let's get to bob pisani on the floor of the new york stock exchange. >> it is the newest leg of this rally, dow jones industrial average at a high for the year and much of it is being fueled by that weak dollar set off by the fomc announcement yesterday. want to show you that dollar index. dollar lost 2.2% against other currencies just in the last 24

for "nightly business report," i'm bob pisani at the new york stock exchange. >>> a co-manager of the sequoia fund is stepping down. robert goldfarb is retiring following the fund's big investment in troubled drugmaker valiant. yesterday we told you valiant at one point accounted for more than 30% of sequoia's portfolio, an unusually high percentage. shareholders have lost more than 80% of their value over the past year. sequoia is a popular holding in some corporate retirement accounts. >>> investors are always looking for promising opportunities and tonight our market monitor guest found some, including two in a sector that has been under an enormous amount of pressure. he's david smith, chief investment officer at rockland trust investment management group. david, good to have you with us, appreciate your being with us. >> thanks for having me. >> you like a couple that are in the oil business. though not too far out on a limb, i guess i would put it. why don't you explain why you like exxon? >> rockland trust, when we make investments, we're looking out three years. we look at the

let's get to bob pisani on the floor. good morning, bob. >> there's something to get concerned about. last week we saw a big decline. there's your dollar index. it's moved up this morning because jim bullard, he's a voter on the fomc. he gave an interview implying the april hike was also possible. remember, he joined patrick harker. he's a hawk and a nonvoter that. ire nonvoters, too, but as steve pointed out, there's a little bit of a ground swell and hawkishness. there's the last five or six days here on the dollar index. that's affected the stockmarket and the components market. take a look at the copper for example. all of the big base metals moved to the downside. we saw a very quick drop on that -- on that bullard interview on an intraday basis and all of the other sectors in the commodity face moved to the downside as well. put it up and you'll see energy and material and industrials all to the downside. you can see some of the commodity names like allegheny, clf, alcoa. all down here on the stronger dollar. so it'

bob pisani tracking the action here. bob? >> hello, william. don't normal get insurance stocks leading the market, but we're getting it today, and metlife up nearly 5%. a u.s. district court in washington ruled that metlife was not eligible for a systemically important financial institution. of course there's going to be some appeals on this, but this is very important. remember the company had been holding capital in anticipate it was a sefi. also we don't know, this is not po on the floor yet, but certainly good news for metlife. they also said they would el receive their fae under to escape this sefi at the designation. prudential and aig are moving. they're also face designated sefis, prudentialal well. remember, there was some pressure on aig, and there shha been for a while, and they have resisted doing that. that maybe prove to be a very important idea, given this is all nothing a bit up in the air. elsewhere, others financia-- we seeing wells fargo, bank of america, citigroup, all nicely up today. >> speaking of wall street regulation,

bob pisani brought up the fact that the weakness is spreading.er that weak corporate profits number and the fourth quarter gdp report on friday there are some questions about the rest of the economy and sectors. if you take out earnings growth -- if you take out energy t doesn't look so bad. right now about 4% to 5% earnings growth per year versus 1.5%. that's still not great. typically we want something in the high single digits, low double digits to consider it a healthy economy. there are still a lot of weaknesses, materials. concerns in staples. we don't see any revenue growth in all. when you look underneath at the profit growth but in the revenue growth, again, across the different sectors, we're not seeing a lot of strength exempt for some in the consumer discretionary and healthcare. >> in the face of that larry, i know you're worried about credit, the chief u.s. equity strategist from city growth, the worry is the pain trade could still be higher for the broader stock market. >> what has worked twice now in both cycles, both times credit

let's bring in bob pisani. >> they are all up.ay be a vote of confidence in the banks by the federal reserve. first jp morgan, buyback $1.8 billion. remember they had a $6.4 billion buyback they authorized just last year. so that stock is trading on the upside and jp morgan the highest level since january. you see the interday moves. what's going on with bank buybacks here. wells fargo had one back in january. it is a positive sign. the feds have to give nods to bank buybacks and i think it implies capital base is stronger for banks and they can afford to spend money to reduce their share account. come back to me a minute. bank of america also authorized a shared buyback, up 3%. 800 million. they had a 400 million share repurchase but also said that they are offsetting a share count dilute gs and not reducing the actual share account out there. look at the banks, all trading up. remember the banks have lagged this week because generally rates have been done. bond yields have been done and that's hurt the banks but today all of the

