as bob pisani said, only about 45% of companies are beat top line. it reflects the sluggish global economy that we have. >> so what is the message of these earnings, and how should investors use that information when they're making their investment decisions? >> well, again, we do think you're going to get a bit of a setback in the market. but longer term the economy is still growing. well would use that as more of a buying opportunity. if you look within the earnings what you're seeing is the company that has more stable earns path like consumer staples are doing okay, where the more cyclical-oriented companies are the ones that seem to be disappointing here. you're paying a pretty steep valuation differential for the stable earnings companies like consumer staples. so we would actually start to look to rotate the other way, thing the economy is going to improve and get into more cyclical areas like technology potentially. >> oh, you would get into technology? you see bargains because they've been so beaten down over the last couple of weeks? >> yea

bob pisani shows us how, right now. bob? >> hi, maria.e prospect for rising rates? i know, it's not an issue this week, but it may be some time in the near future. and for everyone who's still holding those old-school bond etfs stuffed with treasuries, there's alternatives. there's etfs. one of the big winners has been from power shares, the senior loan portfolio, the symbol is bkln. it's attracted a lot of interest in assets and the reason is because it's designed to protect against rising interest rates.ç that's because this etf tracks an index of the 100 largest institutional leveraged loans. these are loans by companies like tribune and clear channel, chrysler, del monte. but these are floating rate loans. the rate adjusts over 30 to 90 days, so when the rates go up, their rates adjust upwards. think of it like an adjustable rate mortgage for bank loans. here's the catch, most are high-yield loans, which is good news, because most you get these juicy loans. they pay more yield because the companies are more leveraged, but these loans

bob pisani has more from the floor of the new york stock exchange. >> it was an ugly day for stocks. down on concern about slower global growth. but an ugly day for the markets got uglier just before 3:00 eastern time when word come of two explosions at the boston marathon. the dow, already down 165, quickly lost another 50 points and closed down 1.9%, the worst one-day drop since november of last year. the vicks or volatility index, also known as the fear index, also jumped and ended the day up over 40%. the day didn't start out much better. gold and other commodities dropped big at the open. gold in particular, down 10%. its worst one-day decline in 30 years. other commodity stocks like mital, tinto or cliffs natural resources were also weak. defensive names like walmart were also done, but fared better. the main catalyst for the sell off was concerns about slower global growth. china reported gdp for the first quarter below expectations. with europe in recession, trader rs now worried where is the growth going to come from. i'm bob pisani at the new york stock exchange. >> as bob

bob pisani in the middle of the action. there's the nasdaq up 30 points with technology seeing the same chart pattern and the s&p 500 at the same exact time. >> gold did the same thing. the currencies did the same thing, oil did the same thing. >> huge market reactions across the board. let's get to bob pisani in the middle of the action. over to you, bob. >> 140 points in one minute, it was wild on the floor. but we're right back to where we were prior to that 107 move to the downside. it's been a good day and a good day because of earnings. they were fine. here's the big story. big multi-national companies, your united techs all came out and affirmed their 2013 guidance. a couple noted their earnings will be a little light. they're expected to make it up in the second half of the year. that was good enough for most of these companies and for the overall market. take a look at airlines. good earnings, great earnings reported from delta. good one from u.s. air. delta said the magic words. we're well positioned to generate s

here's bob pisani with the earnings scorecard. >> it was a good day for earnings, and most importantly, big, multinational industrial companies like united technologies, ingersoll-rand and illinois toolworks affirm their 2013 earnings guidance and if there were significant signs of an ongoing global spot of it. it may be a little bit below expectations, but we expectest mo of the way through. here's the good news. almost 70% of the company's reporting have been reporting expectations. the only 42% are beating on the top line, on revenues and that's way below the 62%. this has been a problem for several quarters and it means the companies are able to do well on earnings because they become cost-cutting monsters not because they're increasing their revenues and of course, it's good for companies to become more cost efficient, but the lack of revenues and adding to the employment problem. companies are reluctant to hire more people when they're not able to sell anymore. for "nightly business report," i'm bob pisani at the new york stock exchange. >> here now to talk more about those first

