I know. Were expecting big ideas out of aspen from you folks today and, i mean, if nothing else, the view is spectacular as we always know this time of year. Yes, i am Bill Griffeth here at cnbc headquarters, where we are watching a final hour of trade not only for this day, for the, month for the quarter, for the first half of this year on wall street, and kelly, as we know, the markets have continued to move higher. This will be the fifth consecutive month where the dow and the s p have moved higher. And by the way, eighth consecutive quarter for russell 2000. I believe thats unprecedenunpr. Well follow these markets here. Well hear shortly from the president as well. Lets tally up the gains this year, take a look at our lineup of heavy hitters as well including David Rubenstein, former treasury secretary Larry Summers. Thats all from aspen. Later on the program, john calmo joining us. Could you want anybody else . Well, yes, were awaiting the president. He is about to make a statement on Immigration Reform after word came out today from the Speakers Office that there would be no vote in the house this year on Immigration Reform. Of course thats more fallout from the loss by eric cantor earlier this year not too long ago, as a matter of fact, in that primary election there in virginia. So as soon as the president makes his statement there in the rose garden of the white house, we will take you there live. Lets take you live to wall street and show you how the markets are trading as we head toward the close with the dow down 22 points. We were briefly positive a couple times this morning but generally weve been hovering below the unchange level right now at 16,829. Doesnt look like well make 17,000 this Second Quarter. Nasdaq today, though, is up another ten points. The Technology Stocks have been standouts the last few weeks even as the blue chips have lagged a little bit. Nasdaq at 4408 right on a 14year high. The s p 500 index is down a fraction, down about a half a point at 1960. Joining us now in our closing bell exchange, scott wren from wells fargo, mark lucchini, Hugh Anderson from hightower and bob pisani and rick santelli. Just to remind everybody, if the president begins speaking well have to be very rude and step in on the conversation to get to that statement there at the white house. Scott wren, im looking at the leaders, sector leaders for this quarter that were running out here. Energy leads. Utilities. The laggards in the s p. Consumer discretionary. Consumer staples. It is clear defensive was the play this Second Quarter. What do you think the play will be in the Third Quarter . I dont think its going to be defensive, bill. As a matter of fact, when we look out, i think its going to be more cyclical. Utilities had a great year so far. I think youre going to see more industrials, more technology. You might even see a little bit of Consumer Discretionary up as well. So i think weve been mixed to defensive the last three months have been a little more cyclical you could argue. But certainly it hasnt been as cyclical as we had expected. Hugh anderson, speaking of ideas, what are your big ideas for the second half of the year . Hold down and enjoy the run. We think that the momentum is definitely engaged with the equity market. Obviously the consensus is that its the only place to be currently. Theres no alternative with Interest Rates being so low, which is a cautionary factor because what is the bond market telling us . But thats a story for another day. The reality is the mark is not cheap by any measure but also not that expensive and we think the momentum is with the wind at our backs. Mark lucchini, energy the best performing sector this Second Quarter. That is a concern for you. If oil does continue much higher. Right . Well, it is in the sense of not necessarily working against energy stocks. It would be good for them and thats an overweight position for us, but our concern is on the oil price. Mark if you see a spike upward as we said, we have to step in at the moment. Heres the president with his statement on Immigration Reform. Labor, law enforcement, faith communities, came together to pass a commonsense immigration bill. Independent experts said that bill would strengthen our borders, grow our economy, shrink our deficits. As we speak, there are enough republicans and democrats in the house to pass an immigration bill today. I would sign it into law today. And washington would solve a problem in a bipartisan way. But for more than a year, republicans in the house of representatives have refused to allow an upordown vote on that senate bill or any legislation to fix our broken immigration system. And i held off on pressuring them for a long time to give Speaker Boehner the space he needed to get his fellow republicans on board. Meanwhile, heres what a year of obstruction has meant. Its meant fewer resources to strengthen our borders. Its meant more business free to gain the system by hiring undocumented workers, which punishes businesses that play by the rules and drives down wages for hardworking americans. Its meant lost talent, when the best and brightest from around the world come to study here but are forced to leave and then compete against our businesses and our workers. Its been no xhans for 11 Million Immigrants to come out of the shadows and earn their citizenship if they pay a penalty and pass a background check. Pay their fair share of taxes, learn english, go to the back of the line. Its meant the heartbreak of separated families. Thats what this obstruction has meant over the past