The day with modest gains. That i z happened despite some of choppy lackluster data really about the trading and the European Central bank meeting, the big one on friday, the may jobs report. Today, a setback in the labor market as the reading on private job creation last month was short on the forecast. Worker productivity down in the First Quarter of the year with all that snow and cold paraly paralyzing factories, offices and retailers, but just as winter turned to green we saw some shoots in the economy, maybe not so steadily, but returns to growth. Steve liesman has more. It was a day of mixed Economic Data that on balance kept the view that the u. S. Economy was snapping back from a winter of severe weather. But the data raised questions about the strength of that snapback. The adp reported that 170,000 private sector jobs were created in may, below the estimates on wall street, for the government jobs reports it is friday. I would4 . it is disappointing. Suggests that monthly job growth is probably still south of 200,000 per month, about where we have been for the past two months. Meanwhile, the trade deficit came in billions above expectations with a surge of imports from china. A higher deficit from growth. Economists marked down the first Growth Products from a 1 delaney. The Retail Sector fell 3plus percent. But they could find inventory levels too slow and are restocking the shelves in a robust economy. Everything seems to be lining up nicely, if we can just avoid an oil spill in the gulf or bad Winter Weather or bad spring weather then yeah, we should be fine. On the rosy sign, the feds collect Economic Data from around the country and said activity expanded in all 12 of the districts. All the districts also saw strength in manufacturing especially auto and aerospace. The o outlooks for cnbc is better as well. The forecast 2. 9 by year end, down from the last survey. And and the forecasters say less tightening by the feds neck year. The European Bank survey shows the expectations are for a rate cut, making banks pay for keeping money on deposit at the eecb, a potentially Historical Development designed to combat waning inflation and growth on the continent, for nightly Business Report im steve liesman. We turn now to two market pros for strategy investments, what should investors do with their money, joining me, chief market analyst at the Lindsey Group and from washington, michael farr, president of farr miller. Gentlemen, let me begin with you, you are saying we have a medium growth in the economy, actually, we have had mediocre growth for a couple of years now. Why the sudden worry about the economy . What has changed . Well, ill give you the quick fundamental concerns i have with the trigger. Like you say, a mediocre economy, two and a half percent at best, not the sustainable that people hope for going into the year. The Profit Margins are at historic peak, rolling over, and will impact the valuations, looking at price, the sales, the market cap to gdp, the shiller ratio that takes into account the Profit Margins are all at historic highs. Small cap stocks are beginning to lag. Investors intelligence had the highest level of bulls above august 1987 and october 2007. And the catalyst is the fed ending qe, this is a trillion dollar Stimulus Program that is going to zero by october. After q 1 and 2 ends, the s p fell 50 and the economy rolled over, i dont think this time will be any different. Michael if i read your view of the economy it is not all that different from what peter just said. But you conclude this mornings note by sort of saying the economys failure to break out will all that steam will be gone in four months. Right, so here is the deal. And peter is not wrong. I wonder if the Profit Margins are actually starting to deteriorate, but we could talk about that. But i agree with pretty much everything peter said. I agreed with Alan Greenspan in 1996, i thought the market was expensive in 97 and 8. If you were out it cost you a bunch. Expensive markets can become more expensive. So i think it is a time to eschew risk and make sure you own things that have good fundamental values. I see were going to be in a kind of creeping 2 percent, 2 orgive me, michael, what t, 2 about peters point which is that the stimulus, the trillion dollar stimulus is coming out of the system when the fed pulls back from the quantitative easing of the bond buying. It is something that weve seen every time. But weve seen something a little bit different here which is weird for the bond 5 hsmark they have been selling on rumor and buying on news, that is kind of the opposite of what the fed retailers will tell you to do. When the bond jumps, when they actually come out and do it the market rallies, when they actually started to taper the market starts to rally. I dont think the feds will be able to leave in september but well see. All right, peter, lets give you concrete advice. Lets leave the economic debate aside and all the philosophies of what one central bank. What should people do . Investors need to look at cash as an optionalty, taking advantage of what i see could be a pretty dramatic pullback when the fed is done with the qe, so i would look to raise cash. You tell people to take had had good returns now. Yes, because we have to understand the extraordinary run that they have had, actually 2013, if you think youre going to get a 10 on the stock market over the next ten years i think you will be sadly mistaken. So having cash more than the last couple of years, you might obtain better values. Michael i know you are cautious, you play with other peoples money, youre no big risktaker, do you agree with peter . Is ith5n at to pull back . Or do i hear you wrong, there is no other game in the town so you better be invested . You would be right. And you can listen to peter, peter is one smart guy. I dont think you can do what peter is suggesting that investors do. I dont think you can decide when the right time to go to cash is