bob pisani has the details. bob? >> well, importantly thing here is it started off very ugly, michelle. take a look at dow jones industrial average. ugly right from the start. we were down as much as 193 points at the worst part. in the middle of the day, we kind of came off of our lows and most of the traders attribute that to news that progress was being made on the boston marathon case, as you heard there from scott. there's the dow industrials, for one month. here's the problem that everybody's got down here. we were in an up trend in the stock market, all throughout the year, until monday. and now we have had two days, bad news, 90% of the volume on the downside monday, and 90% of the volume on the downside today, selling. now, this may be the start of a trend reversal. that means instead of an up trend, the market's not in an up trend anymore. these kind of internal indicators is what people look for. that's what people are lacking for. your big base metals, copper, aluminum, nickel, are essentially at 52-week

but first, let's get to bob pisani with this volatile day.

and bob pisani, are you going to show this chart?ere it is. >> there it is. >> this is typically what's been happening lately in the last hour -- i mean, this is for the whole day, what the typical hour looks like of the s&p 500. and look at the last hour. that's when you'll see a lot of buying come in these days. that's when people are willing to commit to this market, after they've seen how it trades during the day, bob. >> yeah. and the important thing is, what this chart is showing is that there are bigger price swings to the upside in the last half hour than the rest of the day. now, this intuitively makes some sense if you know that the market's had an incredible year. we've been up almost every day of the year. we're up 10% in the year. so when you have this kind of momentum going into the close and you're up most days of the year, the momentum guys stay with the market. and they basically stay long. so i can assure you, this chart would look differently, bill, if we were down 10% on the s&p 500 this year. you wouldn't see the

talk to you later, bob pisani. the s&p 500 with another gain.ith extended hour action right now. >> hey there, maria, headlines here on open table, that's the restaurant reservation system. and here's the new steven cohen's s.a.c. capital has disclosed a 5% stake in the company. right now, unchanged in the afterhours, but open table up about 14% this year. maria, back to you. >> all right, josh, thank you so much. we're going to come back in one moment with a lot more ahead on "closing bell." stay with us. at a dry cleaner, we replaced people with a machine. what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. ♪ [ agent smith ] i've found software that intrigues me. it appears it's an agent of good. ge has wired their medical hardware with innovative software to be in many places at the same time. using data to connect patients to software, to nurses to the right people and machines. ♪ helping hospitals treat pe

bill and i now joined by bob pisani and art cashin. you've been making calls to trading desks and also the exchange to find out security. art, give us your sense of what happened when this first broke and the impact to the market. >> okay. as you know, maria, the rumor was down here on the floor before it ever hit the news wires. probably came from tweeting and blogging. maybe some people were actually at the race. it had a minor effect. the market began to come in a little bit. when we found out it was two explosions, people began to worry about was that terrorism? more than one event, that's when the markets came in the most. subsequently, there was speculation or rumor that at least one of the explosions may have come from a garbage can. that didn't sound terribly sophisticated. that might be a revenge kind of thing preside thing. the market came back. >> we're now back at the lows, near the lows. >> we have about 600 million for sale. $600 million worth for sale on the bell. that's putting some pressure on. >> mary -- >> to me, art

nonetheless, bob pisani, the market reacted,ened it was quite scary how quickly. surely humans can't affect the market that quickly. to what degree was it the computers kicking in here? >> very much the computers here. let me show you how fast it happened. it was about 1:07, mandy when we had the first word of the twitter account. down here on the floor, i can tell you the market moved faster than the traders themselves could react. i was stander here. people said, what happened? and we started looking for the sources. about 140 points in the dow. it occurred in less than two minutes. look at the s&p futures. and you can see the drop down, pretty similar overall. people wonder, how do you get a market to react in 20 or 30 seconds, you get a drop of 140 points. the programs have different ways to work. one it on keyword recognition, when you hear or see the word explosion and white house at the same time, you sell. the other is trend following programs. when the market is moving down very, very rapidly, you keep selling into it, then when you sense a bottom, you bu

