Brought home more nominations than anyone else. Mandy . Who do you think is going to win best picture . I think its argo. I do think it will be. Im with brandwatch on that. So pathetic, ive barely seen any of the movies up for an oscar so i cant even comment. Very quickly, lets take a look at whats happening with the market. We were down for a couple of days on the back of the fed minutes that really spooked the market, but the dow is coming back to the tune of 96 points. The s p back above 1500 and the nasdaq up by 0. 7 of 1 . Well count you all the way down to the end of the closing day on closing bell. Meantime, thanks so much for watching street signs, everybody. Keep safe, keep warm. Hopefully well see you the same time on monday. Closing bell is coming up next. Hi, everybody. The rally rolls on. Welcome to the closing bell. Im Maria Bartiromo at the new york stock exchange. We are ending the week with a boom. Im tempted to say that the correction has officially been cancelled, but those would be famous last words, wouldnt they . Im bill griffith. We do need a 100point rally for the dow to avoid a third consecutive losing week. Were close to that right now. Its up 94 points. It was up 115 so well see what happens this final hour. Big hour coming up. Stocks gaining even as the government is warning of more doom and gloom scenarios if the automatic spending cuts kick in. One week from today is march 1st. Market seems to be ignorings predictions. Stanley druckenmiller telling me yesterday its no big deal. Who is right, wall street or the white house . And the markets, they are voting right now. Later, canada is angry. The canadian ambassador is here. Hes letting loose about the long delayed Keystone Pipeline project as gas prices continue to spike higher. This story is getting hotter. Youre looking for that interjew view. Its a great story. The keystone story is real job creation potential. Well get into it with the ambassador. Lets see where we stand. The Dow Jones Industrial average up 97. 5 points, as you can see there, just shy of the high of the afternoon. Bill just told us it was up 115 earlier. Nasdaq composite showing gains today. Check it out. Weve got a double digit move here as well, shy of the high with a gain of 22 points on naz daxx damage, and the s p higher by ten points, bill. Two things to watch. Will we finish higher for the week in the dow . We need that 101point gain for that, and will we finish above 14,000 . All things to watch for in todays closing bell exchange. Lets speak to our guests. Michael, what do we make of this week, two different mood swings this week, whats going on . Who is right . Yeah. No. I think this is consistent with how corrections start. Behaviorally everything that leads in a question is starting to outperform, dividend sectors and bond yields back below 2 on the tenyear, a lot of weakness in the emerging markets and cyclical trade so while on an absolute basis the dow isnt moving anywhere, internally in the market theres a lot of defensive ne defensiveness. And all this is completely inconsistent with the recovery. What do you see in terms of flow at the end of the day . Im seeing a lot of cautious flow at this point. A lot of mixed signals in the market this week. Economic data i think overall was bad. Earnings reports helped the market. Dividends, buybacks, m a activity has helped. Im happy to see the market has recovered from the last two trading sessions but this leads into a lot of uncertainty and a lot of Economic Data coming out next week. I think thats going to move our markets. Will you see some profittaking come off the table. What does that mean, cautious flow . A market thats up 100 points. Are you not seeing conviction . Im not seeing conviction. What i am seeing is investors buying stocks earlier in the week are starting to sell them out now and paring down some of their portfolios. Bruce mccain, you think this market needs a correct, dont you . Giving it a firmer flat platform for gains into the end of the year, but i think at this point theres some things investors can do and looking at where they want to be, particularly if you want to move money overseas youre getting a pretty good relative attractive price in moving into the emerging markets, for example, and for those who still need bonds, selloff in bonds, clearly gives you an advantage if youre take money out of equities, so knowing where you want to be and structuring for it is the key right now. And we have been watching the currency markets, Rick Santelli. I mean, when the dollar backed off a bit, thats when the stock market started to pick up speed here today. No. Thats absolutely true and i think, you know, the currency markets have always been a bit rigged, obviously, or there wouldnt be Printing Presses aloud or new dovish countries or governors like japan thats getting it in a weeks or so. In the end, bill, yesterday when he said its hard to talk about treasuries when the fed and the treasurys thumb is on the scale. Right. I always look at treasuries, and i believe that they can still reach a tipping point. Just think, at the end of last year and early this year we had one jump, from 175 where we settled last year to the new range, so were basically up a quarter point, a little bess. But even though they can sell off and the inflows were debated for that selloff, you know, i wish we could have talked to mr. Bullard more this morning about it, because in the end i just dont think we can overcome the purchases and the presence of already owned securities by the Federal Reserve, and we forget about that. It isnt just that treasurys respond with movement and equities. Its very difficult to ascertain how bad things really are when the volatility is getting