let's get to bob pisani on the floor of the new york stock exchange. this is what it sounds like when doves fly. >> very good. that was a good song. the important thing about it is since yesterday, we're up 1.5%. the s&p 500, we turn positive for the year. let's look at what the markets are doing in the middle of the day. brian is right. we're in a bullish situation now. two to one advancing declining stocks. new highs are expanding 200 at the nyse. volume is on the moderate side. volatility, well, the vix is at new lows for the year essentially. so let's take a look at the s&p 500, we are at highs for the year and, yes, that's only about up 1%. we'll take that and most of those gains for the year have come just in the last 24 hours. big caps, new highs, i mentioned some expansion of new highs and we have ge and coke and johnson and johnson, all names you know at new highs. united health. we track that on an intraday basis. travelers also on the upside here. so most of the new highs recently have been consumer names. this might start to change if we ke

bob pisani mentioned gold man and the rally might be over done, too far too fast.lar strength re-kently is something we have forgotten about but something to think about as well. we'll hear from the api, department of energy tomorrow. we discounted the numbers last week. looking for something less like 3 million barrel this is week. the market has shrugged it off. it could go either way this afternoon. >> jacques, thanks. >> when we come back a secret meeting attended by tech heavyweights like larry page, elan musk and others. the main topic was how to stop donald trump. we'll talk about it after the break. meanwhile the proxy fight at united. gordon bethune joins us for an exclusive interview at post nine in the next hour. at mfs investment management, we believe in the power of active management. by debating our research to find the best investments. by looking at global and local insights to benefit from different points of view. and by consistently breaking apart risk to focus on long-term value. we actively manage with expertise and conviction. so you can inve

back to you. >> thank you, bob pisani. >> i love that so well.he head meeting, i'm cutting stoxx. it's one of the worst trading months ever. >> yeah. we saw that. by the way, speaking of fixed income, let's get to the bond pits. rick santelli is at the pmc group. rick. >> i see eurodollar futures. when they go down, it's basically handicapping that the market view of tightening and probabilities go up. i don't know. you know, 2008 was a long time ago. the unemployment rate, you know where it's at. it doesn't matter. it's where janet yellen believes it. they have to tighten. will they? i don't know. they have to. come on. highest inflation on core. look at two day of two year and realize these are the second highest yields of the year going back to the fifth of january. two years settled at 105. it's at 99 about ready to hit 1%. you see the euro chart. while we all argue about what fed should or should. do and why dhad don't what they should have done a while ago, this chart puts it in perspective about the rates. they look high until you take fiv

right now we're sitting near the loss of the morning. >>> bob pisani. santelli see what he's watching at the cme in chicago. >> of course we're watching the yield curve and there has been a little bit of a step-enning going on. we're also watching the effects of the fed statement. down here pretty much the refrain after yesterday was is the economy just can't be that good otherwise the fed wouldn't make so many excuses to normalize rates. i can't disagree with that. but rates haven't moved that much. let's look at the intraday ten and two day ten. we sit at 190 down one on the day seven on the week. the action was really in the two year although today two year is unchanged down ten on the week. as those yield goss down and they go down faster it's not that dramatic. you look august 1st start to the ten year, 2% is the kind of magical line jumps out at you. there was an area that represent as pivot that's textbook pivot. if we look at really the biggest market that was affected by the fed's nonconfidence in the u.s. economy it was the greenback. greenbac

back to you. >> thank you very much, bob pisani. >>> we keep our eye on oil's continued strength.ackie is at nymex this morning. good morning. >> we are seeing strength heading into the weekend here. what you're seeing in terms of pricing is monday's expiration of the april contract, so everybody is focusing on may. april over $40 a barrel. may over $42 a barrel. these are key levels. as we head into expiration, that's a time period where you see more volatility. it makes sense we're seeing moves to the upside. i have three more reasons for you. the first is the april meetings in doha of some producers to implement this freeze we have been talking about. equity strength will help oil prices a bit. that dollar index, as jim mentioned, under 95. that's a key piece of the commodity story and oil also. a significant bounce over this key level, but people out there are telling me don't get too excited about the move we've made here. a lot of this is a momentum-based move there could still be down side. maybe a lot of this is hype until we see an actual implementation of some policies t