i don't know if pisani. all right.ni and now that he's had time to get his head around the markets and let's head back to you. >> i want to point out what movies have gone for. this is from my childhood comic collection. sales of suspense, '39. this is the first avengers a few months later and iron man looks very, very differently. the point is the value of these movie franchises have driven these comic book prices through the roof. >> a mint copy, these are not near mint copies sold reportedly for $350,000. they were nowhere near that ten years ago. >> good heavens here. pitney bowes, cummins, pfizer all missed here. cummins missing on the top and bottom line. weakness in europe, weakness in brazil and china. i think your point was very good go about the bottom because cummins like eaton came out in the press release specifically saying we expect the low quarter will mark the low point. and we've heard time and again with the big industrials and companies saying things will will be better in the second half of the yea

joining us is jane wells and bob pisani.ederal bankruptcy judge has ruled that stockton, california, is eligible for court protection from its creditors. in today's yahoo finance question we asked -- 61% say yes, if they need the cuts to recover. 39% say, no, it's not fair to the pensioners. jane, since it's in your neck of the woods, what do you think? this has big ramifications out there. >> unfortunately under state law, calpers is not a creditor. so it will being if -- my feeling is if -- this should at least by on the table in the public sector. united,. y brother-in-law who >> it's an interesting question. where do people figure in, so should pensioners be protected against, for example, bondholders? we had this in europe, dealing with deposit holders. i think it's illegal in many states, jane, right? to cut pensions. i think that's an interesting legal question. >> and vallejo got through bankruptcy without doing it, but san bernardino is in bankruptcy court with a plan to cut the calpers. >>> "new york times" reporti

bob pisani. we were just trying to do the math here. friday, think about this.er the unemployment number came out, the dow was down 170 points at one time. we came back 130 of those points. and now we're up another 26 points. >> that's what everybody's talking about. staring at this thing saying, huh? the s&p -- i watch the s&p. was 1540 friday morning. now we're at 1560. what are we up? 1.5% since the worst jobs report anybody has had in virtually years. i get the e maims. it's all about the fed. the fed is backstoppi inping everything. the s&p is up 100% since the bottom in 2009. earnings are up 100% as well. people don't want to discuss that. they want to say the fed is behind everything. >> things are getting better. earnings are hardly tearing things up. expectations keep coming down, as we were just pointing out, with alcoa, for example. they were looking for 13 cents a few weeks ago. then came all the way down to 8 cents. >> this is as old as cell site analysts. we were expecting earnings to be up more than almost 6% at one point. now it's down to just a

i'm bob pisani at the new york stock exchange. >> as bob just mentioned, the price of gold plunged today, recording its second worst loss ever and closing below $1400 an ounce for the time in more than two years. today was the first time ever that the dow and price of spot gold both recorded triple digit losses. why is selloff and what may be next for the precious metal? jackie deangelis has our report. >> another massive selloff in the gold market today, but what's fuelling the fur rouse rotation? several factors are at play including the continued strength in the equity market. gold had lost its luster, but gold is also an inflation hedge and as long as the fed continues with its stimulus program, investors believe inflation is likely to remain in check. >> people thought the price of gold was a good hedge against stock market moves and forgot that the price of gold really is an inflationary hedge and then you buy gold to preserve purchasing power. while we're not seeing the signs of inflation because commodity prices have not risen. interest rates have remained low, so the cost of com

bob pisani? >> the multiindustry companies, we heard from ge last week, textron.uys make a lot of stuff all over the world. >> ibm. >> tomorrow illinois tool works. united technology. ingersor ingersoll rand. some of these companies might disappoint and say, listen, the global economy is a little on the slow side. we saw ge down today. >> ibm was the loser. down 8% in one day. bob, what's kboing going on, th? is it the slowdown in the global economy? >> yeah. that's why you want to watch these multi industry companies. it's nerdy to talk about ingersoll rand. but they make the stuff out there behind the walls. they make all the things that keep these buildings going and systems operating. when they talk about things slowing, we don't know if they're going to, but we've heard about slowdowns globally. that's where you're going to see it first. >> ingersoll rand is also going to sidestep on the housing recovery. that could be a positive. >> a little bit. you're going to tear them talking about where things are overseas. what's good about these companies, a lot of ea

jeff cox, bob pisani face off on the issue, next.with us. ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪ transit fares! as in the 37 billion transit fares we help collect each year. no? oh, right. you're thinking of the 1.6 million daily customer care interactions xerox handles. or the 900 million health insurance claims we process. so, it's no surprise to you that companies depend on today's xerox for services that simplify how work gets done. which is...pretty much what we've always stood for. with xerox, you're ready for real business. >>> welcome back. we want to get back to the ongoing debate of man versus machine in the market. yesterday's fake tweet from the associated press account, just putting the issue front and center once again. is this just a twitter issue or does this say more about the structure of the fina