year. Thats what the senate bill would fix if the house allowed it to go to a vote. Our country and our economy would be stronger today if House Republicans had allowed a simple yes or no vote on this bill or for that matter any bill. Theyd be following the will of the majority of the American People who support reform. And instead theyve proven again and again that theyre unwilling to stand up to the tea party in order to do whats best for the country. And the worst part about it is a bunch of them know better. We now actually have a humanitarian crisis on the border that only underscores the need to drop the politics and fix our immigration system once and for all. In recent weeks weve seen a surge of unaccompanied children brought over the border brought here by smugglers and traffickers. The journey is unbelievably dangerous for these kids. The children who are fortunate enough to survive it will be taken care of while they go through the legal process, but in most cases that process will lead to them being sent back home. Ive sent a clear message to parents in these countries not to put their kids through this. I recently sent Vice President bide on the meet with Central American leaders and find ways to address the root causes of this crisis. Secretary kerry will also be meeting with those leaders again tomorrow. With our International Partners were taking new steps to go after the dangerous smugglers who are putting thousands of childrens lives at risk. Today i sent a letter to congressional leaders asking that they work with me to address the urgent humanitarian challenge on the border and support the immigration and Border Patrol agents who already apprehend and deport hundreds of thousands of undocumented immigrants every year. And understand, by the way, for the most part, this is not a situation where these children are slipping through. Theyre being apprehended. But the problem is, is that our system is so broken, so unclear that folks dont know what the rules are. Now, understand, there are a number of republicans who have been willing to work with us to pass real commonsense Immigration Reform. And i want to thank them for their efforts. There are a number of Republican Leaders in the senate who did excellent work and deserve our thanks. And less visibly there have been folks in the house who have been trying to work to get this done. And quietly, because it doesnt always help me to praise them, i expressed to them how much i appreciate the efforts that theyve made. I believe Speaker Boehner when he says he wants to pass an immigration bill. I think he genuinely wants to get something done. But last week he informed me the republicans will continue to block a vote on Immigration Reform at least for the remainder of this year. Some in the House Republican caucus are using the situation with unaccompanied children as their newest excuse to do to nothing. I want everybody to think about that. Their argument seems to be that because the system is broken we shouldnt make an effort to fix it. It makes no sense. Its not on the level. Its just politics. Plain and simple. There are others in the Republican Caucus in the house who are arguing they cant act because theyre mad at me about using my executive authority too broadly. This also makes no sense. I dont prefer taking administrative action. Id rather see permanent fixes to the issue we face. Certainly, thats true on immigration. Ive made that clear multiple times. I would love nothing more than Bipartisan Legislation to pass the house, the senate, land on my desk so i can sign it. Thats true about immigration. Thats true about the minimum wage, about equal pay. There are a whole bunch of things where i would greatly prefer Congress Actually do something. I take executive action only when we have a serious problem, a serious issue and congress chooses to do nothing. And in this situation the failure of House Republicans to pass a darn bill is bad for our security, its bad for our economy, and its bad for our future. So while i will continue to push House Republicans to drop the excuses and act, and i hope their constituents will, too, america cannot wait forever for them to act. And thats why today im beginning a new effort to fix as much of our immigration system as i can on my own, without congress. As a first step im directing the secretary of Homeland Security and the attorney general to move available and appropriate resources from our interior to the border. Protecting Public Safety and deporting dangerous criminals has been and will remain the top priority, but we are going to refocus our effort where is we can to make sure we do what it takes to keep our borders secure. Ive also directed secretary johnson and attorney general holder to identify additional actions my administration can take on our own within my existing legal authorities to do what congress refuses to do and fix as much of our immigration system as we can. If congress will not do their job, at least we can do ours. I expect their recommendations before the end of the summer. And i intend to adopt those recommendations without further delay. Of course even with aggressive steps on my part, administrative action alone will not adequately address the problem. The reforms that will do the most to strengthen our businesses, our workers, and our entire economy will still require an act of congress. And i repeat, these are reforms that already enjoy the wide support of the American People. Its very rare where you get labor, business, evangelicals, law enforcement, all agreeing on what needs to