to bob pisani for the latest. >> we're seeing again another commodity rally particularly in the metals and oil space. let me show you some big metals names today. fortescue, up 23%. cliffs natural, vale, look at the moves up. all the companies were up double digit in the prior week. let me show you what this means. we have seen iron ore prices up dramatically today, 15%, 16. and autopsy up 27% for the mont. this will make it easier for cliff natural resources to service their debt. their primary product went up almost 30% in a short period of time. they got $2.3 billion in debt, more money coming in. easier to service the debt overall. the company is less shaky financial. that's why you're seeing huge moves up. the stock price up 60% for the month. the same situation is happening with oil. it is up another 5% today. it is much easier to service the debt for the exploration of production companies when oil is up another 30%. murphy's up 15, southwest, chesapeake, apache, eog, all the usual numbers, up double digits last week. important to understand how much we moved on this. murphy was

we welcome back bob pisani to the floor. >> good morning. good to be back.went to the panama canal. very exciting. a lot of exciting things going on in latin america. very unhappy about the strong dollar down there. let's look at the markets today. the dow is down, we see energy up. here is your market leader. materials also up fractionally. financials down a bit. we had a great month in financials, they're up close to 5%. what a difference going away ten days makes. we were worried about recessions in the early part of the month. some of those fears, recession fears seem to have abated. we had a commodity rally. oil rallied about 35% since the february 11th low. the short positions there have been dramatically reduced. put up that full screen. that oil rally had dramatic implications for earnings. it has positive implications for credit. you see financials up 12% from the february low. it's decreased a lot of worries about deflationary sfipiral. look at the emerging market rally. eem up almost 9% in five days. russia, south africa, brazil, colombia, i was t

bob pisani, we'll get to you in just a bit. >>> due out in 30 minutes. get a check at what oil is doing with bertha coombs. hi, bertha. >> hi, brian. we've seen oil extending those janet yellen relief lally gains. that was a nice reversal yesterday if you were long oil. you're going to seesawdy arabia and kuwait saying they were going to join the field. nonetheless, it was really something that jarred the market with a lower dollar. we saw that turnaround and then we got numbers from the petroleum institute that were a little bit bullish. we saw it. the expectation for today is that we'll see a build of about 3 bill barrels. the other thing that was up was a drawdown of 300,000 barrels at cushing according to those api reports. we'll see if that's confirmed at the bottom of the hour coming from the government. as far mas metals, the rally cae in gold. today we've got to a mixed picture. the dollar is weak but we're seeing gold a little bit flat at the moment. silver has been advancing on the day. we will be back with those inventory number, brian, at the

bob pisani joining us. >> thank you, goldman sachs, we had material stocks going and this morning theyut out a note pouring cold water on the idea of further rallies. here's what they had to say, oil supply and demand is not in balance and don't pretend it is. a rlly now will prove self-defeating as it did last spring. don't repeat the same mistakes of last spring. same with the metals, rallies in the metal stocks are not supported by the financial environment in china. that's what it is, a china play. china's credit con strained and will be more limited even with system you list. what's the effect of that? all of the metal stocks and energy are done. here's cleveland cliffs, big iron ore company, down 17%. this company was $3 in december, goes to almost $1, like its going to go out of business in february and then rockets back up to $3 as the environment improved and now back down again today. these stocks have had big round trips, the same thing with the energy stocks. come over here. you want to talk business to be in. how about being a driller, a contract driller. ensco gets hired

let's get to bob pisani on the floor. >> once again, fairly muted response here. volume very much on the light side. we saw this yesterday also. ten sectors of the s&p 500 are down. very, very small declines. take a look here. on very light volume. fractions of a percent. industrials, financials, consumer discretionary and all the sectors down roughly a half percent. airlines may open down 3% with united, delta all down about 3%. southwest not down as much. with the exception of jetblue and virgin, all the airlines have had modest gains this year. in travel, you mentioned carnival, the usual once you might think might be affected, carnival, priceline, royal caribbean down 2% roughly. the thing is none of this has lasted in the past. one way to look at this is to look at the airline etf, j.e.t.s., it's a basket of global stocks versus the s&p 500. the s&p is the orange line. for the most part it performed in line with the market. when it didn't, the airline etf dropped more in january and february, those were on recession concerns, not terror concerns. that abated.