crushed out of the treasuries, mostly due to what the feds programs are involved with. Michael, what do you make of these sort of mixed signals we get from the fed . On the one and they are suggesting that they are considering pulling back at some point on qe and James Bullard on our air is saying qe is in for the long haul. The fed is going with a mandate of confuse and conquer. Confuse the marketplace as to when qe will be pulled back. The biggest embarrassment now is if the stock market goes vertical and the economy doesnt, the fed in a way has to temper the pace of equity gains. Dont want any bubbles anywhere . What about the suggestion that the Federal Reserve is going to start winding down qe3. You know, what does that create in terms of disruption in the market . Are you expecting that to create a selloff . This is all coming together at a time when were also worried about rates beginning to spike over sequestration and a credit problem this country has. It has to happen at some point. Lets say sequestration does happen. Thats bond bullish and might replace the buying that the fed might overwise do. While you might have concern over the exit plan, we dont know what the supply is going to be. In other words, could you see yields go nowhere. Bruce, we were talking about how defensive issues are relatively speaking outperforming right now. What do you want to buy if youre convinced that were going to go higher here through the end of this year . What will lead us higher, do you think . We think a lot of strength out of the emerging markets, and weve been moving money back not only into those markets directly, but the industries and sectors that benefit the most in the domestic markets. So looking for the names that have overseas exposure that may have run up a little bit on any sort of correction as they pull back, add those into portfolios where they dont already have that exposure. Yeah. And speaking of outperforming, jonathan, what about hewlettpackard having its best day intraday since 2001. It is. Technology is lead being the sector here today, and when you take a step back and look at the overall sectors helping this market move higher and higher, that just adds some confidence back into this market, but i think its more on a shortterm basis. The numbers were getting out of earnings season has added confidence here but well have to look at the numbers coming out next week. The initial claims and reoccurring claims will be very important because i dont think people are truly convinced that the unemployment is moving in the right direction. Bruce, real quick. Would you be putting new money to work in this market right here . We would drag our heels of putting money back in at this point. We think youll get better opportunities, but against the risk of everybody looking for a correction, i dont think you wait and hold everything back for that to come about. All right. Gentlemen, thank you all. Have a good weekend. Take care. Meanwhile, the s p 500 in danger of posting the first weekly loss of the year. The dow could close lower for the Third Straight week on a weekly basis, but right now were showing a weekly gain with the market up 106. Lets get to josh lipton, a closer look at what it will take for the averages to have a winning week. Lets take a quick check of where we stand. The dow, 13,987. Now, for the blue chips to finish the week in positive territory, you have to hit 13,981. The s p 500 at 1513. Your benchmark gauge in order to finish in positive territory, youll have to hit 1519, and finally the nasdaq at 3155. That techheavy gauge will have to hit 3192 in order to finish the week in positive territory. The nasdaq down about 1 on the week. Maria, bill, back to you. All right, thank you, josh. Gott got those numbers all written doubt. Heading towards the close and here we go again. Market powering higher and a gain of 106 on the Dow Jones Industrial average right now. Legendary Hedge Fund ManagerStan Druckenmiller issuing a dire debt warning for our country on the closing bell yesterday. If we dont deal with it in the next four or five years, the same thing is going to happen. Were going to wake up. Interest rates are going to explode, and the next generation, they are going to have a very, very tough time. Its so unfair. We hear from one economist who says the debt doesnt matter and Rick Santelli will be back to chime in. The debate coming up. Disney shares have skyrocketed since bob eager took over the company so why are they trying to strip iger of the chairmanship role in the ceo of the pension is here to explain next. And a look into suspicious trades, like the ones we saw right before hewlettpackards better than expected earnings. The former s. E. C. Chairman harvey pitt will join us later on the closing bell. Stay with us. Uh, im in a timeout because apparently riding the dog like its a small horse is frowned upon in this establishment luckily though, ya know, i conceal this bad boy underneath my blanket just so i can get on etrade. Check my investment portfolio, research stocks. Wait, why are you taking. Oh, i see. Solitary. Just a man and his thoughts. And a smartphone. With an etrade app. Nobody knows. [ male announcer ] etrade. Investing unleashed. [ male announcer ] etrade. How do you keep an older car running like new . You ask a ford customer. 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Disneys stock has doubled since he was named ceo back in 2005. Despite that the california state teachers retirement system wants disney to strip iger of his chairman status and weror have two different executives. The ceo of calsters is here. The stake is about 5. 