highs. maria? >> and you can be sure this market and a lot more will come up in my exclusive interview coming up with credit suisse ceo, brady dogan. we'll see where he sees equities going, the landscape, and new regulations in the banking sector. ceo of credit swooes with me, brady dougan. >> and the folks in charge of the irs when it was targeting conservative groups before congress today. we will also speak with the idaho billionaire who may have been the first to sound the alarm with the irs when he was audited after backing mitt romney ahead of the presidential election. he'll be here after the bell. >> amazing stories continuing to develop. let's check the market, as we approach this final stretch on a friday. the market continues record setters here. let's take a look at where we stand as we approach this final hour. the dow jones industrial average, once again on the upside. 97 points. we are right now at the highs of the afternoon at 15,330. nasdaq and s&p 500 also looking good today, with money moving into equities consistently. standard & poor's up about 14 points now. and the nasdaq composite also stronger. let's take a look at that chart, as they are similar charts to the nasdaq. the nasdaq also at the highs of the afternoon, with a gain of 27 and change, 3493 left, trades on the nasdaq. >> maria, in today's "closing bell" exchange, mark, dan, peteç costa, cnbc mark analyst from empire executions all joining us today. so, mark, this really is the rally that won't quit. will it ever? >> well, apparently not, scott. i mean, i've called it a teflon rally. doesn't matter if it's good news or bad, the market continues to charge higher. in fact, we had set out we thought a fairly ambitious target for 1680 on the s&p 500 at the beginning of the year, and i think we're going to get here a little sooner than expected. that doesn't mean we don't think there's some likelihood that we'll get a pullback of equity prices at some point. but nonetheless, i think conditions, given the news we had today, for instance, on consumer sentiment in this well-leading economic indicators is positive and supportive for a higher equity prices. >> do you debris with that? do you see conviction every time we see any kind of selling? that buy on the dip mentality consistent? >> if you're asking me, i didn't hear you, i'm sorry, maria. >> i said, that buy on the dip mentality, once again proving to be true. are you expecting that to continue, and for how long? >> well, i think that we see that and i think more and more people are getting involved in that situation, but i think that we have to be a little more cautious. and you know, we have been bullish for i can't even tell you how long, but i think that we're going to get to a point, probably in the next couple of weeks, where i think the dow will be around 15,700, and i think 1580 on the s&p is a very good point where maybe there will be the beginning of a correction or a small one. i don't think it's going to be a major one, but i think there'll the next couple of weeks, but the market, as far as i'm concerned, will go higher at the end. year. but i think we'll see that correction fairly soon. >> dan, are you concerned at all about the velocity of the move? you know, the russell 2,000 is up 9% over the last four weeks alone, as is the nasdaq, the mid-caps are up 8%. the dow's a slouch, only up 6%. that's a lot in a short period of time. >> well, you know, also, scott, laws of supply and demand are also playing in here too. you've got a lot of companies buying shares back, while m&a hasn't been real prominent this year, we think that's just a matter of time before that happened. fbikqfact, the s&p 500 is actuy contracting. the wellshire 5,000 doesn't even have 5,000 stocks in it anymore, because there's so many fewer publicly quoted companies. so there could be going back to a term that i haven't heard, back since the mid-80s rally, which was a shortage of equities with accounting for today's upswing in the market. and we might be heading in that direction again. it's the laws of supply and demand might be what is dominating this, which makes me think that the inevitable pullback may not be terribly tradeable. that you don't have to be completely out of the market. it could be a churning process among sectors, and you might see some sectors outperform and others underperform. we saw some weeks ago, but so quick unless you were incredibly nimble, you wonder if those are even worthwhile getting involved in. you should have your list of stocks to buy and just buy them when you think that they're attractively valued. >> andrew, let me bring you in here. because i was hearing, actually, just this week and last week, that 30% of accounts at a number of wealth managers, 30% of accounts are actually sitting on cash. i'm wondering if, you know, what you think about that. because, to me it looks like that means that there's such potential for this bull market to continue, if a third of the accounts in wealth managers today are actually too cautious to put money to work in stocks, do you think that money comes into equities? >> yeah, absolutely. that's shocking for me to hear. you know, i think the stock market is headed higher. if you look at the way we've been trading, we haven't had two straight down days. we've had three since february. the market can be more overbought and more insolvent. i think the stock market's headed higher, but that doesn't mean there aren't short opportunities. last time i was on the show, i was talking about being short the gld or gold. that's been a nice trade. i'm short the clt. there are things there in the global growth story i don't want to be long any of those stocks, anything linked to copper and to gold and to letter "x," u.s. steel. i don't want to be any of those. i want to be long stocks that are working, the airline stocks, those are all working to the ç upside. we saw huge risks today in qualcomm, also in sandisk. when i go back to the dax, i'm going to buy some put spreads in apple. i think apple is headed lower as well. >> mark, is that the strategy? stick with what's working? or do you like certain places in the market over others? >> scott, the previous guest made mention of something about the rotation within the marketplace. and i think we've already seen that. we saw for the better part of the first four months of this year, the defensives that were leaving, consumer staples, telecom and utilities, and it's been over the last two to three weeks that you've seen a very strong rotation into the more pro-cyclical sectors. and i think