let's get to bob pisani on the floor of the new york stock exchange. >> it is the newest leg of this rally, dow jones industrial average at a high for the year and much of it is being fueled by that weak dollar set off by the fomc announcement yesterday. want to show you that dollar index. dollar lost 2.2% against other currencies just in the last 24 hours or so. that's a huge move. big move and big help from materials and industrials and energy stocks. look at caterpillar here. caterpillar gave the worst kind of profit warning, dropping -- essentially dropping profits 30% in the first quarter and the stock is up 1% today. look at that. moved about 3%. this is a two-day chart. that's a sign of how powerful the weak dollar rally has been. now, take a look at other commodity needs, throw in a couple of names, free port, alcoa, devin energy, energy stocks moving today. this is the second day of a notable rally. put the same stocks up, put the full screen up, i'll show you what the same stocks have done just in the last 24 hours, since 2:00 yesterday. free port up 11%, alcoa up 7.5%. thi

bob pisani, our thanks to you for that. let's get more now on yellen's impact on stocks and how to trade them at this point. with us now cnbc contributor tim seymour also an "fast money" trader. look at the market reaction, markets are higher is this really a weaker dollar story here? >> yeah. i think, anyone that expected the dollar to have this move well through 100 has ton questioning whether, first of all, not only is federal policy not all that divergent from the ecb, you know, we're talking about maybe 50, 60 basis points of gdp difference between u.s. and europe so i don't think it's a place where people can point to the dollar. yellen pointed out that they clearly want to proceed cautiously and as has been stated maybe this is an even more dovish statement than the one we got a couple weeks ago. the references to corporate profits in this country, too, is spg that's notable. the fact that you're talking about global conditions and fears of credit and also talking about corporate profits, that's something the doves s

to problbob pisani to see how ms reacted.oints on the dow. >> and well they should. two points we were bringing up that were very important. the fed acknowledging economic conditions have improved somewhat since the last statement back in january. they said the economy has been expanding at a moderate pace. prior comments were economic growth slowed last year. that was the january comment. there is number one. they got what they wanted, modest acknowledgement that the economy is improving. the second and trickier one was lowering their interest rate forecast, remember, they were expecting four back in december and as you heard from steve now, essentially two rate hikes. that is the most important part of the entire announcement right there because there was a lot of concern that they may not do it as aggressively as the street was expecting. they didn't change much on the inflation forecast, but as we have been saying, core pce prices, 1.7%, that's up a little bit. that gives them a little cover as well. the bottom line here

bob pisani is on the trading floor. >> you want to see what a weak dollar is doing, look at the fedex versus cater pill ar er e. here's caterpillar here. terrible year, started at 70, went to 55 in february now back at 76. it's up 2%. even though they reduced earnings estimates by 30%. that's what a strong dollar will do, bringing up industrials and materials and energy names. fedex just the opposite, stellar report, up dramatically. look at this, 7 million shares up 10% right now. here's the important thing. you want to see what's going on, the problems at caterpillar but we know them. weak oil and gas demand and weak commodities and strong u.s. dollar, some of that starts reversing like the oil and dollar situation. caterpillar can start turning around indeed. we saw that happen in the last few days. fedex, their report domestic and fedex express, strong and they went out of their way to say e commerce was so strong now it's a full scale retail revolution and they are the guys taking advantage of it right now. the final thing to point out here, caterpillar and fedex different in ter

bob pisani brought up the dollar index.thing that impacts all commodities, but specifically oil as well, but definitely part of the story here. dollar index over $96 now. the other part of the story is the inventories yesterday. we're supposed to see these numbers shrink into this time of the year. we saw a massive build in inventories, and that's what's leading people to believe that producers are taking advantage of these higher prices that we've been seeing to pump a little bit more, and that, as you said yesterday, could be self-defeating. it's definitely something to watch. meantime, we have got nat gas inventories on deck at 10:30. we're seeing nat gas sell off here. we're looking for an injection of 18 po 22 billion cubic feet, an injection certainly bearish. at this time of the year, you would expect to see drawdowns, though minor. we'll see what the d.o.e. says about that in a little bit of time. back to you, carl. >> see you in less than an hour, jackie. jackie deangelis. >>> when we come back, mark ma hai hainey