i thought bob pisani did a good job of pointing that out. but after the 10:00 weaker service sector nonmanufacturing ism, the markets were already well developed into the current patterns they have. if you look at a ten-year, you can clearly see that. just think about it this way. i know that you're never going to find a stock guy who's really going to go on and say, listen, get out of everything, and run off camera,. it just doesn't happen. but for 2013, we're not going to have a lower closing yield on tens the than we are right now, even though the last day of last year was a 176 yield and we were closed on the first of january. and i think that's very important. also, it's very important, three central banks tomorrow, and if you look at every one of their currencies against the dollar, the euro, the pound, the yen, they're all doing better, doesn't make sense unless you think about it in the context of how much trading those currency as has already incurred with very little strategic changes. i don't think the ecb's going to actually cut.

more on the day so far with bob pisani. just continues to move higher, bob. >> yeah. 1594.s take a look at the s&p 500. if we close here this would be a new historic high. we were at a historic high on april 11. this was not as important as the old april 11 historic high. still nice to see. some of the cyclical names that have had a tough time in a good part of april are leading the mark. tech, materials, energy and financial. i do want to point out global growth has been anemic. the u.s. economic numbers have not been great in march. that's put a lot of pressure on these cyclical companies. look at some of the major sectors for april. we're closing out april in the next couple of days. i want to point out utilities, telecom stocks, health care. those kinds of stocks have done a lot better than all of the cyclical names that are out there. there's utility, telecom, health care. outperforming cyclicals like industrials and energy. you had the ceo of ingersoll rand. eaton reported this morning. the big problem is the same all these companies are having. beating on the bottom

so what's behind all the turbulence here, bob pisani? >> we've got a nice battle.ve got the reflation trade going in japan and we've got weak economic data and they're trying to figure the whole thing out. you saw the japanese stocks, what was going on here today. all the big names, honda, mitsubishi, they're all up about 6%. good for them. and we're near new highs in the market for japan. but in the united states, we've had a very disappointing jobs report this morning. that dropped the futures and it's been kind of lackluster today. we've had a lousy week for cyclical names, the big global names, your material stocks, your energy stocks. put up the board of sectors today, and there's still not much energy here. this isn't particularly illuminating or helpful to us, thank you very much. so we're trying to figure out who's going to be winning. as far as i can tell, the weak economic news seems to be predominating here. mario draghi from the ecb, he talked and said the risks are to the downside now. that there's still economic weakness, and you can see what that did

let's get over to chicago, rick, can we confirm across asset classes this optimism that bob pisani sees from stocks? i guess there are things going on that would be positive. sometimes it accident. leverage in positions are nasty things. if you look as a two-day start of rates, they're reversing a bit. opening the chart up to decent, you can see we're still lower than we closed last year. no different yesterday, three and six-month after the gold started to give up ground, we see more interest in t-bills. dollar index, i heard larry's piece on gold, fascinating, but it hasn't help the greenback. greenback is at a 5 1/2 week low, certainly it's patterned the mirror image of the european currencies. it looks like it will be in for a bumpy ride. >>> what's the market moen doing following a recent sell jo of? we welcome back david bailen at citi private bank. good to see you again, david. >> thanks for having me back. >> it wasn't just the gold market as we mentioned, but a broad swath of commodities that got hit hard last week, but let's focus on the gold mark. you think a lot of the big h

bob pisani now with a recap. over to you, bob. >> let me break it down for you.ut up the full screen. three major events today starting out with a weak adp. then in the middle of the day, u.s. defense secretary came out and said he was moving u.s. missiles to guam on threats from north korea. and finally, john williams, san francisco fed president, a nonvoting member of the foc said the fed may end purchases in 2013. that raised a few eyebrows down here. look at my chart intraday, the dow jones industrial average. first, the market weak all throughout the morning on those global growth concerns. the weaker adp number. then in the middle of the day, you see the defense number moving down. then concerns on the -- mr. williams, the fed secretary, the fmoc member, talking about concerns about ending the purchases of mortgages. let's go on and show you about the global growth concerns we've got here. number one, copper, aluminum, and iron ore stocks. there's one, two, and three on the show of what's gone wrong here. eight-month lows in all. stocks like hp and billtin

