Index follows the s p 500 into record territory. All those obstacles like brexit slowing global growth, they were on the back burn e for now. Japan hinted at more stimulus, oil prices rose, Energy Stocks followed and investors regained their appetite for risk for at least this day. The Dow Jones Industrial points. Nasdaq added 34, a new high and s p 500 rose nearly you factor in dividends in this ur news nor investors. The s p is at a new high, but it has been there really all year if you include dividend gains of roughly 2. 2 . The s p 500 has hit record highs ten times once you factor in those dividends. How important is this whole gain . They count for half of the s ps total returns over long periods of time, so since 1988, the s p 500 is up about 720 . The total return which includes reinvested dividends has gained over 1400 . Now, think about this. Return ons owninging the s p 500 were twas x indicat8 if you reinvested the dividend, so smart investo vo known this for a long time. Etfs have been hitting highs. They invest in quality stocks johnson johnson, exxon, verizon, at t and microsoft. Current deals, four and a quarter percent. So, heres the bottom line. Major indices may be at new highs, but since dividends are such an important part of return, dont expect investors to abandon high dividend sr p o. Im bob pisani at the new york wall street, our guest tonight isnt quite convinced that this isnt anything more than just a bounce back rally. Shes president and urban wealth management. S a relief rally, but you dont thin last. I really dont think so. In fact, i call it a silly putty rally. This has been a bounceback with all of tn we had oaf the past few weeks. And im very, very cautious, very concerned this rally is just not going to last and its going to run out of steam. I believe thats what you here . My Major Concerns are this. Weve had six consecutive quarters of declining ea earnings are concerned. In addition to that, five quarters of sales declin nr one weve got enough push here in the market to continue to maintain those high valuations. Right now, forward earnings per share for the s p 500 is at 24. And its very, very, excuse me, not forward, but forward is 18, but back looking back is 24. But theres very, very high price earnings valuations that i just dont think are going to be sustain bable. One of the things you believe well see a pullback on 8 by october. Youre not alone there thinking were going to see a pullback. Goldman sachs saying a 5 to 10 pullback from recent highs. One of the things they mention is deaccelerating buyback. Is that a concern of yours . Exactly. In those instances where we have se earnings per share punch up, its been because of the earnings where the share buyback. I t were going to have a def that will take place in the earnings balloon. So, l go wrong with your forecast here. If earnings start to pick up and a lot of people think that maybe the trough has been hit. Might that not support these higher prices in i agree with you. They look a Little Pricey to me. Well, you know, ive thought about that. And actually, since the beginning of t year, taken a very cautious stance and started raising cash. We had dividend paying issues, so if im wrong, im on the side of still participate ng the market with more divid paying issues you just pointed out swrus prior to this segment. So, were still in the market, but i still want to have some money availabl take advantage of some growthier names. This has been a value oriented market really for the past year. Weve no hit new highs expkt here in the past few days, so once the air comes out ball ill be at the ready to buy names. Good to hear against the grain perspective. We appreciate your time. Renee norris with urban wealth management. Thank you. On the other side f the globe, an International Tribunal dispute. Ague has ruled against it concludes china has no legal t to a major part of the south china sea, which sees 5 trillion worth of trade every year. Chinas president rejected the decision, something we reported wusz likely to happen. The issue is an important one to the u. S. Since the u. S. Has repeatedly challenged chinas rights to the sea and has increasd patrols. In the u. S. , job openings fell to their lowest level of the year in may. The 5. Million openings down fr record high. The declip corresponds with the weak employment re but experts say they do not think this is evidence of a sharp deterioration. Meanwhile, the head of the nations largest bank is raising the companys minimum pay for thousands of low paid pays. Jpmorgan chase ceo says its important to a growing concerns surrounding income inequality. He wrote quote, a pay increase have rig gone nowhere for too long. The base pay for 18,000 employees, tellers and Customer Service workers, will rise to as much as 16. 50 an hour over the next three years. Their pay currently stands at 10. 15 ab hour. Is this the right move and e m pay for their low wage employees . Joining us to discuss is har hoelzer, georgetown university. Good to see you. Weve seen starbucks. Jpmorgan chase. Walmart also making raises. Is it your view that it is better pol these decisions on their own or to have government step in and try and boost wages for low paid p minimum wage . Well, its definitely good when com because theyre doing it in their own interest. Right now, whether its starbucks or Jpmorgan Chase or walmart, theres a few Different Reasons why ththis. Number one, as the labor market is gradually tightening, they feel som pressure to do this so they can hire and retain good workers. Secondly, Companies Often see it in their interest to do that because it might raise the productivity of worker, raise their ability to hire productive workers. Its a good thing when Companies Make this choice. Now, of course, a smaller number of companies do this. So if you want the wage increase to occur for a much larger number of people at the bo s many more workers benefit, the only downside is that some Companies Might