bob pisani. a lot of activity in the front end of the curve. let's get to rick santelli at the cme.rick. >> hi, carl. well, you know, the conventional wisdom everywhere, all i've heard since the decision and some of the press conferences, that's it, man! mario's fired the big bazooka. great. it's like a game of poker, he's all in. all his money's in the kitty, supposedly. he's antied everything, merchandised every raise. what next? what's the encore? because that's what the markets are probing! that's why it's like chicago at midnight, u-turns everywhere! let's look at a two-day of u.s. rates, okay? yeah, the two-year popped up a bit, and it's coming off a little. further down the curve you go, actually, the more they come off. look at a two-day of 10s, back slipping under 1.90. 5s are back under 1.40. let's look at a two-day of european two-years, minus 47 basis points. less negative. let's look at a bund. 0.19% right now. not a lot of activity, but what we want to watch is how much more negative they go. many say watch the 13 to 15 area, that's going to be critical. isn't this all

let's get to bob pisani on the floor. hey, bob. >> hi, there.he important thing, oil's up, energy's leading. take a look. of course, we know what's happened. ener energy's leading today. i call them big beta energy names. chesapeake, southwest, murphy. these the are ones that move a lot as oils move. they're all moving up 2%, 3%, 4%. some of the drillers like enskoe are moving to the upside right now. we talk about the driller, deep sea drillers. if you're like rowan. there are a lot of companies who have done round trips. rowan was 7, the bottom line is we have no idea how to value any of these companies because we don't noah their business model is going to be like. they're contracted to do deep sea drilling and we don't know whether there's going to be demand. that's when you get these crazy moves. let's look elsewhere. europe has moved. it's encouraging to see european financials hold up reasonably well. no big selloff. here you also had this round trip phenomenon going on. look. i'm just picking one of them. put up year to date. that was 35

. >> let's get to bob pisani on the floor. >> good morning. apple helping things out.has two big problems. the first is central banks. specifically the bank of japan. to a secondary extent the federal reserve. of course bank of japan decided to keep monetary policy unchanged, even though they warned on the economic outlook, that was a bit of a disappointment. nikkei down 0.7%. dropping today not just reaction to the bank of japan, but to the idea that the fed may be in transition towards tightening sometime later in the year. remember, this highlights how addicted the world has become to central bank stimulus. mario draghi last week, at the end he said we don't see the need to further reduce rates. market dropped on that. this is a clear indication we're addicted to the stimulustimulus. the other thing is the retail sales number, minus 0.1 from plus 0.2% in january. futures dropped a bit. bond yields dropped a bit. not normally a market mover. this means q1 gdp estimates will be revised lower. that january number was quite strong. look at sectors right now, you see the

. >> two and a half minutes left and bob pisani is here and as we mentioned, no buy or sell side with dow up and not a very volatile day and did see selling on the open this morning. it was a merger monday. you had we think finally the bidding war for starwood is over. marriott, the winner again. >> at least there's no other deadlines. >> the beginning of this year they were hittingny bed they could, now they are not forced to do that because of the rise of crude. i think that's also a positive in terms of overall volatility. >> that's why the dollar is so important. we had a guest suggest, if you want income you should be looking at master limited partnerships, mlps. >> i don't know. here's -- >> want to hear your side of things. >> the problem with mlps, i understand you get the dividend stream. there have been recent court rulings that they are going to be able to cancel the contracts, that puts a huge unknown out there in the mlp space because if they can cancel those contracts, then you're not going to get the dividend stream. i happen to be in the camp that i don't think oil has

let's get to bob pisani on the floor. >> we would be a lot higher if it wasn't for energy stocks. probably a similar situation over in europe. look at europe. we've been up, off the highs in europe. modest gains over there. those regional elections in germany which went against merkel on immigration didn't hurt germany much. italy was positive. now slightly negative. in the u.s., oil is hurting us. down about 2%. iran's comments they will only freeze output when they're at 4 million barrels a day. utilities and telecom were the early leaders. te tech, materials are the big laggards here. apache and other exploration production names. everything down roughly 2%, 3% in the energy patch right now. a lot of chatter over the weekend about the one-month anniversary of the big turnaround. that was february 11th. that was the date jamie dimon announced buybacks. it is good to see energy has been the leader. this is since february 11th. notes also here telecom and utilities continue to be fairly strong. they're not the leaders. but they're still up rather notably. the important point here