micron in the '90 like japan. >> let's go to pisani's vineyard and check in with bob pisani. >> hi, guyse you? the important thing today, it's a fairly risk-on day and oil sers are strong on the back of the ge acquisition and energy is generally up. industrial materials are up and financials are doing fairly well and earnings in this week and defensive earnings haven't are up and they haven't seen that. everyone was talking about the up, down, up, down market. the s&ps were up one day and down essentially and where we were three weeks ago so the mark has to resolve where it wants to goa the this point. not so nikkei. did you see four days in a row up in japan once again. now we're at 4 1/2 year highs. by the way, the dxj, the wisdom tree hedged equity fund. hedge is out all of the exposure on the currency side and that's been one of the -- and they'll be here with us to talk about that as well as other developments in exchange-traded funds and not so good news over in the rest of asia, korea and sitting at the lows for the year, china. mainland, china their stock market sitting at the lo

let's bring in bob pisani.initial offerings recently. >> david ethridge runts whole ipo business at the new york stock exchange. we've had an up trend in the stock market at least until monday. is the ipo business in an up trend? >> i'd say the ipo business is in really good shape. good funds flows coming into the market to start the year and pricings have gone extremely well. we had a little indigestion last night but ipos have been around 8%, 9% so the asset class looks good. >> we had three ipos that opened below expectations. just a lousy market this week or what happened? >> no. i think those things will impact the market. the sentiment has not been strong this week. that's sort of bad luck in terms of timing. last year we had things like the fiscal cliff, the election, those bigger issues impacting the market. we haven't had that this year so we've seen a lot of pricings go in the middle or above the range and trade extremely well. all these deals this morning are still trading well post pricing. >> my im

. >> before we get to pisani, do you want to touch on monsanto?ant to lose the chance. >> monsanto is another issue that is like conagra. they reported a beautiful quarter, okay? just fabulous, but remember, this is a corn play. corn is an incredible bear market. only 62% of the raw cost of cereal is corn, but if we're having a bear market in corn then you don't want to buy monsanto as great a company as it is and it's starring hugh grant. hugh grant is not just the xe and he starz starts at ceo and issue careful, give know the fact that corn is in serious decline. that's why buffalo wings. >> they eat corn. they have checkens eating corn upon. that's not the way god intended it. >> they ripped up their next thing and that's all they left us. >> all they left was their bodies. >> that's what foxes do. they took the grave stone away, but they left the bodies! >> that's a good story. al most as good as marvin the bull? norman! geez! they have a weird way of finding out whether it's the right time to -- many we should skip that. >> let's get to pisan

let's get back to pisani. guests from around the world, but not from 15 feet over there. ? we are literally 15 feet away. carl and i and david. it's amazing to me. anyway, my point today is watch the financials and some of the other stocks. you notice we're holding up even though the commodity markets and the commodity stocks are to the down side and that's a positive sign for rotational play in the market. it's very much a concern, but look at how the stock market is reacting to that. i've been asked about gold. i did that big special on gold, and i spent a lot of time with gold dealers. this is the perfect storm for gold right now. you have the deflationary concern anies cyprus proposed sale of gold, and what you've got and jim had it right is forced liquidations. you could be as low as 5% on the comex. you will get margin calls and this is forced selling that's going on here and the big question, i would not be surprised to see margins raised on commodities, particularly gold, maybe even as soon as today. i

and as bob pisani was saying earlier on today, that actually we've been in a situation where we've seenr on negative days. you can see there that the s&p is off by nearly 1%. the nasdaq down by 1.4. >> nokia, getting whacked today, despite reporting sales of o its smartphone, lumia, picking up. this is a company that's had a lot of problems. let's brings in rbc analyst, mark su. mark, that is a stock down 90% over the past ten years or so. steven elove is there, made this deal with his old company. i've used the lumia phones, they're kind of neat-looking, but are people actually buying this phone? >> i think in isolation, the phone is actually not that bad, but it's a sea of a very competitive environment. if you look at if ever there's a market that's competitive, it's the smartphone industry. what we're finding is the industry is actually quite healthy, the numbers are still pretty strong, but all of the handset vendors are having quite a bit of tough time at the moment, because the competition is increasing and we think the profits for everyone is actually decreasing. now, for nokia,