that's good sign, because i think those are the sectors that are stepping out into the acceleration and the economic activity in the second half of this year, and as a result, we will actually be fading those defensive sectors that have been strong year-to-date, and actually nibbling as those pro-cyclical sectors, which i think will lead the market higher over the remainder of this year. >> thanks, everybody. great conversation. we're watching this market now, up in the triple digit. we appreciate your time today. thank you. and scotty, as i mentioned a moment ago, i'm coming to y today from the credit suisse equity trading floor in new york city. credit suisse has nearly 14% share of the equities trading market. one out of every seven shares traded in the united states passes through this floor. the firm a huge player in the c ipo market. in fact, credit suisse was the top underwriter of u.s. ipos this year. coming up, we're getting the state of business and how the company is adjusting to anticipated higher regulation around the globe. when i talk with brady hughes, my guest, exclusive, next right here on "closing bell." scott? >> we look forward to that. there are about 50 minutes to go before we ring the bell and close it own this friday. we said the dow is up triple digits now, 100 points. >> and next, facebook has been public for exactly one year. what a wild year it's been. we'll take a look at the surprising timeline. find out from the experts where this company heads next. then we're going to go live to six flags to get a closer look at this comeback stock. do you have the stomach for it? and again, up next, my exclusive interview with credit suisse, the ceo, brady dougan. stay right here on "closing bell." back in a moment. ♪ [ engine revs ] ♪ [ male announcer ] just when you thought you had experienced performance, a new ride comes along and changes everything. ♪ the 2013 lexus gs, with a dynamically tuned suspension and adjustable drive modes. because the ultimate expression of power is control. this is the pursuit of perfection. how do traders using technical analysis streamline their process? at fidelity, we do it by merging two tools into one. combining your customized charts with leading-edge analysis tools from recognia so you can quickly spot key trends and possible entry and exit points. we like this idea so much that we've applied for a patent. i'm colin beck of fidelity investments. our integrated technical analysis is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. ed welcome back. stocks surging and are now on track to post their fourth straight winning week. bob pisani has a front row seat for this one. hey, bob, we're up just about triple digits now. >> yeah, another day, another late-day lift in the market. take a look at the dow, folks, we have moved 50 points in the last 45 minutes. i put up an intraday of the dow. that's what i'm talking about. not a lot of news out. the head of the minneapolis fed was out making comments a little while ago. a lot of fed officials in the last couple of days saying it's hard to raise rates with unemployment above 6.5%. he is the dove, casting some doubt on the time lyme some people have speculated. take a look at a couple sectors. the whole market has lifted in the last hour. there's energy stocks, xle, you can buy that ecf. that listed in the last hour, but more defensive names have lifted as well. the xld, going back to the health care sector. look at that in the last hour. the whole market has been slowly moving to the upside. the bond market has been selling off. this is the first good economic data point that we've had all week. so there's the agg, which is representative of the bond market, selling off today. finally, we had one of the biggest ipos, one of the wildest ipos i've seen in years. this is big data, they help companies crunch data. they started pricing at 31 overnight, opened at 47, holding up near the highs of the day at $49. maria, back to you. >> bob, thank you so much. once again, we are having special coverage today live from the credit suisse equities trading floor today. this isç a firm that has been under transition, among the first to deleverage to meet the demands of today's stricter regulatory environment. and today, the stock is hitting a 52-week high. it has done incredibly well, post the financial crisis. how will credit suisse keep growing the top and bottom line? we're talking about that right now, a cnbc exclusive with ceo brady dougan. thanks for joining us. >> thank you, maria, a pleasure to have you on the floor. >> we love being on the floor. thanks for being so welcoming here. you have such a deep and liquid market place, the electronic mark book. we have another market rally today, 100 plus points higher. i was astounded when i heard that 30% of accounts at the private bank, as well as other private banks, are in cash right now. big family, you know, wealthy families, sitting in cash, 30% of your account. do you see it that way? >> yeah, well, we have about $1.3 trillion in client assets and they still have a significant percentage in cash. so we've seen some of that move into equities. we've seen them maintaining their allocations to fixed income, actually. so i think that there is still room for money to flow into the equity markets, which i think, you know, gives you the view that perhaps the market certainly has further to run. >> it seems like there's that buy on the dip mentality, but you've got a lot of people chasing it. so how do you get those clients to movw money? even though you see aum up 8% year over year, asset thunder management, revenue and earnings have been flat. so people are scratching their heads. they see credit suisse is gathering assets, yet revenue and earnings flat. why is that? and given this is a high roe business, what do you do to get more money moving into those higher yielding assets? >> actually, our earnings up quite a bit, partly, as you say, our revenues have been relatively flat, but our costs are down quite a bit over the past year. as we've restructured for the new regulatory environments, we've also taken cost out of the business, and that's been a tremendous benefit for the business overall. in the first quarter, we made a 16% return on equity, which was quite a performance in the quarter. i think, generally, though, our private banking customers are looking for continued consistency in the markets. so we're increasingly seeing them become more opportunistic. but this is still a process which will take some time. >> let me ask you about this, the cost-cutting