bob pisani has joined me. not a lot of volatility, maybe until the afternoon session here. dow, as you can see was down, what, 80-plus points? and near the lows of the day. we're coming off that right now. wti down 3% today. this is the may contract reporting now for west texas intermediate, and it's down 3-point something, almost 4%, and then the ten-year yield we saw a bid. whether that's related to brussels or not, we don't know, but the ten-year yield down two basis points. >> the good news is they're basically moving sideways. eight days in a row it's move less than 1%. with the volatility we had, it's calmed down dramatically. in a sense you want to consolidate the big gains we had. the bad news is we're seeing some real pressure on commodity stocks. not just gold liners, for example, but metal stocks, that's a group all down about 6%, your acoas and your steel stocks. a lot of names down 5% today, and a lot of this seems very carefully correlated to the dollar. not only rallying this morning, it appears to bullard's comments more hawkish comments there's a four-day f

let's get to bob pisani on the floor. >> i'm here by the valeant post.ant to bring you up to date. take a look here. valeant up 6.7% on that news here. initiating a search for a new ceo. mr. pearson is remaining until a successor is named. ackman is on board. the former cfo was also asked to resign as a board director, and apparently has not tendered his resignation. shares elevated the last few weeks. valeant was $200 back in september. it was something like $70 six or seven trading sessions ago. so, a lot of volume in valeant, a lot of people feel a bit of good news with ackman on board now. the markets, have you noticed we have the five-week rally going here? virtually everything. the s&p 500 up five weeks in a row. germany, the dax up five weeks in a row. oil as well. rolling into a new contract on oil today. it's bouncing around today. we are not that far from the old closing high of 2130. mixed picture over in europe. mostly to the down side. these days, the things you want to watch in europe are oil stocks and auto stocks. oil because of oil bounc

bob pisani joins me. see if you can tell when the text of janet yellen's speech came out. >> i'm not good at reading charts. >> there's the dow first. >> right after the open -- >> i doubt that. >> midday, 12:15, 12:20 when the embargo lifted and up went the market, all clear. on the dollar index, what it do to? just the opposite. the dollar index moving lower. the 10-year, all yields went lower but the yield curve steepened because the two-year went down more in terms of yield than the 10 and 30 although they hit four-week lows -- three-week lows and two-year hit a four week low. >> lower rates all around. >> and gold went down -- gold went up because the dollar went down. there's what happened today with the janet yellen speech. >> people keep messaging me why haven't we rallied more? i don't know what people are looking at, the s&p moved 20 points in the last couple of hours. i think that's pretty impressive. we're a post recovery high. we're essentially breaking through the old levels that we had. so

joining me for more, senior markets comment ator michael santoli and bob pisani. before we get to that, what did you make of the market today? >> like yesterday, waiting for the fed and cpi tomorrow. i will say below the surface, a little more ragged today. you had 3-1 down stocks to up stocks and prominent blow ups like valeant too. it was more of a sellers in control even though at the top line level it looked like a flat day. >> what are you thinking, kenny. >> i think mike is exactly right. it's all anticipation of not only the fed tomorrow and mac co-data but ecb on thursday. overnight last night we heard from bank of japan. they downgraded the japanese economy and left everything unchanged and now the show is going to move to what's going to happen here in the states at the fed. it was a perfect day in the sense that the market is digesting and did feel sloppy today. i think people are just kind of positioning themselves. >> well, let's get to earnings here. those oracle results did cross the wires. how do the numbers look? >> currency factors in big here yo

bob pisani has details. >> we were talking about this earlier, the question is, did mario draghi make a communication error or not say it the right way? he's expanding the qe program and buying corporate bonds, at the end of the press conference, he made a remark that changed everything. >> from today's perspective and taking into account the support of our measures to growth and the return to our price stability objective, we don't anticipate that it will be necessary to reduce further rates. of course, new facts can change the outlook. >> we don't anticipate it will be necessary to further reduce rates. that seemed to change everything. take a look at the markets against the stock markets in the u.s. and europe. this is germany, europe -- germany was up but then all of a sudden it moved to the down side. you're looking at numbers there of course that are the german backs. our markets -- our stock market, our futures market was also up and this is pretty clear. it too just sort of very quickly moved to the downside. so obviously here, this was an issue with what he actually came out

