>> also, billionaire investor wilbur ross joins us. we'll find out if a tax deal is changing his investment outlook and just what his plans are now that there's some certainty on taxes. >> and if you haven't heard yet, apple reportedly working on another iphone. iphone 6 maybe. what's on tap for the latest incarnation and how crucial that rollout may be for the company's stock. that and much more when kelly and i come back on the "closing bell." change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> okay. welcome. if you're just joining us, that's what happened today, a pretty good rally. no since 2008 has the first trading day of the year

also wilbur ross, who is the chairman and ceo of w.l. ross and company. ou, too. >> i thought -- i thought about one, but it wouldn't be nice. because wilbur, remember wilbur from -- we don't want to play a horse is a horse is a horse, that would be disrespectful and not a good song. we need a better song. but i don't know what to use. >> ross. >> think about it. >> how about white christmas? >> by the way, you think le freak -- >> you know when you call someone a freak you know what you're talking about. >> oh, really? >> yeah. >> you say she's a freak. i mean -- yeah, that's what we're talking about. >> thank you. >> you're the man. we got a lot to talk about this morning, guys. let's take a look at the futures before we go through these stories. right now those dow future bounce by about 29 points. also, the nasdaq and the s&p futures a little weaker this morning. in our headlines today, facebook is set for a widely touted media event that's happening today. no one is exactly sure what the company's going to be announcing. although speculation has range

we had wilbur ross on. wilbur ross is no dummy. he is a very smart investor.esting a lot of his own cash into development of natural gas in china. china has more natural gas reserves than the united states does now, to give you an idea how large it is. he suggests that it may be possible for them to fill their own energy needs by the ability to tap into their own natural gas. wouldn't that drive down the price of oil ultimately? >> it could but it is going to be years, david. i mean truly years. because the infrastructure that is used for oil, what we use oil for, driving, heating and so on, is not necessarily what we use for natural gas. so it is going to take years to get the infrastructure in place. think of the u.s. even though i know you're talking about china, there are 180,000 gas stations here in the u.s. only a thousand of them have any form of natural gas. it will take a long time to build that infrastructure. within china it is the same way. if you're going to use natural gas as a resource you have to have that infrastructure in place. not even the

wilbur ross was buying a lot of companies that had messy pensions and then he would turn to them andfix suspension of the company and buying, weather was a steel company or a coal company. they held companies that get into trouble when it comes to underfunded pensions. aren't they down for the count? >> they are as underfunded as many of the pension plans. they take over pensions when a company goes bankrupt. but they have enough assets, like most pension plans, to cover the benefit payments or 20, 30 years. it's not an immediate problem. your requiring significant increase cash contributions. increasing the premiums they charge to help fund their long-term deficit. liz: show us what your talking about on this particular chart. you have the assets in the blue line. explain to people what they're looking at. >> comparing the liabilities and assets of the 100 largest defined benefit plans in the u.s. and while you see the lower lining, the assets performed well the last four years. liz: the market is done well. >> the market has done well. that has not been enough told pinching funding

billionaire investor wilbur ross joins us. he'll explain how that's affecting his outlook coming up later on the "closing bell." over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their families is without equal. begin your legacy, get an auto insurance quote. usaa. we know what it means to serve. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally. >>> investors who buy dividend-paying stocks will now be paying a 20% tax rate on those dividends instead of the 15% thanks to the deal congress reached last night. of course, you also need to add about 4% more if you make above $250,000 thanks to the health car