussie dollar, another indication of whether or not the risk on trade is on, which indeed it is today. you can see it bounced off that year-to-date low it hit at the beginning of june. since then it is up well over 4%. the weak area today is the banks, which is unusual because, of course, as simon was mentioning earlier we saw some strength in the european banks. not the case for european banks. if you look at the major banks, citigroup underperforming the other

big the bets were, wouldn't go into the details, and took the hit and said it was his fault with mary thompsonbc immediately afterwards he was asked by mary about the fact that he had the best reputation and he said no more or something to that effect. he's very blunt and kind of admitting his fault in this. geithner again said that they handled it well after the fact, and that they did the best that they could and that the system worked in a strange way because they had enough capital so that they were not risking the entire system by these bad trades. >> that's my point. he's a straight shooter, comes across and also helps when you have a senator or congressman saying you took the tarp money and he said we did that as a favor. we didn't want it. we had to. >> >> can i ask a broad and sin veer question. >> as opposed to the insincere question. >> but i mean it. what was the point of that exercise yesterday? i know what on paper what it's supposed to be, but did we learn anything from that? did we gain anything from that? will the system change? i'm not saying he shouldn't have been called but