bob pisani, we are not soaring and we are also not collapsing. blah blah blah. why are we holding up and shrugging it off so well. >> so the world backstopping everything. saying he will continue to support any government and any bank that needs help. take a look at what's going on here. here's the problem. we have got the trade in japan but it's competing against weak economic data. stocks dropped when we got the disappointing jobs. we have got the adb. the whole string of disappointing economic numbers this week. then offall. hoping for some kind of bounce here. these have had a terrible week or two weeks but nothing is really happening here. this doesn't tell us much right now on the stock market. and you want to see how defensive the market has gotten? one of the hottest etfs is the power share. it's consumer stocks and util y utilities. you can buy it as a singing stock. here is this. people are piling into low volatility names because that's what has been working. you want to have better names. you get defensive names like this, it tells you something. >>

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but as bob pisani showed you, look at the heat map. you have got merk, boeing, united health care and the four stocks that are up. merk and united health care see defensive names. but boeing and utx, these are both in their own way, defense companies. look at utx. got some defense plays. maybe we need to look at others as well. those stocks are higher. up next, omg, sec. regulators say it's totally okay to make market moving material announcements on social media. good idea or rotfl disaster ris sults. we will tell you what it is when street signs returns. cook what , and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. it's just common sense. we replaced people with a machine.r, what? customers

bob pisani. let's get to rick santelli.y. there's no better day to do it than today. >> i'm going to read something that he said of the bank of japan, of course, surprised the market by being way more aggressive than many anticipated. he said it puts us deeper in ununprecedented and highly experimental territory. i call him the answer man. welcome, mohammed. >> thank you, rick. >> all right. those were your words. us your thoughts. you're always a straight shooter. i get a bit nervous when i think the chances of this turning out well, with all the central bank activity, i think getting hit by a meteor is a smaller percentage in terms of this working out than the fed. do you agree? disagree. >> i think you're right to be nervous. this is the most experimental that we have ever seen central banking. they are venturing deeper and deeper, using imperfect tools and not getting the numbers they expect. the numbers are disappointing on the economic side. rather than step back and ask why, they just go deeper and deeper. will they

. >> the dow is down 153 at the open and bob pisani is on the floor.s is the end of qe talk and this is exactly what a lot of the guys on the fed were talking about earlier. they were worried that the economy would pick up some steam and then it would just sort of droop and hit some kind of patch, hopefully just a soft patch and that's what a lot of people were talking about. we have the ism services, adp and initial claims and now the non-farm payroll number's weaker than expected. the question is is this just a breather? that's what everyone is talking about here and is this some protracted downturn that's going to occur here and a lot of people and my sense is, too, that this is a breather and look at what we've had in housing and look what we've had in autos and capital spending that we've seen that's been occurring. if you look at this march data that we talked about this week and the litany of crumby economic data, you think, my heavens we'll do 1.5% gdp for 2013, the whole year and we should be careful on extracting during the whole year and it'

meantime, pisani is on the floor. >> happy monday.nergy, tech stocks and some of the health care stocks moving on the upside and sort of a mixed picture and slightly upside bias and the only thing that traders were talking about was whether or not we'll have a spring swoon or not and that's the current cute phrase everybody is using and everybody is concerned about the march economic data and early economic data, philly fed, weaker than expected and what that's all going to many. this is the fourth year in a row this has happened and there's some kind of pattern that's occurring here and i would like to see more research on why it's happening, but the big thing is we've only seen 2.5% market correction from the s&p and from its highs and that was about what we saw in february and that's not much of a correction and the question is whether it will get worse. my personal feeling is a lot of the issues that were around in the last two or three years is not there. housing will get better, number one. europe is more stable, number two, and