. >> bob pisani has more on what's moving this morning. >> mild to the downside.ou're right, we're all waiting for janet yellen. volumes yesterday among the lightest of the year. we're seeing a bit of action in the commodity which is unusual because the dollar is not doing much today. crude down 3% now. copper is also a bit weak. this is not across all the commodities. aluminum and some base metals flat or slightly on the upside. you can see some of the usual names here, like anadarko, the exploration and production space, devon, marathon, chevron down about 1%. dow is down a bit more than the s&p because of the weakness in energy. drillers are weak today. some of the deep sea drillers, transocean down 6%. there was a comment yesterday from the ceo after a conference saying that the rig rates may not climb until 2019 or 2020. i suspect that's weighing on the deep drilling stocks like diamond, ensco and mobile. freepo freeport-mcmoran and vale all down. today we saw some of the numbers for home reports, deliveries up 12% for lennar, that's a good number. new orders

and when steve grasso and many others, including bob pisani who may have coined it said the most unloved ever, is because the fed didn't have confidence to raise rates to make it more love. i think they'll be pays the price for that for a long time. richard fisher was on today. he's been very frank and said we pulled a lot forward. how much do we have to go further to main at the levels in the pool. these are very important things we have to think about. >> and luciano, center banks are still very much in play. we have an important two-day fed meeting next week, i think the question now is, do the markets have the same faith in those central banks that they have most recession, which drove so much of the gains in the stocks over the last few years? >> well, i don't think the issue is whether or not the central banks, what they're doing is right or not. the question is, is it necessary? they believe it's necessary, because they still have a debt problem and growth problem. the government frankly is not getting is done and neither are the private corporations. so they may continue to do mo

. >>> bob pisani joining me.this was the day everything changed, a month ago today and about 10%. >> in that time the dow is up 8%. this today we're up 1.25% and it will be the fourth week in a row where we've seen gains for major averages and same story for crude oil, wti in that time is up 40% since february 11th. >> we were 26, right. >> now at 38.5, up 1.8%. in that time also, treasuries, the yield on the 10-year has risen from 1.65%, 1.63%, almost at 2% now. 1.97%. good moves. >> incredible. march 11th, we did this earlier, jamie dimon announced -- >> february 11th. >> $26 million worth of stock, stock is up almost 11% since then. jamie dimon, stock picker, and maybe i think -- let's get him some credit, it was a factor in the potential turnaround with many things. we're in a very interesting situation now because i wrote a story trader talk, the pain trade is higher -- >> i like how you did that. >> three things that really matter to the stock market calming down. fears of recession calming down. oil, you s

>> joining us right now bob pisani alongside gisele guzman.elcome to you both. >> thanks very much. i think the important thing here, gisele, you've been telling me for years it's not getting any better and they need to improve their economic forecast and you have a better way to do it. can you explain that? >> we're trying to inject science into the dismal science by fusing economics with computer science, using big data and machine learning and sophisticated algoritms. >> we use these words but what's the secret sauce. what are you doing to get more accurate forecasting than the old methods being deployed like gdp? >> we look at large traunchs of data, all of the activity that's happening on the internet and any other source of live data and we extract expectations from that and put it into a framework and the really like secret sauce of the system, it learns from itself, it's constantly learning and changing and adapting because the world is dynamic. data is dynamic, not static. >> you put the data out there for people to see and show the f

we have matthew cheslock and bob pisani. >> muted indeed.azing, it's been muted for the last week and a half. moved less than 1% on a daily basis for seven days on a row. that's in big contrast to the volatility in january and all of february virtually. what this says, the market is moving side ways and digesting the gains we had, february 11th up through a week and a half ago. the s&p moved 10%. a lot of people said that was very fast. we needed to consolidate or maybe even pull back as long as we keep moving sideways, that's a very bullish situation for the overall marktsz and means we're digesting gains and could set up the potential and oil staying at $40, very supportive for the markets. >> are you surprised oil staying at that level? >> absolutely. one thing that we've looked at is gold. gold hads has had a big rally, it's not just oil but it's gold side of the equation. this con solid dags is very impressive. anticipated the market being down on the opening. >> the consolidation in the last couple of weeks relative to the one post los