efforts. because you certainly were earlier than others on the street to start deleveraging, start getting into a different, you know, re-sizing of the business, given what was to come on the regulatory scene. are the cuts done at this point? do the further cuts come from technology or are you expecting to continue to deleverage in the investment banking side of the business? >> well, our view, coming out of the crisis in 2008, was that the regulatoryç changes in the market, along with both market and client changes and their behavior were going to have a pretty significant long-term impact on the industry. and so we have been proactive around cutting cost base, around transitioning our business to the basel 3 requirements. so we've completely transformed our business over that period, and we've gotten to a point to where as of january 1st this we're, we are operating fully under the basel 3 requirements, which i think is one of the first banks in the world to get that to that point. in the first quarter, we had a very good performance, 16% roe. very strong performance out of the business. and our view is that that is a sustainable business model. now, we have set a continuing efficiency goal going forward. we are going to continue to drive efficiency throughout the business. and that does mean increasing reduction in cost. as you mentioned, a lot of that is shifting out of the front office to more of our shared services and our platform-type costs. and those are things that we think we can just become more efficient and do better over time. that's where the bulk of the cost reductions going forward will come from. >> you mentioned the basel 3 regulation. that, of course, a regulation on capital, largely, but there are other regulations. let's talk a bit about that. it seems that you've got regulations far and wide and deep. regulators all over the world. you've got vitter's proposals on too big to fail, you've got the proposals from the federal reserve. let's start with capital. you say you areç basel 3 compliant. does that mean you wont have to raise anymore capital, or will you be raising more capital, >> as of the end of the first quarter, we're about 9.8% on our swiss corps cash roish, which puts us close to the 10% we want to get to. we think we're very close on capital, and in fact, we think we'll be able to return significant amounts of capital to our shareholders over timeasz our business model continues to perform well. >> of course, these proposals make it tougher for a european bank, because it's forcing the european banks to hold more capital, competing with the u.s. banks. is this going to be a risk to earnings? >> i think, as you say, the different jurisdictions have proceeded at different paces and have different requirements around capital. it was very early and had very tough capital requirements that were put out a couple of years ago. being compliant with those capital regulations is the most important issue, because that allows us to be well-positioned for just about anything that happens around the world. now, these individual country requirements are also something we're going to have to take into account. we think, generally, we've got a pretty good structure of that. we've had subsidiaries set up in many of these countries as opposed to branches, that are already capitalized. we have some liquidity. we think we're in pretty good shape to be able to accommodate those over time without materially impacting the business. now, that's not necessarily true for the whole industry, because jjrp+e different structures. we think we're pretty well set for that. at the end of the day, we're very well positioned on capital, on liquidity, on leverage as well with regard to the basel 3 requirements. and that puts us in a really good place to have a sustainable business model. whereas we think a lot of industry still has some work to do. >> and of course, all of these questions lead me to the question of a dividend and a stock buyback. investors know you want to pay a dividend, you want to get to your return on equity target of 15%. they're waiting for that. is a dividend from credit suisse a 2013 affair or a 2014 affair? >> well, i think we've said that we clearly do want to return significant amounts of capital to our shareholders over time. we think that given our capital position, given the way the business is performing, you know, our belief is we will be able to do that. but obviously, we'll have to see how the business performs the rest of the year. but we've said, once we get to that 10% level, we will be able to return cash to shareholders and that's our current plan. >> so we could see a dividend this year, then? >> again, we'll see how the year progresses, but that's our hope, certainly, yeah. >> let me ask you about fixed income. you mentioned that a lot of your clients want that fixed income exposure. i wonder, you've got a very highly-regarded fixed income business, but how do you compete with the gorillas out there, larger fixed-income businesses, when you do face this pressure from regulators, that they want more capital? >> asç you say, we have some excellent franchises in a number of different areas, the structured products area is one, our credit and finance business is another, our emerging market franchises, and i would stack those franchises up against any in the industry. we have, clearly, top market shares there, top positions, very, very strong positions there. but what we've done, we've really focused our efforts on those areas, so we can drive high returns, drive very high market shares, and serve our clients extremely well out of those areas. and we think that's the key, going forward with the capital regulations that come in. all the banks will have to look at all their businesses and determine where they can make the returns that are necessary. >> do you think we'll see more asset sales as a result of that? >> i think as banks continue to evaluate, as different countries continue on the path to basel 3 and banks evaluate their businesses in that context, i think you'll see people making decisions. they may get out of certain businesses, may sell certain businesses, but i think you'll continue to see an evolution as we go forward. >> switzerland has been particularly hostile when it comes to business in my opinion, and the regulatory environment there. let me ask you about that, because this latest proposal about compensation, where they're talking about, you know, paying your highest paid person at a cap, and that cap is 12 times your lowest paid person. this seems i