we'll come back to you in the next hour any bob pisani there at hq. >> we'll take a quick break righte halt. jc penney down 11% and a lot more news that we've got this morning. we're back after this. welcome to the new new york state, where cutting taxes for families and businesses is our business. we've reduced taxes and lowered costs to save businesses more than two billion dollars to grow jobs, cut middle class income taxes to the lowest rate in sixty years, and we're creating tax free zones for business startups. the new new york is working creating tens of thousands of new businesses, and we're just getting started. to grow or start your business visit thenewny.com otherworldly things. but there are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. because planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away. ♪ ♪ here we are, me and you ♪ on the road ♪ and we know that it goes on and on ♪ [ female announcer ] you're the boss of

bob pisani and art cashing, director of floor operation joins me, and the reason i point out the russell is it's the broader-based index, which bodes well i think for the bulls today. >> it's big. it's been a real drag. the russell which has a lot of smaller caps built in also had kind of trailed. people used that divergence to say maybe things aren't right. the fact we're all plays together, particularly the russell -- >> playing nicely in the sandbox, bob. >> it's a great relief. the earnings turned out well. last week we saw ge and tech tron, a bit of disappointment there, and the big names there. >> and upgrade for cat. all of them xwaet on the bottom line. top line still a little light. still that issue of not enough top line growth. >> it would put pressure on manage a bit. let's see how creative they can be. >> what are you watching on the highsen that might roil this market? have we gotten past that correction mode or a bit of correction mode that we were getting earlier last week? >> you know, on the cocktail napkins, it looks like once you're above 1555, the bulls are back in c

let's bring in bob pisani and kenny polchari. you are on. indeed you are. kenny, i'm going to start with you. is there any compelling reason when the different yield on apple is where it is to buy an i-bond? >> i don't think so. i think he made the good point. if you're the average investor, then you're probably going to play on the ecity side of it. i think the average investor will stick with the equity. >> the important thing is apple finally has a hit on its hands. that's what i think. hallelujah! sorry. bring you back to your normal programming. the big thing here is. >> did you have redbull before the show or something? >> everyone is so excited, you would think we have a new iphone. >> you see what i have to work with? just teasing. >> i think the big thing is -- if the business is really going to start improving, as tim cook implies, that they'll have a lot of new products, it's a duh issue, the guy is right. why buy an i-bond at this point. >> but the demand 3.3. if it's right in the midpoint of what everybody is thinking about, that's fantastic if

i'd like to get to bob pisani. i think this is the largest non-bank bond sale. >> and made it just by $500 million, the biggest dormant ave the list, that's what we do here. pfizer had one a while ago, and ge capital, but there's your record right now, what's it mean for the corporate bond market? i'll tell you the most important thing. there's not a lot of tech corporate bond offerings, even in general, so it will change the allocation model on a lot of corporate bond funds, and etfs, one that will be buys is the largest corporate bond etf, the i shares of etfs out there. maybe 23 billion in assets. they're going to be big buyers along with other index bond etfs. it's pretty important. that's pretty good for corporate bounds overall. meantime, just quickly on the stock market, kind of meandering around, when you haveelecom and technology as market leaders sort of in the same group, that's not a clear trend here. consumer staples and materials both to the down side. nonetheless, relentless move to the up side. we a

bob pisani has more from the floor of the new york stock exchange. >> it was an ugly day for stocks. down on concern about slower global growth. but an ugly day for the markets got uglier just before 3:00 eastern time when word come of two explosions at the boston marathon. the dow, already down 165,

but first, let's get to bob pisani with this volatile day. over to you, bob. >> well, the important thing, maria, at one point, we were one point away from a closing historic high, but we drifted south. just put up the s&p 500. let's take a look. 2:00 is when the market on close orders started coming in. those are orders for the close and whether they want to buy and sell. it drifted toward the sell side in the middle of the day, about 3:00. and i think that was the major issue. exact reasons, not clear. but the bottom line is, more of a sell side than the buy side. in terms of what we were moving today, sectors, the same story all week. risk on. so you have all of the cyclical names, the materials, the consumer discretionary, financial industrials all leading this week. the s&p is up about 2%. consumer stocks, defensive names are now lagging after several weeks of leadership. two sectors of the economy of the united states couldn't to shine. home builders and aerospace. home building stocks continuing to report very good earnings overall. al

bob pisani has more from the floor of the new york stock exchange. >> it was an ugly day for stocks. down on concern about slower global growth. but an ugly day for the markets got uglier just before 3:00 eastern time when word come of two explosions at the boston marathon. the dow, already down 165,