cut back on hiring because it becomes more expensive for them to do so. That seems to be a major concern among those that say if it is raise bid too much, that e of companies are doing this also because they either have state mandates or they see that coming down the road even ahead of a federal minimum wage hike. That might bef these compani doing that right now. As i said, abs of the higher state minimum, the Companies Might do so any way because the labor market is is tightening. And the likelihood of these extra laws might be just one more reason pushing them in that drek. Two quei apologize in advanc assuming my cynical hat. Mr. Dimon is a progressive and thoughtful ceo, with a small p, not in the political sense, but in l o the fact so many people in both Political Parties have whacked on the banks, hes trying to get out ahead of a political issue by offering low wage employees a raise. Thats n one and number two is, the other cynic in me says teller but ill bet you five years doyne the road, theyre going to be fewer bank tellers. Well, you maybe right on one or both of those points. Im sure whatever the reason is, mr. Dimon is doing this because he believes its in the interest of his company to do that. Now, maybe its just for good press. Although i think theres probably good economic reasons to do that on top of the good press. Now, the second issue that you raised, hell have fewer tellers. Thats possible. But. Because hes choosing to do it. And i dont think he would choose to do something that would cause him to cut back on employment few years down the road, so its less sort of that. If the government, t you know, with the government mandates a hire wage when its not chosen by the company, the risk is greater. But really, the amount of risk depends on how high the governments pushing. I dont worry a lot about the minimum wage going up into the million an hour range. My heart agrees with you that hes doing this because he thinks its the right or jp chase. Harry hoelzer with georgetown university. K soon. Again. Thank you. Still ahead, the latest fast growing Online Security threat. With som our entire way of life in america depends on the rule of law, that in this country, we dont have soldiers in the streets or militias setting the rules. Instead, we ha pub is servants. Police officer the men who werey from us. Obama speaking today at the Memorial Service for the five officers killed in last weeks called on o americans to reject despair in these tough times and said the nation not add divided as it seems. On the campaign trail, sanders, who called her best person for the job. John harwood squoins us from washington. What wil endorse really do for clinton . Theres nothing more important than having a unified party. You need to have 90 of your party in order to be competitive given the polarization that we have sh isnt quite there yet. This endorsement from sanders can help her g not a night and day difference, it does give her a boost in when donald trump is trying to unite his party. Are the youpg people who backed bernie sanders, are they likely to turn out for hillary . So far, shes doing quite well against donald trump with 18 to 29yearold voters. He can help inspire more enthusiasm for her. Shes shown while she beat sanders, he has fire, the enthusiasm. So can president obama. Popular with those young voters. The Republican Convention coming up next week. The current environment what weve seen in numerousd. Look, donald trump has bee an electric candidate so far. Inspired strong feelings from his supporters and people opposed to them and i think in the current environment, everybody is on edge about that possibilit w havent seen significant violence at a Convention Since 1968 when the Democratic Convention erupted in chicago, but its certainly not out of the question this time. All right, well be watching. John harwood in washington. Amc entertainment takes advantage of a falling british founder. Amc will buy london based theatre chais group from a private equity firm for more than a billion dollars. Amc still plans to pursue its proposed acquisition of carmike. Shares of amc up 7 to 29. 80. Data Storage Company will layoff more than 6,000 employees an effort to cut costs. The Company Reported better than forecast. Evenue and raised its shares of seagreat had their 29. 5 and share of the drug maker Sage Therapeutics surged today on news that the companys drug for treating post partum depression showed positive ruls during no approved medications that specific pli target that discorde. Saw its profits fall mising expectation. The company did report a rise in revenue, but lower demand for products weighed on resu 3. 5 t. An advisory xe for the food and Drug Administration is recommending an arthritis dug be approved. They voted its similar to one made my amgens rival, but its percent. There is now yet another online threat to your security. It is growing rapidly, targeting people in places you might not expect. It is called ransom wear. What hacl valuable information on your computer and then literally hold it for ransom. Demanding you pay them to give you your information back. Naturally expect banks, hospitals, even the rich and famous to be the obvious. When andrade found in a recent target is an unusual one. A nascar team. An up and coming nascar team just days away from the big race. When the crew chiefs laptop encontributed. His criti files locked up. The team had been hit with the virus. It kidnaps the data while criminals hold it for ransom. And the panic is r the fbi, a a like this are skyrockets. With Law Enforcement virtually powerless to stop millions and millions of dollars. Have been lost. And more will be lost. Special agent will bals man fanlgs the investigations nationwide. He says wh throu an email attachment. Once youve opened the attachment, your computer is infected. Locked down unless the criminals release a code or key. Theres no way just because of technology today, of decontributing those files