and think that youre are going to get it right. And after you build up cash and see the market go down you will be so busy patting yourself on the back you wont get back and reinvest. Staying in the market and investing over the longterm is the Way Investors make money. You may raise a little cash on the margin, buffet might do that. But he is not selling his cocacola or insurance. Stay invested for the longterm. Yes, it may pullm1s back. Markets do that. But over the longterm, retirees and 401 k owners dont try to sell, stick with the market over the longterm. These valuations are high. Xfn theyre not crazy. All right, well leave it up to investors, thank you, very much, Peter Bookvar with the Lindsey Group. Well, as we told you at the top of the show it was another recordsetting day for the s p 500, despite the economic debating. Here is a look at the final numbers on the wall street, dow adds 15 points, nasdaq up 17 and the s p was higher by three to finish at 19,027. President obama arrived in belgium where he will participate in the g7 summit. And the big issue was russia who was not invited this year because of their handling with the crimea region. The crimea region. More on the economic agenda. Are meeting here in brussels for the first time in several years russia has not been part of the discussion. But i have to say that Vladimir Putin is essential to the agendq has been set. German chancellor Angela Merkel says if we dont see russia reducing tensions then they stand ready to step up the current level of sanctions. It is a message that we have had from president obama and his actions this week already, boosting up the military support for the european nations who are concerned about the actions right now. So while there is an overriding message,ord dialogue and diplom or curr point in the crisis there is also this underlying message that they are very poised and willing to push forward on sanctions should russia not play ball at this stage. Right now the only dialogue going on between russia and the ukraine is about unpaid gas payment payments. And now that is why it is crucial on the agenda of security, on russia, the key question is will it all just be talk or will we get concrete action as a result of these meetings . For nightly Business Report. And they are expected to release results the internal investigation of gms faulty ignition switches, even after they were linked to 13 crashrelated deaths. The the New York Times says that Ceo Mary Barra willv]nou cleared of any wrongdoing. Meanwhile, the automaker has apologized for failing to send out recall notices to the families of the 13 for faulty ignition switch parts. And data discrepancies from] millions who w; signed up for Health Care Plans may mean they risk losing generous government subsidies or coverage. John harwood has more. So john you have to tell us what is going on here, and what does it tell us about the successor failure of president obamas program . I dont think much, susie, what it does is reflect the work of the federal contractor in taking the work that people filled out in applying for obamacare, and then they had to fill out information about income, Social Security status, the family status, all that sort of thing. Most of those as they have been examined more closely have been worked out in a favorablejy2. But that you still have a lot of people, a lot of information kicking around in different data bases. And what we havent seen so far yet is fraud. And that will be the real threat to obamacare. We havent seen that yet. What is the nature of these discrepancies. Well, for example, about half of whatm weve seen so far has o if you enroll and seek subsidy under obamacare it is based on how much money you expect to make. You estimate your income for 2014, the federal government then matches that against the last income that you had before 2014. Well, things change, so if you estimate your income too low and you deserve more subsidy or if you estimated it too high and you have gotten more subsidy than you deserve that gets reconciled on your next tax return if not before. That just sounds so messy, john, getting the money back. Lets say you did get money back, how does the government get the money back, or vice versa. Well, when you fill out your tax subsidies the money you get under obamacare will be under one part of that form. So when they see what you filed and what you have earned it is part of figuring out the calculation on the tax you owe or how much tax you will get back, just like any tax filed and credit people get. Very quickly, nobody is going to try to make political hay out of that, are they, john . You saw a ton of that this afternoon. The republicans in the house ways and Means Committee see it as one more bit of evidence that the program was poorly rolled out and poorly designed. Democrats say the opposite. Public opinion is not likely to shift a lot as a result of this. Thank you very much, john harwood reporting. Still ahead, deep inside of desert, and what inside of could transform the energy business. Chinese stateowned Media Outlets want apple, facebook and google to be published forgw helping the u. S. Spy on china. Today, they lashed out at American Companies as well as yahoo cisco and microsoft for threatening the Cyber Security of china and the Internet Users calling them pawns of the u. S. International Security Agency spying program. This one the one exposed by nsa contractor edward snowden. Now since the scandal broke chineseowned government firms have suspended contracts with Companies Choosing to use Chinese Companies instead. And now restrictions on chinese solar imports which often cost less than u. S. Items. That was like a burst of sunshine to top u. S. Companies, shares up 7 , and first solar shares were 4 higher. Gloomy for Canadian Solar sharply lower, how big is the solar power in the u. S. . What is the role of the federal government in promoting renewable . Jackie deangeles has more from one of the companys biggest solar plants in californias mohave desert. Reporter deep in the desert, a solar revolution, attracting billions in investment. With the u. S. The worlds Third Largest market for solar and the Obama Administration trying to curb climate change, solar plants are spreading like wildfire. There is the solar star projects, a facility designed by sun power and owned by midamerica solar whose parent is owned by berkshire hathaway. They are designed to serve a city the size of rochester, new york. This 2. 