we ll have full coverage as soon as they cross the wire. in the meantime, let s break down all of today s market action. with us today, nathan bacharach, and jim holson from wells capital management. jim, you ve been loving this rally. does it continue from here? i think so. i ve been on record since year end saying the s&p would hit 1700 this year. i think that s probably likely. although i do think that maybe in the second half, the market starts to tread water a little bit. i think confidence has been the main driver here. the multiple has gone from 14.5 at year end over 16 times, about a 10% multiple gain. that s a lot of the advance this year. and that s about rising confidence that this recovery is sustainable and we re becoming less susceptible to external events and armageddon stories. and i think you re seeing that go to the markets. the problem is, in the second half, that s going to go right through bond yields as well. and i think bond yields are going to climb,
session falling further down 50 points. we have caterpillar as the biggest drag shaving 25 points off of the dow after it cut 2015 revenue forecast same 2015 is far out but that is one commodity producers or the guys to indicate what they are ordering and cutting back on their orders so we are cutting back on hearings. shares of tesla motors getting slammed after the company lowered its revenue forecast due to slow rollout which is new model x. the most expensive electric vehicle. very fancy. we spoke to elon musk on the floor of his tax locomotor company and got a much different story. something must have happened between then and now house sales were trending. we continue to see growth with every quarter seeing more interest. they can develop it fast enough or is not as strong as we hoped but we are following the tax laws story. there is good news. the s and p case schiller index is for home prices up for the fourth consecutive month with home builders getting a lift ea