let's bring in bob pisani and simon hobbs. what do you make of the stock action? >> i don't think it is so much a delayed recession. i think yesterday highlighted just how dependent the markets have become on the stimulus, draghi said he thought it is unlikely we need to further lower rates. what is going on with oil up a little bit, we're seeing a lot of people approaching the end of the quarter and they have been dramatically underperforming. look what changed. with fears of a recession have been dramatically reduced. we have seen oil up 50% from one month ago, and the dollar has stabilized. this caused a lot of people to say, these are the three main reasons we're so freaked out a month ago. if the market is more stable, maybe we have to get dragged in a little bit more. people are underperforming and that's the biggest issue into the close of the quarter. >> should we even be looking at the stock markets or should we be looking at the euro instead, which has been what has been useful measure of how the markets see central bank activity. i look at the euro, it

anyway, let's go to bob pisani with more on what is moving for you this morning, the final day of the quarter. bob. >> it is, and that's what we're going to be talking about. but look at sectors here. this is sort of an indeterminant open. there is not a lot of leadership. telecoms leading early on, materials. tech lagging. but this is either side of positive or negative. not a lot of market leadership at moment here. an extraordinary quarter, extraordinary that we're ending the quarter, at least now, on the up side. look at the major indices, s&p's up 1%, s&p mid cap's up 3.2% and the russell down 2.2% there. so, remember, we were down about 10% in the middle of february at the bottom of this thing, and so, it's rather remarkable we're in positive territory. in terms of sectors, very defensive tone if you really look at it, because telecom and utilities and even consumer staples are the market leadership. on the lagging side, financials, which never got a lot going due to concerns about interest rates, and health care i think is the biggest story of the quarter. and i'm particularly

a story we didn't even get to, this story bob pisani is here, starwood announcing that annbang is another up with another bid for marriott. >> marriott countered and now they may be countering -- >> that's what you call a bidding war. >> old fashioned bidding war. you get the feeling they really want this deal. >> they said the last one was the best offer. >> they have a lot of backing. >> huge. >> we'll see if the regulators will allow it. >> it's a tough call. i want to point out, real risk to the downside, janet yellen a lot of traders believe she wants to keep the possibility of a spring rate hike in april or june. hints of that dollarwise terlsz, energy will go down. >> thanks, bob. >> tomorrow should see a pickup in action. closing the bell milestone scientific and smart financial at the nasdaq. >> welcome to "the closing bell." i'm kelly evans. the dow a gain of 20 points on the bell there, about a tenth of a percent, 17,535 and s&p broadly adding a point. it did close above the 2030 level and 2037 up a point and nasdaq down six. couldn't hang on. it was in red territory most of th

let's bring in ron insana and tim seymour with us on our -- with us is our own bob pisani. good to have you with us. ron, i'll start with off with you. isn't this a bad thing, investors sitting around, happy where they are? >> i'm not sure how happy they are. we had two big move and retracements in the space of five months. volatility is reduced now, but it has been elevated twice since november. so, you know, to me this is a choppy difficult market. i'm not sure how complacent people are. i think it is just that we had such a snapback that the vix just fell. >> and, tim, you know, we're talking last night on fast money about how we have what seems to be a quiet equities market. we have extreme volatility in a lot of the other asset classes, whether it be gold or the bond market or other commodities like oil. and how when you see volatility to those extremes and those classes, usually that filters into the equity market at some point. >> it created opportunities. as ron is referring to, we had a place where we had extreme pessimi pessimism, created volatility. volatility sh

let's bring in bob pisani and mike santoli to discuss the question. on the one hand, if the person is really good, they get a big hit. you get a big, big pot. but if they get it wrong, it is just bad on the downside. >> you're inviting more risk while also ramping up your ability to do better than the index. i think there is a way to split the difference here. sequoia found was 32% concentrated in valeant at the top last summer. pretty safe to say, long-term mutual fund money. that's a little too much, too concentrated in one individual name. but if you're not going to do an index fund, not going to do passively by the market for low fees, then if you want to actually attempt to be active, and to beat the indexes, you have to be a little more concentrated than -- not a few hundred stocks. a lot of the research says more like a couple, few dozen stocks is as high as you should try. >> you're nodding your head. >> the one thing i would agree in, guys who say they're stock pickers and own 100 stocks, they're not stock pickers, they're closet index guys.