be done. And at some point that should be enough. Normally that is enough. The point of Public Service is to solve public problems, and those of us who have the privilege to serve have a responsibility to do everything in our power to keep americans safe and to keep the doors of opportunity open. And if we do, then one year from now not only would our economy and our security be stronger but maybe the best and the brightest from around the world who come to study here would stay and create jobs here. Maybe companies that played by the rules will no longer be undercut by companies that dont. Maybe more families who have been living here for years, whose children are often u. S. Citiz citizens, for our neighbors and our friends, and whose children are our kids friends and go to school with them and play on ball teams with them, maybe those families will get to stay together. But much of this only happens if americans continue to Push Congress to get this done. So ive told Speaker Boehner that even as i take those steps that i can within my existing legal authorities to make the immigration system work better, im going to continue to reach out to House Republicans in the hope that they deliver a more permanent solution with a comprehensive bill. Maybe it will be after the midterms when theyre less worried about politics. Maybe it will be next year. Whenever it is, they will find me a willing partner. I have been consistent in saying that i am prepared to work with them even on a bill that i dont consider perfect. And the senate bill was good example of the capacity to compromise and get this done. The only thing i cant do is stand by and do nothing while waiting for them to get their act together. And i want to repeat what i said earlier. If House Republicans are really concerned about me taking too many executive actions, the best solution to that is passing bills. Pass a bill. Solve a problem. Dont just say no. On something that everybody agrees needs to be done. Because if we pass a bill, that will supplant whatever ive done administratively. Well have a structure there that works. And it will be permanent. And people can make plans and businesses can make plans based on the law. And there will be clarity. Both here inside this country and outside it. Let me just close by saying fridays the 4th of july. Its the day we celebrate our independence and all the things that make this country so great. And each year michelle and i host a few hundred Service Members and Wounded Warriors and their families right here on the lawn for a barbecue and fireworks on the mall. And some of the Service Members coming this year are unique because they signed up to serve, to sacrifice, potentially to give their lives for the security of this country even though they werent yet americans. Thats how much they were prepared to fight and die for an american they did not yet fully belong to. I think theyve earned their stripes in more ways than one, and thats why friday morning were going to naturalize them in a ceremony right here at the white house. This Independence Day will be their first day as american citizens. One of the things we celebrate on friday, one of the things that makes this country great is we are a nation of immigrants. Our people come from every corner of the globe. Thats what makes us special. Thats what makes us unique. They come here wave after wave from everywhere understanding that there was something about this place where the whole is greater than the sum of its parts. Then all the different cultures and ideas and energy would come together and create something new. We won this countrys freedom together. We built this country together. We defended this country together. It makes us special. It makes us strong. It makes us americans. Its worth celebrating. Thats what i want not just House Republicans but a all of us as americans to remember. Thanks very much. And obviously frustrated president there responding to Speaker Boehners decision earlier today not to bring the Immigration Reform bill up to a vote in the house this year. John harwood stand big there outside the white house. Clearly the loss by eric cantor this month in that primary made Immigration Reform to deal with this election year. Reporter yes. It was always doubtful they were going to do it. And president obama reflected as you said incredible frustration hes feeling throughout his entire second term because hes just running into a brick wall. Now Speaker Boehners aide put out a statement a few minutes ago which cast the speakers comments in a little bit less clearcut light than the president did. He said that as Speaker Boehner has been saying publicly, that he the house wasnt going to act until there was a great amount of trust in the president to enforce the laws. But in any event, this is a president who is finding himself roadblocked on one issue after the other. Hes going to try do what he can. He cant do all that much without legal authority, but we need to get used to this because especially if republicans take over the senate theres going to be more of this for the next two years. John harwood, before we let you go, can i ask quickly about this naturalization the president said hes going to do for these Illegal Immigrants serving our troops this 4th of july in how much power an latitude does the president have to naturalize citizens . Reporter i dont actually know, kelly. I was struck by that as well. I suspect he wont be challenged on this one in any case. But i think he has some discretion. I just dont know the extent of it. John harwood, t