3 million shares. We reached out to disney and they declined to comment on this issue, we should point out. Mr. Enos, thanks for joining us today. Appreciate it. Good to be here to talk about this important issue. We point out the tremendous gains the stock has seen. You know, using that as a barometer hes done pretty well as chairman and show of the company. Why do you want to separate those roles for him. First of all, if you hadnt point it had out, i would have pointed it out because as a pension fund we made a lot of money the last years off of disney. That is a good thing and they want to recognize that very much. That isnt just to say because of that performance we anoint someone the chairmanship of the conditions and you also need to recognize when Corporate Governance issues start to emerge the best time to look at those are in fact when you have time and ability to do that when the company is not under high duress, so our point of this is, and we want to talk through the issues very clearly. We want the company to stay strong and to continue to perform. We certainly dont want have were concerned about whats happened the last few years financially, but governance is, in fact, a very Important Foundation of a companys ultimate performance long term, and were going to be one of those longterm performers longterm investors like other Institutional Investors in this company. Okay. But sir, i really i dont understand this. Sure. Because when you look at all metrics of disney, they have done extraordinarily well with bob iger at the helm. Right. As chairman and as ceo. Absolutely. Stock up 76 . Earnings soaring. The net income increasing 18 just in the last report. Right. Revenue increases as well. By all accounts this company has done very well. Absolutely. Is this a waste of your time at a time when you actually have much bigger problems at calsters and having to foot that bill . I would ask the opposite saying this would be the most important time ever to make sure our portfolio is as strong as it can be and continues to perform. The idea around this, and lets go back to 2004, when i personally, along with other Institutional Investors, met with the board of directors of disney. We talked through the Corporate Governance issues with the company, and i think we reached a very good point of conferensc that it was an important chair that is not the show and that clearly was a conferensensus be Institutional Investors and the company. What would those two people have done differently and better than bob iger . Look at splitting these roles up, chairman and ceo. What would you have liked to have instead of the 76 in the gain and instead of the earnings that continued to do well. Right. Where are the holes . Just explain what you would like to see better. The holes are this. Corporate governance is about making sure that you have the right Business Structure for decisionmaking in the long term. So just as things did go astay in 2004, lets go back to the record, exactly, were saying as longterm investors you want to make sure looking out that there is in fact a sound Corporate Governance. Look, im the ceo of a 160 billion pension fund, and i can assure you i have very vibrant conversations with my board. Now, if i was suddenly made chairman of my own board, i can tell you calsters might be the happiest place on the earth for me but not the most accountable Business Structure for our 850,000 members. I guess what were looking for. Its the job of the ceo to manage the company and its a job of the chairman of the board to represent shareholder interests. Right. That is common sense. I guess the question we have is specifically whats wrong at disney on the governance issue that youre looking to . For example, just jerod or a couple days ago we had the new york comptroller here john lew upset about Jpmorgan Chase chairman and Ceo Jamie Dimon in the wake of the london whale thing, and as a result of that they want to separate chairman and ceo on that board because of that problem, so is there a problem at disney that you can point to is what were asking that prompts this discussion . Well, clearly there are warning signs developing around the compensation, executive compensation. If you look at the say on pay vote over the last two years, the vote was 77 that supported that, and now its dropped to 57 . We only have about 55 companies in the entire russell 3000 that have actually had less than 50 , and this company is approaching that strong boundary. The average vote on say and pay in america for russell 3,000 is 91 . So it isnt just calsters a voice here. You have a wide body of shareholders saying theres warning signs developing. Again, youre looking back and saying, well, what could have been different the last three years . Absolutely the Financial Performance is strong, but you want a continuing strong Corporate Governance structure that goes into the future so that in fact there is that continuing protection of governance. Wheres the accountability of calsters . Youre deep in the red. Youve got unfunded liability of how much, 64 billion . Yes. Okay. So there are feelings out there, you know, that this could partly be mismanagement, so who is accountable there . Well, first of all, as you know, the reasons for all pension funds, where they are, is the last ten years of the market, and that is something that is a longterm passive investors primarily we have to endure so absolutely calsters, like any other investors, like your personal i. R. A. And my personal ira all of us suffered those same losses, so i would argue strongly with you that is not the determinant of our financial condition. There are other major conditions as you well know, and you hold many of those shares as well, like exxon and ge where they have a joint chairman ceo role. Are you going after those companies