2 billion project is a clablation of bright source. It couldnt have been completed without a 6 government loan and a 20 investment from google. While the industry has seen hockey stick growth there is still more to come. Billion industry, not 10 or0 on, it is 100 billion per year and growing quickly, more than 20 per year. And it is an industry that doesnt just generate energy, it generates jobs. In the facility, well have 65 own personnel, over the life of the the project well generate almost 650 million in salary and wages for folks. The government said that it could reduce climate change, the epa addressing the Carbon Emissions to the tune of removing 2 million cars off the road over the course of 20 years. Despite the Great Strides the industry has challenges, including Energy Storage and infrastructure for transmission. Im not aware of an estimate of when solar takes over in industry but i think it is fair to say were a long way away if congress and the Administration Want to6ol see the type of buil2 that they have seen in solar so far they have to continue to subsidize that because the technology is just not in a place where they can compete without it. But all Great Enterprises have to start somewhere. Well, solar power is not the only alternative Energy Source making news today. A division of nrg energy, this is one of the nations largest coal users is buying the largest wind farm. The price, 870 million. The move comes as energy tries to boost its Clean Energy Portfolio as it replaces the strict carbon emission standards announced just earlier this week. And Second Quarter earnings, the Home Builders loss was wider than expected asau expenses more than offset the net increase and contracts and revenues. The company maintained a popular out look. The shares fell to 4. 48. And medical device maker medicinetronic is looking for a take over for a londonbased smith. They could lower the u. S. Taxes last week, there were reports that striker made a bid. Shares of medtronic popped to 3. 22, smith and nephew rose up to 97. 27. United health group upped their Quarterly Dividend by 34 and renewed the Share Buyback program. The payback of almost 38 cents a share will be made at the end of the month, and shares rose. And ag lowering the rating on the luxury retailer, citing smaller sales trends and a lower profitability of a turn around in north america, the stock f l fell. And shares of pandora fell after the Justice Department pl licensing rules. The company could be impacted and royalty fees could rise. T listener hours were up 28 in may, and active listeners increased. The shares fell to 4. 52. And after the market closed pbh reported disappointing earnings, this is a Parent Company ofxcv calvin klein and missed on the bottom line. Shares were down after hours, during÷gss the regular session stock rose to 130. 68. And coming up on the program, hog farmers meet at one of the largest trade shows as the industry battles and takes precautions for one of the most mysterious and deadly diseases. Reports are out this evening that sprint and tmobile are nearing terms on a merger, one report says that sprint would buy tmobile for about 40 a share. And today tmobile closed at 34. 28. It u÷]i almost summer and i barbecuing is part of your job get ready to pay a lot more for pork this ft ay are dealing with soaring demand. And a costly virus that is wiping out a lot of their stock. Jane wells has more from the worlds pork expo in iowa. Reporter american pig lost over 6 million pigs months. Reporter all due to a virus similar to the common cold, but so serious and contamination that one farmer wouldnt let us get here near, the virus wiped out as much as one tenth of the herd, because they get dehydrated, and there is no cure, it is so contagious that theyre taking unprecedented methods to stop the spread. But the virus is not going away. And with fewer pigs being processed and demand still strong pork prices are way up and not likely to come down much. Right now you are looking at the price for a 40pound pig is over double what it normally is. Reporter so while it is the worst of time for farmers hit wind advisoth the virus, it is of times for people whose herds are clean. Unquestionably, the people not impacted by the virus will have the best year more than they have had in quite sometime. Reporter and even though the white meat is impacted, it may not matter much. Beef is still more. Okay, say it, your mouth is still watering. No, i never met a piece of bacon i didnt like. And that is nightly Business Report, im susie gharib, we want to remind you that this is the time of the year that the funding makes this program possible. And im tyler mathisen, thank you for your support. We hope you rejoin us tomorrow. woman roofus come here man this old notion about, an animal will do fine on three legs the obvious one is a dog with three legs. They can do fine. I think an animal could do awesome with four legs. One of which or all four happen to be prosthetics. Man the time for him to be euthanized is long gone. Woman aww. Man yeah, poor guy. Man hes alive, hes here, so we have to figure out something for him. [grunting] man here you go, buddy, here you go when hes in his wheels, he acts like a normal pig. This is a very serious injury. Theres no handbook, there is your imagination and your skill, and sometimes it works, and sometimes not. Man people have asked us 100 times why we would do this. Just because nobodyd ever done it before, why not