without the key. The hackers d internet currency that cant be traced. The ransom not on daves screen. The only way to get it back is is a pay a ransom. Within 24 hours. Too team hunkero figure out. At risk, thousands of hours of data worth millions. Set up information, wind tunnel data. Past track data i would have done almost anything to get that back. They decided to pay the ransom using hours of waiting. It was a huge relief when we quot the key. But he says even if you pay, theres no guarantee. They now know you are suh why the fbi advices against paying a ransom. Already this year, hensz thousa and worldwide, the numbers top extremely difficult to investigate ransom wear. Mainly because of the methods in which the bad guys are using. They are anywhere in the world. Because theyre infe so, what can you do . According to the feds, having a secure back up is critical. That way, you can just restore all the files on your own and never open an email attachment unless you know exactly what it is. Coming up, the coveted title of best state for business goes to the answer in ju s have a brighter straigh outlook on the economy, they fa. Finding qualified applicants to fill open po amazons big shopping day had a bumpy start. Some customers were unable to add discounted items to their shopping carts and a report from channel adviser midday said sales were flat from last year. Some analysts refuted that report, but it was enough to pressure the stock, which had been at an all time high earlier in the day and the big winners from prime day may not be amazon, but all of the Small Businesses that still the products on the site. Kate rogers has more. Amazons secd annual prime day maybe known for blowout deals on efg from Household Items nics and toys, but the retail joint small debe , are hoping to get in on the action. I hope. Bean sells handmade grass trays, jewelry and more and decided this year to try her hand selling on the Retail Holiday bean touted as black friday in july. Last year, 34 million items were sold on prime day alone according to amazon. 14 million of those items came from Small Business sellers. This year, thousands of Small Businesses will be participating bigs day of the year on the e commerce site. Mean is hoping to turn flash sale buyers into loyal customers by discounting her items by more than 20 . I know how i shop on amazon and if i would think to buy a handmade item. Seeing theres a 20 off discount i think might give people an incentive to try it where as other woouz, they might not and it will give them an opportunity to find out more exposure doesnt come cheap. Retailers had to discount their products by at least 20 and amazon takes an average of 15 on each makes, whic be pricey, of course, for small retailers. But if sellers can stand out in a crowdebe knows that theyre getting a special deal and the small seller can kind of gain some relevance, gain attention. As yet theyre paying a price to do that. But selling online is going to cost you some money. If nothing els, its a way you increase sales during whats typically a slow Summer Season ah im kate rogers. To read more about how Small Business sellers are taking advantage of prime day, head to our website, nbr. Com. It is an election year. The president ial candidates each in their own way are promising to create jobs, but just as all politics is local, so is most job creation. Today, cnbc is out with a tenth annual list of americas top states for business. States with the most power to attract companies and crea they call utah the beehive state because people here work so hard, so when the nation was plunlging to te recession, 2008, utahs Tech Community branded its silicon slopes and set out to attract investment. My goal is to accelerate private sector job creation of 1100,000 jobs in 1,000 days. It had taken seven years to create the last hundred thousand jobs, but by the time the days passed in 2014, the state had not only added those is 00,000 jobs, it tacked on nearly 10,000 beyond that. Job growth is still among then strongest in the country, helping utah rank third in the eccategory. Governor herberts challenger says too many of the jobs pay mini. Governor herbert likes to tout the number of jobs we have, but we dont have enough high paying jobs that pay a living wage. For businesses though, even utahs weaknesses arent very weak. R br in all ten top states for business categories. Thats a first in ten years ranking the states. Average wages are low compared to the rest of the country, but thats attractive to cost Conscious Companies helping utah finish a respectable 19th for doing cost of business. E cap is flowing to access to the tech companies, but Small Business blending is on the low side. Utah managed to improve to third place for education, normally, a big weak spot, thanks to a big increase in funding. But governor herbert admits theres some work to do. Certainly, education is one we need to continue to keep the a large growing student population. So ave some uniqueness there, but we are trying to become the best Education System utahs motto is about as distinct at it can be. Industry. Thanks to industrious people who came up with plan when times were bleak, stuck to it and walked. Scott cohn, syracuse, utah. You can read more about the top st business and the methodology behind the ranking on our website. Finally tonight, heres another look at the day on wall street. That s the blue chip index gained 120 points to 18347. Nasdaq added 34 and s p 500 rose nearly 15. Thats nightly Business Report for tonight. Thanks so much for watching. Thanks from me jacqufor those who cooksoul with heart and soul,y. We present a kitchen made with passion. Introducing the completely reimagined suite of appliances from kitchenaid. You can see more at kitchenaid. Com. Oxo good grips thoughtfully yours. Vine connections, proud importer of luca, boutique argentine wines from fourthgeneration wine maker laura catena. 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